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INVESTMENT FUND

AUDITED FINANCIAL STATEMENTS and SUPPLEMENTARY FUND INFORMATION

as at December 31, 2006

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CONTENTS

Notes to the Financial Statements ...................................................................................... 168

LONDON LIFE INSURANCE COMPANY – INDIVIDUAL INVESTMENT FUNDS NOTES TO THE FINANCIAL STATEMENTS (In the thousands of dollars) DECEMBER 31, 2006

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1. THE FUNDS

The following Individual Investment Funds are offered by The London Life Insurance Company: American Growth Fund 2.34A (US$) U.S. Equity Fund Asian Growth Fund 2.35A US Growth Sectors Fund 2.87L Growth Equity Fund (AGF) Advanced Profile Fund 2.45L Growth & Income Fund (AGF) Aggressive Profile Fund 2.46L Balanced Fund 2.31MF Balanced Profile Fund 2.44L Canadian Growth Sectors Fund 2.86L Canadian Equity Profile Fund 2.98L Balanced Fund 2.39BG Conservative Profile Fund 2.42L North American Equity Fund 2.40BG Fixed Income Profile Fund 3.00L Canadian Equity Fund 2.18G Global Equity Profile Fund 2.99L Equity/Bond Fund 2.15G Diversified Fund Ethics Fund 2.77G Moderate Profile Fund 2.43L Government Bond Fund 2.14G American Equity Fund 2.10J Mid Cap Canada Fund 2.16G Canadian Balanced Fund 2.07MX Real Estate Fund 2.17G Canadian Equity Growth Fund 2.08MX Science & Technology Fund 2.76G Canadian Opportunity Fund 2.30MF International Equity Fund Dividend Fund 2.09MX Income Fund 2.06MX Equity Fund 2.28MF Balanced (P) Fund Foreign Equity Fund 3.02MF Balanced Growth Fund 2.02L Global Opportunity Fund 2.11J Bond Fund Growth & Income Fund 2.27MF Canadian Equity Fund Income Fund 2.26 MF Dividend Fund 2.03L International Stock Fund 3.01MF Global Equity Fund 2.05L Larger Company Fund 2.29MF Growth Equity Fund 2.04L Natural Resource Fund 2.12MX Income Fund 2.01L Precious Metals Fund 2.13MX Money Market Fund Smaller Company Fund 2.32MF Mortgage Fund European Equity Fund 2.38SAM

The London Life Insurance Company is the sole issuer of the individual variable insurance contract providing for investment in each Fund. The assets of the Funds are owned by The London Life Insurance Company and are segregated from other assets. The Funds are not separate legal entities.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Funds have been prepared in accordance with Canadian

generally accepted accounting principles. The significant accounting policies used in the preparation of these financial statements are summarized below.

a) Bonds and Stocks

Bonds and stocks are recorded at the current market value. Market values are generally determined on the basis of the closing sale price for a security on the recognized exchange which it is principally traded. If no sale price is reported, then current value is established by using the mean of the closing bid and ask price for the security on that date. Bonds and Mortgage Backed Securities are


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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

a) Bonds and Stocks (continued)

recorded at current value, substantially established using the mean between the closing bid and ask prices on the over-the-counter market.

The current value of unlisted securities is normally established using quotations determined by a major dealer in a particular security. Should the quoted value for a security, in the opinion of the manager, be inaccurate, unreliable, or not readily available, the security is valued at its estimated fair value.

b) Investment Fund Units

Market values are determined by the closing unit value of the underlying Fund. c) Short-term Investments

Short-term investments are valued at cost, which approximates market value. d) Mortgage Investments Mortgage investments are recorded at market values using current valuation rates for mortgages with similar terms to maturity. e) Real Estate Investments Real estate investments are recorded at their most recent appraised value. Real estate properties of the Real Estate Fund 2.17G are appraised annually by qualified external real estate appraisers.

Certain costs directly related to properties under development are capitalized including interest costs, property taxes, and general and administrative expenses.

f) Recognition of Income The accrual basis of accounting is used to record all types of investment

income earned and expenses incurred by the funds. Realized gains (losses) on investments are recorded upon the sale or maturity

of an asset. Gains are calculated as the excess of the net proceeds from sale over the average cost of the investment.

Unrealized appreciation (depreciation) of investments is calculated as the

in year change in the excess of market value over the original cost of the asset.

