Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 60

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 60
---
 Notes under the Exchange Offer; or                                                                                           |

| (2) | materially adversely affects our (or our subsidiaries’) business, condition (financial or otherwise),                                  
 income, operations, properties, assets, liabilities or prospects or materially impairs the contemplated benefits to us of the Exchange 
 Offer or the exchange of Initial Notes for Exchange Notes under the Exchange Offer as described in this prospectus;                    |

| · | nothing has occurred or may occur that would prohibit, prevent, or materially restrict or delay, the Exchange                      
 Offer or materially impair our ability to realize the anticipated benefits of the Exchange Offer, as described in this prospectus; |

<div align='center'>- 36 -</div>

| · | there shall not have occurred: (a) any general suspension of or limitation on trading in securities                                     
 in Canadian or United States securities or financial markets, whether or not mandatory, (b) any material adverse change in the prices   
 of the Initial Notes that are the subject of the Exchange Offer, (c) a material impairment in the general trading market for debt       
 securities, (d) a declaration of a banking moratorium or any suspension of payments in respect of banks by federal or state authorities 
 in Canada or the United States, whether or not mandatory, (e) a commencement of a war, armed hostilities, a terrorist act or other      
 national or international calamity relating to Canada or the United States, (f) any material limitation by any governmental authority   
 on the extension of credit by banks or other lending institutions in Canada or the United States, (g) any material adverse change       
 in the securities or financial markets in Canada or the United States generally, or (h) in the case of any of the foregoing existing    
 at the time of the commencement of the Exchange Offer, a material acceleration or worsening thereof; and                                |

| · | The Bank of New York Mellon, as trustee for the Initial Notes, shall have not been directed by any holders                                  
 of Initial Notes to object in any respect to, nor take any action that could, in our reasonable judgment, adversely affect the consummation 
 of the Exchange Offer or the exchange of Initial Notes for Exchange Notes under the Exchange Offer, nor shall the trustee have taken any    
 action that challenges the validity or effectiveness of the procedures used by us in making the Exchange Offer or the exchange of Initial   
 Notes for Exchange Notes under the Exchange Offer.                                                                                          |

The foregoing conditions
are for our sole benefit and may be asserted by us, regardless of the