Court File No. CV -1 0-8533-00CL

ONTARIO SUPERIOR COURT OF JUSTICE

COMMERCIAL LIST

IN THE MATTER OF THE COMPANIES' CREDITORS ARRNGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDED

AND IN THE MATTER OF A PLAN OF COMPROMISE OR ARRNGEMENT OF CANWEST PUBLISHING INC.! PUBLICATIONS CANWEST INC., CANWEST BOOKS INC. AND CANWEST (CANADA) INC.

Applicants

RESPONDING MOTION RECORD OF POSTMEDIA NETWORKS INC. (Returnable December 10, 2010)

GOODMANS LLP Barristers & Solicitors 333 Bay Street, Suite 3400 Toronto, Canada M5H 2S7

Fred Myers LSUC#: 26301A Graham D. Smith LSUC#: 26377D Caroline Descours LSUC#: 5825lA Tel: (416) 979-2211 Fax: (416) 979-1234

Lawyers for the Respondent INDEX

TAB PAGE

1. Affidavit of Eileen Flood sworn December 5,2010 1-13 Exhibits "A" Asset Purchase Agreement among 7535538 Canada Inc., CW Acquisition Limited Parnership, Canwest Books Inc., Canwest (Canada) Inc., Canwest Limited Parnership/Canwest Société en Commandite and Canwest Publishing Inc.lPublications Canwest Inc., dated May 10, 2010 14-171 "B" Assignment and Amending Agreement among 7535538 Canada Inc., CW Acquisition Limited Parnership, 7536321 Canada Inc., Canwest Limited Partnership/Canwest Société en Commandite, Canwest (Canada) Inc., Canwest Publishing Inc.lPublications Canwest Inc. and Canwest Books Inc., dated June 10, 2010 172-185 "C" Assignment and Assumption Agreement among Canwest Books Inc., Canwest (Canada) Inc., Canwest Limited Partnership/Canwest Société en Commandite, Canwest Publishing Inc.lPublications Canwest Inc. and Postmedia Network Inc., dated July 13,2010 186-190 "D" 1982 Tripartite Agreement between The Gazette, Le Syndicat Quebecois de L'Imprimerie et des Communications, Section Locale 145 and the employees listed in the appendix, dated April 15, 1983 191-194

"E" 1987 Tripartite Agreement between The Gazette, Le Syndicat Quebecois de L'Imprimerie et des Communications, Section Locale 145 and the employees listed in the appendix, dated April 9, 1987 195-199

"F" Arbitration award by Arbitrator André Sylvestre dated February 13, 1997 200-244

"G" Arbitration award by Arbitrator André Sylvestre dated February 5, 1998 245-272 "H" October 30, 1998 Québec Superior Court decision, The Gazette, division de Southam Inc. c. Syndicat canadien des communications, de l'énergie et du papier, section locale 145 273-313 "I" December 15, 1999 Québec Court of Appeal decision, The Gazette, division de Southam Inc. c. Syndicat canadien des communications, de lénergie et du papier, section locale 145 314-365 "J" Interim Arbitration award by Arbitrator André Sylvestre dated October 11,2000 366-398 "K" August 6, 2003 Québec Cour of Appeal decision, Gazette (The), a division of Southam Inc. v. Blondin 399-419

"L" Arbitration award by Arbitrator André Sylvestre dated March 18, 2005 420-468

"M" March 17, 2008 Québec Court of Appeal decision, S. C. E. P., Local 145 c. Sylvestre 469-478

"N" Arbitration award by Arbitrator André Sylvestre dated January 21, 2009 479-508

"0" Summary of Arbitration and Cour Decisions Related to the Typographers' Claims 509-512

Ci Court File No. CV-1O-8533-00CL ONTARIO SUPERIOR COURT OF JUSTICE COMMERCIAL LIST

IN THE MATTER OF THE COMPANIES' CREDITORS ARRNGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDED

AND IN THE MATTER OF A PLAN OF COMPROMISE OR ARRNGEMENT OF CANWEST PUBLISHING INC./ PUBLICATIONS CANWEST INC., CANWEST BOOKS INC. AND CANWEST (CANADA) INC. Applicants AFFIDA VIT OF EILEEN FLOOD (sworn December 5, 2010)

I, Eileen Flood of the City of Montreal, in the Province of Québec, MAKE OATH AND SAY:

My Position

1. I am the Assistant Manager, Human Resources, at The Gazette, a Montreal

English-language newspaper.

2. The Gazette is now owned by Postmedia Network Inc. ("Postmedia").

3. I have been employed by the Gazette since January, 1989, through its periods of prior ownership by the Southamollinger group and more recently by Canwest Publishing

Inc./Publications Canwest Inc.

4. In my role as Assistant Manager, Human Resources, and in my preceding positions, I have become familiar with the extensive litigation between the Typographers (as defined below) and The Gazette that commenced in 1996 and that has continued until the stay - 2 - f"i?.~ ~')

issued in these proceedings (the "CCAA Proceedings"). Through a review of the various arbitration and court decisions, my presence at certain of the hearings and through working closely with Jean-Pierre Tremblay, former VP Human Resources, who passed away in July,

2010, I have knowledge of the matters regarding the litigation deposed to in this Affdavit. With respect to the matters deposed to herein in respect of the CCAA Proceedings and the sale to

Postmedia, my information, which I believe, is from the various documentation referred to and personnel at Postmedia involved with the CCAA Proceedings and the sale.

Postmedia and the Purchase Transaction

5. Canwest Publishing Inc., Canwest Limited Partnership, and certain related entities

(collectively, the "LP Entities") filed for protection in the CCAA Proceedings and obtained an

Initial Order on January 8, 2010. Postmedia Network Canada Corp. (formerly known as

7535538 Canada Inc.) and CW Acquisition Limited Parnership entered into an asset purchase agreement, dated as of May 10,2010, with the LP Entities, a copy of which is attached hereto as

Exhibit "A". The asset purchase agreement was assigned by CW Acquisition Limited

Parnership to Postmedia pursuant to an assignment and amending agreement, dated as of June

10,2010, a copy of which is attached hereto as Exhibit "B" (the asset purchase agreement, as assigned and amended, being the "Asset Purchase Agreement").

6. Pursuant to a Vesting Order of the Honourable Madam Justice Pepall issued on

June 18,2010, and an assignment and assumption agreement dated as of June 13,2010 between the LP Entities and Postmedia (the "Assignment", a copy of which is attached hereto as Exhibit

"C"), the LP Entities transferred to Postmedia certain assets, property and undertaking relating to f'i.;, "'., - 3 - its business free and clear of encumbrances (other than certain permitted encumbrances).

Pursuant to the Assignment, Postmedia assumed certain liabilities.

The Gazette Typographers and the Tripartite Agreements

7. As at 1982, The Gazette employed approximately two hundred typographers in what was known as the 'composing room'. Historically, typographers performed the fuction of composing the type for the printing of the newspaper. By the early 1980's, however, these typography functions, a labour-intensive task, were becoming obsolete as computerized technology was replacing these functions. The typographers' positions at The Gazette were becoming redundant.

8. In 1982, The Gazette, the typographers' union (Le Syndicat Québecois de l'mprimerie et des Communications, Section Locale 145) (the "Union"), and each of the two hundred typographers employed in The Gazette composing room at the time entered into

agreements (the "1982 Tripartite Agreements"). A sample copy of the 1982 Triparite

Agreements is attached as Exhibit "D".

9. The 1982 Triparite Agreements guaranteed that the typographers would not lose their employment due to technological changes until they reached the age of 65.

10. In 1987, The Gazette, the Union and the then remaining 132 typographers entered into fuher triparite agreements (the "1987 Tripartite Agreements", and, collectively with the :f'j~ - 4 - 'v ':i

1982 Triparite Agreements, the "Tripartite Agreements"). A sample copy of the 1987

Triparite Agreements is attached as Exhibit "E".

1 1. The Triparite Agreements provide that they come into effect only when a collective agreement between The Gazette and Union is not in force:

"The present agreement wil come into effect only at the time when the collective agreement between the employer and the Union as mentioned below, similarly in the case of future collective agreements, shall end, disappear, become without value or, for any other reason become null and void or inapplicable."

As such, the Tripartite Agreements have intermittent applicability, being effective only during periods when there is no collective agreement operating.

12. By August, 1994, as a result of the acceptance of retirement packages by the bulk

(51) of the then remaining 62 typographers, only 11 typographers remained, being those who refused the package (the "Typographers").

13. Six of the Typographers, namely Umed Gohil, JP Martin, Marc Tremblay, Leslie

Stockwell, Robert Davies and Horrace Holloway, have now retired or resigned and are not employed by Postmedia.

14. The remaining 5 of the Typographers, namely Pierre Rebetez, René Brazeau,

Michael Thomson, Rita Blondin and Eriberto DiPaolo, are stil employed by Postmedia at The

Gazette as "Transferred Employees" under the Asset Purchase Agreement. - 5 -

.r~.:- Litigation History ..rJ

15. The Typographers and The Gazette have been involved in a long history of

litigation over the Triparite Agreements, with multiple proceedings before arbitrators, the

Québec Superior Court, the Québec Court of Appeal, and in the case of a leave-to-appeal

application, the Supreme Cour of Canada.

16. On Januar 31, 1996, The Gazette sent the Union a notice to bargain pursuant to the Québec Labour Code confirming its intention to negotiate the renewal of the then existing collective agreement between The Gazette and the Union which was due to expire on April 30,

1996.

17. On April 30, 1996, the Union and the Typographers individually notified The

Gazette of their demand to exchange last final best offers ("LFBOs"), pursuant to the 1987

Tripartite Agreements.

18. The Gazette did not paricipate in an exchange of LFBOs. On May 8, 1996, the

Union filed a grievance to challenge the non-exchange ofLFBOs by The Gazette. Negotiations ensued but failed. As a result of the failed negotiations, The Gazette declared a lock-out of the

Typographers on June 3,1996.

19. On June 4, 1996, the Typographers and the Union fied a notice of dispute challenging the right of The Gazette to declare a lockout and requested orders requiring The

Gazette to exchange LFBOs with the Union and pay to the Typographers their regular salary and benefits for the duration of the lockout. - 6 - n\" ,r:i u

20. Both the May 8, 1996 grievance and the June 4, 1996 claim were submitted to arbitration before arbitrator André Sylvestre ("Arbitrator Sylvestre"), who held six days of hearings between December 5, 1996 and July 9, 1997.

21. As a preliminary matter, Arbitrator Sylvestre ruled on February 13, 1997 that each of the Typographers had standing as an individual pary to the arbitration proceedings because the June 4, 1996 claim alleged the violation of their individual rights under the Triparite

Agreements and not only rights under the collective agreement. A copy of the February 13, 1997 decision is attached as Exhibit "F".

22. On February 5,1998, Arbitrator Sylvestre addressed both the May 8,1996 grievance and the June 4, 1996 claim. A copy of the February 5, 1998 decision is attached as

Exhibit "G".

23. In his February 5, 1998 decision, Arbitrator Sylvestre dismissed the May 8, 1996 grievance because it was fied pursuant to the collective agreement which did not require an exchange of LFBOs, since the mandatory LFBO exchange procedure had been removed from the collective agreement in 1994. However, Arbitrator Sylvestre allowed the June 4, 1996 claim because he found that the Triparite Agreements came into force as free-standing civil contracts upon the declaration of the lockout on June 3, 1996 and that the 1987 Tripartite Agreements, as civil contracts stil contained the LFBOs exchange procedure. Arbitrator Sylvestre ruled in effect that the lockout suspended the application of the collective agreement but triggered the coming into force of the original 1987 Triparite Agreements. - 7 - il.. l,~~ l 24. On February 5, 1998, Arbitrator Sylvestre ordered, inter alia, The Gazette to

exchange LFBOs with the Typographers and to pay the Typographers their salary and benefits

for the duration of the lockout.

25. The Gazette filed an application in the Superior Court of Québec, challenging the portion of the February 5, 1998 decision that accepted the June 4, 1996 claim, on the grounds that Arbitrator Sylvestre as a grievance arbitrator under a collective agreement had no jurisdiction to interpret and apply civil contracts (the Triparite Agreements) during a legal lock- out.

26. In the meantime, The Gazette complied with Arbitrator Sylvestre's order to pay the Typographers their salar and benefits during the lockout as an interim measure while The

Gazette's application was pending, and subject to Arbitrator Sylvestre's order being quashed.

27. On October 30, 1998, the Québec Superior Court granted The Gazette's application and quashed the portion of Arbitrator Sylvestre's award which had accepted the

June 4, 1996 claim (the "1998 Superior Court Decision"). A copy of the 1998 Superior Court

Decision is attached as Exhibit "H".

28. The 1998 Superior Court Decision held that Arbitrator Sylvestre had exceeded his jurisdiction in accepting the June 4, 1996 claim on the basis that the Tripartite Agreements came into force and had legal effect during a lockout, and held that Arbitrator Sylvestre was acting only as a grievance arbitrator pursuant to the Québec Labour Code. - 8 - fì\" 0(ì

29. Upon receiving the 1998 Superior Court Decision, The Gazette ceased paying the

Typographers their salar and benefits for the lockout period.

30. The Typographers and the Union appealed the 1998 Superior Court Decision to the Québec Cour of AppeaL.

31. On December 15, 1999, the Québec Cour of Appeal allowed the appeal in part, ordering The Gazette to proceed with the exchange of LFBOs within the following 30 days (the

"1999 CA Decision"). A copy of the 1999 CA Decision, issued in French, is attached as Exhibit

"I". (I understand from counsel to Postmedia that they have engaged a professional translation firm to translate the decision to English.)

32. In the 1999 CA Decision, the Québec Court of Appeal quashed the portion of

Arbitrator Sylvestre's February 5, 1998 award that ordered The Gazette to pay the Typographers their salary and benefits during the lockout, and it provided a new mandate for Arbitrator

Sylvestre to decide whether the Typographers were entitled to any damages as a result of a

lockout that was possibly unduly prolonged by the failure of The Gazette to exchange LFBOs

after the April 30, 1996 demand.

33. The Gazette, the Union and the Typographers exchanged LFBOs on

Januar 21,2000.

34. On February 25, 2000, Arbitrator Sylvestre convened the paries to a case

management conference with respect to the new mandate provided by the Québec Cour of

Appeal in the 1999 CA Decision. At this meeting, counsel for the Typographers indicated that - 9- 1~ () .'W OJ the Typographers would be seeking, in addition to damages for lost salary and benefits during the lockout for the period from June 4, 1996 to January 21,2000, a number of other claims for damages such as damages due to stress and anxiety, moral damages, exemplar and punitive damages, damages for loss of enjoyment of life, etc.

35. On September 28, 2000, Arbitrator Sylvestre ruled on a number of preliminary issues, with detailed reasons following on October 11,2000. He found that: (i) the Union was not entitled to claim any damages; (ii) the Typographers were limited to claiming for loss of salary and benefits during the lockout; and iii) the maximum time period for the claim was limited to the period from June 4, 1996 to Januar 21, 2000. A copy of the October 11,2000 decision is attached as Exhibit "J".

36. The October 11, 2000 award gave rise to a second round of litigation between the

Typographers and The Gazette, with the Typographers fiing a Motion in Annulment under

Book VII of the Québec Code of Civil Procedure, challenging the October 11,2000 award.

37. On February 1,2001, The Gazette launched a parallel civil action against the

Typographers to recover the salary and benefits paid for the period ruing from February 5,

1998 to October 30, 1998. On August 14, 2001, the Québec Superior Cour referred this action to

Arbitrator Sylvestre to be dealt with in conjunction with the June 4, 1996 claim. Accordingly,

The Gazette's legal action for the recovery of salary and benefits paid to the Typographers, and the June 4, 1996 claim, were joined before Arbitrator Sylvestre. - 10- .C f"\ ..~ V

38. The Typographers' Motion in Anulment culminated with a second Québec Cour

of Appeal decision on August 6,2003 (the "2003 CA Decision"). A copy of the 2003 CA

Decision is attached as Exhbit "K".

39. In the 2003 CA Decision, the Québec Court of Appeal ruled that Arbitrator

Sylvestre, acting as a civil arbitrator under Book VII of the Québec Code of Civil Procedure,

correctly decided that under the June 4, 1996 claim the Typographers were only entitled to claim

damages in respect of salary and benefits for the period ruing from June 4, 1996 to January 21,

2000. The Québec Cour of Appeal then referred the matter back to Arbitrator Sylvestre to determine whether the lockout was unduly prolonged by The Gazette's refusal to exchange

LFBOs and what, if any, damages the Typographers were entitled to receive as a result.

40. In the 2003 CA Decision, the Québec Court of Appeal further confirmed that the

June 4,1996 Claim was a "dispute" within the meaning of section 944 of the Québec Code of

Civil Procedure as a result of the 1999 CA Decision.

41. Arbitrator Sylvestre held hearings on the merits of the June 4, 1996 claim as clarified by the 1999 CA Decision and the 2003 CA Decision. On March 18, 2005, Arbitrator

Sylvestre ruled that the Typographers were not entitled to any damages for the period running from June 3, 1996 to January 21, 2000. A copy of the March 18,2005 decision is attached as

Exhibit "L".

42. The Typographers commenced yet another round of litigation with respect to the

June 4, 1996 claim by filing a new Motion in Anulment under Book VII of the Québec Code of - 11 - ~..'i .)

Civil Procedure. This round of litigation culminated with a third decision by the Québec Court of

Appeal on March 17,2008 (the "2008 CA Decision"). A copy of the 2008 Cour of Appeal

Decision is attached as Exhibit "M".

43. In the 2008 CA Decision, the Québec Cour of Appeal quashed Arbitrator

Sylvestre's March 18, 2005 award and referred the matter back to Arbitrator Sylvestre for a third

time, directing him to determine when the collective agreement would have been finalized (i.e.,

on which date would the lockout have ended) had the LFBOs exchange process proceeded

following the Union's April 30, 1996 request.

44. Arbitrator Sylvestre heard the parties once more with respect to the June 4, 1996

claim. On Januar 21, 2009, Arbitrator Sylvestre held that if the LFBOs exchange process had

begun after the April 30, 1996 notice, the new collective agreement would have been finalized

and the lockout would have ended in May 1999. A copy of the January 21,2009 decision is

attached as Exhibit "N".

45. Arbitrator Sylvestre did not, however, order The Gazette to pay damages to the

Typographers for the period running from May 1999 to Januar 21,2000 as a result of his latest arbitration award, because he remained seized (and had yet to dispose) of The Gazette's counterclaim for the reimbursement of salaries and benefits paid from February 5, 1998 to

October 30, 1998.

46. In the January 21, 2009 award, Arbitrator Sylvestre provided the Typographers and The Gazette with the opportunity to resolve the question of quantification of damages owed - 12- ~t:, lj.

to the Typographers in light of a potential set-off with The Gazette's counterclaim, while retaining jurisdiction if the paries failed to reach an agreement on the issue.

47. The Gazette notes that the damages for lost salar and benefits claimed by the

Typographers cover the nine month period from May 1999 to January 21,2000 including interest

and legal indemnity. The Gazette's counterclaim for the recovery of salary and benefit payments wrongly made with interest and legal indemnity is also for a period of approximately nine months from Februar 5, 1998 to October 30, 1998. The amounts should substantially offset

each other.

48. On April 16, 2009, the Union and the Typographers filed a third Motion in

Anulment under Book VII of the Québec Code of Civil Procedure challenging Arbitrator

Sylvestre's January 21, 2009 award, thereby commencing a fourth round of litigation with respect to the June 4, 1996 claim. Hearings in this Motion were scheduled before the Québec

Superior Cour for June 7, 8 and 9, 2010.

49. Accordingly, at the time the LP Entities filed for protection in the CCAA

Proceedings on January 8, 2010, the Typographers and The Gazette were stil actively engaged- in their fourth round of litigation proceedings - in the Québec Superior Court regarding the June

4, 1996 claim.

50. The Québec Superior Court indefinitely postponed hearings on the third Motion in Anulment filed by the Typographers given the CCAA proceedings. That Motion, and the litigation before Arbitrator Sylvestre, remain pending. .~ "~'j - 13 - ...'"~

51. Attached as Exhibit "0" is a chart prepared by counsel listing the principle Cour

and arbitration orders discussed above and the operative effects thereof.

Postmedia and the Typographers' Claims

52. Postmedia has never had any involvement whatsoever with, or any paricipation

whatsoever in, the litigation between the Typographers and The Gazette.

53. When it agreed to purchase certain assets under the Asset Purchase Agreement,

Postmedia had no interest or benefit in assuming, or reason to assume, the Typographers' claims

or any litigation liability around them. These damages claims relate to events 14 years prior to

the asset purchase in 2010 by Postmedia, and have no relation to the current employment or role

of the Typographers who are Transferred Employees. It is Postmedia's position that it was not

required under the Asset Purchase Agreement to assume liability for any award of damages that may ultimately made to the Typographers as a result of alleged past breaches of the Tripartite Agreements. Postmedia has, since the asset purchase closed, honoured all of its ongoing obligations to Transferred Employees, including those of the Typographers who are Transferred

Employees.

SWORN before me at the City of Montreal, in the Province of Québec, on December 5, 2010. LCL~ ~ ~ ¿tXe ~..krL- ek~ A Commissioner for taking affidavits Eileen Flood

..~ 2...

This is Exhibit "A" referred to in the

affdavit of Eileen Flood

sworn before me, this 5th Ct.~day of December, ~ 2010. A Commissioner for Taking Affdavits :...'

.~~. -g: -t.... ~: .::~ :::

f

;.

~ ASSET PURCHASE AGREEMENT ~~

Dated as of May 10,2010

Between .:i..",;'

':",. 7535538 CANADA INC. .; and i: CW ACQIDSITION LIMTED,PARTNERSIDP

and CANST BOOKS INC.

and CANST (CANADA) INC.

and

~ ;, CANST LIMTED P ARTNERSID/CANWEST SOCITÉ EN COMMITE ,":

.. . and ,.. ~~ . :", CANST PUBLISHIG INC./PUBLICATIONS CANST mc. '. .

E

'.

AsSET PuCHSE AGRIllNT TOI\HiO:S:i8957.li .lC'...... ,..:.:.

TABLE OF CONTENTS ....

:~~. Page

ARTICLE i

. . . lNTERPRETATION...... ,...... 2 Sectiøn 1.1 Definitions...... 2 Sectioii1.2 Actions on Non-Business Days ...... 20 Section 1.3 Curency and Payment Obligations ...... 20 ;;, Section 1.4 Calculation ofTire ...... :...... 20 Section 1.5 Tender...... 20 Section 1.6 Knowledge ...... 20

Section 1.7 Additional Rules. of Interpretation ...... :...... 20 Section 1.8 Schedules ...... ,...... 21 , . ~r '~. ~ : ARTICLE 2 PURCHASE AN SALE OF ACQUID ASSETS...... ,...... 22 r Section 2.1 Puchase and Sale...... ,...... 22 i~.'- Section 2.2 Puchase Prlce...... 22 Si:ction:2.3 .PaymentofPuêhasePri.ce...... ,...... 22

Section 2.4 . Distrbution of Purchase Price ...... 23 Section 2.5 Deposit...... 24 Section 2.6 Tax Electiön ...... 24 Section 2.7 Conveyance Documents...... :...... 24

ARTICLB3 EXCLUDED ASSETS AN EXCLUDED LIAILITIES ...... ,...... 25 Section 3.1 Excluded Assets...... 25 Section 3.2 Excluded Lii:biIities ...... '.' 2S

ARTICLE 4 PURCHASE PRICE ALLOCATION...... 25 ~ Section 4.1 Purchase Price Allocation ...... 25 ,;: ~. ARTICLES :. ~. I.; EMPLOYEE MATIERS...... ~...... 26 '.. .' Section 5.1 .Offers ...... 26 Section 5.2 LP Benefit Plans ...;...... 27 Section 5,3 LP Pension.Plans...... 29

Section 5.4 Unionized Employees ...... 30 J;' ,.. ~. ARTICLE 6 5 . .TAX MA TTERS~...... i..,...... 30 Section 6. i Goods and Servìces Tax and Québec Sales Tax...... 30 Section 6.2 Provicial Retail Sales Taxes...... , ...... 31 Section: 6.3 Lood Trasfer Taxes ...... ,.. 32 Sectiôn 6.4 Rejected Elections and Indenuty ...... ;...... 32

-i,. 10R:JUO,S:i19S7.12 ~ ~ ." .; ~

TABLE OF CONTENTS (continued) Page

ARTICLE 7 REPRESENTATIONS AN W ARTlESOF THE LPENTITIES...... 32. Section 7.1 Corporate..Matters ...... 32 Section 7.2 Fìncial Matters ...... 3:4 ;., i~ Secion 7.3 Shàre Capital, Shares and Asset - NatlonalPost ...... 37 I~ i¡ l.(,r Sectiòn 7 A Assets ...... ,...... "'. 37 Sectioù.7.S: Conduct of Business ...... 40 Section 7;6 Employment N1attrs...... 41 Section 7.7 Pensioii and Other Benefit Plans;...... 42 Section 7.8: 'General Matteis...... 43 ~i.: ':.

ARTICLES .... REPRESENTATIONS AND W ARNl'IE OF PURCHASER AN .-:. HOLDCO...... ;.;¡ ...... ,...... ,...... ,...... 44 r. Section 8.1 Statüs...... ò...... 44 Section 82 -Due Authorization...... 44 Section 8.3 Enforceability...... :...... ò. 44 Sectio.IT 8.4 InvestientCanada Act...... 44 Section 8.5 No Conficts ...... 45 Section 8.6 Financial Ability...... 45 Section 8.7 Litigation...... 46 Section 8.8. Tax Registrations ...... 46

Section 8;9. Canadian. Newspapers...... ,...... ,...... ; ...... ¡... 46 Section 8.10 Shareholders' Interests ÌilCanadian Newspapers ...... ;.....;....1. 46 Seetioù 8.1 1 Dilgence by Purchaser ....."'..,...... ;...... ,;....,..;...... ;...... ;;...... ,;..46

ARTICLE 9 ~'. COVE.ATS, .':.~'"'.''''''.',''''''' .....,...... ,...-.. ..,..,...... r....";..~ .....'.... ;'.:....,...... ,. "'."..11 "'.""~.I'I'.l ...... ,..".:47 :,'. Seotion 9,1 General Covenants...... ;...... ,...... ~...,...... ,.;;;.47 . ~.~ Section 9.2 Action~ to Satisfy Closing Conditions...... 48 Section 9.3 Non~Assignable Assets ...... ".49 Section 9.4 Access...... 50 r-: Section. 9.5 Personal Inonnation Privacy...... 50 Section 9.6 Confdentiality ...... 51 Section 9.7 Adrirustrative Reserve...... 51 Se.ction 9.8 Approval of CCAA Plai and CCAA Cour Orders ...... 52 Se.ction 9;9 Distrbution ...... 54 ri..: Section 9.10 Cooperation.and Assistance by the LP Entities ...... ,. 54 ,~';. Section 9.11 Restrctions on Amendlents ...... 56 Section 9.12 Disentanglement from CMI Entities ...... 56 .\.' Sectiol1 9. i 3 Corton Shares...... ;;.. 57 Section 9.14 Purchaser.ard Holdco Financing ...... 57 Section 9.15 Insured Litigation...... 59

-II- T0JV0:528957.ii . _.. '.' ...... ~ ~u10

. TABLE OF CONTENTS .'. (continued) ... Page

ARTICLE 10 CONDITIONS ....,...... ,...... 60 Sèction 10.1 PurcJiaser's .Conditions ...... ,...... ,...... 60 Section 10.2 ThelJp Entities' Conditiol1s...... ,..61 Section 103 Investment Canada Act...... 62 f, ART1CLE 11 SURVIVAL ...... 62 Section 11.1 Survival...... 62

ARTICLE ii tj' :~. COMPLETION ...... '...... 63 Section 12.1. Completion...a...... ,...... 63 ~.~ . t.:' Section 12.2 Designated Purchaser...... ,....,...... 63 .

ARTICLE 13 TERMATION ...... 63 Section 13.1 Termnation R.ghts ...... 63 Section .13.2 Effect ofTernnation...... ,...... 63 Section 13.3 Forfeiture of Deposit, Liquidated Damages...... ,.... 64

ARTICLE 14 MISCELLANO.QS ...... '...... 64.. Section 14.1 Planing Act...... 64 Se.ction 14.2 Further Assurances...... :...... 64. Section 14.3 Notice...... 64 Section 14.4 Time ...... '...... 66 Section 14.5 Governing Law ...... ,...... 66 .. Section 14.6 rio Irevocable .Offer...... 66 J: Section 14.7 'Entin~Agreement ...... ,...... 67 Section 14.8 . Amendment...... ,...... ,...... 67 Section 14..9 Waîver...... ,...... 67 ;~:. Section 14.10 Seve;rability ...... ,.,...... 67 Section 14.1 1 Remedies Cumulative...... 67'

Section 14.12 Assignment and Enurement ...... 67 :~. Section 14.13 :No Third Pary Rights ..:...... 68 .~'. b:.' Section 14.14 CounterparS and Facsimile;,...... :...... :...... 68 ~, t~

,.,

-iii- TOR,20:5238957;12 19

,.

~ ASSET PURCHASE AGREEMENT

Tl,is Agreenient is dated as of May 10, 2010 between

7535538 CANADA INC. r¿-i: ("Holden") .tr íid

CWACQt)ISIl'ION LOOTED PARTNERSIDP (".~.rchäser") and

QANWST BOOKS INC. F: ("Canwest Books") and .

CAN~EST(CANADA) INC. . . ., 'iI' ("Canwest GP") r\ ," and t~ ~ CANWEST LÏMITED PARTNEIlSHIP/CANWESTSOCIÉTÉ EN . ~~ COMMDITE ~:" . ("Canwest LP") and

CANWESTPUDLISHINGINC. IPUBLICA'lIONSCANWEST INC. ("epi") ~:; RECITALS

.. A. The ~P Entities caryonth~Business and CPI owns all of the issued and. outstanding \:

shares of National Post. :~ '.,- ~. B. The ,LP Entities voluntarily commenced proceedings under the CCAApursuantlo the hiitial Order. . . ~..~: C. il connection with the CCAA Case, the LP Entities have agreed to sell to Purchaser and Purchaser bäs agreed to purchase from the LP Entities substantially all of the assets, property and undertakng of and relating to the Business, on the terms and conditions of :1." thís Agreement.

THEREFORE. the Pares. agree as follows:'

ASSl!T PURCHASE AGREEMENT 1'9ILH~Q:si~89s?1 i . . f...'..0 . - 2-

:; ~'. ARTICLE i.INTERPRETATION k

Section 1.1 Definitions

In ths Agreement:

(1) "Accounts Payable" means amounts relating to the Business owing to any Person as of the Acquisition Time, wluchate incurred by the LP Entities on or after the Filng Date in ~. f!: ponneçtion with the purchase of goods or !1! services in the Ordinary Course of Business and in r:"' accordance with the tetns of the hiitial Order and. tJ:s Agreement.

(2) "Accounts Receivable" means al accounts receivable, nptes receivable, loans receiväble and other evidences of Indebtednessand rights of the LP Biitities t9 recelvê payment and the secuiity angements and collateral securing the repayment andsatisfactioil of the foregoing. ," .. ,i~ .t,.

&~ :~;~

.~.

(d) the BOQkSand Records (other than Books andRecords of National Post); , ;:: (e) the Contracts; ~;: .;....~: .". ~::; (t) the Goodwil; .,.

':" (g) the Intellectual Property;

(h) the Inventory; ~:::

~:~ (i) the Licences; ~i: ~~

(j) the Personal Property Leases; ¡í"

(k) the PrepaìdExpenses; :ì~

(1) the Real Property;

(m) the Real Property LeElseS;

ASSBTPURCHASE.AdREMEI'l't

TOR.H20:iimS7.t!. ~.. ;. ;.: ....~) "J -3 "

s' j';" (n) the shares, of NRtìonaIPost; and

(0) the Tapgible Personal Property;

provided, for greater certnty, that "Acq1.ired Assets" does not include the Exçluded Assets;

as i',. (5) "Açqnisition" means the acquisitíon. by Purc)1àser of the Acquired Assets contelIplated by tW.s Agreement.. W

after the diite that the Sanction and (6) ¡'Acquisition Date" lIeans the tlud Business Day V ëstig Orders' become Finål Orders. provided that if the Marketing Përìod has not ended at the 'time of thesatisfactioii or waiver Of the coiiditioiisset forth in ArtiCle lO(other than those ,. conditions that by thëir nature cannot be satisfied until the Acquisition Date, but subJectto the fulfillmentot waiver of those cönditions),then the Acquisition Date shall occur irtsteäd cin the ii:: earliest to occur of (a) date föllowingthe satisfactioIìor waiver of such conditions that is th any business daybefore.,Qr duringthe Ivt'atketing Period as may be specified by Purchasen)ß no le~s R: uiiu t:h:reeBusiness pays' prior notice to theLPEntities and (b) the final day of the MlUketing

Period, or sucbother çlate, time, or place as agreed to 'in wr:ting llY the paries hereto, For the purposes of this Agreement, the temr "Marketing Period" shall mean first penod of 20- days :beginning on the delivery of the Required lnfonnation (together with the authorization letter ,. referred to in Section9;lO(l )(i)), thröughoüt which (i) Ptrchasershall 'have the RequIted

IJfoimation'and(ii) the conditions. set forth hi Section 10.2, have been satisfied (øther'than the

eonditiönsset forth in Section io.2(5)(ii) Md Section 1O.2(1O)(ii) and conditions that by their no conditibn naturecan onlype satisfied On the Acquisition Date) and nothng has ()ccurred and be satisfied existG that would cause any of t:econditions set fort in Section 10.1 to faH to assuming the Acquisition. Date were to be scheduled for any time during such' 20~day period; provided thàt: (x) . the "Marketing Period" shaI1be deemed not to have commeilëed if,priorto the completíon of such 20-day period, Pl'ccwaterhouseCoopets LLP or the then LP EIltltíes' auditors shall have withdrawn its audit or review opinion witf respect tö any of tht financial extended statements contained in the Required Infonnation, (y) the Marketing Period shall be .., until thedate that the Sanction and Vesting OrderS become Final Orders, and (z) notwithstanding ~. \ any of the foregoing, if the financial statements included in the Required Infomiation that are r,:. available to Pl.rchaser on the first day of any such 20-day period would be required to be updated pursuant to Rule 3-12 of Regulation S-X on any day during such 20-day period if a registration L:: such date, then a new statement using suchJínancial statements were to be fiedwitb the SEC on 20'-day period shalL ëommence.

Date or such other time on (7) ¡'Acquisitì()l1 Tinie" means 12:00 p.m. on the Acquisition. :1:. such date as the Pares may ägree. ~) agaist (8) "Actions" ineans .alI rights of action and claims whats,oever of the LP Entities before the tludpares arising by reason of any facts or citcumstances that occurred or existed Acquisition Time. whether or not anactiort or otherpl'ceeding shall have been commenced before the Acquisition Time. (9) "Admlrdstrative Agent" means The Bank of Nova Scotia or arty successor in its capacity as administrátiveagent under the Senior Credit Agreement.

ASSET./'ClIASI! AOREI!NT

TORJ2o:S2m.7.12 22 ..:': - 4"

:~~ -:;. ~' (10) "Administrative Reserve" meims a cash reserve in an amount to be agreed by the :-/ Monitor, the LP Entities and Purchaser, not exceeding $25,000,000, and approved by the CCAA Court pursuant to the Administrative Reserve Order, which reserve shall be established by the Monitor out of the LP Entities' Cash and Equivalents as a segregated account held in trust by the Monitor for the benefit of Persons entitled to be paid the Admistrative Reserve Costs and " Purchaser, in accordance with the terms hereof for the purpose of paying the Administrative \ Reserve Costs in accordance with the terms hereof andthe Admnistrative Reserve Order. :,. iF; ~~ "(1) "Adninistrative R~serve Account" means an account established by the Monitor in .' trust Îil accordánce with tlus Agreement and the Administrative Reserve Order.

(12) "AllDiistrative ReserV'e Costs" mean admiistrative çlaimsai(jcosts Qutstandingon the Aeqtiisiton Date (or to the e:itent pro:videdbelow a:ising thereafer)' fa1ìng witmn one or " more of the follow.ing categories (i) amounts secured py theadrnnistratioii charge, the LP MlP charge or financial advisorchargegranted by the CCAA Court in the Ïnitial Order incltiding, in f the case of th Monitor, the reasonable fees and costs of the Moiutor with respect to the ~~ performiuce of its duties andobligatíons whether arsing before or afer the Acquisition Date, :,.;. (ii) amounts. secured by the directors' and offcers' charge (including for grater certainty clai for wages indirectly secured by the directors' and offcers' çharge) granted by the CCMCoû1t in the Initial Ordtr, (iii) QovemmentPriOl'lty Chiims, (iv) any portion ôf pre-filing va.cation pay that is not pa, of Enip,layee Prørity ÇlâÎIìS, (y) Pension Priority Cllîitsj (vi) Tniste~ Fees and Costs. ~d (vü) Post;'PiJing Trade la.yables;.in each caselo the ~xtent n.ot paidbytbeLP .Bntiies '.' or, in the caSe of (H), (Hi), (iv), (v) anel (yü) above, assumed by Pi:rchaser ori OJ; before the Acquisition Date. . . . . ,

(13) "Admiìiistrative Reserve Order" means an Order of the CCAA Court, in form and substance satisfactory to Purchaser and the LP Entities, acting reasonably, to be made in coiiection with the CCAA Case on or before the Acquisition Date that wil set out the amount of the Adnunistrative Reserve and the process for the administration of the Administrative Reserve by the Monitor. (14) "Affiliate" ofaPerson means any Person that .directIy or indirectly Controls, is Controlled by, or is under common Control with, that Person, and for greater eertiünty inciudes a j: ~ subsidiar. ..." ~~: ~... this agreement, as may be (15) "Agreement" means this agreeinent and al schedules to ( amended from time to time in accordance with the terms hereof; ~. ":" Law"means, iÖrespect of any Person, property, tránsactiôn,event or .other j. (16) "Applicable ~ matter, any law, statute, regulation, code, ordinance,pdnciple .of borrOQ law or equity, lj rnunJcipRl by~law¡treaty OJ; Order, domestic: (It foreign, applicable to that Petl!öIl, propert, ll transaçtton; event or. oth~t matter and all applicable r~quitements, requests, offcial directives, ";. rul~s,cönsents, approvals; alJthotizatiöns, guïdelines¡ and poliçieSi in each case, having the force of law,öf anyGovernm~n:tal AUthorityhav.ing orpurportg to haveauthprity over that Pei:son, :~: propert, ttarsactiQn,ev~nt or. other matter and regarcled by suçh Governmental A uthority as requioiigconiplìanc:e. *:

" (17) I4Apprøval Order" has the meaning given to itin Section 14.6. ';

ASS6'CPURCHASE AGREEMENT

TOllJI20:S2389S7.12 .... ~ ..vc') ') - 5 - ti F~ all Contracts, PersonalPtopertý Leases ard Real Prop:etty :!-. (18) "Assum~dContracts" means

Leases, other than the Excluded Contracts and Leases.

(19) "AssuinedLiabilties" means. (i) Accounts Payable, Deferred Revenue Obligations, Accrued Liabilties and Insured LitigationDeductibles,(iì) thè other Liabilties of the LP.EntiUes relating: to tlie ,Bustnessatçred due on, or accruing due stlbseqpent to, the Acqtiísition Pate under the AssuroedÇonttclcts, Licençesand the Permtted Eric\lnibrances, (iü)' the.Lia1:iltíes of "'. assumed by the LPEntities relatig to tl Tranferr Errployees, and (iv) other Liabilties to be g: Purchaser as sptcificaiiy provided for undertls Agreement. . ~l

means the Financial Records and a1other books, records, fies (20) "Bóoks 8ndRecords" '. ' and papers of the LPEntides(other tlianminute books and corporatè record~) and NationalPost relating to the Busiiiess 'otthe Acquired AssetS and the blisiness and assets of National :Pöst, ~" :r including 'drawings,engineering information. computer programs (including soutce cöde), ~f: software programs, manuals aJd '!lata, sales and advertising i:âterials, sales and purcbåse ., correspondence, trade assoCiation .fies, research and devt;lopmept records, lists of preSent and :'', fJ' fonnercJlstomersand suppliers,personnei. employment and otherrecords, and ~l sucli records, . data and information stored electronically, digitally or on computer-relaie~media.

(21) "Business" means, collectively, the English languageney.spl!per, digititand onIine

,businesses .cariec on by CPT and the respective business cariedon by ,Caiwest BookE, Canwest GPand Caiwest LP. ' ~.~"

(21) "Business Day" meanS a day on. which bans are open for b,usiness in Toronto and or a holîday in eiiler the Province of Ontario Winnipeg, but,does not include a Saturday, Sunday or the Province of Manitoba.

cash, certificates of deposits, bank deposits, (i3) "Cash aiidEquivalents" means all cheques and cheque commercial paper, treasury bils and other cash equivalents of, and all of the

books of, the LPEntities.

(24) "Cash Elected Amount;' means, in respect of any PrOven. Claim of anuiisecüred. ctedìtor of the LP Entities, a cash amount equal to the lesser of $1,000 and the amount of $uchProven Claiin.

:~".' (25) "Cash ElectioIl" means an eiection made or deemed to be made. by an unsecUed creditor oftheLP Entities prior to the date of the creditors' meetü1g. pursuant to and in accordaricewìth or the CCAA Plan pursuant to wluch such creditor has elected been deemed to have eleèted to

receiyt; the Cash Elected ArouIlt in respect of the Proven CÏaim of such creditor, and is deemed i.,' to vote. in favour o~ the CCAA. Plan. 'ï. ;1 . ~. . (26) "CCAA" means Companies' Creditors Arrangement Act (Canada), R.S.C. 1985, c. C-36, as amended from time to time.

(17) l'CCAA Case" means the. proceedings commenced by wayöt an application for the Inìtial Order pursuant to the CCAA fied by Can west Bööks, Canwest GP and ClIon the Filng

Date. . . '. . Court of Justice (ComiërciaIList). (28) "CCAA Court" mëansthe Ontario Superior

ASSJ¡T 1'CHAS6.AOREEMBi'

TOR_H10:si8'S7.12 ,) " ''-1:

- 6.-

(29) "ceAA Planr mean the plan of compromise or ai~gemeiit reflecting the transactions, ~t: contemplated Oy tbiS Agreement substaJûallyon the teris set out in the outiineilttáched as ,"-:; Schedule 1.1(29) and, in form and substance satisfactory to Purchaser and the, LP Entities, acting

reasonably, tö be filed by the LP Entities in the CCAACase in accordance with this Agreement.

(30) "Claims"ineans ,any tight of any Person agaist any of the LPEntities in connection with aiy Indebtedness, liabilty ör obligation of any ldnd.of such LP Entity owed to suchPersoIi

, and any interestaccnied thereon or costs or other amounts payable in respect thereof, whether. ~'. if liquidated; unliquidaied, fixed, contingent, matured, unmatured, disputed,. undisputed:, legaL, ~!~ equìtable, secured, unsecured. present, future, known or unkown, by guarantee, snrety or ~i:erwise and whether ornot such right is executory or anticipatory in nature, including the right or, ability of anyPeJ.on to advance a claim. for çontriqution or indemnity Or 9tlerwise witn

respect to any grievanc~, matter, acton, cause or chose in açtion, ';Nnether existing at present .or.,.' . ~ -..,,'

commenced in the future, and for greater certainty,. includes any claim that would have' bt:en. ., :;:~ ~K provable. if the LP, Entiti~s had become baipt on. the Filg Date. .. 'l.: the claims procedùre order issued by the CeM (31) "Claims Procedure Order" means o :' Court on Ap'líl i 2, 2010 lrtconnectioh with theC;CAA Case, as, amended froID time to time. ~: (32) "CMJEntities",meaisCMwest Globäl Commuiücâtibns Coi:.,CaI1westM(idia me, and, .. I:' all direct and irt.direct subsidiaries of Can west Media: InC. other than the LP Entities, National ~¡'. Post and Echo J;ublicationS Parnershp. ~:: (Canada),(33). "CoinssÏoner" means the Commssioner . of Competition under the Competition Act

(34) "Comrton Shar.es" means either voting common shars or limited votirtg cortön shar in the capital of Holdëo, as applicable.

(35) "Competition Act Approval" means either (a) the applicable waiting. period under section 123 of the Competition Act (Canada) shall have expired 01' been waived, and the

Comnssl()ner shallbaye advised Pllrchaser that she does not intend to n:ake an application

under section 92 of the Compet(tion Act in respect of the Acquisition,andany terms (Canada) ~,..: and conditions attached to my such advice are acceptable to Purchaser, acting reasonably; or (b) r the Commssioner shall have issued an advance ruling certifcate under section 102(1) of the .":, ;~: Competiion Act (Canada) to the effect that the Conissioner is satisfied that she would not ." have sufficient 'gmunds upon which to apply to the Coinpetition Tribunal for an order under

sectio.1l92 Of the CompetitionAct(Canada) inrespect of the Acquisition. ~. . "~' :i. computer hardware, perìpher!Ù eqiijpmertt, software aid (36) "Computer SystelUl' means all tIV:" firmware, processed data, technology infraslrctureand other computeranô. cOß.uníca,tiQIl .~;. ~":. . systems and services that are ûsedby the LP Entities to receive, store,process 01' transmit data, to to day operationsatdaffiurs, Qr otherwi&e.. , caryon tbeBllsiness, to caryon their day b 1;"" the meaning given in Section 9.6(l)~ (37) ..'IConfdential biormat~.(l" has .!~; (38) "Consent" meaps àny conseiit,approval, permit, waiver, ruling, exemption ql', 'provided acknowle:dgerneni fro.m any Person (other thapanLP Entity or National Post) whicli is for or required in respeç( of or ptlrsuant to the terms of any Material Contract or any material ý

ASSET PuRCHASE AOREEMENT

TORJ20:S2lR!r1, J 2 /- ..v'):.- ':,:: -7-

It: Pel'sönalPtopert Lease örmateral Real Ptoperty Lease or any matenal lntellectual Propert in

connection'Wíththe' Acquisitiön, tö petmtPutchaser to use the AcquIred Àssets to caryon the Businessafer the Acquisition bate otwhich isöthefWise necessary to penntthe Paries to ¡;~.. perform their obligations under this Agreement. .~ .

element, radiation, vibration. souii or (39) "Contaninant" means any substance; product,

matter regUlated örgiving nse to liabilty under any Environmental Law (including any defined as "hazardousproduct,""dangerous goods," "waste," "toxic substance," "contamnant," ~t likely to ~~ . ''polhitat,'' "deleterous substace") or thè presence of which in the environment is

affectadveisely the quality of the envirt:mment orhurnan health in any way.

(40) "Contr~cts!' .mear¡sal cOntraCts and agreeirents relating to t~eBusinessto wlûchany .of the LPEntities is a pary as at t1;e Açquisition Ti1le';"including the ~hared Servlces' AgreeiÏént ~;-; and the Oin~bus Troansition and Reorganization Agreement (other than the .Personal Property ~:." Propert Leases), ~t..~ . Lëasesand the Real.PropertyLeases, butincludi.ngthe LP Leased ~-:. second 'Person díre~tiy-.or ;..:- (41) . "Control"ofa Person by another Person means that the indi~ctJy 'possesses the powet to direct Qrcause the directionöf the management and policies of the tirst Person, whether though the. ownerslup öf securities, by contract or by' any other means and "controlled by" and "under conuon control wit~" havecorrespClIiding meanings. ,! :":': between (4i) '''Cr~d,it Acqui~ition" has the meaning given.to it in theLP Support Agreement the LP Entities and the Admiistrative Agent, dated Januar 8. 2010. as amended from time to ~:

.!:.:: ;;~:. time. .-.'..i,-".

(43) "Debt Commitment Letter" has the meantig given to it in Section 8,6, '."l. (44) .':UeferredRevenue Obligations" means obligations of the LPEntities incurred. in the Ordinary Course of Biisiness in respect of prepaid circulation. and advertsing .revenues of the

Business that by their terms are to be satisfied following the Acquisiton Time, behalf of Purchaser to the ..~..' (45) ."Deposit" means the sum of (i) $10 millon paid by or on ¡." Monitor on or before the date hereof; plus(iì) interest eared on the amount set out in (i) in accordance with the SISP Procedures.

(46) "DèSignated Purchaser" has the meaning givento it iIi Section 12.2. any successor in its .r (47) "DlPAdßÙiiistrative Agentl means .The Ban of Nova Scotia or

capacity as adIihistrative agent. under the DIP Credit Agreement: :!

(48) "DIP Claims Amount" means; at any tIne, the aggregateamouiit of all ClaimS .of the t:' connection j. lenders and the DIP AdmiiÛsttativè Agent arising under or in with the DIP Credit y".:. K Agreement. ' 'l~ ., "DIPCrêdit Agreement"means the seniot~secured super priority debtor~in~possession (49) ~': credit agreement made asöf February 5, 2010 between Canwest LP, as borrowêr, theguarantors ~, .:¡ pary thereto, The B.lik of Nova Scotia, as administrative a:gentand arranger, The Ban of Növa Scotia, as an issuing bank, aM the íiütiallenders and öther lenders par thereto.

ASSET PuIlAseAoREEMENT

.TÒR.Hio;si3i9~1,11 ..u? C' - 8-

~: (50) "DIP Lender Distribution" means the payments to beipade to the DIP Administrative Agent for and on behalfQ£ the lenders, under the DIP Credit Agreement under the CCAA Plan in reSpect of the amountrefei:ed to in Section 2.4( l)(b).

(51). "Employee Priority Claim" means the following Clai of Employees and former or inactive employeesofthe LPEntities:

(a) . Claims equal to the amounts that such Employees and former or inactive .~~\

employees Would have been qualfied to rèCèivèiiiiderparagraph 136(i)(d) of the ~. Bankruptcyan: Insolvency Act (Canada) if the LP Entities had become banpt \ on the Filng Date; ~d

(b) Claims for wages,sRli;es; coimssionsor coipperisation for services rendered by .~. them afer the Filng Date and on or before the Acquisition Date together witb. in ~;.\~

the case of travelling salespersons, disbursementspropedy incurred by them in l~ . and about tbeBusiness during the same period. .'. t'. ~;~. work (52) "Employees" means .any and all (i) employees who are actively at (including full- time, par-time or temporaryempluyees) of the LP Entities, ineluding Misaligned eM! Employees; and (ii) employees of the LP Entities who are oiiapproved leaves òf abSence (including maternity leave, parental leave, shorHern disabiIty leave, workers' cOnipensation and öther statutory leaves). .l~ ~. (53). "Employment Laws" means all Applicable Laws relating to employment aod labour, includÎng those rèlating to wages, hours of work, employment or l¡ibour standards, collective bargaining, labour or industrial relations; pension. benefits, human rights, pay equity, employment equity, workers! compeiisation or workplace safety aid insurance, employer health tax, employment insurance, income tax withholrlngs, Canada or Quebec Pensiön Plan and occupational health and safety.

(54) "EncuniJ:rance" means any charge, mortgage, lien, pledge, daim, restrction, seciirity interest or other encumbrance whether created or arising by agreement. statute or otherwise at L' ~~.~ law, attaching to property, interestsoI' rights and shall be constred in tbe widest possiblè teris ~\ and principles known Under the law applicable to such property, interests or rights and wnether L or not theyconsthute specific or floating charges as Ihose terms are understood under the laws of t.'. thePrQVince ofOntano.

(55) '¡EnVironmental CJaim"includes. a claim, notice, administrative order, citation, complaint, summons, writ, proceeding ot demándrelating . to remediation, investigation, .~. monitoriilg, ëmergencyresponse, decontamination, restoration or other action under àny ... Environmenta Law or any notlce1claim,dëinand ot other communication alleging oras&ertng .~.;.~ -;."', liàbilty, eitber ditèct or hidireci. abdèither'in wholeot by way of contribution or indemnity, for .. investigatory; monitoring or cleanup costs; Ooveiimentál Authority tespönsecosts, damages, ~.: personid injuJ:esd'ines, p~na1ties Or for other relief, and arsing Qutof, baseclon or. resultng from ,. (a) the. presence, or Release into the environment, of any Contamn~ti Qr' (b)a,yrion- .¡. compliance. or àleged non-complíance with any EnvironinentalLaw ,or (c) otherwise relating to obligations or liabi:lities under any Environmental Law.

ASaETPúRCilASE.AGREllMENT roJU20'S:i389S7.12 .) tj.~ ... . .9.

'f '" al Applicable Laws relating to or imposing liabilty or (56) "RlwirorimentaLaws" means or stani:ards of cond:uct concerning the protection and preservation oftheenvironment, health safety.

(57) "Envil'onmeiitaIPennts" means Licences issued pursuant to an Environmental Law. has the meaning given tQ it in Section 8.6, (58) "Equity CommitmentLetter" ~r (59) "Equity Sponsors" has t)ie meanng given to itin. Section 8.6. ~.

(60) "Excluded Assets" has the meanng. given to it in Section, 3 .1. (61) !~xclüded Contracts and, Leases" means all Contracts,Personali'toperty Leases and ":' Real Property-LeaSës desëribed in SchëdUle 3.1t3Y(SchëduledExcludedAssets)~ n . i :~ ,~;: the LPEntitìes other than the Assumed (62) "Excludèd Liabiltles" mëans all Liabilties of ~;,::, Liabilties~ and for certainty Excluded Liabilties includes all of the Liabilties described in Schedule 1.1(62). . r~~

(63) "Filing Date" means Januar 8, 2010.

(64),. .!'Fial Order" meas, in respect of any Order, such Order after (i) the expiry of

applicäbleappeâl periods; or (H) in the event of an appeal or application forleaveto appeiù or to. stay, vary, supersede, set aside or vacäte such Order, final determnation of such. appeal or applicåtfon by the applicable court or appëllate tribunal. .' ;,::'. all books of account and other financial data .and (65) "Financial Records" means

~:.'. information of the LP Entities or National Post relating to Ù1e Business or tbe Aèql1ired Assets or

the business or assets of National Post and all such records, . data and infonnatlon stored

electronically, digitally or on computer-related media.

(66) '''Funds'' has the meaning given to it in Section 5.3(1). t, ~: i (67) . "GAAP" means, at any time, generally accëpted accounting prin,ciples inëffect in ;." Canada at that time, including the accounting reconuendations published in the lIandbook .0£ ~~ the Canadian Institute .of Charered Accountants.

