Securities Law & Instruments

Headnote

Clause 213(3)(b) of the Loan and Trust Corporations Act -- application for approval of experienced applicant to act as trustee for pooled funds and future pooled funds.

Statutes Cited

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

September 27, 2005.

Chitiz Pathak LLP
154 University Ave., Suite 500
Toronto, Ontario
M5H 3Y9

Attention: Manoj Pundit

Dear Sirs/Mesdames:

Re:
Redwood Asset Management Inc. (the "Applicant") application pursuant to clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario).
Application No. 656/05

Further to the application dated September 20, 2005 (the "Application"), filed on behalf of the Applicant, and based on the facts set out in the Application, under 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 Redwood Long Short Conservative Equity Fund and similar mutual fund trusts for which the Applicant may act as manager in the future.

"Paul M. Moore"

"Robert L. Shirriff"