Foreign currency translations are calculated using the exchange rate in effect when the transaction occurred. The gains or losses generated by foreign

exchange are recorded in the statement of investment income (loss) as miscellaneous income (loss).


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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) g) Other Expenses Other expenses consist primarily of audit fees, securities handling charges,

and mortgage insurance. All these expenses are paid to third parties. h) Income Allocation

Net investment income (loss) of the Funds accrues to each participant through the appreciation (depreciation) of the net asset value per unit.

Realized and unrealized capital appreciation or depreciation of the Funds'

investments accrues to participants through an increase or decrease in the net asset value per unit.

i) Issue and Redemption of Units Units are issued and redeemed at their net asset value per unit

established on the valuation date specified by the Funds' Rules and Regulations.

3. PROFILE FUNDS

Profile Funds invest solely in units of other London Life Investment Funds. Units are valued based on the closing unit values of the underlying funds.

4. FUND OF FUNDS These funds invest solely in an underlying investment fund.

As the segregated funds’ assets are invested in underlying investment funds, the segregated funds indirectly pay management fees and operating expenses of the underlying fund. (All such charges are included in the management expense ratio of the segregated fund.)

Capital gain distributions from the investment funds are shown as miscellaneous income

(loss) on the Statement of Investment Income (Loss).

5. REAL ESTATE FUND 2.17G Mortgages Payable

Mortgages payable are secured by the real property investment and an assignment of leases and amounts due from property rentals. The mortgages bear interest at rates varying from 4.56% to 11.13% and the terms of the mortgages are subject to renegotiation from 2007 to 2018. These mortgages payable are recorded at market values using current lending rates for mortgages with similar terms to maturity.


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5. REAL ESTATE FUND 2.17G (continued)

Capitalization of Costs Properties under Development include on both specific and general debt, property taxes

and general and administrative expenses incurred directly in connection with the acquisition and development of properties.

Real Estate Investment Trusts On June 22, 2006, London Life Segregated Fund 2.17G, via Red Mile Acquisitions Inc. a

100% owned subsidiary of The Great-West Life Assurance Company, acquired 30% of the outstanding common shares of TGS North American Real Estate Investment Trust (TGS). Red Mile Acquisitions was wound up prior to June 30 with 30% of it's REIT units being sold to the London Life Segregated Fund 2.17G. The results of TGS' operations have been included in these consolidated financial statements since that date. TGS was a Toronto Stock Exchange listed REIT, owning 17 buildings in Alberta and British Columbia with a mix of office and retail valued at $399,679 comprising 2.3 million square feet, as well as two office buildings in Houston, Texas. Encumbrances totaling $152,976 were assumed at the date of acquisition. The REIT was de-listed effective June 16, 2006.

The aggregate purchase price was $79,422 (representing $9.15 per share), comprised

of cash. The acquisition has been accounted for using the purchase method, whereby the total cost of the acquisition has been allocated to the assets acquired and to the liabilities assumed based upon their respective fair values at the effective date.

TGS Trust (100% owned by TGS North American Real Estate Investment Trust) as

initial limited partner, and RA Real Estate Inc, as general partner, have formed a limited partnership effective June 23, 2006. Certain assets and liabilities of the TGS Trust including the Canadian Real Estate Assets and Liabilities were transferred from the Trust to the limited partnership October 2006. The balance of the purchase price of

$221,661 was settled by the issuance to the transferor of 98,901 units in the limited partnership and a credit to the capital account of the transferor. The Real Estate Fund 2.17G’s ownership interest in the new limited partnership is 29.97%.

6. DESCRIPTION OF UNITS There are four categories of units. Category LCMG (Investment Only) units are available to Canadian Group Registered and Non-Registered Plans. Category GPAS (Group RRSP/DCP) units are available to Group Registered Retirement

Savings Plans, Deferred Profit Sharing Plans and certain Money Purchase Plans.


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6. DESCRIPTION OF UNITS (continued)

Category IND (Individual) units are available to individuals for investment in Registered Retirement Savings Plans, Registered Savings Plans, and Non-Registered Savings Plans through the purchase of an Individual Savings Contract or a Retirement Income Fund.

Category P (Profile) units are those units owned by the Profile Funds.

