All information is in Canadian dollars unless otherwise stated. The strategy performance presented is based on the Fixed Income Composite and is gross and net of fees. Returns are calculated using a time-weighted calculation and are annualized for periods greater than one year. The index is unmanaged and does not incur fees or expenses. It is not possible to directly invest in an index.

Gross-of-fee returns include the reinvestment of all income received/earned and are presented before management fees and other expenses, and after withholding taxes, if applicable. A client's actual return will be reduced by management fees. Net-of-fee returns are calculated by deducting 1/12th of the top tier of the management fee schedule from the monthly gross-of-fee returns of the composite. Actual fees may vary depending on the applicable fee schedule and the size of the account.

Past performance does not guarantee or indicate future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested. Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio’s base currency, if different. Investors should be aware that forward-looking statements and forecasts may not be realized.

The information contained herein was provided by Mawer Investment Management Ltd. and intends to provide you with information related to Mawer Canadian Bond Strategy and Fixed Income Composite at a point in time. It is not intended to be investment advice applicable to any specific circumstance and should not be construed as investment advice. Market conditions may change impacting the composition of a portfolio. Mawer assumes no responsibility for any investment decisions made based on the information provided herein. Certain information contained herein is obtained from third parties. Mawer believes such information to be accurate and reliable as at the date hereof, however does not guarantee that it is accurate or complete or current at all times.

References to specific securities are presented for informational purposes only. Information relating to investment approaches or individual investments should not be construed as advice or endorsement. Any views expressed were prepared based upon the information available at the time and are subject to change. All information is subject to possible correction. In no event shall Mawer be liable for any damages arising out of, or in any way connected with, the use or inability to use this information appropriately.

London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. FTSE® is a trademark(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 Credit Rating Methodology:
Bond ratings are determined using the security level ratings of S&P, DBRS and Moody’s. If two agencies rate a security, and the ratings are not equal, we use the lower of the two ratings. If three agencies rate a security, we use the most common rating. In the rare event that all three agencies disagree, we use the middle rating. To determine the aggregate rating of a portfolio, each rating is given a numeric value, and then the weighted average for the portfolio is taken and translated back into a letter grade including cash and cash equivalents. An issuer rating may be applied for bonds classified as Government if security-level ratings are not available.