Securities Law & Instruments

Headnote

Clause 213(3)(b) of the Loan and Trust Corporations Act. - application for approval to act as trustee of mutual fund trusts.

Statutes Cited

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

Rules Cited

Ontario Securities Commission Approval 81-901, Approval of Trustees of Mutual Fund Trusts (1997), 20 OSCB 200.

September 30, 2005

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

Attention: Jennifer Parkin

Dear Sirs/Mesdames:

Re:
Application by Formula Growth Limited (the "Applicant") pursuant to clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario) to act as trustee of Formula Growth Hedge Fund and of other investment trusts (the "Future Trusts") to be established by the Applicant from time to time under the laws of Ontario and distributed under dealer registration and prospectus exemptions
Application No. 629/05

Further to the application dated September 7, 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 Formula Growth Hedge Fund and of any Future Trusts for which the Applicant also acts as manager.

Paul M. Moore
Robert L. Shirriff