Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 49

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 49
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 debt(3)                                                     |     |              |  9,251.6 |   |
| Equity                                                          |     |              |          |   |
| Common                                                          
 shareholders’ equity(4)                                         |     | $            | 22,959.8 |   |
| Preferred equity                                                |     |              |  1,108.2 |   |
| Non-controlling interests                                       |     |              |  4,281.2 |   |
| Total equity                                                    |     |              | 28,349.2 |   |
| Total capitalization                                            |     | $            | 40,102.9 |   |
| Total debt as a percentage of total capitalization              |     |              |     29.3 | % |
| Net debt as a percentage of net total capitalization(5)         |     |              |     24.6 | % |

| (1) | Holding company cash and investments (net of derivative obligations) does not reflect: i) dividends of                           
 $343.6 million on our multiple voting shares and subordinated voting shares paid on January 23, 2025; and ii) proceeds of $190.8 
 million on January 23, 2025 from the sale of an approximate 2.2% equity interest in Eurobank.                                    |

| (2) | See note 15 to the Company’s audited consolidated financial statements as of and for the years ended               
 December 31, 2024 and 2023, incorporated by reference herein, for details of our borrowings and credit facilities. |

| (3) | Net debt is calculated by the Company                                                    
 as total debt less holding company cash and investments (net of derivative obligations). |

| (4) | Common shareholders’ equity does not reflect dividends of $343.6 million on our multiple voting 
 shares and subordinated voting shares paid on January 23, 2025.                                 |

| (5) | Net total capitalization is calculated by the Company as the sum of total equity and net debt. |

<div align='center'>- 30 -

THE EXCHANGE OFFER

Terms of the Exchange Offer</div>

General

In connection with the issuance
of the Initial Notes, the Company entered into the Registration Rights Agreement with the initial purchasers of the Initial Notes. The
following contains a summary of the provisions contained in the Registration Rights Agreement. We refer you to the Registration Rights
Agreement, which has been filed as