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Registered Retirement Savings Plans (RRSPs) and, tax-free savings accounts (TFSAs)—what's the difference and how could they help you save money? Join this webinar to learn what these plans are, how they’re different, and why you could think about both when you’re deciding how to save. Register now: Tuesday, February 10, 2026 7:00 P.M., ET

It’s happening….the Bank of Canada cuts interest rates   Global markets continued to perform well in the second quarter of 2024, building on their strong start to the year. This positive trend was influenced by several factors, including healthy corporate profits, lower inflation, and the beginning of interest rate cuts by various central banks around the world.   The S&P 500, S&P/TSX Composite, and the MSCI World Index were up 15.3% (USD), 6.1%, and 12.0% (USD) respectively in the first six months of the year.  Despite a rate cut by the Bank of Canada in June, Canadian and U.S. bonds (measured by the FTSE Canada Universe Bond Index and Bloomberg US Aggregate Bond Index) were down 0.4% and 0.7% (USD) respectively over the first half of the year. [1]   The big news for most Canadians in the past quarter was the Bank of Canada (BoC) cutting interest rates by 0.25% to 4.75%, marking the first rate cut since the central bank stopped raising rates last July. The key driving this decision is the significant progress made on the inflation front, regardless of the measure used. Specifically, four consecutive months of declining inflationary pressures were enough for the BoC to gain confidence that inflation is firmly trending down to target. The market anticipates at least two more rate cuts this year due to the continued decrease in inflation and weaker-than-expected economic growth. Market Update TFSAs and compounding On a different note, let’s discuss the importance of compounding when it relates to investments. The tax-free savings account (TFSA) is a savings program that was introduced in 2009 that can also function as an investment vehicle that enables Canadians to invest (tax free). Initially, the annual contribution limit was set at $5,000, but it has since increased to $7,000. As of 2024, you can contribute a total of $95,000.  The main benefit for a TFSA is tax-free compounding. For those investors who maxed out their annual contributions (a total of $88,000 over 15 years) and had invested solely in either the S&P 500 Index, the S&P/TSX Composite Index and the MSCI World Index since 2009, they saw their account values grow to $217,812, $129,026, and $166,358 respectively as of 2023..  These returns were earned despite the amount of uncertainty we experienced in the aftermath of the global financial crisis, during which we’ve lived through three U.S. elections, the European debt crisis, the COVID-19 pandemic, and global trade disputes, not to mention the ongoing conflict in Ukraine and the Middle East. Author Darren Hardy, who wrote The Compound Effect , described it as the principle of reaping huge rewards from a series of small, smart choices.  There may be an important lesson to be learned here: investors tend to associate investing with large sums of money, but that's not necessarily true. On the contrary, a series of small, smart investment choices can potentially lead to healthy returns through the compound effect. In our view, the TFSA can be a useful investment vehicle that can help Canadians achieve their hopes, and wishes. As always, if you have any questions about the markets or your investments, I'm here to talk. #MarketVolatility #StayInvested #MarketNews #InvestmentChallenges [1] Bloomberg, as of June 30, 2024 [1] Capital Markets and Strategy, Manulife Investment Management Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. This material was prepared solely for informational purposes and does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person. All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment or legal advice. Manulife Wealth Inc. and/or Manulife Wealth Insurance Services Inc. ("Manulife Wealth") makes no representation or warranty, express or implied, as to the accuracy, completeness or correctness of the information contained in this publication. This publication does not constitute a recommendation, professional advice, an offer or an invitation by or on behalf of Manulife Wealth to any person to buy or sell any security or adopt any investment approach. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Diversification or asset allocation doesn’t guarantee a profit or protect against the risk of loss in any market. Past performance does not guarantee future results. This material is intended for the exclusive use of recipients in jurisdictions who are allowed to receive the material under their applicable law. The opinions expressed are those of the author(s) and are subject to change without notice. Our investment teams may hold different views and make different investment decisions. These opinions may not necessarily reflect the views of Manulife Wealth. The information and/or analysis contained in this material has been compiled or arrived at from sources believed to be reliable, but Manulife Wealth does not make any representation as to their accuracy, correctness, usefulness, or completeness and does not accept liability for any loss arising from the use of the information and/or analysis contained. The information in this material may contain projections or other forward-looking statements regarding future events, targets, management discipline, or other expectations, and is only current as of the date indicated. The information in this document, including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Manulife Wealth disclaims any responsibility to update such information. Manulife Wealth shall not assume any liability or responsibility for any direct or indirect loss or damage or any other consequence of any person acting or not acting in reliance on the information contained here. As each situation is different, you should seek advice based on your specific circumstances. Please call to arrange for an appointment. Copyright 2024 by Manulife Wealth Inc. Manulife, Manulife & Stylized M Design, Stylized M Design and Manulife Wealth are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates, under license.

