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MRF 1996 II Limited Partnership

The offering of MRF 1996 II was completed in December 1996 raising $53,000,000 at an issue price of $1,000 per unit. These funds were fully invested prior to 1998. On February 15, 1999, the assets of MRF 1996 II were exchanged for shares of the Growth Class of the Mutual Fund. On February 15, 1999, MRF 1996 II was dissolved and the shares of the Growth Class of the Mutual Fund were distributed to partners of MRF 1996 II. The net asset value of MRF 1996 II on dissolution was $671.19 per unit. An investor in MRF 1996 II who was an individual resident in Ontario and who was subject to the highest marginal tax rate would have had an after-tax loss 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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