An anonymous trustee reports

THE KEG ROYALTIES INCOME FUND RECEIVES FINAL COURT APPROVAL FOR THE TRANSACTION WITH FAIRFAX

The Supreme Court of British Columbia has issued a final order approving the statutory plan of arrangement under the Business Corporations Act (British Columbia) in respect of The Keg Royalties Income Fund's previously announced acquisition by 1543965 B.C. Ltd., a subsidiary of Fairfax Financial Holdings Ltd., of all of the issued and outstanding units of the fund not otherwise owned by it and its affiliates.

In accordance with the final order, the transaction will become effective at 12:05 a.m. Pacific Time on Aug. 13, 2025, subject to the terms and conditions of the arrangement agreement in respect of the transaction. All conditions to the closing of the transaction have been satisfied, other than those conditions that by their nature can only be satisfied at the closing, unless waived prior to closing. It is expected that the units will be delisted from the Toronto Stock Exchange in connection with the transaction.

About The Keg Royalties Income Fund

The fund is a limited-purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, a subsidiary of the fund, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (KRL). Vancouver-based KRL is the leading operator and franchisor of steak house restaurants in Canada, and has a substantial presence in select regional markets in the United States. KRL has been named the No. 1 restaurant company to work for in Canada in the latest edition of Forbes Canada's best employers 2025 survey.

About Fairfax Financial Holdings Ltd.

Fairfax Financial is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

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