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<TITLE>FORM S-8</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the United States Securities and Exchange Commission on March&nbsp;6, 2006</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registration No.&nbsp;333-<U> </U>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

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<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>




<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>MITEL NETWORKS CORPORATION/<BR>
CORPORATION MITEL NETWORKS</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Exact name of registrant as specified in its charter)</I></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MITEL NETWORKS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Translation of Registrant&#146;s name into English)</I></DIV>


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    <TD align="center" valign="top"><B>Canada</B><BR>
<I>(State or other jurisdiction of incorporation or<BR>
organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><I>N/A</I></B><BR>
<I>(IRS Employer Identification No.)</I></TD>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>350 Legget Drive<BR>
Ottawa, Ontario, Canada K2K 2W7<BR>
(613)&nbsp;592-2122</B><BR>
<I>(Address of Registrant&#146;s Principal Executive Offices and telephone number)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 0pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Mitel Networks Corporation Employee Stock Option Plan</B><BR>
<I>(Full title of the plan)</I></DIV>

<DIV align="center" style="font-size: 1pt; margin-top: 0pt"><DIV align="center"><DIV style="font-size: 1pt; margin-top: 6pt; width: 26%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B><I>Copy to:</I></B></DIV>

<DIV align="center">

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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Susan J. Krembs, Esq.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Daniel H. Anixt</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Osler, Hoskin &#038; Harcourt LLP</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>U.S. Legal Counsel</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>280 Park Avenue, Suite 30W</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Mitel Networks, Inc.</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>New York, New York 10017</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>205 Van Buren St., Suite 400</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>(212) 907-0502</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Herndon, Virginia 20170</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>(703) 736-3124</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>(Name, address and telephone<BR> number of agent

for service)</I></TD>
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</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

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    <TD width="1%">&nbsp;</TD>
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    <TD nowrap align="left" colspan="21" style="border-bottom: 3px double #000000">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities to be Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount to be Registered</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per Share (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Price </B>(2)</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registration Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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                    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Shares, without nominal or par value</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 1px solid #000000">25,000,000 shares (1)</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top:1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="left" style="border-top: 1px solid #000000">1.24</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="left" style="border-top: 1px solid #000000">31,000,000.00</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="left" style="border-top: 1px solid #000000">3,317.00</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-top: 3px double #000000">&nbsp;</TD>
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    <TD width="96%"></TD>
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<TR><TD>&nbsp;</TD></TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416 (a)&nbsp;under the Securities Act of 1933, as amended,
this Registration Statement covers any additional securities that may
be offered or issued as a result of the anti-dilution provisions in
the Employee Stock Option Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the amount of the
registration fee, in accordance with Rule&nbsp;457(h)(1) under the
Securities Act of 1933, as amended. The Proposed Maximum Offering Price Per Share is equal to the weighed average exercise price of C$1.38 per common share for 22,642,849 outstanding options and a book value of C$1.76 per common share for the remaining options available for grant under the Employee Stock Option Plan, converted into U.S. dollars at the noon buying rate of C$1.1369 per US$1.00 reported by the Bank of Canada on March&nbsp;3, 2006.</TD>
</TR>

</TABLE>



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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>




</DIV>
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<P align="center" style="font-size: 10pt">- 2 -