Q3 2024: Strong performance, lingering questions Global markets performed well in the third quarter of 2024, continuing their positive trend this year. This was influenced by factors such as strong corporate profits, lower inflation, and interest rate cuts by central banks worldwide.   The S&P 500 Index, S&P/TSX Composite Index, and MSCI World Index increased by 20.8% (USD), 14.5%, and 17.5% (USD), respectively, in the first nine months of the year.* Bonds also performed well. Canadian and U.S. bonds, as measured by the FTSE Canada Universe Bond Index and Bloomberg US Aggregate Bond Index, rose by 4.3% and 4.7% (USD), respectively, over the same period.** This was driven by slower global growth and interest rate declines. Market Update Despite some market ups and downs, both stock and bond investors have seen good returns this year. However, many questions lie ahead. What will economic slowdowns look like globally?  Are some economies more vulnerable than others? The global economy, including the U.S. and Canada, may not be as stable as it seems. A mild recession is expected both here and in the U.S. Is now the time to shift from tech-heavy mega caps to small caps?   Nearly 40% of U.S. small-cap companies have reported recent losses or declining profits over the past 12 months.‡ [RJ1]   In a slowing economy, with uneven earnings growth and high valuations, it’s wise to focus on high-quality companies and portfolio diversification. After a strong 3-month stretch for bond returns, how much growth potential is left?  Patience and a sound fixed-income strategy are essential to endure over time. Central banks are starting to lower interest rates, which will likely help bond portfolios. Flexibility is key in today’s highly volatile fixed-income markets. The strongest portfolios will be those that can adapt and capitalize on emerging opportunities. Who will drive near-term returns: the U.S. presidential election winner or the Federal Reserve chair?   Market volatility often surprises and can happen when investors feel most secure. Recession risks, Federal Reserve actions, the U.S. election, and general market sentiment could all cause further volatility. We believe investors should stay calm and wait for the right moment to act on opportunities, rather than letting fear drive their decisions. Navigating a noisy autumn Despite potential short-term challenges, the outlook remains favourable for longer-term investors. Over the coming year, global central banks are expected to continue cutting interest rates, creating a supportive environment for both stocks and bonds. Maintaining a balanced and diversified portfolio is central to managing the months ahead. #FinancialOutlook #StockMarketUpdate #IndustryInsights #TradeUpdate   *Source: Bloomberg. As at September 30, 2024. **Source: Bloomberg. As at September 30, 2024. ‡Source: Bloomberg. Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. This material was prepared solely for informational purposes and does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person. All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment or legal advice. Manulife Wealth Inc. and/or Manulife Wealth Insurance Services Inc. ("Manulife Wealth") makes no representation or warranty, express or implied, as to the accuracy, completeness or correctness of the information contained in this publication. This publication does not constitute a recommendation, professional advice, an offer or an invitation by or on behalf of Manulife Wealth to any person to buy or sell any security or adopt any investment approach. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Diversification or asset allocation doesn’t guarantee a profit or protect against the risk of loss in any market. Past performance does not guarantee future results. This material is intended for the exclusive use of recipients in jurisdictions who are allowed to receive the material under their applicable law. The opinions expressed are those of the author(s) and are subject to change without notice. Our investment teams may hold different views and make different investment decisions. These opinions may not necessarily reflect the views of Manulife Wealth. The information and/or analysis contained in this material has been compiled or arrived at from sources believed to be reliable, but Manulife Wealth does not make any representation as to their accuracy, correctness, usefulness, or completeness and does not accept liability for any loss arising from the use of the information and/or analysis contained. The information in this material may contain projections or other forward-looking statements regarding future events, targets, management discipline, or other expectations, and is only current as of the date indicated. The information in this document, including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Manulife Wealth disclaims any responsibility to update such information. Manulife Wealth shall not assume any liability or responsibility for any direct or indirect loss or damage or any other consequence of any person acting or not acting in reliance on the information contained here. As each situation is different, you should seek advice based on your specific circumstances. Please call to arrange for an appointment. Copyright 2024 by Manulife Wealth Inc. Manulife, Manulife & Stylized M Design, Stylized M Design and Manulife Wealth are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates, under license.

