Securities Law & Instruments


Subsection 213(3)(b) of the Loan and Trust CorporationsAct. Application by Manager to act as trustee of pooled fundsto be created in future.

Statutes Cited

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

October 24, 2003

Torys, LLP

Attention: Andre Poles

Dear Sirs/Mesdames:

Jeffrey D. Stacey & AssociatesLtd. (the "Applicant") Application for Approvalof Trustee Application # 734/03

Further to an application (the "Application")dated October 9, 2003 filed on behalf of the Applicant and basedon the facts set out in the Application, pursuant to the authorityconferred on the Ontario Securities Commission (the "Commission")in clause 213(3)(b) of the Loan and Trust Corporations Act,1987 (Ontario), the Commission approves the proposal thatthe Applicant act as the trustee of funds to be managed by theApplicant which are not currently offered under a prospectusor simplified prospectus and annual information form.

Yours truly,

"Paul K. Bates"
"Wendell S. Wigle"