The North American markets continued to witness choppy trading over the course of August. The hopes of a truce between Iran and the United States, the Federal Reserve keeping the policy rates unchanged during the Federal Open Market Committee (FOMC) meeting on 29th July, and better-than-expected corporate earnings during the second-quarter earnings season, particularly of the Artificial Intelligence infrastructure providers, helped the investor enthusiasm during the first half of the month. However, investor concerns resurfaced during the second half of the month after hostilities between the United States and Iran escalated again and crude oil prices jumped. West Texas Intermediate (WTI) Crude Oil dropped from ~$85/barrel to ~$75/barrel during the first week of the August but climbed back to ~$85/barrel by the end of the month. As of this writing, the WTI crude oil was trading at ~$102/barrel. The Fed chair, Kevin Warsh, announced intentions of removing forward guidance from the Fed’s communication have added to the uncertainty in the fixed income markets in an already fragile set-up. The news that the United States’ total debt has gone beyond $40 trillion while government spending is rising and inflation remains persistent has made the investor anxiety palpable in the fixed incomes markets. In addition, the extraordinary levels of capital expenditures to build the artificial intelligence infrastructure has also had companies borrowing at an unprecedented pace from the markets. This corporate issuance is competing with the government borrowing at a time when the United States total debt is at record highs, government expenditure is rising, and disruption in oil supplies from the middle east is keeping up the inflationary pressures. Consequently, the bond yields and expectations of a policy rate hike have risen, and market participants are now expecting one rate hike in September and another in December (See Figure 1). Figure 1: Implied Policy rates and # of hikes Source: Bloomberg Scott Bessent, the United States treasury secretary has maintained an appearance of control, however, markets have sensed the growing unease with high bond yields. His market interventions to help the depreciating Japanese Yen (to reduce the likelihood of Japan selling US treasuries to support Japanese Yen and thus further spike the bond yields) and the “Treasury Twist” plan where treasury buys long-term debt from the proceeds of sale of short-term debt to push down long term yields have left enough breadcrumbs for the fixed-income investors to deduce that the trajectory and pace of rising bond yields (See Figure 2) are making the administration uncomfortable, in our opinion. Figure 2: United States Government Bond Yields Source: Bloomberg The Fed Chair’s detailed comments at the annual Jackson Hole symposium were seen as an attempt to contain the damage as he explained the datapoints he looks at to form his views that guide the policy and reemphasized the focus on inflation. This provided some respite from the growing chatter on Fed’s reaction function and credibility. However, we note that the United State’s President has again asked for reduction in policy rates in the recent weeks. This puts the market expectations from the Federal Reserve at odds with the wishes of the United State’s president. If the Federal Reserve chooses to not hike policy rate in the September meeting, we think the chatter on Fed’s credibility and independence will come back to fore. Thus far, as evident from the bond yields movement, the attempts from Fed and Treasury Secretary to assuage the fixed income market investors have failed, suggesting that market participants are expecting more than just talk or signals that telegraph intentions. The Bank of Canada held the policy rates in place despite rising inflation concerns owing to the uncertainty from new tariffs and trade negotiations with the United States. The trade uncertainty should continue to weigh on the Canadian economic growth and outlook in the short-term, however, we think the commodities heavy Canadian Index should find support from higher oil prices and potentially higher gold prices, if the USD debasement theme gathers pace again. Corporate earnings have provided an offset to the headwinds posed by rising bond yields, geopolitical tensions and adverse macroeconomic developments thus far. We think the market environment might remain choppy in the near-term underpinned by ebb and flow of news around these topics on top of the politically charged atmosphere until the mid-term elections in the United States. Source: Bloomberg Vipul Arora is a Portfolio Manager with CI Assante Wealth Management Ltd. The opinions expressed are those of the author and not necessarily those of CI Assante Wealth Management Ltd. Please contact him at 613-258-1997 or visit ofarrellwealth.com to discuss your circumstances prior to acting on the information above. CI Assante Wealth Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Insurance products and services are provided through Assante Estate and Insurance Services Inc

