Mawer International Equity Fund

Interim Management Report of Fund PerformanceFor the Period Ended June 30,2019

This Interim Management Report of Fund Performance contains financial highlights but does not contain either interim or annual financial statements of the investment fund. You may obtain a copy of the interim or 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, annual financial reports, proxy voting disclosure record, or quarterly portfolio disclosure.

This Interim 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 International Equity Fund (the “Fund”) is to create a portfolio of non-North American equities that is diversified by both geography and industry. 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 attempts to reduce the exposure to these risks by not concentrating more than 20% of the net assets of the Fund in a particular Industry 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. It is the Manager’s intention to be generally fully invested (less than 5% in cash).

The Fund was invested in 8 of the 11 Global Industry Classification Standards (GICS) sectors as of June 30, 2019. The Fund’s largest sector weightings were in Industrials (26%), Financials (20%), and Materials (14%). Combined, the weight in the three largest sectors represented 60% of the portfolio versus 57% at the end of 2018. In aggregate, the ten largest individual holdings accounted for 32% of the portfolio versus 33% at the end of 2018.

Results of Operations

The Fund's net assets increased 11.4% to $6,813.4 million from $6,117.5 million at June 30,2019. Of this change, $656.9 million is attributable to positive investment performance and $38.9 million was due to net contributions to the Fund.

Year-to-date, the Fund’s A series returned 10.0% (after management fees) which led the MSCI ACWI ex-USA Index (Net) return of 8.7%. All performance values provided are in Canadian dollar terms.

The Fund’s relative return was driven by security selection. Positive selection benefitted from the relative outperformance of the Fund’s holdings in Financials, Industrials and Information Technology. Meanwhile, the relative underperformance of holdings in Consumer Staples detracted from an overall positive security selection. Sector allocation was positive over the period mainly due to the Fund’s overweight to Industrials.

Mawer International Equity Fund

From a geographic perspective, relative performance was driven by geographic allocation. Geographic allocation was positive over the period, mainly from the Fund’s weight in the U.S. and underweight to Japan. Security selection was also positive primarily from the relative outperformance of the Fund’s holdings in the United Kingdom and Asia Pacific Ex. Japan. Meanwhile, the relative underperformance of the Fund’s holdings in Japan detracted from an overall positive security selection.

The Fund initiated the following positions, year-to-date:

1. Alcon Inc2. Compass Group PLC3. Legrand SA4. LVMH Moet Hennessy Louis Vuitton SE5. Nestle SA6. Novozymes A/S Class B7. Reckitt Benckiser Group8. Recordati SpA9. SAP SE10. SGS SA

The Fund eliminated the following positions, year-to-date:

1. Auto Trader Group PLC2. Bayer AG3. Bureau Veritas SA4. Hangzhou Hikvision Digital Technology Co., Ltd5. JD.com ADR6. Lifco AB7. Multiplus SA8. Reckitt Benckiser Group9. Rightmove PLC

Recent Developments

Lower interest rates for longer remain the dominant theme of 2019 so far, likely a major contributing factor to a sharp decline in major sovereign bond yields and a rally in equity markets. Most notably, the U.S. Federal Reserve seemed to confirm the market’s expectation that they could consider rate cuts later this year. In addition, at a presentation during the European Central Bank’s (ECB) annual forum, Mario Draghi signaled that the ECB was prepared to cut interest rates and expand other monetary policy tools if a sustained return to their inflation target was at risk. Risks remain including a slowdown in global economic growth and trade tensions between the U.S. and China. The translation effect of a strong Canadian dollar led to tempered returns for most foreign asset classes over the period.

Going forward, we remain sensitive to the growth outlook for the world economy and its influence on equity markets. As such, 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.

Related Party Transactions – Management Fees

The Portfolio Advisor receives management fees, which are calculated for Series A Units as 1.20% per annum of the net asset value of the Fund calculated on a daily basis. Management fees for Series O and Series S Units are payable directly to the Manager by Series O and Series S 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 June 30,2019 the Fund owes Mawer $3,055 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 six-month period ended June 30, and for each of the past five years ended December 31 as applicable. This information is derived from the Fund’s unaudited interim financial statements and audited annual financial statements which are prepared in accordance with IFRS.

