TABLE OF CONTENTS




|                                      |                                                                                               |  |  |  |  |  |  | 
|------------------------------------- | --------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|                                      | ITEM 1                                                                                       
|                                      | ITEM 2: INCORPORATION                                                                        
|                                      | ITEM 3: GENERAL DEVELOPMENT OF THE BUSINESS                                                  
|                                      | ITEM 4: NARRATIVE DESCRIPTION OF THE BUSINESS                                                
|                                      | ITEM 5: SELECTED CONSOLIDATED FINANCIAL INFORMATION                                          
|                                      | ITEM 6: MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|                                      | ITEM 7: MARKET FOR THE SECURITIES OF CANWEST                                                 
|                                      | ITEM 8: DIRECTORS AND OFFICERS                                                               
|                                      | ITEM 9: ADDITIONAL INFORMATION                                                               
|ANNUAL INFORMATION FORM              
|MANAGEMENT DISCUSSION AND ANALYSIS   
|MANAGEMENT PROXY CIRCULAR            
|SECTION 302 CERTIFICATION            
|SECTION 302 CERTIFICATION            
|SECTION 906 CERTIFICATION            
|SECTION 906 CERTIFICATION            
|CONSENT OF PRICEWATERHOUSECOOPERS LLP



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EXHIBIT 1




ITEM 1

CANWEST GLOBAL COMMUNICATIONS CORP.

ANNUAL INFORMATION FORM

November 26, 2003

Forward Looking Statements: This document contains certain forward-looking
statements within the meaning of Section 27A of the U.S. Securities Act of 1933
and Section 21E of the U.S. Securities Exchange Act of 1934, which statements
can be identified by the use of forward looking terminology, such as may,
will, expect, anticipate, estimate, plans or continue or the
negative thereof or other variations thereof or comparable terminology
referring to future events or results. CanWests actual results could differ
materially from those anticipated in these forward-looking statements as a
result of numerous factors, including the existence and timing of acquisition
and expansion opportunities, broadcast television audience levels and general
economic conditions in the markets in which CanWest operates, any of which
could cause actual results to vary materially from current or anticipated
future results referred to in forward-looking statements. CanWest assumes no
obligation to update the information contained in this document.




ITEM 2: INCORPORATION

CanWest Global Communications Corp. (the Company) was incorporated as Keigwin
Investments Limited under the laws of the Province of Ontario on June 14, 1979.
The Companys name was changed to CanWest Communications Enterprises, Inc. by
articles of amendment dated April 16, 1985 and continued under the laws of the
Province of Manitoba by articles of continuance dated May 27, 1986. By
articles of amendment dated September 19, 1990 the Companys name was changed
to CanWest Global Communications Corp. and by articles of continuance dated
July 25, 1991 the Company was continued under the laws of Canada.

The Companys articles have been changed from time to time to make certain
changes including changes to its share structure. The Companys authorized
capital currently consists of an unlimited number of Preference Shares,
issuable in series, an unlimited number of Multiple Voting Shares, an unlimited
number of Subordinate Voting Shares and an unlimited number of Non-Voting
Shares. On August 16, 1991 all of the outstanding common shares of the Company
were subdivided on a four-for-one basis and such subdivided shares were
re-classified into Multiple Voting Shares. In October 1991 the Company
completed an initial public offering of units consisting of Subordinate Voting
Shares and Subordinate Voting Share Purchase Warrants. The Subordinate Voting
Share Purchase Warrants expired April 1994. Substantially all of the Share
Purchase Warrants were exercised on or before the expiry date. In February
1995 all of the outstanding Multiple Voting Shares and Subordinate Voting
Shares were subdivided on a two-for-one basis. In May 1996, a 12.267% stock
dividend was paid in Subordinate Voting Shares on all of the outstanding
Multiple Voting Shares and Subordinate Voting Shares. In June 1996, the
Company created and completed a public offering of Non-Voting Shares. In July
1996 all of the outstanding Multiple Voting Shares, Subordinate Voting Shares
and Non-Voting Shares were subdivided on a three-for-one basis. In September,
2000, a 1.24% stock dividend was paid in Subordinate Voting Shares and
Non-Voting shares on all of the outstanding Multiple Voting Shares, Subordinate
Voting Shares and Non-Voting Shares. In November 2000, the Company issued
Non-Voting Shares and Series 1 Preference Shares as partial consideration for
the acquisition of certain publishing properties of Hollinger Inc.
(Hollinger), and in May 2001 the Company issued 21,783 Series 2 Preference
Shares as consideration for the acquisition of a minority interest in certain
broadcasting properties. In November 2001, the Series 1 Preference Shares were
converted into 405,000 subordinate voting shares. In December 2002, the Series
2 Preference Shares were redeemed for cash consideration of $57.7 million.

The Companys corporate and principal office is the 31st Floor TD Centre, 201
Portage Avenue, Winnipeg, Manitoba, R3B 3L7. References to CanWest  include
the Company and its subsidiaries.

