ESC Holdings Limited - cl. 213(3)(b) of the LTCA

Headnote

Subsection 213(3)(b) of the Loan and Trust CorporationsAct -- application for approval to act as trustee.

Statutes Cited

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

August 26, 2003

Attention: Steven Portelli

Dear Sirs/Mesdames:

Further to the application dated August 8, 2003(the "Application") filed on behalf of the Applicant,and based on the facts set out in the Application, pursuantto the authority conferred on the Ontario Securities Commission(the "Commission") in clause 213(3)(b) of the Loanand Trust Corporations Act (Ontario), the Commission approvesthe proposal that the Applicant act as trustee of the Fund whichit will manage.