2024 Q4 Press Release

This presentation contains forward-looking information within the meaning of applicable securities legislation. Forward-looking statements may relate to the Company’s or one of its investment’s future outlook and anticipated events or results and may include statements regarding the financial position or anticipated changes to the way it reports its financial position, business strategy, growth strategy, goals regarding rate of compounding of book value per share, 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, its investments, or the African market are forward looking statements. The Company cautions readers not to place undue reliance on these forward-looking statements. The forward-looking information contained in this presentation represents the Company’s expectations as of the date of this presentation and is subject to change after such date. The Company is under no obligation to update or revise such forward looking statements as a result of new information, future events or otherwise, except as required by applicable law.

Forward-looking information is based on a number of key expectations and assumptions made by the Company including, without limitation: that the proposed investments described herein will be completed as anticipated and will result in the anticipated benefits to the Company as described herein; that the anticipated fundraising goals of HIP will be achieved; that the expectations for growth of the African economy will result as described herein; and that the Company will convert or modify its financial reporting in respect of certain segments of its business as described herein. Although the forward-looking statements contained in this presentation are based on what the Company’s management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such information.

Forward-looking statements are based on the opinions and estimates of the Company as of the date of hereof, and they are subject to known and unknown risks, uncertainties 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 which are described in greater detail in the Company’s annual report: geopolitical risks, inflation and rising interest rates; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the investment advisory agreement; concentration risk in portfolio investments, including with geographic concentration and with respect to Class A and Class B limited partnership interests in HFA TopCo LP, operating and financial risks of portfolio investments; valuation methodologies involve subjective judgments; lawsuits; use of leverage; foreign currency fluctuation; investments may be made in foreign private businesses where information is unreliable or unavailable; significant ownership by Fairfax Financial Holdings Limited and HFP Investments Holdings SARL may adversely affect the market price of the subordinate voting shares; emerging markets; South African black economic empowerment; South Africa’s grey-listing; economic risk; climate change, natural disaster and weather risks; taxation risks; MLI (as defined in our annual report); and trading price of subordinate voting shares relative to book value per share.

Additional risks and uncertainties are described in the Company’s most recently-filed annual information form (“AIF”) which is available on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.heliosfairfax.com. 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.

Non-GAAP and Other Financial Measures

This presentation makes reference to certain financial measures, including non-GAAP financial measures. The Company uses these financial measures in managing the business and believes these financial measures provide helpful information to investors. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. See “Glossary of Non-GAAP and Other Financial Measures” of the Company’s management’s discussion and analysis of the results of operations and financial condition of the Company for the year ended December 31, 2023 (the “MD&A”) for an explanation of the composition of each such measure, or where not defined in the MD&A the definition thereof included herein.