VALIDUS HOLDINGS LTD | 2013 | FY | 3


The other assumptions in the warrant-pricing model were as follows:
 
July 24,
2007
Issuance
 
February 3,
2006
Issuance
 
December 15,
2005
Issuance
Warrants issued
256,409

 
8,593

 
8,446,727

Average strike price
$
20.00

 
$
17.50

 
$
17.50

Volatility
30.0
%
 
30.0
%
 
30.0
%
Risk-free rate
4.5
%
 
4.5
%
 
4.5
%
Expected dividend yield
0.0
%
 
0.0
%
 
0.0
%
Expected term (years)
8

 
10

 
10

Calculated fair value per warrant
$
11.28

 
$
8.89

 
$
8.89


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