Dimensional Fund Advisors Canada ULC (“DFA Canada”) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Quarterly Investment Update Fourth Quarter 2012

Market Update: A Quarter in Review December 31, 2012 Data is in Canadian dollars. Market segment (index representation) as follows: Canadian stocks: Large Cap (TSX 60), Small Cap (MSCI/Barra Canadian Small), Growth (MSCI/Barra Canadian Growth), Value (MSCI/Barra Canadian Value); US stocks: Large Cap (S&P 500), Small Cap (Russell 2000), Growth (Russell 3000 Growth), Value (Russell 3000 Value); International stocks: Large Cap (MSCI EAFE [net div]), Small Cap (MSCI EAFE Small (net div)), Growth (MSCI EAFE Growth [net div]), Value (MSCI EAFE Value [net div]), Emerging Markets (MSCI Emerging (net div)); Real Estate: Global REITs (S&P Global REIT [net div]); Fixed Income: Canadian (Canadian 1-month T-bills), Short Term Bonds (DEX Short Term Bond), Intermediate Bonds (DEX Universe Bond), Global Bonds-Hedged (Citigroup World Government Bond Index 1-5 Years [hedged to CAD]). Indexes are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance does not guarantee future returns. S&P/TSX data provided by S&P/TSX. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor's Index Services Group. Russell data copyright © Russell Investment Group , all rights reserved. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. Citigroup bond indexes copyright 2012 by Citigroup. CANADIAN STOCKS US STOCKSREAL ESTATE AND FIXED INCOME INTERNATIONAL STOCKS Large CapSmall CapGrowthValueLarge CapSmall CapGrowthValueEmerging +2.34% -1.08% -1.06%+4.34%+7.59%+7.03%+6.78%+8.42%+6.59% Large CapSmall CapGrowthValue Global REITs 1-Month T-Bills Short Term Bonds Intermediate Bonds Global Bonds (hedged) +0.58%+2.83%-0.24%+2.62%+4.81%+0.24%+0.34%+0.30%+0.59% 1

Survey of Long-Term Performance December 31, 2012 Annualized (%) Asset ClassIndex1 Year3 Years5 Years10 Years20 Years Since Inception Inception date CANADIAN STOCKS Large Cap TSX Feb-87 Small Cap MSCI/Barra Canadian Small Jul-90 Growth MSCI/Barra Canadian Growth Jan-82 Value MSCI/Barra Canadian Value Jan-82 US STOCKS Large Cap S&P Feb-51 Small Cap Russell Jan-79 Growth Russell 3000 Growth Jan-79 Value Russell 3000 Value Jan-79 INTERNATIONAL STOCKS Large Cap MSCI EAFE (net div.) Jan-70 Small Cap MSCI EAFE Small (net div.) Jan-93 Growth MSCI EAFE Growth (net div.) Jan-75 Value MSCI EAFE Value (net div.) Jan-75 Emerging Markets MSCI Emerging (net div.) Jan-88 REAL ESTATE Global REITs S&P Global REIT (net div.) Jul-89 FIXED INCOME Canadian BillsCanadian 1-Month T-Bills Jun-73 Canadian Short Term BondsDEX Short Term Bond Jan-80 Canadian BondsDEX Universe Bond Jan-80 Global Bonds (hedged)Citigroup World Government Bond Index 1-5 Years Jan-85 Data is in Canadian dollars. MSCI EAFE Small index return is price only prior to January 1999 data inception. MSCI Emerging index return is gross dividends prior to January 1999 data inception. S&P Global REIT index return is gross dividends prior to January 2001 data inception. S&P/TSX data provided by S&P/TSX. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor's Index Services Group. Russell data copyright © Russell Investment Group , all rights reserved. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. Citigroup bond indexes copyright 2012 by Citigroup. Indexes are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. 2

