Document:

exv4w8

Exhibit 4.8

FORM 51-102F3

Material Change Report

	Item 1  	 	Name and Address of Company
	 
	 	 	Fairfax Financial Holdings Limited (“Fairfax”)

95 Wellington Street West

Suite 800 
Toronto, Ontario

M5J 2N7
	 
	Item 2  	 	Date of Material Change
	 
	 	 	September 4, 2009
	 
	Item 3  	 	News Release
	 
	 	 	A news release was issued through Marketwire on September 4, 2009 and is attached to
this report.
	 
	Item 4  	 	Summary of Material Change
	 
	 	 	Fairfax announced that it is proposing to acquire all of the outstanding shares of
common stock of Odyssey Re Holdings Corp. (“Odyssey Re”) that it does not currently own
for US$60 per share in cash.
	 
	Item 5  	 	Full Description of Material Change
	 
	 	 	On September 4, 2009 Fairfax announced that it is proposing to acquire all of the
outstanding shares of common stock of Odyssey Re that it does not currently own for
US$60 per share in cash, representing a 19.8% premium over the closing price of such
shares on September 4, 2009 and a 23.2% premium over the 30-day average closing price
of the shares on the New York Stock Exchange. Fairfax currently owns approximately
72.6% of all outstanding shares of common stock of Odyssey Re.
	 
	 	 	Fairfax intends to use the proceeds of a new equity issue under its existing shelf
prospectus to fully fund the proposed acquisition of Odyssey Re shares. Following
completion of the proposed acquisition of Odyssey Re and the proposed Fairfax new
equity issuance, Fairfax expects to continue to have in excess of $1 billion in cash
and marketable securities at the holding company level.
	 
	 	 	Prior to this announcement, Fairfax previously advised the board of directors of
Odyssey Re that it wished to explore a potential transaction in which Fairfax would
acquire all of the outstanding shares of Odyssey Re common stock it did not already
own. Fairfax has been advised that the board of directors of Odyssey Re has formed a
special committee of independent
directors to evaluate Fairfax’s proposal and that the special committee has engaged
independent financial and legal advisors.

 

 

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	 	 	Directors of Odyssey Re affiliated with Fairfax will not participate in the evaluation
of the proposal.
	 
	 	 	Following completion of the proposed offer, there would be no changes in Odyssey Re’s
strategic or operating philosophy. Under the leadership of Andy Bernard, President and
CEO, Odyssey Re will continue to operate its business exactly as it has always been
run, on an independent and decentralized basis.
	 
	 	 	Fairfax has advised Odyssey Re that Fairfax’s sole interest is in acquiring the shares
of common stock of Odyssey Re that it does not currently own and that it has no
interest in a disposition of its controlling interest in Odyssey Re.
	 
	Item 6  	 	Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
	 
	 	 	Not applicable.
	 
	Item 7  	 	Omitted Information
	 
	 	 	No significant facts in this report remain confidential, and no information has been
omitted from this report.
	 
	Item 8  	 	Executive Officer
	 
	 	 	For further information please contact Greg Taylor, Chief Financial Officer, at (416)
367-4941.
	 
	Item 9  	 	Date of Report
	 
	 	 	September 14, 2009

 

 

News Release

FAIRFAX PROPOSES TO ACQUIRE MINORITY STAKE IN ODYSSEY RE

FOR $60 PER SHARE

(Note: All dollar amounts in this press release are expressed in U.S. dollars.)

Toronto, Ontario, September 4, 2009 — Fairfax Financial Holdings Limited (TSX and NYSE: FFH)
announced today that it is proposing to acquire all of the outstanding shares of common stock of
Odyssey Re Holdings Corp. (“Odyssey Re”) (NYSE: ORH) that it does not currently own for $60 per
share in cash, representing a 19.8% premium over today’s closing price and a 23.2% premium over the
30-day average closing price. The purchase price represents a multiple of 1.16x Odyssey Re’s book
value per share as of June 30, 2009 as compared to an average multiple of approximately 0.91x for a
group of reinsurance peers as of the same date. Based on Odyssey Re’s initial public offering price
of $18.00 per share in June 2001, the purchase price represents a compounded annual return of
16.2%. Fairfax currently owns approximately 72.6% of all outstanding shares of common stock of
Odyssey Re.