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

SERIES A 2019 2018 2017 2016 2015 2014Net Assets, beginning of period 56.29 61.28 50.66 53.90 45.23 41.84Increase (decrease) from operations:Total revenue 1.33 1.46 1.39 1.34 1.30 1.33Total expenses (0.53) (1.00) (0.93) (0.88) (0.94) (0.83)Realized gains (losses) for the period 0.35 3.26 2.84 2.29 1.69 1.96Unrealized gains (losses) for the period 4.53 (6.28) 8.03 (4.42) 6.83 1.33Total increase (decrease) from operations² 5.68 (2.56) 11.33 (1.67) 8.88 3.79Distributions:From net investment income (excluding dividends) - (0.40) (0.43) (0.38) (0.39) (0.35)From dividends - - - - - -From capital gains - (2.09) (0.41) (1.08) (0.09) (0.08)Return of capital - - - - - -Total Distributions for the Period3 - (2.49) (0.84) (1.46) (0.48) (0.43)Net Assets, end of period 61.93 56.29 61.28 50.66 53.90 45.23

Mawer International Equity Fund

SERIES O 2019 2018 2017 2016 2015 2014Net Assets, beginning of period 53.88 59.41 49.91 53.72 45.45 42.03Increase (decrease) from operations:Total revenue 1.28 1.40 1.37 1.32 1.29 1.33Total expenses (0.12) (0.16) (0.14) (0.15) (0.18) (0.22)Realized gains (losses) for the period 0.32 3.18 2.81 2.29 1.68 1.96Unrealized gains (losses) for the period 4.31 (6.10) 8.10 (4.27) 7.23 1.38Total increase (decrease) from operations² 5.79 (1.68) 12.14 (0.81) 10.02 4.45Distributions:From net investment income (excluding dividends) - (1.21) (1.15) (1.03) (1.04) (0.96)From dividends - - - - - -From capital gains - (2.67) (1.50) (1.72) (0.69) (0.08)Return of capital - - - - - -Total Distributions for the Period3 - (3.88) (2.65) (2.75) (1.73) (1.04)Net Assets, end of period 59.67 53.88 59.41 49.91 53.72 45.45

SERIES S 2019 2018 2017 2016 2015 2014Net Assets, beginning of period 13.52 14.77 12.29 13.15 11.06 10.23Increase (decrease) from operations:Total revenue 0.32 0.35 0.34 0.33 0.32 0.24Total expenses (0.03) (0.04) (0.04) (0.04) (0.05) (0.05)Realized gains (losses) for the period 0.08 0.81 0.70 0.56 0.41 0.01Unrealized gains (losses) for the period 1.09 (1.47) 1.99 (1.05) 1.68 0.48Total increase (decrease) from operations² 1.46 (0.35) 2.99 (0.20) 2.36 0.68Distributions:From net investment income (excluding dividends) - (0.31) (0.29) (0.26) (0.26) (0.23)From dividends - - - - - -From capital gains - (0.53) (0.21) (0.34) (0.08) (0.02)Return of capital - - - - - -Total Distributions for the Period3 - (0.84) (0.50) (0.60) (0.34) (0.25)Net Assets, end of period 14.97 13.52 14.77 12.29 13.15 11.06

(1) This information is derived from the Fund's interim 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 period (June 30th).

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

Ratios and Supplemental Data

SERIES A 2019 2018 2017 2016 2015 2014Total net asset value (000's)1 969,820 910,834 927,071 721,823 721,571 533,956Number of units outstanding (000's)¹ 15,660 16,180 15,129 14,248 13,387 11,805Management expense ratio² 1.40% 1.40% 1.40% 1.43% 1.52% 1.47%Management expense ratio before waivers or absorptions 1.40% 1.40% 1.40% 1.43% 1.52% 1.47%Trading expense ratio3 0.11% 0.11% 0.09% 0.11% 0.10% 0.14%Portfolio turnover rate4 13.11% 27.34% 22.65% 21.69% 21.43% 21.94%Net asset value per unit 1 61.93 56.29 61.28 50.66 53.90 45.23

SERIES O 2019 2018 2017 2016 2015 2014Total net asset value (000's)1 5,463,417 4,854,212 4,917,192 3,763,112 3,273,665 2,437,606Number of units outstanding (000's)¹ 91,557 90,099 82,762 75,392 60,934 53,628Management expense ratio² 0.04% 0.04% 0.04% 0.04% 0.04% 0.07%Management expense ratio before waivers or absorptions 0.04% 0.04% 0.04% 0.04% 0.04% 0.07%Trading expense ratio3 0.11% 0.11% 0.09% 0.11% 0.10% 0.14%Portfolio turnover rate4 13.11% 27.34% 22.65% 21.69% 21.43% 21.94%Net asset value per unit 1 59.67 53.88 59.41 49.91 53.72 45.45

