Mr. Neil Weber reports

HELIOS FAIRFAX PARTNERS REPORTS FIRST QUARTER FINANCIAL RESULTS

Helios Fairfax Partners Corp. has released its financial results for the three months ended March 31, 2023. All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from the interim consolidated financial statements prepared using international financial reporting standards, except as otherwise noted.

Management commentary

"The HFP team made significant progress monetizing legacy non-core investments in the first quarter of 2023, realizing of $28-million in proceeds from two legacy non-core investments. As of March 31, 2023, HFP had approximately $118-million in insured and guaranteed and other legacy non-core investments, and we remain extremely focused on seeking liquidity for this portfolio in order to redeploy cash into Helios funds and to seed new investment strategies. With $149-million in cash available at the end of the quarter, the company continues to be well positioned to originate high-quality investment opportunities and harness the wealth of investment opportunity in Africa."

Highlights during and subsequent to the first quarter of 2023:

• Received $28.2-million in proceeds from the exits of the CIG loan and the AFGRI International facility as Helius Fairfax continues the orderly divestment of other legacy non-core investments. Other legacy non-core investments were $25.9-million as at March 31, 2023, as compared with $55.4-million as at Dec. 31, 2022;
• Financed a capital contribution of $1.4-million for Helios Fund IV to make a follow-on investment in a reinsurance company;
• Received $400,000 in distributions representing carried interest from TopCo LP;
• The company transferred its investment in other common shares and cash of $14.1-million, for a total investment of $30.0-million, to Helios Seven Rivers Fund Ltd. (Seven Rivers) in exchange for a 93.7-per-cent equity interest in Seven Rivers; Seven Rivers is a strategy developed to apply hedge-fund-style investment processes to investments made in African public securities markets.

Highlights since the strategic transaction:

• Increase of 39.9 per cent in the fair value of Helios Fund IV based on the strong performance of the fund's underlying investee companies;
• Increase of 31 per cent in the fair value of NBA Africa driven by strong projected revenue growth;
• Increase of 14 per cent in the fair value of Trone driven by performance of the underlying operating companies;
• Received $9.8-million in returns of capital from investment in Helios Fund IV;
• Received $97.3-million in proceeds from the exits of Atlas Mara bonds, Atlas Mara facility, Atlas Mara facility guarantee, CIG loan and AFGRI International facility, including amounts received in the first quarter of 2023.

Financial position and results of operations

Helius Fairfax reported earnings before tax of $6.5-million in the first quarter of 2023, as compared with a loss before tax of $2.8-million in the comparable period of 2022. Results from operations include $8.5-million of net unrealized gains on its investment portfolio. The unrealized gains are principally attributable to gains on Helius Fairfax's investment in an alternative asset manager, TopCo LP. Also included in earnings before tax is interest revenue of $2.7-million, as compared with $700,000 in the prior year.

Helius Fairfax reported a book value per share of $5.09 as of March 31, 2023, as compared with $5.03 in the prior quarter. The change in book value per share is primarily attributable to $2.2-million in unrealized gains in the Helios managed investments and $6.9-million in other unrealized fair value increases which are principally attributable to gains on Helius Fairfax's investment in an alternative asset manager, TopCo LP.

Included in book value per share is $149.1-million of cash and cash equivalents as at March 31, 2023, which is available to finance future investments. The company's cash balance includes $28.2-million in repayments of other legacy non-core investments that were received during the quarter. At March 31, 2023, Helius Fairfax had 108,313,207 common shares outstanding, as compared with 108,193,971 common shares outstanding at Dec. 31, 2022.

The implementation of the remediation plan developed to address the material weakness identified in the company's internal control over financial reporting framework for the year ended Dec. 31, 2021, has been completed. Please refer to the company's consolidated financial statements and management's discussion and analysis (MD&A) for further information.

Helius Fairfax's detailed first quarter report can be accessed on its website.

Annual and special meeting of shareholders

The annual and special meeting of shareholders of Helios Fairfax will be held on Thursday, May 11, 2023, at 2 p.m. ET, as a hybrid meeting with a physical location at Lumi, 200 Bay St., North Tower, Suite 1600, Toronto, Ont., Canada, and the option to participate virtually, via live webcast.

About Helios Fairfax Partners Corp.

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

We seek Safe Harbor.