Mr. Tope Lawani reports

HELIOS FAIRFAX PARTNERS REPORTS SECOND QUARTER FINANCIAL RESULTS

Helios Fairfax Partners Corp. has released its financial results for the six months ended June 30, 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 the recognition and measurement requirements of international financial reporting standards as issued by the International Accounting Standards Board, except as otherwise noted.

Management commentary

"In [second quarter], we advanced our strategy of seeding investments by making notable investments in two new strategies, Helios Seven Rivers Fund and Helios Sports & Entertainment Group, which are expected to contribute to driving excess management fee income and carried interest proceeds," said Tope Lawani and Babatunde Soyoye, co-chief executive officers of Helios Fairfax. "We also made capital contributions for follow-on investments, which will be deployed in the rapidly growing data centre sector. Finally, we remain focused on the full and timely exit of our legacy non-core assets in an orderly manner. With $118-million in cash available at the end of Q2, we will continue to deploy our capital in investments that align with the long-term secular trends of demographics and urbanization and technology and innovation, which will drive Africa's economy for years to come."

Highlights during and subsequent to the second quarter of 2023:

• Book value per share for the second quarter of 2023 increased four cents or 0.8 per cent quarter over quarter.
• Book value per share for the six months ended June 30, 2023, increased 10 cents or 2.0 per cent.
• The company had earnings of $7.0-million in the first quarter of 2023, which grew to $11.0-million in the second quarter of 2023, an increase of 57 per cent during the second quarter.
• The company contributed its investment in other common shares and cash of $14.1-million, for a total investment of $30.0-million, to Helios Seven Rivers in exchange for a 93.7-per-cent equity interest in Helios Seven Rivers, a strategy developed to apply hedge-fund-style investment processes to investments made in African public securities markets.
• The company invested $6.0-million in Helios Sports & Entertainment, a strategy developed to invest in companies, businesses, and opportunities in the African sports and entertainment sector.
• The company financed capital contributions of $1.1-million for TopCo LP and $7.2-million for Helios Fund IV to make follow-on investments in IXAfrica, a private company developing and operating hyperscale-ready data centres in Kenya.
• The company entered into a sale and purchase agreement whereby it agreed to sell a portion of its investment in its indirect equity interest in AGH, its equity interest in Philafrica and the Philafrica facility, all of which are legacy investments, subject to certain conditions.

Financial position and results of operations

Helios Fairfax reported net earnings of $4.0-million in the second quarter of 2023, as compared with a net loss of $36.4-million in the comparable period of 2022. Results from operations include $4.3-million of net gains on its investment portfolio. The gains are principally attributable to unrealized gains on its investment in an alternative asset manager, TopCo, and realized gains on the sale of other common shares.

Helios Fairfax reported a book value per share of $5.13 as of June 30, 2023, as compared with $5.09 in the prior quarter. The change in book value per share is primarily attributable to $4.3-million in net gains on investments and $3.5-million in interest income.

Included in book value per share is $118.7-million of cash and cash equivalents as at June 30, 2023, which are available to finance future investments. At June 30, 2023, Helios Fairfax had 108,329,708 common shares outstanding, as compared with 108,193,971 common shares outstanding at Dec. 31, 2022.

Helios Fairfax's detailed second quarter report can be viewed at its website.

About Helios Fairfax Partners Corp.

Helios Fairfax is an investment holding company whose investment objective 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.