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MACKENZIE MASTER LIMITED PARTNERSHIP

 
Expiration

The MMLP will be dissolved on December 31, 2094, at which point all revenues will be paid out. The expiry date was established to be 100 years after the date of inception. The date can be brought forward at the proposal of the General Partner and the approval of the holders. That is, the partnership may expire early if in the future the revenues generated are no longer sufficient to cover expenses; or if revenues only barely cover expenses, the general partner (MFSI) may propose the dissolution date be advanced. This action would be subject to approval by the limited partners.

Keep in mind, revenue from redemption charges will cease in December 2001; however the partnership will continue to derive income from the monthly distributor fees and from interest earned by investing excess cash in the Mackenzie Cash Management Fund.