RBC Global Asset Management Inc. – s. 213(3)(b) of the LTCA

Clause 213(3)(b) of the Loan and Trust Corporations Act – application by manager, with prior track record acting as trustee, for approval to act as trustee of pooled funds and future pooled 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).

April 18, 2017

Borden Ladner Gervais LLP
Bay Adelaide Centre, East Tower
22 Adelaide Street West
Toronto, Ontario
M5H 4E3

Attention: Lynn McGrade / Sienne Lam

Dear Sirs/Mesdames:

Re:         RBC Global Asset Management Inc. (the Applicant)

Application under clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario) for approval to act as trustee

Application No. 2017/0075

Further to your application dated February 10, 2017 (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 the assets of Phillips, Hager & North Custom Universe Provincial Spread Overlay Fund, and any other current or future mutual fund trusts that the Applicant has established and manages, or may establish and manage, from time to time, the securities of which are or will be offered pursuant to prospectus exemptions, are or 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 a qualified 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 Phillips, Hager & North Custom Universe Provincial Spread Overlay Fund and any other mutual fund trusts that are or may be established and managed by the Applicant from time to time, the securities of which are or will be offered pursuant to prospectus exemptions.

Yours truly,

“Janet Leiper”
Commissioner

“Garnet Fenn”
Commissioner