MACKENZIE GLOBAL LARGE CAP QUALITY GROWTH CAD Q COMMENTARY FOR INSTITUTIONAL INVESTORS ONLY. NOT FOR DISTRIBUTION TO RETAIL INVESTORS.

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1 GLOBAL LARGE CAP QUALITY GROWTH CAD FOR INSTITUTIONAL INVESTORS ONLY. NOT FOR DISTRIBUTION TO RETAIL INVESTORS.

2 INCEPTION: October BENCHMARK: MSCI World Total Return Index STRATEGY ASSETS: C$ 7,713 million PERFORMANCE SUMMARY PORTFOLIO MANAGEMENT TEAM: Paul Musson, CFA Industry Start: 1992 Firm Start: 2000 Matt Moody, MBA, CFA Industry Start: 1999 Firm Start: 2005 Robert McKee, MSc., MBA, CFA Industry Start: 2007 Firm Start: 2011 Hussein Sunderji, MBA, CFA Industry Start: 2007 Firm Start: 2013 In Q3 2018, the Mackenzie Global Large Cap Quality Growth Composite returned 3.7% (Gross, CAD), 3.4% (Net, CAD). This compares with the MSCI World Index return of 3.1%. CONTRIBUTORS TOP 5 CONTRIBUTORS SECTOR AVG. ACTIVE WEIGHT CONTRIBUTION TO Q3 RETURNS Henry Schein, Inc. Health Care 4.6% 0.5% H&M Hennes & Mauritz AB Class B Consumer Discretionary 2.7% 0.5% Oracle Corporation Information Technology 3.6% 0.4% W.W. Grainger, Inc. Industrials 3.7% 0.4% Aggreko plc Industrials 1.2% 0.3% DETRACTORS TOP 5 DETRACTORS SECTOR AVG. ACTIVE WEIGHT CONTRIBUTION TO Q3 RETURNS Omnicom Group Inc Communication Services 3.5% -0.6% Henkel AG & Co. KGaA Pref Consumer Staples 3.0% -0.4% Apple Inc. Information Technology -2.5% -0.4% Amcor Ltd Materials 3.4% -0.4% Publicis Groupe SA Communication Services 1.3% -0.3% Graham Meagher, CFA Associate Portfolio Manager Industry Start: 1999 Firm Start: 2014 Adam Gofton,CFA Associate Portfolio Manager Industry Start: 2007 Firm Start: 2013 James Morrison, MBA, CFA Associate Portfolio Manager Industry Start: 2005 Firm Start: 2014 Zain Shafiq, MBA Senior Investment Analyst Industry Start: 2008 Firm Start: 2014 Jason Miller, MBA, CFA Senior Investment Analyst Industry Start: 2008 Firm Start: 2016 CONTRIBUTORS TO PERFORMANCE Investing involves risk. Please read the important disclosures under Important Notes which contain more information about the significance and the limitations of the information on this page. From a sector perspective, the portfolio benefited from stock selection in Industrials, as well as an underweight exposure and stock selection in Financials. At a regional level, stock selection in the United Kingdom, the United States and Sweden contributed positively to relative performance. The largest active contributors included: Henry Schein, H&M, and Oracle. We have discussed our investment in H&M at length in prior reports. To summarize, it is an apparel retailer with some great attributes and advantages, but struggling with some internal missteps and a rapidly changing industry. H&M s fiscal third quarter results were encouraging on several fronts, as some of the investments they have been making in improving their assortment and omni-channel capabilities have started to pay off. There has been a lot of negativity around the company and its prospects in the past year, so these results were enough to prompt a sharp rally in the share price. Henry Schein contributed in the quarter and has recovered much of the weakness it experienced last year as results have been steady, some of the Amazon fears appear to have dissipated and interest in the Vets First Choice spin-out is starting to percolate. Henry Schein is combining their Animal Health business with a company called Vets First Corporation to form a new company. Vets First Choice is a leader in pharmacy services for veterinarians. Vet pharmacy businesses have been under some pressure by web-based players. Vets First Choice provides a front-end web-page for ordering and has direct to consumer fulfilment capabilities which will be enhanced by Schein s supply chain. Vets First Choice also helps with compliance and renewals which increases total revenue for the vet but also for the manufacturer. Aligning with Henry Schein s animal health business will allow for accelerated selling into Schein s market leading global customer base along with the opportunity to leverage Schein s supply chain for better service levels and potentially new products over time. We see the spin-off as a sensible way to improve both businesses for the benefit of Schein s shareholders.

3 DETRACTORS FROM PERFORMANCE From a sector perspective, stock selection in Consumer Discretionary detracted from relative performance the most. An underweight exposure to Information Technology and stock selection in Materials also slightly hindered relative performance. At a regional level, stock selection in Germany, France and Japan detracted from performance. Cash weighting in the portfolio detracted from relative performance as the benchmark was up during the period. The largest detractors included: Omnicom, Henkel AG, and Amcor. Amcor announced in early August that it will acquire US-based Bemis in an all-stock deal. Bemis is a leading flexible packaging company that operates mainly in North America and Latin America; its operating footprint is highly complementary to that of Amcor. Bemis performance has come under pressure of late due to customer issues, as well as weakness in Latin American markets. Bemis has been on Amcor s radar for quite some time, and we believe Amcor is being opportunistic in its approach to Bemis at this time. Amcor s share price reacted negatively to the acquisition announcement, and has also been pressured by concerns about the impact of rising raw material costs on short-term earnings. While the Bemis acquisition is a large undertaking, we believe the deal has significant strategic merit for Amcor, and good financial upside through cost synergies and better business diversification. We believe Amcor s current share price offers very compelling long-term value. PERFORMANCE ATTRIBUTION 2018 Q3 Country 2018 Q3 Sector 1 Year Country as at September 30, Year Sector as at September 30, % -4% -2% 0% 2% 4% SECTOR ATTRIBUTION Industrials Financials Energy Real Estate Consumer Staples Utilities Health Care Telecommunication Services Materials Information Technology Consumer Discretionary Cash -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% COUNTRY ATTRIBUTION United Kingdom Sweden Canada Hong Kong United States Italy Spain Netherlands Belgium Ireland Denmark Singapore Finland Austria Portugal New Zealand Israel Norway Australia Korea Switzerland Japan France Germany Cash -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% Allocation Stock Selection Currency Cash Other Attribution versus MSCI World Total Return Index in CAD Investing involves risk. Please read the important disclosures under Important Notes which contain more information about the significance and the limitations of the information on this page.

4 PORTFOLIO ACTIVITY Portfolio activity and market effect resulted in increased exposure to Industrials and reduced exposure to Health Care and Consumer Discretionary. Cash level slightly increased. At the country level, exposure to South Korea was eliminated, while exposure to the United States increased. We exited our position in Hyundai Motor Company (HMC) in the portfolio during Q3. We have been shareholders of HMC for over five years; we still believe the business is well run and has several attractive attributes including a good cost position and global sales / production footprint, vertical integration, strong and improving brands, and a good balance sheet. However, the overall operating environment has become much more difficult over the last while, particularly in China and the US, and we do not see a clear path to improvement over the medium term. In addition, HMC has faced some company specific issues over the past few years, including its model mix in the US and China which has led to high levels of discounting, ill-timed capacity expansions in China, and heightened levels of investment required across the business. For these reasons, as well as the highly cyclical nature of the business and underlying industry, we modestly downgraded our quality assessment of the stock and opted to exit the position. PORTFOLIO POSITIONS ADDED AND REMOVED DURING THE QUARTER NAMES ADDED Comcast Corporation Class A (United States-Communication Services) NAMES REMOVED Hyundai Motor Company (South Korea-Consumer Discretionary) OUTLOOK Finding investments that meet our return hurdles has been extremely difficult in the past few years and we ve been worried about getting into situations where returns look good because you are taking on unknown risks. We really like the companies we own but recognize that longer-term returns from this point are likely to be very low and that a risk-rerating in the market-place could subject us to a significant drawdown. We have a balance of stable companies that likely won t provide much upside but should provide portfolio stability with some return along the way along with some more sensitive companies in financial, industrial and consumer discretionary sectors that should participate more if the economy stays strong. Our participation in the past few years has been low but we are moving forward and increasing total return while being mindful the best long-term return path at this point may very well be not being subject to a significant drawdown and getting reinvested at better rates of return. It has been a very tough balance especially as U.S. markets continue to soar and particularly in sectors where we don t have exposure. It s a tough time in the cycle for us and this has been an extraordinary cycle but we remain focused on our objectives of outperformance with a better path. COMPOSITE AND BENCHMARK PERFORMANCE (CAD) AS AT SEPTEMBER 30, MONTHS 6 MONTHS 1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS SINCE INCEPTION* Mackenzie Global Large Cap Quality Growth (Gross) 3.7% 5.9% 10.4% 5.4% 6.7% 9.9% 10.4% 9.3% Mackenzie Global Large Cap Quality Growth (Net) 3.4% 5.4% 9.4% 4.4% 5.7% 8.8% 9.4% 8.3% MSCI World Total Return Index 3.1% 7.1% 15.2% 13.8% 12.3% 12.5% 14.4% 7.8% 1 Mackenzie Investments (the Firm ) has been managing Global Large Cap Quality Growth assets since October The Firm claims compliance with GIPS starting January 1, 2008 and has been independently verified for the period of January 1, 2008 to December 31, Returns for periods greater than 1 year have been annualized. *The composite inception date is January 1, 2008 Investing involves risk. Please read the important disclosures under Important Notes which contain more information about the significance and the limitations of the information on this page.

5 DISCLAIMER Mackenzie Financial Corporation is regulated as a Portfolio Manager in all provinces and territories in Canada by the relevant securities commissions in each jurisdiction. Additional information about Mackenzie Investments Corporation and Mackenzie Financial Corporation is available on the various securities commissions websites in the provinces and territories of Canada. IMPORTANT NOTES Investing involves risk. Any opinion expressed herein is as of September 30, 2018 and is subject to change without notice. The contents of this document are provided for illustrative and marketing purposes and do not constitute specific advice regarding your personal investment situation or provide specific individual advice about investment, insurance, financial, legal, accounting, tax or similar matters. Certain information contained in this document is obtained from third parties. Mackenzie Investments believes such information to be accurate and reliable as at the date hereof, however does not guarantee that it is accurate or complete or current at all times. The information provided is subject to change without notice and Mackenzie Investments cannot be held liable for any loss arising from any use of or reliance on the information contained in this document. No portion of this communication may be reproduced or redistributed without the express permission of Mackenzie Investments. Views expressed regarding a particular company, security, industry or market sector are the views of only that speaker/author as of the time expressed and do not necessarily represent the views of Mackenzie Investments or its affiliates. Any such views are subject to change at any time based upon markets and other conditions and Mackenzie Investments and its affiliates disclaim any responsibility to update such views. These views are not a recommendation to buy or sell and may not be relied on as investment advice and, because investment decisions are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any client. Speculation or stated beliefs about future events, such as market and economic conditions, company or security performance, upcoming product offerings or other projections are forward-looking statements. These forward-looking statements represent the beliefs of the speaker/author and do not necessarily represent the views of Mackenzie Investments or its affiliates. Forward-looking statements are inherently subject to, among other things, risks, uncertainties and assumptions which could cause actual events, results, performance or prospects to differ materially from those expressed in, or implied by, these forwardlooking statements. These risks, uncertainties and assumptions include, without limitation, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, the volatility of global equity and capital markets, business competition, technological change, changes in government regulations, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events and the ability of Mackenzie Investments and its affiliates to attract or retain key employees. The foregoing list of important risks, uncertainties and assumptions is not exhaustive. Please consider these and other factors carefully and not place undue reliance on forward-looking statements. In addition, Mackenzie Investments and its affiliates manage a number of separate strategies and portfolio managers for those strategies may have differing views or any analysis with respect to a particular company, security or the economy than the views expressed herein. Mackenzie s Portfolio Analytics Group is responsible for conducting performance attribution. The group uses Factset Research Systems for conducting performance attribution based on daily holdings. The model uses a multi-currency attribution based on Brinson-Fachler Model. The model decomposes portfolio returns into currency, allocation, selection and interaction effects. Past performance does not guarantee or indicate future results. Information under Composite and Benchmark Performance (CAD) reflects the performance of the Mackenzie Global Large Cap Quality Growth Composite, and does not necessarily reflect the performance that any particular account investing in the same or similar securities may have had during the period. The