Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 126

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 126
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 ERISA Plans are subject to ERISA’s general fiduciary requirements,
including, but not limited to, the requirement of investment prudence and diversification and the requirement that an ERISA Plan’s
investments be made in accordance with the documents governing the plan.

Section 406 of ERISA
and Section 4975 of the Code, prohibit certain transactions involving the assets of an ERISA Plan (as well as those plans that
are not subject to ERISA, but are subject to Section 4975 of the Code, such as individual retirement accounts (together with ERISA
Plans, “Plans”)) and certain persons (referred to as “parties in interest” or “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