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).

Rules Cited

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

July 9, 2004

Ogilvy Renault

Attention: Kruti Patel

Dear Sirs/Mesdames:

Re:
J.C. Clark Inc. (the "Applicant") for approval to act as trustee of the J.C Clark Preservation Trust, the J.C. Clark Loyalist Preservation Trust, the J.C. Clark Commonwealth Preservation Trust, the J.C. Clark Commonwealth Loyalist Trust, the J.C. Clark Statistical Arbitrage Fund, the J.C. Clark Variable Hedge Trust, and any other pooled investment funds to be established by the Applicant from time to time (collectively, the "Funds")

Further to the application dated June 30, 2004 (the "Application") 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 (Ontario), the Commission approves the proposal that the Applicant act as trustee of the Funds.

"Robert L. Shirriff"
"Paul M. Moore"