The North American equity markets continued to witness choppy trading during the month of July as investors vacillated between the narratives on artificial intelligence (AI) infrastructure spend vs monetization, the ambiguity and/or clarity on the Federal Reserve’s reaction function under the new Fed chair, and reduction vs escalation of the hostilities in the Middle East. The South Korean equity market witnessed extreme volatility with KOSPI Index dropping ~ -34% from the end of June to 30 July, before staging a partial recovery on the last day of the month to end the month at ~-22% (See Figure 1). The Index is dominated by two companies - Samsung Electronics and SK Hynix constituted ~ 53% of the Index weight as of 31 July 2026. The rush to benefit from the appreciating share prices of semiconductor companies has led the Korean investors to take leveraged bets on these companies through either use of leveraged ETFs or margin in their accounts. The speculation had helped the KOSPI Index rise by ~+101% from start of the year to June 2026. As investors took a pause and begun to question the monetization potential of investments in the AI Infrastructure, a correction in the AI names ensued. However, the correction in share prices of semiconductor names was more pronounced as the leveraged investors were forced to liquidate their positions. While the S&P 500 Index was flat at ~+0.09% for the month, the Technology sector heavy NASDAQ was down by ~-1.78% for the month owing to correction in AI names. S&P TSX Index was positive at +0.74% for the month primarily driven by higher energy prices. Figure 1: Korean Stock Exchange, KOSPI Index December 30, 2025 to August 14, 2026 Source: Bloomberg It is evident from the second-quarter earnings season so far that the AI infrastructure providers continue to benefit from the capital expenditure spend from Hyperscalers and have not seen any slowdown. The earnings outlook has continued to improve, and the recent valuation reset provides an attractive entry point for the investors, in our view. That said, we note that investors have been reluctant to reward every beat-and-raise of the AI Infrastructure providers and have shown relatively more enthusiasm towards the software names that were sold on disintermediation fears but have demonstrated benefits from AI adoption in the recent releases. This suggests that the pendulum of expectations had swung too far in favour of the AI infrastructure providers. Nevertheless, the AI driven strong earnings of corporates continue to be in the driving seat of the overall markets, in our opinion. The macro environment too has been largely conducive for the outlook of North American capital markets with downside inflation surprises and softer but not cracking labour market, i.e. less risk of wage inflation. This has alleviated some pressure on the Federal Reserve to hike interest rates which had gained momentum since the latest press conference of the new Fed chair, Kevin Warsh, after the Federal Open Market Committee (FOMC) meeting on 29 July. The committee decided to hold the interest rates at +3.75%. The strategy of maintaining ambiguity by the new Fed chair on the Fed’s reaction function to the economic data does not appear to have been liked by Fixed Income markets. Between the press conference on June 17th and just a day before the subsequent conference on July 29th, the yield curve between 2-year and 30-year had shifted upwards by ~10-to-16 basis points; predominantly on the back of hawkish stance projected by the new Fed chair. However, after the press conference on July 29th, while the short-end of the curve stayed anchored, the long-end of the curve jumped by ~18 basis points by July 31st, which left investors speculating if the Fed is losing control of the long-end of the curve (See Figure 2). Rising long-term yields can tighten the financial conditions and have implications on borrowing costs, equity multiples and other long duration assets. Looking ahead, we think a tantrum in Fixed Income markets could force the new Fed chair to reconsider the approach towards maintaining strategic ambiguity on forward guidance. Figure 2: Rising long-term yields after FOMC meetings Source: Bloomberg The stalemate in the Middle East has continued with Strait of Hormuz still closed keeping the argument alive that acute shortage of crude oil might hit the world economy at some point as the strategic reserves are depleted. The US administration is now indicating it will adopt a strategy of putting economic pressure on Iran by using naval blockade, sanctions and other methods to coerce Iranian leadership to the negotiating table, while Iranian leadership’s latest stance is that they do not expect to hold a serious discussion with Trump administration and will wait until the term ends in January 2029. In other words, the world should prepare for disruption of crude supply for longer and potentially higher inflation in coming months. Overall, stronger earnings continue to more than offset the rising risk of policy mistakes and higher inflation due to ongoing disruption in energy supplies. We think the economic data and news flow from middle east could remain source the volatility in the financial markets, however, stronger earnings make a strong case of net positive price action through the year. Source: Bloomberg Vipul Arora is a Portfolio Manager with CI Assante Wealth Management Ltd. The opinions expressed are those of the author and not necessarily those of CI Assante Wealth Management Ltd. Please contact him at 613-258-1997 or visit ofarrellwealth.com to discuss your circumstances prior to acting on the information above. CI Assante Wealth Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Insurance products and services are provided through Assante Estate and Insurance Services Inc

