Fairfax exchanges 3.15% exchangeables for new exchangeables

New York, Nov. 19 - Fairfax Financial Holdings Ltd. said it has exchanged its $78.045 million of 3.15% exchangeable notes due 2010 for different securities.

Covered by the transaction are the $78.045 million of existing exchangeables.

The holder received $100.964 million principal amount of new 3.15% exchangeable notes due Nov. 19, 2009, which are exchangeable into 4.3 million shares of Odyssey Re Holdings Corp. common stock. Exchanges are limited to two weeks beginning Aug. 4, 2006 for $32.872 million of the notes and Nov. 3, 2006 for $68.092 million of the notes.

The transaction was conducted through a subsidiary of Fairfax.

Fairfax, a Toronto-based financial services company, said the transaction was made for investment purposes and in order to maintain the inclusion of Odyssey Re in Fairfax's U.S. consolidated tax group.

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