Q1 2009 Hedge Fund Positions

Fund Pershing Square Position

Shares Owned

Shares Owned

Ticker

2008-12-31

2009-3-31

Bought(Sold)

Apartment Investment and Mgmt*

AIV

500000

8126734

7626734

Alexanders

ALX

8205

8205

Borders Group

BGP

10597880

10597980

Dr. Pepper Snapple

DPS

10824220

EMC Corp

EMC

58619033

58619033

General Growth

GGP

20080690

23261369

Greenlight Capital

GLRE

250000

250000

Sears Holdings

SHLD

302936

TGT

28767604

26886129

-1881475

V

7135608

2205464

-4930144

Wendy's Arby's

WEN

47044509

32324580

-14719929

Yum Brands

YUM

1554315

1554315

Target* Visa

100 -10824220

3180679

-302936

*Originally bought AIV on 4/22 *Target shares include call options

Pabrai Funds

Shares Owned

Shares Owned

Ticker

2008-12-31

2009-3-31

Air Transport Services

ATSG

5393962

5393962

Berkshire A

BRK-A

16

1

-15

Berkshire B

BRK-B

254

5888

5634

CompuCredit

CCRT

324152

Cresud SACIFYA

CRES

643408

1439131

795723

391843

492900

101057

Position

Cresud SA Commerical* Cryptologic

CRYP

Bought(Sold)

-324152

144695

-144695

Fairfax Financial

FFH

58001

46032

Goldman Sachs Group

GS

110864

110864

-11969

Harvest Natural Resources

HNR

5712701

5694701

-18000

Horsehead Holding

ZINC

1749634

1366998

-382636

Leucadia National

LUK

774672

779472

4800

Pinnacle Airlines*

PNCL

2819488

2800488

-19000

POT

0

154140

154140

SHLD

0

69001

69001

Potash Corp Sears Holdings

*Cresud warrants *Pinnacle included call options

Paulson and Co.

Shares Owned

Shares Owned

Position

Ticker

2008-12-31

2009-3-31

AT&T

ATT

3000000

3000000

Bought(Sold)

BCE Inc

BCE

22597600

Affiliated Computer Services

ACS

348500

348500

Boston Scientific

-22597600

BSX

99135000

99135000

Brocade Communications

BRCD

5000000

5000000

Centennial Communication

CYCL

5000000

5000000

Cheniere Energy

CQP

7524085

7461191

Dr Pepper Snapple

DPS

1521824

1521824

Embarq Corp

EQ

2000000

2000000

EMDUQ

5352382

5352382

DNA

3424400

Equity Media Holdings Genentech

-62894

-3424400

Istar Financial

SFI

1473500

Kinross Gold

K

28380800

30780800

LMDIA

2365000

2365000

MER

14926700

Mirant Corp

MIR

18394000

NRG Energy

NRG

5259700

-5259700

National City Corp

NCC

85220000

-85220000

Northern Trust

NTRS

925000

Peoples United Financial

PBCT

2450000

2750000

PM

9000200

9000200

ROH

18041111

15966114

-2074997

2341400

1341400

Liberty Media Corp Merrill Lynch

Philip Morris Int'l Rohm and Haas St Jude Medical

-1473500 2400000

-14926700 18203321

-190679

-925000 300000

STJ

1000000

Teva Pharmaceutical

TEVA

198730

-198730

Time Warner

TWC

1450000

-1450000

TRXAQ

2021700

-2021700

UST

UST

9895700

-9895700

Proshares Ultra Short Financials

SKF

800000

-800000

Wachovia

WB

83500000

-83500000

Wells Fargo

WFC

237400

-237400

Tronox Inc

Anglogold Ashanti

AU

2938582

2938582

Capital One Financial

COF

2100000

2100000

Gold Fields Ltd

GFI

18268589

18268589

JP Morgan Chase

JPM

5800000

5800000

Market Vectors Gold ETF

GDX

17300000

17300000

Petro Canada

PCZ

10311300

10311300

SPDR Gold Trust

GLD

31500000

31500000

Schering Plough

SGP

9000000

9000000

Wyeth

WYE

30381000

30381000

Third Point Position

Shares Owned

Shares Owned

Ticker

2008-12-31

2009-3-31

Biofuel Energy

BIOF

5578800

5578800

Core Mark Holding

CORE

670000

534000

Depomed Inc

DEPO

7050000

7050000

Bought(Sold)

