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IMCO’s Statement on Exiting Russian Securities

IMCO will exit all Russian positions as soon as possible

Toronto (March 3, 2022) – We are distressed by the recent and unjustifiable aggression we are witnessing by Russia against Ukraine. We are deeply concerned about this situation, and its impact on the well-being of people in Ukraine as well as global peace and stability.

We support the actions the Government of Canada and other governments around the world have taken to impose sanctions and other measures on organizations with close connections to the Russian Government and President Putin. We will ensure that IMCO fully complies with these measures.

We have actively engaged with our clients throughout this crisis. They have minimal exposure to Russia and therefore, we do not anticipate any significant direct or indirect impact on their portfolios

As of March 1, 2022, IMCO had approximately $115 million in direct and indirect positions in Russian securities and currency, which represents 0.16 percent of our total assets under management. IMCO retains no positions in Belarus.

With the support of our clients, IMCO will exit its small Russian positions as soon as possible, recognizing that at present trading in Russian securities has been curtailed by regulatory authorities. Additionally, we will make no new purchases of Russian securities and we will take no positions in Belarus.

The entire IMCO team is keeping Ukraine in their thoughts, and we join the rest of the world in hoping for a swift and peaceful resolution to this terrible war.