Mawer Global Small Cap Fund

Annual Management Report of Fund PerformanceFor the Year Ended December 31, 2018

This Annual Management Report of Fund Performance contains financial highlights but does not contain the complete annual financial statements of the investment fund. You may obtain a copy of the annual financial statements at no cost by calling 1-844-395-0747, by writing us at Suite 600, 517 – 10th Avenue SW, Calgary, Alberta T2R 0A8, or by visiting our website at www.mawer.com or SEDAR at www.sedar.com.

Unitholders may also contact us using one of the above noted methods to request a copy of the investment fund’s proxy voting policies and procedures, interim financial reports, proxy voting disclosure record, or quarterly portfolio disclosure.

This Annual Management Report of Fund Performance includes certain statements that are “forward looking statements”. All statements, other than statements of historical fact, included in this report that address activities, events or developments that the portfolio advisor, Mawer Investment Management Ltd. (the "Manager"), expects or anticipates will or may occur in the future, including such things as anticipated financial performance, are forward looking statements. The words “may”, “could”, “would”, “should”, “believe”, “plan”, “anticipate”, “expect”, “intend”, “forecast”, “objective” and similar expressions are intended to identify forward looking statements. These forward looking statements are subject to various risks and uncertainties, including the risks described in the Simplified Prospectus of the Fund, uncertainties and assumptions about the Fund, capital markets and economic factors, which could cause actual financial performance and expectations to differ materially from the anticipated performance or other expectations expressed. Economic factors include, but are not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events.

All opinions contained in forward looking statements are subject to change without notice and are provided in good faith but without legal responsibility. The portfolio advisor has no specific intention of updating any forward looking statements whether as a result of new information, future events or otherwise, except as required by securities legislation. Certain research and information about specific holdings in the Fund, including any opinion,is based upon various sources believed to be reliable, but it cannot be guaranteed to be current, accurate or complete. It is for information only, and is subject to change without notice.

Management Discussion of Fund PerformanceInvestment Objectives and Strategies

The objective of the Mawer Global Small Cap Fund (the “Fund”) is to invest for above average long-term returns in securities of smaller companies around the world. This is done by choosing companies that we believe will be wealth-creating in the long-term and are trading at a discount to their intrinsic value. We prefer companies with enduring competitive advantages that will allow them to earn a return greater than their cost of capital over the long-term. The Fund has a long-term buy-and-hold strategy and seeks to keep turnover low.

Risk

This Fund is suitable for investors seeking long-term growth and who have a moderate to high tolerance for risk. General risks of investing in this Fund are outlined in the Prospectus and include the possibility of reduction in value of any given investment, liquidity risk, interest rate risk, and currency risk amongst others.

The Manager reduces the exposure to these risks by not concentrating more than 20% of the net assets of the Fund in a particular industry (i.e., sub-sector) as defined by the Global Industry Classification Standards (GICS). It is also the Manager’s policy to have no more than 10% of the net assets in any one common share of a corporation, at the time of purchase. The Fund typically owns positions in global corporations with a float adjusted market capitalization of $3 billion (USD) or less at the time of purchase It is the Manager’s intention to be generally fully invested (less than 5% in cash).

The Fund was invested in 10 of the 11 Global Industry Classification (GICS) sectors at December 31, 2018. The Fund’s largest sector weightings were in Industrials (27%), Information Technology (24%), and Financials (14%). Combined, the weight in the three largest sectors represented 65% of the portfolio which is an uptick from 59% at the end of 2017 (2018 is based on the GICS sector change in 2018 where the Telecommunications Services sector was broadened and renamed as the Communication Services sector. Furthermore, Media companies were moved from the Consumer Discretionary sector to the Communications Services sector, Internet Services companies were moved from the Information Technology sector to the Communications Services sector, and e-commerce companies were moved from the Information Technology sector to the Consumer Discretionary sector. 2017 has not been revised for this change). In aggregate, the ten largest individual holdings accounted for 33% of the portfolio which is up from 30% as of December 31, 2017.

Results of Operations

The Fund's net assets increased 0.9% to $2,546.8 million from $2,525.2 million at December 31, 2018. Of this change, $40.0 million is attributable to negative investment performance and $61.5 million was due to net contributions to the Fund.

Mawer Global Small Cap Fund

Over the year, the Fund’s Series A units were down 2.6% (after management fees) versus a loss of 6.7% for the MSCI AWCI Small Cap (Net) Total Return Index as of December 31, 2018. All performance values provided are in Canadian Dollar terms.

