Dimensional Fund Advisors Canada ULC (“DFA Canada”) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company.

Quarterly Investment UpdateThird Quarter 2012

Market Update: A Quarter in ReviewSeptember 30, 2012

Data is in Canadian dollars. Market segment (index representation) as follows: Canadian stocks: Large Cap (TSX 60), Small Cap (MSCI/Barra Canadian Small), Growth (MSCI/Barra Canadian Growth), Value (MSCI/Barra Canadian Value); US stocks: Large Cap (S&P 500), Small Cap (Russell 2000), Growth (Russell 3000 Growth), Value (Russell 3000 Value); International stocks: Large Cap (MSCI EAFE [net div]), Small Cap (MSCI EAFE Small (net div)), Growth (MSCI EAFE Growth [net div]), Value (MSCI EAFE Value [net div]), Emerging Markets (MSCI Emerging (net div)); Real Estate: Global REITs (S&P Global REIT [net div]); Fixed Income: Canadian (Canadian 1-month T-bills), Short Term Bonds (DEX Short Term Bond), Intermediate Bonds (DEX Universe Bond), Global Bonds-Hedged (Citigroup World Government Bond Index 1-5 Years [hedged to CAD]). Indexes are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance does not guarantee future returns. S&P/TSX data provided by S&P/TSX. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor's Index Services Group. Russell data copyright © Russell Investment Group 1995-2012, all rights reserved. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. Citigroup bond indexes copyright 2012 by Citigroup.

CANADIAN STOCKS

US STOCKS REAL ESTATE AND FIXED INCOME

INTERNATIONAL STOCKS

Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging

+6.73% +9.44% +7.21% +7.10% +3.27% +4.20% +2.75% +3.79% +4.07%

Large Cap Small Cap Growth ValueGlobal REITs

1-MonthT-Bills

Short Term Bonds

Intermediate Bonds

Global Bonds

(hedged)

+2.72% +1.66% +2.39% +2.81% -0.21% +0.23% +0.71% +1.24% +0.96%

Survey of Long-Term PerformanceSeptember 30, 2012

Annualized (%)

Asset Class Index 1 Year 3 Years 5 Years 10 Years 20 YearsSince

InceptionInception

date

CANADIAN STOCKS

Large Cap TSX 60 8.57 3.88 -0.25 9.94 9.76 8.61 Feb 87

Small Cap MSCI/Barra Canadian Small 8.68 11.66 1.42 9.59 9.92 9.56 Jul 90

Growth MSCI/Barra Canadian Growth 5.21 2.66 -2.30 9.19 7.89 7.19 Jan 82

Value MSCI/Barra Canadian Value 11.65 6.82 1.94 11.02 11.70 11.33 Jan 82

US STOCKS

Large Cap S&P500 22.14 10.04 0.82 2.97 7.23 10.56 Feb 51

Small Cap Russell 2000 23.74 9.83 1.98 5.03 7.81 10.76 Jan 79

Growth Russell 3000 Growth 21.34 11.48 2.98 3.49 6.18 9.93 Jan 79

Value Russell 3000 Value 22.94 8.71 -0.95 3.22 8.09 11.47 Jan 79

INTERNATIONAL STOCKS

Large Cap MSCI EAFE (net div.) 6.71 -0.74 -5.46 3.15 4.30 8.73 Jan 70

Small Cap MSCI EAFE Small (net div.) 5.60 1.82 -3.20 6.05 - 4.36 Jan 93

Growth MSCI EAFE Growth (net div.) 7.70 1.40 -4.45 2.78 2.89 8.50 Jan 75

Value MSCI EAFE Value (net div.) 5.62 -2.91 -6.54 3.43 5.60 11.63 Jan 75

Emerging Markets MSCI Emerging (net div.) 9.69 2.68 -1.51 11.54 7.42 11.19 Jan 88

REAL ESTATE

Global REITs S&P Global REIT (net div.) 20.82 11.59 -2.08 4.51 8.25 7.50 Jul 89

FIXED INCOME

Canadian Bills Canadian 1-Month T-Bills 0.88 0.68 1.19 2.14 3.39 6.77 Jun 73

Canadian Short Term Bonds DEX Short Term Bond 2.17 3.44 4.91 4.54 6.02 8.51 Jan 80

Canadian Bonds DEX Universe Bond 5.45 6.48 6.86 6.18 7.51 9.71 Jan 80

Global Bonds (hedged) Citigroup World Government Bond Index 1-5 Years

2.93 2.67 3.79 3.66 5.19 7.01 Jan 85

Data is in Canadian dollars. MSCI EAFE Small index return is price only prior to January 1999 data inception. MSCI Emerging index return is gross dividends prior to January 1999 data inception. S&P Global REIT index return is gross dividends prior to January 2001 data inception. S&P/TSX data provided by S&P/TSX. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor's Index Services Group. Russell data copyright © Russell Investment Group 1995-2012, all rights reserved. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. Citigroup bond indexes copyright 2012 by Citigroup. Indexes are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.

