2016 Mackenzie Mergers Discussion Guide Page 1
Table of Contents Mackenzie Global Diversified Balanced Mackenzie Global Strategic Income... 3 Mackenzie Diversified Equity Mackenzie Global Dividend... 4 Mackenzie Global Diversified Equity Class Mackenzie Global Dividend... 5 Mackenzie Canadian Concentrated Equity Mackenzie Canadian Growth... 6 Mackenzie Global Concentrated Equity Class Mackenzie Global Concentrated Equity... 8 Mackenzie Real Return Bond Mackenzie Canadian Bond... 10 Mackenzie Global Bond Mackenzie Global Tactical Bond... 12 Mackenzie USD Convertible Securities Mackenzie USD Global Tactical Bond... 13 Mackenzie Global Asset Strategy Mackenzie Global Strategic Income... 14 Mackenzie All Cap Dividend Class Mackenzie Canadian All Cap Dividend Class... 15 Page 2
Mackenzie Mergers Mackenzie Global Diversified Balanced Mackenzie Global Strategic Income Both funds have similar investment objectives. The continuing fund has had superior riskadjusted returns over the most recent 1, 3 and 5 year periods. Mackenzie Global Diversified Balanced The aims to provide investors with a steady stream of income and the potential for capital growth over the longer-term by investing in a portfolio of equity and fixed-income investments, primarily through ownership of other Mackenzie s. Mackenzie Global Strategic Income The seeks income with the potential for long-term capital growth by investing primarily in fixed-income and/or income-oriented equity securities of issuers anywhere in the world. Assets (MM) $222 $781 Underlying / Lead Portfolio Manager Cundill Value (30%), Ivy Foreign Equity (30%), Corporate Bond (20%), Canadian Bond (20%) Steve Locke, Darren McKiernan (Mackenzie) Risk Rating Low-Medium Low-Medium Registered/Non-Registered 80% / 20% 77% / 23% Inception Date November 14, 2007 September 29, 2006 Star Rating CIFSC Category Global Neutral Balanced Global Neutral Balanced Benchmark 50% MSCI World + 50% BofAML Global Broad Market 50% MSCI World + 50% BofAML Global Broad Market (Hedged to CAD) 1 Year -1.9% 7.8% 4.5% 2.9% 7.2% 3.4% 3 Year 4.8% 6.0% 13.6% 9.6% 6.4% 10.7% 5 Year 5.7% 6.3% 11.8% 8.0% 6.4% 10.2% 10 Year n/a n/a n/a n/a n/a n/a Securityholder Vote No No The was created in 2007 to provide investors with a Mackenzie best funds solution, combining four of Mackenzie s flagship funds into one product. The s assets are allocated across the four underlying funds and rebalanced monthly. The investment styles of the underlying funds were selected with the objective of providing a core investment offering. The static combination of the underlying funds has not provided the desired outcome and investors in the have experienced poor returns. The flexible portfolio construction of the provides investors with a core investment offering and a superior approach to meeting performance expectations Risk Rating No change Management Fee No change CIFSC Category No change Taxable Merger No, this is being executed as a tax-deferred. Pre- Merger Capital Yes. The distribution estimates are expected to be provided prior to the. Codes Mackenzie Global Diversified Balanced Series A 2708 F - 2526 Mackenzie Global Strategic Income A 2715 F - 2310 Page 3
Mackenzie Diversified Equity Mackenzie Global Dividend The helps simplify our lineup, avoid duplication, as well as provide the potential for improved performance Mackenzie Diversified Equity The seeks to provide investors with a diversified portfolio designed to provide growth of capital over the longer term. The seeks to accomplish its objective by investing mainly in securities of other mutual funds that invest in Canadian and foreign equity securities. The may from time to time make direct investments in Canadian and foreign equity and fixed-income securities. Mackenzie Global Dividend The seeks long-term capital growth and current income by investing primarily in equity securities of companies anywhere in the world that pay, or may be expected to pay, dividends. The may also invest in other types of securities that distribute, or may be expected to distribute, income. Assets (MM) $172 $861 Underlying s / Lead Portfolio Manager Growth (25%), Cundill Value (25%), CDN Large Cap Dividend (25%), Ivy Foreign Equity (25%) Darren McKiernan (Mackenzie) Risk Rating Medium Medium Registered/Non-Registered 87% / 13% 73% / 27% Inception Date December 7, 2006 July 9, 2007 Star Rating CIFSC Category Global Equity Global Equity