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Markel Holdings, Inc. was incorporated as a Virginia corporation on August 25,
1999. As of the date of this report it is a wholly owned subsidiary of Markel
Corporation and has conducted no operations. Markel Holdings was formed to
facilitate an Agreement and Plan of Merger and Scheme of Arrangement dated
August 15, 1999, as amended, among Markel Corporation and Terra Nova (Bermuda)
Holdings, Ltd. which, when consummated, will result in both Markel Corporation
and Terra Nova being wholly owned subsidiaries of Markel Holdings. After the
transaction Markel Holdings will change its name to Markel Corporation and its
common shares will trade on the New York Stock Exchange under the symbol "MKL."
Under the agreement, Terra Nova shareholders will be entitled to receive, for
each ordinary share, $13.00 in cash, 0.07027 of a common share of Markel
Holdings and 0.07027 of a contingent value right ("CVR") of Markel Holdings.
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