The four categories of units, LCMG, GPAS, IND and P, and the various levels within

each, are accounted for separately and any increases or decreases in participants' equity during the year are allocated proportionately to each category.

7. RELATED PARTY TRANSACTIONS

a) London Life Insurance Company provides management, advisory and administrative services to the Funds. In respect of these services, the Funds are charged a management fee. These management fees, charged to categories GPAS, IND, & LCMG are calculated at set rates applied against the net assets of the specific category at each valuation date. b) London Life Insurance Company provides property management services to the Real Estate Fund 2.17G in the normal course of business at competitive market rates.

c) London Life Insurance Company deposited seed money in a number of funds at the time of their introduction. Seed money may not be redeemed from the funds without the approval of the Superintendent of Financial Institutions, Canada.

The market value of all remaining seed money at December 31, 2006 is $32,039 ($27,885 in 2005).

d) The Mortgage Fund purchased residential mortgage loans of $95,450 in 2006 ($43,666 in 2005) from London Life Insurance Company and $723 ($835 in 2005) from The Great-West Life Assurance Company and $153 ($nil in 2005) from The Canada Life Assurance Company; as well as $204 ($712 in 2005) from a segregated fund maintained by The Great-West Life Assurance Company. The Mortgage Fund sold residential mortgages to London Life Insurance Company of $1,162 ($1,061 in 2005) and to The Great-West Life Assurance Company of $329 ($nil in 2005). Mortgage Fund purchased residential mortgage loans of $147,834 from Investors Group in 2006 ($89,720 in 2005).

All transactions were at market terms and conditions. e) The amounts shown as "Due from(to) London Life Insurance Co." represent

outstanding management fees and uncleared deposits/withdrawals from the December 29th valuation.


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8. INCOME TAXES The Funds are deemed to be inter-vivos trusts under the provisions of the Income Tax Act (Canada). Income of a segregated fund is deemed to be payable to the unitholders and therefore the segregated fund will not have taxable income. In addition, capital gains and losses are deemed to be those of the unitholders and not of the trusts. Realized gains or losses may be reduced by the amount of gains or losses realized by unitholders on the redemption of their investment. As a result, no provision of income tax is required in the financial statements of the Funds. 9. UNIT VALUE CATEGORY DETAIL

The tabular presentation of unit values is broken down by participant category. The net asset value per unit for group policyholders has not been shown because it will vary for each sub-class within the group policyholder class based on negotiated expense levels and other factors. Group policyholders are separately advised of the net asset value per unit of their investments.

Earnings per unit represents the change in the net asset value per unit between the prior year end and current year.

Corporate Seed Money (Category LI) is excluded from the Unit Value Category Detail.

LONDON LIFE INSURANCE COMPANY - INDIVIDUAL INVESTMENT FUNDS

NOTES TO THE FINANCIAL STATEMENTSDECEMBER 31, 2006

9. UNIT VALUE CATEGORY DETAIL (continued)

American Growth Fund 2.34A (US$)Investment Only Group RRSP/DCP Individual (IND)

2006 # Units Outstanding - 230,511 3,599,748Net Asset value per unit - $58.58 6.03Earnings per unit - $7.41 0.60


Asian Growth Fund 2.35AInvestment Only Group RRSP/DCP Individual (IND)



Growth Equity Fund (AGF)Investment Only Group RRSP/DCP Individual (IND)

2006 # Units Outstanding - 2,672,968 3,314,262Net Asset value per unit - $73.75 19.56Earnings per unit - $13.39 3.01


Growth & Income Fund (AGF)Investment Only Group RRSP/DCP Individual (IND)



Balanced Fund 2.31MFInvestment Only Group RRSP/DCP Individual (IND)

2006 # Units Outstanding - 102,787 1,769,570Net Asset value per unit - $205.30 13.82Earnings per unit - $26.11 $1.43


Canadian Growth Sectors Fund 2.86LInvestment Only Group RRSP/DCP Individual (IND)

2006 # Units Outstanding - - 4,334,935Net Asset value per unit - - $18.09Earnings per unit - - $2.93

2005 # Units Outstanding - - 2,545,183Net Asset value per unit - - $15.16Earnings per unit - - $3.52

Funds Managed by AGF Funds Inc.