-136000

Dinequity Inc

DIN

472900

-472900

Energy XXI

EXXI

14940245

-14940245

Epicor Software

EPIC

1959800

-1959800

Epicor Software Note

9000000

-9000000 -7191475

Exco Resources

XCO

7191475

Global Brands Acquisition

GQN

1307700

1307700

Global Consumer Acquisition

GHC

982500

982500

Greenlight Capital

GLRE

718500

718500

Guaranty Financial

GFG

4399047

4399047

Hicks Acquisition

TOH

750000

750000

Liberty Acquisition

LIA

6914000

6914000

Lifetime Fitness

LTM

95000

20000

Ligand Pharma

LGND

2007378

2007378

Maguire Properties

MPG

3248700

2895000

Merrill Lynch

MER

250000

Nabi Biopharma

NABI

6890000

6890000

PHH Corp

PHH

5210000

4890000

Phoenix Co's

PNX

7044000

7524000

Potash Corp

POT

600000

-600000

Rohm and Haas

ROH

250000

-250000

Sapphire Industrial

FYR

2000000

2000000

SPDR Gold Trust

GLD

900000

50000

SPDR S&P 500

SPY

458400

Stream Global

OOO

3125000

-75000

-353700 -250000

-320000 480000

-850000 -458400

2825000

-300000

Telephone and Data Sytems

TDS

952900

-952900

Teradata

TDC

2792000

-2792000

Trian Acquisition

TUX

2750000

2750000

TripleCrown Acquisition

TCW

2400000

2400000

TXCO

TXCO

2048700

-2048700

UST

UST

400000

-400000

Vanguard Natural Resources

VNR

360000

-360000

Vantage Drilling

VTG

1875000

1875000

Victoria Acquisition

VRY

3861700

2611700

Wachovia

WB

12510000

Amedisys

AMED

300000

300000

Life Partners Holdings

LPHI

40000

40000

Legg Mason

LMI

25000

25000

Pfizer

PFE

1634875

1634875

SGP-B

100000

100000

Schering Plough Preferred

-1250000 -12510000

Schering Plough Preferred

SGP

250000

250000

Wyeth

WYE

2675000

2675000

Glenview Capital

Shares Owned

Shares Owned

Position

Ticker

2008-12-31

2009-3-31

Bought(Sold)

