Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 127

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 127
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 “disqualified persons”)
having certain relationships to such Plans, unless a statutory or administrative exemption is applicable to the transaction. A party in
interest or disqualified person who engages in a non-exempt prohibited transaction may be subject to excise taxes and other penalties
and liabilities under ERISA and Section 4975 of the Code.

Any Plan fiduciary that proposes
to cause a Plan to acquire the Exchange Notes should consult with its counsel regarding the applicability of the fiduciary responsibility
and prohibited transaction provisions of ERISA and Section 4975 of the Code to such an investment, and to confirm that such purchase
and holding will not constitute or result in a non-exempt prohibited transaction or any other violation of an applicable requirement of ERISA.

Non-U.S. plans, governmental
plans and certain church plans, while not subject to the fiduciary responsibility provisions of ERISA or the prohibited transaction provisions
of ERISA and Section 4975 of the Code, may nevertheless be subject to non-U.S. or U.S. federal, state, local or other laws or regulations
that are substantially similar to the foregoing provisions of ERISA and the Code (“Similar Law”). Fiduciaries of any
such plans (and entities in which such plans invest, as applicable) should consult with their counsel before purchasing Exchange Notes
to determine the need for, and the availability, if necessary, of any exemptive relief under any applicable Similar Law.

Prohibited Transaction Exemptions

The fiduciary of a Plan that
proposes to purchase and hold any Exchange Notes should consider, among other things, whether such purchase and holding may involve (i) the
direct or indirect extension of credit to a party in interest or a disqualified person, (ii) the sale or exchange of any property
between a Plan and a party in interest or a disqualified person, or (iii) the transfer to, or use by or for the benefit of, a party
in interest or a disqualified person, of any Plan assets. Such parties in interest or disqualified persons could include, without limitation,
the Company, the initial purchasers of the Initial Notes, the holders of senior notes of the Company, or any of their respective agents
or affiliates. Depending on the satisfaction of certain conditions, which may include the identity of the Plan fiduciary making the decision
to acquire or hold the Exchange Notes on behalf of a Plan, Section 408(b)(17) of ERISA or Prohibited Transaction Class Exemption
(“PTCE