Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 103

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 103
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The Treasury Rate shall
be determined by the Company or Allied World after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities
are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based
upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published
by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) — H.15” (or
any successor designation or publication) (“H.15”) under the caption “U.S. government securities — Treasury
constant maturities — Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the
Treasury Rate, the Company or Allied World shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15
exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there
is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields — one yield corresponding to
the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15
immediately longer than the Remaining Life — and shall interpolate to the Par Call Date on a straight-line basis (using the actual
number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant
maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest
to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed
to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption
date.

If on the third business
day preceding the redemption date H.15 TCM is no longer published, the Company or Allied World shall calculate the Treasury Rate based
on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business
day preceding such redemption date of the U.S. Treasury security maturing on, or with a maturity that