Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 55

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 55
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 transmittal
is signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary
or representative capacity, such person should so indicate when signing and, unless waived by us, evidence satisfactory to us of their
authority to so act must be submitted with such letter of transmittal.

<div align='center'>- 33 -</div>

All questions as to the validity,
form, eligibility, time of receipt and withdrawal of the tendered Initial Notes will be determined by us in our sole discretion, which
determination will be final and binding, subject to the rights of the holders of the Initial Notes to challenge such determination in
a court of competent jurisdiction. We reserve the absolute right to reject any and all Initial Notes not validly tendered or exchange
any Initial Notes if such exchange would, in the opinion of counsel for the Company and Allied World, be unlawful. We also reserve the
absolute right to waive any irregularities or conditions of tender as to particular Initial Notes. We will not waive any condition of
the Exchange Offer with respect to an individual holder of Initial Notes unless we waive that condition for all holders of Initial Notes.
Our interpretation of the terms and conditions of the Exchange Offer, including the instructions in the letter of transmittal, will be
final and binding on all parties, subject to the rights of the holders of the Initial Notes to challenge such determination in a court
of competent jurisdiction. Unless waived, any defects or irregularities in connection with tenders of Initial Notes must be cured within
such time as we shall determine. None of the Company, Allied World, the exchange agent nor any other person shall be under any duty to
give notification of defects or irregularities with respect to tenders of Initial Notes, nor shall any of them incur any liability for
failure to give such notification. Tenders of Initial Notes will not be, or be deemed to have been, made until all irregularities have
been cured or waived. Any Initial Note received by the exchange agent that is not validly tendered and as to which the defects or irregularities
have not been cured or waived will be returned without cost to such holder by the exchange agent, unless otherwise provided in the letter
of transmittal, promptly following the Expiration Date.

In addition, we reserve the
right, in our sole discretion, subject to the provisions of the Indenture pursuant to which the Initial Notes were issued:

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