LE TRIBUNAL DE LA CONCURRENCE AFFAIRE INTERESSANT la Loi sur la concurrence, L.R.C. (1985), ch. C-34, modifiee;
ET AFFAIRE INTERESSANT !'acquisition, proposee par Bell Globemedia Inc. (BGM), d'actions de CHUM Limited (CHUM);
ET AFFAIRE INTERESSANT le depot et l'enregistrement d'un consentement provisoire (le consentement) en vertu de l'article 105 de la Loi sur la concurrence (la Loi).
ENTRE: LA COMMISSAIRE DE LA CONCURRENCE COMPETITION TRIBUNAL TRIBUNAL DE LA CONCURRENCE et FILED I PRODUIT REGISTERED I ENREGISTRE BELL GLOBEMEDIA INC. Le 1septembre2006 et Jos LaKose tor I pour REGISTRAR I REGISTRAIRE
CHUM LIMITED OTTAWA, ONT # 0001 b et
JOHN D. MCKELLAR C.M., c.r.
CONSENTEMENT PROVISOIRE ATTENDU QUE Bell Globemedia Acquisition Corporation a presente une offre 1
TC - 2006-008
en date du 26 juillet 2006 (l'offre), en vue d'acquerir les actions comportant droit de vote de CHUM;
ET ATTENDU QUE, conformement a l'offre et sous reserve de l'obtention des autorisations reglementaires requises, BGM achetera les actions comportant droit de vote de CHUM (la transaction);
ET ATTENDU QUE BGM et John D. McKellar, C.M., c.r., de la ville de Toronto (le fiduciaire) ont conclu, le 19 juillet 2006, une convention de vote fiduciaire en en vertu de laquelle les actions comportant droit de vote de CHUM acquises aux termes de l 'offre seront deposees entre les mains du fiduciaire et detenues par le fiduciaire pour le compte de BGM;
ET ATTENDU QUE BGM et CHl.JM se sont conformees aux dispositions de la Loi concemant les avis prealables a la fusion et que BGM est prete a conclure la transaction;
ET ATTEND U QUE la commissaire de la concurrence (la commissaire) n' a pas termine son examen de la transaction et peut, a l'issue de cet examen, presenter une demande en vertu de l'article 92 de la Loi visant la transaction;
ET ATTENDU QUE BGM, CHUM et le fiduciaire s'en remettant a la competence du Tribunal de la concurrence aux fins du present consentement et de toute procedure introduite par la commissaire concemant le present consentement, notamment toute demande de modification ou d' annulation du consentement en vertu de l' article 106 de la Loi;
ET ATTENDU QUE la commissaire, BGM, CHl.JM et le fiduciaire conviennent que le present consentement sera depose aupres du Tribunal des sa signature, pour enregistrement immediat;
PAR CONSEQUENT, la commissaire, BGM, CHUM et le fiduciaire conviennent de ce qui suit :
I. DEFINITIONS 1. Les definitions suivantes s'appliquent au present consentement: a) « affiliee »A le sens que lui donne le paragraphe 2(2) de la Loi; b) « consentement » Le present consentement provisoire conclu entre la 2
commissaire, BGM, CHUM et le fiduciaire en application de l' article 105 de la Loi;
c) « BGM »Bell Globemedia Inc., Bell Globemedia Acquisition Corporation et leurs societes affiliees respectives, notamment leurs administrateurs, dirigeants, employes, mandataires, representants ou autres personnes agissant pour ces entites respectives ou au nom de celles-ci relativement a toute question abordee dans le present consentement, ainsi que leurs successeurs et ayants droit;
d) « CHUM » CHUM Limited et ses societes affiliees, notamment les administrateurs, dirigeants, employes, mandataires et representants de CHUM ou toute autre personne agissant pour CHUM ou en son nom relativement a toute question abordee dans le present consentement, ainsi que les successeurs et ayants droit de CHUM;
e) « commissaire » Le commissaire de la concurrence nomme en vertu de l'article 7 de la Loi;
f) « renseignement confidentiel » Renseignement de BGM ou de CHUM sensible sur le plan de la concurrence, dont une personne n'est pas informee de fa9on autonome de sources autres que BGM ou de CHUM, y compris tout renseignement sensible sur le plan de la concurrence concemant :
(i) le contenu de radiodiffusion ou les negociations relatives au contenu de radiodiffusion; (ii) l'identite des annonceurs ou de tout annonceur potentiel de BGM oudeCHUM; (iii) les tarifs de publicite de BGM ou de CHUM ainsi que leurs politiques tarifaires en matiere de publicite et leur inventaire de publicite;
g) « periode de separation des elements d'actif » Periode debutant a la date des presentes et se terminant le jour ou la convention de vote fiduciaire cesse d'etre en vigueur;
h) « personne » Tout particulier, societe de personnes, entreprises, societe commerciale, association, fiducie, organisme non constitue en personne morale ou toute autre entite;
i) «actions» Actions de CHUM comportant droit de vote, aussi appelees actions ordinaires;
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j) «transaction» L'achat des actions par BGM conformement a l'offre; k) «Tribunal »Le Tribunal de la concurrence etabli conformement a la Loi sur le Tribunal de la concurrence (Canada), L.R.C. (1985), ch. 19 (2e suppl.), modifiee;
1) « fiduciaire »John D. McKellar, C.M., c.r., de la ville de Toronto, ainsi que tout successeur nomme conformement aux dispositions de la convention de vote fiduciaire, de meme que tout mandataire, employe ou personne agissant sous la direction ou le controle du fiduciaire pour les fins de la convention de vote fiduciaire et/ou du present consentement;
m) « convention de vote fiduciaire »La convention de vote fiduciaire en date du 19 juillet 2006, dont une copie est annexee aux presentes.
II. CHAMP D' APPLICATION 2. Les dispositions du present consentement s' appliquent aux personnes suivantes : a) BGM; b) CHUM; c) la commissaire; d) le fiduciaire. 3. Les droits et obligations de BGM et du fiduciaire aux termes du present consentement ne portent pas atteinte aux droits et obligations de BGM et du fiduciaire aux termes de la convention de vote fiduciaire ou vice-versa.
4. BGM acquitte tous les frais et honoraires engages par le fiduciaire conformement au present consentement.
5. Sauf en conformite avec les paragraphes 6, 7 et 8 ci-dessous, pendant la periode de separation des elements d'actif, ni le fiduciaire ni CHUM ne communiquent a BGM quelque renseignement confidentiel de CHUM que ce soit, et BGM ne communique aucun renseignement confidentiel de BGM au fiduciaire ni a CHUM.
6. Nonobstant le paragraphe 5 ci-dessus, le fiduciaire et CHUM peuvent, sur 4
demande, communiquer des renseignements confidentiels de CHUM aux conseillers extemes : juridiques, financiers, comptables et autres de BGM ( designes collectivement comme les conseillers de BGM) ou aux dirigeants ou cadres superieurs de BGM ou de ses societes affiliees (designes collectivement comme les personnes autorisees de BGM) qui ont besoin de ces renseignements pour l'une ou l'autre des fins suivantes :
a) les questions visees aux alineas 4(a)(ix)(A), (B), (C), et (D) de la convention de vote fiduciaire;
b) la preparation des rapports financiers et reglementaires requis, la preparation des declarations fiscal es, l' administration des prestations ainsi que le respect du droit applicable et des exigences des autorites gouvemementales canadiennes;
sous la condition que les conseillers de BGM et les personnes autorisees de BGM utilisent ces renseignements confidentiels de CHUM uniquement aux fins prevues aux alineas a) et b) ci-dessus, le cas echeant, et sous la condition, de plus, qu'avant de communiquer ces renseignements confidentiels de CHUM aux conseillers de BGM ou aux personnes autorisees de BGM, les conseillers de BGM ( autres que des conseillers juridiques extemes) et les personnes au tori sees de BGM remettent au fiduciaire ou a CHUM, selon le cas, ainsi qu'a la commissaire (conformement au paragraphe 7 ci-dessous), une reconnaissance ecrite suivant une formule jugee acceptable par la commissaire, du fait qu 'ils ont obtenu une copie du present consentement et qu'ils s'engagent a n'utiliser les renseignements confidentiels de CHUM qu'aux seules fins prevues aux alineas a) et b) ci-dessus, selon le cas, et a ne pas autrement divulguer ces renseignements confidentiels.
