Company: FRFXF
Filing Date: 2025-10-09
Form Type: F-10/A
Source: 0001104659-25-098335
Chunk: 137

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-10-09
Form: F-10/A
Chunk 137
---
 another exception under the Plan Assets Regulation applies. If Benefit Plan Investors are deemed to own 25% or more of any class of equity in the Company and another exception under the Plan Assets Regulation is not applicable, the Company is deemed to hold “plan assets” for purposes of ERISA and Section 4975 of the Code and transactions in which the Company may engage will be subject to ERISA’s fiduciary obligations, as well as the prohibited transaction rules of ERISA and Section 4975 of the Code.

The foregoing discussion is general in nature. Due to the complexity of the applicable rules and penalties under ERISA, Section 4975 of the Code and Similar Laws, each Plan fiduciary (and each fiduciary for non-U.S., governmental or church plans subject to Similar Law) should consult with its legal, tax or other advisor concerning the potential consequences to the applicable Plan or plan under ERISA, Section 4975 of the Code or such Similar Laws of an investment in the Exchange Notes of the applicable series.**

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### CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
**The exchange of Initial Notes of a series for Exchange Notes of the same series pursuant to the Exchange Offer will not be treated as a taxable transaction for U.S. federal income tax purposes because the terms of the Exchange Notes will not be considered to differ materially in kind or in extent from the terms of the Initial Notes. Rather, the Exchange Notes you receive will be treated as a continuation of your investment in the Initial Notes of the same series. As a result, you will not recognize gain or loss for U.S. federal income tax purposes upon the exchange of your Initial Notes for Exchange Notes pursuant to the Exchange Offer. In addition, your basis and holding period in the Exchange Notes will be the same as your basis and holding period in the Initial Notes exchanged therefor.

THE FOREGOING DISCUSSION OF U.S. FEDERAL INCOME TAX CONSEQUENCES DOES NOT CONSIDER THE FACTS AND CIRCUMSTANCES SPECIFIC TO ANY PARTICULAR HOLDER OF INITIAL NOTES. IF YOU ARE CONSIDERING EXCHANGING YOUR INITIAL NOTES FOR EXCHANGE NOTES, YOU SHOULD CONSULT YOUR TAX ADVISERS CONCERNING THE TAX CONSEQUENCES OF THE EXCHANGE UNDER U.S. FEDERAL, STATE, LOCAL, AND FOREIGN LAWS.**

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### CERT