Private markets outlook

Purchase exemptions and minimum investment requirements

The Mackenzie Northleaf Private Credit Fund, Mackenzie Northleaf Global Private Equity Fund and Mackenzie Northleaf Private Infrastructure Fund (the “Funds”) are generally available to Canadian residents who can meet certain eligibility requirements under one of the following exemptions from the prospectus requirements in order to invest. The exemptions and their minimum initial investment amounts in accordance with applicable securities laws are:

• Accredited Investor Exemption: This exemption is available only to “accredited investors” as defined in National Instrument 45-106 – Prospectus Exemption. The minimum initial purchase amount is $25,000.00 (as established by the Manager) under this exemption.
• Minimum Amount Exemption: This exemption is available to investors who are not individuals and who are not residents of Alberta, and the minimum initial purchase amount is $150,000.00.

Investors should contact their investment dealer or financial advisor for more information regarding these exemptions and their requirements.

If you are a registered Portfolio Manager (Advising Representative) with a client in a fully managed account, there is no minimum purchase amount. There is a bulk subscription agreement that can be used to execute purchases for managed accounts.

For use by accredited investors (as defined in National Instrument 45-106 – Prospectus Exemptions) and investment advisors only. Issued by Mackenzie Financial Corporation (“Mackenzie”). This document is provided to you on the understanding that, as an investment advisor or “accredited investor” (as defined in National Instrument 45-106 – Prospectus Exemptions), you will understand and accept its inherent limitations, you will not rely on it in making or recommending any investment decision with respect to any securities that may be issued, and you will use it only for the purpose of discussing with Mackenzie your preliminary interest in investing in Mackenzie Northleaf Global Private Equity Fund, Mackenzie Northleaf Private Credit Fund or Mackenzie Northleaf Private Infrastructure Fund (the “Funds”). The information contained herein is qualified in its entirety by reference to each Fund’s Offering Memorandum (as it may be amendment or supplemented from time to time) (the “OMs”). The OMs contain additional information about the investment objectives and terms and conditions of an investment in the Funds (including fees) and will also contain tax information and risk disclosures that are important to any investment decision regarding the Funds. These materials may contain “forward-looking” information that is not purely historical in nature, and such information may include, among other things, projections, forecasts or estimates of cash flows, yields or returns, volatility, scenario analyses and proposed or expected portfolio composition. The words “anticipates”, “assumes”, “believes”, “budgets”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “might”, “plans”, “projects”, “schedule”, “should”, “will”, “would” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information contained herein is based upon certain assumptions about future events or conditions and is intended only to illustrate hypothetical results under those assumptions (not all of which will be specified herein). Not all relevant events or conditions may have been considered in developing such assumptions. The success or achievement of various results, targets and objectives is dependent upon a multitude of factors, many of which are beyond the control of the investment advisor. No representations are made as to the accuracy of such estimates or projections or that such projections will be realized. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. Past performance is not necessarily indicative of any future results. The simulated performance herein is not included to indicate the future results that might be generated by Mackenzie and readers should: (i) recognize that any future performance will likely be inconsistent with, and distinct from, that shown; and (ii) not base any investment decision solely upon this information. The simulated performance information does not take into account cash or other investments that could be held by the Funds and changes in the underlying asset mixes that would occur over time. There can be no assurance the Funds will achieve their objectives or avoid incurring substantial losses. Performance may be volatile and may vary materially on a monthly, quarterly or annual basis, and over the course of a market cycle. The Funds are not intended as a complete investment program. The past performance information shown herein regarding Northleaf funds and Northleaf investment programs is general in nature and subject to various limitations. The performance of the Funds will differ from the performance of the underlying private assets. Such performance information is not included to indicate the future results that might be generated by the Funds or any of their holdings. This material may not be reproduced or distributed, in whole or in part, except by authorized representatives of Mackenzie. By accepting receipt of this material, the recipient agrees not to duplicate or furnish copies of these materials or any information contained herein to any person other than their professional advisors. This presentation does not constitute legal, tax, investment or any other advice. Prospective investors should consult with their own professional advisors regarding the financial, legal and tax consequences of any investment. Certain information contained herein has been supplied by third parties. While Mackenzie believes such sources are reliable, it cannot guarantee the accuracy of any such information and does not represent that such information is accurate or complete. The information presented herein is current only as of the particular dates specified for such information and is subject to change without notice. The Funds and their underlying funds and are subject to numerous risks. Please refer to the OMs for details of those risks. The Funds are only available to Canadian residents for tax purposes.