7. Dans un delai de 24 heures ou le jour ouvrable suivant (selon la premiere echeance ), la reconnaissance ecrite mentionnee au paragraphe 6 est remise a la commissaire et comprend une description de la nature des renseignements confidentiels de CHUM en cause. Lorsqu'un conseiller de BGM ou une personne autorisee de BGM qui est signataire d'une reconnaissance ecrite obtient d'autres renseignements confidentiels de CHUM, une description ecrite de la nature des renseignements confidentiels additionnels de CHUM est remise a la commissaire dans un delai de 24 heures ou le jour ouvrable suivant (selon la premiere echeance).
8. Les dispositions des paragraphes 6 et 7 s'appliquent avec les adaptations necessaires a la communication de renseignements confidentiels de BGM aux conseillers extemes : juridiques, financiers, comptables et autres conseillers
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extemes de CHUM. 9. BGM, CHUM et le fiduciaire remettent sans delai a la commissaire des copies de tousles renseignements foumis au CRTC par l'un d'entre eux relativement a !'approbation du CRTC (ainsi qu'elle est definie dans la convention de vote fiduciaire ).
10. Si le fiduciaire destitue un administrateur en application de l'alinea 4(a)(ii) de la convention de vote fiduciaire, il en informe sans delai la commissaire, en precisant les motifs de cette mesure.
11. BGM ne peut prendre aucune mesure visant a gener ou a empecher le fiduciaire de se conformer au present consentement.
12. Le fiduciaire presente un rapport ecrit al a commissaire tousles 60 jours durant la periode de conservation distincte et en tout temps sur demande de la commissaire ou de son personnel, en ce qui a trait au respect du present consentement par BGM, CHUM et/ou le fiduciaire.
III. DEFAUT 13. Si BGM, CHUM et/ou le fiduciaire croient raisonnablement que l'un d'eux est en defaut de respecter l 'une des conditions du present consentement, ils en informent immediatement la commissaire, qui en avise aussitot les parties en defaut en lui foumissant des precisions quant au defaut allegue.
14. Afin d'etablir ou d'assurer la conformite au present consentement, sous reserve de toute revendication fondee d'un privilege reconnu par la loi et sur demande ecrite, BGM, CHUM et/ou le fiduciaire permettent a tout representant dfunent autorise de la commissaire de faire ce qui suit :
a) moyennant un avis minimum de deux (2) jours ouvrables a BGM, a CHUM et/ou au fiduciaire, acceder a l'etablissement de BGM, de CHUM et/ou du fiduciaire, pendant les heures d'ouverture, pour consulter et reproduire tous les livres, les grands livres, les comptes, toute la correspondance, les notes de service et tous les autres registres et documents en la possession ou sous le controle de BGM, de CHUM et/ou du fiduciaire pouvant demontrer la conformite au present consentement;
b) moyennant un avis d'aumoins cinq (5)joursouvrables aBGM, a CHUM et/ou au fiduciaire, et sans restriction ou ingerence de la part de BGM, de
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CHUM et/ou du fiduciaire, interroger les administrateurs, les dirigeants ou les employes de BGM, de CHUM et/ou du fiduciaire sur toute question ou chose en possession ou sous le contr6le de BGM, de CHUM etlou du fiduciaire et qui peut demontrer la conformite au present consentement.
IV. AVIS 15. Au plus tard dix jours a compter de la date de l'enregistrement du present consentement aupres du Tribunal de la concurrence, BGM, CHUM et/ou le fiduciaire fournissent un exemplaire du present consentement a chacun de leurs dirigeants, employes ou mandataires qui ont des responsabilites de gestion a l'egard des obligations prevues au present consentement.
16. BGM donne a la commissaire un preavis ecrit prealable d'au moins 14 jours avant 1' expiration de la convention de vote fiduciaire.
17. Les avis, rapports et autres communications ecrites exiges aux termes du present consentement sont presumes avoir ete donnes aux parties s'ils sont remis en mains propres ou transmis par courrier recommande ou par telecopieur suivant les indications suivantes :
a) Si le destinataire est la commissaire : Bureau de la concurrence Industrie Canada Place du Portage, 21 e etage 50, rue Victoria, Phase I Gatineau (Quebec) KIA OC9 A I' attention du sous-commissaire principal (fusions) Telephone: 819-997-3301 Telecopieur : 819-994-0998
A vec un exemplaire au : Directeur Section du droit de la concurrence Ministere de la Justice A !'attention de Jonathan Chaplan, avocat 7
Place du Portage, 22e etage 50, rue Victoria, Phase I Gatineau (Quebec) KIA OC9 Telephone : 819-959-3325 Telecopieur : 819-953-9267
b) Si le destinataire est BGM : 9 Channel Nine Court Toronto (Ontario) MlS 4B5 A !'attention d' Andre Serero, vice-president general, Secretaire juridique et corporatif Telephone: 416-332-5000 Telecopieur: 416-332-4281
Avec un exemplaire a: Torys s.r.l. Tour TD Waterhouse, bureau 3000, C.P. 270, Centre TD Toronto (Ontario) M5K 1N2 A I' attention de R. Jay Holsten Telephone: 416-865-7523 Telecopieur: 416-865-7380
c) Si le destinataire est CHUM : CHUM Limited 299, rue Queen Quest Toronto (Ontario) M5V 225 A !'attention du vice-president, Affaires juridiques et commerciales, Secretaire et avocat general Telephone: 416-591-7400, poste 2722 Telecopieur : 416-340-7005
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Avec un exemplaire a: Fasken Martineau Tour Banque Toronto-Dominion, bureau 4200 Casier postal 20, Centre Toronto Dominion Toronto (Ontario) M5K 1N6 A l'attention de D. C. New Telephone: 416-864-4414 Telecopieur: 416-364-7813
d) Si le destinataire est le fiduciaire : Weir Foulds s.r.l. Tour Exchange, bureau 1600 C.P. 480 130, rue King Ouest Toronto (Ontario) M5X 115 Canada A !'attention de John D. McKellar, C.M., c.r. Telephone: 416-947-5018 Telecopieur: 416-365-1876
V. DUREE 18. BGM, CHUM et le fiduciaire demeurent lies par les dispositions du present consentement durant }a periode de separation des elements d 'actif OU jusqu' aC e que la commissaire avise le Tribunal, selon la premiere echeance.
VI. DISPOSITIONS GENERALES 19. La commissaire, BGM, CHUM et le fiduciaire acceptent que le present consentement soit enregistre aupres du Tribunal.
20. Le present consentement, avec la convention de vote fiduciaire, constitue I' entente integrate intervenue entre la commissaire, BGM, CHUM et le fiduciaire quant a son objet et remplace toutes les ententes, tous Jes accords, toutes Jes negociations et tOUS Jes pourparlers anterieurs, qu'iJs soient ecrits OU verbaux.
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21. La commissaire, BGM, CHUM et le fiduciaire conviennent que les periodes prevues au present consentement peuvent etre modifiees si les parties y con sent ent.
22. Si un differend nait quant a !'interpretation OU !'application du present consentement, notamment au sujet d 'une decision de la commissaire en vertu du present consentement ou d'une violation du present consentement par BGM, CHUM ou le fiduciaire, la commissaire, BGM, CHUM ou le fiduciaire peuvent s'adresser au Tribunal pour demander une ordonnance precisant le sens d'une disposition du present consentement.
