Performance | Mawer Investment Management Ltd.

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Annualized Annual

Series A (Annualized)

Total Net Returns (CAD$) as at March 31, 2023

Equity Funds	3-Mo	YTD	1-Yr	2-Yr	3-Yr	4-Yr	5-Yr	10-Yr	Since Inception
Mawer International Equity Fund	7.3	7.3	2.8	-1.8	6.2	3.6	3.0	7.9	7.6
International Equity Benchmark^*	6.7	6.7	2.9	0.3	9.9	4.5	3.5	7.7	5.2
Mawer U.S. Equity Fund	3.5	3.5	-0.3	5.3	12.7	9.8	11.1	14.4	8.4
S&P 500 Index (TR)	7.4	7.4	0.0	7.2	16.6	12.0	12.3	15.5	10.0
Mawer U.S. Mid Cap Equity Fund	7.1	7.1	4.5	-	-	-	-	-	-3.6
Russell Midcap Index (TR)	3.9	3.9	-1.2	-	-	-	-	-	-3.3
Mawer Global Equity Fund	7.2	7.2	3.4	6.4	12.3	8.6	9.3	12.4	11.7
Global Equity Benchmark^*	7.2	7.2	0.3	3.4	13.4	8.4	8.0	11.6	10.6
Mawer Global Small Cap Fund	5.0	5.0	-1.1	-6.2	7.4	3.9	4.3	11.6	10.3
Global Small Cap Benchmark^*	4.1	4.1	-2.0	-1.5	16.0	6.3	5.2	9.9	6.8
Mawer Emerging Markets Equity Fund	9.2	9.2	-0.2	-11.8	3.1	-1.4	-1.3	-	2.3
MSCI Emerging Markets Index (net)	3.8	3.8	-3.2	-7.7	6.0	1.1	0.1	-	4.5
Mawer EAFE Large Cap Fund	10.1	10.1	2.1	2.7	-	-	-	-	6.6
MSCI EAFE Index (net)	8.3	8.3	6.9	3.7	-	-	-	-	8.8
Mawer Canadian Equity Fund	4.0	4.0	-3.7	6.0	15.1	7.5	7.1	8.8	9.0
S&P/TSX Composite Index	4.6	4.6	-5.2	6.8	18.0	9.0	8.8	7.9	8.3
Mawer New Canada Fund (CLOSED)^†	1.4	1.4	-8.6	-4.3	15.9	7.8	6.8	10.1	12.7
New Canada Fund Benchmark^*	4.5	4.5	-12.6	1.9	27.7	7.7	5.7	4.5	7.3
Balanced Funds	3-Mo	YTD	1-Yr	2-Yr	3-Yr	4-Yr	5-Yr	10-Yr	Since Inception
Mawer Global Balanced Fund	5.7	5.7	1.7	3.2	7.0	5.6	6.1	-	8.0
Internal Global Balanced Benchmark^*	5.5	5.5	-0.2	0.8	6.5	4.9	5.0	-	7.6
Mawer Balanced Fund	4.0	4.0	-1.3	-0.3	6.0	4.2	4.6	7.3	7.9
Internal Balanced Benchmark^*	4.7	4.7	-1.7	1.3	9.1	5.2	5.1	6.6	7.6
Mawer Tax Effective Balanced Fund	4.0	4.0	-1.2	-0.3	6.0	4.2	4.6	7.3	7.6
Internal Tax Effective Benchmark^*	4.7	4.7	-1.7	1.3	9.1	5.2	5.1	6.6	7.6
Income Funds	3-Mo	YTD	1-Yr	2-Yr	3-Yr	4-Yr	5-Yr	10-Yr	Since Inception
Mawer Canadian Bond Fund	3.0	3.0	-2.4	-3.8	-1.9	-0.5	0.5	1.2	5.0
FTSE Canada Universe Bond Index	3.2	3.2	-2.0	-3.3	-1.7	-0.2	0.9	1.9	6.0
Mawer Canadian Money Market Fund	0.7	0.7	2.0	1.0	0.7	0.8	0.8	0.5	3.0
FTSE Canada 91 Day TBill Index	1.1	1.1	2.8	1.5	1.1	1.3	1.3	1.0	3.7

Series A (Annual)

