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The month of March witnessed continued caution by investors ahead of the much-awaited White House announcements on reciprocal tariffs on April 2nd, 2025. The confrontational posturing of the Trump administration towards United States’ trading partners had investors braced for some form of an adverse outcome. Taking cues from the announced objectives of the White House on trade imbalances, investors tried to gauge and discount the extent and magnitude of the tariffs and re-priced risk assets. The S&P 500 Index was down by ~-5.75% and the S&P TSX was down by ~-1.87% during March. The expectation among market participants was that the Trump administration team is working in the background to analyze the tariff and non-tariff barriers of its trading partners (an arduous task), which gave an appearance that the reciprocal tariff policy would be based on sound economic reasoning. Market participants also held on to hopes that lifting the uncertainty could support the markets after the sell-off. To their surprise, the scope and extent of tariffs announced were much larger-than-expected and were based on a simple mathematical formula with questionable logic.  In response to the reality of what these tariffs would imply for corporate profit margins, inflation, and global economic activity, the global markets sell-off accelerated immediately after the announcements. In our previous update, we alluded that for the probability of the market outlook to improve from here, either the Trump administration must capitulate as the adverse market reaction builds pressure and/or the opposition finds its footing and stages a push bask. As of this writing, markets are rallying as the United States President has announced a pause on the tariffs for 90 days on countries willing to negotiate. He also announced a hike of tariffs to 125% on China as it refused to negotiate. We think the adverse market reaction immediately after the announcement of tariffs, or in other words, a severe push back from Mr. Market on the reciprocal tariff policy had the administration thinking about the policy even though they maintained their tough posturing. The recent turbulence in the bond markets after the 10-year yield jumped by ~+60 basis points within a few days (see figure 1) causing industry participants to speculate if any event of substantial stress in the fixed income markets is near. Further, increasing news flow of countries gravitating towards China had made it clear that the actions of the Trump administration could ‘Make China Strong Again’ rather than America. Figure 1: US 10-yr yield jumped up sharply after reciprocal tariffs announcement Source: Bloomberg We think the above factors contributed to an announcement of a pause on Trump’s tariff policy. However, since the tariffs are paused for 90-days and have not been rolled back; and a minimum of 10% tariff is still applicable, we think the case for inflation to increase in the future remains in place. Furthermore, tensions with China will stay elevated. The first-quarter earnings season could shed light on the impact of the uncertain environment on the earnings outlook and could again weigh on the sentiment. We think the case to keep a defensive tilt in portfolios is intact for now.   Vipul Arora is a Portfolio Manager with Assante Capital Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. Please contact him at 613-258-1997 or visit ofarrellwealth.com  to discuss your particular circumstances prior to acting on the information above. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Insurance products and services are provided through Assante Estate and Insurance Services Inc.

We try to teach our kids to be resilient, to know right from wrong, to stand up for themselves, to be polite and to work hard. Some of us teach our kids about money and finances. How can we ensure that once they are on their own that they will have all the advice that they need to live independently and be financially responsible? I often get asked by clients if I can work with their children. Sometimes because the parents don’t have the knowledge, but more often because much of what kids need to know isn’t taught in schools today. Often, advice from a third party is generally better accepted by youth.  I enjoy collaborating with young clients. I have two children who are just starting out in life, and I see how important it is that they have a good financial foundation. There are many types of accounts today that historically did not exist, and each one has its own set of contribution and withdrawal rules. Navigating these accounts, along with the tax implications of these accounts, shows how vital financial advice is at all stages in life. Financial Advisors can give the right advice and help you plan to ensure your money is working effectively for you as a young person. Aside from the types of accounts and investments, here is a little advice I give all young people on what I call “Money Skills for Youth”. Save Regularly - getting into a habit of saving regularly early on in life will ensure that you have the things you want now, as well as later. Start a Budget – understand your cash flow – income and expenses. The Power of Compound Interest and the Rule of 72! If you start saving at 15 and you earn 8% you need to invest approximately $125 a month to have $1Million at age 65. 72 divided by the interest rate is the number of years it will take you to double your money. Debt – never borrow to buy what you cannot pay off or you cannot resell. Diversification - when you are getting started with investing understand your risk tolerance, time horizon, and choose a diversified portfolio to reduce risk. If you are young and looking for advice or have children getting started with a savings plan, reach out to your Financial Advisor who can help to produce the right plan. A good plan always starts with good advice.   Cynthia Batchelor is a Financial Advisor with Assante Capital Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. Please contact her at 613-935-6254 or visit ofarrellwealth.com to discuss your particular circumstances prior to acting on the information above. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Insurance products and services are provided through Assante Estate and Insurance Services Inc.

