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Validus Announces Third Quarter 2012 Net Operating Income Of $170.6 Million, Diluted Book Value Growth Of 14.7% Year To Date Inclusive Of Dividends

Investments

Net investment income for the three months ended September 30, 2012 was $25.5 million compared to $27.7 million for the three months ended September 30, 2011, a decrease of $2.3 million, or 8.1%. Net investment income for the nine months ended September 30, 2012 was $79.1 million compared to $84.2 million for the nine months ended September 30, 2011, a decrease of $5.1 million or 6.0%.

Net realized gains on investments for the three months ended September 30, 2012 were $9.1 million compared to $5.2 million for the three months ended September 30, 2011, an increase of $3.8 million, or 72.8%. Net realized gains on investments for the nine months ended September 30, 2012 were $22.7 million compared to $23.2 million for the nine months ended September 30, 2011, a decrease of $0.4 million or 1.8%.

Net unrealized gains on investments for the three months ended September 30, 2012 were $86.3 million compared to (losses) of $(27.8) million for the three months ended September 30, 2011, an increase of $114.2 million, or 410.1%. Net unrealized gains for the nine months ended September 30, 2012 were $53.4 million compared to (losses) of $(22.2) million for the nine months ended September 30, 2011, an increase of $75.6 million or 341.3%.

Finance Expenses

Finance expenses for the three months ended September 30, 2012 were $9.4 million compared to $10.9 million for the three months ended September 30, 2011, a decrease of $1.6 million, or 14.4%. Finance expenses for the nine months ended September 30, 2012 were $39.3 million compared to $41.3 million for the nine months ended September 30, 2011, a decrease of $2.0 million or 4.7%.

Shareholders' Equity and Capitalization

As at September 30, 2012, total shareholders' equity was $4.1 billion including $461.5 million of noncontrolling interest. Shareholders' equity available to Validus was $3.6 billion as at September 30, 2012. Diluted book value per common share was $36.27 at September 30, 2012, compared to $34.43 at June 30, 2012. Diluted book value per common share is a non-GAAP financial measure. A reconciliation of this measure to shareholders' equity is presented at the end of this release.

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