Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 9

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 9
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 place undue reliance on this forward-looking information, which speak only as of their dates. We are
under no obligation to update or alter such forward-looking information as a result of new information, future events or otherwise, except
as may be required by applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties
and other factors that could cause our actual results, performance or achievements to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking information. These uncertainties and other factors, which we
describe in more detail elsewhere in this prospectus, or in documents incorporated by reference herein, include, but are not limited
to:

| · | our ability to complete acquisitions and other strategic transactions on the terms and timeframes contemplated, 
 and to achieve the anticipated benefits therefrom;                                                              |

| · | a reduction in net earnings if our loss reserves are insufficient; |

| · | underwriting losses on the risks we insure that are higher than expected; |

| · | the occurrence of catastrophic events with a frequency or severity exceeding our estimates; |

| · | changes in market variables, including unfavorable changes in interest rates, foreign exchange rates,           
 equity prices and credit spreads, which could negatively affect our operating results and investment portfolio; |

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

| · | the cycles of the insurance market and general economic conditions, which can substantially influence 
 our and our competitors’ premium rates and capacity to write new business;                            |

| · | insufficient reserves for asbestos, environmental and other latent claims; |

| · | exposure to credit risk in the event our reinsurers fail to make payments to us under our reinsurance 
 arrangements;                                                                                         |

| · | exposure to credit risk in the event our insureds, insurance producers or reinsurance intermediaries fail                             
 to remit premiums that are owed to us or failure by our insureds to reimburse us for deductibles that are paid by us on their behalf; |

| · | our inability to maintain our long-term debt ratings, the inability of our subsidiaries to maintain financial                         
 or claims paying ability ratings and the impact of a downgrade of such ratings on derivative transactions that we or our subsidiaries 
 have entered into;                                                                                                                    |

| · | risks associated with implementing our business strategies; |

| · | the timing of claims payments being sooner or the receipt of reinsurance recoverables being later than 
 anticipated by us;                                                                                     |

| · | risks associated with any use we may make of derivative instruments;