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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000"> PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001"> PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010"> EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y18261exv4w6.htm">EX-4.6: EMPLOYEE STOCK OPTION PLAN</A></TD></TR>
<TR><TD colspan="9"><A HREF="y18261exv5w1.htm">EX-5.1: OPINION OF GREG HISCOCK, ESQ.</A></TD></TR>
<TR><TD colspan="9"><A HREF="y18261exv23w2.htm">EX-23.2: CONSENT OF DELOITTE & TOUCHE LLP</A></TD></TR>
</TABLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 " PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 is being filed for the purpose of registering an
additional 25,000,000 Common Shares of Mitel Networks Corporation (the &#147;Registrant&#148;) issuable
pursuant to the Registrant&#146;s Employee Stock Option Plan. Under the terms of the Registrant&#146;s
Employee Stock Option Plan, up to 25,000,000 of such Common Shares may be issued upon the exercise
of options. All information specified by Part&nbsp;I of Form S-8 is omitted from this Registration
Statement in accordance with Rule 424(b) under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;).
</DIV>
<!-- link1 " PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. </B><U><B>Incorporation of Documents by Reference</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by the Registrant with the Securities and Exchange Commission
are hereby incorporated by reference and made a part of this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Registrant&#146;s Annual Report on Form 20-F for the fiscal year ended April&nbsp;24, 2005 and
the transition period between April&nbsp;25, 2005 and April&nbsp;30, 2005 (the &#147;2005 Form 20-F&#148;); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The description of the Registrant&#146;s common shares contained in Item&nbsp;10B (Additional
Information &#150; Memorandum and Articles of Incorporation &#150; Capital Stock) of the Registrant&#146;s 2005
Form 20-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents subsequently filed by the Registrant pursuant to
Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) on
or after the date of this Registration Statement and prior to the filing of a post-effective
amendment to this Registration Statement which indicates that all securities registered hereby have
been sold or which deregisters such securities then remaining unsold shall be deemed to be
incorporated by reference in this Registration Statement and to be a part hereof from the date of
filing of such documents, except for information furnished to the Commission that is not deemed to
be &#147;filed&#148; for purposes of the Exchange Act (such documents, and the documents listed above, being
hereinafter referred to as &#147;Incorporated Documents&#148;). Any statement contained in an Incorporated
Document shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein or in any other subsequently filed Incorporated
Document modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.
</DIV>

<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. </B><U><B>Description of Securities</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s common shares are registered under Section&nbsp;12 of the Exchange Act.
</DIV>

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<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. </B><U><B>Interests of Named Experts and Counsel</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the common shares which are registered hereby and which may be issued by the
Registrant upon the exercise of options granted under the Employee Stock Option Plan will be passed
upon by Greg Hiscock, Esq., Corporate Counsel of the Registrant. Greg Hiscock is regularly
employed by the Registrant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated financial statements incorporated in this Registration
Statement by reference from the Registrant&#146;s Annual Report on
Form&nbsp;20-F for the year ended April&nbsp;24, 2005 and the
transition period between April&nbsp;25, 2005 and April&nbsp;30, 2005 have
been audited by Deloitte &#038;Touche LLP, an independent registered
chartered accounting firm, as stated in their report
which is incorporated herein by reference and have been so
incorporated in reliance upon the report of such firm given upon their
authority as experts in auditing and accounting.
</DIV>

</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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<P align="center" style="font-size: 10pt">- 3 -


<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. </B><U><B>Indemnification of Directors and Officers</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The by-laws of the Registrant generally provide that the Registrant shall indemnify a director
or officer against liability incurred in such capacity including acting at the Registrant&#146;s request
as director or officer of another corporation, to the extent permitted by the Canada Business
Corporations Act. The Registrant maintains directors and officers liability insurance in the amount
of $15,000,000 for the benefit of directors and officers of the Registrant. The policy contains a
deductible ranging from $50,000 to $75,000 depending upon the nature of the claim. The policy
contains a number of exclusions and limitations to the coverage provided, as a result of which the
Registrant may, under certain circumstances, be obligated to indemnify its directors or officers
for certain claims which do not fall within the coverage provided under the policy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Canada Business Corporations Act provides as of right that, in general, an officer or
director, as such, shall be entitled to indemnity if (i)&nbsp;he was not judged by a court or competent
authority to have committed any fault or omitted to do anything he ought to have done, (ii)&nbsp;he
acted honestly and in good faith with a view to the best interests of the corporation and (iii)
where a criminal or administrative action or proceeding that is enforced by a monetary penalty, he
had reasonable grounds for believing that his conduct was lawful. However, under the Canada
Business Corporations Act, no officer or director of the Registrant may be indemnified with respect
to any security holder&#146;s derivative action brought pursuant to such Act unless a court of competent
jurisdiction has approved the terms of such indemnification.
</DIV>

