FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.

Beutel Goodman Small Cap Fund was a recipient of a 2024 Fundata FundGrade A+® Award in the Canadian Small/Mid Cap Equity category out of a total of 40 funds, and was judged on its risk-adjusted performance over the ten-year period beginning December 31, 2014 and ending December 31, 2024.*

• Annualized performance for Beutel Goodman Small Cap Fund, Class F as at March 31, 2025: 13.69% (1 year), 7.94% (3 year), 21.40% (5 year), 8.45% (10 year).
• Annualized performance for Beutel Goodman Small Cap Fund, Class B as at March 31, 2025: 12.47% (1 year), 6.79% (3 year), 20.11% (5 year), 7.29% (10 year).
• Annualized performance for Beutel Goodman Small Cap Fund, Class D as at March 31, 2025: 13.38% (1 year), 7.66% (3 year), 21.08% (5 year), 8.15% (10 year).

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, redemptions, distributions or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.