Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 33

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 33
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 doing business or requires us to alter aspects of the manner in which we conduct our business.

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Political and other developments in foreign jurisdictions in which we operate could adversely affect our business and assets.

Our international operations
are regulated in various jurisdictions with respect to licensing requirements, currency, amount and type of security deposits, amount
and type of reserves, amount and type of local investment and other matters. We regularly monitor for political and other changes in each
country where we operate. The decentralized nature of our operations generally permits quick adaptation to, or mitigation of, evolving
regional risks. Furthermore, our international operations are widespread and therefore not dependent on the economic stability of any
one particular region. International operations and assets held abroad may, however, be adversely affected by political and other developments
in foreign countries, including possibilities of tax changes, trade protectionism measures, nationalization and changes in regulatory
policy, as well as by consequences of terrorism, war, hostilities and unrest. The risks of such occurrences and their overall effect upon
us vary from country to country and cannot easily be predicted.

Our operations and financial
performance may be impacted by changes in tariffs, trade restrictions or other regulatory measures imposed by domestic or foreign governments.
The announced imposition of tariffs by the United States (the “U.S. Tariffs”) and retaliatory measures between governments
may cause multifaceted effects on the economy. The U.S. Tariffs may adversely impact our operations by causing supply chain disruptions,
economic downturn, inflationary pressures and uncertainty in capital markets. We are currently assessing the direct and indirect impacts
to our operations of these tariffs and potential retaliatory tariffs and other trade protectionist measures that may arise, and such impacts
may be significant, including inflationary pressures on loss costs, particularly for raw materials in the auto and construction industries.
Failure to mitigate the negative effects of the U.S. Tariffs on our business could have a material adverse impact on our operating results
and financial condition. While we are taking steps to seek to mitigate the potential impact on our business, given that developments are
ongoing with respect to these tariffs and other measures, their impacts are uncertain and could adversely affect our business, financial
condition and results of operations.

We may be subject to regulatory proceedings or significant litigation, which will be expensive and time consuming and, if decided against us, could require us to pay substantial judgments or settlements.

We may, from time to time,
become party to a variety of