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

VIA SEDAR

May 12, 2014

Aston Hill Capital Markets Inc. (the Filer) and

Euro Banc Capital Securities Trust (the Fund)

Attention: Emma Parker

Dear Ms.:

Re: Exemptive Relief Application under Part 19 of National Instrument 41-101 General Prospectus Requirements (NI 41-101)

Application No. 2014/0410; SEDAR Project Number 2159643

By letter dated April 29, 2014 (the Application), the Filer, as manager of the Fund, applied on behalf of the Fund to the Director of the Ontario Securities Commission (the Director) under 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 its first amendment to a preliminary prospectus more than 90 days after the date of the receipt for the preliminary prospectus that relates to the final 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 intends to grant the requested exemption to be evidenced by the issuance of a receipt for the first amendment to the preliminary prospectus for the Fund, subject to the condition that the first amendment to the preliminary prospectus be filed by no later than May 23, 2014.

Yours very truly,

signed Vera Nunes

Vera Nunes

Manager, Investment Funds Branch

Ontario Securities Commission