<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. </B><U><B>Exemption from Registration Claimed</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. </B><U><B>Exhibits</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No</B>.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Articles of Incorporation of the Registrant and amendments thereto prior to
April&nbsp;24, 2005 (2).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Amendment dated April&nbsp;22, 2004 (2).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Amendment dated April&nbsp;23, 2004 (2).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-laws of Mitel Networks Corporation (2).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen Common Share Certificate (3).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mitel Networks Corporation Employee Stock Option Plan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Purchase Agreement between Mitel and the Noteholders, dated April&nbsp;27, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Note (see Exhibit&nbsp;4.7 above) (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Security Agreement between Mitel and Highbridge (as a secured party, and also in
its capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April
27, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guaranty and Security Agreement between MNI and Highbridge (as a secured party, and also
in its capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April
27, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pledge Agreement between MNL and Highbridge (as a secured party, and also in its
capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April&nbsp;27,
2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charge Over Book Debts and Cash at Bank between MNL and Highbridge (as trustee for
itself and other Secured Parties), dated April&nbsp;27, 2005 (1)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt">- 4 -
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No</B>.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">4.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee and Indemnity between MNL and Highbridge (in its capacity as Collateral Agent
on behalf of the Noteholders), dated April&nbsp;27, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">4.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mortgage Debenture between MNL and Highbridge (as a secured party, and also in its
capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April&nbsp;27,
2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">4.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee and Security Agreement between MNOL and Highbridge (as a secured party, and
also in its capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated
June&nbsp;30, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">4.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deed of Guarantee and Subordination between MNIL, MNOL and Highbridge (as a secured
party, and also in its capacity as Collateral Agent (now BNY) on behalf of the
Noteholders), dated June&nbsp;30, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">4.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deed of Guarantee and Subordination between MNIL, MNOL and BNY, dated July&nbsp;15, 2005 (1)
</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">4.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Intellectual Property Security
Agreement between Mitel and BNY, effective from April&nbsp;27, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Greg Hiscock, Esq.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Greg Hiscock, Esq. (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"  align="center"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included in signature page to this Registration Statement).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Filed as an exhibit to the Registrant&#146;s 2005 Form 20-F and incorporated herein by
reference.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Filed as an exhibit to the Annual Report on Form 20-F of the Registrant for the fiscal year
ended April&nbsp;25, 2004 and incorporated herein by reference.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Filed as an exhibit to the Registration Statement on Form 20-F of the Registrant filed on
August&nbsp;26, 2002, as amended, of the Registrant and incorporated herein by reference.</TD>
</TR>

</TABLE>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt">- 5 -




<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="008"></A></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. </B><U><B>Undertakings</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;(a)&nbsp;The Registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 20px; text-indent: 10px">(ii)&nbsp;To reflect in the prospectus any facts or events arising after the effective date
of this Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in this Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 20px; text-indent: 10px">(iii)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such
information in this Registration Statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>provided</U>, <U>however</U>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Exchange Act
that are incorporated by reference in this Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10px; text-indent: 10px">(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at the time shall be deemed to
be the initial <U>bona</U> <U>fide</U> offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10px; text-indent: 10px">(3)&nbsp;To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this
Registration Statement shall be deemed to be a new Registration Statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial <U>bona</U> <U>fide</U> offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt">- 6 -
<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Ottawa, Canada, on the 6<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of March,
2006.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>MITEL NETWORKS CORPORATION /<BR>
CORPORATION MITEL NETWORKS</B><BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ <I>Donald W. Smith</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Donald W. Smith,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Donald W. Smith and Steven Spooner, and each of them, his true and lawful
attorneys-in-fact and agents, each with full power of substitution and resubstitution, for him and
in his name, place and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments), to this Registration Statement on Form S-8, and to file the same, with
exhibits thereto and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing requisite and necessary to be done, as
fully to all intents and purposes as he might or could do in person, hereby ratifying and
confirming all that each of said attorneys-in-fact and agents or their substitutes may lawfully do
or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration statement has been
signed below by the following persons in the capacities indicated, on the 6<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of
March, 2006.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>SIGNATURE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>TITLE</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>



