Mackenzie Investments Asia Limited

Item 5   Fees and Compensation

 How We are Compensated for our Advisory Services

 Mackenzie Asia is paid advisory fees, expressed as a percentage of the Account’s assets under management.

 Our Fee Schedule

 For Canadian Mutual Funds, fees paid by investors are described in the applicable prospectus.

 Our fees could change over time and, different fee schedules apply to different types of Clients or advisory
 arrangements. However, we reserve the right, in our sole discretion, to negotiate alternative fee arrangements,
 which are not necessarily based on any general fee schedules, when circumstances warrant. We expect fees for
 Separately Managed Account clients to be negotiable.

 In appropriate circumstances, we can waive or reduce all or a portion of the fees we charge to a particular Client in
 our sole and absolute discretion.

 Except as otherwise agreed or required by applicable law, when we negotiate fees, or offer fee waivers, expense
 caps or similar arrangements to a Client or investor, we are not obligated to inform, or offer similar arrangements
 to, other Clients or investors.

 Fees for Certain Accounts are Negotiable

 We have discretion to negotiate fees for services with certain Clients on an individual basis. When we negotiate
 fees, we can consider, among other things, the investment mandate, total market value, regulatory requirements,
 reporting requirements, customization of the investment or reporting process or other special considerations
 relevant to a particular Account.

 How We Collect Fees

 Generally, we invoice Clients for fees incurred as follows:

           advisory fees for the Canadian Mutual Funds are accrued and paid monthly. Each Canadian Mutual Fund
            either pays an advisory or management fee to: (i) an affiliate of ours, and that affiliate in turn pays a portion
            of the advisory or management fee it receives to Mackenzie Asia; or (ii) Mackenzie Asia.
           advisory fees for Separately Managed Accounts will be negotiated and invoiced in accordance with such
            Account’s investment management agreement.

 Invoices for advisory fees are payable upon receipt. We do not anticipate debiting a Client’s fees from the assets
 held in their Account. Fees are ordinarily based on the level of total assets under management within the relevant
 Account(s), including allocations to cash, on the appropriate valuation day.

 Additional Fees and Expenses

 Except as otherwise agreed or as otherwise stipulated in the prospectus of a Canadian Mutual Fund, each Account
 bears (and the fees described above do not include) the following costs and expenses:

           custodial charges,
           brokerage fees or commissions and related costs and expenses (please see Item 12: Brokerage Practices
            for more details),
           duties and other governmental charges,
           transfer fees,
           registration fees and other expenses associated with the purchase, holding or sale of assets,
           costs and charges associated with making deposits in connection with foreign exchange transactions,

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           taxes, including withholding taxes payable and required to be withheld by issuers, their agents and others,
           audit, administrative and other expenses associated with regulatory or tax compliance or investment
            operations,
           legal fees, and
           other expenses, as set forth in the Account’s relevant governing documents.

 Such fees will reduce the assets held in (and the returns experienced by) an Account.

 Mackenzie Asia has a conflict of interest in determining whether an expense is an expense of an Account or is
 instead part of Mackenzie Asia’s general overhead. In addition, Mackenzie Asia could, from time to time, incur
 expenses for the benefit of one or more Accounts (and/or for its own benefit or for the benefit of an affiliate). In
 such cases, Accounts will typically bear an allocable portion of any such expenses in such manner as Mackenzie
 Asia considers to be fair, and in accordance with Mackenzie Asia’s policies and procedures and any applicable
 Account governing documents. However, to the extent that any such Account’s governing documents prohibit the
 Account from bearing that expense, Mackenzie Asia or an affiliate will bear that portion of an expense. In these
 cases, or where the expense benefits one or more Accounts and Mackenzie Asia or its affiliates, Mackenzie Asia
 has an incentive to allocate relatively more of the expense to Accounts that are able to bear the expense, to reduce
 the amount that would be borne by Mackenzie Asia or an affiliate.

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Types of Clients

 We generally provide investment advice to or in respect of:

          Canadian Mutual Funds; and
          Separately Managed Accounts for pension funds, collective investment trusts and other clients.

 In the future, we could provide advice to or in respect of other types of clients.

 Minimum Initial Investments

 Separately Managed Accounts typically require a minimum initial market value of USD $25,000,000 depending
 upon the investment mandate.

 Canadian Mutual Funds typically have eligibility requirements including minimum investment requirements,
 which could differ for each series of the funds offered. Details of the requirements are described in the prospectus
 of the funds.

 Other Eligibility Requirements

 We also offer investment sub-advisory services to Canadian Mutual Funds that are not generally available to
 residents of the United States.

 In no event should this Brochure be relied upon in determining to invest. It is also not an offer of, or
 agreement to provide, advisory services directly to any recipient.

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