Athens, Greece - April 4, 2025 - Metlen Energy & Metals Α.Ε. (“METLEN”), pursuant to the provisions of articles 9, 10, 11, 14 and 21 of Law 3556/2007, as currently in force, and based on the relevant information received on 02.04.2025, by FFHL Group Ltd., a 100% subsidiary of Fairfax Financial Holdings Limited («FFH»), announces that on 28.03.2025, the companies Northbridge General Insurance Corporation, Zenith Insurance Company (US), Newline Europe Versicherung AG, Trustees of Newline Syndicate 1218, Newline Insurance Company Limited, Odyssey Reinsurance Company, Hudson Excess Insurance Company, Hudson Insurance Company, United States Fire Insurance Company, the North River Insurance Company, Brit Reinsurance (Bermuda) Limited (hereinafter jointly referred to as: the “Bondholders”), subscribed, among other companies of FFH Group, for exchangeable bonds issued by METLEN on 28.03.2025, which incorporate the right of the Bondholders to acquire, at any time up to the maturity of the bond loan (i.e. until 28.03.2027), at their discretion, a total of 1.875.000 common registered voting shares of METLEN, therefore they made an indirect, in the sense of article 11 par. 1 of Law 3556/2007, acquisition of the aforementioned METLEN shares, which represent 1.31% of its total voting rights. These shares, added to METLEN shares already held on the above date by the Bondholders and other subsidiaries of FFHL Group Ltd. (hereinafter referred to as: the “Other Shareholders”), i.e. 6,703,284 common registered voting shares of METLEN, which represent 4.69% of its total voting rights, lead to a cumulative participation percentage of 6.00% (i.e. 8,578,284 shares) which results in FFHL Group Ltd. at subsidiary level exceeding on 28.03.2025 the 5% limit, pursuant to article 9 par. 1 of Law 3556/2007.
The Other Shareholders are: (a) HWIC Value Opportunities Fund, (b) Odyssey Reinsurance (Barbados) Ltd (c) Eurolife FFH General Insurance Single Member S.A. and (d) Eurolife FFH Life Insurance Single Member S.A.
FFHL Group Ltd. controls, through a chain of controlled entities, the Bondholders and the Other Shareholders, and therefore, according to article 10(e) of Law 3556/2007, indirectly owns more than 5% of METLEN’s voting rights. No other FFH controlled entity owns independently more than 5% of METLEN’s voting shares.
For the avoidance of any misunderstanding, it should be noted that the aforementioned holding that is the subject matter of this notification is part of the total holding of controlled entity of FFHL Group Ltd., namely Fairfax Financial Holdings Limited (FFH) in METLEN, according to the relevant announcements of METLEN dated 10.02.2025 and 24.03.2025.