<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Dr.&nbsp;Terence Matthews
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ <I>Donald W. Smith</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Donald W. Smith
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer and Director (principal executive officer)&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ Steven E. Spooner</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Steven E. Spooner
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer (principal financial officer and principal accounting officer)&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ <I>Paul A. N. Butcher</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Paul A. N. Butcher
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Operating Officer&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt">- 7 -
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>SIGNATURE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>TITLE</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ Peter D. Charbonneau</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Peter D. Charbonneau
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-left:45%; text-indent:-0px">Director
and Vice-Chairman&nbsp;</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ Kirk K. Mandy</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kirk K. Mandy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ Sir David S. Rowe-Beddoe</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Sir David S. Rowe-Beddoe
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ Gilbert S. Palter</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Gilbert S. Palter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/
Guthrie S. Stewart</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Guthrie S. Stewart</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/
Daniel H. Anixt</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Daniel H. Anixt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:35%">Authorized Representative<BR>
in the United States</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title: U.S. Legal Counsel, Mitel Networks, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt">- 8 -
<!-- link1 " EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No</B>.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Articles of Incorporation of the Registrant and amendments thereto prior to
April&nbsp;24, 2005 (2).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Amendment dated April&nbsp;22, 2004 (2).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Amendment dated April&nbsp;23, 2004 (2).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-laws of Mitel Networks Corporation (2).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen Common Share Certificate (3).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mitel Networks Corporation Employee Stock Option Plan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Purchase Agreement between Mitel and the Noteholders, dated April&nbsp;27, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Note (see Exhibit&nbsp;4.7 above) (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Security Agreement between Mitel and Highbridge (as a secured party, and also in
its capacity as Collateral Agent (now The Bank of New York) on behalf of the
Noteholders), dated April&nbsp;27, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guaranty and Security Agreement between MNI and Highbridge (as a secured party, and also
in its capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April
27, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pledge Agreement between MNL and Highbridge (as a secured party, and also in its
capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April&nbsp;27,
2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charge Over Book Debts and Cash at Bank between MNL and Highbridge (as trustee for
itself and other Secured Parties), dated April&nbsp;27, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee and Indemnity between MNL and Highbridge (in its capacity as Collateral Agent
on behalf of the Noteholders), dated April&nbsp;27, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mortgage Debenture between MNL and Highbridge (as a secured party, and also in its
capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April&nbsp;27,
2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee and Security Agreement between MNOL and Highbridge (as a secured party, and
also in its capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated
June&nbsp;30, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deed of Guarantee and Subordination between MNIL, MNOL and Highbridge (as a secured
party, and also in its capacity as Collateral Agent (now BNY) on behalf of the
Noteholders), dated June&nbsp;30, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deed of Guarantee and Subordination between MNIL, MNOL and BNY, dated July&nbsp;15, 2005 (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Intellectual Property Security Agreement between Mitel and BNY, effective from April&nbsp;27,
2005 (1)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt">- 9 -
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No</B>.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">5.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Greg Hiscock, Esq.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Greg Hiscock, Esq. (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included in signature page to this Registration Statement).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Filed as an exhibit to the Registrant&#146;s 2005 Form 20-F and incorporated herein by
reference.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Filed as an exhibit to the Annual Report on Form 20-F of the Registrant for the fiscal year
ended April&nbsp;25, 2004 and incorporated herein by reference.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Filed as an exhibit to the Registration Statement on Form 20-F of the Registrant filed on
August&nbsp;26, 2002, as amended, of the Registrant and incorporated herein by reference.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
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FORM S-8
Table of Contents
As filed with the United States Securities and Exchange Commission on March 6, 2006
Registration No. 333-
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
MITEL NETWORKS CORPORATION/
CORPORATION MITEL NETWORKS
(Exact name of registrant as specified in its charter)
MITEL NETWORKS CORPORATION
(Translation of Registrant's name into English)
Canada
(State or other jurisdiction of incorporation or
organization)
N/A
(IRS Employer Identification No.)
350 Legget Drive
Ottawa, Ontario, Canada K2K 2W7
(613) 592-2122
(Address of Registrant's Principal Executive Offices and telephone number)
Mitel Networks Corporation Employee Stock Option Plan
(Full title of the plan)
Copy to:
Susan J. Krembs, Esq.
Daniel H. Anixt
Osler, Hoskin & Harcourt LLP
U.S. Legal Counsel
280 Park Avenue, Suite 30W
Mitel Networks, Inc.
New York, New York 10017
205 Van Buren St., Suite 400
(212) 907-0502
Herndon, Virginia 20170
(703) 736-3124
(Name, address and telephone
number of agent

