Business: Fairfax Financial Holdings Ltd, Cumulative Floating Rate Preferred Shares, Series J, liquidation preference Cdn$25.00 per share, redeemable at the issuer's option on 12/31/2015 and every December 31st in every fifth year thereafter at Cdn$25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Variable rate distributions are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the date fixed by the board (NOTE: the ex-dividend date is one business day prior to the record date). The variable rate distributions will be paid at a rate equal to the sum of the five-year non-callable Government of Canada bond on the applicable fixed rate calculation date plus 2.85%, </p> On 12/31/2015 and every December 31st in every fifth year there after the holder will have the right to convert their Fairfax Financial Holdings Ltd, Cumulative Floating Rate Preferred Shares, Series J into Fairfax Financial Holdings Ltd, Cumulative 5 Year Rate Reset Preferred Shares, Series I (see prospectus for more details). <p> In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other First Preferred shares of the company, and senior to the other series of shares of the company. See the IPO prospectus for further information.