LEGAL DISCLAIMER

Mackenzie Financial Corporation (“Mackenzie”) is a multi-faceted investment management and financial services corporation founded in 1967. Mackenzie is a member of the IGM Financial Inc. group of companies (TSX: IGM) and operates directly in North America and internationally through partner sub-advisor firms. Mackenzie’s core business is the management of mutual funds on behalf of North American investors. The company manages and administers more than 100 investment funds, including mutual funds, segregated funds, pooled funds, pension funds, labour sponsored funds and structured products. In addition, Mackenzie’s affiliates and its subsidiaries offer an array of loan, deposit and other financial products and services, as particularized below.

M.R.S. Inc. (“MRSI”) was established in 1981 to provide the clients of independent financial advisors access to a wide range of investment options, all under one "umbrella" registered retirement account. Since that time, it has expanded its account services offering to include investment accounts, allowing investors working with their financial advisors to enjoy the same benefits associated with their registered portfolios, in non-registered accounts. MRSI provides complete account services including trade execution and settlement as well as all client and required regulatory reporting. MRSI is a member of the Mutual Fund Dealers Association of Canada.

M.R.S. Trust Company (“MRS Trust”) was established in 1979 and since then has focused on supporting independent financial advisors. It is a federally regulated trust company and is a member institution of the Canada Deposit Insurance Corporation. MRS Trust provides trustee services for all M.R.S Inc. and M.R.S. Securities Services Inc. accounts as well as offers RRSP and investment loans, mortgages, GICs, the MRS High Yield Plus Account and the MRS Money Maximizer. In addition, MRS Trust acts as trustee on the registered products offered and sponsored by its parent, Mackenzie Financial Corporation.

M.R.S. Securities Services Inc. ("MRSSSI") founded in 1997, is an investment dealer which provides investors with access to equity and fixed income trading and related investor services. MRSSSI and its investment representatives execute investor requested trades. They do not solicit your business, make investment recommendations, offer investment advice, or discuss the merits of any trade or investment. MRSSSI is a member of both the Investment Dealers Association and the Canadian Investor Protection Fund (“CIPF”) and its customer accounts are protected by CIPF.

Founded in Winnipeg in 1891, The Great-West Life Assurance Company (“GWL”) is a leading Canadian life and health insurer, offering a broad portfolio of financial and benefit plan solutions for individuals, families, businesses and organizations. GWL provides a wide range of retirement savings and income plans, as well as life, disability and critical illness insurance for individuals and families. As a leading provider of employee benefits in Canada, GWL offers effective benefit solutions for large and small employee groups. The Mackenzie Segregated Funds’ individual variable annuity policy is issued by GWL, a Mackenzie affiliate.

Click here to view the legal disclaimer for Quadrus

“Mackenzie” or “Mackenzie Group of Companies” includes Mackenzie Financial Corporation, Mackenzie Financial Services Inc. and the MRS Group of Companies. “MRS” or “MRS Group of Companies” means M.R.S. Trust Company, M.R.S. Inc., M.R.S. Securities Services Inc., M.R.S. Correspondent Corporation and any affiliate or successor company of each of them. Mackenzie and MRS affiliates include Investors Group Inc. and The Great-West Life Assurance Company.

The Foundation is a non-profit charitable corporation registered as a public foundation with the Canada Revenue Agency and with the Quebec Ministry of Revenue. The objective of the Foundation is to receive and maintain charitable giving funds and to apply all or part of the principal and income from those funds to Eligible Charities. The Foundation is governed by a Board of Directors and the majority of the Board is independent of Mackenzie and its affiliates.

Mackenzie products and services are only offered in jurisdictions where they may be lawfully offered for sale. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada. This site should not be considered an offer to sell or solicitation to buy any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer or solicitation. Prospective investors who are not resident in Canada should consult with their financial advisor to determine whether these products and services may be lawfully sold in their jurisdiction.

The contents of this Website are provided for informational and educational 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.

Information contained on this Website is believed to be accurate and reliable when placed on this Website, however, we cannot guarantee that it is accurate or complete or current at all times. The information provided is subject to change without notice and Mackenzie cannot be held liable for any loss arising from any use of or reliance on the information contained on this Website.

All information is provided “as is” without any warranties of any kind and Mackenzie and its affiliates and their respective officers, directors, employees or agents (collectively, the “Mackenzie parties”) make no representations and disclaim all express and implied warranties of any kind, including, without limitation, representations, warranties or conditions regarding accuracy, timeliness, completeness, non-infringement, merchantability or fitness for any particular purpose and the Mackenzie parties assume no responsibility to you or any third party for the consequences of any errors or omissions.

Unless otherwise expressly indicated, all information is unaudited and there is no representation that the financial information has been prepared in accordance with generally accepted accounting principles.

FURTHERMORE, THE MACKENZIE PARTIES DO NOT REPRESENT OR WARRANT THAT THE WEBSITE WILL BE AVAILABLE AND MEET YOUR REQUIREMENTS, THAT ACCESS WILL BE UNINTERRUPTED, THAT THERE WILL BE NO DELAYS, FAILURES, ERRORS (INCLUDING TYPOGRAPHICAL) OR OMISSIONS OR LOSS OF TRANSMITTED INFORMATION, THAT NO VIRUSES OR OTHER CONTAMINATING OR DESTRUCTIVE PROPERTIES WILL BE TRANSMITTED OR THAT NO DAMAGE WILL OCCUR TO YOUR COMPUTER SYSTEM. YOU HAVE THE SOLE RESPONSIBILITY FOR ADEQUATE PROTECTION AND BACKUP OF DATA AND/OR EQUIPMENT AND TO TAKE REASONABLE AND APPROPRIATE PRECAUTIONS TO SCAN FOR VIRUSES OR OTHER DESTRUCTIVE PROPERTIES.

As a condition of use of this Website, you agree to indemnify Mackenzie for any and all claims, losses, liabilities and expenses, including, but not limited to legal fees, arising from any use of this Website or your violation of the Legal Notices.

Mackenzie is not responsible in any manner and will not be liable to you or anyone else for any loss or damages whatsoever (including direct, indirect, special, incidental, consequential, exemplary or punitive damages, and without limitation, lost revenues or profits or loss of prospective economic advantage) resulting from your use or inability to make use of this Website or the information therein, and/or any web browsers, including any loss or damages you may suffer if you transmit confidential or sensitive information to us or if we communicate such information to you at your request over the Internet.

Furthermore, Mackenzie is not liable for any action or decision made by you in reliance on this Website or the information contained herein, or any unauthorized use or reproduction of the Website or the information, even if Mackenzie has been advised of the possibility of loss or damages or could have foreseen the loss or damages. Links to other websites from this Website are for convenience only.

Links to other websites or references to advice, opinions, information, products, services or publications other than those of Mackenzie at this Website do not imply the expressed or implied endorsement or approval of such websites, advice, opinions, information, products, services or publications by Mackenzie.

Links from or to websites outside of this Website are intended for convenience only. Mackenzie does not review, approve, endorse or control, and is not responsible for any sites linked from or to this Website, the content of those sites, the third parties named therein, or their products and services. Linking to any other site is at your own risk, and Mackenzie will not be responsible or liable for any damages in connection with linking.

The Calculators found on this Website are provided for illustrative purposes only. The Calculators are educational tools and do not constitute advice with respect to investment, financial, legal, accounting, tax or similar matters.

Mackenzie cannot ensure the privacy and authenticity of any information or instructions you send to us or that we send to you over the Internet. Mackenzie will not be responsible for any loss or damages you may incur if you communicate confidential information to us over the Internet or if we communicate such information to you at your request.

E-mail over the Internet is not a secure medium and privacy cannot be assured. E-mail communication is not confidential, is subject to possible interception or loss, and is also subject to possible alteration. Mackenzie is not responsible for and will not be liable for any loss or damages in connection with an E-mail containing personal or confidential information sent by you to Mackenzie, or an E-mail by Mackenzie to you at your request.

Certain names, words, titles, phrases, logos, icons, graphics or designs or other content in the pages of this Website may constitute trade names, registered or unregistered trademarks or service marks (collectively, the “trademarks”) of Mackenzie and its affiliates or of third parties and are used under licence by Mackenzie and its affiliates. However, the display of the trademarks on this Website does not imply that a licence has been granted to any third party. All goodwill generated from the use of the trademarks on any Website will endure to Mackenzie’s benefit.

All information on this Website is protected under the copyright laws of Canada and other countries. The information is for your personal, educational and non-commercial use only and may be used and reproduced provided that it is not modified and that you maintain all copyright and other notices contained in the Website. The contents of the Website may not be otherwise used, copied, redistributed, reproduced, republished, stored in any medium, retransmitted, modified or broadcasted, in any form.

Nothing in this document shall be construed as conferring any right or licence under any copyright of Mackenzie or any other person who owns the copyright in the content provided on our Website.

Mackenzie disclaims any and all liability that may result from any unauthorized reproduction or use of the information from this Website.

Any unauthorized downloading, retransmission, or other copying or modification of trademarks and/or the contents of this Website may be a violation of any federal or other law that may apply to trademarks and/or copyrights and could subject the violator to legal action.

Mackenzie either owns the intellectual property rights in the underlying HTML, text images, audio clips, video clips, software and other content that is made available to you on our Website, or has obtained the permission of the owner of the intellectual property in such content to use the content on our Website.

Mackenzie grants you a non-exclusive, personal, non-transferable, non-sublicensable, limited and revocable right to display on your computer, print, download and use the underlying HTML, text, images, audio clips, video clips, software and other content that is made available to you on our Website for your personal, educational and non-commercial use only, provided that you do not modify any such content and you include with and display on each copy of such content the associated copyright notice and this intellectual property notice. No other use is permitted.

You may not publicly perform, publicly display, transmit, publish, participate in the sale or transfer of, modify, or create derivative works based on anything available through the Website, in whole or in part. You are prohibited from storing electronically any significant portion of any part of the Website. No reverse engineering, linking, framing, or modification of any part of this Website is allowed without our written approval. Any modification or unauthorized use is a violation of Mackenzie’s intellectual property rights and other proprietary rights.

Each mutual fund has a simplified prospectus, which contains important information about the fund, including its investment objective, purchase options and applicable charges. Please read the prospectus of the funds in which investments may be made before investing.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments and the use of an asset allocation service. The indicated rates of return for the funds are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any investor that would have reduced returns.

The indicated rates of return for the STAR and Keystone asset allocation models are the historical annual compounded total returns assuming the investment strategy recommended by the asset allocation service is used and after deduction of the fees and charges in respect of the service and are based on the returns of the underlying funds.

Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual fund securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer.

With respect to money market funds, the performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any investor that would have reduced returns. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated.

The indices cited are widely accepted benchmarks for investment performance within their relevant regions, sectors or asset class, represent non-managed investment portfolios, and are not necessarily indicative of future investment returns.

The payment of distributions is not guaranteed and may fluctuate. The payment of distributions should not be confused with a fund’s performance, rate of return or yield. If distributions paid by the fund are greater than the performance of the fund, your original investment will shrink. Distributions paid as a result of capital gains realized by a fund, and income and dividends earned by a fund are taxable in your hands in the year they are paid. Your adjusted cost base will be reduced by the amount of any returns of capital. If your adjusted cost base goes below zero, you will have to pay capital gains tax on the amount below zero.

While investors in Series T will be able to defer some personal capital gains, they still must pay tax on capital gains distributions that arise from the sale of individual fund holdings by fund managers, and on interest and dividend distributions. If required, Series T will also pay a distribution that must be reinvested in December, consisting of income and capital gains.

The Mackenzie Segregated Funds’ individual variable annuity policy is issued by The Great-West Life Assurance Company, a Mackenzie affiliate.

A description of the key features of the individual variable insurance contract is contained in the information folder. Subject to any applicable guarantee, any amount that is allocated to a segregated fund is invested at the risk of the contractholder and may increase or decrease in value.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual funds. A charitable administration fee and charitable operating expenses will also apply. Please read the prospectus before investing and the program guide before donating. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The information is general in nature and is not intended to be professional tax advice. Donations should not be made for tax considerations alone. Each donor's situation is unique and advice should be received from a financial advisor.

Morningstar Star Ratings reflect performance as of a particular date and are subject to change monthly. The ratings are an objective, quantitative measure of a fund’s historical risk-adjusted performance relative to other funds in its category. Only funds with at least a three-year track record are considered. Ratings are calculated based on a fund’s three-, five- and ten-year performance returns, as available. The overall rating is a weighted combination of the three-, five- and ten-year ratings. A fund can only be rated if there are a sufficient number of funds in its peer group to allow comparison for at least three years. For each time period, the top 10% of the funds in a category get five stars. For more details on the calculation of Morningstar Star Ratings, see www.morningstar.ca.

A purchase of securities with borrowed money involves greater risk than a purchase using cash only. The extent of that risk depends on the circumstances of the investor and the type of investment purchased. If cash is used to pay for the securities purchase in full, the percentage gain or loss on the investment will equal the percentage increase or decrease in the value of the securities. The purchase of securities using borrowed money magnifies the gain or loss on the cash invested. This effect is called leveraging.

An investor should also be aware of the terms of a loan used to purchase securities. The lender may require that the amount outstanding on the loan not rise above an agreed percentage of the market value of the securities. In these circumstances, the investor must pay down the loan or sell the securities to return the loan amount to the agreed percentage. If the investor does not have enough cash, the investor must sell securities, even at a loss, to provide money to reduce the loan.

Money is also required to pay interest on the loan. Investors who borrow money to purchase securities should have adequate financial resources available to pay interest and reduce the loan if necessary.

Lending Products discussed in this website are provided by Mackenzie’s affiliate, M.R.S. Trust Company, a federally regulated Trust Company and member institution of the Canada Deposit Insurance Corporation. Prime rates are variable and subject to fluctuation. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines.

Mortgages are also provided by M.R.S. Trust Company. M.R.S. Prime Rate (“Prime”) will vary; your interest rate will change whenever Prime changes. All mortgage/loan products are subject to credit approval. Conditions and restrictions apply. M.R.S. Trust Company mortgages are not available in Québec.

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. Any such views are subject to change at any time based upon markets and other conditions and Mackenzie disclaims 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 for Mackenzie funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Mackenzie fund.

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. General business, market, economic and political conditions could cause actual results to differ materially from what the speaker/author presently anticipates or projects.

This Website may contain forward-looking statements which reflect our current expectations or forecasts of future events. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, “preliminary”, “typical”, and other similar expressions. In addition, these statements may relate to future corporate actions, future financial performance of a fund or a security and their future investment strategies and prospects. 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 forward-looking 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 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.

The forward-looking information contained on this Website is current only as of the date the statement was made. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.

You acknowledge and agree that Mackenzie may restrict, suspend or terminate your access to, and use of, all or any part of this Website, including any links to third party websites, at any time, with or without cause, including, without limitation, any breach of the terms of the Legal Notices set out herein, in Mackenzie’s absolute discretion and without prior notice or liability.

Throughout this section, the following definitions shall apply:

“Mackenzie” or “Mackenzie Group of Companies” includes Mackenzie Financial Corporation, Mackenzie Financial Services Inc. and the MRS Group of Companies. “MRS” or “MRS Group of Companies” means M.R.S. Trust Company, M.R.S. Inc., M.R.S. Securities Services Inc., M.R.S. Correspondent Corporation and any affiliate or successor company of each of them. Mackenzie and MRS affiliates include Investors Group Inc. and The Great-West Life Assurance Company.

AccountAccess and AdvisorAccess are provided to you by Mackenzie and MRS. AccountAccess gives investors online access to their account balances, investment holdings, transactions and tax information. It also gives “view-only” access to account statements previously mailed to the investor. AdvisorAccess allows financial advisors to obtain up-to-date account information, reporting, business building and planning tools, and marketing materials.

Access to and use of the Service constitutes your acceptance of and compliance with the Conditions of Use set out on the Service websites and in the Legal Disclaimer. If you do not accept these conditions, please discontinue use of the Service. Mackenzie and MRS may change the Conditions of Use at any time without notice by updating this posting. You agree to review the Conditions of Use regularly and your continued access or use of the Service will mean that you agree to any changes.

References to “you and “your” in these conditions are directed to the reader as an authorized user of the Service. You represent and warrant that all the information and identification provided to Mackenzie is true, accurate and complete.

The Service is presented on an “as is” basis only; Internet software or transmission problems may produce inaccurate or incomplete copies of information and materials that may be accessed and displayed on your computer. Each of the terms and conditions in these Legal Notices apply to the Service, as applicable.

You assume full responsibility for risk of loss of any nature whatsoever resulting from your use of the Service. The Mackenzie parties will not be liable for any loss, damage or injury related to, or connected with the Service suffered by the user whether direct, indirect, special or consequential, including without limitation, any claims, whether or not foreseeable, based in contract (including fundamental breach), tort (including negligence), strict liability or any other legal or equitable theory.