Total Net Returns (CAD$) for Periods Ending December 31

Equity Funds	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Mawer International Equity Fund	24.9	8.4	-7.5	19.5	22.6	9.1	20.3	-3.3	22.6	-4.0	14.4	12.4	7.3	-16.7
International Equity Benchmark^*	11.9	2.1	-10.0	14.7	31.0	3.7	19.0	-3.0	18.8	-6.5	15.4	8.7	6.9	-9.9
Mawer U.S. Equity Fund	2.4	5.8	4.4	12.0	41.8	20.9	19.3	5.5	12.8	9.6	25.7	14.7	23.6	-12.1
S&P 500 Index (TR)	7.4	9.1	4.6	13.4	41.3	23.9	21.6	8.1	13.8	4.2	24.8	16.3	27.6	-12.2
Mawer U.S. Mid Cap Equity Fund	-	-	-	-	-	-	-	-	-	-	-	-	-	-14.5
Russell Midcap Index (TR)	-	-	-	-	-	-	-	-	-	-	-	-	-	-11.3
Mawer Global Equity Fund	-	6.4	3.2	16.8	34.3	14.5	21.5	-0.4	17.5	4.3	20.7	9.8	21.3	-11.2
Global Equity Benchmark^*	-	5.9	-3.2	13.3	35.2	14.4	18.9	3.1	15.8	-1.3	20.2	14.2	17.5	-12.4
Mawer Global Small Cap Fund	39.7	16.3	0.3	29.5	47.0	12.1	29.1	-0.7	20.8	-2.6	24.4	14.8	4.8	-17.7
Global Small Cap Benchmark^*	25.9	19.2	-11.6	15.6	33.7	9.1	18.3	8.3	15.7	-6.7	18.4	14.3	15.1	-12.8
Mawer Emerging Markets Equity Fund	-	-	-	-	-	-	-	-	-	-6.2	9.7	20.4	0.8	-29.0
MSCI Emerging Markets Index (net)	-	-	-	-	-	-	-	-	-	-6.9	12.4	16.2	-3.4	-14.3
Mawer EAFE Large Cap Fund	-	-	-	-	-	-	-	-	-	-	-	-	15.0	-17.1
MSCI EAFE Index (net)	-	-	-	-	-	-	-	-	-	-	-	-	10.3	-8.2
Mawer Canadian Equity Fund	29.5	13.8	1.9	12.7	25.4	15.8	-0.3	15.8	8.7	-9.8	20.7	2.7	23.7	-5.6
S&P/TSX Composite Index	35.1	17.6	-8.7	7.2	13.0	10.6	-8.3	21.1	9.1	-8.9	22.9	5.6	25.1	-5.8
Mawer New Canada Fund (CLOSED)^†	51.2	23.9	1.1	16.4	49.4	12.1	1.9	19.3	3.9	-10.2	28.8	19.3	18.1	-18.7
New Canada Fund Benchmark^*	75.1	38.5	-14.2	2.5	7.8	-0.1	-13.8	35.5	2.8	-18.2	15.8	12.9	20.3	-9.3
Balanced Funds	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Mawer Global Balanced Fund	-	-	-	-	-	11.8	14.6	-0.6	11.0	3.5	14.1	9.4	12.9	-10.9
Internal Global Balanced Benchmark^*	-	-	-	-	-	11.7	12.9	2.0	9.9	1.3	13.5	12.4	8.1	-11.3
Mawer Balanced Fund	16.4	9.8	2.9	11.4	20.2	12.1	10.5	3.2	10.0	-0.3	15.0	10.6	9.3	-12.5
Internal Balanced Benchmark^*	13.9	9.1	1.1	8.1	14.6	9.5	6.2	7.4	8.4	-2.7	14.2	10.7	10.0	-9.6
Mawer Tax Effective Balanced Fund	17.6	10.2	2.1	11.6	20.1	12.2	10.2	3.3	9.9	-0.3	14.9	10.7	9.2	-12.4
Internal Tax Effective Benchmark^*	13.8	9.0	0.7	8.1	14.6	9.5	6.2	7.4	8.4	-2.7	14.2	10.7	10.0	-9.6
Income Funds	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Mawer Canadian Bond Fund	4.1	6.2	8.9	3.5	-2.2	7.8	3.1	0.9	1.3	0.8	6.4	8.7	-3.0	-12.0
FTSE Canada Universe Bond Index	5.4	6.7	9.7	3.6	-1.2	8.8	3.5	1.7	2.5	1.4	6.9	8.7	-2.5	-11.7
Mawer Canadian Money Market Fund	0.1	0.1	0.3	0.3	0.4	0.4	0.0	0.0	0.1	0.7	1.1	0.3	0.0	1.3
FTSE Canada 91 Day TBill Index	0.6	0.5	1.0	1.0	1.0	0.9	0.6	0.5	0.6	1.4	1.6	0.9	0.2	1.8

Series O (Annualized)

Total Gross Returns (CAD$) as at March 31, 2023

Equity Funds	3-Mo	YTD	1-Yr	2-Yr	3-Yr	4-Yr	5-Yr	10-Yr	Since Inception
Mawer International Equity Fund	7.6	7.6	4.2	-0.4	7.6	5.0	4.4	9.3	8.9
International Equity Benchmark^*	6.7	6.7	2.9	0.3	9.9	4.5	3.5	7.7	5.7
Mawer U.S. Equity Fund	3.8	3.8	0.8	6.5	14.0	11.0	12.4	15.7	10.4
S&P 500 Index (TR)	7.4	7.4	0.0	7.2	16.6	12.0	12.3	15.5	9.9
Mawer U.S. Mid Cap Equity Fund	7.5	7.5	5.9	-	-	-	-	-	-2.4
Russell Midcap Index (TR)	3.9	3.9	-1.2	-	-	-	-	-	-3.3
Mawer Global Equity Fund	7.6	7.6	4.7	7.8	13.7	10.0	10.7	13.8	13.1
Global Equity Benchmark^*	7.2	7.2	0.3	3.4	13.5	8.4	8.0	11.6	10.6
Mawer Global Small Cap Fund	5.4	5.4	0.6	-4.5	9.2	5.7	6.1	13.5	12.3
Global Small Cap Benchmark^*	4.1	4.1	-2.0	-1.5	16.0	6.3	5.2	9.9	6.8
Mawer Emerging Markets Equity Fund	9.6	9.6	1.3	-10.5	4.7	0.1	0.2	-	3.8
MSCI Emerging Markets Index (net)	3.8	3.8	-3.2	-7.7	6.0	1.1	0.1	-	4.5
Mawer EAFE Large Cap Fund	10.4	10.4	3.4	4.1	-	-	-	-	8.1
MSCI EAFE Index (net)	8.3	8.3	6.9	3.7	-	-	-	-	8.8
Mawer Canadian Equity Fund	4.3	4.3	-2.6	7.2	16.4	8.8	8.4	10.0	10.0
S&P/TSX Composite Index	4.6	4.6	-5.2	6.8	18.0	9.0	8.8	7.9	7.5
Mawer New Canada Fund (CLOSED)^†	1.8	1.8	-7.3	-3.0	17.5	9.3	8.2	11.6	13.1
New Canada Fund Benchmark^*	4.5	4.5	-12.6	1.9	27.7	7.7	5.7	4.5	6.0
Balanced Funds	3-Mo	YTD	1-Yr	2-Yr	3-Yr	4-Yr	5-Yr	10-Yr	Since Inception
Mawer Global Balanced Fund	6.0	6.0	2.7	4.3	8.2	6.7	7.2	-	9.2
Internal Global Balanced Benchmark^*	5.5	5.5	-0.2	0.8	6.5	4.9	5.0	-	7.6
Mawer Balanced Fund	4.2	4.2	-0.4	0.6	7.0	5.1	5.5	8.2	7.8
Internal Balanced Benchmark^*	4.7	4.7	-1.7	1.3	9.1	5.2	5.1	6.6	5.9
Mawer Tax Effective Balanced Fund	4.2	4.2	-0.3	0.6	6.9	5.1	5.5	8.2	7.7
Internal Tax Effective Benchmark^*	4.7	4.7	-1.7	1.3	9.1	5.2	5.1	6.6	5.9
Income Funds	3-Mo	YTD	1-Yr	2-Yr	3-Yr	4-Yr	5-Yr	10-Yr	Since Inception
Mawer Canadian Bond Fund	3.2	3.2	-1.7	-3.2	-1.2	0.1	1.2	1.9	3.7
FTSE Canada Universe Bond Index	3.2	3.2	-2.0	-3.3	-1.7	-0.2	0.9	1.9	3.6
Mawer Canadian Money Market Fund	0.9	0.9	2.5	1.3	0.9	1.1	1.2	0.9	1.2
FTSE Canada 91 Day TBill Index	1.1	1.1	2.8	1.5	1.1	1.3	1.3	1.0	1.4

