Investor Presentation Forward-Looking Statements

This presentation includes information intended or deemed to be “forward-looking information” including in respect of the Company’s digital first strategy and initiatives and expected incremental annual revenue as a result thereof, transformation projects and related annual savings as a result thereof and our first quarter outlook. By their nature, forward-looking information and statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include, but are not limited to, competition from other newspapers and alternative forms of media; the effect of economic conditions on advertising revenue; the ability of the Company to build out its digital media and online businesses; the continuation of current print and online newspaper readership and circulation levels; the realization of anticipated cost savings; possible damage to the reputation of the Company’s brands or trademarks; possible labour disruptions; possible environmental liabilities, litigation and pension plan obligations; fluctuations in foreign exchange rates and the prices of newsprint and other commodities; and challenges related to operating as a stand-alone entity. A full description of these and other risks and uncertainties are set forth in the Company’s Management’s Discussion and Analysis for the period ended August 31, 2010 under the section “Risk factors”, which can be found at our website at www.postmedia.com and which section is incorporated by reference herein. Although the Company bases such information and statements on assumptions believed to be reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry in which the Company operates may differ materially from any such information and statements in this press release. Given these risks and uncertainties, undue reliance should not be placed on any forward-looking information or forward-looking statements, which speak only as of the date of such information or statements. The Company does not undertake, and specifically declines, any obligation to update such information or statements or to publicly announce the results of any revisions to any such information or statements.

No Representations or Warranties

While the information contained in this presentation is believed to be accurate and reliable, the Company makes no representation or warranty, express or implied, as to the accuracy, completeness or reliability of this presentation or the information contained in this presentation.

2 Postmedia Network

On July 13, 2010, Postmedia Network became Canada’s newest media company and the country’s largest publisher of paid English-language daily newspapers. The company’s assets also include community-based publications and 50 destination websites. Our award winning journalists capture important and engaging stories with words, pictures and video and publish them to a growing list of media platforms. Our brands reach more people in more ways than ever before and we believe the future of our digital growth areas and emerging technologies hold tremendous potential. We are focused squarely on the future and thinking differently about everything we do. We have assembled the best talent and expertise for our board of directors, executive team, and transformation committee. This high-caliber group is energized by the opportunities ahead and ready to implement a plan designed to maximize the return to our investors. As we work toward implementing our new strategy it will bring all of our operations in line with a digital-first approach. From the way we create content and interact with our audiences to the way we partner with marketers and leverage business relationships – it all centres on the opportunities that exist in a digital first and Postmedia world.

Paul V. Godfrey, C.M. President and CEO

3 Postmedia - Key Company Highlights

• Largest publisher of English-language paid daily newspapers by circulation in Canada LeadingLeading EnglishEnglish newsnews with marquee brands sourcesource inin itsits keykey marketsmarkets • Postmedia’s metro daily newspapers are #1 English-language dailies in terms of reach and revenue in each of the markets they serve

LargeLarge andand growinggrowing digitaldigital • Extensive portfolio of premium digital media and online assets mediamedia andand onlineonline businessbusiness • Number of unique visitors to metro newspaper websites has demonstrated growth

SignificantSignificant cost-savingscost-savings • Multiple cost reduction initiatives successfully completed in 2009 and 2010 opportunitiesopportunities • On-track to implement additional cost-saving opportunities in 2011

• Attractive margins and reduced capital expenditures drive strong free cash flow StrongStrong freefree cashcash flowflow • Enhanced stability through geographically diverse revenue base

• Key advertising categories such as auto and real estate are showing steady PositionedPositioned toto benefitbenefit fromfrom improvement economiceconomic recoveryrecovery • Cost initiatives position Postmedia to drive strong growth in profitability with economic recovery

Strong,Strong, well-respectedwell-respected • Strong management team led by Paul Godfrey, an experienced industry veteran managementmanagement teamteam • Board of Directors with extensive experience in the media sector

4 Well-Established and Trusted Brands

• Postmedia’s newspaper brands are woven into the fabric of the communities they serve, some for over a century • 10 daily metropolitan newspapers, which are each #1 in the markets they serve » Brands include the Calgary Herald, Montreal Gazette and Vancouver Sun • The National Post, one of Canada’s two daily national newspapers, focused on key urban markets • 26 community mastheads, serving areas of BC and Southwestern Ontario

