Important Information Financial information presented in this document and related information represents results of Limited Partnership, Postmedia’s (as defined below) predecessor company, for periods prior to July 13, 2010 and Postmedia for the period from July 13, 2010 to August 31, 2010. The financial results of the predecessor company are being announced by the Company (as defined below) in accordance with the terms of the Company’s 12.5% senior secured notes due 2018 (the “notes”). The financial results are (i) in respect of the period during which the predecessor company, and not the Company, owned the assets underlying the business of the Company, and (ii) based solely on the financial statements prepared by, and provided to the Company by, the predecessor company. The combined financial information does not represent and is not purported to represent the results that would have been achieved had Postmedia owned the assets of Canwest Limited Partnership and shares of for the entire fiscal year.

Postmedia Network Reports Combined Fourth Quarter and Year End Results

Second consecutive quarter of overall revenue growth. Digital first focus results in 7% increase in digital revenue and record online audiences. Progress made in three key areas: growing digital, cutting costs, and repaying debt.

November 15, 2010 () – Canada Corp. (“Postmedia” or “the Company”) today released financial information for the fourth quarter and fiscal year ended August 31, 2010. On July 13, 2010 Postmedia, through a wholly owned subsidiary, acquired substantially all of the assets and assumed certain liabilities of Canwest Limited Partnership (“Canwest LP”) including all of the outstanding shares of National Post Inc. (“National Post”) (the “Acquisition”).

Financial information presented in this release represents results of Canwest LP for periods prior to July 13, 2010 and Postmedia for the period from July 13, 2010 to August 31, 2010. All references to combined fourth quarter and year end 2010 financial results in this release represent the sum of the financial results of Canwest LP and Postmedia. The combined financial information does not represent and is not purported to represent the results that would have been achieved had Postmedia owned the assets of Canwest LP and shares of National Post for the entire fiscal year.

Operating Results

On a combined basis, revenue of Canwest LP and Postmedia for the quarter ended August 31, 2010 totaled $241.3 million, an increase of $3.6 million or 1.5% relative to the same period in the prior year. This was the second consecutive quarter of revenue growth for the publishing business acquired by Postmedia. For the year ended August 31, 2010, combined revenue declined to $1,052.5 million from $1,099.1 million in the prior year, a decline of $46.6 million. The revenue decline was primarily the result of large declines in the first quarter of the most recent fiscal year due to the impact of the economic downturn.

Year over year growth in the fourth quarter was led by growth in Digital revenue of 7%. The websites owned and represented by the Company also achieved a new digital audience milestone in August reaching a record high 7.9 million unique visitors (source: comScore Inc.). Postmedia Network Canada Corp. – Combined Q4 and Year End Results Page 2

Print advertising revenue grew 2% in the quarter versus the prior year. Print revenue growth was led by national revenue (up 9%) which more than offset declines in classified (down 3%) and retail (down 2%) and a 1% decline in insert distribution revenue. Circulation revenue, in the fourth quarter, declined $0.8 million or 1% relative to the prior year as a result of 5% decline in print circulation partially offset by higher circulation prices.

On a combined basis, operating profit before amortization and restructuring of operations and other items (see “Non-GAAP Financial Measures”) was $30.2 million in the quarter versus $24.5 million in the fourth quarter of the prior year, a 23% improvement. The improvement was the result of revenue growth combined with a decline in compensation and newsprint expenses. For the full year, combined operating profit before amortization and restructuring of operations and other items was $191.1 million for the year ended August 31, 2010 compared to $171.9 million in the prior year. This improvement was due to a decrease in compensation, newsprint and other operating expenses totaling $66 million or 7%, which more than offset a revenue decline of $47 million or 4%.

On the same combined basis, for the quarter ended August 31, 2010, operating profit declined to $1.3 million compared to operating profit of $12.1 million for the same quarter in 2009. The decrease in operating profit was due to higher amortization and restructuring expenses in the period from July 13, 2010 to August 31, 2010. For the year ended August 31, 2010, operating profit increased to $128.8 million compared to $102.5 million in the previous year.

Expenses related to restructuring of operations and other items totaling $10.7 million were recognized in the fourth quarter relating to initiatives being implemented in early fiscal 2011. These expenses relate primarily to employee severance costs, costs relating to the oversight of the employee restructuring programs and preliminary costs related to a proposed TSX listing.

The Company incurred costs of $18.3 million related to the Acquisition which were expensed in the quarter.

