Ipc Corporation Ltd · SGX:AZA
Ipc — Merger or Acquisition (April 2009)
10 slides from Ipc's merger presentation, Apr 6, 2009
Slide 1: Max Capital Group Reaffirms Prior Disclosure as Correct
Exhibit 99.1 MAX CAPITAL GROUP REAFFIRMS PRIOR DISCLOSURE AS CORRECT; ASSERTS THAT MOST RECENT VALIDUS PRESS RELEASE IS BOTH INCORRECT AND MISLEADING Max Confirms that It Provides IPC Shareholders with 29% More Tangible Book Value per Share than Validus HAMILTON, Bermuda, Apr. 6, 2009—Max Capital Gr
Slide 2: Max continues to believe that Validus has not presented a Superior Proposal, nor one
Max continues to believe that Validus has not presented a Superior Proposal, nor one that can be reasonably expected to lead to a Superior Proposal (as such term is defined in the IPC/Max Plan of Amalgamation dated March 1, 2009). Additional details on the Max calculations referred to above are post
Slide 3: Additional Information About the Proposed Transaction and Where to Find It
these forward-looking statements, which speak only as of the date on which they are made. We do not intend, and are under no obligation, to update any forward looking statement contained in this press release. ADDITIONAL INFORMATION ABOUT THE PROPOSED TRANSACTION AND WHERE TO FIND IT: This press rel
Slide 4: Creating a World Class Specialty Insurer and Reinsurer
Materials Prepared For: IPC Holdings Board of Directors Creating a World Class Specialty Insurer and Reinsurer April 6, 2009
Slide 5: Information Concerning Forward Looking Statements and Certain Other Information
INFORMATION CONCERNING FORWARD LOOKING STATEMENTS AND CERTAIN OTHER INFORMATION These materials include statements about future economic performance, finances, expectations, plans and prospects of both IPC Holdings, Ltd. ("IPC") and Max Capital Group Ltd. ("Max") that constitute forward-looking stat
Slide 6: Information Concerning Forward Looking Statements and Certain Other Information
INFORMATION CONCERNING FORWARD LOOKING STATEMENTS AND CERTAIN OTHER INFORMATION ADDITIONAL INFORMATION ABOUT THE PROPOSED TRANSACTION AND WHERE TO FIND IT: This material relates to a business combination transaction between IPC and Max. On March 27, 2009, IPC and Max filed with the SEC a registratio
Slide 7: Max Provides IPC More Value
Max Provides IPC More Value Figures as of December 31, 2008 As previously presented by Max on April 2, 2009 Max provides IPC shareholders with more book value for every share of IPC IPC shareholders will have greater upside in a merger with Max Diluted Tangible Book Value per IPC Share $40.00 $35.00
Slide 8: A Stand Alone Comparison of Relative Value
A Stand Alone Comparison of Relative Value Max calculates the stand alone book values Diluted Book Value Per Share Delivered to IPC delivered to IPC, an important measure in comparing the value received by an IPC shareholder Value Value Transaction Ratio Per Delivered Validus incorrectly compared st
Slide 9: Calculation of Book Value Per Share
Calculation of Book Value Per Share As of December 31, 2008 MXGL Book Value VR Book Value Calculation As Stated Difference Calculation As Stated Difference by Max by VR (Max vs. VR) by Max by VR (Max vs. VR) Shares outstanding (7) (7) (13) (13) Basic shares 55,805,790 55,805,790 75,624,697 75,624,69
Slide 10: Footnotes
Footnotes Note: Book value per share, diluted book value per share, tangible book value per share, and diluted tangible book value per share are all “non-GAAP financial measures” as defined in Regulation G 1. Validus calculations based on the gross amount (“as-if-converted”) of all warrants, options