UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER Report for the Calendar Year or Quarter Ended MARCH 31, 1999. (PLEASE READ INSTRUCTIONS BEFORE PREPARING FORM.) If amended report, check here: / / Fund American Enterprises Holdings, Inc. - -------------------------------------------------------------------------------- Name of Institutional Investment Manager 80 South Main Street Hanover NH 03755-2053 - -------------------------------------------------------------------------------- Business Address (Street) (City) (State) (Zip) Michael S. Paquette (603) 640-2205 Senior Vice President and Controller - -------------------------------------------------------------------------------- Name, Phone No., and Title of Person Duly Authorized to Submit This Report. ATTENTION INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a). The institutional investment manager submitting this Form and its attachments are the person by whom it is signed represent hereby that all information contained therein is true, correct and complete. It is understood that all required items, statements and schedules are considered integral parts of this Form and that the submission of any amendment represents that all unamended items, statements and schedules remain true, correct and complete as previously submitted. Pursuant to the requirements of Securities Exchange Act of 1934, the undersigned institutional investment manager has caused this report to be signed on its behalf in the City of HANOVER and State of NEW HAMPSHIRE on ------------- ------------------ the 12TH day of MAY, 1999. ----------- ------ ----- FUND AMERICAN ENTERPRISES HOLDINGS, INC. ---------------------------------------------- (Name of Institutional Investment Manager) ---------------------------------------------- (Manual Signature of Person Duly Authorized to Submit This Report) Name and 13F file numbers of ALL Institutional Investment Managers with respect to which this schedule is filled (other than the one filing this report): (LIST IN ALPHABETICAL ORDER). 13F File Numbers will be assigned to Institutional Investment Managers after they file their first report. Name: 13F File No.: Name: 13F File No.: - -------------------------------------------- ----------------- ----------------------------------------------- ---------------- 1. Folksamerica Holding Company, Inc. 5. (see attached report for security listings) - -------------------------------------------- ----------------- ----------------------------------------------- ---------------- 2. Fund American Enterprises, Inc. 6. - -------------------------------------------- ----------------- ----------------------------------------------- ---------------- 3. Source One Mortgage Services Corp. 7. - -------------------------------------------- ----------------- ----------------------------------------------- ---------------- 4. White Mountains Holdings, Inc. 8. - -------------------------------------------- ----------------- ----------------------------------------------- ----------------

FUND AMERICAN ENTERPRISES HOLDINGS, INC. FORM 13F FOR MARCH 31, 1999 - ------------------------------------------------------------------------------------------------------------ Title CUSIP Fair Market Number of Name of Issuer of class Number Value Shares - ------------------------------------------------------------------------------------------------------------ AGL Resources, Inc. COM 001204106 878,150 50,000 Alberto-Culver Co. CL A 013068200 2,234,650 95,600 Allmerica Financial Corp. COM 019754100 92,285 1,676 AMBAC Financial Group, Inc. COM 023139108 418,500 7,750 America Online, Inc. COM 02364J104 11,760,000 80,000 America Online, Inc. COM 02364J104 1,734,600 11,800 Archstone Communities PFD SER A CV 039581202 26,938 1,000 Avery Dennison Corp. COM 053611109 79,580 1,384 BISYS Group, Inc. COM 055472104 1,119,375 19,900 BRE Properties, Inc. CL A 05564E106 543,000 24,000 Bank UTD Corp. CL A 065412108 58,574 1,433 Berkshire Hathaway Inc. CL A 084670108 7,140,000 100 Berkshire Hathaway Inc. CL B 084670207 923,943 393 (H & R) Block, Inc. COM 093671105 2,047,263 43,214 