August 5, 2022
To whom it may concern:
Company Name Kawasaki Kisen Kaisha, Ltd.
Representative Director Yukikazu Myochin(Code No.: 9107 TSE Prime Market)
Contact Takamasa Soejima
General Manager, Containerships Business Group(TEL. +81 3-3595-5539)

Proposal to Acquisition of Shares in Atlas Corp. by a Consortium Including an Equity Method Affiliate

Kawasaki Kisen Kaisha, Ltd. (““K”Line”) informs that a consortium (“Consortium”) composed of our equity
method affiliate, Ocean Network Express Pte. Ltd. (“ONE”) and three major shareholders of Atlas Corp.
(“Atlas”)1 have jointly proposed on August 4, 2022 in US (August 5, 2022 in Japan) to acquire all of theoutstanding common shares of Atlas that the Consortium does not own or control.
1. Overview
ONE has jointly formed the Consortium together with three major shareholders of Atlas, and theConsortium has jointly proposed on August 4, 2022 to board of directors of Atlas to acquire all of theoutstanding common shares that the Consortium does not own or control, on non-binding basis. Threemajor shareholders control approximately 68% of the fully-diluted outstanding common shares of Atlasand would continue their ownership in Atlas.
2. Reason for proposal
The Consortium believes that the proposal will allow Atlas to focus on the long-term business growth,
not on short-term business results, as a strategic partner to support its future growth.
3. Outlook
The Consortium will negotiate with a special committee composed of independent directors of Atlas,
fully-empowered to review and accept or reject the proposed transaction and to consider and negotiate
the terms of the proposed transaction on behalf of the Atlas’s board of directors.
Since the acquisition of shares by the Consortium is currently at a proposal stage, it is not anticipatedto have any impact on the consolidated results of “K”Line.
Please refer to the press release by the Consortium.
1 About Atlas Corp.

Atlas is an asset management company, also known as the owner of Seaspan Corporation, the largest
independent global containership lessor.
Website: https://atlascorporation.com/

CHAIRMAN OF ATLAS CORP., FAIRFAX FINANCIAL HOLDINGS LIMITED AND THE
WASHINGTON FAMILY PARTNER WITH OCEAN NETWORK EXPRESS PTE. LTD. TO JOINTLYPROPOSE ACQUIRING ALL COMMON SHARES OF ATLAS CORP. NOT CONTROLLED BY ITSMAJORITY SHAREHOLDERS FOR $14.45 PER SHARE IN CASHLondon and Toronto, August 4, 2022 — A consortium composed of David L. Sokol, Chairman of the Board ofDirectors of Atlas Corp. (NYSE: ATCO) (“Atlas” or the “Company”), certain affiliates of Fairfax Financial
Holdings Limited (collectively, “Fairfax”)(TSX: FFH and FFH.U), the Washington Family, and Ocean Network
Express Pte. Ltd. (the “Consortium”), a global container, transportation and shipping company, announced todaythat they have jointly proposed to acquire all of the outstanding common shares of Atlas that the Consortium does
not already own or control for $14.45 per share in cash, which represents a 32.1% and 28.8% premium over the 30
day and 60 day average closing prices of the Company’s common shares of $10.94 and $11.22, respectively. The
non-binding proposal was conveyed on August 4, 2022 in a letter to Atlas’ Board of Directors.
Fairfax, the Washington Family, and David L. Sokol own or control approximately 68% of the fully-diluted
outstanding common shares of Atlas and would continue their ownership in Atlas as part of the Consortium.
Accordingly, the Proposal would not result in a change in control of the Company. Consortium members havecommitted to fully fund the cash component of the Proposal. It is contemplated that all Atlas preferred shares would
remain outstanding following the proposed transaction.
David L. Sokol, Chairman of the Board of Directors and member of the Consortium stated: “The Consortium
believes the proposed transaction will provide Atlas’s common shareholders with immediate liquidity and certaintyof value at a significant premium to the current share price, while allowing Atlas to focus on the long term without
the emphasis on short-term results and providing Atlas with an ideal strategic partner to support its future growth.”
The Consortium’s proposal provides that Atlas’s board of directors would form a special committee of independent
directors fully-empowered to review and accept or reject the proposed transaction and to consider and negotiate theterms of the proposed transaction on behalf of the Atlas board of directors, and that the special committee will selectand retain independent legal and financial advisors to assist in its review of the proposed transaction.
The Consortium’s proposal further provides that the proposed transaction will be subject to a non-waivablecondition requiring approval by holders of a majority of Atlas common shares not owned or controlled by theConsortium, senior management or their respective affiliates.
In its proposal letter, the Consortium informed the Atlas board of directors that the members of the Consortium who
are currently shareholders of Atlas are interested only in acquiring the remaining common shares of Atlas that they
do not currently own or control, and have no interest in selling any of the shares they own or control, nor would they
expect, in their capacity as shareholders, to vote in favor of any alternative sale, merger or similar transaction
involving Atlas. If the special committee does not approve, or the other common shareholders of Atlas do not
approve, the proposed transaction, Fairfax, the Washington Family and David L. Sokol presently intend to continue
as long-term shareholders of Atlas.
Additional Information and Where to Find It
An agreement in respect of the proposed transaction described in this press release has not yet been executed, andthis press release is not an offer to purchase or a solicitation of an offer to sell any securities. Any solicitation oroffer will only be made through materials filed with the Securities and Exchange Commission (the “SEC”). Atlasshareholders and other interested parties are urged to read these materials if and when they become available
because they will contain important information. Atlas shareholders will be able to obtain such documents (whenavailable) free of charge at the SEC’s web site, www.sec.gov.

Forward-Looking Statements
This press release contains statements regarding the proposed transaction that may be deemed to be “forwardlooking statements” within the meaning of applicable securities laws and members of the Consortium may makerelated oral, forward-looking statements on or following the date hereof. Forward-looking statements, by theirnature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materiallyfrom the results projected. Many of these risks and uncertainties cannot be controlled by the Consortium and include
the possibility that discussions with the special committee of the Atlas board of directors may not be successful andthe possibility that the proposed transaction may not be entered into or completed on the terms described in thispress release or at all, including as a result of changes in the business or prospects of Atlas. Any forward-looking
statements in this press release are made only as of the date of this press release. No member of the Consortium
assumes any obligation to publicly update any forward-looking statements except as required by law. No
information contained on any website referenced in this press release is incorporated by reference herein.
About Fairfax Financial Holdings Limited
Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is primarily engaged inproperty and casualty insurance and reinsurance and the associated investment management.

Contacts:
Consortium: David L. Sokol
sokol@poseidonacq.com
Fairfax: John Varnell, Vice President, Corporate Development - +1-416-367-4941