Weights Number of Countries Number of Stocks Total ValueDecember 31, 2012 Change from Previous Year 01/90-12/12 Average Canada Trillion 4.55%-0.29%3.11% United States1 2, Trillion 44.44%0.22%44.46% Developed Markets22 3, Trillion 36.34%0.38%46.50% Emerging Markets21 2, Trillion 14.66%-0.31%5.93% Total 45 8, Trillion % Value of Stock Markets around the World January 1990 – December 2012 Data is in US dollars and values are beginning of month. The proxies for the Canadian and US equity markets are based on the respective country markets from the MSCI All Country World IMI Index. The international developed market proxy is the MSCI All Country World IMI ex USA ex Canada Index. The proxy for emerging markets is the MSCI All Country World IMI Index (Emerging Markets). MSCI data copyright MSCI 2012, all rights reserved. Global market capitalization weights are not static; they change across time. Emerging Markets Maximum 15.68% September 2010 CAN Stock Market Maximum 5.07% March 2011 Intl. Developed Markets Maximum 67.07% January 1990 US Stock Market Minimum 29.89% January 1990 Emerging Markets Minimum 0.72% January 1990 US Stock Market Maximum 54.85% January 2002 Intl. Developed Markets Minimum 34.51% May 2012 CAN Stock Market Minimum 2.11% December

Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q ? ? ? ? ? ? ? ? The Randomness of Quarterly Returns December 31, 2012 Data is in Canadian dollars. Indexes represented as follows: Canadian stocks (S&P/TSX Composite Index), US stocks (Russell 3000 Index), International Developed Markets (MSCI EAFE Index), Emerging Markets (MSCI Emerging Markets Index), Global REIT (S&P Global REIT Index), Canadian 1-Month T-Bills, Canadian Bonds (DEX Universe Bond), Global Bonds (Citigroup World Government Bond Index Canada 1-5 Years). Indexes are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. S&P/TSX data provided by S&P/TSX. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor's Index Services Group. Russell data copyright © Russell Investment Group , all rights reserved. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. Citigroup bond indexes copyright 2012 by Citigroup. Highest Return Lowest Return This table shows from top to bottom the highest returning asset classes each quarter over the last 14 quarters. Each asset class is color coded based on the legend below. The lack of a pattern indicates that picking which asset classes will be the best or worst performers is virtually impossible. Portfolios combining these various investments will avoid extreme returns. Canadian Stocks US Stocks International Developing Markets Emerging Markets Global REITs 1-Month CAN Treasury Bills CAN Bonds Global Bonds 4

Currency December 31, 2012 CHANGE IN FOREIGN EXCHANGE RATES (%) FX/$CAD CurrencyQ4 2012One YearThree Years $ US Dollars -1.45%2.48%5.09% € Euro -3.57%0.73%14.27% £ Pounds -2.17%-2.15%4.51% ¥ Yen 9.37%15.07%-2.24% Data is in Canadian dollars. The market for the United States, International Developed Markets, and Emerging Markets is defined as: Russell 3000 Index, MSCI EAFE Index, and MSCI Emerging Markets Index, respectively. The S&P data are provided by Standard & Poor's Index Services Group. Russell data copyright © Russell Investment Group , all rights reserved. MSCI data copyright MSCI 2012, all rights reserved. Indexes are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. FX Rates courtesy of Federal Reserve of New York. IMPACT OF CURRENCY FLUCTUATIONS Annual Returns in CAD and Local CurrencyThree-Year Annualized Returns in CAD and Local Currency CADLocal Currency 5

MSCI Country Returns in Canadian Dollars and Local Currency December 31, 2012 MSCI data copyright MSCI 2012, all rights reserved. Indexes are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. ONE YEAR RETURNS IN CAD AND LOCAL CURRENCY Return in CAD Return in Local Currency Impact of Currency 1.Turkey 59.84%54.46%5.37% 2.Egypt 54.90%67.17%-12.27% United States 13.78%16.36%-2.58% 37. Canada 6.49% 0.00% Brazil -0.68%11.49%-12.17% 45. Morocco %-12.03%-0.81% FOURTH QUARTER 2012 RETURNS Return in CAD Return in Local Currency Impact of Currency 1.Greece 19.28%15.02% -4.26% 2.Turkey 18.91%16.80%2.12% Canada 1.58% 0.00% 41. United Sates 1.36%0.16%1.20%. 44. Czech Republic -0.44%-4.39%3.95% 45. Egypt -9.82%-6.97%-2.85% 6

MSCI Country Returns December 31, 2012 Data in Canadian dollars gross of fees. MSCI data copyright MSCI 2012, all rights reserved. Indexes are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. COUNTRY RANKINGS–TEN-YEAR ANNUALIZED RETURNS Canada United States Percent Return 7

