Dear Client, We hope that your family remains safe and well. Please find below a summary of the latest market developments. Market developments North American equity markets proved volatile this week, reacting to increasing numbers of COVID-19 infections in 27 states and fears of new lockdowns and decreased economic activity. In particular, cases continued to soar in Florida, Texas, Arizona and California. The International Monetary Fund (IMF) now expects global economic output to contract by 4.9% in 2020, with U.S. output contracting by 8.0% and Canadian output by 8.4%. Ratings agency Fitch Ratings downgraded Canada's credit rating to 'AA+' from 'AAA' to reflect the deterioration of public finances due to COVID-19. New Bank of Canada Governor Tiff Macklem said that Canada’s economy will take a long time to fully recover from lockdowns, requiring the central bank to continue purchasing government bonds to keep interest rates low indefinitely. President Donald Trump said that a second stimulus bill was coming and would likely be announced in the next few weeks. Weekly jobless claims in the U.S. were 1.48 million, and real gross domestic product (GDP) contracted at an annual rate of 5.0% in the first quarter of 2020. How does this affect my investments? A resurgence of COVID-19 cases across the United States has caused investors to consider the implications of a second series of lockdowns; something many hoped would be unnecessary moving forward. As economic forecasts continue to show the damage caused by the pandemic, it is understandable that sentiment may turn bearish in the short term. With that said, staying on track with your long-term plan ultimately proved wise and our advice is to continue to do so. The chart below illustrates this point, demonstrating that often when investors turn increasingly bearish (moved by fear and pessimism), markets may be poised to move the other way. We are always happy to discuss your investment plans. Please do not hesitate to contact us at (613) 258-1997. Sincerely, O’Farrell Wealth & Estate Planning team Sources: CI Investments Inc., marketwatch.com, fxstreet.com, theglobeandmail.com, fitchratings.com, bostonglobe.com, and forbes.com. IMPORTANT DISCLAIMERS This material is provided for general information and is 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 any of the above, please make sure to see a professional advisor for individual financial advice based on your personal circumstances. Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada.

We hope that all is well with you and your family as we enjoy warmer weather and experience the gradual easing of lockdown restrictions. Below you will find a summary of what has taken place in the economy and markets in recent weeks, as well as some additional thoughts. Market developments North American markets moved higher this week, propelled by U.S. Federal Reserve (“the Fed”) Chairman Jerome Powell’s comments that the Fed was “not out of ammunition by a long shot” and not to bet against the U.S. economy in the medium or long run. Market optimism was also buoyed by positive results from Moderna’s COVID-19 vaccine phase 1 clinical trial. The Canadian government announced expanded eligibility for emergency business loans to include businesses that have filed either a 2018 or 2019 tax return and have expenses between $40,000 and $1.5 million per year. Canada’s consumer price index was down 0.2% year-over-year, the first such decline since September 2009. The U.S. Census Bureau announced that housing starts in April were 29.7% below the April 2019 rate, a negative but expected sign for the economy. Weekly jobless claims were 2.438 million, bringing the cumulative nine-week tally to 38.6 million. The price of U.S. oil reached two-month highs as lockdown restrictions eased even further in much of the world and supply continued to decrease. How does this affect my investments? The markets have continued to rebound in the face of a great deal of uncertainty related to both the progress of the pandemic and the prospects for an economic recovery, further demonstrating the risk of attempting to time your investments based on short-term reactions. Much of this week’s optimism appears to have been fostered by the potential for both a vaccine and additional government stimulus. Whether reality will live up to this potential on either front has yet to be seen, which is why your investment plan does not depend on it. Considering the news that continues to come out, including continued re-openings and poor economic data, the markets have both positive and negative indicators to choose from. As we have seen lately, they may alternate their focus from week to week, even when the news does not appear to be relevant. Therefore, we advise you to stay informed but to stick with your long-term plan. This allows you to remain unaffected by the market’s week-to-week fluctuations. As always, we are happy to discuss your investment plans. Please do not hesitate to contact us at (877) 899-1997. Sincerely, O’Farrell Wealth & Estate Planning Sources: CI Investments Inc., nbcnews.com, cnbc.com, reuters.com and ctvnews.com IMPORTANT DISCLAIMERS This material is provided for general information and is 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 any of the above, please make sure to see a professional advisor for individual financial advice based on your personal circumstances. Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada.

