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Notice Of A Change In The Percentage Level Of A Substantial Shareholder's Interest

BackMar 21, 2011
Part I
1. Date of notice to issuer 18/03/2011
2. Name of Substantial Shareholder Mackenzie Financial Corporation ("MFC")
3. Notice Type Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest.
Part II - Not Required
Part III
1. Date of change of Deemed Interest 22/09/2009
2. The change in the percentage level From 5.96 % To 6.03 %
3. Circumstance(s) giving rise to the interest or change in interest # Others

Due to an open market transaction.
4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions: Change in the percentage level is the result of a single transaction.
Part IV
1. Holdings of Substantial Shareholder, including direct and deemed interest :
 
  Direct Deemed
No. of shares held before the change 0 51,797,000
As a percentage of issued share capital 0 % 5.96 %
No. of shares held after the change 0 52,375,000
As a percentage of issued share capital 0 % 6.03 %
Footnotes NOTES:

Part III item 3 - Circumstances giving rise to the interest or change in interest -

MFC was a substantial shareholder of the Company prior to the date of this notice by virtue of its deemed interest in the shares managed by itself and/or its subsidiaries, including Mackenzie Cundill Investment Management Limited ("MCIML"), as investment managers.

The percentage level of MFC's deemed interests had since increased and/or varied by virtue of a series of open market transactions entered into by one or more of its subsidiaries for portfolio management purposes. Since the date of change of deemed interest notified in this notice, there has been no further changes in the percentage level of deemed interests of MFC giving rise to a disclosure obligation.

As a result of an internal reorganization on 1 September 2010, MCIML merged into MFC and MFC has assumed all the rights and interests of MCIML and MCIML has ceased to exist. All investment funds and other client accounts that were managed by MCIML are now managed by MFC after the re-organization, resulting in a change in the nature of the deemed interests of MFC in the shares of the Company.


Part IV -

Percentages calculated based on total number of issued ordinary shares (excluding treasury shares) being 868,701,000 as at 22 September 2009.

As at 14 March 2011, MFC has deemed interests in 65,400,000 shares of the Company, amounting to 6.19% of the total number of issued ordinary shares (excluding treasury shares) of the Company being 1,057,065,000 shares as at 14 March 2011. The shares are beneficially held by Mackenzie Cundill Recovery Fund, which is a fund currently managed by MFC.

Where reference is made to shares, it refers to units in Cambridge Industrial Trust.