5 Postmedia Network – Key Milestones

Subscriber/customer service call centre outsourced to Oct. 31 Dominican Republic – reduction of 126 FTEs

Reduction of 261 FTEs through voluntary & involuntary departures Oct. 30

College Printers facility in B.C. closed – reduction of 91 FTEs Sep. 30

Charlotte F. Burke Appointed to Board of Directors Sep. 24

Record high online audiences in first month of operations Sep. 22

Sep. 16 Integration of National Print and Digital Sales teams

Sep. 1 Postmedia Network unveils brand identity

Aug. 23 Alvin Brouwer Appointed President of Business Ventures

July 20 Wayne Parrish named Chief Transformation Officer

July 13 Postmedia Network completes acquisition of Canwest Publishing print and online assets

July 2 New company name announced - Postmedia Network Inc.

PostmediaPostmedia NetworkNetwork hashas executedexecuted onon importaimportantnt stepssteps towardstowards evevolvingolving itsits businessbusiness

6 Executive Team

A dynamic group of senior media executives with an average of more than twenty years’ industry experience Paul Godfrey, President and Chief Executive Officer • Served as President and CEO of the National Post, President and CEO of the Toronto Blue Jays • Spent 16 years with Sun Media Corporation, eventually taking the role of President and CEO • Served on the Board of Directors of Canwest from January 2004 until January 2009 Doug Lamb, Chief Financial Officer and Executive Vice President • Was appointed as EVP and CFO of Canwest LP in 2005 • 15 years of industry experience Kirk Allen, Executive Vice President Advertising Sales • 22 years of industry experience Kevin Bent, President Pacific Newspaper Group and Executive Vice President Western Canada • 16 years of industry experience Alvin Brouwer, President of Business Ventures • 30 years of industry experience Ed Brouwer, Chief Information Officer • 32 years of industry experience Gordon Fisher, President National Post and Executive Vice President Eastern Canada • 38 years of industry experience Malcolm Kirk, Executive Vice President Digital Media • 21 years of industry experience Wayne Parrish, Chief Transformation Officer • 38 years of industry experience

7 Board of Directors

A strong group of recognized leaders from media and business, members sit on both Postmedia Canada Corp. and Postmedia Network Inc. boards

Ron Osborne (Chairman) is also Chairman of the Board of Sun Life Financial Inc. and the Board of Governors of Massey Hall and Roy Thomson Hall. Mr. Osborne is a member of a number of corporate and community boards, including Sun Life Financial, Holcim (Canada) Inc., RioCan Real Estate Investment Trust, Brookfield Renewable Power Inc., Tim Horton’s and Canadian Media Fund.

Paul Godfrey is President and CEO of Postmedia Network. He is also the Chair of the Ontario Lottery and Gaming Corporation, Chairman of the Board of RioCan Real Estate Investment Trust and currently serves on various other boards including, Astral Media Inc, Data and & Audio Visual Enterprises (DAVE) Wireless Inc., Cargo Jet Income Fund and serves as Vice Chair of Baycrest Centre for Geriatric Care.

Charlotte F. Burke serves on the Audit Committee of the Board, and currently works with the Business Development Bank of Canada (BDC Venture Capital) helping Canadian entrepreneurs build global technology-based companies. Ms. Burke sits on a number of boards and advisory councils including the Board of Governors for Acadia University where she is the Chairperson of the Business School Advisory Board and serves on the audit and academic committees.

David Emerson serves on both the Audit and Corporate Governance & Nominating Committees of the Board, and is a senior advisor at CAI private equity. Mr. Emerson currently sits on numerous boards of directors and advisory councils, including the Prime Minister’s Advisory Committee on the Public Service, BC Premier’s Economic Advisory Council, Alberta Premier’s Council for Economic Strategy, and the Energy Policy Institute of Canada.

8 Board of Directors (cont’d)

John Paton serves on the Board’s Compensation & Pension Committee and is currently the Chief Executive Officer of the Journal Register Company in the United States which publishes more than 300 print and online products.