(68) "Goodwil" means all goodwil of thëLP Entities including (i) the goodwil related to the ,r as carng Business at the Acquisition Time, and(ii) the right to represent Purcnaser on the $ Business in contin~ation of; and in succession to the LP Entities. ~:. E; ;Î; (69) "GovernmentPriodtyClaiin".means all Claims of GoverriinentaI Authorities that are: ~: Claii:i;isby Her Majesty in Right of Canada pursuant to subsections 224(1.2) and fa) f 224(1.3) of the ITA; . Plan or the EmPloyment (b) Claims pursuarit to any provision of the Canada Pension lnsrlrance Act (Canada) that refers to subsection 224( 1.2) of the ITA and provides for the collection of a contribution, as defined in the Canada Pension Plan, or employee's premium or employer's premium as defined in the Employment

ASSET PuRCHASE ÀGRlMENT

TOR_H20:S2389S7,12 ..0'J Ç) -10 -

.:'

Insura;nc~ Act (Canada), ora premiumundët .Par vn.tof thiit Aët,and of any y~ related interest, penalties or other amounts;' '.

(c) Claìins pursuant to any provision of .provincial legislation that has a -similar ,purpose toSub.se:ction 224(1.2) of the ITA; or that refers töthatsubsectoÍ1, to the- exterit that it provides for the collection of a sum, and óf any related intërest, penalties or other Rmounts, where the sum: , i' .'!;.

(i) has been withheld or deducted by a person from a payment toanothet !t person and is in rei~ect of a taJ sirrar in nature to the income táX imposed on individmùs under the ITA; or

(ii) is of the same nature as a eontdbution under the Canada pension PLan. if -;', the province is a "province providing a cO!Jprehensive pemìÌon plan".M . .~ defined in subsection 3(1) of the Canada Pension Plan. and theprovincía1 :: legislation establishes. a "provincial pension plån" as defined in that ~ , sub'sectic)l.. . ~~

(70) "Governmental Authorfty" means any domestic or foreìgn government; inc1udingiíy federal, provincial, state, territorial or rnunictpal governmerit,and iuygovernment deparmént, body,mistry, agency, trbunal, commssion, l)Oard, cour, ,Qureall ,or other authotity exercising

or purortgto'exerciseexecutïve', legiSlative, judicial, regulatory or administrative f¡;nctions of, or pertaíiing to; governent. .

(71) "GST" means goods and serices Of haronized sales tax imposed under Par IX of the OS! Act.

(72) "GSTAd" means the Excise Tax Act (Canada),

(7~). "Guarantee" of a Person means any absolute or contingent lIabHity of that Person under any guartee, agreement, endoi:sement (other thM for collection or deposit in the ordinm course of business of that Person), ,discount with recourse or othèr obligation to pay, purchase, repurchase. or otherwise be or become . liable or obligated upon or bi. respect .ofan yIndebtedness 1\ of any other Person and including any absolute or contigent oblígation to:' ;" " (a) advance or supply funds for the payment or purchase of any Indebtedness of any .... ötherPersQrt; r J., (b) purchase, s~ii or lease (as leSSee or lessor) any property, assets., goods, serviees; niaterialsor supplies primarily for the puroseøf enábJing any Person to make \, payietit of fudehtednti$s ot toassure the holder pf the Indebtednessagainsl.lpss¡ f or %-

(0) Jndemnify orbo1d h::ess any Person from or a:gaín$t any lo.!ìS,eS; liabilies or ': ;çl1mi.ages; in circumstances. mtended to r:mable thePer!ìOn to incur or pay .aliy Indebtedness O( ttl çpmply with any agreementrelàfing thereto .otQtherwise tQ,

,assure or proteetcreditorsagainst loss in, respect of the Indeptedntiss.

ASSET 'PuCHASE AGREEMNT

TOIU20:523a957.12 -~?n :'. ~ 11- ..

(74) "Hedging AgreementS" means the interest rate, currency and commodity hedging f: agreements entered ,into between an LP Entity and one or more Senior Lenders, in respect of obligations under the Senior wluch such LP Entity's. obUgations at secured pari passu with the Credìt Agrement.

(75) "ieA" means the Invest.ment Canada Act.

ii. (76) ''liíd~btedness'' of a ,Person means, without duplicàtiOn.: ~ ~::

(a) åU debts. and 1iàbilties of that Person for borroWed inoney; of (b) aii debts aiel lìabiltíes of tl:~t.Pe'rson representing thë dëferred acquisitíon cast property and serVices; àld ,.~ , :::'

;~:' (e) aU Guarimtees given by that Person. ,:';

~. (77) "Iullin) Order" means the initialor.der issued by the.'CCAA Court on Januar 8, 2010 in ~: . èonnection with the CCAA Case, as amendedand'extendedby.further orders of the CCAACourt däted, February-2, 2010, March 2.6, 2.010, April 12, 2Ö10 and April 28,2010, and as maybe furtër amended from time.tö time atter the d.ate hereof.

(78)'''Insured Litigation'; iteansthe insui'êd litigation riótices andclairïs involving the LP ;:. Entiti:e's, Old National Post and NationalPosf as set out in Schedule 1.1(78) and in respect of

insued litigation claims. for .libel, slander and/or defamation arsing in the Ordinar Course of Business after the currency date of such schedule. any remaining deductibles under insurace (79) "Insured .Litigation Deductibles" means policies maintained by or on behal of the LP Entitie.s in respect of the Insured Litigation.

(80) "InteUèctual Propërty" means:

(a) all patents, patent rights, pätent applications, regìstrations,corttinuations, continuations ;înpar, divisional applications or aniiógöus rights thereto, and inventions owned by the LP Entities or used by' .the LP Entities in theB'Usines.s; ?:.. ;: (b) all trade-rtaiks;trade names,. trade-mark applications and registrations, trade name registrations, service marks, logos, slogans and brand names owned by the L;P Entities or used by the LP Entities in the Business;

(c) all works of authorship, copyright works, copyrightable works, copyright .!j applications and registrations, and design rights, including packaging designs, ~:" displays, photographs, graphics, arwork, videos, proprietary fonts and typefàcèS, ¡.' advertsing and promotional materials, training materials and manuiUs used for internal andextemal p:urposes, website and elèctronic content, compilations" ~. documentation ,ànd other textual and audiovisual Works owned by theLP Entities or Used by theLP Entities in the Business; .

(d) all industrial designs 'and applications for registratìon of industrial designs and industrial design rights, design patents and industrial design registrations owned :.

by the LP Entities or used by the LP Entities in the Business;

ASSET PuCHASE AGREMINT

TQRj120:si38957, i 2 so - 12-

;: (e) all business names,corporàte names, telephone numbers, d01:ml'inaie$, dömaìn nan:ei:ègisttauóns, website names and worldWidewëbaddresses 'ahdôther commudìèätionsaddrëss'esoWIiedby thèLP Erttitiesör Jised by the LP EötitiësÌl tbe BusÍJess;

(t) al CompUter Systë.i and llpplicatiøns softare, including all docunientatiön ;J' relàting thereto and the latestrevisIons of all related object and source. codes therefor owned by the LP Entities or used. by the LP Entities in the Business; ~. ~'

(g) all rights and interests in and to processes, lab journals; notebooks, data, trade

secrets, designs, know-how, product formulae and information, manufacturig, engineering. and other tecluical drawings and manuals, technology, blue prints, research and development reports, techncal infonnatioi1, tehnealassistanCë; .:'k engineering data, design and' engineering specifications, and siinlar materials ;1: recording or evidencing expertse or infonnatibn owned by the LPEntitiesor used ,.

bytheLP Entities in .the Busjness; :- :.;:. (0: (h) all customër lists, subsciberJists and supplier lists;

(ì) al 'Qther il'tellectual propeny rlghtsownedby the LP Enl;ties or use4 by the LP Entities in the Business, or arising from the operation ofthëBusiness, and foreign

equivalents;Qr counterpar rights, in any jurisdiction throughout the world;

the Lp Entities of the intellectual property desel'bed .m G) aU licences graJited by paragraphs (a) to (i) above;

(k) al future income and proceeds from imy of the intellectualpropeny listed in paragraphs (a) to (i) above and the licences described inparagraph (i) above;

of the (1) al i'ghts to damages and profits by reaSOn of the infringement of any intellectual property described in items (a) to (i) above and the licences described in item G) above; ~ any of the foregoing; ~. . (m) all materials and content in any form or media embodying t' and i: .'

(n) al goodwil aSSQcìåted with any of the foregoing,

provided, for greater certainty, that "íntelleetual Propérty" does not incl:ude intellectual " .~...:' property that is :in the public domaìo. Ä, (81) "1nlelbnPtnQdjj'me:as theperiodJromand inclq;dingthedateqf this Agreement tQ anr: ~:: licIiiding tM ;iëquü;itiöö Date.

(~2) "ITA" means the Income Ta;..Aot .(Canada), .~ ,"

"Inventory" means all inventories of the LP Bntides including al finisl:ed :goods; work (83) in progr~ss, taW rtátetia1s1 mant!facturing supplies, spare pars,. packaging matedaisand all other material and;supplie$iisë(l ot COJiSU1e9 in the production of finished goods.

ASS6TI'RqlSE AOR.BME!'

.TORJ!0,siS9S1.ì2: ~:~.

...1'l -1 - 13 ~

subject to the Real Property ~¡; (84) "Leaed Premises" means the real or immovable property Leases. 8.6. (85) l'Lenders"hçi the meaninggiven tojt in Section

Person means al Indebtedness, obligations and other liabilties of that (86) "Liabiîitìes" ()f a Person whether absolute,accrqed,contíngent, fixed or otherwise, or whether due or to become due. ~~. ::p

"1.cence" means (81) any lìcence, permt, authorization, approvål or other evidence of authority issued or granted to, conferred upon, or otherwisecreatëd Jot, the 'LP Entities by any ,. Govertêntal AUthority..

.;:... (88). "LP Benefi Plans" means the êmployeebenefit plans'; agreements, arangements. ::": funded br unfunded) tl1at are inainti¡hied for, available to, or otherwise tehitîng to any (whether or .is Employee or fonner or inactive employee of anyLP Entity or which any LP Entity sponsors i:.;' obligated to'contnbiite tooi:s in any way liable for, whether o:inotinsurec:l and whether or not. "

subject to any Appliçable Law, inc)udingbonus, deferred compensation, incentive compensati9D, .

~1lar purchase, share appreciation, share option, severance and tennnatìon pay, hospitalization,' ,

health and other medìcal benefiis, accidental death and dismembennent; life and other insurance, dental, . vision, legal, long-term and short.,tetiD disabilty, salar continuation, vacation, sùppiemerita unemploymentbeIiefits, education assistance, profit shatng, mortgage assistace; einployee loan.einpl()eeassIstanceand pension, retirement and supplemental retirement plans, progriùns, agreemt\nts (including the LP Pension Plans and ¡:y registered retirement savings arangements), except that the term "LPBenefit Plans" shall not include any Multi-Employer Plan~ ;~! Statutory Plans. . (89) . ;I'LP Entitîes" means collectively Canwest Books, Cånwest GP, Canwest LP and CPI iid, for greater certainty, .a reference to the LP Entities includes anyone of them; agreements to lease, .. (90) "LPLeased ;Property Leases~' rneansall executed offers to lease; .' licences or other leases, subleases! renewals of leases~ tenancy agreements¡rìghts of occupation, 't

occupancy agteementsgranted by or On behalf of an.LP. Entity or its predecessors intitIe as t., par tlereof hOW Qr hereafter, " lessortø possess or occupy space Withii the Real Property or any ~ togetherwith.all securitY, guarantees and indenuitiesof thetenaits' obligations .therel.nder. :':.:

(91). "LP Pension PlanS" nieans each of the defined benefit and defined .contribution pension ,I any LP Entity and that are required to plans that are sponsored, máinfaiI1ed, andadministered by be, and are, registered and regulated under the ITA and uiider applicable provincial miimum standards legislation, but excluding any MultiÆmplöyerPlan. i: t- (92) "Material Adverse Effect" means any change, effect or circumstance that: (a) is Qr is reasonably expected to be, individually or in the aggregate, materially adverse to the operations ~., or condition of (i) the Business or the business of National Post¡(ü) or any riewspaper operated

as par oilhe Business, in each. case, financial or otherwise; or (b) would or would. reasonably be to . .!' expected to, individually,O in the aggregate, matetially impact the ability of the LP Entities

complete the transactions contemplated in this Agreement, but in each case excluding any change, effect or circurstance arising out of, resulting from or attribiüable to (u) an event or ~. or series of events or circumstances iûecti:g (i) tIìe Canadian or global economy generally

ASSET PURCHASE AGREMENT

.TOI\_Hw:~mm.J2 i) .') .. (. -14 -

:~. '.. ¿; :':. capital or fmancial markets genera1ly, includirg changes in interest or exchange' rates; (ii)

political conditiöns generaly of Canada; or (il) the newspaper ordigitaVonline industry in

generality) the negotiation; execution, announcement or consUDation of the transactions

contemplated by, or the perfOmiahce of obligations under, this, Agrëertent; (w) theidentity of, ot

the effects of any faèts or drèùintahces relating to, Purchaser or its Affliates; (x) any changes

or pI'ospective changes in Applicable Law or GAAP or the enforcement 01 intetpretationtheI'eof; or mitary actiohs, or any escalation or (y) aty hostilities, Rcts öf waI,sábötage~ terrorism .~.'1, worsening of iiy suchhostiHties,a.cts of war, sabotage, te.rrorism or nùlitary actiol1s;or (i) the ~;; CCM Case (proVided, that changes, effects or cÍtcumstance.s Set fort in clauses (u), (x) a:d(y) above may be taken into aècoiintjn detetnining whether there hås beeir or is a Matedai Adverse Effect tQ the extent suchchahges,effects or circumstances have a p:ateriallydispropo:conate

adve;rse effect on the Business and National Post, taken as, a whole, ,as compared to other

,parcipants in the industries in which the Business and National Post operate). ;r. :0;"¡- Busi:öes$ or the business (93) '''MateriaICoiitract'' means any Contractfhat is material to the of NaüöhaLPost or any newspáJíer operated as par. of the BusineSs that, if breached' or ~; termnated, would have a MateriaI Adverse Effect, and also includes any Contract (other than LP :' Leased Property 'Leases) which cannot be tennnated on less than 12Mmonths notice and which createsli Liabilty of more than $10,000,000 annually.

(94) "MisalignedCMIEmpl()yees" meanS the employees of the CMI Entities who devote a :: majoûty of their working time tothe;Businessas identified in the letter datedMay 1O,2010from Osler,lloskin & HarcourtLLP, counsel to the LP Entities, to Davies Ward Phillps & Vineberg LLP, counSel to Purchaser. . (95) "Monitor" meansFIl Consulting Canada Inc., in its capacity.as CCAAcourt~àppòinted Monitor of the LP Entitiespursuait tö thehlitial Order. plans, arangementa, agreements,progrars, policies, (96) "MultiwEmployer Plan" means . , practices or undertakngs, whether funded or unfunded, insured or uninsured, registered or , . Unregistered to which the LP Entities or National Post are a party or bound or in which the or National Post paricipate or Employees or fonner or inactive employees of the LP Entities t=".~. . under which the :LP Entities or National Post have, or wil have, any liabîlty or contingent liabilty, or pursuant to Which payments are made, or benefits ate provided to, or an .entitlement ;it, to payments or benefits may. arse with respect to any of its Employees or former or inactive ~'.'

employees (or any spouses; dependants, .surVivors or benefiçiares of any such persons) and any whichatenot, sponsored,maíntahiëdör adiinisterëct bytheLPEntities or NationalPost or

of.their AfliàtèS¡but for the àvoidarce of doiibt including the Pacific Press Retirement Plan. it :l (97) "National Post" means. National 'Post hlc., a. corporation fonned under the laws of â" Canada. ~:~ ... . (98) "Nn.tioDn.IPôst Benefit ~llus" means the employeebenefit plans, agreements, 0:: a:angements (whether fiindedor unfnded) t;at are matained for, .ayailable to, or otherwise Na:tional post orüirespëct of which relating to ary t:mployee or former or.nactive empïoyee of

. or is ipany way liable for, whether or not National Postsponsoi:s or ~s bbÏigated to conttibute to . insured and whether or not su.PJect to any Applicable Law, including :bonus, deferred co.nipensatìon, incentive compensaiinn. 'sbare purchase, share appreciation, shareoptibn, ;;." severance and termination pay, hospitalization, liealthand otbermedicalbenef1ts, ae.câèntal ASSET PURCHAsB AORJEMBNT

TOR-"20:S238957'12 :.'

iì r, - is- oJ J

~~: death and dismemberment, life 'and other insurance, dental, vision, legal, long4er and short'"

term disability, salary continuation. vacation, supplemental unemployment' benefits, education

assistance" profit sharing, mortgage assistance, employee loan, employee assistance andpensioD" that the teon retlementand'supplemental retiroent plan, ,progra,, :agreementS', except ~.: "NationalP.ost Benefi Plans"shall not in~lude any Multi-Employer Plan or Statutory Plans. ¡

has the meanng given tQ it in Section 5.1 (2). (99) "Noß.Unioii Employees" ~~ ~~ õ.t..'; (lOO) "Notice" means any notice. approval,' demad, direction, COnsent, designation. request, or permtted to be given document, instrument, certficate or other communicatron required ':"

under this Agreement. .. "~

(lOl)iïOld National Pöst'; meais :National Post Höldings Ltd. ,and The National Post

Company/La Publication National :eost ~::

(102) "Omnibus Transitioiiand Reorg3nization Agreement" means the Omnibus Transition and Reorganization Agre.ement to be entered into between. Canwest LP, cpr and certain CM! l. Entities, to address, ifter alia, the matters described in Section 9.12 that is in form and substance agreement may be satisfactory to lurchaserand theLP Entities, acting reasonably, as such amended from time.to lÌme.

(103)."Order" means any order, directive, judgment, decree, injunction, decision, ruling, awarqér writ öfany Governmental Authority.

(104) "Ordinåry Courseot ßüSiness" means the ordinary and usual.course of thé routine daily afàis::qf the Eusinessand the business öiNational Post consistent Wìthpast,practice, bûfbayióg .;'. regara/.tó the fact that the LP 'Entities are, subjeCt to the CCAA Case and the Shared Servces Agreement.

(105) ."'Party" means a pruy to tils Agreement and any reference toa Pary includes its Pary . successors and penntted assigns and "Paities" means every .. :. (106) ,"Pension Assignment and Assumption AgreemeÏlts"lias the meiminggiven tC5 it 1n Sectiön 5.3(1). ;. r: (107) "Pension Priority Claims"ineans all Claims for the payment of any of the following amQunts that, in respect of the period up to tbe Acquisition Date are due and remain unpaid to ;.'. the funds established in respect of CCAA prescribed pension plans of the LP Entities:

.; (a) an amount equal to the, sU:iof all amounts that were deducted from the ~. ~. ~mployeesl remuneration for payment to such íinds; ~; .i. (b) ifany oftheCC.AAprescribed pension plans is regulatedby an Act ofpatliament: ;,', subsection 2(1) (i) an amount equal to the normal cost, witiln the meaning of of the Pension Benefits Standards Regulations, 1985, that was required to .. be paiq by the employer to the fund; and

sum of all amounts that were required to be paid by (ií) an amount equal to the the employer to the fund under a defined contribution provision, within the

ASSET PUIlCHASE' AGREEMENT

TOR.t10:523S957.12 .'..,...0~ x,....,..L.: ,. .~.. -16-

ì.': 'S' rteanhigand ofsübsection2(1) of the Pensiôn. Ben.efits Standards. Act, 1985; ::. (c) in the case ofany:otherCCAAprescribed pension plan:

(i) an amount equal tui:e amount thät .wouldbe thè Jlrtâlco$t, withi the meaning of sûbsectiön2(1) of the Pension Benefits Standards Regulations.

1985, that the empioyer would be reqliired topãy to the fund if the ~. '" prescribed plan were regulated by an. Act of Parllamep.t; and .1::

(li) an amount equal to the sum of all amounts that would have been required to be paid by the employer to the fund under a defined contrbution

provision, withi the meanng of subsection 2(1) of the Pension Benefits

Stanards Act, 1985, if the prescribed plan were regulated by an Act of Parliament. r: r (I08)"Permitted Encumbrances" means, the Encumbrances described in Schedule l.l( 108). a (109) "Persøn" is to b~ broadly ititeipretedand includeS an indivîdüal, a parnership,

corporation, a trst, a joint venture, any Govemmental Authority, any trade union. any employee

association or any incorporated or unncorporated entity or associaton of any nature and the

executors, adßUnistrators, or other representatives of an individual insuchqpacity.

.(110) "Personal Information" means any factual or subjective information, recorded or not, about an Employee, contractor, agent,consultant, offcer, director, executive, client, customer,

súpplier, or about any other identifiable individual, including any recorc; that can be manpulated,

linked or matched by a: reasonably foreseeable method to identify an individual, but doei¡ not include the name; tiue or business addressortelephone number of an Employee.

(111) "PersønulPr()peJ.ty Leases" means the leases of personal property used by the LP Entities in coi:nection with the Business, in.cluding all pun:hllse options, prepaid rents; security 4eposits, waranties, 1Ìcences and perits relating thereto and all leasehold improvements thereon.

~. (112) "Plan Implementation Date" means the date on which all oUhe conditions precedent to ., .;;, the i'nplementation of the Acquisition .set out in. the CCAA Plan hàve been Mfilled or, to. the

extentpennttedpursuant to the terms and conditions of ths Agreement and theCCAA Pllln, waived1as evidenced by a certificate. to that .effect. fied with theCCAACourt by the Monitor, t ..' with the consent of Purchaser. ~:

~: (1l3) "Pust-Filng Trade Payaples" means trade paya,bles that were incurred by the Ll' ~: Entities.(ü after the Filing Date and before the Acqllisition Pate, (ii) in tlie Ordinary Course of

:i3usiness,¡md (ii) in cQmpliance with the Jnit.alOrder and other Oi;dersis8ued in connection .l' withtheCCAA. Case~ ::;'

(114) '~repai.: Expe.nses"means all prepayment.s, prepaid cbarges, deposits, sums and fees of .~r . the LP Entities.

, ..'

ASSET PuRCHASEAGIUBMEI-rr

ToP.iò:si189Si.12 ..0f) t~ - 17-

Claims existing on both the Filng Date and r (l15) "Prior Ranking Secured Claims" means the Plan Irplementatiou Date10ther than Go:vernment Prio.rty Claims. EmployeePnorlty by charges ordered by the CCAA Court Claims i Pension PdorityClaims ànd Claims secured under the Intial Order; that 0) have- the benefit of a valid and enforceable securíty interest in, any of the assetstl!at the LP Ilortgage.,oi charge over, lien against or other similar interest in,

Enilnes.own 'or to which the LP Entities are entitled, but Qnly to the extent of the realizable value or the property subject tosilch security, and (ii) wouldhave,rane(l senior in prlority to the ~ Chums under the Sen ior Credit Agreement ora Hedging Agreement (other than any Cash ~l¡ r... Management Claims (as defined in the Senior Lenders' Plan)) if the LP Entities had become banpt on the Filng Date, proven in (116) "Prøvén ChlIm" means ä 'Claim by an unsecured creditor bf the 1£ Entities acco¡dance with the Claims .Proeedutë Order. . :..i:": ~':

(117) "Purchase Price" has the meaning given to it in Section 2.2(1);

t.~ (118) "Purchaser Assumed Benefi Plans" means the LP Benefit Plans listed in Schedule " 7.7(1), and "Purchaser Assumed Benefit Plan" means anyone of such plans.

(119) ,"Purchaser Establisbed. Benefit Plans" has the meaning given to it in Error! Refer~nce source not found..

':;i (120) .. "Puî'èhaser Established Pension Plans" has the meani~g given to it in Section 5.3(8). r". (121). "QS1:,j, means Quéòecsales tax imposed under the QST Act.

the (122), ::"QST Act" means Title I öfAnAët respecting Québëcsales tax; Business, owned by (123),i'Real Property" .means the real or immovable property used in the the LP Entitìes and (i) all plant, buildings;stnictures, erections, improvements, appurtenances of and teind every kind or naturesiniate therein or on thereof and (ii) all fixtures of every nature incorporated therein, situate upon and used in connection therewith, including heating, ~ :' ventilating, air-conditioning, plumbing, electrical, sprinker and drainagesysteins, in each case i:. other than fixtuesand other property owned by any tenant. r~

Leasès" means alloffers to lease, agreemenrs to lease, leases, renewals ~.. (124) "Real Property

of leases,. subleases, tenancy agreements, tights of occupation, licenses or other occupancy options, prepaid . agreements for real or immovable property,. including all purchase rents, (;: secu:ritydeposits; HceJ1ces and perts relating thereto and all leasehold improvements thereon, whether oral or written, relating to th~ Business where an LP Entity is a ten¡it, t (125) "RCA Plan" means the CanWest MediaWorks Liiited Parnership (now çanwest LP) It and Related Companies Retirement Compensation Arangement Plan. it: (126) ''R~ference Date" means September 1,2009. notice, i. (127) "Regulatory Approval" means any approval, consent; ruHng, authorization, permit or acknowledgemeiit that may be required from any PerSon pl\suant to Applicable Law

¿runder theteims of any Licence or the çonditions of any Order in connection with the acquisìtïonof the Acquired Assèts by Purchaser on the tenus contemplated in this Agreement; to ASSßT PURCHASE AOiæ6MBN'.

TOR_H2Q:52389S7,12 -.t)~,""

- 18 -

pennt Purchaser to cary ali the Business and the business of National Post after the Acquisition fr Date or vihichis otherise necessar to permt the Pares to perfori their obligations under this Agreemënt, and includes the Competition Act Approval.

(128) "Release" means any release, spil, leak, emission, pumping, injection, deposit, discharge; dispersal, leachig, nigratiÖÌ1, spraylig, abandonientiPourÌg~ emptying, thowing., dumping; placing or eXhaustìng of a Contamnant and when used asa verb hl'a like meanng.

i~..I.. (129) "Required Intonration" has the meaning given toit in Section 9.l0(1)(t). ~t

(130) "Saí:ctiò~ and Vesting Orders" means Oi:ders .to be granted by the CCAA Court as cooteIlplåted under. ths Agreementapprovlngand sanctioning, the ÇCAA Plan M9 the transac,tianscontempl,ated .hereby and th~reby,and vestil)g inlucnaser title to íldir all of the' Acquired Assets free and clear of all Encumbrances, other thanPermilted Encumbrances, ~~: including any Ordei; which may be required as contemplated in .Section 93(l) each in fonn and .~.~.':

substance satisfactory to :Prchaser andthe LP Entities, acting reasonably. ~.: l: (131) "Securities Act" has the meaitig given to itin Section 9.1O(1)(f). (132) "Senior Credit Agreement" means the Credit Agreement dated as of July 10, 2007 between CanWest MediaWorks LIn1ted Parnership (now Canwest LP), as Borrower, the guarantors par thereto f(o¡n time to time, as guarantors, the lenders pary thereto from time to time, as Sei:ior Lendei:s, and the Admnistrative Agent on behalf of the Senior Lenders, as

amended from time to time.

(133) "Senior Lender Distribution" means the payments to be made to the Adtnnistrative Agent for and on behalf of the Senior Secured Creditors. under the CCAA Plan ili respect of the amount referred to in Section 1.2(1)(a).

'(134) "Senior Lenders" means the lenders pary to the Senior Ci:edit Agreement frqm time to. time.

"J ,. plan or çomproinse or arangement (135) "Senior Lendel's' Plan" ineans the proposed by the ~. -:." LP EntiUes in tlie CCAA Case on the j=i1l1g Dale, and att¡lched as a schedule to the Intial Order. ~ '. ;-:

(1315)' "¡Senior Secured Claim Amount" meaps, 'at any time, theaggr~gate amountat that time

of Clåims of tbe Senior Lenders arising under or in connection with the Senior Credit AgreeIlent .. deenied , or á Hedging Agrement, in each case. calc~lated based on the. conversion of ClåIms ':~ . denominated in US dollars to. Caiadian dollars on the Pilng Date, and, for greater çertainty, does :';' not include llY Cash Management Cliûs(as that term 1s defined in the Senior Lenders' Plan). . rä,: (137) "Senior Sêcured Creditors" means the Administrative Agent, the Senior'Lenders, the r DlP Admiistrative Agent andthe lenders pary to theDlP Credt Agreenient.

(138) "SERAHmellS the top,.up retirement allowancellangein~nts made with. 'Gertain former empIQyeesof Southam liè~ whièh Were assumed by the LP Entities and are referred to as the ~. Southam Execotive Retirement Arrangements. !¿ r" (139) "Shared Services Agreem.ent" means the Agreement on Shared ServiCeS and Employees datedOctobet 26,2009 among Canwest GlobalCOIlunications Corp., Canwest LP, Canwest

ASSET PuRCHASE AGREMlNT

tOlÜI20:5238957.li ...".; r~,

. 19 -

Media Inc., CPi, Ca:west TeleVÌsion Lìniied Parnership aidOId Natíónal Post (as .tt' subsequently assigned t6 National Post); as amended from time to time. "

s.ale and investor solicitation (140) '~SISP Pt(lçedütês'~ means iheptocedüreS regarding the process .attached as schèdu1e A to the Initiål Ordër, as the saniemay beämended from time to

tiieafer tbe date hereof with the consent of Purchaser.

:1: (l41)"SpeciaiCommtt~e"has the meanng given to it in. the Initial Order; Pt. any plans or programs sponsored by a Governmental (142) '\Statutory Plans" means

Authority, -includig but not Ihnited to the Canada/Quebec Pension Plan, provincial health tax, insurance. work~rsd compensationa;d employment t \:. (143) "StikemanLetterj'means the Ïetter dated May 7, 2QlO frpff Stikeman Ellott LLP, ~' ~.:' counsel to the Monitor, to counsel to the Administrative Agent and counsel.to the Purchaser, as counsel to Purchaser's counsel supplemented by the furter assurances email sent by Monitor's

on May 9, 2010, in each case, in the fonn appended to the Monitor's seventh report dated on or t.; about May 10,2010, as such letter may be amended or supplemented with the consent of Purchaser.

means all of the LP Entities' maclunery, equipment, (144) "Tangible Personal Property" computer hardware, ';., motor .vehicles, offce. equipment; furniture, spare pars, dies, tooling, tools, .., supplí~sandaccessorì:es and other chattels. . \, '::

all present and future. taxes, surtaxes, duties, levies, imposts, rates, fees, (145) ''Taxes'' includes assessments, withholdìngs, dues and other charges of any natue imposed by any Govemrnentä1 . Aüthoijty, including income,capital (iMInding large corporations) ,witholding,consumption,

sä1es, use, transfer, goods and servces or other viiue-added,ex:cise, customs, antí~dumping.

countervai, net wort. stamp, registration, franchise, payroll, employment, health, education, business, school, propert,. local improvement, development, education development and

occupation taxes, surtaxes, duties, levies, imposts, rates, fees, assessments, withholdings, dues of it tax including and charges, and other assessments or similar c.hargesin tbe nature

Canada/Quebec Pension Plan and other provincial pension plan contributions, employment ~~: ..; insurance and unemployment insurance premiums and workers compensation premiums, :3' together with all fines, interest, penalties on or in respect of, orin lieu of or for non-collection of, ,'. those taxes, surtaxes; doties; levies, imposts, rates, fees, aSSessments, withholdhigs, dues and other charges.

(146) "Third Party Approval" has' the meaning given to it hi Section 9.3(1). .,

(147) "TransferredEmployees" means (ì) Union Employees; and (iiYNon-Union Employees ~:.'. ~ . who accept offers of employment by Purchaser or who begin active employment with Purchaser

as of the Acquisition Date or their next scheduled work day.

(148) "Trustee Fee and Costs" means the fees and costs of any trstee in banptcy that maybe appointed in respect of any of the LP Entities upon or following the coippletion of the Acquisition.

(149) "Uiiion Enipl()yees~' .has the meaning given to itin Section 5.1(2)(a).-

ASSBT POClAsB AGREMBN1

TÔiu120:523B957'12 Jdro i'" -20 -

.'~ o Sécnon 1.2 ActioU$on Non-Business Days :~

If any payment is required to be made or other action (including the giving of notice) is required tobetaken pursuant to ths Agreement on a day which is not a BusiriêSs Day, then such payment or action shall be considered to have been made or taken in compliance with ths ~: Agreement ifmade ortaken on tl;enextsuceeeding Business: Day.

Sertion 1.3 Currency and Payii~nt Obligations ~. y Except ~.Qtlierwise expr~s1y provided intls Agreem,ent;

(a) unless otherwise speciñed al money atoants referrd to in ths Ag~ementare to laWfl .currncy of Canada; and

b (b) any payment contemplated by tlùs Agreement shaH be made by wlretransfer' of ~-:~

liêdiately available funds to an account specified by the payee. :~ ,', ~. Section 1.4 Calculation of Tie

t\" In this Agreement, a period of days shall be deemed to begin on the first diiy after the ; event which began the period and töehd at 5:00 p.m. Toronto time on the last day ofthe period. :t:.. If any period of time is 'to expire hereiinderon any day that is nOta Business Day, the period shall be deemed to expire at 5:00 p.m. Toronto time on the next succeeding Business Day. Section l.5Tender

Any tender of documents or money hereunder may be made upon the Paries or their r~spcetiVe counsel and monty shall be tendered by offcial ban draf drawn upon a Canadian charered ban otby nègotiable cheque payable in Canadian funds and certified by a Cliadian b¡i listed. in Schedule 1 tùthe Bank Act (Canada) or by wire transfer of immediately. .avaiable funds.. ¡:.:

!" Section 1.6 l\ïiowledçe ~-~. ... Any reference to the knowledge ofanyPaiy ;means tlieactqallrowledge of such Pary r,; (and, in resp~ct of the LP Entities, the senior executive responsible fbr the sùbject matter in i;'-' question) after i:iûng due inquiries of their direct reports or advisors responsible for the subject niiittetin question. f'

Section 1.7 Additional Rules ofIntérpretation ;.: r (1) Gender and Nu1ibet.In tls Agreeroeiit, unless the context requires otherwise, words'in and words in the singular include the plural and vice versa. one gender include all genders r ~'" 1;- in this Agreement .of headings (2) .Headings and Table òfCo.ntents. The inclusion of .:" Arçles anìi Sections and the proy'¡sion ora.' table of contents are for conyenienc~ of,reference J.: only and are not: intended to be fuller preciSe descriptions öfthe text to which they refer. j"i (3) Sectj(JtiR.elerences. Unless thecöntext reqliiresotherwìse; rèferen.ces in tils Agreement to Äritles, S'etionsor Schedules are to aricles, sections or schedules of ths Agreement

ASSBY PuRCHASE ACREËMiNT

TOn:IlO;sia9S7.12 .-? 39 ~; - 21 -

~; :$: the words "include", ¡'inclüdes" ot "iiicitidin~"are used 1~ (4) Words ()flnclusion. WhereVer in this. Agree:ment, they shal be deerned to be followed by the words ,twitho1Xt linutatiOn" and :f; the words following "inClude", "inCludes" or t'iilcluding" shal not be considered to set foitan exhaustive list. :ft~ "hereto", "hereunder", (5) References to this Agrtemeft. The words "hereot',"hetein",

"hereby"andsinulat expressions shall be constred as tefêmng to tils Agreexneni in its entirety / and not to iUy parcular Sectional' portion of it. ~ ~;. all references in ths Agreement to any (6) Statute J#ferrmces. Unless otherwise indicated, statute include the regulations thereunder, in each case as amended, re-enacted, consolidated or

replaced from time to time and in the case of; any such amendment, re-enactment, consolidtltion

or replacement, reference nerein to a paricular provision shal be read as referring to sgch amended, re-enacted, consolidated or replaced provision and also include, unless the context ; .~ otherwise requires; all applicable guidelines, bulletins or policies made in èonnection therewith

and wruchare legállybinding. ¡., : . ~

(7) J)()t1,ummt Refttrences. All .references herein to any agreement (indudig ths Agreement), documentoI instrutTentmean such agreement; doçument Of instrument as amended,

supplemented, modified, yatied, restated or replaced from time to time in accordance wit:i the

terms thereof and, unless. otherwise specifed therein; include all schedules ai1dexrubitsattached therêto.

(8) Writing. References to "in writing'" "written" andsiinlar expressions include material that is prited, handwritten, typewritten, faxed, emailed, or otherwise .capable bf being visually repro,ducedathepoint of reception. :,.t\.,' .

Sectìi)n'. "':" 1.8 . Schedûles

The following are theschedtlles annexed to t1ús Agreement imd ìncorpotated by reference and ,. deemed to òe par hereof: :.~.

.. Schedule Description r~

Schedule 1.1(29) CCAAPlan ~ : Schedule 1.1(62) Excluded Liabilties f' ¥:' Schedule 1.1(78) Insured Litigation

Schedule 1.(108) Pemitted Encumbrances .:~~ Schedule 3. 1(3) Excluded Assets Status and Capacity of LP Entities Schedule 7.1 (1) =.r. Schedule 7 .1(8) No other Acquisition Agreements

Schedule 7. i (10) Consents ~'.: Schedule? .2(3) Specified Changes or Events

SCheduh~ 7.4(2) RealProperty ¡:"~: Scheqi,le. 7 .4(3) Real Property Leases and Leased Preinses Personal property Leases :;.: SChe4ule 7,4(6) ::;.. Schedule 7.4(8) Intellectual Property ScheduÏe 7.5(1) Material Adverse Chçiges Schedule 75(4) Material Contracts Schedule 7.6(2) Labour Matters and Employee Contracts ASSET PURCHASE. AOREEMENT

TOiinzO:52i8lì57.12 . ',_.. :..

~;'; 'i-, Un "', - 22-

;:: Schedule 7.6(3) Employee Laws t~ Schedule 7.7 '( 1) LP Benefit Plans Schedule 7.7(9) Post -Retirement Benefits Schedule 9.13 HoldcD Share Provisions Schedule 10.1 (6) R.egùlatory Approväls

ARTICLE 2- PURCHASE AND SALEOF ACQUIRD ASSETS fJ ,:;..~.t~ Section i..1 luJ;chase and Sale

On the Acquisition Date effective as at the Acquisition Time,pursuant to the Sa.ction anCl VesiwgO.i.clers, the: LPEntities shall sell Mel Purchaser shall purchase the Acquired Asets, free and 'Cear ofalJ Encumbrarces (other than Permtted Encumbrances), and Purchaser shall ~t assume the Ässumed Lhi:bilities" ìneach case, on the tenns imdsubject to, the conditions of th .~~

Agreement, the CCAA Plan and the Sanction and Vesting Orders. ~i;; Section' 2.2 Purchase Price fl

(1) The purchase price payable by Purchaser for thepur:chase of the Acquired Assëts (the

"Purchase Prce"), exclusive of all appUcablesales and transfer taXes, shall be tbeaggregate of:

(a) the sum of (i) the Senior Secured Claims Amount as at the Acquisition Date, and (ii) the DW Çlaims Amount as at the Acquisition Date;

(b) the Cash Elected Amount in respect Of ~Proven Claims .of unsecured creditors of the LP Entities wholiave made ot who have been deemed to have made a valid Cash Election in accordance with the,CCAA Plan, provided that the Monitor shall advise Purchaser of the amount payable pursuant to tils Section2.2(1)(b) not less

than three Business. Days prior to the.Acquisitibn Daie;

(e) $150,000,000 less the a:ountpayable under Section 2.2(l)(b); and Y" ::,. Cd) the amount öfthe Assumed Liabilites. ,.':,"

Section 2.3 Payment of Purchase Price ~t:: t.

(l) 'The Purchase. Pnte shäll be .satisfied by Purchaser at the Acquisitipn Time as' follows:

(a) the amount referred to 'Ín Section 2.2(l)(a)(i) shall be paid in cash (i) as to an ~'. amount equal to the Deposít, by the release of the Deposit from-escrow by the :~, ~(. Monitor to the: Administrative Agent on behalf of CPI,and (ii) as to the ~. remaínder, by wire transfer from Purchaser to. the Admiistrative Agent on behalf

of CanwestGP, Can west BOOKS and Canwest LP to the extent of the porton of ~'" ,. the Purchase Price allöeable to Canwest GP,. Canwest Books and Canwest LP¡ respëëti'vely, pursuant'to Seëtion 4.1 and oil behàlf of CPI, as to the remander;

(b) the iiôurtt referred tb in Section2.2(1)(a)(ii) shal be paid in cash by Wire tl'ansfer from Purchaser to the DIP Administrative Agent on behalf of the CPI; ":',

ASSliTPlIRCHASeAòRIBMENT

TOIUfiO:S2S8957: I 2 " 4 41 - 23-

~ :~ ":; (c) the amount referred to in Section 2.2(1)(b) shall be paid in cash by Purchaser by ..~ wire transfer to the Monitor on behal oÍlM CPI; ¡

.~ by the Cd) the amount referred to ihSeetion 2.2(1)(c) shall be satisfied issuance by Purchaser to the MoriÍtor '.on behalf of the CJlI of one or inoreunsecured demand promissory notes with a pricipal amount equål to such amount; and

(e) Purchaser shaIlassume the Assumed Liabilties effective at the Acquisition Tiine. ~ !l l~ .:~ Section 2.4 DJstribution of Purchase Price

pursuant to Section (1) The consideration Ìëceived on bebalf of the LP Entities 2.3 shall be distrbuted in: accordance with thè CCAA Plan as folloWS: ~~: ~~ ~. (a) the cash porton of the Purchase Price referred to in Section 2.3(1)(R) shall be :~. considered a distribution (the "Seiuor Lenders' bistributhin") to the ~? Adnnnistrative Agent on behalf of the Senior Secured Creditors in exchange for f the complete and fma1 release and discharge .of all Claims and Encumbrances in respect of or sëcuringthe Liabilties of the LP EntÌlieS ünder or pursuant to the Senior Credit Agreeinent or the Hedge Agreements (including, förgfeater

certainty, än fiherClais or entitlements to receive any other payment, clstributìon or other amountunder the CCAAPlanor through the CCAA Case);

(b) the'casb poon of the PurchaSe Price referred to in Section 2.3(l)(b) shall be considered a distribution (the "DIP Lenders' Distribution") to the DIP Administrative Agent on behalf of the iènder under the DIP Credit Agreement in

,. .f':- exchange fö.r the complete andfinaJ release and discharge of all Claims ánd ;._S Encumb.rances in respect of or securirig the Liabilties of the LP :Entities under or '. " pursuant to the DIP Credit Agreement (includig. for greater certainty. all further

Claims or entitlements to receive any othe.r payment, distribution or other amount under the CCAA Plan or through the CCAA Case); r:"

~::. (c) the .cash porton of the Purchase Price referred to in Section 2.3(1)(c) shall be :..

distributed by the MonitOr to unsecured creditors of the LP Entities who have .... made or who have been deemed to have made a valid Cash Election in respect of ;-' their Proven Claims; and

'(d) the note or notes of Purchaser to be issued to the Monitor on behalf of theLP Entities pursuant to Section 2,3(1)(d) shall be used by tle LP Entities to purchase

Common Shares of Holdco under theCCAA Plän at a purchase price of $13.3333 :'"

per Common Share, and such Common Shares shall be.distributed by the MonHor ~~.: to unsecured creditors. oftheLP Entites. (other tlananyunsecuted creditors who ~~., have made . or who haVe been deemed to have made a valid CasbElection) in accordanCe with the CCM Plan. ¡":. :t"

SectionZ.5 Deposit

(1) The Deposit shall be held. pending completion of the Acquisition. by the Monitor in accordance with this Section 2.5.

ASS6T J'URCilASi AGREMINT

TOR_1l0:5238957.12 OJ;A 0"- - 24.

:,;:

~£:. ~. ~ (2) If .I (a) this Agreem.ent is tennn:ated by the LPEntitiespursuant to Section 13.1(b)as ä result of a. faillle to satisfy a condition in. favour of the LP Entities in Section 10.2(1), Section 10.2(2) or Section 10~2(3) or if the transactions contemplated hereby are not ctinsunated due to tbe faiure of Purchaser to complete the

required financingrefened to in Section 9.14; or ~:' r? (b) this Agreement is termnated by Purchaser pursuant to Section 13.1(a) "

(i) for faiure of the. conditionspecified. in Section i 0.1 (5) to be satisfied; or .~ .,. (ii) for failure ofthecondition specifiedinSection 10.1(1) to be satisfied iisa result of the representation in Section 7.5(1) not being true and correct in '.. , anyi'esJ?ect, ,

referred to in subclause in eáèh caSe, asEl result of a Material Adverse Effect t::.', (a)(ii) of the definition :of "Material Adverse Effect", the full amount of tbe Deposit shall be released to Canwest LP, or its designee. by the Monitor and sh.a11 become the property of anr! be retained by Canwest LP to compensate the LP Entities for expenses incüned in connection with the transactions contemplated in this Agreement and :; the delay caused to the LP Entities' efforts to sell the Acquired Assets. As provided in Section

13.3, such retainer of the Deposit shall be the sole and exclusive remedy of the LP Entities agaist PUrchaser and Holdco.Ifthìs Agreement is tennnated for any other reason, the full amount Cif the Deposit shal be iIiediatelyreturted by the Monitor to Purchaser.

Se~th:m 2,6 Tax ElectioJÎ

pursuant to (1) Purchaser and theLPEntities shall jointly execu.te and fie an election subsection 20(24) of the ITA and the corresponding provisions of any appIìcable prCivincial Tax legislation, in thepi;esci;bed manner and within the prescribed time limits, in respect of the consideration paíd by the LP Entites for Purchaser to assume the Deferred Revenue Obligations. (

(2) Pu.rchaser and the LP Entities shall jointly execute and file an election pursuant to section ~'.: 22 of the ITA, and the corresponding provisions of any applicable provincial Tax legislation. in .s: the prescribed manner andwiihiii the prescribed time limits, in reSpect of the Accounts \yO . :Receivable and shall designate therein that. porton ofthePi.m~hasePrice allöc::ted t.o the Accounts Receivable in accordance with the allocatiöltcCintemplåtedby Section 4,1 of this ~¡.. such AccQunts ~' AgreementReceivable, a$ tiieconsideråtion paid by . Putehäser to :the LPEntities for t!I': ;t.- ~. Section 2.7 Conveyance Documents ~. .f:.

(1) Transfer and Delivery of Acquired A$Sets. At the Acquisìtion Time, the Paries shall execute and deliver to each other all such bils of sale, assignments, instrments of transfer, deeds. assurances and other documents as shall be necessary or reasonably requei:ted to evidence thetransfer to Purchaser of the Acquired Assets free'ahd clear of all Encumbrances (other than ::. Per1ltted Encumbrances) and the Assumed Liabilties (including share certificates representing

ASSET PuRCHASE AOREEMENT

TOllJI2P:52389$1.12 Ll..v -:.~ -25 - the shars of National Pöstduly endorsed in blank furtransfer; or accompanied by ÍrrevoCaòle f security transferpöwersof attorney duly executed in blank, in either case by the holders of record). At the Acquisition Time, the LP Entities shall deliver up to Purchaser possession of the Acquired Assets, free and clear ofalLEncwnbrances (other: than Permtted Encumbrancès).

(2) Other DocnmeJ.ts. The Paries shall execute and. deliver' such other documents as inåy benece:sar oueasonably reqllestedtocon;plete and give full effect to the transactions ptovided for in ths Agreement. ~. ,O!...') ;;' ::. ARTICLE 3. EXCLUDED ASSETS AND EXCLUDED LIABILITIE

Section 3~i ExcIuded Asstls

.' Notwithstanding anytlùng in this Agreement to the contrary, the following assets, propertes, rights and interests of the LP Entities (the "Excluded Assets") shàll be excluded from r and shall not constitute Acqulred Assets, and shall remai the property of the LP Entities: " .~..~

(1) Av()ídarice çlahns. All rights and claims against any Person for äny liabilty or , obligation of any kind based on .Or arsing out ofthe occurrence of any fraudulent conveyance, settlement, reviewable trån$action, transfer at undervalue, fraudl,le:rt preference, preferencë or simlR! claim.

(2). '. Corporate Records. The corporate charers, llnl.te, shareand parnership record books andcotpörateseals of the LP Entities.

(3), Scheduled £xcl~ded Assets. The property and assets described in8chediile 3.1(3);

(4) Director and Offcer Insuran.ce Policies. All rights of the LP Entities under any director and offcer insurance policies. .,J'

(5) Rights Under this Agreement. The LP Entities' rights under tlùs Agreement

Section 3.2 Excluded LiabiJties f" Except as specifically provided in this Agreement, PurchRser shallnot assume and shal &: " not be obliged to pay, peiformor discharge any LiabHities of anyLP Entity which arise or relate :.:. to the Business or otherwise. . Without limiting the generality of the foregoing, PurchasershalI ~: not assume änd shall have no obligations huespect whätsoever of any oft:e Excluded LiabiltieS ., ;: ~ or any Claims rela.tingthereto.. .

l\.: . ARTICLE4 PURCHASE PRICE ALLOCATION lÌ, ~. ~: Sectìòn4.1 furchasePrice AUoëation ~~

~ On or before, the Acquisition Date, the LP Entities ardPi:tchaser shäll prepare an ;, allocation of thePurchasë Price among the Acquired Assets and theLP Bntities, provided, ., hOWë'V.er, that thè amount allocated .to the dëbts owed by National Post to cpr shal not be les ~ than 80% of the pdncipal åmOUt1t thereof. The LP Entities shall cooperate with Purchaser in

order to resolve any disagreement regarding such allocation, including promptly providing to ~' ~~. Purchaser all information, documents and other material pertaining thereto in their custody and

ASSET PuRCHASE AGREEMBNr

TOll~Q;Si3tn.i2 Ll'i;il ,'1 .26.

...

control. The LP Entities and Purchaser shal report the purchase and sale of the Acquied Assets :;~ for tax puroses in accordance with such alocation.

ARTICLE 5 - EMPLOYEE MATIRS

Section 5.1 Offers

(1) No later than 15 days prior to the Acquisition Date, the LP Entities shall provide a list of al Empioyees, including details as to their title, position, status, base salar, bonus, date of Jùre æ~ and applicable LP Benefjt Plan. ~~

(2) Subject to Sectipn 5.1 (3) and Section 5.1 (4), Purchaser sball offer employment, effective as of the Acquisition Date .and conditioned on the completion of tiie Acquisition, to all " Employees immediately prior to the Acquisition Date ontbe following termsa.nd 'conditions: :,..

(a) to Employees who are par ofa bargaining unt ("Union EiipJoyees")in respect T

of which a collective agreement is in force, or has expired and the terms and ;~. .... conditions of which rem3. in effect by operation of law, the terms and conditions provided for inšuch colIe.ctive agreemeIit,.ore¡cpired' collective agrement if such tenns and conditions remain in effect by operation of law, subject to any amndments or alterations to the temisthereof to which the bargaining agent under such collective agreement or expired collective agreement consents; and

(b) to all other Employees C'Non.Union Employees") on substantially similar temis and conditions as their then existing employment immecUately prior to the Acquisition Date, excluding any equity or equity-like compensa:ton, supplementar retirement or supplementary pension arrangements or plans.

(3) Subject to Section 5.1(4), Purchaser shall offer employment, effective as of tlie Acquisition Date andcondition.al on the completion of the Acquisition. to .all par-time or temporary Non-UnicmEmpl()yi;es in accordance with Section S.l(2)(b). Notwithstanding the immediately preceding sentence, Purchaser shalJhave the right not to offer employment to par- tie or temporary Non-Union Employees that, in the aggregate, do not exceed 10% of the r.\: :,\; aggregate numberòfpar-time or temporary Non-Union Employees employed by the LP Entities, provided that Purchaser gives written notice to the LP Entities prior to May 30, 20.10 (or /~: such other däte as the Purchäser and the LP Entities rnáyagteè) identifying those pil"time or t~:~ temporary Non;Union Employees to whomjt does not intend to offer employment. If Purchaser does not giv.esuch notice, then it shall be obligated to offer employment toaJI par-time Or :i, temporary Non:-Union Employees in accordance with ths Section 5.1(3). :~ . ~.' f. (4) Notwithstanding Seation 5.1(2) and Section 5.1(3), Purchasef shaIln'O be obligated to ir ;ir. offer employment to Employees who a)eon long-term disabilty on tbe Acquisition Date, but :t': shall use its' commerçially reasonable efforts to offer employment in accordance with Section -.

5.1(2) to any s,uçh Employee who isable tQ retum to work and notifies Purchaser of his: or her ~.' desire to do so withn 24 months following the Acquisition Date. For certaint.y, bowever, this

Section 5.1.(4) does not relieve Purchaser of its obligation hereunder to assume the long tenn ~'. disabilty plans and benefits thereunder in favour of any of the Employees on long.;tenn disabilty;. "'.

ASSET PuRCHASe AGRBEMENT

TOR"H20:~n8g57.J2 ..:;~: L! ".-'., :." -27- i0

(5) 1'heLP Entities Wìl.ildt take any act that is intended to impede, hinder or interfere with ;~: Purchaser'S efforts to hie any Employee.

(6)Pim::haseracknowledges and agrees that ,(i) the LP Entities make np representation or wauantytbat any Employee wil accept employment with PUrchaser and (ii) the ,acceptance by EJ1io,yees qf offe,r of employment with. Purchaser ;~hall nQtcQostitute.. Ji cQncltion' to Purchaser's obligation to complete the Acquisition.

