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

Web site: www.osc.gov.on.ca

Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Exemption from general instruction 8 of the Form to include fund codes in the Fund Facts document. Applicable Legislative Provisions National Instrument 81-101 Mutual Fund Prospectus Disclosure,Part 6. General Instruction 8 to Form 81-101F3 Contents of Fund Facts Document.

VIA SEDAR

July 26, 2011

CI Investments Inc.

2 Queen Street East

Twentieth Floor

Toronto, Ontario M5C 3G7

Attention: Chris von Boetticher

Dear Sirs/Mesdames:

Re: United Funds

Exemptive Relief Application under Part 6 of National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101)

Application No. 2011/0554 SEDAR Project No. 1769143

By letter dated June 28, 2011 (the Application), the Funds applied to the Director of the Ontario Securities Commission (the Director) under Part 6 of NI 81-101 for relief from General Instruction 8 to Form 81-101F3 Contents of Fund Facts (the Form), which prohibits an issuer including any information not specifically prescribed by the Form to include fund codes in the Fund Facts document.

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 July 30, 2011.

Yours very truly,

“Raymond Chan”

Raymond Chan

Manager, Investment Funds Branch

ONTARIO SECURITIES COMMISSION