Funds Managed by AIM Funds Management Inc. (AIM/Trimark Investments)

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Balanced Fund 2.39BGInvestment Only Group RRSP/DCP Individual (IND)



North American Equity Fund 2.40BGInvestment Only Group RRSP/DCP Individual (IND)



Canadian Equity Fund 2.18GInvestment Only Group RRSP/DCP Individual (IND)



Equity/Bond Fund 2.15GInvestment Only Group RRSP/DCP Individual (IND)



Ethics Fund 2.77GInvestment Only Group RRSP/DCP Individual (IND)



Government Bond Fund 2.14GInvestment Only Group RRSP/DCP Individual (IND)



Funds Managed by Beutel, Goodman & Company Ltd.

Funds Managed by GWL Investment Management Ltd.

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Mid Cap Canada Fund 2.16GInvestment Only Group RRSP/DCP Individual (IND)



Real Estate Fund 2.17GInvestment Only Group RRSP/DCP Individual (IND)



Science & Technology Fund 2.76GInvestment Only Group RRSP/DCP Individual (IND)

2006 # Units Outstanding - 22,063 759,906Net Asset value per unit - $58.83 10.14Earnings per unit - $6.57 0.86

2005 # Units Outstanding - 23,410 779,064Net Asset value per unit - $52.26 9.28Earnings per unit - ($0.47) (0.37)

International Equity FundInvestment Only Group RRSP/DCP Individual (IND)

2006 # Units Outstanding 1,022,671 1,141,776 4,596,720Net Asset value per unit $22.98 22.96 16.63Earnings per unit $4.40 4.39 2.78

2005 # Units Outstanding 881,953 967,127 3,727,896Net Asset value per unit $18.58 18.57 13.85Earnings per unit $1.47 1.47 0.72

Income Fund 2.06MXInvestment Only Group RRSP/DCP Individual (IND)



Balanced (P) FundInvestment Only Group RRSP/DCP Individual (IND)



Funds Managed by London Capital Management Ltd.

Funds Managed by GWL Investment Management Ltd. (continued)

Funds Managed by JP Morgan Asset Management (Canada) Inc.

Funds Managed by Laketon Investment Management

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Balanced Growth Fund 2.02LInvestment Only Group RRSP/DCP Individual (IND)



Bond FundInvestment Only Group RRSP/DCP Individual (IND)

2006 # Units Outstanding 150,204 316,694 979,595Net Asset value per unit $368.76 368.22 271.91Earnings per unit $14.73 14.66 5.85


Canadian Equity FundInvestment Only Group RRSP/DCP Individual (IND)



Dividend Fund 2.03LInvestment Only Group RRSP/DCP Individual (IND)


2005 # Units Outstanding - 211,184 40,114,776Net Asset value per unit - 253.11 23.27Earnings per unit - 42.74 3.42

Global Equity Fund 2.05LInvestment Only Group RRSP/DCP Individual (IND)



Growth Equity Fund 2.04LInvestment Only Group RRSP/DCP Individual (IND)



Funds Managed by London Capital Management Ltd. (continued)

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Income Fund 2.01LInvestment Only Group RRSP/DCP Individual (IND)



Money Market FundInvestment Only Group RRSP/DCP Individual (IND)



Mortgage FundInvestment Only Group RRSP/DCP Individual (IND)



U.S. Equity FundInvestment Only Group RRSP/DCP Individual (IND)

2006 # Units Outstanding 592,062 1,032,982 1,338,163Net Asset value per unit $38.33 38.26 26.20Earnings per unit $4.75 4.73 2.59

2005 # Units Outstanding 568,536 1,143,302 1,575,348Net Asset value per unit $33.58 33.53 23.61Earnings per unit ($0.03) (0.03) (0.70)

U.S. Growth Sectors Fund 2.87LInvestment Only Group RRSP/DCP Individual (IND)


2005 # Units Outstanding - 5,590 789,072Net Asset value per unit - $7.49 6.61Earnings per unit - ($0.01) (0.21)

Advanced Profile Fund 2.45LInvestment Only Group RRSP/DCP Individual (IND)




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Aggressive Profile Fund 2.46LInvestment Only Group RRSP/DCP Individual (IND)



Balanced Profile Fund 2.44LInvestment Only Group RRSP/DCP Individual (IND)



Canadian Equity Profile Fund 2.98LInvestment Only Group RRSP/DCP Individual (IND)

2006 # Units Outstanding - - 3,629,952Net Asset value per unit - - 16.50Earnings per unit - - 1.90