O’Farrell Wealth & Estate Planning works in partnership with Assante Wealth Management to offer a full range of investment solutions. The creation of our wealth management team ensures we are delivering suitable financial solutions in the developing investment landscape. The wealth management team actively monitors the markets to identify investment opportunities for our client’s portfolios. This team works closely with our advisors to develop tailor-made solutions to meet your retirement goals. Our objective is to keep our clients informed on the latest market developments and provide some perspective on the major themes we see in the economy. COVID-19 Update Two of the world’s biggest virus hotspots, Italy and Spain, have shown a decrease in the number of daily new virus cases after two-to-four weeks of strict lockdown measures. While the return to normalcy may still be far away, the progress seen in these countries in bringing the pandemic under control is encouraging. A vaccine for COVID-19 continues to be researched. There is an interesting study on a Tuberculosis vaccine (BCG) that demonstrates that those who have been inoculated with BCG vaccine are six times less likely to contract COVID-19. The BCG vaccine has other promising effects such as reducing respiratory illness and boosting the immune system. Countries with mandatory BCG vaccinations have had much less impact from the virus in comparison to countries where this vaccination is voluntary. This study is promising as the safety profile of the BCG vaccine is well established and some production capacity is already in place. Subject to the positive outcome of trials, this could be a potent addition to the arsenal of drugs available to healthcare providers to manage COVID-19 until a targeted vaccine is developed. If you are interested in reading the study, the link can be found below. With Global coronavirus cases increasing from ~1 million to ~3.26 million (as of this writing); the month of April is shaping up to be the worst month this year for economic activity and the disruption of day to day life. Nevertheless, evidence from countries that have successfully flattened the curve indicate there is light at the end of the tunnel. The Collapse of Oil The month of April saw oil prices collapse to new lows as a result of a disagreement between OPEC+ members Saudi Arabia and Russia on reducing their oil production amidst the coronavirus pandemic. Russia’s refusal to cut production lead to Saudi Arabia flooding the market with an oversupply of oil, placing downward pressure on prices. In an attempt to support the price of oil, the US administration extended production cuts to assist OPEC+ in finding a solution to their ongoing feud. As of last week, OPEC+ has come to an agreement to reduce production by 9.7 million barrels a day beginning in May, while a deal was made with the US to cut production by ~300,000 barrels per day. After an initial positive reaction, oil gains had reverted as the proposed production cuts did not seem to be enough to offset the expected demand decline due to the pandemic. The dislocation in oil prices took an extreme turn on April 20th when crude oil contracts traded at -$38 per barrel largely due to storage capacity limitations. This situation has since resolved with WTI crude oil trading at ~$19.12 as of this writing. Market Update (as of April 30th, 2020) As always, thank you for your referrals this month! They are always handled with great care and discretion. “Is Global BCG Vaccination Coverage Relevant To The Progression Of SARS-CoV-2 Pandemic?” Link: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7136957/ ) Contact Us Phone: 877-989-1997 Email: hsmith@assante.com

Dear Client, We hope that you and your family had a great Christmas holiday even though the lockdown and other restrictions made it look different than years past. Daily worldwide new infections have jumped from about ~625-650k as of early December to about 700k as of this writing. The month of December also witnessed the beginning of approvals and the production and administration of vaccines. As we embark on the journey of vaccination to build a defence against the pandemic, the year 2021 is well placed to be a year of recovery. We wish you and your family a very Happy New Year 2021. Macroeconomic and market developments In December, both the S&P 500 Index and S&P/TSX Composite Index managed to register gains helped by news about the approval of vaccines from major pharmaceutical companies and their administration. In its final meeting of the year, the US Federal Open Market Committee (FOMC) in the US agreed to keep the target interest rates in the range of 0%-0.25% and forecasted to hold interest rates near zero at least until the end of 2023. The US Electoral College confirmed Joe Biden as the winner of the 2020 US presidential election with 306 electoral college votes against 232 for Donald Trump. Donald Trump continues to challenge