Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 128

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 128
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”) 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                                                      |

<div align='center'>- 70 -</div>

| (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 the Code. Under the Plan Assets Regulation, if a Plan invests in an “equity interest”
of an entity, then the Plan’s assets will include both the equity interest and an undivided interest in each of the underlying assets
of the entity, unless equity participation in the entity by Benefit Plan Investors (as defined below) is not “significant,”
as provided under the Plan Assets Regulation, or another exception under the Plan Assets Regulation applies. Under the Plan Assets Regulation,
the term “equity interest” means any interest in an entity other than an instrument that is treated as indebtedness under
applicable local law and which has no substantial equity features.

For purposes of the Plan
Assets Regulation, equity participation in