Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 127

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 127
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 party in interest or a disqualified person, or (iii) the transfer to, or use by or for the benefit
of, a party in interest or a disqualified person, of any Plan assets. Such parties in interest or disqualified persons could include,
without limitation, the Company, the initial purchasers of the Initial Notes, the holders of senior notes of the Company, or any of their
respective agents or affiliates. Depending on the satisfaction of certain conditions, which may include the identity of the Plan fiduciary
making the decision to acquire or hold the Exchange Notes on behalf of a Plan, Section 408(b)(17) of ERISA or Prohibited Transaction
Class Exemption (“PTCE”) 84-14 (relating to transactions effected by a “qualified professional asset manager”),
PTCE 90-1 (relating to investments by insurance company pooled separate accounts), PTCE 91-38 (relating to investments by bank collective
investment funds), PTCE 95-60 (relating to investments by insurance company general accounts) or PTCE 96-23 (relating to transactions
directed by an in-house asset manager) (collectively, the “Class Exemptions”) could provide an exemption from
the prohibited transaction provisions of ERISA and Section 4975 of the Code. However, there can be no assurance that any of these
Class Exemptions or any other exemption will be available with respect to any particular transaction involving the Exchange
Notes.

By its purchase of any Exchange
Note, the purchaser thereof will be deemed to have represented and warranted that either:

| (i) | no assets of a Plan or non-U.S., governmental                                                
 or church plan subject to Similar Law have been used to acquire Exchange Note or an interest 
 therein; or                                                                                  |

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| (ii) | the purchase and holding of Exchange Note                                                      
 or an interest therein by such person do not and will not constitute or result in a non-exempt 
 prohibited transaction under ERISA or Section 4975 of the Code or a violation of Similar Law.  |

Plan Assets Regulation

The U.S. Department of Labor
has promulgated a regulation (as modified by Section 3(42) of ERISA, the “Plan Assets Regulation”) describing
what constitutes the assets of a Plan with respect to the Plan’s investment in an entity for purposes of ERISA’s fiduciary
responsibility provisions and Section 4975 of