Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 62

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 62
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-pocket expenses incurred by them
in forwarding copies of the prospectus and related documents to the beneficial owners of the Initial Notes, and in handling or forwarding
tenders for exchange.

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The expenses to be incurred
by us in connection with the Exchange Offer will be paid by us, including fees and expenses of the exchange agent and trustees for the
Initial Notes and the Exchange Notes and accounting, legal, printing and related fees and expenses relating to the Exchange Offer.

We will pay all transfer
taxes, if any, applicable to the exchange of Initial Notes pursuant to the Exchange Offer. If, however, Exchange Notes or Initial Notes
for principal amounts not tendered or accepted for exchange are to be registered or issued in the name of any person other than the registered
holder of the Initial Notes tendered, or if tendered Initial Notes are registered in the name of any person other than the person signing
the letter of transmittal, or if a transfer tax is imposed for any reason other than the exchange of Initial Notes pursuant to the Exchange
Offer, then the amount of any such transfer taxes imposed on the registered holder or any other persons will be payable by the tendering
holder. If satisfactory evidence of payment of such taxes or exemption therefrom is not submitted with the letter of transmittal, the
amount of such transfer taxes will be billed directly to such tendering holder.

Consequences of Failure to Exchange

Holders of Initial Notes
who do not exchange their Initial Notes for Exchange Notes pursuant to the Exchange Offer will continue to be subject to the restrictions
on transfer of such Initial Notes as set forth in the legend thereon as a consequence of the issuance of the Initial Notes pursuant to
exemptions from, or in transactions not subject to, the registration requirements of the Securities Act and applicable state securities
laws. The Company does not currently anticipate that it will register under the Securities Act the Initial Notes that are not tendered
and accepted for purchase in the Exchange Offer, and the Company is not obligated to do so under the terms of the Registration Rights
Agreement once the Exchange Offer is completed. To the extent that Initial Notes are tendered and accepted in the Exchange Offer, the
trading market for any untendered and tendered but unaccepted Initial Notes could be adversely affected.

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INSURANCE REGULATORY MATTERS</div>

We are subject to regulation
under the insurance laws of the various