When assessing relative performance by sector, the Fund’s relative return is mainly attributable to security selection. Positive selection is due to the outperformance of the Fund’s Industrials, Financials, and Information Technology holdings. Meanwhile, sector allocation was slightly positive over the year due to the Fund’s underweight exposure to Energy, cash allocation, and overweight exposure in Information Technology.

When examining relative return from a geographic perspective, the Fund’s outperformance is also attributable to its security selection. Positive selection is due to the outperformance of the Fund’s U.K., Asia Pacific ex. Japan, and U.S. holdings. Meanwhile, geographic allocation was negative due to the Fund’s underweight exposure to the U.S. and overweight exposure to Europe.

Overall, the top contributors to the Fund’s performance were Jardine Lloyd Thompson Group plc, Softcat PLC, and Insperity, Inc. Conversely, XP Power Ltd., TSURUHA Holdings, Inc., and PC Jeweller Ltd. were the biggest detractors over the year.

The Fund initiated the following new positions over the year:

1. ADDCN Technology Co Ltd2. Amadeus Fire AG3. APG SGA SA4. Atea ASA5. Becle SAB de CV6. Bravida Holding AB7. Bravura Solutions Ltd8. Create SD Holdings Co Ltd9. DiaSorin SpA10. Dormakaba Holding AG11. Empresas Lipigas SA12. Fielmann AG13. HIQ International AB14. HRnetgroup Ltd15. Kusuri no Aoki Holdings Co Ltd16. MARR SpA17. Morningstar Inc18. S-1 Corp19. Technology One Ltd

The Fund eliminated the following positions over the year:

1. AddLife AB2. APN Outdoor Group Ltd3. Balkrishna Industries Ltd4. Bangkok Aviation Fuel Services PCL5. Beijer Ref AB6. Carlsberg Brewery Malaysia Bhd7. Computer Services Inc8. DCC PLC9. Frutarom Industries Ltd10. LIC Housing Finance Ltd

11. NewMarket Corp12. Nihon Kohden Corp13. Oldtown Bhd14. oOh!media Ltd15. Origin Enterprises PLC16. PC Jeweller Ltd17. Premier Marketing PCL18. SafeStyle UK PLC19. Servelec Group Plc20. Sporton International Inc21. SYNNEX Corp22. Unifin Financiera SAB de CV23. Zalaris ASA

Recent Developments

After years of generally rising equity markets, 2018 saw broad equity declines with pronounced volatility in the final quarter where markets swung up and down by multiple percentage points on many days. Global equities, as measured by the MSCI All Country World Index, fell during the quarter. The main catalysts of the weakness appear to be worries about rising interest rates, trade actions, slowing global economic growth, and the flattening of the U.S. treasury yield curve.

In Canada, oil market worries came to the forefront in the form of a record differential between the world (WTI – West Texas Intermediate) and the Canadian price for crude. While government policy has been announced in an effort to help, investors were less patient. Energy names sold off and the Bank of Canada acknowledged that the economy may not be as strong as anticipated fuelling worries about consumer debt levels. The S&P/TSX Composite fell and the Canadian Dollar was one of the worst-performing major currencies in the world in Q4, helping to buoy the returns of foreign asset classes in CAD terms.

Looking forward, equity markets continue to display some late cycle characteristics. With many equity markets now down over 20% from their peaks, perhaps some of these late cycle impacts are being priced in. To be sure, there are many factors at play, the most watched being rising interest rates and central bank tapering, the trade war between the U.S. and China, Brexit dynamics, and the prospects of moderating economic growth. We continue to follow our investment philosophy and process. While not a formula for avoiding negative returns, certainly an approach that has helped to preserve capital in the past.

The strategy’s geographic make-up is the result of our stock selection process and not a starting point. Currency fluctuations, diverging economic growth trajectories, and investor sentiment can all have material impacts in the short-term. Our approach to portfolio construction remains the same; we continue to emphasize high-quality companies with strong competitive advantages, solid balance sheets and business models that generate stable cash flows.

Mawer Global Small Cap Fund

The Fund adopted IFRS 9 effective January 1, 2018. The new standard requires that the classification and measurement of financial instruments under IFRS 9 is determined based on the business model as well as cash flow characteristics. The Manager assessed the Fund’s business model and determined that the focus is on fair value information and uses that information to assess the assets’ performance and to make decisions. Therefore, fair value through profit or loss (FVTPL) is the most appropriate measurement and presentation of the Fund’s financial assets and financial liabilities. Upon initial recognition, financial assets and liabilities are classified as FVTPL. Upon transition to IFRS 9, the Fund’s financial assets and financial liabilities that were classified as FVTPL under IAS39 continue to be categorized as FVTPL. There were no changes in the measurement attributes for any of the financial assets and financial liabilities with the adoption of IFRS 9.