23. Le present consentement peut etre signe en plusieurs exemplaires; chaque exemplaire constitue unoriginal et !'ensemble des exemplaires constitue un seul et meme acte.
PourBGM: "Ivan Fecan" Date : Pour CHUM: ___ "Allan Mayne" Date :
Le fiduciaire : --- "John D. McKellar" Date : le 3 laout. 2006 ~~~~-=-=-~~~~~~~ -~~~~~~~"""-"~~'-=-~"'---Pour la commissaire : "Jonathan Chaplan" Date : le 3 laout, 2006 ~~~~~~~~-~~~~~~ ~~~~~~~~~~~~~~-----~
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le 31 aout. 2006 ~~~-=""""'--'=-=~<-=~=----~~~~~ le 31 aout, 2006 ~~~~~~~~~~~~~~
SCHEDULE 1
•
VOTING TRYST AGREgMENT THIS AGREEMENT made the 19th day of July, 2006 BETWEEN: Bell Globemedla Inc., a corporation Incorporated under the laWa of Ontario, and N8MX>, a corpordon to be Incorporated under the laws of · Canada or one of Its provlncae, the ehal"9holderl of which wll be TM Woodbridge CompMy Umlted, 1585117 Ontslo Umlted, BCE Inc., Ontario Teac:herl' Penelon Plan Board and Tcntar Corporation (hereinafter -1efeired to c:ollecliYely .. "BGlr)
OF THE FIRST PART: -and-John D. Mc:Kelar, C.M., Q.C., In the Cly of Toronto, In the Province of Ontario (herelnaft• '9flrred to • the "TIU9tM, OF THE SECOND PART. RECITES THAT: Whereu on July 12, 2008 BGM announced ltl lntenllon to make ... olfw' (the •Offer") to purdlaee, d"9cdy or lndlreclly, d cf the IMUed and outmnclng wling ....... of CHUM Llmtl8d or any IUCC8110r thereof (colledlVefy delnec:t .. "CHUM"), 9Ubject to certain condlllorw, and lm9nda, In certain clrcwnatanme, to acquh or ullngullh al of the oulltandlng lharel of CHUM thR>ugh I ~ mcquilltlon ar l8COnd 1taSf1 tranlllCtlon and to c:ompl* IUCh oaw trMladlal ... Inducing mt tntracorporata reorganization of CHUM or Ila IU~, 11 may be nem•ary 01 llt.tab'e In COl"il 18Ction with obtaining a. required ragulatcty approvall for the Offer • m.y be apedfted In wrllng to the Trultee (coUecllvaly hareinafter 1eferred to • the "T,.mac:tlo•i: And Whew CHUM. dnctly and bdnlc:tly, holds and wll continue to hold varfoua llcelicee, parmb. fnlnc:hilel and authorlmllona i.uect ~ the Canadian Radio telltlllon and Telecommunlcatlol• Conmlseion (lhe "CRTc-), • dela1bed In Schedule A to thi• Agreement; And Whereu the acqulslllon of the voting aharee of CHUM wll requlnt the prtor approval of the CRTC on terml acceptable to BGM rcRTC Appronr);
-2-Ancl Whereu BGM lntendl to flle or ceUH to be filed applk:atlona with the CRTC reqU9111ng any required CRTC Approval of the TranaacUona; And Whereu BGM la of the view that the depoalt with the Trutlee ~the voting lhrlret acquired suauant to the Tranuctlona (tt18 ·cHUM Voting ,...,_,, to be held by the Truatee for the benefit of BGM on and ~ to the """8 herein contal"'!ld, la an appropriate mac:hanllm to 8f18&.l8 that beneftcial ownenhlp of h CHUM Voting Sharell \IMta wllh BGM, while enutng that all voting rtghta IAOClatld with the CHUM VoClng Sharea (and hence efl'ecllv9 conbol) af CHUM'a broedaaltlng undeltaklnga, ant exerclud by an Independent, arm'• length party, pending h CRTC'• conelderatlon of the propoeed change of ownnhlp and control, u per the CRTC'a policy regarding uae of tMt arrangamera •• aet out In Public Nob CRTC 1999-198; And WheNU the ntabllahment of thla Trust and the depoelt of the CHUM Votng Shllrea with the Truatee In accordance with the terma of thla ~ la neceaury In order to comply with appllcable 18CUri11ea legialatlon, u req"*9d by Public Notice CRTC 1999-198; . And Whe,... the foregoing rec:lt8'a ant thoM of BGM and not of the Truatee; Now TheNfore In conaidenltlon of the premfaea and mu"-1 cownanta herein conlalned and for other good and valuable conalderatlon, the receipt n aulflclency of which la hereby acknowledged, BGM and the Truatee tMnby covenant and agree aa follOWI: 1. Cmtlon and PUrpo!I of Yolna Dutt Subject to the tenna and condltlona of ttia A(J'eement, a \IOlng tlUlt In raepect of the CHUM Voting Sharla (aharea ao depoelted being herelndw' 111.renwd to u the •Depoelttd 8harwe9) n hweby cruted and eatllbllahed, and h TnlltM hereby acapta the trult cnated hereby Md agrw to HMI 11 cru-. her9under. Subject .. pnMded below, Iha votng trult cruted hereby ahal be Irrevocable:
(a) untll CRTC App'OVal hU been obtained on tenna accept8ble to 8GM and all of the Oepoalted Shar9a and other property then held by 1he TMate plnWri to thla ~ hlNe been trwlaferred to ot to the order of BGM • provided n paragraph 4(c) below; or (b) W1tl complatlon of the ..1 e of all cl the Oepoaited Sharee purauant to a Requeat Salt Nollce • provided In paragraph 4(d) below or pur9Uarlt tD notice given In accontance with paragraph "4(f) below.
2. Acqultltlon ind Holdlng of Depotlttd Shlrn (a) BGM thal. conament with the acquisition of the Oepolited Sharm, eubjed to 9n1 guarantees and eecwly lnterettl granted In falVOUf' cf any financial institution(&) to aecure loans made by such financial lnltltutlon(a) to CHUM or BGM to enable BOM to acqulrll al or pmt d the CHUM Voting Shna, tranafer and deltver to the Truatee all or part cf th• Depollted Sharlll then owned or aubeequantly acquired. BGM ah ..I en"° that any 8UCh guaranteea or aecurty lntereltl are subject to any applcable regulatory requlntmenta. (b) When so requated by BGM In writing, the Truatee 1hlll delver, from time to time, to BGM acknoWledgemenll in wrttlng u to the ~.irnber, c:tw, face amount mid OU18I' c:haraderilb • applicable cf the Depoall8d Shsea held by hin at the time of auch requeet. (c) Subject to lhe nKJJlrernenll of W'IY agreement granting eny guartn11111 or aec:urtty lntareata In the Depotked SharM In favour of q flnanclal Institution(•) to l8CW'9 loant made by IUCh ftnanclal lnttllutlan(1) to CHUM or BGM to enable BGM to acquire al or pwt of the Dlpolllld Sharea, the Trustee ahal retain and hold In Ontario the share certtftca1IM repreeentlng Deposited Shine only In accordlnce wlh and subject to the tenne and condlUone Bet forth In this Agniement. Except where the Oepollted Sharw an1 pledged to a ftnanclal lnatltullon(1) aa conlenipllllld In the preceding aentenc:e, .. •hare certllcatM std other lnltNnenta evidencing the Depotked Shares lhal al al tlme1 be Md """8in In the po1Mlllon d the TrmlN. Aa clrected In writing by BOM (but wllhaut becomk\g pereonaly Hable with respect thereto), the TNStee lhal cau19 the grantk1g of guarantw and eecurfly lfltereRI (IUbfed to applCable regulatory requlrernenta) or give acknowfedgementa of any ~ p,..a or eecurly lnterMta referred to In paragrllph 2(a) abcM, In lhe Oepotbd Shanti aecurtng loarw made by one or more ftMndal ln.ututlon9 to BGM to ~ BGM to acquire all or part of the Depoalted Share1. The Truatee ahal not CllUH the exeoullon of "'Y hypothecMlon agreement unlnl It contmne provlalona stating that (I) voting rf"1tl for any pledged lhlll1'81 or other "*"-la and al rightl of the TN!tM hereunder wlU remain with the Tnmtee, even in the tMnt cf a default tJ1J BGM on the loanl (a -o.fautr); (II) In the event of • DnuJt. there wll be a pubic or privlle Nie of the pledged aharet or other lnatnmenll or lntareeta thal are Depoelted Sharee; and
-4-(111) prtor lo lhe exerdae of rights by the secured party or by a purchaw of such ahal'M or other lnltrumenta or lnterntl that .. Oepoelted Shanta, the ptlor appmv.I of the CRTC (If ~lrad) wll be obtained.
