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.

November 12, 2004

Fasken Martineau DuMoulin LLP

Attention: Pierre-Yves Chatillon

Dear Sirs/Mesdames:

Re:
HR Strategies Inc. (the "Applicant") for approval to act as the trustee of the HRS Absolute Return Trust (the "Trust")

Further to the application dated September 10, 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 Trust.

"Paul M. Moore"
"Susan Wolburgh Jenah"