Mr. John Varnell reports

FAIRFAX INDIA ANNOUNCES ELECTION BY FAIRFAX FINANCIAL HOLDINGS LIMITED TO RECEIVE PAYMENT OF PERFORMANCE FEE IN CASH

Pursuant to the terms of the investment advisory agreement (as defined below), Fairfax Financial Holdings Ltd. has elected to receive payment of the performance fee payable by Fairfax India Holdings Corp. to Fairfax for the three-year measurement period commencing Jan. 1, 2021, and ending Dec. 31, 2023, in cash. The performance fee will be paid by the company to Fairfax during the first six months of 2024. (All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted.)

At September 30, 2023, the Company had accrued a performance fee of $82.6 million to the benefit of Fairfax. The performance fee, if any, will only be finally determined on December 31, 2023 at the end of the three-year measurement period.

Information relating to the calculation and the method and timing of payment of the performance fee are set forth in the Amended and Restated Administration and Investment Advisory Services Agreement among the Company, its subsidiaries, Fairfax and the Company's portfolio advisor (the "Investment Advisory Agreement"), and are also described in the Company's current annual information form, each of which is available under the Company's issuer profile on SEDAR+.

About Fairfax India

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.