Release date 10-10-2019 Page 1 of 3

Morningstar Analyst Rating

Beutel Goodman Canadian Equity Class F —

NAV $ NAV Day Change % Yield TTM % Total Assets $ Status Min. Inv. Load MER Morningstar Rating TM Category Investment Style
37.56 ]0.23 | 0.62 2.03 7 Open $5,000 None 1.11% QQQQQ Canadian Equity 4 Large Blend

Growth of 10,000 10-09-2009 - 10-09-2019 Morningstar Risk Measures

22K Beutel Goodman Canadian Risk vs. Category Avg
Equity Class F $21,220.21 (582)
18K Canadian Equity $18,240.47 Return vs. Category High
S&P/TSX Composite TR (582)
14K $19,136.69 Low Avg High

10K Pillars
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Process — —
Investment Strategy Performance — —
This Fund seeks long-term capital appreciation primarily through investments in common shares and other equity securities of People — —
established Canadian issuers. The Fund’s adviser attempts to buy the best economic value in the market regardless of what Parent — —
sector the issuer operates in, identifying stocks that are undervalued in relation to the asset value or earnings power of the is- Price — —
suer. If earnings fall short of expectations, the intrinsic value of the underlying assets of the issuer will provide important down- Rating .
side protection.

Style Map
Performance 10-09-2019 Giant Weighted Average
of holdings
YTD 1 Mo 1 Yr 3Yr Ann 5Yr Ann 10Yr Ann Large
Growth of 10,000 10,896 9,932 10,154 11,823 12,942 21,281 Medium
75% of fund’s stock
holdings
Fund 8.96 -0.68 1.54 5.74 5.29 7.84
Small
+/- S&P/TSX Composite TR -8.22 -0.32 -5.14 -1.41 -0.36 1.09
+/- Category -5.64 -0.22 -3.08 0.40 0.73 1.79 Micro
% Rank in Cat 96 61 81 47 32 8
Deep Core Core Core High
# of Funds in Cat 542 556 520 436 314 149 Val Val Grow Grow
* Currency is displayed in CAD

Top Holdings 08-31-2019 Asset Allocation 09-30-2019

Weight % Last Price Day Chg % 52 Week Range % % %
Net Short Long
T Royal Bank of Canada 8.79 105.76 CAD 0.26 ] 90.10 - 108.25
Cash 1.91 0.13 2.04
T The Toronto-Dominion Bank 8.38 73.03 CAD 0.23 ] 65.56 - 77.96
Canadian Equity 98.09 0.00 98.09
T Beutel Goodman Small Cap BU1441 7.61 — — —
T Rogers Communications Inc Class B 6.94 63.67 CAD -0.34 [ 63.44 - 73.82 U.S. Equity 0.00 0.00 0.00
T Metro Inc 5.33 57.20 CAD -0.94 [ 39.04 - 59.03 International Equity 0.00 0.00 0.00
Fixed Income 0.00 0.00 0.00
% Assets in Top 5 Holdings 37.05
Other 0.00 0.00 0.00
TIncrease YDecrease RNew to Portfolio
Management
Start Date
Top Sectors 09-30-2019
Fund 3 Yr High 3 Yr Low Cat Avg Fund Cat Avg Mark Thomson 06-01-1999
Stephen J. Arpin 07-01-1994
y Financial Services 42.08 42.08 37.53 —
Bill Otton 01-16-1995
s Consumer Defensive 10.59 10.59 6.21 —
Pat Palozzi 04-19-2004
i Communication 10.21 12.11 10.21 —
Services James Black 05-14-2007
t Consumer Cyclical 9.05 9.96 9.05 —
r Basic Materials 8.91 9.00 7.89 —
0 15 30 45 60

©2019 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The ®
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. ß
Release date 10-10-2019 Page 2 of 3

Beutel Goodman Canadian Equity Class F

Performance
Growth of 10,000 09-30-2019
30k BTG100
Category Canadian Equity
20k
Index S&P/TSX Composite TR
15k

