Company: FRFXF
Filing Date: 2025-10-01
Form Type: F-10
Source: 0001104659-25-095645
Chunk: 50

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-10-01
Form: F-10
Chunk 50
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 buy, sell or hold securities and may be subject to revision, suspension or withdrawal by the rating agency at any time. No assurance can be given that any credit rating assigned to either or both series of Exchange Notes will remain constant for any given period of time or that a credit rating will not be lowered or withdrawn entirely by a credit rating agency if, in its judgment, circumstances in the future so warrant. A suspension, reduction or withdrawal at any time of the credit ratings assigned to the relevant series of Exchange Notes by one or more of the credit rating agencies may adversely affect the cost and terms and conditions of our financing and could adversely affect the value and trading of the Exchange Notes of such series.

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TABLE OF CONTENTS

The Exchange Notes are effectively subordinated to the indebtedness of our subsidiaries to the extent of the assets of the applicable subsidiaries.

The Exchange Notes are effectively subordinated to any existing and future indebtedness and other liabilities of our subsidiaries to the extent of the assets of the applicable subsidiaries. You will not have any claim as a creditor against our subsidiaries or the assets of our subsidiaries. Therefore, in the event of the insolvency or liquidation of a subsidiary, following payment by such subsidiary of its liabilities, the subsidiary may not have sufficient remaining assets to make payments to us as a shareholder or otherwise. In the event of a default by a subsidiary under any credit agreement or other indebtedness, its creditors could accelerate the debt, prior to such subsidiary distributing amounts to us that we could use to make payments on the Exchange Notes of a series. In addition, if we caused a subsidiary to pay a dividend to us to make payments on the Exchange Notes of a series, and the dividend was determined to be improperly paid, holders of the Exchange Notes of such series who have received proceeds from such dividend payments could be required to return the payment to the subsidiary’s creditors.

As of June 30, 2025, our subsidiaries had approximately $4.7 billion principal amount of indebtedness, including indebtedness of (i) $0.6 billion for which Allied World and the Company are co-obligors and jointly and severally liable, with Allied World as primary co-obligor and (ii) $0.5 billion for which Brit and the Company are co-obligors and jointly and severally liable, with Brit as primary co-obligor (the “

#### Co-Obligor Indebtedness
”). Our subsidiary debt may increase in the future. The terms of the