LETKO, BROSSEAU & ASSOCIATES INC

Letko, Brosseau & Associates Inc. is an independent investment management company that was founded in 1987 by co-founders Peter Letko and Daniel Brosseau, both of whom still have an active role in the company acting as the co-CEOs. The company is based out of Canada and currently has two offices located in Montreal and Toronto with approximately 60 employees in total. Letko, Brosseau & Associates Inc. acts as a sub-advisors for the portfolios managed by Letko Brosseau Investment Management, which actually acts as Letko, Brosseau & Associates Inc.’s subsidiary with it holding the majority ownership and the remaining ownership split amongst key executives. The subsidiary Letko, Brosseau & Associates Inc was created in 2004 and utilizes a “long-term investment approach based on original investment research that seeks to develop strong understanding of economic and business trends,” focusing on key topics such as growth, entry costs, market positions, and cost structures, among others, in order of make its investment decisions. Letko, Brosseau & Associates Inc. establishes broadly diversified portfolios that have asset allocations varied both in industry and geographic locations on a global scale, making sure that its companies have strong positions in their designated markets and are operating based on sound and well developed business strategies. The company invests most heavily in the finance sector, which alone makes up over a quarter of its total allocated assets, and also invests in the energy, utilities and communications, consumer discretionary, health care, information technology, materials, and consumer staples sectors, among others to a lesser degree, in order of decreasing allocation. Letko, Brosseau & Associates Inc. manages over C$28 billion in total assets, the majority of which are balanced mandates. The company provides its services to a variety of clients such as governments, pension funds, charities, and corporations, which make up 80% of the assets, and also individuals and families, which make up the majority of the remaining 20%.