Fairfax Announces Termination of Ensign Energy Services Inc. Total Return Swaps and Acquisition of Common Shares

TORONTO, June 11, 2024 (GLOBE NEWSWIRE) — Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U) announces that as of June 10, 2024, it has terminated total return swaps relating to 7,787,600 ordinary shares (“Ordinary Shares”). Shares”) of Ensign Energy Services Inc. (“Ensign”), the average reference price of which was C$1.3182. Upon termination of the total return swaps, Fairfax agreed with the counterparty to purchase 7,787,600 common shares at a price of C$2.34 per common share, representing 4.24% of the outstanding common shares.

Prior to the acquisition of the Common Shares, Fairfax beneficially owned and controlled 21,800,886 issued and outstanding Common Shares, representing approximately 11.86% of all issued and outstanding Common Shares. Following the acquisition of the Common Shares, Fairfax beneficially owns and controls 29,588,486 of the issued and outstanding Common Shares, which represents approximately 16.10% of all issued and outstanding Common Shares and is no longer party to any swap agreement relating to the common shares.

The common shares are acquired by Fairfax for investment purposes and, in the future, it may discuss with management and/or the board of directors any transactions listed in clauses (a) through (k) of the article 5 of form F1 of National Regulation 62-103 – The Early Warning System and Issues Related to Takeover Bids and Insider Reporting and it may further purchase, hold, vote, exchange, dispose of or otherwise deal in the securities of Ensign, in such manner as it deems expedient to benefit from changes in the market prices of the securities of Ensign, changes publicly disclosed in Ensign’s operations, its business strategy or prospects or a material Ensign transaction, and it will also take into account the availability of funds, the evaluation of alternative investments and other factors.

An early warning report will be filed by Fairfax in accordance with applicable securities laws and will be available on SEDAR+ at www.sedarplus.ca or may be obtained directly from Fairfax upon request at the telephone number below. below.

Ensign’s head office and head office is located at 601-130 Bloor Street West, Toronto, Ontario, M5S 1N5.

Fairfax is a continuing company under the Canadian Business Corporations Act and is a holding company which, through its subsidiaries, primarily engages in the business of property and casualty insurance and reinsurance and related investment management.

For more information, contact: John Varnell, Vice President, Corporate Development at (416) 367-4941.