Apollo Gas Income Fund - MRRS Decision

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

ALBERTA, SASKATCHEWAN, ONTARIO,

QUEBEC, NOVA SCOTIA AND NEWFOUNDLAND

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM FOR

EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

APOLLO GAS INCOME FUND

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatory authority or regulator (the "Decision Maker") in each of the Provincesof Alberta, Saskatchewan, Ontario, Quebec, Nova Scotia and Newfoundland (the "Jurisdictions") has received anapplication from Apollo Gas Income Fund (the "Filer") for a decision pursuant to the securities legislation of theJurisdictions (the "Legislation") that the Filer be deemed to have ceased to be a reporting issuer under the Legislation;

AND WHEREAS under the Mutual Reliance Review System for Exemptive Relief Applications (the "System"),the Ontario Securities Commission is the principal regulator for this application;

AND WHEREAS the Filer has represented to the Decision Makers that:

1. the Filer is a single purpose trust established under the laws of the Province of Ontario by declaration of trustdated February 26, 1998, is a reporting issuer in each of the Jurisdictions and is not in default of any of therequirements of the Legislation;

2. the Filer's head office is located in Toronto, Ontario;

3. the Filer is being wound up pursuant to the terms of its trust indenture;

4. the units of the Filer (the "Units") were delisted from the Toronto Stock Exchange on February 1, 2001 and nosecurities of the Filer are listed or quoted on any other exchange or market;

5. the registers of the Filer are not open for the transfer of its Units;

6. as of the date hereof, the Filer has only one security holder.

7. other than the Units, the Filer has no securities, including debt securities, outstanding; and

8. the Filer does not intend to seek public financing by way of an offering of its securities;

AND WHEREAS under the System, this MRRS Decision Document evidences the decision of each DecisionMaker (collectively the "Decision");

AND WHEREAS each of the Decision Makers is of the opinion that the test contained in the Legislation thatprovides the Decision Maker with the jurisdiction to make the decision has been met;

THE DECISION of the Decision Makers under the Legislation is that the Filer is deemed to have ceased to bea reporting issuer under the Legislation.

April 4, 2001.

"John Hughes"