Weights

Number of Countries

Number of Stocks Total Value September 30, 2012

Change fromPrevious Year

01/90-09/12Average

Canada 1 345 1.62 Trillion 14.36% -0.64% 5.84%United States 1 2,477 15.97 Trillion 45.99% 2.70% 44.45%Developed Markets 20 3,130 12.15 Trillion 34.99% -1.97% 46.61%Emerging Markets 23 2,659 4.99 Trillion 4.67% -0.10% 3.09%Total 45 8,611 34.73 Trillion 100.00%

Value of Stock Markets around the WorldJanuary 1990 – September 2012

Data is in US dollars and values are beginning of month. The proxies for the Canadian and US equity markets are based on the respective country markets from the MSCI All Country World IMI Index. The international developed market proxy is the MSCI All Country World IMI ex USA ex Canada Index. The proxy for emerging markets is the MSCI All Country World IMI Index (Emerging Markets). MSCI data copyright MSCI 2012, all rights reserved.

• Global market capitalization weights are not static; they change across time.

Emerging MarketsMaximum 15.68%September 2010

CAN Stock MarketMaximum 5.07%March 2011

Intl. Developed MarketsMaximum 67.07%January 1990

US Stock MarketMinimum 29.89%January 1990

Emerging MarketsMinimum 0.72%January 1990

US Stock MarketMaximum 54.85%January 2002

Intl. Developed MarketsMinimum 34.51%May 2012

CAN Stock MarketMinimum 2.11%December 1998

Q12009

Q2 2009

Q3 2009

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

4.59 24.30 21.76 6.58 3.14 2.93 14.09 9.45 5.60 3.33 5.12 8.97 11.71 5.16 7.02

1.52 19.97 11.30 3.98 2.34 0.97 12.78 8.15 3.43 2.48 1.49 6.18 10.52 2.25 4.07

0.86 18.04 10.61 3.86 1.40 0.08 12.59 4.03 2.41 1.05 0.23 3.59 8.56 0.58 3.27

0.20 15.72 9.98 2.61 1.26 -2.14 10.26 3.49 0.50 1.01 -7.92 2.09 8.43 0.23 2.60

-2.00 7.77 7.07 0.33 0.78 -3.94 7.80 3.33 0.23 0.23 -8.54 1.49 4.39 -1.16 1.24

-7.59 1.25 2.71 0.24 0.03 -5.51 3.15 0.23 -0.05 -0.56 -11.97 0.65 0.71 -5.22 0.96

-10.83 0.20 0.98 0.05 -1.08 -7.04 0.93 -0.30 -0.27 -1.68 -12.02 0.43 0.20 -5.67 0.23

-22.83 0.07 0.04 -0.16 -2.57 -9.82 0.09 -0.71 -0.78 -5.15 -15.72 0.21 -0.21 -7.02 -0.21

The Randomness of Quarterly ReturnsSeptember 30, 2012

Data is in Canadian dollars. Indexes represented as follows: Canadian stocks (S&P/TSX Composite Index), US stocks (Russell 3000 Index), International Developed Markets (MSCI EAFE Index), Emerging Markets (MSCI Emerging Markets Index), Global REIT (S&P Global REIT Index), Canadian 1-Month T-Bills, Canadian Bonds (DEX Universe Bond), Global Bonds (Citigroup World Government Bond Index Canada 1-5 Years). Indexes are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.  S&P/TSX data provided by S&P/TSX. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor's Index Services Group. Russell data copyright © Russell Investment Group 1995-2012, all rights reserved. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. Citigroup bond indexes copyright 2012 by Citigroup.

HighestReturn

Lowest Return

This table shows from top to bottom the highest returning asset classes each quarter over the last 14 quarters. Each asset class is color coded based on the legend below.

The lack of a pattern indicates that picking which asset classes will be the best or worst performers is virtually impossible.

Portfolios combining these various investments will avoid extreme returns.

