Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 50

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 50
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108.2 |   |
| Non-controlling interests                                       |     |              |  4,281.2 |   |
| Total equity                                                    |     |              | 28,349.2 |   |
| Total capitalization                                            |     | $            | 40,102.9 |   |
| Total debt as a percentage of total capitalization              |     |              |     29.3 | % |
| Net debt as a percentage of net total capitalization(5)         |     |              |     24.6 | % |

| (1) | Holding company cash and investments                                                             
 (net of derivative obligations) does not reflect: i) dividends of $343.6 million on our multiple 
 voting shares and subordinated voting shares paid on January 23, 2025; and ii) proceeds          
 of $190.8 million on January 23, 2025 from the sale of an approximate 2.2% equity interest       
 in Eurobank.                                                                                     |

| (2) | See note 15 to the Company’s audited                                                         
 consolidated financial statements as of and for the years ended December 31, 2024 and        
 2023, incorporated by reference herein, for details of our borrowings and credit facilities. |

| (3) | Net                                                                                       
 debt is calculated by the Company as total debt less holding company cash and investments 
 (net of derivative obligations).                                                          |

| (4) | Common shareholders’ equity does                                                              
 not reflect dividends of $343.6 million on our multiple voting shares and subordinated voting 
 shares paid on January 23, 2025.                                                              |

| (5) | Net total capitalization is calculated                  
 by the Company as the sum of total equity and net debt. |

| - 30 - |

<div align='center'>THE EXCHANGE OFFER

Terms of the Exchange Offer</div>

General

In connection with the issuance
of the Initial Notes, the Company entered into the Registration Rights Agreement with the initial purchasers of the Initial Notes. The
following contains a summary of the provisions contained in the Registration Rights Agreement. We refer you to the Registration Rights
Agreement, which has been filed as an exhibit to the Registration Statement of which this prospectus forms a part.

Under the Registration Rights
Agreement, the Company agreed to file under the Securities Act and use its commercially reasonable efforts to cause to become effective
under the Securities Act, on or prior to 360 days after the