Company: FRFXF
Filing Date: 2025-10-01
Form Type: F-10
Source: 0001104659-25-095645
Chunk: 53

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-10-01
Form: F-10
Chunk 53
---
 you may only be able to sell either series of Exchange Notes at prices below those you believe to be appropriate, including prices below the price at which you acquired the Initial Notes of such series.

There may be no active market for the Exchange Notes.

There is currently no public market for the Exchange Notes of either series, and we do not intend to apply for listing of the Exchange Notes on any securities exchange or any automated quotation system. Accordingly, we cannot be sure that any active market for the Exchange Notes of either series will develop, or if one does develop, that it will be maintained. If an active market for the Exchange Notes of a series fails to develop or be sustained, the trading price of the Exchange Notes of such series could decline.

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The Exchange Notes may be redeemed prior to maturity.

The Exchange Notes of either series may be redeemed, at our option, in whole at any time or in part from time to time on or after the closing of the applicable Exchange Offer and prior to the maturity date for the applicable Exchange Notes, or in whole but not in part in the event of certain developments affecting Canadian taxation. Holders of Exchange Notes of a series should assume that our redemption option will be exercised if it is in our interest to redeem the Exchange Notes of such series. Holders whose Exchange Notes are redeemed would not be entitled to participate in any future increase in the market price of the Exchange Notes of the relevant series and may not be able to reinvest their redemption proceeds in securities providing a comparable expected rate of return to maturity as the Exchange Notes of such series for a comparable level of risk. See “Description of the Notes — Optional Redemption” and “Description of the Notes — Redemption for Tax Reasons.”

#### Risk Factors Relating to the Exchange Offers
If you do not validly tender your Initial Notes, you will not receive Exchange Notes in the applicable Exchange Offer, and the resale restrictions applicable to the Initial Notes will continue to apply to those Initial Notes that are not validly exchanged.

Only Initial Notes that are validly tendered (and not validly withdrawn) will be exchanged in the applicable Exchange Offer and registered under the Securities Act. The Initial Notes that are not so exchanged will continue to be subject to restrictions on transfer under applicable U.S. federal and state securities laws, and while subject to such restrictions, may not be offered, sold or transferred in the United States except pursuant to an exemption from the registration requirements of, or in a transaction not subject to, the