Canadian Stocks

US Stocks

International Developing Markets

Emerging Markets

Global REITs

1-Month CAN Treasury Bills

CAN Bonds

Global Bonds

CurrencySeptember 30, 2012

CHANGE IN FOREIGN EXCHANGE RATES (%)FX/$CAD

Currency Q3 2012 One Year Three Years

$ US Dollars 3.94% 5.64% 9.03%

€ Euro 1.79% 10.46% 24.09%

£ Pounds 0.54% 2.30% 8.16% ¥ Yen 1.83% 6.85% -5.08%

Data is in Canadian dollars. The market for the United States, International Developed Markets, and Emerging Markets is defined as: Russell 3000 Index, MSCI EAFE Index, and MSCI Emerging Markets Index, respectively. The S&P data are provided by Standard & Poor's Index Services Group. Russell data copyright © Russell Investment Group 1995-2012, all rights reserved. MSCI data copyright MSCI 2012, all rights reserved. Indexes are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. FX Rates courtesy of Federal Reserve of New York.

IMPACT OF CURRENCY FLUCTUATIONSAnnual Returns in CAD and Local Currency Three-Year Annualized Returns in CAD and Local Currency

UnitedStates

CAD Local Currency

MSCI Country Returns in Canadian Dollars and Local CurrencySeptember 30, 2012

UnitedStates

UnitedStates

MSCI data copyright MSCI 2012, all rights reserved. Indexes are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.

ONE YEAR RETURNS IN CAD AND LOCAL CURRENCY

Return in CAD

Return in Local

CurrencyImpact of Currency

1. Egypt 46.27% 58.32% -12.05%

2. Thailand 35.35% 41.94% -6.59%

.

13. United States 23.04% 30.31% -7.27%

.

.

.

37. Canada 8.38% 8.38% 0.00%

.

.

44. Greece -22.65% -14.57% -8.08%

45. Morocoo -24.89% -17.81% -7.08%

Third Quarter 2012 RETURNS

Return in CAD

Return in Local

CurrencyImpact of Currency

1. Egypt 22.60% 27.82% -5.23%

2. Greece 16.92% 19.49% -2.58%

.

.

21. Canada 7.19% 7.19% 0.00%

.

.

.

41. United Sates 2.56% 6.26% -3.70%

.

44. Japan -4.11% -3.13% -0.98%

45. Morocco -7.02% -4.78% -2.24%

MSCI Country ReturnsSeptember 30, 2012

Data in Canadian dollars gross of fees. MSCI data copyright MSCI 2012, all rights reserved. Indexes are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.

COUNTRY RANKINGS–TEN-YEAR ANNUALIZED RETURNS

Canada

United StatesUnitedStates

Percent Return

Bond ReturnsSeptember 30, 2012

Data is in Canadian dollars. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. Data provided by Citibank. Treasury yield data provided by Bank Of Canada; copyright © 1995-2012, Bank of Canada.

Return (%)

Index Q3 2012One Year

Three Years Annualized

Canadian 1-Month T-Bills 0.23% 0.88% 0.68%

DEX Short-Term Bond Index 0.71% 2.17% 3.44%

DEX Mid-Term Bond Index 1.39% 6.27% 7.50%

DEX Long-Term Bond Index 1.91% 10.24% 11.26%

DEX Universe Bond Index 1.24% 5.45% 6.48%

Citigroup World Government Bond Index 0.96% 2.93% 2.67%

(1-5 years hedged)

CAN Treasury Yield Curve

In Canadian dollars. T-Bills is Canadian 1-Month T-Bills, Canadian Bonds is DEX Universe Bond Index, International Stocks is MSCI EAFE Index (net div.), Emerging Markets Stocks is MSCI Emerging Markets Index (gross div.) from 01/1988 to 12/1998 and MSCI Emerging Markets Index (net div.) from 01/1999, US Stocks is S&P 500 Index, Global Real Estate is S&P Global REIT Index (gross div.) from 07/1989 to 12/2000 and S&P Global REIT (net div.) from 01/2001 and Canadian Stocks is S&P/TSX Composite Index. Balanced Portfolio is 10% T-Bills, 30% Canadian Bonds, 20% Canadian Stocks, 15% US Stocks, 15% International Stocks, 5% Emerging Markets Stocks and 5% Global Real Estate. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor ’s Index Services Group. S&P/TSX data provided by S&P/TSX. Indexes are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.

ONE YEAR

Growth of WealthSeptember 30, 2012

$1.21

$1.09

$1.01

$1.09

$1.05

$1.10

$1.22

$1.07

In Canadian dollars. T-Bills is Canadian 1-Month T-Bills, Canadian Bonds is DEX Universe Bond Index, International Stocks is MSCI EAFE Index (net div.), Emerging Markets Stocks is MSCI Emerging Markets Index (gross div.) from 01/1988 to 12/1998 and MSCI Emerging Markets Index (net div.) from 01/1999, US Stocks is S&P 500 Index, Global Real Estate is S&P Global REIT Index (gross div.) from 07/1989 to 12/2000 and S&P Global REIT (net div.) from 01/2001 and Canadian Stocks is S&P/TSX Composite Index. Balanced Portfolio is 10% T-Bills, 30% Canadian Bonds, 20% Canadian Stocks, 15% US Stocks, 15% International Stocks, 5% Emerging Markets Stocks and 5% Global Real Estate. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor ’s Index Services Group. S&P/TSX data provided by S&P/TSX. Indexes are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.