Bond Returns December 31, 2012 Data is in Canadian dollars. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. Data provided by Citibank. Treasury yield data provided by Bank Of Canada; copyright © , Bank of Canada. Return (%) IndexQ One Year Three Years Annualized Canadian 1-Month T-Bills 0.24%0.91%0.75% DEX Short-Term Bond Index 0.34%2.01%3.40% DEX Mid-Term Bond Index 0.40%4.65%7.74% DEX Long-Term Bond Index 0.15%5.21%11.83% DEX Universe Bond Index 0.30%3.60%6.64% Citigroup World Government Bond Index 0.59%2.87%2.79% (1-5 years hedged) CAN Treasury Yield Curve 8

In Canadian dollars. T-Bills is Canadian 1-Month T-Bills, Canadian Bonds is DEX Universe Bond Index, International Stocks is MSCI EAFE Index (net div.), Emerging Markets Stocks is MSCI Emerging Markets Index (gross div.) from 01/1988 to 12/1998 and MSCI Emerging Markets Index (net div.) from 01/1999, US Stocks is S&P 500 Index, Global Real Estate is S&P Global REIT Index (gross div.) from 07/1989 to 12/2000 and S&P Global REIT (net div.) from 01/2001 and Canadian Stocks is S&P/TSX Composite Index. Balanced Portfolio is 10% T-Bills, 30% Canadian Bonds, 20% Canadian Stocks, 15% US Stocks, 15% International Stocks, 5% Emerging Markets Stocks and 5% Global Real Estate. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor’s Index Services Group. S&P/TSX data provided by S&P/TSX. Indexes are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. - ONE YEAR Growth of Wealth December 31, 2012 $1.21 $1.05 $1.01 $1.09 $1.05 $1.14 $1.13 9

In Canadian dollars. T-Bills is Canadian 1-Month T-Bills, Canadian Bonds is DEX Universe Bond Index, International Stocks is MSCI EAFE Index (net div.), Emerging Markets Stocks is MSCI Emerging Markets Index (gross div.) from 01/1988 to 12/1998 and MSCI Emerging Markets Index (net div.) from 01/1999, US Stocks is S&P 500 Index, Global Real Estate is S&P Global REIT Index (gross div.) from 07/1989 to 12/2000 and S&P Global REIT (net div.) from 01/2001 and Canadian Stocks is S&P/TSX Composite Index. Balanced Portfolio is 10% T-Bills, 30% Canadian Bonds, 20% Canadian Stocks, 15% US Stocks, 15% International Stocks, 5% Emerging Markets Stocks and 5% Global Real Estate. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor’s Index Services Group. S&P/TSX data provided by S&P/TSX. Indexes are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. - THREE YEARS Growth of Wealth December 31, 2012 $1.48 $1.18 $1.02 $1.19 $1.20 $1.12 $1.31 $

- $1.07 $0.80 $1.37 $1.06 $0.95 $1.12 $1.02 $1.06 FIVE YEARS Growth of Wealth December 31, 2012 In Canadian dollars. T-Bills is Canadian 1-Month T-Bills, Canadian Bonds is DEX Universe Bond Index, International Stocks is MSCI EAFE Index (net div.), Emerging Markets Stocks is MSCI Emerging Markets Index (gross div.) from 01/1988 to 12/1998 and MSCI Emerging Markets Index (net div.) from 01/1999, US Stocks is S&P 500 Index, Global Real Estate is S&P Global REIT Index (gross div.) from 07/1989 to 12/2000 and S&P Global REIT (net div.) from 01/2001 and Canadian Stocks is S&P/TSX Composite Index. Balanced Portfolio is 10% T-Bills, 30% Canadian Bonds, 20% Canadian Stocks, 15% US Stocks, 15% International Stocks, 5% Emerging Markets Stocks and 5% Global Real Estate. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor’s Index Services Group. S&P/TSX data provided by S&P/TSX. Indexes are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. 11

$1.23 $1.76 $1.19 $1.82 $2.44 $2.83 $1.64 $1.35 TEN YEARS Growth of Wealth December 31, 2012 In Canadian dollars. T-Bills is Canadian 1-Month T-Bills, Canadian Bonds is DEX Universe Bond Index, International Stocks is MSCI EAFE Index (net div.), Emerging Markets Stocks is MSCI Emerging Markets Index (gross div.) from 01/1988 to 12/1998 and MSCI Emerging Markets Index (net div.) from 01/1999, US Stocks is S&P 500 Index, Global Real Estate is S&P Global REIT Index (gross div.) from 07/1989 to 12/2000 and S&P Global REIT (net div.) from 01/2001 and Canadian Stocks is S&P/TSX Composite Index. Balanced Portfolio is 10% T-Bills, 30% Canadian Bonds, 20% Canadian Stocks, 15% US Stocks, 15% International Stocks, 5% Emerging Markets Stocks and 5% Global Real Estate. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor’s Index Services Group. S&P/TSX data provided by S&P/TSX. Indexes are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. 12

