Securities Law & Instruments

Headnote

Clause 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., clause 213(3)(b).

May 25, 2004

McMillan Binch LLP
BCE Place, Suite 4400
Bay Wellington Tower
181 Bay Street
Toronto, Ontario
Canada M5J 2T3

Attention: Banu Ozlem Unal

Dear Sirs/Mesdames:

Re:
Application by Fairway Advisors Inc. ("Fairway ") for approval to act as trustee of the Global Preferred Trust to be established in connection with an offering of units of Global Preferred Securities Trust, and any future trusts to be established and managed by Fairway from time to time (together the "Future Trusts")
Application No. 477/04

Further to the application dated May 4, 2004 and supplemented by letter dated May 18, 2004, (together the "Application") filed on behalf of Fairway 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 (Ontario), the Commission approves the proposal that Fairway act as trustee of the Global Preferred Trust and the Future Trusts.

"Susan Wolburgh Jenah"
"Wendell S. Wigle"