Mr. John Varnell reports

FAIRFAX INDIA COMPLETES ACQUISITION OF AN ADDITIONAL 3% INTEREST IN BANGALORE INTERNATIONAL AIRPORT LIMITED

Through its wholly owned subsidiary, Fairfax India Holdings Corp. has completed the acquisition of an additional 3-per-cent equity interest in Bangalore International Airport Ltd. (BIAL) from Siemens Project Ventures GmbH, part of Siemens' Financial Services (SFS), for consideration of $75-million (approximately 6.2 billion Indian rupees at current exchange rates). As a result of the closing of the first transaction, Fairfax India's aggregate share ownership in BIAL has increased to 57 per cent (13.4 per cent held by its wholly owned subsidiary and 43.6 per cent held by its indirect subsidiary, Anchorage Infrastructure Investments Holdings Ltd.).

As previously announced, Fairfax India, through its wholly owned subsidiary, 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.

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.