Smart Investments Ltd. and Smart Fund Family – ss. 2.1.(2), 6.1 of NI 81-101 Mutual Fund Prospectus Disclosure

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- Exemption from section 2.1(2) of NI 81-101 to file a prospectus more than 90 days after the date of the receipt for the preliminary prospectus -- National Instrument 81-101 Mutual Fund Prospectus Disclosure.

Applicable Legislative Provisions

National Instrument 81-101 Mutual Fund Prospectus Disclosure, ss. 2.1(2), 6.1.

March 2, 2015

Dear Sirs/Mesdames:

Re: Smart Investments Ltd. & Smart Fund Family (the Funds)

Preliminary Simplified Prospectus, Annual Information Form and Fund Facts dated September 11, 2014

Application under section 6.1 of National Instrument 81-101 -- Mutual Fund Prospectus Disclosure (NI 81-101) for an extension of the 90 day period under subsection 2.1(2) of NI 81-101

Application No. 2014/0911; SEDAR Project No. 2259476

By letter dated December 12, 2014 (the Application), the manager of the Funds applied to the Director of the Ontario Securities Commission (the Director) under section 6.1 of NI 81-101 for relief from the operation of subsection 2.1(2) of NI 81-101 which prohibits a mutual fund from filing a prospectus more than 90 days after the date of the receipt for the preliminary simplified prospectus.

This letter confirms that, based on the information and representations made in the Application, and for the purposes described in the Application, the Director intends to grant the requested exemption to be evidenced by the issuance of a receipt for the Funds' prospectus, subject to the condition that the simplified prospectus be filed no later than March 4, 2015.

Yours very truly,