MERIDIAN GLOBAL INVESTORS INC.

WHEREAS:

(A) Meridian Global Investors Inc. ("Applicant") has applied to the Manitoba Securities Commission (the "Commission") pursuant to Section 66(1) of the Act for an Order that the Applicant be exempted from the requirements of section 3.17 of the MSC Rule 2000-11 to be a member of a Commodity Futures Exchange registered under the Act (being, the Winnipeg Commodity Exchange);

(B) The Applicant has represented to the Commission that:

1. The head office of the Applicant is located in Ontario.

2. The Applicant has made application to the Commission to become registered as an Advisor under The Commodity Futures Act.

3. The business of the Applicant in Manitoba is limited to acting as a sub-advisor to Lakeshore Asset Management Inc. on behalf of clients who receive portfolio management services from Lakeshore.

4. Lakeshore received an exemption from the requirement to become registered under The Commodity Futures Act pursuant to an order issued by the Commission dated April 16, 2003.

5. The Applicant does not, and has no intention on advising with respect to futures contracts or options traded on The Winnipeg Commodity Exchange.

(C) The Commission is of the opinion that it would not be prejudicial to the public interest to grant the Order requested.

IT IS ORDERED:

1. THAT pursuant to Section 66(1) of the Act, the Applicant be exempt from the requirements of section 3.17 of the MSC Rule 2000-11 to be a member of a Commodity Futures Exchange registered under the Act provided that the Applicant immediately notifies the Commission if it becomes a member of the Winnipeg Commodity Exchange, or intends to commence trading in contracts on the Winnipeg Commodity Exchange or on a Commodity Futures Exchange registered under the Act.

2. THAT the fee for this order shall be $650.00.

BY ORDER OF THE COMMISSION

Director - Legal