.~ (7) The LPEntities and Ptirchaser shiH ,co~operate with each other in all respects relating to

any actions tóbe taken pursuant to thsAricle Sand, subject to Applicable Laws, the LPEntities " shal provide to Purchasetsat Purèhaser's request, any information or copies of any personneI i. records relating to the Tiansfett.Employees. . :¡. .. :~:.. (8) 'The LP Entities shall be solely responsible for all teriatioil pay, pay in lieu of notice, sevei:ançe.QbligatonSaid all other Liabilties and Claims (other than in .connectioil with (a) the ~. LP:Pension Plans; and (b) the Purchaser Assumed Benefit Plais) Ül respect of any Empioy~ tø wh.oit an offer is not made on the AtquisitioIi Pate to the :extent pernUed by this Section 5.1 ,.~~~ .employmentand any Employee Who is offered employment by PurchaserwíthPurchaser. but docs not accept. or commenpe

" ,; (5))N ö Employee or Person other than the LP Entites and 'Purchaser shalIbe entitled to any right~,orpriViieges Under ths'Section 5.1 ot under any other provisions of this Agteertent. ~.:i

Without Jinitlng :the foregoing, ÌloptovisioIlÖf tils Agreement shall: (i) Create any third pary benefiCiar or other rights in arty bargaiiiing agent representing Employees or in any other Employee or fOlle:iemployee .of an LP Entity (or 00 any beneficiary ordependant .of any Employee or former employee of an LP' Entity); (ii)constitute ot create an employment agttlementorcollecti¥:e agreement; or (iii) constitute or be deemedtoconstitute an amendment to any of~he Purchaser Established Benefit Plans, National Post Benefit Plans or LPBenefit Plans.

(10) Contracts with all independent contractors; including freelance writers and photQgtáphers~ which are assignable shall be assigned by the LP Entities to Purchaser effective on the Acquisition Date. WberêConse:rt to assignment of any independent contraqtor agreertent isreq~iredjthe LP Entìties shall use theircomrercial reasonableeffoIt to obtan such consent ¡::: as soon as reasoiiiiblypossìble and prior to the Acquisitioil Date and Purchaser shall accept sUGh i " assignm.ents or .offer contracts to all suçh independent contractors on tenus substantiallysimilar ;.~: ~~. to thetenns on which th~y are retained immediately prior to the AcquisitiOll Time.

Section 5.2 Ll'Benefit Plans t ~. :~. (l)Effective as. of the Acquisition TIme, .the LPEntities shali assign and transfer to Purchaser arid Purchaser shall assume the Purchaser Assumed Benefit Plans and the LPEntlties' ~ rights, duties, obligations,. assets and Liabiltíes. with respect to the Purchaser Assumed Benefit. r" Plans and their related group policies, insurance contracts. Of other funding media,. and all agtf\etneöts related thereto. Effective as of the Acquisìtion Time, Pürchaset shall ac,cept the ~: assignment and ttansfetand shall assume all obligations, Liabilties, duties, rights and .;; responsibilties retiìreäof it as pOIicy holder or plan sponsor of the Purchaser Assumed Benêfit t.. Plans and related agrements pursuant to the terms thereof and Applicable Law, For certainty however;notliing in tils SectiOn 5.2 shall require Purchaser to assùme any ExCluded Liabilties.

ASSET PUCljASI! AOREEMENT

'roR~H20:5~B957, i 2 ..~. '"

A '.. ~.¿ - 28- ~b

.;t -?~ (2) PuichasershlÛl,öIì or after the Acquisition Datë" be ,reponsible for and make all requied ., contrbutions and payments in relation to'the Purchaser Assumed Benefit Plans. \ (3) Purchaser shall be resporiible, in accordance with the terms of the applicable Purchaser Assumed Benefit Plan, for ãryandallClals incurred, other than Excluded Liabilties, under the Purchaser Assumed 8enefit Plan priotto or after the Acquisition Date,

(4) The LP Entities agree to do å11 thngs necessary to effect the assignment and. transfer of ~ the Purchaser Assumed Benefit Plans to Purchaser. Without limting the generality of the .~; foregoing, the LP .Entities¡igree toadYise and directa.pplicable insurers aridservicep,rovider& as .,. s()ou as possibleafter the Acquisition Date; of the assumption of Sponsorslùp of the,Ptrchaser Assu;medBenefitPlans and relevant agreements as provided hereunder.I'urchasershall do all things required of it under Applicable Law to assume sponsorsh1p of the Purchaser Assumed Benefit Plans in accordance with the terms of policies. contracts or servce agremeritsapplièáble ?: to the Purchäet AsSumed :eeiieñt Plats as provided liereUiider~, ~... ;. ;~. (5) Where consent to the assignent of a Purchaser Assiimed Benefit Plan. or an insurance' policy or any otheragreeinent related to a Purchaser Assumed Benefit Plan -is required from a Person other than PUrchaser or the LPEntities, Purchasex.shall .use its commerciallyreasollable efforts to optain such cQnSent. If llurchaser is una1;le to obtain consentfroI1, such Person ,Rfter :makg such commercialY reasonable efforts, Purchaser will, as of the Acquisition Date, establish or otherwise provide' non-pension benefit plans (the "Pirchaser Established Beneft Plans") that provide benefits which are Substantialysihûlat to those that were pro:videdunder the Purchaser AsSlimed Beriefit Planjn question. Purchaser wil Use coniercíally .reasonable efforts to waive, Cit cause to be waived" any pre~exìstingmedical Gondition orotber restrction that would prevent immediate ild ftUparicipation of any Employee or former employee covered by the LP Benefits Phuis in the Purchaser EstablishedBenefitPlans. In addition, where the benefits provided unqer a Purchaser Established Benefit Plan are subject to a deductible.in respect of the benefits provided to an individual during a certain period of time, Purchaser shall take into account the amount of any corresponding deductible which ,has already been paid by the applicable Employee or fonner employee covered by the LP Benefits Plan during such pel'iod and prior to the Acquisition Date under the corresponding LPBenefit Plan, for the purpose of L determning the amount of the deductible to be paid by the Employee or former employee i:.;' covered by the LP Benefits Plan under the Purchaser Established Benefit Plan after the ',::.¡" Acquisition Date. ~i ~.;"'!

(6) After the .sponsorshìp, äSSets, Liabìlties and, a.dntnistration of tliePurchaser Assumed ::' Benefit Plans. policies,90ntfRGtsand agreements have been trferrd tei Piichaser, the LP 'r -.J En.tities shall J:it1veno fuher. ob1lgationai Liabilty with respect to the Purchaser Assumed .k" ~:. Benefit Plais.p:urchaser shal1l:ie responsible for satisfying any and all govemmentalreportng i:: anddisc10sure requirements applicable to the Purchaser Assumed Benefit Plans and for clais ~': =-, administration. communication and completion of äII other fonnsand reports. requirëdöh änd after the Acquì'sition IJate;Prior to the Acquisition Date, theLP Entities shall c.ooperate with ~ Purchaser with resp.eét to such recordirtgaIdrepérting requirements in the plan year 1n Which .tbe :i Acqiiisitiön Date occurs. Pdor to the Acquisition Date, the LPEntities shall use all reasonable t\ efforts to provide Putcliaset with such books, records, andôtber televaut datâ,relating to. tbe t Purchaser ,Assumed BeriefitPlans within itscontrölCir ,acces$tbat Purchasersbal1 reasonably request.

.AssEt PURCHASE AORlMENT, toiCHio¡si3ii9SUI. " .' ::

!1A 1't .29w

Seëtion 5.3 LP Pension .phms ~

',. shal asstgn and transfer to .~. (1) Effective as of the Acquisition Time, the LP Entities :0; Purchaser ,and Purchaser shal assume the LP Pension Plans and the rights,dûties, obligations trt or and' Uabiltìes of the LP Entities with respect to the LP Pension Plâl and their related other funding medium (the "Funds"); and all agreements related thereto; Effec,tive. as of the ": and shall assume Acquisition Time, Purchaser shall accept the assignment and transfer all

(jbligations~ LiaJ:ilties, duties, rights andresppnsibiJties :rquired of it as sponsor âld administrator of the LP Pension Plans aidFunds pursuant tothe temisthereof and Applicable l. Law ,including anyspeciiù payi:entsthat bepome payable after the, Acquisition Date ("Peiiion of the faregoing; Assìçnrent and Assumption .Agreements;'). Withoutliinting the generality

the'LP EntitieS'shäll hàve no liabiltiesor obligations for any unfunded liability orsoivency

deñcíencyurtderthe LP Pënsiön Plarts~ which'shåll be thesoleresponsibilty.öf 'Purchaser. ?:

!::. The LP Entities agree to do all things ,necessary to effect the assignment and tranSfer . of (2) :.:' its sponsorshíp of the LP Pension Plan to Purchaser. Withotitlfiniting the generality of the foregoing, the LPEntities agree to cause to be fied with applicable Govemmental Authorities as ~~.. soon as possible after the Acquisiton Date. such docuinentsas maybe required by Applicable

Law or under the terms of the LP Pension Plans or Funds with. respect to the assumption of sponsorship of the. l.P Pension Plans and Funds as provided hereunder. Purchaser shall do all things required of it under Applicable Law to establish that it is the successor sponsor and ad11iustrator to the .LP Entities of the LP Pension Plans in accordance with the terms of theLP the foregoIÏg, PeiIsiôn PlïmsiiS provided hereunder. Without liiIting the generality of

l'rchàS.er shRll.fie With the applicable federal and provincial äuthorities, as Soon as possible

following the .AcquisitionDate, suchdocurrentation, as may be ,required to establish Purcbasetin suchc capacity~ . . t funding agent of the LP'Pen'sIon (3) ....;, ;Puchaser shall initially continue the appointment of the Plans and Purchaser shall use its commercially reasonable efforts to have the funding agent execute, after the Acquisition Date, all documents necessary to effect such continued

appointment, as applicable, including the Pension Assignment and' Assumption Agreements. :."t. .' ¡.,. any other agreement " (4)Wbere consent to the assignment of any funding agreement or

related to the LPPension Plans is required from a Person other than Purchaserorthe LP Entities, "', consent. The LP Entities ~ :... Purchaser. shall make commercially reasonable efforts to obtain such f.'/: shall .asist. atc. cooperate with Purçhaser' in obtaiiil1g .suchconsent. If Purchaser is llnàble to obtain consen~' from :; . such Person after makng suc;h comiercialY reas,onable efforts, Purcliase~ :,.,. may.enter :into suqli agreements with anyotherPersoi;as maybereasonably necessary.

~. .

(5). With respect to the admnistration of the LPPension Plans. from,and. afer the AcquisítìoIl ~~; or cause to Date¡ Purchaser shall be entitled to. direct, be directed, the funding agent of the LP ~:~ Pension Plans.

has been (6) After the sponsorsbip and administration of the LP Pension Plans and Funds transferred to Purchaser, the LP Entities shall have no further obligation or Liabilty with respect . :~..: to the LPI'ension Plais imd Funds. The LP Entities shall be responsible for satisfying any and al governmental reporting and disclosure requirements applicable to the LP Pension Plans and .;", Funds. and fóraJI benefit calculations, communication and completion of all other forms and

reports in tespectsorthe LP Pensiön Plans lip to the Acquisition Date.Plirchasershall be

ÀSsir.PURCIASS. AoRSMBNr

rORJii0:.2Ji957,li; :: ~~ Ii 0 -30- '~¿ u

~~ responsible for satisfyig any and all governmental teportÎiig and wsC1os.ure requiremènts ~:~ ;':. applicable to the LP Pension Plans and Funds and for aU benefit calculations, cómnunieation .~~ aidcompletion of all òtherfömisand report on and after the Acquísition Date. TheLPEnûties shall cooperate withPuIthaser with respect to reporting such requirements in the..plan year in which the Acquisition Date occurs. Prior to and following the Acquisition Date; tlie LP Entities

shall use all reasonable effoi.sto provide Purchaser such books, records,anq otherrelevait qata tel!itìng to the LP Pension Plans witbin its cOntrol or accêss, that Purchaser shall reasonably request, ¡¡ l: (7) Effective as of the Acquisiti'on Date. the LP Entìties shall amend the LPPensionllRls were ,requiredtÖ'giveeffect to tbis8ection 5.3, and shall, with the cooperation of Purchaser"file such amendments with tbe'appropriate Governmental Authority. A Pary who receives . any consent orapprovaJ required to be obtaned from a GOvernmental Authority in Order to effect the transfer of the LP PensioIlsPlan to Purchaser shall immediately notify the other Pares when ~:'.

SÜChcoñsënt or approval is received. ¿::

~.: (8) If any required GoveIIentàl Authority approval in respect of an LP Pension Plän canot .r be obtaied; the LP Pe.usionPlans shal not be assigned to or assumed by Purhaser and

Purchasørshäll esta:blishor amend, effective as of Acquisition Date, al)ension plan or plíUS (the "PurC!haser Established PensiQnPlans") to provide benefits in compliance withaIl Applicable LílWS applicableto the rights of the Trans:ferred Employees covered by such LP Pension ,Plan :~ . and in respect of the employment of such Transferred Employees ,on and after the Acquisition Date on substantiallysitIlar tenns and conditions as those, provided under such .LPPension Plan. For the avoidance of doubt; in the event that the Pension Assignment and Assumption Agreements do not receive reguIa:ioryapproval the Paries agree and intend to act in good faith and use comm~rciallY reasonaple efforts to find an alternative method to deat withaccmed pension ,benefits pfTransferredEmployees.

SectiøD 5.4 UnionizedErnpløyees

(1) The provisions of ths Aricle 5 insofar as they relate to unionized Employees shall bè :"\ subject and subordinate to the provisions ofthe relevant collective agreements (including expired ... collective agreements that continue by operation of law) and Purchaser shall be bound as a .,. successOr employer to such collective agreementstötheextent required by Applisable Law. J/~ " :'(;: ~.; (2) Effective as ,of the Acquisition Date" Purchaser shällâ.ssume all of the LP Entities' ': obligations aRd Liabilties to make contributions to the Multi~EmploYerPlans in wpicJ, iuY LP .'" Entity paric;ipatest pursuant t0'the terms. of the collective agreem.entsapplìcable to its unionized ;~. , Eiployets Qr as otherwise requird under applicabie pension benefits legislation. J ì¿:: ARTICLE 6- TAXMATTERS r ~.: Sedlon 6.1 Goods:;md Services Ta¡c and Quebec SalesTii

(1) CClhereby represents and wi:aits

(a) that itis duly);egistered torthe purposes of ParTX of the GST Act;and

(b) that itis duly registered for the purposes of the' QST Act.

ASSBT PuRCHASE AGREMENT

TOR_H20:~~i?S"i2 .:i

- 31 - '.ivII Cì

(2) . Ca,west I,l Jierepy rtpresnts and warants ~;

(a): llat ìtis quly :iegistered fo.r the putpses of Par IX of the OST Act; and '.;. eii) thi:t it is duly registered fpr the purposes of the QST Act.

(3)cl1 hereby represents and warants ¿ thatíds dulyreg'isteredfor the purposes of Par IX of theGST Act; and ir '(a) :.

(b) tha.tit is duly registered for the purposes oftbe QST Act.

" (4) PtrchaseI'heteby covenâits tha.t as öfthë Acquisition Date: ":::

.;. (a) It wil be duly registered for thepiibses of Part IX :of the GST Act; åïd j~:"

t.: (b) it wil be duly tegistered for thepurpøses ofthe QST Act. ~":, ,;." . (5) The LP EntitieSbêrêby represent and warant to Purchaser thatPurchaSêt is acquirng under this Agreement all 'or substantially all of the property that can reasonably ne regarded as being necessary for it to caryon Ute :Business as. a business. ì..

(6) ... Purchaser and the LPEntîties shall jointly make the elections provided for under subsection 167(1) of the GST Act and under section 75 of the QST Act so that no GST or QST wil bepayàble in respect of the transactions contemplated by. this Agreement. PUrchaser and the .LPEntiiies shall joiiitly completetheelectiön forms (more párticularly described as form GST 44. a¡,id, QST form FP-2044-V)in respect of such elections and lurchasershall fie the. said electiÇ)n forIs no later than the due date for Purchaser's GST and QST rèturns for the Erst reporting period in which GST Or QST, as applicable, would, jn the absence of such elections, become paya.ble in co:nnectiop witli tle transactions contemplated by ths Agreement.

:Seetinn6.Z Pr()vinciaiRe~il Sales Taxes

~. . , (l)On or before the Acquisition Date, PurchaSer wil provide theLP E'ntitiës with Purchaser's tetåíl saies taX registration nurnbers ahdprescribedeXëinptioti certfiøates to substantiate exeriptIons frdni the, Taxes for qualifying pröductionequipment and:ia:chinery, and ~::: f",' witbtespect to inventonësöf goods held for sale or reslUe or fot incQrporation, processingancl manufacturing iötogoods to be held for siie for the purposes ofSubstantia.ting exemptioiis from tbe Tax exigible under the Retail Sales TåX Act (Ontaro) a.nd prövÍIicial Tax legislation in

British Columbia, Saskatchewan, Manitoba and Prince Edward Island. At the Acquisition. Time, :-, " :P.urchaser shal pay to the LlEntìtiesany such Taxes 'exigible under provincial sales tax ~~:; legislation ir the foregoingprovlnces in respect of any Acquiredl\ssets and the LP Entities shali remit such Taxes to the appropriate Governmental Authorities in each province in accordance ~,: with the applicable legal and adiinistrative requirements, provided tÍlat,.if the hamóIlizêdsales tax regime is applicable in Ontarioor13ritìsh Columbia on the Acquisition Date, Section 6.1, rather than thìsSeetion 6.2(1), shall apply in ,respect of any Acquired AsSets that would haVe otherwise been subject to taxes under the Retail Sales Tax Act (Ontario) or the Socûil ServicèS Tax Act (British Coluinbiä),respectively.

ASSET PuCIlASE AGRENT

TÇR_H2.Q:S2l89nI2 . ~. 50 "7": - 32-

~', ,';

(2) Purchaser shall pay to the LP Entities the provhicialretail sales taxes under this Section ~~. " 6.2(2)based on the porton of the Purchase Price allocated to the applicable Acqùired Assets :¿, pursuant to the ailucà.tion described in Section 4.1. .. If (a) any additional ptovircialsiùes taes are payable in respect of the Acquired Assets, Purchaser shall remit sucha.dditional provi:ncialsa1es taxes t1irectly to the appropriate' taingaut1ority, (b)ptovïncialsales taxes' have been collected ;f by the LP Entities ,i e:¡cess ,of the.atQunt requird to b.eremitted in, respectöf the: Acquired Assets, the LP Entìtiesshall return such excess to Purchaser, and (c) provincial sales taxes have peen collecteCland remitted by the LP Entites in excess of the, amount required to he renittedli f! respect ofthe Acquired Assets, Purchaser shall apply for a refund of such excess taxei diectly to ~ the appropriate taxing authority.

Section 6.3 Land Transfer Tax.e.

,~..:. Purchaser shall prepare aidfile (a) any afdavits orreturnsrequiredunqer the Land Tran$fer Tax Act (Ontario) and other ap,plicable provincial legislation and (b) any municipal land ~~~ . transfer taxes applicable in the City of Toronto and any other applicable city or municipal land )':: transfer taxes, at its cost and expense and pay tö the prescribed Governmental Authority any TåX exigible in respect thereof. f:

S~ction 6,4 .Rejected Elections and Indemnity

y (1) Notwìthstiuding any representations given by the LP Entities contained herein, if any ~ GovemmentalAuthority refuses to accept 'an election contemplated in Section 6.1(6), afr exhausting any challenges to. and appeals of such refusal which Purchaser in its sole discretion (ardàtits sole expense) uiay choose to intiate and prosecute, Purchaser shall pay to the relevant Governmental Authority any Taxwhich would, in the absence of sucheli:ctions, become payable in connection with the transactions contemplated by this Agreement,

(2) If any Tax is impqsed on any LP Entity or its directorshy i:eason .of Purchaser failing to comply with any obligatOn under this Aricle 6 (other than Taxes which are imposed by reason of any of the LP Entities' non-compliance, delinquency or delay in renlttillg anyTaxes collected from Purchaser), Purchaser shall indemnify and hold haress such LPEntityand its directors

for such Taxes, notwithstanding any representations given by the LP Entities contained herein. ~. :

r:; AllTICLE7 - REPREENTATIONS AND. WARRANTIES OF THE LPENTITIES ~:..: ;:.0r;....

Bachaf the LP Entities jointly and severally represents and warrants to Purchaser and .g . HoldcQ as stated below and acknowledges that each Qf Purchaser and Holdco is relying on the f: ;:: accuracy of each suchreptesentation and waranty .in entering into ths Agreement.aid ~;\ completing theAcquisìtiori, ::.. ~, F6:' Settiøn7,i Corp()l'a:t~M1tters ;,'

the: LP Entities. Except (1) Status and CapaCity of as disclosed in Schedule 7.1 (1), each of ~. , CaowestBooIq,Canwest GP, CPI and National Post bas been duly incorporated ,and. organiied, is a sUQsisting corpöration under the laws of theirjl1isdiction Qf incorporation, and each has the çorporate power and capacity and is dily qualified to own or lease its property and to caryon the. Business and the busíness of NatiQiralPost, as, tlle Case may be, as now conducted in each ",'. judsdictìOn in which any of theJ: own or lease property or caryon the Busines.s or the business

ASS!!T PüRCHASE AGREEMET

TOR~H20;:i38gS7.1 i 51 - 33- .'. :.:.. ~t of Natíönii Post Except as disèIosed in Schedule 7.1(1), each of CanweSt Books, Canwest GP and cpr :has full corporate. power and câpacity to execute and deliver tlus Agreement and to consuimate the Acquisition. and ötheriseperfonn itsobligàtions under this Agreement.

Canwest LP is a subsisting limited parership under the Ltmìted Parterships Act (Ontaro)~

Except as disclösedinSëhëdiile 7.1(1), Canwest GPhas the ëörporatepöwer and capacitytoilët as the general parer of canWest .LP. to enter .into and përföÏ1 its Qbligatìöris under ths Agreenient¡and töexeclite and deliver this Agreemertt on behalfof Caiwest LF; ~ f,: (2) Authotizatbm of Ácqüiilj()l. The execution and dëlivery òf tbis Agreement and', subject to the makg of the Sanction and Vesting Orders, as .of the Acquisition Date the consuinatiori of the AcquisitiolJ has'been.driy and validly authonzedbyal.necessary corprate action on the part of the LP Entities (otler than Canwest OP. and Canwest LP). The,executiQti and delivery of this Agreement and, subject to the makng of the Sanction andVeSthigOrders, as of the Acqulsition Date. the consummation of the Acquisition have been duly and vaIdly :::: " authorizëdby all neêësšW:y' Cörpórate actionön the par 'of CEiiwest OP on .its own. behalf and oIl r, ~ behiif of Canwest.LP. ~. ~7. \~. and validly executed and delivered (3) Enforceabilty. This Agreement has been duly by ~.: eacho! the LPEnt.ities (other than Capwest LP)and has heen duly and viiìdly executed and delivered by C¡uwest OP on behiif of Can west LP, This Agreement, subject to the mang of

the Sanction and Vesting Orders, is a valid and legally binding obHgation of each of the LP "'. ',' Entities enforceable against eåch of theLP Entities in accordance with its terms, except as may be ,subject to applicable banptcy, insolvency, moratorium or other similar laws, now or hereafter iiteffect, relating to or affecting the rights of creditors generiily and by legal and equitable limitations or the eilforèeabilty of specific remedies. .:.~;. -.

(4) ":. Residence. None of the LP Entities is a non-resident of Canada within the meaning of the ITA, Canwest LP isa "Canadian parnership" for purposes of t:eIT A.

ÏlooksandRecords; The:Bo9ks and Records (5) . (other than the corporate and other records specificaly referenced in Section 1.1(6), iil of which have been or prior to the Acquisition Date

Wil be provided to Purchaser, are complete and accurate records of the information purported to be reflected therein in aU matetial respects. k \'" t:." (6) Corporate Records. The corporate: records, minute books and share record books of ~" NatiöniiPbst, all of which have been or prior to the Acquisition Date will be provided .to .~ .

Purchaser, .èontaincoIlplete and acëurate minutes of all meetings of and corporate actions or ~" written resolutions of the directors, coIíttees of directorS and shateholdersòf National Post,

including all by-laws and resolutions passed by the directors, commttees of directors and if shareholders of Nationii Post, since the date Nationii Post was formed. All such meetings were ~:: duly called and held, all such corporate actions and wntteuTesolutioDS were duly taken or validly .... ~:.~. signed and ali such. by-laws and resolutions were duly passed. The share certficate. books, , register of shareholders, register of transfers, register of dIrectorsand sinuar. corporate records .~:. of Nationa1 Post are complete,. accurate and current.

(7) Shareholders' A,greements, etc. There are noshareholders'agreements, pooling agreements, voting trsts or other similar agreements withrespectto the ownership or voting of ary of the shares of Natiònal Post.

ASSETPUcnASE AGREME

.TOR.JJiO:S238951,12 ...... " .-. .', ;:~ ,')t; - 34-

(8) NØ Oth~r Ac.quisition .A,greeni:en.ts. Except a,s disclosed in Schedule 7.1 (8), nQ pêison ~= has Myagrtiinent~optioni undeïstandingorcpnitment, or any right or privilege (whether by law, oJ; by :any pre-eIJptiveor other contractual tight) capable dfbecQílng ar agreement, option or coni~iit: (i)' fprtheplUchase, or other acqilisiPOll frornan LP:Entity of any of the

Acquired Assets, (ii) wbi~h woulQ: restrct the abilty of the LP Entities to. tian&fer any of the

ACqUlred Assets free of any Encunibrances (other than Permtted Encumbnuices) to Purchaser, or (ii.) or for the issuance of any .secuiities of National Post or the acquisition of any assets Qf ,j, National Post"in each case other th the sale of any'Acquired Asset In the OrdinaryCourse.pf ~. Business. :1'

(9) '. :RegulatoryApproval. Neither an LP Entity nQr National Post is under any obligation, contraàual ,or otherWise, to request or obtain any material Regulatory Approval (other than CompetitonAëtApproval) or to give ary notice to aiy Governmental Authority: ,.. ¡)

(a) by vittùë of or in connection with the execution, delivery or perfontance by the LP Entities of this: Agreenient or the completion of the Acquisition; t: " -:::

(0). to avoid the loss of any Licence or to avoid the violation, breach or ternnation of, or any default under, or toe creation of any Encumbrance under the terns of, any Applicable Law;. or

(c) . iiörder that the authority and abilty of Purchaser to caryon the BusineSs ard for ::' National, ,POSt to caryon its business in the Ordihar .Cou:tse of B.llsìnes's and jiì the same' manner' as presentlycondQctedby the LP EntitlesandN'atiQnal PoSt remains .in good standing.and in fuIlforce and effèët as of and following the Acquisition.:

(10) Consents. All M~terialèomi:açts,and all Real Property Leases,lersonaJ Propert Leases and Licences which are material to the Business or the operation of the NationalPost newspaper or any newspaper which is par of the Business under wIDeh ,anLP Entity or National Post is obIlgated to request or obtain any Consent or :Regúlatorý Approval or togiV'e any notice by virtlieof orin connection with the execution, delivery or perfomrance by the LP Entities of ths ;, Agreement or the completion of the Acquisition are identified in Schedule 7.1 (i 0). ~ r. ~ : t.' Section 7~2 Financhil Matters ;',. (n Financial.Statements. The auctitedconsolidated balapce sheet ,of the LP Bntities.i:t Angust ::31,2009 (the "Referent;eBlibince Sheet") andthe'aui;lited çonsolidatedbalance sheet or .~ the LP Entities at Angust3.i, 2008 and August 31, 2007, (ii). the -audited consalidated statements ~ afeainings. (loss), eOJlprehensiye tnconie. (1Qss),. ¡iarers' i;ýficiency and cash flows of the, LP .~ Entities for the years then ended, (iii) the unaudited consolìdatedhalance;sheet ofthe LP Entities ~. ~: and National Post at :February 2:8,2010 and Nòvember 30, 2009 and (iv) the unaudited .~ eonsöîidated statements ofeamings (loss), comprehensive income (loss), parers' deficiency .~: and cash floWs of the LP :Entities and National Post for the interim periods ended February 28, 2010 ,and November 30, 2009 (the balance, sheets and statements referred to in clauses (i)" (ii)"

(ii) and (iv) being herein collectively referred to as the "Financ:iIStatemeníS") have bëen prepared in all Iiaterial respects in accordance with Canadian GAAandprèsent faìrly,in, ,all material respects, the finaneíalcondition and the results of .oper:ationS of the LP Entities: at the- respective d¡ites and forfutperiod ,covered by such statements.

ÀSSErJ'c:ASEAoRE~NT

TOR.Il¡O:S238957.12 " ;-~ ¡- '" - 35- OJ ."

;~ '..' finanCial transactions of the Business or the business of National. (2) FinancÎål Records. ,Al :¿ of National Post or the operation of any PostWIDcn are material to the :Business or the business newspäpetwruchispar of the:ßusiness or the business of the National Post have been properlysound recorded ,in the Financial Records,whicnhave been maintained in .accordance with businessandJiniiciá1 practice and have ,been otpriöi' to the AcquiSition Date wil be provided to P'urchaseì.'lhe Fiiaidal RèCordsàèctirätely :reflect:in àllmaterial respects the. basis for the financia1cønditionänd tbe reveni.esjexpensesand resuHsof.operatiQfisöt the Business and the busineSs of National Post. No ,informätion, records; systems,contiols ot dâtapertning to or i Business-öt the business of National Post are Tequird Jöt the operation or adrtiistration of the recorded,stoxed, maintaìned by, ór are otherwise 'depende:tu¡Jpn, ary ëQmputerized örother owned by and controllecl hyan LP Entity or system, program or device that Isnot licensed to or NationlU Post wil have originlÙs or Ni:tionaI post and on the Acquisition Date the ;Lp Entities or or control, including where ,.¡ copies ofa11 such records"systems, controls OJ; data in its possession relating thereto. applicable; copies of a11computer software and documentation r i.~' the Referënce Date and except as (3) Absence of Certain Changes or EventS. Since l::" approved bY an Order of the CCAA Court or as specified in Schedule 7.2(3), neither an LP

Entity nor National 'Post has:.

(a) incurred any Liabilty which is material to the Business or the business of National Post, except Donnal trade or business obligatiorisincurredin the

Ordinar Course of Business, none ofwhlch is materially adverse to the Business

. .:~,::: or thebüsiness of NationlÙ Post;

(b) created any Encumbrance (other than Pemutted Encumbrances and Encumbrances relating to the DIP Credit Agreement (including the .pledge of all any of the assets of shatesof National Post)) upon any of the Acquired Assets or 'NationlÙPost, except in the Ordinary Cours:eof Businessoras,de"scrìbed in tlus

.',: Agrèement Qr pursuant to, 01' as a result of, the CCAA Case; " ,

(c;) sold, assigned, transferred, leasecl or otherwise disposed of any of the material ;. Acquired Assets or any material assets of NátionalPost, except in the Ordinary .:.... Course of Business or as contemplated by tils Agreement; '1.~. except in the f" (d) purchased, leased or otherwise acquired ary properties or .assets, Ordinar Course of Business or as contemplated by this Agreement;.

(e) waived, cancelled or written öffany rights, Claims. Accounts Receivable or any Post which alone or together are " amountS páyáble to an LP Entity or National :.~ material to the Business or the business of National Post or any newspaper which l' ~:. ;;: is par of the Business, except in the Ordinary Course of Business;

any damage, destruction or loss (whether or not covered by insurance) (f) suffered ,!:. wliichconstitutes a Materi.al Adverse Effect; or other benefits payable or to become (g) . increased any fonnof compensation or to any contractors, payable to l:IJY Employees or employees. of National Post,

consultats or agents of the. Business or National Post, except increases made in fhe Ordinary Course of Business and consistent with past practice or for 'q(RP"

ASS!I,PURCHASBAOREEMENT

TOiU¡20:si3e9S7.1 i i' 5~,.'': .

- 36-

;j ...... :~ or "Ml~; payments due to certainsenIor Employees dJsclosedjn writing to .-=; Purchaser prior tö the date hereof; or. / of the foregoing. (h) authorized, agreed or otherwise becomeconitted to do any

Taxes. There are no Encumbrances (other than PerItted,Encumbrances) for Taxes upon (4)

any of the Acquired Assets or upon, any of National pose sassets, and no event has occUred with

of time or the giying:Öf notice, or both, cOuld reasonably be expected to result i which the passage .'~. in an Enøui:brance(other thana PerittedEncumbra.ce) for Taxes on my of the Acquired :;- Assets or any ofN'ationalPosts assets.

(5) Nntiona1 Post -Certain Malter$.

,duly and t (a) National. Post has on a timely basis prepared. and filed. witI each ~. Governental Authority as required by Appliçable Lawal Tax retur:s,electipns, .;. respect of a1Í 'Taxes fiings, forms and other documents required to be fied by it in ~: and correct ina1 material oJ;~' (''TáxReturnsf'), and such Tax Retumsare complete respects. Noextensiori oftime in which to fie any such Tax Return is in effect.

(b) NatiOnal Post has paid, collected and remitted on a timeiy basisaII Taxes which are due and payable, collectible Or remittable, as the case may be,by it on or before the date hereof. Without limiting tbe fqregoing, National Post has ": withheld from each amount paid or credited to any Person the amQunt QfTaxes required to be witheld therefrom and has renutted such Taxes to the proper

GovemmentlÙ Authority within the time.required.under Applicable Law. or (c) No debt or other obHgatíon of National Post has been or wil be settled

extinguished on or prior to the Ac.quisition Time such that the provisions,of

Sections 80 to80.:04öfthe ITA applies or would. apply thereto, and National Post

has not entered,anci wil not enter, into an agreement tQ ha:vea fórgIvenamount

transferred to it under section 80:04 of the ITA,

L ¡:; ï; (d) The value ofconsiden~tiori paid or received by National Post lJ) respeçt of Uie acquisition, sale or transfer of any property or the provision of any services tqor .,. f:. frm any person with whom they do not deal at "ar's. length" (as defined for ~'. .. purpose.söt the ITA) has been equal to the. fair market. value of such property ;.

acquired, sold ortransferred or services provided. r

EXCept for the CeAA Case and any claim moo in the claÍJsproçedure heing '" (6) Litigation.

cQndiicted in the ceM Case, the litigation matters set out on Schedule i .1(78) and the tWöcla$s ~; action suits described, in Schëdi.le L 1(62,),non.e of the LPEn.tities nor N ationa1 Post is a pary tö, ~~. a defendant in or ,otherwis:e subject to ,anytnaterial litigation, arbi.tratiOn or cOJ.rtproceedigs, t and to the best of the knowledge of the LPEntities, .no such proceedigs are tieatenedagaini¡t any oftbe LP Rntitìe:s or Naponal POSt, except for Hliel, .slancler and. defamation case.s.' aiis.\g ln the Ordinary C()nr:seofBi.sjness, .

(1) . . Insurance.. The LP Entitiei¡ and N¡itiqn~l Post are covered by siitb policiesofiIli¡l.rance, issued by reponsìnle insurers, as l;e¡ipp:iopriate to thflBusmess,the Acquired As.sets or the

business . and assets of, National :pqst, iIt such aiOl:lP.ts and agaist such. ris.ks as are cUst9piarìly

AsSEt PuCHIISE AÙREEMET

TÖIl:.:iO,5i:l89:7li 5 ¡~-o - 37-

:":: care(i andhisurèd agail)stby owners ofcompi.able bll~IIesseir,propertes and assets. True and " have been provtded to Purcbaser:. All such camplete copies of 811 suth pø1içies of insurance pqlìctesar in ful force and effect and the LlEntities andNiitiQnal Postare rtot in inat~rial c:efault,as to the payment ofprem:hiIDs 'or otherise; under the teimi¡ (jfany suchpoHcy.

(ß) Capital Expendítures. Neither an LPEntiY'Dor Nation¡i.Postìs commtted to m$:e any capital expenditures in respeetof the Business or the .business of National :Post, nor have any g National Post beenauthOrlzedby an L:P Entity cäpital:expenditues ii:re~pectof the .Business: or i' ~;: Or NàtiôIiii :fiost ät any time sinèe the Reference Date, except fot êapìtid expenditures mad~ in the 0rdUíârY 'Coure of Bu¡¡iness il reflected in the. cashflôwsöf'the BusinessproVided to PurcbäS~r pdör to the date beteof. Eacb newspaper tö be :acaiiired from anLP Entity pursuant to (9) Canadian Newsp.apers" :',' tlus Agr~ment and' the newspaper published by National Post is a "Canadiannewspapet"e.ach :~ . issue of which isa "Canadian issue" , for purposes of s~ction 19 of the ITA. ' ,',: f:;.: Secti~1t 7.3 Shure Capital, Shares and Assets ,. Nationi;l Post

Authorized and Issued Share, CapitaL The authorized capital of National Post is an (1) is unlillied number .of common shares of which one common share has been duly issued and olitstandÌhgasa fûïly paid and .noIl-'assessable share. in the capital of National Post. No shareS or in violation of any Applicable Law, the aricles othersecurltiesofNational Posthave be.en issued Qf incorpQration, .by-'lawsorother constatig documents of NatiöIal Post or the terms of any ,shaieholders"agreement or any agreement to wIDch National Post :is a pary or by wlûch it is bol!nd, Natiooa,l Po~t has 110UssuedorRuj:orized the issueQf any shi.ese~cept theshaiewtiçli

forms par of the .Acquired Assets. ";"':,': controls all.shares of National POSt and the (2) .,.rrtie. cpl legally. and beneficially owns and ii1tercoripaiydebt owed by NaûonalPost to CPi, with a good and,11atketabletitle thereto free of an Encumbrancesöther than perntted Encumbrances; Encumbrances :reiating to the Senior Credit Agrëemetitaid the DIP Credit Agreement (inCluding thëpiedgeöfal shares ofNationa1 j'" I.. Post) and Encumbrances created by order of the ceM CQurtin connection with the CCM Case.

t,;~. .::; (3) Titie to ,Assets. Exaept for any ,intellectual property in the public domain, National Post free of any owns, and h!is good and maiketahle. tit1tto, or has the fIght to use its. assets relating to the Encumbrances other thanPerntted Encumbrances and Encumbrances L.. intefco~pany debt owed by NationalPost to CPI. i,. SectiQn 7.4 Assets ~':r '';.-.' (I) Tite to Assets. Except as set out in Schei:ule 7.4(2), the LP Entities own,aid have good and mi.ketable title to, or have the right to use the Acquired Assets free ,and clear of. any EncumbräDces other than Petmtted Encumbrances, Encumbrances relating to the Senior Credit of allsliates of National Post) Agreemëntandthe DIP Credit Agreement (including the pledge, t: and Eiicumbtarce$ crèated by .otdërof the CCM Court in conriection with the CeM Case.

(2) Reâl Property.

ASSETPORCIiM~ AOREMENT

TOI\.UO:S2389S'.IZ ... 56 - 38-

0-' ~~; f~' 7 .4(2) is the only real property owned by the (li) The Real Property listed in Schedule LP Entities and the National Post and the Leased Premises listed in Schedule

7.4(2) are the omy mateíÎal leased premises held or used in connection with the

Business or the business of National PoSt.

(b) Except as set out in Schedule 104(2), CPI is theåbsoliite, l~galand beneficial owneÌ'öf; and hasgood and irarket.abletitle hi fee simple to, al.of theRe:a .~i' Pi,operty, tree ard cleat of any .aid all Encumbrances. other than the Petmtted

Encumbranes, Ericumbrances relating to the Seniot CrëditAgteement aiid,the DIP CieditAgreemei;t .and. Encnmbranc;escreated by order of the CeM Gourt in connection wit.h the CeM Case. .~., (3) Reiil Pr.operty Leases and Leased Premies. ~;. ~\ Leases. Complete and correct ~ (a) Schedule 7.4(3) descíÎbesall material Real Property J. copies of such Real Property Leases have been. provided to Purchaser. , :... to (b) Except asdisc10sed in Schedule 7.4(3), the LP Entities are exclusively entitled all nghtS and benefits as lessee under the Real Property Leases, and no LPEntity

has sublet, assigned, licensed or otherwise conveyed anydghts in the Leased

Premises or ir the Real.Pröperty Leases to any other Person. .

(c) Except as disclosed in Schedule 7.4(3), or as has been or niaybeapproved by Oi:erof the ÇCAA Court. all rental and other payments and other obligations required to be paid and perfoimed by an LP Entity pursuant to the Real Propert

Leases in respect of the penodsafter the Filng Date have been duly paid and

perfoimed. Except as disclosed in Schedule 7.4(3) or as has been or may be approved byOrderóf the CCM Court, no LPEntity is in default of anyofits obligations' \.ndertheReáI Propërty Leases and, to the best .of the LP Entities' Propr;rty ,Leases . knowledge; none of the. landlords or other paries to the Real are

in default of.any of their obligations thereunder jn eaçh case except for defaults of that, alone 'or in the aggregate, are not materilÙ to the Business, the business ii, National Post or the- operatioi; of any newspaper which is parofthe Business.. L;. .;"~:

Leased I'enuses. The Real Property and Leased Premises ~~. . (4) Status of Real Property and ~: are zoned so as to pernt their current .use iiiall matenalrespects. The use by the LP Entities of

the Real Propert and the Leased Premises is in material compliance with Applicable Laws and, ::~ in paricular, is not in material breach of any building, zoning or other statùte by-law, ordinance, ~: ~. regulation. covenant, restriction or offcial plan. . ~~. ;

(5) Environmental Matters. ~:::

and the business (a) (i) The LP Entities, National Post, the operation of the Business the :of National Post; the Acquired Assets (incIi:ding the Real Property and. Lease.d

Pìeoùses) and the use, maitenance and operation thereof have been and are in

material compliance with all Environmental Laws; and (i). none of'the LP Entities i;or National )?Qst has ceçeived any notice of any aci\lal or allegedmateria1 non~ the Entities nor c()mpliance with aiy EnvIronmental Law, and (iii) none of Ll?

NationalPosi have ever been convicted of an offence for non-compliance with

ASSB' PuRCIlAS¡;AGREEMENT

TOR_H20:52319s7.12 . " ." '.'~' :,...... ~~. ~, .:: 57 ~ 39.

~/ fined or otherwÌse sentenced or settled any any Envír.onmental Law or been

ptoseeutionorclairn under any Envitonmental Law.

is (i) no 'pending. or, to the bestöfthe LP Entities' knowledge,threatened (b) There material Env'iIonmental Claim agiùst the LP Entities ör Natiortâl Post Of; to th best of ,the LPEntities' knòwledge,any pending or :tateIld matèIial EnviroIlmental Claim ágainst any priorownet or oëcilpaittof anyRëaiFropërtý or " W, of the LP En,tities, thëteexists Is' teased _Prenñ~es; and (H) to tbe best of. knowledge .1. or :r.atter; 'including any Release, which ßO ehvitontnental condition, incident cöIÏstitütesaMatedal AdverSe Effect, .

(e) TheLPEntltiës and National post have. obtained all material' Environinental Business and the business of National Pest and PeIDts necessa¡toconduct the

to own, use and operate the Acquired Assets (including the Real Property and .:'. Leased Premises) and the assets of National Post. All such Environmental :. . force and effect in all material respects, there l.: Permts are valid and are in full .( have been no material violations thereof and there are no legal proceedingi; pending or theatened to alter or revoke any of them.

and ,environmental Sfudiesand reports (d) AlIniaterial environmental assessments anY LPEntity withn ;reiating to any .of th~ Acquired A,i¡sets generated on behalf of the l~st three yeaand in the possessi()l1of th~LP EntitieS (or. wlu'Cb with ,.,::: reasonableeftoi; could be brought into thepo8sessionof the LP Entities) have

:,.. ;been madeav:ailableto Purchaser. Personal Property (6) Personal Property Leases. Schedule 7 A( 6) lists or identifes all Business, the business of National Post or the operation of any Leases 'which are niatei'ial to the affected. by .an Order of the CCAA newspäpêr which is par .ofthe BusinesS. Ex.cept as'may be

Court ü) each Personal Property Lease is ¡nfull force andeffeci and has not beenaiended, and anL? 'Entity or NlltionalPost is entitled to the full benefitRldadvantageof each Personal in good Property-Leasein accordance with its terms;.and(ii) each Personal.Propeny ;Lase is by any pary under any PersónalPrópert . stáidìng and there has not heen 'any material default National Post and any othet pary under Lease nor any inaterialdispute between an LPEntity or r any Personal Property ~ .i; Lease, . :::. (7) Work OrdeTs and Deficiencies. There are Ilo material outstanding work orders, non. !, compliance orders, òeflciency notices or other such noticeS relatiIlg to the Real Property, the :.".

Leased Prei:ses, thë other Acquired Assets, the Business or the business orassëts of Nationâl Post which have been issued by any Govermenta Authority including any police or fire ~r are no material matters ~:.:ll deparment; sanitation, environment, labour or .health authority. There r;'. under discussion with any Governmental Authority relating to work orders,non-compliance ~::: orders, deficiency notices or other such notices. ¡. :''.:: (8) InteUectual Property.

(ll) Schedule 7;4(8), sets forth a complete Jist and a brief descriptionBusiness of 0) all .or'iilthë materìal domain. names' and material trademarks owned Of' used in the such domain names or trademarbhave business of National Post whether or not or on be.en registered 'O whether applications for registration have been fùed by

ASsiPURCHASl!.AOREMENT

TQR~H20;5238~51.ii . . ...,...... , .. ..' . -. .,.... _. ..' .~.

:~ vvc; p .,. - 40 ~ ,. ~.:.

behalf ofan LP Entity or NationiiPost; and (ii)paícular ofal regMrations and ~: such dom:a.n na.eS' and trademarks. applicaons for registratiøn in respect of \ (b) Tbe LP Entities and National Post do not own or use any materiâl IlteHec.tJal PtOpey that consists of patents and industrial designs. The LPEntitiesQr National PQstownor wil own by tlie Acquisiton Date .al material trademarks

used in. tIe Business pr the bUsiness of Nationa1 Post; as appli:çable, other tiian ,~ trademarks lícensed from the eM! Entities pursuant to the agrem:erits referenced ~ ~.. . li the Shared ServiceS Agreement and the Oinibus Transition and Reorganization Agreement and Implledlicences from advertisers. Date grant or license any . (c) . Thè'LP EiititiesdÖ' not and wil not by thë Acquisition :dghtsinany' miitëriallrtëllectiall)fòpertyto (î)ary Person otherthar tó the eMI ;~. . Entities pursuant to the Shared Services Agreement, the o.ninlbus Trànsitionard r:: ~.... Reorganization Agrèement or the other agteementsrefereficèd thereiii!or (ii) thid the Ordinary Courseof Business . . paries pursuant toagreements enteredint,o in ~,'.. ~~. . tnat are not ,material to the Business or thebllsiness ofthe National Post. class action1awsuits Cd) Except for the matters Hst~din Schedule 1,(78) an.d the two ,to the' knowledge. described in Schedule 1.1(62), there are no c1ais pending, or

of theLP Entities .theatened, aglÙnst the LP Entities or National Pbst relating to

any of the material Intellectual Property owned by the LP Entities or'National

Post and, to the knowledge of the LP Entities; pending or threatened agiitist the LP Entities or National.Post relating to any of the material Intellectual Property useQPY the LP Entities or National Post.

Section 7 .5Condnctnf Business

.(1) No Material Adverse Change. Except as set mit in Schedule 75(1) or as approved by

Order (lithe CeAA Court, since the Reference Date, there has not been any change in theäfÎaits,

prospects, operations, assets or financial condition of the I3usiness or thebusihess of Niltional this Post, other than .changes in the OrdinarY Course of Business or ,as otherwiSe contemplated in :',i ~...:. Agreement; which would constitute a Material Adverse Effect.

~..-..:: or :.,'. (2) Otdina,ryCòorse. Exqept .asdìsçlosed in writing tolurcha.ser prior to the date hereof ;r.,. .as appri;vedby an Oi:der of the CCAA Court', the Business and the business of National Posthas and wil be heênçared on only in the Ordinat)" COUlseof Bnsiness since the Reference Date, Business after the date of this A.greement or. as .:~ car~edon only in the Ordinary Course of , otIerwise contemplated in ths Agreement an4 up to the Acquisiton Date, subject to theCCAA Case.

(3) ,Restrictions on Doing' Business. Neither anLI' Entity nor National Post is apar)' to,ot bound by any agreement or conutment whìch would restrct or Hoot the rights ofPûtchaser to

caryon or compete 'in any business or activity or to solicit business frOIDai)i Person or:ir any

geographical .ara or otherwise. to condüct the Business ascutrently conducted and as prpposed to be condùcted. To thë best of the LP Entities' knowledge, there are no facts ot drcumstàlces abilty of Purchaser to continue to operate the which could rnaterhùly .adversely affect the as or any newspaper whìch is pli of the Business l3usiIìess, the National Post newspaper. the Acquisition. presently conducted followirtgthe completion of

AssETI'RCHASE.AGREEMENT

70R..I¡.O,S¡jB9S7,12 ... - ...... ,.. ..-...... 5rJ - 41 -

:~:: I:

(4) 1\terlal'Conttacts'. Schedule. 7 .5(4) lists or iderttiesaIi Material Còntta:cts~Except as contemplated by or resulting from. the ceM Case. (i) none 'of thëLP Entities.ótsuch Mateal NâûoIiålContrct, Post 1s of the LP Eritities' kiowledge. any other party to ary is, nor to the best occurred any event which, with the in default under any $\1ch Material Contract and there has not' default under any such Contraetby lapse of time or givirig bfnotice or both. would constitute, a Post or any other pary to any such Material Contract, in each case an LP Entity or National not :material to the Businesi¡, tbe business: of National Post or the l except wher such default is such Material Contract is in par of the Business; (ii) each ~~ operation orany newspaper wluch is by written 'or oral agreement, except asset out. in Schedule fui1 force and effect; unamended and advantage of each .~. 75(4), and an LP Entity or' National Post is entitled to the fun benefit terts;.and (ii) nb notice ofdefälilthas been received by accordance with its Material COntract in exist any ," my LP Entity or Natiönál Post under any such Material Cöritraet hor does there :", ~." material dispute betWeen an LPEntityör National Post and aöy other Person iö tespectof any ~'.' sUèh MåterilÛ Coritract. ~'~ ~;.:. (5) . Compliance. Except as would not constitute a. Material Adverse Effect, theapplicable LP Entities to and National Post, (i) are not and have not been in violation of any Applir;able Law and have been in the conduct of the Business or the business of National Post,and(ü) possessconduct of the Business or the business of al Licenses necessary for the compliance with N atiönalPost.

Section 7,6 EinploylrientMaUerS authoried .by

(l )R:einuneratic)u, Since the Reference pate,no pay:tëi;tshave been made or an LPEntity or by National Post to directors,offcers, Erïployëes, emplQyees of NatÌonàlPost, regular rates ofterïuneration or inç:reases made in the contractori;, consultMts ot agents exc;ept at consistent with past praetice or .for "KERP" or "MIl" Ordinary Course of Business and payments, disclosed in writing to Purchaser prior tö the date hereof. Thereare nooutstandlng loans or advanceS made or granted by an LP Entity or National Post to any Employee, employee .of National Post, contractor, consultant or agent, except for tiaveládvanceS made to Empioyees

or employees ofNatibnal Post II the OrdIIiaryCourse ofBusiriess. ::'

.to' '. (2). LaboØi: MiittersiindEinployee Contracts. Except as disclosed in. Schedule 7.6(2), 0::.' neitherary LP Entity nor National Post is a patty to or boundunderstanding, by any collective letter agreement, of intent, :~.: labourconu-act; letter of understanding, memorandum of union, trade or other lega11ybindingcoritment to J.iy labour voluntary recogrrtion agreement of any EmplQyees, employees of ~. , ",' . iliion, employee association or similar entity in respect an LP Entity or National Post, nor is'anLP contractors renderig services to National Post or .~. ::. any labour union, trade union, Entity or National Post currenüyconductingnegotiations with 7 .6(2).eachLP Entity 'r:, Except as dîsclosed in Schedule i? employee association or siHÚlar entity . and National Postbave complìed in all materiäl respects with all provisions of the collectveor, to the agreements and other agreements disClosed in Schedule 7.6(2) and there are no existing

best of the LP EntitieS' knowledge, threatened labour strikes. cessations or suspensions of work Qt läbour disputes; lockouts,slowdowns, disturbances, grievances. arbitrations,National unfai labour Post practice eompläirttS, controversies or other labour troUblèS affecting an LP Entity, the pêriod of five nor have 'there been any material labour disturbances within or the Business, aU employment years preceding the, date. of this Agreement. True and complete copies of Employees and National Post agreements betwe-en any of the LP Entities, National Post 'and the

employees who are seniorinanagement have been provided to PUrchaser. AsSET PURCHASE AGREEMENT

TOR_H20:52)a9S~ .ii ::. -;

- 42 ~ GO j"

~~.0..: 7 .6(3), each LP Entity (3) Employee Laws. Except ss disclosed in Schedule and National :~ Post are in material compliance with al Employment Laws relating to Employees and National :J Post employees. Thereareno outstsndingcharges or orders requirg an LP Entity or National .:;

Post to comply wi.th the Occ1lpational Hea.lth and Safety A.ct (Ontaio)or comparable applicable legisla.tìnof aiy other jurisdiction.. Except as disclosed in Schedule 7.6(3), all obligations of the LP Entities and National Post in respect of vacation pay and baneci vacation entit1ement, holiday pay, overtme pay or time"off entitlement, sick payor baned sick leave, contributions or prenùl.sfor Statutory Plans', accniedemployee compensation" Multi-Employer, Plans, ~p ~ ~ Benefit Plans and Nåtional Post Benefi pians payments oI premiums, wiJ have. been paid or .; .:-" discharged as of the Acquisition Dateot, if unpaid. are accurately reflected in the Books and Records;,

Section 7.7 Pensiønand Other Renefit Plans ":':

of the LP Benefit Plans and Multi~ f: (1) nfinefit Plans.. Schedule 7.7Cl)lists or identifies all Employer Plans. ( of al written LP Benefit Plans and (2) Disclosure. True, current and complete copies National Post:Benefit Plans, as amended to date, or where oral, a written summar of the material terms thereof together with current and complete copies of all material documents related to the LP Benefit Plans and National Post Benefit Plans have been delivered or made available to Purchaser, including, where applicable: ~

(i) .trstagri;eilents and funding agreements;

(ii) insul'ancecontractsand policíes, investment management agreements, statements of investment policies and procedures, subscription and

parcipation agreements. benefit adninistration . contracts and any fiancialadministration. contracts;

::~. (il) booklets, summaries, manuals and communÍcations of a general natre, distributed or i:adeavaiable to any Employees or former employees of ,.. 1'1 the LP Entities or the employees or former employees of Natiomil Post; :"'1

.... '¡', (iv) the most recent financial and accounting sta,tementSäi:d reports; ~I. Govex:mnent¡' (v) the mostrecentacìuarüil reports required to befiled with a Authority; and

_I~'. (vi) allreporls. statemeots,vali,atíons. returns and cOITespondence for each of t1elast three years which affect preinums, contributions, refunds, deficits or reserves under any of LP Benefit Plan or N ationa! PostBeriefit Plan. ~:;

is registered, (3) Compliance. Each ofthe LP Benefit Plans and National Post Benefit Plans

invested and adinnistered, in all material respects, in compliance with the terms thereof, with an Applicable Laws, and any applicable còllective agreements. Nont ofthe,LP Entities or Natìonal

Post has received, in the last -six years, any notice from any Person questionìng OJ challenging

such eompliánte (other than a claim relating solely to benefits by that Person), . and none of the ¡-.;

ASSE!TfuCIASE AGREEIyNT

TOR~H20:~)8P.".12 ,. .-...... ,. . " '.' ..... ~-. '. .. i I; ... ..-- ...... '..'... . . 61 i:.'