Fairfax intends to issue new equity under its existing shelf prospectus, the proceeds of which
would be used to fully fund the proposed acquisition of Odyssey Re shares. Following completion of
the proposed acquisition of Odyssey Re and the proposed Fairfax new equity issuance, Fairfax
expects to continue to have in excess of $1 billion in cash and marketable securities at the
holding company level.

“Our offering price, which is well above any price at which Odyssey Re shares have ever traded,
represents an attractive opportunity for Odyssey Re shareholders to obtain liquidity at a
significant premium to the market price and to the valuation of Odyssey Re’s peer group,” said Prem
Watsa, Chairman and CEO of Fairfax. Mr. Watsa added, “Following completion of the transaction,
Odyssey Re would have the benefit of the strong financial position and financial flexibility of
Fairfax as its business continues to move forward.”

Prior to this announcement, Fairfax previously advised the board of directors of Odyssey Re that it
wished to explore a potential transaction in which Fairfax would acquire all of the outstanding
shares of Odyssey Re common stock it did not already own. Fairfax has been advised that the board
of directors of Odyssey Re has formed a special committee of independent directors to evaluate
Fairfax’s proposal and that the special committee has engaged independent financial and legal
advisors. Directors of Odyssey Re affiliated with Fairfax will not participate in the evaluation of
the proposal.

Following completion of the proposed offer, there would be no changes in Odyssey Re’s strategic or
operating philosophy. Under the leadership of Andy Bernard, President and CEO, Odyssey Re will
continue to operate its business exactly as it has always been run, on an independent and
decentralized basis.

Fairfax has advised Odyssey Re that Fairfax’s sole interest is in acquiring the shares of common
stock of Odyssey Re that it does not currently own and that it has no interest in a disposition of
its controlling interest in Odyssey Re.

 

 

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Odyssey Re stockholders and other interested parties are urged to read material that will be filed
with the SEC and Canadian provincial securities regulators by Fairfax and Odyssey Re in connection
with the proposed transaction when they become available because they will contain important
information.

Odyssey Re stockholders will be able to obtain such documents free of charge at the SEC’s web site,
www.sec.gov, or www.sedar.com, or from Fairfax at 95 Wellington Street West, Suite 800, Toronto,
Canada, M5J 2N7. This release is not a solicitation of any proxy.

BofA Merrill Lynch is serving as Fairfax’s financial advisor and Shearman & Sterling LLP and Torys
LLP are acting as its legal counsel.

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

This press release include certain forward-looking statements. Such forward-looking statements are
subject to known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Fairfax to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements. Such factors
include, but are not limited to the risks and uncertainties are described in our most recently
issued Annual Report which is available at www.fairfax.ca and in our Base Shelf Prospectus (under
“Risk Factors”) filed with the securities regulatory authorities in Canada and the United States,
which is available on SEDAR and EDGAR. Fairfax disclaims any intention or obligation to update or
revise any forward-looking statements, except as required by law.

-30-

	For further information contact:  	 	Greg Taylor, Chief Financial Officer, at (416) 367-4941

Media Contact: Paul Rivett, Chief Legal Officer, at (416) 367-4941exv4w9

Exhibit 4.9

FORM 51-102F3

Material Change Report

	Item 1	 	 Name and Address of Company
	 
	 	 	Fairfax Financial Holdings Limited (“Fairfax”)

95 Wellington Street West

Suite 800

Toronto, Ontario

M5J 2N7
	 
	Item 2 	 	Date of Material Change
	 
	 	 	September 8, 2009
	 
	Item 3	 	 News Release
	 
	 	 	Fairfax issued (i) a news release through Marketwire on September 8, 2009 announcing
the public offering described below, (ii) a news release through Marketwire on
September 8, 2009 announcing confirmed sales in respect of the offering and (iii) a
news release on September 11, 2009 announcing the closing of the offerings (together
the “News Releases”). The News Releases are attached to this report.
	 
