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Fairfax India Holdings Corporation TSX Stock Symbol : FIH.U News Release TORONTO , November 4 , 2021 NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES THIRD QUARTER FINANCIAL RESULTS ( Note : All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted . The financial results are prepared using the recognition and measurement requirements of International Financial Reporting Standards , except as otherwise noted , and are unaudited . ) Fairfax India Holdings Corporation ( TSX : FIH.U ) announces net earnings of $ 131.9 million in the third quarter of 2021 ( $ 0.85 net earnings per diluted share ) , compared to net earnings of $ 77.7 million in the third quarter of 2020 ( $ 0.52 net earnings per diluted share ) , reflecting increased net realized and unrealized gains on investments , partially offset by increased performance fees , provision for income taxes , and decreased net foreign exchange gains . Highlights for the third quarter of 2021 included the following : • • Net change in unrealized gains on investments of $ 113.2 million , principally from an increase in market prices of the company's investments in the public companies IIFL Wealth ( $ 66.9 million ) , Fairchem Organics ( $ 45.7 million ) , IIFL Finance ( $ 34.6 million ) , IIFL Securities ( $ 25.4 million ) , and an increase in the fair value of the company's investment in the private company NSE ( $ 8.8 million ) , partially offset by a decrease in market price of the company's investment in the public company CSB Bank ( $ 28.1 million ) . The net change in unrealized gains on investments also included a reversal of unrealized gains on an investment in Other Public Indian Investments of $ 47.3 million recorded in prior periods as a result of its sale . Net realized gains on investments of $ 59.1 million primarily related to the sale of an investment in Other Public Indian Investments resulting in a realized gain since inception of $ 58.9 million . In accordance with the Investment Advisory Agreement , which provides for the payment of a performance fee of 20 % of the increase in book value per share in excess of a hurdle rate of 5 % per annum , the company recorded a performance fee of $ 18.6 million for the third quarter of 2021 and at September 30 , 2021 had accrued $ 117.1 million to the benefit of Fairfax Financial Holdings . The performance fee , if any , will only be finally determined on December 31 , 2023 at the end of the three year measurement period . • On August 11 , 2021 the company completed its substantial issuer bid , pursuant to which the company purchased for cancellation 7,046,979 subordinate voting shares for aggregate consideration of $ 105.0 million ( $ 14.90 per subordinate voting share ) . In addition , the company continued to buy back shares under its normal course issuer bid and in the first nine months of 2021 purchased for cancellation 886,728 subordinate voting shares at a net cost of $ 10.8 million ( $ 12.14 per subordinate voting share ) . • • On September 16 , 2021 the company completed the sale of approximately 11.5 % of its interest in Anchorage Infrastructure Investments Holdings Limited for gross proceeds of 9.5 billion Indian rupees ( $ 129.2 million ) . As part of the transaction , Fairfax India transferred 43.6 % of its equity interest in BIAL such that it is held through Anchorage . On September 16 , 2021 Fairfax India entered into an agreement to acquire , in aggregate , a 67.0 % equity interest in Maxop Engineering Company Private Limited ( “ Maxop ” ) in two transactions . In the initial transaction , Fairfax India will invest approximately 2.2 billion Indian rupees ( approximately $ 30 million at current exchange rates ) for a 51.0 % equity interest in Maxop and , in the second transaction , will invest up to approximately 2.7 billion Indian rupees ( approximately $ 36 million at current exchange rates ) for an additional 16.0 % equity interest . The initial transaction is expected to close in the fourth quarter of 2021 and the second transaction is expected to close in the second half of 2022. The transaction is subject to customary closing conditions . Maxop is a precision aluminum die casting and machining solution provider for FAIRFAX INDIA HOLDINGS CORPORATION 95 Wellington Street West , Suite 800 , Toronto , Ontario , M5J 2N7 Telephone : 416-367-4755