Series O (Annual)

Total Gross Returns (CAD$) for Periods Ending December 31

Equity Funds	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Mawer International Equity Fund	26.4	10.0	-6.1	21.1	24.2	10.6	22.0	-1.9	24.2	-2.7	16.0	13.9	8.7	-15.6
International Equity Benchmark^*	11.9	2.1	-10.0	14.7	31.0	3.7	19.0	-3.0	18.8	-6.5	15.4	8.7	6.9	-9.9
Mawer U.S. Equity Fund	3.6	7.1	5.6	13.2	43.3	22.2	20.7	6.8	14.1	10.8	27.1	16.0	25.0	-11.1
S&P 500 Index (TR)	7.4	9.1	4.6	13.4	41.3	23.9	21.6	8.1	13.8	4.2	24.8	16.3	27.6	-12.2
Mawer U.S. Mid Cap Equity Fund	-	-	-	-	-	-	-	-	-	-	-	-	-	-13.3
Russell Midcap Index (TR)	-	-	-	-	-	-	-	-	-	-	-	-	-	-11.3
Mawer Global Equity Fund	-	7.8	4.6	18.3	36.0	15.9	23.1	0.9	19.1	5.7	22.3	11.2	22.9	-10.1
Global Equity Benchmark^*	-	5.9	-3.2	13.3	35.2	14.4	18.9	3.1	15.8	-1.3	20.2	14.2	17.5	-12.4
Mawer Global Small Cap Fund	42.2	18.5	2.2	31.6	49.1	14.0	31.3	1.1	22.8	-0.9	26.5	16.8	6.5	-16.3
Global Small Cap Benchmark^*	25.9	19.2	-11.6	15.6	33.7	9.1	18.3	8.3	15.7	-6.7	18.4	14.3	15.1	-12.8
Mawer Emerging Markets Equity Fund	-	-	-	-	-	-	-	-	-	-4.7	11.4	22.2	2.3	-27.9
MSCI Emerging Markets Index (net)	-	-	-	-	-	-	-	-	-	-6.9	12.4	16.2	-3.4	-14.3
Mawer EAFE Large Cap Fund	-	-	-	-	-	-	-	-	-	-	-	-	16.5	-16.0
MSCI EAFE Index (net)	-	-	-	-	-	-	-	-	-	-	-	-	10.3	-8.2
Mawer Canadian Equity Fund	30.9	15.1	3.2	13.9	26.8	17.1	0.9	17.2	10.0	-8.8	22.1	3.8	25.1	-4.5
S&P/TSX Composite Index	35.1	17.6	-8.7	7.2	13.0	10.6	-8.3	21.1	9.1	-8.9	22.9	5.6	25.1	-5.8
Mawer New Canada Fund (CLOSED)^†	52.9	25.4	2.6	17.9	51.1	13.7	3.3	20.9	5.3	-9.0	30.5	20.9	19.7	-17.6
New Canada Fund Benchmark^*	75.1	38.5	-14.2	2.5	7.8	-0.1	-13.8	35.5	2.8	-18.2	15.8	12.9	20.3	-9.3
Balanced Funds	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Mawer Global Balanced Fund	-	-	-	-	-	13.0	15.8	0.5	12.2	4.6	15.3	10.6	14.1	-9.9
Internal Global Balanced Benchmark^*	-	-	-	-	-	11.7	12.9	2.0	9.9	1.3	13.5	12.4	8.1	-11.3
Mawer Balanced Fund	17.4	10.8	3.8	12.4	21.2	13.1	11.5	4.1	11.0	0.6	16.0	11.6	10.2	-11.7
Internal Balanced Benchmark^*	13.9	9.1	1.1	8.1	14.6	9.5	6.2	7.4	8.4	-2.7	14.2	10.7	10.0	-9.6
Mawer Tax Effective Balanced Fund	18.6	11.1	3.0	12.6	21.2	13.2	11.1	4.2	10.8	0.6	15.9	11.6	10.1	-11.6
Internal Tax Effective Benchmark^*	13.8	9.0	0.7	8.1	14.6	9.5	6.2	7.4	8.4	-2.7	14.2	10.7	10.0	-9.6
Income Funds	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Mawer Canadian Bond Fund	5.0	7.1	9.9	4.4	-1.4	8.6	3.8	1.6	2.0	1.5	7.1	9.4	-2.4	-11.5
FTSE Canada Universe Bond Index	5.4	6.7	9.7	3.6	-1.2	8.8	3.5	1.7	2.5	1.4	6.9	8.7	-2.5	-11.7
Mawer Canadian Money Market Fund	0.3	0.4	0.9	0.8	0.9	0.9	0.5	0.4	0.5	1.2	1.6	0.6	0.1	1.7
FTSE Canada 91 Day TBill Index	0.6	0.5	1.0	1.0	1.0	0.9	0.6	0.5	0.6	1.4	1.6	0.9	0.2	1.8