Graham Savage is the Chair of the Board’s Compensation & Pension Committee and also serves on the Audit Committee. He is recently retired as Chairman and Founding Partner of Callisto Capital, a merchant banking firm. Mr. Savage is currently a director of Canadian Tire Corp., Canadian Tire Bank and Cott Corporation.

Steven Shapiro serves on the Board’s Corporate Governance & Nominating Committee. He is a founding partner and portfolio manager at GoldenTree Asset Management, and is a member of its Executive Committee. Mr. Shapiro is a member of the boards of various corporate and not-for-profit entities, including Source Home Entertainment, Inc., the holding company of Source Interlink, Southern Community Newspapers, Inc. and James Cable, LLC.

Peter Sharpe is Chair of the Board’s Corporate Governance & Nominating Committee and also serves on the Compensation & Pension Committee, and is the President and CEO of Cadillac Fairview Corporation. Mr. Sharpe currently has board affiliations that include International Council of Shopping Centers, Sunnybrook Hospital Foundation and Multiplan (Brazil).

Robert Steacy is Chair of the Board’s Audit Committee and also serves on the Compensation & Pension Committee. He retired in 2005 after spending more than 16 years as the senior financial officer of Torstar Corporation. Mr. Steacy is a director and chair of the Audit Committees of Domtar Corporation and Cineplex Galaxy Income Fund and a director of CIBC.

9 Digital First Digital First – Today

Wherever, whenever

Revenue sharing iPad Apps launch with four marquee sponsors

Exclusive Canadian Partner

B2B Media monitoring, competitive intelligence, licensing

Journalists with Exclusive ad repping agreements video cameras

PostmediaPostmedia NetworkNetwork isis succesuccessfullyssfully executingexecuting onon keykey didigitalgital initiativesinitiatives todaytoday

11 Looking Ahead – Digital First Strategic Imperatives

• Build on success to date to accelerate development of new products that drive audience growth, increase community engagement and grow revenue » Postmedia Business Ventures »iPadApps » Mobile

• Align print and digital, eliminating historical silos » Community newsroom initiatives » Shift newsroom culture from once-a-day print deadlines to multiple platform, 24/7 content development » New tools and training including video cameras for journalists » Transforming the sales force - all reps selling print and digital products • Shift investment priorities from legacy assets to digital growth areas

StrategicStrategic initiativesinitiatives toto drivedrive digitaldigital revenuerevenue toto 20%20% ofof totaltotal revenurevenuee withinwithin fourfour yearsyears

12 Creating Community Newsrooms

Traditional Newsroom Interactive Community Newsroom

CommunityCommunity newsroomsnewsrooms buildbuild aaudienceudience participationparticipation andand increaseincrease inveinventoryntory loweringlowering thethe overalloverall costcost ofof contentcontent anandd drivingdriving audienceaudience growthgrowth

13 Larger/Higher Value Audiences Drive Revenue Growth

Increase Product depth • New content, functionality & segmentation to existing verticals / platforms Drive Advertising Revenue Growth Current Product Offering Deliver advertisers a broader, more engaged Drive reach, UVs and PVs audience, segmented by both geography (e.g. • Bring new content and value to neighbourhood) and topic (e.g. restaurants) new users • Greater targeting ability to command a • Bring additional content and premium CPM value to existing users • Ability to reach a larger audience, both locally and nationally • Alleviate forecasted inventory pressure Increase Product Breadth • New verticals / platforms with new content, functionality & consumer segments

DigitalDigital initiativesinitiatives drivedrive incrincreasedeased engagementengagement increasingincreasing auaudiencedience andand drivingdriving revenuesrevenues

14 Recent Digital First Business Initiatives

• Signed a deal with Oodle to be the exclusive seller of Facebook Marketplace in Canada • Launched an online Group Buying site on December 1st, called Swarmjam, to compete with “Deal of the Day” sites like Groupon, Living Social, etc. • Launching iPad apps in Q2 with four marquee advertisers • Launching new remnant inventory program on January 1st • Increasing video inventory through 3rd party contracts, citizen journalism and reporters • Launching online directories, the first being a Restaurant guide, planned for mid- December • Restructured national sales office on September 18th to ensure that all sales reps are selling and compensated for selling digital advertising • Developing plan to restructure local sales teams to focus on digital-only prospective customers

