Mr. Tope Lawani reports

HELIOS FAIRFAX PARTNERS REPORTS THIRD QUARTER FINANCIAL RESULTS

Helios Fairfax Partners Corp. has released its financial results for the three and nine months ended Sept. 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

"We made noteworthy progress monetizing Legacy non-core investments in the third quarter of 2023, realizing $14-million in proceeds from the sale of a significant tranche of one of the remaining investments, and we are on track to complete the sale of the residual portion during 2024. We have also entered into an agreement to sell certain other related legacy non-core investments, which are expected to be completed through 2024," said Tope Lawani and Babatunde Soyoye, co-chief executive officers of Helios Fairfax. "Consistent with our strategy of seeding investments in the sports and entertainment sector, we funded an additional loan facility for Event Horizon, which will be deployed in investments that benefit from the urbanization of a young and dynamic African population. With $116-million in cash available at the end of the quarter, we remain well positioned to continue to make what we believe are innovative and value-creating investments in Africa as a trusted partner of choice to corporates and entrepreneurs."

Highlights during the third quarter of 2023:

• Book value per share for the third quarter of 2023 decreased by two cents or 0.4 per cent quarter over quarter. The investment in Alternative Asset Management and in Helios Managed Investments contributed five cents while the sale of a significant tranche of one of the insured and guaranteed legacy non-core investments reduced it by 12 cents, supporting the company's strategy on exits.
• Book value per share for the nine months ended Sept. 30, 2023, grew eight cents or 1.6 per cent.
• The company had earnings of $11.0-million in the first six months of 2023, which decreased to $9.2-million for the first nine months of 2023, a decrease of 16 per cent during the third quarter.
• The company financed an additional $4.5-million under the loan facility for Event Horizon.
• The company completed a sale of a portion of its indirect equity interest in AGH, one of its insured and guaranteed legacy non-core investments, for aggregate consideration of $14-million and committed to sell its remaining indirect equity interest in AGH for aggregate consideration of $2.4-million during 2024.

Financial position and results of operations

Helios Fairfax reported a net loss of $1.8-million in the third quarter of 2023, as compared with a net loss of $29.0-million in the comparable period of 2022. In the third quarter of 2022, the main driver of the net loss of $29.0-million was the sharp rise in interest rates in the first nine months of the year, which negatively impacted the fair values of Helios Fairfax's investments. In 2023, the pace of interest rate increases has slowed, and the negative impact on the fair values of Helios Fairfax's investments has lessened. Results from operations include $3.4-million in interest income, offset by $4.5-million in expenses and $300,000 of net losses on its investment portfolio. The net losses are principally attributable to unrealized losses on the company's investment in Alternative Asset Management.

Helios Fairfax reported a book value per share of $5.11 as of Sept. 30, 2023, as compared with $5.13 in the prior quarter. The change in the fair values of the company's investment in Alternative Asset Management and Helios Managed Investments contributed five cents to the book value per share for the quarter. The sale of a portion of its indirect equity interest in AGH, one of its insured and guaranteed legacy non-core investments, reduced the book value per share by 12 cents for the quarter, supporting the company's strategy on exits.

Included in book value per share is $116.2-million of cash and cash equivalents as at Sept. 30, 2023, which is available to finance future investments. At Sept. 30, 2023, Helios Fairfax had 108,264,033 common shares outstanding, as compared with 108,193,971 common shares outstanding at Dec. 31, 2022.

Helios Fairfax's detailed third 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.