Securities Law & Instruments


Approval under clause 213(3)(b) of the Loan and Trust Corporations Act -- Manager of trust unable to rely upon Approval 81-901 -- Approval of Trustees of Mutual Fund Trusts as units to be sold pursuant to dealer registration and prospectus exemptions -- trust created to facilitate public offering by another trust -- each trusts' portfolio linked to the other through forward agreement - manager approved to act as trustee.

Statutes Cited

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

April 29, 2005

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

Attention: Shahen Mirakian

Dear Sirs/Mesdames:

Novadan Capital Limited (the "Applicant")
Application for approval to act as trustee pursuant to clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario) (the "LTCA")
Application No. 132/05

By way of letter dated February 25, 2005, as supplemented by correspondence dated March 29, 2005 (collectively, the "Application"), you applied on behalf of the Applicant, and based on the facts set out in the Application, pursuant to the authority conferred upon the Ontario Securities Commission (the "Commission") in clause 213(3)(b) of the LTCA, the Commission approves the proposal that the Applicant act as trustee of the Novadan Trust and other pooled funds that may be established and managed by the Applicant from time to time, the securities of which will be offered pursuant to a prospectus exemption.

"Carol S. Perry"

"Paul K. Bates"