Q1 2025: A fast and furious start to the year If the first quarter of 2025 were a movie, it would probably be another installment of the Fast and Furious movie franchise. The unanswered questions surrounding potential tariffs on Canada, Mexico, China, and Europe have indeed come fast and furious, leading to much uncertainty and volatility in the markets. As the locals in Scotland say, “If you don’t like the weather, wait five minutes.” It’s a sentiment that many investors can relate to in light of the current environment. Market turbulence and geopolitical uncertainty The increased focus on geopolitical issues is evident in the rise of the Global Economic Policy Uncertainty Index,1 which measures how often certain words related to economic policy are mentioned. It’s no surprise that this uncertainty index closely aligns with the CBOE Volatility Index (VIX), a common gauge of market volatility. After two years of relatively stable markets, except for a brief period last summer, investors now seem to be less interested in riskier investments. As a result, North American equity markets suffered during the first quarter. The S&P 500 Index, the Nasdaq Composite Index, and the Russell 2000 Index were down 4.6% USD, 10.4% USD, and 9.8% USD, respectively, while the S&P/TSX Composite Index was up 0.8% CAD during the quarter.2 Finding opportunities in global market shifts There were some areas of positivity, as Europe and China fared much better. The MSCI Europe Index rose by 5.3% EUR for the quarter, while the MSCI AC Asia ex Japan Index increased by 1.4% USD.3 It seems that investors moved their focus away from North America to explore opportunities in other regions. European markets benefited as policymakers shifted their attitudes towards increased fiscal spending, boosting growth expectations. Reports showed that the Purchasing Managers’ Index in the Eurozone’s manufacturing sector has rebounded from previous lows, further adding to momentum.4 Meanwhile, Chinese equities gained as the government renewed its focus on stimulating domestic growth.5 On the fixed income side, there are signs that the negative correlation between stocks and bonds may be strengthening. During the first quarter of 2025, North American fixed income performed well. Canadian bonds, tracked by the FTSE Canada Universe Bond Index, and U.S. bonds, measured by the Bloomberg U.S. Aggregate Bond Index, rose by 2.0% and 2.8%, respectively. 6 This highlights the important role that bonds play in investment portfolios, serving as a tool to help reduce volatility. How we’re thinking about the markets If it feels like we’re repeating ourselves, that’s because we are. But some messages are worth repeating: In periods of uncertainty, investors should ask themselves whether current events are more likely to be disruptive or destructive. We believe the present situation is more of a disruption, similar to many other geopolitical events we’ve encountered before. We believe that the Trump administration judges its success based on the U.S. economy and the stock market. Chances are that they will eventually pursue negotiations with other countries. While it’s unclear whether this will require a sustained stock pullback, or even a bear market, we believe that, as of the end of the quarter, we’re not near crisis levels yet. When you’re at the height of the storm, it can be difficult to remember that sunny days might be just around the corner. Storms, however, do end. What’s important is to remain calm until they do. If you have any questions about the markets or your investments or want to talk about the year ahead, I’m here to help. Sources: 1 https://www.policyuncertainty.com/global_monthly.html 2WSJ and Yahoo Finance. As at March 31, 2025. 3Bloomberg. As at March 31, 2025. 4Purchasing Managers’ Index, S&P Global, April 1, 2025. 5Yahoo Finance. As at March 31, 2025. 6Bloomberg. As at March 31, 2025 The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States. It is not possible to invest directly in an index. Past performance does not guarantee future results. Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. This material was prepared solely for informational purposes and does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person. All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment, or legal advice. Manulife Wealth Inc. and/or Manulife Wealth Insurance Services Inc. ("Manulife Wealth") makes no representation or warranty, express or implied, as to the accuracy, completeness or correctness of the information contained in this publication. This publication does not constitute a recommendation, professional advice, an offer, or an invitation by or on behalf of Manulife Wealth to any person to buy or sell any security or adopt any investment approach. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Diversification or asset allocation doesn’t guarantee a profit or protect against the risk of loss in any market. Past performance does not guarantee future results. This material is intended for the exclusive use of recipients in jurisdictions who are allowed to receive the material under their applicable law. The opinions expressed are those of the author(s) and are subject to change without notice. Our investment teams may hold different views and make different investment decisions. These opinions may not necessarily reflect the views of Manulife Wealth. The information and/or analysis contained in this material has been compiled or arrived at from sources believed to be reliable, but Manulife Wealth does not make any representation as to their accuracy, correctness, usefulness, or completeness and does not accept liability for any loss arising from the use of the information and/or analysis contained. The information in this material may contain projections or other forward-looking statements regarding future events, targets, management discipline, or other expectations, and is only current as of the date indicated. The information in this document, including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Manulife Wealth disclaims any responsibility to update such information. Manulife Wealth shall not assume any liability or responsibility for any direct or indirect loss or damage or any other consequence of any person acting or not acting in reliance on the information contained here. As each situation is different, you should seek advice based on your specific circumstances. Please call to arrange for an appointment. Copyright 2025 by Manulife Wealth Inc. Manulife, Manulife & Stylized M Design, Stylized M Design and Manulife Wealth are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates, under license.

