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MRF 1996  Limited Partnership

The offering of MRF 1996 was completed in June 1996 raising $20,000,000 at an issue price of $1,000 per unit. These funds were fully invested prior to 1997. On January 7, 1998, the assets of MRF 1996 were exchanged for shares of the Growth Class of the Mutual Fund. On January 7, 1998, MRF 1996 was dissolved and the shares of the Growth Class of the Mutual Fund were distributed to partners of MRF 1996. The net asset value of MRF 1996 on dissolution was $858.03 per unit. An investor in MRF 1996 who was an individual resident in Ontario and who was subject to the highest marginal tax rate would have had an after-tax cumulative return of 11% on money at risk if the Growth Class of the Mutual Fund shares were redeemed immediately upon dissolution of the partnership.

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