Bristol Meyers Squibb Co. COM 110122108 5,771,250 90,000 Cardinal Health, Inc. COM 14149Y108 1,298,286 19,671 Cellular Communications of Puerto Rico, Inc. COM 15116N108 440,100 16,300 Citation Corp. ALA COM 172895104 21,136 2,062 Citigroup, Inc. COM 172967101 4,391,406 68,750 Coca Cola Co. COM 191216100 926,763 15,100 Corecomm Ltd. ORD G2422R109 599,025 16,300 DRS Technologies, Inc. COM 23330X100 20,480 2,560 Dell Computer COM 247025109 11,445,000 280,000 Walt Disney Co. COM 254687106 6,256,125 201,000 Walt Disney Co. COM 254687106 566,475 18,200 Donaldson Lufkin & Jenrette COM 257661108 4,185,000 60,000 ESAT Telecom Group PLC SPONSORED ADR 26883Y102 2,638 63 Equity Residential Properties SH BEN INT 29476L107 710,531 17,225 Federal Home Loan Mortgage Corp. COM 313400301 1,535,975 26,800 Federal National Mortgage Association COM 313586109 5,886,250 85,000 Federal National Mortgage Association COM 313586109 2,693,825 38,900 Financial Security Assurance Holdings Ltd. COM 31769P100 171,712,425 3,460,200 First Data Corporation COM 319963104 574,988 13,450 First Industrial Realty Trust COM 32054K103 538,605 22,500 General Electric Co. COM 369604103 13,053,750 118,000 General Electric Co. COM 369604103 885,000 8,000 Gilette Company COM 375766102 6,240,938 105,000 Gulf Canada Resources Ltd. ORD 40218L305 81,980 30,504 Healthsouth Corp. COM 421924101 109,778 10,581 Hershey Foods Corp. COM 427866108 2,769,488 49,400 Highwoods Properties, Inc. COM 431284108 447,697 19,000 Home Depot, Inc. COM 437076102 1,896,758 30,470 INMC Mortgage Holdings, Inc. COM 44977L100 403,463 37,100 Intel Corp. COM 458140100 8,796,750 74,000 Intel Corp. COM 458140100 225,863 1,900 Intergraph Corp. COM 458683109 12,575 1,863 International Business Machines Corp. COM 459200101 234,856 1,325 Interstate Bakeries Corp. COM 46072H108 2,156,250 100,000 Intuit, Inc. COM 461202103 1,516,075 14,900 Johnson & Johnson, Inc. COM 478160104 995,962 10,652 Kimberly Clark Corp. COM 494368103 3,763,094 78,500 Laclede Gas Co. COM 505588103 177,973 8,500 LaSalle Re Holdings Ltd. ORD G5383Q101 268,450 18,200 Liberty Financial Cos., Inc. COM 530512102 28,770 1,221 Eli Lilly & Co. COM 532457108 5,601,750 66,000 Loral Space & Communication COM G56462107 1,660,313 115,000 MCN Energy Group, Inc. COM 55267J100 192,756 12,000 Marsh & McLennan Cos., Inc. COM 571748102 608,850 8,200 Mattel, Inc. COM 577081102 1,334,530 53,515 McDonald's Corp. COM 580135101 101,319 2,236 Meditrust Corp. PAIRED CTF NEW 58501T306 304,930 24,516 Merry Land & Investment Company, Inc. COM 590438107 9,547 1,625 Microsoft Corp. COM 594918104 10,755,000 120,000 (J.P.) Morgan & Company, Inc. COM 616880100 555,188 4,500 NAC Re Corp. COM 628907107 306,019 5,700 Nordstrom, Inc. COM 655664100 4,087,500 100,000 PartnerRe Limited COM G6852T105 1,466,100 36,200 Peoples Heritage Financial Group, Inc. COM 711147108 51,102 2,839 PepsiCo, Inc. COM 713448108 525,113 13,400 Philip Morris Companies COM 718154107 2,818,519 80,100 Philip Morris Companies COM 718154107 598,188 17,000 Provident Cos., Inc. COM 743862104 266,131 7,700 Ross Stores COM 778296103 4,381,250 100,000 Royal Dutch Petroleum Co. NY REG GLD1.25 780257804 3,640,000 70,000 Safeskin Corp. COM 786454108 840,438 113,000 Safeskin Corp. COM 786454108 260,313 35,000 San Juan Basin Royalty Trust UNIT BEN INT 798241105 31,352,913 4,644,876 Sara Lee Corp. COM 803111103 584,100 23,600 Schering Plough Corp. COM 806605101 10,928,450 197,800 Schering Plough Corp. COM 806605101 1,353,625 24,500 Security Capital Group B, Inc. CL B 81413P204 31,191 2,332 Shaw Communications, Inc. Cl B Conv. CL B CONV 82028K200 145,970 4,535 Shurgard Storage Centers, Inc. COM 82567D104 623,675 24,700 J.M. Smucker Co. Class A CL A 832696108 59,931 2,686 J.M. Smucker Co. Class B CL B 832696207 63,669 3,587 Superior National Insurance Group, Inc. COM 868224106 737,200 38,800 Terra Nova (Bermuda) Holdings Ltd. ORD CL A G87615103 395,281 18,070 Tricon Global Restaurants, Inc. COM 895953107 94,135 1,340 UCAR International, Inc. COM 90262K109 167,579 11,864 Waddell & Reed Financial, Inc. CL A 930059100 746,631 36,421 Wal Mart Stores, Inc. COM 931142103 5,392,969 58,500 Wal Mart Stores, Inc. COM 931142103 322,656 3,500 Wells Fargo & Co. COM 949746101 2,454,375 70,000 XL Capital Ltd. CL A G98255105 595,350 9,800 ------------- GRAND TOTAL $ 389,113,167 ------------- ------------- * MANAGERS 1 = Folksamerica Holding Company, Inc. (FORM 13F filed separately) 2 = Fund American Enterprises, Inc. (FORM 13F filed separately) 3 = Source One Mortgage Services Corporation (FORM 13F filed separately) 4 = White Mountains Holdings, Inc. (FORM 13F filed separately)