10k

5k

) * & & & * * * & & ) Performance Quartile

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD History

24.53 15.96 -6.65 11.10 24.68 10.56 -5.02 18.91 9.35 -6.09 12.41 BTG100
35.05 17.61 -8.71 7.19 12.99 10.55 -8.32 21.08 9.10 -8.89 19.11 S&P/TSX Composite TR
33.24 15.00 -10.45 7.68 17.16 9.40 -6.06 17.39 8.11 -9.41 16.83 Category (Canadian Equity)
-10.53 -1.65 2.06 3.91 11.68 0.00 3.30 -2.17 0.25 2.79 -6.69 +/- S&P/TSX Composite TR
-8.71 0.96 3.80 3.42 7.52 1.15 1.04 1.53 1.24 3.31 -4.41 +/- Category (Canadian Equity)
0.59 0.60 0.41 0.33 0.51 0.55 0.64 0.62 0.64 0.81 — Income CAD
— — 0.21 0.16 0.63 — — — — 1.21 — Capital Gains CAD
1,009 — 9 12 29 37 41 55 77 100 122 Net Assets CAD Mil
84 39 13 17 10 36 38 41 21 10 92 % Rank in Category
Canadian Canadian Canadian Canadian Canadian Canadian Canadian Canadian Canadian Canadian Canadian Fund Category
Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity

Trailing Total Returns 10-09-2019

80% BTG100
Category: Canadian Equity
Index: S&P/TSX Composite TR
40

Top Quartile
2nd Quartile
0
3rd Quartile
Bottom Quartile

-40

1 Day 1 Wk 1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Total Return %

0.62 -0.53 -0.68 -0.87 8.96 1.54 5.74 5.29 7.84 — BTG100
0.59 0.48 -0.36 -0.23 17.18 6.68 7.15 5.66 6.75 7.19 S&P/TSX Composite TR
0.59 0.34 -0.46 -0.44 14.60 4.62 5.34 4.57 6.06 5.85 Category (Canadian Equity)
0.03 -1.02 -0.32 -0.65 -8.22 -5.14 -1.41 -0.36 1.09 — +/- S&P/TSX Composite TR
0.03 -0.88 -0.22 -0.43 -5.64 -3.08 0.40 0.73 1.79 — +/- Category (Canadian Equity)
42 99 61 66 96 81 47 32 8 — Rank in Category

Tax Analysis 09-30-2019

1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Since Incpt.
Pretax Return 4.28 2.85 3.69 12.41 3.49 6.91 5.46 8.21 — 6.63
Tax-adjusted Return 4.28 2.85 3.69 12.41 1.35 5.53 4.35 7.03 — 5.28
% Rank in Category 7 27 68 90 77 37 27 13 — —
Tax Cost Ratio — — — — 2.07 1.29 1.05 1.09 — —

©2019 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The ®
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. ß
Release date 10-10-2019 Page 3 of 3

Beutel Goodman Canadian Equity Class F

Performance
Quarterly Returns
BTG100 S&P/TSX Composite Cat (Canadian Equity)
TR
2019 Q3 2.85 2.48 2.32
Q2 0.82 2.58 2.29
Q1 8.41 13.29 11.46
2018 Q4 -7.94 -10.11 -9.94
Q3 0.08 -0.57 -0.83
Q2 5.40 6.77 5.65
Q1 -3.30 -4.52 -4.04
2017 Q4 4.11 4.45 3.96
Q3 4.42 3.68 2.85
Q2 -2.14 -1.64 -0.92
Q1 2.79 2.41 1.91
2016 Q4 5.86 4.54 4.07
Q3 6.28 5.45 5.23
Q2 1.61 5.07 3.09
Q1 4.02 4.54 3.69
2015 Q4 1.14 -1.40 -0.18
Q3 -5.38 -7.86 -6.22
Q2 -1.88 -1.63 -1.98
Q1 1.15 2.58 2.45

©2019 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The ®
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. ß