Mr. John Varnell reports

FAIRFAX INDIA HOLDINGS CORPORATION: THIRD QUARTER FINANCIAL RESULTS

Fairfax India Holdings Corp. had net earnings of $133.0-million in the third quarter of 2023 (93-cent net earnings per diluted share), compared with net earnings of $112.6-million in the third quarter of 2022 (79-cent net earnings per diluted share). (Note: All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from financial statements prepared using the recognition and measurement requirements of international financial reporting standards as issued by the International Accounting Standards Board, except as otherwise noted, and are unaudited. This press release contains certain non-generally accepted accounting principle and other financial measures, including book value per share, cash and marketable securities, that do not have a prescribed meaning under IFRS and may not be comparable with similar financial measures presented by other issuers. See the glossary of non-GAAP and other financial measures in the company's interim report for the three and nine months ended Sept. 30, 2023, for further details.)

Highlights for the third quarter of 2023 included the following:

• Net change in unrealized gains on investments of $177.5-million, principally from increases in the fair values of the company's listed investments in IIFL Finance ($89.0-million), CSB Bank ($53.7-million), IIFL Securities ($26.2-million) and 5paisa ($6.5-million), and private company investments in Seven Islands ($29.2-million) and NSE ($6.1-million), partially offset by a decrease in the fair value of the company's investment in the private company Sanmar ($34.9-million);
• The company continued to buy back shares under its normal course issuer bid and, during the first nine months of 2023, purchased for cancellation 2,609,481 subordinate voting shares at a net cost of $33.9-million ($12.98 per subordinate voting share);
• The company recorded a performance fee of $20.5-million for the third quarter of 2023 and at Sept. 30, 2023, had accrued $82.6-million to the benefit of Fairfax Financial Holdings; the performance fee, if any, will be determined on Dec. 31, 2023, at the end of the three-year measurement period;
• At Sept. 30, 2023, common shareholders equity was $2,833.4-million, or book value per share of $20.89, compared with $2,642.0-million, or book value per share of $19.11, at Dec. 31, 2022, an increase of 9.3 per cent, primarily attributable to net earnings and the positive impact of share purchases for cancellation, partially offset by unrealized foreign currency translation losses during the first nine months of 2023;
• On Oct. 3, 2023, the company amended its $175-million unsecured revolving credit facility to extend the maturity date from Dec. 17, 2024, to Oct. 2, 2026, with an option to extend for an additional year.

Fairfax India is in strong financial health, with cash and marketable securities of approximately $261-million.

There were 136.5 million and 138.8 million weighted-average common shares outstanding during the third quarters of 2023 and 2022, respectively. At Sept. 30, 2023, there were 105,661,419 subordinate voting shares and 30 million multiple voting shares outstanding.

Fairfax India's detailed third quarter report can be viewed at its website.

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.