Securities Law & Instruments

April 27, 2005

Stikeman Elliott LLP
5300 Commerce Court West
199 Bay Street, Toronto, Ontario
M5L 1B9

Attention: Nadine Arendt

Dear Sirs/Mesdames:

Re:
Application of SCITI ROCS Limited (the "Applicant") for approval to act as trustee of SCITI Fund and other similar mutual fund trusts that the Applicant may establish and manage from time to time (collectively, the "Funds")
 
Application No. 275/05

Further to the application dated April 19, 2005 (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 which it will manage.

"Susan Wolburg Jenah"
"Theresa McLeod"