Commodity Overview Bloomberg Commodity Index - 15 Year Performance to Mar 31, 2018

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1 March, 2018

2 Commodity Overview Bloomberg Commodity Index - 15 Year Performance to Mar 31,

3 1/1/2003 5/1/2003 9/1/2003 1/1/2004 5/1/2004 9/1/2004 1/1/2005 5/1/2005 9/1/2005 1/1/2006 5/1/2006 9/1/2006 1/1/2007 5/1/2007 9/1/2007 1/1/2008 5/1/2008 9/1/2008 1/1/2009 5/1/2009 9/1/2009 1/1/2010 5/1/2010 9/1/2010 1/1/2011 5/1/2011 9/1/2011 1/1/2012 5/1/2012 9/1/2012 1/1/2013 5/1/2013 9/1/2013 1/1/2014 5/1/2014 9/1/2014 1/1/2015 5/1/2015 9/1/2015 1/1/2016 5/1/2016 9/1/2016 1/1/2017 5/1/2017 9/1/2017 1/1/2018 Crude reality: Price of Oil West Texas Intermediary ($US/barrel) 15 yr. price to Mar 31,

4 Gold Bullion Gold (US$/troy ounce) 15 yr. price to Mar 31, 2018 $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 4

5 FX Rates USD Comparisons 1 yr. rates to Mar 31, 2018 Yen vs. USD Euro vs. USD CDN vs. USD Apr-17 Jul-17 Oct-17 Jan Apr-17 Jul-17 Oct-17 Jan Apr-17 Jul-17 Oct-17 Jan-18 5

6 Emerging Market Currencies F/X rates against U.S. Dollar-3 Year Rates to March 31, 2018 (Indexed to 100 on January 31,2015) Jan-15 Jan-16 Jan-17 Jan-18 Brazil Real Chilean Peso South African Rand Russia Rouble Indian Rupee Turkish Lira Argentine Peso Chinese Yuan 6

7 A View of Global Market Indices S&P/TSX Composite Index Price 12 months ending March 31, Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan S&P/TSX S&P 500 Europe Japan Emerging China World 1 yr to Mar Year to Date Quarter to Date Mth to Date

8 Global Market Results 6,000 5,000 4,000 3,000 60,000 40,000 20,000 0 S&P/TSX Composite Index S&P 500 Index 2018 (4.5%) 2, ,000 (4.9%) MSCI Europe Index 7,000 6,000 5,000 4,000 3,000 2, ,000 (2.4%) ,500 2,000 1,500 1, MSCI Japan Index (0.16%) 8

9 S&P/TSX by Sector S&P/TSX returns for 2017 and 2018 YTD % S&P/TSX Composite Index Consumer Staples Information Technology Financials Telecom Services Utilities Consumer Discretionary Industrials Energy Materials Health Care Real Estate

10 Central Bank Rates Central Bank Rates and 10 Year Government Bond Yields-3Yrs to Mar 31, 2018 Canada U.S Canada - Overnight Rate 10-Year GoC US - Overnight Rate 10-Year Treasury

11 Central Bank rates around the globe Central Bank Rates and 10 Year Government Bond Yields-1-Yrs to Mar 31, % 7.00% 6.00% 5.00% 4.00% 3.00% Australia Canada England USA (Upper Range) ECB 2.00% 1.00% 0.00%

12 Investing Insights Change Bull & Bear Markets S&P/TSX Composite Mar 31, % 300% 250% 200% 150% 100% 50% 0% -50% -100% Bull & Bear Facts Average gain in bull market: 127% Average length of bull market: 52 months Average loss in bear market: (28%) Average length of bear market: 9 months 288% 253% 203% 168% 146% 155% 146% 85% 81% 63% 82% 109% 44% 16% -26% -17% -15% -25% -35% -39% -25% -20% -27% -21% -38% -43% 12 Source: Bloomberg Mar 2018

13 Investing Insights Bull & Bear Markets: S&P/TSX Composite The Risks and Rewards of Investing: This chart represents the bull and bear markets in the S&P/TSX Composite Total Return since All bars above the line are bull markets; all bars below are bear markets. For the purposes of this illustration, a bull (bear) market is defined as a positive (negative) move greater than 15% that lasts at least 3 months. Investor Behaviour: According to the chart, markets spend more time in positive territory (bull) than negative (bear). Bull markets are, on average, longer and more intense, providing a more significant percentage change. On average bear markets are more brief, and yet engender fear. It is during these periods that there are significant investment bargains to be found. Investor discipline during bear markets is critical. 13

14 Investing Insights Change Bull & Bear Markets S&P 500 Index to March 31, % 500% 400% 300% Bull & Bear Facts Average gain in bull market: 147% Average length of bull market: 48 months Average loss in bear market: (27 %) Average length of bear market: 14 months 280% 526% 335% 364% 200% 100% 104% 90% 52% 76% 86% 87% 72% 108% 0% -100% -14% -22% -16% -29% -43% -14% -17% -30% -15% -45% -51% 14 Source: Bloomberg Mar 2018

15 Investing Insights Bull & Bear Markets: S&P 500 The Risks and Rewards of Investing: This chart represents the bull and bear markets in the S&P 500 Total Return since All bars above the line are bull markets; all bars below are bear markets. For the purposes of this illustration, a bull (bear) market is defined as a positive (negative) move greater than 15% that lasts at least 3 months. Investor Behaviour: According to the chart, markets spend more time in positive territory (bull) than negative (bear). Bull markets are, on average, longer and more intense, providing a more significant percentage change. On average bear markets are more brief, and yet engender fear. It is during these periods that there are significant investment bargains to be found. Investor discipline during bear markets is critical. 15

16 DISCLAIMER This document includes forward-looking information that is based on forecasts of future events as of January 31, Mackenzie Financial Corporation will not necessarily update the information to reflect changes after that date. Forward-looking statements are not guarantees of future performance and risks and uncertainties often cause actual results to differ materially from forward-looking information or expectations. Some of these risks are changes to or volatility in the economy, politics, securities markets, interest rates, currency exchange rates, business competition, capital markets, technology, laws, or when catastrophic events occur. Do not place undue reliance on forward-looking information. In addition, any statement about companies is not an endorsement or recommendation to buy or sell any security." The content of this document (including facts, views, opinions, recommendations, descriptions of or references to, products or securities) is not to be used or construed as investment advice, as an offer to sell or the solicitation of an offer to buy, or an endorsement, recommendation or sponsorship of any entity or security cited. Although we endeavour to ensure its accuracy and completeness, we assume no responsibility for any reliance upon it. Unlike mutual funds, the returns and principal of GICs are guaranteed. The information contained in this document is proprietary to Mackenzie Investments and is being provided to you solely for the purposes of helping you to evaluate Mackenzie Investments' investment management expertise. By accepting this information, you are deemed to have acknowledged that any other use or disclosure to anyone else without Mackenzie's permission may cause damage to Mackenzie Investments and that you agree to use the same degree of care in protecting this information as you apply to your own proprietary information. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Index performance does not include the impact of fees, commissions, and expenses that would be payable by investors in the investment products that seek to track an index. The rate of returns shown is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of returns on investment." 16

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