Also in the quarter, Postmedia made an optional principal repayment of US$32.5 million related to its US term loan credit facility. After giving effect to this payment, outstanding debt at August 31, 2010 consisted of a $110 million Canadian term loan, US$267.5 million US term loan and US$275 million of 12.5% senior secured notes. The company’s revolving credit facility remained undrawn.

“This is a strong out-of-the-gate showing for our newly formed company and digital first philosophy,” said , Chief Executive Officer. “We have made progress on key business priorities and continue the work of transforming the company, attacking legacy cost structures and paying down debt.”

Note: All dollar amounts are expressed in Canadian dollars unless otherwise specified.

Additional Information

Additional information, including financial statements and MD&A can be found on the Company’s website at www.postmedia.com .

Postmedia Network Canada Corp. – Combined Q4 and Year End Results Page 3

About Postmedia Network Canada Corp.

Postmedia Network Canada Corp. is the holding company that owns Postmedia Network Inc. Postmedia Network Inc., a wholly-owned subsidiary of Postmedia Network Canada Corp., is the largest publisher by circulation of paid English-language daily newspapers in Canada, representing some of the country’s oldest and best known media brands. Reaching millions of Canadians every week, Postmedia Network engages readers and offers advertisers and marketers integrated solutions to effectively reach target audiences through a variety of print, online, digital, and mobile platforms.

Non-GAAP Financial Measures

The fiscal 2010 results presented in this document represent the combined results for Canwest Limited Partnership and Postmedia Network Canada Corp. and as such are not in accordance with GAAP. In addition, Canwest Limited Partnership adopted the liquidation basis of accounting for the period from June 1, 2010 to July 12, 2010. Results included in this release are based on the assumption that Canwest Limited Partnership used the going concern basis of accounting for the full period from September 1, 2009 to July 12, 2010. As a result the basis of presentation for Canwest Limited Partnership is not in accordance with GAAP. The Company also references “operating profit before amortization and restructuring of operations and other items” which is 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. For a reconciliation of these non- GAAP measures to the most closely comparable GAAP measures, see “Reconciliation of Non- GAAP Financial Measures” beginning on page 25 of the MD&A on the Company’s website.

Forward-Looking Information

This press release may include information intended or deemed to be “forward-looking information” as defined in the Securities Act () and “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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 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 labor 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. 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 Postmedia Network Canada Corp. – Combined Q4 and Year End Results Page 4 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.

For more information:

Media Contact Phyllise Gelfand Director of Communications (416) 442-2936 [email protected]

Investor Contact Doug Lamb Executive Vice President and Chief Financial Officer (416) 383-2325 [email protected] Postmedia Network Canada Corp. – Combined Q4 and Year End Results Page 5

Canwest Limited Partnership and Postmedia Network Canada Corp. Operating Results for the Three Months ended August 31, 2010 and August 31, 2009 in thousands of Canadian dollars Canwest Limited Postmedia Combined Canwest Q4 F2010 Partnership 2 Network Results of Limited to Q4 ("CLP") Canada Corp. CLP and Partnership 2 F2009 June 1, 2010 to ("PNCC") PNCC 1 Q4 F2009 Variance July 12, 2010 July 13, 2010 to Q4 F2010 August 31, 2010

Revenue Print Advertising 78,189 75,624 153,813 151,166 2,647 Print Circulation 27,770 31,721 59,491 60,270 (779) Digital 9,624 10,751 20,375 18,955 1,420 Other 3,646 3,998 7,644 7,335 309 119,229 122,094 241,323 237,726 3,597 Expenses Compensation 54,014 62,422 116,436 121,491 (5,055) Newsprint 7,639 8,175 15,814 16,446 (632) Other operating 38,115 40,771 78,886 75,322 3,564 Amortization 7,136 11,073 18,209 9,033 9,176 Restructuring of operations and other items (518) 11,209 10,691 3,370 7,321 Operating Profit (Loss) 12,843 (11,556) 1,287 12,064 (10,777) Interest expense 4,498 12,702 17,200 25,621 (8,421) Loss on disposal of property and equipment - - - 47 (47) Other Income (283) - (283) (625) 342 Impairment loss on masthead - - - 28,250 (28,250) Gain on derivative instruments - (7,550) (7,550) - (7,550) Foreign currency exchange (gains) losses (4,542) 9,607 5,065 2,616 2,449 Acquisition costs - 18,303 18,303 - 18,303 Earnings (loss) before income taxes and reorganization costs 13,170 (44,618) (31,448) (43,845) 12,397 Reorganization costs 16,500 - 16,500 24,950 (8,450) Loss before income taxes (3,330) (44,618) (47,948) (68,795) 20,847 Provision for income taxes 3 na - na 12,298 na 3 Net loss na (44,618) na (81,093) na