- ---------------------------------------------- ----------------------------------------------------------------------------------- Investment Discretion Voting Authority (Shares) ----------------------------- ----------------------------------- Name of Issuer Sole Shared Other Managers * Sole Shared None - ---------------------------------------------- ----------------------------------------------------------------------------------- AGL Resources, Inc. x ** 4 50,000 Alberto-Culver Co. x ** 1 95,600 Allmerica Financial Corp. x ** 4 1,676 AMBAC Financial Group, Inc. x ** 4 7,750 America Online, Inc. x ** 1 80,000 America Online, Inc. x ** 4 11,800 Archstone Communities x ** 4 1,000 Avery Dennison Corp. x ** 4 1,384 BISYS Group, Inc. x ** 4 19,900 BRE Properties, Inc. x ** 4 24,000 Bank UTD Corp. x ** 4 1,433 Berkshire Hathaway Inc. x ** 4 100 Berkshire Hathaway Inc. x ** 4 393 (H & R) Block, Inc. x ** 4 43,214 Bristol Meyers Squibb Co. x ** 1 90,000 Cardinal Health, Inc. x ** 4 19,671 Cellular Communications of Puerto Rico, Inc. x ** 4 16,300 Citation Corp. ALA x ** 4 2,062 Citigroup, Inc. x ** 1 68,750 Coca Cola Co. x ** 4 15,100 Corecomm Ltd. x ** 4 16,300 DRS Technologies, Inc. x ** 4 2,560 Dell Computer x ** 1 280,000 Walt Disney Co. x ** 1 201,000 Walt Disney Co. x ** 4 18,200 Donaldson Lufkin & Jenrette x ** 1 60,000 ESAT Telecom Group PLC x ** 4 63 Equity Residential Properties x ** 4 17,225 Federal Home Loan Mortgage Corp. x ** 4 26,800 Federal National Mortgage Association x ** 1 85,000 Federal National Mortgage Association x ** 4 38,900 Financial Security Assurance Holdings Ltd. x 3 3,460,200 First Data Corporation x ** 4 13,450 First Industrial Realty Trust x ** 4 22,500 General Electric Co. x ** 1 118,000 General Electric Co. x ** 4 8,000 Gilette Company x ** 1 105,000 Gulf Canada Resources Ltd. x ** 4 30,504 Healthsouth Corp. x ** 4 10,581 Hershey Foods Corp. x ** 1 49,400 Highwoods Properties, Inc. x ** 4 19,000 Home Depot, Inc. x ** 4 30,470 INMC Mortgage Holdings, Inc. x ** 4 37,100 Intel Corp. x ** 1 74,000 Intel Corp. x ** 4 1,900 Intergraph Corp. x ** 4 1,863 International Business Machines Corp. x ** 4 1,325 Interstate Bakeries Corp. x ** 1 100,000 Intuit, Inc. x ** 4 14,900 Johnson & Johnson, Inc. x ** 4 10,652 Kimberly Clark Corp. x ** 1 78,500 Laclede Gas Co. x ** 4 8,500 LaSalle Re Holdings Ltd. x ** 4 18,200 Liberty Financial Cos., Inc. x ** 4 1,221 Eli Lilly & Co. x ** 1 66,000 Loral Space & Communication x ** 1 115,000 MCN Energy Group, Inc. x ** 4 12,000 Marsh & McLennan Cos., Inc. x ** 4 8,200 Mattel, Inc. x ** 1 53,515 McDonald's Corp. x ** 4 2,236 Meditrust Corp. x ** 4 24,516 Merry Land & Investment Company, Inc. x ** 4 1,625 Microsoft Corp. x ** 1 120,000 (J.P.) Morgan & Company, Inc. x ** 4 4,500 NAC Re Corp. x ** 4 5,700 Nordstrom, Inc. x ** 1 100,000 PartnerRe Limited x ** 4 36,200 Peoples Heritage Financial Group, Inc. x ** 4 2,839 PepsiCo, Inc. x ** 4 13,400 Philip Morris Companies x ** 1 80,100 Philip Morris Companies x ** 4 17,000 Provident Cos., Inc. x ** 4 7,700 Ross Stores x ** 1 100,000 Royal Dutch Petroleum Co. x ** 1 70,000 Safeskin Corp. x ** 1 113,000 Safeskin Corp. x ** 4 35,000 San Juan Basin Royalty Trust x 2 4,644,876 Sara Lee Corp. x ** 4 23,600 Schering Plough Corp. x ** 1 197,800 Schering Plough Corp. x ** 4 24,500 Security Capital Group B, Inc. x ** 4 2,332 Shaw Communications, Inc. Cl B Conv. x ** 4 4,535 Shurgard Storage Centers, Inc. x ** 4 24,700 J.M. Smucker Co. Class A x ** 4 2,686 J.M. Smucker Co. Class B x ** 4 3,587 Superior National Insurance Group, Inc. x ** 4 38,800 Terra Nova (Bermuda) Holdings Ltd. x ** 4 18,070 Tricon Global Restaurants, Inc. x ** 4 1,340 UCAR International, Inc. x ** 4 11,864 Waddell & Reed Financial, Inc. x ** 4 36,421 Wal Mart Stores, Inc. x ** 1 58,500 Wal Mart Stores, Inc. x ** 4 3,500 Wells Fargo & Co. x ** 1 70,000 XL Capital Ltd. x ** 4 9,800 ** Investment discretion shared with indirect wholly owned insurance subsidiaries

