Picton Mahoney Fortified Core Bond Fund and Picton Mahoney Asset Management

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- Exemption from subsection 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.

Applicable Legislative Provisions

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

VIA SEDAR

July 25, 2022

Osler, Hoskin & Harcourt LLP

Attention: Shawn Cymbalisty

Re: Picton Mahoney Fortified Core Bond Fund (the Fund) and Picton Mahoney Asset Management (PMAM)

Preliminary Simplified Prospectus and Annual Information Form dated April 12, 2022

Exemptive Relief Application under Section 6.1 of National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101)

Application No. 2022/0330; SEDAR Project No. 3367424

By letter dated July 6, 2022 (the Application), PMAM, the investment fund manager of the Fund, 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 an issuer from filing a prospectus more than 90 days after the date of the receipt for the preliminary 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 Fund's prospectus, subject to the condition that the prospectus be filed no later than November 9, 2022.

Yours very truly,

"Darren McKall"

Manager, Investment Funds and Structured Products Branch

Ontario Securities Commission

Application File #: 2022/0330