. 43~

J:: ;f such notice w'fetherwrlttenor otherwise, LP Entities or National Post håS .any knowledge of six years. chaliènging such: cotpllance record bèyond. the last from any 'Person questioDÌlK or

(4) Amendments. No amendments have been made tö any orLP National l3ertefit Póst Benefit PhmsórNational 'Plans havePost :Benefit Plas, àni; no itnprO'vemeIustoàly LPBenefit Plans not disclosed iIi the plan documents provided to Putchaser,exceptas may been ptonised that are ,,', be requirèd; or ar reasonably anticipated to be required, by Applicable Law or the t~s of a ;~:. ".~~;; collecnve agreement. . ':;.: or (5) Obligations under .Mult-EmployerPlans. The 'obligatiOns of the LP Entities National, Post to any Multi-Employer Plans in which the LPEnti.t1es or National Post participate are required to contrbute are restricted solely to '::'~. or to .Wn:ch theLP EntiteSQf National Post providing hifbrmation to tJ:eadministrators .of the Mnlti~EmpioyerPlan a,diiiing ,." applicable coIlectlýe agreements, and the ~~~~:: contributions in accordance with.and the terms of the applicable pension benefits legisiation. . empioyer contributions requirements under the :~:'

~:.~ (6) Employeè Data. All employee data necessary to adnuruster the LP Benefit Plans apd National Post Benefit Plahs is,tre and correct in allin~terial re&pects.

(7) Penalties" . Taxes. Therear~ no material outstanding defaults or violatkms by any LP Benefit Plans, and no EntityorNational Post in respect of any LPBenefit Plans or National Post material T~es, penaïties or fees are owing or exigible under ,any of the LP Benefit Plans or National Post Benefit Plans. premiums requir to be paid or remitted by an LP (8) Contrib'ùtiOiis. All contributions or Plan and National Post Benefit Plan Entity or 'National Post under the te11S of each LP Benefit or other labour union contract have been paid or by any Applicable Law 'or collective agreement or remitted in accordance with the terms thereof and any Applicable. Law or collective agreement or other labour union contract. All employee contributions to the LP BenefitPlani; and Niitional of payroll deduction have been authorized by the Post Benefit Plans required to bernade by way and fully paid into the LP employees and properly witheld by an LP Entity or National Post or renutted in connectiÖÏi with the LP :.1 Benefit Plans and National Post Benefit Plans funds

BenefitPlans and. National Post Benefit Plans, ~:-;: as disclosed in Schedule 7.7(9), none of the LP ì,:' (9) Post,Retirernent Benefits. Except to Employees or benefits beyond retirement or other termination of service BenefitPlans provide such Employees National Post employees, or fomer employees or beneficiaries or dependantS of or National Post employees. (. Sectloii7..8 General Matters ~.;!: of ~:.. (1) No Conficts. Thee'Xecution; delivery and performance of ths Agreemelit and each completion of the other agreem~nts conteinplatedor referred to herein by the LP Entitie~; and the or breach of or defai.it under: the Acquisition, wil not constitute or result In a material violation articles, by~laws or other constating (ii) any ter or provision of any of the documents of the LP Entities or N ational Post~

ASSET PuRCHASE AOREEME

101U1iO:5118957,11 . ._'4 ~...... _ .. Ò...... "'. 62 - 44-

~~ Personal Property Leaseo! :t': (b) subject to obtainig the Consents, the tenns of any " Real Property Lease, in each case, that is material to the Business or the business

of :." National Post or any Material Contract; and . 11. ,)

(c) subjeCt to òbtaing the Regulatory Approvals, any term or provision of any (i) t Licence or Ordèr that is material to the :Business or the business of National Post or(H) Applicable Law. ItW (2) Disclaimer of Olher Representations and Warranties. Except as.e:xpressly set fort in ~. tils Arcle 7; the LP Entities make no representation or waranty, andthereis no condition, in each case, express or implied, at law; by statute or in equìty, in respect of the Businèss or the

Acquired Assets or the Assumed Liabilties, or the business or assets of National Post, including with respect to merchantabilty' or fitness for any paricular purpose, and any such other represe.ttations, waranties orconditi()JJs a,e expres:;ly disclaimed. t' ~':; ARTICLES - REPRESENTATIONS AND WARRNTIES OF :PURCllSER AND HOLncO . ~. .

Each of Purchaser and Ho1dco represents and warants to each of theLP Entities as stated below andácknowledges that each of t:e LPEntities is relying on the accuracy of eachsuch representations and waranties in etitering into ths Agreemetit ail completing the AcquiSition. ::.

Section 8.1 Status

It is and has full power and authQrity to ex.ecute and deliver tils Agreement and to consummate the Acquisiüon.

Section 8;2 Due Authorization

The execution and delivery of tils Agreement and the consummation of the Acquisiton have been duly and validlyauthorlzed by it and no other corporateptoceedings on its paiare ..1.; necessar to authorize this AgreelÏentot the Acquisition, , . , I;" Section 8.3 Enforceabilty t..:.'::~

by it and is a valid and Tlus Agreement has been duly and validly executed and delivered ~:~ ;. legally binding a,greeinent of if enforceableaga.n:;tjt in accordance with its tenns except as may x.: be subject to ápplicàble baiptcy.insolvency,morato!Ium or other siiiiar laws, now or õ " or affecting the rights of creditors generally and by legal and hereaer in effect, relating to ~: equitable limitations or the enforceabilty of specific remedies. ~:' w.Ä Section R.4 Investment Can.ada Act ~:'

Purchaser is not a "oon- . Subjeettó a contrary. determnation bY the Heritage Minister,

Canadian" within the meaning of the rCA. .. , " ;.....

ASSET l'RCHASE AGREEMENT

TOR,H20:S2l89S7.l2 ;. :-;. ~vJ ~) "45- ".¡'" :Z. ~~ Section '.8.5 No Conficts

\~ The execution., deliveryandperfonnance of ths Agreement and eachdf the other .1 herein by it,and the completion, of the Acquisítion, wil agreements contemplated or referred to ~~ not constitue or reslt inaviolationor breach of or default under:

any term or provision of any of its aricles, by-laws or otherconstating documents; (1) l any indenture, mortgage, lease, agreement;ob1ìgation or instrument, in each ~: (2) the terns of .r case, that is nïattrhû to it or any of its Affliates; or ~r ,

Schedule 10.1(6), any term or '.' (3)subjeèt to obtäiiig the Regulatory Approvals described in " Or .~j.~ provision or any Order appliëábleto it any App1icableLaw.

~:~ ;': Section '8.6 Financial Abilty '.." " financing paries to provide .(1) Purchaser hits finn conutUlents from lendersandlor other \ cash äniiggregate ofUS$700 miliop and $250 million ofeient and eqnity.finartcing to fund the this Agreement, Purchaser " portion of thePorchase Price. .Prior to the execution and delivery of \ copies of the following delivered to the LP Entities and the Monitor true and complete cotDtrent letters evidencing such comitments: (i) theavailab'ìlity of cbnïtted. credit t¡, faciÚties pursuant to an execüted corrtment letter (the "Debt CoJitment Letter") dated t:' April 30, 2010 made by J.p. Morgan Securities Inc., Morgan Stanle.y Senior Funding, Inc. And JPM'organ Chase Ban, N.A.(collectively, the "Lenders") ìn favoûrof Ptrchaserand 1lôldco, and (jieqiiity 'conutments pursuant to an executedequíiy commtment le.t~r (the "Equity Coiitment Letter") dated Apri 30, 2010 made by each .of GoldenTree Asset Mi;nagemerit LP...TD Asset Management Inc., 1nvesco Trimark Ltd., Halbis Distressed Opportunities Master Fi:uid .Ltd, Alden Global Distressed Opportunities Fund, LP., First. Eagle Investment Management, LLC, 1798 Relative Value Master Fund, Ltd., Seneca Capital Investments, LPand

oZ CW Investments LLC (collectively, the "Equity Sponsors") in favour of 'Purchaser and i. the Equity ~. I Holdëö. The comntments described in the Debt Commtment Letter and Commtient Letter are not subject to any condition precedent other than the conditions expressly set fort therein. As of the date hereof, each of the Debt Commitment Letter and the Equity Commtment Letter are in full force and effect, unamended and is a legal, valid and ~:. ~~j binding obligation of Purchaser and Holdco,the Equity Sponsors and the Lenders. Asoflhe ~'; date hereof: (i) no amendment or modificatiOn to the uebt Commtment Letter or the Equity

Commtment Letter are contemplated (except to addadditionålEquity Sponsors), and (ii)as of ~.. no ëventhas occured which, with or without notice, lapse of time or both; would ii. the date hereof , ;~ . constitute ,adel'aultor breach on. the par of the PurchasetorHöidco under the DebtCoIDtIIent .;.. either (i) ot (ìi), reasonably Letter or the Equity Còintien:t Letter, respectively that would, in li b~ eipecte4to materially hnpair, delay or prevent theconsunuatiönof thetransactíons :l:. contemplated by this Agreement. As of the date heteof Purchaser and Hbldeo havenö reason to

believe thatt1ey wil be unable to satisfy On a timely basis any'term or'conditioß of c1ösíngof ~..:

the financing to be satisfied by either of them contained in the Debt CoiItnentLetter or the

Equity COlßtnentLetter and ,neither Purchaser nor Holdco is awar of any fact, occurrence or \..' conditi.on that would reasonably be expected to cause either of such financing comntments to tennnate or be ineffective or any of the terms or conditions ofclùsing of such financings not to the funding of the cash payment obHgationsof Purchaser in beconnection met or ()f aiiY ixnpediment to wíth the Acquisìion. .

ASSE'l.I'URCIlSE AGREEMENT

TOR.H2frS23R9S7.12 . .. .'.---~...... , ;~ ç, / :;' - 46- v'-

". ,-. :;; Section 8.7 Litigation

applicatiöiis, suits, There are no claims, denlands,compliits, grievances, actions, causes of action, Orders, charges, indictments, prosecutions, infonnatioris, investtgatiöris or othel" proceedigs, including appeals and applications for review, in progress or, to ìtsknowledge, pending or threatened agaînst or relating to itwhiqh,if det~rmìtiedadversely agaînst it, wouli:,

~! (1). pl'event PQhasedi:om.paying the purchase Price.in accQrdan~e with. tWs Agreement;' w. ~~ of all or any par of the Acquired Assets as (2) enjoin, restrict or prolubit the transfer contemplateçi by this Agi:eem.ent;or

its obligations set out in ths Agreenient or arising froin (3) prevent it from fulfilling any of this Agrement. ..' ~~_:~ :' Section &8 Tax .Registrations i:, .;~,'.: As of the ACtïüisition Date, Plichaser win bedü1y l'egistel'èd under Subdivsion'Cd) of .Division V òf Par IX of the ØS't Act withrespèct to the goods árdsetvices taxand harmonized sales tax .andundèrDìvisiOI), I ofChapter vm ofTi.tJe i of the QST Act witb ~spect to QST.

,SectionS;9 Canadian Newspapers

Upon completion of the Acquisition, each newspaper to be acquired from an LP Entity

pursuant tö this Agreement and the newspaper published by National Post will. continue to be, a \'CanadianneVlspaper", each issue öf which is a "Canadim issue"; for purposes of section 19 of the ITA.

Section 8;10 Shareholders' Interests in Canadian Newspapers

,, No equityholder of purchaser or HOIQcoowns any equity interest in exGes~ of 10% in any newspaper or digital news :media busìlless in Canada. ;-'¡.'

¡:'.. ~I ' Section S.ll Dilgence by Purcha.ser t..: . :F Each of Purchaseriid ROldeD acknowledges that it has. conducted an ind~peIldent

review, investigation and. inspection. of the financial condition, Iiabilties, resultS of operations l'

and projected operations oBhe Business and the business ofthe National Post and the nature and and assets and liabilties. andi:in condltiön of the LP ,Entities ,aid. the National PoSt's propertes :t. makg the deter.natiön to proceed with the transactions contemplated by this Agreement, has ~, and the ~:: rêlieds.Qlelyon the results,ofits own .independeöt review, investlgatiön .aiô inspection t' the extent representatin.S', waranties, .conditîons,and statementS in Aricle 7 and, except to ~~ specifcally set forth in Ari:cle 7, Pürchaser is purchasing the Acquired ASSets on an "as-is, .~' where'"is" basis at 'Purchaser's riskandperHand Purchaser accepts the same in their present state, condition or conditon andloca:tion. Except as set forth in Aricle 7, 'no repre~ei:tation, waranty, .~..

covenant is expressed or iniplied' (by operation of law or otherwise) by the LPEntities, including

any reprtse,ntations, waranties, conditions or covenants as to title, assignability, encumbrance, descriptioll, merchantability or fitness for a particular purpose, environmental compliance, condition, quantity Or qllallty, or in respect of any other matter or tlùng whatsoever concemiQg ASSET PuCHASB,AoREMENT

TO~1l0:523B9S1J2 ...... ,. ,;..,...... '...... ,;. Ç:vJ r~ - 47-

.:' the Business, Acquired Assets andlorthe Assumed Liabilties or, as applicable, the right of the or ¡issign. sam~ Md Purchaser bas not relied apon any written or ora LP Entities to sell guaranties statements, representations, piomises~ . waranties, covenants, condjûQns or whatsoever, whether expressedor implied (by operation of law Ol'otherwise) cQncemi~gthe Post, Acquired Assets and/or tbe,As:suined Liabilties or the business of the National Business, except as set forth 'in any ìnforiatio~ provided in connection therewith, the'completeness. of delivery of disclosure t. Arcle 7. The disclaimer i, ths S~ction 8.11 is made notwitbstading the any documentation r to Purchaser or its directors, offcers, employees, agents or representatives of ~F financial projections or other suppiemental data included in or other ínfonnation (induding any waranted to ths Agreement and/or any schedule) and such documentation or inormation is not êonstitûte par . of the terms and be complete or accurate or correct. and: such description does not conditions of the sale ofthè Acquired Assets or the assutption of the Assumed Uabi1ties:. Any .', and all êonditi'ons, waranties or representatíonsexpress orimplied .pursuantand to. are .the berebyexpressly Civil Code of ,:r.,' Québet or'other. applicáble sale of goods legislation db lltapply hereto walved byPurchaser. AR'llCLE 9~COVENANTS

Seçtion,9.1 ' GenenilCov~mants Order or the CeAA Case (1) During,the Intenm Period,. except as contemplated in the Initial Purchaser . theLP Entities shall, and shall cause N atiönal Post to: or as. otherwise consented t6 by

(a) Operations. Carryon the Business and the business ofNationaJ Post (including c!lrying on the operation of all newspapers).in the usual.and ordinary cours.e in conducted and preserve intact their substantially. the same maner as heretofore

present l:J.siness organization, use all reasonable efforts tQkeep available the services of their present offcers and- employees and preserve their relationslups dealings with them, subject with customers, suppliers and others havíng business to the CCAACase and the Shared Services Agreement;

in full force their current insurance policies relating to the ~ .: (b) Insurance. Keep ., ' National Post or without and the ass~ts andprop~es of Acquired Assets ..; :~::. permtting any termnation. cancellation or lapse thereof,entet in.1oreplacement .... policIes providing coverage equal to orgre¡¡ter than tle coverage under those ~:' cancelled, ter:ated or llipsedfor suqstiutia1ly simlar premiums;

(c) Inconsistent Activities. &ceptin respect of the Credit Acquisition. not to soliCit 'orepcourage any. inquirìesor proposals or initiate discussions or J1egótIatiöI\S wìth,or . provide any infonnation toiuy thrd pary (other than Purchaser) ~; arty :'.\. concerning, menter into any transaction involving, the acquisition ,of aU or

par of the' Business, the business ofNátiönal Post or the Acquired Assets; the Cd) PenSion Plans; Except as contemplated by the Shared Services Agreement or or Omnibus Transition and Reorganization Agteement, not transfer any Person to pension plan or undertake any from any LP Pension Plans or National Post transaetionin relation to such plan, without Pui;chaser's consent;

AsSl! PuRCHASE' AGREEMENT

i'QIU120'.$i389S'ì.lz - 48- 66

-/. ;~ (e) Repl'es~ntations anllW'arranties. Not do anytlrng that would 'cags.e any ofthe ; representations and waranties of the LP Entities undertlùs Agreement or under any document delivered pursuant to ths Agreement to be untrue, except as otherWise contemplated in ths Agreement.. .

(2) Each of the 'Pares shal comply with legislative requirements or, as applicable, use conuercially reàsonäble efforts to cause each ofthè conditions contained in ths Agreement to ~; be fulflled ot performed by it on or before the Acquisition Date as contemplated hereunder. Purchaser agrees to take all such actions as are within its power and control, and to use its ~; commercialy reasonable efforts to cause other actions to be taken which Me Dot with their power tocontJol, so as to ensutecompliance with and satisfy any cònditions set forth in any financî~ng comitment letters:describèdin Section 8.6.

Section 9;2 Actions to Satisfy Closing Conditions 'i:'

(1) Each of the Parties shall use commercially reasonable efforts to take all such actions as are wItli its .power to control, and to cause other actions to be taken wWch are not' withn its ~~: : power to control, so as to ensure compliance with each of the conditions and covenant.s set forth in Arcle 9 and Aricle 10 Which are for the. benefit of anyotherPary;including:

(a) preparing and filig as promptly as practicable all necessàr documents, registrations, statements, petitions, fiíngs and applications for the Regulatory ::" A pprovals described in Schedule 10.1 (6);

(b) using their coinercially. reasonable efforts toöbtaìn andnialntRÌn all approvals, clearances, consents, registrations, permits, authorizations and other confirmations required to be. obtained from any Governmental Authority or other third pary that ate necessary, properot advisable to consummte the transactions . contemplated by this Agreement, including the Regulatory Approvals described in Schedule 10. 1 ((j); ;'. injunction or ;". (c) using conuercially reasonable efforts to oppose. lift or rescind any :. restralning or other order seeking to stOp, or otheiwise adversely affecting its

abilty toconsumiate, the Acquisition and to defend, or cause to be defended, ~:. ~:." any proceedings to wruc4 it is a pary or brought against it or its directors or ~.': . offceri; challenging tWs Agreement or the consumiation of the transactions contemplated hereby; and

;". (d) catyingöut the terms ofaiy order öfthe CCAA Court applicable to it and using ;¡'. comrercially reasomibleefforts to comply promptly with 1m requirements which ;". or ìts Affiliates with respect to the transactións :¿::: AppliCableLawstnay impose oil it :~it contemplated hereby: . ... .

~: . (2) Purchaser. shall co~operate 'witlÍ the LPEntities, and keep the LPEntities informed as to the status of the proceedings relating,to Competition Act Approval and provide the LP Entities draft form, withçopies of applitatioi:is, notificatioll$, flling$ andothercoinuiicatiön$ in deleting information that iscöafidential to Purchaser, or on an extern counsei-only basis, or as may be agreet1 by the .Paries in writing. Purchaser shal not paricipate, or permt its Affiliates to paiticipate, in any substan.tive meeting or discussion, either in person or by telephone with any

ASSI;T l'CHASE AOREEMENT

TÒR.H20:SZl89S7,12 .....-...... ".' ...... ".";-

.. 67 :t -49 -

t~

~r Qovernerital Al.tlority in connection with the con~ummatioI1 of th~ . transactions' contemplKted by ths Agreement unless 1t constits with the LP Entities in advance (or if príorconsultatiöD. is lipracticable~ it noties the LP .Entities of the fact and substace of such meeting OJ: discussion the exteíitnot prohibited by such Governmental Authonty, .'"~. as soon as possible thereafr) and, to fully CO~ and paiticìpate. The Ù? Entities shall gives the LP Entities the opportunity to attend

operäteand coinunìcate with PurchaserÎf respect öfall dealgs with andthe the Commssioner, sätisfaction including the fùing ofnotices required under the Competition Act (Canada) it of requestsfim the Cölìssioner for additional hrfonnationresptcting the. traisactions r conte:tpiatedby this Agreeinënt.

(3) Jirirchaserand the LPEntitiessbiill take coniercially reasonable steps in ordèr to avoid. for, or the i~suanceof !iny interim order or otberOrlier whichwôuld the filing. of ,an applicatio)l the Acquisition, and if any such interim OrderCir other ;~.:. have tbeem~ct of delaying or preventing steps to have it Order isìssued,Purcha;er'and the LP Entities sb~itakecommerdaliy reasonable ~~~~ .;~; rescinded, :rvoked or set aside as soon as possible. ?~" ~:

(4) Purchaser wil promptlYl1otify the LP Entities and the LPEntitles wil prorrptly nötify Purchäserupon:

(a) beconing aware of any Order ör any complahit requesting an Ordetrestriûningor enjoining the execution of this Agreement or theconsumiation of the r . transactions contemplated under tlus Agreement; or

.(p) receivlng any noUce from aQY Goyernmental Authority ofits intentjOn:

(i) to institute a suit or proceeding to restrain or enjoin the execution of'this Agreement or the consummation of the transactions contemplated by this

;". ";:; . ~.'., AgreemeI1t; or

eií) to nullfy or render ineffective this Agreement or such transactions if consuniated.

shall pay all.fiings fees, jf any, required in connection with obtaining tJ;e (5) Purchaser

Competitícjp., Ac:t Approval. T~.: ~.. .'t~ .,. ~.; Section9~3 No:n~Assigmible Assets .¡ assignable with the 0). If any of the Acquired Assets shali not be assignable, or shall only be Consent of a thrd par ("Third Party Approval"), the LP Entities .shaI1, during the Interim ~: co-operation with pùrchiiser, tôsectite any Tmtd Period, use cömmercIatlyreasönable efförts, m t;i Pary ApprövaI required in connection with the assigninentofsuch KcquliedAsset priortötheshall llse ( Acquisition Date. Upon request by Purchaser, durìng the Interim Period the'- LP Entities conietcially reasonable efforts toobiain än Order from the'CCAA Court; inany fort Acquired, and substance Assets. s'atistaetory to Purchaser, acting reasonably tópernt the assignment of rtotwithstandingthe absence oiany required Thrd Pary Approval.

',,: (2) Wberesuch Acquired Asset is not assignable or any Third Pary Approval in respect of the Acquisition Date, in accordance with the such Acquired Asset has not been obtäinedprior to terms of the Sanction and Vesting Orders and any other Order granted by the Cour, on the

AsSBT PURCHASI! AGREMENT

TOR_H20:52389S7.i2 ~ ." .' .:; ç: \) v () ;:; . - 50- '.

Acquisition Date the LP Entities sha1assign the relèvarit Acquired Asset to Pûrchaserwithout t the Third Pary Approval i1ot:thstadinganytesttictiQn or prohibition öuassignmentin ;~pëct ~: of such Acquired Asset.

Section 9.4 Access

(1) The LP Entities and the National Post shal provide Purchaser, its auditors, consultants; i; cOUlsel and other ¡j representatives (a) such information about the Business and tIle business of ;,. National Pastas Purchaser may reasonably requìre from time to time and (b) reasonaqle access ..' to the LP Entities and National Post's premises, propertes, corporate, financial and other books and records, ail policies of insurance, conttacts, leases, deeds, property tid othera.ssets witlun the possession or control of the LP Entities or National Post, wherever they may be located; property' and '" which right of access shall include the right to inspect and appraise such assets and 5:' to enable Purchaser, its a.uditors, consultants, counsëland other representatives to continue to r- investigate the affairS of the Business and tbe blisÙ1esS of National Poston àröngoing basis. No ;- such investigation shall prejudice the rights of Purchaser under this Agreement. For the ~~..t one Pary avoidance of doubt" confdential competitively-sensitive information of may be shared with another Pary only for purposes of preparing filings and related materials to 'secure

Regulatory Approval and subject to approval of extemalcounseL. and Records and all information relatig to (2) Purchaser shall preserve and keep all Books the accountig,busìiess, and financial afaìrs that rèlate to the Business and the business of National Post for a period of five years after the Acquisition Date (or such longer period as Purchaser and the LP Entities may agree) (the .'Rett!Jition Period;'). Durfug the Retention Period, Purchaser shall pttvide the LP Entities aid.th~ MoiiitQr wÌtb teasonable liccess to any infornation in its possession orcoritrolrehitiiig to the Business.¡md, the bu~iIie~sof National Post as the LP Entities Qf the Monitor mRy reasonably require to meet ,legal. reguÏatory, accounting and auditing requirements. Jf requested by the'Monitor, .actìig reasomibly, employees of

Purchaser shall assist the ManHor in thepetforrmince. of 1tS duties and obligations, including the duties and obligations of the LP Entities under this Agreement and the preparation and service of notices to creditors and preparation ofthe LP Entities' tax returs. During the Retention Penod, " , ' if reasonably requested by any ttustee in banptcy appointed in respect of the estates öHbe'LP Entities,Purchas.er agrees to (i) provide such trstee in banptcy with reasonable access to any ¡:. t. information in its possession or control relating to the Business and the businesS of National Post, and(ii) .direct any requested Transferred Employees to assist the trusteeìi bankptcy in ~~" preparation and service of notices to thepeiJoimancecredito,rs. of its duties and obligations .including . the

Section 9.5'PersonaIloformationPriyaty rt: ~, protection of f? Purchaser sliall at al times comply with all Applicable Law governng the ~: provided to personal information, with res1?ect to Personal Information disclosed or otherwise

Purchaser by thë LP Entities or National Post under this Agreement. Purchaser shall önlyuse or disclosè such Personal Information fot thepurpöses öf reasonably investigating the affais of the and Business and the bushie8s of National'Post as contemplated in Section 9A completing the

Acquisition or, in the case of Employe,e, offenng employment to Employees in aêcordance with tms Agreement Purchàser shal safeguard all Personal fuformation collected. froin the LP '. Personal 7;. Entities or National. 'Post in a. manner 60ßsistent with the degree øfsensi.tivityof the

hifonnation and, furthermore; maintai at all times the security and integrity of the Personal

ASSET'PuRCHASEAGREEMENT

TOR.llzo:mS9s1;12 ~~ ""ur\ ~ v oJ - 51 -

.;~: Information. Purchas~r shall not makeâny copies of the PeIS(jIal lrörinatlonor any ex.cerpts thereof or in any way re~create thesubst¡mce or contents of the Personal Information, if the any reaSOD, ançi shall return all Personal Information to theLP AcquiSition isnöt complete for

Entities or National Post, or destroy such Personal Information.at tbeLP Entities' request. ;:. Sectinn9.(j üuiftlentiaiity " and lIoldco shaÏlkeep confidentialaU Prior to'. the Acquisition Date:, Purchaser (1) ~. införmatíOIidisclösed tó it by the t~P Ei1iitiesòr their agents. relating to the LP Entities,disclosed National by or National Post (including any information PoSt. the Busirtess ör thebusmess of the any equityholder of Purchasèrdt Hoidëo that is disclos.ed to on behalf øfthe LP Entities to Purchase-r'Qr '601dcö) ("Confdential Information;'), eXèeptinfonnation which:

~~I appears in (a) issued patents or publications;

\:~..; (b)is1oown or becomes :generally known to the reievait pnòlic thiough disclosure ~,'. wluch, to theknowledgelld belief of purchaserai:d Holdcö, does not violate any obligationofconfidentiality at law or in contraçt; or .

lurchaseror Holdco can estanlisMs independently generated by them without use (e) ofConfidentiålIn formation. '. :,~. . .:.:~."'t: ,tr SüchConfide.nûal Information is confidential and proprietary lothe LP Entities and puí:èhiiser and Holdeo shall only disclose such infonnation to those of its employees and representatives of it.s advisors and the Equity Sponsors and the Lenders (provided such Equity SpotS9rs and Lenders have entered into confidentiality agreements with the LP Entities) who ne~(fdto know such information for the purposes. of evaluating and implementingcompletion the transaction of the coh~rnpiated in this Agreement. If this Agreement is temùnated without by this Agreement,Purchaser and Boldco shall promptly return or transactions contemplated copies) obtained destroy all docuinents, workpa.persand other writtentnatetial (including all from the LP Entities in connectioIl with this Agreement~and not previously made public. and , shall c.önthiue to maintain the .eonfidenCe 'of all such information. . NotWithstanding the t, :0 foregoíiig, e.lectroiùc infonnation may be retained by Furchaserand Höldco in backupwith Purchaser':s servers ìf is deleted in, accordance ,. itis nQtîntenüonally madeavailable.töany person, and ancl Holdco's nomi111 policies with respeCt to tle retention of electronic records, provided mat ,all. r

Confidential InforIl1tionthat ìs so retained shall remahi subject to the .confidentialíty provisions ,'.'. of this Agreement for so long as such Confidential Infonnationis retained. . :r" Section 9.7 Adntnistrative Reserve ~..~ ~,: on the Àcquisition Date in ~~ The Monitor shall establish the Administrative Reserve shall be in form and substance accordance with the Adnnistrátive Reserve Order, which order satisfactory to Purchaser .and the LP Entities, acting reasonably. From time to time afer the Acquisition Date, the Monitor may (i) pay from the Admiiùsttativè Res~rve the Adnûnistrativeextent itis Reserve Costs, and (ii) reduce the arountofthe Adnunisträtive Reserve as and to. the no longer required to satisfy the Admin.istrative Reserve Costs by distnbuting tQ Purchaser the case in accordance With the, Administrative .ReserVe Order, amount ofsuçh reductions, Î1i each Any residüal bal(lc\: in the Administrative Reserve after the päyment of all Adtnnistrative Reserve Costs shall be an asset of and owned by Purchaser. ASSEt PURCHASE AGREEMENT

TOH2Ö:~23ß9S7'12 ~~ :..: r,O ;". -52 -

-~~. . ~; Section 9-8 Approval of CCAA Plan andCCAACoud Orders.

(1) As promptly as possible .ater tIe,date hereof, the LP Entiti~s shal, in consultation witl amotion and a Purchaser,: prepare, serve. fie wíth the CCAACour anddi1gently pursue proposed Order, in form and substance acceptable to Purchaser, acting reasonably, seeking, arDngother thngs: ;..

~ (ä) apptovaland cönfitna:tion of the execution, delivery and performance of ths .. Agreernentby the LP Entities; .~

hold a meeting of the unsecured (b) requirig, the LP Entities to promptlycaH and creditors of the L:PEntitiesaffected. by the CCAA Pian for thepürpose of considering and approving the CCAA Plan;

~~. ~. (p) confirg that the on1yPersons to whom notice is to be provided in respect of r~.: the meethig to consider the approval of the CCAAPlan are those holding

unsecured Claims against the LPEntities, as determned pursuant to the Clai ~~.

Procedure Order, .and the manner in which such notice is to be provided;

(d) ccmfimùng that the requisite approval ÍIi respect of the CCAA Plan shal be 66%% in value, and a majority in number, of those holders of. such unsecured claìms

present in personorproperlyrepresented at the meetig; and

(e) providing for thenotice requirements with respect to the presentation of the Inotlon to the ÇÇM CQurt for the Sanctioniin!i Vesting Orders.

the Purchaser ao,d the LP Entities shall agree to any amendmep.tsor vadatìons to the foi; of

such rQotion o! Orderas may be required to implement the procedure set forth.In the Stieman subject Le.ter. Anyotheramendinent or varation tö the form ofs\lch .ffOtion.or Ördershall he to the priörapprovalot Purchaser, aoting reasonahly. The LP Entities shall use thëir comrercially reasonable effôrts to cause theCCAA Court to (i) schedule and hear such inoüòn :' ~ with.nseven days ofming the motion, and (ií) enter the issued Order forthwith after its issuance. , ' :".

date hereof, the LP Entities shallprepare a çirOii1ar, f:; (2J As promptly as possible .after the :'1 ,:.' together with anyotier iiocuinents required by the CCAA Court in connection with the calling i and approve the and holding of the meetI1g of unsecured creditors of the LPEntities to consider CCAA Plan, each in forllandsubstance satisfactorY to Purchaser and th.e U~ Entities, acting "i. reasonably, iid in accordance with Applicable Law and the terms of the Order referred. to in ~. such :documents, theLP Entitiesshali Section 9.8(1). During the course of the preparation of . and c.oiDenton stich provide Purchaser and its coünsel a reasÖlàble opportunity to review

documents, iid iti the event of a disagreement between Puchaser and the LP Entities regiidirtg ~; :f the content of such documents,SuCh.disagreement shall he resolved by theCCAA Court. AS soon asptao.tioabieaftet the issu.ance ofthe Order referred to: in Section 9.8(1), the LP Entities ,. sent to the. uns.eciiI'ed 1'" shall cause such circular, together with all othenequired documents, to be çl'eGitQl's ;pf theLP Entiti.esandany other PeI',sons.i;s may be required, byihe CeM Coiirt ør Under Applicable Law, ,and the LPEritities shall can and hold the i:eetiag oftbeiI'¡)nsecured cteditots for tMp:irposes ofcönsitledng 'and,a.pproving the CCM Plan ittattØrdlUce with

Applic!;ple Law and me tei:s; of the Order refeqed to.in Seotion 9.8(1), The' Ll' Entities ;~h.all n.ot adjoum,postpone or cancel (or propose to adjourn, postpone Qr cancel) the meeth:ig, eKcept

As.sET PòCHASEAOIÙEr;.NT

TOivO;S238957.2 .. .. ,...... ~~ ...... , .

~- , '7.... " ~53 .

2: -~~.. with Purchaser's prior writteri consent or as required by the CCAA Court or. forquoI\ID advance. notice to Purchaser of the meetig purposes. The LP Entities shWI provide reasonable representatives to attend and be present at the meeting; . andìÙlowPurchaser ard its approval óf theCCAA ..Plan. by the .afectçi ';, (3) ..' .As prömptly as possible fol1ow.ing. the. creditorsofthe IJp Entities, the LPEntitiësshall fie with the CCM Cöur a motion, in form;and. substiice ácceptable toPurchaser, seekigissuänce of thé Sahction.and VêStingOrders. Any ~; to the form of Sanbtiön.and VestingOrdëtsshall be e' amendh1èntor v.aration to such motiöïi or ~:... siibjëcno theprio¡: written approval ofPirchaseI¡ acting .reasonably. ..:;~ cooperate with ri1ìng andproseêuting theniotìòhs The LP Entities and' Purchaser shall (4) such Orders, an4thëLP . ancl OrdersGonteIJpla~ed in this SectjQn 9.8, and obtaning entt of practicable to . ~; EnûtÎesshal1 deliver. to P1cb,ser prior to filing.,aidas early in ¡idvance' as is t reasonable tie for 'Purchaser and its counsel to review and conuent, y. permit adequate and applications, reports ,~ . copies of all proposed pleadings, motions. notices. statements, schedules, ~~: andöther material papers to ):e fi1edby the LP Entities in connection with such motions and ~:) OrderS. other Order of the' CCAA Court relating to the the Sanction and Vesting Orders .orany . (5) If transactions contemplated by tls Agreement shall be appealed or otherwise challenged by any reasooable steps, and use their commercialy .Person, the LPEntìties shall takeliL. commercially subject to against such appeal orchaïlenge,providedhowever that, reasonable effort, to defend shall precludetheLP Entities from consummating, or Section lO~2, nothig in this BectÍon 9.8(S) consummte, the transactionS contemplated by tils Agreement. penrt theLP Entities not to

(6). Prior to the Acquisition Date, the LP Entities shall, at the request of PurchaSer, promptly request and dilgently pursue such.furUer Order mOrders from theCCAA Court as Purchaser, actin.¡?'reasonably, deter(Ine,s to be required in order togiye full effect to the transactions hereby, including any further contêmplated by ths Agreement and the transactions contempiated Purcli,aserfre.e and clear o,f i.' of the ,fcqllíre(i Assets to " Orders i:egarding the t£!~nsfer and vesting all Cl~msand Encumbrances (other than P6nntted Encumbrances). The tennsofsiich '. reasonably. ~. . requested Orders shall be satisfactory to Purchaser and the LP Entities, each acting t:;0 Promptly upon such request by Purchaser, the LPEntities and Purchaser shall cooperate with in order to .ôbtaiti such furter Order t, each other, as necessary oraSinay be reasonably requested, ~:J,- .:~ or Orders. " ',1 ~ agree to the procedure set forth in the Stikeman Lettet ~~, (1) The PurchaSer 'and the (.P Entities the saletransaètion contemplated hereunder to be approved by 'f that wôûld â110w the purchase and r.. CCAA Court and proceed to closing while at the same time preserving the abilty to close the ~ Credit Acquisition, all as more paricularly set forth in the StikernanLetter. The withPurchaser Agent and for ¡;.o", ~:: the LP Entities agree tonegotia:te reasonably and in good faith to reach agreement allocation of management and company protocol with respect to the the Senior Lenders on a counsel time dedicated to the purchase and sale transaction contemplated bereunderand the :r Credit Acquisition, provided that priority wil be given to the purchaseandsaIe transaction

hereunder where conflcts .or time limitations arise. ¡.:

A5SJ:TPuRCHASE AGREEMNT

TÖI\.H2Ö:S2:iH957Ji ,"...... ~...... " .';"..,... ',~ .,

- 54- '72

~. ~ Section 9.9 Distribution the LP Pirchaser acknowledges and agrees that ìt wil not object to any distrbution by ".

Entities pursuant to the COAA Plan of all or any par of the Purchase Price to such Person as the ".:. CCAA coui1may deterrine is lawfllyentided 'thereto, follawingclosing of the Acquisition. The LP Entities shall distrbütethe Purchase' Price follòwing the closing of the Acquisition or shorty thereafter. inaccordancë With this Agreemerit, the CCAA Plan and the Sanction and Ii¡ide in accordace : ".!¡~ Vesting Orders, and Piíchaseragi:eei; that, unless silch distribution is not Ii. shall! .. with tbetei:s,oftls.Agreemenl; the CCAAPlan or the Sanction and VestingOrdets, it

against or in respect of any such distribution. (including the Senior (1) not have any clai f Lender Distrbutìon and the DIP Lender Distrbution) with respec1totbis Agreement ,or the i , Acquisition, including, without Hritation, in respect of any obligation or liabilty of anY of the , conditon contained LP Entities: (ì) with respect to any representation, waranty, covenant or ~.: the Acquisition; herein; or (ií) with respect to the Acquisition after the closing of t ,.... (2) have no claims against the Monitor, the LP Entities, the Adnistrative Agent, the DW Administrative Agent, the Senior Lenders or the lenders under the DIP Credit Agreement in respect of iiysuch distribution (including the Senior Lender Distribution and the DIP Lender porton of any such Distrbution). and shall have no right to trace or otherwise recover any distribution from the LP Entities, the Monitor, the Adminis.trtltive Agent, the Senior Lenders or the lenders under the DIP Credit Agreement; and J of any the purpose of obtaining ccAA Cour approval (3) not, at anyhearng J;eld for

distrbution of all or par of the PurchasePtICe (including the Senior Lender DistrbutioIl and the or such distribution. . DIP Lender Distribution), object to such approval

Sectioii9.10 Cooperation ånd Assistariceby the LP Entities

(1) During the Interim Per1od, the LP Entiiesshal1, iud shall use Uieitcommercjally reasonable efforts to cause their representatives, mai;agenient personnel. other employees, legal

,counsel,outsìde . accountants and other advisors to, promptly provide such assistance and )':' ~ ; cooperation as Purchaser and Roldeo or their advisors may reasonably request in respect of the ";:: transactions contemplated by this Agreement and the consummation of the financings 50' contemplated by Purchaser and Holdco to fund the Purchase Price, and all other ancilary matters ~:' relating hereto and thereto, including: ., !:'

(a) assisting. and cooperating with Purchaser ,and Rbldco and their advìsorsin ~.~ requesting and obtaimrig aU Consents, and trnsferring or renewing Licenses that ~\. t;: are supject to. transfer or other restrictiollSol1 assigrnient,andsuçlï other conSel1tS, ".¡l.; ,apprôvalsor authorizations vvhi.ch may bereasonabJynecessii or desirable~ ~i.

and cooperating in the preparation and ftlin:g hy lIöldco ofa non- (0) assisting the Common Shares whicb Haldeo intends to file. offering prospectus in respect. of ard with the applicable securities regulatory authorities afer tbeAcqi,isition Date

the listing of such shares on the Toronto Stock Exchange; including assistance with the preparation of all requisite financial information;

;:.

ASSET PuRCHASE.AGREME¡.

TORJl'O:S2389S7:ii, , .~"'" ._" ...... '.~ ...... ,;..;...... -- .' ...... ' 'i'. . ., '.. ,. . ~...' . ;,

'A'_~ ..55 - .I V.1

.~~.

in connectiort with the crosingöf the transactions ,(c) assisting and cooperating and the.imprementatioÏl' and administration of the contemplated by ths Agreement . CeM Plan; .

and its advisors in seekìg and obtaining (d) assisting and cooperatig with Purchaser iismanceÍn respect of the BusinesS;

~i (e) asSisting andcooperatíng withlrrchasér in the prépattióDRIdnegotiation of .~:. definitive documentation in respect of offètsöfémployment for Employees ... :: proposed to be retained by PI,.fchaser follQwiiig the Acquisition Pate; Iloldco 'and theitadvisors, lendersand (f) preparng and:fumishìng to Purchaser and investors siich fiowcial and other pertinent information regarding the LP Entitíes, :-.' the Busintlss and National Post as may be required under the financing 8 . 6 or as otherwise reasonably requested .by ::.;' coinntments referred to in Section ~;' all financial statements andfiniUcial data (x) Purchaser Of Holdcö, including required to consummate the debt financing contemplated by the Debt t~ registered under the US Securities 'ò~ Corntment Letter, as.ìf such offerig were ,. "Securities Act"), and of the type andfonn Acto! 1933, as amended (the Securities .~~ private placements under Rule 144A of the customarly included in by Regulation S~X i;mder the Securities Act .andas ..... ~;.~.': Act, the finacial data required the Pebt ~. consummate the debt financings pursuant to necessarinorder to in which such debt ComntmentLe1ter at the time during LP Entities' fiscal year and ban fmìicing wil be màde,(y) required to prepare the bân books Debt Conutment Letter and (z) syndication m:atei.iùs contemplated by the related to the LP Entitiesal1d National Post reasona:bly requiredbyPurchaser for financial staterentsrequired to be delivered Purchaser'o'produce the pro forma be pursuant to the Debt. Commtment. Letter and that would be. required to includedin a registratiçm state:mentfied with the SEC. assuming the debt offering (ali sudhinfonnationhi ths. Clause financing wasa SEC.registered debt '(f), the '¡Requited Information"); ~ .. ì:::

(g) assistig Purchaser aíd Holdcoand their .lendel's and inveStors in the preparation ~~ .: t::. of offering materials (incliidingofferinginemoranda,ban bookS. road show ¡": miiterialsand . ban syndication materialS) andmaterlals for rating a,gency presentationsan.d. meetings .for such purposes;

effort of Purchaser and Holdco cooperating with the marketing and syndication (h) ~ and their advisors, lenders ,and investors in connection with such financings

(including, if requested by Purchaser or Holdco, paricipating in "roadand shows", rating t~ management presentations, duc dilgence sessiöns, drafting sessions agency meetings, and sessions with prospective.lenders and investors); sources authorizing the (î) providing authorization letters to the financing contaiing customary distribution öf information to prospective lenders and representations;

G) using commerciiùly reasonable efforts to obtain custornary accountants'cômfort letters (licJliding no later than the end of the Marketing'Pêtiod, drafts of ASSET PUCHASE AGREI!NT

TOR_H'iÖ:S'i!89SÜ1 I.'. ,~ - 56- Is:

~;- ., ~:: customar comfort letters which such accountants are prepared to issue upon ;:". completion of ci;stomary procedures, and consents to use of their reports in any materials related to the debt financing, pursuant to the Debt COJDtment Letter), legal opinons, appraisals, surveys, certificates of location and plans, tite insurance or title opiJUonsfrom a finn caryig acceptableinsurarce coverage and other agreements, documentation and items relating to such financîngs and any securitý related thereto as maybe reasonably requested by PurchaseíöI its lenders áJd investors; and .. .~ , (k) iling cömmeI'chily reäsonable efforts to take :allactions reasonably requested by Purchaser to pennt Purchaser's advisors, lenders and inV~tors to complete their evaluation. of the Busin.es.s .and National Post. , Se~tioii 9.11 Restrictions on Amendinents ....~. ". Except as contemplated by the Omnbus Transition and Reorganization Agreement, ( duringtbe Interim Period, the LP Entities shall not amend, supplement, modify, tennnate or ~:- otherwise agree or consent to any changes, amendments or modifications to any of the Matenal Contracts, Licenses, Personal Property Lease, Real Propery Leases, LP Benefit Plans, National Post Benefit .Plans or Multi':Employer Plans, or to the. CCAA Plan or the SISPProcedutes, e~cept withthe prior wrtten consent of Purchaser, acting reasonably.

Section9~12Disentanglementfrom CMI Entities for as long as may be (1) Durng the Interim Period .i:e LP Entities shall and thereafter, necessar. the Purchaser shall use commercta:ilyreasonable effort to take all such acttons as may be necessary or advisable to complete, to the extent possible; the disentanglement of the operations of theLP Entities from the operations, of the CMI Entities, by no later thar the

Acquisition Time, as contemplated in the Shared Services Agreement and the Omnibus

TransitiOn and Reorganization Agrement, with a view to the LP Entities being capable of ~..~ openitingon a stand~alone basis. from and after such time. In pariculât but withctutliTIting the generaliy of the foregoing, the LP Entities shall take all such actiQtls' as may be ,neçes¡;ary to ì.: complete tl;e fóllowing by no later than the Acquisition Time or as contemplated in the. Sl;ared !' t.. Services Agreement and the Omnbus Transitionand Reorgani2\ation Agreement: -;.:

(a) ai;signments toeMI of assigna1:le "orphan" trademarks owned by the LP Entities butused by .the. CMI Entities; :~ \~

(b) transfer the MisalignedCMI Employees, and all other Employees (other than ~L: Employees to whom Purchaser does not make an offer on the Acqúisition Date as 5~ permtted. by . Sec.tion 5.1) who parcipate In pension or benefit plàns provided by any oithe eMI Entities, from their existig CMIEntlty pension or benefit plan to ~f. ., . an appropriate LP Benefit Plan, provided that the transfers relating to the Ll yo! Pension Plans shnll not be done witho))t the prio.i written consent of Purchaser; ,. (G) transfer any employees of the CMl Ehtities(who are l10t .employees, or famie!. t:~' eniployee$ oftheLPEntities) who paricip'ät6' in pen~iQn or beriefitplaD provided

by any of the LP Entìties, from theirexisting.LP Benefit Plan. to an appropôate !",. CMI pei;siøn or òënefitplan; provided that, except as cøntemplated by the Shared

AsSET PuRClAS5.AOREENT

.TOR,.JliO:S'IK957J2 r-' -=" -57 - .¡ ;...J

~; Seryç~s, Agrement or th~ 01Ttbus 'Iransjtinn an.dR:eQrganization Agr~eøent; ,tb,e:tansfersrèlåtingto ;the LP. PensionPlan!¡shall not: :be. dønewi.thôØtpt,öt written tQhsentöf'P\chaser.

". and PersnniilPi;operty Lesestbat ate (i (li) trimsfe:ia11 'Contracts; RealPtøpti1 Leases c\J1Tentlyused in the Business or in the busÌless ofN~it()nal,Post bllt entered into. OIJ,behalf ()ithe.LP Entities ,or National Post by aC:Ml Entíty, into thei,ame of ~ applicable, but for tIe: ;¡. one or more .of theLPEntities or NatonlÙPost, as g: : Property Leases do not include real property leases avoidance of doubt such :Real , premises also used bya CMI Entity where such cMt or licences. in 'respect of

Entitysüblets or llcenseS spaëè to an LPEntity or NationalPöst;

., partes of goods ârd services . with. respect to Coiitraêts for the. provision by third (è) E:, as '''Master Shared Contracts", :~. to bo.th LP Entities and CMI Entities, referred to " , commercially reasonable effort to ,iuendorotherwise deal with continue to usè r ~uch c()otracti¡!¡o as to ensure that the LPentities continueiierthe Ac;quisition ~. Date to enjoy the benefit of such Contrcts, tothe extent desi!:able, on commercially reasonable terms, whether by way ofre-negotiating, transferring, contracts ,and to obtain all. necessary approvals in continuing or tennnating such any no amendments, transfers or termnations of respect thereof; provided that shall be made without the prior written consènt of Master. Shared Contracts :I': Purchaser tö tlÎeextènt that such Master SharedCòntracts are .Material Contracts, excepta$ cönteniplated by the Shared Servicès Agrëement or the OIlibus TrRnsition and Reorganìzation Agreement; ens\1re that alltheShared Services (as defined in the Shared Services Agreement) . ;"...,(f) Services Ágreement and the scheduled to be temiinated pursuant to the Shared .'.!.-: . and Reorganizátion Agreement are tel'iiàted. With the' Oniibus' Transítion time ffämesset out in such agteeIìents~ aid .

(gì ensure that all other transition"al .matters contemplated in the Shaed Setvees L: Agreement and' :the omnibus Transition and ReörgaIzation Agreement are ~ . completed witln the time frames set out in siich agreements. ~,. ~ f.'.. Section 9.13 CQmIIon Shares :. ..~. Pi:or to the Acquisition Date. I:oldco wil amend its aricles of incorporation to provide ;i' classes of common shares: Class Cvoting common ~. . that its aiithorízed capita1 wil con~ist of two substantially in the förm t:. shares and Class NC limited voting shares, with share provisions ~; attached as Schedule 9.13. ~. r. Section 9.14 Purchaser and Holdco Financing :'. :J. r"

(1) Without limiûng the generality' of Seetíon 9 .2,'Putchaset .and Haldco wil use' 'their ilnd ~'. Ec¡uity Sponsors to use their commercially reasonableèfforts to consummate the .':- wiIlcause the ~,:: financing, cor:teinpláted by the Debt CoIItment Letter and Equity Corntment Letter no later r: thàI the Acquisiûun Date. ~.:-. :.'

ASSET.I'URCHASE AGREEMENT

TOK:Hio;si38~S7;\ z . "... " "-. ". . -" ." ." . .."...... ""... . .".. ~ ...

17''' - 58- u .r ~.: (2) Purchaser and Roldeo wìl use commercially reasonable efforts to satisfy, on a timely basis, al covenants, tei:ms"repi:esentationsand waranties withi their control applicable to Purchas.er or Holdco în the Debt Commtment Letter and Equity Co:mtrrentLetters and ComiunentLetters.accommodate the financing provided for under the Debt CorntrentLetter . and Equity

(3) Purchaser and Boldcowil use commercially reasol1able effort to negotiateimd enter into definitive credit or loan or other agreements and all other documentation with respect to the financIngscontemplated in ths Section 9.14 as may be necessary for Pu;rchaser andHoldco to ~ obtan Sïichfiiids, on thebasis described in this Section 9.14 and otherwise On tersand conditions no less favourable than thQsecontaÌned in the l)ebt Cointment Letter and the

Equity Commtment Letters; and otherwise on terms and coiiditiöii which do- not ínaterialy impaÏJ: the abilty of lurchaseror Holdco toperfonn theirobIigations hereundêt or to effect the r ~i Acqujsition, . as. soon as reasonably practicable but in any eventpriur to Augpst 15, 2010,

Purchaser and lloldco will deliver. to the LP Entities coi:ect and complete cQpies of such :?.... .executed definitive agrements and documentation promptly when available and drafs thereat ~;: froInt1meto time upon request hythe LP Entities.

al material (4)Purchåserand Holdco wil keep the LPBntities informed with respect to activity concerning the statuS of the financings referred to in this Section 9.14 and wil gîve the LP Entitiesprörrpt .ootlce of anymateriaI change with :iespect to any slichfiiiancings. Without lintingthe generality of the foregoing, Purchaser and HoIdco agree to notify theLP EntitieS ;)\ promptly if at any time prior to the Acquisition Date: (a) the Debt Corttm.ent Letter or any Equity Cointment Letter referred to in tls Section 9.14 wil e:Kpire or be teminated for any reason; (b)(î)any event occi,;rs that; with or without notice, lapse of time or 'hoth, would t individuål or in the aggregate,. constitute a default or breach on the par of Purchaser or Hold.co under any material tennor conditiön of the Débt Commtment Letter or Equity Comntment i.tteror definitive agtèemeiitOr docùmentation referred to in this SectÌOn 9..1; or (ii). if Purcbaseror Hol4co has any i:eason to believe that it wil he unable to satisfy, on a timely basis, anytemiorcQndition of.al1yfUndingteferred to in tils Section 9.14 to be satisfied by it,. that in

case of either (i). or (ii) would r~asonably be expected to materìallY impair, delay or prevent the consuniation ,of the transactionscontemplated by thsl\greement; or (c) any finan,çing source (:.

that is a pary to the Debt Con:tmel1t Letter or Eqiüty Co:utmeQt Letter (i) a4vises L. Purchaser or Holdco in wrìting that such source either no 10ngerintendsto provide or underwrite r:;\. any fiIlancing referred to in tls Section 9.14 on the term set forth in the Debt COIntment ~..:

Lettero! Equity Comítfent LeIter, as applicable; or (ii) requests amendments or waivers to the EquÎI:Y Comntment ,Letter.or thë,Debt COlTtment .Letter, as applicabie, as a result of which.it L~

woüld reasonably be expe.ctedthat the: transactions contemplated by tils Agreement' would be materially impaired, delayed orpreverited. ~;:(: ~":: (5). Other than in connection with and as contemplated in ths Agreément, none of Purchasër,

1:91PGa or any Equity Sponsor, wil, without the pi:ior writtencQnsent of the LP Entities,tàke any actio!1øt enter intoany tran~action, including any merget:, acquisitioIl, JQilít venture, dispositon,

lease, contractor debtor equity :fillarcing,that. would reasonably be.. expected to materially impii, delay oi: prevent Purchaser or Holdco obtaining any of the financing& conteroplated, by tils Section 9.14.

