Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 134

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 134
---
, 2023”
which have been enacted on June 20, 2024 with respect to “hybrid mismatch arrangements,” (vi) deals at arm’s
length with any Canadian resident (or deemed Canadian resident) to whom the holder disposes of the Notes and (vii) does not use
or hold, and is not deemed to use or hold, the Notes in a business carried on in Canada (a “Non Resident Holder”).
Special rules, which are not discussed herein, may apply to a Non Resident Holder that holds the Notes in connection with carrying on
an insurance business in Canada and elsewhere. This summary assumes that no interest paid on the Notes will be in respect of a debt or
other obligation to pay an amount to a person with whom the Company does not deal at arm’s length for purposes of the Canadian
Tax Act.

The summary is based on
the current provisions of the Canadian Tax Act, the regulations thereunder (the “Regulations”) and an understanding
of the current administrative policies and assessing practices published by the Canada Revenue Agency (the “CRA”)
and takes into account all specific proposals to amend the Canadian Tax Act and Regulations publicly announced by the Minister of Finance
(Canada) prior to the date hereof. This summary does not take into account or anticipate any other changes in law, whether by judicial,
governmental or legislative action or decisions, or any changes in the CRA’s administrative policies and assessing practices, nor
does it take into account provincial, territorial or foreign tax legislation or considerations which may differ significantly from those
discussed herein.

This summary is of a general nature only and is not intended to be, and should not be construed to be, legal or tax advice to any particular holder of the Notes. Holders of the Notes should consult their own tax advisors as to the tax consequences to them of acquiring, holding and disposing of the Notes in their particular circumstances, including the application and effect, if any, of the income and other tax laws of any province, territory, state or local tax authority or foreign jurisdiction.

For the purposes of the Canadian
Tax Act, the exchange of the Initial Notes for the Exchange Notes pursuant to the Exchange Offer should not constitute a taxable transaction.

Amounts paid or credited,
or deemed to be paid or credited, as, on account or in lieu of payment of, or in satisfaction of, the principal of the Exchange Notes
or premium, discount or interest on the Exchange Notes by the Company to a Non Resident Holder, including