Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 57

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 57
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 part, at any time and from time to time; and |

| · | to                                                                                       
 the extent permitted under applicable law, to purchase Initial Notes in the open market, 
 in privately negotiated transactions or otherwise.                                       |

The terms of any such purchases
or offers could differ from the terms of the Exchange Offer.

Each broker-dealer that
receives Exchange Notes for its own account in exchange for Initial Notes where such Initial Notes were acquired by such broker-dealer
as a result of market-making or other trading activities, must acknowledge that it will deliver a prospectus meeting the requirements
of the Securities Act and that it has not entered into any arrangement or understanding with the Company or Allied World, or an affiliate
of the Company or Allied World, to distribute the Exchange Notes in connection with any resale of such Exchange Notes.

Acceptance of Initial Notes for Exchange; Delivery of Exchange Notes

Upon satisfaction or waiver
of all of the conditions to the Exchange Offer, all Initial Notes that are validly tendered will be accepted promptly after the Expiration
Date and the Exchange Notes will be issued promptly after acceptance of the Initial Notes. See “— Conditions”. For
purposes of the Exchange Offer, Initial Notes shall be deemed to have been accepted as validly tendered for exchange when, as and
if we have given written notice thereof to the exchange agent.

For each Initial Note accepted
for exchange, the holder of such Initial Note will receive an Exchange Note having a principal amount equal to that of the surrendered
Initial Note.

In all cases, issuance of
Exchange Notes for Initial Notes that are accepted for exchange pursuant to the Exchange Offer will be made only after timely receipt
by the exchange agent of:

| · | certificates                                                                             
 representing the Initial Notes or a timely book-entry confirmation of such Initial Notes 
 into the exchange agent’s account at DTC; and                                            |

| · | a                                                                                           
 properly completed and duly executed letter of transmittal and all other required documents 
 or a properly completed agent’s message.                                                    |

If any tendered Initial
Notes are not accepted for any reason described in the terms and conditions of the Exchange Offer, such unaccepted or such non-exchanged
Initial Notes will be returned promptly without expense to the tendering holder thereof (if in certificated form) or credited to an account
maintained with DTC after the expiration or termination of the Exchange Offer.

| - 34 - |

Book-Entry Transfer

The exchange agent has established
accounts with respect to the Initial Notes