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1. Market Commentary July 2025 Key Takeaways
   
   • Markets were very volatile in April to start Q2 but calmed as the quarter progressed. Volatility was driven mostly by headlines about tariffs, but other fiscal policy developments also had an impact.
   • Equity markets sold off sharply at the start of the quarter, continuing Q1’s weakness. Markets rebounded sharply once worst-case fears over tariffs eased. The markets continued to rally through the quarter as trade negotiations progressed. Stronger-thanexpected corporate earnings also boosted markets. Despite the shaky start to the quarter, most global equity markets set new all-time highs in Q2.
   • Canadian bond markets delivered slightly negative returns in Q2. Weak performance was driven by rising interest rates, which outweighed the impact of tighter credit spreads. Higher interest rates hurt the performance of longer-term bonds most. 
   • Both the Bank of Canada and the U.S. Federal Reserve adopted a wait-and-see approach. They each held rates steady during Q2, awaiting greater clarity on the impacts of tariffs on both growth and inflation before considering further cuts.
   
   Economic and Market Update

   Economic Summary: Most indicators of economic activity in the U.S. continued to expand at a decent pace. However, GDP data for the first quarter came in weaker than expected, as higher imports ahead of anticipated tariffs and weaker spending by consumers weighed on Q1 GDP. That said, GDP growth is expected to bounce back in Q2. Tariffs will likely continue to be an evolving story, with potential impacts on both economic growth and inflation. Those impacts will remain uncertain until trade agreements have been finalized.
   
   

   In early April, President Trump announced larger-than-expected reciprocal tariffs, with the impact most notable on trade with China. However, progress followed with a 90-day pause in tariff implementation. The U.S. then reached trade agreements with the UK, China, and Vietnam. Negotiations with other major trade partners are ongoing. The conflict between Israel and Iran raised inflation concerns, due mostly to the possibility of higher oil prices. Those concerns eased following a ceasefire. Congress passed Trump’s tax cut and spending bill, raising concerns about its potential impact on the U.S. fiscal burden. Meanwhile, U.S. labour market conditions remain resilient, with the unemployment rate remaining low. Inflation has eased slightly but remains above the Federal Reserve’s target. Amid heightened uncertainty, the Federal Reserve held interest rates steady at 4.25%–4.50% at both of its meetings in Q2. Chair Jerome Powell stated that the Fed is “well positioned to wait for greater clarity before considering any adjustments to our policy stance.”
   
   In Canada, tariffs and trade-related uncertainty continue to weigh on the economy. A pullforward of exports and inventory accumulation ahead of tariffs helped keep first-quarter GDP firm, but growth is expected to slow in the second quarter. The labour market has weakened, particularly in trade-sensitive sectors. Inflation remains within the Bank of Canada’s 1–3% preferred range. However, core CPI remains above the Bank’s preferred 2% target. Canada’s fiscal deficit is expected to widen as Prime Minister Mark Carney aims to fast-track infrastructure development and increase defense spending. Amid ongoing trade uncertainty, the Bank of Canada held its policy rate at 2.75% during its April and June meetings. Governor Tiff Macklem signaled the Bank’s readiness to cut rates further if economic conditions deteriorate.
   
   
   
   Bond Markets: During Q2, the FTSE Canada Universe Bond Index returned -0.6%. Yields for Canadian bonds rose across all maturities over the quarter. That reflected reduced expectations for rate cuts by the Bank of Canada and a higher risk premium on long-term debt. The impact of higher yields on government bonds was offset in part by tightening of credit spreads on provincial and corporate bonds. Overall corporate bonds saw a positive return for the quarter and outperformed government bonds, in part due to the strong recovery in credit spreads that started in late
   April. While corporate issuance slowed considerably in April due to increased trade policy uncertainty, issuance in the Canadian bond markets during May and June were robust. There were 83 deals during Q2 that combined to raise $37 billion for issuers. June 2025 was the 3rd busiest month for issuance on record. We continue to expect higher credit spreads as the U.S. tariffs impact global growth. As such, we have maintained our conservative view with a bias towards shorter corporate bonds but remain ready to invest in longer corporate bonds as valuations become
   attractive.
   
   
   
   Stock Markets – Overview: Having done a round-trip following April tariff announcements, technology, consumer discretionary and industrial companies propelled the U.S. equity market to another record high. The S&P 500 ended the quarter up about 11%, outperforming Canadian and international markets. Canadian equities gained 8.5% in Q2, buoyed by front-loaded demand that benefited the Materials sector, while Financials recovered from a poor Q1. Meanwhile, as risk sentiment stabilized following the 90-day tariff pause and U.S. equities regained momentum, the appeal of the “Sell America” trade diminished. As a result, Europe, Australasia, and the Far East (EAFE) markets finished the quarter with a more modest gain of just over 5%, lagging the sharper
   recovery seen in North America.
   
