Elliott & Page Diversified Fund - s. 83

Decision

Headnote

Mutual Reliance Review System for Exemptive Relief Applications -- Fund is deemed to have ceased to be a reporting issuer in compliance with the requirements set out in CSA Notice 12-307.

Applicable Ontario Statutory Provisions, Rules and Notices

Securities Act, R.S.O. 1990, c. S.5, as am., s. 83.

CSA Staff Notice 12-307 - Ceasing to be a Reporting Issuer under the Mutual Reliance Review System for Exemptive Relief Applications. (2003) 26 OSCB 6348.

March 13, 2006

Fasken Martineau DuMoulin LLP
66 Wellington Street West
Suite 4200, Toronto Dominion Bank Tower
Box 20, Toronto-Dominion Centre
Toronto, Ontario M5K 1N6

Attention: Jeffrey D. Klam

Dear Sirs/Mesdames:

RE:
Elliott & Page Diversified Fund (the "Fund") -- Application to Cease to be a Reporting Issuer under the securities legislation of the Provinces of Alberta, Saskatchewan, Ontario, Quebec, New Brunswick, Nova Scotia and Newfoundland and Labrador (collectively, the "Jurisdictions") Application #018/06

Elliott & Page Limited ("EPL"), the manager of the Fund, has applied for and on behalf of the Fund to the local securities regulatory authority of 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 EPL has represented for and on behalf of the Fund to the Decision Makers that,

    • the outstanding securities of the Fund, 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;

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

    • the Fund 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

    • the Fund 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 Fund is deemed to have ceased to be a reporting issuer.

"Rhonda Goldberg"
Assistant Manager, Investment Funds Branch