Advent Software

ADVS

15174

15174

Aetna

AET

8596022

8513612

-82410

Amdocs

DOX

4349247

3474869

-874378

American Tower

AMT

799120

-799120

Americsourcebergen

ABC

5354389

4214071

-1140318

Arvinmeritor

ARM

3187212

4919770

1732558

Blockbuster

BBI-B

2071400

1213170

-858230

BNI

60700

CI

7084504

CSX

234500

CVS Caremark

CVS

4775440

6862340

2086900

RR Donnelley

RRD

3899441

6431784

2532343

eBay

EBAY

8265115

8096974

-168141

Electronic Arts

ERTS

1000000

500000

-500000

Fibertower Corp Note

Burlington Nothern Santa Fe Cigna CSX Corp

-60700 10889716

3805212 -234500

FTWR

19000000

Fidelity National Information

FIS

10644675

7085245

-19000000 -3559430

First American Corp

FAF

1224739

454313

-770426

Fiserve

FISV

408783

3088142

2679359

Lender Processing Services

LPS

758969

Life Technologies

LIFE

453718

2220813

1767095

Macrovision

MVSN

5949033

2689134

-3259899

McKesson*

MCK

5003990

2670838

-2333152

Nalco

NLC

3216489

-3216489

Norfolk Southern

SNSC

99000

-99000

NRG Energy

NRG

2847760

-2847760

Omnicare

OCR

8989488

7182155

Primdedia

PRM

2497052

2497052

Reliant Energy

RRI

9033082

6200855

Terrestar Corp

TSTR

905926

905926

Thermo Fisher Scientific

TMO

4237773

3760373

-477400

Tyco International

TYC

1564710

2235000

670290

Union Pacific

UNP

96000

United Health

UNH

9184545

7933299

-1251246

Verisign

VRSN

3351755

1981236

-1370519

Virgin Media

VMED

4000000

Wellpoint

WLP

6534090

6643794

109704

Willis Group

WSH

8082595

7441722

-640873

B&G Foods

BGS

59714

59714

Bank of America

BAC

2020134

2020134

Federal Home Loan Mortgage

FRE-W

1500000

1500000

Federal National Mortgage

-758969

-1807333

-2832227

-96000

-4000000

FNM-P

1500000

1500000

Fifth Third Bancorp

FITB

2007321

2007321

Flextronics

FLEX

5481297

5481297

Genworth Financial

GNW

8838445

8838445

Hewlett Packard

HPQ

905400

905400

Oracle

ORCL

2637652

2637652

Pfizer

PFE

3984133

3984133

SLM Corp

SLM

2500000

2500000

Walgreen

WAG

828600

828600

Wyeth

WYE

144500

144500

*McKesson includes call options that were sold as of 3/31

Icahn Capital Position

Shares Owned

Shares Owned

Ticker

2008-12-31

2009-3-31

Adventrx Pharma

ANX

3459459

3459459

Amicus Therapeutics

FOLD

145427

Amylin Pharma

AMLN

11426157

Bought(Sold)

-145427 12971328

1545171

Anandarko Petroleum

APC

7617876

Biogen Idec

BIIB

12860205

12860205

Blockbuster CLA

BBI-A

10523840

10523840

Blockbuster CLB

BBI-B

4452905

4452905

Cyberonics

CYBX

2008612

2107972

Emisphere Technologies

EMIS

86430

86430

Endo Pharma

ENDP

1506080

1129126

-376954

Enzon Pharma

ENZN

2457683

2816861

359178

Exelixis Inc

EXEL

2357110

2357110

Forestar Real Estate

FOR

397720

Guaranty Finacial

GFG

14696320

Life Technologies

LIFE

196507

Lions Gate

LGF

8959668

13432899

Medarex

MEDX

313040

313040

Motorola

MOT

119790447

119790447

Regeneron Pharma

REGN

2508001

2508001

Take Two Interactive

TTWO

541128

2007445

Temple Inland

TIN

1448779

Wendy's Arby's

WEN

643590

Williams Co

WMB

17475520

360000

Yahoo

YHOO

60452099

60452099

Lions Gate Note Proshares Ultra Short Real Estate

SRS

Lone Pine Position

Ticker

-7617876

99360

-397720 14696320 -196507 4473231

1466317 -1448779

643590 -17115520

800000

800000

24000

24000

Shares Owned

Shares Owned

2008-12-31

2009-3-31

Bought(Sold)