- $2.53 $4.17 $4.95 $4.14 $5.90 $1.93 $3.79 $4.28 TWENTY YEARS Growth of Wealth December 31, 2012 In Canadian dollars. T-Bills is Canadian 1-Month T-Bills, Canadian Bonds is DEX Universe Bond Index, International Stocks is MSCI EAFE Index (net div.), Emerging Markets Stocks is MSCI Emerging Markets Index (gross div.) from 01/1988 to 12/1998 and MSCI Emerging Markets Index (net div.) from 01/1999, US Stocks is S&P 500 Index, Global Real Estate is S&P Global REIT Index (gross div.) from 07/1989 to 12/2000 and S&P Global REIT (net div.) from 01/2001 and Canadian Stocks is S&P/TSX Composite Index. Balanced Portfolio is 10% T-Bills, 30% Canadian Bonds, 20% Canadian Stocks, 15% US Stocks, 15% International Stocks, 5% Emerging Markets Stocks and 5% Global Real Estate. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor’s Index Services Group. S&P/TSX data provided by S&P/TSX. Indexes are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. 13

14 The Top Ten Money Excuses Fourth Quarter 2012 Human beings have an astounding facility for self-deception when it comes to our own money. We tend to rationalize our own fears. So instead of just recognizing how we feel and reflecting on the thoughts that creates, we cut out the middle man and construct the façade of a logical-sounding argument over a vague feeling. These arguments are often elaborate, short-term excuses that we use to justify behavior that runs counter to our own long-term interests. Here are ten of these excuses: 1) "I JUST WANT TO WAIT TILL THINGS BECOME CLEARER.” It's understandable to feel unnerved by volatile markets. But waiting for volatility to "clear" before investing often results in missing the return that can accompany the risk. 2) "I JUST CAN'T TAKE THE RISK ANYMORE.” By focusing exclusively on the risk of losing money and paying a premium for safety, we can end up with insufficient funds for retirement. Avoiding risk can also mean missing an upside. 3) "I WANT TO LIVE TODAY. TOMORROW CAN LOOK AFTER ITSELF.” Often used to justify a reckless purchase, it's not either/or. You can live today and mind your savings. You just need to keep to your budget. 4) "I DON'T CARE ABOUT CAPITAL GAIN. I JUST NEED THE INCOME.” Income is fine. But making income your sole focus can lead you down a dangerous road. Just ask anyone who recently invested in collateralized debt obligations. 5) "I WANT TO GET SOME OF THOSE LOSSES BACK.” It's human nature to be emotionally attached to past bets, even losing ones. But, as the song says, you have to know when to fold 'em. 6) "BUT THIS STOCK/FUND/STRATEGY HAS BEEN GOOD TO ME.” We all have a tendency to hold on to winners too long. But without disciplined rebalancing, your portfolio can end up carrying much more risk than you bargained for. 7) "BUT THE NEWSPAPER SAID…” Investing by the headlines is like dressing based on yesterday's weather report. The market has usually reacted already and moved on to worrying about something else. 8) "THE GUY AT THE BAR/MY UNCLE/MY BOSS TOLD ME…” The world is full of experts; many recycle stuff they've heard elsewhere. But even if their tips are right, this kind of advice rarely takes your circumstances into account. 9) "I JUST WANT CERTAINTY.” Wanting confidence in your investments is fine. But certainty? You can spend a lot of money trying to insure yourself against every possible outcome. While it cannot guard against every risk, it's cheaper to diversify your investments. 10) "I'M TOO BUSY TO THINK ABOUT THIS.” We often try to control things we can't change—like market and media noise—and neglect areas where our actions can make a difference—like the costs of investments. That's worth the effort. Given how easy it is to pull the wool over our own eyes, it can pay to seek independent advice from someone who understands your needs and circumstances and who holds you to the promises you made to yourself in your most lucid moments. Call it the "no more excuses" strategy. Adapted from “The Top Ten Money Excuses” by Jim Parker, Outside the Flags column on Dimensional’s website, October This information is provided for educational purposes only and should not be considered investment advice or a solicitation to buy or sell securities. Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission.