IGM Financial Inc.
Outlook

Meeting Competitive Challenges

Management feels that IGM Financial is well-positioned to meet competitive challenges and capitalize on future opportunities. The Company enjoys significant competitive strengths, including:

• Industry-leading scale.
• Significant and diversified distribution with an emphasis on financial advisors.
• Broad product capabilities, leading brands and quality sub-advisory relationships.
• Part of the Power Financial group of companies, which includes Great-West Life, London Life and Canada Life.
• Enduring client relationships and the long-standing heritages and cultures of its subsidiaries.

IGM Financial enjoys a 16.6% share of industry mutual fund assets under management and is nearly double the size of its nearest competitor. This scale provides the Company and its subsidiaries with numerous benefits, including lower unit costs and greater access to capital.

In addition to owning two of Canada's premier financial planning organizations, Investors Group and Investment Planning Counsel, IGM Financial has considerable access to distribution through the over 30,000 third party advisor relationships enjoyed by Mackenzie. IGM Financial's businesses are all focused on supporting the enduring relationships developed between a client and a financial advisor.

During 2004, as discussed earlier within the segmented results, IGM Financial's subsidiaries continued to develop and launch innovative products and strategic investment planning tools to assist advisors in building optimal portfolios for their clients.

As part of the Power Financial group of companies, IGM Financial benefits through cost savings from shared service arrangements, as well as through increased access to distribution, products, and capital.

IGM Financial enjoys significant advantages as a result of the enduring relationships its advisors enjoy with their clients. In addition, the Company's subsidiaries have strong heritages and cultures which are challenging for competitors to replicate.