Horizons Phoenix Hedge Fund - s. 153 of the ASA

Decision

Headnote

Mutual Reliance Review System for Exemptive Relief Applications - issuer deemed to be no longer a reporting issuer under securities legislation (for MRRS Decisions).

Applicable Alberta Statutory Provisions

Securities Act, R.S.A. 2000, c. S-4, s. 153.

Citation: Horizons Phoenix Hedge Fund, 2006 ABASC 1122

March 9, 2006

Lang Michener LLP
1500 - 1055 West Georgia Street, P.O. Box 11117
Vancouver, AB V6E 4N7

Attention: Edward Bence

Dear Sir:

Re:
Horizons Phoenix Hedge Fund (the "Applicant") - Application to Cease to be a Reporting Issuer under the securities legislation of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick and Newfoundland and Labrador (the "Jurisdictions")

The Applicant has applied to the local securities regulatory authority or regulator (the "Decision Maker") in each of the Jurisdictions for a decision under the securities legislation (the "Legislation") of the Jurisdictions to be deemed to have ceased to be a reporting issuer in the Jurisdictions.

As the Applicant has represented to the Decision Makers that:

1. the outstanding securities of the Applicant, including debt securities, are beneficially owned, directly or indirectly, by less than 15 security holders in each of the jurisdictions in Canada and less than 51 security holders in total in Canada;

2. no securities of the Applicant are traded on a marketplace as defined in National Instrument 21-101 Marketplace Operation;

3. the Applicant is applying for relief to cease to be a reporting issuer in all of the jurisdictions in Canada in which it is currently a reporting issuer; and

4. the Applicant is not in default of any of its obligations under the Legislation as a reporting issuer,

each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met and orders that the Applicant is deemed to have ceased to be a reporting issuer in the Jurisdictions.

Relief requested granted on the 9th day of March, 2006.

"Agnes Lau", CA
Associate Director, Corporate Finance
Alberta Securities Commission