for service)
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Offering Price
Aggregate Offering
Amount of
Title of Securities to be Registered
Amount to be Registered
Per Share (2)
Price
(2)
Registration Fee
Common Shares, without nominal or par value
25,000,000 shares (1)
$
1.24
$
31,000,000.00
$
3,317.00
(1)
Pursuant to Rule 416 (a) under the Securities Act of 1933, as amended,
this Registration Statement covers any additional securities that may
be offered or issued as a result of the anti-dilution provisions in
the Employee Stock Option Plan.
(2)
Estimated solely for the purpose of calculating the amount of the
registration fee, in accordance with Rule 457(h)(1) under the
Securities Act of 1933, as amended. The Proposed Maximum Offering Price Per Share is equal to the weighed average exercise price of C$1.38 per common share for 22,642,849 outstanding options and a book value of C$1.76 per common share for the remaining options available for grant under the Employee Stock Option Plan, converted into U.S. dollars at the noon buying rate of C$1.1369 per US$1.00 reported by the Bank of Canada on March 3, 2006.
- 2 -
TABLE OF CONTENTS
PART I
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
EXHIBIT INDEX
EX-4.6: EMPLOYEE STOCK OPTION PLAN
EX-5.1: OPINION OF GREG HISCOCK, ESQ.
EX-23.2: CONSENT OF DELOITTE & TOUCHE LLP
Table of Contents
PART I
INFORMATION REQUIRED IN THE PROSPECTUS
This Registration Statement on Form S-8 is being filed for the purpose of registering an
additional 25,000,000 Common Shares of Mitel Networks Corporation (the "Registrant") issuable
pursuant to the Registrant's Employee Stock Option Plan. Under the terms of the Registrant's
Employee Stock Option Plan, up to 25,000,000 of such Common Shares may be issued upon the exercise
of options. All information specified by Part I of Form S-8 is omitted from this Registration
Statement in accordance with Rule 424(b) under the Securities Act of 1933, as amended (the
"Securities Act").
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
The following documents filed by the Registrant with the Securities and Exchange Commission
are hereby incorporated by reference and made a part of this Registration Statement:
(a) the Registrant's Annual Report on Form 20-F for the fiscal year ended April 24, 2005 and
the transition period between April 25, 2005 and April 30, 2005 (the "2005 Form 20-F"); and
(b) The description of the Registrant's common shares contained in Item 10B (Additional
Information – Memorandum and Articles of Incorporation – Capital Stock) of the Registrant's 2005
Form 20-F.
In addition, all documents subsequently filed by the Registrant pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") on
or after the date of this Registration Statement and prior to the filing of a post-effective
amendment to this Registration Statement which indicates that all securities registered hereby have
been sold or which deregisters such securities then remaining unsold shall be deemed to be
incorporated by reference in this Registration Statement and to be a part hereof from the date of
filing of such documents, except for information furnished to the Commission that is not deemed to
be "filed" for purposes of the Exchange Act (such documents, and the documents listed above, being
hereinafter referred to as "Incorporated Documents"). Any statement contained in an Incorporated
Document shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein or in any other subsequently filed Incorporated
Document modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.
Item 4.
Description of Securities
The Registrant's common shares are registered under Section 12 of the Exchange Act.
Item 5.
Interests of Named Experts and Counsel
The validity of the common shares which are registered hereby and which may be issued by the
Registrant upon the exercise of options granted under the Employee Stock Option Plan will be passed
upon by Greg Hiscock, Esq., Corporate Counsel of the Registrant. Greg Hiscock is regularly
employed by the Registrant.
The
consolidated financial statements incorporated in this Registration
Statement by reference from the Registrant's Annual Report on
Form 20-F for the year ended April 24, 2005 and the
transition period between April 25, 2005 and April 30, 2005 have
been audited by Deloitte &Touche LLP, an independent registered
chartered accounting firm, as stated in their report
which is incorporated herein by reference and have been so
incorporated in reliance upon the report of such firm given upon their
authority as experts in auditing and accounting.
Table of Contents
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Item 6.
Indemnification of Directors and Officers
The by-laws of the Registrant generally provide that the Registrant shall indemnify a director
or officer against liability incurred in such capacity including acting at the Registrant's request
as director or officer of another corporation, to the extent permitted by the Canada Business