^* See benchmark history.
^† The purchase of units of the Mawer New Canada Fund is currently restricted. The Fund is only open to new investors as part of a discretionary balanced portfolio through Mawer and to existing investors at our discretion. We reserve the right to re-open the Mawer New Canada Fund to all purchasers at any time.

Disclaimers

Fund Inception Dates and Benchmark History

Fund Inception Dates	Series A	Series O
Mawer International Equity Fund	Nov 6, 1987	Nov 11, 2003
Mawer U.S. Equity Fund	Dec 18, 1992	Dec 1, 2004
Mawer U.S. Mid Cap Equity Fund	Sep 27, 2021	Sep 27, 2021
Mawer Global Equity Fund	Oct 22, 2009	Oct 22, 2009
Mawer Global Small Cap Fund	Oct 2, 2007	Oct 2, 2007
Mawer Emerging Markets Equity Fund	Jan 31, 2017	Jan 31, 2017
Mawer EAFE Large Cap Fund	May 29, 2020	May 29, 2020
Mawer Canadian Equity Fund	Jun 3, 1991	Dec 1, 2004
Mawer New Canada Fund (CLOSED)	Jan 8, 1988	Nov 27, 2003
Mawer Global Balanced Fund	Jul 3, 2013	Jul 3, 2013
Mawer Balanced Fund	Feb 12, 1988	Jul 4, 2006
Mawer Tax Effective Balanced Fund	Jan 8, 1988	Jul 6, 2006
Mawer Canadian Bond Fund	Jun 14, 1991	Dec 1, 2004
Mawer Canadian Money Market Fund	Feb 19, 1988	Jul 6, 2006

Benchmark History

International Equity Benchmark:

Mawer International Equity Benchmark History (changes made prospectively):

Jan 1988: MSCI EAFE (net)
Oct 2016: MSCI ACWI ex-USA (net)

Rationale for Change: MSCI ACWI (net) excluding US Index is a better representation of the mandate in our opinion. For example, the past benchmark does not include Emerging Markets whereas the fund has holdings in these markets consistent with its prospectus and investment policy statement.

Benchmark returns are rebalanced on a monthly basis.

Global Equity Benchmark:

Mawer Global Equity Benchmark History (changes made prospectively):

Oct: 2009: MSCI World (net)
Oct 2016: MSCI ACWI (net)

Rationale for Change: MSCI ACWI (net) Index is a better representation of the mandate in our opinion. Past benchmark does not include Emerging Markets whereas the fund has holdings in these markets consistent with its prospectus and investment policy statement.

Benchmark returns are rebalanced on a monthly basis.

Global Small Cap Benchmark:

Mawer Global Small Cap Benchmark History (changes made prospectively):

Oct 2007: Russell Global Small Cap
Oct 2016: MSCI ACWI Small Cap (net) Total Return index

Rationale for Change: MSCI ACWI Small Cap (Net) Index is consistent with using MSCI benchmarks in other asset classes outside of Canada and the United States. In addition, the MSCI ACWI Small Cap (Net) Index follows the Global Investment Classification Standards (GICS) whereas the Russell Global Small Cap Index does not.

