Mulvihill Canadian Equity Fund - s. 83

Headnote

Mutual Reliance Review System for Exemptive Relief Applications -- A mutual fund is deemed to have ceased being a reporting issuer, provided it meets the requirements set out in CSA Notice 12-307 and subject to additional representations.

Applicable Ontario Statutory Provisions, Rules and Notices

Securities Act R.S.O. 1990, c.s.5, as am., s. 83

CSA Staff Notice 12-307 - Ceasing to be a Reporting Issuer under the Mutual Reliance Review System for Exemptive Relief Applications. (2003) 26 OSCB 6348

May 18, 2005

Attention: Munier Saloojee

Dear Mr. Saloojee:

Mulvihill Fund Services Inc. ("Mulvihill"), the manager of the Fund has applied for and on behalf of the Fund to the local securities regulatory authority or regulator (the "Decision Maker") in each of the Jurisdictions for an order under the securities legislation (the "Legislation") of the Jurisdictions to be deemed to have ceased to be a reporting issuer in the Jurisdictions.

As Mulvihill has represented for and on behalf of the Fund to the Decision Makers that,

• the outstanding securities of the Fund, including debt securities, are beneficially owned, directly or indirectly, by one securityholder;

• no securities of the Fund are traded on a marketplace as defined in National Instrument 21-101 - Marketplace Operation;

• the Fund is applying for relief to cease to be a reporting issuer in all of the jurisdictions in Canada in which it is currently a reporting issuer;

• the Fund is not in default of any of its obligations under the Legislation as a reporting issuer;

• the one existing securityholder of the Fund is an accredited investor who is eligible to purchase the securities of the Fund pursuant to exemptions from the registration and prospectus delivery requirements of the Jurisdictions; and

• the one existing securityholder has been given notice of the Fund's request to cease to be a reporting issuer,

each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met and orders that the Fund is deemed to have ceased to be a reporting issuer.