Securities Law & Instruments

Headnote

Subsection 213(3)(b) of the Loan and Trust CorporationAct - application for approval to act as trustee.

Statutes Cited

Loan and Trust Corporations Act, R.S.O. 1990,c. L.25, as am., ss. 213(3)(b).

Rules Cited

National Instrument 81-102, Mutual Funds (1999)22 OSCB (Supp.) 73.

Ontario Securities Commission Approval 81-901,Approval of Trustees of Mutual Fund Trusts (1997), 20 OSCB 200.

November 26, 2002

McMillan Binch LLP

Attention: Elana Lyons:

Re: Application by Hollister Capital Corporation(the "Applicant") for approval to act as trustee ofan investment trust offered pursuant to a prospectus exemption(the "Bond Trust") and other similar investment trustscreated by the Applicant from time to time (the "FutureTrusts" and together with the Bond Trust, the "Trusts")

Further to the application dated November 11,2002 and subsequent correspondence dated November 22, 2002 (collectively,the "Application") filed on behalf of the Applicantand based on the facts set out in the Application, pursuantto the authority conferred on the Ontario Securities Commission(the "Commission") in clause 213(3)(b) of the Loanand Trust Corporations Act (Ontario), the Commission approvesthe proposal that the Applicant act as trustee of the Trustswhich it manages.

"H. Lorne Morphy"                    "RobertW. Korthals"