Mawer International Equity Fund

SERIES S 2019 2018 2017 2016 2015 2014Total net asset value (000's)1 380,156 352,537 409,279 339,521 311,243 227,372Number of units outstanding (000's)¹ 25,388 26,073 27,703 27,621 23,667 20,554Management expense ratio² 0.06% 0.06% 0.06% 0.08% 0.08% 0.08%Management expense ratio before waivers or absorptions 0.06% 0.06% 0.06% 0.08% 0.08% 0.09%Trading expense ratio3 0.11% 0.11% 0.09% 0.11% 0.10% 0.14%Portfolio turnover rate4 13.11% 27.34% 22.65% 21.69% 21.43% 21.94%Net asset value per unit 1 14.97 13.52 14.77 12.29 13.15 11.06

(1) This information is for the period ended June 30,2019 and December 31 of any other period(s) shown.

(2) Management expense ratio is based on total expenses for the stated period and is expressed as an annualized percentage of daily average net assets during the period. The Manager, at its discretion, absorbed certain expenses otherwise payable by each Series. The Manager may change the amount absorbed or discontinue absorbing these expenses at any time without notice.

(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 period.

(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 period. The higher a fund’s portfolio turnover rate in a period, the greater the trading costs payable by the Fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period. 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 June 30,2019. 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

-10%

0%

10%

20%

30%

2019201820172016201520142013201220112010

8.4

-7.5

19.522.6

9.1

20.3

-3.3

22.6

-4.0

10.0

Series O

-10%

0%

10%

20%

30%

2019201820172016201520142013201220112010

10.0

-6.1

21.124.2

10.6

22.0

-1.9

24.2

-2.7

10.8

Series S

-10%

0%

10%

20%

30%

201920182017201620152014

10.5

22.0

-1.9

24.2

-2.7

10.7

(1) This information is for the period ended June 30,2019 and December 31 of any other period(s) shown.

Mawer International Equity Fund

Annual Compound Returns

The following table shows the historical annual compound total return of the Fund for the periods ending on June 30,2019. The annual compound total return is benchmarked to the Mawer International Equity Benchmark (IE Benchmark) and calculated on the same compound basis. The IE Benchmark is a composite return stream consisting of the MSCI EAFE Index (net) from inception to September 30, 2016 and the MSCI ACWI ex-USA Index (net), as of September 30, 2016. The MSCI ACWI ex-USA Index (net) represents large and midcap stocks across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Market countries. All index returns are calculated in Canadian dollars on a total return basis, meaning that all distributions are reinvested.

1 Year 3 Year 5 Year10

YearSince

Inception(*)

Mawer International Equity Fund – Series A 2.2% 8.6% 9.0% 10.7% 8.1%Mawer International Equity Fund Benchmark_Series A 0.6% 9.4% 6.6% 8.2% 5.3%Mawer International Equity Fund – Series O 3.7% 10.0% 10.5% 12.3% 10.1%Mawer International Equity Fund Benchmark_Series O 0.6% 9.4% 6.6% 8.2% 6.0%Mawer International Equity Fund – Series S 3.6% 10.0% 10.4% - 10.9%Mawer International Equity Fund Benchmark_Series S 0.6% 9.4% 6.6% 8.2% 6.4%

(*) Series S start date was November 7, 2013.

Summary of Investment PortfolioA summary of the Fund as at June 30,2019 is as follows:

% ofPortfolio

Cash 0.0Total Cash 0.0Treasury Bills 1.4Total Short-Term Reserves 1.4EquitiesAsia 23.0Europe 69.3North America 6.3Total Equities 98.6Total Portfolio 100.0Totals may not add to 100% due to rounding.

The following table list the 25 largest holdings of the Fund as at June 30,2019.

IssuerPercentage of

Net Asset ValueAon PLC Cl. A 5.3%Wolters Kluwer NV 3.9%Air Liquide SA 3.4%Intertek Group PLC 3.4%RELX PLC 3.0%ASSA ABLOY AB Series B 2.9%Sika AG 2.9%InterContinental Hotels Group PLC 2.6%HDFC Bank Limited 2.4%Croda International Public Limited Company 2.3%Halma PLC 2.3%Bunzl PLC 2.3%Novartis AG ADR 2.2%Spirax-Sarco Engineering PLC 2.2%Deutsche Boerse AG 2.1%Tsuruha Holdings, Inc. 2.1%FUCHS PETROLUB SE 2.1%Sampo OYJ Series A 2.1%Tencent Holdings Limited 2.1%DBS Group Holdings Limited 2.0%Compass Group PLC 2.0%Roche Holding AG 1.8%Glanbia PLC 1.8%Topdanmark A/S 1.8%SAP SE 1.8%Total 62.8%

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.