Company Details

Directors and Officers

The following are the names, office(s) held and principal occupations of the directors and officers of the Company:

Brian D. McChesney
President, Chief Executive Officer and Director
(Corporate Director)

Stephen D. Pearce
Chief Financial Officer, Secretary and Director
(Director, Scotia Capital Inc.)

Mary Vitug
Director
(Director, Scotia Capital Inc.)

Jim Hinds
Director
(Chairman, Irish Line Capital Inc.)

Charles M. Phillips
Director
(Corporate Director)

Alf Peneycad
Director
(General Counsel and Chief Compliance Officer, Petro Canada (retired June 2006))


Profile

Canadian Wireless Trust was created to provide investors with exposure to an equally weighted portfolio (the "Portfolio") of Canadian telecommunications companies/income funds that are expected to benefit most from the growth in wireless telecommunications - BCE Inc., Rogers Communications Inc. and TELUS Corporation.

General Information

Distribution Policy

Distributions will be declared and paid quarterly on the Units based on distributions/dividends received on the Portfolio less estimated expenses. For historical distribution amounts, please see distribution information.

Retraction Rights

The following provides a summary of the retraction rights available to Unitholders. Please refer to the prospectus for complete details.

Unlike most mutual funds the Units are listed allowing holders to exit by selling their Units. In addition, they are also retractable at any time. Because of the manner in which the retraction prices are calculated, investors are almost always better off selling their Units on the market rather than retracting them. It should be noted that all the retractions listed below constitute a taxable disposition of the Units at the time of the retraction whether the retraction is received in the form of cash or portfolio shares.

Regular Retraction

Units may be surrendered for retraction at least 10 business days prior to the 15 th of each month for payment on the last day of each month or the preceding business day. Unitholders are entitled to receive a redemption price equal to the lesser of (A) 96% of the weighted average trading price of the Units on the TSX during the 15 trading days preceding the applicable monthly retraction date, and (B) the "closing market price" of the Units on the principal market on which the Units are quoted for trading on the applicable monthly retraction date. The "closing market price" shall be an amount equal to (i) the closing price of the Units if there was a trade on the applicable monthly retraction date and the market provides a closing price; (ii) the average of the highest and lowest prices of the Units if there was trading on the applicable monthly retraction date and the market provides only the highest and lowest prices of the Units traded on a particular day; or (iii) the average of the last bid and last asking prices of the Units if there was no trading on the applicable monthly retraction date.

Special Annual Retraction

The special annual retraction payment date occurs on December 31st of each year. Units may be surrendered for retraction on or before the close of business on the 10th business day prior to the day which occurs on December 15 of each year. On the payment date Unitholders are entitled to receive a cash retraction price per Unit equal to 100% of the net realized proceeds per unit determined as of the Valuation Date.

Redemption

The Trust is scheduled to wind up on December 31, 2013, and at that time, the Trust will distribute to Unitholders their pro rata portion of the net assets of the Trust.

Taxation

A Unitholder will generally be required to include in computing income for a taxation year the amount of the Trust's net income, including net realized taxable capital gains, paid or payable to the Unitholder in the taxation year. The non-taxable portion of the Trust's net realized capital gains paid or payable (whether in cash or in Units) to a Unitholder in a taxation year will not be included in the Unitholder's income for the year.

On the disposition or deemed disposition of a Unit, the Unitholder will realize a capital gain (or capital loss) to the extent that the Unitholder's proceeds of disposition, net of any reasonable costs of disposition, exceed (or are less than) the adjusted cost base of the Units. For the purpose of determining the adjusted cost base to a Unitholder, when a Unit is acquired, the cost of the newly acquired Units will be averaged with the adjusted cost base of all Units owned by the Unitholder as capital property before that time.