Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 110

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 110
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 Amounts are, were or would be payable
in respect thereof.

Redemption for Tax Reasons

In the event that the Company
has become or would become obligated to pay, on the next date on which any amount would be payable under or with respect to the Notes,
any Additional Amounts as a result of a change in the laws (including any regulations promulgated thereunder) or treaties of Canada (or
any political subdivision or taxing authority thereof or therein), or any change in any official position regarding the application or
interpretation of such laws, regulations or treaties, which change is announced and becomes effective on or after the date of issuance
of the Notes, then the Company may at any time at the Company’s option redeem the Notes, in whole, but not in part, at a redemption
price equal to 100% of their principal amount, plus any interest accrued but not paid to but excluding the redemption date and any Additional
Amounts due and payable on the Notes up to, but excluding, the redemption date.

<div align='center'>- 62 -</div>

If the Company exercises
its option to redeem the Notes pursuant to the preceding paragraph, the Company will deliver to the trustee a certificate signed by an
authorized officer stating that the Company is entitled to redeem the Notes to the effect that the circumstances described above exist.

In the event that Allied
World has become or would become obligated to pay, on the next date on which any amount would be payable under or with respect to the
Notes, any Bermuda Additional Amounts as a result of a change in the laws (including any regulations promulgated thereunder) or treaties
of Bermuda (or any political subdivision or taxing authority thereof or therein), or any change in any official position regarding
the application or interpretation or enforcement of such laws, regulations or treaties of Bermuda (including a holding by a court of
competent jurisdiction or by a taxing authority), which change is announced and becomes effective on or after July 19, 2024, then
Allied World may, at any time at Allied World’s option, redeem the Notes, in whole, but not in part, at a redemption price equal
to 100% of their principal amount, plus any interest accrued but not paid up to, but excluding, the redemption date and any Bermuda
Additional Amounts due and payable on the Notes up to, but excluding, the redemption date.

If Allied World exercises
its option to redeem the Notes, pursuant to the preceding paragraph, Allied