The Truat.H lhall have no authority to Ml, transfer, aulgn, pledge or .o therwlee dlapoH of or ana.mber the Oepolited Sha1'81, except tD the axt9nt othelwlle apecfflcally provided In thle Agrwemenl 3. ll•lnllnlnet of Ricord! The Trustee ahall maintain IUCh recordl and book8 as .. nece11mry or appropriate to enable lhe Trustee to cany out the terma and condltlone of thll Agreement. . voana tod Qt/!!r Act1on1 by Trutflt
(a) During the tann of thll Agreement. aR voting rtghtl with rnpect to the Depoelted Sharai, and the rtght u lhareholder to take part In or content to any corporate or ahlreholder action d any kind with l"8lped to CHUM and b subelclartea or 1ny other lharel that become Oepoelted 8twel from ame to time, aMI be veeted In and exen:iled by ttw TNllM, who ahal vote or cauae the Depoeltad Sham to be vmct, and olherwlle e>eerdle such Voting rtghll and iW* at lhareholder, at folOWI: ~) to cauee auch actlonl to be taken • th• TNAle may diem neceaeary 10 aa to maintain the conllnully of lhe opatlllol• and general c:hllfic:ter of Oil.JM and 1111 aublldartel h the ordlnmy COUIM of their raepectlve bualneew, Including lltllfylng cammltmenla thlt ant legally blnclng on CHUM or b IUbliclmlll, lnckldlng, far gretter certainty, to VOie IQlllDlt any ,.,. of ...... outside the ordinary cou,. of bualneaa except In each cae • pert of the Tranucllona; (JI) to require a ehnholderl meeting to be held If neceaury 111\d to remove from otnce by ordinary ruolution, In ~ICI wlh advlm tom htl legal advl8or, who, tD the beat of the Trwtee's · knowledge, 1hell not be legal counael to BGM or any of b 1hareholdera, aftllatM or 1ublldlarfa1 ("l.9gal Advice, and IUbject to the rtghla of other CHUM lhlreholders, any dlrec:tor of CHUM or any of ltl aublldlariea who the Trustee bellevel, ldlng l"MIGl'llbly, wll not In the futunt be an Aalleting Dlnlctor. For the• purpaMI, an 'Aaldng Dlrectlor" la any per.on who doel nat oppoM, Impede or Impair the completion Of lhe T11111811Ctiona, who renderl to the Trultee and BGM al Ullstance neceasary to 9"9ct the
-5-Tranuctlorm, who at al time• •di In • manner coneletent wlh affecting the Tra11811Ctian1 and maintaining the continuity of the . opefllllfona and general character of CHUM and 1111 1Ubaldillriee In the ordinary course of their raapectlve bu8lneuea ('ndudlng aatlsfylng cornmitmenta that are leglllly blnclng on CHUM 8"CI Ila 1Ubsldlartea), who doee not waetla corporate ....ta or oeherwlle .ct In • manner lnconllltent with the fiduciary ~ d • dlrec:tor and who provtdee written conllnnlltlon (• •eont1rmdoni when requested to do eo by the Tl'\l8lee th8t the dlredor II •nd i"ltenda In the future to be an Aemating onctor; (ID) i"I •ny manner nec:eeury baaed on Legal Advice •nd M.lbjeCt to the ~ti of other CHUM ltl_..holden, to elect or appoint u dlredorl of CHUM euch •ddllon•l lnclvlduala • the Trume In hll ...... dllcretlon datennlnee (Which may Include the Tl'Ultle), provided that lll1Y lndlvldulll to be elected or •ppolnted • dlredor ha provided to the Trustee • Canllrmatfon •nd the Truetee belle¥9e. ac:tlng l9880Mbly, that the lndlvldual wlH be an Aalllllng onctor, to vacandel on the board of dlrec:tort of CHUM during the term of thll Agr9ement.
(Iv) to 19place any member of the board of dlnlctora who l'llllp or II l'9moved far caw. •• apec:ifled. In aubparagraph (I) of thll pwagraph 4(•). In exerclllng theM po\V8l'8 to elect or mppolnt new dlrec:CDls. the Truatee shlH not appoi"lt • pel'IOl'I who, to the belt d the TN1tee'1 knowledge, le a partner, ofllcer, emplDyee, director, 1tweholc:ler, llftillldll or c:ompetltor (olher ttwn CHUM), of BGM, or who,,to the belt of the Tn.tee'1 lcnowledge, t. any pcofs11lo."1111 bullneu or t.mlllal relatlonahlp with BGM or lll1Y partner, otllclr, employee, dlreclor, shar9holder, atrlllate, or, competilDr (olher than CHUM), of BGM (any such petWOn eo 191ated to BOM being harelnder l9femMI to • • ·oa.quaJltled Peraort); (Y) 1ubject to IUbparagrmpha (I), (R), (Ill) and (Iv) d thla paragraph 4(•), In the TruatH'• abaolute dllcnldon blMd on L8Qlll Mvlce and U>ject to the rfghtll of other CHUM ahantholdera, to ,......_ or rw-appolnt at annu•I ahanlholderl meeting• of CHUM and any . other ahar9holdera meetlnga of CHUM 81 which dlreckn .,. to be elected or appoint each dRctor d Ct«JM who wu • dintdor prtor to 1uch meeting and othelwlae to ftll vacmncla _.... on the bo8Rf of drectDll of CHUM u well a to appoint •udlrn of CHUM •nd to IUthortze the clnlctan to fix the audlore' ANnUIWnltlon; (\II) upon completion of the acquisition d al the lllued and oullt8rdng lharae of CHUM, to deliver to CHUM end uch of Ila dlrwdcn •
-8-wrllten shareholder dedarallon requlr1ng that caplea of al monthly management and operational reporta and financial data relating to CHUM and lta IUblkllattM that are p19p&r8d Jn the orclnary COUIN of bullMll, ahall be delYered to lhe Truatee and providing that tl'9 pawe19 of such dncton are reltrtcted In that they may not LM euc:h powen to caUM CHUM and ltl .ubalclarlM to wry on bueNa except In the ordinary course; (vii) In the manner neceaaary 10 that CHUM •hall cany on buelnele In the ordftlry courM, not make or permit any c11a.- out of the ordinary coune, except as provided for In the nw.actlona. and lhaD Implement the Tranuc:Uona. The Trustee agreN he lnt8rm to ceu• CHUM to operate ltl bullnen only In the orclrwy cxxne, conalatent wtlt'I pat prac:licf, applcable legal •nd regulltary requirement. and conditions of lcancn, mid In p.rtlculm', to ca.. CHUM to •ct In a manner dellgned to 1afeguard ltl ...... maintain the conaruty of ltl openltionl and lflOl9 of .. . IUblldl ..., lndudlng maintaining In good etandlng al lcencee luued to CHUM and b aublldlartee, malrUln ht general character of the CHUM operatlona and prwrw lta bualnMa organization and l'8latlonlhls- with cummera, aipplln and ottMn;
(vii) upon notice In writing from BOM, tD obtain IUCh W-.. or caneenbl from CHUM .. lenders • are neceaary to pennlt the trlitwfar of the Depotl8d Shanta to the Tru.tee In accarml1C8 wlh the terma of thll Acar.ment; or, to the extent ludl COi-* or wa1v.. cannot be obtained, to obtSI replacement ftnuclng on tmma acceptable to CHUM nl BGM; (Ix) In order to: (A) effectuate and Implement ht Twdlona, which Wiii lndude, bUt not be Hmn.d to, mny l1m~ reorganization of CHIM or any of Ila subeldiartM and lhe acqulalllon, tin.icing (kldudlng the grantklg of g. .... and Hc:ady lheretor) and pa~ent of the COt'1lldel9tlon for the acqullllon of the Deposited Shares; (8) aeelat In the Implementation of anY going prMatl trMNclon propoeed by BGM or any other nr.actlon that le nec11191 or desirable to be taken In connection with obmlnlng lhe raqulred regulatory approvllll In connection .... the Offer •nd provtdll commerolally reaonable _,..nee to 9GM to
-7-obtaln CRTC Approval and any other approval• which may be required;
(C) obtain for BGM al written lnfOnnatlon and IUCh commercialy reuonable 88llatance • may be requested by BOM In writing from CHUM and its 1ubltclartel In order to olUll\ CRTC Approval (lndudlng, without limitation, by meklng any applcatlona and giving any conaenta required for auc:h purpoee) or In Older to fllcllltate any appllc:allonl or 1ubmlulon1 to be made Lnder the Competition Ad (Canada); and
