Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 133

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 133
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, (i) is not, and is not
deemed to be, resident in Canada, (ii) holds the Notes as capital property, (iii) deals at arm’s length and is not affiliated
with the Company, (iv) is neither a “specified shareholder” of the Company nor a person not dealing at arm’s length
with a “specified shareholder” of the Company as defined in subsection 18(5) of the Canadian Tax Act, (v) is not
a “specified entity” as defined in Bill C-59 “An Act to implement certain provisions of the fall economic statement
tabled in Parliament on November 21, 2023 and certain provisions of the budget tabled in Parliament on March 28, 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