1. 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 Third Quarter 2012

2. Market Update: A Quarter in Review September 30, 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 1995-2012, 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 +6.73% +9.44% +7.21%+7.10%+3.27%+4.20%+2.75%+3.79%+4.07% Large CapSmall CapGrowthValue Global REITs 1-Month T-Bills Short Term Bonds Intermediate Bonds Global Bonds (hedged) +2.72%+1.66%+2.39%+2.81%-0.21%+0.23%+0.71%+1.24%+0.96%

3. Survey of Long-Term Performance September 30, 2012 Annualized (%) Asset ClassIndex1 Year3 Years5 Years10 Years20 Years Since Inception Inception date CANADIAN STOCKS Large Cap TSX 60 8.573.88-0.259.949.768.61 Feb 87 Small Cap MSCI/Barra Canadian Small 8.6811.661.429.599.929.56 Jul 90 Growth MSCI/Barra Canadian Growth 5.212.66-2.309.197.897.19 Jan 82 Value MSCI/Barra Canadian Value 11.656.821.9411.0211.7011.33 Jan 82 US STOCKS Large Cap S&P500 22.1410.040.822.977.2310.56 Feb 51 Small Cap Russell 2000 23.749.831.985.037.8110.76 Jan 79 Growth Russell 3000 Growth 21.3411.482.983.496.189.93 Jan 79 Value Russell 3000 Value 22.948.71-0.953.228.0911.47 Jan 79 INTERNATIONAL STOCKS Large Cap MSCI EAFE (net div.) 6.71-0.74-5.463.154.308.73 Jan 70 Small Cap MSCI EAFE Small (net div.) 5.601.82-3.206.05-4.36 Jan 93 Growth MSCI EAFE Growth (net div.) 7.701.40-4.452.782.898.50 Jan 75 Value MSCI EAFE Value (net div.) 5.62-2.91-6.543.435.6011.63 Jan 75 Emerging Markets MSCI Emerging (net div.) 9.692.68-1.5111.547.4211.19 Jan 88 REAL ESTATE Global REITs S&P Global REIT (net div.) 20.8211.59-2.084.518.257.50 Jul 89 FIXED INCOME Canadian BillsCanadian 1-Month T-Bills 0.880.681.192.143.396.77 Jun 73 Canadian Short Term BondsDEX Short Term Bond 2.173.444.914.546.028.51 Jan 80 Canadian BondsDEX Universe Bond 5.456.486.866.187.519.71 Jan 80 Global Bonds (hedged)Citigroup World Government Bond Index 1-5 Years 2.932.673.793.665.197.01 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 1995-2012, 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.

4. Weights Number of Countries Number of Stocks Total ValueSeptember 30, 2012 Change from Previous Year 01/90-09/12 Average Canada1 345 1.62 Trillion 14.36%-0.64%5.84% United States1 2,477 15.97 Trillion 45.99%2.70%44.45% Developed Markets20 3,130 12.15 Trillion 34.99%-1.97%46.61% Emerging Markets23 2,659 4.99 Trillion 4.67%-0.10%3.09% Total 45 8,611 34.73 Trillion 100.00% Value of Stock Markets around the World January 1990 – September 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 1998

5. Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 4.5924.3021.766.583.14 2.9314.099.455.60 3.33 5.128.9711.715.167.02 1.5219.9711.303.982.34 0.9712.788.153.43 2.48 1.496.1810.522.254.07 0.8618.0410.613.861.40 0.0812.594.032.41 1.05 0.233.598.560.583.27 0.2015.729.982.611.26 -2.1410.263.490.50 1.01 -7.922.098.430.232.60 -2.007.777.070.330.78 -3.947.803.330.23 -8.541.494.39-1.161.24 -7.591.252.710.240.03 -5.513.150.23-0.05 -0.56 -11.970.650.71-5.220.96 -10.830.200.980.05-1.08 -7.040.93-0.30-0.27 -1.68 -12.020.430.20-5.670.23 -22.830.070.04-0.16-2.57 -9.820.09-0.71-0.78 -5.15 -15.720.21-0.21-7.02-0.21 The Randomness of Quarterly Returns September 30, 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 1995-2012, 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

6. Currency September 30, 2012 CHANGE IN FOREIGN EXCHANGE RATES (%) FX/$CAD CurrencyQ3 2012One YearThree Years $ US Dollars 3.94%5.64%9.03% € Euro 1.79%10.46%24.09% £ Pounds 0.54%2.30%8.16% ¥ Yen 1.83%6.85%-5.08% 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 1995-2012, 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

