Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 133

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 133
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 is commenced by the company itself (which can be on a solvent or insolvent basis and
will require a resolution of the members and, if the company is insolvent, a creditors’ resolution), while the latter is commenced
by way of a petition presented to the Supreme Court of Bermuda by either the Company or its creditors or contributories upon which the
court is asked to make a winding-up order. There are a number of circumstances provided for in Section 161 of the Bermuda Companies
Act in which a Bermuda company may be wound up by the court, the most common of which is when the company is unable to pay its debts.

Under Bermuda law, certain
transactions may be set aside or otherwise be varied or amended by order of a Bermuda court when an insolvent Bermuda company goes into
liquidation, including but not limited to transactions for fraudulent trading, fraudulent preference and/or a fraudulent conveyance (as
such terms are understood under Bermuda law).

Set-off of debts is permissible
upon the commencement of winding-up of an insolvent Bermuda company, but only in respect of mutual dealings subsisting at the commencement
of winding-up. If there is a net balance after the set-off, such sums may be claimed in the liquidation.

There are no bankruptcy treaties
in force under the laws of Bermuda.

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CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</div>

The following is a summary of the principal Canadian federal income tax considerations under the Canadian Tax Act generally applicable to a holder ofInitial Notes who acquires Exchange Notes, including entitlement to all payments thereunder, as a beneficial owner
pursuant to the Exchange Offer and who, for purposes of the Canadian Tax Act, and at all relevant times, (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