Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 103

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 103
---
 afford holders
of Notes protection in the event of a highly leveraged or similar transaction involving the Company or Allied World.

<div align='center'>Optional Redemption</div>

Prior to September 15,
2054 (the “Par Call Date”), the Company or Allied World may redeem the Notes at their option, in whole or in part,
at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places)
equal to the greater of:

| (1) | (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon                                     
 discounted to the date fixed for redemption of the Notes (assuming the Notes matured on the Par Call Date) on a semi annual basis (assuming 
 a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (b) interest accrued to the date          
 of redemption, and                                                                                                                          |

| (2) | 100% of the principal amount of the Notes to be redeemed, |

plus, in either case, accrued and unpaid interest
to, but excluding, the redemption date. The Company or Allied World will pay any interest due on an Interest Payment Date that occurs
on or prior to a redemption date to the registered holders of the Notes as of the close of business on the Regular Record Date immediately
preceding that Interest Payment Date.

On or after the Par Call
Date, the Company or Allied World may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption
date.

“Treasury Rate”
means, with respect to any redemption date, the yield determined by the Company or Allied World in accordance with the following two paragraphs.

<div align='center'>- 59 -</div>

The Treasury Rate shall be
determined by the Company or Allied World after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities
are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based
upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published
by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates