MACKENZIE GLOBAL RESOURCE USD Q COMMENTARY

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1 MACKENZIE GLOBAL RESOURCE USD

2 INCEPTION: May BENCHMARK: Blended Index Natural Resources: 55% MSCI World Energy Total Return Index + 45% MSCI World Materials Total Return Index STRATEGY ASSETS: US$ 50 million PORTFOLIO MANAGEMENT TEAM: Benoit Gervais, MSc., CFA Portfolio Manager Industry Start: 2001 Firm Start: 2001 Onno Rutten, MSc., MBA Portfolio Manager Industry Start: 1997 Firm Start: 2011 Scott Prieur, MBA, CFA Associate Portfolio Manager Industry Start: 2003 Firm Start: 2013 PERFORMANCE SUMMARY For Q1 2018, the Mackenzie Global Resource composite returned -3.7% (Gross, USD), -3.9% (Net, USD). This compares with the blended index return of -5.0%. The blended index is composed of 55% MSCI World Energy Total Return Index and 45% MSCI World Materials Total Return Index. CONTRIBUTORS TO PERFORMANCE A top contributor for the quarter was First Quantum Minerals Ltd., a growing copper producer and core holding of the portfolio. The company benefited from improving copper prices and successfully refinanced its debt facilities ahead of the guided start-up of its major multi-year development project, Cobre Panama, by year-end Whiting Petroleum's share price came under pressure as the market was concerned with questionable management decision-making. A new CEO was named and the market perceived this as a constructive move. Whiting Petroleum Corporation is one of the largest independent exploration and production companies in the USA, with an oil-focused asset base. DETRACTORS FROM PERFORMANCE Detracting from performance was pipeline operator Williams Companies Inc. The company's share price came under pressure as the market responded to changes in U.S. tax regulations regarding master limited partnerships. We do not expect this tax ruling to significantly affect the long-term value of the company and maintain a position in Williams. Advantage Oil & Gas Ltd and Bonavista Energy Corp. suffered from their exposure to natural gas which has experienced a softening in price. We believe that, longer term, natural gas is a growth resource as countries move to cleaner burning fuels. Asmaa Marrat, MSc., CFA Senior Investment Analyst Industry Start: 2000 Firm Start: 2013 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.

3 CONTRIBUTORS AVG. ACTIVE WEIGHT CONTRIBUTION TO Q1 RETURNS TOP 5 CONTRIBUTORS SECTOR Eastman Chemical Company Materials 2.4% 0.4% First Quantum Minerals Ltd. Materials 4.7% 0.4% Eni SpA Sponsored ADR Energy 3.7% 0.4% Exxon Mobil Corporation Energy -7.5% 0.4% Smurfit Kappa Group Plc Materials 1.7% 0.4% DETRACTORS AVG. ACTIVE WEIGHT CONTRIBUTION TO Q1 RETURNS TOP 5 DETRACTORS SECTOR Carrizo Oil & Gas, Inc. Energy 2.9% -0.6% Bonavista Energy Corporation Energy 0.9% -0.5% Advantage Oil & Gas Ltd. Energy 1.5% -0.5% Williams Companies, Inc. Energy 3.0% -0.4% SM Energy Company Energy 2.4% -0.3% PERFORMANCE ATTRIBUTION 2018 Q1 Country 2018 Q1 Sector 1 Year Country as at March 31, Year Sector as at March 31, % -7% -2% 3% SECTOR ATTRIBUTION Energy Industrials Materials Cash COUNTRY ATTRIBUTION Australia Austria Belgium Canada China Denmark Finland France Germany Ireland Israel Italy Japan Luxembourg Mexico Netherlands New Zealand Norway Portugal Spain Sweden Switzerland -4% -3% -2% -1% 0% 1% 2% 3% 4% Other -2% -1% 0% 1% 2% 3% Allocation Stock Selection Currency Cash Other Attribution versus Blended Index Natural Resources in USD comprised of 55% MSCI World Energy and 45% MSCI World Materials PORTFOLIO ACTIVITY This quarter we initiated a position in Hochschild Mining plc & Pan American Silver Corp. This quarter we exited our positions in Lundin Gold Inc. & Randgold Resources Ltd.

4 NAMES ADDED Ashland Global Holdings, Inc. (United States-Materials) Canadian Natural Resources Limited (Canada-Energy) Cemex SAB de CV Sponsored ADR (Mexico-Materials) Clariant AG (Switzerland-Materials) Hochschild Mining plc (United Kingdom-Materials) Hornbeck Offshore Services, Inc % 01-Apr-2020 Keane Group, Inc. (United States-Energy) Norbord Inc. (Canada-Materials) Nutrien Ltd. (Canada-Materials) Pan American Silver Corp. (Canada-Materials) Royal Dutch Shell Plc Sponsored ADR Class A (United Kingdom-Energy) Secure Energy Services Inc. (Canada-Energy) Solvay SA (Belgium-Materials) TimkenSteel Corp (United States-Materials) voestalpine AG (Austria-Materials) NAMES REMOVED Agrium Inc. (Canada) Canfor Corporation (Canada-Materials) Cobalt International Energy, Inc % 01-Dec-2019 GB Minerals Ltd. (Canada) Lundin Gold Inc. (Canada-Materials) Mosaic Company (United States-Materials) Ocean Rig UDW Inc Class A (United States-Energy) Oceaneering International, Inc. (United States-Energy) Painted Pony Energy Ltd Class A (Canada-Energy) Pieridae Energy Limited (Canada-Energy) Potash Corporation of Saskatchewan Inc. (Canada) Randgold Resources Limited Sponsored ADR (United Kingdom-Materials) Steel Dynamics, Inc. (United States-Materials) Trinidad Drilling Ltd. (Canada-Energy) Whiting Petroleum Corporation (United States-Energy) WPX Energy, Inc. Class A (United States-Energy) OUTLOOK Synchronized global growth persisted through the first quarter of 2018 despite some moderation in growth rates from elevated levels in late We believe the second quarter of 2018 should provide confirmation that this moderation was largely attributed to seasonal effects in the Northern hemisphere and spring rebound is likely. Tightening labour markets have - to date - only resulted in modest wage growth; however, wage demands appear to be accelerating. Hence, government tax receipts are anticipated to improve accordingly, while private sector investment is showing tentative signs of a new capex cycle. Both of which should further stimulate demand for resources. Possible spoilers could come from continued tariff discussions and cause some corporations to delay their capital commitments. Equity markets were volatile over the quarter; partially due to concerns about the re-emergence of inflation and the associated pace of monetary tightening in a post-qe world, both in the U.S. and Europe. Historically, episodes of rising inflation, good global economic growth, and a gradual flattening of the treasury yield curve have resulted in a rotation within equity markets that favor cyclical sectors such as the resource sector. We continue to expect the current economic cycle to unfold accordingly, albeit at a slower-than-normal rate of change. Oil prices responded positively to a counter-seasonal decline in inventories during the first quarter. Oil demand, boosted by strong economic global growth, has surprised consensus to the upside whereas production discipline from OPEC/Russia has resulted in a substantial market deficit. Global inventories now stand below the 5-year average, pushing oil prices closer to our estimated mid-cycle price level. Energy equities remain in bargain territory, in our opinion, and are lagging the improved oil price as the market likely awaits further confirmation of the sustainability of higher oil prices and/or a possible supply response. We continue to expect a large re-rating to be in the making should current prices be sustained. Global leading indicators continue to point towards a solid economic outlook; with capital expenditure intentions building in the background suggesting even more growth ahead. The current lack of inflation and the lack of accelerating loan growth suggests there might be more time to the current economic cycle. All the above signals provided a strong backdrop for commodity demand at a time when supply remains constrained from years of reduced investment. Resource equities appear broadly undervalued relative to their underlying commodities, especially in the energy sector. The portfolio managers continue to monitor several key indicators for warning signs that the cycle could be reaching maturity, including: inflecting wage growth, accelerating inflation, peaking capital expenditures, peaking global home and auto sales, and yield curve inversion. Until some of these indicators manifest themselves, more growth should be expected from the world economy and should benefit resource equities. 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 COMPOSITE AND BENCHMARK PERFORMANCE (USD) AS AT MARCH 31, MONTHS 6 MONTHS 1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS SINCE INCEPTION* Mackenzie Global Resource (Gross) -3.7% 3.5% 3.4% 13.8% 4.7% -4.6% -1.4% -4.0% Mackenzie Global Resource (Net) -3.9% 3.0% 2.6% 12.8% 3.8% -5.4% -2.2% -4.8% Blended Index Natural Resources (comprised of 55% MSCI World Energy + 45% MSCI World Materials) -5.0% 1.9% 9.3% 14.3% 3.9% -0.2% 2.1% 0.1% 1 Mackenzie Investments (the Firm ) has been managing Global Resource assets since May 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, 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.

