Develica Asia Pacific Ltd (the “Company”)

Private Placing

Fairfax I.S.PLC (“Fairfax”) has successfully raised USD56.2m by way of a first closing private placement for the Company. The Company is a newly incorporated Guernsey company established to take advantage of opportunities that exist in prime commercial real estate market in Singapore. The Company may also seek to invest in real estate assets in the Asia Pacific region on an opportunistic basis.

It is intended that in the forth quarter of 2007 the company will seek admission of the Ordinary Shares to the Official List and to trading on the London Stock Exchange.


Placing Statistics

Settlement Date: 12 July 2007
Placing Price: USD1.00
Number of Ordinary Shares being issued pursuant to the Placing: 56,186,593
Market capitalisation at first closing: USD56.2m