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Transatlantic And Allied World Mutually Terminate Merger Agreement

(2) Book value per share is defined as stockholders' equity divided by common shares outstanding at quarter end

(3) Transactions include: Fairfax / Zenith, Tokio Marine / Philadelphia Consolidated, Allied World / Darwin, Liberty Mutual / Safeco, Mapfre / Commerce Group, Munich Re / Midland National, D.E. Shaw / James River, Liberty Mutual / Ohio Casualty, Farmers / Bristol West, TPG / Direct General and Aviva / AmerUS

(4) Compares TRH standalone book value per basic share of $67.76 versus Validus pro forma book value per basic share of $53.15 based on page 33 of Validus S-4 filed as of August 19, 2011 plus $8.00 received in cash by TRH stockholders

(5) Assumes average repurchase price of $49.14 per share, which was the average share price of Transatlantic common stock from January 3, 2011 to June 30, 2011

(6) Joseph E.Consolino, Validus CFO, Validus Holdings investor conference call, July 13, 2011

(7) September 6, 2011 Validus investor presentation, page 4

(8) Moody's press release, July 18, 2011

(9) September 6, 2011 Validus investor presentation, page 13

(10) S&P stated that Validus' financial leverage "measured as debt-plus-preferreds-to-total-capital..." ( September 1, 2010) and by Moody's, who noted that Validus' financial leverage included "25% equity credit for junior subordinated debentures" ( June 30, -2011).Validus' own S-4 discloses that this same figure is 23.4%

(11) September 6, 2011 Validus investor presentation, page 12

(12) Based on gross premiums written for Validus as Validus does not disclose net premiums written for the Property Cat XOL segment. Assumes tax rate of 0% for Validus and 35% for transatlantic. Based on event based catastrophe losses between Jan 1, 2011 and June 30, 2011 from public disclosures for Ike and Gustav in 2008, Chile, Xynthia, Australia and New Zealand in 2010, Australia, New Zealand and Japan in Q1 2011 and U.S. Tornado in Q2 2011. Source: Validus and Transatlantic financial supplements, earnings releases, 10Q and 10K

(13) August 30, 2011 Validus investor presentation, page 21

(14) Annual Report 2010, Talbot Underwriting Ltd. Syndicate 1183, Page 24

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