Mr. Prem Watsa reports

FAIRFAX INDIA TO ACQUIRE ADDITIONAL INTEREST IN BANGALORE INTERNATIONAL AIRPORT LIMITED

Fairfax India Holdings Corp., through its wholly owned subsidiary, has entered into an agreement to acquire an additional 3-per-cent equity interest in Bangalore International Airport Ltd. from Siemens Project Ventures GmbH, part of Siemens Financial Services (SFS), for consideration of $75-million. The transaction is expected to close in the second quarter of 2023, subject to the satisfaction of certain closing conditions.

All dollar amounts are expressed in U.S. dollars, except as otherwise noted.

Fairfax India has also agreed to acquire an additional 7-per-cent equity interest in BIAL from SFS for additional consideration of $175-million, subject to the satisfaction of certain performance conditions by BIAL and other closing conditions, which are expected to be tested subsequent to Oct. 31, 2023.

BIAL is a private company located in Bengaluru, India. BIAL, under a concession agreement with the government of India until the year 2068, has the exclusive rights to carry out the development, design, financing, construction, commissioning, maintenance, operation and management of the Kempegowda International Airport Bengaluru (KIAB) through a public-private partnership. KIAB is the first greenfield airport in India built through a public-private partnership.

"This additional investment in BIAL reinforces our confidence in the continued success and opportunities at BIAL. With the opening of Kempegowda International Airport's Terminal 2, we expect significant growth over the coming years. We have had great support from Siemens through SFS over the past few years and look forward to our continued partnership," said Prem Watsa, chairman of Fairfax India.

About Fairfax India Holdings Corp.

Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

We seek Safe Harbor.