Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 46

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 46
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3), 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 processing systems. We rely on these systems to perform actuarial
and other modeling functions necessary for writing business, to process and make claim payments and to process and summarize investment
transactions. Third parties provide certain of the key components of our business infrastructure such as voice and data communications
and network access. Given the high volume of