TheseThese initiativesinitiatives areare expectedexpected toto generategenerate $8$8 –– 10 10 millionmillion inin incrementalincremental annualannual revenuerevenue

15 Transformation Transformation Program

Wayne Parrish Chief Transformation Officer

Core Transformation Team

CEO Weekly Meetings

Transformation Committee 20-Person Transformation Working Group Bi-weekly Meetings

• Includes Local Transformation Leads from every division Board of Directors Quarterly Meetings • Transformation Leads liaise with publishers, senior management and staff of all levels to identify challenges, clear hurdles, provide interactive, two-way communication and evangelize entire process

DesignedDesigned toto transformtransform PostmediaPostmedia intointo aa flflexible,exible, nimble,nimble, aggresaggressivesive mediamedia company,company, focusedfocused onon deliveringdelivering itsits cocontentntent seamlesslyseamlessly acrossacross prprintint andand digitaldigital platformsplatforms

17 Transformation Projects

• To date, 23 transformation projects have been identified in two major phases » 4 projects under national rollout implementation – Ad Production, Content Management System, Classified Call Centre, Reach Call Centre » 16 projects under concept assessment and/or divisional rollout – Includes Editorial Pagination, AR Consolidation/Financial Restructuring, Outsourcing/Consolidation of Various Functions, Sales Restructuring, Circulation Strategy & Pricing/Audience Development, Newsroom Transformation » 3 projects under assessment review by Transformation Committee – Includes Real Estate Review, Strategic Asset Review • Phase I projects expected to be completed in FY2011 with estimated annualized payroll cost reductions of $35 to $40 million » Net annualized savings from these initiatives of $25 to $30 million after accounting for outsourcing costs

18 Industry Overview Canada/US Media Penetration Trend

• In Canada, newspaper penetration has remained relatively constant, whereas U.S. newspaper penetration has declined • Competing media (radio/magazine/mobile phone) has lower penetration in Canada compared to the U.S.

Media Penetration Trends

Canada US Medium 2000 2005 2009 2000 2005 2009 TV viewers 97.9% 97.8% 96.5% 93.0% 94.0% 94.0% Radio listeners 89.2% 87.6% 76.3% 83.0% 84.0% 81.0% Magazine readers 81.0% 79.0% 76.3% 91.0% 90.0% 89.0% Internet users 30.1% 55.1% 71.2% na 61.9% 68.9% Newspaper readers 67.7% 67.0% 66.5% 69.0% 66.0% 60.0% Mobile phone owners 26.4% 46.5% 63.8% 38.0% 63.0% 93.9%

Source: eMarketer, Global Media Intelligence Report: North America, September 2010.

20 Quarterly Revenue Trends

• Compared to their U.S. counterparts, Canadian newspapers experienced more moderate revenue declines during the downturn and have seen positive revenue growth in the last three quarters • From Q4 ’07 to Q3 ’10, aggregate U.S. newspaper revenues faced a cumulative drop of 40%, whereas aggregate Canadian newspaper revenues fell by approximately 20% over the same period

Canadian & U.S. Newspaper YoY Revenue Growth

15.0% 11.0%

5.8% 6.4% 1.6% 3.2% 5.0% 1.8% (2.0%)

(5.0%) (2.0%) (1.6%) (3.4%) (9.9%) (10.4%) (5.0%) (7.6%) (13.5%) (10.9%) (12.1%) (15.0%) (11.9%) (14.9%) Average Revenue Growth Revenue Average

(21.9%) (21.6%) (20.8%) (25.0%) Q1 '08A Q2 '08A Q3 '08A Q4 '08A Q1 '09A Q2 '09A Q3 '09A Q4 '09A Q1 '10A Q2 '10A Q3 '10A

Canadian Newspapers U.S. Newspapers

Source: Company filings. Note: Canadian Newspapers consist of reported newspaper segments of Quebecor, FP Newspapers, Glacier Media and Torstar (Star and Metroland). U.S. Newspapers consist of reported newspaper segments of Gannett, The New York Times, McClatchy, Lee Enterprises, The Washington Post and Media General.

21 Comparable Trading Multiples

TEV/LTM EBITDA

Canadian Newspaper Comparables Other Canadian Media Comparables U.S. Comparables

7.1x

6.5x 6.3x 6.1x

5.5x 5.2x

4.7x 4.6x 4.3x 4.0x 4.0x

Glacier Media FP Newspapers Torstar Yellow Media Quebecor Transcontinental Lee Enterprises Media General New York Times McClatchy Gannett

Canadian Newspaper Average: 5.3x Canadian Media Average: 6.0x U.S. Average: 4.9x

Source: Company filings. Multiples as of November 23, 2010.

22 Business Overview Leading Market Share Driven by Strong Brands

Trusted Brands Across Canada • Well-established brands are a part of Local Market Market local communities – some for more than Publication Market Position (1) Share(1) a century Vancouver 1 100% (4)

• Postmedia’s metro daily newspaper Vancouver 2 (2) 100% (4)

brands maintain the leading share among Montreal 1 (3) 100% English-language newspapers in their respective markets Ottawa 1 74% Edmonton 1 70% • 24/7 newsrooms provide unique, award winning content across multiple delivery Calgary 1 74%

channels Windsor 1 100%

• The National Post, one of Canada’s two Victoria 1 100% daily national newspapers, focuses on Saskatoon 1 100% key urban markets Regina 1 100%

Source: CNA 2009 Circulation Data Report. (1) As measured by paid daily circulation among English-language newspapers. (2) Second to The Vancouver Sun, which is also operated by the Company. (3) Number one English-language newspaper; number three overall among paid dailies. (4) Includes The Vancouver Sun and The Province.

24 Audience Reach

Postmedia Network of websites averages over 8.1 million unique visitors (1) per month – in addition to newspaper sites, the network features the entertainment site, dose.ca, and vertical sites such as driving.ca and working.com

Postmedia Network Inc. is the largest publisher (2) of paid English-language daily newspapers in Canada – reaching 4.4 million print readers weekly

Postmedia Community Publishing group includes 25 non- daily publications in B.C./Ontario and two daily city publications – providing local community coverage to more than 1.6 million Canadians each week (3)

(1) Source: comScore, Inc., Total Canada, All Locations, September 2009-10 (Online). (2) Source: NADbank 2009. 34 National Post markets + 3 Regina, Saskatoon & Winnipeg (Print). (3) Community Publishing Sources: Readership ComBase 2008/09; Circulation most recent publisher’s statements.

25 The Postmedia Network ADvantage

• Postmedia Network reaches more than 2.5 million Canadian Adults on an average weekday - nearly a million more readers than any other daily newspaper network!

Average Weekday Readership (Mon-Fri) – Adults 18+

2,568,600

1,698,600 1,665,400

1,277,700

927,700 867,600

Toronto Star Network: Toronto Star, KW Record, Guelph Mercury, Hamilton Spectator Sun Media: Calgary Sun, Edmonton Sun, Winnipeg Sun, Toronto Sun, Ottawa Sun, Le Journal de Montreal Metro Network: Metro - Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal and Halifax 24 Hours Network: 24 Hours - Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal

Source: NADbank 2009. Base: Postmedia Network (34 National Post markets + Sask/Reg/Wpg), Sun Media (5 markets + 15 markets for Toronto Sun), Toronto Star (19 markets), Globe and Mail (48 markets), Metro (7 markets), 24 Hours (6 markets).

26 Postmedia Network Online Audience

• Postmedia Network owns 50 destination websites and has exclusive advertising representation agreements with 61 non- owned websites

• Combined audience of owned and represented websites puts Postmedia Network #2 in the News and Information category by comScore, with 8.1 Million monthly unique visitors

• Of the total Postmedia Network online audience, 4.6 Million of those unique visitors go to our newspaper websites

• Collectively, canada.com Newspapers ranks #1 in the Newspapers category

Source: comScore, Inc., Total Canada, All Locations, September 2010.