THREE YEARS

Growth of WealthSeptember 30, 2012

$1.39

$1.17

$1.02

$1.17

$1.21

$1.08

$1.33

$0.98

$1.04

$0.76

$1.39

$1.01$0.93

$1.09

$0.90

$1.06

FIVE YEARS

Growth of WealthSeptember 30, 2012

In Canadian dollars. T-Bills is Canadian 1-Month T-Bills, Canadian Bonds is DEX Universe Bond Index, International Stocks is MSCI EAFE Index (net div.), Emerging Markets Stocks is MSCI Emerging Markets Index (gross div.) from 01/1988 to 12/1998 and MSCI Emerging Markets Index (net div.) from 01/1999, US Stocks is S&P 500 Index, Global Real Estate is S&P Global REIT Index (gross div.) from 07/1989 to 12/2000 and S&P Global REIT (net div.) from 01/2001 and Canadian Stocks is S&P/TSX Composite Index. Balanced Portfolio is 10% T-Bills, 30% Canadian Bonds, 20% Canadian Stocks, 15% US Stocks, 15% International Stocks, 5% Emerging Markets Stocks and 5% Global Real Estate. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor ’s Index Services Group. S&P/TSX data provided by S&P/TSX. Indexes are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.

$1.24

$1.81

$1.34

$1.82

$2.55

$2.98

$1.55$1.36

TEN YEARS

Growth of WealthSeptember 30, 2012

In Canadian dollars. T-Bills is Canadian 1-Month T-Bills, Canadian Bonds is DEX Universe Bond Index, International Stocks is MSCI EAFE Index (net div.), Emerging Markets Stocks is MSCI Emerging Markets Index (gross div.) from 01/1988 to 12/1998 and MSCI Emerging Markets Index (net div.) from 01/1999, US Stocks is S&P 500 Index, Global Real Estate is S&P Global REIT Index (gross div.) from 07/1989 to 12/2000 and S&P Global REIT (net div.) from 01/2001 and Canadian Stocks is S&P/TSX Composite Index. Balanced Portfolio is 10% T-Bills, 30% Canadian Bonds, 20% Canadian Stocks, 15% US Stocks, 15% International Stocks, 5% Emerging Markets Stocks and 5% Global Real Estate. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor ’s Index Services Group. S&P/TSX data provided by S&P/TSX. Indexes are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.

$2.32

$4.19

$4.88

$4.14

$5.79

$1.95

$4.04

$4.25

TWENTY YEARS

Growth of WealthSeptember 30, 2012

In Canadian dollars. T-Bills is Canadian 1-Month T-Bills, Canadian Bonds is DEX Universe Bond Index, International Stocks is MSCI EAFE Index (net div.), Emerging Markets Stocks is MSCI Emerging Markets Index (gross div.) from 01/1988 to 12/1998 and MSCI Emerging Markets Index (net div.) from 01/1999, US Stocks is S&P 500 Index, Global Real Estate is S&P Global REIT Index (gross div.) from 07/1989 to 12/2000 and S&P Global REIT (net div.) from 01/2001 and Canadian Stocks is S&P/TSX Composite Index. Balanced Portfolio is 10% T-Bills, 30% Canadian Bonds, 20% Canadian Stocks, 15% US Stocks, 15% International Stocks, 5% Emerging Markets Stocks and 5% Global Real Estate. Canadian fixed income data provided by PC-Bond, a business unit of TSX Inc.; copyright © TSX Inc., all rights reserved. MSCI data copyright MSCI 2012, all rights reserved. The S&P data are provided by Standard & Poor ’s Index Services Group. S&P/TSX data provided by S&P/TSX. Indexes are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.

15Adapted from “Knightmare on Wall Street” by Weston Wellington, Down to the Wire column on Dimensional’s website, August 2012. S&P 500 Index return in CAD. This information is provided for educational purposes only and should not be considered investment advice or a solicitation to buy or sell securities. Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission.

Quarterly Topic Knightmare on Wall Street

QUESTION:

Which of the following statements

applies to this summer’s stock

market behavior?

A) Computer errors at a major

trading firm generated millions of

faulty trades, causing dramatic and

puzzling price swings in dozens of

stocks.

B) A New York Times columnist

fumed that “Wall Street has

created its own Frankenstein.

The machines are now

in charge.”

C) The S&P 500 Index rose

9.86% for the year through

the end of August.

ANSWER: All of the above.