Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 16

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 16
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<div align='center'>- 8 -</div>

| Form and                         
 Denomination:                    | The Exchange Notes will be issued only in registered form in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.                  |
| Governing Law:                   | The Exchange Notes will be, and the Indenture is, governed by the laws of the State of New York.                                                                  |
| Clearance and Settlement:        | The Exchange Notes will be cleared through DTC (as defined herein) for the accounts of its direct and indirect participants, including Euroclear and Clearstream. |
| Absence of Public Market for the 
 Exchange Notes:                  | There is currently no established trading market                                                                                                                  
 for the Exchange Notes. We do not intend to apply for a listing of the Exchange Notes on any securities exchange or an automated dealer                           
 quotation system. Accordingly, there can be no assurance as to the development or liquidity of any market for the Exchange Notes and this                         
 may affect the pricing, transparency and availability of trading prices of the Exchange Notes.                                                                    
 For more information, see “Risk Factors                                                                                                                           
 — Risk Factors Related to the Exchange Notes”.                                                                                                                    |

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RISK FACTORS</div>

An investment in the Exchange Notes involves risk. You should carefully consider the following risk factors, as well as the information contained in and incorporated by reference into this prospectus, including the risks described in our annual report on Form 40-F for the year ended December 31, 2024, which is incorporated by reference in this prospectus, before deciding whether to participate in the Exchange Offer. Any of these risks could materially adversely affect our business, financial condition or results of operations and could materially adversely affect your investment in the Exchange Notes. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition or results of operations.

<div align='center'>Risk Factor Summary</div>

Risk Factors Relating to Our Business

| · | If our actual claims exceed our claim reserves, our financial condition and results of operations could                                    
 be adversely affected.                                                                                                                     |
| · | Unpredictable catastrophic events could reduce our net earnings.                                                                           |
| · | Our portfolio holdings are subject to fluctuations in the market, which could negatively affect their                                      
 value. If we are unable to realize our investment objectives, our business, financial condition or results of operations may be adversely  
 affected