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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended September 30, 2025 <br />Multi-Asset Class Management <br />-1.00% <br />0.00% <br />1.00% <br />2.00% <br />3.00% <br />4.00% <br />5.00% <br />6.00% <br />Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 <br />Fed Target Rate ECB Target Rate <br />Bank of England Target Rate Bank of Canada Target Rate0 <br />20 <br />40 <br />60 <br />80 <br />100 <br />Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 <br />WHAT WE’RE WATCHING <br />• The Federal Reserve (Fed) cut rates in the third quarter by a quarter percentage point, <br />prompted by increasing weakness in the labor market. The Fed also signaled that two <br />more quarter-percentage-point rate reductions are likely before the end of the year. <br />However, with inflation above the 2% policy target, the Fed will be focused on balancing <br />maximum employment and price stability. Outside of the U.S., the European Central <br />Bank (ECB) which preceded the U.S. with cuts earlier in the year, held rates flat in the <br />third quarter. <br />• U.S. consumer sentiment, as measured by the University of Michigan survey of <br />consumers, fell during the third quarter as consumers continued to express concerns <br />about the impact of high prices on personal finances. Consumer spending, which drives <br />more than two-thirds of the economy, rose 0.6% month-over-month in August, supported <br />by higher-income consumers benefiting from a strong wealth effect as equity markets <br />continue to rise. <br />• Manufacturing in the U.S. remains challenged, with the ISM U.S. Manufacturing PMI <br />reading coming in at 49.1 in September. This marked the seventh consecutive month <br />of contraction as input prices remain elevated while demand is relatively weak. The <br />threat of volatility stemming from trade and tariffs has mostly passed, though some trade <br />agreement deadlines are set in Q4, which pose continued uncertainty for many countries <br />and companies. <br />Global Central Bank Rates <br />Source: Bloomberg. <br />U.S. ISM Manufacturing & Services PMI <br />Source: Bloomberg. <br />40 <br />45 <br />50 <br />55 <br />60 <br />65 <br />70 <br />Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 <br />Manufacturing Services <br />University of Michigan Consumer Sentiment <br />Source: Bloomberg. <br />2.3 <br />Exhibit A <br />Resolution No. 2025-166 Page 6