   
   
   U.S. Equities: The U.S. equity market staged a V-shaped recovery on strong company earnings data in the second quarter. A stable job market and muted inflation reinforced the view of a resilient U.S. economy. At a company level, we observed positive corporate earnings surprises, steady profit margins and better-than-expected forward earnings guidance. Together they underpinned the equity market’s sharp reversal to the upside. Market breadth also improved over the quarter, with strength extending beyond Technology to include Industrials and Financials. That signalled that the market rally was supported by investors’ confidence in the U.S. economy. Furthermore, structural investment trends in artificial intelligence (AI) continued to accelerate, highlighted by rising enterprise capex in data centres. Beyond AI, Circle, a blockchain-based platform that supports stablecoin issuance, tokenized assets, and digital payment infrastructure, conducted a successful IPO. Its share price jumped 485% from its listing price as of quarter-end. On June 17, the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a regulatory framework for use of tokenized assets. While investors wait for the House’s decision, equity price actions suggest that the policy environment is increasingly supportive of blockchain innovation and digital efficiency.
   
   Canadian Equities: Canadian equities posted solid gains in Q2, with Financials overtaking Materials to lead the market higher. Momentum from the Materials sector, which benefited from the pull-forward demand related to U.S. tariff uncertainty, faded toward quarter-end. Meanwhile, cooling inflation and muted domestic growth pushed investors towards highquality, high-dividend-paying companies. Notably, banks significantly outperformed the broader market, as investors favoured their stable corporate fundamentals. Energy surged briefly amid escalating geopolitical tensions, but those gains proved short-lived. In recap, investors in the Canadian market faced slowing resource demand and a stalling domestic economy, which fueled increased interest in high-quality, high-dividend-paying companies. That is a trend we expect to continue going forward.
   
   Bottom line:  Markets remain heavily influenced by sentiment, with U.S. policy developments and ongoing tariff negotiations continuing to cause periodic volatility. However, there is little
   evidence of deterioration in the hard data to date. As such, we continue to anchor our positioning on underlying data rather than market narratives. Looking ahead, the combination of a structurally higher-for-longer interest rate environment and increasingly pro-growth policy backdrop presents selective opportunities. In the U.S., this favours highquality growth stocks, particularly within Technology, where strong balance sheets and long-term thematic tailwinds remain intact. In Canada, Financials, especially the relatively inexpensive banks, present a more compelling opportunity as earlier tailwinds from pullforward demand are beginning to wane. While we remain constructive, we are mindful of elevated equity valuations and continue to closely monitor macro conditions and policy developments for signs of inflection.
   
   Downloadable Copy
    

   Mark Warywoda, CFA VP, Public Investments	Ian Whiteside, CFA, MBA AVP, Public Investments	Johanna Shaw, CFA Director, Public Investments	Jin Li Director, Equity Investments
   Wanyi Chen, CFA, FRM Sr. Quantitative Analyst	Andrew Vermeer, CFA Senior Analyst, Credit	Elizabeth Ayodele  Analyst, Credit	Edward Ng Cheng Hi Analyst, Credit	Francie Chen Analyst, Rates

   
   ADVISOR USE ONLY
   Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable^® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.
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7. Equitable Life Group Benefits Bulletin - October 2022

   Introducing new Gender Affirmation Coverage for group benefits plans

   Providing an inclusive benefits plan can play a critical role in fostering a workplace culture that welcomes diversity and helps employees thrive. While most provinces cover the cost of gender-affirming surgery, each person has unique needs. Some may require procedures that are not publicly covered.
   
   That’s why we’re pleased to introduce a new coverage option for gender affirmation surgical procedures that are not covered by provincial health plans. Gender Affirmation Coverage helps plan sponsors to close the gap where provincial health coverage ends. 

   Coverage details and eligibility

   Gender Affirmation Coverage can be added to any Equitable Life plan with an in-force Extended Health Care plan. It provides coverage for gender-affirming procedures that are not covered by provincial health plans. This might include tracheal (Adam’s apple) shaving and voice surgery. It will also cover some additional procedures to further align the plan member’s features to the transitioned gender, such as facial bone reduction and cheek augmentation. This makes a wider variety of gender-affirming surgeries accessible to plan members and helps minimize their out-of-pocket costs.
   
   Plan members are eligible for coverage with a diagnosis of gender dysphoria from a qualified health care professional. 