the election results. Most of the Trump campaign’s legal challenges have been rejected by the courts which clears the way for Joe Biden to be inaugurated as the 46th President of the United States on January 20th. The decision on fiscal stimulus has continued to linger on as Democrats and Republicans spar over the amount of support to be provided. The House of Democrats are requesting $2,000 per month for each eligible adult while Senate Republicans have agreed to $600. How does this affect my investments? The stock markets are inherently volatile and short-term market movements are impossible to predict. Historically, market declines have been followed by recoveries and new highs. By staying invested, your portfolio will be well positioned to benefit from a recovery. If you have any questions about your investment portfolio, your advisor at O’Farrell Wealth and Estate Planning would be happy to discuss them with you. Sincerely, O’Farrell Wealth and Estate Planning Sources: Bloomberg

Dear Client, We hope that you and your family are enjoying the spring weather and warmer temperatures. Although the weather is improving, the pandemic has brought an increase in the daily number of worldwide infections of Covid-19 (325k at the start of the month to about 630k as of this writing). The third wave of Covid-19 has once again led to restriction. Nevertheless, given that the vaccine distribution increased, the stock market trading continued to align with the expectations of an economic recovery. The sectors that benefitted from ‘stay-at-home’ mode of economy traded lower relative to sectors that benefit from ‘return-to-normal’ mode of economy. Below we highlight a few noteworthy developments over the last month. Macroeconomic and market developments In March, the S&P 500 index continued to look for direction as a rise in bond yields was supported by expectations of high inflation which, in turn, helped the financial sector while dragging the technology sector. Driven by the cyclical energy and financials sectors, the S&P/TSX continued its advance. NYMEX WTI Crude Oil prices witnessed tumultuous trading as prices jumped from ~USD 60 per barrel at the start of the month to ~USD 66 per barrel in the mid of the month and back to USD 61 per barrel as of this writing. The Federal Chairman, Jerome Powell, reemphasized that the Feds will hold interest rates at their current level until at least 2023 even as policymakers raised the GDP growth forecasts to 6.5% from 4.2% and inflation forecast to 2.4% from 1.8% for the year 2021. Expectations of higher inflation led to a continued rise in bond yields that weighed on fixed income assets during the month. The Federal Chairman Jerome Powell continued to downplay the risk of high inflation as forecasts indicate inflation will fall back to 2% in 2022. How does this affect my investments? The stock markets are inherently volatile and short-term market movements are impossible to predict. Historically, market declines have been followed by recoveries and new highs. By staying invested in a diversified portfolio, your portfolio will be well positioned to benefit from a recovery while mitigating the volatility experienced during the period. If you have any questions about your investment portfolio, your advisor at O’Farrell Wealth and Estate Planning would be happy to discuss them with you. Sincerely, O’Farrell Wealth and Estate Planning

Dear Client, We hope that you and your family are well and enjoying this spring weather. Over the past month, the pandemic continued to worsen across the globe even as the pace of vaccine administration accelerated. The number of daily new infections increased from about 650k per day at the beginning of April to about 850k as of this writing. In comparison to the developed countries, the emerging markets have lagged in vaccine distribution and the latest Covid wave has hit them hard. In the financial markets, year-to-date, the cyclical recovery theme was evident in the outperformance of Energy and Financials sector. As the ‘return-to-normal’ theme got overextended in the short term, the last month witnessed a relative comeback from the Information Technology and Consumer Discretionary sectors. Below we mention a few noteworthy developments over the last month. Macroeconomic and market developments In April, the S&P 500 Index advanced underpinned by a recovery in Information Technology and Consumer Discretionary sectors as the Energy Sector, the flagbearer of the recovery trade so far, took a breather. The story on this side of the border was similar except that the heavyweight materials sector also saw an increase on the back of gold prices that advanced by ~4.1% from the beginning of April to as of this writing. The Bank of Canada announced that it is keeping benchmark interest rate low at 0.25%. They did announce, however, that there is a possibility of its inflation target being hit during the second half of 2022 rather than 2023 