7. MSCI Country Returns in Canadian Dollars and Local Currency September 30, 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.Egypt 46.27%58.32%-12.05% 2.Thailand 35.35%41.94%-6.59%. 13. United States 23.04%30.31%-7.27%... 37. Canada 8.38% 0.00%.. 44. Greece -22.65%-14.57%-8.08% 45. Morocoo -24.89%-17.81%-7.08% Third Quarter 2012 RETURNS Return in CAD Return in Local Currency Impact of Currency 1.Egypt 22.60%27.82%-5.23% 2.Greece 16.92%19.49%-2.58%.. 21. Canada 7.19% 0.00%... 41. United Sates 2.56%6.26%-3.70%. 44. Japan -4.11%-3.13%-0.98% 45. Morocco -7.02%-4.78%-2.24%

8. MSCI Country Returns September 30, 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

9. Bond Returns September 30, 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 © 1995-2012, Bank of Canada. Return (%) IndexQ3 2012 One Year Three Years Annualized Canadian 1-Month T-Bills 0.23%0.88%0.68% DEX Short-Term Bond Index 0.71%2.17%3.44% DEX Mid-Term Bond Index 1.39%6.27%7.50% DEX Long-Term Bond Index 1.91%10.24%11.26% DEX Universe Bond Index 1.24%5.45%6.48% Citigroup World Government Bond Index 0.96%2.93%2.67% (1-5 years hedged) CAN Treasury Yield Curve

10. 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 September 30, 2012 $1.21 $1.09 $1.01 $1.09 $1.05 $1.10 $1.22 $1.07

11. 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 September 30, 2012 $1.39 $1.17 $1.02 $1.17 $1.21 $1.08 $1.33 $0.98

12. - $1.04 $0.76 $1.39 $1.01 $0.93 $1.09 $0.90 $1.06 FIVE YEARS Growth of Wealth September 30, 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. $1.24 $1.81 $1.34 $1.82 $2.55 $2.98 $1.55 $1.36 TEN YEARS Growth of Wealth September 30, 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.

14. - $2.32 $4.19 $4.88 $4.14 $5.79 $1.95 $4.04 $4.25 TWENTY YEARS Growth of Wealth September 30, 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.

15. 14 Adapted from “Knightmare on Wall Street” by Weston Wellington, Down to the Wire column on Dimensional’s website, August 2012. S&P 500 Index return in CAD. 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. Quarterly Topic Knightmare on Wall Street QUESTION: Which of the following statements applies to this summer’s stock market behavior? A) Computer errors at a major trading firm generated millions of faulty trades, causing dramatic and puzzling price swings in dozens of stocks. B) A New York Times columnist fumed that “Wall Street has created its own Frankenstein. The machines are now in charge.” C) The S&P 500 Index rose 9.86% for the year through the end of August. ANSWER: All of the above. The July 31 trading session was marked by unusual activity in 148 stocks listed on the New York Stock Exchange, many of which swung sharply in the first hour of trading due to an apparent error in a newly installed software program developed by seventeen- year-old Knight Capital Group Inc., one of the country's largest market-making and trading firms. For some, the incident was an unwelcome reminder of the so-called "flash crash" on May 6, 2010, which saw the Dow Jones Industrial Average plunge over 700 points in fifteen minutes. Wall Street Journal columnist Jason Zweig sounded out a number of individual investors for their thoughts on the market gyrations and got an earful. A New York lawyer observed that the investors he talks to are convinced "the game is stacked against them" and that earning a pittance in safe fixed income investments was preferable to "losing it all on a roulette-wheel stock market." Incidents such as the "flash crash" are often cited as a contributing factor to investor skepticism of equity investing. One can sympathize with investors who fear that the investment industry machinery somehow places them at a disadvantage, but we think such concerns should be placed in a proper context. We live in a complicated world, and it's unrealistic to expect power plants, airliners, or stock exchanges to work perfectly 100% of the time. The lights go out, flights are canceled on short notice, and computers freeze up just when we need to print that important document. These malfunctions serve to remind us that technology is a mixed blessing, but few of us would prefer a permanent return to the era of spinning wheels and candlelight. Some of us are old enough to remember the commission schedule at NYSE-member firms in the days before negotiated commission rates and high-speed trading algorithms. A 100-share order of IBM or Procter & Gamble used to cost $80.73. These days, a customer with a meaningful checking account balance can execute one hundred trades a year for free. More traders and more trading paves the way to greater liquidity and lower transaction costs. We do wonder how many investors were even aware of the trading gyrations as they were taking place. We suspect those expressing the greatest alarm were accustomed to watching market developments minute by minute. In this regard, we cannot improve on Jason Zweig's observation, so we'll quote him directly: "It's harder than ever for long-term investors to ignore the trading madness of Mr. Market. But ignoring it remains the very essence of what it means to be an investor."