Corporations Act. The Registrant maintains directors and officers liability insurance in the amount
of $15,000,000 for the benefit of directors and officers of the Registrant. The policy contains a
deductible ranging from $50,000 to $75,000 depending upon the nature of the claim. The policy
contains a number of exclusions and limitations to the coverage provided, as a result of which the
Registrant may, under certain circumstances, be obligated to indemnify its directors or officers
for certain claims which do not fall within the coverage provided under the policy.
The Canada Business Corporations Act provides as of right that, in general, an officer or
director, as such, shall be entitled to indemnity if (i) he was not judged by a court or competent
authority to have committed any fault or omitted to do anything he ought to have done, (ii) he
acted honestly and in good faith with a view to the best interests of the corporation and (iii)
where a criminal or administrative action or proceeding that is enforced by a monetary penalty, he
had reasonable grounds for believing that his conduct was lawful. However, under the Canada
Business Corporations Act, no officer or director of the Registrant may be indemnified with respect
to any security holder's derivative action brought pursuant to such Act unless a court of competent
jurisdiction has approved the terms of such indemnification.
Item 7.
Exemption from Registration Claimed
Not applicable.
Item 8.
Exhibits
Exhibit No
.
Description
4.1
Restated Articles of Incorporation of the Registrant and amendments thereto prior to
April 24, 2005 (2).
4.2
Articles of Amendment dated April 22, 2004 (2).
4.3
Articles of Amendment dated April 23, 2004 (2).
4.4
By-laws of Mitel Networks Corporation (2).
4.5
Specimen Common Share Certificate (3).
4.6
Mitel Networks Corporation Employee Stock Option Plan.
4.7
Securities Purchase Agreement between Mitel and the Noteholders, dated April 27, 2005 (1)
4.8
Form of Note (see Exhibit 4.7 above) (1)
4.9
General Security Agreement between Mitel and Highbridge (as a secured party, and also in
its capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April
27, 2005 (1)
4.10
Guaranty and Security Agreement between MNI and Highbridge (as a secured party, and also
in its capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April
27, 2005 (1)
4.11
Pledge Agreement between MNL and Highbridge (as a secured party, and also in its
capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April 27,
2005 (1)
4.12
Charge Over Book Debts and Cash at Bank between MNL and Highbridge (as trustee for
itself and other Secured Parties), dated April 27, 2005 (1)
Table of Contents
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Exhibit No
.
Description
4.13
Guarantee and Indemnity between MNL and Highbridge (in its capacity as Collateral Agent
on behalf of the Noteholders), dated April 27, 2005 (1)
4.14
Mortgage Debenture between MNL and Highbridge (as a secured party, and also in its
capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April 27,
2005 (1)
4.15
Guarantee and Security Agreement between MNOL and Highbridge (as a secured party, and
also in its capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated
June 30, 2005 (1)
4.16
Deed of Guarantee and Subordination between MNIL, MNOL and Highbridge (as a secured
party, and also in its capacity as Collateral Agent (now BNY) on behalf of the
Noteholders), dated June 30, 2005 (1)
4.17
Deed of Guarantee and Subordination between MNIL, MNOL and BNY, dated July 15, 2005 (1)
4.18
Intellectual Property Security
Agreement between Mitel and BNY, effective from April 27, 2005 (1)
5.1
Opinion of Greg Hiscock, Esq.
23.1
Consent of Greg Hiscock, Esq. (included in Exhibit 5.1).
23.2
Consent of Deloitte & Touche LLP.
24
Powers of Attorney (included in signature page to this Registration Statement).
(1)
Filed as an exhibit to the Registrant's 2005 Form 20-F and incorporated herein by
reference.
(2)
Filed as an exhibit to the Annual Report on Form 20-F of the Registrant for the fiscal year
ended April 25, 2004 and incorporated herein by reference.
(3)
Filed as an exhibit to the Registration Statement on Form 20-F of the Registrant filed on
August 26, 2002, as amended, of the Registrant and incorporated herein by reference.
Table of Contents
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Item 9.
Undertakings
(a) The Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of
1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date
of this Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in this Registration Statement;
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such
information in this Registration Statement;
provided
,
however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Exchange Act
that are incorporated by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at the time shall be deemed to
be the initial
bona
fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this
Registration Statement shall be deemed to be a new Registration Statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial
bona
fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
Table of Contents
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Ottawa, Canada, on the 6
th
day of March,
2006.
MITEL NETWORKS CORPORATION /
CORPORATION MITEL NETWORKS
(Registrant)
By:
/s/
Donald W. Smith
Donald W. Smith,
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Donald W. Smith and Steven Spooner, and each of them, his true and lawful
attorneys-in-fact and agents, each with full power of substitution and resubstitution, for him and
in his name, place and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments), to this Registration Statement on Form S-8, and to file the same, with
exhibits thereto and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing requisite and necessary to be done, as
fully to all intents and purposes as he might or could do in person, hereby ratifying and
confirming all that each of said attorneys-in-fact and agents or their substitutes may lawfully do
or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this registration statement has been
signed below by the following persons in the capacities indicated, on the 6
th
day of
March, 2006.
SIGNATURE
TITLE
Dr. Terence Matthews
Chairman and Director
/s/
Donald W. Smith
Donald W. Smith
Chief Executive Officer and Director (principal executive officer)
/s/ Steven E. Spooner
Steven E. Spooner
Chief Financial Officer (principal financial officer and principal accounting officer)
/s/
Paul A. N. Butcher
Paul A. N. Butcher
President and Chief Operating Officer
Table of Contents
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SIGNATURE
TITLE
/s/ Peter D. Charbonneau
Peter D. Charbonneau
Director
and Vice-Chairman
/s/ Kirk K. Mandy
Kirk K. Mandy
Director
/s/ Sir David S. Rowe-Beddoe
Sir David S. Rowe-Beddoe
Director
/s/ Gilbert S. Palter
Gilbert S. Palter
Director
/s/
Guthrie S. Stewart
Guthrie S. Stewart
Director
/s/
Daniel H. Anixt
Name: Daniel H. Anixt
Authorized Representative
in the United States
Title: U.S. Legal Counsel, Mitel Networks, Inc.
Table of Contents
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EXHIBIT INDEX
Exhibit No
.
Description
4.1
Restated Articles of Incorporation of the Registrant and amendments thereto prior to
April 24, 2005 (2).
4.2
Articles of Amendment dated April 22, 2004 (2).
4.3
Articles of Amendment dated April 23, 2004 (2).
4.4
By-laws of Mitel Networks Corporation (2).
4.5
Specimen Common Share Certificate (3).
4.6
Mitel Networks Corporation Employee Stock Option Plan.
4.7
Securities Purchase Agreement between Mitel and the Noteholders, dated April 27, 2005 (1)
4.8
Form of Note (see Exhibit 4.7 above) (1)
4.9
General Security Agreement between Mitel and Highbridge (as a secured party, and also in
its capacity as Collateral Agent (now The Bank of New York) on behalf of the
Noteholders), dated April 27, 2005 (1)
4.10
Guaranty and Security Agreement between MNI and Highbridge (as a secured party, and also
in its capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April
27, 2005 (1)
4.11
Pledge Agreement between MNL and Highbridge (as a secured party, and also in its
capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April 27,
2005 (1)
4.12
Charge Over Book Debts and Cash at Bank between MNL and Highbridge (as trustee for
itself and other Secured Parties), dated April 27, 2005 (1)
4.13
Guarantee and Indemnity between MNL and Highbridge (in its capacity as Collateral Agent
on behalf of the Noteholders), dated April 27, 2005 (1)
4.14
Mortgage Debenture between MNL and Highbridge (as a secured party, and also in its
capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated April 27,
2005 (1)
4.15
Guarantee and Security Agreement between MNOL and Highbridge (as a secured party, and
also in its capacity as Collateral Agent (now BNY) on behalf of the Noteholders), dated
June 30, 2005 (1)
4.16
Deed of Guarantee and Subordination between MNIL, MNOL and Highbridge (as a secured
party, and also in its capacity as Collateral Agent (now BNY) on behalf of the
Noteholders), dated June 30, 2005 (1)
4.17
Deed of Guarantee and Subordination between MNIL, MNOL and BNY, dated July 15, 2005 (1)
4.18
Intellectual Property Security Agreement between Mitel and BNY, effective from April 27,
2005 (1)
Table of Contents
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Exhibit No
.
Description
5.1
Opinion of Greg Hiscock, Esq.
23.1
Consent of Greg Hiscock, Esq. (included in Exhibit 5.1).
23.2
Consent of Deloitte & Touche LLP.
24
Powers of Attorney (included in signature page to this Registration Statement).
(1)
Filed as an exhibit to the Registrant's 2005 Form 20-F and incorporated herein by
reference.
(2)
Filed as an exhibit to the Annual Report on Form 20-F of the Registrant for the fiscal year
ended April 25, 2004 and incorporated herein by reference.
(3)
Filed as an exhibit to the Registration Statement on Form 20-F of the Registrant filed on
August 26, 2002, as amended, of the Registrant and incorporated herein by reference.