as previously expected. This could indicate that the interest rate increase in Canada could come earlier than 2023. Stimulus checks, progress in vaccine administration, and the reopening of the US economy led to a sharp increase in consumer confidence. An index measuring the US Consumer confidence advanced sharply in April to 121.7 from 109.0 in March. In February 2020, this index was at 132.6 before the pandemic caused it to drop. US Federal Reserve alleviated bond market concerns by reiterating it is not considering slowing the pace of bond purchases anytime soon and the recent increase in the inflation looks transitory. How does this affect my investments? The stock markets are inherently volatile and short-term market movements are impossible to predict. Historically, market declines have been followed by recoveries and new highs. By staying invested in a diversified portfolio, your portfolio will be well positioned to benefit from a recovery while mitigating the volatility experienced during the period. If you have any questions about your investment portfolio, your advisor at O’Farrell Wealth and Estate Planning would be happy to discuss them with you. Sincerely, O’Farrell Wealth and Estate Planning

Dear Client, We hope that you and your family are well and enjoying this spring weather. Over the past month, the pandemic continued to worsen across the globe even as the pace of vaccine administration accelerated. The number of daily new infections increased from about 650k per day at the beginning of April to about 850k as of this writing. In comparison to the developed countries, the emerging markets have lagged in vaccine distribution and the latest Covid wave has hit them hard. In the financial markets, year-to-date, the cyclical recovery theme was evident in the outperformance of Energy and Financials sector. As the ‘return-to-normal’ theme got overextended in the short term, the last month witnessed a relative comeback from the Information Technology and Consumer Discretionary sectors. Below we mention a few noteworthy developments over the last month. Macroeconomic and market developments In April, the S&P 500 Index advanced underpinned by a recovery in Information Technology and Consumer Discretionary sectors as the Energy Sector, the flagbearer of the recovery trade so far, took a breather. The story on this side of the border was similar except that the heavyweight materials sector also saw an increase on the back of gold prices that advanced by ~4.1% from the beginning of April to as of this writing. The Bank of Canada announced that it is keeping benchmark interest rate low at 0.25%. They did announce, however, that there is a possibility of its inflation target being hit during the second half of 2022 rather than 2023 as previously expected. This could indicate that the interest rate increase in Canada could come earlier than 2023. Stimulus checks, progress in vaccine administration, and the reopening of the US economy led to a sharp increase in consumer confidence. An index measuring the US Consumer confidence advanced sharply in April to 121.7 from 109.0 in March. In February 2020, this index was at 132.6 before the pandemic caused it to drop. US Federal Reserve alleviated bond market concerns by reiterating it is not considering slowing the pace of bond purchases anytime soon and the recent increase in the inflation looks transitory. How does this affect my investments? The stock markets are inherently volatile and short-term market movements are impossible to predict. Historically, market declines have been followed by recoveries and new highs. By staying invested in a diversified portfolio, your portfolio will be well positioned to benefit from a recovery while mitigating the volatility experienced during the period. If you have any questions about your investment portfolio, your advisor at O’Farrell Wealth and Estate Planning would be happy to discuss them with you. Sincerely, O’Farrell Wealth and Estate Planning

Dear Client, We wish you and your loved ones a very Happy Canada Day. We hope that you and your family are enjoying the beginning of your summer as Ontario continues to loosen public health restrictions. As of this writing the COVID-19 Tracker Canada data states that ~67.16% of Canadian Population has received at least one dose and ~27.71% of Canadian population are fully vaccinated. The data from Centres for Disease Control and Protection indicates that in the US ~54.10 % of the total population has received at least one dose and ~46.3% of the total population are fully vaccinated. The month of June witnessed continued optimism in the stock markets and the fight-against-the-pandemic with continued progress towards a “return-to-normal”. However, on both fronts, some caution was palpable during the latter half of the month. The caution in stock markets was due to slightly hawkish tone adopted by the US Federal Reserve and the caution in the fight-against-the-pandemic