Q2 2025: Markets digest tariffs and geopolitical tension The second quarter of 2025 was marked by a volatile and complex stock market environment, influenced by various factors such as economic indicators, corporate earnings, and geopolitical events. Tariffs shake the market On “Liberation Day”, the Trump administration announced an aggressive tariff policy: a 10% levy on all imports, with higher rates for countries with large U.S. trade deficits. 1  The unexpected move triggered a sharp selloff in global equity markets. During the week after Liberation Day, the S&P 500 Index fell nearly 5% in a single day, a drop not seen since the COVID-19 panic in March 2020. 2  At their lowest points in 2025, the S&P 500 Index, NASDAQ Composite Index, and S&P/TSX Composite Index were down nearly 19%, 24%, and 13%, respectively. 3   Markets recovered after the administration introduced a 90-day negotiation window for affected countries. By June 30, 2025, the S&P 500 Index, NASDAQ Composite Index, and S&P/TSX Composite Index had rebounded by 5.5%, 5.5%, and 8.6%, respectively. 4   Outlook: Uncertainty and caution Looking ahead, uncertainty is likely to remain high as investors weigh the implications of tariff policy and conflict in the Middle East. Given the recent rally, there is potential for further downside. Investors may wish to remain cautious and avoid overreacting negatively to short-term declines. Still, there are reasons for cautious optimism. Both the Bank of Canada and the U.S. Federal Reserve Board are expected to cut interest rates in the second half of the year, which could help support growth. 5 In our opinion, a recession seems unlikely at present as economies have remained resilient despite the negative headlines. Balancing risks and opportunities We also believe there is a limit to how much market and economic impact the Trump administration will accept from its current direction on trade. U.S. yields are trending lower, oil prices may ease if geopolitical tensions cool, and the U.S. dollar has weakened – all historically positive for growth. 6, 7   In times like these, leaning into the wind carefully and selectively can be beneficial. Hang in there.   Sources: 1 Federal Register :: Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits . 2 https:// www.investing.com/indices/us-spx-500-historical-data . As at April 3, 2025. 3 www.investing.com . As at April 8, 2025. 4 www.investing.com . As at June 30, 2025.  5 Cool Core Inflation Boosts Bets on Rate Cuts . 6 10-Year Treasury Yield Posts Largest Decline Since April . 7 Dollar Heads for Worst First Half in Decades . The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States. It is not possible to invest directly in an index. Past performance does not guarantee future results. The S&P/TSX Composite Index is the benchmark Canadian index that tracks the performance of companies listed on the Toronto Stock Exchange (TSX). The NASDAQ Composite Index is a market-value-weighted index that tracks the performance of all stocks listed on the NASDAQ Stock Market. Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. This material was prepared solely for informational purposes and does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person.    All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment, or legal advice. Manulife Wealth Inc. and/or Manulife Wealth Insurance Services Inc. ("Manulife Wealth") makes no representation or warranty, express or implied, as to the accuracy, completeness or correctness of the information contained in this publication.   This publication does not constitute a recommendation, professional advice, an offer, or an invitation by or on behalf of Manulife Wealth to any person to buy or sell any security or adopt any investment approach. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Diversification or asset allocation doesn’t guarantee a profit or protect against the risk of loss in any market. Past performance does not guarantee future results.   This material is intended for the exclusive use of recipients in jurisdictions who are allowed to receive the material under their applicable law. The opinions expressed are those of the author(s) and are subject to change without notice. Our investment teams may hold different views and make different investment decisions. These opinions may not necessarily reflect the views of Manulife Wealth. The information and/or analysis contained in this material has been compiled or arrived at from sources believed to be reliable, but Manulife Wealth does not make any representation as to their accuracy, correctness, usefulness, or completeness and does not accept liability for any loss arising from the use of the information and/or analysis contained.    The information in this material may contain projections or other forward-looking statements regarding future events, targets, management discipline, or other expectations, and is only current as of the date indicated. The information in this document, including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Manulife Wealth disclaims any responsibility to update such information.   Manulife Wealth shall not assume any liability or responsibility for any direct or indirect loss or damage or any other consequence of any person acting or not acting in reliance on the information contained here. As each situation is different, you should seek advice based on your specific circumstances. Please call to arrange for an appointment.   Copyright 2025 by Manulife Wealth Inc.   Manulife, Manulife & Stylized M Design, Stylized M Design and Manulife Wealth are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates, under license.

