Alexander Gluskin Investment Inc. - Loan and Trust Corporations Act - cl. 213(3)(b)

October 11, 2002

Goodman and Carr LLP

Attention: Gary M. Litwack

Dear Sirs/Mesdames:

Re: Application by Alexander Gluskin Investment Inc. ("AGII" or the "Applicant") for approval for AGII to act as trustee of the AGII Growth Fund and AGII RRSP Growth Fund and also certain other mutual funds to be established by the Applicant from time to time and offered pursuant to prospectus exemption (collectively, the"Funds")

Further to a letter dated September 5, 2002 and supplemented by a letter dated October 4, 2002 (together the "Application"), filed on behalf of the Applicant and based on the facts set out in the Application, pursuant to the authority conferred on the Ontario Securities Commission (the "Commission") in clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario), the Commission approves the proposal that the Applicant act as trustee of those Funds for which the Applicant also acts as manager (within the meaning of National Instrument 81-102).