As families prepare for a new school year, backpacks, textbooks, and tuition often takes center stage. While it's easy to focus on today's expenses, many parents and grandparents also use this time of year as an opportunity to review their long-term education savings goals. A Registered Education Savings Plan (RESP) is one of the primary savings vehicles available to Canadians who wish to set money aside for a child's post-secondary education However, to access the educational assistance and government grants, the beneficiary must enroll in a qualifying post-secondary program. Since not all programs meet RESP eligibility requirements, it is important to confirm eligibility before relying on RESP funds to help finance education costs. Key eligibility requirements include: The institution must be eligible. The program must be a qualifying post-secondary program. When full-time, the program must last at least 3 consecutive weeks with at least 10 hours per week of courses/work. Different rules may apply to part-time studies and foreign educational institutions. Despite its popularity, many RESP accounts are opened with enthusiasm only to receive little attention in the years that follow. On the other side, some families choose to make it part of their regular financial review rather than thinking about an RESP only during tax season or when a child is nearing graduation Why Consistency Often Matters More Than Timing Many people assume that building education savings requires large lump-sum contributions. In reality, some families prefer a more gradual approach. Common habits include: Making regular contributions throughout the year. Including education savings in the household budget. Reviewing progress annually rather than waiting until the last minute. Consistency can make it easier to stay focused on long-term goals, regardless of market conditions or changing priorities. Understanding Government Incentives One reason families periodically review their RESP is to better understand the government incentives that may be available. Am I receiving all the eligible grants?Have contribution terms changed over time ?Have program rules or eligibility requirements been updated ? Since government programs may change, staying informed can help families better understand the opportunities available to them. Reviewing Your Investment Approach As children grow older, the investment horizon naturally becomes shorter. For this reason, some families choose to revisit how their RESP fits within their overall financial plan. When reviewing an RESP, it may be helpful to consider the child's expected education timeline, your personal comfort with investment risk, and whether the current investment approach continues to align with your long-term objectives. There is no one-size-fits-all strategy, as every family's financial situation, goals, and priorities are unique. Life Changes Can Affect Your Plan Family circumstances evolve over time, and an RESP may occasionally benefit from a review, particularly following significant life changes such as the birth of another child, changes to education goals, or shifts in overall financial priorities. Regular reviews can help ensure the plan continues to reflect the family's current situation and Back-to-School season Is a Good Time for a Financial Check-In. In any case, whether an RESP was opened recently or many years ago, this time of year provides a natural opportunity to: Review education savings progress. Confirm that the plan still Aligns with long-term goals. Stay informed about available programs and changing rules. Small check-ins today can help families remain focused on tomorrow. The opinions expressed are those of the author and not necessarily those of CI Assante Wealth Management Ltd. This material is provided for general information and the opinions expressed and information provided herein are subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on the information presented, please seek professional financial advice based on your personal circumstances. CI Assante Wealth Management Ltd. is a Member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization

Event Registration Form < Back This event is now over. Please visit our Community page to see other upcoming events! INTERGENERATIONAL ESTATE PLANNING Steps, Tools & Strategy! Over the next 10 years, $750 Billion is estimated to be transferred in Canada from Boomers to their descendants. In this webinar you will learn some of the most important strategies that can help you reduce taxation and give you piece of mind that your affairs will be taken care of correctly. You will learn the 5 Effective Steps to estate planning, including how to set goals, and how to identify the right executor or guardian(s) for minor children. Join us for this information packed webinar co hosted by Daren Givoque, Financial Advisor at O'Farrell Wealth & Estate Planning, and Jacqueline Power, Assistant Vice-President, Tax and Estate Planning Mackenzie Investments. RSVP WEBINAR First Name Last Name Email Phone By checking this box you agree to allow us to contact you regarding the webinar. Should you wish to discontinue, you may contact us to withdraw your consent at any time. Your personal information will not be distributed, sold, or traded – it will remain strictly confidential and will only be used for the purpose for which it was provided. For more information on Assante’s commitment to privacy and responsible use of information, please visit www.assante.com/privacy-policy Submit Thanks for submitting! Sorry! Registration for this event is closed.