Benchmarks returns are rebalanced on a monthly basis.

New Canada Fund Benchmark:

Mawer New Canada Benchmark History (changes made prospectively):

Jan 1988: BMO Weighted Small Cap (Blended)
Oct 2016: S&P/TSX Small Cap

Rationale for Change: S&P/TSX Small Cap Index is a better benchmark in our opinion. For example, it provides better comparability, liquidity and a more readily available data set.

Benchmark returns are rebalanced on a monthly basis.

Internal Global Balanced Benchmark:

Mawer Global Balanced Benchmark History (changes made prospectively):

July 2013: 5% FTSE Canada 91 Day Treasury Bill, 35% FTSE Canada Universe Bond, 60% MSCI World Net (Cdn$)
Aug 2013: MSCI World Net (Cdn $) returns is used to calculate the blended benchmark from inception. Previously, MSCI World Gross (Cdn $) was used.
Oct 2015: 20% FTSE Canada Universe Bond, 20% FTSE WGBI, 60% MSCI World Net (Cdn$)
Oct 2016: 20% FTSE Canada Universe Bond, 20% FTSE WGBI, 60% MSCI ACWI (net)
June 2021: 5% FTSE Canada 91 Day TBill Index, 35% FTSE Canada Universe Bond, 60% MSCI ACWI (Net)

Rationale for Change: Because the benchmarks for the Mawer Global Balanced Fund are based on those of the underlying funds, the internal Global Balanced benchmark changes accordingly.

Mawer Global Equity Benchmark History (changes made prospectively):

Oct: 2009: MSCI World (net)
Oct 2016: MSCI ACWI (net)

Benchmarks returns are rebalanced on a monthly basis.

Internal Balanced Benchmark:

Mawer Balanced Benchmark History (changes made prospectively):

Jan 2002: 2.5% 91 Day Treasury Bill, 42.5% FTSE TMX Canada Universe Bond, 25% S&P/TSX Composite, 15% S&P 500, 15% MSCI EAFE (net)
Jan 2012: 5% 91 Day Treasury Bill, 35% FTSE TMX Canada Universe Bond, 15% S&P/TSX Composite, 15% S&P 500, 15% MSCI EAFE (net), 7.5% BMO Weighted Small Cap (Blended), 7.5% Russell Global Small Cap
Aug 2013: MSCI EAFE (net) returns is used to calculate the blended benchmark from inception. Previously, MSCI EAFE (gross) was used.
Oct 2015: 5% 91 Day Treasury Bill, 30% FTSE TMX Canada Universe Bond, 5% FTSE WGBI, 15% S&P/TSX Composite, 7.5% BMO Small Cap (blended), 15% S&P 500, 15% MSCI EAFE (net), 7.5% Russell Global Small Cap
Oct 2016: 5% 91 Day Treasury Bill, 30% FTSE TMX Canada Universe Bond, 5% FTSE WGBI, 15% S&P/TSX Composite, 7.5% S&P/TSX Small Cap, 15% S&P 500, 15% MSCI ACWI ex-USA (net), 7.5% ACWI Small Cap (net)
June 2021: 5% FTSE Canada 91 Day TBill Index, 35% FTSE Canada Universe Bond, 15% S&P/TSX Composite, 7.5% S&P/TSX Small Cap, 15% S&P 500, 15% MSCI ACWI ex-USA (net), 7.5% MSCI ACWI Small Cap (net)

Rationale for Change: Changes were made to underlying asset class benchmarks. Because the benchmarks for the Mawer Balanced Fund are based on those of the underlying funds, the internal Balanced benchmark changes accordingly.

Mawer International Equity Benchmark History (changes made prospectively):

Jan 1988: MSCI EAFE (net)
Oct 2016: MSCI ACWI ex-USA (net)

Mawer New Canada Benchmark History (changes made prospectively):

Jan 1988: BMO Weighted Small Cap (Blended)
Oct 2016: S&P/TSX Small Cap

Rationale for Change: S&P/TSX SmallCap Index is a better benchmark in our opinion. For example, it provides better comparability, liquidity and a more readily available data set.

