Fairfax India Announces Election by Fairfax Financial Holdings Limited to Receive Payment of Performance Fee in Cash

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(Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted).

TORONTO, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that pursuant to the terms of the Investment Advisory Agreement (as defined below), Fairfax Financial Holdings Limited (“Fairfax”) has elected to receive payment of the performance fee payable by the Company to Fairfax for the three-year measurement period commencing January 1, 2021 and ending December 31, 2023, in cash. The performance fee will be paid by the Company to Fairfax during the first six months of 2024.

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+ (www.sedarplus.com).

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.

For further information, contact:	John Varnell, Vice President, Corporate Affairs
	[phone]

This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the Company’s or an Indian investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the Company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the Company, an Indian investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.