Event Registration Form HOME SERVICES ADVANTAGE COMMUNITY RESOURCES ABOUT US More CONNECT WITH US < BACK Event Registration This event is now over. Please visit our Community page to see other upcoming events! *Mortgage products and services are provided by Assante Capital Management Ltd. through its strategic partnership with Bank of Montreal. We collaborate with you and each other to deliver unbiased advice that meets your personal and business needs. Important Disclosures Assante Capital Management Ltd. (“ACM”) is a member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. Know your Advisor: IIROC Advisor Report Assante Financial Management Ltd. (“AFM”) is a member of the Mutual Fund Dealers Association of Canada (“MFDA”) and MFDA Investor Protection Corporation. www.mfda.ca Stocks, bonds and mutual funds are provided through ACM. Mutual fund products are provided through AFM. Only those services offered through ACM are covered by the Canadian Investor Protection Fund, and only those services offered through AFM are covered by the MFDA Investor Protection Corporation. For more information please visit http://www.assante.com/legal or contact our office for clarification. To research the background, qualifications and disciplinary information on advisors at IIROC regulated firms please generate an IIROC Advisor Report. Employee benefits and pension consulting services, Mortgage lending services, and insurance products and services are provided through O’Farrell Financial Services Inc. (“OFSI”). OFSI is an independent company unrelated to ACM and AFM. For further Assante Wealth Management important legal and compliance disclosure, please visit www.assante.com/legal For more information on our privacy policy, please visit http://www.assante.com/privacy-policy www.cipf.ca https://www.iiroc.ca/ © 2023 | All Rights Reserved

Find tools for wealth management, advisor articles, videos and seminars, and more. HOME SERVICES ADVANTAGE COMMUNITY RESOURCES ABOUT US More CONNECT WITH US Resources Tools, news, and articles to keep you informed. SUBSCRIBE TO OUR NEWSLETTER O'Farrell News & Insights Articles Back-to-School: RESP Strategies That Actually Work As families prepare for a new school year, backpacks, textbooks, and tuition often takes center stage. While it's easy to focus on today's expenses, many parents and grandparents also use this time of year as an opportunity to review their long-term education savings goals. A Registered Education Savings Plan (RESP) is one of the primary savings vehicles available to Canadians who wish to set money aside for a child's post-secondary education However, to access the educationa O'Farrell Wealth & Estate Planning 2 minutes ago First-Time Home Buyer Guide: What You Need to Know Purchasing a first home is often seen as a major life milestone, but it is also a strategic financial decision that can shape your long-term financial future. While the emotional aspect of owning a home is important, it is essential to approach the process with a clear understanding of how it fits into your broader financial plan. Before entering the housing market, it is important to take a step back and evaluate your financial foundation. This means having a stable and pr O'Farrell Wealth & Estate Planning Jul 20 Mid-Year Financial Check-Up: Are You on Track With Your 2025 Goals? As we cross the halfway mark of 2025, now is the perfect time for a financial check-up. It is a great idea to review the goals you set... Allison Martin Jun 4, 2025 Five Questions to Start your Financial Plan As a Financial Advisor, I often get asked variations of the following questions: When can I retire? How much do I need to save for... Sarah Chisholm May 1, 2025 Young Investors – Do they have financial knowledge? We try to teach our kids to be resilient, to know right from wrong, to stand up for themselves, to be polite and to work hard. Some of us... Cyndy Batchelor Mar 27, 2025 Children’s CI: A Worthwhile Investment? The worst news you could receive is that your child has fallen sick with a critical illness. Worry, fear, and concern come crashing down.... Andrew Goetz Mar 3, 2025 Maintaining Financial Goals in 2025 As we move into 2025, it’s essential to maintain focus on our financial goals. The beginning of a new year often brings a surge of... Cole Seabrook Jan 23, 2025 Holiday Greetings The holiday season is upon us! We are quickly approaching one of the busiest times of the year and it can be so easy to get wrapped up in... Allison Martin Dec 2, 2024 1 2 3 4 5 Market Updates Wealth Market Recap Navigating Choppy Markets! After a generally constructive first half of the year, the North American markets witnessed increased choppiness in price action during the month of June which was driven by a few dominant narratives. First, investors questioned whether the capital expenditures to