Barclays Global Investors Canada Limited - cl. 213(3)(b) of the LTCA

Subsection 213(3)(b) of the Loan and Trust Corporations Act - 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).

April 22, 2003

Torys, LLP

Attention: Andre Poles

Dear Sirs/Mesdames:

Further to an application (the "Application") dated April 10, 2003 filed on behalf of the Applicant and based on the facts set out in the Application, pursuant to the authority conferred on the Ontario Securities Commission (the "Commission") in clause 213(3)(b) of the Loan and Trust Corporations Act, 1987 (Ontario), the Commission approves the proposal that the Applicant act as the trustee of funds managed by the Applicant which are not offered under a prospectus or simplified prospectus and annual information form.