27 Postmedia Network Rankings

• Postmedia has achieved strong online growth, moving up 3 rank positions vs. last year to #2 in the News and Information category with a reach of 8.1 million monthly unique visitors • Postmedia Newspapers (canada.com Newspapers) maintains the leading position among newspaper sites with a reach of 4.6 million monthly unique visitors

Unique Unique Category Change Change Category Change Change News and Information (category) Visitors News and Information (category) Visitors Rank Rank UVs Rank Rank UVs (000s) (000s) 1 +1 CTVglobemedia 8,290 -108 1 flat canada.com Newspapers 4,566 1,235 2 +3 Postmedia Network 8,148 1,539 2 flat The Globe and Mail 3,295 483 3 -2 Canoe 8,135 -577 3 flat Toronto Star 2,480 -184 4 flat The Weather Network / Meteomedia 8,069 1,305 4 flat Transcontinental Digital Local 2,111 645 5 -2 New York Times Digital 7,631 579 5 flat The New York Times Brand 2,023 943 6 flat CBC Radio Canada Sites 7,039 896 6 +1 Torontosun.com 1,290 501

7 flat Yahoo! News Network (1) 6,350 2,475 7 +1 Mail Online 1,287 563 8 n/a Huffington Post 1,062 n/a 8 -1 Torstar Digital 4,942 506 9 +2 Guardian.co.uk 996 456 9 flat CNN Network (2) 3,890 1,154 10 +7 USAToday Sites 988 609 10 -2 MSN News 2,443 -400

Source: comScore, Inc., Total Canada, All Locations, September 2010 vs. September 2009. (1) Prior to August 2010 only Yahoo! News was reported in the category. Yahoo! News Network now includes Yahoo! News, Sports, Finance, and omg! (2) CNN was renamed CNN Network in May 2010.

28 Financial Overview Improving Revenue Performance

LTM Consolidated Revenue (C$ millions) $1,300

$1,100

$900

$700

$500

$300

$100 Q1 F09 Q2 F09 Q3 F09 Q4 F09 Q1 F10 Q2 F10 Q3 F10 Q4 F10

• LTM revenue reached bottom in Q2 F 2010 • Revenue returned to modest growth in Q3 F 2010 (+0.5%) and Q4 F 2010 (+1.5%) led by strength in National and Digital categories

Note: Above chart is based on combined results of Canwest Limited Partnership and Postmedia Network Canada Corp.

30 Return to Operating Profit Growth in F2010

LTM Operating Profit before Amortization and Restructuring(1) (C$ millions) $300

$250

$200

$150

$100

$50

$0 Q1 F09 Q2 F09 Q3 F09 Q4 F09(2) Q1 F10 Q2 F10 Q3 F10 Q4 F10 (2)

• Operating profit rebounded earlier and more rapidly due to cost reduction initiatives • Focus on cost reduction continues subsequent to acquisition • Implementing additional workforce reductions in FY2011

Note: Above chart is based on combined results of Canwest Limited Partnership and Postmedia Network Canada Corp. (1) Represents a non-GAAP financial measure. Postmedia believes these measures are beneficial from the perspective of assessing the Company’s financial performance. However, non-GAAP financial measures do not have any standard definition prescribed under GAAP and as such may not be comparable to similar measures used by other companies. (2) A reconciliation to the most closely comparable GAAP measure is available in the section “Reconciliation of Non-GAAP Financial Measures” beginning on page 25 of the Q4 MD&A on the Company’s website.

31 Strong Free Cash Flow

LTM Operating Profit before Amortization and Restructuring(1) less Additions to Property and Equipment (C$ millions) $250

$200

$150

$100

$50

$0 Q1 F09 Q2 F09 Q3 F09 Q4 F09 Q1 F10 Q2 F10 Q3 F10 Q4 F10

• Attractive margins and relatively low capital expenditures drive strong free cash flow before debt repayment • Top priority for free cash flow is debt reduction

32 Balance Sheet Summary

• Made optional debt prepayment of US$32.5 million in Q4 F10 • Mandatory debt repayments in F2011 total approx C$12.5 million • Expect to continue to make optional prepayments on quarterly basis

