b'The Shevchenko FoundationInvestment Committee Report Year Ended March 31, 2025The past fiscal year was one in which investors wereALTERNATIVE INVESTMENTS rewarded for staying disciplined and ignoring theBrookfield Infrastructure V (BIV V): headlines.In December 2022, the Foundation Long-term interest rates peaked in the spring of 2024committed USD $5 million to Brookfield and remained elevated throughout the year. GlobalInfrastructure Limited Partnership (BIV eventswars in Ukraine and Gaza, unrest in Pakistan,V). As of March 2025, approximately half and recurring trade tensions with tariffs imposed andof this commitment has been drawn. liftedall created volatility and uncertainty. DespiteWhile private equity investments typically these challenges, markets proved resilient. In fact,take more than a year to begin reflecting markets reached their lowest point shortly after ourvaluation gains, early indications suggest year-end, on April 8, 2025, just eight days into theBIV V is off to a promising start. Our new fiscal year. Looking back, investors who remainedinvestment thesis remains to capture patient and ignored the headlines experienced strongequity-like returns with reduced volatility. returns.Nicola Wealth Real Estate Strategies: Throughout the year, we were presented with manyWe have now completed our $5 reasons to adjust our portfolio mix. Instead, we stayedmillion commitment to Nicola Wealth committed to our disciplined investment process.Managements real estate platform, split The only structural change implemented was inrelatively equally between Canadian and January, when the Committee approved shifting theU.S. strategies. Results in 2025 were Foundations fixed income mandate from Mawermuted, reflecting broad declines in real and Nexus to Canso Investment Management Ltd.estate values due to higher interest rates. This decision followed 18 months of careful reviewNonetheless, the portfolio maintains of our fixed income managers, their strategies, and astrong operational fundamentals, including national search for alternatives.high occupancy rates in its multifamily, industrial, and storage holdings. These PERFORMANCEassets continue to generate growing cash For the year ended March 31, 2025, the Foundationflows and pay annual distributions of achieved an overall return of 10.1%, which is alsoapproximately 4%. We remain confident in consistent with our five-year average annual return.Nicolas long-term ability to unlock value The main contributors to last years performance werewithin its portfolio. strong equity results from Mawer, Nexus, and RBC. 46 SHEVCHENKO FOUNDATION ANNUAL REPORT /'