R Money Market Fund et al.

WHEREAS the Canadian securities regulatory authority or regulator (the "DecisionMaker") in each of British Columbia, Alberta, Saskatchewan, Ontario, Québec, NovaScotia and Newfoundland (the "Jurisdictions") has received an application from BLC-Rothschild Asset Management Inc. ("BLC-Rothschild"), as manager of the R MoneyMarket Fund, R American Fund, R European Fund, R Asian Fund, R World Leaders Fund,R Life & Health Fund, R Techno-Media Fund, R American RSP Fund, R European RSPFund, R Asian RSP Fund, R World Leaders RSP Fund, R Life & Health RSP Fund and theR Techno-Media RSP Fund (collectively, the «Funds») for a decision pursuant to thesecurities legislation of the Jurisdictions (the «Legislation») that the followingrequirements to file with the Jurisdictions and send to the Funds' unitholders: i) the annualfinancial statements and the auditors' report; and (ii) the annual report (collectively, the«Disclosure Documents») contained in the Legislation (the «Requirements») shall notapply to the Funds for their financial year ending December 31, 1999;

AND WHEREAS pursuant to the Mutual Reliance Review System for ExemptiveRelief Applications (the "System"), the Commission des valeurs mobilières du Québec isthe principal regulator for this Application;

AND WHEREAS BLC-Rothschild has represented to the Decision Makers that:

1. BLC-Rothschild is a corporation established under the laws of Canada andconstitutes a joint venture between Laurentian Bank of Canada («LaurentianBank») and La Compagnie Financière Edmond de Rothschild Banque(«Rothschild»). BLC-Rothschild, Laurentian Bank and Rothschild can therefore beconsidered the promoters of the Funds under the Legislation. BLC-Rothschild'shead office is located in Montréal, Québec.

2. The Funds are open-end mutual fund trusts established under the laws of Ontarioand are qualified for distribution in all Jurisdictions under a simplified prospectusand annual information form. Each of the Funds was established on November 2,1999.

3. The trustee of the Funds is Laurentian Trust of Canada Inc., a wholly-ownedsubsidiary of Laurentian Bank.

4. Each Fund is a reporting issuer under the Legislation of each of the Jurisdictions,except Nova Scotia and Newfoundland, since December 17, 1999, and sinceFebruary 22, 2000 in Nova Scotia and Newfoundland.

5. The Funds are not in default of any reporting issuer requirements under theLegislation.

6. Prior to January 1, 2000, only Laurentian Bank and Rothschild had subscribed forunits of the Funds and no public distribution thereof had occurred.

AND WHEREAS, pursuant to the System, this Decision Document evidences thedecision of each Decision Maker (collectively, the "Decision");

AND WHEREAS each Decision Maker is satisfied that the test contained in theLegislation that provides the Decision Maker with the jurisdiction to make the Decision hasbeen met;

THE DECISION of the Decision Makers pursuant to the Legislation is that theRequirements shall not apply to the Fund for the financial year ending December 31, 1999.

DATED at Montréal, this 6^th of April, 2000

"Viateur Gagnon"     "Guy Lemoine"