	Item 4	 	 Summary of Material Change
	 
	 	 	On September 8, 2009, Fairfax announced that it would offer 2,881,844 subordinate
voting shares at a price of US$347.00 per share to result in aggregate gross proceeds
of approximately US$1 billion (the “Offering”). The Offering closed and the subordinate
voting shares were issued on September 11, 2009. Fairfax intends to use the net
proceeds of the Offering to fund the previously announced proposed acquisition of all
of the shares of common stock of Odyssey Re Holdings Corp. that it does not currently
own.
	 
	Item 5	 	 Full Description of Material Change
	 
	 	 	On September 8, 2009, Fairfax announced its intention to offer 2,881,844 subordinate
voting shares at a price of US$347.00 per share, which would result in aggregate gross
proceeds of approximately US$1 billion. Fairfax entered into an agreement with a
syndicate of underwriters co-led by CIBC, as sole bookrunner, BofA Merrill Lynch and
Scotia Capital that also included BMO Capital Markets, RBC Capital Markets, Cormark
Securities, GMP Securities and Citigroup pursuant to which the underwriters agreed to
purchase from Fairfax and sell to the public 600,000 subordinate voting shares. The
remaining 2,281,844 subordinate voting shares were offered by the syndicate on an
agency basis.

 

 

	 	 	On September 8, 2009, Fairfax subsequently confirmed that it had received commitments
to purchase all of the 2,281,844 subordinate voting shares offered on an agency basis
in the Offering.
	 
	 	 	On September 11, 2009, Fairfax announced that it completed the Offering for gross
proceeds of approximately US$1.0 billion and net proceeds, after commissions and
expenses, of US$983.0 million.
	 
	 	 	Fairfax intends to use the net proceeds of the Offering to fund the previously
announced proposed acquisition of all of the outstanding shares of common stock of
Odyssey Re Holdings Corp. that it does not currently own. There can be no assurance
that such acquisition will be completed. If the acquisition is not successfully
completed, Fairfax intends to use the net proceeds to augment its cash position, to
increase short term investments and marketable securities held at the holding company
level, to retire outstanding debt and other corporate obligations from time to time,
and for general corporate purposes.
	 
	Item 6	 	 Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
	 
	 	 	Not applicable.
	 
	Item 7	 	 Omitted Information
	 
	 	 	No significant facts in this report remain confidential, and no information has been
omitted from this report.
	 
	Item 8	 	 Executive Officer
	 
	 	 	For further information please contact Greg Taylor, Chief Financial Officer, at (416)
367-4941.
	 
	Item 9	 	 Date of Report
	 
	 	 	September 15, 2009

 

 

FAIRFAX News Release

Stock Symbol: FFH (TSX and NYSE)

TORONTO, September 8, 2009

FAIRFAX TO RAISE $1 BILLION IN EQUITY OFFERING

(Note: All dollar amounts in this press release are expressed in U.S. dollars.)

Fairfax Financial Holdings Limited (TSX and NYSE: FFH) announces that it intends to offer 2,881,844
subordinate voting shares at a price of $347.00 per share, which would result in aggregate gross
proceeds of $1 billion. Fairfax has entered into an agreement with a syndicate of underwriters
co-led by CIBC, as sole bookrunner, BofA Merrill Lynch and Scotia Capital that also includes BMO
Capital Markets, RBC Capital Markets, Cormark Securities, GMP Securities and Citigroup pursuant to
which the underwriters have agreed to purchase from Fairfax and sell to the public 600,000
subordinate voting shares. The remaining 2,281,844 subordinate voting shares will be offered by
the syndicate on an agency basis.