   Offering a more inclusive benefits plan

   The coverage provides one more way for your clients to offer more inclusive coverage and to offer holistic support to their plan members undergoing a gender transition. We have developed this coverage as a complement to our existing coverage options, including Health Care Spending Accounts (HCSAs), Taxable Spending Accounts (TSAs), Extended Health Care and drug coverage, and Employee and Family Assistance Programs, all of which can provide support to plan members undergoing gender affirmation.
   
   We regularly review our products to ensure that they’re meeting your clients’ needs, and we’re committed to offering products that support diversity, equity and inclusion.
   
   We also continue to review our forms, documents and processes to make them more inclusive. This includes reviewing our online plan member enrolment (OPME) tool to allow for more flexibility with the way plan members identify their gender. 

   Gender affirmation and mental well-being

   Gender affirmation procedures can lead to improved mental health outcomes for those with gender dysphoria, as most report an improvement in their quality of life following the procedures. Gender dysphoria may occur when a person’s assigned sex at birth does not match their identity, and people experiencing gender dysphoria typically report psychological and emotional distress, including symptoms of depression or anxiety. By offering coverage where provincial health coverage ends, your clients can support plan members as they seek procedures that align their body presentation with their self-identified gender.
    

   Advantages at a glance

   Advantages for plan members include:
   • Reimbursement for some procedures and expenses, leading to fewer out-of-pocket costs
   • May experience improved mental health outcomes after surgery
   Advantages for plan sponsors include:
   • A benefits plan that promotes a culture of diversity, equity and inclusion, which may build employee loyalty
   • Support for plan member mental health to help those with gender dysphoria thrive
   For more information about how Equitable Life benefits plans can support the needs of those seeking gender affirmation surgery view our resources: 
   • Guide to Gender Affirmation Procedures and Therapies
   • Gender Affirmation Coverage Overview
   You can also contact your Group Account Executive for more information. If you have clients with myFlex plans who are interested in Gender Affirmation Coverage, please contact your myFlex Sales Manager to determine eligibility. 
    

   The Benefits Canada 2022 Health Care Survey results are in!

   Equitable Life is proud to be a Platinum sponsor for The Benefits Canada 2022 Health Care Survey, Canada’s leading survey on workplace benefits plans. This year’s survey report highlights many fascinating insights across a wide variety of benefits topics, including:
   • A focus on mental health for both plan sponsors and plan members
   • The repercussions of the "shadow" pandemic due to health care delays 
   • Trends in plan members' overall perceptions of their health benefits plans
   • The types of benefits getting more attention from plan members
   • The role of remote work in plan member satisfaction
   By surveying plan members and plan sponsor representatives across Canada each year, Benefits Canada works with its Advisory Board to provide timely insights on the employee benefits issues that are most important to Canadians. This year, our Group Vice-President of Western Sales, Meghan Vallis, has provided her expertise as an Advisory Board member.
   
   We’re committed to helping you and your clients navigate the evolving landscape of employee benefits in Canada by contributing to this vibrant industry community. To read the full report, visit Benefits Canada.
    

   HCSA and TSA manual allocation reminder

   If your clients’ Health Care Spending Account (HCSA) and/or Taxable Spending Account (TSA) have manual allocations, they need to allocate these amounts to plan members each year. Clients should review their plan members’ profiles on EquitableHealth.ca to ensure they have received their allocation(s) for the current benefit year. Your clients may also order HCSA and TSA forfeiture reports on EquitableHealth.ca. 
    
   If your clients have Plan Administrator update access on EquitableHealth.ca, they can update these amounts online by doing the following:
   • Select View certificate
   • Select Health Care Spending Account or Taxable Spending Account
   • Select Update Allocation in Task Center
   • Enter amount in Revised Allocation Amount
   • Override Reason – Plan Administrator Request
   • Select Save
   If your clients have Plan Administrator reporting access on EquitableHealth.ca, they can determine which plan members have a zero allocation by running the HCSA Totals by Plan Member report online by doing the following:
   • Select Reports
   • Select New
   • Select Next
   • Select HCSA or TSA Totals by Plan Member
   • Select Next
   • Enter end date of 12/31/2022
   • Select Next
   • Select Finish
   • View Report
   To provide us with the amounts to be updated, please have your client contact our Group Benefits Administration Team at GroupBenefitsAdmin@equitable.ca. 
   
    
8. April 2024 eNews

   In this issue:

   • Competitive – and easy – benefits plans for your small business clients
   • Simplifying benefits enrolment for your clients*
   • NEW time-off tracking tool from HRdownloads*
   • Focus on benefits fraud: Protecting your clients’ plans from abuse*
   *Indicates content that will be shared with your clients who receive these benefits.
    