performance of other accounts is likely to differ from the performance shown for a variety of reasons, including, but not limited to: differences in market conditions, portfolio turnover and in the number, types, availability and diversity of securities that can be purchased; economies of scale, regulations and other factors applicable to the management of large separate accounts and mutual funds; client-imposed investment restrictions; the timing of client investments and withdrawals; the deduction of taxes; tax considerations; and other factors. Information presented under the headings Contributors to Performance, Detractors from Performance, Contributors, Detractors, Performance Attribution, Sector Attribution, Portfolio Activity, Names Added and Names Removed are made with specific reference to a representative account within the Composite. Gross performance results do not reflect the deduction of management fees and other expenses except for brokerage commissions and other trading expenses. If those fees and costs were reflected, results would be reduced. Including these fees and expenses would reduce the returns shown. Net performance results reflect the deduction of the maximum standard fee of 0.95% charged to institutional clients without taking into account breakpoints, calculated daily and invoiced quarterly, as well as the transaction costs and certain other fees and expenses, including certain taxes, described in the Investment Management Agreement. Certain clients could pay different fees which would result in different net performance returns. Net performance results also do not include the deduction of custodial fees, which will reduce the returns shown. Taxes have not been deducted. Both gross and net performance returns assume the reinvestment of dividends, interest, and realized and unrealized capital gains and losses. Index returns do not reflect transaction costs or the deduction of other fees and expenses and it is not possible to invest directly in an index. The Mackenzie Global Large Cap Quality Growth Composite contains fully discretionary, Global Large Cap Quality Growth accounts. New accounts are included in the Composite beginning with the first full month under management after they have been fully invested.

6 IMPORTANT NOTES (cont'd) COMPLIANCE STATEMENT Mackenzie Investments claims compliance with the Global Investment Performance Standards (GIPS ). Mackenzie Investments has been independently verified for the periods January 1, 2008 through December 31, Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Global Large Cap Quality Growth Composite has been examined for the periods January 1, 2008 through December 31, The verification and performance examination reports are available upon request. FIRM OVERVIEW Mackenzie Financial Corporation ( Mackenzie Investments ) provides investment management and related services through multiple distribution channels. Assets under management as at September 30, 2018 were C$ billion. We provide our investment management expertise through mutual funds, pooled funds, segregated accounts, and separate accounts for retail and institutional investors. Mackenzie Investments is dedicated to generating consistently superior long-term investment returns for its clients. The Firm is a member of the IGM Financial Inc. (TSX:IGM) group of companies. On October 19th, 2017, the investment management functions of Investors Group and Mackenzie Investments joined together to form a single global investment management organization to support both companies resulting in the 2017 increase in total firm assets. As part of this new investment management organization, Investors Group Inc. became part of Mackenzie Investments in order to effectively serve both Investors Group and Mackenzie Investments clients. There has been no change of ownership impact to the two firm s mutual parent, IGM Financial. This strategy is managed by Mackenzie Investments Corporation, a wholly owned subsidiary of Mackenzie Financial Corporation. COMPOSITE DESCRIPTION The Global Large Cap Quality Growth composite seeks to provide long-term capital growth by investing in high quality, larger capitalization companies from anywhere in the world with a focus on maximizing risk-adjusted returns. The composite was created on December 31, BENCHMARK DESCRIPTION The benchmark is the MSCI World Total Return Index, net of withholding taxes. The MSCI World Total Return Index is a free float adjusted, market capitalization weighted index that is designed to measure the equity market performance of developed markets. It consists of 23 developed market country indices. REPORTING CURRENCY Valuations and composite performance are reported in Canadian dollars. The composite includes Canadian dollar portfolios. LIST OF COMPOSITES A complete list of composite descriptions is available to prospective clients upon request. Please contact Carol De Veau at cdeveau@mackenzieinvestments.com. Mackenzie Financial Corporation All rights reserved. For Institutional Use Only. This material does not constitute an offer to sell, or a solicitation of an offer to buy, any type of securities /18 INVESTMENTS 180 Queen Street West, Toronto, Ontario M5V 3K1 T F E cdeveau@mackenzieinvestments.com mackenzieinvestments.com