June 2022 Pricing Commentary While North American stock markets ended the month of June with significant price weakness, we believe that there are a number of positive observations. Firstly, there appears to be a noticeable disconnect between the weak stock market performance versus relatively good corporate quarterly results and developments. Furthermore, while investors have been concerned with elevated inflation and Federal Reserve tightening activity, it is interesting to note ten year U.S. Treasury yields appeared to have peaked earlier in the month at almost 3.50% to settle in at about 2.88% by June 30th. Additionally, there is tremendous investor negativity overhanging securities pricing with regard to the outlook for the economy, inflation, interest rates, and corporate earnings. We believe a number of individual securities presently offer excellent long-term performance potential. Overall, we remain confident that markets will recover with any perceived stability and optimism with respect to inflation, the conflict in Eastern Europe, and U.S. Federal Reserve monetary tightening. Most importantly, we are very confident with our portfolio holdings, which offer quality, income, and solid potential for capital appreciation. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.