   Competitive – and easy – benefits plans for your small business clients

   Supporting your small business clients can be a challenge. It’s tough to find a competitively-priced benefits plan with the features they want. Small business owners may also need more of your time – especially if this is their first benefits plan.
    
   That’s why we created Equitable EZBenefits™, a benefits solution designed with the needs of small businesses in mind. With a range of plan design options and valuable embedded services for plan sponsors and plan members, EZBenefits is available for groups with 2 to 25 employees. And to make things simpler for you, we’ve created an Advisor Concierge Service exclusively for EZBenefits. Whether you have a question about submitting a quote request for a new client or an issue with an in-force client, our Concierge Service is your go-to resource for EZBenefits support.  

   Don’t have any EZBenefits clients yet?

   To learn more about EZBenefits, watch our video to learn more or view our brochure.

   Simplifying benefits enrolment for your clients*

   Navigating the benefits enrolment period can be overwhelming – for you, your clients and their employees. It’s difficult to ensure all plan members complete the necessary paperwork before the enrolment deadline. 

   That’s why we offer our secure Online Plan Member Enrolment tool at no extra cost to plan sponsors. The tool simplifies the onboarding process for your clients and their plan members by eliminating the need for paper enrolment forms.
    
   It also makes enrolment faster and easier for your clients by:

   • Reducing errors and rework that can occur due to spelling mistakes or missing information on paper forms; and
   • Sending automatic enrolment reminders to plan members, resulting in fewer late applicants. 
   Our user-friendly interface allows plan members to:
   • Enrol in their benefits plan in just minutes from their computer or mobile device;
   • Easily enter all their enrolment information, including dependent details, banking information for direct deposit of claim payments and details for coordination of benefits; and
   • Designate their beneficiary electronically. 

   Ready to share our Online Plan Enrolment Tool with your clients? Get them started with these helpful resources:

   • Online Plan Member Enrolment Flyer for Plan Administrators
   • Online Plan Member Enrolment Quick Reference Guide for Plan Administrators
   • Quick Reference Guide for Plan Members

   To learn more about how Online Plan Member Enrolment can simplify benefits enrolment for your clients, contact your Group Account Executive or myFlex Account Executive.

   NEW time-off tracking tool from HRdownloads*

   Through our partnership with HRdownloads®, EZBenefits clients now have complimentary access to Timetastic —a time-off tracking tool that can make it easier to manage employee vacation time, sick days and more.
    
   Timetastic integrates seamlessly with HRdownloads and includes a mobile app to help manage time-off requests from any mobile device.
    
   To see Timetastic in action, check out this demo.
    
   EZBenefits also includes other helpful resources and tools from HRdownloads that can make daily human resources tasks easier, including:
   • A robust, award-winning HR management platform (HRIS);
   • HR documents, templates, compliance resources and articles; and
   • A live HR advice helpline. 
   All of our other Equitable group benefits clients can get a 10% discount on HRdownloads services. Visit the link below or contact your Account Executive for more information.
   
   Learn more about accessing HRdownloads.

   Focus on benefits fraud: protecting your clients’ plans from abuse*

   According to the Canadian Life and Health Insurance Association (CLHIA), benefits fraud costs insurers and plan sponsors millions of dollars each year, which can lead to increased premium costs.
    

   Resources for your clients

   Both plan administrators and plan members play a role in preventing benefits abuse. So, we’ve compiled some resources you can share with your clients to help them understand what benefits fraud is and how to prevent it:
   • CLHIA’s free 15-minute Protect Your Benefits online course for plan administrators and their members
   • CLHIA’s Fraud is Fraud program, including their FAQs on benefits fraud
   • Our online guide to benefits abuse
   • Tips for plan administrators and plan members to protect their plan 
   Encourage your clients to educate their plan members about the potential consequences of benefits fraud, including losing their benefits, losing their job and even jail time. 

   How we’re fighting benefits fraud

   Our Investigative Claims Unit (ICU) works to detect and eliminate benefits fraud. We use a variety of investigative techniques, including CLHIA-led industry tools to detect and eliminate benefits fraud: 
   • Joint Provider Fraud Investigation Program: A robust program that allows insurers to collaborate on fraud investigations that affect multiple insurers;
   • Data Pooling Program: An initiative that pools data between insurers and uses advanced artificial intelligence to further identify and reduce benefits fraud; and
   • Provider Alert Registry: A registry that allows insurers to view the results of other insurers’ anti-fraud investigations into specific practitioners. 
   To learn more about benefits fraud and Equitable’s commitment to protecting our benefits plans, please contact your Group Account Executive or myFlex Account Executive.
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