(0) obtain (to the extent not alrelldy obtained) d apprcMlla, conaenta and watver. (other thai CRTC Approvll) raquk'ed to Implement the T1'811811C1ion1 or to avoid or cure any br8ac:h of wry apptlcable law or of the obllgdcna of CHUM or wry of ltl eublldlarte1 under any materW 11Q1WW1t or any lou or threatened lou of eny material r%lhta of CHUM or wry of ltl aublldlarlel ae a rwul Of the T111nuctlana and 1.u.ty all condllfone attached to al aucti apprvvala. coneenta and walvara and CRTC Apprvval; (the actlonl to be blbn pul8Ull1t to elllUIH "4(a)(bc) (A), (B), (C) and (0) abov9 being herein refenwd to • -rranucaon Completion Auletance9) and In the went that beeed on Legal Advice, the TNltH detennlnea that Sf/ dhctor of CHUM or 111 IUblldlat1ea II pnwenllng CHUM or Ila aibeldlar1ea from camplylng, or ntMlnO tD give wry authorization required to .... CHUM OI .. -IUblldlartel to comply, or reblng to ~ any autholtmlbi required to enable CHUM and Ila 1ublldlartea to comply wlh the foregoing, or II dherwlee oppoalng, Impeding or Impairing IUCh compllllnce, the Truatee ....... to the extent within the TNRMl'I power and control, and subject ID the rtgtlbl of other CHUM lharaholderl, vote or muee the Depoalted ShanNI to be vGt8d Ind otherwfle exerdle IUCh voting rtgta and fWlll • • at.eholdlr nimove 8UCh director from otllce In accord8nce with Legel Advice. (b) No pel"IOn other than the TNllM lhal have any voting rtghta In reepec:t of any of the Depoalted Shar91 IO long M thll Agreemenl la In e119c:t provided that the Truetee may appoint a proxy to vote the Depoall8d Shanta aolely In the mamer directed by the Truatee. The TMtiee lhal have no direct or lnclrect beneftclal lnt8ntlt In or right to 1he Depoall8d Shanti In hl1 capacity • Truatee or otherwlu.
-8· (c) The Truatee ah•I C8Ul8 the certlflcatea and 811 other documerD repre18ntlng •I of the Oepoalted Shalwa then held by the Trualee to .be dellverad to BGM, or •• I may othelWile have dlreded In writing, property endOl'Hd for trw'lafer to or to the order of BGM, •nd lh8I tm .. alher acllona appropriate to effedu8le the tranafer to BGM, or • I ,.,.Y otherwlae hllw dlrac:lad In wrtfng, of title to the Depoelted SharM and .. other property then held- by the Truetee purau.nt to thla .Agreement Id auchtlme •:
(I) CRTC Approval haa been granted and IUCh approni ti.a become efrec:Uw. or auch &ppnMll la no long• neceaary; Md (D) the Trustee recelvee a written nolfce from BGM Uhortzk1g auch tranlfer.
(d) If BGM, by notlce In writing to the Trustee (a •Reqmat Sale Notice,, lnfonna the Trustee that I hlla not obtained CRTC Approv8I and II ol the view that CRTC Approwl wll not, In any event, be obt.lned ........,., then, eubject a hereinafter provided, the Truae, acting far the beMfl of BGM, to the extent wllhln the Tn.tee'a powar and control and aubjecl to the rlghla of other CHUM 1hareholder81 ahal 1811 lhe Oepodad mi.. of CHUM or b aublldlarlea a aoon • pr1ctlcable, OD1111at8nt wllh the objecllve of obtaining the but vakle ANllOl18bly obtainable to BGM on .. after tax be-. and after reasonable conaultatlon with BGM • to h wma and propoeed pal'tlee .to any auch trwac:Uon bawl on advice NCllvecl from thoM lldvllols he deema appropriate, pnMded auch advflora .. not, to the beet of the Tl'Ultee'a knowledge, lmrnedlmtely prtor to and during the term of thla Agreement, acMlcn to, lllld do not tWl9 fllf'/ nwl8rt.I profeallonal, bu81nea, or famllal relltlonahlp wlh BOU, Ila lharaholdera, .,blldlarfea, or atnlfates C-Advlce1 lndudfng, wllhout Umltatlon, caUllng CHUM andfor Ila eubalcl1slM to be recNglnRad andlor to pay dlvklenda and to make dlatributlona on their respective lha191 • the TrultH detennlnel baled on Aatllo9 eo • to mulmlm dll'-tu proceeda. The TruatH ahal, In • m.,.,.r oonalatent wlh h TIUltM'a ftdud8ry oblgatlonl herw.lnder, t-. dlacretlon Jn ~ h •le procedure rt aeleclfng the purohaailg party or partlee and In delllm*q the terma of auch •les Wllh a view to obllllnlng the beet value l'8MOn8bly abtalnable; provided, howwwM', thllt BGM mmy wlthdnlw the Reql.- Sale Notice at any time prior to the c:onawnmlltlon of .,Y auch ..... aubjlct to the Independent concunwnoe by the Truetee b8l8d on Advice • to auc:h wllhdnllnl. All ... lhall be conducted ri compllnc:e wlh appbbll aecurltl• llllWI, 8nd lhall be aubjac:t to IUCh prtor rwgulatory app1vv9ll • may be requlr9d. Nothing hentln pi'ovldea, nor lhd I be conltrued to provtde,BGM with 811 ablolule vetD over any IUCh aales. I ' I
-9-(e) During the term of the voting truet, BGM by notice In writing to the TNMle, may require the Trustee from time to time to take any ltep, action or proceeclng aa may be nece1Ary or advieabla In oonnecllon with obtalnk1g the required regulatory approvals for the Trwmactlonl, Inducing the dlapoeltion or proposed dlspoaltlon of the alletl of CHUM and Ill aublldlarles (lnduding the aharee of any aubllclary) (a "Regulldary Dlepoaltloni, • let out In aud'I notice (a •Regulatory Dl8po.llon Notlce1. Upon a RegUatory Diapoaition Notice being given, the TIUDe ahaU take aH action raquSed by BOM In aud1 notlc:e to cauae CHUM and Ill aubeldlarlea. to the extanl l'MM:llllaary, to comply with auch nallce and to ntndlr al ...aatance ntqund by BGM In comectlon tt*9Wlh In U. manner and upon the terma Mt out In BGM'• nallce 1Ubject to any requlnnnentl of applicable law. (I) Mar obtak'llng CRTC Approval, BGM by notice In wrtlng to the Truatee may requlra the Trustee from time to time to take any atep, action or proceeclng In connac:tlon with the buslneaa, corporate and capbl atruc:ture of CHUM and Ill aubaldlarlea and/or the dlepoWllan or propoMd dlapoaldon of lhe aAetl of CHUM and Ill 1ubeldlartea (Including the n... of any aublldlary) aet out In IUCh notice. Upon any IUCh naUce be81g given, the Truatae lhllll taklt d action required by BGM In auch notice to cauae CHUM ni lta 1ubltdlarlel, to th9 extent MCIH•Y. to comply with auch notice and to IW1der al ..1 a1ance required by 8GM In connection therewith In the manner and upon the term• let <M In BGM'9 notice subject to any requirements of appllcllble law. (g) The Tn.tee ahal have any and all IUCh further powera and ahll tlllat auch further actlona (Including, but not lmlted to, taking legal .mion) to 19nder and cauae CHUM and Ill aubaldlarta to Nndw al raqulred aaalltance to BGM to et'fedua the Tra,_ctlona and enllble It to be completed, Including exerclQig lta voting and . other ~ • • shareholder with rBlpect to any of the Depoeled Shar9: CO to advance and bflng to fruition mny propoeal nec111ary to .r.c:t (or conalatenl with the effectuation 'of) the TrwwactloM. lncluclng the flnanc:lng theNof (and tO render Tranuctlone Complmlior1 Aaalance), or any contractual oblgatlona of CHUM Md II aubeldlarlel with r91pect thereto; Md QI) In oppoaition to any propoul lnc:onai.te~ with the conaummlllon of the Tranaadlona or any contradual obligation of CHUM and b aublkllllea with raepect thereto.
