ASC Alberta Securities Commission DIRECT LINE: 403.297.4220 DIRECT FAX: 403.297.2082 E-MAIL: blaine.young@asc.ca Citation: Carlton Trail Limited Partnership, Re, 2011 ABASC 54 Date: 20110127 File No.: CMP0036966 Blake, Cassels & Graydon LLP 3500, Bankers Hall East 855 - 2 Street SW Calgary, AB T2P 4J8 Attention: Sarah D. Hammond Dear Madam: Re: Carlton Trail Limited Partnership (the Applicant) - Application for a decision under the securities legislation of Alberta and Manitoba (the Jurisdictions) that the Applicant is not a reporting issuer The Applicant has applied to the local securities regulatory authority or regulator (the Decision Maker) in each of the Jurisdictions for a decision under the securities legislation (the Legislation) of the Jurisdictions to be deemed to have ceased to be a reporting issuer in the Jurisdictions. As the Applicant has represented to the Decision Makers that: (a) the outstanding securities of the Applicant, including debt securities, are beneficially owned, directly or indirectly, by fewer than 15 security holders in each of the jurisdictions in Canada and fewer than 51 security holders in total in Canada; (b) no securities of the Applicant are traded on a marketplace as defined in National Instrument 21-101 Marketplace Operation; ( c) the Applicant is applying for a decision that it is not a reporting issuer in all of the jurisdictions in Canada in which it is currently a reporting issuer; and (d ) the Applicant is not in default of any of its obligations under the Legislation as a reporting issuer,
-2-each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met and orders that the Applicant is deemed to have ceased to be a reporting. Associate Director, Corporate Finance #3745960 vi
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