Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 45

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 45
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 understanding
of interpretations of the Staff of the SEC set forth in no-action letters issued to third parties, including Exxon Capital Holdings Corporation(available May 13, 1988), Morgan Stanley & Co. Incorporated(available June 5, 1991) and Shearman & Sterling(available July 2, 1993), we believe that holders who (i) are not “affiliates” of the Company or Allied
World within the meaning of Rule 405 under the Securities Act; (ii) acquire their Exchange Notes in the ordinary course of business;
(iii) do not engage in, intend to engage in, or have arrangements to participate in a distribution (within the meaning of the Securities
Act) of the Exchange Notes; and (iv) are not broker-dealers, may offer for resale, resell or otherwise transfer the Exchange Notes
without compliance with the registration and prospectus delivery requirements of the Securities Act. Holders described in the preceding
sentence must tell us in writing at our request that they meet these criteria.

Holders that do not meet
these criteria could not rely on interpretations of the SEC in no-action letters, and will have to register the Exchange Notes they receive
in the Exchange Offer and deliver a prospectus for them. If such a holder transfers any Exchange Notes without delivering a prospectus
meeting the requirements of the Securities Act or without an applicable exemption from registration under the Securities Act, such a holder
may incur liability under the Securities Act. We do not and will not assume, or indemnify such a holder against, this liability. In addition,
holders that are broker-dealers may be deemed “underwriters” within the meaning of the Securities Act in connection with any
resale of Exchange Notes in the United States acquired in the Exchange Offer. Holders that are broker-dealers that receive Exchange Notes
for their own account in exchange for Initial Notes that were acquired as a result of market-making activities or other trading activities
must acknowledge that they will deliver a prospectus (or, to the extent permitted by law, make available a prospectus to purchasers) in
connection with any resale of Exchange Notes in the United States they acquire in the Exchange Offer in order not to be deemed an underwriter.

<div align='center'>General Risk Factors</div>

Our computer and data processing systems may fail or be perceived to be insecure, which could adversely affect our business and damage our customer relationships.

Our business is highly dependent
upon the successful and uninterrupted functioning of our computer and data