GATES FOUNDATION TRUST

Holdings History for CANADIAN NATIONAL RAILWAY CO - Common Shares, No Par Value (CNI)

Symbol: CNI on NYSE
Investment type: Equity / Common Shares, No Par Value

Shares, Excluding Options vs Price

Value, Excluding Options

Holdings date	Weight	Change	Value $	Shares	Change	Activity %	Price	All Holders
31 Dec 2025	14%	0%	$5,123,077,796	51,826,786	0		$98.85	Q4 2025
30 Sep 2025	13%	-0.77%	$4,887,265,920	51,826,786	-3,000,000	-5.5%	$94.30	Q3 2025
30 Jun 2025	12%	0%	$5,704,178,815	54,826,786	0		$104.04	Q2 2025
31 Mar 2025	13%	0%	$5,343,418,564	54,826,786	0		$97.46	Q1 2025
31 Dec 2024	13%	0%	$5,565,467,047	54,826,786	0		$101.51	Q4 2024
30 Sep 2024	14%	0%	$6,422,957,980	54,826,786	0		$117.15	Q3 2024
30 Jun 2024	14%	0%	$6,476,688,230	54,826,786	0		$118.13	Q2 2024
31 Mar 2024	16%	0%	$7,221,235,984	54,826,786	0		$131.71	Q1 2024
31 Dec 2023	16%	0%	$6,887,889,125	54,826,786	0		$125.63	Q4 2023
30 Sep 2023	15%	0%	$5,939,385,727	54,826,786	0		$108.33	Q3 2023
30 Jun 2023	16%	0%	$6,637,878,981	54,826,786	0		$121.07	Q2 2023
31 Mar 2023	18%	0%	$6,467,915,944	54,826,786	0		$117.97	Q1 2023
31 Dec 2022	18%	0%	$6,517,808,320	54,826,786	0		$118.88	Q4 2022
30 Sep 2022	17%	+14%	$5,920,745,000	54,826,786	+44,548,156	+433%	$107.99	Q3 2022
30 Jun 2022	6.5%	-1.8%	$1,156,038,000	10,278,630	-2,787,539	-21%	$112.47	Q2 2022
31 Mar 2022	8.9%	0%	$1,753,000,000	13,066,169	0		$134.16	Q1 2022
31 Dec 2021	7%	0%	$1,605,683,000	13,066,169	0		$122.89	Q4 2021
30 Sep 2021	6.5%	-0.42%	$1,511,631,000	13,066,169	-841,114	-6%	$115.69	Q3 2021
30 Jun 2021	6.2%	0%	$1,467,747,000	13,907,283	0		$105.54	Q2 2021
31 Mar 2021	7.7%	-1.7%	$1,612,967,000	13,907,283	-3,071,985	-18%	$115.98	Q1 2021
31 Dec 2020	8.4%	-0.07%	$1,865,173,000	16,979,268	-147,606	-0.86%	$109.85	Q4 2020
30 Sep 2020	8.3%	0%	$1,823,327,000	17,126,874	0		$106.46	Q3 2020
30 Jun 2020	8.5%	0%	$1,516,927,000	17,126,874	0		$88.57	Q2 2020
31 Mar 2020	7.7%	0%	$1,329,559,000	17,126,874	0		$77.63	Q1 2020
31 Dec 2019	7.3%	0%	$1,549,126,000	17,126,874	0		$90.45	Q4 2019
30 Sep 2019	7.3%	0%	$1,539,021,000	17,126,874	0		$89.86	Q3 2019
30 Jun 2019	8%	0%	$1,583,893,000	17,126,874	0		$92.48	Q2 2019
31 Mar 2019	7.3%	0%	$1,532,513,000	17,126,874	0		$89.48	Q1 2019
31 Dec 2018	5.8%	0%	$1,269,273,000	17,126,874	0		$74.11	Q4 2018
30 Sep 2018	6%	0%	$1,537,993,000	17,126,874	0		$89.80	Q3 2018
30 Jun 2018	6.3%	0%	$1,400,122,000	17,126,874	0		$81.75	Q2 2018
31 Mar 2018	5.1%	0%	$1,252,488,000	17,126,874	0		$73.13	Q1 2018
31 Dec 2017	5.3%	0%	$1,412,967,000	17,126,874	0		$82.50	Q4 2017
30 Sep 2017	5.5%	0%	$1,418,962,000	17,126,874	0		$82.85	Q3 2017
30 Jun 2017	6%	0%	$1,388,133,000	17,126,874	0		$81.05	Q2 2017
31 Mar 2017	6.7%	0%	$1,266,190,000	17,126,874	0		$73.93	Q1 2017
31 Dec 2016	6.1%	0%	$1,154,351,000	17,126,874	0		$67.40	Q4 2016
30 Sep 2016	6.1%	0%	$1,120,098,000	17,126,874	0		$65.40	Q3 2016
30 Jun 2016	6%	0%	$1,011,513,000	17,126,874	0		$59.06	Q2 2016
31 Mar 2016	6.2%	0%	$1,069,745,000	17,126,874	0		$62.46	Q1 2016
31 Dec 2015	5.7%	0%	$957,050,000	17,126,874	0		$55.88	Q4 2015
30 Sep 2015	5.6%	0%	$972,121,000	17,126,874	0		$56.76	Q3 2015
30 Jun 2015	5.8%	0%	$989,077,000	17,126,874	0		$57.75	Q2 2015
31 Mar 2015	6.1%	0%	$1,145,274,000	17,126,874	0		$66.87	Q1 2015
31 Dec 2014	5.9%	0%	$1,180,213,000	17,126,874	0		$68.91	Q4 2014
30 Sep 2014	5.6%	0%	$1,215,323,000	17,126,874	0		$70.96	Q3 2014
30 Jun 2014	5.6%	0%	$1,113,589,000	17,126,874	0		$65.02	Q2 2014
31 Mar 2014	4.9%	0%	$962,873,000	17,126,874	0		$56.22	Q1 2014
31 Dec 2013	4.9%	0%	$976,574,000	17,126,874	0		$57.02	Q4 2013

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.