grew as the spread of the highly contagious Delta variant continues. Nevertheless, the worldwide daily new infections have dropped from ~500k per day at the start of the month to ~320k per day as of this writing. Below we mention a few noteworthy developments over the last month. Macroeconomic and market developments: In June, the S&P 500 index, and the S&P TSX both traded higher. This was led by the Information Technology sector on both sides of the border. The cyclical Financials and Materials Sectors took a breather after leading the advance year-to-date. The economic data released by the Bureau of Labor Statistics in the US indicated continued recovery with inflation increasing from 4.2% in April to 5% in May and the unemployment rate dropping from 6.1% to 5.8%. The corresponding figures for Canada were inflation inching up from 3.4% in April to 3.6% in May and the unemployment rate rising from 8.1% in April to 8.2% in May as per Statistics Canada. While the US Federal Reserve continued to maintain that most of the inflationary pressures are transitory, the FOMC (Federal Open Market Operations) meeting showed that the median participant of the committee now expects at least two interest rate hikes in 2023. The news out of the Federal Reserve spooked investors for a brief period, however, their concerns were soon alleviated as Fed Chair Jerome Powell maintained that the Federal Reserve would stay data dependent and will require evidence that inflation is persistent before even considering interest rate hikes. The US Federal Reserve Board also released results indicating that the large banks have strong capital levels. These results pave the way for the banks to increase their dividends or buyback stocks as restriction placed on them due to COVID-19 were also lifted. How does this affect my investments? The stock markets are inherently volatile and short-term market movements are impossible to predict. Historically, market declines have been followed by recoveries and new highs. By staying invested in a diversified portfolio, your portfolio will be well positioned to benefit from a recovery while mitigating the volatility experienced during the period. If you have any questions about your investment portfolio, your advisor at O’Farrell Wealth and Estate Planning would be happy to discuss them with you. Sincerely, O’Farrell Wealth and Estate Planning

Dear Client, We hope you are enjoying the summer, especially with the province of Ontario having moved to Phase 3 of reopening in mid-July and some sense of normalcy returning to day-to-day life. As per COVID-19 Tracker data, ~70.4% of the population in the Ontario has received at least one dose and ~58.8% of the population is fully vaccinated. The number for Canada is equally as good at ~70.4% of the total population having received at least one dose and ~56.2% being fully vaccinated, as of this writing. Since our last update, the number for Canada’s fully vaccinated population has moved from ~27.71% to ~56.2%. By contrast, the number for the US’s fully vaccinated population has moved from ~46.3% to ~49.2% as per data from the Centre for Disease Control and Prevention (CDC). Since the beginning of July, the 7-day moving average daily infection cases for Canada declined from ~620 per day to ~530 per day, and the 7-day moving average daily infection cases for the US increased from ~17k to ~57k as of this writing. The stock markets however fared better on the south of the border with the S&P 500 index continuing its advance while S&P TSX remained flat for the period. The spread of the highly contagious Delta variant and the news flow around high inflation has kept investors cautious, as evident from the choppy trading during the month. Below we mention a few noteworthy developments over the last month. Macroeconomic and market developments: In July, the S&P 500 index traded higher, led largely by the defensive Utilities, Real Estate, Healthcare, and Communications sectors along with the growth-oriented Information Technology sector faring better. The cyclical energy and financials sectors were the laggards on both sides of the borders. S&P TSX treaded water underpinned by the cyclical energy and financial sectors. The economic data released by the Bureau of Labor Statistics in the US indicated the inflation has increased from ~5% in May to 5.4% June while the unemployment rate inched back up to 5.9% from 5.8%. The corresponding figures for Canada were inflation declining from 3.6% in May to 3.1% in June and the unemployment rate declining from 8.2% in May to 7.8% in June as per Statistics Canada. Despite the higher inflation print, the US and Canada 10-yr government bond yields have declined by ~20 basis points since the start of the month providing support to the fixed-income asset class. The US Federal Reserve Chairman, Jerome Powell, maintained that most of the inflationary pressures are transitory and defended Fed’s loose monetary policy