May 20, 2021

Toronto, May 20, 2021 – Mackenzie Investments (“Mackenzie”) today announced its intention to wind-up Mackenzie Financial Capital Corporation (“Capitalcorp”). This will impact its suite of corporate class funds, resulting in the merging of each into its corresponding trust fund equivalent, on a tax-deferred basis.

As a result, the corresponding Mackenzie Canada Life corporate class funds listed below (“the Funds”), managed by Mackenzie, will be merged into corresponding trust funds that will be managed by Canada Life Investment Management Ltd. (“CLIML”)¹.

Mackenzie believes the wind-up is in the best interest of investors since Capitalcorp is in a taxable position. Changes to tax legislation and evolving market trends have eliminated many of the benefits that were previously available to corporate class funds.

Each of the Funds will be merged into its equivalent trust fund, which has or will have a substantially similar investment objective.

Existing investors of the Funds as of May 7, 2021 will be mailed an investor notice on or about Thursday, May 27 and no action is required by investors. All costs and expenses associated with the mergers will be borne by Mackenzie. The mergers will take place on or about Friday, July 30, 2021.

In anticipation of these mergers, the Terminating Funds will be closed to new accounts, effective July 27, 2021 at 4 p.m. ET. For switches and direct buy orders, the Terminating Funds will be closed on Friday, July 30, 2021 at 4:00 p.m. ET.

About Mackenzie Investments

Mackenzie Investments Opens a new website in a new windowis a leading investment management firm with approximately $194.9 billion in assets under management as of April 30, 2021. Mackenzie provides investment solutions and related services to more than one million retail and institutional clients through multiple distribution channels. Founded in 1967, Mackenzie is a global asset manager with offices across Canada as well as in Boston, Dublin, London, Hong Kong and Beijing. Mackenzie is a member of IGM Financial Inc. (TSX: IGM), one of Canada's premier financial services companies. For more information, visit mackenzieinvestments.comOpens a new website in a new window.

About Canada Life Investment Management Ltd.

CLIML is the fund management subsidiary of The Canada Life Assurance Company, a leading insurance, wealth management and benefits provider focused on improving the financial, physical and mental well-being of Canadians. For more than 170 years, individuals, families and business owners across Canada have trusted us to provide sound guidance and deliver on the promises we’ve made.

As of January 1, 2020, Great-West Life, London Life and Canada Life became one company – Canada Life, and today, we proudly serve more than 12 million customer relationships from coast to coast to coast.

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For further information, please contact:

Becky Caisie
Mackenzie Investments
647-969-3431
becky.caissie@mackenzieinvestments.com

Liz Kulyk
Canada Life
204-391-8515
Media.relations@canadalife.com