(6) Purchaser and Höldco wilL not amend or alter, or agree toâIend or alter, the Debt Commtment Letter or Equity Commtm.entLetters or any definitive agreement or ASSET.!'RÇHASE AOREEMEm

.TORJl20:Si38957.1i iì7 ~ 59-

:I .~. docui'ntaüontefetted. to in this Settiön 9.. 4 in any manoer tbaiwQûld reasonablY beex:peeted to materiaUy'Ïtppàir, deiay ot preventthe consummation of the transactiönscotitempiated by ths Agreementi meach c.ase witbout the prior written consent oHhe Ll ,Entities.

(7) If the Dèbt Comniment Letter or. Eqliityor Holdco'sabiltyCømitmentL.tter to iscomplete termated the or tnuisactions modified in affaner materaly' adverse to Purchaser's. conteniplated by ths Agreement for any reason, Purchaser and Hqldco wil use conuercially ~

reasonable efforts to: ~ ..:;. once- obtained, provide the LP Entities as practicable, and, (a)obtahi,aS promptly same with a copy of, a new ,financing commtment that provides: for at least the amount of fiancing as contemplated by the Debt èöintment Letterand/or the as the caSe maybe, oua basiS thatisnotsübject to Eqûíty Cómmtment Letter, t any condition preëedent IÌaterially less favourable from the perspective of the LP

Entities than the conditions precëdent contaned in the Debt ComitmentLetter, l".;. Or the Equity Conntment Letter, as the case may be, and otherwise on terms and ~ .'

conditions not materially less favourable from the perspective of the LP Entities;

negotiate and enter into definitive credit, loan or other agreements and all required (b) as. may be necessary Jorthe Purchaser to ,': documentation with such thid paries ..,' extent reasonably practicäble, on terms and conditions , . ( obtain ~such funds (to the "ri...,:~ . notniateríally less favourable .tlan the Debt CoirtmentLetter or the Equitybasis . -'?:': ~;',:. Conitment Letter, as the càSe may be, beíng, replaëed) and on the ":.W and on terms and conditions. consistent with suëh described in.tls Section .9,14 new financing commtment, ,as sOOna.s reaonably practicable but in any event deliver to the LP EntitiescolTect and complete ..'~~ (-i:.: prior to August 15, 2010, and upon \.~'¡; copies .OfSllCh executed definitive agreements and documentation promptly ',J'; ";-., . ~': ':,,! ", .:. rèquest by the LP Entities; . "

. )~'. ~: . ';-' (0) satisfy, on a timely basis, áll covenants, tetis, representations and waranties

applicabie to Purchaser or Ro1dco in respect of such new finaIcing commtments ~ . .~.~ and all other required agreements and documentation referted to iri this Section financing commtments and 9.14(7) and enforce its rights under such new . 7,:' agreements and documentation; and ~~.; .; . (d) obtain funds unde!' such finaiicing cotntments to the extent necessary to consummte the transactions contemplated by tils Agreement or require For the avoidace of doubt, nothing in tils Section 9.14 shall impose any restdction on .:. .j;~i.. any action by any of the Lenders. . ~:~

Section 9.15 lnsured Utigation ..~ . the Insured ~." the defence and responsibilty for the conduct of purchaser agrees to assume Litigation, including the payment of the Insured Litigation Deductibles withLitigation. respect theretoSuch case and .~." responsibllty fbr the day-to-day case management of the Insured management responsibilties are to include, without limitation, providing instnctiöns toproviding cöunsel, makg employees available for examnations for discovery ,providIng documents, and Deductibles in the same manner and all Insured Litigation witnesses attrial.Purchasfir shall pay ASSBT PURCHi\SEAGlæBtNT

TOliHl0:~1389S1.12' ,. ....'......

):.

- 60- 78

:", -:. to the same extent that the LPEntities would otherwise have been requited to pay such .~: deductibles in respeCt of the Insured Litigation. For greater certainty, Purchâserdoes .ßotassume liabilty of the LP Entities with respect to the Insured Litigation beyond payment of atyJisured

Litigation Deduçtibles assumed in accordance with this Section 9-.15 and distribution of any insurancepröceeds re,ceived by Purchaser, and Purchaser is not responsible for 'any 'amounts :i. payab.le by the 1.. Entities wÌtirespeqt losllchlitigatiøn, except to the extent insurance pt:óceedS are avaiable. ~~ :~: ARTICLE 10 - CONDITIONS ~~:

Section 10.1 Purchaser'sConditons

'the obligations of Purchaser under ths Agreement are subject to the cond.tio.ns set out in tils Sectiön 10. t, which are for theexclusive.benefit of Purchaser and all or any of which may be /:'.' waivecl¡In whole orin pai.byP,urhaser in its sole discretion by notice given to the LP Entities. ?,:

The LP Eritities shall take all aetions,stepS.áId proceedings as, are reasonabty within their ~~i at 'l control tocal.še è'ach of the conditions to 'be fulfilledör performed or before the Acquisition .'. Time. (1) Truth ofRepresenntion and Warranties. Al representations and waranties ofthe LP Entities contained in this Agreement shall have been. trueln all material r~spects (e',cept for representations and warranties thatcont¡Una materiality qualification which shall be tre in all respeêtS) as of the date of: ths .Agreement and shall be true in all material respects (except for representations and waranties that contain a materiality qualification which shall be tre in all respects) as of the Acquisition Date with the same effect as though mad~ on and as of that date (except to the extentthi:it any representation or warahtyis affected by.the transactions expressly contemph,i:ted. by this Agrement, and consented to in writing by Purchaser)aid theLl Entities shall have de1iv~red to Pi:rchasera certfica.te addressedtOPtlrchaser to the foregoing effect dated as of the Acquisition Date.

¡," (2) The LP Entities' Obligations. Bach of the LP Entities shall have performed each of its !. tespectiveobligations under tlûs Agreement in all material respects to the extent required to be perfortedon or before the Acquisition Date, and PUrchaser shall haVereceIVedii certifcate '".,. from the LP Erttitiesconfinnng sUch performance. ' ;.:

~~ '.' (3) Receiptor Closing Documentation. Purchaser shall .have received copies of all such " .documentation or other evidence¡:s it mayreasQnablyrequest in order to effect the consuniation of the. trsa.ctions contemplated bytlts Agreement and the taking of all .; corpol'te proceedings required in respect of the LPEntities or National Post in 'connection with .~.. such transactions. t.

t:: be outstanding no Order or (4) Adverse Proceedings. There shall deCree restraining or enjoining the Acquisition or the other transactions contemplated by tlis Agreement. :! ;..

(5) Material Adverse Effect. No Material Adverse Effect Sliall have occurred síncethedate .hereof.

(6) Regulatory Approvals. All Regulatory Approvals listecl in Schedule 10.1(6) shall have been received and shall be absolute or on terms reasonably acceptable to Purchaser. ..:

ASSET PUCHASE AOREÏ3MEiI

.TOR~1l20:523895t 12 ...... ~. - . ,...... " ...... ~. .'. .'.. .-.~ .

:~: 79 ~ 61 -

~: (i) . th~SaictiQa and VestirigOrders,shlilL liayebeen (7)$anctioli '~lJlI V~sting. Orders, . issued by .tlieCCM Court ala (ii) shall nothavebeen stayeq, vacated, I'ev~rged QJ; appeaed as and eaçhof the Sanction and Vestig Orderuhail ;have become.iiFinal of:he Acqisition Date,

Order, änd no Order in the ct.ACase shal have \)een issued, stayecl, varied, challenged~ appealed ör reversed in whole or in paron terms which the Purchaser oonsidersur.acceptable. =; approval and

(8) CCAA Plan. All of the conditions and requìrements for the have been met, other than the completion of the ~ implementatiQn,öf theCCAA Plan shall transàctiönS coritemphitèd by this Agreement. have resigned effective as at the (9) Resignations. All of thedÌíectots of National Post shall Acquisition Thne. .' ~ the . .; (10) Senior SecUred Cblims Amount. The Seruor Secured ClaìmsAnauntas at , Acquisition Date shall not be IIiexcess of $928,800,000. It'.,

Section 10.2 The LP Entities' O;mèltions

to the conditons 'set this Agreement are subject The obligations of the LPEritities under , are for the exclusive benefit of theLP Entities and all or any of aut iIi this 8ection 10.2 which '1 the LPEntities in their sole discretion, by Notice given to Purchaser. 4(- whichm:ay be waived by L~~ Purchaser shall ta. âlláctions, steps and proceedings as are reasonablY witlún its còrttrol to the . Acquisition Time. cause each of such conditions to. be perfOl1èd at or before

( i). Confirmation of Reprèsentati()ß ~d Warranties. All representationsaidall materi!Ù respects waranties as of ofp,,rchaseran.d Haidee conta,ned in tbis Agreement shall be true in (except to the the Açiquisition Date. with the same effect llS though made on aidas of tha~ date affected by the transactions expressly contëmplated exrer¡t.hataryrepresentadon or warranty is

by this' Agreement, and consented to in writing by theLP Entítes), and I?ürchaserand Höldco shall have delivered to theLP Entities a certificate addresSed' to the Li? EntitieS, to the. foregoing effect dated the AcquisitionDatc.

(2) Purdi~er's and Holdcö's Obligations. Each of Purchaser and Holdco shall have r,'. performed each of its obligations under this Agreement lD all material respects to the extent tr' and the LP Entiies shall have i-' required to be peponned on or before the Acquisition Date, and HoldcoconfirJIng such performance. received. a certificate from purchaser

Receipt of Closing Documentation. .The LP EntItiesshall have received copies of all (3) they may reasonably reqtlest in order to effect the such documentation or other evidence as "t. consumation of the transactions contemplated by thi Agreement and the takng of all f. such transactions in compliance with these conditions, i'', corporàte proceedings in connection with .,. releases in favour. of the offcers, directors and advis.ors of the LP including the delivery of Chief Restructuring Advisor and its Entities,. the Moiútòrard itS àdvisors, the LP Eiitities' advisors; advisors and the membersofthe,$pecial Cointtee and its the approval (4) Cønditonsunder CCAA Plan. All of the conditionS and requirements for ândinïPleJIentatiOn of theCCAA Plan shall have been met, other than the cotnpletionof the transactions contemplated by this Agreement.

ASSET P\cHASE AORE¡.NT

.TOR)i2Q;S239S7 ,\ í. - 62- 80

~ ;~::; (5) Sanction and Vesting Orders. (i) the Sanction and Vesting Orders shall have been ;~~ issued by thê CCAA Coui:t and (ii) shall not have been stayed, vacate, reversed or appea1edas of the Acquisition Date, and each of the Sanction and Vesting Ordersshal have become a Finàl ;: .~. Order.

(6) Adverse Proceedings. There shall be outstanding no Order or decree restraining or ;~:. enjoining the Acquisition or the other transactions contemplated by this Agreement.

t;.~~ (7) Regulatory Approvals. All Regulatory Approvals listed in Schedule 10..1(6) shal have ~: been received and shall be absolute or on terms reasonably acceptable to the LP Entities, except where any failure to obtain such Regulatory Approval would not constitute. a Material Adverse Effect. 0.': ~., (8) 'ITior Clairo.. ThePiior Ranng Secured Clais, the Government Priodty Claims; tht "(: Pensionlnority Clais and the Employee Priority Claims shal have been provided for in ~~

accòrdance withtheCCAA Plan. . :;... '?f; ;

(9) Charges. To the extent not paid or otherWise satisfied oil orbeföre the Acquisition Date

(i) proyision:accepta.ble to 'the LP Ettities.för.thepaymertt or satisfaction of'll aiöunts secured

by charges created by the Initial Order shall have beèn . made, in accordance with the Initial Order, by way of the AdnunIstrative Reserve; (ii) provision acceptable to the CCAA Court

therefor shall have been made by way of the Administrative Reserve; or (üi) in the case of the directors' and offcers'charge, Purchaser shall have assumed the obligation to payor satisfy such amounts, on terms acceptable to the LP Entities and in accordance with the Initial Order.

shal have been issued (10) AdnrnistrativeReserve. (i) the Adnùnistrative Reserve Order and (ii) shall not have been stayed, vacated; reversed or appealed as of the Acquisition Date and the Administrative Reserve Order shall have become aFinàl Order and the Administrative Reserve shall have been established in accordance with Section 9.7. .

Section io.~ Investment Canada Act

I: ; If the Heritage Minister makes a determnation that Purchaser is not a Canadian ~ : controlled-entity withn the nieiuing of the ICA, Purchaser shall have expeditiously completed ~~; and fledwith the Investment Review Division of Industry Canada an appHcation with respect to fÕ: the review of the Acquisiûöti and shall have obtained confirmation from the Minister of Industry (or such other minister as may be. appointed u.nder the ICA(tbe "Miniter")underSeëtions. 21, 0: :~. 22 or 23 of the rCA indicating that the Minister is, or is deemed to be, satisfied that the ;:~~. acquisition is .likely to be of net benefit to Canada. TheLP Entities shall provide such relevant informatIonanddocumentâtion to assist with such notice or application as Purchaser may ~~ cQnsideri:cess~ or desirable to comply with the lCA. ~: :;" ARTICLE 11 - SURVIVAL Section n.1 Survival

All provisions contained in this Agxeement (other than under ARTICLE 2, ARTICLE 3,

ARTICLE 4, ARTICLE 5, ARTICLE 6. Section 9.3, Section 9.4, Section 9.7, Section 9.9 ths

Section 11;1. ARTICLE 13 and ARTICLE 14) and in any other agreement, certificate or

ASSET PUCHASE AGREMENT

TOR_H20:S23R9.5.12 o .~'..'.' 0" ~...... 0 .0 .. . 0' .' ;"t 81 - 63-

~ t intrnient executed and d~lìvered hereunder shall mergeinediately afer the Acquisition and not siirvìve past the Acquisition Time. ARTICLE 12 - COMPLÉTION

Section iij. Cnmpletion at the offces of Davies WardPhiips iiI'~ The completion oftbe Acquisitonsball take place ~.. & Viheberg LLP, 1 First Canadian Place. Toronto, Ontario M5X lBi. at the Acquisiton Time. ':: Section 12.2 Designated Purchaser Prior to the Acquisition Date, Purchaser shall be entitled to. designate one or more Affiiates to (i) acqi;iire specified Acqüired Assets (including to act as nomirieetohold legal title t~;' and/or (ii) employ specifed ;.:: to any Acquired Assets); (ii) assume specifed Assumed Liabilties; 'f. after the Acquisition Date (each a "Designated Puchaser"); Transferred Employeeso.n or ~,

provided each ,such, Designated Purchaser agrees in wriQng to be bound jointly and seveni1y

, witbPurchaser by the terms of this,Agreement ARTICLE13 - TERMATlON

,.,:, . .'~'\ ,.,:'. :;".:..... Sectionl3.1 TerminationRights ' :-..',~'~.t: .+ils Agreement may be tertated ön or prior to thè Acquisition Date by mutual written :~ ~ :"; agreemèùt of the Pai:ties;and may be termated on or prior to the Acquisition pate:

." .'''''~ - . as perttted in Secti.on 10.1 fot (aY. by Noticegiveh by Purchaser to the LP Entities ,.\~. failure of acondiíion to be satisfied .if Purchaser has not waived such condition at i. or prior to the Acquisition Time;

Ci:) by Notice given by theLP Entities to Purchaser as pei:tted by Section 10.2 for fajlure oia condition fobe satisfied if the LP Entities have nbt waived Such condition at or prior to the Acquisition Time; f.:~

~:.,; upon delivery to the Adtn11Strative AgeIl, the LP Entities and Purchaser of the (c) . ¿, Monitor's certifcate wmch rendets operative the conditional sanction urder made fort in the in respect of the Credit Acquisition, all as mote parcularly set Stikeman Let~r; or

;".; Cd) by Notice given by either pary jf the Acquisition Date has not occmred prior to August 15, 2010. k:' ~:.; Section i3~2 Effect of Termination ~: .y

Pary's fight of termnation under Section 13.1 is in en 'Subject to Section 13.3, each

addition to any other rights it may have under this Agreement or otherwise, andipe exercise ofa be an electiOn of remedies.. If a Pary waives coripliance with any right of termnation wiÜ not be contained in ths Agreement, the waiver wil óf the conditions. obligations or covenants ~t .' without prejudice to any of its rights of termination in the event of non-fulfùment, 000- ~o.

ASSET I'RCHASl! AG!lEM

ToiviO:S2389S1.li r'(ì Ö t: - 64- \. :", .',' any other conditioi1, obligation or covenant in whole Qf in :~ par.observance or non-performance of . .'. obligations of the Pares (2) If this Agreement is terIln.ated pursuant to Section 13..1, all under this Agrement wil tennate, except that if this Agreement is termnated by a Pary beause of a breach of this Agreement by the other Pary or because. aconditìop for the benefit öf the tennnatingPary has not been satisfied because the other Pary has failed to perorm any of c.~ its obligations or covenants. under this Agreement, the termnating Pary's right to pursue all I': :. legal remedies wil, subject to Section 13.3, survive such termnation unimpaired.

Lenders(3) Any termnation under of ths Agreement the byDèbt any pary Coi:tmentLetter.shaIl he without liabilty of (,oy of the .

~. Section 13.3 Farfeiture.ofDeposit Liquidated Damages. ~:;¡'

If the Acquisition Isnotcomp1eted:as a result of a brech by thePurëhaseróf its ~~

obligations under tils Agreement, the sale and exclusive remedy of theLPEntities shall be to ~; retâi the Deposit as .conteIIpläted by Section 2.5(2). Neithet the LP Entitiesnoræiy other

Persoh (including the Monitor, the Secured Lenders and anyöther creditors of the LP Entities)

shall be entitled to exercise any other rights or remedies agâist the Purchaser or Holdc.o or their

respective offcers, directors, Ììve.stors or lenders (including the Lenders) in the event of such.

breach or failure. The Pares agree that the right ofthe LP Entities to retain the Deposit i~ such circumstances is not a penaty but represents a genuine and reasonable pre-estimate of the

damages that the LP Entitie~ would suffer as a result of such breach or failure, and the' fodeiture

of the Deposit by the Purchaser shal constitue a full and final satisfaction and release of any and

aJldamages, . claims .and .rights (including any right to seek specific performance of this

Agreement) of theLPEntities and any other Person (inchiding .the Moritor,the Secured Lenders and any other creditors of the LP Entities) arising in connection with such breach or failure.

ARTICLE 14 - MISCELLANEOUS I.

Section 14.1 Planning Act v:.

This Agreement shall be effective to create an interest in the Real Property located in ~., (. , Ommo only if the subdivision control provisions of the Planning Act (Ontario) are complied withb'y theLP Entities. Seetlon 14.2 FurtherAssurances 'f:'

"fr: all Each Pary Shall from time to time promptly eXecute a,ddeli'Ver further docarnents ~; andtakë.iil fwteraction necessary or appropriate to give effeçtto the provisiönsand inten of :-::1~, this Agrement and the procedures set forth in the Stikeman Letter and to complete the , Acq~isìtion, including cooperaüngto öbtain su.ch recogniton or~rs of l:y Ori;er issued in conneçtion with the CeM ca:as may reasonably be required.

Section 14.3 Notice

Unless otherwise specifed~ eaçh Nutice tp a Pary mus,t be given in writing and delìvered ~. . personally or by cOl.rier,or transmitted by fax or emaU to the Pary as. follows:

ASSET PuCHASE AGREEMENT

TO/l_HZ0:52389s7.1i : .;,....,.-;...... ,...... -...'...... ".:.

-ó5. 8., oj'ì :~.

~:"

If to the Ll Entities on or befote the Acquisition Date:

Name: c/o Cawest LìiJUted Parership Addrss: 1450 Don. Mills Road Don Mils, Ontaio M3B2X7.

.tIi', Attention: DöugLanib 2;- FaxNo.: 416442-2135 Einail: dlaib.CW'canwest.coni ;~ . ., ~.,

With a required coPy (w1uch shall not constitute notice) to: ~:' ~ . Name: Osler, Hoskin & Harcourt LLP ~~ f~ Address: 100 King Street West 1 First Canadian Place

Suite 6100 . ~.;-:, Toronto, Ontaro M5X1E8 Edward Sellers t\' Atteiition;

Fax No.: 416-862-6666 Email: ese1Iers CW osler .com

notice) to: ,.'. 'And with a required ëopy(wluch shall not constitute

Name: FlI Consulting Canada 1nc. AddresS: 79 Wellngton Street West Suite 2010 Toronto, Ontario L- M4K 108 ~ : Attention: PauÏBishop Fax No.: . 416~649-810i

Paul.Bishop (g fticonsulting.com f~' Bmåil: \.,. ~~.

not constitute notice) to: And with a required copy (wluch shall

Name: Stikenian Ellott lLP Address: 5300 Commerce Court West 199 gay Street Torônto, Ontiio M5LIB9

ASSJ;T PURCHAsiAOREMENT

rOn_lii0:523S957.ii ':,'

UQ /~': ~ 66- .~

',' Attention: Daphne MacKenzie k

Fax No.: 416-947-0866 Email: DMackenzieCBstikeman.com

If to Purchaser or Holdcn:

Name: CW Acquisition Limted Parership ~ Addrss: cIa Davies Ward Plullips & Vineberg :! 1 Fi¡-slCanadianPlace Suite 4400 .. 7:- Toronto, Ontario :\ M5X 1;131 :~~, Attention: Jay A. Swarz and Cameron M. Rusaw

~:~: Fax No.: 416-863-0871 ::. Email: jswartz(ßdwpv.com and crusaw€Ydwpv.com ".~ " ':~ With a required copy (which shall not constitute notice) to:

Name: Davies Ward.Pbillps& Víneberg LLP Address: 1 First Canadian Place Suite 4400 Toronto i Ontario M5X lEI Attention: Jay A. Swarz and Cameron M. Rusaw

Fax No.: 416-863-0871 BlUail: jswarz~dwpv .comandcrusawtSdwpv .com ;.~

,~- : or to any other address, fax number or Person that the pary designates. Any Notice, if delivered f=." personally or by courier, wiI be deemed to have been given w,hen actually received, if ~F' '. transnuued by fax before 3:00!,.m.on 'a Business Day, wil be deemed to have been given on :1. that Business Day, and if transmîtted by fax af'er 3:00 p.m. on a Business Day, wil be deemedtò ~'?' have beertgiven on the Business Day after th~ date of the transllssion. ~~

Section14.4 Time ~: ~: " Timeshaii be of the essence in all respects of this Agreement. ,; ..¡. ~ ; Section 14.5 GoverningLaw

This Agreement and, èach document contemplated by or delivered (Inder o.rin connection with this Agreement shall be govemedbyandinterpreted in accordance with the laws of the

.Province of Ontario, and each .of the Paries irvocablyattorns tO'the nou-'exclusive jurisdíc.tìòn of the courts of Ontaro.

ASSETPURCHASG AGREEMEi'

TOIU120:S23B957.12: .,.,...... -...... '.

.,

~ 67 ~ 85

~.:.

~:. Section 14.6 lrrevocable Offer "

The execution and delivery by Holdco and Purchaser of ths Agreement shall constitute an irrevocable offer that shall be open for acceptance by the LPEntitíes until May 30,2010. .;, the LP Entities to execute and deliverths Agreement (the Upon the CCAA Court directing "Approval Order") and the LP Entities executing accordanceand delivedng With tls its Agreement;terms and the this LP Agreement shall be enforceable agàinst the Paries in L\ (l. Entities shal be deemed to háve accepted suchdffer by :foldco and Purchaser. This Agreement ~. ;: shalnotbe bindinK'upon the "LP EntitiëS ùntil the Approval Oter is granted by, theCCAA Court :; and thëLP EntitiØs' accept the offer by Haldco and Purchaser and execute and deliver this Agreement

¡t' Seetioil14.7 Entire Agt~eilent ... attached Sc4edule$constítute the entire f: Tms Agreement, the Stikeman Letter and the matter and supersede all pdor r~ agreement between the Pares with respect to the subject ~,. .agreements, negotiations discussions, undertakngs, representations, waranties and understandings, whether written or oral. There are no representations, waranties, covenants, conditions or other agree:rents, express or implied,collateral, statutol'yor otherwise, between the Paries in connection with the subject matter öf thìs Agreement, except as specificallY set fort relying on any other information, herei:n and in the Stieman Letter. The Parties are nOt :\ discussion or unden;tandingin entering into tms Agree:rent andcornpletirtgtheAcquisition. . Section 14,8 Amendment No amendment, supplement, restatement ortemunation of any provision of tils each Person that is a pary to ths Agreement is binding unless it is in writing and signed by Agteement at the time of theamendinent, supplement, restatement or tennnation. Section 14;9 Waiver

No waiver of any provision of thìs Agreement is binding unless it is in writing and signed c.~ by aU the Pares to ths Agreement entit:ed to grant the waiver. No failure t6 exercise, and no ;'::,; delayin ex,ercising, any right or remedy, under this Agreement wiUbe deemed to be a waiver of "Î.-'. : that right pr rerneqy..No wIDver of any breach of any provision of tils Agreement wil be deemed ~, : to be awaiver of any subsequent breach,ofthat provision.

t~;~: Secti~)ß 14.10 SeveralJility. ~~~. If any provision of this Agreement is or becomes ilegal, invalid or unenforceable in any f¡;~ ~:~'. jurisdiCtion, the ilegality, invålidity or unenforceabilty of thàt provision wil not affect: ('.

(a) the legalty, valdity or enforceabilty of the remaining provisions of this Agreement; or ...: ';-.\ (b) the legality, validity or enforceabilty of that provision in any other jurisdiction.

ASsiPICHASB AoRiBMBN1

Toì\io:.mS95.ii :..

-68 - 8G

i: Section 14.11 R~mediesCum1,lative

The :tghtsaId remedies underthis Agreement ar cU1Dulative and ~e,subject to Section

13.3, in addition to and not in substitution for any other rights and remedies avaìlable at law or in eq~ity or otherwise. No single or parial exercise by a Pafyof any tight or remedy precludes or otherwise affects the exercise of any other right or remedy to which that Pary maybe entitled.

Secti9~ .14.12 Assignentand Enureoient it !,.;'~ Other than one or 1Dore assignments by Purchaser to one or more Designated Purchaser(s), wlU¿h shall not reguire the consent of the LP Entities, no Pary may assign thÎs . Agreementwithöut the prior written consent of the other Pares, which consent may not be ;." unreasonably withheld or delayed. This Agreement enures to the benefit of .and binds the Pares and their respective successors and perrtted assigns. t; ..~:~

Section 14.13 No Third Party Rights l. r: 1his Agreement is not intended aid shall not be construed to çrei;te any righti; in any

Person other tban the Paries.and iio Person shal any rights a~ a third pary beneficiary hereunder (ntier than ~e límtations, or liabiltyofthe lenders referred to inArtcle.13)..

,', Section 14;14 Counterparts and FacSimile ~: .

. This Agreement may be executed and delivered in any number .of counterpars, each of which wheneXeèllted and delivered is an original but al of which taken together constitute (me

and the same ii:st:ment. To evidence its execution of an original co~nterpii of thi; Agreement; a Pary may seuda copy of its origimiJ signature on the execution page hereof to the other Pary

by facsimile or electronic transmission and such ti:ansmissions shall constitute delivery of an executed copy of this Agreement to the receiving Pary.

¡Next page is signature pagel

!::. I.,

5". t:;

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~; . :!:. ~'. i", ;.", ;r-' i.e. , .'

~':

:;"

~SSi;T PuRCHASE AGREMENT

TOiu20:S2389Y7 .12 :~.. 87

SIGNATURE PAGE 1 TO ASSET PURCHASE AGREEMENT

The Paresh:ave executed thtsAgreement.

7535538 CANADA INC.

,- By: ~..=J ~ i.- - ... -C. . . ,.~~ I. ,.~.~ ~~. Nam~'f. t. ;;,~ ~..;- Title: l r--. 'l.l~T' \r'O ew ACQt1SI'JØN Ul\llT~D PAR'fNERSH1P, by its general partner,

75363iiCANADAINC. l-;,' ~:~~~. By: ~~..l.~ .::. Name:~.' ~~.. ,:. .

Title: fr-~ ,'.,l .-,w"r ~: ~ Ci\EST BOOKS INC.

By: ~".: Name: Title:

CANEST (CANADA) INC.

'. :.:. ~ By: Name: Title: By: ~... Nate: . ,. ¡¡; Title: ¡:

I t~':, CANESTPUBLlSHiNG INC. -~'"~' lUBLlCA'I0NS c.¡EST INC ... By: ;t' Name: .,.

Title: 1~: ~) By: 0.. c.;, Name: l' Title: ¡. r\

ASSETPORCH.-n A.GREMF: I,\.0 U

SIGNATURE PAGE 1 TO ASSET PURCHASE AGREEMNT

The Pares :have ex.ecutedthis Agreement. 1535538 CANADA INC.

By: F. Name: Title:

CW ACQilSITION LIMT~D PAR'lNERSlUt by its general partnert

7536321 CANADA INC. ;'- By: Name: tk Title:

CANWESTBOO

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Assit PuRCHASE AGRENT

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SIONAtt PAGE 2 TO ASSET PURCHASE AGREEMENT ~¡. :~" , .

CANWP;ST LJMl'fED P: AltTNRSlll I CANWESTSOCi:ETÉ EN COMMNDIT by Its generalpaitierCANWE . (CANADA) INC. ij.'

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By: Name:...:.... TitJÓ.:~øv~'S;~ .~-;:

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ASSEiI'.ORCHA$E AßREEM£, :'. I. I.

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':':"~.. .,' .-:' .~ 256

SCHEDUL~1.1(29)

CCAAPLAN. ~~"'. PLAN OF ARRGEMENT FOR cÂ.ST LIMITED PARTNRSIDP, CANST PUBLISIDNG INC.,CANST (CANADA) INC ,A CANST BOOKS INC. .

The followig is an outline of tlePlan of Arangement proposed by Holdêo and Purchaser and which:iust be approved as a condítion precedent to the acquisition by Purchaser of the assets of the LP 'Entities:

1. Pursut to the tenns of the Asset Purchase Agreement, Purchaser wil acquie substatially all of the assets of the LP Entities, including the shares and intercompany indebtedness ofNationa1 Post Inc., but excluding the Excluded Assets as described in the

Asset :Purchase Agreement. Purchaser will also assume the liabilties set out therein.

2. The Senior Lenders to the LP Entities wil be unaffected creditors and wil, on closing, receive a c:ashdistrbution equal to the ful amount owig to them, including accrued interest and reimbursement of costs and expenses to the extent not previously paid by.the LP Entities.

3. Purchaser wil pay to any unsecured creditors with Proven Claims at ,the time of closing

who have elected or are deemed to have elected to receive a cash payment in an amount

equal to the lesser of the amount of their proven clai and $1,000, provided that any

creditor that makes or is deemed to have made such election shall be deemed to 'Vote in

favour of the Plan, Any unsecured. creditor with proven claims equa to or less than $1,000 shall be deemed to have elected to receive the aforementioned cash payment in an amount equal to the lesser of the amount of.their proven clai and $1,000.

4. The balance of the consideration will be satisfied by an unsecured demand note or note~

of.Purcliaser in the aggregate principal amount of $150 rillon minus. the cash amount

pursuat to paragraph 3 (the ~~Purchaser Note"). The Purchaser Note will be issued in favour of the LP Entities.

5. Immediately afer receipt of the Purchaser Note, the LP Entities will purchase fi'om Holdco conuon shares of Holdco in exchange for the Purchaser Note. The price per

share wil be thirteen dollars and thirt-thee cents.

6. NQ fractional shares of Holdco will be íss~ed. Recipients of shares wil have their share entitle:rents to eliminate any share fractions. On the Final Distribution Date any shares which are held by the Monitor tht cannot be distributed pro rata to affected credítors without fractiuning the shares shal be sold and the proceeds therefrom shan be added to the Reserve Account.

7. The Monitoi' will comply with the Administrative Reserve Order.

8. Unsecured creditors with proven clais willbe req:uired to certify whether they are Candíanor non-Canadan for the purposes of Section 19 of the Income Tax Act. There

ASSET.PURCHASEAOREBM TOR_P2Z:4530068,7 91 257 "2 ~

wil be, two claSses of Holdeo Có:ron shaes- Votig Coi.on Sh$es and Limited Votig Coi;on Shares. The Monitor will advìse, fIoldco . as to the .nUIbetof shares distibutá1e 00. personS: WithPtOYêo Claims who have certfied th~yarê Canadiam and HoIdeo will issue that number of Votig Common Shares .öfHoldCO;1'he balance of the .shaestobe issued by lIoldcn wil be. Limíted Votig Sharest to be distrbuted to non" Canadiåi unsecuredcreditors with proven .claims.. The Monitor Vfllas soon as

reasonably pr~ctiGa:ble . diect. Holdco to~ ançl Holdc!Jshall, isslle share certificates

'eVidencing Voting Common Shares and Limted V ptig s~s, to each of the Canadian as !ld non..Canadjan unsecured creditors applicable; who has a Proyen, Claim at tle time of cIosing. The 'aggregate shaes to be so dist:buted wi: be proportonate to the :Proven Claims relative to the sum of :Proven and Outstanding Disputed Claims. Any remaiing

shares wil be held by the Monitor on behal of the LP Entities pendìng resolution of Disputed Claims. No latêr thän December 31,2010, the Moiutor wìlldirectHoldco to, ard. Höldco shall, issue any remaingshares. held by it to åUunsecured ereditòrswho received had Proven' Claims as at such dateo1herthan t;ose who have payments ofa cash be inade in amount pursuant to paragraph 3. For greater certty; n:o distributions will

respect or Claims which. are Intercompany Claims (as defined in the Claims Procedures Order). 9. HoIdco wil purchase additional unts of Pmchaser using the Purchaser Note and the Pmchaser Note will be cancelled.

10/: . The Plan will provide for tel eases in favour of the former directors and offcers of the LP Entities, the advisors of the LP Entities, the Monitor and its adYisors, the Chief and its Restrcturing Advisor and its advisors and the tnembersof the Special Committee , ad,visoJ:s.

n. .'.', PUrchaser wil reimburse .lIoldco and its in:vestors for al costs incurred by them in connectiOn with the transaçtioll and the plan including all financial advisory fees and

expenses, legal fees and expenses, iud fees and expenses paid to rating agencies.

12. FólIowigcomp1etion of the acquisition of the assets of the LPEntities, Holdco will take

all reasonablèsteps to apply for the listing of its common shares on the toronto Stock Exchange. This will occur áfter the plan inu:ilementation date.

ASSETPURCHASEAGREEM:NT TOR..P2Z:453006S,7 00.. h. 258

SCHEDULitl.1(63)

EXCLUDED LIABILrUES

(a) Excl~ded Assets. . All 'Li~bi1ties ìn any way related to orarsing frm or out of the Excluded Asse~ .inclue.ing the :Extluded Contracts and Leases;

(b) Restructuring Period Claims. Restrctug Period Claims (as defied in the Clais Procedl.e Order of the Honourable Justice Pepall dated April 12, 2010);

(a) Pre~Jiilng Liabilities. All Liabilties inciied by the LP Entities, or arsing out of events or circumstances wlùch occured or existedi prior to the Filng Date, other than Assuied Liabilties expresslyassuied under ths Agreement provided, Jor the avoidace of doubt, thatäll Liäbilties.in respect of the Real Propert Leases, including all LiabîItiesaccrued due on, or ,ac~rug due subsequent to, the Acquisition Date,. includig any such .Liabilties that relat~ to periods prior to the Filng Date, are Assumed Liab.Hities and are not Excluded Liabilties;

(d) Existing Indebtedness. All Liabilties of the LF Eiitities inreapect of Indebtedness for borrowed inoney.and Guarantees.in respect thereof, including:

(i) Claim of the Senior Lenders and the Admistrative Agent arsing under or in connection with the Senior Credit Agreement and the Hedging Agreements;

(iì) Clais arising unde:l or in coiuection with the Senior Subordinated Credit Agreemen,t between Can West MediaWorks Limted Parnership, the Guarantors, Citigroup Global Markets Inc. and Scotia Capíta.l, The Ban of Nova Scotia, and . the Lende:is, dated July i 0, 2007;

(Hi) Claímsarsing und~ror ineonnection with the Inden;tlUe betweeJ1 CanWest MediaWotks Limited Parershp, the Guaantors, The Ban of New York, and BNY Trust Cömpany of Canada, dated July 13, 2007;

(iv) Clais arising under or in connection with the DIP Credit Agreement;

(v) Claims arising under the LP Support Agreement between Canwest Limited Parership, Canwest (Canada.) Inc., Canwest Publishig Inc., Canwest Books Inc. and The Ban of Nova Scotia, dated Janua 8, 2010 in its capacity as administrative agent on behalf of the lenders;

(e) lriot Ra.nking Secured Claims. Prior Ranng Secured Clais, other than Prior Raning Secured Claims in respect of lessors under Personal Propert. Leases or Penntted Encum~races.

(f) Administrative Reserve Costs.

(g) Charges. Any Charges as defined in the lnitialOrder.

(b) Taxes. All Lia.bilties for Taxes payable or remittable by the LP Entities, includirg all Liabilties fOl'taxes payable or remittble the LP Entities asa result of the tranactions

ASSETPURCHASB AGREEMENT TOR_P2Z:4530Ò68.7 93 259 - 2-

:contertplatedjil ths Agre~ent, other than tranfer Taxes payable by Purchaser puruant to Amolt 6; .

(i)CettainEmployeeMRelated Liabiltiës,

(i)

(ii)

(m)

(iv) all Liabiltiesinrespect of any agreements or mangements wluch provide any of an iP Entity or the payments or benefits in connection with a change of control Businessor in connection with thetrarsactions contemplated ii tbis Agreement;

the LP Entities accruing fn respect oror under any .,"., (j . c\ .,lVaterial Contra.çts. All Liabilties of Materal Contract that Is not 1ìsted or identified on Schedule 7.5(4), or in respect of or

'-~; . under any Material Contract thatis marked with an asterisk on Schedule 7.5(4);

).:' in respect of any litigation proceedings. Iawsuits, conr ~.~~-I (k) Litigation.. All Liabilties .. proceedings or proceedings before any Governentàl Authority agaínSt any of the L.P . Entities' and their predeoessors in respect of any 'matters,. events or 'fåcts occurg prior to the Acquisition Time, other than the Insured Litigation Deductibiesandthe obligätion to defend and/or settle all claims in connection therewith pursuant to Section 9.15. For ceraity, the followig two class action lawsuits iÐvolvingfreelance wrters are Excluded Liabíliûes:

(i) A class action commenced in 2003 by Heather RobertsonetaLagainst The Gale Group, Inc., Proquest Inormation and Learing Company, CEDROM - SNI INC., TORStAR Corporation, Rogers Media Inc. and CanWést Publications Inc.

(H) A class fiction comrenced in 2004pythe Electronic Rights Defence Commttee against south Inc., Cedrom-SNI Inc., Infomil Dialog Limited, Southam Business Communications Inc., Montreal Gazette Group IncJGroupe Montreal Gazette Inc., Hólliìiger Canadian Publishing HOldings Inc. and Canwest Interactive Inc.

the LP En.tities (1) En(îunibran~.~s. All Encumbrances on any ässetsor propert .of any of other tharPermitlëd Entumhraices;

Persons or dama.ge (rn) Product Liabiliti~s. All Liabìlties in respect ofinjur to or death of to or destrction of property. not constituting par of the Acquired Assets, includirg

Assl! PURCHASE AOREI!T TOR_P2Z:4S30068:7 o .~ "" lj

- 3 - 260

workers' compensation claí ársing but of the .cOnduct of the, Business prior to the Acquisition Time, regardless of when any such Liabilty is aserted, încluclany Liabilty for eonsequemtiaJ or punitive damages in connection with the foregoing;

(li) .LP Entities LiabiJtit&. Al Liabilities owig by an LP Entity to another LP Entity, or by an LP Entity to any of the eMl Entities, except in respect of ob1îgations owing by an LP Entity to the CMIEntities under the Shared Servces Agreement, the uther agreements described therein or the Omnibus Transition. and Reorganization Agreement; and

(0) Other. Such other Liabilties as may be fflJtuallyagreed between the Purchaser and the LP Entities prior to the Acquisition Time, ..

ASSET PURCHASE AOREEMT 'rOIU'ZZ:4S3Q06l!,7 SQlDULE 1.1(79) INSURD.LmGATION CUNCY'DATEMAY (51"2010

ClaiJÙs

WeaVer, Of. Aidre Q2;iÒIQ Fost,.Pet;fiSer. G9don;Cocoan, Plainti c1aimslibC andmaicioifal Geer damagøge da YE: Terence; Libin Kein; NalnalPos stiifr arlespulisl Dember exempl dain; 5pial dage. HicoRe Inc. dba ThNatoi;i Pos boJolm; 10, 20Qand Jai 27; 1010 intleNãtona peanen injunetoiØner to i:ve 122l)0599 Dó,Jai; Yoej Sa Poe Richard Pos . def éxresio fiai elecönie daes, Orde,to Widniwll.corient of thd-parpublica Orei toÌlig ~yrgl of defaprynieñlland exreions to Plaiiff injict to publish fu an uneq apology .àId reon. iauclon for The Natal Post to.piiblisb the outce of1he Coii acoi ïnert,cots & oter sicl fureiei. Nó ri . amouo1sted

Q2201Q Be Uze Ott Citizen, Ada Hugh Small Claims - Pl;ffisclaiidefilillatioi I $5000,00 plu~8Id~ YE: :fom an arle pUlìed'in'1he Citizon Hix#120OS359 Aigust 3, 200 Q22P10 Ano Paving & Caest Globa Counicaon PlailicJaiin dcoll arin fr~a liti pteg fi hrod.ca Qf tE: Genl Constrcton ëorp.; CW Mcdialnc.; Cawe Media Novembe 17; 2009~roc!C8tsegmnt of publi repdeiï Ao: Hico Ltd. In; .Cawe Pi.blisg In,;Hersb '~tusösnViwa also po to tl $250,000 ii dam;SPClial daiSS; RefiZi5314 Bobby Globa TeRion Net global.oo.m ~.ite. $50.00 ag~daaag;$IOO.OOO Pi di; pie ii"lial CQts andinte. ottsuÆiith ~ief

Q22ØiO O'Brie Gai Canwe Pilisbg Irc~ Caga Ru l'lai allq she ~èétgled in $20,350.00 in da YE:(CGL Claim) Ho sUn Mi CoiaOI càga binding left OI thest in June 200111 24 Hou r\el lnatonl Lt case hc to. fal to .iIe grund and ca Me Cagi, Do John, Doe Jan. injUI. ,Q12010 .Gr. Dr. Kennet SaatoSthoe PJ, ai; Plai C1aimsdefamatoo arìSing frm a $200,00 gen da.specal Yes: Nickel Ro Giiib, Stiei; Hir. seri òfaicles fimpubliSheditilhe da, $.1.000,000 3g'itedi ., HiscoRef#: Camer Bri Da; Canw~ SiaPhoein November and December 2007. $1,000,00 punti damge. plus co, 122!lØ$273. .Publiiog In. Plai Clai àreleS.COÏhueto'be alòi with Ii perimt injunèlioi defaliry as lhey ar hous.ou lhe interet prabit¡ng.repPl¡:tion of)le arcles ful and coleteieoi in the ,StaPboeÎx

N Ass¡; PuCHEAGR 0' (0 TOILP2453008.7 ~ c."'.''\ - 2-

QiiplO CowicbáiVailey Citize Skol. PJaiiitfco18iis of a.;' arle byWaiker agt cåii Deeïda:Jtiediat removal Shidey,.Rondeu, Andr Global TV Morw piiblishi:d in 1he cowiëbao Valley ofaie.~onlidi'ei of copies Cal, Global TV Lebrid!l. Giti OD 9 OCtober 2009, iepublishedoiiline CäiWcI Iitéfetie, Caiwest Digita Jn welsiii.pub~ii apology to be at caadeolD iid globaCaga,cbm aid ap¡iroveby Plliinti.$7S,OOD genera Med 'cwet Lited Parhip. globaltvètbridgoco dam; .$2;OOO¡:iiimd.aggrted Cat l'blisfiIgJic., CaWest damages; otersuc1 fu ài. àndieief MedaWorks InC., Can'Wes (GIObii TV aid Ca\lPubti MeiaWorksPDblicaOìS Inc.. Canwet Defenda ~ cOnsder as Qie gr) ., Global Councatio~ Co., and . Moow, Wal

QI2010 Shrobrce. De Kar Mazlæcl Sun Media P!affwa employd by CIBC in Torto CoipraO'1;c:o.b. The Fial Post Da of$SO.OOfiinea Deenda I YE: . and ç2e( by report rosp abou his for negiigenniisrqi~on; l' and post Hisoo Ref i:ploymt wi GIBC andpreioÍls judgt in1er co 12005094 employnt as .a cljyat Irer wi BNP Panòa.forarcle.entit1cd"Han Time Hit Bay Streetl.

QJ201p KJiamphOlne, Canwet Publisg Tne., Le Sin Plaintiff poice offce wa suspended from the Unsifed dames, pIll pie-an post- Khompei YE: ACElA tirce in Febii 2007 pening invesgati judenriilet and costs ohlleged chil'pmogtapby offences. The #CWI0271982 (for Ju 9, 2007 8id .st wa i:mned aD also revealed a prior 20! invigation Plaintiff clasriy and Febru 7, 209 aiele. ony). follow up stes were defàtoiy. Fir stor apeared in the Vancou ,Povice but al Onne l\cle covere caed by VancolIer Sun an Richond New. TBA

Q31009 Oiar Vincent, TheGaz,..adivisioii ofCiiwe piainiff claim libel an deftion regding $200.000 Ílmora. exemplar and YE: Hiscox Re Le, Lois To, 9167. PubJísg :Ie.,Phillips. AndrGyJai ii arcl published in the Gat on 5207 Queb lic., pëcar danplus reDlän 12200712 Lia wi9i69~120Qu Inc. as Pecber 20,2008. Plaintiff elii th aricle p!!lisheil:polo¡i Cai Tii misi-c gave a milea and defai acwuntof a Pilmetits G&L Leay trsaeion be tbePiaifI an th Cit mco òfMontieL

Q12009 McMurie, Bil Clemt, ErC',. La P~esse Liiite P1aiis thMaòfPoiIair, QC On $20,000.mo da~ $SO,Oootrb1e l'art;lmi SC1omier, Tommy JuN 17, 200S.;tI Gaet pulish anar1.e YE (H$C): an incnveDiena:$SO.OOO punitive and RefenCe No. Ga, Egbe,SheriMwy; As by KilpatiCk ÇQcemgexes clald for exemplàtdaage i22i80 Media Inc.; IGp,trck Julia, ai rembiien by severa loc offcial Canwesf PnbliSbing Inc. iiiding P1.aint Plaintiff alleges tha stts and imicatins ar fae än defaat,c1aiiI tht KilPack firièa hesimy. I' TÖR_PlZ:453Ó08.7 ASET PuCHE AGR 0" CO N C) - 3 -

Q42008 Bilagl,Sl Cagar Herald. a division of Cawe PiålfidajiidilIfi~àÙh~ in a S5,ÔOl,OOO.in.dam~; kg co. +iite .1 YES; .. . Publishin Inc. pnotogrph puli$hed in the Herd OI an oll fee Hisox'.Re No. Deber 21,2601 inl'n to a "wii" . 12200409ö . . photo ofa mana~ed.of sial as Wilsn,Cbai~ B~ 04200 CanwePublishg Inc. Publiions. ., Pliiis a foUben MP niiiasa Ge~d,~fiCda=pli I YE: . an Wilsn, Kelfy Caiwet Irc..O'CÔl Elii Gr Pa: Cadi ii jja debt clai anponit daicç an ii .HiC9~N'. ranne Wilsoo, JudelinTyaji, Tugbo by Plaüis wif~ parts. Plaìs asin.8 other such funel (anoutr not st 1221'70 .Eniees Ltd., Ma Mai Allan no prce 'M a c1.ai ma be.inde Jane. Stev. òveNbird p8r ìii its StaeimtQfDdei Plaintiff åims detíon!,yCanw~t iO ares publishadinThl'iöncon Octob 2&,291, Ocobe i9,.2oo7,and July 26, 208 detagttnati ofPlintlfs faled busii deing and un deblS.

Q3200 LaWS1l tie Hon. Vancouve Sun, CanwtPilisiii On Ma 12; 2008, .caad,coan the No doUar amount speced; Writtapology I Yes . His~ Ref. EdwarM. Jnc~ Paoci.a Graham Davd Bai V aneòerSun p'ubiis~ an ari:e by Banes 122003693 Hugh Dawsoii regaing Âiro Oi&.Ga. pl8 cláimthe aricle aliege Iiir.to.be "Copt, i;i~"t .and lacki iit integry". Plaifris a dir Of Aric Oi æd Ga

Q3200 Ke Arur' CanWes MediaWork Inc., Canwes Notice conòe an arcle writ by Don Damges -$IOO,OOOpli Co. Yes- Hisx.R. Publishin Inc.. The Natoi Post Mar.ií pii in fu .Caga Hc:d OD IH2238i Compy, Natona Post Holdin Ltd., Febiar 13; 208äîdl'iite on Ma Do cana.com an in the Natonii Pos PJiiii cl3iaiepo$ysii as bein ., ~.argi and1úih-haded

Q329 Sakoff, Matthew Camcst Globà Comnnicaons San alo~wit'j.()òterpepi~ Were . dàages ag Iidant . $5,000,000; YE. Hicox Ret Cor~ CanwC PubligIi. Ota uaJ in it $temen from OPP Chie Julian agpunitjve anc:plai 122003182 caa.com, and CaWestMeWor Faiò regdìng.peQDs ard fur Usg . dage - $5;000,00; speial(lìi of Inc. o!a Global Ontaro and Globa TV th inet re: cbdpooghy and chid $100.00; pr and posHudêlt cost and abus. Plii:ieoliel àUegtb San iner ot fu reie na Wa.iiYetIY~QIêd ii~ Who wa ch. TheOP publiscd a correcOn $lg sa Cæes was unwa of the eorron UJI the P1aitiiJ:brougliÏtO ou wa~Jy~at òD'Mar20,2008,.af PlaiDtiis which.(iate it coirplainig of tJlêi of tie itt90 CÌlwest to mak thiScom:cton. .$2008 Go Alain The Ga Publicaons CaWC Inc. $40;OOOGeDa 1'"IìR~ ., lfii ii Ree Bruemer l2749. N C.C' AsEl PuCH ÀGR Q" -,1 TOR_P2:4530068~ W -4 -

standing at li ma enlrce ofBoi: JaiL.. .. It aceooies a.siory entited "Neigbbours blow the wb'isie on Bordeaux Jai e,àiion" Th pla colajns tl his imag wa us.without biCOt. 022008 Grewal;Gumiam CanWe: MediaWorks Pulioi Piaintlff'Was th siiofaJlegatons whereb Gener Damger.Puilive Ïlages; other YE: Inc.fIQ1iications.Ca WesfMeía Wor he use "guee" in ord to se vi to fuiterrëlÎef (ai not sti) Inc., an J(urJaid, R,cI bring faly mei~ toCæa, The aricle, . ACEA Re(è No. C60102S8370 pubIi$hed in the Province onMa 3 1.2005. wa wnen by a loc imwtoolawer cegaring hi point ofview on the.Gre malr. Q1200g Maiois, P;iulin and PublcaOl CanWesfMediWorks Inc. Maís ti leaer of iiePa Quebis and Blanche Claue :E P)Ìitiffls ci2ig $400,000 ea in YEs: (MontIiGatt), wrià Man 1llanclct, a proen Qu biiincsmi mor daages and $600,0.00 in.puntive ACE Claim No. clai to be deed by a sees of arcles d2 fina tota :OfS2OQO,OOO C601024127 wri hy Marsden ÌÌm~ieber22 -28, 200 re a chge in ioing obtai by tbe Pltifi which allo",i; thei1D bid their hoi on gornt lan They complai ti !he arcie allf!hat BJai cOmmi. a crin offence in payi a3it par for a íàe afdavit . QI2008 Vista, Je!fey Philp Nii9¡aJ pos CaWesMediaWor PlaitiJs a 41b ye Jaw slUdeiwho wodrd ce and l\is of publieaO! of arcle in Publaton Inc., Kar,Sion ontle R. v.wiis ca, wh it is ailegecthst YES; Kelly, DQUgl$, Meuce Stehen prt and on websil Gen Damages - Hiscox Reference No. he biDed over.$40.000 ofseice to th $1.400.000; Le Daages - $15,00 io the 1220034 Ha Joiiat ai~ovaIi, John Attorny Geer's ofce Plilff cla th LSUC; Agv-..ed Dige - $SOO,OOO; he ha neer biledctl AttomeGen,and Puilitve.dàies-~I;tiOO;OO;.pre-ad POst- clms that the; !W publihed in !be Nalona judgmel1t cost and iniet. . POst aid. caaëo.defes ii wi it alegaons.

C.O l' .0,) TÔRj'2Z:4S3006.7 AS$PURCHEAG , ~oi - 5-

Q32.007 World Si CàW~ MCiaWorl Pnblicatiot Plaìiï~inla óf ai ariewritt by Kim $2OOQ,iiOO .ge dages; $1.OO~oiô YE: OriiOI1 ofC3 Inc., The otwa Cir a dion..of Botbat app~ in the f'ebi iÔ,2001 pliitive damags; $SOÖ,Öob spetal (AC)C1iWNo. CarWestMedlaWorks Piilicaon frort pag of th Vmëo Sal!, ~ Oi daes; $1.000,000 exin1aaad C601024887 Inc_. th Windsor Sta; a divion of Heid. the main seon otiic Ot Ci agdaige; plii ¡itegment àid CaWes MedaWorksPubltions Inc. th Victora Times colonst thCanan post-jent.in cots; an oth relief sCctiOi of tle WindsQl Sta, whlc ar. wa astlCoti dejUS fier cIfied in th~3. 2ò1 edißil of ea PiiAca.Wl8Regly ÌD~ th th WörldSikOrgaiz ha "tott link", and.is siilar iu clei to the Sik Youth Fed (iqjròupthatha be dieäylinked to ~. ofvíoce and te:rorim). Objeoa .is ma to the c1arcaoiiófMah 3, 207 sirce Plaintif aleges tht th clon stil albidestèi th WSO as navteori afliatons aleit diflftmthc. SikbYQut! F~or.

