1. How did we get here? Speaker Names October 2008

2. 2 Disclaimer Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Mackenzie Financial Corporation and its affiliates assume no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Important information about Mackenzie mutual funds is contained in the Funds' simplified prospectus. Investors should obtain a copy from their financial advisor and read it carefully before investing. The Funds’ individual holdings, including holdings specifically discussed herein, are subject to change without notice. Investors should speak to their financial advisor about obtaining the most current information regarding a Fund’s holdings. Calculations of average annual compound returns have been calculated to the date specified. The calculations include changes in unit value and reinvestment of all distributions but do not take into account sales, redemption or optional charges payable by an investor which would have reduced returns. When purchasing mutual funds, investors should be aware that: mutual fund investments are not guaranteed; unit values and investment returns will fluctuate over time; and past performance does not assure similar future returns. Product Codes

3. 3 Global credit crisis and stock market decline 2008: A year to forget MSCI World Index ($US) down 35.6% to Oct. 14

4. 4 Timeline of recent events January 2008: US National Association of Realtors announces that 2007 saw the largest drop in home sales in 25 years March 2008: Investment Bank Bear Stearns faces collapse – is propped up by Fed and bought out by JPMorgan Chase September 2008: US Treasury places Fannie Mae and Freddie Mac into conservatorship of Federal Financing and Housing Agency

5. 5 How did we get here? 1998-2001: The tech bubble 2001-2003: The Fed to the rescue! 2002-2006: The real estate bubble 2006-2008: Real estate correction hits vulnerable borrowers 2001-2007: The packaging and selling of mortgage debt extends the reach of real estate correction to global credit markets 2008: Government and agency intervention

6. 6 1998-2001: The tech bubble

7. 7 2001-2003: The Fed to the rescue!

8. 8 2002-2006: Low interest rates spur housing boom Source: MSCI/ Rowe Price-Fleming Int’l and Datastream, in C$

9. 9 2006-2008: Real estate correction hits vulnerable borrowers

10. 10 2001-2007: The packaging and selling of mortgage debt extends the reach of the real estate correction to global credit markets Source: US Federal Deposit Insurance Corporation

11. 11 2008: Government and agency intervention Bear Stearns bailout and acquisition Fannie Mae and Freddie Mac placed in conservatorship October: US Congress passes Emergency Economic Stabilization Act of 2008

12. 12 Now what? Markets often anticipate bad economic news Markets often anticipate recoveries – the economy may still feel bad when markets start to come back By the time a recession is announced, it has often been underway for a number of months

14. Thank you