Related Party Transactions – Management Fees

The Portfolio Advisor receives management fees, which are calculated for Series A Units as 1.50% per annum of the net asset value of the Fund calculated on a daily basis. Management fees for Series O Units are payable directly to the Manager by Series O investors and not by the Fund.

The terms of the Management Agreement were amended January 4, 1994, to grant the Manager of the Fund the ability, at their discretion, to reduce the management fees for large investors. This reduction is effected by means of a management fee distribution and will be automatically reinvested in additional units of the Fund at the net asset value of the Fund on the date of distribution. Mawer also receives fees for performing administrative services. As at December 31, 2018 the Fund owes Mawer $16,237 related to these administrative services.

Financial HighlightsThe following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for the past five years. This information is derived from the Fund’s audited annual financial statements which are prepared in accordance with IFRS.

The Fund's Net Asset Value (NAV) per Unit¹

SERIES A 2018 2017 2016 2015 2014Net Assets, beginning of year 15.83 13.64 13.87 10.83 9.72Increase (decrease) from operations:Total revenue 0.41 0.41 0.40 0.37 0.30Total expenses (0.33) (0.29) (0.26) (0.25) (0.22)Realized gains (losses) for the year 1.30 1.63 0.40 0.58 0.58Unrealized gains (losses) for the year (1.85) 1.06 (0.61) 2.33 0.42Total increase (decrease) from operations² (0.47) 2.81 (0.07) 3.03 1.08Distributions:From net investment income (excluding dividends) (0.10) (0.12) (0.13) (0.08) (0.05)From dividends - - (0.01) - -From capital gains (0.88) (0.53) - (0.04) (0.01)Return of capital - - - - -Total Distributions3 (0.98) (0.65) (0.14) (0.12) (0.06)Net Assets, end of year 14.43 15.83 13.64 13.87 10.83

SERIES O 2018 2017 2016 2015 2014Net Assets, beginning of year 15.46 13.87 14.11 11.08 9.94Increase (decrease) from operations:Total revenue 0.40 0.42 0.42 0.37 0.30Total expenses (0.06) (0.03) (0.03) (0.03) (0.04)Realized gains (losses) for the year 1.29 1.68 0.41 0.61 0.56Unrealized gains (losses) for the year (1.77) 1.11 (0.62) 2.47 0.60Total increase (decrease) from operations² (0.14) 3.18 0.18 3.42 1.42Distributions:From income (excluding dividends) (0.37) (0.37) (0.37) (0.28) (0.23)From dividends (0.01) (0.01) (0.02) (0.01) -From capital gains (1.10) (1.22) - (0.14) (0.02)Return of capital - - - - -Total Annual Distributions3 (1.48) (1.60) (0.39) (0.43) (0.25)Net Assets, end of year 13.83 15.46 13.87 14.11 11.08

(1) This information is derived from the Fund's audited financial statements. (2) Net asset value and distributions are based on the actual number of units

outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding over the financial year.

(3) Distributions were reinvested in additional units of the Fund.

Mawer Global Small Cap Fund

Ratios and Supplemental Data

SERIES A 2018 2017 2016 2015 2014Net Assets (000's)1 747,620 715,556 571,072 510,452 237,290Number of units outstanding (000's)¹ 51,812 45,200 41,879 36,802 21,909Management expense ratio² 1.74% 1.76% 1.81% 1.74% 1.82%Management expense ratio before waivers or absorptions 1.74% 1.76% 1.81% 1.74% 1.82%Trading expense ratio3 0.06% 0.11% 0.07% 0.09% 0.10%Portfolio turnover rate4 33.16% 36.64% 10.12% 11.20% 12.00%Closing market price or pricing NAV, (if applicable) 14.43 15.83 13.64 13.87 10.83

SERIES O 2018 2017 2016 2015 2014Net Assets (000's)1 1,799,145 1,809,682 1,482,267 1,420,099 946,302Number of units outstanding (000's)¹ 130,121 117,030 106,831 100,616 85,418Management expense ratio² 0.04% 0.04% 0.05% 0.04% 0.08%Management expense ratio before waivers or absorptions 0.04% 0.04% 0.05% 0.04% 0.08%Trading expense ratio3 0.06% 0.11% 0.07% 0.09% 0.10%Portfolio turnover rate4 33.16% 36.64% 10.12% 11.20% 12.00%Closing market price or pricing NAV, (if applicable) 13.83 15.46 13.87 14.11 11.08

(1) This information is provided as at December 31 of the year shown, as applicable.(2) Management expense ratio is based on total expenses for the stated year and is

expressed as an annualized percentage of daily average net assets during the year.(3) The trading expense ratio represents total commissions and other portfolio

transaction costs expressed as an annualized percentage of daily average net assets during the year.

