CORPORATE EVENT: IPC Holdings Ltd ("IPCR")

On September 4, 2009, Shareholders of IPC Holdings, Ltd. ("IPCR") voted concerning the proposed merger with Validus Holdings, Ltd. ("VR").  The merger was approved and subsequently consummated.  As a result, each existing IPCR Common Share will be converted into the right to receive .9727 VR Common Shares plus $7.50 Cash.

Cash will be paid in lieu of fractional VR shares.

This action will be coordinated with the Options Clearing Corporation.

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