Canadian Wireless Trust Declares Quarterly Distribution and Provides Update on BCE Plan of Arrangement



    TORONTO, Aug. 21 /CNW/ - The Board of Directors of Canadian Wireless
Limited in its capacity as Trustee for Canadian Wireless Trust (the "Trust")
has declared a cash distribution of $0.034 per Trust unit, payable on October
15, 2008 to holders of record at the close of business on September 29, 2008.
    Unitholders are entitled to receive quarterly distributions as declared
by the Trustee of the Trust. The Trustee generally intends to declare and pay
quarterly distributions to the extent of dividends received in the quarter
from the Portfolio, less the estimated operating expenses for the period.

    BCE Plan of Arrangement

    On July 4, 2008, it was announced that BCE Inc. had entered into a final
agreement with a company formed by an investor group led by Teachers' Private
Capital, the private investment arm of the Ontario Teachers' Pension Plan,
Providence Equity Partners Inc., Madison Dearborn Partners, LLC, and Merrill
Lynch Global Private Equity (the "Investor Group"). Under the terms of the
agreement the Investor Group will acquire all of the BCE Shares for $42.75 per
share. BCE Inc. anticipates that the transaction will be completed by December
2008. The Trust's prospectus states that if there is a fundamental change
affecting the BCE Shares, the Board of Directors of the Trustee shall be
authorized to take such action as it deems to be in the best interests of the
Trust. Under the terms of the transaction, the Trust will receive proceeds of
$23.21 million or $4.24 per Unit and realize a capital gain of $5.68 million
or $1.04 per Unit. It is the intent of the Board of Directors to distribute a
portion of these proceeds substantially equal to the capital gains realized to
Unitholders with the balance to be reinvested in the Portfolio.
    BCE Inc. also indicated that it will no longer pay dividends on its
common shares and therefore, the distribution on the Trust's Units was reduced
by the BCE dividend amount for the second quarter June 2008 and as a result,
distributions will be reduced for all subsequent quarterly distributions until
the transaction is completed and the net proceeds are reinvested in the
Portfolio.

    Canadian Wireless Trust is an investment trust created to hold common
shares that reflect an initially equal weighted exposure to the Canadian
telecommunications companies that are expected to benefit most from growth in
wireless telecommunications - BCE Inc., Rogers Communications Inc. and TELUS
Corporation.
    Units are listed for trading on the TSX under the symbol CDW.UN.

    %SEDAR: 00024222E




For further information:

For further information: Investor Relations, Canadian Wireless Trust,
(416) 945-4800, E-mail: mc_cwt@scotiacapital.com, Web site:
www.scotiamanagedcompanies.com

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Canadian Wireless Trust

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