Q32oo7 J 65678600000 Inc. Pùblications CaWes MediaWorks Plai complains of an arcle published 00 $500,000 in dam; ful retrcton and YEs: (ACEA) ànd Mitami, Jim 11l.. Grpe Montral Gae Inc., Febiiar 27;2007 ín t1eOtwa.Citiaid pulishe apology ClairoNo. (ak Heritage ,Ottwà CilIn Grup Inc.. and Laey. the Montrl Ga 'Te.arle lieg th C6I0249880 Auctoneers) Ma tw auctollhous - ii~tKiig Plaitiff- emloy ad and saes1ics tbai,deigtd to ence.çonswnei.tobid on itms belivi ilai to be of be( qúà1ity aror IiCil'fli de, fum- inètualy ti cae. Th ll ai aIlegörthat thes tactCs Il pot 1lem at od wi rean rete in eoWÌ cóplils asWe as S8ons anilor fine The PI!i' chiiin that the aricle leaves the impreion t! they eng in misleadig an diutale busines prctice.

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Vinamby,Jeyan'l Thc.National Post Coy an Q22007 Plaitiñic(ta Colaj leter o.mo GceralDaes $300,000.0(tSpeial YE (on em. PoliG): Xir'La(lcaping (ApfiI2007) afèr the aled inideitt!k Daes $700;00,00; pre- and pos- AIerci Home/MO pla. Any video fo.ota available wa er judgemenriierest, costs and other such C1aim,No. 100441 long af th colaint lei l'' rcYe. k. furtrelief. Plainti Intially complai ofslippmg 0I iet Dèfendants cod our snow re company. Xûeme La.daing, to ol.ÏD copiesoflogs for ~ clea ofil Iotiha may .Iave taen plac llD ~ 5, 207, Almo two Yea ia :Pfieda daiii in Ono SupenCoon Marh 2, 2009; which alo ad thlhe. wa oil oi ti . fl.1.grii on ti do w'ijch. may iivetaißd 1he,

Q22007 SplittPourhous and CaiWes MediaWotks Puicaoi Inc. Pla is a pub and restiand cla tht $1,082419 ùi Specal daes S100,OOO in YES:(ACEA) Gñllbic, it wa defied as a reii:ofa list offooo .punrJve or aggte dam an co OaimNo. säfd yiolat prVide by theCalHeth C60I024594 Region and con the Platibeii republished by the Ca Heid OI Qctober i 0.2006. Plainti Claithat It waiit)' open fu busine at th time ih vioJ tOo place and cod there no Ii bee inCluded on the lis .

Q22007 Hanei,.Jo¡: Clive Jac. Ian Hay Ma Plaintiff alleges~s ça by as10ry geeraldames spial dages; YES; (ACEJA) TaylorThoi CanWest MedàWotks repoi1.on Global EC's seriesofiirepors a~te dåages; explar damages CiaiNo. Inc., C;Wc:MediaWorl and post io !he ,caadicom ~ebie inteociyan peanentinjuneton for C61024988 Pulicaon Inc. and Jessica GOevie regii allegation of fu anyfier publicaon; cost inerest; miiìaiageit at the Dogl College,s howeer no 8lunt spifed SúJt Union. Inrmaton inth ii cae ditey frm a forec äure P1affwathe ind\duaì in chge of th St Onin's fi.

Ql2007 3llzuO, Be 3i CaWes MediaWOr Inc;. Natona Î'iaiti who are br and siser an $90.000 damag plus int and.co .YES (ACEA): . Ri ~ardo 'Pos Th Gatt AlIí~on~.Joli ClariNo. . WHey &:SOIl.ÒÜladäl,Le 601ô249ì9 Laothe, Ad~ Hun =~~~~=~:ion Aug 3. 2006. and in the Moi Gaz the folIowng day. Th:árle debe a bo .whic)¡ appareitly link thPl~ to a oipizefailyinbe alleged crim lobe sydica involVe in . li

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Qii007 Högg, Jai~ .The 1'atiøn PoStOm, CoI :qiii;J). .ëi. he.. .2. .8, ?00... ; i1e li...~.... ape . .. , 0e.. ... i:~. .. .; ~...... d Dæ. . ...~.; . .\ YE. (ACElA): Teaence receved a.rolIlàitfri1 Jan Hogg about EXplarDa; Spea1Dáililges; Cïaí No; ce rol1ls bý Terce Co~. We . acoti for profit fo iiigem of C601029652 we nQiifedòftlcoi:lant that sam da. cot mimoralrights injucton agai . .. DCei$ifr.fu publisbòg the àiCic;an Ordi::rq¡iiii the reòv of th arcle .

Q420 Atal, Jasl Singh çarW~ MeiåWorks Publicaoo mc. The Plai is .8 Sikexis wi a legthy uncie.diages iier imd co YE: (ACEA) PiibliqaciOmWest MeiaWork .cireCQd, includiná cofor th Claim No. Inc., Denis Skusi, Kim Bolan and attpt mu ofaviiin politici lî 6012~3gÖ : Gurrant Grwal Iia. ThePlaitclait detàtin asa æstQt arcies: pùbli~hed In th. Vancpuver SunbetJuly 25, 2006 anAugi 2,2006 whitn desCribe his atemt to obtan a vis to India tlugl 1l a,siceof caadian politici. 042006 Di Boa, Jose A. Li An Cb and Pllblioo -Plantiff OR beofhisehnd hi $300.000 in punitve damage; I YE: (ACEA) . Marnez and Anid CaWesMediaWorks Inc. and coicton compy, claim deaton an $100;000 in exemplardäage plus inte Claim No, 601243652 Constct Co. Corpratn Sun Media I invasn ofprias a reii ofan arcle that an co wa publised in 1b Gaz ÖD May 27;20 an Which decribes' bitr n: esat diute betl Pliitifhnd his .Ci~rld.

Fìsta2006 Wood, Robe Michael Bà:~. Torto Police . The pIaiffclaims t1al he wa det by a Th plaiDtffis seef3,ooO,ooO in YE:(ACElA) Sece Bod, l'cholas K,cr, Le JlJ 16.200~ aiclepubUshed ii Th N¡Won cl as well as ineres and rost, ClaimNo. 601238055 Pyet andNatona Post Compaoy, A Pös Themtcle reorted thatMr. Wood an a .co were èlard with frOO .by th Toront paliaror adoiSai "'PSYclicheang" to. il I.CaW~.I'Ublication patnt;

Fj~a1200S Mao..Din Manno, Bern, Kcn Col. Rick DOt. Joh; . The Plitíff ar aU iibe of thesae No dollar amoii speed YE: Roan; L'Heure, Do, Jane; Loer Màiland Publising faily and.c1 th we. libeled by a st (ACEA)Caim No. Cera; Ma Otoup Inc. an Ca Wes Inive with,apboto of ce failY meber 60123407 Savato Mao, Inc. jiublised all öcbe29, 200 in Th ' Máià aid Mam, Abb9ford Misio Tii th imliCaed MaiaRl) op.t\em ina story abolI marua.grw

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Fisca 2002 Veliaco Maun Sas St PhoeiäxGri: Inc., Th PJai ii MP ciaitniiewa del 1$15,600 and copli an ¡¡log. DanBemt and James Parer YE in l\ew~ re pUblied Marb 4/02 & (SAO):Clam Mach S/0 relatg to)he JIar mailiig No.6lDoi6113S sy availale to MP Helidtbe sýSte fu maili items ielalgto th ia fo IeSh of1is poliji,pa; as opped to /¡oVmebnsin. l'le.wer (jed $Ìin tlo¡ critica ofllePlaiiff DORMNT Fis2Ó06 Eniley; DO S ilCÒ CaWes Media Woi PublìonS!rC.¡ The complain CO aricles pubised in $2S0K Daes; Inerest& Costs Ead;1'yiring, Angar an Mak, Murr the Re Leer Post and tlSa YE: Betl, A1aid Sli~ on Febni :3,2no6~ Th (AcE)C No. 6C1241762 Agew, Lyn Plti wh ar tIte of a poliíci par ~ a1~tltle.arcles.assert'11i8ttJie . Pliin we advag tbeir OWl pOitca ii ovtliciftbtnalUjjts benciaies. Fiscl 2005 Vande ZaWilia Malcotl.Pan, PaifcNewap Tbe l' dor Pr ofBrisli YE: (ACEA) Gr bic., aiiflhe Vancoer Sun Columia, is alging he wadeed by Clai No., 601239 rear made by Mr.. pan in hi co)umn TownTalk. whicl wa publishe in Ihè Vsr:coetSun on Dember íO..20OÃ The arcle ailCgy indica~ tbat t1è Plaintif iUegly reved a peiibeñt as Piiier oflhe Prince ofBntiC,oliibia fr bilione.L Kabing.

Fisc 205 C1riClimhes of I Natonal Post, RoberAtt Matew 11 plainti clai theY we defedby a $100,OOO.QO Gener & Speifc Damge; YES:(ACElA) God, Wónd Coce Fraer, Jonan Kay jii 12 2004 êdtomtbeNiinal Post Co & In . . an Clan Ch . entil!''B Moon on the:RisM. of GO, Ca

Fiscal 2005 Ber Investment Vict Times Colonist Group 1i., The Plntiff aleg iiêf fraseres PaCifi Newpèr(ìoU Inc., yP: (ACEA) ßrojilnc. ofre¡rt inludngai iicle puliS1in th aäíiiNo.60123788 Can West Inteve bic., Chares Vicoria Times Colonis on July 27. 2lios and Ed"(rd HanAn A. Duf, an aricle ¡nlhè Vaner Sun the fonowing Luclnda.Chod. Robe MacKenie; day. Theiepo inicatd that BerkShire PaticiaGral. lJenis Sku. John bivesenGroup wa tb~subj~ctofa RCM Doe Jane Doe Ri Roe and Jiie iiiesgaion followig comp\alS .ofuilawl RO bupn=:byone ofíiiu:imployee l~ C) r- 1,.) TOR_1'2Z:4530068;ì ÁsSEr PGRE AGR . en. 00 - 9-

~Piaìií cltlhe.'w~dJby.an YE Fisca 2005 Depsy. Jo R steve Ben, ThePi:incand C1äìNo. TBA CaòWes Gklli ConicaOn et ai aiële¡iub~ in l' Pr on Qetl:er 19,200 quoting a Woma wi bei:lCte in a c!assac laWSitsi 1Ishe had . diser th P!aii was "n a Iawy~. The Plainliwa quo.ngtlhe hadå law deefrmtJ Phil buthewaJlt lice asamebeofthBC la soci. and th he ac money ftoinclien.

.Ge. damag of$100;OO an exemplar I YE (.ACE).: Clalm Fis200 Commonwealth Saskaton st I'hoeix.group Inc., Plainti clm to hav be defaned in æi La Hait and Shanon BÒldhuk arcle publis în Th.e SlP! on damesof$S.OOO,OOO No, 601?2172 MaGrp Ll. arcle et ai. Decmbe26,203. Th re an Învesúgaon, by the ManobSeces Coio ("SC'), of plati Smi. It reort tbSmiaid the ot Plaitü,~ . named iii an inesr aler ised by th MSC. 11 ìe tISmih (afOmJUdge and more TeclY a fomer la) wa efy .dis!i forhi dealin with th Je oia, stlengoods an dlg trclri 'YE-TBA Th Exsit pulished an arcle on Jul is, Fis 2003 i Sclckeôan BnioG. I The BlCasilòr, Braord EXositor GrInc. et al 2001 which rqort on th Onio Racg Cosson's decmi ti saottl . Pbint as.a thougb1ira hors own du to his coon wi.8 frpe.elie upn CMC by one of hi oi B.G. Sch.ic1r Ho ¡II., for whch it wa convict. Th P1aified å Wnt"fSummOl an YE: l'isc2003 I Smlen, kjur and I Derck Pener æi Soiitiindnc. Sti ofCiiü ;ismgmi .an. aic~ Cla NQ. Unwn Glob Seces published in the VaivU Su.wi rel Corp to 5 individiwho,a11egy.eiedin nickeecing.an sceijtes fr'!. The arcle n:ferred to a iO cònnOn to th prodi naely indigtha.i onhe ACed tred tItl PIflGlobal Seciti. .Oneeditoil (j.fthe ar incl\i a p1otofthe Plnù SIiOle. Folloin a coplait by the. Plaff st ti me pboto imlied that the V8lfó bIl raeril thir clie. ha .ei Íl.ilèg trngthë Vancouv Sùn:publi à clficaon on Ma 29, :2002, Therew=nó fuer còmmunca With the P1a.Òl tiwni UDltheWiitofSai and SttofClim ~.sc. ~ ~..-. AsSET PUR A~ 0" (-) TOR_P2:4530068.7 (0 CJ -10 -

Fisi003 AlpJinsQiictHam I CaWes l'ublioi me. doa The The Piaiis.cBiper to tlaleg YE et al Cowiclan Valley Citien Newpe deatOr colitenot'arcl~ in 1\i~ COwiclai Valley Citiwhicl rertOl a iiof allegely unla iliii:.aCoftle C1iefantl~ triba coLpslawitb. refmnçe to varfiaiicialand goin isull Thearieles we pihiled ñÐ Jun 13,2001 to Apnl9, 20. Fisio02 CookeTenæi . Brat Newpaper,SQut The Plaintiff ~ed thi: St~!It of Çlaim .YE:(~O) FoKcr Ron Publca Inc. et ai upontbeDefe on Sc1x n,20Ö2 C1ai.Nò. allegng tbata let to Jheedit wi by 61R0iinO Rand~ and "lpegOi Jwid9. 2Qin th Hamiltn MounNevi was defamaory. Fisca2002 Davdsoll Bruçe BraantNewper, Rich Leiter Th AncaterNews publ~ an.ar~ on YE (SAFO) an Cal\rBoSeld Angu.!&, :iOOlleport eli sttèen.iie by a fumi Ancaer counIQr, Mur Fergon regdigll coexde,jj¡ ¡eòu to a wrògfdismis sntbii was comence by the Plainffas:ii fonuer Aicater Clief Adrniitrbfi:.

Fisca 2002 Eleeld,Chales: The AncaterNews et ai The Plaintiff commce an acion agSt Th, YES (S) Anter Nes, Br8t Newpap,Sto Cr Neet a1 arin ou tw arcles printd in th Stne Cie.ekNew,ònMay 22, 2002 The pia equly cOiìpIainabou an arle pùblished inTIi Rito Spetar on April 9, 200 The Plainti isiing ii thë abve aricie .wlfecve! reort au th aouIl ofmembe oftl~ Countty Liain Cowhicl.nODtors tbe Tar Ladftl.siean allt: lI=beioftbe CL aCt w.i~.ilththeCL ha beçome:a"baiiè: to commwucaonand is "dynctona" and'''oslileM.

FiscatiOO2 Fci .Caer VàicOver Provi et at On or.about Aug i o,ioi, thë Vii'i À. Piovice publi ii are CO ii YE'-TB P1aiirf and he o=patonastl liiid of t1e BCN (maoHabiiunioiiin B.q; busess; pro1èon aior ofce'æ1d:in. reatin io her cOnduc ther in S¡ a wa thtth Plantifel ¡twas delÒiy. l.. ,N. C~ A$ PURCRA ÃGll TOR_P2:45300S.7 (:-. k' -11-

lì~iifi i~ fOnnêìOlö1idofToroolO; complai ófai arClë ¡ibllshedin!b . National Pos 00 Jam28, 199 ieg that Plaintiff ha reced t1ebeeftofa.lna guaree lht was notdiselosed uI the cOiict of intert giddines.

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Q320rO K wok, J)~. baiel RW 1bmp Cawe Publishin TEA i'l2rili claims Full rectn of ea TRA Beet Jones LL . Inc, Nàtiial POs Inc. defaton arsing arcle, public apolog to 4500 Bankers Hal Eas, 855 - 2nd frm a seiè of ,. Dr. K wok; no moneta StrceSW aiclespilisheio aiountstate. , èåi; AB, UP 4K7 M;i 2010 m te:4æ:2983384 v.atiou Cawe fa: 403-265-7219 news, eml: in1iding th thaip$niã~1letoies.= Natonall'ost. Glemi¡d; Patii: Edwàr A Pudyk Globa Edionfun FuU and fair Ietiac;on of Q32010 Global EdmQnloi !'Ia,nti t: . TEA , La MiChene LLP CiltGlobal Canwestt110ba defaatonaiing arcle as providcdWíil 50 O'Connor Str Suite 300 CmiicàònsCo. from an arcle leter. Òl QN KIP 6U Comiici Co., Cawe New CanNe Sece publised April 23, te'613-232-7l1 Serice Aiiiï, Daid Ak Dad 2010 on th GIQba fa' 61'-231-3191 Edmnton wete e¡imykengmichener ca

POP!o Jiia .Rger McCoiie Chlliw .Q32Q1O Times. Rolr Ander, Q,c. . .Plaiff cla FuD and unuioc Bad, Oief MCCncie Law Coiption Naylor.eoeJìa Far Vangb. Wills & ii Deaiion 1BA Jam:Mwp, Suie29 - 889 Harurid Drve reon and apology Hisco MuipliLLP , stmirgfr an man! to be apprve by Jen, Ken Nort Vaniner, Be P.O. Bo 1006, 11122005514 Y7P3S1 arcle publishe Platiffs co; Piè CeølI Soii Mar 12 2010 in Arcle to be. pued frQm le: 6088-162 2SthFlpqr. fax 604988-1610 700 viGe S4 thepnn an òiinc intcet writt . iinchie(ibeandpcy.com edition. . confirmon tht arcle Vancouver BC. V7 willK be reublied. ra~s.co1m, 604-1-9313 Morrn; Vân :DeborahSykè Q22010 ww.naonpocom Dog RichardsPJDtiff claini Removal of "infgig Yes (ifclaiin " .ww:weberff= O'Donnell Robe$n & DEFAMTION acvit ASAP. . iiifstWæ iQieC ClÌolin~ Str Sanippo. (LIBEL & not provi~ by London W6 9DX i Qun St E~ .8t Flr, MACIOUS .'a*serce): l;iite:Kingdoin P.O. Bo"99, FALEHooD- Hi Tel 440)208-323 8013 ToronIoON.M52W5; FAL: ¡ti1ÓO$376 Fax 44O)i-3238080 416-216'06 ACCUSATIONS OF ciclòSön!ãrslaw.com ¡ PA1' ~tig,frma becbe 24),.1009 story,

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Bri: Go NiilÌOiiiil Pos Inc.. Dòg Ricl . Pläiticl. Remvaof arcldi'O Stckod LLP Levali,tE' O'nnell, Ro.beon& deon arsi t(:Nariona1p'.o~t: Suit 25f:;Tbe Sun Lie Towêr Saippo. from an .arle fölpØlogti l1e 150IGg ~W"rt lQuec St. E.. 8th Floor, 1YttbyEZ ptil iii promine Tornto, ON.M5H IJ9. P.O. Box.99; Levpiiblised on (wøding proVi~d). ariaG~kwoOds.ca Toroi ON MSC 2W5, Deember 15,2009 Dtanding.agat tel :(4 1 6). 593"2489 416-216-256 . in the Nalona Pos an pnnitì d$ge fo fa(416) 593-9345 diicl~aw.CO ßOIe¡QVa!. ,. L I 1 Q220IO. I Bru Ooug I Jay 8tailh Weldon Jam Non. Daid F.Sullerla Plaintiff has, fied ii Stilh La CorporaQr Shore New DaidF;Sutii1an & Stat òfClai HiscoxRd 6438 Bay Street AsCites . againt Kih Heed fTBA I. TBA12200S279 Wes Vaner. Be 2000 Oitao St an El V'7IG9 Vancouvtf, Be Goliltl.Jones V5T2W7 (rep. byDan Bii) iicitean ariêe publish on Nov S. 2008 in in Stat of CLai

I Q120JO. I Non"Smokei' Peer A. Down The. Nilfiàl Post Doug RicbasolÏ Plaitiffcoplai Riglts F~ )lu Collpay, FiSher. O'Dnel, Roern. & of ai editóri Hiox. . ASsociaton 66 WeIiióii SueetWesSu'te Gor~'KeUy, Do SBDpo, p~iis in tbe I I Refltii200S:!Yes (If clai: 4200 1 QuSt..E., 8th Floor, Naiioal POs OI TorOnto DOllniòn Tower. P.O. Bo 99, Oct i7. 2009. Toronto ON. M5 IN6 Toroto ON'MSC 2W5, tei; 416-366-8381 416-21~, fa 416-3647813 drcbaro om.co Ql2010 I Bond, Doug I Davi.dS. Mulroney ViCtOr Times Doiu Plai COplain Reva of ooen; . . NIuko &ColDily301 "8S2 COkiiS "Rob on Paruhartarmii of dclåoi Rlieva1 ofpely- FoltStVicta, ac8WIH8 Do~John' Do Lindhlm . commts poed to idfilê infoatn i ~~~Ciahi):Re1220tS200 tel(20) 3K9- 1-2S()388-443320149 'Cory Do a sto publi fo co pOer. Fax (20) 389-633 DalJRo Feb. 18, 200 on th ~1!lryco,co Vicor Be. Vgv SA6 Tim-Clonist weite.

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Q4 íOli9 I' Ï.mc~ ciáiå;Cö DOUg Riclids Defaroo (Iötce) Reov órall stiettS 1 Yes,ifcia1 Sll I BraJai Katzsen LLP O'Dnn Robeon & . within 0) days ofrept (lisox#TBA) 55 Me:Str Suire 750 Saipo, of noice, and no fu onawa, 011 i Quee St E., pubiieition.~defai CiiadaKIP 615 sten be pos Tel:. (613) 237-400 8th Ploor, P,Q. B9x 99, Fax (613) 237-4001 TOronto ON, M5C 2W5, jka~brezleausder.com 41&-216-0256dr~.com jJill J~ Tonus &Agaa Boke The NiiOi Pot Doug Ricliardso, Q420Ç I Nationäl Photo CoP.Ygb Plaiti deds Grp,.Ll . Berin &.Pa;LLP Compay O'Drmel Roern &. . hifrgrcnt(Notice) .$30;ooOCDNplos (HSCDx Scoti PLaZ 40 King St W., 40 Safjlippo, lIdeng, in wn1:g to I YES,üdaim.#122i61). Floor . LQi St E., 8i F'bor, never publih the pOOt! Tof9ONM5H3Y2 P.Q.Box99, again orany othpho tel:.416-957-1618 Toronto ON M5C 2W5. owned by copy 416~216.25 holdei. dñclso oiw.com. . Q4.20 I Kinsella, Waren I Briii Shiler I Ch Seley. Th I i: Ricl De1on Nl!ona1 PQsi: ... .. O'Do~en, Robert & (Notce): Reval I (HoxYes..ifcl #1BD) Comy (McPädiid)S3IliPP of refeceto 1 Qu S1. E., 8t Floor, Plai in editorial P.O. Box 99, arcle. Tornto ON M5C 2W5, 4ij¡216-56 driardsoo oi.com Q2 2009 I Kinsella, WaI SliinerLL The lIation. Post DoRichdson . Detion I Brian Shill Com~;Kay, O'Dnnell Robe &. (Notfce):gen aid HiscoiiNo. 445 ,King S1ee Wes S"ite 202 Jonatan SanliPpo, spci da, . I YE(if1220043.16 cla) Toroo, ON MSV lK4 1 Quec St. E., 8th Floor, remw of post frm t 416-363~111if 416-363-5557 P.O. Box 99, website, post. Töròto ONMS 2WS, apo(ogyii its plac 416-216-256 dricharoiirsaw.com Regâ Leer Pos Ruel Bai Delìon Q22009 I Bri~ Malcolm I AdaMors.e G: Ra Johso, T.AgLi Adii Be Ann, (Notce): . :Hscox 110. Suite 706, 1914 . 1 Quee StiEaI,Suite 1800, Aley rei of arcl I I YEI220083 (if clai) Toroo,ONK15C2W5 :HiltnSt? frm weit t: 416-941-5875 ReinSK S4P 3N6, predap a1imaiimorse:e 306522-3030 rhaiíEñ.ca

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MalayMcCJl Rober Anson, Q,C, Ddation KenetN. Afec Far, Vai Wils & (Notce): iS75~ 650 weSt GeorgiiiSt . Muthy LLP, P.O. Bo remuneitin nor POaoxll~S I Qu26,.Pacìfic Cètte. sted-osirijiíy Vancoer, BCY6e 4N9 Sou,2$t Floor; 700 W cottplåúi.8t ths . t: 604-899-520 I e; Gègill Si:, Vancouv ti kafec~maciay.com BC V7Y fe3,60-661- 9313 . nideioiiWìs:co 02200 Bed McConèbieLawCorporaii Th Abbotsoi- Robè Andeso Q.C., Deion YE:.Ir proce Brads RogrD. McConchie Mission Times Fam, Vaugh Wills & (Notice): Webs to clai . Suite 290.. 889HáurideDriVe. CaWi: M~iaWoik MUliiy LL,P.O. Bo aplogy ,HÏKX No VancOver,Bt V7P3Si PulieaoI Inc. 10026, Pacifc GC #122001 t: 604-98S-162 e: Sooil 25th Floor,700 W meench¡~ibelapricy,co Gergia St, VanCouver Be V7Y 100,6041- 9m 'iden(s.oom Wákeford; James Hunte UtigationChambei Law The Naoii Posf Q22008 Ro Andm Q.C~ Defaon TEA Coraton Compa, caWes Far. Vaugh Wils & (Notce): imediate Bret B. Ollhis Media Work.I. Miihy I.. P.O. BoX an visible 2100 - i 040 Wes Gea Stree. CoSh.Colby 10026, PaifCeie coiron VanCoVe,BC V6E 4ff Soiil 25th Floor, 700 W t 604-647-854 e: GergaSt, V=uv bolthursiitigaonclibe.com BeV7Y IB3, 601- 9313 . . radeòn~.co

Q42007 Gordon.. 3118 Wes 18t Aveiue Nort Shore New. Rober Andeson, Q.C., Dcfión YES:ifpro KahlS, Chief Vanccuver; Be V6L IB.9 (Ie~ addres~ 1i Far, Ving!an, Wils & (Nolice): reew tOCI8im: Caîian.ofite t: i;ò4-736-6Ò7 CaïWes Giobai MiiyLLP, P.O. Box trcripiof Squaish Naton ConnicaQls 10026" Pac Cene bea, includin Co.) S9utl, 25th.Floor, 700 W co tlHlbtain GeoaSi, VancOCr trcr an BCV7Y lB3, 6~1- I'ie wiihPIa 9313 . ii¡,ioiista~iits raero~fa.co fIllcle.

" Nat Mat for which Insce is markedas1BA wil(be deed asiiiitio¡i uporei ofan actale cover leter.

t--o N c:' AsPù..A -. Ci TOR _P2:453006.1 oi ....1 -1 U.' 276

SCHE;QULE J.l(HO)

PERM1'TED ENCUlRACES

1, Applicable m,unèipal by-laws, zonIng restrctions, development agreements, subdivision agreements, restrictive covenants, site planägreertents, reciproca agreements, othet agreements, building and other restrctions, leases, subleases,easemel1ts, servitudes,' rights of way and Iièences which do not in the aggregate materially adversely affèct the

curt use of the. Rëal Propert ,afected thef(~by.

2; The reservátiol1s, limitations, provisos and conditions, if any,expressed in any origial: grt from the Crown of any real propert or any interest therein.

3. Defects or in-eguarities in title to the Real Propert which are of a mior nature mddo not materially adversely affect th.ecurent use oft1e Real Property affected thereby.

4. Encumbrances for taxes and other obligations or requiements owing to or imposed by governental authorities or utility providers in respect of amounts not yet due.

S; Rights of equipment lessors under Personal Propert Leases fo~ng par of the Acql.ired Assets.

n; Aiy privilege in favour of any lessor; Iicensor.or pennirter for rent to become due or for, other 0 bIigations or acts, the performance. of which is required under Contracts, or Real Propert Leases,provided that such liens or privileges do not materially adversely affect t1e cunent use of the Acquired Assets affected thereby.

7. All Encumbraces afecting a landlord's 01' sublandlord'sinterest in any Leased Real Property and all Encumbrances created pursuant to the terms of theLP teased Property Leases and the Real Property Leases. .

8. Encumbrances of landlords, catiers,. warehousemen, mechancs, repaimen, workmen and matenalmen, and Encumbrances imposed by law, in each case incurred in the Ordinary Course of the Business (i) for amou,ts not yet overdue or (H) for amounts tbat areoverd:u,e and that On the case of any suchaiounts overdue for a period in eiicesS of

five days) are being contested in good faith byappropriateprocee.dings.

9. Encumbrances incured in. the Ordiry Course of the Business in connection with, or to secure paYment of obligations under, workers' compensation, unemplòyment insurance and other types of social security or similar laws. 10. Encumbrances, pledges and deposits incun-ed in the Ordinary Coure of the Business to secure the performance of tenders, statutory obligations, performance and completion bonds, surety bonds, appeal bonds, bids, leases, licenses, governent contracts, trade contracts, performance and retu-of-money bonds and other similar obligations.

AssE¡ f'ifciiAsa AGREli!r 'rOR~J)2Z:4530068.7 1 '1 "i .l.. .L

277

SCHEDULE 3.1(3) .

EXCLUDED ASSETS

Lease Agreèhients

L Le.ase Agreement between T.E.C.250 Leaseholds Llmited and Can west Publishng Inc. fu l'espectof ~50 YongeStreet, Toronto, Ontao, dated Febru¡uy 18,2009, as amended.

2.. .;Lease Agreement .between Edward BaiUàrgeon and DebOl'ahBaiUargeon and CanWest

MediaWorksDireetories, a division of Can West Media Works .Publications Inc. in respect of546 Sovereign Road; London, Ontao, dated October 4, 2007, as amende.

J. Lease Agreement between Edward Baillargeon and Deborah Bailargeon and CanWest Media WorkS Directories, a division of Can West MediaWorks Publications Inc. in respect

of546 Sovereign 'Roäd,London, Ontaro, dated December 1,5, 2007, as amended. Financing Agreements and Related Agreements

4; Indentu between CanWest MediaWorks Limited Parnership, the giantorspar 2007.thereto, The Bank of New York, and BNY" Trust Company of Canada, dated July 13, ~f 5..~;d~..,Credit Fadlities Credit Agreement between CanWest MediaWorksLimíted Parnership, ..t- . .theGuarantöts, Scotia C~pital, and Scotia Capital and Citigroup Global Markets Inc., '~~~ " dated July 10,2007. .

6. .. . SeniorCl'editAgreemertt. -," :.... -. !~ .~;, . 7. D1P Credit Agreement.

S. LP S,upport agreement dated Januiiry 8, 2010 between CåIwest Limited Parership, Caiwest (Canada) Inc') CanwestPublíshing Inc., Canwest Books Inc. and The Ban of Nova Scotia, in its capacity.as adinistrative agentonbelialf Qfthe lenders par thereto;

Oiher Agreements

9. AIl contracts that have been disclaimed or resilated by Canwest Limited Parterslup/Canwest Société en Conuandité, Canwest (Canadå) me., Canwest Publishing Inc./Publications Catwest Inc. and/or Ganwest Books Inc. in accordance with section 32 ùfthe CCAA.

10; Material Contracts not listed or identified on Schedule 7.5(4); or in respect of or under any Material Contract that is m.arked with an asterisk on Schedule 7.5(4).

11. Such other Excluded Assets as may be mutually agreed by the Paries. prior to the . Acquisition Time.

12. Agreer,ent for COnsulting Services between VanguaidCQnuuncations Corporation and Canwest Lii:nited Partnership. effective June 3, 2009.

ASSET PURCHASE AOREEMENT TORo.P2Z:4S30068.7 ..11 .. l;ri

278

SCHEDULE 7.10)

.STATUS AND CAPACITY OF LPENTITIES Cuentlý; CPl, eei and em have ,nòdlrectors and offcers.

ASSET PURCHASE AGREMENT TOR~P2Z:453.0068;7 ~..J1 .,,,

279

SCHEDULE 7.1(8)'

; ,.' NO otHER ACQUiSITIrJN AG~EMNTS" '.l. i. . Semo!sharesöfNatiönalPost) Credit Agreementand the DIP Credit Agreëtnëtit .(ìiiciudtg:te . . '.pledge, of all

2, Encumbrances createdbyördet of the CCAA CoUr in còiieètión wi.ththe CëAA.Case

3. Credi,tAcquisition

ASSET PURCHASE AGREMENT tÒR~P2Z:4S3006S;1 .-'"1 1 ..t. 2.80

SClIEDUL 7;1(io) .. . . ,CONSENTS The followig agreements requITe consent fbr ~signent:" Real Property Lease Agreements

1. Lease between Longan Life Insurance Company and Southam Inc. dated Aprill, 1991 and the lease between London Life InSurance' Company ,and Southam InC. dated April 1,. 1991 as renewed bythereneWà letter dated April 28, 2004 and asassu:ed by The' Ecbonton JOl1al Group Inc. 'oil October 30, 2000, in respect of 10006.101 8t, Edmonton, AB.

~., Lease between bcIMC Realty CQrporation and Calgar Herald Group Inc. dated May 9, 2005, in respect ofl058-72nd Avep,ue, N.E., Cal~ar, AB. . 3. Lease800 between MacLeod The City of Calgary Trail, and Southam Calgary, Inc. dated May 1,AB. 1995, in' ,respect óf

4. Lease between 808 4th Avenue SW Leaseholds Inc. (successor intit1e to United Place Inc.) and The National Post Company dated October 2,2002 as amended September 18, 2007, in respect of 808-4th Ave. SW, Calgary, AB. .

5. Lease between Superfy Inc. and The Flyer Force, a Division of The Edmonton Jóurnal Inc. dated July 10,2003 as amended by (i) the amendment agreement dated Januar 1'2,

. 2004; and Oi) the amendment agreement dated August 17, 2004, in respect of 9303 28th Avenue, Edmonton, AB.

6. Lease betweenSuperfly Inç.and The Flyer Force, a Divisipn of The Edmonton Joural

Inc. dated August 17;2004, in respect of 9307 '28th Avenue, Edmonton,AB.

7. Lease between Fuller Watson' Holdings Limited and Lower Mainland Publishing Group Ltd. dated Augut 15, 2006, in respect of Units 1 & 2 - 22345 Nort Avenue; Maple Ridge, BC.

8. Lease between Sodican (B.C.) Inc. and Lower Maiend Publishig Group Inc. d,a,t~

March 10~ 2005; in respect of TOO - ,126 East 15th Street, North Vancouver,. Be.

9. Lea.se between LigVta Developments Ltd., Strawberr Point Developments. Ltd.,

Kalkadoon Properties Ltd. and Thomson Newspapers Co. Ltd. dated April 15, 1993 as amended by the amendment letter dated May 25, 1994 and renewed by the renewal letter

da.tedJanuar 3, 1997,in respect ofl046 Cedar Street, Campbell River, BC.

10. Lease agreement between Ebco Machining and Fabricatig Ltd., as landlord, and Lowet Mairand~ub1islûg Group Inc., as tenant, dated July 1, 2001, with respect to certin prerri:ses on the,grölld . floor and 2nd floor at 7280 River Road, Richtond, Btitìsh Coltiibia; and .

ASSET PURCHASE AGREEMET TOlLP2Z;4530061t7 ..lJ1 .i r

2'81 - 2-

11. Lease betWeenEIG River Road, Investments Irc., fo:r and on behaifof Bbco Machining and Fabricatig Ltd;; as lild!ord, and CQll~gePrnters,adiVi$lpn ofCnnwestPiiblIshig Inc., .as ttlÌ1,ant, 'dated August 1, ,2009, .withtëspeët to DÌlt lSQ- 7i8QRi'ler .R~ad, Riciiond~ British Cølumbia. , ' .

12. Le.ase between RF.C. Projects Parnership, a :corporate parerslúp between Cambridge Propei;ties Ltd.$.d Benchmark Financial Carporation (successor in title toB-.Cam Projects, a corpi:ate parershìp between Bencliark Estate Ltd,. -and. Benchmark

Holdings Ltd.) and Langley Aôvance, a Division of Can West MediaWorks Publications Inc. (successor to 'Lower Miiand Publishig ÙToup Inc.) dated. November 6, 2001ii amended by (i) the extension dated AprlI 16,2004; .(iì) the modifcation ôfLëaseqated May 10, 2004; (Hi) the lease iiendnent agrëement da.ted July 23, 2004; and (iv:) the extension datêd September 24,2007~ in tespectøf unit 112, 6375 - 202Iid Street, Langley, Be. .

13. Lease between ONNI Development (1525 Broadway) Corp. and CoqlÛtlam Now and Van Net Newspäpers, Divisions of Can West Pûblishing Inc.CÙted December 4, 2008, in

respect ofi 15-1525 Broadway street, Port Coquitlam, BC.

14. ,Lease hetweenB'rookwest Iridustral Inc. and North Shore News, a Division of CanWest MediaWorks Publications Inc. dati;d March J, 20ü6,in' respi;ctof 120-400 'Brooksban Ave., Vancouver, BC. ..

15" Lea.se betweeii 581486, B.C. Ltd. and CanWestMediaWôrki Publications Ihc. dated July

10, 2007, in respe.ctof 13163:- 76th Avenue,. Siiey, BG.

16: Lease betWeen Victo:r Propertes .Ltd.. and Vancouver .Couiier, a divsion of CanWest Publishíg, Inc. (sucçessor in title by assignent to Lower Maiïiland Publishing Group

Inc., (successor in interest by assigient to. RIMPi.blishig Inc.)) dated June, 1989 as amended by (i) the renewal letter dated June 28, 1994;(îi) the renewal letter dated March 31, 1999; (ii) the renewal letter dated AugUst 3, 2004; and (iv) the amending agreement dated July 31,2009, in respect of 1574 West 6th Avenue, Vancouver, BC.

17, Lease between Garlough Developments Ltd. and Can West MediaWotks Publications Inc. dated September 1, 2007, in respect of 1 66E Island Highway, Parksvile, BC. '

18. Lease between Ontrea Inc., by its agent Cadilac FairView ManagementSèrvices Inc.

(successor in title to Granvile Square Leaseholds Ltd.),Pacjfc Newspaper Group Inc.

(sUccessor in jnierst by assignment to XSTM Höldigs:(200()) Inc'; (formerly Southam inc~))and Canwest GLobal Communcations Corp. dated December 22,. 1995 as amenqed

by (i) the letter 'a&rèenient dated Januar 12, 1 996; (it tlieamendmentand assumption .of lease, dated October I 1, 2000; (ii) the amendin.g agreement dated May 3 i, 2002; and (iv) the facilities licence agreement between PNG and GlobalComruications Limited dateq. üctQber 13,2004, in respect of200 Granvile Street. Vancouver, BG.

19. Lease betWeen Newcotp Propertes Ltd. and Buraby Now, A Division of Can West Públishìng Inc. (successor in title to Lower Maiand Publishig Group Inc,) dated December 27, 2001 as amended by (i) the letter agreement dated May 15, 2002; and (ii)

ASSET PURCHAE AqREEMNT tOR_P2Z:4530068.7 ..1 -"1 ('u

- 3 - 282

the letter agreement dated Februy 19,2009, in respect of 20lA lk 202A 3430 Brighton Ave, Burnaby, BC.

20. tease betWeen Div~rsffed Management. Inc. and The Now Newspaper, a DivÎsion of .'CanWest MediaWorksPublications Inc. (successor in interest by assignents datedApril 14,1999, August 3, 2000 andJ'wie2002 to Lower Maiand Publishig Group Inc.) dated June, 1996. as amended by (i) the addendum date May, 1999; (ií) the addendun dated. June~ 2002; (iii) the addendum dated March 15,2006; and (iv) the addendum dated July 3., 2006, in respect of~Oiand 203 - 7889 132nd Street, Surrey, BC.

... 21. Le:asebetween Hass Holdings Ltd. and Delta Optimist, a division of 'CanWest Media Works PublÍl~litions Inc. gated December 1,2005, in respect of Units 207 and 208 'in the .Whtford Building, 4840 Delta Street, Delta BC. .

22. Lease between Six.th and Yukon Properties Ltd. and CanWest MediaWörks Publications Inc, dated May 3; 2007, in respect of2188 Yukon Street, Vancouver, Be.

23. Leas between H. & B. Holdings (1982) Ltd. and Echo PubJicationsdated December 22, 2001, in respect of 407-D Fift Street, Courenay, BC.

24. Lease between DonàdE. Taylor Personal Law Corporatiol1 and Thomson Newspapers Canada, division of Thomson Canada Limited, Carig on business as The Citizen Newspaper dated Januar 1, 1997 as amended by (i) the lease renewal letter dated January 29, 2001; and(ii) the renewal letter dated March 10, 2006,in respect of 469 Whistler Street, Duncan, BG.

25. Lease between Canadian Pacific Railway Company and The Esquimalt and Nanaio

Railway Compi.y and CanWest Global Conuuncations Corp. (successor in interest by assignent dated. Octöbe.l 22, 200Qto Southam Publishing (B.C.) Ltd., successor in title by assignent dated July 7, 1998 to Thomson Canada Limited;) dated November 4, 1996, in respect of Mile 75.56 -75.59 Nanmo,BC. . 26. Lëase by CanwestPublishng lnc., in respect of 1701 Peníila Street, Uc1uelet, Be. (documetitationhas,not been provided)

27. Lease by 'Canwest Publishing Itc., in respect of 3355 Grandview Highway, Vancou.ver, Be. (dooumentation bas not been provided)

28. Lease between Carlton Call Centre Inc. and Can West Limited Parership, by its General parer, CanWest (Canada) Inc. (successor in title to CanWest Media Inc. (sllcèessOt in interest by assignent dated May 23,2002 to Air Canada)) dated September 30, 1998 as amended by (i) the letter date4 May 29, 2001; (ii) the letter dated May 13, 2002; (ìi) the lettr 4ated April 29; 2003; and (iv) the lease renewal dated November 13, 2009, in respect of 3 OOCar1ton Street, Winipeg, MH.

29. Lease between City of Ottawa and Ottawa Citizen,tl divisiQn of CanWest MedhtWorks Publíclitions Inc. dated September i, 2003 as amended by (i) the lease r\mewaL agreement dated September 1, 2005; and (ìi) the lease reiiewal ¡ig:eement çlated Decembtif 1, 2007,

in. respect of1ÌO Laurier Avenue West, Ottawa, ON.

ASSET PURCHASE AGREEMENT TOR_P2Z:4530068.7 ..11 .' r¡,

w4- 283

30. Lease between Montyco Investments (Wîndsot) lnco lld Can West Publishing Inc. dated lebruiiy r8, 2009 as amended by the amendment dated August 18; 2009, iIi respect of . . H 16.~ ï i20 Lesperance.Road,. Tecumseh, County of Essex, ON:.

3t. !L'ease between $llLife. ¡\ssuriice Compàny .of Canada and CanWest l\edìaWorkS PubÏications Ine. (successor 1ninterest by assigient dRted November 1, 2005 to Ottawa Citizen Group. Inc;);dated 1airuar30,2003 asamendedhy the amendment dated May i 7, 2006;inrespectotÚirts 404, 405, 406, 407, 408 at 1230 Old Ines Road, Ottwa,ON.

32. Lèase' between 1605 Main Strèet West (Hamlton) Limítedand üiiwest MediaWorks

Publicátionslnc. dated May 16,2006, in respect of 1603 Ma:inStret K; Hiuiloh, ON.

33', Lease between FairIane Developments Inc. and Phoeiû Media Gröup Inc.. date"d JUI1e 27,

2001 asaiended by the letter agreement dtlted May 26, 2006, in respect of 1614 Lesperance Rd, Uiút 21 Building A, TecUIseh, ON.

34. Lease between 4:l835.0ntaro..Limited ~d Ca.west ~b1ishig Inc. dated, ,October 1, . 2009,inrespeot of 40 Queen Street South, Tilbur, ON. .

35. Lease between Sun Life AssutceCompany .of Canada .Md 156 O'Connor Limted

. (successôr tö 1331430 Ontitio Inc.) and CnnWest MediaWorks :Publications Inë.diited

May 8th, 2007 as amended by (i). the. generator liëeiisê agtoomentdated June 27th, 2007; and (ii): the Btöi:age lease dated Februy 2~th, 2008, in respect. öf50 0' Coiior Street, Ottawa, ON. ' 36. Lease between T;:R.L; .Investments Limited and Cart West Publishing Inc. dated October ,. 28,2009; in respect of911 Go.lfLinks Rd, Ancaster, Hamilton ON.

37. . Lease byCanwest Publishig Inc., in respect of Rm 354 Legislative Building, Ottawa, ON .(doc'ientätion has I10t been provided) 38. Lease betweertWXIDSG Reálty Company and Domiion Square, Limited Parership

and the Montreal Gaztte Group Inc.) dated October 30; 2003, as subleased by C¡mWest Publishing Inc. '(successor in title -to Montreal Gaztte Group 1nc.) to Global Quebec, a divisiort of CaiWest . Television Limited Partnership, acting by its generäl parner CanWest Televisioil GP Inc. dated September J, 2009, in respect of 1010 St.Cirerine 81. West, Montreal, QC.

39. ,Lease between Centre Terrarium Inc., represented by Arctws Limited Parership, by its Generai' Pilrtner,Arctus Realty CorporatIon, (successoi: iii title to Progrèssive Hoidings Inc.)àhd Canwest Publications Inc. (successor in title to Montreal Gazette Group Inc.) dated Oetober 30', 2003 as extended by theexte:ision letter dated October 15, 2008, in respect öf205~189 HymusBlvd" Pont-Claire, QC.

40~ Subleae betveen The Canadian Press and Canwest :Publishing Inc. dated. January 1 i 2010, in respect of 1206 National Press Building, Washigton, DC.

ASSET PURCHASE AOREEMENT TOR_P2:45300óa.7

;F: ..-"-1 Î 8 284 . 5 .

4l. Lease between Nadiscorp Logistics Inc. and The Sta Phoenix, a division of CanWest. M~aWorks Publications Inc. dated December 12, 200S, il repect of 1502. Quebec Avenue,. Saskatoon, SK.

42. Lease agreetnènt between Rbco Maching and F~brciitig Ltd;, as landlord,.and Lower Maùand Publìshig Group Inc., as tenant, dated July 1, 2Q01, with respect to certain premises on the ground floor and 2nd floor at 7280 River Road, Richmond, Britisl ColUibia.

43. Leiie between EIG River RQad Investments Inc., for, and on behaf of Ebco Màchining and Fabricating Ltd., as land1ord;.and College Printers, a division of Canwest Pùblishing Inc., as ten¡it, dated Augnt'1, 2009, with respect to Unit 150 - 7280 River Road, Richmond, British Colurbia. 3rd - Party Leases

44, Lease between Edmonton Jotimal Group Inc. . A Carwest. Company. and 713054 Alberta Ltd. dated Februår 28, 2001 as amended by (i) the amendment dated Januår 17, 2003; (ij) the amendrentdated November 23, 2004; and (ìi) the. amendient dated Febniary 10,2006, in respect of 10006~iol Street, Edinonton, AB,

45. Lease betweenSter1ing Newspapers Company and Tourism Authority dated Januar i, 2000, in respect of 1922 Park St., Regia, SK.

46. Lease between CanWest MediaWorks Inc. and UTC Canada Corporation dated September 1, 2006, in respect of 2575 Mccullough Road, Nanaimo, BC.

47. Lease between the Times Colonist, a division of Canwest Publishing Inc. and COl Information Systems and Management Consultants Inc. dated September, 2008, jn. respectof2621 Douglas Street, Victoria, BC.

48. Lease between, 150475 Cana,daJnc. and Sprott-Shaw College of :Business Ltd. dated May 26, 1999, in respect of26ii DouglasStreet, Victoria, BC. . .

49. Lease between Times Colonist, a division of Canwest PuJ;lisliingIl1c. and Sprott ~haw Degree College Corporation Ltd. dated July 1, 2007, il respect of 2621 Douglas Street, Victoria, BC.

50. Lease between Canwest Publishing Inc. and Boule Printing, in respect of 3486 Fourth Avenli. (documentatiOn has not been provided)

51. Lease,l;y Canwest Publishig Inc.,in respect oCtJnitB2, 2575 McCullough Road. (documentationhRs not been provided)

52. . Lease between Ca,nwest Mediawôtks, Pub:lìcations Inc. and The National Post COmpany dated.Octobei i 3, 2005 as,' assigned to Na.tional PQst Inc. on October 26, 2009, in respect of i 450 Don Mils Road, Ontario, M3B 2X7.

53. Lease between Canwest Publishing Inc. and Canwest Media Inc. dated October 13, 2005,. inrespect of 1450 Don Mils Road, Ontario, M3B 2X7.

ASSETPURCHASB AGREi¡~NT TOR.'p2Z:4530068.7 119

-6-: 285

Sofìare LicenSe Agreemehts and ReiatedAgreements

54. . Agreement för the, .PrövisÎQu. of. E-mai Manageielt .Ser'lceii between. Canwes .Publîsbig Inc. ~d sMA'löcus Inc.; successor to .ASTßCH InterMedi~ Inc. dated signed Januar 23,2009 and Januan 28~ 2009. '

55. Master Contract between CanWest MediaWorks Publications Inc. and ASTECH IntetMedia, Inc,. dated Jáftiaïy 1, 2008.

56. Softare Development, License and Support Agreemeht between ReachCauada Contat Centre Lbnìted andMedia Command, Incorporiited dated December i 1, 200 i: ., '

57~ Preferred Escrow Agreementamong ReacbCandaContact Centre Limted, nSI Technology11,2001. Escrow SerVces, Inc. and Media Command . Incörporateddated December.

58~ Softa:è Licence Agreement between Canwest Publishing Inc. and ppi Media GmbH ' dated Oetober23, 2008.

59. Maintenace and Support Agreement between Canwest Publislg Inc. and ppi Media GmbH datedOctobeâ3, 2008.

60. .. Serces AgreementbeteeIi Canwest PubIis1ùng Inc. and ppi Media GmbH dated October 23; 2008.

61. Master Softare Licence and Services Agreement between Saxotech, Inc. and CanWest " MediaWorksPublications Inc. dated December 20,2007. 62.':..., Master License and Service Agreement between TANSA Systems and Canwest .' 'Publishìng inc. effective March 5, 2008.

63. Software License and Services Agreement between Quade Distribution, Inc. and Canwest Media Works PuWcátions Inc. daÚ:d March i 9, 2007. Other 64. Capital Equipment toan Agreement beteen Southern Lithoplate, Inc. and The Edmonton Jouma1. adîvision of Can west Publishing Inc. dated March 15,2005

65. Capital Equipment Loan Agreement between Southern Lithoplate, Inc. and The StarPhoenix, aclvisIon of Can west Publislug Inc. dated April 1,2005

66. Capital Equipment Löan Agreemertt between Southern Lithoplatë, Inc. and The Gazette, ä. division of Can west :Publishing Inc. dated September 28, 2006.

67. Master SericèS Agreemen.tand Statement of Work between Canwest Publìsbig me. and Afnity Express, Inc. dated March 24,2009.

68. Intercompany Loan agreement between 4513401 Canada me. and Canwest Publishing Inc. dated October 30, 2009 (and related prol1ùssory note);

ASSET PURCHASE AGRBßMT TOR~P2Z:4530068. 7

:;"-,,,.-. 1 )0. .. i-

_ . a... -7 ~ 286

69. Agreement för Truckg and Logistic Services dated Apri19,2007 between Toronto Star Newspapers Limted and The National Post Company.

70. .Pritlg Ågréel1ent between.Nåtiònal'Post Inc.(íia.~ to be. amended to the correêtentity name. The National Pèst Compahy) and' OlaCierMedia Inc: date Augut 24; -2009 and as amended by AlendmentNo. 1 datedàs of Augut 24,2009.

71. Priting Agreement with Torsta Corporation and Tlie National Post Compay dated Januar 4,2002, as amended March 10,2009.

72. Executive Advisory Services AgreemeIt between Canwest Mediaworks Inc. and Canwest " MediawQrks LintedParershlp by its generâl parner Canwest Mediaworks (Canada) Inc. dated October 13,2005.

73. Executive Advisory Services Agreement between Canwest Mediaworks Inc. aíd Canwest Inc.ìyediaw9rks Lim.iteQ. dated Partnership by itsOctober general 13,parer Canwest 2005. Mediaworks . (Canada)

74. Canwest Services Agreeinentbetween Canwest Mediawotks Inc. and Canwest

Mediaworks Limited Parership: by its general parer Canwest Mediaworks (Canada) Inc. dated October i 3. 2005.

75. Sales Representation and Agency Services between Canwest M~diaworks Inc. and Canwest Medaworks Limited Parershp by its general parner Canwest Mediaworks

(Canada) Inc. dated Òctober 13,2005.

76. Trademarks License Agreement among Canwest Global Communications Corp., Canwest Mediaworks (Canada) Inc., Canwest Mediaworks Linùted Parership by its general parer Canwest Mediaworks (Canada) Inc., and Ca:west Mediaworks Income Fund dated October 13, 2005.

77. Agi:eement on Shared Services and Employees between the Canwest Global Communicatipns Corp., Canwest Limited Paitnershipl Callwest Media Inc., Canwest Publishig Inc., Canwest Television Limited Parership, and The National Post Company dated October 26, 2009.

78. National Post Transition Agreementbetween The National Post Company anq Canwest Publishing Inc. dated October 26,2009. .

79. Broadcast Services Agreement between Çawest Limited Pártershipand Canwest . Television Lìm:ited Pàrtershìp dated Januay 1, 2009.

80. Canwest ServiceS Agreernerttbetween CanwestMediaworks Inc. and Cáiwest Mediaworks tinntedPitership by its general parer Canwest Mediaworks (Canada) Inc. dated October 13,2005.

81. Trademarks License Agreement among Canwest Global Cohmunicatioils Corp., Canwest Mediaworks (Canada) Inc., Canwest Mediaworks Limited Partnership by its general parer Canwest Mediaworks (Canada) Inc., and Canwest Mediawotks Income Fund dated October 13,2005.