Becnhmark 65% MSCI World + 35% TSX MSCI World 1 Year -1.8% 10.9% 1.1% 4.3% 11.9% -0.6% 3 Year 6.9% 7.9% 13.1% 15.0% 10.1% 15.4% 5 Year 7.4% 9.2% 11.6% 12.8% 8.7% 14.8% 10 Year n/a n/a 6.0% n/a n/a n/a The was created in 2007 to provide investors with a Mackenzie best funds solution, combining four of Mackenzie s flagship funds into one product. The s assets are allocated across the four underlying funds and rebalanced monthly. The investment styles of the underlying funds were selected with the objective of providing a core investment offering. The static combination of the underlying funds has not provided the desired outcome and investors in the have experienced poor returns. The offers investors a core investment offering and a superior approach to meeting performance expectations. Risk Rating No change Management Fee No change CIFSC Category No change Taxable Merger No, this is being executed as a tax-deferred. Pre- Merger Capital Yes. The distribution estimates are expected to be provided prior to the. Codes Mackenzie Diversified Equity Series A 2338 F 2340 Mackenzie Global Dividend A 2710 F - 2422 Page 4
Mackenzie Global Diversified Equity Class Mackenzie Global Dividend The helps simplify our lineup, avoid duplication, as well as provide the potential for improved performance. Mackenzie Global Diversified Equity Class The seeks to provide investors with a diversified global portfolio designed to provide growth of capital over the longer term. The seeks to accomplish its objective by investing directly in equity securities of issuers located anywhere in the world, or in mutual fund securities. The may also invest in other securities, including fixed-income securities. Mackenzie Global Dividend The seeks long-term capital growth and current income by investing primarily in equity securities of companies anywhere in the world that pay, or may be expected to pay, dividends. The may also invest in other types of securities that distribute, or may be expected to distribute, income. Assets (MM) $200 $861 Underlying s/lead Portfolio Manager Ivy Foreign Equity (50%), Cundill Value (50%) Darren McKiernan (Mackenzie) Risk Rating Low-Medium Medium Registered/Non-Registered 74% / 26% 73% / 27% Inception Date November 3, 2010 July 9, 2007 Star Rating CIFSC Category Global Equity Global Equity Benchmark MSCI World MSCI World 1 Year -4.3% 10.9% -0.6% 4.3% 11.9% -0.6% 3 Year 6.0% 8.5% 15.4% 15.0% 10.1% 15.4% 5 Year 8.4% 9.6% 14.8% 12.8% 8.7% 14.8% 10 Year n/a n/a n/a n/a n/a n/a The was created in 2007 to provide investors with a Mackenzie best funds solution, combining two of Mackenzie s flagship funds into one product. The s assets are divided equally between the two underlying funds and rebalanced monthly. The investment styles of the underlying funds were selected with the objective of providing a core investment offering. In addition, the static combination of the underlying funds has not provided the desired outcome and investors in the have experienced poor returns. The offers investors a true core global equity product and a superior approach to meeting performance expectations. Risk Rating Risk Rating increases from Low to Medium to Medium Management Fee No change CIFSC Category No change Taxable Merger Yes, this is being executed as a taxable. 26% of the Assets are non-registered and may be impacted. Unitholders of the that do not want to incur capital gains at the time of the can switch before the to any other Corporate Class s including Mackenzie Ivy Foreign Equity Class and Mackenzie Cundill Value Class. Pre- Merger Capital No Codes Mackenzie Global Diversified Equity Class Series A 3755 F - 3758 Mackenzie Global Dividend A 2710 F - 2422 Page 5
Mackenzie Canadian Concentrated Equity Mackenzie Canadian Growth The helps simplify our lineup. The continuing fund is managed by a Portfolio Manager with 30 years of investment experience managing growth investments. In some cases, holders of certain series will benefit from lower management and/or administration fees. Current Proposed Mackenzie Canadian Concentrated Equity The pursues long-term capital growth by investing mainly in equity securities of Canadian companies represented in the diverse industry sectors of the TSX. The uses a multi-manager investment strategy of between two and six portfolio management teams, selected by Mackenzie, to manage the s portfolio investments. Mackenzie Canadian Growth The