Canadian Wireless Trust Provides Update on BCE Plan of Arrangement

    TORONTO, Oct. 31 /CNW/ - The Board of Directors of Canadian Wireless
Limited in its capacity as Trustee for Canadian Wireless Trust (the "Trust")
today confirmed the Trust's intention to distribute a portion of the proceeds
the Trust expects to receive from the BCE Plan of Arrangement assuming the
transaction is completed in December 2008 as previously announced by BCE.
    Under the terms of the BCE transaction, the Trust expects to receive
proceeds of approximately $23.21 million or $4.24 per Unit and realize a
capital gain of approximately $5.68 million or $1.04 per Unit. The Board of
Directors of the Trustee confirms that it intends to distribute, in cash, the
full amount of the capital gains realized or $1.04 to unitholders, leaving a
balance of approximately $17.53 million to re-invest in the portfolio. The
Board has determined that the remaining proceeds will be invested in
additional portfolio securities consisting of Rogers Communications Inc. and
TELUS Corporation and the portfolio will be rebalanced to provide an equal
weight exposure to such securities consistent with the Trust's equal weighted
exposure to the three Canadian telecommunication companies held at the
inception of the Trust.
    Conditional on the BCE transaction closing on December 11, 2008, the
Board of Directors expects that it will declare a return of capital
distribution of $1.04 payable on December 31, 2008 to holders of record of
Trust Units on or about December 30, 2008.
    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:, Web site:

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