Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 56

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 56
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 purchase or make offers for any Initial Notes that remain outstanding subsequent to the Expiration 
 Date or, as described under “— Conditions”, to terminate the Exchange Offer;                          |

| · | to redeem Initial Notes as a whole, or in 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