Q3 2025: Markets resilient in a challenging environment Nine months into the year, markets have been stronger than many anticipated. Equity indexes posted sizeable gains, with the S&P 500, S&P/TSX, and MSCI EAFE up 13.7%, 21.4%, and 22.3%, respectively, year to date. 1  Bonds also delivered positive returns of 6.1%, 3.0%, and 7.9% as measured by the Bloomberg US Aggregate Bond Index, the FTSE Canada Universe Bond Index, and the Bloomberg Global Aggregate Bond Index, respectively. 1   For a period marked by ongoing uncertainty, these are notable results. That resilience came against a steady flow of unsettling news. Concerns about slower growth persisted. Conflicts in Eastern Europe and the Middle East remained unresolved, and political instability along with trade disputes among the world's largest economies added to the strain. Under these circumstances, weaker performance would have seemed more likely. Instead, several factors helped counter those pressures through the quarter. In the U.S., a major piece of legislation called the “One Big Beautiful Bill” may have bolstered investor confidence. Some easing of global tariff tensions contributed to more stability for international business. Central banks, particularly the U.S. Federal Reserve, lowered interest rates, supporting growth and indicating a readiness to act if conditions deteriorate. Recent advancements in artificial intelligence have garnered attention for their potential implications on productivity and profitability. Short-term market fluctuations are a possibility but can’t be predicted with certainty. Stock prices are above long-term averages and recent market momentum has been observed in certain sectors, such as information technology. Seasonal patterns can also contribute to volatility toward year end. However, trying to time the market is notoriously difficult and often counterproductive. The lesson history teaches is that investors who stay focused on their long-term goals tend to have fared better over time. If you’d like to discuss recent developments or how they may affect your investments, please reach out.   Source: 1 Bloomberg, January 1, 2025 to September 30, 2025. The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States. The S&P/TSX Composite Index is the benchmark Canadian index that tracks the performance of companies listed on the Toronto Stock Exchange (TSX). The MSCI Europe, Australasia, and Far East (EAFE) Index tracks the performance of publicly traded large- and mid-cap stocks of companies in those regions. The Bloomberg US Aggregate Bond Index tracks the performance of U.S. investment-grade bonds in government, asset-backed, and corporate debt markets. The FTSE Canada Universe Bond Index tracks the performance of marketable government and corporate bonds outstanding in the Canadian market. The Bloomberg Global Aggregate Bond Index tracks the performance of global investment-grade debt in fixed-rate treasury, government-related, corporate, and securitized bond markets. It is not possible to invest directly in an index.  Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. This material was prepared solely for informational purposes and does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person.  All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment, or legal advice. Manulife Wealth Inc. and/or Manulife Wealth Insurance Services Inc. ("Manulife Wealth") makes no representation or warranty, express or implied, as to the accuracy, completeness or correctness of the information contained in this publication.  This publication does not constitute a recommendation, professional advice, an offer, or an invitation by or on behalf of Manulife Wealth to any person to buy or sell any security or adopt any investment approach. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Diversification or asset allocation doesn’t guarantee a profit or protect against the risk of loss in any market. Past performance does not guarantee future results. This material is intended for the exclusive use of recipients in jurisdictions who are allowed to receive the material under their applicable law. The opinions expressed are those of the author(s) and are subject to change without notice. Our investment teams may hold different views and make different investment decisions. These opinions may not necessarily reflect the views of Manulife Wealth. The information and/or analysis contained in this material has been compiled or arrived at from sources believed to be reliable, but Manulife Wealth does not make any representation as to their accuracy, correctness, usefulness, or completeness and does not accept liability for any loss arising from the use of the information and/or analysis contained.  The information in this material may contain projections or other forward-looking statements regarding future events, targets, management discipline, or other expectations, and is only current as of the date indicated. The information in this document, including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Manulife Wealth disclaims any responsibility to update such information.  Manulife Wealth shall not assume any liability or responsibility for any direct or indirect loss or damage or any other consequence of any person acting or not acting in reliance on the information contained here. As each situation is different, you should seek advice based on your specific circumstances. Please call to arrange for an appointment.  Copyright 2025 by Manulife Wealth Inc. Manulife, Manulife & Stylized M Design, Stylized M Design, Manulife Wealth, and Where will better take you are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates, under license.

