RBS

P. 1 The Pension Indices by TELUS Health, released monthly, condense the journey that pension plans have experienced during the year into a few key statistics. More importantly, they also provide an early indicator of the challenges and opportunities that are yet to come for plan sponsors and administrators to help with the monitoring and management of their pension plans. Highlights During the month of November, the funded position of a typical pension plan increased on a solvency basis but decreased on an accounting basis. The investment return was 6.7% for the month for a representative pension plan portfolio, driven by positive returns in the equity markets. The global developed and emerging equity markets index, the MSCI ACWI, returned 6.7% in Canadian dollar terms. The Canadian equity index, the S&P/TSX Composite, finished the month with a return of 7.5%. Short-term Government of Canada bond yields decreased by approximately 0.43%, whereas long-term Government of Canada bond yields decreased by approximately 0.49% over the month of November. Corporate credit spreads decreased by approximately 0.10% to 0.20% during the month of November. Market expectations for long-term inflation (the break-even inflation rate) were approximately 1.74% at the end of November, remaining unchanged from the end of October. The accounting pension expense saw a significant increase in November as accounting discount rates decreased during this period. INDEX (JAN 1, 2023 = 100) 50 60 70 80 90 100 110 120 109.1 103.2 88.6 100.4 105.0 109.4 Plan Asset Index Accounting (Pension Expense) Index Accounting (Balance Sheet) Index Commuted Value Index Annuity Proxy Index Solvency Index November 30, 2023 Pension Indices by TELUS Health.

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