Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 118

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 118
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 and Canadian bondholders to address then-applicable (or potentially applicable future) taxes, duties, levies, imposts, assessments
or other governmental charges imposed or levied by or on behalf of the applicable governmental authority in respect of payments made
by such Non-U.S. Co-Obligor under or with respect to the Notes, including any exceptions thereto as the Company, Allied World and such
Non-U.S. Co-Obligor shall reasonably determine would be customary and appropriate for U.S. and Canadian noteholders and (ii) the
right of the Company, Allied World or the Co-Obligor to redeem the Notes at 100% of the aggregate principal amount thereof plus accrued
interest thereon in the event that additional amounts become payable by a Non-U.S. Co-Obligor in respect of the Notes as a result of
any change in law or official position regarding the application or interpretation of any law that is announced or becomes effective
after the date of such supplemental indenture.

Any such Co-Obligor shall
be jointly and severally liable with the Company and Allied World to pay the principal, premium, if any, and interest on the Notes and
all other amounts payable by the Company or Allied World under the Indenture. The Company and Allied World will only add a Co-Obligor
if the Company and Allied World determine that adding a Co-Obligor would (i) not result in a deemed sale or exchange of the Notes
by any holder for U.S. federal income tax purposes under applicable then existing Treasury Regulations promulgated under the Code or
a disposition of the Notes by any holder for Canadian federal income tax purposes and (ii) not adversely affect the interests of
the holders of any outstanding series of securities under the Indenture in any material respect.

Pursuant to the terms of
the Fourth Supplemental Indenture, Allied World was added as a Co-Obligor of the Initial Notes in accordance with the terms of the Initial
Notes. Upon completion of the Exchange Offer, the Exchange Notes will include Allied World as a Co-Obligor as of the issue date of such
Exchange Notes, and the Company will remain a full and unconditional Co-Obligor in respect of the Exchange Notes for all purposes under
the Indenture.

<div align='center'>Discharge, Defeasance and Covenant Defeasance</div>

The Company and/or Allied
World may discharge certain obligations to holders of Notes that have not already been