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MRF 1998 III Limited Partnership

The offering of MRF 1998 III was completed in December 1998 raising $19,161,000 at an issue price of $1,000 per unit. These funds were fully invested prior to 1999. On March 9, 2001, the assets of MRF 1998 III were exchanged for shares of the Growth Class of the Mutual Fund. On March 9, 2001, MRF 1998 III was dissolved and the shares of the Growth Class of the Mutual Fund were distributed to partners of MRF 1998 III. The net asset value of MRF 1998 III on dissolution was $869.20 per unit. An investor in MRF 1998 III 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 43% 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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