On Jan. 28, 2009, Standard&Poor's Ratings Services raised its counterparty credit and senior unsecured debt ratings on Toronto-based Fairfax Financial Holdings Ltd. to 'BBB-' from 'BB+'. The outlook is stable. (Please see the ratings list below.) The upgrade reflects our enhanced view of the company's credit profile, which benefits from its increasing ownership of Toronto-based Northbridge Financial as well as from its improved financial flexibility resulting from significant investment gains during a period of challenging economic conditions. Fairfax's competitive position is specifically enhanced by its increasing ownership of Toronto-based Northbridge Financial and its intent to secure 100% ownership in early 2009, subject to shareholder approval. The Northbridge insurance units (including Lombard Canada, Markel Insurance Co. of Canada, Commonwealth