The North American capital markets witnessed a tumultuous month. Investor expectations switched back and forth between hopes of a de-escalation of the trade war threats to concerns of worsening global trade as the Trump administration continues to upend the United States’ relations with its global trade partners. The hopes of ‘Trump Put’, an expectation that the United States President will back-pedal on escalations to alleviate investors concerns in the event markets nosedive, have also faded. Most recently, Trump and several of his cabinet members have indicated that they are not looking at the stock markets. The US President in the joint address to Congress said that he expects some initial pain after the tariffs. Treasury Secretary, Scott Bessent, also stated in an interview that the United States economy will go through a ‘detox period’. In other words, the new administration seems prepared to go through pain to achieve its objectives. We believe the above statements exacerbated the already battered investor confidence and concerns gave way to despair, judging by the market price action for the past few days. From expectations of the United States economy to outperform the rest of the world on the back of business-friendly policies like lower taxes and deregulation, the outlook has changed dramatically to an economic deceleration or perhaps even an engineered recession in the United States. The back and forth on tariffs, upending of relationships with allies/friends, supporting the position of enemies in international arenas,  and job cuts of federal workers in the name of reducing wasteful expenditure, have all contributed to an environment of uncertainty in the United States and allied countries. The United States economic policy uncertainty index is now at levels last seen during the ‘Great Financial Crisis’ of 2008-2009 and the ‘Covid-19’ pandemic in 2020 (See Figure 1). As businesses postpone decision making during uncertain periods, the natural fallout is economic contraction, rise in unemployment and ultimately a recession if the uncertainty continues to linger. Figure 1: US Economic Policy Uncertainty Index Source: Bloomberg Judging from the recent comments of members of the Trump administration, we think the likelihood of uncertainty to linger longer has increased. The barrage of executive orders and attacks on mechanisms of potential check on Trump administrations’ actions suggests it could be a while before a meaningful opposition to the damaging actions can be staged, in our opinion. On the brighter side, the Federal Reserve’s chair, Jerome Powell, has not raised the investors hopes of monetary policy support yet. Any positive surprise on this front could help the market sentiment, in our view. In addition, the crisis created in Canada due to tariffs has now galvanized enough support to direct the nation’s energies towards self-sufficiency. While tariffs will be a negative for Canada, the developments have set things in motion for decisions that could serve the country better in the long run. Similarly, for the United States, the things are now set in motion that will reduce its importance and power on the global stage in the long run given its new image of being an unreliable partner. The western world is fractured right now and is scrambling to find alternatives to the global roles the United States has abandoned. The silver lining is that this necessitates a lot of capital expenditure towards critical minerals, defense, energy and technological sufficiency by these countries, which in turn implies new opportunities for investors. We think the near-term headwinds for the global markets have increased and thus warrant a tactical defensive tilt to the investment portfolios. Furthermore, diversification to global geographies and different asset classes is a must to mitigate the downside risk in this environment. Nevertheless, the investment environment can change quickly if the United States shifts its position towards damage control rather then pressing on with the damaging policies. Overall, our optimism on the outlook for 2025 is tempered, however, we think the second half of 2025 should be relatively better. This could either be due to capitulation of Trump administration (reversal of some of the policies) to adverse market reaction and/or stalling of its actions as opposition finally finds it footing and stages a push back.   Vipul Arora is a Portfolio Manager with Assante Capital Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. Please contact him at 613-258-1997 or visit ofarrellwealth.com  to discuss your particular circumstances prior to acting on the information above. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Insurance products and services are provided through Assante Estate and Insurance Services Inc.