• 10-(h) Subject to the terma of thl• Agreement. If the Truatee l'9Cllvel an offer far the acquilltton of the Depollted Sharee, the Tnatee etl•I reject any Midi offer, unleee lndlcllted otherwise by BGM In wrtt91g.
CoQC!mlna th! lnJtle• Subject to the provlalone of thll Agntement, the voting truet c:nNd8d hereby shall be managed by the Trustee. (b) The Truetee lhal be entitled ID receive compensation for hll eeMc:M hereunda' at the tlmM and In the amounta u m•y I» mgl'Md to In wrtlfng between the Truatee and BOM. (c) The Truatee It exJX'8UIY authortzed to Incur mid pmy al .....onable chllrgea and othw expenw which the Truetee deem1 necH•my and proper In the perfonnance of the Tru1tee'1 dulle9 under lhll AQrwneN. Including for legal coun181 and other advllora of hta chooling ....._ on a per diem or hourty bUle • the Trustee deeme apprapn.e. (or, In, h event of any requirement for an advl1or In connecllon wllh a dllpo9ltlort or propoeed dlapoelllon ll'1der paragn1ph 4{d),{e) or (f) llbo\49 l'9taNd on 1uch other l"UIOl18ble balll • the TNllee deeml appropriate) • Wll • for afllce 1p11C9 and equipment and clerk:al ...1 11ance • the Tume may reuonably requlnl to allow the TnJetBe to perfann ·the Trume._ dUllee herell'Mier. BGM hereby aar- ID relmburM mid to Indemnify the Truatee 1g11lmt all dalme, coa d def9nC9 or ct.,. ~ l9880Nlbl9 attomeya' fMe and dleblnemenm), expen111 and llmblmy lncurrad by the Truae In comectlon wllh . the perfonnmce d the Tru1tee'1 dutlee t.llder thlt Agreement, except thoee lncul9d • a ,_.. of the Tnmee'1 CJ'Cl98 negligence, lntemlonal wnmgfUI action or wWul mltconduct. BGM ..- to make any paymenta to the Trustee purlUMt to thla paragraph wllhln thirty (30) daY9 d tubmlulan by the Trua18e d an Invoice or bll thentror, plue appropriate eupportlng dacurnentdon. In the CMe of any feee and dlaburlemaita of any legal or other advleor ,...... . by the Tnm., the Trustee wll arrange for coplel d the accoum. 1'81efor to be given to BOM and to Mt out therein In l1IMOnlble deW a deecrtptlon of the Ml"Vk:e1 ntndentd together with approprlal8 aupportlng documentation.
(d) The TMtee ahlll be free from liability In acting upon lr1Y paper, dooument or llgnature beleved bi/ the Truetae, to be genuine and to have been signed by the proper party. The Truatae lhall not be u.bie for elf'/ error of~ In q act done or omitted, nor for any rnletake of f9Ct or law, nor for anyltWig which the Trustee may do or ndtlln from ~ In good fafth. In order to obtain Legal Advice and Advice, the Truetee may conlUlt with legal, llCCOUntlng and bullneA adVllora d hie own ~
-11 -Wherever In this Agreement It la provided that the Trustee my take (or nat take) eome step, action or proceeding baled on or In accordance wlf'I Legal Advice or Advice, ao obtaining IUCh Advice or l.eglll. Advice and acting (or refraining from ao acting) 1hereupon •hall be oplloMI to the Tru.tH and the obtaining of such Advlc:e or Legal Advice lt18I nat be a condition precedent to the taking (or the refraining from takq) of IUCh 1tep, action or proceeding. Nevertheleu, any action, lt8p or proceeding taken (or not taken) in good faith by the Trustee and In accordance with the L.e&•I Advice or other Advtce, • appropriate, (whether or nat I II provided· In thll Agreement that IUCh step, action or proceedq It to be taken (or not tmcen) ba8ed upon or In accordllnce with Legal Advice or Advice) ltlal be conclullve on the partlet to thll AQreemn and the Trustee lhall be fully protec:tad •nd be IUbjecl to no llllbmy In~ thereto.
(e) The rlghbl and dutlel of the TnJltee hereunder lhall terminate upon the TruetM'1 t.nkNptcy, lnaolveney or death, and no lntln8I In any of the Depoelted Sharea held by the Tl'UlfM nor any of the rtghll and dUllel of• Truatee may be tranlferred In any manner except u provld9d In Ihm AQl99ll*1l The truatee or other per90nal repreeenbltlvel of • bankrupt. lnlOlvent or decaaaed TrwtH shall, however, have the right and duty to convey any Depollfed Sharea held by the Tnatee to one or men 1uc:ceaor TNltHI. (t) The TIUltH may l'8llgn by giving thirty (30) daya' lldYance wrttmn notice of realgnatlon to BGM; provided that a u:c111or TNllM hH been appointed and 1uch appointment hu racelvad al nece11ary regu•mary approvall and srt orders wanUng auch approval h.,. became ftnal orderw with reaped to which no as:lkJn•, reqal.tl for ltay, petlllolia tar rehemtng or raconalderatlan, or appeala .. pending, and • to which ... ame for ftllna q IUCh reqU811, 'patlaon or ilppeal hu expired. BGM ahall not unreaaonably delay In the appointment of a aucceuor Truatee. (g) So long .. the removal of the Trustee and the appolnt1J1ent of• IUCCMIOI' Trustee twwe flrlt l'8C8lved •II neceuary regulatoty llppRMll and any orderl granting auch approval have become flnal ordn wllh l'8lpecl to which no lldlona, requeatl for atay, petlllona tor rehem1ng or reconaiderallon, or appnll are penclng, and at to which the time for tllna any such requelt, pMltlon or appeal haa expired and the IUQClllOr Truatee le appolnled contemporMeOUlly with the rernoYlll cl the Tnatle, BGM may Nmave the Truae on ten (10) days' wrtaen noace to ... Trulfee.
