Private

THE MONEY placement of shares the closing share price (CDN$) First MAnagers book value per share (US$) Fairfax’s 25-year track record

PREM WATSA Bonus Confederation Life strength- 550 550 Markel Cheques 525 525 Fairfax acquires Zenith National Insurance ens IPO of Odyssey Re O 500 500 Fairfax acquires Commonwealth Insurance Fairfax acquires Skandia America (later renamed Odyssey Re) Fairfax establishes Fairfax Brasil k the 475 475 ng long term Financing ri Hamblin Watsa Investment Counsel opens Fairfax acquires First Capital Insurance (Singapore)

c 450 450 Fairfax acquires Crum & Forster Fairfax privatizes Odyssey Re

offe in place 425 425 is where it ax Fairfax sells its interest in Shand, Morahan to IPO of Northbridge f 400 400 acquires control of Fairfax (then named Markel Financial) Fairfax acquires TIG Holdings

Fair lifts sto The 375 375 Fairfax acquires Falcon Insurance Watsa COUNTS Prem Successors 350 350 Deal puts Fairfax acquires The Resolution Group (later renamed TRG/RiverStone) to Fairfax shares crack Fairfax acquires Morden & Helwig (later renamed Lindsey Morden) Fairfax small Fairfax 325 325 Canadian Fairfax acquires Ranger Insurance Fairfax acquires an interest in Alltrust Insurance (China) boss 300 300 player Watsa lets suffers Fairfax acquires Compagnie Transcontinentale de Réassurance in big $ 275 275 buy 300 Fairfax acquires Shand, Morahan in partnership with Markel Corporation Fairfax privatizes Northbridge league of with a Continental resu 250lts 250 in latest insurance merger insurance on news of reinsurer deal smile do his talking Fairfax and ICICI Bank create ICICI Lombard (India) 225 225 Quiet success: The chief executive stays silent as Fairfax acquires Continental Canada (later renamed Lombard Insurance) Fairfax acquires Polish Re (Poland) regularly makes200 golden returns 200 Fairfax acquires Federated Insurance

Fairfax stock Camera-shy Watsa meltdown Fairfax braces for 175 175 shoots Fairfax purchases Hamblin Watsa breaks cover at 150 150 up to $ 487 125 125 Acquisition of property and casualty insurer

from catapults shares to record high 100 100 NYSE 75 75 Tale of 50 50 Fairfax A 25 25 0 0 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 WOE (JUNE) FOR FAIRFAX FINANCIAL Top pick Shares fell in first half to weather storm