O'Farrell has been in business for over 25 years, providing wealth and estate planning services to clients throughout Eastern Ontario. Financial Planning Services and Group Benefit Plans to grow your wealth and secure your future. Group Benefits & Group RRSPs, for all sizes of business Our Team provides specialized plans for your organization to meet the needs of your employees. EMPLOYEE BENEFITS & GROUP RRSP O'Farrell Wealth & Estate Planning Wealth planning for every stage of life. At O'Farrell, we design comprehensive plans to help our clients meet their needs and achieve their goals. WEALTH & ESTATE PLANNING Our Team Our dedicated Team Members provide quality service with professionalism every day. MEET THE O'FARRELL TEAM Our Values We support our clients in creating individualized plans that meet them where they are in life. Together we explore progressive strategies to help them make effective choices. Planning Building Growing Educating Caring Let's discuss how the O'Farrell Team can help you. Fill out the form or call us to schedule a meeting with one of our Team Members. ofarrell@assante.com 877.989.1997 Name Phone Number Email Prefered Method of Contact Reason for Contacting Us Preferred Office Location Who would you like to connect with? SEND CONTACT REQUEST Thanks for submitting! CONTACT THE O'FARRELL TEAM TODAY AT ONE OF OUR FIVE LOCATIONS: BROCKVILLE 613.865.8080 40 Brock Street Brockville ON CORNWALL 613.935.6254 108 Second Street East Unit 103 Cornwall ON KEMPTVILLE 613.258.1997 292 County Road 44 Kemptville ON RENFREW 343.361.0212 1035 O'Brien Road Unit 14 Renfrew ON WINCHESTER 613.774.2456 510 St. Lawrence Street P.O. Box 518 Winchester ON © 2023 | All Rights Reserved *Mortgage products and services are provided by Assante Capital Management Ltd. through its strategic partnership with Bank of Montreal. We collaborate with you and each other to deliver unbiased advice that meets your personal and business needs. Important Disclosures Assante Capital Management Ltd. (“ACM”) is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Know Your Advisor: Advisor Report | Canadian Investment Regulatory Organization (ciro.ca) Assante Financial Management Ltd. (“AFM”) is a member of the Mutual Fund Dealers Association of Canada (“MFDA”) and MFDA Investor Protection Corporation. www.mfda.ca Stocks, bonds and mutual funds are provided through ACM. Mutual fund products are provided through AFM. Only those services offered through ACM are covered by the Canadian Investor Protection Fund, and only those services offered through AFM are covered by the MFDA Investor Protection Corporation. For more information please visit http://www.assante.com/legal or contact our office for clarification. To research the background, qualifications and disciplinary information on advisors at IIROC regulated firms please generate an IIROC Advisor Report. Employee benefits and pension consulting services, Mortgage lending services, and insurance products and services are provided through O’Farrell Financial Services Inc. (“OFSI”). OFSI is an independent company unrelated to ACM and AFM. For further Assante Wealth Management important legal and compliance disclosure, please visit www.assante.com/legal For more information on our privacy policy, please visit http://www.assante.com/privacy-policy www.cipf.ca https://www.ciro.ca/

HOME SERVICES ADVANTAGE CARRIERS ABOUT US More CONNECT WITH US Advantage Discover how the O’Farrell Financial Employee Benefits Division can help boost your business. You have built a valuable business that you deserve to see it thrive. In taking care of your Team, you’re taking care of your business. An investment in the future of your employees, is an investment in the future of your business. Investing in Your Employees Play Video Facebook Twitter Pinterest Tumblr Copy Link Link Copied An Investment in the Future: Taking Care of Your Team Group RRSPs provide employees with the opportunity to proactively save for their future, while Group Health Benefits can help employees live healthier lives. By including these as strategic components of your business plan, you can offer attractive compensation package to bolster employee retention and recruitment. Group benefits are also a tax-effective form of compensation, allowing your business to save taxes overall. Other advantages include: • Reduced turnover and absenteeism with healthier, more secure employees • Benefits packages for as few as two employees • Competitive pricing • Economical life and disability coverage, often with no medical required • Employees are given guaranteed levels of coverage without having to submit medical evidence The O'Farrell Advantage To help ensure you get the best possible plan design to attract and retain key employees, we do the shopping for you. As Group Insurance Brokers, we act as an intermediary between you, the client, and the insurer. Our responsibility is to match you with insurance companies that most closely meet your needs. Creating the employee benefits plan for your business takes experience and knowledgeable advice; we will work with you to find the right fit. To find out more about how employee benefits can help make your business more successful contact us. CONTACT US TODAY Benefits are not just for BIG businesses, they are for SMART businesses. Take the first step and connect with us for your business needs analysis. It’s simple! We discuss your goals for your business and gather your company stats to show you a picture of how your custom compensation plan can work for you. REQUEST YOUR QUOTE NOW We are regionally located across Eastern Ontario and the Ottawa Valley to serve you. Feel free to contact us toll-free: 1-877-989-1997 BROCKVILLE 613.865.8080 40 Brock Street Brockville ON CORNWALL 613.935.6254 108 Second Street East Unit 103 Cornwall ON KEMPTVILLE 613.258.1997 292 County Road 44 Kemptville ON RENFREW 343.361.0212 1035 O'Brien Road Unit 14 Renfrew ON WINCHESTER 613.774.2456 510 St. Lawrence Street P.O. Box 518 Winchester ON Looking for information regarding investments and wealth planning? Visit O’Farrell Wealth & Estate Planning. O'FARRELL WEALTH & ESTATE PLANNING © 2023 | All Rights Reserved We collaborate with you and each other to deliver unbiased advice that meets your personal and business needs. Investments and wealth planning are provided through Assante Capital Management Ltd. (“ACM”). Mutual fund products are provided through Assante Financial Management Ltd. (“AFM”). Employee benefits and pension consulting services, mortgage lending services, and insurance products and services are provided through O’Farrell Financial Services Inc. (“OFSI”). OFSI is an independent company unrelated to ACM and AFM. AFM, ACM, and/or its affiliates are not responsible for any service or product provided through O’Farrell Financial Services Inc. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Assante Financial Management Ltd. is a member of the Mutual Fund Dealers Association of Canada (“MFDA”) and MFDA Investor Protection Corporation (excluding Quebec).

