1、ACTIVELY BUILDING VALUE.MORGUARD CORPORATION2022 ANNUAL REPORTThe selected annual financial information in the 2022 Annual Report highlights certain key metrics for Morguard Corporation(the“Company”).As a result,this report should be read in conjunction with the Companys audited consolidated financi
2、al statements for the year ended December 31,2022,related Managements Discussion and Analysis(MD&A)and the Annual Information Form(AIF).These documents are available on the Companys website at .All continuous disclosure documents required by securities regulators are also filed on the System for Ele
3、ctronic Document Analysis and Retrieval(SEDAR)and can be accessed electronically at .SPECIFIED FINANCIAL MEASURES The Companys consolidated financial statements are prepared in accordance with International Financial Reporting Standards(IFRS).Specified financial measures are categorized as non-GAAP
4、financial measures,non-GAAP ratios,and other financial measures,which are capital management measures,supplementary financial measures,and total of segments measures.The following non-GAAP financial measures,funds from operations(FFO)and Normalized FFO as well as other measures discussed elsewhere i
5、n this Annual Report,do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other reporting issuers in similar or different industries.The Company uses these measures to better assess the Companys underlying performance and financi
6、al position and provides these additional measures so that investors may do the same.Details on non-GAAP measures are set out in the Companys MD&A for the year ended December 31,2022 and are available on the Companys profile on SEDAR at .MORGUARD CORPORATION 2022 ANNUAL REPORT 1Dear Fellow Sharehold