invests mainly in Canadian equity and fixed-income securities issued by Canadian corporations and government bodies to achieve longterm capital growth and provide a reasonable rate of return. The seeks to provide long-term capital growth by investing primarily in Canadian equity securities. Assets (MM) $71 $720 Lead Portfolio Manager/Underlying DeGeer (29%), Norwood (13%), Musson (17%) Aldridge (13%), Global Concentrated Equity (28%) Dina DeGeer (Mackenzie) Risk Rating Medium Medium Registered/Non-Registered 75% / 25% 86% / 14% Inception Date May 9, 2000 April 15, 1965 Star Rating CIFSC Category Canadian Focused Equity Canadian Focused Equity Benchmark S&P/TSX Composite Total Return S&P/TSX Composite Total Return 1 Year -2.5% 12.2% 4.0% 3.7% 12.8% 4.0% 3 Year 5.7% 8.7% 8.5% 17.6% 9.5% 8.5% 5 Year 6.3% 9.1% 5.5% 13.1% 9.4% 5.5% 10 Year 4.0% 11.4% 5.1% 7.5% 10.7% 5.1% The was created in 2002 (as Mackenzie Select Managers Canada ) to provide investors with a Mackenzie best ideas approach. The best ideas approach inevitably led to security holdings overlap, which impacted performance. The lead portfolio manager of the has over 30 years of experience and will provide investors with superior approach to meeting performance expectations. Change A change in investment objectives is being proposed to clarify the s investment approach by removing the reference to fixed-income and government issued securities. The s portfolio manager has never invested in fixed income or government securities and will not invest in these securities in the future. The change to the objectives is being proposed for clarification purposes and the change will not impact the s current or future holdings. Risk Rating No change Page 6
Management Fee 33.7% of AUM in the will benefit from a reduction in fees, ranging from 2bps to 50bps: Series where % of investors Fee reduction benefit from (bps) Assets lower total fees Mackenzie Canadian Concentrated Equity CIFSC Category No change Mackenzie Canadian Growth A 33.3% 2 I 0.1% 25 C 0.3% 50 Taxable Merger No, this is being executed as a tax-deferred. Pre- Merger Capital No Codes Mackenzie Canadian Concentrated Equity Series A 488 F - 1312 Mackenzie Canadian Growth A 650 F - 091 Page 7
Mackenzie Global Concentrated Equity Class Mackenzie Global Concentrated Equity The continuing fund has the potential to balance exposures across sectors, industries, and risk factors. Investing with a single team improves coordination and risk management processes. Current Proposed Mackenzie Global Concentrated Equity Class The pursues long-term capital growth through a select portfolio comprised primarily of equity securities of international companies, including North American companies. The uses a multi-manager investment strategy of between two and six portfolio teams, selected by Mackenzie, to manage the s portfolio investments. N/A Mackenzie Global Concentrated Equity The seeks long-term capital growth through a select portfolio comprised primarily of equity securities of international companies, including North American companies. The uses a multi-manager investment strategy of between two and six portfolio teams, selected by Mackenzie, to manage the s portfolio investments. The seeks to provide long-term capital growth by investing primarily in equity securities of companies anywhere in the world. Assets (MM) $11 $230 Current Lead Portfolio Manager Alain Bergeron (Mackenzie) Norwood (28%), Musson (30%), Becker (42%) Alain Bergeron (Mackenzie) Norwood (28%), Musson (30%), Becker (42%) Proposed Lead Portfolio Manager N/A Rick Weed Risk Rating Medium Medium Registered/Non-Registered 21% / 79% 86% / 14% Inception Date October 22, 2000 May 9, 2000 Star Rating CIFSC Category Global Equity Global Equity Benchmark MSCI World MSCI World 1 Year -8.1% 14.3% -0.6% -8.2% 14.4% -0.6% 3 Year 7.8% 11.5% 15.4% 8.1% 11.6% 15.4% 5 Year 8.6% 11.4% 14.8% 9.0% 11.5% 14.8% 10 Year 4.5% 11.2% n/a 4.7% 11.3% n/a Change Risk Rating No change Management Fee No change CIFSC Category No change The was created in 2002 (as Mackenzie Select Managers ) to provide investors with a Mackenzie best ideas approach. The invests in eight to ten of each manager s highest conviction ideas. The best ideas approach inevitably led to securities overlap, which impacted performance. The lead portfolio manager of the has nearly 25 years of experience and will provide investors with superior approach to meeting performance expectations. Management is proposing a change in investment objectives and strategies to the. Concurrent with this change, Rick Weed will become the lead manager on the. Current : The seeks long-term capital growth through a select portfolio comprised primarily of equity securities of international companies, including North American companies. The uses a multi-manager investment strategy of between two and six portfolio teams, selected by Mackenzie, to manage the s portfolio investments. Proposed : The seeks to provide long-term capital growth by investing primarily in equity securities of companies anywhere in the world. Page 8