ASSEl:iURCHASE A(R:r;MENT 'lOR_P2Z:4S3006~.7 .._1.1 ?..,

.8 - 287

.82. Agreements between the LP Entities and The Ban of Nova Scotia with respect to aasl¡ management obligations.

., i.":

AsSET PURCHASIl AGREEMENT tOR._P2Z:4530Q68,7 ....t.1 .) ":¡ 288

SCHEDULE 7~2(3)

SPECIFIED CHAGES OR EVENTS.

Nil

ASSET PURCHASE AOREEMENT rOR_P2Z:4530068.7 _,-J1 ()-') 289

SCHEDULE 7.4(2)

REÄL PROPERTY.

1. 2575 McCulloughJtoad (Ufits AI, A2~ B1)N~aiIIu,BC held by CåriwestMedia !he. as. nomiee for CarwestPublishingInc.'

2. 4918. Napier Street and 3999 Forth Avenue, Port Albert, Be held by CanWe$t Media Inc. as nominee fbI' Canwest Publishing Inc;

3. 5731 NO.3 Road, Richmond, BC owned by Canwest Publishing Inc.

4. :i091-88th Avenue, Surey~ BC owned by Can west Publishing Inc.

5. 2615 Douglas Street, Victotia, Be owned byCanwest Publisrung Inc.

6. 30887 Peardonvi1e Road, Abbotsford, BC o:wed by Cimwest Publishing Inc.

7. 45951 Tretheway Avenue; Chilliwack, Be o:wed by Canwest Publishing Inc.

8. 215 16 Street, SE, 315-16th Street SE and 1790-3rd Avenue SE, Calgary, AB owned by Canwest Publishing Inc. .

9. 9301 49Stteet, EdIonton, AB owned by CanwestPublishig Inc.

10. 10006 101 Street, NW, Edmonton. AB owned by Canwest Publishing Inc.

11. 1964 Park Street, Regina. SASK owned by Canwest Publishing Inc.

12. 535 East121h Avenue, Regina, SASK owned by Canwest.PublishingJnc.

13. 204 5th Avenue, North, Saskatoon, SASKowned by Canwest Publishing Inc~

14. 219 Sth Avenue, Nort, Saskatoon, SAS:Kowned by Canwest Publishing Inc.

1.5. I i OJ Baxter Road, Ottawa, ON owned by Caiwest Püblishing Inc.

16. 1450 Don Mils Road, TOTonto, ON owned by Caiiwest Publishing Inc.

17. 167 Ferry Street, Windsor, ON owned by Canwest PubliShing !he.

18. 3000, Staray Avenue, Windsor, ON oWhed by,CanWéšt Publishing hiC.

19. 2605 Ternple, Windsor, ON owned byCanwest Publishiglnc.

20. 7001 rue St. Jacql.es,Môntreal, QCowned byCanwest Publishing Inc.

ASSET PURCHASE AGREEMENT TOR_P2Z;4~30068,7 ..~L.i1 ,) ,"i 290

SCHDULE 7.4(3~ REAL.,PROPERTY. .,. .LEASES - AN .LEASED PREMISES

1. Lease betWeen' London Life. 1nsm-anoe Company and Southam Inc.' dated April 1, i 991

and the lease between London Life Insurance Company iud Southam Inc. dated April i,

1991 as renewed by the renewal letter dated April 28, 2004 and as asstied by The of 10006-101 S1., ,EdmontonEdmonton, Journal Group Inc. on October 30, 2000, in respectAB.. ,.

2. Lease between bcIMC Realty Corporation and CalgarY Herald Group Inc. dated May 9,

2005, in respect of 1058-72nd Avenue, N.E.,Calgar, AB.

Calgary and Southam Inc. dated May 1, 1995, in respect of 3. Lease between800 The City MacLeodof Trail, Calgar, AB. . 4. Lease between 808 4th Avenue. SW Leaseholds Inc. (successor in title to United Place Inc.) and The National Post Company dated October 2, 2002 as amended September 18, 2007, in resp~ctof808-4th Ave. SW, Calgary, AB.

5. Lease between Superfly Inc. and The Flyer Force, a Division of The Edmonton Joural Inc. dated July 10, 2003 as amended by (ì) the amendment. agreementdated January 12; 2004; and (ii) the amendment agreement dated Augut 17,2004, in respect of 930328th Avenue, Edmonton, AB. .

6. Lease between Supeil1y Inc. ard The Flyer Force, a Division of The Edmonton Joural

Inc. dated August 17,2004, in respect of9307 28th Avenue, Ed:önton,AB.

7. Lease between Fuller Watson Holdings Limited ahd Lower Mainland Publishing Group Ltd. dated.Aùgust 15,2006, in respect of Units 1 & 2 - 22345 Nort Avenue, Maple Ridge, BC.

8. Lease between Sodîcan (B.C.) Inc. and Lower Mainland Publishing Group Inc. dated March 10, 2005, in respect oflOO -- 126 East 15th Street, North Vancouver, Be.

9. Lease between Ligvita 'Developments Ltd., Strawbery Point Developments Ltd., Kalkadoon Properties Ltd. and Thomson Newspapers Co. Ltd. ,dated April15, 1993 as amended by the amendment letter dated May 25, 1994, and renewed by the renewallettel'

dated Januar 3,1997, in respect 00046 Cedar Street, Campbell River,BC.

10. Lease betweên BoF.C. Projects Partership, a corporate parership between Caibridge Propertes Ltd. and Benc1uark Finnciai Corporation (successor in title to B-Cam Projects, a corporate parership between. Benchmark Estate Ltd. and Benchmark Holdings Ltd~) and Langley Advance, a Division of CanWest MediaWorks Publications Inc. (successor to Lower Mainland Pi,blishing Group Inc.) dated November 6, 2001 as

amended by (i) the extension dated. April l6~ 2004; (ii) the modification of Lease dated May 10, 20Q4;(ii) the lease amendment agreement dated July 23, 2,004; 8.d (Iv) the Langley,BC,extension dated September 24, 2007, .. in respect. of Unit 112, 6375 - 202nd Street,

ASS¡;tPuRCHA$E ,iGREËf'N;r TOR_P2Z:4530068.7 ___v1,)r

- 2- 2'91

11. Lease between ONNI Developmen.t (1525 Broadway) Corp. and Coquitlan Now and Van Net Newspapers, Divisiqns of Can W est Publishig Inc; dated. December 4, .2008, in respectofl15.1525 'Broadway Street, Pori Coquitlam, BC.

12. hiase'betweeu'Btòokwest IndusÍral Inc. and Nort Shore News, a División of Can West MeclaWorks Publications Inc. dated March 1,2006, inrespect of 120400 Brooksban Ave., Vancouver, Be.

13. Lease between 581486 B.C. Ud..an Can West Media Works PibHcations.lnc. dated July lOj :2007~ ìä respect of 13163 - 76th Avenue, Surrey; BC.

14. Lease bi;tween Victor' Properties Ltd. and VanCouver CoUrer, adivisÌonof CaúWest PuölishingInc. (successorin titleby assìgneIlt to Lower Mahi1and Publìshing Group

Inc,; (successor in interest by assignent to RI Plblishig Inc.)) dated Jooe, 1989 as

amended by (i)the renewal letter .dated June 28, 1994; (ii) the reJ?ewallettet dated March

31, 1999; (ii) therènewal letter dated August 3, 2004; and (iv)the arending agreement

dated July 31, 2009, hi respectofl574 West 6th Avenue; Vancouver, BC.

15. Lease between Garloügh Developments Ltd. and CanWest MeclaWorks Publications Inc. dated September 1, 2007, in respect of 166E Island Highway,Parksvilel,J3C. 16." Lease between Ontrea Inc.. by its agent Cadllac Fairview Management Services Inc. ..~'". (sllccessor in title to Granvile Square Leaseholds Ltd,.), Pacific Newspaper Group Inc. (successor in'interest by assignment to XS1M Holdings (2000) Inc. :(formerly Soutba. me.)) and Canwest Global Còm.unicatiöns Coip. dated December 22, 1995 as amended

.,. by (i) the letter agreem.ent dated January 12, 1996; (ji) the amendment and assunption of ,. . lease dated October 11. 2000; (ii) the amending agreement dated May 3 1, 2002; and (iv) the facilities licence agreement between PNG and Global ComiuncationsLimited dated 'Octøber. 13, 2004. in respect of 200 Graiiville Street, Vancouver, Be.

17. Le:ae between Newcorp Propertes Ltd. and Buraby Now; A Division of CanWest Publishig Inc. (successor in title to Lower Mainland Publishing Group Inc.) dated December 27, 200ias amended by (i) the letter agreement dated May 15,2002; and (ii) the letter agreement dated Februar 19; 2009, in respect of201A & 202A 3430 Brighton Avê,Bumaby, gC.

18. Lease betWeen Diversified Management Inc. and The Now Newspaper, a Division of CanWest MediaWorks Publications Inc. (successor in interest by assignments dated April 14, 1999, August 3,2000 ard JUne 2002 to Lower Mainand.Publishig Group Inc.) .dated Jooe, 1996 as amended by (i) the addendum dated May, 1999; (ii) the addendundated June, 2002; (ii) the addendun dated March 15, 2006; and (iv) the addendum dated July 3,2006, in respect of201 and 203 -7889 132nd Street, Surey, BC. 19. Lease between Hass Holdings Ltd. and Delta Optimist, a division of CanWest

MediaWorksPublications Inc. dated December 1,2005, in respect of Units 207 and 208 in the Whitford Building, 4'80 Delta Street, Delta, BC. .

20. Lease between Sixth and Yukon Properties Ltd. and CanWest MediaWorksP:ublicatiqns Inc. dated May 3, 2007, in respect of2188 Yukon Street, Vancouver) BC.. . .

ASSBTPURCHASE AÒREBMENT TOR":P2Z:4530068,7 ..¿u1 ,- ('

- 3. 292.

21. Leas. between H. & B. Hôldigtf (1982) Ltd. and Echo Publiaations dated December 22" 2QO l, in respect or 407 -D Fif Strëe, Couremiy; Be. " . 2.2.. 'Le¡ie .between Dona.d E. Taylor Personal. Law Coi:poration and' Thomson Newspapers' Caìda, dìvision of Thomson Canada Liinted, carying on business as the Citizen Newspaper dated Januar f, 1997 as. amended by (i) the lease renewal letter dated Janua 29, 2001; .and (ii) the renewal letter dated March 10, 2006, in rese~tof 469 Whstler Stret, Ducan, Be.

23. Lease between Canadian Pacific RRlway Company and The Esquinialt and Nanaimo . Raiway Company and CanWest Global Coinuncaiiqns Corp. (successor in i,terest by . assignent dated October 22, 200Qto Southam Publishig (Re.) Ltd;, successor in title by assigient dated JUly 7, 1998 to Thomson Cilada Limted.) dated November 4,

1996, ìn respect of Mile 75S6-15.59 Nanaio, BC. '

24. Lease by CanwestPublishing Inc., ìnrespect of 1701 Penisula Street, .Ucluelet, BC. (documentatiún has not been provided) ,

25. Lease by CanwestPublishig Inc., ìnrespect of 3355 Grandview Highway, Vancouver, Be. (docwnentation ~ not been provided)

26. Lease between Carlton Call Centre Inc. anCl Can West Limited Parnership, by its General Parer,CanWest (Canada) Inc. (successor in title tn CanWest Media Inc; (successorIn interest by assignent dated May 23, 2002 to Air Canada)) dated Septembe:r30, .1998 as amended by (i) the letter dated May 29, 20ot;(ii) the letter dated May' 13, 2002; (iii) the letter dated April 2'9, 2003;ånd (iv) the lease renew~ dated November 13,2009, in respect Qf 300 CarltQIl Street, Wjnpeg, MB.

2? Lease between City of Ottwa and OtmwaCitzeni aclivision ofC¡;West MediáWbrks Publications mc. dated September 1, 2003 as amended by (i) the lease renewal agteement dated September 1" 2005; and .(iî) the lease renewal agreement dated December 1,2007. in respect of 1 10 LaUriér Avenue West, Ottwà, ON.

28. Lease between MontyêO Investments (Windsor) Inc. and CarWest Publishing Inc. dated February i 8, 2009 as amended by the amendment dated August 18, 2009, in respect of 1 i 16., 11:20 Lesperance Road, Tecwnseh, County of Essex, ON.

29. Lease between Sun Life Assutance Company of Canada and CanWest MediaWorks Publications me. (successor in interest by assignment dated. N Qveinber II 2005 to Ottwa. CitizenGroup !he.). natf,d Januar 30, 2003 as amended by the Mlendment dated May 17, 2006, inrespéctof Ui:ts 404, 405, 406, 407, 408 at 1230 OldInncs RoadiOttawa, ON.

30~ Lease between I 605 Main Stret We.st (Hamilton) Liihed and Canwest Media Works Publicationslnc. dated May 16, 2006, in respect of1603 Main Street E., :Hamilton, ON;

31. Lease between Fairlane Developments Inc. and Phoenix Media Group Inc. dated Ji.ie 27, 2001 ,as amended. by the letter agreement dated May 26, 1006, in. respect of 1614 Lesperace Rd, Unit 2, Buildig A, Tecwnseh~ ON.

ASSET PuCHAE AOREEMNT TOR_P2Z:4530068.7 ..-1 ')7 - 4- 29'3

~2. Lease betWeen 414835 Ontao Limted and Caiwest Pi1b1i~bigmc;. dated October 1. 2009, in resl'eci of40 'Queen StreêfSouth. TUbùr. ON.

3~.. i~e b~een Sun ,Life ASs~anêe Company' of CaIad~.aid.156 O'Connor. Limited. '(successor to 1331430 Ontao me.) and CanWest MediaWorks:publica.tlons me. dated May 8th. 2007 as amended by (i) the generator licene agteement dated June 27th. 2007; and (ii)the storage lease dated Februar 25lh, 2008, in respect of 50 O'Connor Street, Ottwa ON.

34. Lease between T.R.L. Investmênts Limited and CanWestPubHshing Inc.. dated .october 28, 2009, in respect of 911 G9IfLins Rd. Ancaster.:HamiIoh ON.

35. Lease by Canwesi Pub1isbig ¡nc., in respect of Rm 354 .LegislativeBuilding. Ottwa, ON. (docmneniaiIon has not been provided). 36. Lease between WXSG Realty Company and Dominion Square, Limted Parership and the Montreal Gazette Group Inc.) dated October 30, 2003, as subleased by CanWest Publishing In~. (successor in title to Montreal Gazette Group Inc.) to Global Quebec, a division. of CanWest Television Limited Parership, acting by its 'gelleral parer CanWest Television OP Inc. dated September 1,2009, in respect of 1010 St. Cathenne St. West, Montreal, QC.

37.. "Lease.betwêen Centre Terrum Inc., represented 7~ :( by Arctus Lilltedparership, by its ;;::...... '," General Pader, Arcturus Realty Corporation (sucçessor in title t9 Progressive Holdings Inc~)and C~west Publications Inc. '(successorin tit1e to Montreä.lGazette Group Inc:)

.. dah~d October 30, 2003 as extended by the . 1':~" extension lètter dated October 15, 2.008, in ... rèapect of205'"189 HymusBlvd.~ PoIit-Ciaire~ QC.

38. Sublease between The Canadian Press and Canwest Publishing Inc. dated January 1, 2010, Ili respect of 1206 National Press Building, WashingtQn,DC. 39. Lease between Nadiscorp Logistics Inc. and The Sta Phoenix, a division of Canwest MediaWorks Public.ations Inc. dated December 12, 2005, in respect of 1502 Quebec Avenue, Saskatoon, SK.

40. Lease agreement between Ebco Machining and Fabricating Ltd., as landlord, and Lower Maiand Publishiiig Group Inc., as tenant, dated July 1, 2001, with respect to certain premises on t.eground floor â!d 2nd floor at 7280 River Road, Rièluond, British Columbia.

41. Lease between EIG.River Road fuvestments Inc., foi'and on behaf of Ebco Maêhinfg and Fabricating Ltd., as lanlord, and College Printers, a division of Canwest Publishing Inc., as tenant, dated August 1, 2009, with respect to Unit 150 - 7280 River Road, Richmond, British Columbia.

42. Lease in respect of 17 Chesnutt Street, Kingsvile, Ontaro.

43. Sublease in r.espect of 100 Queen Street West, Toronto, ON (as contempla.ted in the Omnibus Tranition and Reorgazation Agreement).

MSBT PURC¡ASB AGREMENT TOR_PiZ:~5J006S. 7 ..-1 ~)ö0

. - 5- 294

Leaseà Preinises - Sublets, Assignments, Licel1ses

.44. The subleases in respect of 1010 Ste. Catheres Street West~ Montreal,' QC and 50 O'Connor. Street, Qttaw~ .oN; (ascontempl,ated. in .. the Omnbus TrasitIon and Reorganization Agreement. '

45. See item 36 above.

46. Leae between Edmonton JownalGroup Inc. and CanwestCotnpany and 713054 Albert

Ltd. d(ltt( Febniry 28j 2001, as .áiended by (ì) the amendment dated Januø 17; 2003; (ii) the aDendmentdated November 23, 2004; and (ii) theamendnent dated Februar 10,2006, Íll tepect of 10006 -101 Street, Edmonton, Alberta.

ASSBTPURCHASEAGREEMT TORJ'2Z;4530068.7 10)9 2"'5

SCHEDULE 7~4(6)

PERSONALPRÒlERTY LEÂSES.

Nil

ASSET PURCHASE AGREEMENT T.ORJUZ:4530068.7 ..J1 ') ()\ t96

SCHDULE 7.4(8)

INELLEC'lUALPROPERTY . 1. BURABY SON .(application no. Inc., application submitted June 21, 1134875), owned by CanWest 2005. Mëdia Works Publications In.c., applicatiö:Isubi:tted March 20, 2002, 10. D & DESIGN (appHcation:no. 124138Q; registration no. 736039)" 2. BURABY SUN. (application no. oWned by Canwest (Canada) Inc. as 1388315); ownèd by Canwest general parter for and on behalf of Publishing Inc., appliCEition submitted Canwest Limited Parership, March 20, 2008. registered March 10, 2009. .

3. CALGAR YHERALD (application no. 11. DOSE (application no. 1241384; 1107134; ,registration no. 592075), registration no. 736040), owned by owned by Canwest Publishing Inc., Canwest (Canada) Inc. as general registered October 9,2003. parer for and on behalf of Canwest Limited Parershîp,registered March 4. CALGARY RUSHHOUR DESIGN 10,2009. (application rio. 1337245; registration no. 762027), owned by Canwest. 12. DOSE (application no. 78654412; Limited . Partnership . by its general registration no. 3669420), owned by parner Canwest (Canada) Canwest Limted Parership by its Inc.,registered March 19,2010. . general parer Canwest (Canada) lno., registered August 18,2009. 5. CNS CANWEST NEWS SERVICE (application no. 78332548), .owned by 13. DOSE (application DO. 731464; CanWest Media Inc., app1ìcation registration no; 731464), owned by submítted November 24,2003. c'anWest MediaWorks (Canada) Inc., as genel'al parner for and on behalf of 6. CNS CANWEST NEWS SERVICE & CanWest MediaWQrks LimHed DESIGN (application no.o 1178757; Parership, registered J:eceinber 21, registation no. 689711), 'owned by 2004. Canwest Global 'Commiucations Corp., registered June 13,2007. 14. DOSE & DESIGN (application no. 1241379; registratioii no. 736038), 7. D & DESIGN (application no. owned by Canwest (Canada) 1no. as 78654486), owned by 3848671 Canada general parer for and on behalf of Limted, application submitted June Canwest Limited Parership, 20,2004. registered March 10,2009.

8. D & DESIGN (àppliëation no. 15. DOSE & DESIuN (application no. 78654866), owned by 3848671 Canad.a 5304803; registration no: 5304803), Limited, application submitted Jime owned by CanWest MediaWorks 21,20Q5. (Canada) Ino.,as general parer for and on behalf of Can West 9, D & DESIGN (applicatioll no. Media Works . LimitedPatersbip, n 1465), owned by 3848.t571 Canada registered November I2, 2007.

ASSETPURCHASB AoREEMENT TOR_P2Z:4;530068,7 .-1 r) v.. '7

"2 - 2~f7

16. DOS,E & DESIGN (application no. generiùp'arer Canwest (Canada) Inc., 731466.: registiatio,n:nö. 1'3 M66)~ registered March 19, 2010; . oWhed by CanWest MediaWorks (Canada) JíiC"äS general parer for 25. FINANCIA POST & DESIGN," owned by äidotl. behalf 'of CanWest (applicati~)f no; 1 103315), MediaWorks Limited Parership. CanWest Global Communcations registered Decem:ber21,. 2004. 2001.Corp.; application submitted May .22, . 17. DOSE & DESIGN (application no. 1 U497S; registratiöh no. 1134975), 26. FP& DESIGN (application no. owned by Can West MediaWorks J~c., 1103314), owned by CanWest Global registered Januar 8,2008. Communcations Corp., application subinitted May 22, ZOO1. 18. DOSE & DESIGN (application no. 78655368), owned by CanWest 27. FP ONLIN (appliaation no. 0576576; Media Works Li1ted Parershp by registation no. 343353), owned by its general parners. CanWest 4513401 Canada .In.c, registered Media WQrks (Ça,da) Inc., August 5, 1988. application submittedJ1.e 21, 2005. 28. FRASER VALLEY SUN (application 19. DR1G (application no; i142930; no. 1134874), owned by CanWest registration no. 677148), owned by MediaW()rks Publications Inc., .. j-," CanwestPublishig Inc., registered appÌÌcation submitted March 20, 2002. November 16, 2006. 29. FRASER VALLEY SUN (application 20..: DRIING (application no. 1154138;, no. 1388321), owned by Canwest registration no. 675Q53),owied by Publislug Inc., application submitted ';;'.Canwest Publishing Inc., registered Mah 20, 2008. October 17, 2006. 30. HARBOUR CITY STAR (application 21. bRIING.CA (application no. no. 0828725; registration no. 48S684), 1290374; registration no. 752522), owned by Canwest Media Inc., owred by'Canwest PublishÙ1g Ine., registered November 18, 1997. registered November 9, 2009. 31. HOUSBlITING. CA & DESIGN

22. DRIlNG.CA & CAR DESIGN (application no. 1361838; registration (application no. 1290:372), owned by no. 735941), owned by Canwest Canwest Publishing hic., application (Canada) Inc. as general parer for submitted Febriar 17,2006. and . on behalf of Canwest Limited Parnership, registered March 9; 2009. 23. EDMONTON JOURAL (application no. 1059218; registraiionno;. ;584829), 32. lNOMART' '(application no. oW)edby Carw~st Publishig Inc., 039:5445; registration no. 224484), rei;Îstered July 9,2Q03. owned by CanwestPublishìg Inc" registered December 2, 1977. 24. EDMONTON RUSHHOUR & DESIGN (application no. 1337246; 33. IN;FOMART ONLIN (application no. registration Í1. 762135), owned by 0637548; registration no. 380026), Canwest Limited Parership by its

ASSET PúRCHASE AGREEMET TOR~P2Z:4530068" 7 1 r;q .A v t.

- 3 - .298

owned by CanwestPtibHsbig Inc., 42. OTTAWA CITIEN. (ON. SCREEN registered Fehruar 15, 1991. DESIGN) &, DESIGN (application no., 0852491; registation. 'no. S23a09), 34.. INFOMAT ONLIN & DESIGN .ownëd by Canwést. 'PubHshing )'ric., (appHcation no. 0634064; registation. registered Febru 24, 2000. no. 379991), owned by Canwest Publishing. Inc., registered Februar 43. OTTAWA CITIZEN ONLIN & 15,1991. DESIGN (application no. 0895609; registrtiolt' no. 536R71),oWntd by 35. MONTREAL RUSHHOUR . Canwest lublisbig Inc., registered (appIjçatiQnno. 1337264; regitration November 7, 2000...... no. 7a2135), owned by Cawest timitedPärnership by its general 44. OTTAWA CITI ONLINE & parer Canwêst. (Cänäda) me., DESIGN (applioation rio.' 85249,0; registered Mal'clî 22, 2010. . registration no; 518073),. owned by' Canwest Publishig Inc:. , registered 36. NATIONAL POST (application no. October 18, 1?99. 0876463; registration no.. 528677), owned by 4513401 Canada Inc., 45. OTTAWA CITIZEN ONLIN & registered May 31, 2000. MALE LEAF DESIGN (application ll0. 0895610; registraton no. 534098), 37. NATIONAL. POST. A BETTER owned by CanwestPublishing Ine., REAP. (application no. 1257028; registered October 5. 2000. registration no. 7276f9), owned by 4513401 Canda Inc:, registered 46. OTTAWA RUSHHOUR & DESIGN November 3, 2008. . (application no. 1324620), .owned by .' Canwest .LliitedPa11:nership by its' 38. NORTH SHORE SUN (application no. general parnerCanwest (Canada) Inc. 1134876), owu.ed by CanWest , application submitted November 17, MediaWorksPublicatlons Inc., 2006. application submitted March 20; 2002.

47. RAISE A READER & DESIGN 39~ NORTH SHORE SUN (application no. (application UQ'. 1173213; registrtion 138 ll31 6), owned 'by Canwest no. 613992), owned byCanwestMedia. Publishig Inc., application submitted Inc., registered July 2, 2004; . Match 20, .2008. 48. RASE..A-READER (applieatîon no. 40, OTTAWA CITIZEN & DESIGN 78135853), owned by:Pacific (application no. 0852493; registration Newspaper Group Inci, application no; 558482), owned by Canwest submittd June 14, 2002~ Publishg Inc., regísteredFebruar 26,2002. 49. RASE-A-READER .(application nO. 1129819; registration no. 594491); 41. OTTAWACITJZEN & DESIGN (1) owned by Canwest Media Inc., (application no. 08.52492; .registration registered November 12,2003. no. 558481), owned by Canwest Publishing Inc., registered February 50. RAISE-A-READER DAY (application 26,2002. 110. 1129820; registrati911 no. 597055),

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oWned by Canwest Mediå Inc., no. 761678), - owned by Canwest registerd December 10, 2003. L,ipit~d Parership by its general p.arer ,Canwest (Canada)... Inç.; 51. R.ISE-A~READER. DAY (appHcatiari. '. f.egístered March 15,; 2002~ no. 78135862), 0\Yed by. Pacific Newspaper Group Inc., application 59. SURRY SUN (application no; submîtted June 14,2002. 113487'7), owned bY' CánWest Media Works, PubllcatiönSIic., 52. REACHCANADA (application no. applicatioJi submitted March 20, 2002. l008866; regMration no,. 540673), öwned by Canwest (Canada) Inc. as 60. .SURY SUN (application no. general parer for .and.onbehalf of 1388322), owned by Canwest Canwest Limted. Parership, PublisIig mc., registered Mach 20, registered February 1, 2001. 2008. 53. RBACHCANADA & DESIGN 61. THE DAILY COLONIST (application (application no. 1312082; registration no. 442918;, registration no. .249881), no. 109896), owned byCanwest owned byCanwest Publishing lIe.,

(Canada) Inc. as general parer for registered Augit29, 1980; and on behalföf .Canwest Limited Parnershp, registered March 19, 62. THE FINANCIAL POST (application, .:'.: 2,008. no. 0353.737; registration no. 191246), owned by 4513401 CMada Inc" 54, REGINA RUSHHOUR (application registeredMa.Y25,1973. no. 1337257; registration no. 762160), ':' owned by. Canwest Limited 63: THE F1NANCIALPOST Parershîp by its general parer MONEYWISE MAGAZINE Canwest (Canada) rne., registered (application no. 52285 i; registration March 22, 2010. . no. 316196), öwned by The Natiorial Pöst Company, registered July 1 i, 55. RICFIMOND SUN (application no. 1986. 1134873), owned by CanWest MediaWorks PubHcations Inc., 64. THE FLYER FORCE (application no. application submitted March 20, 2002. 0522228;registatíön np. 310010), owned by Canwest PublisbigInc., 56. RICHMOND SUN (application no. registered.Januar 3, 1986. 1388314), ovmcd by Canwest Publislûg Inc., applicåtit)ß submitted 65. TI NORTH lSLANDER March 20,2008. (application no. 1232214; regitration no. 664934), 'owned byCanwest 57. RUSH HOUR (application no, (Canada) Inc. ás general parer. for 1247997; registration no; 737455), and oil behâlf of CanWest Limited owned by Canwest Limited Parerslúp, registered Måy24, 2006. Parerslùp by its general parer Canwest (Canada) Inc.Z, registered 66. THE ÖTT A WA CITIZEN (application ApnI 2, 2009. no, 6788978; registration no. 399443), owned by Canwest Publishing Inc., 58. SASKATOON RUSHHOUR registered June 19, 1992. (application no, 1337262; registratîon

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67. ' THE PROVINCE (application no. 76. WORKG (applicationn.o. 1427244), .0700427; registration 'no. 408219), owned. by Canwest ltblishig Inc., owied by Canwesllblishlg Inc., . application submitted Februiiy9, :registëred Febrtary 1~, i993. . .2009. .

68. TI PRQVlNèE DESIGN 77. WORKG (application no. 1285187; (application no. 086278'8; registration registration no. 748293), owned hy

no. 501236), owned by. Canwest Canwes Ptiblislig' In~.,regísteted Publishing Inc., registered September September 22, 2009. 25,1998. .,. . 78. WORKG. COM (application ,no. 69. tHE VANCOUVER SUN (application 1427245), owned by Uanwest Ï1ö. 7Ö043Ö;registrationnô. 454949), PubIishígIno., application suljintted owned by. CanwestPublishig Inc., Februar 9, 2009. registêred March 8, 1996. 79. WORKG.COM (applipatiOllno. 70. IHE VANCODVERSUN & DESIGN 1285192; registration. n.o, 751166), (application no. 854297; registrtion owned by Ca.west Publishig Ino., no. 503006), oWned by Canwest register:ed October 26,:4009. Publishig Inc., registered October 27, 1998. .. Common Law Trademarks 80. canada.com

71. THE WINDSOR STAR k DESIGN, (application. no. 779381; registration .81. Abbotsford Tiies. no. 46(196), oWned by Can West Pi.blishing. Inc., registered November 82. Albern Valley Times. 22, 1996. 83. Bell River, Lakeshore News

72. TIMES COLONIST (application no. 84. BumabyNow. 872040; registration no. 557462), owned by Omwest Publisllg Inc., 85. Calgary Flyer Force. registered Februar 5, 2002.

86. Calgar Herald. 73. VANCOUVR SUN (application no. 0700431 ~registration no. 454950), 87. Campbell River Courer-Island. owned by Can:west' Pûblis.hing Inc., registered Matêh8, 1996. 88. ChiIiwackTimes.

74. VICTQRIA TIMS (applicatiorino. .89. Cortoj( Valley Echo. 04429I9; registrtion no, 2$2486), ôwned by Canwest Pllnlishing Inc., 90. DeltaOp:titnist régišteredNovember 14, 1980. 91. Edionton Flyer Force. 75. WINDSOR ROSHHdUR (application. no. l337163; registration ,no. 761974) 92. Edmonton Jomnal. ,owned byCanw:est Limited. Parership by its generâ parer 93. Harbour City Star. Canwest (Canada) Inc., registered March 18,2010. 94. Kingsvile Rep.ortet La.gleyAdvance.

ÁSSETJ;URCHASEAaREEMENT TOR_P2Z:4530068.7 ,J;'1 rH:" 0 301 -.6 -

I~.. ~,~..~ ~ 95. .LaSalle Post ..calgarh~ra1d.com calgaryberald.mobi . 96. Leader':Post. canada. com canspe1L.ca 97: Maple Ridge Times. canwestcommuntypublishig.com cbillwacktes.com 98. NaDiio Daily News. com.o~vRiieyecho.coni . . cowichmwal1eycitizen.com 99. National.Post. delta-optimist.com dose.ca i 00. North.Shore News. dose. com dosemobile.ca i 01. Oceanside Sta. dosemobile.com 102. Ottwa Citízen. driving.ca edmontonjoumal.com

103. Ottwa Flyer Force. edmontonjouraL.:robi financialpostcom 104. Rìchmond News fmancialpostmobi financialpostmagazine.ca 105. Surrey Now financialpostagazine.com fpinomar.ca 106. Tecumseh Shoreline Week fpinoInart.com fpmagazine.ca 107. The Gazette. ftùlconuentca fullcomment.com The Nort. Islander. 108. househunting.ca .109. The Province. Inomart.ca Infomart.com no. The Record. leaderpost.coni leader-post.com i 1 1. The StaPhoenix. montreâl gazette. com montrealgazette.mobi 112. The Vancouver Sun. montrealgazette. net nanaimodailynews.ca 113. The WìndsorStar. nánaimodai1ynews.com nationalpost.ca 114. Tilbury Times national post.com nationalpost.mobi US. Times Colönist. Iiationalpostbusiness.com Vancouver Courier. nationa1poston1e.ca 116. nationalpostonliiie.com 117. Westerly News. ottwacitizen.ca ottwacitizen.com ottawacitizen.mobi ottawacifizen.net Domafn Names ottawacitizen.org pacificnewspapergroup.com pacificnewspapers.com

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i:aiseaeader.com. raise.,a-reader.com reginas¡..ccim richmond~news.pom . sureynow.com thecalgaryheráld.ca thecalgarhei:ald.eöm theediöhtonjöural.tioIU theleadètpost.cort thenationalpost.ca th~otta~acitíen.ca theottawacitizen.coin thepnovice. corn theprovince.inobi ' thestahoenix.com . theVancol.vërsuh.com timescolonistcom tI1es.cnlnnÎst.com vanco:uverp:rovmqe.çOni vatcQuyersuncom vancouversun.mobi wîndsoressexnews.com widsorsta.com wörking.ca workig. com

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SCHEULE 7;5(1)

MATERIAL ADVERSE CllANGES

Nil

ASSET PuCfASE AGRENT TOR_P2Z:4S30068.7 -..Q1 0 í) 304

SCHEULE7~5(4) MATERI CONTRACTS

Shared ServiçeAgreements 1. Agreement on Shared Services and Employees between the. Canwest. Global CoIniiications ,Corp.,Canwest Limited Parership, Ganwest Media :Inc., Canwest

Publishing Inc., Canwest Television Limited Parership, and The National Post Company datc;d October 26~ 2009.

2. NatoilalPost Transition Agreement between The National Post Company and Canwest

Publismng Inc. dated October 26, 2009.

3. Executive Advisory. Services Agreement between Canwest Mediaworks Inc. and Canwest Mediaworks Limited Partership by its general parer Canwest Medaworks (Canada) Iiic. dated October 13, 2005.

4. Parerslup Services Agreement between :Canwest Mediaworks Inc. and Canwest Inc.Meiiiaworks datedOctöberLimited Partership by its general 13, parer 2005. Canwest Mediawotks' . (Canaç1a)

5. . Broadcast Services Agreement between Canwest Limited Parnership and Canwest Television Limited Parership dated January 1,2009. .

6. Canwest Services Agreement between Canwest Mediaworks Inc. and Canwest Mediaworks Limited Partership by its general parter Canwest Mediaworks (Canada) Inc. dated October 13, 2005.

7. Sales Representation and Agency Services betWeen Canwest Mediaworks Inc~ and Canwest Mediaworks Limted Parersmp by its general parer Canwest Mediaworks (Canada) .Inc. dated October 13, 2005.

8. Affilätion Services Agreement between Caiiwest Mediaworks fuc. and Canwest Mediaworks. Limited Parnership by íts general parnerCanwest Mediawörks (Canada) Inc. dated October 13, 2005..

9. Trademarks License Agreementan0ng Canwest Glöbal Communications Corp., Canwest Mediaworks (Canada) Inc., Canwest Mediaworks Limited Parersmp by itsgeüeral parer Canwest :Nediaworks (Canada) Inc.; and. Canwest Mediawotks Income Fiind 4atedOctober 13,2005,

10. Cooperation and Confi4entiality Servces amon,g Canwest Global Coini.cations Corp., Canwest Mediaworks Limted Parership by itsge.neral parer Canwest Mediaworks (Ca,ada) Inc,.,ancl Canwest Mediaworks (Canada) Inc. dated October 13, 2005.

11. Insurance Premium Sharng Agreement between Canwest Mediaworks Limited Parnership by its general parner Canwest Mediaworks (Canada) Inc. and Canwest Mediaworks Inc. datedOctobel' 13,2005.

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12. Pe:tion Plan Parcipation Agreement 'between Canwest Mediaworks Liited. Parership 'anci CEiWestMeda Works l\blicå.tionslhc. d.ated JinURY 1, 200(i.

13. Employee Secondient' '~d çost Reimb~sèment AranKßDents,. undate,. between CanwestLimted Parership, Canwest. Media Inc.. Canwest Televišion Limted Paretslup, Canwest Publishg Inc. and National Post.

Distribution Agreements TheFQtlowing agreements for tie. distrbution of the newspapers operated as part of tie Business, includig:

1. Distrbution Agreement between Pacific Newspaper Group, a divisI()D of Can West MediåWorks Publications Inc. and Viking Logistics Ltd. dated Marh 1,2004, as amended and restated as of March 1,2007.

2. Metro Dealer Distrbution Agreement between Edmonton J oumal, a divisioIi of Caiwest PublishingSeptember Inc. and Dynamex Canada Inc. 1,2008.signed Febriy3, 2009 and effective . as of

3. Metro Home Delivered Distribution Agreement between EçlontonJournal, a.division of Canwest Publishing Inc. and Dynamex Canada Inc. signed Februar 3, 2009 ¡md effecti:ve'as ofSeptem:ber 1,2008.

4. Metro Home Delivered Topload Pallet Pick-up and Retu Agreement between Edmonton Jöiial~a division of Canwest Publishig Inc. and Dynamex Canada Inc. sig,ned Februar 3; 2009 and effective as of September 1, 2008. .

5. AgreemenUor Trucklg and Logistic Services dated April 9,2007 between. Torontø Stä Newspapers Limited and The National Post Compnny:Prìn,ting Agreement between National Post Inc. (name to be amended to thecolTect entity name, The National Post Company) and Glacier Media Inc. dated August 24, 2009, and as amended by Amendment No.1 dated as C?f August 24,2009.

Softare Agreements, Licence Agreements and Technology Agreements

1. Agreement for the Provision of E";mail Managemen.t Services betweeJiCawest Publishig Inc. andSMATFOCUS Inc., successor to ASTECH IIiterMedia, me. dated 'signed.January23, 2009 and Januar 28,2009.

2. M~ter Contl'actbetween CanWest Med¡aWorks Publications Inc. and AS TECH lnterMedia, Inc. dated Januar 1, 2008.

3. Softare Development, License and Support Agreetnent between ReachCatada Contact Centre Limited and Media Coinand Incorporated dated December 11, 2001.

4. Preferred Escrow Agreement among ReachCanada Contact Centre Limited, DSI Technology Escrow Services, Inc. and Media Command Incorporated dated December 11,20Òi.

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5. 8()fuaredated Lipence Octo\)r Agreement betweenCanwes 23, 2008.' Publishing Inc.. and ppi Media GmbH

.6. Miitenanee and Súpport Agreement between Canwest Publislùng Inc:.and ppi Meda. GmbH datedOctober:23, 2008. ' .

7. Ser~~èS. Agreement between Can'Rest Publishing Inc. and ppi Media GmbH dated October 23, 2008.

8. Master Softare Licence and Services Agreemenrbetween Saxoteeh, Inc. and CanWest MediaWorksPublieations Inc. dated Deeember.20, 2007. ' .-

9. Master LiceIieand Service Agreement between TANSA Syste!ls and Ca,west PubHsh.ngInc., effective MarCh5, 2008.

1 Q. Snfta.e Licepse and Servces Agreement between Quak Distribution, Itlc. ,and Canwest MedìaWorks Publicatiollfuc. dated March 19,2007.

3rd-Farty Leases

1. Lease between Edtön:ton Joural Gtoup Inc. A Canwest Company. and 713054 Alber Ltd. dated .Feb:rar28, 2001 as amended by (i) the amendment dated Janua 17,2003; (ii) the auendment datecl November 23, 2004; and (ii) the anendment dated February 10,2006, in. respectofl0006-101 Street, Edmònton, AB.

2. Lease between Sterling Newspapers Company and Toursm Authority dated Januar 1, 2000, in respect of 1922Palk St.,Regina, SK.

3. Lease between Can West Media Works Inc. and UTC Canada Corporation dated

September I, 2006; in respect of2575 Mccullough Road, Nanaimo; BC.

4. Lease between the Tites Colonist,a division of Canwest Publishing Inc. andCGI Information Systél1S and Management Consultants'Inc. dated September, 2008, in' respect of2621 Douglas Street, Victoria, Be.

5. Lease between 1S0i7S Canada Inc. and Sprott-Shaw College of Business Ltd. di:ted May 26,1999, in respect of2621 DOl.lglasStreet, Victoria, B.C.

6. Lease between Tiipes Colonist, a division of CanwestPiiblis!ig Inc, and Sprott Shaw Degree College Corporation Ltd. dated July 1, 2007,in respect of 2621 Douglas Street, Victoria, .BC.

7 . Lease. between Caiwest Publishing Inc,. and Houle Pnntig, in re~pect of 3486 Fouith Avenüe. (documentation has not beenprövidro)

8. Lease by Canwest Publishing Inc., in respect ofUnitB2, 2575 MëCullough Road. . (documentation hasnol been provided)

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9. Leasebeiween Canwest Mcidiawork P4bIications Inc. and The National Post Company dated Octobed3. 2005 as assigned to National Post Inc; on October 26, 2009~ in respect òf 1450 Don Mils Road, Ontaro, M3'ß 2X7. .

10. . Lease between CanwestPublishig Inc. and Canwest MedaInc. dated October, 13, 200S, in respect of 1450 Don Mils Road. Ontao, M3B 2X7.

Other Material Agreements

1. Capital Equipment Loan Agremciit between Souther Uthop1ate. Inc. and The Edmonton .t ourat, a dívision of Canwest :Pblishig Inc. dated March 15, 2005

2. Capital Equipment LOai Agreement beteen Southern Uthopläte, !rc. and The StaPnoeiiiSl, a divisiortofCanwesf PUblishing Inc. dated Apriï i,200S

3. Capital Equipment Loan Agreement between Southern Lithôp1ate, Inc. "ad The Gazett, a division öf Canwest Publishing Inc. dated September 28, 2006.

4. Púnting Agreement with Torsta Corporation and The Nâtiona!Post Company dated Januar 4, 2002, as amended March 10, 2009.

5. Master Services Agreement and Statement of Work between Canwest Publishing Inc. and '~ '. :: AfnityExpr~ss, Inc. dated March 24,2009.

6. Intercompany Loa.nagreement between 4513401 Canada Inc. and Canwest luolfshig Inc. dated October 30,2009. .

7. . Promissory Note between 4513401 Caada Inc. (now National Post Inc.) and Canwest . " .:.. PublishingOctober Inc./Publications 30,2009. Canwest Inc. in . the amount of Cdn. $13,000,000.00, dated

8. Anended and Restated LP Management Incentive Plan *

9. Senior CreditAgreement *

10. DIP Credit Agreement *

11. Agreements between the LP Entities Ild The Ban of Nova Scotia with respect to cash ¡naigeinent obligations 12. LP S,upport Agreement dated Januaiy8, 2010 beteei the LP Entìties and the Adiinistratíve Agent *

13. Engagement lettër dated.as öfNovember 1, 2009 among Cal1west LP, CRS 1nc;and Gary Colter *

14. Engagement letter dated as of October 1,2009 among Canwest LP, CPI and RBCCM *

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SCHEDULE 7~6(2) LABOlJMATTERSAND EMPLOYEECONTRACTS

1; Collective Agreements '

Britsh CC?lumbia¡ Lower Mainland

1. Collectve Agreement between Abbotsford Times, a division of Can West MediaWorks Publications Iiic.and. Communcations, Energy and Paperworkers Union of Canada, Local 2000, dated August 22, 2005.

2. Colleclive Agreement atthe Buraby NOW, Còquitlam NOW,lîd Royal City Record between Communications; 'Energy and Paperwotkers Union of Ca:adä, .Local 2000 and dated Januar NOW1; Newspapers, a 2007...division.of Can West Media Works. Publications , Inc.,

3. Collective Agreement at the SurreylNort Delta NOW betweenCommunicø,ions; Energy

and Paperwèrlcers UlUon of Canada, Local 2000 and Surey NOW, a division of Can West MediaWorksPublications Inc...dated Januar 1,2007.

British Columbia. Vancouver

4. Collective. Agreement between Communcations; Energyand:Paperworkers Union of

Cana4a; Local 2000 and the Nanaimo Dally News, a division of Canwest PubUsblg me., dated June 6, 2008.

5. Collective Agreement between Communications, Energy and. Papèrworkers Union of effectiveCanada, Local 2000 June and the 6, Nanaimo 2008. Daily ' News, a division ,of Ce.nwestPublishlrig Inc.,

6. Collective Agreementbetween Communcations, Energy andPaperworkersUnion, Local

525G and the Na:naio Daily News, a division ofCanwestPublislúglnc., effective June 6,2008.

7. ' Collective Agreement between the Cowichan Valley Citizen lîd Victoria-Vancouver

Island . Newspaper Guild, Lo.cal 30223 of the Newspaper Guild, Sector of the Communications Workers of America, effective March 1, 2007.

8. Collective Agreement between The Campbell River Courier-Islander, a division of Canwest Publishing Inc. aid Commi.cations, Energy and Paperworkers Union of Canada, Local 2000. datedAptill,l008.

9. Collective Agreementhetween ,Communcations, Energy andPaperworkers Union, Local

5250 and Albe1' Valley limes,Port Albern Group Inc.; a CanwestCoiiPanY, d¡¡ted

May 1; 2008.

1 a.Collective agreement between College Printers Ltd. andCEP ,Locit200q, Pre-Presg Umt (June 1, 2006-May31, 2009).

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11. Collective ~greemeht beteen College Printers Ltd. and CEP Loca12~G,Pressroom Unit

(june. i, 2006 - May 31 ~ 2009).

12. Collective agreement between College Printers Ltd. and CEP Local 525G, Bindery Unit

. (My. 1, 2006 ~ Apnl 30,2009). .

Brlth .çolumbia Victoria

13. Collective .Agreement between the Victoria Times Colonist, a division. of Can~est MediaWorksPublications mc. and 'the Victona'-Viicùuver IslåDq Newspaper Guild, charered as Local 30223 of the Newspaper Guild, sector of theComiuncations Workers of America effective January 2, 2007.

14. Memorandum of Agreement between Victoria TÍÏes' Colonist, a division of CiinWest MediaWorks Publications mc. and the National Guild of Canadian Media Manufactuing, Professional and Service Workers/Communications Workers of America (CWA 30403 British Columbia), effective Janua 2, 2007. is. Newspaper Agrement between Victoria Times Colonist Group Inc., a division of Can West Medü(Works Publications Inc. and Contuuications, Energy and Paperworkers Uiùon of Canada, Loca12000, dated January2, 2007. . 16. Àgreement between Victoria Times Colonist, a .division .of CanWest MediaWorks- __._ __'_ Publications mc. and. 'Conuunicatians, Energy and Paperworkers Union of Canada, Local 2000 (Platemakg Deparent), effective Januar 2, 2007.

17. Agreement between Victoria Times Colonist, a division. of CanWest MediaWorks . Publications Inc. and Conuunications, Energy and Paperworkers Union of Canada, .. 'Local 2000 (Pressroom Depa.niel1t), effective January 2,2007. British Columbia, Pacific Newspaper Group

18. Collective Agreement between Pacific Newspaper GrouPi a division of Cai West Media Works Publications Inc. and Communcations, Energy and Papeiworkers Uiuon of Cänada, Local 2000 (all unts: Granvile Square; Composing Room; Electrical; Mechancal; Mailroom; Platemakng; Pressroom), dated April 11; 2007. Alberta

19. Collective Agreement between the Calgar Herald, a division of CanWest MediaWorks Publications me. andCommunicatiöns, Energy and Papeorkets Uiuon of Canada, Local 34G (Distrbution Centre Workers, Dispatch/Loading Dock, Press Janitors, Maerune Shop), dated April 1,2007.

20. Collective Agreement between the Calgary Herald, a division of CanWest MediaWotks PUblications mc; and Conuunications, Energy and Paperworkers Union of Canada, Local 340 (Pess Room, Platehlaking Department, Distibution Centre - Mailers/Mailer Assistants, Newsprip.t Warehouse), dated April 1, 2007.

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21. CPTU Collectivë Agreëmenthetwer;n the Calgar Herd, a' division of Can West JulyMediaWorksPublicatións Inc,and1,2007. Calgary Priting.. Trades .0 Vnion. Loci:No.0 Ii'dated

22. Agreement between the Edmonton Joural and Communcations, Energy and Paperworkers Union of Canada, Loca1255G, dated August 9, 2007 and effective Januar 1,2007.

23. Agreement between the Edmonton Journal and. Coniwlcaiions,Eilergyand . 2008.Paperworkers Union of Canada, Local 255G,.. elated April 6, 20088ld. effective Januar 1, Saskatchewan

24. Collectve Àgreement between Leader-Post, a division of Can WeSt MëdiaWorks Publications Inc. and Saskatchewan Media Guild, Local 30199 (CWA), effective November 2,2005.

25. Collective Agreement between Leader-Post, a division of CanWest MediaWorks

Publications Inc. and Communcations, Energy and Paperorkers UJUon of Canada, Local 75G, dated December 10, 2008 and effective September 2, 2008.

Ottawa Citzen. Ontario

26. Memorandwn Agreement between. the Ottawa Citizen, a division of CanWe.st MediaWorks Publications Inc. and the Teamsters/GraphicCommU1cations Conference, Local41M, effctive Januar 1, 2007.

27. Agreement between the. Ottawa Citizeh Group Inc. andCöitttI1càtions, Energy and

Paperworkers Union of Canada, Local 87M, effective Janua 1,2008. 28. Agreement between the Ottwa Citizen Group Inc. and the Ottawa Newspaper Guild, Local 30205 ofCWA, dated September i 7, 2008.

WindsQr Star. Ontario

29. Collective Agreement between the Windsor Star, a division of Canwest Publications Inc. and National Automobì1es, Aerospace, Transportation and General Workers Union of Canada, CAW and its L9ca1240(Advertising Unit), effective January 1,2008,

30 . Collective Agreemeiit between the Windsor Star, a .divisiol, of Canwest Publications Jl,c. and National Automobîles, Aerospace, Transportation and General Workers Union of Canada, CAW and its Local 240 (Business Office Unit), effective January 1,2008. 3 L Memorandomof Agreement between the Windsor Stat, a division of Canwest

Publications Inc. ard National Automobiles, Aerospace, Tranporttion and General Workers Union of Canada, CAW and its Local 240 (Editorial and Reader Sales and Service UiUts), effective Januar 1,2008.

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32. Collective Agreement betwëen the Windsor Star, a divison of Canwest Pulications Inc. and -Communcations, Energy and Papèrworkers Urion- of Catada l.~al5170 (Electronic Pte-,Prèss);effecve Janua 1,2008. " .

33. Collective Agreemènt betweenComnuncations, Energy atd Paperwo'rkers Union of C~då, Loca 5170 (Engravers) and the Windsor star, a division of Canwest Publications Inc., effective Januar 1, 2008.

34. ContraCt between CommUlcatioiis, Energyand Paperworkers Union of Canada, Local 517G (Press, Maintenance and Dock Workers) and the Windsor Star,a. dìvisioii of CanwestPublications Inc., effective Januar 1, 2008.

35. Mailer and In,erter Contrct between TNG CanadalCWA Union No. 30553 and the

Windsor Star, a division of Can west Publications Inc., effective Janwuy 1,2008.

Quebec 36. Memorandum Agreement between Montreal Gazette Group Inc., a Canwest Company and Montreal Newspaper Guild, T.N.G. - C.W.A. Local 30111 (Eitorial and Inside Newspaper Sales Unit), datecl August 18, 2005 and effective April 1, 2005.

37. Agreement between Montreal Gazette and Communications Workers of America (RSS), expirng June 1,2008 (ths Agrement is identical to item 36 above).

38. Memorandum Agreement between the Gazette, a division ,of CanWest MediaWorks Publications Inc. and the Montreal Newspaper Guild, Local 30111, effective March 4, , 2007.

39. MemorandUm. Agreement between the Gazette, a division of CanWest .Media Works Publications Inc. and the Montreal Newspaper Guild, Local 30111, the Newspaper GuldiCWA (Business Offce Unit), dated December 20, 2006 and effective July 25, 20Q6.

40. Memorandum Agreement between the Gazette, a division of Can west Publishing Inc. and Moritl'eal NeWspaper Guild, CW AlSCA Canada, Local 30111, effective June 2, 2008.

41. Memorandum Agreement between the Gazette; a division ofCanwestPüblishing Inc. and MontreaI Newspaper Guild, CW AlSCA Canada (Local 30111) (Classified Advertisement Unit), dated December 15,2008 and effective Januar 1,2008.

42. Memorandum Agreement between the Gazette, a division of Can West MediaWotks Publìcations Inc. and Teamsters/Graphic Communcations Conference, Local 41M, dated OCtober 3,2006 and effective August 6,2006.

43. Collective Agreement between the Gazette, a division of CanWest MediaWorks Publications Inc. (Composing Room) and Local 145 of the Communcations, Energy and Päperworkers Uniòn of Canada, dated April 29, 2008 and effective July 19,2006.

ASSET PiWHASE AÖREEMT TOR_.PZ:4S30068.7 1 A.o' .-. :.... 'U-. 312

SCßEDULE 7.6(3)

EMPLOYEELAvVS, .

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SCJlDULE 7."1(1)

LPBENEFITPLANS

PenstrmPlans and 1. Canwest Publications Inc; RetÙ'ement Plan, FSCO Registration No. 1077049 (DB, DC Component to be effective May 1,2010).

2. CanwestPensiolI Plän fot VanC'ôUvet Island EmpIQyees,B.C. Registration No. P086435

and (DB DC);

Plan, :FSCORegistration No. 1077ò64 (bB). 3. . Canwest Windsor Star GroupInc..Pe11ion

4. PenSIon Plan for the. Employees of the Saskatoon Sta Phoeníx and the R6gina Leader- Canada Revenue Agency Post; Saskatchewái Registration No.. P.91280 (DC). Registration No, 107567Q.