Conservative Profile Fund 2.42LInvestment Only Group RRSP/DCP Individual (IND)



Diversified FundInvestment Only Group RRSP/DCP Individual (IND)



Fixed Income Profile Fund 3.00LInvestment Only Group RRSP/DCP Individual (IND)

2006 # Units Outstanding - 100 6,241,080Net Asset value per unit - 9.94 12.15Earnings per unit - - 0.25



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Global Equity Profile Fund 2.99LInvestment Only Group RRSP/DCP Individual (IND)



Moderate Profile Fund 2.43LInvestment Only Group RRSP/DCP Individual (IND)



American Equity Fund 2.10JInvestment Only Group RRSP/DCP Individual (IND)



Canadian Balanced Fund 2.07MXInvestment Only Group RRSP/DCP Individual (IND)



Canadian Equity Growth Fund 2.08MXInvestment Only Group RRSP/DCP Individual (IND)



Canadian Opportunity Fund 2.30MFInvestment Only Group RRSP/DCP Individual (IND)




Funds Managed by Mackenzie Financial Corporation

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Dividend Fund 2.09MXInvestment Only Group RRSP/DCP Individual (IND)



Equity Fund 2.28MFInvestment Only Group RRSP/DCP Individual (IND)



Foreign Equity Fund 3.02MFInvestment Only Group RRSP/DCP Individual (IND)



Global Opportunity Fund 2.11JInvestment Only Group RRSP/DCP Individual (IND)



Growth & Income Fund 2.27MFInvestment Only Group RRSP/DCP Individual (IND)



Income Fund 2.26MFInvestment Only Group RRSP/DCP Individual (IND)



Funds Managed by Mackenzie Financial Corporation (continued)

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International Stock Fund 3.01MFInvestment Only Group RRSP/DCP Individual (IND)



Larger Company Fund 2.29MFInvestment Only Group RRSP/DCP Individual (IND)



Natural Resource Fund 2.12MXInvestment Only Group RRSP/DCP Individual (IND)



Precious Metals Fund 2.13MXInvestment Only Group RRSP/DCP Individual (IND)



Smaller Company Fund 2.32MFInvestment Only Group RRSP/DCP Individual (IND)


2005 # Units Outstanding - 52,100 630,320Net Asset value per unit - $160.29 13.08Earnings per unit - $4.39 (0.02)

European Equity Fund 2.38SAMInvestment Only Group RRSP/DCP Individual (IND)



Funds Managed by Mackenzie Financial Corporation (continued)

Funds Managed by Setanta Asset Management Limited

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10. MANAGEMENT EXPENSE RATIO (MER)

The management expense ratio (MER) has been calculated as the aggregate of all fees, charges and other expenses incurredduring the year divided by the average daily net asset value of the segregated fund. All ratios are shown on an annualized basis.

MERs are calculated for Individual Retirement & Investment Services unitholders only.

AGF Funds Inc. 2006 2005 2004 2003 2002American Growth Fund 2.34A 3.21% 3.23% 3.25% 3.28% 3.28%Asian Growth Fund 2.35A 3.56% 3.54% 3.53% 3.59% 3.50%Growth Equity Fund AGF 3.36% 3.38% 3.39% 3.40% 3.41%Growth & Income Fund AGF 2.78% 2.79% 2.82% 2.82% 2.83%

AIM Funds Management Inc. (AIM Trimark Investments)Balanced Fund 2.31MF 2.78% 2.78% 2.82% 2.91% 2.99%Canadian Growth Sectors Fund 2.86L 2.99% 3.00% 3.04% 3.15% 3.11%

Beutel, Goodman & Company Ltd.Balanced Fund 2.39BG 2.79% 2.80% 2.81% 2.82% 2.83%North American Equity Fund 2.40BG 2.89% 2.91% 2.92% 2.93% 2.95%

GWL Investment Management Ltd.Canadian Equity Fund 2.18G 2.72% 2.74% 2.74% 2.75% 2.75%Equity/Bond Fund 2.15G 2.62% 2.64% 2.65% 2.65% 2.67%Ethics Fund 2.77G 2.82% 2.91% 3.02% 2.97% 3.00%Government Bond Fund 2.14G 1.92% 1.93% 1.94% 1.94% 1.96%Mid Cap Canada Fund 2.16G 2.89% 2.90% 2.92% 2.93% 2.93%Real Estate Fund 2.17G 3.04% 2.90% 3.06% 3.06% 3.06%Science & Technology Fund 2.76G 3.09% 3.10% 3.15% 3.23% 3.27%

