Mr. John Varnell of Fairfax Financial reports

FAIRFAX FILES EARLY WARNING REPORT IN RESPECT OF BLUE ANT MEDIA

Fairfax Financial Holdings Ltd. has filed an early warning report under National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues) in connection with its holdings of subordinate voting shares of Blue Ant Media Corp. (the corporation).

On Jan. 28, 2026, the corporation completed its acquisition of Thunderbird Entertainment Group Inc., pursuant to which the corporation issued 5,857,979 subordinate voting shares as partial consideration for the Thunderbird acquisition. As a result of this share issuance, the total number of outstanding subordinate voting shares of the corporation increased from 21,861,388 to 27,719,367, which had a dilutive effect on Fairfax's percentage ownership in the corporation.

Immediately prior to the Thunderbird acquisition, Fairfax held 4,964,723 subordinate voting shares of the corporation, representing approximately 22.5 per cent of the then outstanding subordinate voting shares. Following the completion of the Thunderbird acquisition and the resulting issuance of 5,857,979 new subordinate voting shares, Fairfax's percentage ownership was diluted to approximately 17.9 per cent of the outstanding subordinate voting shares. Fairfax subsequently acquired 550,000 subordinate voting shares. As a result, Fairfax now holds an aggregate of 5,514,723 subordinate voting shares of the corporation, representing approximately 19.9 per cent of the 27,719,367 subordinate voting shares currently outstanding.

Fairfax holds the subordinate voting shares for investment purposes, and, in the future, it may discuss with management and the board of directors of Blue Ant any of the transactions listed in clauses (a) to (k) of Item 5 of 62-103F1 and may further purchase, hold, vote, trade, dispose or otherwise deal in the subordinate voting shares in such manner as it deems advisable to benefit from changes in market prices of such securities, publicly disclosed changes in the operations of Blue Ant, its business strategy or prospects, or any sale, merger or other material transaction involving Blue Ant.

An early warning report will be filed by Fairfax in accordance with applicable securities laws and will be available on SEDAR+ or may be obtained directly from John Varnell, vice-president, corporate development, of Fairfax upon request at the telephone number below.

Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.