Fairfax India Holdings Corporation (TSX: FIH.U) announces increased net earnings of $254.1 million in the second quarter of 2024 ($1.88 net earnings per diluted share), compared to net earnings of $159.3 million in the second quarter of 2023 ($1.12 net earnings per diluted share) primarily due to higher net gains on investments.

Highlights for the second quarter of 2024 included the following:

• Net change in unrealized gains on investments of $183.8 million principally from increases in the fair values of the company's listed investments of $266.0 million, including IIFL Finance ($133.6 million), IIFL Securities ($88.6 million), CSB Bank ($28.6 million) and Fairchem Organics ($14.1 million), and private company investments of $10.7 million, including Seven Islands ($7.6 million) and Jaynix ($3.5 million). These unrealized gains were partially offset by the reversal of prior period unrealized gains upon the sales of investments in NSE ($50.3 million) and CSB Bank ($42.9 million).
• Net realized gains on investments of $101.4 million primarily related to sales of NSE ($50.2 million) and CSB Bank ($43.0 million), generating a compounded annualized return since inception of 32.8% on NSE, which has been fully sold and 15.5% on the partial sales of CSB Bank in compliance with RBI's dilution schedule.
• At June 30, 2024 the company's book value per share was $21.52 compared to $19.65 at March 31, 2024 ($21.85 at December 31, 2023), an increase of 9.5%, principally from the recovery of IIFL Finance's share price during the second quarter of 2024.

Fairfax India is in strong financial health, with cash and marketable securities at June 30, 2024 of $309.9 million (including a receivable for net proceeds on the partial sale of CSB Bank shares of $71.0 million, received by the company on July 2, 2024).

There were 135.2 million and 137.2 million weighted average common shares outstanding during the second quarters of 2024 and 2023, respectively. At June 30, 2024 there were 105,152,447 subordinate voting shares and 30,000,000 multiple voting shares outstanding.

Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release. Fairfax India's second quarter report can be accessed at its website www.fairfaxindia.ca.

Fairfax India Holdings Corporation 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
	(416) 367-4755

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”. 

Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company's information technology systems; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; weather risk; taxation risks; emerging markets; MLI; economic risk; trading price of subordinate voting shares relative to book value per share risk; and economic disruptions from the after-effects of the COVID-19 pandemic and the conflicts in Ukraine and the Middle East. Additional risks and uncertainties are described in the company's annual information form dated March 8, 2024 which is available on SEDAR+ at www.sedarplus.ca and on the company's website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

Information onCONSOLIDATED BALANCE SHEETSas at June 30, 2024 and December 31, 2023(unaudited - US$ thousands)

	June 30, 2024			December 31, 2023
Assets
Cash and cash equivalents		40,429			174,615
Bonds		226,828			63,263
Common stocks		3,329,132			3,581,043
Total cash and investments		3,596,389			3,818,921
Receivable for securities sold		71,002			—
Interest receivable		2,649			1,367
Income taxes refundable		209			220
Other assets		921			1,027
Total assets		3,671,170			3,821,535
Liabilities
Accounts payable and accrued liabilities		1,128			912
Accrued interest expense		8,611			8,611
Income taxes payable		5,190			—
Payable to related parties		10,115			120,858
Deferred income taxes		112,933			108,553
Borrowings		498,088			497,827
Total liabilities		636,065			736,761
Equity
Common shareholders' equity		2,909,012			2,958,718
Non-controlling interests		126,093			126,056
Total equity		3,035,105			3,084,774
		3,671,170			3,821,535
Book value per share	$	21.52		$	21.85

Information onCONSOLIDATED STATEMENTS OF EARNINGS (LOSS)for the three and six months ended June 30, 2024 and 2023(unaudited - US$ thousands except per share amounts)

	Second quarter						First six months
		2024			2023			2024				2023
Income
Interest		4,730			4,514			9,768				9,194
Dividends		489			96			7,538				8,290
Net realized gains on investments		101,400			43,582			218,324				47,663
Net change in unrealized gains (losses) on investments		183,812			195,960			(227,115	)			139,658
Net foreign exchange gains (losses)		364			414			(12	)			2,546
		290,795			244,566			8,503				207,351
Expenses
Investment and advisory fees		10,122			9,470			19,606				18,286
Performance fee		—			35,614			—				21,067
General and administration expenses		2,108			4,333			4,644				9,662
Interest expense		6,381			6,381			12,761				12,761
		18,611			55,798			37,011				61,776
Earnings (loss) before income taxes		272,184			188,768			(28,508	)			145,575
Provision for income taxes		18,037			23,042			10,554				31,467
Net earnings (loss)		254,147			165,726			(39,062	)			114,108
Attributable to:
Shareholders of Fairfax India		254,142			159,335			(39,362	)			103,848
Non-controlling interests		5			6,391			300				10,260
		254,147			165,726			(39,062	)			114,108
Net earnings (loss) per share	$	1.88		$	1.16		$	(0.29	)		$	0.75
Net earnings (loss) per diluted share	$	1.88		$	1.12		$	(0.29	)		$	0.73
Shares outstanding (weighted average)		135,152,447			137,181,262			135,259,190				137,687,525

Information onCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)for the three and six months ended June 30, 2024 and 2023(unaudited - US$ thousands)

	Second quarter					First six months
	2024			2023		2024			2023
Net earnings (loss)	254,147			165,726		(39,062	)		114,108
Other comprehensive income (loss), net of income taxes
Item that may be subsequently reclassified to net earnings (loss)
Unrealized foreign currency translation gains (losses), net of income taxes of nil (2023 - nil)	(633	)		5,221		(6,341	)		23,543
Other comprehensive income (loss), net of income taxes	(633	)		5,221		(6,341	)		23,543
Comprehensive income (loss)	253,514			170,947		(45,403	)		137,651
Attributable to:
Shareholders of Fairfax India	253,486			164,331		(45,440	)		126,398
Non-controlling interests	28			6,616		37			11,253
	253,514			170,947		(45,403	)		137,651