This video is not intended for public use or distribution. There can be no guarantee that any projection, forecast, or opinion will be realized. All information provided is for informational purposes only and should not be construed as investment advice. Users of these materials are advised to conduct their own analysis prior to making any investment decision. Ewing Morris does not currently own any of the covered securities at the time of publishing. These securities were selected solely for the purposes of demonstrating the potential tax implications from different sources of investment income conventionally sought by fixed income investors. The analysis of these securities was conducted on or about July 2025.  This video relied upon the tax rates in Ontario and Canada as at July 2025. Individual tax rates may vary from those presented in the video. Viewers should consult with their tax advisor on the tax rate that is applicable to their individual circumstances. The market and industry data presented in this video was obtained from third party sources believed to be reliable. This data is subject to change. This video does not purport to be all-inclusive or contain all of the information that may be required to make a full analysis of the securities discussed or an investment opportunity. Recipients of this video should make their own evaluation and of the relevance and adequacy of the information contained herein and should make such other investigations as they deem necessary. Sources include: Bloomberg, Ewing Morris, Canada Revenue Agency, Ontario Ministry of Finance.

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