For AdvisorAccess users only: The user shall make whole and save harmless the Mackenzie parties from all claims, demands, proceedings, losses, damages, liabilities, deficiencies, costs and expenses (including, without limitation, all legal and other professional fees and disbursements, interest, penalties and amounts paid in settlement) arising directly or indirectly as a consequence of such matter, suffered or incurred by such parties as a result of, arising directly or indirectly out of, or in connection with:

• The content, use or reliance of any party upon AdvisorAccess;
• The unauthorized use or disclosure of any User IDs or passwords for use in relation to AdvisorAccess;
• The unauthorized use or disclosure of any confidential information by you, your dealer firm and its employees, contractors or agents (collectively, the “dealer parties”);
• Any breach of this agreement by the dealer parties;
• Any inaccuracy of any representation, warranty or covenant made by the dealer parties in this document;
• The infringement of any intellectual property or other proprietary right of any third party caused by any information, documentation or other material provided by the dealer parties to Mackenzie in connection with AdvisorAccess;
• The operations of your dealer firm and its affiliates.

You are solely responsible for maintaining the security of your User ID and password and ensuring that you are the only person using the User ID and password. You agree not to disclose your User ID and password to any other person including any employees of Mackenzie. Mackenzie is not responsible for the unauthorized use of the Service by any other person with your User ID or password and Mackenzie is under no obligation to confirm the actual identity or authority of anyone using your User ID or password.

You agree to notify Mackenzie or MRS immediately upon becoming aware of any known or suspected unauthorized use of your User ID or password to gain access to the Service, or any breach in security involving your User ID or password.

The Service is designed to be a secure service and communications within the Service are encrypted. The Service is not a secure medium for e-mail communications because the email is not encrypted. Any confidential, proprietary or sensitive information which you transmit by means of the Service through e-mail may be read and forwarded or copied by unauthorized persons.

For AdvisorAccess users only: You agree to keep strictly confidential: (a) User IDs, passwords or any other information provided to you by Mackenzie for the purpose of establishing your identity; and (b) all other information received by you with the exception of (i) information which has been disclosed to the general public; (ii) information which is required to be disclosed by law, or (iii) information authorized to be disclosed by the person to whom the information pertains.

Mackenzie is committed to protecting the privacy of all client personal information that we collect and maintain in the course of carrying on our business whether over the Internet or in more traditional ways. We have a Privacy Protection Notice to inform you of the ways we collect, hold, use and disclose personal information. For more information regarding Mackenzie's Privacy Protection Notice, please see "Privacy Policy". When you register to use the Service, you provide us with additional personal information and your access to and use of the Service constitutes your consent to such information being collected, held, used and disclosed by Mackenzie in the ways and for the purposes identified here. When you register to use the Service, you provide us with your:

1. User ID and password;
2. Dealer number and Advisor number (for AdvisorAccess users only)
3. E-mail address;
4. Personal information which you choose to provide.

Mackenzie collects this information, holds it, uses it and, where necessary, discloses it for the following purposes:

1. to verify your identity as a user of the Service;
2. to record statistical information on your visit to the Service on an anonymous basis and use this information to improve the Service (if you are an AdvisorAccess user, to conduct promotional and loyalty programs for Mackenzie products and services); and
3. to restore your access to the Service in the event that you have forgotten your User ID or password.

For AccountAccess users only: Mackenzie may collect your information for the purposes identified in this notice from third parties such as your financial advisor/dealer, other companies in the Mackenzie or MRS Group of Companies and third parties who represent that they have the right to disclose the information. Mackenzie may disclose your information for the purposes identified in this notice to your financial advisor/dealer, other companies in the Mackenzie Group of Companies but will not sell the information to anyone outside the Mackenzie Group of Companies nor will we use your e-mail address to send you additional product information. The privacy protection notice applies specifically to AccountAccess. Questions regarding this statement should be directed to service@mackenziefinancial.com or service@mrs.com.

A cookie is a small file containing certain pieces of information that the Service creates when you use it. There are two common types of cookies, "session cookies" and "persistent cookies". A "session cookie" stores information only for the length of time that you are connected to the Service and is not written onto your hard drive. A "persistent cookie" is written onto your hard drive and remains there until its expiry date. The Service uses session cookies to identify your current session to the web server, and ensure that at all times during your session we are dealing with you. The Service uses persistent cookies to store information that you are aware of, for example, if you choose the option on our log-in screen to remember your User ID, your computer will remember it automatically and input your User ID each time you access the Website.