Intrepid Potash, Inc. — Director's Dealing 2018

May 8, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Intrepid Potash, Inc. (IPI)
CIK: 0001421461
Period of Report: 2018-05-04

Reporting Person: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN (See Remarks)
Reporting Person: WATSA V PREM ET AL (See Remarks)
Reporting Person: FFHL GROUP LTD (See Remarks)
Reporting Person: 1109519 ONTARIO LTD (See Remarks)
Reporting Person: SIXTY TWO INVESTMENT CO LTD (See Remarks)
Reporting Person: 810679 ONTARIO LTD (See Remarks)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-04	Common Stock	S	155064	$4.3528	Disposed	14418598	Indirect
2018-05-08	Common Stock	S	4000000	$3.95	Disposed	10418598	Indirect

Footnotes

F1: The amount in this column represents 139,500 shares sold by Odyssey Reinsurance Company and 15,564 shares sold by FFHL Master Trust. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.35 to $4.3614 inclusive. Upon request, the reporting persons undertake to provide the Issuer, any security holder of the Issuer, or the Securities and Exchange Commission full information regarding the shares sold at each separate price within the range set forth in this footnote.

F2: The amount in this column represents 3,600,000 shares sold by Odyssey Reinsurance Company and 400,000 shares sold by FFHL Master Trust.

F3: After giving effect to the transactions reported on this Form 4, 1,876,300 are owned directly by Odyssey Reinsurance Company, and 7,500,000 shares are owned directly by Brit Insurance (Gibraltar) PCC Limited, each of which is an indirect subsidiary of FFHL Group Limited, which is a subsidiary of Fairfax Financial Holdings Ltd. 1,043,298 shares are owned directly by FFHL Master Trust, which is controlled by Fairfax Financial Holdings Ltd. V. Prem Watsa is the CEO and controlling person of Fairfax Financial Holdings Ltd. Each of the reporting persons disclaims beneficial ownership of the securities reported herein for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), except to the extent of its or his pecuniary interest therein, if any. This report shall not be deemed an admission that the reporting persons are beneficial owners for the purpose of Section 16 of the Exchange Act, or for any other purpose.