Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Exemption from general instruction 8 of Form 81-101F3 to include fund codes in the Fund Facts document. Applicable Legislative Provisions National Instrument 81-101 Mutual Fund Prospectus Disclosure, Part 6 and general instruction 8 to Form 81-101F3 Contents of Fund Facts Document.

Ontario Commission des P.O. Box 55, 19^th^ Floor CP 55, 19e étage

Securities valeurs mobilières 20 Queen Street West 20, rue queen ouest

Commission de l’Ontario Toronto ON M5H 3S8 Toronto ON M5H 3S8

Web site: www.osc.gov.on.ca

VIA SEDAR

December 9, 2011

Mackenzie Financial Corporation

180 Queen Street West

Toronto, ON M5V 3K1

Attention: Nancy M. Mehrad

Dear Sirs/Mesdames:

Re: Mackenzie Cundhill Recovery Class (the Fund)

Exemptive Relief Application under Part 6 of National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101)

Application No. 2011/0920; SEDAR Project No. 1819679

By letter dated December 6, 2011 (the Application), the Fund applied to the Director of the Ontario Securities Commission (the Director) under Part 6 of NI 81-101 for relief from General Instruction 8 to Form 81-101F3 Contents of Fund Facts (the Form), which prohibits an issuer from including any information not specifically prescribed by the Form, to include fund codes in the Fund Facts document.

This letter confirms that, based on the information and representations made in the Application, and for the purposes described in the Application, the Director intends to grant the requested exemption to be evidenced by the issuance of a receipt for the Fund’s prospectus.

Yours very truly,

signed “Chantal Mainville”

Chantal Mainville

Acting Manager, Investment Funds Branch

ONTARIO SECURITIES COMMISSION