Introduction Mawer was founded as a partnership in 1974 by Charles Mawer and was incorporated on March 20, 2003 under the laws of Alberta, Canada. We are an employee-owned and operated investment advisory firm headquartered in Canada. A description of the advisory services provided by Mawer is below. Certain of the advisory services outlined below are not available to clients in all jurisdictions. Our activities with respect to our non-U.S. clients may differ from those described generally herein, and we may provide additional or different services to our non-U.S. clients. Mawer does not hold itself out to its non-U.S. clients as an investment adviser registered with the SEC. Investors and other recipients should be aware that while this Brochure may include information about Mawer’s activities with respect to such investment vehicles or services provided outside of the U.S. as necessary or appropriate, this Brochure should not be considered to represent a complete discussion of the features, risks, or conflicts associated with any investment product offered or advised by Mawer. All discussions of Canadian investment funds and non-U.S. advisory activities are intended solely to provide the recipients with a full description of Mawer’s business, including potential conflicts of interest. Discretionary Portfolio Management Services We provide discretionary portfolio management services in certain jurisdictions in Canada for individuals, corporations, trusts, estates, institutions, pension funds, and not-for-profit organizations. We also provide discretionary portfolio management services for U.S.-based corporations and institutions, as well as certain U.S. residents. We work closely with each client to establish specific investment objectives, risk tolerance parameters, and to consider other unique circumstances which are incorporated into a written investment policy statement or similar document (the Investment Policy Statement). Our portfolio managers encourage a close working relationship with our clients’ other service providers, including accountants, legal counsel, and financial and estate planners to ensure that long-term objectives are being met. Once investment guidelines have been established and provided to us, the client’s portfolio manager assumes discretionary responsibility for building, managing, and monitoring the client’s investment portfolio in accordance with those guidelines set out in the Investment Policy Statement. Investment funds managed and distributed by Mawer may comprise all or a portion of a client’s discretionary portfolio if this aligns with the client's investment objectives. Pooled Investment Vehicles Mawer advises and distributes both public mutual funds as well as private pooled funds to clients and investors in Canada (“Mawer

Canadian Funds”). In addition, Mawer advises private funds which are available for investment by U.S. clients and investors (“Mawer U.S. Funds”). The terms under which a fund is offered are outlined in the respective fund offering documents. Segregated Accounts Clients may also choose to utilize one or more investment strategies or models on a segregated basis (a Segregated Account). These Segregated Accounts are primarily comprised of individual stocks and bonds and are generally only available to U.S. or Canadian individual clients investing more than U.S. $8,000,000 or institutional clients investing more than U.S. $50,000,000. Sub-Advisory Services We provide sub-advisory services to mutual funds, non-public pooled funds, separately managed accounts, and Canadian wrap fee programs that are managed and operated/sponsored by other third- party non-affiliated portfolio managers or investment managers. We receive a fee based on the assets under management within each mandate or portfolio for each of these services, as described in Item 5 below. Canadian wrap fee programs are managed using the same models as our other accounts. Wrap fee programs are not available to U.S. investors. ERISA We manage accounts of U.S. employee benefit plans, such as corporate pension, profit sharing, and money purchase pension plans, that are subject to the fiduciary responsibility provisions of Title I of the Employee Retirement Income Security Act of 1974 (ERISA), and of certain plans that are subject to Section 4975 of the U.S. Internal Revenue Code of 1986 (the Code) (such plans, the Plans) on a segregated basis, or through a commingled investment vehicle such as a collective investment trust. When we manage assets of Plans, we will be subject to the prohibited transaction provisions of Section 406 of ERISA and/or Section 4975 of the Code, which provisions, among other things, may restrict the way we may be compensated by such accounts. We are subject to ERISA fiduciary responsibility, reporting and disclosure, and bonding rules when managing Plan accounts that are subject to ERISA. In addition, certain issuers of securities and other investment products may restrict investment by Plans, which may affect the composition of the portfolios of Plan accounts and result in a variance between the investments of Plan accounts and the investments of non-Plan accounts that otherwise might have similar mandates. Assets Under Management As of December 31, 2022, Mawer had the following amount of regulatory assets under management (AUM): Discretionary AUM: U.S. $46,112,600,000* Non-Discretionary AUM: U.S. $500,000* Total AUM: U.S. $46,113,100,000* * Rounded to the nearest U.S. $100,000 using a foreign exchange rate of CAD $0.738 to U.S. $1.00.