IPC Holdings, Ltd. (“IPCR/IPCR1C”)
EXCHANGE OFFER FURTHER EXTENDED by Validus Holdings, Ltd. (“VR”)
Offer Expires: July 13, 2009

Attached, for your information is memo #26101 from the Options Clearing Corporation.

We urge you to read this (see link) and distribute to others within your organization you deem
appropriate.

http://www.optionsclearing.com/market/infomemos/2009/jul/26101.pdf

Key Information:
Exchange Offer Consideration(s) IPC Holdings, Ltd. shareholders will be entitled to receive
1.1234 (formerly 1.2037) Validus Holdings, Ltd. (“VR”)
Voting Common Shares and $3.75 in cash per share.
Cash will be paid in lieu of fractional VR shares.