Notes: (1) This table presents the combined results of Canwest Limited Partnership from June 1, 2009 to July 12, 2010 and Postmedia from July 13, 2010 to August 31, 2010. These combined results for the three months ending August 31, 2010 do not represent and are not purported to represent what the results would have been if Postmedia had owned the assets for the full period. See "Non-GAAP Financial Measures". (2) We have included historical consolidated financial statements of Canwest Limited Partnership, to provide historical financial data of the operations acquired by a subsidiary of Postmedia Network Canada Corp. However, Canwest Limited Partnership’s historical consolidated financial statements should not be relied upon in making projections as to the future financial condition, results of operations, cash flows and the future development of the business of Postmedia Network Canada Corp. (3) Under the liquidation basis of accounting for the period from June 1, 2010 to July 12, 2010 , the supplementary information in note 5 of the audited financial statements of Canwest LP did not include a provision for income taxes. Therefore, in the combined statements of Postmedia and Canwest LP for the three months ended August 31, 2010 no income tax provision is reflected and as result net earnings has also not been presented.

Postmedia Network Canada Corp. – Combined Q4 and Year End Results Page 6

Canwest Limited Partnership and Postmedia Network Canada Corp. Operating Results for the Year ended August 31, 2010 and August 31, 2009 in thousands of Canadian dollars Canwest Limited Postmedia Combined Canwest F2010 to Partnership 2 Network Results of Limited F2009 ("CLP") Canada Corp. CLP and Partnership 2 Variance September 1, 2009 ("PNCC") PNCC 1 Fiscal 2009 to July 12, 2010 July 13, 2010 to Fiscal 2010 August 31, 2010 Revenue Print Advertising 620,870 75,624 696,494 740,058 (43,564) Print Circulation 209,090 31,721 240,811 246,060 (5,249) Digital 73,425 10,751 84,176 79,091 5,085 Other 27,024 3,998 31,022 33,866 (2,844) 930,409 122,094 1,052,503 1,099,075 (46,572) Expenses Compensation 406,233 62,422 468,655 480,493 (11,838) Newsprint 58,312 8,175 66,487 92,688 (26,201) Other operating 285,537 40,771 326,308 354,010 (27,702) Amortization 37,872 11,073 48,945 40,535 8,410 Restructuring of operations and other items 2,142 11,209 13,351 28,805 (15,454) Operating Profit 140,313 (11,556) 128,757 102,544 26,213 Interest expense 65,131 12,702 77,833 98,426 (20,593) Gain on disposal of property and equipment (2) - (2) (2,186) 2,184 Other Income (1,784) - (1,784) (2,500) 716 Loss on disposal of interest rate swap - - - 180,202 (180,202) Ineffective portion of hedging derivative instrument - - - 60,112 (60,112) Impairment loss on masthead - - - 28,250 (28,250) Gain on derivative instruments - (7,550) (7,550) - (7,550) Foreign currency exchange (gains) losses (54,152) 9,607 (44,545) (154,513) 109,968 Acquisition costs - 18,303 18,303 - 18,303 Earnings (loss) before income taxes and reorganization costs 131,120 (44,618) 86,502 (105,247) 191,749 Reorganization costs 57,692 - 57,692 25,756 31,936 Earnings (loss) before income taxes 73,428 (44,618) 28,810 (131,003) 159,813 Recovery of income taxes 3 na - na (8,893) na 3 Net loss na (44,618) na (122,110) na

Notes: (1) This table presents the combined results of Canwest LP from September 1, 2009 to July 12, 2010 and Postmedia from July 13, 2010 to August 31, 2010. The combined results for the year ending August 31, 2010 do not represent and are not purported to represent what the results would have been if Postmedia had owned the assets for the full period. See "Non-GAAP Financial Measures". (2) We have included historical consolidated financial statements of Canwest Limited Partnership, to provide historical financial data of the operations acquired by a subsidiary of Postmedia Network Canada Corp. However, Canwest Limited Partnership’s historical consolidated financial statements should not be relied upon in making projections as to the future financial condition, results of operations, cash flows and the future development of the business of Postmedia Network Canada Corp. (3) Under the liquidation basis of accounting for the period from June 1, 2010 to July 12, 2010 , the supplementary information in note 5 of the audited financial statements of Canwest LP did not include a provision for income taxes. Therefore, in the statements of Canwest LP for the period ended July 12, 2010 and the combined statements of Postmedia and Canwest LP for the year ended August 31, 2010 no income tax provision is reflected and as result net earnings has also not been presented.