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CT-2010-010 THE COMPETITION TRIBUNAL IN THE MATTER OF the Competition Act, R.S.C. 1985, c. C-34, as amended; IN THE MATTER OF an application by the Commissioner of Competition pursuant to section 76 of the Competition Act;

IN THE MATTER OF certain agreements or arrangements implemented or enforced by Visa Canada Corporation and MasterCard International Incorporated.

B E T W E E N : THE COMMISSIONER OF COMPETITION Applicant - and -

VISA CANADA CORPORATION and MASTERCARD INTERNATIONAL INCORPORATED

Respondents RESPONSE OF VISA CANADA CORPORATION TO THE MOTION FOR LEAVE TO INTERVENE OF THE TORONTO-DOMINION BANK

1. Visa Canada Corporation has reviewed the Motion for Leave to Intervene made by the Toronto-Dominion Bank, dated February 10, 2011. 2. In light of the test for intervention under subsection 9(3) of the Competition Tribunal Act, R.S.C. 1985, c. 19 (2 nd Supp.), as amended, the criteria for intervention under rule 43 of the Competition Tribunal Rules, SOR/2008-141, and any applicable jurisprudence, Visa Canada Corporation supports the request of the Toronto-Dominion Bank on the terms stated in its motion.

- 2 -TO: THE REGISTRAR OF THE COMPETITION TRIBUNAL Thomas D'Arcy McGee Building 90 Sparks Street, Suite 600 Ottawa, ON K1P 5B4

AND TO: MCCARTHY TÉTRAULT LLP 66 Wellington Street Toronto-Dominion Bank Tower Suite 5300 P.O. Box 48 Toronto, ON M5K 1E6

F. Paul Morrison Glen G. MacArthur Christine Lonsdale

Tel: (416) 601-7887 Fax: (416) 868-0673 Lawyers for the Proposed Intervenor, the Toronto-Dominion Bank AND TO: OSLER, HOSKIN & HARCOURT LLP 1 First Canadian Place Box 50 Toronto, ON M5X 1B8

Mahmud Jamal Tel: (416) 862-6764 Fax: (416) 862-6666

Lawyers for the Proposed Intervenor, the Canadian Bankers Association AND TO: DAVIES WARD PHILLIPS & VINEBERG LLP Suite 4400 1 First Canada Place Toronto, ON M5X 1B1

Kent E. Thomson / Adam Fanaki Tel: (416) 863-0900 Fax: (416) 863-0871

Lawyers for Applicant, the Commissioner of Competition

- 3 -AND TO: DEPARTMENT OF JUSTICE CANADA Competition Bureau Legal Services Place du Portage, Phase I 50 Victoria Street, 22 nd Floor Gatineau, Quebec K1A 09C

William J. Miller Tel: (819) 953-3903 Fax: (819) 953-9267

Lawyers for the Applicant, the Commissioner of Competition AND TO: MCMILLAN LLP Brookfield Place 181 Bay Street Suite 4400, Box 747 Toronto, ON M5J 2T3

James Musgrove David Kent Jeffrey Simpson

Tel: (416) 307-4078 Fax: (416) 365-1719

Lawyers for the Respondent, MasterCard International Incorporated

CT-2010-010 AND IN THE MATTER OF the Companies Act, R.S.C., 1985, c. C-34, as amended; AND IN THE MATTER OF an application by the Commissioner of Competition pursuant to section 79 of the Competition Act; AND IN THE MATTER OF certain agreements or arrangements implemented or enforced by Visa Canada Corporation and MasterCard International Incorporated.

B E T W E E N: THE COMMISSIONER OF COMPETITION Applicant - and -

BLAKE, CASSELS & GRAYDON LLP Barristers & Solicitors 199 Bay Street, Box 25, Commerce Court West Toronto, Ontario M5L 1A9

Robert Kwinter (LSUC#: 26251D) Tel: (416) 863-3283

Randall Hofley (LSUC#: 31633L) Tel: (416) 863-2387

Navin Joneja (LSUC#:40495G) Tel: (416) 863-2352 Fax: (416) 863-2653

Lawyers for the Respondent, Visa Canada Corporation

VISA CANADA CORPORATION et al Respondents THE COMPETITION TRIBUNAL RESPONSE OF VISA CANADA CORPORATION TO THE MOTION FOR LEAVE TO INTERVENE OF THE TORONTO-DOMINION BANK

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