Securities Law & Instruments

Headnote

Clause 213(3)(b) of the Loan and Trust Corporations Act -- application by manager for approval to act as trustee of mutual funds to be established and managed by the applicant and offered pursuant to a prospectus exemption.

Statutes Cited

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

November 2, 2007

McCarthy Tetrault LLP
1000, rue De La Gauchetière Ouest
Montreal, Quebec H3 B 0A2

Attention: Sonia Struthers

Dear Sirs/Mesdames:

Re:
Van Berkom and Associates Inc. (the "Applicant")
Application for relief from clause oan and Trust Corporations Act (Ontario)
Application No. 2007/0596

Further to your application dated July 20, 2007 (the "Application") filed on behalf of the Applicant, and based on the facts set out in the Application and the representation by the Applicant that assets of the VBA Canadian Partners' Fund and any other future pooled fund trusts for which the Applicant will act as manager, will be held in the custody of a trust company incorporated and licensed or registered under the laws of Canada or a jurisdiction or a bank listed in Schedule I, II or III of the Bank Act (Canada) or an affiliate of such bank or trust company, the Ontario Securities Commission (the "Commission") makes the following order:

Pursuant to the authority conferred on 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 VBA Canadian Partners' Fund and such other funds which may be established and managed by the Applicant from time to time, the securities of which will be offered pursuant to a prospectus exemption.

Yours truly,

"Robert L. Shirriff"

"James E. A. Turner"