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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended December 31, 2025 <br />Multi-Asset Class Management <br />THE ECONOMY <br />• In the third quarter, U.S. real gross domestic product (GDP) accelerated sharply at a <br />seasonally adjusted annualized rate of 4.3%, marking the strongest growth in more <br />than two years. This rebound in growth was driven by strong consumer spending <br />and an increase in net exports. The continued growth points to the persistent <br />resilience of the economy. <br />• The U.S. unemployment rate ticked up over the quarter, rising to 4.6% in November. <br />The latest initial jobless claims ended the quarter at 199,000 (for the week ending <br />December 27), the lowest level since January, with the continuing jobless claims <br />also falling to approximately 1.9 million as we continue to see no meaningful <br />increase in layoffs through 2025. The other side of the “low-hire, low-fire” <br />environment can be seen as the pace of hiring, which slowed to 64,000 new jobs <br />created in November after a decline of 105,000 in October, led by a drop in payrolls <br />due to resignation offers across the federal government. <br />• Inflation appears to be cooling in the fourth quarter. Headline inflation (CPI) grew at <br />a year-over-year rate of 2.7% in November, the lowest rate since July. This reading <br />comes with a caveat however, as the government shutdown at the start of the <br />quarter has led to a missed October reading as well as no monthly data released for <br />November. <br />U.S. Unemployment and Monthly Average Continued Claims <br />Source: Bloomberg. <br />U.S. GDP Growth <br />Source: Bloomberg. Light blue bars indicate actual numbers; dark blue bars indicate fore- <br />casted estimates. <br />0 <br />500 <br />1,000 <br />1,500 <br />2,000 <br />2,500 <br />0% <br />2% <br />4% <br />6% <br />8% <br />Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 <br />Th <br />o <br />u <br />s <br />a <br />n <br />d <br />s <br />4.3% <br />1.0% <br />2.1%2.0%2.0% <br />-2% <br />-1% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />7% <br />8% <br />Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 <br />2021 2022 2023 2024 2025 2026 <br />Qo <br />Q <br />% <br /> <br />C <br />h <br />a <br />n <br />g <br />e <br />, <br /> <br />S <br />A <br />, <br /> <br />A <br />n <br />n <br />u <br />a <br />l <br />i <br />z <br />e <br />d <br />Source: Bureau of Labor Statistics. <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />7% <br />8% <br />9% <br />10% <br />Dec-21 Dec-22 Dec-23 Dec-24 <br />Yo <br />Y <br />% <br /> <br />C <br />h <br />a <br />n <br />g <br />e <br />Core CPI CPI <br />U.S. Inflation Rate <br />Seasonally Adjusted (SA) <br />2.2 <br />Exhibit A <br />Resolution No. 2026-061