May 2022 Pricing Commentary The month of May provided remarkable volatility for North American equity prices with considerable mid-month share weakness offset by a late month recovery. As a result, by month end the main North American equity indices closed flat to down slightly. Although much of this volatility is a consequence of rising global central bank rates, inflation fears, and firming oil and gas prices, we are heartened by positive corporate earnings results, dividend increases, an upward sloping yield curve, and significant investor pessimism. Overall, we remain optimistic and are fully invested. Of note, our top performing common stocks during the month included: TD Bank, TC Energy, and Enbridge in Canada, and Becton Dickinson, Thermo Fisher Scientific, Danaher, Broadcom, Activision Blizzard, and Autodesk in the U.S. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.