Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 49

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 49
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 other than certain taxes. The form and terms of the Exchange Notes will be identical in all material respects
to the form and terms of the Initial Notes, except as otherwise described herein, including under “The Exchange Offer — Terms
of the Exchange Offer”. The Initial Notes surrendered in exchange for the Exchange Notes will be retired and cancelled and will
not be reissued. Accordingly, the issuance of the Exchange Notes will not result in any change in our outstanding indebtedness.

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<div align='center'>CONSOLIDATED CAPITALIZATION</div>

The table below sets forth
the Company’s holding company cash and investments and capitalization on a consolidated basis as of December 31, 2024 and
does not reflect certain other transactions of the Company after December 31, 2024, as indicated in the footnotes to the table below.
You should read this table in conjunction with the Company’s audited consolidated financial statements as of and for the years
ended December 31, 2024 and 2023, which are incorporated by reference into this prospectus. As no proceeds will be realized from
the Exchange Offer, the completion of the Exchange Offer will have no material change on our capitalization.

|                                                                 |     | As of        
 December 31, 
 2024         |          |   |
|:----------------------------------------------------------------|:----|:-------------|---------:|:--|
| (in millions of U.S. dollars)                                   |     |              |          |   |
| Holding                                                         
 company cash and investments (net of derivative obligations)(1) |     | $            |  2,502.1 |   |
| Debt(2)                                                         |     |              |          |   |
| Borrowings — holding company                                    |     | $            |  7,882.4 |   |
| Borrowings — insurance and reinsurance companies                |     |              |    975.8 |   |
| Borrowings — non-insurance companies                            |     |              |  2,895.5 |   |
| Total debt                                                      |     |              | 11,753.7 |   |
| Net debt(3)                                                     |     |              |  9,251.6 |   |
| Equity                                                          |     |              |          |   |
| Common shareholders’ equity(4)                                  |     | $            | 22,959.8 |   |
| Preferred equity                                                |     |              |  1,