Peter Cundill to become Chairman Emeritus with Mackenzie Cundill

    TORONTO, April 3 /CNW/ - Mackenzie Financial Corporation ("Mackenzie
Investments"), as manager of the Mackenzie Cundill branded mutual funds(1),
announced today that Peter Cundill, founder of the Cundill investment
organization, will become Chairman Emeritus of Mackenzie Cundill.
    "In 2006, when Mackenzie acquired the Cundill organization, Peter had a
leadership transition process in place and we have continued to work with the
group on the plan," said Charles R. Sims, President and Chief Executive
Officer of Mackenzie Financial Corporation. "Taking the Chairman Emeritus role
is the next step, allowing the talented investment team to continue to draw on
Peter's skill and experience as needed."
    Peter has attracted and trained a talented investment team of like-minded
individuals that has been very successful in achieving superior long-term
returns for investors. Jim Thompson was appointed by Peter, as Cundill
investment team lead in February and has been working with Peter to ensure
continuity of management.
    "One of my goals from the start has been to build a strong team. I am
confident that we have done just that. This team understands the deep value
approach and how to pick stocks that will benefit long-term investors," said
Peter Cundill.
    Peter founded the group in 1974 and spent his career refining the global
deep value investment approach deployed by the organization today.
    "Canadian investors and the investment industry have been beneficiaries
from the work of Peter and the Cundill investment team," said David Feather,
President of Mackenzie Financial Services Inc. "Mackenzie Cundill Value Fund
has achieved a top ranked track record over the past 34 years, exceeding the
returns of all relevant benchmarks by a considerable margin."
    Since the inception date of December 31, 1974, the Cundill Value Fund
(Series A) returned 13.2% net of fees compared to 10.8% for the MSCI World
Index (in Canadian dollars) as at February 28, 2009. Another way of looking at
it, a $10,000 investment in the Cundill Value Fund (Series A) at inception
with distributions re-invested, would have grown to $680,945, net of fees,
compared to the MSCI World Index of $328,480, before any costs, for the same
period. Andrew Massie and Peter Cundill have run Cundill Value Fund for the
past 5 years. Mr. Massie will continue on the Fund with Mr. Thompson.

    Mackenzie Cundill Value Fund (Series A) average annual compound rates of
return to February 28, 2009 are: 1yr: -31.6%, 3 yr: -12.6%, 5 yr: -3.7%, 10
yr: 5.5%, 20 yr: 6.7%, 25 yr: 8.0% and since inception December 31, 1974:
13.2%. MSCI World Index returns in Canadian dollar terms for the same period
are: 1 yr: -31.2%, 3 yr: -11.5%, 5 yr: -5.5%, 10 yr: -3.8%, 20 yr: 4.5%, 25
yr: 8.3% and since December 31, 1974: 10.8%. Series A units were closed to new
investors on June 30, 1997. Series C units have been offered since October 8,
1998. The management expense ratio of Series C units is 0.40% higher than
Series A units. Commissions, trailing commissions, management fees and
expenses may be associated with mutual fund investments. Please read the
prospectus before investing. The indicated rates of return are the historical
annual compounded total returns including changes in unit value and
reinvestment of all distributions and do not take into account sales,
redemption, distribution or optional charges or income taxes payable by any
unitholder that would have reduced returns. The index cited is a
widely-accepted benchmark for global equity performance, represents a
non-managed investment portfolio, excludes management fees and expenses
related to investing in the index, and is not necessarily indicative of future
investment returns. Mutual funds are not guaranteed, their values change
frequently and past performance may not be repeated.

    Mackenzie Investments: Mackenzie Investments was founded in 1967, and is
a leading investment management firm providing investment advisory and related
services. With $52.6 billion in assets under management as of March 31, 2009,
Mackenzie distributes its services through a diversified network of third
party financial advisors. Mackenzie Investments is a member of the IGM
Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada's
premier financial services companies with over $98 billion in total assets
under management as of March 31, 2009.

    (1) The applicable funds for this release are Mackenzie Cundill Value
    Fund, Mackenzie Cundill Value Class, Mackenzie Focus Fund, Mackenzie
    Focus Class and Mackenzie Focus Canada Fund. Please see the Funds'
    amended Annual Information Form, to be posted shortly, on or for more information.

For further information:

For further information: Trish Tervit, Environics Communications Inc.,
(416) 969-2809,

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