Securities Law & Instruments

Headnote

Clause 213(3)(b) of the Loan and Trust Corporations Act -- application by manager for approval to act as trustee of a mutual fund trust and other pooled funds to be established and managed by the applicant, and offered pursuant to a prospectus exemption.

Statutes Cited

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

November 23, 2004

Blake Cassels
Box 25, Commerce Court West
199 Bay Street
Toronto, Ontario
Canada M5L 1A9

Attention: Mr. Jeff Glass

Dear Sirs/Mesdames:

Re:
Criterion Investments Limited (the "Applicant")
Application pursuant to clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario) Application No. 969/04

Further to your application dated November 15, 2004 (the "Application") filed on behalf of the Applicant, and based on the facts set out in the Application, pursuant to 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 trustee of the CIL Business Trust Fund.

"Paul Moore"
"D. Knight"