Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 44

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 44
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 have any further registration rights
and will not have the right to receive additional interest on their Initial Notes.

The market for the Initial Notes may be significantly more limited after the Exchange Offer.

Because we anticipate that
most holders of Initial Notes will elect to exchange their Initial Notes, it is likely that the liquidity of the market for any Initial
Notes remaining after the completion of the Exchange Offer may be substantially limited. Any Initial Notes tendered and exchanged in the
Exchange Offer will reduce the aggregate principal amount of the Initial Notes outstanding. Accordingly, the liquidity of the market for
any remaining Initial Notes could be adversely affected and you may be unable to sell them. The extent of the market for the Initial Notes
and the availability of price quotations would depend on a number of factors, including the number of holders of Initial Notes remaining
outstanding and the interest of securities firms in maintaining a market in the Initial Notes. An issue of securities with a smaller number
of units available for trading may command a lower, and more volatile, price than would a comparable issue of securities with a larger
number of units available for trading; therefore, the market price for the Initial Notes that are not exchanged may be lower and more
volatile as a result of the reduction in the aggregate principal amount of the Initial Notes outstanding.

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If you do not properly tender
your Initial Notes, you will not receive Exchange Notes in the Exchange Offer, and you may not be able to sell your Initial Notes.

The Exchange Offer may be terminated, cancelled or delayed.

The consummation of the Exchange
Offer is subject to, and conditional upon, the satisfaction or waiver of the conditions discussed under “The Exchange Offer—Conditions”.
We may, at our option and in our sole discretion, waive any such conditions.

In addition, subject to applicable
law, we reserve the right to terminate, withdraw or amend the Exchange Offer at any time prior to the Expiration Date, as further described
under “The Exchange Offer—Expiration Date; Extensions; Amendments; Termination”.

Some persons who participate in the Exchange Offer must deliver a prospectus in connection with resales of the Exchange Notes.

If you exchange your Initial
Notes in the Exchange Offer for the purpose of participating in a distribution of the Exchange Notes, you may be deemed to have received
restricted securities and, if so, will be required to comply with the registration and prospectus delivery requirements of the Securities
Act in connection with any resale transaction.

Based on our