Taxable Merger Yes, this is being executed as a taxable, as this is a corporate class to trust. There is $11M in AUM in the, 79% of the assets are non-registered. Unitholders of the that do not want to incur capital gains at the time of the can switch before the to any other Corporate Class s including Mackenzie Ivy Foreign Equity Class, Mackenzie US Large Cap Class and Mackenzie Cundill Value Class. Pre- Merger Capital No Codes Mackenzie Global Concentrated Equity Class Series A 1031 F - 1341 Mackenzie Global Concentrated Equity A 734 F - 099 Page 9
Mackenzie Real Return Bond Mackenzie Canadian Bond The continuing fund has a broader and more flexible mandate and the potential for improved performance. Mackenzie Real Return Bond The seeks to provide investors with a steady flow of interest income while supplying a hedge against the risk that inflation presents to bond funds. The will seek to accomplish its objective by investing primarily in Canadian Federal and Provincial Real Return Bonds whose coupon and principle are indexed to the Canadian Consumer Price Index. Preservation of real capital is an important factor in the selection of portfolio investments Mackenzie Canadian Bond The pursues a steady flow of income by investing mainly in Canadian government and corporate fixed income securities and asset backed securities with maturities of more than one year. The also pursues capital gains by actively trading fixed-income securities. Preservation of capital is an important factor in the selection of portfolio investments.. Assets (MM) $255 ($177M is Symmetry, $85M is Retail Investors) $1,004 Lead Portfolio Manager Steve Locke (Mackenzie) Steve Locke (Mackenzie) Risk Rating Low-Medium Low Registered/Non-Registered 79% / 21% 47% / 53% Inception Date April 2, 2003 February 10, 1989 Star Rating CIFSC Category Canadian Inflation Protected Fixed Income Canadian Fixed Income Benchmark FTSE TMX Canada Real Return Bond Index FTSE TMX Canada Universe Bond Index 1 Year -0.5% 3.8% 3.8% 3.1% 2.6% 4.6% 3 Year 2.9% 6.1% 6.2% 4.2% 3.6% 5.8% 5 Year 1.2% 6.9% 3.6% 3.3% 3.5% 4.9% 10 Year 3.3% 7.9% 5.4% 4.2% 3.3% 5.5% The invests in Canadian real return fixed income securities while the invests across the spectrum of Canadian investment grade fixed income securities. The has a more flexible mandate than the and may purchase real return bonds, and similar securities, to help protect the portfolio from the impact of inflation. Risk Rating The risk rating is lower on the. Management Fee 8.6% of AUM in the will benefit from a reduction in fees, ranging from 5bps to 20bps: Mackenzie Real Return Bond Mackenzie Canadian Bond Series where investors benefit from lower total fees % of Assets A (SCS option only) 7.3% 20 D 0.0% 20 F 0.4% 20 I 0.7% 5 J 0.0% 10 LB 0.2% 20 FB 0.0% 20 Fee reduction (bps) CIFSC Category The is in the Canadian Inflation Protected Fixed Income category and the is in the Canadian Fixed Income category. Page 10
Taxable Merger No, this is being executed as a tax-deferred. Pre- Merger Capital No Codes Mackenzie Real Return Bond Series A 1579 F - 1910 Mackenzie Canadian Bond Series SC 3769 F - 027 Page 11