Balance Sheet Summary – August 31, 2010 (C$ millions) Cash $40,201 Accrued Liabilities $100,716 Accounts Receivable $111,722 Long-Term Debt (incl. Current Portion)(1) $646,031 Property & Equipment $355,194 Pension & Other Liabilities $152,361 Intangible Assets $477,200 Other Liabilities(2) $51,694 Goodwill $240,788 Total Liabilities $950,802 Other Assets $41,099 Shareholders' Equity $315,402 Total Assets $1,266,204 Total Liabilities & Shareholders' Equity $1,266,204

Debt Covenants

(3) Covenants (at 31-Aug-10) Covenant Actual Total Debt Ratio < 4.10 3.42x First Lien Ratio < 2.25 1.97x Interest Coverage Ratio > 2.00 2.53x

Note: Readers should refer to the audited financial statements found on the Postmedia website for additional information and related notes to the financial statements. (1) Carrying value of debt converted to C$ based on exchange rate on August 31, 2010. (2) Includes foreign currency interest rate swaps. (3) Covenants are calculated based on definitions as set out in the Term Loan Credit Agreement.

33 Q1 Outlook

• Continued gradual improvement in revenue environment • Expect third consecutive quarter of modest advertising revenue growth • Significant progress made on cost reduction efforts in Q1 • Q1 restructuring efforts will reduce workforce by more than 400 (approximately 8%) • Restructuring expense in quarter of approximately $20 million • Expect improvement in operating profit before restructuring and amortization of approximately 5% to 7% • Debt repayment in quarter of approximately $10 million

Note: The Company does not intend to make quarterly outlook available in the future.

34 Appendix Executive Team

A dynamic group of senior media executives with an average of more than twenty years’ industry experience

Paul Godfrey, President and Chief Executive Officer • Served as President and CEO of the National Post, President and CEO of the Toronto Blue Jays • Spent 16 years with Sun Media Corporation, eventually taking the role of President and CEO • Served on the Board of Directors of Canwest from January 2004 until January 2009 Doug Lamb, Chief Financial Officer and Executive Vice President • Was appointed as EVP and CFO of Canwest LP in 2005 • Served as CFO of the Canadian operations of Canwest Mediaworks Inc. and VP of Corporate Development of Metroland (Torstar) • Prior to Torstar, Mr. Lamb held a variety of financial roles at Hollinger International and Southam Inc. Kirk Allen, Executive Vice President Advertising Sales • Was appointed SVP, Advertising Sales of Canwest LP in 2006 • Served as VP, Advertising for the National Post • Career spans over 22 years in advertising sales Kevin Bent, President Pacific Newspaper Group and Executive Vice President Western Canada • Appointed in September 2006 with oversight of Vancouver and Victoria • SVP Sales, Canwest Media Sales from 2005 to 2007 Alvin Brouwer, President of Business Ventures • Industry veteran with three decades of experience in publishing, distribution and digital media • Served as a director of save.ca and leasebusters.com and most recently served as VP, Advertising and Product Development at Metroland Media

36 Executive Team (cont’d)

Ed Brouwer, Chief Information Officer • Served in a number of senior media executive positions in London, Calgary, Edmonton, Vancouver and Toronto in sales, marketing, content, data mining, general management and technology • Has worked in various media companies as a reporter and photographer, data mining & GIS specialist, web developer, systems manager, marketing VP, Publisher, President and CIO Gordon Fisher, President National Post and Executive Vice President Eastern Canada • Served in a number of senior roles, including publisher, with the National Post since October 1997 • Has held a number of senior executive positions in many Canadian cities on both the editorial and business sides of the media industry • Served as President, News and Information, Canwest Global Communications Malcolm Kirk, Executive Vice President Digital Media • Was appointed as SVP and Group Publisher, Prairie Region of Canwest LP in 2007 addition to his responsibilities as Publisher of the Calgary Herald, a position he held since August 2006 • Served as Editor-in-Chief of the Calgary Herald and has 21 years of experience in the newspaper industry Wayne Parrish, Chief Transformation Officer • Spent the first two decades of his career as a journalist and was a senior executive with Sun Media Corporation • Served as General Manager and Executive Editor of the Toronto Sun, VP Strategy at Sun Media, Chairman, President & CEO of the CANOE Online Network, President & CEO of Quebecor New Media, President & CEO of Sport Media Group and, most recently, Executive Director and CEO for Canada Basketball