b'On the investments side we searched for investmentsAsset Allocation $M with more consistent long-term returns and higher cash returns; and focused on our existing investmentCash & Fixed Income ________14.7 advisors making sure that their investmentEquitystrategies align with those areas in which they haveCanada _____________________ 13.6 their greatest competency. This has seen us makeUS __________________________12.6 a significant shift in strategy by adding both realEurope _____________________8.2 estate and infrastructure private equity investmentsAsia Pacific ________________1.6 to the Foundations portfolio.Emerging Markets ________0.5 As we move into this new year, we face higher interest rates, higher inflation, the dark clouds of a possible recession, and a marketplace that is starved of liquidity to fuel the investment capital needed toSector Allocation $Mcontinue to grow our economy.Cash & Fixed Income ________14.7 As I look forward to this year, the first quarter isIndustrials ____________________6.2 off to a good start. We are continuing to rework ourFinancials _____________________7.0 asset allocation framework and continue to focusConsumer _____________________5.3 our investment advisors on what they do best. WeOther___________________________8.8 will also be reallocating capital between investmentTechnology ____________________2.5 advisors to meet the investment commitments we have made to adding private equity investmentsCommunications _____________2.4 to the portfolio. This will also cause us to reworkEnergy _________________________3.4 our investment policy statement which guides theMaterials ______________________0.8 investment strategy for the Foundation. I thank the Shevchenko Foundation Board for its confidence in the work that the InvestmentGeographic Allocation $MCommittee has been doing.Canada_ ________________________ 28.3 I would also like to thank the InvestmentUS______________________________12.6 Committee. When I sit around that table and watchEurope _________________________8.2 the commitment, focus and the talent of this groupAsia Pacific ____________________1.6 of professionals I know that the Foundation is in 5YR20232022202120202019 very good hands.Emerging Markets ____________0.5Investments, $M*51.250.2047.636.939.5 -David Chucko, Chair Grants Paid, $M188.8.131.52.41.21Investment Committee Annualized ROR6.8%**-1.9%6.8%23.4%-2.0%8.0% *MARKET VALUE OF INVESTMENTS, NET OF GRANTS PAID** 5 YEAR ANNUALIZED RATE OF RETURN SHEVCHENKO FOUNDATION ANNUAL REPORT /49'