| Partners Value Investments L.P. |
| 78.87% | 78.56% | #1 | $7.73B | 181.4M | $7.34B | 181.4M | 00.00% | Unchanged |
| ROYAL BANK OF CANADA |
| 0.75% | 0.81% | #140 | $5.03B | 118.1M | $4.60B | 113.8M | +4.3M+3.78% | Add |
| Capital World Investors |
| 0.4% | 0.45% | #170 | $3.35B | 78.7M | $3.33B | 82.3M | -3.7M-4.44% | Reduce |
| VANGUARD CAPITAL MANAGEMENT LLC |
| 0.06% | 0.06% | #393 | $2.62B | 61.4M | $2.49B | 61.4M | -63,380-0.10% | Reduce |
| DODGE & COX |
| 1.36% | 1.32% | #105 | $2.61B | 61.2M | $2.40B | 59.2M | +2.0M+3.42% | Add |
| Pershing Square Capital Management, L.P. |
| 12.58% | 17.62% | #4 | $2.45B | 57.5M | $2.42B | 59.7M | -2.2M-3.71% | Reduce |
| PERSHING SQUARE INC. |
| 12.58% | — | #4 | $2.45B | 57.5M | $0 | 0 | +57.5M | New Buy |
| BANK OF MONTREAL /CAN/ |
| 0.81% | 0.85% | #133 | $2.42B | 56.7M | $2.22B | 54.8M | +1.9M+3.51% | Add |
| PRINCIPAL FINANCIAL GROUP INC |
| 1.15% | 1.38% | #113 | $2.34B | 55.1M | $2.58B | 63.8M | -8.8M-13.73% | Reduce |
| BROOKFIELD Corp /ON/ |
| 2.59% | 2.54% | #57 | $1.99B | 46.8M | $1.89B | 46.6M | +242,461+0.52% | Add |
| 1832 Asset Management L.P. |
| 0.91% | 1.6% | #128 | $1.81B | 42.5M | $1.74B | 42.9M | -448,158-1.04% | Reduce |
| MACKENZIE FINANCIAL CORP |
| 1.45% | 1.08% | #102 | $1.50B | 24.9M | $898.1M | 22.2M | +2.8M+12.49% | Add |
| TD ASSET MANAGEMENT INC |
| 1.05% | 1.19% | #118 | $1.22B | 28.6M | $1.46B | 36.2M | -7.7M-21.15% | Reduce |
| NORGES BANK |
| 0.12% | 0.13% | #288 | $1.20B | 28.1M | $901.4M | 17.2M | +10.8M+62.99% | Add |
| FIL Ltd |
| 0.79% | 0.69% | #134 | $1.11B | 26.0M | $910.6M | 22.5M | +3.6M+15.92% | Add |
| NATIONAL BANK OF CANADA /FI/ |
| 0.9% | 0.99% | #129 | $1.04B | 24.3M | $979.4M | 24.2M | +116,323+0.48% | Add |
| GEODE CAPITAL MANAGEMENT, LLC |
| 0.05% | 0.05% | #405 | $970.9M | 22.3M | $848.8M | 20.6M | +1.7M+8.30% | Add |
| FIRST MANHATTAN CO. LLC. |
| 2.46% | 2.61% | #58 | $964.4M | 22.6M | $940.0M | 23.3M | -654,619-2.81% | Reduce |
| CIBC WORLD MARKET INC. |
| 1.25% | 1.3% | #108 | $800.9M | 18.8M | $796.3M | 19.7M | -871,136-4.43% | Reduce |
| VANGUARD FIDUCIARY TRUST CO |
| 0.17% | 0.19% | #239 | $791.3M | 18.5M | $754.2M | 18.6M | -63,395-0.34% | Reduce |
| BANK OF NOVA SCOTIA |
| 1.07% | 1.09% | #117 | $707.5M | 16.6M | $621.4M | 15.3M | +1.2M+8.11% | Add |
| CIBC Asset Management Inc |
| 1.47% | 1.4% | #99 | $672.3M | 15.7M | $571.0M | 14.1M | +1.6M+11.68% | Add |
| CANADA PENSION PLAN INVESTMENT BOARD |
| 0.35% | 0.32% | #180 | $625.2M | 14.7M | $494.1M | 12.2M | +2.5M+20.32% | Add |
| TD Waterhouse Canada Inc. |
| 1.57% | 1.64% | #96 | $595.7M | 13.9M | $551.6M | 13.7M | +248,479+1.82% | Add |
| MORGAN STANLEY |
| 0.03% | 0.03% | #472 | $585.1M | 13.7M | $480.2M | 7.0M | +6.7M+96.19% | Add |
| TORONTO DOMINION BANK |
| 0.65% | 0.64% | #146 | $565.6M | 13.3M | $446.4M | 11.0M | +2.3M+20.47% | Add |