From tariffs to tensions, markets found a way to deliver Imagine a year characterized by economic uncertainty from tariffs, geopolitical tensions in Europe and the Middle East, and concerns about a global economic slowdown. Under those conditions, it would have been reasonable to anticipate stagnant or even declining global equity and bond markets. Instead, the MSCI World Index rose 2.9% in Q4, finishing the year up 19.5%. In the U.S., the S&P 500 Index gained 2.3% in the quarter and 16.4% for the year. In Canada, the S&P/TSX Composite Index increased 5.6% for the quarter and 28.2% for the year.  1   Bonds also advanced, with the FTSE Canada Universe Bond Index up 2.6% for the year (but down slightly at -0.3% for the quarter), and the Bloomberg US Aggregate Bond Index up 1.1% in Q4 and 7.3% for the year. 1 For investors, 2025 was another reminder that headlines don’t always dictate returns. What drove market returns in 2025? 1.     Stable economic growth Despite concerns about a downturn, markets held firm, helped by easing inflation and sustained economic activity. 2 2.     Interest rates Central banks reportedly made approximately 300 interest rate cuts over the last 24 months (as of December 31, 2025). 3 Investors generally view rate cuts as stimulative, with their effects typically being felt over the following 12 to 15 months. 4 3.     Technological innovation AI-related announcements continued to spark rallies. Optimism around productivity gains and profit growth remained strong. 5 Looking toward 2026 Short-term market fluctuations are part of the investing experience. Even so, several factors could influence the year ahead: ongoing investment in AI, potential interest rate adjustments, and a constructive economy. Balance short-term noise with long-term goals Headlines will bring surprises, and volatility can test patience. Successful investing isn’t about reacting to every market move. It’s about maintaining perspective when conditions change and keeping decisions anchored to long-term objectives. That discipline helps turn periods of uncertainty into progress over time.   Sources:  1 Bloomberg, January 1, 2025 to December 31, 2025. 2 Economic growth in 2025 has defied the gloomy expectations .   3 Central Bank Rates | Worldwide Interest Rates . 4 When the Fed Cuts: Lessons from Past Cycles for Investors - CFA Institute Enterprising Investor . 5 Just how big is the AI investment wave? .   The MSCI World Index tracks the performance of publicly traded large- and mid-cap stocks of developed market companies. The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States. The S&P/TSX Composite Index is the benchmark Canadian index that tracks the performance of companies listed on the Toronto Stock Exchange (TSX). The FTSE Canada Universe Bond Index tracks the performance of marketable government and corporate bonds outstanding in the Canadian market. The Bloomberg US Aggregate Bond Index tracks the performance of U.S. investment-grade bonds in government, asset-backed, and corporate debt markets. It is not possible to invest directly in an index. Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. This material was prepared solely for informational purposes and does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person. All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment, or legal advice. Manulife Wealth Inc. and/or Manulife Wealth Insurance Services Inc. ("Manulife Wealth") makes no representation or warranty, express or implied, as to the accuracy, completeness or correctness of the information contained in this publication. This publication does not constitute a recommendation, professional advice, an offer, or an invitation by or on behalf of Manulife Wealth to any person to buy or sell any security or adopt any investment approach. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Diversification or asset allocation doesn’t guarantee a profit or protect against the risk of loss in any market. Past performance does not guarantee future results. This material is intended for the exclusive use of recipients in jurisdictions who are allowed to receive the material under their applicable law. The opinions expressed are those of the author(s) and are subject to change without notice. Our investment teams may hold different views and make different investment decisions. These opinions may not necessarily reflect the views of Manulife Wealth. The information and/or analysis contained in this material has been compiled or arrived at from sources believed to be reliable, but Manulife Wealth does not make any representation as to their accuracy, correctness, usefulness, or completeness and does not accept liability for any loss arising from the use of the information and/or analysis contained. The information in this material may contain projections or other forward-looking statements regarding future events, targets, management discipline, or other expectations, and is only current as of the date indicated. The information in this document, including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Manulife Wealth disclaims any responsibility to update such information.  Manulife Wealth shall not assume any liability or responsibility for any direct or indirect loss or damage or any other consequence of any person acting or not acting in reliance on the information contained here. As each situation is different, you should seek advice based on your specific circumstances. Please call to arrange for an appointment. Copyright 2026 by Manulife Wealth Inc. Manulife, Manulife & Stylized M Design, Stylized M Design, Manulife Wealth, and Where will better take you are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates, under license.