Mawer Global Small Cap Benchmark History (changes made prospectively):

Oct 2007: Russell Global Small Cap
Oct 2016: ACWI Small Cap (net)

Benchmark returns are rebalanced on a monthly basis.

Internal Tax Effective Benchmark:

Mawer Tax Effective Balanced Benchmark History (changes made prospectively):

Jan 2011: 5% 91 Day Treasury Bill, 37.5% FTSE TMX Canada Universe Bond, 22.5% S&P/TSX Composite, 17.5% S&P 500, 17.5% MSCI EAFE (net)
Jan 2012: 5% 91 Day Treasury Bill, 35% FTSE TMX Canada Universe Bond, 15% S&P/TSX Composite, 15% S&P 500, 15% MSCI EAFE (net), 7.5% BMO Weighted Small Cap (Blended), 7.5% Russell Global Small Cap
Aug 2013: MSCI EAFE (net) returns is used to calculate the blended benchmark from inception. Previously, MSCI EAFE (gross) was used.
Oct 2015: 5% 91 Day Treasury Bill, 30% FTSE TMX Canada Universe Bond, 5% FTSE WGBI, 15% S&P/TSX Composite, 7.5% BMO Small Cap (blended), 15% S&P 500, 15% MSCI EAFE (net), 7.5% Russell Global Small Cap
Oct 2016: 5% 91 Day Treasury Bill, 30% FTSE TMX Canada Universe Bond, 5% FTSE WGBI, 15% S&P/TSX Composite, 7.5% S&P/TSX Small Cap, 15% S&P 500, 15% MSCI ACWI ex-USA (net), 7.5% MSCI ACWI Small Cap (net)
June 2021: Jun, 2021: 5% FTSE Canada 91 Day TBill Index, 35% FTSE Canada Universe Bond, 15% S&P/TSX Composite, 7.5% S&P/TSX Small Cap, 15% S&P 500, 15% MSCI ACWI ex-USA (net), 7.5% MSCI ACWI Small Cap (net)

Rationale for Change: Changes were made to underlying asset class benchmarks. Because the benchmarks for the Mawer Tax Effective Balanced Fund are based on those of the underlying funds, the internal Balanced benchmark changes accordingly.

Mawer International Equity Benchmark History (changes made prospectively):

Jan 1988: MSCI EAFE (net)
Oct 2016: MSCI ACWI ex-USA (net)

Mawer New Canada Benchmark History (changes made prospectively):

Jan 1988: BMO Weighted Small Cap (Blended)
Oct 2016: S&P/TSX Small Cap

Mawer Global Small Cap Benchmark History (changes made prospectively):

Oct 2007: Russell Global Small Cap
Oct 2016: ACWI Small Cap (net)

Benchmark returns are rebalanced on a monthly basis.

Mawer Mutual Funds are managed by Mawer Investment Management Ltd. Mawer Mutual Fund returns are reported in Canadian dollars and calculated after management fees and operating expenses have been deducted. In comparison, index returns do not incur management fees or operating expenses.

Index returns are supplied by a third party—we believe the data to be accurate, however, cannot guarantee its accuracy. Index returns are sourced from FTSE Russell, FactSet and BMO Capital Markets.

Performance returns for the Mawer Mutual Funds and benchmarks are calculated by Mawer Investment Management Ltd. These returns are historical simple returns for the 3 month, YTD and 1 year periods, and annualized compounded total returns for periods after 1 year.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts and the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mawer Mutual Funds are managed by Mawer Investment Management Ltd.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell® is a trading name of certain of the LSE Group companies. FTSE® is a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Mawer Mutual Funds are managed by Mawer Investment Management Ltd. Mawer Fund returns are reported in Canadian dollars and calculated after operating expenses have been deducted. In comparison, Index returns do not incur management fees or operating expenses. Management fees are paid to Mawer based on fee agreements with unitholders.

Index returns are supplied by a third party—we believe the data to be accurate, however, cannot guarantee its accuracy. Index returns are sourced from FTSE Russell, FactSet and BMO Capital Markets.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts and the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mawer Funds are managed by Mawer Investment Management Ltd. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer.