Mackenzie completes acquisition of Saxon Financial

TORONTO – September 25, 2008: IGM Financial Inc. today announced that an aggregate of 13,042,230 common shares of Saxon Financial Inc. (“Saxon”), which represents approximately 95.3% of the issued and outstanding Saxon Shares, were validly tendered to the offer (the "Offer") dated August 19, 2008 of IGM Financial to acquire all of the issued and outstanding common shares of Saxon by the Offer deadline. IGM Financial has given notice to the depositary to take-up all Saxon Shares tendered under the Offer. In payment for the Saxon common shares taken up, IGM Financial will pay $21.00 per common share or approximately $273,886,830 in cash.

As a result, IGM Financial announced that it will acquire the remaining Saxon common shares not already tendered under the compulsory acquisition procedures of the Business Corporations Act (Ontario). A notice of compulsory acquisition will be distributed on or about September 26, 2008 in respect of all holders of Saxon common shares not already tendered to the Offer.

Saxon will continue operations as a part of Mackenzie Financial Corporation (“Mackenzie”). “This acquisition enables us to enhance our offering to advisors and clients. Saxon has a proven capability in value-oriented equity and fixed income investing across the retail, institutional and high net worth client segments” said Charles R. Sims, President and Chief Executive Officer of Mackenzie and Co-President and CEO of IGM Financial.

IGM Financial Inc. is one of Canada's premier personal financial services companies, and one of the country’s largest managers and distributors of mutual funds and other managed asset products, with approximately $118 billion in total assets under management as of August 31 2008. Its activities are carried out principally through Investors Group, Mackenzie Financial Corporation and Investment Planning Counsel. IGM Financial Inc. is a member of the Power Financial Corporation group of companies.

About Saxon Financial:
Saxon Financial Inc. is one of Canada’s most respected value-style investment management firms, with approximately $13 billion in total assets under management as of August 6, 2008. The Company has three principal businesses: Saxon Funds Management Limited, which manages a family of high-performing mutual funds; Howson Tattersall Investment Counsel Limited, an institutional asset management business; and Howson Tattersall Private Asset Management Inc., a private client asset management business.