As of 1997, annual distributions of the MMLP will be payable to the limited partners of record on the last business day of the calendar year (ex-dividend date is two business days previous), and distribution cheques are mailed out in mid-January.

If units are held in client name, we can either mail a distribution cheque or do an Electronic Fund Transfer (by sending a letter of direction and include a void cheque) with your request.

If units are held in dealer name, or in a Self-Directed account, please contact your financial advisor.

The MMLP's market price is determined by the bidding and asking prices on the TSX. While these prices may drop after the ex-dividend date in response to the distribution, they don't behave like those in mutual funds (the unit price drops by the exact amount of the distribution itself in a mutual fund).

Why can't we predict future distributions on the MMLP?

It would be impossible to predict the future. We do not project the revenues or distribution of the MMLP. They are influenced by two principle variables:

• Market value of shares covered by the Partnership, which determines the distributor fee,
• The value and timing of redemptions, which determines the redemption fee income.

The MMLP receives its income from three sources.

1. Distributor fee income: this is a portion of each fund's management fee, ranging from 0.5% to 0.55% and is calculated each business day on the market value of the shares of each fund covered by the Partnership. It presently accounts for about two-thirds of the MMLP'S revenues.
2. Redemption fee income: these are the fees generated when shares covered by the partnership are redeemed prior to the end of the applicable declining redemption fee schedule. This currently accounts for about one-third of the revenues.
3. Interest income: this is the income generated by investing proceeds of the distributor fee and redemption fee in Mackenzie Sentinel Cash Management Fund between distributions. This accounts for only a nominal portion of revenues.

N.B. All the redemption fee income expired in 2001. The last shares covered by the MMLP were purchased in 1994 (7 year schedule) and 1992 (9 year schedule). The breakdown of the 2000 distribution was 82.1% from the distributor fee income, 14.8% from the redemption and 3.1% from the interest income.