stance in front of the US Congress. In a press conference after the Federal Open Market Committee (FOMC) meeting, Jerome Powell said the economy has made progress, but it is not substantial enough to warrant tapering of Fed’s bond buying program. The crude oil prices witnessed a volatile month, as prices soared after talks among the OPEC+ (Organization of Petroleum Exporting Countries) on increasing the oil production broke down. However, the prices retreated later in the month after the OPEC and its allies resolved their differences and struck a deal to increase output. How does this affect my investments? The stock markets are inherently volatile and short-term market movements are impossible to predict. Historically, market declines have been followed by recoveries and new highs. By staying invested in a diversified portfolio, your portfolio will be well positioned to benefit from a recovery while mitigating the volatility experienced during the period. If you have any questions about your investment portfolio, your advisor at O’Farrell Wealth and Estate Planning would be happy to discuss them with you. Sincerely, O’Farrell Wealth and Estate Planning

Just like life, stock markets aren’t sunshine and rainbows all the time. Sometimes we face dark clouds and sometimes it rains. Sometimes when it rains, it pours. However, just like some rain comes with the promise of a rainbow in the end, tumultuous markets too come with the promise of large profits as the same businesses are now available for cheaper prices, and therefore offer the potential for higher return. Just as a healthy life anchored on high values can weather any storm, a few basic investing principles have stood the test of time again and again. At the risk of sounding like a broken record, we want to highlight a few of them below. A well diversified portfolio reduces investment risk Invest according to your risk tolerance Time in the market is more important than timing the market Keep a long-term horizon for compounding to work in your favor Rebalance your portfolio when the asset allocation deviates from original intention due to market fluctuations We have no doubt that these principles will stand the test of time again as the world economy came to a grinding halt within a matter of weeks and precipitated a market sell off. The COVID-19 pandemic rages across the globe with scary headlines and statistics (and rumours) capturing most of the print and airwaves. Global stock markets are now in the bear market territory (defined as > 20% decline from peak to trough) and the world economy is most likely in a recession as businesses are forced to shut to contain the spread of the virus. Amid the fear, it is easy to lose sight of the fact that the same businesses were flourishing a month ago with investors willing to pay much more for the same stock than what they are available for now. Taking a step back helps one realize that the pandemic might disrupt these businesses for a few months, but if they have a strong balance sheet, they will weather this storm and continue to do business for many more years. Do a few months of lost business justify a value erosion equivalent to about one-third of the expected value generation during its entire life? The answer to this question is obvious; what does require some effort is finding a quality business with a strong balance sheet. We at O’Farrell Financial have a team of experts that specialize in directly finding such businesses and/or identify portfolio managers that can find quality in company financials. As observed in the countries that have successfully flattened the curve, we think that measures such as strict adherence to social distancing and forced lockdowns could see the mayhem begin to peak in about a month. This would be followed by another month of cautionary shutdowns before returning to normal. As an average bear market has already run its course (~35% average decline) we think the upside potential outweighs the downside risks from current levels. We do know that quality businesses are now available for sale and portfolio actions like rebalancing or deploying fresh capital to dollar cost average would allow for a greater participation in the recovery phase. We think the initial recovery is likely to be swift so major changes or moving portfolios to cash could prove to be a costly mistake. Given our expectations of beginning to return to normalcy in a few months, we estimate ~20-30% upside in the stock markets from current levels until end of the year 2020 and a full recovery by the end of next year. Meanwhile, stay safe and know that this too shall pass. Contingent to your risk tolerance, comfort with volatility, and stage of life, O’Farrell Financial has chalked out an optimal strategy for your goals and our advisors are here to help you navigate through the ups and downs of the stock market by answering your questions and helping you stay on track with your financial plan.