6 DISCLAIMER Mackenzie Investments Corporation and Mackenzie Financial Corporation are regulated as Investment Advisers by the U.S. Securities Exchange Commission (SEC). Mackenzie Financial Corporation is also 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 SEC s website at and 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 March 31, 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 (USD) reflects the performance of the Mackenzie Global Resource 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 and Portfolio Activity 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 0.85% 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. Information about Mackenzie Investments investment advisory fees is described in its Form ADV, Part 2A. A fee schedule will be provided upon request. 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 Resource Composite contains fully discretionary, Global Resource accounts. New accounts are included in the Composite beginning with the first full month under management after they have been fully invested. Although certain client accounts comprising the Mackenzie Global Resource Composite are managed in Canadian dollars, the performance information shown above was converted from Canadian dollars and is expressed in U.S. dollars. The performance of an account managed in U.S. dollars may differ. Returns were converted at the end of each month based on the 4:00 PM spot rate on the last business day of the month as reported by StatPro to our system vendor CGI StarSource.

7 IMPORTANT NOTES (cont'd) COMPLIANCE STATEMENT Mackenzie Investments claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. 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 verification report is available upon request. Verification does not ensure the accuracy of any specific composite presentation. FIRM OVERVIEW Mackenzie Investments provides investment management and related services through multiple distribution channels. Assets under management as at March 31, 2018 were US$ 98.5 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. COMPOSITE DESCRIPTION The Global Resource composite includes portfolios that invest in natural resource companies operating anywhere in the world and across a broad spectrum of industries. Portfolios in the composite do not have a minimum allocation to Canadian companies. The composite was created on January 31, BENCHMARK DESCRIPTION The benchmark is a blend of 55% MSCI World Energy Total Return Index, net of withholding taxes / 45% MSCI World Materials Total Return Index, net of withholding taxes. The MSCI World 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. The MSCI World Energy Index includes energy sector stocks within the MSCI World Index. The stocks are selected based on the S&P/MSCI Global Industry Classification Standard (GICS ). The MSCI World Materials Index includes materials sector stocks within the MSCI World Index. The stocks are selected based on the GICS. REPORTING CURRENCY Valuations and composite performance are reported in U.S. dollars. The composite includes Canadian dollar portfolios that have been converted to U.S. dollars. LIST OF COMPOSITES A complete list of composite descriptions is available to prospective clients upon request. Please contact Aaron Pittman at apittman@mackenzieinvestments.com. *In October 2017, investment management functions of Investors Group and Mackenzie Investments joined together to form a single global investment management organization. As at November 2017, this merger has resulted in an increase of approximately US$42 billion in Mackenzie's sub-advisory assets under management. Mackenzie Financial Corporation All rights reserved /18 MACKENZIE INVESTMENTS 180 Queen Street West, Toronto, Ontario M5V 3K1 T F E apittman@mackenzieinvestments.com mackenzieinvestments.com