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER Report for the Calendar Year or Quarter Ended MARCH 31, 1999. (PLEASE READ INSTRUCTIONS BEFORE PREPARING FORM.) If amended report, check here: / / Folksamerica Holding Company, Inc. - -------------------------------------------------------------------------------- Name of Institutional Investment Manager One Liberty Plaza New York NY 10006 - -------------------------------------------------------------------------------- Business Address (Street) (City) (State) (Zip) Michael S. Paquette (603) 640-2205 Authorized Representative* - -------------------------------------------------------------------------------- Name, Phone No., and Title of Person Duly *Power of Attorney on file Authorized to Submit This Report. ATTENTION INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a). The institutional investment manager submitting this Form and its attachments are the person by whom it is signed represent hereby that all information contained therein is true, correct and complete. It is understood that all required items, statements and schedules are considered integral parts of this Form and that the submission of any amendment represents that all unamended items, statements and schedules remain true, correct and complete as previously submitted. Pursuant to the requirements of Securities Exchange Act of 1934, the undersigned institutional investment manager has caused this report to be signed on its behalf in the City of HANOVER and State of ---------- NEW HAMPSHIRE on the 12TH day of MAY, 1999. ----------- --------- -------- -- FOLKSAMERICA HOLDING COMPANY, INC. ---------------------------------------------- (Name of Institutional Investment Manager) ---------------------------------------------- (Manual Signature of Person Duly Authorized to Submit This Report) Name and 13F file numbers of ALL Institutional Investment Managers with respect to which this schedule is filled (other than the one filing this report): (LIST IN ALPHABETICAL ORDER). 13F File Numbers will be assigned to Institutional Investment Managers after they file their first report. Name: 13F File No.: Name: 13F File No.: - ----------------------------- ----------------- ----------------------------- ---------------- 1.. 5. - ----------------------------- ----------------- ----------------------------- ---------------- 2.. 6. - ----------------------------- ----------------- ----------------------------- ---------------- 3. 7. - ----------------------------- ----------------- ----------------------------- ---------------- 4.. 8. - ----------------------------- ----------------- ----------------------------- ----------------

FOLKSAMERICA HOLDING COMPANY, INC. May 12, 1999 Securities and Exchange Commission Washington, DC A report on Form 13F for the Quarter Ended March 31, 1999 has been filed by Fund American Enterprises Holdings, Inc. with respect to securities over which Folksamerica Holding Company, Inc. has investment discretion.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER Report for the Calendar Year or Quarter Ended MARCH 31, 1999. (PLEASE READ INSTRUCTIONS BEFORE PREPARING FORM.) If amended report, check here: / / Fund American Enterprises, Inc. - -------------------------------------------------------------------------------- Name of Institutional Investment Manager 76 Olcott Drive, Suite L6 White River Junction VT 05001 - -------------------------------------------------------------------------------- Business Address (Street) (City) (State) (Zip) Robert E. Snyder (802) 295-8965 Secretary and Controller - -------------------------------------------------------------------------------- Name, Phone No., and Title of Person Duly Authorized to Submit This