(h) In the event of the rnlgnatlon, bankJuptcy, lnaolvency or dealt'I of the Truatee, he lhall be aucc:eeded, aubjec:t lo 1uch prior~ of the
I I
• 12. · CRTC • may be required, by a IUCC818Dr Trustee choean by BGM. Any aucceeeor Tnatee lhal IUCC88d to 1111 of._ rVD and obllgatlana of ._ Trustee replaced hereunder upon the execulon by such llUOCl880I' TNltee of a COU'1terpa1 of thle Agreement.
0) The TN"8e w.-ranta lhllt he II not a Dllquallfted Penan and that he II not a non-Canadian within lhe meaning of the onctlon to the CRTC (lnellglbllty of ~adena) SOR/97-182, 1887 Cenada Gazent Patt II, p.1222 rNon-Canac11ani and wlll not take any ac:don ... wll conltllute him a Dllquallfted Pef'IOl'I or a Non-Canadian durtng hll WI.Ira • Trultee. Any aucce1eor Tl'Ultee deelgnated pul'9Ullnt to pmigrwphl (f), (g) and (h) of thll Sec:tlon 5 lhal not be a Dlaqualltled P..an or a Non-C.nadlan.
•• Dlvldendt: Dlttrtbutlon of Pl"OCftdt of Salt of Sh!!!f or AIMii Subject to the requlrernentl of 8l'f/ agreement granting any MCUtty lnter9lt In the Dtpotlted Shain In fllvcu of any ftnmidal lnltltutlon or lnttllullona to MCUra loan! made by such flnandal lnttltutlon(1) lo CHUM or BOM to -bit BGM to acquire all or part of the Depollted Sharai: (a) BGM or Its dellgnee lhlll be entiUed to receive, from tme to time, payment. of dividend!, lnterelt. or other clltrtbutlont Ir any, colledltd or received by the Trustee wllh 1'91pect to the Deposited Sharw. Such paymera lhall be ri1ade to or to ._ order of BGM by ._ Tl'Ul1H • '°°" u practlcable after the receipt of IUCh dlvkl9nd8, im.rwt or other dll1ribullonl. In lieu of racatmg •uch clvldendl, 'i1fllnlmt or other dlltl1but10n1 and paying them to BGM or b dellgnee, h TIWIH may lnt1na OtUM In wrllng to pay 1uch dlvldenda or other dlltrbltlonl dlrtctly to BGM or b deelgnee. In the event elf'/ IUCh lnnuctlon la glv9n to CHUM, al labllty of the Truatee with regard to h payrrMlnt or IUCh dlvldendl or other dlltrtbutlone lhall ceae, unlell and w1ll IUCh lnttructlon II f9'10ked. The Tl'Ul1H may Ill any time revaD IUCh lnltrUctJon by wrtlter'I nob to CHUM and direct It to make •ibleqllent paymentl to the Trwtee; (b) In U. event the T~ recelvee any addltlonal voting 1haral of CHUM or 1harw of la aublldlariel through a dividend or other c:l8trlbullon with retpeet ID any Depo91t8d Sharea, the Trultle lhllll hold IUCh ..., .. IUbjec:I to thll Agraernent u Depmbd Sharee far the benetl d 80M or b dlllgnee and luch lharea lhal become IUbject to d of the tllrml and candltionl of thll Agreement to the ume extent • I they went Depa1i.d Shart1 mc:qulred by the TNltet pu...nt to paragraph 2(a) hereof;
-13. (C) fn the event or lhe l8fe of 111 or aubltantllllly al of CHUM or .. 1ublldl1r1ee, the dllaolutlon or total or partial llqukidon of CHUM or b 1'*-'dlart• or the ... exchange or trar.rer af II or part of l'8 Oepoaltad Sham, l'8 Truatee lhall 18C8MI ltw money, leCllllel. ~h11 or property which a111 dlltrlbuted or 81'8 dlstrlbutable In AllP8Ct tnereaf, or which ... 1'8Celved In exchange therefor, MCI, Iller paying (or ,........ for paynN thMeof) any 8ICJ*'l8S \ncumld purmant to .. ~ lhal dlltrfbullt 1uch money. MCUrllM, rlghla or property to SOM or b daalgnee;and
(d) ff Id any lme ckl'lng the term of thlt AGNement. the Truatee ahal naive or collect any money or alher pmparty (other than lh8l'99 ol CHUM) th~ dletltbutlon by CHUM to their thantholdera, att. thlln •Mt torltt In .,....pha (•), (b) or (c) of thll Section 8, the Truatee lhll dlltrb8 IUCh ll'IDMY or other property to BGM or la dellgnM. 7. 9ommtnC!fl1tnt of Tn11t IJ!,d Termination The obllg81lone of the perttee hereunder lhall commence upon BGM I, tllldnQ. up and paying for U. CHUM Voting Shares tendered \l'lder the Ofter (whlGh BGM 11'1111 be under no oblglltlon to the TNlfH to do), Ind •Ml terrnmt. upon the tran!lf9r to BGM or Ila d91ignee of al r! the Depoalled Sh91811 or ht 11119 thereat or of the .8 llela of CHUM or b aublklariea thllt 1111 '9qUDd to be aold puralM'lt ID a Request Sale Noice • contemplated hereunder and U. oamplete dlltll>ulfon of the proceede to BGM, exmpt that the Indemnity Oblgldorw of BGM Md BGM'a obllQ9lona to pay amounta owk'fl to the TNllea wil conunue In afled notwflhl'8nclln h tennlnatlon of thll AQreel'IMlf1t. • 8. gommunlcdpna (a) On • monthfr balll, and atterwlle when requested In wrtllng by BGU. the Truatee nl communlcatl wlh 8lld pn:Mde repal1a to BOM ~ the mplemantdon af the T. .......... and the bual,,.., malntlnlnoe llnd the oDlfatlon of CHUM and Ill 1Ubtldlariee. (b) Other tt.1 •• provided In paragraph 8(•) or elMwhenl In this AQreement, neilher BGM, nor my of b oftlolrl, ctnctort. employ••, lhel9halderl or efflllalR thall comrml'licate wllh the Tl'Ullae l'8QllldnG the opntlon or managltlnelt af CHUM or la aublldlariee. 8GM may coml'IUlbdl wlh the Tn&De c:oncemk'CI the trlnlfer of the Depoehed S..... ae. lnfannaOon an 118proc:edurwaflmpMmenlfng1he T~ Inf Clltw' procedwa n.qufntd to be ...... by the Tl"Ultee, CHUM orb IUIMldllrlle purwuant to fie tlNml henlaf Including. In the eYlllt ol • ReqUllJt a.
-14-Notlce or Regulatory Dlapoeltlon Notice, Information tNt could llWiet the Truetae In hla detennlnatlon u to the manner In which· the cl8pmltlon of any shaw. or 8l88ta to be dl1poead of by him may be canted out IO •to maximize the after-tax proceeds of IUCh dlapodlon to the ultlm8le rec:1p1em. thereof.
(c) Nly communication pennltted by paragraphs 8(a) or 8(b) hereof shall be In writing to the extent rneonable practicable.