JP Morgan Asset Management (Canada) Inc.International Equity Fund 3.00% 3.02% 3.06% 3.06% 3.05%

Laketon Invesment ManagementIncome Fund 2.06MX 2.14% 2.15% 2.25% 2.22% 2.15%

London Capital Management Ltd.Balanced (P) Fund 2.62% 2.63% 2.63% 2.65% 2.63%Balanced Growth Fund 2.02L 2.63% 2.64% 2.66% 2.67% 2.67%Bond Fund 1.92% 1.93% 1.93% 1.94% 1.94%Canadian Equity Fund 2.72% 2.73% 2.73% 2.74% 2.74%Dividend Fund 2.03L 2.61% 2.62% 2.63% 2.63% 2.63%Global Equity Fund 2.05L 2.99% 3.01% 3.04% 3.05% 3.05%Growth Equity Fund 2.04L 2.79% 2.81% 2.81% 2.82% 2.81%Income Fund 2.01L 2.13% 2.15% 2.15% 2.16% 2.16%Money Market Fund 1.28% 1.29% 1.29% 1.30% 1.30%Mortgage Fund 2.34% 2.36% 2.36% 2.36% 2.36%U.S. Equity Fund 2.83% 2.84% 2.84% 2.86% 2.85%U.S. Growth Sectors Fund 2.87L 3.08% 3.07% 3.17% 3.14% 3.17%Advanced Profile Fund 2.45L 2.99% 3.03% 3.04% 3.04% 3.03%Aggressive Profile Fund 2.46L 3.04% 3.08% 3.08% 3.09% 3.09%Balanced Profile Fund 2.44L 2.88% 2.92% 2.92% 2.93% 2.91%Canadian Equity Profile Fund 2.98L 2.94% 2.97% 2.97% 2.99% 2.99%Conservative Profile Fund 2.42L 2.51% 2.54% 2.54% 2.55% 2.53%Diversified Fund 2.67% 2.68% 2.68% 2.69% 2.69%Fixed Income Profile Fund 3.00L 2.30% 2.35% 2.33% 2.35% 2.31%Global Equity Profile Fund 2.99L 3.23% 3.32% 3.30% 3.33% 3.33%Moderate Profile Fund 2.43L 2.72% 2.76% 2.77% 2.77% 2.75%

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10. MANAGEMENT EXPENSE RATIO (MER) (continued)

Mackenzie Financial Corporation 2006 2005 2004 2003 2002American Equity Fund 2.10J 3.12% 3.13% 3.10% 3.49% 3.39%Canadian Balanced Fund 2.07MX 2.77% 2.79% 2.89% 2.88% 2.79%Canadian Equity Growth Fund 2.08MX 2.89% 2.90% 3.00% 3.01% 2.91%Canadian Opportunity Fund 2.30MF 3.01% 3.03% 3.03% 3.03% 3.02%Dividend Fund 2.09MX 2.77% 2.79% 2.89% 2.90% 2.79%Equity Fund 2.28MF 2.88% 2.90% 2.90% 2.91% 2.92%Foreign Equity Fund 3.02MF 2.94% 2.98% 3.04% 3.04% 3.07%Global Opportunity Fund 2.11J 3.12% 3.14% 3.11% 3.49% 3.39%Growth & Income Fund 2.27MF 2.56% 2.58% 2.58% 2.59% 2.60%Income Fund 2.26MF 2.19% 2.20% 2.21% 2.22% 2.23%International Stock Fund 3.01MF 3.00% 3.05% 3.11% 3.13% 3.15%Larger Company Fund 2.29MF 2.90% 2.92% 2.94% 2.96% 2.96%Natural Resource Fund 2.12MX 3.36% 3.38% 3.49% 3.49% 3.39%Precious Metals Fund 2.13MX 3.38% 3.41% 3.49% 3.49% 3.43%Smaller Company Fund 2.32MF 2.95% 2.97% 2.99% 3.01% 3.04%

Setanta Asset Management LimitedEuropean Equity Fund 2.38SAM 3.24% 3.23% 3.29% 3.31% 3.31%

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