Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 52

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 52
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 do not engage in, intend to engage in, or have arrangements to participate in a distribution
(within the meaning of the Securities Act) of the Exchange Notes, and (iv) are not broker-dealers, may offer for resale, resell
or otherwise transfer the Exchange Notes without compliance with the registration and prospectus delivery requirements of the Securities
Act. Holders described in the preceding sentence must tell either the Company or Allied World in writing at our request that they meet
these criteria.

By tendering Initial Notes
in exchange for Exchange Notes and executing the letter of transmittal or delivering a book-entry confirmation, each holder will represent
to us that:

| · | it                                                                                           
 is neither an affiliate of the Company or Allied World nor a broker/dealer tendering Initial 
 Notes acquired directly from the Company or Allied World for its own account;                |

| · | any                                                                                          
 Exchange Notes to be received by it will be acquired in the ordinary course of its business; |

| · | at                                                                                          
 the time of commencement of the Exchange Offer, it is not engaged in, and does not intend   
 to engage in, and has no arrangement or understanding with any person to participate in the 
 distribution (within the meaning of the Securities Act) of the Exchange Notes to be issued  
 in the Exchange Offer; and                                                                  |

| - 31 - |

| · | it                                                                                                 
 is not acting on behalf of any person who could not truthfully make the foregoing representations. |

If such holder is a broker-dealer,
it will also be required to represent that the Initial Notes were acquired as a result of market-making activities or other trading activities
and that it will deliver a prospectus in connection with any resale of Exchange Notes in the United States. Each holder, whether or not
it is a broker-dealer, shall also represent that it is not acting on behalf of any person that could not truthfully make any of the foregoing
representations contained in this paragraph. If a holder of Initial Notes is unable to make the foregoing representations, such holder
may not rely on the applicable interpretations of the Staff of the SEC and must comply with the registration and prospectus delivery
requirements of the Securities Act in connection with any secondary resale transaction in the United States unless such sale is made
pursuant to an exemption from such requirements.

Each broker-dealer that
receives Exchange Notes for its own account in exchange for Initial Notes where such Initial Notes were acquired by such broker-dealer
as a result of market