5. PensiönPlan for Employees of Canwest Interactive Inc., FSCO Registration No.1 0 19660 (DC). Cløsed to New Members.

No. GAl 0027, Adnúnistrative Contract No. 66323~G. _ 6. LowerMairuandRRSP. Policy

1. National Post Retirement Plan - FSCO Registration No. 1075928 (DB).

Benefi Plans.

.8. Canwest Publishing Inc.. Hospital and Major Medièal -Plan, Manulife Financîal Contract Number ASO 84335; 8433S-A, 84335-B.

9; Canwest Publishing Inc.. Denta Plan, Manulife Financial Contract Number ASO 84336, 84336-A,84336.B.

10. Canwest Publishing Inc. Retiree Life Insurance, Manulife Financial Contract Number AS084343,84343-A, 84343~B.

Pla, Manulife Financial Contract Number 1 i .CanwestPublishing Inc.. Retiree Medical

ASO 84344, 84344-A, 84344-B.

12. Canwest Publishing Inc. Hospital, Major. Medical and Dental, Manu1íteFinancial Contract Nu.:nber ASO 84344.

13. Canwest Publishing Inc. Weekly Indemnty, Hospital and Major Medical, Manulife Financial Contract Number ASO 84337.

14. Canwest Publishing Inc. Dental, ManulifeFinancial Contract Number ASO 84338. 15. Canwest Publishing Inc. Group Benefits Policy for Life, Accidental Death & Dismembeiment, Dependent Life, Manulife Financial Policy Number GL & GR 39093, 39093-A,39093-B.

ASSET PuCHASE AGREEMNT TORJ'2Z:4530068.7 ..vU1 ¡; 0 314 . - 2.

Employee Optional Life; SpouslU Hi. Canwest Publishig .Irë. 'Group Benefits Policy for OptionaLifeand:Dependeiit Optional Life, Manulife Financial Policy Number GL 39094, 39094-A, 39094-B. - .

17. Canwest Publishing Inc. Group Benefits.Pûlicy for Voluntar Accidental Death & Number GH 39095, 39095-A, 39095-B. Dismeinbenneritl Manulife Finacial Policy

Travel Accident (Accidenta Death & 18. Canwest Publishig Inc. Group Benefits Policy for

Dismemberment), Manulife Financial Policy Number GH 39096, 3'9096..A, 39096-B. Long . Term Disabilty, Manulife 19. Canwest Publishing Inc. Group Benefits Policy. for Finarcial Policy Number GH 39097, 39097-A, 39097-B.

20. CanwestPubli~hing Inc. Group Benefits Policy for QptionalLong Term Disabilty; ManulifeFinancial Policy Number GH39098, 39098-A, 3;9098..B.

21. Sun Life Financial i;ong Ter Disabilty, Policy Number 083448.

22. PNG SelfInsured LTD PLan

23. Lower Mainland Publishig, Group Benefits Policy for Basic Life, Optional Employee and Dental, Sun Life' Life, Optional Oependänt Life, AD8iD, Weekly Indemnty; Health Financial Contract PQl;cy'Nwnber83448.

of Can west Publishig Inc., Group Benefits Policy 24. Pacific Newspaper Group~ a division for Extended Healtb.care , Pacific Blue Cross.ContraCt Index 00197.

Benefits Policy for 25. Times Colonist, a division of Canwest Publishing Inc. Group Dental, Pacifc Blue Cross Contract mdex06884. Extended Healthcare and

26. Southam PublisÌig(B.C.) Ltd. and subsidiar or affiliated companies. Group Benefits Policy for Extended Healthcare, Pacifc Blue Cross Contract Index 05400.

27. Campbell Rivet Courier, a diVision of Canwest Mediaworks Publications Inc., Group Benefits Policy for Extended Healtb.care, Pacific Blue Cross Contract Index 00936.

for War Risk coverage SR.ß 9029962. 28. CàIwest Publishlg Inc. Charis Policy

Malti.Emplover Plans pursuant to that theLP Entities are required to contribute are 29. All Multi-Employer Plans

collective agreements including but not limited to the foUowingPacificBlue Cross plans: (b) Campbell River- (a) Nanaio -Dental and Extended Health -Division 033315; Health - Diyision 033303; (c) College Printers - Dental and l)entaLfmd EXtended Extended Health- Extended Health - Division 0:33305; (d) College Printers - Dental and

DiVÌsion041192; (e) Victoria Times ~ Dental and ExtendedH:eath - DMsion0:33324;

and (h) Victoria 'times- Dental-Division 000402.

ASSET PURCHASE AOREEMENT

TORJ)2Z:4530068.7 ..vv1 ¡; n .315

. SCii~ULJJ7.7(9)

POST ~RE'lMENT:BENEFITS

1. Canwest Publishing Tiic~ Retiree Life fu:uance, ManWifeFinancial Contract,Niuber AS084343, 84343~A, 84343~B'.

Manulife Fin.cialContrct Number 2., CanwestP1.lblîsbig1\8084344, Inë. Retiee,Jvledca1llan, '84344-A;8434LB. .

3. Tl;e pension plan andRR8l plan listed on Schedule '7 :7(1). under "PensI.on Plan".

4. Retiree Life for the frrst4 years of Retement .fallunderPdIicy 39093, 3909~-A, 39093- B with a:teducIìg life schedule.

ASSET PURCHASB.AO'RBMENT TOR_P2Z:4530068.1 lGJ

3.16

SCH:DlJE 9.13

HOLD CO SHA PROVISIONS

SCHEDULEATO ARTICLES, OF AMENDMENT

common shaes to be The Corporation is authorized to issue. an unlimited number of votig

designated as Class C voting coinon shares and an unimited number oflimited voting c(munon

shares to be designated as Class NC limited voting comm()tl shares. The ,rights, priviIeges, restrictions and conditions attachig to the Class C voting C()incin shares and the Class NC limted votig common shares are as follows: . 1. INTERPRETATION

1.1 Definitions

For puroses of the Arcles, the following terms have the followig meanngs:

(a) "Affiiate" of a person means any person that directly or indirectly controls, is controlled by, or is under common control with, ~at person;

(b) "Aggregate Votes" means the aggregate of the votes attached to all issued and outstading Votig Shares of the Corporation that may ordinarily be cast to elect ditectors of theCol'poratíon;

(c) "CBCA" means the Canada Business Corporations Act, R.S.C., 1985, c.C-44, as the same maybe amended, supplemented oneplaced, from time to time;

to time under the (d) "CBCA Regulations" meas' 'aly regulations promulgated frm time CBCA;

(e) "control" of a person by .another person means the second person directly or indirectly possesses the power to direct or cause the direction of the management and policies ofthe any other first person, w):ether through the ownership of securities, by contract or by means and "controlled by" and "under COmnon control with" have corresponding meanngs;

(f) "Conversion Period" means the perod of time commencing on the Offer Date and témiinatìngon the Expiry Date;

(g) "Converted Shares" means V óting Common Shares resulting from the conversion .of Limited Voting Common Shares into Voting Common 8harespursuant to paragraph 3.5(b)(); the Corporation; (h) . "Board of D.irectors" meâ.S the board of directors of

a Voting Common Share Offer, made by an Offeror that: (i) "Exclusionary Offer" means

of a stock of requirements of applicable securties legislation or (i) must, by reason exchange on which the Voting Common Shares are listed; be made to fll Or

ASSET PURCHASEAGREEMNT TOILP2Z:453068.7 ~1 cU.1 .~.

,317 . -2 -

substantiaiiyall of the tiolders of Voting C01Don Shares who areina province

Qr terrtory of Canada to wJichsuchréquìremeIlts apply; and . Liited Votig Common (ii) is nøt made concurently with an offer. to p:ucliase the Shares at .a price equa to the Dffer Price and tht is iQ(mtícal to the Votig outstading shares of each Common Share Offer in temi of the percentage of

class to be taen up (exclusive of shares of each classownedirediately before

the offer by the Öfteror) and the form or fonns ofconsideratiön offerëdiid Ina1 conditions to the Offeror's other m.ateñairešp~cts (exc;ept with. respect to the Shars that:m.aybeawiched to obligaûbn to take up and pay for Votig .common the 'Voting: Common ShateOffer); and that has no condition attached other: than

the iigli not tö: take' up and pay for Li:ted Voting Comron Shares tendered if nO Voting CøïDon Shares are plUchased under the V ötIg Common Share Offër. of Votig CoIlon Shates.niay 0) "Expiry Date'" mean the last date on which holders accept an Hxclusionar Offer in accordance With its terms;

(k) "l1'A" mews the Income Tax Act, R.S.C., 1985, c. i (Sth Supp.),as the same may be amended, supplemented or replaced, from time to time;

(1) "Limitèd Voting Common Shares" means the Class NC limted voting common slues ùithe share capital of the Corporation; a citizen or s-ubject ora (in) "Non..Canadian"rneans a 'Person who .is, or is controlled by, cOUD!r other than Canada; .

an Exclusionar Offer is made; ;~' (n) "Oifer Date;' meanstbe date On which

offer to purchase Votig Common Shares,and -/ (0) '~Otfer()r" means a person that makes an

ircludesany Affliate or "associate" (as defined in :the C13CA) ofsuc)i p~tsc)norany such offer to be acting oiler person that is disclosed il the offeringdocumentrelatìng to

. joi.nt1yor in concert with such first meritionedperson, but exc1udesthe Corporation;

per ,share offered for Voting' Co:ron Shares under a (P) "Offer Price" meMs the price Voting Cornon Share Offet;

(q) "pers9n" includes an. individual, corporation, partership, unnCOrporated organization, associaton, entity, governent or agency thereof, trtee, executor, ad.inistriitorand other legal representative;

(r) "Re-Conversion" has the meaning given to it in pa:agraph 3.5(b )(üi)(C); and the registrar of the Votig Shares of the (s) "Transfer Agent" means the transfer agent Corporation and~ in the absence of a transfer agent, n1.eans the.Corporation;

means an offer to purchase Voting Common Shares a:d (t) "Voting Common Sbare Offer" purchase Voting Common includes .any amendment or variation to a previous offer to

Shares except an amendment or variation comprised solely of a change to the condiÜons to the Offeröi'~ s obligations to take up and pay for Voting Common Shares attached to the Voting CoIiori Shäre Offer; ASSET PURCHASE AGREEMNT

TOR_piz:453Ò06g,.7 ..o~1 ('..¡ 318 - 3 "

(u) "Votig Common Shares!! lteanthe Class ç votig coi.onshares in the sharecapita of the Corporation; an .

(v) ¡'Voting Shares" mean the Voting Common Shares and, the Linited Voting COIlon Shan~s in the share capital of the Corporation and includes anysecu,ty cuently convertble into imy such share. and curently exercisable options and :rights to acquire any such,share or aiy such convertble security.

1.2 Undefined TerlÏs

All terms used herein that are not defied herein shall have the meaings ascribed to them in the CBCA,. Any provisionhereii sh,all bereaçl So as to be consistent with the c;BCA. 2. VOTtNG COMMON SHARES

Subject to the rights, privileges, restrictions and conditions which .attach to the shares of any other class, the Voting Common Shares, as a class, shall have attached thereto the follciwing rights, privileges, restrictions atd conditions.

2;1 Voting

The holders of the Voting Common Shares shall be entitled to receive notice of and to attend all meetings of shareholders of the Corporation; except class meethig!\ of other classes of shareholders, and at all.such meetings shall be entitled to one vote in respect of each share held by such holder.

2.2 Di'Vidénds, and Distributions

Subject to applicable biw, the Board of Directors inay at any tie or wmtie to time declare non-cumulative dividends to the holders of Voting Comnon Shares. in such amounts ästhe directors at Slch tii:e OJ. times determine, out of inoneys of the Corporation properly applicable to the payment of dividends. The Voting Common Shares and Limited Voting Commpn Shares shall ran equally as to dividends on a share for share basis aid l:l dividends di:clared in. any fiscal year of the Corporation shal be deClared in equal amounts per share on all Voti distÌnëtiön;Common Shares and Limited Voting Common Shares then .outstanding, without,. preference or

2.3 Subdivision or Consolidation No $ubdivisionor comolidtttion of the Voting COIlon Shares shall occur wùess, siiultaneoùsly, the Voting Coinon Shares and the Limited Voting CommOn Shares are subdivided or consolidated in thesam.e maner, so as to maintain and preserve the respective rightso:fhehöJders of the shares of each of the said classes.

204 Liquidation, Dissolution. or WindÙ1g-up

In the eventoftle 1iquidatÎon,diss.ol:utionor winding~up of the Corporation or other distribution of property or a.sets of the Corporation among ìts ,shareholders Jor the purose of windîng-'up itS affajrs, theholdersof the Voting Cömmon Shares and the holdel's of the Limted VoUng

ASSBT PiiRCliSsAQRMEN' TOR':P2:4530068,7 ..U01 1.:'::'

319 - 4-

and sh~e alike;witMu.t any fuerpreference or'distiictiön;Coniön SharesshaIlparcipata. rateablyi share . 2.5Con.version

(a) Automatic Any jssuecl imd outstani;Ìlg Votig Common Share slil:b~converedìntQ one Limited Voting Common Share, autorraticaly and withoutanyflher act of the çoi:oration or the h.older; if such. Voting Common Share is or becomès beneflciR1ly owned or aontrgUed,i;iteety or iI1dh:ectly; by a Non-Canadian.

(b) ,optional CònversioIi A holder ofVötingCommon Shares shall have the option at any time to convert some or all of such shares into Limited Voting Shares on a one-for-onebasis. This. conversion tight may be exercised by notice in wrtig given to the Transfer Agent, accompanied by of which the certificate or certificates representing the Voting Corron Shares in respect the holder thereof desires to exercise such right of conversion. Sucb notice must be signed by the holder or its duly authorized attomeyand must specify the nuniber of

Votig Common Shares which the holder desires to have converted. If less than all the

VotingCo:ron Shares represented by any certificate or certificates accompanying any such notìce are to be converted, the holder, wil beentit1ed to receive,a:t the expense of the Corporation, a DeW certficate representing the VotingComion Shaes comprised in converted. On the Cèi:.ificateor certficates sutenderedas aforesaid which are not to be any cönversiotlofVotig CO:tonSharës. the shi:e certificatestepresentingthe Limited VotÍg CornmøhShares resulting therefrom wil be issued in the n.ame of the holder of or,. subjec to payment by the holder of any stock the Voting Co:non Shares converted direct in transferor other applicable taxes, in the name of such person as the holder may Common Sha¡:es to convert the same into writing. The right of a holder of Votig deemed to have ,been exercised, and the holder Limited Voting Common Shares wil be person inwhose name such holder of öfVoting, Common Shares to be converted (or any Voting Common Shares wil have directed certficates representing Lliited Voting

Common Shares to be issued)' will be deemed to have become a holder of Limited Votil1g Coi'on Shares of record for an puioses on the date of surender of the certificate representing the Voting Common Shares to be convered. accompaned by notice iIi

wrting as referred toabo:ve, notwithstanding any delay in the delivery of the certificate

representing the Limited Voting Common Shares into which such Voting Common

Shares have been converted.

3. LIMTED VOTING COMMON SHAS

Subject to the rights, privileges, restrictions and conditions which attach to any other class of

shaes, the Limited Voting Conuon Shares shall, as a class, have the following rights, piivìleges,resti'ictions and conditions:

3.1 Voting

ASSET PURCHASE AOREEMN1 TORj2Z:4530068.7 "'v1 i.:: ...: ,~ 320 - 5 -

The l;olçlers. of the:Liited Voting Conion Shares shan be entitled to receive notice of and to the Corporation, except class meetins pf other classes of atendshare.holdel's. a11,n:eetigs of ~haeholders of '...... vote pi:r Limited Voting Common Share, .The LimtedVotig CoinotiShar. shalcar one. uness:

.(a) the nu;ber. of issued' àidoutstadingLimìü~d Voting Common Shares exceeds 49.9% of th~'total number.of all lssned and outstading Voting Shares; or

or on behalf of holders of LÌritèd Voting . cast by the tota number öfvotes tlat may be (b) , COnUon Sbarespresen.t at anymeetìng .of holders of Voting Shares exceeds 49.9% of the tota nwnber of votes that may be cast by all holders of Voting ShareS present and , entitled to vote at such meetig.

If either of the above..noted theshplds is surassed at any time, the vote attched to each Limited Voting Common Share will decrease automatically and without funher :ictor formality, to equal ihe m~imum peinttedvote per Limitecl Voting Common Share:as indicated below. Under the circumtane described in subparagraph (a) above, the Limited Voting Conion Shares as a class canot car more. than 49.9% of the Aggregate Votes. Under the circumstace described a class caiot, for the Limted Voting Coinon Shares. as in subparagraph (b) above, the . voteS that can be applicable sharholders'i:eetÎiig, caryinorethan 49.9%ofthetötal number of cast atthe meeting.

3.2 ,Dividends declare Board ofDitectors may at anytime or from time to time Subject to applicable law, the

non-cumulative dividends to the holders of Limited Voting Common Shares in such amounts as the dhectors at such .time or times determe, out of moneys of the Corporationproper1yand Limited Voting applicable to the payment of dividendS. The VotiIlg Common Shaes all dividends CommòtiSharssha,l tän èqually li to dividends ona share for share bâSis and declåredih any fiscal year òftlie COl'pöráti'on' shàl be declared in equål amounts pershá on all Common Shaes then outstanding) without Voting Common, Shares and Lìmited Voting preference ordistinctìön.

3.3 Snbdivision or ConsQlidatil)n

No subdivision or consolidatìon of the Limited Votig Common Shaes shall occur uness, simultaneously, the Limited Voting Common Shares and the Voting Common Sharesrights are subdivided or consolidated in the same maer, so as to maintain and preserve the relative the shares of each of the said classes. . of the holders of

3.4 Liquidation, Dissolution or Wimling-up

In the event of the ltquidation, dissolution .or winding-up of the Corporation orotherdistr.bution purpose of windig-up its of propery or assets of the Corporation among its shareholders for the affairs, the holders of the Voting Common Shares and the holders of thefurther Limited preference Votig Cornon Shares shall parcipate ,rateably, share and share alike, without any or distinction.

ASSET PURCHASE AGREEMENT

TOR_P2Z:4530068.1 ..001 r: ~ 321 ~ 6.

3~S ,Conv:ersiml .

(d) AUiQ$tic

Ea.ch issued and outstadigLlinited Votig Colloii Share shall 'beautömatica1y convertedìitoQne Voting Common Share withputany fuetact on tne päiöf thé COi'oration or o:(tlieholder, if:

Share .is or becomes beneficialy owned and (i) suoh Limited Votig Common controlled:, directly or indirectly, by å person. tht is not a Non-Ciiadian tiess such Limted Votiig coDíCin sha.e resultedfromtheexercise of á right de$cribed . in seëtion2.5(a); or not (H) (A) the provisions contained in section 19 of the ITA are repealed and replaced with other simlar provisions in the ITA or other applicable legislation; provincial law applicable to the and (B) there is no Candian federal or Corporation prescijbed for the puroses of subsection 46(1) or paragraph 174(1)( C )ot the CI3CA or any other simlar provision in the CBCA or the CBCA Reguations.

(d) Upon the Makg ofan Exclusionar Offer

(i) Conversion Right

Upon themåkg ofRtExcluskinar Offer, a holder of Liinited Voting COIIon Shares has.ileright;at the holder's option, at 'any time durng the Conversion

. ,',; Period to convert ali or a par of i:uch Limited VotingCoinon Sharesonthe

teJJS ard conditions set forth herein into frl1ypaidand non-assessable Voting .;~ .;~:. Common Shares on the basis of one Voting GommonShRte for each Limited

Voting Common Share so converted.

(ii) CÖi'J.liersionProcedure

The conversion right provided for in paragraph 3.5(b)(i) may be exercised by notice in wrting given to the Transfer Agent, accompaned by the certficate or

certificates representing tbê Limited Voting Common Shar.es in respect of which

the holder thereof desires to exercise such right of conversion. Such. notice must

be signed . by the holder or its duly authorized attorney andlJustspecify the

number of Limited Voting Common Shares which the hold,er desires to have

converted. If iess than all the Limited V ptingCommçm Shares represented by any certficate or certifcates accompanying any such notice are to be converted, the

holder wíl be entitled to receive, at the expense of the Corporation, a new certifcate representing the Limited Voting Common Shares comprised Ìn the certcate or certficates surendered as aforesåid which are not to be converted.

On any conversion of Limited Voting Comron Shares pursuat to the right in

paragraph 3. 5 (b) (i), the share certificatês represetiting the Converted Shares will be issued in the name of the holder of the Limited V citing Comiôti Shares.

converted. The right of ahölder of Lirrted Voting Common Shares. to convert the'saieitíto Voting Common Shares wil be deemed to ha'Vé beenexercísed, and

ASSET PURCHASE AGREEMNT TbRj2Z:453006š.7 ..vu1 C: (",

322 - 7-

the hold~r .of Linted V Qting ConiönShares to b~ converted will be deemed to have become a holder ofVoting Common Shares ofrecora' for all puioseson the date ~f surendet .0£ thecertfi(late represeÌ:tig the Lii:ted Vötiùg 'Comnon: Shares'to be.convèrted,accoinàted bynótic'e. in w.tin.gsgreferred toRPove; notwthtandfg any delay in the. deHvery of the certficate representig the Votig:beeri Common convened;Shares Jnto whìchsuch Limted Voting. . CO;r9!l Sha.es have

,(üi) Fuer Elections

. An, dectionpya holder of Linted 'yoUng Common Shares to exercise the collversionright provided for in paragraph 3.5(b)(i) shal also constitute irrevocableelect1ons by such holder: . .

(A) . to deposit the Converted Shaes under the Exclusionar Offer

(subject to such holder's right subsequently to withdraw such Cônverted Shares from the Exclusionar Offer in accordance with thetetis thereut and i,pplicable law); .

(B) to appoint a Canadian trustee (as desigited by the' CorporatiQn) I; the agent, attorney .and attorney-iidact of the holder ii respect .Qf the Converted Shares, with ful power of substitution, (such power

of attorney being coupled with an interest, being irrevocable) to, :i

the name. of, an on behalf of, the holder. during the Conversion . . Penod,vote such Converted Shares at any meeting or meetings (whether anual, special or otherwse) of holders of Voting Common Shares, and to revoke any and all otherauthority~ wkether as agent, atto,rneYiattomey~i;-fact; proxy or otherwie, cQiierrecl Qr a:greecl to 1;e c;()nferred by theholderat anytime with respe~t to the Converted Shares' or aty of them and to. covenant

that nO$uhsèqueIìt autlority, whether as agent, attorney, attorney- ii1~fäct, proxy or otherwse, wil be granted with respect thereto by or on.behalf.oftne holder; and

(C) to exercise the right (which .rightis hereby granted) t.o conver (the result of such ,exercise, a "Re-Conversion") il':toLinted Votig Co:tQn Shares all Converted Shares in respect of which such hotderexercises the holder's right of W;thdrawal from the Exclusionar O;fer or which are not otherwse ultiinatelytaken up iid paìci fOf'ílnder the Exclusionar Offer, and any Re-Conversion shall be. o.n the basis of one Limited VotingCoimQn Bhare for each Co.nverted Share in respect of wliçhthe Re-Cönversion occurs.

(iv) Re-Conversion Any Re-Conversion iii respect of Converted Shares which have been withdrawn from the Exclusionar offer shall be effective at thetinie the right of withdrawal

ASSET PuCHASEAGRBEM TOR~P2Z:4S30068;7 ..v1 C:.. ,.1,

323 ~ 8..

not is, exercised. Any Re-Conversion Înrespect of CouvertdShares Which have shall be effective: beentf,en upãn4paidforunderth:~Excll;sionWy Offer all the Votig (A) inrespec:t . of. an Exclusionary Offer for less than Common Shaes which is c!'mpleted, liediately following the time by wmch the Offeror is requid under applicable securties legislàtion to tae. up and pay fbi all shares to be acquirëd by the Offeror under the Exclusionar Offer; and

(B) in respect of an Exc1usionär Öffët which is abanoned or withdrawn, at the time at wmch the Excli.ionar Offer is abandoned or withdrawn.

(v) Deliveries

No share certificates representìng Converted Shares shall be delivered to or to the order of the holders thereof before such shares have been deposited under the Exclusionar Offer, and the Transfer Agent, on behalf of the holders of the

Converted Shares, shalLdeposit, and the, holders of such shares shill be deemed to

håve lrrevÖCàbly authorized and directed the Tranfer Agent to deposit, under the Exclusionar Offer, the certficate Or certficates represënting the, Converted

Shares. Upon completion of the Exclusionar Offer, the Transfer Agent shàl

': -~;.' deliver or cause to be delivered to the holders entitled thereto all coiisideration paid by the Qfferar under the Exclusionar .Offer in respect of Converted Shaes. Qnany Re~Conversion, the Tranfer Agent shall deliver to each holder entitled thereto a 'share certficate representing the Limited Votig Common Shares resultig from the Re-Conversion. The Corporation shäll m.ake all arrangements with the Tranfer Agent necessar or desirable to give effect to ths paragraph 3.5(b)(v).

(vi) Notice As soon as reasonably practicable after the Offer Date. the Corporation shall mai;

by prepaid first class mail, to each holder of Limited Votig Common Shares a

notice advising such holders that they are entided to convert their Limited Votig

Conuon Shares into Voting Common Shares under paragraph 3.5(b)(i)and the

reasonS therefor. Such notice shall:

(A) iJiclude a description of the procedure to be followed to effect the conversion and to have the Converted Shares tëndered under' the Exclusionary Offer;

(B) include the infonnationset out in paragrapli 3 .5(b )(iii) (A)-(O);and

(0) bë accompanied by å copy of the Exclusionar Offer and all other material sent to holders of Voting COIlon Shares in respect of

the offer, and as soon as is reasonably practicable åfter any additional matel'al, including a notice of variatíön, is sent tö the holders of Voting Common Shares in respect of the offer, the

ASSET PURCHASE AGREEMENT TOR_P2Z:4530068. T ..'Gû1 n () 324 - 9-

Corporation shall. send. a copy of such additionálmaterial toea:ch ~older of Limited Voting Common Shares.

(vii) Press :Release

Before or fortWith afer sending aIy notice referred tom paragraph 3.5(b )(vi); the Corporation shall cause a press release to be issed to a Canadiannatiqnal news wire servi.ce describmg the contents of1:e notice. 4. .CONSTRÁINTS' ON OWNRSlß OF SHAS

The provisiotiset out in Appendix J to theseshareprovisions shal beappIica:ble to the Voting

Co.ron Shares and the Lin;ted Votig Common Shares and shal fomi par of these share provisions.

ASSET PLßlCHASßAORE~NT TOR_P2Z:4S~0068.7 ~vJ1 ~ Cì

.32.5 .10,. l.l,ENDIX l-RESTRCTipNSON. SH OW'RSBIPAND.SHARE TRASFERS

1. CONSTRATS ON OWNERSHIP OF SHARES

1.1 Voting Common Sbiircs The Vonng Common Shares. may omy he beneficially owned and controlled, diectly or indirectly. by persons that are notNon-Canadians.

102 ITA Constraínts

The Board. of Directors may refuse to permit registration of a trähsfer of any share in thecapital of the Cotporation that would, in the opinion of the Board of Directors, jeopardize the status of the newspapers and pei:lodicals published by the Corporation as Canadian newspapers or periodicaÏs withn the meaning of section 19. of the ITA.

1.3 CBCAConstraints

Tn the event that any Cändián federál or provincial legislation applicable to the Corporation shouldbecöme prescribed for the pUroses ofsubsebtion 46(1) or paragraph 174( 1 )(c) of the CBCA or ary other siini1arprovisíon in the CBCA or the CaCA Reguations, these provisions shall be read as if they included additional constraints that assist the Corporation or any of its

Affliates or associates (within the rtemigofthe CECA) to qualify under such prescribed law to receive licenses, pernits, grants;payments or other benefitS 'by reason of attÌIig or maintaining a specified level öf Canadiâl ownership or control. Such specifiëd level of CiUadiM ownership or control shall be the level of Canadian ownership or control designated by such prescribed law of Canada or a province.

1.4 Joint Ownership

Where Voting Shares are beneficially owned or cotitrolled jointly bya person who is Non~ Canadian a:d another person or persons that is not a Non~Canadian,tle Voting Shares shall be deenied to be owned or controlled by the Non-Canadian.

1.5 Exceptions

(a) Nothing in these provisions shall be construed to apply in respect of Voting Shares of the Corporation that:

(i) are held by one .or more underwterssolely for the purose of distibutig the sh:ares to the public; or

(ii). are held by any person that is acting in relation to the shares solely in its capacity as an int~rre(Uaryín the payment of fuds or the clelivery of securíties~ orboth,hi connection with trades in securitiei and that provides centralized facilties for the clearing of trades in secunties.

(b) The constraints imposed herein do not apply to the extent that a person who is aNon- Canadian holds Voting Shares by way of security only and such holding byway óf securty only is evidenced in such form as may be prescribed by the by-laws or

ASSÊT PURCHASE AGREEMENT TOR";2Z:4530068.7 ..1 C.ï. 0 326 - 11-

resolutions ãdopted by the shareholders or ditectorsof the Corporation ard filed by such: h?lder with tte ,Corporation. . ..

1.6 Powers.ofD.Úeêtörs :"

(c) In the administration ofthese provisions, the Board of Directors shall enjoy, in addition to the powers set fort herein, all of the powers necessar or desirable, in their opinion, to

¿ar out the intent ancl purose hereof, includig but not. lirrted to all powers contemplated by the provisions relating.to constramedshare corporations in the CBCA and the CBCA Regùlations.

(d) The Board of Direêtörsmay, prior to the issuance of any Voting Shares or the registration or tranfer oranY V öthig Shares, require that there be. submittd to the Cotporation aid/ör to the Transfer Agent a declaration settng fo:rhthe tieof the person who Will own or control such Voting Share and whether or not such person is a Non,:Caiadian, as well as .

any such other inonnation as the BORrd of Directors c.ümtider relevat for the purposes of cletermng whetherthaipersonii¡ în compliance withtherestrctions on issue ortranfer of the Vottng Shaes,

(e) Neither any shareholder of the Corpoi'ationnor any other interestd person shall have any claim or action agaisttbeCorporation or against any director or offcer of the Corpration nor shall the Corporation have any claiin or action agast aiy diector or

offcer of the Corporation arsing out of any act (including any orrssion to åCt) pei;fori;ed pursuant to or in intended pursual1ce of these. provisions or aiy breach or alleged b:rtachof such pr()visions.

ASSET PURCHASE AGRENT TOR_P2Z:4530068,7 1 ¡~; .Ä , .. ,327

SCHEDuLE 10.1(6) REGULATORY APPROVA:

Competition Act Approval.

. "¡

ASSET PùRCllASE AGREEMINT TOR_PiZ:4530068,7

172

This is Exhibit "B" referred to in the

affdavit of Eileen Flood

sworn before me, this 5th

day of December, 2010. ~-L.tL ~ A Commissioner for Taking Affdavits ../01 ""'Î

c.: ASSIGNMENT AND AMENDING AGREEMENT

ths 10th daY,of June, THIS ASSIGNMENT AND AMENDING AGREEMENT is made as of 2010 (tlus "Assignment and Amending Agreement"). . BETWEEN': 7535538 CANADA INC.

("Holdco") - and.

CW ACQUISITION LIMITED PARTNERSffP

(the "Assignor") - and-

7536~21 CANADA INC.

(the'" Assignee") - and- ( CANWEST LIMITED PARTNERSHlP I CANEST SOCIETE EN CÖMMANDITE \

("Canwest LP") - and-

CANWEST (CANADA) INC.

("Canwest GP") - and. CANWEST PUBLISHIG INC. I PUBLICATIONS CANWEST INC.

. ("CPI") - and-

. CANWEST BOOKS INC.

("Canwest Books", and coUectively with Holdco, the Assignor, ( j the Assignee, Canwest LP;Canwest OP and CPL, the "Parties")

TOR_HZO;Sl6l.73.S 1 í7 ~ .. , '1

("\

WHEREAS HoIdco, the Assignor, Canwest LP, Canwest OP, CPI and Canwest Books have entered into an Asset Puhase Agreement (the "Asset Purchase Agreement") dated as of May 10,2010 (the,,"Effective Date");

AN WHEREAS the Assignor wishes to assign the Asset Purchase Agreement to the Assignee;

AND WHEREAS the Paries wish to amend the. Asset Purchase Agreement on the terms and conditions set olit i.n ths Assignent and Amending Agreement~ THEREFORE in consideration of the agreements herein contained lind for other good and valuable consideration (the receipt and adequacy whereof is hereby acknowledged) the Paries agree as follows:

ARTICLE! INTERPRETA nON

1.1 Defined Terms

Unless otheiwise defmed in this Assignment and Amending Agreement, capitalized terms used in this Assignment and Amending Agreement shall have the definitions attibuted to them in the Asset Purchase Agreement.

C.' 1.2 No Strict Construction

The language used in ths Assignent and Amending Agreement is the language chosen by the Paries to express their mutual intent, and no role of strict construction shall be applied against any Paty. ARTlCLE2 ASSIGNMENT AND ASSUMPTION

2.1 Assignment and Assumption of Asset Purcbase Agreement

(a) The Assignor hereby transfers, sells, conveys, assigns and delivers unto the Assignee, its successors and assigns, and the Assignee hereby acquires and accepts, effective as of/the Effectve Date, aU of the Assignor's right, title and interes in and to the Asset Purchase Agreement.

(b) the Assignee hereby assumes the obligations of the Assignor under the .Asset Purchase Agreement, effective as of the Effective Date, and shall pay, keep, observe, perform and dischaige all of the terms. covenants, conditions, obligations . and liabilties of the Assignor thereunder,

.(c) From and afer the Effective Date (i) the Assignee shall be the "Purchaser" under the Asset Purchase Agreement and have all of the rights, benefits, obligations and liabilties of the "Purchaser" thereiider. and under any other agreements or . I documents required to be delivered pursuant to. the Asset Purchase Agreement c..."...~.,; .f 2 TORß20:Sl6117J.S ..1 i'l. Jr

(, . and shall be bound by the provisions thereof; and (ii) the Assignor relinquishes all of its rights and benefits and ìs released from its obligations and liabilties under the Asset. Purchase Agreement and under any other agreements or documents require to be deliverèd pursuant to the Asset Purchase Agreement.

2.2 Consent and Release

Each of the Pares consents to the assignent and assumption of the Asset Purchase Agreement by the Assignor to the Assignee as set fort in Section 2.1 above and fully releases the Assignor of any and all obligations and liabilties in respect of the Asset Purhase Agreement.

ARTICLE 3 AMENDMENTS 3.1 Amendments to Article 1

(a) The definition of "Equity Sponsors" contained in Section i. of the Asset Purchase Agreement is deleted and replaced with the following:

""Equity Sponsors" has the meaning given to it in Section 8.6(2)."

(b) The definition ot"Government Priority Claims" contained in Section 1, i of the Asset Purchase Agreement is deleted and replaced with the following:

""Government Priority Claims" means all Claims of Governmentiil C. Authorities in respect of amounts that are outstanding and that aro of a kind that could be subject to a. demand on or before the Final Disb'íbutlon Date (as defined in the CCAA Plan) under;

(u) subsections 224(1.2) and 224(1.) of the ITA;

(b) any provision of the Canada Pcnsion Plan or the Employment Insurance Act (Canada) that refers to subsection 224(1.2) of the ITA and provides for the collection of a contribution, as defined in the Canada Pension Plan, or employee's premium or employer's prcmlum as defined In the EmploymeJit Insurince Act.(Ciinada), or a premium under Part VII. I of that Act, and of any related Interest, penalties or other amounts; or

(c) any provision of provincial legislation that has a similar purpose to subsection 224(1.2) ofthe ITA; or that refers to that subsection, to the extent that it provides for the collection of a sum, iind of ¡my related interest, penaltles or other amounts, where the sum:

(I) has been withheld or deducted by a persoii from a payment to another person and is in respect of 11 tax similar in nature to the income tax imposed on individuals under the ITA; or

(ii) is of the same nature as a. contributJon under the Canada Pension Plan if the province is a "province (.j I providing II comprehensive pension plan" as defined

TOR-"20;S36177J,S 3 17G

( in subsection 3(1) of the Canada Penslon.P.Jan and the provincial legislatio/I establishes a "provincial pension plan" as defined iiJ that subsection."

(c) The definition of "Purchaser Established Benefi Plans" contained in Section 1. of the Asset Puchase Agreement is deleted and replaced withthe following:

""Purchascr Established Benefit Plans" has the meaning given to it In Section 5.2(5)." (d) The following definition is added to. Section 1.1 of the Asset Purchase Agreement:

''''Origlnal Equity Sponsors" has the meaning given to it in Section 8.6(1)."

(e) The following definition is added to Section 1. of the Asset Purchase Agreement:

""Second Amended and Restated Equity CommItment Leiter" has the meaning given to it in. Section 8.6(2)." .

(f) The following definiton is added to Section 1.1 of the Asset Purchase Agre~ment:

""Share ConsIderation" means that number of Common Shares of Holdco, rounded down to the nearest whole number, which is equid to the differencl\ C.. between:

(a) 13,000,000; and

(b) the aggregate of the Cash Elected Amounts in respect of all Proven Claims of unsecured creditors of the LP Entities who have made, or who havo been deemed to have made, a valid Cash Election in accordance with theCCAA Plan. divided by $11.54." 3.2 Amendments to Article 2

(a) Section 2.2(l)(c) of the Asset Purchase Agreement is deleted in its entirety and replaced with the following:

"the value ofthe Share Consideration as at the.Acquisition Date; and"

(b) Section 2.3(1)(d) of the Asset Purchase Agreement is deleted in its entirety and replaced with the following:

"the amount referred to In Section 2.2(1)(c) shall be satisfied by the issuance by Holdco, . at the dIrection of the Purchasel', to cpr of the Share Consideration; and"

(c) Section 2.4(l)(d) of the Asset Purchase Agreement is deleted in its entirety and replaced with the following: c.:~,

TOJ\H20:S36177i. 4

~ ...1 ¡iI''! .

C-,...... ;.:. "the Share Considotation to bß issued to CPI pursuant to Section 2.3(1 )(d) shall be distributed by the Monitor to unsecured creditors of the LP Entities (other than any unsecured creditors who hiive made or who. have been deemed to have made a valid Cash Election) in accordance with the CCAA Plan."

3.3 Amendments to Article 8

(a) Section 8.6(1) of the Asset Purchase Agreement is deleted in its entirety and replaced with the following:

"(I) Purchaser has firm commitments from lenders and/or other financing parties to providß an aggregate of US$700 mniion and $250 millon of debtand equity financing to fund. the cash portion of the Purchase Pricß. Prior to the execution and clelivery of this Agreemßnt, Purchaser or Its AffliatßS deliverßd to the LP Entitißsand the Monitor troß and complete copies of thß following commitment lettßrs evidencing such commitinents:(i) thß availabilty of committed credit facilities pursuant to an executed commitment letter (the "Debt Commitment Letter") datßd April 30, 2010 made by J.P. Morgan Securities Inc., Morgan Stanley Senior Funding, Inc. and JPMorgan Chase Bank, N.A. (collectively, thß "Lenders") in favour of CW Acquisition Limited Parership and Holdco, and (ii) equity commitments pursuant to an executed equity commitment letter (the "Equity Commitment Letter") dated April 30, 2010. madß by each of GoldenTree Asset Management LP, TD Asset Management Inc., Invesco Trimark Ltd., Halbis Distressed Opportnities Master Fund Ltd, Alden Global Distressed Opportnities Fund, L.P:, First Eagle Investment Miinagemßnt, LLC,1798. Relative Value Master Fund, Ltd., Seneca Capital (nvestments, LP and OZ CW Investments LLC (collectively, tne "Orlglniil Equity Sponsors") in favour of CW Acquisition Limited Partership and (.. Holdco. Thß commitments described in the Debt Commitment Letter and the. Equity Commitment Letter are not subject to any condition precedßnt other than the conditions expressly set forth therein. As ofthe date hereof, each of the Debt Commitment Letter and the Equity Commitment Letter are in full forcß and effect, unamended and is a legal, viilid and binding obligation of CW Acquisition Limited Partership and Boldco, the Original Equity Sponsors and the Lenders. As of the date hereof: (i) no amendment or modification to the Debt Commitment Letter or the Equity Commitment Letter are contemplated . (except to add additional Equity Sponsors), lind (li) as of thß date hereof no event has occurred which, with or without notice; lapse of time or both, would constitute n default or breach. on the pari of the CW Acquisition Limited Partcrship or Holdco under the Debt Commitment Letter or the Equity Commltmeiit Letter, respectively that would, in either (I) or (li), reasonably be expected to materially impair, delay or prOVßnt the consummation of the transactions contemplated by this Agreement. As of the date hereof Purchaser and Holdco have no reason to believe that they wil be unable to satisiy on a timely basis any term or condition of closing of the financing to be satisfied by ßither of them contaIned in the Debt Commitment Letter or the Equity Commitment Letter and neither Purchaser nor Holdco Is awarß of any fact, OCCUITenceor condition that would reasonably bß ßxpected to. cause either of such financing commitments to terminate or be ineffective or any of the terms or conditions of closing of such financings not to be met or of any impediment to the funding of the cash paymßnt obligations ofPurchiisßr in connection with the Acquisition." (b) The following provision is added as Section 8.6(2) of the Asset Purchase . Agreement: C.:'. ~: ;/ 5 TOIl_H20:SJ6177J,S ...1 'J0 U

Co~:..' 0.. "(2) . . . On Junel(),2!HO, Purqhiiser delivered to theLP. Entities and the Monitor a true and complete copy of the following .commitment letter amending and restating the commitments provided under the Equity Commitment Letter: (i) equity commitments pursuant to an executed. second ¡¡mended and restited equity commitment letter (the "Secontl Amended ami Restated Equity Commitment Letter") dated June 9,20\0 made by each of the Origln.al Equity Sponsors and each of SAN Capital Parters Master Fund, LP, Longacre Opportunity Fund,L.P., TIG Advisors, LLC, Troob Capital Management LLC, The Catalyst Credit Opportnity Master Fund, Ltd., Archview Investment Group LP, Marblegate Asset Management, LLC, Stark Master Fund Ltd., Stark Criterion Miister Fund Ltd. and Citigroup Global Markets Inc. (collectively with theOrlglna\ Equity Sponsors, the "Equity Sponsors") in favour of Purchaser . and Holdco. The conunitments descnbedin the Second Aiended and Restated.. Equity Commitment Letter are not subjec to any condition precedent other than the conditions erpressly set forth therein. As of June 10, 2010, the Second Amended and Restited Equity Commitment Letter is in full force and. effect, unamended and is a legal, valid and binding obligation of Purchaser and Holdco and, the Equity Sponsors. As of June 10,2010: (I) no amendment or modificatlon to the Second Amended and Restated Equity Commitment Letter is contemplated (except to add additional Equity Sponsors), and (ii) as of June 10, 20 io no event has occurred which, with or without notice, I apse of tIme or both, would constitute a default or breach on the par of the Purchaser or Holdeo Under the Second Amended and Restated Equity Commitment Letter that would, In either (i) or (ii), reasonably be expected to materially impair, delay or prevent the consummation of the transactions contemplated by this Agreement. As of June 10,2010, Purchaser and Holdco have no r(lason to believe that they wil be unable to satisfY on a timely basis any tenn or condition of closing of the financing to be satisfied. by either ofthem coiitained in the Second Amended and (,.. Restated Equity Commitment Letter and neither Purchaser nor Holdeo is aware of any fact, occurrence or condition that would reasonably be expected to cause such fmancing commitment to teiminate or be ineffective or any of the terms or conditions of closing of such financing not to be met or of any impediment to the funding ofthe cash payment obligations ólPurchliser in connection with the Acquisition."

3.4 Amendmcnt~ to Ai1cle 9

(a) Section 9.14 of the Asset Purchase Agreement is deleted in its entirety and replaced with the following:

"(I) Without limiting the generality of S(lctlon 9.2, Purchaser and Holdco will use their and wil oause the Equity Sponsors to use their conuercially rell0nable efforts to consummate the financing contemplated by the Debt Commtment Letter and .the Second Amendl1d and Restited Equity Commitmtmt Letter no later than the Acquisition Date.

(2) Purchaser and Holdco wil use commercially reasonable efforts to satisfY, on a timely basis, all covenants, tenus, representatons and waranties within their control applicable to Purchaser or Holdco in the Debt Commitment Letter and the. Second Amended and Restated Equity Commitment Letter and accommodate the financing provided tor under the Debt Commitm~nt Letter and Ihe Second Amended and Restated Equity Commitment Letter. C)

TOR_H2Ö:'36 177,' 6 _'I1 '70 V

('d.".. ,. (3) Purchaser and Holdeo wil use eonuercially reasonable effort to negotiate and enter into definitive credit or loan or other agreements and all other documentation with respect to the .financings contemplated in this Section 9.14 as may be necessary for Purchaser and Holdco to obtain such funds, on the basis described In this Section 9;14 . and otherwise on tenns and condltons no Jess favourable than those contained in the Debt Commitment Letter and the Second Amended and Restated Equity Commitment Lettr, and otherwi.se on terms and conditions which do not materially impair the abilty of Purchaser or Holdco to perform their obligations hereunder or to effect the Acquisition, as soon as reasonably practicable but in any event prior to August 15, 2010. Purchaser and Holdco wil deliver to the LP Entities corret and complete copies of such executed definitive agreements and documentation promptly when available and draft thereof from tIme to time upon request by the LP Entitles.

(4) Purchaser and Holdco wil keep the LP Entities informed with respect to all material activity concerning the status of the finahclngs refen'ed to in this Section 9.14 and wll give the LP Entities prompt notice of any material changewJth respect to any such financings. Without Iímiting the generality of the foregoing, Purchaser and Holdco agrec to notitY the LP Entities promptly if at any time prior to the Acquisition Date: (a) the Debt Commitment Letter or the Second Amended and Restated Equity Commitment Letter wil expire or be terminated for any reason; (b)(i) any event occurs that, with or without notice, lapse of time or both, would individually or In the aggragate,constitute a default or breach on the part of Purchaser or Holdco under any material tann or condition of the Debt Commitmel1(Letter or the Second Amended and ( Restated Equity Commitment Lettor or definitive agreement or documentition referred to in this Section 9.14; çir Oi) if Purchaser or Holdco has any reason to believe that it wil be unable to ~atlstY, on a timely basis, any term or condition of any funding referred to in this Section 9.14 to be satisfied by it, that ,In case of either (I) or (ii) would reasonably be expected to materially impair, delay or prevent the consummation of the transactions contemplated by this Agreement; or (c) any financing source that is II piirt to the Debt Commitment Letter or the Second Amended and Restiied Equity Commitment Letter (i) advises Purchaser or Holdco in writing that such soutce either no loilger intends to provide or !lnderwite any financing referred to ¡nthls Section 9.14 on the terms set forth in the Debt Commitment Letter or the Second Amended and Restated Equity CommItment Letter, lis applicable; or (li) requests amendments or waivers to the Second Amended and Restated Equity Commitment Letter or the Debt Commitment Letter, as appllcable, as a result of which it would reasonably be exp6cted that the transactions contemplated by this Agreement would be materially Impaired, delayed or prevented.

(5) Other than in connection with and as contemplated in this Agreement, none of Purchaser, Holdcoor any Equity Sponsor wil, without the prior written consent of the LP Entities, take any action or enter into any transaction, including any merger, acquisition, joint venture, dispositiQn. lease, contract or debt or equity financing, that would reasonably be expected to materially impair, delay or pr6vent Purchaser or Holdco obtainlng any ofthe tinancings contemplated by this Section 9.14. c....:......

TOR_HlO;lJ6I7l,l 7 löO

c (6) Purcliaserand Holdcc: Will not amend or alier, or agree to amend or alter, the Debt Commitment Letter or tne Second Amended and Restated Equity Commitment Letter or any definitive agreement or documentation referred to in this Seotion 9.14 In any manner that would reasonably be expected to materially impair, delay or prevent the consummation of the transactions contemplated by this Agrement, in each case withou.t the prior written consent ofthe LP Entities.

(7) If the Debt Commitment Lettr or Second Amended and Restated Equity Commitment Letter is tenninated or modified in a mAnner materially adverse to Purchaser's or Holdco's ability to compiete the trsactlons contemplated by this Agreement for any reason, !'i'chaser and Holdco wll use commercially reiisonable e.fforts to:

(a) obtain, as promptly as practicable, and, once .obtained, provide . the LI' Entities with a copy of, a new financing commitment that provides for at least the same amount of finanèing liS contemplated by the Debt Commitment Lettr iindlor the Second Amended and Restated Equity Commitment Letter, as the case may be, on a biisis that is not subject to any condition precedent materially less favourable from the perspective of thei.p Entities tbanthe conditions precedent contained In the Debt Commitment Letter, or the Second, Amended and Restated Eqult) Commitment Letter, as the case may be, and otherwise on terms and conditions' not materially less favourablo from the perspective ofthe LP Entitles; .

(b) negotiate and enter Into detmitive credit, loan or other (-. agreements and all required. documentation with such third partIes as may be necessary for the Purchaser to obtain such fuds (to the extent reasonably practicable, on terms and conditons not materially less favourable than the Debt Commitment Letter or the Second Amended and Restated Equity Commitment Letter,. as the case may be, being replaced) and on the basis described iii this SeCtion 9. i 4 and on terms and conditions consistent with such new financing commitment, as soon as reasonably practicable but in any event prior to August 15, 2010, and deliver to the LP Entitles correct and complete copies of .such executed definitive agreements and documentation promptly upon request. by the LP Entities;

(c) satisfY, on a timely basis, all covenants, terms, representations and wlIanties applicable to Purchaser or Holdco in respect of such new financing commitments and all other required agreements and documentation referred to in thJs Section 9.14(7) iind e~force Its rights ltder such new financing commitments and agreements and documentiition; and

(d) obtain funds under such financing commitments to the extent thisnecessary Agreement. to consummate the trsactions . contemplated by

For the avoidance of doubt, . nothing In tbis Section 9,14 shall. impose any restriction on or require any actIon by any of () the Lenders."

TO!\_"20;SJ6.77JS 8 _1 8-1.1

c 3.5 Amendments to Schedule 9.13

(n) Section 3.5(c)(i) ofSched1.e 9.13 to the Asset Purchase Agreement is deleted in its entirety and replaced with the following:

"sJch Limited Voting Common Share is or becomes beneficially owned and controlled, directly otindirectly, by II person that is not a Non-Canadiiin unless such Limited Voting common share resulted from the exercise of II right described In section 2.5(b); ott

ARTICLE 4 EFFECT ON THE ASSET PURCHASE AGREEMENT

4.1 Asset Purchase Agree~ent to Remain in Full Effect

Except as specifically. amended by tms Assignment à1d Amending Agreement, the Asset Purchae Agreement shall continue to be in full force and effect, without amendment, and Is hereby in all respects ratified and confirmed. The Asset Purchase Agreement shall henceforth be read and constred in. conjunction with this Assignent and Amending Agreement and references to the "Agreement" in the Asset Purchae Agreement orin any other document delivered in connection .with, or pursuant to, the Asset Purchase Agreement, shall mean the Asset Purchase Agreement, as amended hereby. If any of the terms or provisions of this Assignent and Amending Agreement or any portion of a term or provision hereof or the application of any ( term or provision hereof conflcts to any extent with any term or provision of the Asset Purchase Agreement or any .portion of a term or provision thereof or the application of any tenn or provision thereof, the terms and provisions of this Assignent and Amending Agreement shall prevail.

ARTICLES MISCELLANEOUS

5.1 Headings

The inclusion in this Assignment aid Amending Agreement of headings of Artcles and Sections are for conyenience of reference only and are not intended to be ful or precise descriptions of the text to which th~y refer.

5.2 Govcrning,Law

This Assignment and Amending Agreement shall be governed by and interpreted in accordance with the laws of the Province of Ontaro, and each of the Parties irrevocab(y attorns to the non- exclusive jurisdiction of the courts of Ontario.

5.3 SeverabiJty

If any provision of this Assignment and Amending Agreement is or becomes ilegal, invalid or / .i willunenforceable In anynot jurisdiction, theafect: ilegality, invalidity or unenforceability' of that provision '"_... 9 TOR_H20:lJ6I7J.l ..u_.., \.~.-, .)

c (a) the legality, validity or enforceabilty of the remaining provisions of this Assignment and Amending Agreement; or

(b) the legality, validity or eiiorceabilty of that provision in any other jursdiction. 5.4 Assignment

Other than one or more assignents by Purhaser to one or more Designated Purchaser(), which shall not require the consent of the LP Entities, no Party may assign ths Assignment and Amending Agreement without the prior written consent of the other Paries, which consent may not be wieasonably witheld or delayed. This Assignent and Amending Agreement enures to the benefit of and binds the Paries and theii respective successors and permitted assigns.

5.5 Further Assurances

The Partes shall do, make, execute or deliver or cause to be done, all such fuer acts and such further documents, instruents, agreements and things as may be necessar from time to time in order to give effect to ths Assignment and Amending Agreement and to car out the intent hereof.

5.6 Execution

This Assignment and Amending Agreement may be executed and delivered in any number of counterpars, each of whicb when executed and delivered is an original but all 'of which taken ( together constitute one and the same instrument. To evidence its execution of an origipal counterpait of this Assignent and Amending Agreement, a Par may send a copy of its Oliginal signature on the execution page hereof to the other Pary by facsimile or electronic transmission and such transmissions shall constitute delivery of an executed copy of ths Assignent and Amending Agreement to the receiving Pary.

¡Signature page follows.!

(j TOR_H20:il6173.i 10 ..üJ10r;

(

lN WITNESS VVREOF the .Parties have caused this Assigninent iind Allcndliig Agreement to be cxeciited by their duly authorized l'epi'eseiitntives as of the date 'first specified above.

'1 7535538 CANAU.i~)F ,,/

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(. . CANWEST LIMITED PARTNERSHI / CANWEST SOCITE EN COMMANDITE by its general partner CANWEST (CANADA) INC. By: Name: Title: . By: Name: Title:

CAN WEST (CANADA) INC.

By: Name: Title: By: ( Name: Title:

CANWEST PUBLISHING INC. I PUBLICATIONS CANST INC.

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r. \i"~: . CANWEST BOOKS INC.

By: Name: Title: By: Name: Title:

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() TOI\H20:5J6177J,5 13