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Peter Jackson / July 5, 2021

Second Quarter North American Equity Strategy

During the second quarter of 2021, the S&P500 total return index was up +8.6% in US dollars. Adjusting
for currency, the S&P500 returned +7.0% in Canadian dollars, as the Canadian dollar appreciated about 1.2
cents, closing the quarter at US$0.807. The TSX total return in the second quarter was +8.5%, as can be seen
in greater detail in Appendix 2. The biggest performance driver was positive earnings growth in both markets.
While earnings were expected to be strong, actual earnings in the first quarter for the S&P500 rose 52.5%
year over year as compared to an expected gain of 23.7% at March 31st, far exceeding market expectations.