Mackenzie Global Bond Mackenzie Global Tactical Bond The helps simplify our lineup and avoid duplication as both funds have a similar investment strategy. The continuing fund has a more tactical, flexible mandate, which may result in better return potential. Mackenzie Global Bond The aims to achieve an above-average level of current income by investing primarily in a diversified portfolio of fixed-income securities issued by foreign companies or governments of any size anywhere in the world. The also seeks to achieve long-term capital growth by investing in fixed-income securities and other investments. Mackenzie Global Tactical Bond The aims to generate income by investing primarily in a diversified portfolio of fixed-income securities issued by companies or governments of any size, anywhere in the world. The also seeks to achieve long-term capital growth by investing in fixed-income securities and other investments. The will employ a flexible approach, allocating assets across credit quality, structures, sectors, currencies and countries. Assets (MM) $67 $282 Lead Portfolio Manager Mark Beischel (Waddell & Reed) Konstantin Boehmer (Mackenzie) Risk Rating Low-Medium Low-Medium Registered/Non-Registered 73% / 27% 59% / 41% Inception Date August 31, 1975 April 8, 2014 Star Rating Not Rated CIFSC Category Global Fixed Income Global Fixed Income Benchmark Citigroup WBIG Index BofAML Global Broad Market (Hedged to CAD) 1 Year -0.3% 4.4% 8.7% 2.3% 2.8% 7.0% 2 Year 1.9% 4.4% 10.8% 2.5% 3.3% 5.9% 3 Year 3.9% 3.9% 11.0% n/a n/a 5.9% 5 Year 4.3% 4.2% 8.1% n/a n/a 5.4% 10 Year 3.0% 5.0% 5.9 n/a n/a 5.3% The has a broader mandate, and is able to invest across the global fixed income universe, including the ability to invest in convertible securities to provide investors with more consistent returns. Risk Rating No Change Management Fee 14.9% of AUM in the will benefit from a fee reduction of 10bps: Series where % of investors benefit Fee reduction from lower total (bps) Assets fees Mackenzie Global Bond Mackenzie Global Tactical Bond A (SCS option only) 14.9% 10 CIFSC Category No Change Taxable Merger No, this is being executed as a tax-deferred. Pre- Merger Capital No Codes Mackenzie Global Bond Series A 655 F - 586 Mackenzie Global Tactical Bond Series SC 4716 F - 4713 Page 12
Mackenzie USD Convertible Securities Mackenzie USD Global Tactical Bond The continuing fund offers a broader investment opportunity set that can lead to increased diversification and return potential. The has the flexibility to take advantage of changing market conditions, which we believe is a more effective strategy for managing a global fixed income to meet investor performance expectations. Risk Rating The risk rating is lower on the. Management Fee 6.4% of AUM in the will benefit from a reduction in fees, ranging from 15bps to 35bps: Mackenzie USD Convertible Securities Mackenzie USD Convertible Securities The seeks to generate long-term capital appreciation and income in U.S. dollars by investing primarily in convertible securities of U.S. companies. A significant portion of the s exposure to convertible fixed-income securities is expected to be allocated to securities that are rated below investment grade and securities that are non-rated. Mackenzie USD Global Tactical Bond Series where investors benefit from lower total fees A (RCS, LL2, LL3 options only) A (SCS option only) % of Assets Mackenzie USD Global Tactical Bond The aims to generate income in U.S. dollars by investing primarily in a diversified portfolio of fixed-income securities issued by companies or governments of any size, anywhere in the world. The also seeks to achieve long-term capital growth by investing in fixed-income securities and other investments. Assets (MM) $4 ($3.2M is Seed Capital) $15 Lead Portfolio Manager Robert Salvin, Eric Harthun (Putnam) Konstantin Boehmer (Mackenzie) Risk Rating Medium Low-Medium Registered/Non-Registered 2% / 98% 2% / 98% Inception Date May 1, 2015 May 1, 2015 Star Rating Not Rated Not Rated CIFSC Category Other Global Fixed Income Benchmark BofAMerrill Lynch All US Convertibles All Qualities TR Index BofAML Global Broad Market (Hedged to USD) Performance Return Standard Deviation Benchmark Return Standard Deviation Benchmark 1 Year -3.4% 11.8% 0.2% 2.1% 8.8% 7.0% 3 Year n/a n/a n/a n/a n/a n/a 5 Year n/a n/a n/a n/a n/a n/a 10 Year n/a n/a n/a n/a n/a n/a 2.2% 15 4.2% 35 CIFSC Category The is in the Global Fixed Income category. Taxable Merger Yes, this is being executed as a taxable merge. There is $4M in AUM in the Pre- Merger Capital No Codes Mackenzie USD Convertible Securities Series A 4815 Series F - 4819 Mackenzie USD Global Tactical Bond Series SC 4846 Series F - 4844 Fee reduction (bps) Page 13