Wealth planning for everyone, in all stages of life WEALTH & ESTATE PLANNING Group Benefits & Group RRSPs, for all sizes of business O'FARRELL FINANCIAL SERVICES INC. < Back to Home Page Our Team We are proud of our dedicated O'Farrell Team members who provide top-tier service with professionalism every day. Dermid O'Farrell President & Managing Partner O'Farrell Financial Services Inc. Cynthia Batchelor Financial Advisor Assante Capital Management Ltd. Partner O'Farrell Financial Services Inc. Andrew MacKinnon, CPA Director of Finance & Partner O'Farrell Financial Services Inc. Allison Martin Financial Advisor Assante Capital Management Ltd. Andrew Beek IT Manager O'Farrell Financial Services Inc. Brenda Mayhew Administrative Associate to Cynthia Batchelor Assante Capital Management Ltd. Donna Lee O'Farrell Operations Consultant & Partner O'Farrell Financial Services Inc. Daren Givoque, CDFA Financial Advisor Assante Capital Management Ltd. Partner O'Farrell Financial Services Inc. Alex Zewuster Director of Operations & Partner O'Farrell Financial Services Inc. Peggy Mathieson Financial Advisor Assante Capital Management Ltd. Taylor Connell Administrative Associate to Peggy Mathieson Assante Capital Management Ltd. Jenna Piché Administrative Associate to Daren Givoque & Cole Seabrook Assante Capital Management Ltd. Matthew Felker, EPC Financial Advisor Assante Capital Management Ltd. Partner O'Farrell Financial Services Inc. Vipul Arora, CFA Portfolio Manager Assante Capital Management Ltd. Partner O'Farrell Financial Services Inc. Kari Ross Operations Associate & Partner O'Farrell Financial Services Inc. Cole Seabrook Financial Advisor Assante Capital Management Ltd. Connie Heffernan Administrative Associate to Keeley Patterson Assante Capital Management Ltd. Jennifer Shaddick Administrative Associate to Sarah Chisholm & Hugh O'Neill Assante Capital Management Ltd. Keeley Patterson, CFP® Financial Advisor Assante Capital Management Ltd. Partner O'Farrell Financial Services Inc. Christine Aubin Branch Practices & Partner O'Farrell Financial Services Inc. Erin Campbell Employee Benefits Group Broker O'Farrell Financial Services Inc. Bonnie Wilson Financial Advisor Assante Financial Management Ltd. Haley Hopkins Administrative Associate to Daren Givoque & Cole Seabrook Assante Capital Management Ltd. Amanda Pratt Administrative Associate to Matthew Felker Assante Capital Management Ltd. Hugh O'Neill Insurance Advisor Assante Estate & Insurance Services Inc. Partner O'Farrell Financial Services Inc. Sarah Chisholm Financial Advisor Assante Capital Management Ltd. Partner O'Farrell Financial Services Inc. Andrew Goetz Financial Advisor Assante Capital Management Ltd. Kieran Beavis Investment Funds Associate Assante Capital Management Ltd. Jayne Lavergne Receptionist & Record Coordinator O'Farrell Financial Services Inc. Scott Prince Investment Funds Associate Assante Capital Management Ltd. Connect with a Team member today and get focused on your future. The O’Farrell Team looks forward to helping you plan a growth strategy for your wealth that you can preserve and pass on. CONNECT WITH US CONTACT YOUR O'FARRELL TEAM TODAY AT ONE OF OUR FIVE LOCATIONS: Feel free to contact us toll-free: 877.989.1997 BROCKVILLE 613.865.8080 40 Brock Street, Brockville ON CORNWALL 613.935.6254 108 Second Street East Unit 103 Cornwall ON KEMPTVILLE 613.258.1997 292 County Road 44 Kemptville ON RENFREW 343.361.0212 1035 O'Brien Road Unit 14 Renfrew ON WINCHESTER 613.774.2456 510 St. Lawrence Street P.O. Box 518 Winchester ON © 2023 | All Rights Reserved We collaborate with you and each other to deliver unbiased advice that meets your personal and business needs. Investments and wealth planning are provided through Assante Capital Management Ltd. (“ACM”). Mutual fund products are provided through Assante Financial Management Ltd. (“AFM”). Employee benefits and pension consulting services, mortgage lending services, and insurance products and services are provided through O’Farrell Financial Services Inc. (“OFSI”). OFSI is an independent company unrelated to ACM and AFM. AFM, ACM, and/or its affiliates are not responsible for any service or product provided through O’Farrell Financial Services Inc. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Assante Financial Management Ltd. is a member of the Mutual Fund Dealers Association of Canada (“MFDA”) and MFDA Investor Protection Corporation (excluding Quebec).