The following chart illustrates the relationship of the Company to its
principal subsidiaries and significant affiliates and indicates each companys
respective jurisdiction of incorporation and the percentage of voting
securities held by each companys parent company:

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(FLOW CHART)


(1)  Owned indirectly through CanWest Irish Holdings (Barbados) Inc.

(2)  50% owned indirectly through CanWest International Investments (Luxembourg)
S.A. (International Investments).

(3)  The Company owns 14.8% of the voting stock and 100% of the subordinated
debentures indirectly through International Investments.

(4)  Owned indirectly through International Investments.

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Ownership Interests

CanWest is an international media company with interests in broadcast
television, film and television program production and distribution,
newspapers, radio, specialty cable channels and Internet websites in Canada,
Australia, New Zealand, the Republic of Ireland and Northern Ireland.

Canada

Through its 100% ownership of Global Television Network Inc. (GTNI), the
Company owns 100% of Global Communications Limited (GCL). GCL owns and
operates 16 Canadian television stations, eleven of which comprise the Global
Television Network (Global Television). Of the remaining stations, three
comprise the Companys CH network and two are affiliated with another network.

In addition to the conventional free-to-air television stations, GCL owns
Global Prime, a specialty television channel, and GTNI has varying interests in
seven partnerships which own and operate digital specialty television channels
as follows: Lonestar (100%); DejaView (100%); Fox Sports World Canada (100%);
Xtreme Sports (100%); Cool TV (100%); mentv (49%); and Mystery TV (45.05%). The Company owns 100% of CanWest Entertainment Inc., which owns and operates
Fireworks Entertainment Inc. (Fireworks). Based in Toronto, Fireworks is
engaged in the distribution, production and financing of television programs
and feature films.

GCL owns and operates, through wholly-owned subsidiaries, 13 daily metropolitan
Canadian newspapers, several non-daily newspaper and other publications
businesses, and The National Post Company which produces the National Post, a
Canadian daily national newspaper.

GCL also owns 100% of CanWest Interactive Inc., which owns and operates
canada.com, a full-service Internet portal and a number of websites affiliated
with the Companys media properties. Additionally, CanWest Interactive operates
the Companys electronic publishing operations of FP Data and Infomart.

Australia

CanWest owns a 57.1% economic interest in Network TEN. The Company owns
68,249,990 of the 462,125,000 outstanding ordinary shares of Network TEN, which
represents an approximate 14.8% voting interest (the maximum amount that any
one foreign person may own in an Australian commercial television network under
present Australian law is 15%). The Company also owns all of the subordinated
debentures and convertible debentures of Network TEN in the principal amounts
of A$45.5 million and A$45,500 respectively, which, together with the ordinary
shares, represent a 57.1% economic interest in Network TEN.

The subordinated debentures mature in December 2042 and are subordinated to all
secured and unsecured obligations of Network TEN but rank equally with the
ordinary shares unless held by a foreign person, such as CanWest, in which
case there is no entitlement to any distribution upon a liquidation or
winding-up of Network TEN if such distribution would violate the Broadcast
Services Act of Australia (BSA). A distribution to CanWest in respect of its
subordinated debentures upon the liquidation or winding-up of Network TEN would
violate the current provisions of the BSA. The subordinated debentures bear
interest in accordance with a formula that provides for annual interest
payments calculated by reference to the amount distributed to the holders of
ordinary shares. The combination of ordinary shares and subordinated
debentures held by CanWest yield distributions equivalent to approximately
57.1% of all distributions paid to Network TEN security holders.

CanWest owns all of Network TENs 455,000 outstanding convertible debentures
that mature in December 2037, which are convertible into an aggregate of
455,000,000 ordinary shares (which would represent approximately 50% of the
fully diluted ordinary shares) upon payment by the Company of an aggregate of
A$45.5 million. Under current regulations with respect to foreign ownership in
Australia, the Company cannot exercise the conversion privilege. The
convertible debentures, however, could be sold to a qualified Australian
purchaser that could, subject to compliance with Australian ownership
regulations, convert them.

In April 1998, Ten Network Holdings Limited (Ten Holdings) was formed. Ten
Holdings is a special purpose company, which has been incorporated to be the
publicly listed holding company of Network TEN and is essentially a see
through investment into Network TEN. Its business has been substantially
constrained to the holding of Network TEN shares and other Network TEN
securities. Its constitution requires it to retain its investment in Network
TEN and its special purpose nature. To protect this structure, certain
fundamental provisions of its Memorandum and Articles of Association may only
be changed by a Special Majority Resolution of its shareholders, representing
at least 90% of all of the votes entitled to be cast.

Ten Holdings has entered into certain Exchange Deeds with CanWest whereby,
subject to prevailing legal constraints, CanWest may exchange securities it
holds in Network TEN for treasury shares of Ten Holdings.