| Capital International Investors |
| 0.12% | 0.13% | #291 | $564.2M | 13.2M | $533.3M | 13.2M | +67,529+0.51% | Add |
| MARKEL GROUP INC. |
| 4.24% | 4.43% | #36 | $556.8M | 13.1M | $529.1M | 13.1M | 00.00% | Unchanged |
| Federation des caisses Desjardins du Quebec |
| 1.67% | 1.94% | #90 | $546.6M | 12.9M | $540.3M | 13.4M | -532,885-3.98% | Reduce |
| AKRE CAPITAL MANAGEMENT LLC |
| 10.08% | 12.5% | #7 | $516.2M | 12.1M | $689.1M | 17.0M | -4.9M-28.82% | Reduce |
| FMR LLC |
| 0.02% | 0.02% | #540 | $501.6M | 11.8M | $467.7M | 11.5M | +218,244+1.89% | Add |
| UBS Group AG |
| 0.06% | 0.01% | #377 | $470.2M | 11.0M | $97.4M | 2.4M | +8.6M+358.81% | Add |
| SCOTIA CAPITAL INC. |
| 1.69% | 1.84% | #89 | $454.1M | 10.7M | $448.2M | 11.1M | -415,219-3.75% | Reduce |
| Legal & General Group Plc |
| 0.09% | 0.11% | #323 | $445.5M | 10.4M | $461.7M | 11.4M | -980,894-8.58% | Reduce |
| BANK OF AMERICA CORP /DE/ |
| 0.03% | 0.03% | #507 | $420.1M | 9.9M | $449.8M | 11.1M | -1.3M-11.25% | Reduce |
| DAVENPORT & Co LLC |
| 2.02% | 2.31% | #75 | $411.0M | 9.7M | $424.4M | 10.5M | -820,268-7.82% | Reduce |
| GOLDMAN SACHS GROUP INC |
| 0.04% | 0.05% | #446 | $410.4M | 9.6M | $396.2M | 9.8M | -151,877-1.55% | Reduce |
| JPMORGAN CHASE & CO |
| 0.02% | 0.02% | #545 | $383.5M | 9.1M | $349.2M | 9.0M | +80,645+0.89% | Add |
| REGENTS OF THE UNIVERSITY OF CALIFORNIA |
| 8.76% | 14.69% | #10 | $382.4M | 9.0M | $412.1M | 9.0M | -2-0.00% | Reduce |
| Vanguard Global Advisers, LLC |
| 0.18% | 0.19% | #236 | $380.0M | 8.9M | $343.9M | 8.5M | +420,256+4.95% | Add |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE |
| 0.27% | 0.34% | #198 | $345.5M | 8.1M | $398.0M | 9.8M | -1.7M-17.50% | Reduce |
| Neuberger Berman Group LLC |
| 0.2% | 0.22% | #224 | $300.4M | 7.1M | $288.9M | 7.1M | -96,591-1.35% | Reduce |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND |
| 0.42% | 0.34% | #168 | $295.6M | 6.9M | $210.3M | 5.2M | +1.7M+33.58% | Add |
| Beutel, Goodman & Co Ltd. |
| 1.94% | 1.09% | #78 | $263.5M | 6.2M | $160.7M | 4.0M | +2.2M+55.53% | Add |
| BAILLIE GIFFORD & CO |
| 0.23% | 0.26% | #216 | $248.7M | 5.8M | $267.8M | 6.6M | -777,642-11.75% | Reduce |
| Roehl & Yi Investment Advisors, LLC |
| 0.08% | 0.27% | #348 | $230.1M | 5,402 | $487,305 | 8,482 | -3,080-36.31% | Reduce |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ |
| 0.07% | 0.06% | #357 | $218.0M | 4.0M | $186.9M | 3.6M | +398,358+10.97% | Add |
| Connor, Clark & Lunn Investment Management Ltd. |
| 0.39% | 0.46% | #171 | $206.0M | 4.8M | $200.1M | 4.9M | -105,865-2.14% | Reduce |
| PICTON MAHONEY ASSET MANAGEMENT |
| 1.49% | 1.09% | #98 | $202.2M | 4.8M | $148.2M | 3.7M | +1.1M+30.00% | Add |
| CHECK CAPITAL MANAGEMENT INC/CA |
| 5.16% | 5.16% | #25 | $187.5M | 4.4M | $177.3M | 4.4M | +23,046+0.53% | Add |
