Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 45

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 45
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 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 understanding
of interpretations of the Staff of the SEC set forth in no-action letters issued to third parties, including Exxon Capital Holdings Corporation(available May 13, 1988), Morgan Stanley & Co. Incorporated(available June 5, 1991) and Shearman & Sterling(available July 2, 199