AI can be useful as a research and summary tool, but the idea that investors can delegate important financial decisions to it — at least in its current state — is misguided

You have a goal in mind and you’ve started to save for it. With all the choices available to you, deciding how to invest your savings may seem difficult. Join this webinar to learn the basics of investing and things to think about as you get started. Register now: Friday, February 6, 2026, 12:00 P.M., ET

Did you know that life insurance may be the single greatest gift you can buy for your family? I emphasize buy because, of course, nothing can replace the gifts of time and love you already give them. Life Insurance

While their investment characteristics mean they are often compared to mutual funds, segregated funds have their own unique tax attributes that are important to understand.

How much can I expect from OAS? Who is eligible for the Guaranteed Income Supplement (GIS)? Join this webinar to learn about these government programs, including when and how to receive them. Register now: Wednesday, February 4, 2026, 12:00 P.M., ET

What are the most significant mortality drivers in Canada and how are they changing? Understanding leading causes of death in Canada can help underscore the need for insurance coverage. This article explores two significant mortality drivers: Cancer and metabolic syndrome.

Registered Retirement Savings Plans (RRSPs) and, tax-free savings accounts (TFSAs)—what's the difference and how could they help you save money? Join this webinar to learn what these plans are, how they’re different, and why you could think about both when you’re deciding how to save. Register now: Monday, February 2, 2026 3:00 P.M., ET

We know that disability insurance is meant to provide coverage if you get sick or injured and can’t work. But what if you’re already sick or injured when you apply for disability insurance coverage?