Mr. Paul Rivett reports

FAIRFAX INDIA HOLDINGS CORPORATION FILES PRELIMINARY PROSPECTUS FOR INITIAL PUBLIC OFFERING OF SUBORDINATE VOTING SHARES

Fairfax Financial Holdings Ltd. and Fairfax India Holdings Corp. have filed a preliminary prospectus with the securities regulatory authorities of all provinces and territories in Canada, and have obtained a receipt therefor in respect of Fairfax India's initial public offering of subordinate voting shares.

Fairfax India is an investment holding company whose investment objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India, and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India. Generally, subject to compliance with applicable law, Indian investments will be made with a view to acquiring control or significant influence positions.

Fairfax Financial has taken the initiative to create the company. Fairfax Financial is a financial services holding company that, through its subsidiaries, is engaged in property and casualty insurance, and reinsurance and investment management.

In addition to the public offering of subordinate voting shares and as a condition to the closing of the offering, Fairfax India will issue to Fairfax Financial, either directly or to one or more of Fairfax Financial's subsidiaries, 30 million multiple voting shares of the company, on a private placement basis, for an aggregate purchase price of $300-million (U.S.). Further, cornerstone investors have committed to subscribe for, on a private placement basis, approximately $200-million (U.S.) of subordinate voting shares. The aggregate equity commitment by the cornerstone investors, together with Fairfax Financial, is approximately $500-million (U.S.).

"We are excited to launch, for the first time in our nearly 30-year history, a new company sponsored and promoted by Fairfax Financial -- a company focused purely on the potential of India and Indian businesses," said Prem Watsa, chairman of Fairfax Financial and Fairfax India. "We believe India will be transformed by the business-friendly government of Prime Minister Modi -- and Fairfax India, with our resources and expertise in India developed over the last 15 years, will be well positioned to make excellent significant long-term investments in businesses with experienced and ethical management teams."

The offering is being led by RBC Capital Markets, BMO Capital Markets, Canadian Imperial Bank of Commerce, Scotiabank and National Bank Financial Inc.

The preliminary prospectus has not yet become final for the purpose of a distribution of securities to the public. The securities have not been and will not be registered under the United States Securities Act of 1933. Copies of the preliminary prospectus will be available on SEDAR.

Completion of Fairfax India's initial public offering is subject to the receipt of customary approvals, including regulatory approvals.

We seek Safe Harbor.