MANAGEMENT INFORMATION CIRCULAR December 17, 2020 NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS OF POSTMEDIA NETWORK CANADA CORP. TO BE HELD ON FEBRUARY 10, 2021 NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS POSTMEDIA NETWORK CANADA CORP. NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS NOTICE IS HEREBY GIVEN that an annual general meeting of shareholders (“Meeting”) of Postmedia Network Canada Corp. (“Postmedia”) will be held at Postmedia Place, 365 Bloor Street East, 11th Floor, Toronto, Ontario M4W 3L4 on February 10, 2021, at 11:00 a.m. (Toronto time), for the following purposes: 1. to receive Postmedia’s consolidated financial statements, and the independent auditor’s report thereon, for the year ended August 31, 2020; 2. to re-appoint PricewaterhouseCoopers LLP as Postmedia’s auditor for the year ending August 31, 2021 and to authorize the board of directors of Postmedia (“Board of Directors”) to fix the auditor’s remuneration; 3. to elect the directors of Postmedia for the coming year; and 4. to transact such other business as may properly come before the Meeting or any adjournment thereof. The specific details of the matters proposed to be put before the Meeting are set forth in the accompanying Management Information Circular. Shareholders who are unable to attend the Meeting are requested to complete, date, sign and return the enclosed form of proxy so that as large a representation as possible may be had at the Meeting. DUE TO PUBLIC HEALTH RESTRICTIONS ON MASS GATHERINGS RESULTING FROM THE COVID-19 PANDEMIC, AND IN ORDER TO PROTECT THE HEALTH AND SAFETY OF POSTMEDIA’S SHAREHOLDERS, EMPLOYEES AND GUESTS, POSTMEDIA STRONGLY RECOMMENDS THAT SHAREHOLDERS EXERCISE THEIR RIGHT TO VOTE BY PROXY PRIOR TO THE MEETING, THROUGH ANY OF THE METHODS DESCRIBED IN THE ACCOMPANYING MANAGEMENT INFORMATION CIRCULAR, AND FOREGO ATTENDING THE MEETING. POSTMEDIA WILL CONTINUE TO MONITOR COVID-19 DEVELOPMENTS AND RESERVES THE RIGHT TO TAKE ANY ADDITIONAL PRECAUTIONARY MEASURES IT DEEMS APPROPRIATE RELATED TO THE MEETING. SHAREHOLDERS ARE ENCOURAGED TO VISIT WWW.POSTMEDIA.COM ONE WEEK PRIOR TO THE MEETING FOR THE MOST CURRENT INFORMATION. The Board of Directors has fixed the close of business on December 14, 2020 as the record date, being the date for the determination of the registered holders of Class C voting shares and Class NC variable voting shares in the capital of Postmedia entitled to receive notice of and vote at the Meeting and any adjournment thereof. Proxies to be used or acted upon at the Meeting or any adjournment thereof must be deposited with Postmedia’s transfer agent, Computershare Investor Services Inc., 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Y1 no later than 11:00 a.m. (Toronto time) on February 8, 2021 or forty-eight (48) hours (excluding Saturdays, Sundays and holidays) before any adjournment of the Meeting. Late proxies may be accepted or rejected by the Executive Chair of the Meeting in his discretion, and the Executive Chair is under no obligation to accept or reject any particular late proxy. DATED at Toronto, Ontario this 17th day of December, 2020. BY ORDER OF THE BOARD OF DIRECTORS PAUL GODFREY EXECUTIVE CHAIR OF THE BOARD OF DIRECTORS TABLE OF CONTENTS GENERAL PROXY INFORMATION ............................................................................................................................ 1 VOTING INFORMATION ......................................................................................................................................... 1 VOTING MATTERS ........................................................................................................................................... 1 WHO CAN VOTE............................................................................................................................................... 1 VOTING YOUR SHARES .................................................................................................................................... 1 VOTING YOUR SHARES BY PROXY.................................................................................................................... 2 DEADLINE FOR PROXIES .................................................................................................................................. 2 YOUR PROXY VOTE .......................................................................................................................................... 2 APPOINTING A PROXYHOLDER ........................................................................................................................ 2 REVOKING YOUR PROXY .................................................................................................................................. 3 VOTING BY NON-REGISTERED SHAREHOLDERS .............................................................................................. 3 ADDITIONAL MATTERS PRESENTED AT THE MEETING .................................................................................... 3 DESCRIPTION OF SHARES ................................................................................................................................ 3 QUORUM AND PRINCIPAL HOLDERS ............................................................................................................... 4 MATTERS TO BE ACTED UPON AT THE MEETING .................................................................................................... 5 FINANCIAL STATEMENTS ................................................................................................................................. 5 RE-APPOINTMENT OF AUDITOR ...................................................................................................................... 5 ELECTION OF DIRECTORS ................................................................................................................................ 5 BOARD OF DIRECTORS ........................................................................................................................................... 7 DIRECTOR BIOGRAPHIES ................................................................................................................................. 7 CEASE TRADE ORDERS, BANKRUPTCIES OR PLANS OF ARRANGEMENT ....................................................... 12 PENALTIES OR SANCTIONS ............................................................................................................................ 13 CONFLICTS OF INTEREST ............................................................................................................................... 13 STATEMENT OF EXECUTIVE COMPENSATION ....................................................................................................... 14 COMPENSATION DISCUSSION AND ANALYSIS ............................................................................................... 14 NAMED EXECUTIVE OFFICERS ....................................................................................................................... 14 COMPENSATION GOVERNANCE .................................................................................................................... 14 COMPETITIVE BENCHMARKING .................................................................................................................... 18 HOW POSTMEDIA MAKES EXECUTIVE COMPENSATION DECISIONS............................................................. 18 EXECUTIVE COMPENSATION COMPONENTS AND THEIR OBJECTIVES .......................................................... 18 SUMMARY COMPENSATION TABLE .............................................................................................................. 23 PERFORMANCE GRAPH ................................................................................................................................. 25 PAY FOR PERFORMANCE ............................................................................................................................... 25 INCENTIVE PLAN AWARDS ............................................................................................................................ 25 STOCK OPTION PLAN ..................................................................................................................................... 25 RESTRICTED SHARE UNIT PLAN ..................................................................................................................... 28 CASH PLAN .................................................................................................................................................... 30 EMPLOYMENT AGREEMENTS ........................................................................................................................ 33 DIRECTOR COMPENSATION .......................................................................................................................... 37 INSURANCE COVERAGE FOR DIRECTORS AND OFFICERS AND INDEMNIFICATION ....................................... 38 SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS ..................................... 38 STATEMENT OF CORPORATE GOVERNANCE PRACTICES ....................................................................................... 39 BOARD OF DIRECTORS ................................................................................................................................... 39 DIVERSITY AT THE BOARD LEVEL ..................................................................................................................