Mackenzie Global Asset Strategy Mackenzie Global Strategic Income The helps simplify our lineup and avoid duplication as both funds have a similar investment strategy. In some cases, holders of certain series will benefit from lower management and/or administration fees. The has provided superior risk-adjusted returns over the most recent 1 and 3 year periods, and we believe it will provide investors with a superior approach to meeting performance expectations Risk Rating The risk rating is lower on the. Management Fee 9.8% of AUM in the will benefit from a fee reduction of 19bps: Series where % of Fee investors benefit reduction from lower total Assets (bps) fees Mackenzie Global Asset Strategy Mackenzie Global Asset Strategy The seeks total return over the long term while maintaining a commitment to protection of capital within a framework that values risk management, by allocating its assets among all asset classes, including but not limited to equity securities, fixed-income securities, short-term instruments of issuers in markets around the globe, commodities and foreign currencies. It may invest directly in securities or in other mutual funds. The may invest its assets in any market that offers a return potential or, alternatively, the potential for a high degree of safety in uncertain times. Mackenzie Global Strategic Income Mackenzie Global Strategic Income The seeks income with the potential for long-term capital growth by investing primarily in fixed-income and/or income-oriented equity securities of issuers anywhere in the world. Assets (MM) $26 ($23.7M in Seed Capital) $781 Lead Portfolio Manager Cynthia Prince-Fox, Chace Brundige (Waddell & Reed) Steve Locke, Darren McKiernan (Mackenzie) Risk Rating Medium Low-Medium Registered/Non-Registered 78% / 22% 77% / 23% Inception Date September 28, 2012 September 29, 2006 Star Rating CIFSC Category Tactical Balanced Global Neutral Balanced Benchmark MSCI World 50% MSCI World + 50% BofAML Global Broad Market (Hedged to CAD) 1 Year -8.6% 13.5% -0.6% 2.9% 7.2% 3.4% 3 Year -0.8% 10.3% 15.4% 9.6% 6.4% 10.7% 5 Year n/a n/a n/a 8.0% 6.4% 10.2% 10 Year n/a n/a n/a n/a n/a n/a A 9.3% 19 D 0.1% 19 F 0.4% 19 CIFSC Category The is in the Tactical Balanced category and the is in the Global Balanced category. Taxable Merger Yes, this is being executed as a taxable merge. There is $26M in AUM in the. Pre- Merger Capital No Codes Mackenzie Global Asset Strategy Series A 3972 Series F 3973 Mackenzie Global Strategic Income Series A 2715 Series F 2310 Page 14
Mackenzie All Cap Dividend Class Mackenzie Canadian All Cap Dividend Class The helps simplify our lineup and avoid duplication as both funds have a similar investment strategy and are managed similarly by the same portfolio managers. Mackenzie All Cap Dividend Class Mackenzie Canadian All Cap Dividend Class To provide a high level of income and the opportunity for capital appreciation by investing primarily in a well-diversified balanced portfolio of high-yielding North American equity instruments and fixed income securities. To provide a high level of income and the opportunity for capital appreciation by investing primarily in a well-diversified balanced portfolio of high-yielding Canadian equity instruments and fixed income securities. Assets (MM) (1) $49 $217 Lead Portfolio Manager Hovig Moushian (Mackenzie) Hovig Moushian (Mackenzie) Risk Rating Medium Medium Registered/Non-Registered 49% / 51% 44% / 56% Inception Date September 27, 2013 September 30, 2011 Star Rating Not Rated CIFSC Category Canadian Income & Dividend Equity Canadian Income & Dividend Equity Benchmark S&P/TSX Composite Dividend Index S&P/TSX Composite Dividend Index Performance (2) Return (3) Standard Deviation Benchmark Return Return Standard Deviation Benchmark Return 3 Mo (4) 6.9% n/a 5.1% 5.2% n/a 5.1% 6 Mo 17.1% 7.5% 16.4% 15.5% 8.5% 16.4% 1 Year 9.9% 10.0% 9.2% 4.7% 11.0% 9.2% 2 Year 5.0% 8.6% 1.5% -2.2% 9.7% 1.5% 3 Year n/a n/a n/a 5.5% 8.8% 9.4% 5 Year n/a n/a n/a 6.0% 8.3% 6.7% 10 Year n/a n/a n/a n/a n/a n/a The was originally launched with the intention of holding a higher allocation to US equities compared to the (which has resulted in the higher performance of the over the past two years). The has evolved over time to allocate more to US equities and has become increasingly similar to the ; this similarity in approach is expected to continue going forward. Risk Rating No change Management Fee No change CIFSC Category No change Taxable Merger Not a taxable as this is a Class to Class. Pre- Merger Capital No Codes Mackenzie All Cap Dividend Class Series A 4593, Series F - 4596 Mackenzie Canadian All Cap Dividend Class A Series A 3919, Series F - 3922 Page 15