Report. ATTENTION INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a). The institutional investment manager submitting this Form and its attachments are the person by whom it is signed represent hereby that all information contained therein is true, correct and complete. It is understood that all required items, statements and schedules are considered integral parts of this Form and that the submission of any amendment represents that all unamended items, statements and schedules remain true, correct and complete as previously submitted. Pursuant to the requirements of Securities Exchange Act of 1934, the undersigned institutional investment manager has caused this report to be signed on its behalf in the City of WHITE RIVER JUNCTION -------------------------- and State of VERMONT on the 12TH day of MAY, 1999. ------------ ------- ------- --- FUND AMERICAN ENTERPRISES, INC. ----------------------------------------------- (Name of Institutional Investment Manager) ----------------------------------------------- (Manual Signature of Person Duly Authorized to Submit This Report) Name and 13F file numbers of ALL Institutional Investment Managers with respect to which this schedule is filled (other than the one filing this report): (LIST IN ALPHABETICAL ORDER). 13F File Numbers will be assigned to Institutional Investment Managers after they file their first report. Name: 13F File No.: Name: 13F File No.: - ----------------------------- ----------------- ----------------------------- ---------------- 1.. 5. - ----------------------------- ----------------- ----------------------------- ---------------- 2.. 6. - ----------------------------- ----------------- ----------------------------- ---------------- 3. 7. - ----------------------------- ----------------- ----------------------------- ---------------- 4.. 8. - ----------------------------- ----------------- ----------------------------- ----------------

FUND AMERICAN ENTERPRISES, INC. May 12, 1999 Securities and Exchange Commission Washington, DC A report on Form 13F for the Quarter Ended March 31, 1999 has been filed by Fund American Enterprises Holdings, Inc. with respect to securities over which Fund American Enterprises, Inc. has investment discretion.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER Report for the Calendar Year or Quarter Ended MARCH 31, 1999. (PLEASE READ INSTRUCTIONS BEFORE PREPARING FORM.) If amended report, check here: / / Source One Mortgage Services Corporation - -------------------------------------------------------------------------------- Name of Institutional Investment Manager 27555 Farmington Road Farmington Hills MI 48334 - -------------------------------------------------------------------------------- Business Address (Street) (City) (State) (Zip) Michael S. Paquette (603) 640-2205 Authorized Representative* - -------------------------------------------------------------------------------- Name, Phone No., and Title of Person Duly *Power of Attorney on file Authorized to Submit This Report. ATTENTION INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a). The institutional investment manager submitting this Form and its attachments are the person by whom it is signed represent hereby that all information contained therein is true, correct and complete. It is understood that all required items, statements and schedules are considered integral parts of this Form and that the submission of any amendment represents that all unamended items, statements and schedules remain true, correct and complete as previously submitted. Pursuant to the requirements of Securities Exchange Act of 1934, the undersigned institutional investment manager has caused this report to be signed on its behalf in the City of HANOVER and State of ---------- NEW HAMPSHIRE on the 12TH day of MAY, 1999. - ------------- ----- ----- --- SOURCE ONE MORTGAGE SERVICES CORPORATION ----------------------------------------------- (Name of Institutional Investment Manager) ----------------------------------------------- (Manual Signature of Person Duly Authorized to Submit This Report) Name and 13F file numbers of ALL Institutional Investment Managers with respect to which this schedule is filled (other than the one filing this report): (LIST IN ALPHABETICAL ORDER). 