
	2025			2024
ISSUED COMMON SHARES	Number of shares (thousands)	Amount		Number of shares (thousands)	Amount
Balance – beginning of year	2,102,996	$	11,064	2,144,815	$	10,712
Issued upon exercise of stock options	12,062	264		13,531	280
Previously recognized liability on stock options exercised for common shares	—	273		—	358
Purchase of common shares under Normal Course Issuer Bid	(33,480)	(180)		(55,350)	(286)
Balance – end of year	2,081,578	$	11,421	2,102,996	$	11,064

Preferred shares are issuable in a series. If issued, the number of shares in each series, and the designation, rights, privileges, restrictions, and conditions attached to the shares will be determined by the Board of Directors of the Company.

The Company has paid regular quarterly dividends in each year since 2001. The dividend policy undergoes periodic review by the Board of Directors and is subject to change.

On March 4, 2026, the Board of Directors approved a 6% increase in the quarterly dividend to $0.625 per common share, beginning with the dividend payable on April 7, 2026.

On October 7, 2024, the Board of Directors approved a 7% increase in the quarterly dividend to $0.5625 per common share. On February 28, 2024, the Board of Directors approved a 5% increase in the quarterly dividend to $0.525(1) per common share.

On March 10, 2025, the Company's application was approved for a Normal Course Issuer Bid ("NCIB") to purchase through the facilities of the Toronto Stock Exchange ("TSX"), alternative Canadian trading platforms, and the New York Stock Exchange ("NYSE"), up to 178,738,237 common shares, representing 10% of the public float, over a 12-month period commencing March 13, 2025 and ending March 12, 2026.

For the year ended December 31, 2025, the Company purchased 33,480,000 common shares at a weighted average price of $43.28 per common share for a total cost, including tax, of $1,467 million. Retained earnings were reduced by $1,287 million, representing the excess of the purchase price of common shares over their average carrying value. Subsequent to December 31, 2025, up to and including March 3, 2026, the Company purchased 3,300,000 common shares at a weighted average price of $51.12 per common share for a total cost, including tax, of $169 million.

On March 4, 2026, the Board of Directors approved a resolution authorizing the Company to file a Notice of Intention with the TSX to purchase, by way of Normal Course Issuer Bid, up to 10% of the public float (as determined in accordance with the rules of the TSX) of its issued and outstanding common shares. Subject to acceptance of the Notice of Intention by the TSX, and applicable securities law, the purchases would be made through facilities of the TSX, alternative Canadian trading platforms, and the NYSE.

The Company's Stock Option Plan provides for the granting of stock options to employees. Stock options granted under the Stock Option Plan have terms ranging from five to six years to expiry and vest over a five-year period. The exercise price of each stock option granted is determined at the closing market price of the common shares on the TSX on the day prior to the grant. Each stock option granted provides the holder the choice to purchase one common share of the Company at the stated exercise price or receive a cash payment equal to the difference between the stated exercise price and the market price of the Company's common shares on the date of surrender of the stock option.

The Stock Option Plan is a "rolling 7%" plan, whereby the aggregate number of common shares that may be reserved for issuance under the plan shall not exceed 7% of the common shares outstanding from time to time.


	2025			2024
	Stock options (thousands)	Weighted average exercise price		Stock options (thousands)	Weighted average exercise price
Outstanding – beginning of year	50,806	$	33.90	52,410	$	26.80
Granted	19,457	$	43.53	15,906	$	44.82
Exercised for common shares	(12,062)	$	21.86	(13,531)	$	20.69
Surrendered for cash settlement	(524)	$	22.65	(384)	$	22.19
Forfeited	(2,943)	$	38.57	(3,595)	$	29.69
Outstanding – end of year	54,734	$	39.83	50,806	$	33.90
Exercisable – end of year	11,942	$	36.58	10,033	$	26.67


			Stock options outstanding				Stock options exercisable
Range of exercise prices			Stock options outstanding (thousands)	Weighted average remaining term (years)	Weighted average exercise price		Stock options exercisable (thousands)	Weighted average exercise price
$10.38	–	$14.99	2,935	0.20	$	14.56	876	$	14.36
$15.00	–	$19.99	61	0.08	$	19.36	61	$	19.36
$20.00	–	$24.99	1,105	0.79	$	20.42	757	$	20.30
$25.00	–	$29.99	481	1.86	$	27.12	240	$	27.12
$30.00	–	$34.99	4,668	1.49	$	32.47	1,717	$	32.41
$35.00	–	$39.99	11,278	2.18	$	39.25	4,285	$	39.01
$40.00	–	$44.99	27,965	4.08	$	43.10	2,606	$	42.38
$45.00	–	$49.99	5,938	3.76	$	47.94	1,396	$	48.51
$50.00	–	$52.98	303	4.31	$	52.98	4	$	52.98

			54,734	3.14	$	39.83	11,942	$	36.58