Securities Law & Instruments

Headnote

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

Statutes Cited

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

December 10, 2002

Goodman and Carr LLP

Attention: Gary M. Litwack

Dear Sirs/Mesdames:

Re: T.H.A. Bodnar & Co. Investment ManagementLtd. ("Bodnar") Application pursuant to clause 213(3)(b)of the Loan and Trust Corporations Act (Ontario) ApplicationNo. 957/02

Further to your letter dated October 24, 2002and supplemented by letter dated December 5, 2002 (togetherthe "Application") filed on behalf of Bodnar, andbased on the facts set out in the Application, pursuant to theauthority conferred on the Ontario Securities Commission (the"Commission") in clause 213(3)(b) of the Loan andTrust Corporations Act (Ontario), the Commission approvesthe proposal that Bodnar act as trustee of mutual funds to beestablished from time to time and managed by Bodnar.

"H. Lorne Morphy"                    "HaroldP. Hands"