13F File Numbers will be assigned to Institutional Investment Managers after they file their first report. Name: 13F File No.: Name: 13F File No.: - ----------------------------- ----------------- ----------------------------- ---------------- 1.. 5. - ----------------------------- ----------------- ----------------------------- ---------------- 2.. 6. - ----------------------------- ----------------- ----------------------------- ---------------- 3. 7. - ----------------------------- ----------------- ----------------------------- ---------------- 4.. 8. - ----------------------------- ----------------- ----------------------------- ----------------

SOURCE ONE MORTGAGE SERVICES CORPORATION May 12, 1999 Securities and Exchange Commission Washington, DC A report on Form 13F for the Quarter Ended March 31, 1999 has been filed by Fund American Enterprises Holdings, Inc. with respect to securities over which Source One Mortgage Services Corporation has investment discretion.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER Report for the Calendar Year or Quarter Ended MARCH 31, 1999. (PLEASE READ INSTRUCTIONS BEFORE PREPARING FORM.) If amended report, check here: / / White Mountains Holdings, Inc. - -------------------------------------------------------------------------------- Name of Institutional Investment Manager 80 South Main Street Hanover NH 03755-2053 - -------------------------------------------------------------------------------- Business Address (Street) (City) (State) (Zip) Michael S. Paquette (603) 640-2205 Senior Vice President and Controller - -------------------------------------------------------------------------------- Name, Phone No., and Title of Person Duly Authorized to Submit This Report. ATTENTION INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a). The institutional investment manager submitting this Form and its attachments are the person by whom it is signed represent hereby that all information contained therein is true, correct and complete. It is understood that all required items, statements and schedules are considered integral parts of this Form and that the submission of any amendment represents that all unamended items, statements and schedules remain true, correct and complete as previously submitted. Pursuant to the requirements of Securities Exchange Act of 1934, the undersigned institutional investment manager has caused this report to be signed on its behalf in the City of HANOVER and State of --------- NEW HAMPSHIRE on the 12TH day of MAY, 1999. - ---------------- ------ ----- --- WHITE MOUNTAINS HOLDINGS, INC. ---------------------------------------------- (Name of Institutional Investment Manager) ---------------------------------------------- (Manual Signature of Person Duly Authorized to Submit This Report) Name and 13F file numbers of ALL Institutional Investment Managers with respect to which this schedule is filled (other than the one filing this report): (LIST IN ALPHABETICAL ORDER). 13F File Numbers will be assigned to Institutional Investment Managers after they file their first report. Name: 13F File No.: Name: 13F File No.: - ----------------------------- ----------------- ----------------------------- ---------------- 1.. 5. - ----------------------------- ----------------- ----------------------------- ---------------- 2.. 6. - ----------------------------- ----------------- ----------------------------- ---------------- 3. 7. - ----------------------------- ----------------- ----------------------------- ---------------- 4.. 8. - ----------------------------- ----------------- ----------------------------- ----------------

WHITE MOUNTAINS HOLDINGS, INC. May 12, 1999 Securities and Exchange Commission Washington, DC A report on Form 13F for the Quarter Ended March 31, 1999 has been filed by Fund American Enterprises Holdings, Inc. with respect to securities over which White Mountains Holdings, Inc. has investment discretion.