Company: FRFXF
Filing Date: 2025-10-01
Form Type: F-10
Source: 0001104659-25-095645
Chunk: 136

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-10-01
Form: F-10
Chunk 136
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 such Exchange Note or an interest therein by such person do not and

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TABLE OF CONTENTS

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 an entity by Benefit Plan Investors will not be significant if such investors hold, in the aggregate, less than 25% of the value of each class of equity in the entity, excluding equity interests held by persons (other than a Benefit Plan Investor) with discretionary authority or control over the assets of the entity or who provide investment advice for a fee (direct or indirect) with respect to such assets, and any affiliates thereof. For purposes of this 25% test, “

#### Benefit Plan Investor
**” is as defined in the Plan Assets Regulation and includes (i) any “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Part 4 of Subtitle B of Title I of ERISA, (ii) any “plan” as defined in and subject to Section 4975 of the Code and (iii) any entity whose underlying assets are deemed to include plan assets by reason of an employee benefit plan’s or other plan’s investment in the entity or otherwise.

The Exchange Notes are not intended to be treated as equity interests in the Company for purposes of the Plan Assets Regulation. Notwithstanding the foregoing,