build Artificial Intelligence infrastructure has peaked and if the sell-off in software stocks on fears of disintermediation is overdone. Second, the new Federal Reserve chair, Kevin Warsh, held his first press conf Vipul Arora Jul 15 Dilemmas! North American equity markets continued their upward march during the month of May underpinned by continuation of news flow on ongoing peace talks between United States and Iran. However, bond yields in the United States continued to advance expressing skepticism on any real progress, in our view. Higher bond yields imply prospects of higher inflation partially driven by expectations that the Strait of Hormuz will remain close for longer. Bond yields declined in Canada as ma Vipul Arora Jun 12 Stalemate to Checkmate? North American markets witnessed historical recovery with the S&P 500 Index advancing by ~+9.6% and S&P TSX Index by ~+3.0% in April. While the ceasefire announced on April 7th ignited investor enthusiasm on hopes of a truce between the United States, Israel and Iran; the positive momentum was accentuated by the first-quarter earnings season starting in late April. As of this writing, nearly 90% of the companies in the S&P 500 Index have reported first calendar-quarter earnin Vipul Arora May 15 Chutzpah, Whipsaw, Seesaw! The North American markets witnessed tumultuous month of March as the war in middle east kept investors on the edge. The S&P 500 Index dropped about -7.80% and S&P TSX dropped about -8.80% from the start of war on February end to their respective troughs in late March before swiftly recovering almost entire losses by mid-April. While it is still early to say the hostilities between the warring parties are over, equity market investors are expecting a probable deal sometime so Vipul Arora Apr 16 Halo, World! The rise of the software sector saw its humble beginnings in the form of the simplest of programs, where the engineer would write a simple code which output “Hello, World!” onto the screen. Over time, Software Engineers have continued to build and write innovative codes that have helped to handle a multitude of tasks more efficiently. As the industry evolved, investors awarded the software companies with high valuation multiples given the nature of their business models which Vipul Arora Mar 16 Decoding Discombobulations North American equity markets started the year on a positive note with the S&P 500 Index up by ~+1.4% and S&P TSX Index by ~+0.70% for month of January. The returns on fixed-income assets were more muted for the month with aggregate fixed income indices in green by +0.11% in the United States and +0.54% in Canada. That said, the month was anything but uneventful. At the start of the year, the United States launched a military operation in Venezuela and captured the sitting pr Vipul Arora Feb 12 Climbing The Wall of Worry The North American equity markets ended the last month of the year on a positive note despite several worries on investors’ minds. The concerns ranging from increasing geopolitical tensions, future profitability of companies investing heavily in artificial intelligence infrastructure, to the policy rate trajectory amid still high inflation and a softening labour market weighed on investor sentiments for the most part in December. The ongoing uncertainty helped demand for saf Vipul Arora Jan 16 Selectivity to Navigate Uncertainty North American capital markets have been witnessing choppy markets since the beginning of November as investors moved from one concern to another in a short span of time. From worries around impact of extended government shutdown on the state of the economy to if the United States Federal Reserve delivered a rate cut on December 10 th , the date for Federal Open Market Committee (FOMC) meeting, to if the extent of capital expenditure done to build the artificial intelligence Vipul Arora Dec 17, 2025 1 2 3 4 5 Invest in Your Financial Future. Subscribe to our Monthly Newsletter. First name Last name Email I consent to O'Farrell Wealth & Estate Panning contacting me by email. Subscribe Thanks for subscribing! Anchor 1 Webinars Videos & Webinars Resources Assante Investor Online Financial Calculator RESP Savings Calculator EY Tax Calculator Farm Succession Planning: Getting the Conversation Started Intergenerational Estate Planning - Steps, Tools & Strategy! Six Things Every Canadian Should Know About Powers of Attorney Inflation, Interest Rates, & Investments - How to Manage Your Portfolio Right Sizing Your Life - Downsizing done Right First Time Home Buyers 1 2 3 Connect with the O’Farrell Team and start planning today. Now is the time to book your consultation and get your wealth planning strategy underway. BOOK YOUR FINANCIAL ANALYSIS Meet with an O'Farrell Advisor at one of our five office locations. 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