Fairfax intends to use the net proceeds of the offering to fund the previously announced proposed
acquisition of all of the outstanding shares of common stock of Odyssey Re Holdings Corp. that it
does not currently own. There can be no assurance that such acquisition will be completed. If the
acquisition is not successfully completed, Fairfax intends to use the net proceeds to augment its
cash position, to increase short term investments and marketable securities held at the holding
company level, to retire outstanding debt and other corporate obligations from time to time, and
for general corporate purposes.

Fairfax intends to file a prospectus supplement to its short form base shelf prospectus dated
August 31, 2009 in respect of this offering with the applicable Canadian and U.S. securities
regulatory authorities. Details of this offering will be set out in the prospectus supplement which
will be available on the SEDAR website for Fairfax at
www.sedar.com. A copy of the short form base
shelf prospectus and the prospectus supplement relating to the offering may be obtained when it
becomes available from CIBC
(in the United States from CIBC World Markets Corp., 425 Lexington Avenue, 5th Floor, New York, New
York, 10017, by fax at 212-667-6303 or by e-mail at
useprospectus@us.cibc.com, or in Canada from
CIBC World Markets Inc. at 416-594-7270), BofA Merrill Lynch (in the United States from BofA
Merrill Lynch, One Bryant Park, 8th floor, New York, NY, 10036, or in Canada from Merrill Lynch
Canada Inc., 181 Bay Street, 5th floor, Toronto, Ontario, M5J 2V8 or by fax at 416-369-7790) and
Scotia Capital (in the United States, Equity Capital Markets, 25th Floor, 165 Broadway, New York,
New York, 10006, or in Canada, Equity Capital Markets, 66th Floor, Scotia Plaza, 40 King Street
West, Toronto, Ontario, M5W 2X6).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of these securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of any
such jurisdiction.

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

-30-

	 	 	 
	For further information contact:

	 	Greg Taylor, Chief Financial Officer, at (416) 367-4941
	 
	 	 
	 

	 	Media Contact:
	 

	 	Paul Rivett, Chief Legal Officer, at (416) 367-4941

FAIRFAX FINANCIAL HOLDINGS LIMITED

95 Wellington Street West, Suite 800, Toronto Ontario M5J 2N7 Telephone 416/367 4941 Telecopier 367 4946

 

 

FAIRFAX News Release

Stock Symbol: FFH (TSX and NYSE)

TORONTO, September 8, 2009

FAIRFAX CONFIRMS SALES OF $1 BILLION IN EQUITY OFFERING

(Note: All dollar amounts in this press release are expressed in U.S.
dollars.)

Fairfax Financial Holdings Limited (TSX and NYSE: FFH) confirms that it has received commitments to
purchase all of the 2,881,844 subordinate voting shares offered on an agency basis in today’s
previously announced equity offering. Together with the 600,000 subordinate voting shares agreed
to be purchased by the syndicate of underwriters in the underwritten portion of the offering,
Fairfax has received commitments for the purchase of $1 billion of subordinate voting shares. The
offering is expected to close on or about September 11, 2009.

Fairfax intends to use the net proceeds of the offering to fund the previously announced proposed
acquisition of all of the outstanding shares of common stock of Odyssey Re Holdings Corp. that it
does not currently own. There can be no assurance that such acquisition will be completed. If the
acquisition is not successfully completed, Fairfax intends to use the net proceeds to augment its
cash position, to increase short term investments and marketable securities held at the holding
company level, to retire outstanding debt and other corporate obligations from time to time, and
for general corporate purposes.