(d) \Nhere deemed appropriate by the Truetae, the Tn.lltae lhlll provide to CHUM or Ila coul'IMI, coplea of al written matertal8 eent to or rwcelved from the CRTC wlh rasped to the Tranladlon and report orally to CHUM or ltl counael on the nature mid 1ubatance of al oral commwilc:llllon8 wllh the CRTC with reepect to the Tranaactlona, all to be provided or reported on aa aoon a reaaonably poulble; (a) Apart from that epeclfied In paragraph (d), any notice, direction, requeat or other lnatnment n.qulrad or pennltted to be given hereunder lh.a be In wrttlng (Including talecopler, telex, or eny olher means of commW1k:llllon by which wordl are captible of being vlltbty reprocb:ed at a dlltmnc9 point of reception) and given ~ dellvering or Mndlng II by telecopy or othlr llmllar .,.... of comnu11catlon addreeaed: (I) If to BGM at Bel Globemedlll lno. 9 Channel Nine Court Scarborough, Ontario M1S 485
Attention: Andrj Serero Telecopler: (418) 332-4281
-15-(II) If to the Trustee at Welrfouldl UP The Exchange Tower, Suite 1600 P.O.Box 480, 130 King S1r9et Wat
Toronto, Ontario M5X 1J5
Attanllon: John L Pandel TeJecopler: (418) 385-1878 Any IUCh notice, direction or other lnstn.ment gfv9n • mfontUld 1'1911 be effedlve upon receipt, unleu f9Celved on a day whlc:h la not a ~ day In which event It lhal be deemed to be f9C8lved on the next buUme day. Any party may change lta add,_ for.MfVlce from time to time by nallce given In llCCOrdance with the fontgolng and any IUblequent notice lhall be •nl to the party at lta changed add'9U. (a) Except for the written agreement between the Trustee and BGM u to the Trullee'• fMe for ao acting, U. Agreement conatltule9 the ..,. 8QN811MM1t between the parties hendo wlh reapect to the U>ject rnallr hereof and auperudel al prior oral or wrtlten 11Q1'9emenl9, commllmenla or Wlderatandinga with reapec:t to the matlllra provided for tw.ln. (b) Thia Agreement may be amended from tlm• to time In WIY m.... apedfl9d In a wrtlt8n notice glvwl by BGM to the T,..... to wt*11 11 atblched cop191 of an amending agr981n81'1t U9CUtltd by BGM for IUCh pwpoae; prvvld9d that al necea•ry appravall, If any, to HGh IUGh amenc:tm.nt lhmll tlrat be obtained from the CRTC. If any audl amendment affec:tl In q way, any or the rlghtl of the Truae herein ot lncru. .. the amount of any llabllty or potential labllly of the Tsuatle hereLl'lder u a ...... of acllng puf'IU8nt hereto, th• Tl'Ultae ahaH not be bound to agrw to any IUch amendment. Subject to the foNgO!ng, the Truatee shall execute the coplee of the amending agreement 8ttact.d to the natlol and return at leut two (2) copies to BGM. (c) Thll AQraement ahal be binding upon and lhal .,... lo fie benefit ~the partlea hereto and their raspectlve perwonal repiwntallvea, permitted
-18. aucceseora and pennlttad 888igna. Subject to Secllon S(h), lhla Agraement and the truata hel80f than not be aalgnable by the Trmtee. (d) If any part of any provision of this Agreement or any other agrwement. documents or Yt'l1tlng given pursuant to or In connection with thll Agreement ahan be Invalid or unenforceable under applk:able law, llld part shall be Ineffective to the extent of 1uch Invalidity only, without in My way atrectlng the remaining part of aald provlalon or the nwnanlng provlalona of Ihm Agreement.
(•) Thll Agreement, the rtghte and obllgatlona of the partiea hereto, and My cllllm• and dllputn relating thereto, lh•ll ·be governed by and conetrued e>CCluetvely In accordance with the lllwl of the PnMnce of Ontario. (f) Thll Agreement may be executed in any number of counterpartl, each of which lhall be deemed to be an ortglnal and aft of which together lh. . be deemed to be one and the same Agreement. (g) The Truatee ahaH comply .,_Md on Legal Advice with Publlc Notice CRTC 1999-198 and al rula, ragulatlonl and pollclea of the CRTC. IN WITNESS WHEREOF the partlel have executed this Agraement.
Bell Globemecll1 Ina. -Per:
L Ivan Fecan PrMJdent and Chief ExecutMt Ofllcer
-17. Schedule A Broadcntlng undertaklnga for which CHUll hM, dlrectly or lndlrecty, been taawd a Dcence
Conventional Telwtalon CIVl-TV Victoria CKAL·TV Calgary CKEM-TV Edmonton CHMl-TV Portage La Pralrte CKX-TV Brandon CFPL·TV London CHR~T V Pembroke CHRO-TV-43 Ottawa CHWl-TVWhaatley CITY-TV Toronto CITY.OT Toronto CKNX TV Wingham CKVR-TV Barrie CKVU-TV VanCOUftl' 8p.clalty Telwt.lon Alar (Cllt.1) Punchmuch (Cal 2) BRAVO Orfve.ln CIUllcl (Cal 2) F•hlon Televlmlan (Cal 1) Muct!Loud (Cllt.2)
MuchMcnMUllc MuchMcnRetro (Cal 2) MuchMullc . MuctMbe (cat. 2) SexTV (Clll 2) SPACE Stampede (Cat. 2)
starlTV ACCESS- The Education Station Book Televllfon: The Channel (Cat 1) ( ·,
-18-Canadl#I Leaming Televlelon (CL T) CcutTV canada (cat. 2) 0 The Crime Chemel (Cal 2) MullMAX MlalquePIUI CablePulle24
TV Land (Cat. 2)
Radio CFAX-AM Vlctortll CFUN-AM Vancouver CFUN-DR-2 Mount Seymour CHBE-FM Victoria CHQM Vancouver CHQM-OR-1 Mount Seymcu CKST-AM Vancouver CFRW-AM Winnipeg CFWM-FM Wlmlpeg CHIQ-FM YJlnnlpeg
CJCH-AM Hallfu CIOQ.FM Ha•ax CKGM-AM Montreal CKGM-OR-2 Mantrul CFCA-FM Kitchener CFJR-FM Broc:kvlle · CFL Y-FM IQiglton CFRA-AM Oltllwll CFRA-DR-2 atawll CHST. fM London CHUM-AM Toronto CHUM-Dft-2 Toronto CHUM-FM Toronto CHUM-OR-1 Toronto CIDR.fM Wlndlor CIDR-DR-1 Wlndaor CIMX-FM Mideor CIMX-DR-1 Vlnilor CJPT-FM Broc:kvlle CKKL..fMOlmw. CKKL-DR-1 Ollawa
-19-CKKW-AM Kltd1ener CKLc-AM Klngaton CKLW-AM \Nlndlor CKLW-DR-2 Wlnd80r CKLY -FM UtdlaY CKPT-AM Pe'9rbOroUgh CKQM-FM Peterborou"1 CKWW-AM Wlndeor CKWW-DR-2 Wlndlor CFGCMM OtlaWa CFGO-DR-2 OltaWll CJMJ-FM onawa CJMJ.OR-1 Ottawa CKUL-FM Hallfu CHBN-FM Edmonton CHUM Subecrlpdon Radio
TC-LE TRIBUNAL DE LA CONCURRENCE AFFAIRE INTtRESSANT la Loi sur la concurrence, L.R.C. (1985), ch. C-34, modifiee;
ET AFFAIRE INTtRESSANT !'acquisition, proposee par Bell Globemedia Inc. (BGM), d'actions de CHUM Limited (CHUM);
ET AFFAIRE INTtRESSANT le dep6t et l'enregistrement d'un consentement provisoire (le consentement) en vertu de I' article I 05 de la Loi sur la concu"ence (la Loi).
ENTRE: LE COMMISSAIRE DE LA CONCURRENCE
et BELL GLOBEMEDIA INC. et CHUM LIMITED et JOHN D. MCKELLAR C.M., c.r.
CONSENTEMENT PROVISOIRE