Re AHL Investment Strategies SPC, 2009 CanLII 75326

Ontario Commission des P.O. Box 55, 19^th Floor CP 55, 19e étage

Securities valeurs mobilières 20 Queen Street West 20, rue queen ouest

Commission de l’Ontario Toronto ON M5H 3S8 Toronto ON M5H 3S8

Headnote

National Policy 11-203 Process For Exemptive Relief Applications in Multiple Jurisdictions - NI 41-101 - Relief to file a prospectus more than 90 days after the date of the receipt for the preliminary prospectus.

Applicable Legislative Provisions

National Instrument 41-101 – General Prospectus Requirements, ss. 2.3(1), 19.1 and 19.3.

VIA SEDAR

November 10, 2009

McMillan

Attention: Jason Chertin

Dear Sirs/Mesdames:

Re: AHL Investment Strategies SPC – Class D Man AHL Diversified 2 CAD Notes (the Fund)

Exemptive Relief Application under Section 19.1 of National Instrument 41-101 General Prospectus Requirements (“NI 41-501”)

Application No. 2009/0692, SEDAR Project No. 1447984

By letter dated October 15, 2009 (the “Application”), the Fund applied to the Director of the Ontario Securities Commission (the “Director”) pursuant to section 19.1 of NI 41-101 for relief from the operation of subsection 2.3(1) of NI 41-101, 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 grants the requested exemption to be evidenced by the issuance of a receipt for the Funds’ prospectus, provided the Fund’s final prospectus is filed no later than November 13, 2009.

Yours very truly,

Rhonda Goldberg

Manager, Investment Funds Branch