Flagstone Agreement

A spokesman for the Ministry of Infrastructure and Planning said the $1.2 billion deal was intended to fund local government services such as water supply, wastewater and local roads. Linus Power, MP for La Logan, and Jordan MP Charis Mullen supported the agreement. Scenic Rim MP Jon Krause said it was a missed opportunity for there to be no funding for the Mount Lindesay Highway, which would result from infrastructure agreements with developers. The closing of the transaction, which is expected to take place in the fourth quarter of 2012, will be subject to customary closing conditions, including obtaining regulatory approvals and agreement from Flagstone shareholders. The combined company will retain validus` name, head office and management. Validus has secured investment fund agreements related to Lightyear Capital and Trilantic Capital Partners, which together hold approximately 22.5% of Flagstone`s outstanding shares to vote in favour of the transaction. Please read these terms and conditions of sale carefully («Terms and Conditions,» «Terms and Conditions») before using the www.flagstone.co.uk site (the «Service») operated by Flagstone Financial Management Limited («Flagstone,» «us,» «us» or «our»). The university and Canberra and Peet have reached a conditional agreement for the planned development of a new and innovative co-location in the ACT. PEMBROKE, Bermuda – LUXEMBOURG—Validus-Holdings, Ltd. («Validus») and Flagstone Reinsurance Holdings, S.A.

(«Flagstone») (NYSE: FSR) announced today that the Boards of Validus and Flagstone have approved a definitive merger agreement under which all shares will be issued and being acquired by Flagstone. Under the agreement, Flagstone shareholders will receive 0.1935 Validus voting shares and $2.00 in cash for each Flagstone share. The transaction offers Flagstone shareholders a 19.4% mark-up and a value of $8.43 per share based on the closing price of validus and Flagstone on Wednesday, August 29, 2012 and corresponds to a total capital value of $623.2 million. For tax purposes in the United States, the transaction planned for Flagstone shareholders would be tax-exempt for the valid common shares they receive. Logan City Council Acting Administrator Tamera O`Shea said the landmark agreement was for developers to fund infrastructure needs through advance fees. The Queensland government, Logan City Council and nine developers, including Peet and Lendlease, have agreed on plans to make roads, water and sanitation facilities available to growing communities by 2066. Investors:Validus Holdings, Ltd. Jon Levenson, 441-278-9000Excutive Vice PresidentorFlagstone Reinsurance Holdings, S.A.Brenton Slade, 441-278-4303bslade@flagstonere.comorMedia:Brunswick GroupStan Neve / Greg Faje212-333-3810 Flagstone is a sedimentary rock divided into layers along bed layers.