Abercrombie and Fitch

ANF

3364819

Activision Blizzard

ATVI

20261910

6511264

-13750646

America Movil

AMX

24007275

18641417

-5365858

Bunge Limited

BG

550000

Carnival Corp

CCL

7923647

8494358

570711

Coach

COH

6172333

8787008

2614675

Deltek

PROJ

2206293

2206293

Dolby Labs

DLB

4858460

2101333

-2757127

Fomento Economico Google JP Morgam

-3364819

-550000

FMX

1629254

7834394

6205140

GOOG

844016

591399

-252617

JPM

12339623

15599128

3259505

Las Vegas Sands

LVLS

18677261

LO

3639511

Mastercard

MA

2921408

2102320

-819088

Monsanto

MON

4230159

4356164

126005

MSC Indl Direct

MSM

4923117

3006797

-1916320

Precison Castparts

PCP

3639765

2621911

-1017854

Lorillard

31341283

12664022 -3639511

Priceline

PCLN

3604068

2599444

-1004624

Qualcomm

QCOM

20270480

18719202

-1551278

Sandringe

SD

6616611

6616611

Charles Scwab

SCHW

7568466

Sears Holdings

SHLD

3167900

500000

-2667900

SPDR Gold

GLD

1760000

26500000

24740000

Teradata

TDC

10007277

Union Pacific

UNP

6885633

7199986

Visa

-7568466

-10007277 314353

V

8435552

9105957

670405

XTO Energy

XTO

3973533

2667833

-1305700

Apollo Group

APOL

1888980

1888980

Coca Cola

KO

2819152

2819152

Ctrip Com Int'l

CTRP

3547917

3547917

Deckers Outdoor

DECK

1093072

1093072

Mead Johnson Nutrition

MJN

1197755

1197755

Medco Health Solutions

MHS

5949700

5949700

Pepsico

PEP

3585600

3585600

Philip Morris Int'l

PM

10080369

10080369

SLM

14050386

14050386

SLM Corp Strayer Education

STRA

785164

785164

Urban Outfitter

URBN

7598405

7598405

VistaPrint Limited

VPRT

258100

258100

Wintergreen

Shares Owned

Shares Owned

Position

Ticker

2008-12-31

2009-3-31

Berkshire B

BRK-B

28619

28619

Canadian Natural Resource

CNQ

609167

609167

Chesapeake Energy

CHK

1831793

1831793

Coca Cola FEMSA

COCSF

169230

169230

Consolidated Tomoka Land

CTO

1481474

1481474

Fomento Economico

FMX

1339660

Frankin Resources

BEN

499269

500872

General Dynamics

GD

618323

618323

Goldman Sachs

GS

278829

278829

-1339660

Leucadia National

LUK

947169

697169

Reynolds American

RAI

1072732

1072732

SPDR Gold

GLD

131039

131039

WYNN

1589022

Wynn Resorts Coca Cola

Cascade Investments

KO

1603

-250000

-1589022 179300

Shares Owned

Bought(Sold)

Shares Owned

179300

Position

Ticker

2008-12-31

2009-3-31

Bought(Sold)

Autonation

AN

11315688

11365688

50000

Berkshire A

BRK-A

4050

4050

CNI

34809544

34809544

Crocs

CROX

3000000

3000000

Coca Cola FEMSA

COCSF

857128

857128

Canadian National Railway

Eastman Kodak

EK

7950000

7950000

Fisher Communications

FSCI

455700

455700

Fomento Economico

FMX

22516795

22516795

GAMCO Investors

GBL

90845

90845

Grupo Telavisa SA

TV

20180400

20680400

OTTR

3406499

3406499

PCX

2408653

2408653

Planetout

LGBT

521739

521739

PNM Res

PNM

7019550

7019550

Republic Services

RSG

35467230

55404169

Six Flags

SIXF

10210600

10210600

Otter Tail Corp Patriot Coal

Six Flags Preferred

500000

19936939

SIX-PB

500000

500000

Strategic Hotels

BEE

4190000

4190000

Western Asset Clym SEC

WIA

4224510

4224510

Western Asset Clym OPP

WIW

4718300

5143430

Shares Owned

Shares Owned

Ticker

2008-12-31

2009-3-31

Bought(Sold)

CHK

100000

200000

100000

Denbury Resources

DNR

100000

Devon Energy

DVN

150000

250000

McMoran Exploration

MMR

200000

200000

Occidental Petroleum

OXY

100000

200000

Peabody Energy

BP Capital Position Chesapeake Energy

425130

-100000 100000

100000

BTU

100000

Suncor Energy

SU

100000

300000

200000

Transocean

RIG

300000

450000

150000

Weatherford

WFT

100000

100000

Alpha Natural Resources

ANR

230000

230000

Anandarko Petroluem

APC

50000

50000

Cabot Oil and Gas

COG

200000

200000

Consol Energy

CNX

150000

150000

Fluor Corp

FLR

59000

59000

FWLT

132000

132000

Halliburton

HAL

200000

200000

Massey Energy

MEE

325000

325000

Questar Corp

STR

160000

160000

Schlumberger

SLB

75000

75000

Foster Wheeler

-100000