Intrepid Potash, Inc. — Director's Dealing 2018

May 3, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Intrepid Potash, Inc. (IPI)
CIK: 0001421461
Period of Report: 2018-05-01

Reporting Person: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN (10% Owner)
Reporting Person: WATSA V PREM ET AL (10% Owner)
Reporting Person: FFHL GROUP LTD (10% Owner)
Reporting Person: 1109519 ONTARIO LTD (10% Owner)
Reporting Person: SIXTY TWO INVESTMENT CO LTD (10% Owner)
Reporting Person: 810679 ONTARIO LTD (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-01	Common Stock	S	1057269	$4.4502	Disposed	15609398	Indirect
2018-05-02	Common Stock	S	688505	$4.5047	Disposed	14920893	Indirect
2018-05-03	Common Stock	S	347231	$4.3706	Disposed	14573662	Indirect

Footnotes

F1: The amount in this column represents 952,000 shares sold by Odyssey Reinsurance Company and 105,269 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 $4.45 to $4.49 inclusive. Upon request, the reporting persons undertake to provide the Issuer, any security holder of the Issuer, or the Securities and Exchange Commission (the "SEC") 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 619,700 shares sold by Odyssey Reinsurance Company and 68,805 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 $4.40 to $4.65 inclusive. Upon request, the reporting persons undertake to provide the Issuer, any security holder of the Issuer, or the SEC full information regarding the shares sold at each separate price within the range set forth in this footnote.

F3: The amount in this column represents 312,500 shares sold by Odyssey Reinsurance Company and 34,731 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 $4.45 inclusive. Upon request, the reporting persons undertake to provide the Issuer, any security holder of the Issuer, or the SEC full information regarding the shares sold at each separate price within the range set forth in this footnote.

F4: After giving effect to the transactions reported on this Form 4, 5,615,800 shares 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. 1,458,862 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.