(4) The Fund’s portfolio turnover rate indicates how actively the Fund’s Portfolio Advisors manage its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher a fund’s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.

Past PerformanceSales commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any investor that would have reduced returns. Mutual funds are not guaranteed. Their value changes frequently and past performance may not be repeated.

The Fund’s performance numbers assume that all distributions are reinvested in additional units of the Fund. If you hold this Fund outside of a registered plan, income and capital gains distributions that are paid to you increase your income for tax purposes whether paid to you in cash or reinvested in additional units. The amount of the reinvested taxable distributions is added to the adjusted cost base of the units that you own. This would decrease your capital gains or increase your capital loss when you later redeem from the Fund, thereby ensuring that you are not taxed on this amount again. Please consult your tax advisor regarding your personal tax situation.

The past performance of the Fund is set out in the following charts.

Year-by-Year Returns

The bar charts below show the Fund’s annual performance in each of the past 10 years to December 31, 2018. The charts show in percentage terms how an investment made on January 1 would have increased or decreased by December 31 of the fiscal year.

Series A

-20%

0%

20%

40%

60%

2018201720162015201420132012201120102009

39.7

16.3

0.3

29.5

47.0

12.1

29.1

-0.7

20.8

-2.6

Series O

-20%

0%

20%

40%

60%

2018201720162015201420132012201120102009

42.2

18.5

2.2

31.6

49.1

14.0

31.3

1.1

22.8

-0.9

(*) The Fund's start date was October 2, 2007.

Mawer Global Small Cap Fund

Annual Compound Returns

The following table shows the historical annual compound total return of the Fund for the periods shown ending on December 31, 2018. The annual compound total return is benchmarked to the Mawer Global Small Cap Benchmark (GSC Benchmark) and calculated on the same compound basis. The GSC Benchmark is a composite return stream consisting of Russell Global Small Cap Index from inception to September 30, 2016 and the MSCI All Country World Small Cap Index (Net), as of September 30, 2016. All index returns are calculated in Canadian dollars on a total return basis, meaning that all distributions are reinvested.

1 Year 3 Year 5 Year 10 YearMawer Global Small Cap Fund – Series A -2.6% 5.3% 11.1% 18.0%Mawer Global Small Cap Fund – Series O -0.9% 7.2% 13.0% 20.1%Mawer Global Small Cap Fund Benchmark -6.7% 5.3% 8.6% 12.0%

Summary of Investment PortfolioA summary of the Fund as at December 31, 2018 is as follows:

% ofPortfolio

Cash 0Total Cash 0Treasury bills 7.0Total Short-Term Reserves 7.0EquitiesAsia 13.4Europe 58.5Latin America 0.5North America 9.2South Pacific 11.4Total Equities 93.0Total Portfolio 100.0

Totals may not add to 100% due to rounding.

The following table list the 25 largest holdings of the Fund as at December 31, 2018.

IssuerPercentage of

Net Asset ValueJardine Lloyd Thompson Group PLC 4.9%Softcat PLC 4.0%MYOB Group Limited 3.6%Bechtle AG 3.2%Diploma plc 3.2%Bravida Holding AB 3.0%Cembra Money Bank AG 2.8%Ascential PLC 2.8%Tsuruha Holdings, Inc. 2.7%Fielmann AG 2.3%VZ Holding AG 2.1%XP Power Ltd. 2.0%Atea ASA 2.0%Hansen Technologies Ltd. 2.0%dorma+kaba Holding AG Registered Cl. B 1.8%KWS Saat SE 1.8%Constellation Software Inc. 1.8%Addtech AB Series B 1.7%Freightways Limited 1.6%Bravura Solutions Limited 1.6%NICE Information Service Co., Ltd. 1.5%Morningstar, Inc. 1.5%Kusuri No Aoki Holdings Co., Ltd. 1.4%S1 Corporation 1.4%Amsterdam Commodities NV 1.3%Total 58.0%

The investments and percentages may have changed by the time you purchase units of this fund. The top 25 holdings are made available quarterly, 60 days after quarter-end and may be obtained by contacting your registered representative or by contacting the Manager toll-free at 1-844-395-0747 or by e-mail at info@mawer.com.