Fairfax I.S. PLC advised the board of directors (the “Board”) of Atlas Estates Limited (“Atlas”) in relation to the mandatory offer by Fragiolig Holdings Limited (“Fragiolig”) for the entire issued, and to be issued, ordinary share capital of the Company (the “Offer”).

Fragiolig is a subsidiary of the Israel based Izaki Group, which was one of the joint founders of Atlas and is a shareholder in Atlas Management Company which provides management services to Atlas.

The Offer, which values the whole of Atlas’ issued share capital at approximately £42.17 million, was declared unconditional in all respects on 12 May 2010, with a total of shares held by Fragiolig and those acting in concert with it and acceptances received of 56 per cent. of the Atlas’ issued ordinary share capital.

A copy of the circular to shareholders containing the Board’s response to the Offer is available at http://atlasestates.com