Fairfax intends to file a prospectus supplement to its short form base shelf prospectus dated
August 31, 2009 in respect of this offering with the applicable Canadian and U.S. securities
regulatory authorities. Details of this offering will be set out in the prospectus supplement which
will be available on the SEDAR website for Fairfax at
www.sedar.com. A copy of the short form base
shelf prospectus and the prospectus supplement relating to the offering may be obtained when it
becomes available from CIBC
(in the United States from CIBC World Markets Corp., 425 Lexington Avenue, 5th Floor, New York, New
York, 10017, by fax at 212-667-6303 or by e-mail at
useprospectus@us.cibc.com, or in Canada from
CIBC World Markets Inc. at 416-594-7270), BofA Merrill Lynch (in the United States from BofA
Merrill Lynch, One Bryant Park, 8th floor, New York, NY, 10036, or in Canada from Merrill Lynch
Canada Inc., 181 Bay Street, 5th floor, Toronto, Ontario, M5J 2V8 or by fax at 416-369-7790) and
Scotia Capital (in the United States, Equity Capital Markets, 25th Floor, 165 Broadway, New York,
New York, 10006, or in Canada, Equity Capital Markets, 66th Floor, Scotia Plaza, 40 King Street
West, Toronto, Ontario, M5W 2X6).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of these securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of any
such jurisdiction.

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

-30-

	 	 	 
	For further information contact:

	 	Greg Taylor, Chief Financial Officer, at (416) 367-4941
	 
	 	 
	 

	 	Media Contact:
	 

	 	Paul Rivett, Chief Legal Officer, at (416) 367-4941

FAIRFAX FINANCIAL HOLDINGS LIMITED

95 Wellington Street West, Suite 800, Toronto Ontario M5J 2N7 Telephone 416/367 4941 Telecopier 367 4946

 

 

FAIRFAX News Release

Stock Symbol: FFH (TSX and NYSE)

TORONTO, September 11, 2009

FAIRFAX COMPLETES $1 BILLION EQUITY OFFERING

(Note: All dollar amounts in this press release are expressed in U.S.
dollars.)

Fairfax Financial Holdings Limited (TSX and NYSE: FFH) has completed its previously announced
public offering of 2,881,844 subordinate voting shares at a price of $347.00 per share, for gross
proceeds of $1.0 billion and net proceeds, after commissions and expenses, of $983.0 million.

The subordinate voting shares were sold through a syndicate of dealers co-led by CIBC, as sole
bookrunner, BofA Merrill Lynch and Scotia Capital that also included BMO Capital Markets, RBC
Capital Markets, Cormark Securities, GMP Securities and Citigroup.

“We re very a thankful for all the support we have received from our shareholders and the banking
syndicate members for the largest equity funding in our 24-year history,” Chairman and CEO of
Fairfax. Mr. Watsa added, “We now look forward to proceeding with the Odyssey Re offer while
maintaining holding company liquidity in excess of $1 billion in cash and marketable securities
after the completion of the offer.”

Fairfax intends to use the net proceeds of the offering to fund the previously announced proposed
acquisition of all of the outstanding shares of common stock of Odyssey Re Holdings Corp. that it
does not currently own. There can be no assurance that such acquisition will be completed. If the
acquisition is not successfully completed, Fairfax intends to use the net proceeds to augment its
cash position, to increase short term investments and marketable securities held at the holding
company level, to retire outstanding debt and other corporate obligations from time to time, and
for general corporate purposes.

Odyssey Re stockholders and other interested parties are urged to read material that will be filed
with the SEC and Canadian provincial securities regulators by Fairfax and Odyssey Re in connection
with the proposed transaction when they become available because they will contain important
information. Odyssey Re stockholders will be able to obtain such documents free of charge at the
www. SEC’s sec.gov, or www. web sedar.com, site, or from Fairfax at 95 Wellington Street West,
Suite 800, Toronto, Canada, M5J 2N7.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction.

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

-30-

FAIRFAX FINANCIAL HOLDINGS LIMITED

95 Wellington Street West, Suite 800, Toronto Ontario M5J 2N7 Telephone 416/367 4941 Telecopier
367 4946

 

 

	 	 	 
	For further information contact:

	 	Greg Taylor, Chief Financial Officer, at (416) 367-4941
	 
	 	 
	 

	 	 Media Contact:
	 

	 	Paul Rivett, Chief Legal Officer, at (416) 367-4941

FAIRFAX FINANCIAL HOLDINGS LIMITED

95 Wellington Street West, Suite 800, Toronto Ontario M5J 2N7 Telephone 416/367 4941 Telecopier 367 4946

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