Mackenzie
Review of the Business

Dealer, Trust and Administration Services

MRS Group partners with independent financial advisors and their dealer firms to provide product and service solutions that increase their competitive advantage in the marketplace. MRS Group has supported the independent advice channel for more than 20 years.

MRS Group is comprised of M.R.S. Inc., a mutual fund dealer, M.R.S. Trust Company (M.R.S. Trust), a federally-regulated trust company, M.R.S. Securities Services Inc., an IDA member firm, and Winfund Software Corp., a developer and distributor of dealer back-office software. These companies work together to support Canadian investment and mutual fund dealers and their financial advisors. Since 1998, MRS Group has sponsored and distributed the Keystone Funds and currently has over $1 billion under management. MRS Group contributes to a strong and competitive market for segregated and mutual fund distribution.

At December 31, 2004, MRS Group serviced approximately 638,000 registered and investment accounts on behalf of Mackenzie, Investors Group Securities Inc. and Investment Planning Counsel, all of which are affiliates. This compares with approximately 615,000 in 2003. In addition, MRS Group serviced over 269,000 registered and investment accounts at December 31, 2004 on behalf of more than 200 other dealers and their advisors compared with 279,000 in 2003.