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Press Release Details


Fairfax Announces Expiration and Final Results of Its Tender Offer

06/06/2011

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TORONTO, ONTARIO -- (MARKET WIRE) -- 06/06/11 -- Fairfax Financial Holdings Limited (TSX: FFH)(TSX: FFH.U) ("Fairfax") announced today the final results of its previously announced offer to purchase for cash (the "Offer") outstanding notes of the series listed in the table below (collectively, the "Notes") of Fairfax and its wholly-owned subsidiaries Odyssey Re Holdings Corp. ("OdysseyRe") and Crum & Forster Holdings Corp. ("Crum & Forster"). Fairfax has increased the aggregate principal amount of Notes that may be purchased from US$691,233,000 to US$694,457,000.

Fairfax also announced that it has accepted today for purchase all of Fairfax's 7.750% Senior Notes due 2012, all of Crum & Forster's 7.750% Senior Notes due 2017, all of Fairfax's 7.750% Senior Notes due 2017 and all of OdysseyRe's 7.650% Senior Notes due 2013 validly tendered and not validly withdrawn at or prior to the Expiration Date for the Offer, and not previously accepted for purchase. Fairfax expects to pay for such Notes accepted today for purchase on June 7, 2011.

The following table sets forth the Notes that are subject to the Offer, certain other terms of the Offer and the aggregate principal amount of Notes (a) validly tendered and not validly withdrawn at or prior to 8:00 a.m., New York City time, today, the Expiration Date for the Offer, (b) previously purchased at the Early Settlement Date, and (c) accepted for purchase at the Expiration Date.

                                                                   Aggregate
Title of                                        Acceptance  Principal Amount
 Securities        Issuer    CUSIP Numbers  Priority Level       Outstanding
----------------------------------------------------------------------------
7.750% Senior
 Notes due
 2012             Fairfax        303901AN2               1      $180,568,000

7.750% Senior
 Notes due         Crum &
 2017             Forster        228800AF5               2      $330,000,000

7.750% Senior
 Notes due
 2017             Fairfax        303901AP7               3      $282,625,000

7.650% Senior
 Notes due
 2013           OdysseyRe        67612WAC2               4      $225,000,000

6.875% Senior
 Notes due
 2015           OdysseyRe        67612WAD0               5      $125,000,000

8.250% Senior
 Notes due
 2015             Fairfax        303901AC6               6       $90,864,000

                                                   Aggregate
                                                   Principal       Aggregate
                                   Aggregate          Amount       Principal
                            Principal Amount    Purchased at Amount Accepted
Title of     Maximum Tender   Tendered as of       the Early          at the
 Securities          Amount  Expiration Date Settlement Date Expiration Date
----------------------------------------------------------------------------
7.750% Senior
 Notes due
 2012          $180,568,000      $94,252,000     $92,318,000      $1,934,000

7.750% Senior
 Notes due
 2017          $330,000,000     $323,810,000    $323,765,000         $45,000

7.750% Senior
 Notes due
 2017          $234,222,000     $234,222,000               -    $234,222,000

7.650% Senior
 Notes due
 2013           $90,000,000      $42,173,000               -     $42,173,000

6.875% Senior
 Notes due
 2015           $45,000,000      $16,350,000               -               -

8.250% Senior
 Notes due
 2015           $30,000,000      $53,541,000               -               -

Holders who validly tendered and did not withdraw their Notes at or prior to 5:00 p.m., New York City time, on May 17, 2011 (the "Early Tender Date") and whose Notes are accepted for purchase by Fairfax will be entitled to receive, for each US$1,000 principal amount of such Notes, the applicable Total Consideration as set forth in the Offer to Purchase dated May 4, 2011 (the "Offer to Purchase"), which includes an Early Tender Payment of US$30.00 per US$1,000 principal amount of such Notes. Holders who validly tendered their Notes after the Early Tender Date but prior to or at 8:00 a.m., New York City time, on June 6, 2011, and whose Notes are accepted for purchase by Fairfax, will be entitled to receive the applicable Tender Offer Consideration for each US$1,000 principal amount of such Notes as set forth in the Offer to Purchase, which does not include such Early Tender Payment.

BofA Merrill Lynch acted as the Lead Dealer Manager for the Offer. Questions regarding the Offer may be directed to BofA Merrill Lynch Debt Advisory Services at (888) 292-0070 (toll-free) or (980) 388-9217 (collect). Global Bondholder Services Corporation has been retained as depositary and information agent for the Offer. Requests for documents may be directed to Global Bondholder Services Corporation by telephone at (866) 387-1500 (toll-free) or in writing at 65 Broadway - Suite 404, New York, New York 10006, Attention: Corporate Actions.

This news release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.

Contacts:
Fairfax Financial Holdings Limited
John Varnell
Chief Financial Officer
(416) 367-4941

Media Contact
Fairfax Financial Holdings Limited
Paul Rivett
Chief Legal Officer
(416) 367-4941

Source: Fairfax Financial Holdings Limited