Mr. John Varnell reports

FAIRFAX ANNOUNCES PRICING OF RE-OPENING OF 6.000% SENIOR NOTES DUE 2033

Fairfax Financial Holdings Ltd. has priced a private offering of an additional $200-million (U.S.) of its 6 per cent senior notes due Dec. 7, 2033, at an issue price of 100.998 per cent, plus accrued interest. Fairfax currently has outstanding $400-million (U.S.) aggregate principal amount of notes of this series. The notes will have the same terms as the original notes, except for the issue date and the issue price, and will form part of the same series as the original notes, including with respect to interest payments. The issue price for the notes will include an aggregate amount of $1,166,666.67 (U.S.) of accrued interest from Dec. 7, 2023, the issue date of the original notes, to but excluding the settlement date of the notes.

Fairfax intends to use substantially all of the net proceeds from the offering of the notes, together with a portion of the net proceeds from the issuance of the original notes, to repay outstanding indebtedness with upcoming maturities, and use any remainder for repayment of other outstanding indebtedness of Fairfax or its subsidiaries, and for general corporate purposes. Except as set forth above, as of the date hereof, Fairfax has not made any determination as to the specific debt or other obligations to be repaid with the net proceeds of the offering of the notes, nor the amount, timing or method of repayment of any indebtedness. The offering of the notes is expected to close on or about Jan. 12, 2024, subject to the satisfaction of customary conditions.

Upon settlement, the notes are expected to trade under the same ISIN and Cusip numbers as the original notes, except that the notes sold pursuant to Regulation S under the Securities Act of 1933, as amended, will have different ISIN and Cusip numbers than the original notes until 40 days after the issue date of the notes offered hereby, but as promptly as practicable thereafter, Fairfax intends to cause the notes that are issued pursuant to Regulation S to be consolidated with, and share the same ISIN and Cusip numbers as, the original notes that were issued pursuant to Regulation S.

We seek Safe Harbor.