Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 104

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 104
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 is closest to, the Par Call Date,
as applicable. If there is no U.S. Treasury security maturing on the Par Call Date but there are two or more U.S. Treasury securities
with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity
date following the Par Call Date, the Company or Allied World shall select the U.S. Treasury security with a maturity date preceding
the Par Call Date. If there are two or more U.S. Treasury securities maturing on the Par Call Date or two or more U.S. Treasury securities
meeting the criteria of the preceding sentence, the Company or Allied World shall select from among these two or more U.S. Treasury securities
the U.S. Treasury security that is trading closest to par based upon the average of the bid and asked prices for such U.S. Treasury securities
at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield
to maturity of the applicable U.S. Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage
of principal amount) at 11:00 a.m., New York City time, of such U.S. Treasury security, and rounded to three decimal places.

The Company’s and
Allied World’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes,
absent manifest error.

Notice of any redemption
will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary’s procedures) at least 10
days but not more than 60 days before the redemption date to each holder of Notes to be redeemed. See “— Selection and Notice
of Redemption” below.

The Notes are also subject
to redemption prior to maturity if certain changes in Canadian or Bermuda tax law occur. If such changes occur, the Notes may be redeemed
at a redemption price of 100% of their principal amount, plus any interest accrued but not paid to but excluding the redemption date
and any additional amounts due and payable on the Notes up to but excluding the redemption date. See “— Redemption for Tax
Reasons”.

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Payment of Additional Amounts

All payments made by the
Company under or with respect to the Notes will be made free and clear of, and without withholding or deduction for or on account of,
any