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NOTICIAS/ NEWS DEALS - OPERACIONES published FEBRUARY 19, 2010 Shearman & Sterling Represents Fairfax Financial Holdings in Acquisition of Zenith National Insurance Corp. Shearman & Sterling is representing Fairfax Financial Holdings Limited (Fairfax) in its planned acquisition of Zenith National Insurance Corp. (Zenith) in a transaction valued at approximately $1.4 billion. The transaction is expected to close in the second quarter of 2010 and is subject to customary conditions, including approval by Zenith’s stockholders and regulatory approval. Fairfax Financial Holdings Limited, a Canadian corporation, is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Zenith National Insurance Corp., a Delaware corporation incorporated in 1971, is a holding company engaged, through its wholly owned subsidiaries, Zenith Insurance Company and ZNAT Insurance Company, in the workers' compensation insurance business in the United States. Leading Shearman & Sterling's team are partners Adam Givertz (Toronto/New York-Mergers & Acquisitions) and Christopher Cummings (Toronto-Capital Markets), assisted by partners Laurence Crouch (Menlo Park-Tax) and John Cannon (New York-Executive Compensation & Employee Benefits), counsels Stephen Centa (Toronto-Capital Markets) and John Morrison (New York-Executive Compensation & Employee Benefits), and associates Eileen O’Pray (Menlo Park-Tax), Kenneth Hemler (New York-Executive Compensation & Employee Benefits), Nathan Sawyer (New York-Mergers & Acquisitions), Cody Wright (New York-Mergers & Acquisitions), Sonja Sun (Toronto-Capital Markets) and Christian Kurtz (Toronto-Capital Markets).

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