Further, CanWest and Ten Holdings have entered into an agreement whereby Ten
Holdings will grant, subject to the approval of the Treasurer of Australia and
the passing of a Special Resolution by Ten Holdings, a first right of offer to
the holders of the convertible debentures, or their nominees, in respect of any
disposal of Network TEN shares held by Ten Holdings. If CanWest cannot itself
exercise its right, it may exercise that right in favor of an unassociated
third party.

Network TENs Articles of Association include certain Director appointment
rights and see through voting provisions. CanWest is entitled to appoint three
of Network TENs 13 directors. Certain other persons, including the
Independent Chairman, have rights to

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appoint three additional directorships. The remaining seven directors are
elected by the shareholders of Network TEN, with Ten Holdings shareholders
voting on a see through basis. CanWest is entitled to two members of Network
TENs five member executive committee. CanWest is entitled to appoint the
Deputy Chairman of the Board and the Chairman of the Corporate Development
Committee.

Network TEN has adopted a policy of distributing annual dividends to the
maximum permitted by law, subject to first making provisions for working
capital and capital expenditure requirements, identified financial requirements
for corporate development activities and compliance with the terms of any
financing facility that may be in place from time to time.

All Network TEN shareholders and debenture holders have pre-emptive rights to
participate pro rata to their existing interests in any new security issues by
Network TEN.

Network TEN cannot dispose of any defined material asset without first seeking
the approval of its shareholders by special resolution (75% of those voting).
Ten Holdings cannot vote in favor of such a resolution without seeking approval
of its shareholders by Special Majority Resolution (90% of those entitled to
vote).

The transfer of CanWests interests in Network TEN is subject to compliance
with the BSA.

In December 2000 Network TEN acquired a 60% controlling interest in Eye Corp.
Australias second largest out-of-home advertising company, and in August 2002
acquired the remaining 40% interest.

New Zealand

CanWest owns 100% of TV3 Network Services Limited, which owns and operates two
television networks, TV3 New Zealand and TV4 New Zealand. In addition, the
Company owns 100% of CanWest NZ Radio Holdings Limited, which owns and operates
five nationally networked radio brands (The Edge, The Rock, Radio Pacific,
Solid Gold and Channel Z) and 27 local radio stations, including More FM
stations in the five largest cities.

Republic of Ireland and Northern Ireland

CanWest and Granada Media plc each own 45% of the ordinary shares of Canwest
Granada Media Holdings Limited, which owns and operates TV3 Ireland. The
remaining shareholders include the members of the original Irish consortium who
applied for the TV3 licence, who hold 10% of the ordinary shares. Under a joint
venture agreement CanWest has the right to appoint three of nine members to the
board of directors. In addition, the Company provides certain management
services to TV3 Ireland.

CanWest also owns 29.9% of the outstanding shares of Ulster Television plc,
which owns and operates UTV, the ITV franchise in Northern Ireland.

United States

CanWest owns 14% fully diluted interest in Internet Broadcasting Systems Inc.
(IBS) of Minneapolis. IBS is a leading developer of specialized web sites
for television stations, and provides web design and technical hosting services
as well as content and sales consulting to a number of television stations
including NBC, CBS Inc., Scripps, Howard, Post-Newsweek and Hearst-Argyle
Television Inc.




ITEM 3: GENERAL DEVELOPMENT OF THE BUSINESS

BACKGROUND

CanWest is an international media company with interests in broadcast
television, newspapers, radio, specialty cable channels and Internet websites
in Canada, Australia, New Zealand, the Republic of Ireland and Northern Ireland
as well as film and television production and distribution in the U.S. and the
U.K. Since its founding in the early 1970s, the Company has expanded by
acquiring and developing under-performing broadcasting assets and through the
start-up of new television broadcasting properties in attractive media markets.
The Company focuses principally in English-language markets and seeks to obtain
significant or controlling interests in national advertising based media
platforms. In fiscal 2000, the Company significantly expanded its broadcast
television operations in Canada with the acquisition of the television
operations of WIC Western International Communications Ltd. (WIC). In fiscal
2001 the Company significantly expanded its operations in Canada with the
acquisition of several media properties comprising CanWest Publications.

In Canada, the Company has television, publishing and Internet operations that
serve common geographic areas, providing viewers, readers and advertisers with
extensive local, regional and national coverage. The Company owns and operates
the most profitable and one of the highest rated groups of television stations
in Canada, including the Global Television Network and several additional
stations, which together provide coverage of approximately 94% of Canadas
English-language market. The Company is the largest owner of commercial
broadcast television stations in Canada. The Company is also the largest
publisher of daily newspapers in Canada with average daily paid circulation of
1.4 million copies, including the National Post, representing 35% of Canadas
average daily English-language newspaper circulation. In addition, the Company
owns an extensive collection of Internet websites providing content of local,
regional and national interest.

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The Company also owns significant interests in media properties in other
English-language markets. In Australia, the Company owns a 57.1% economic
interest in Network TEN, one of three privately-owned national television
networks. In New Zealand, the Company owns the only privately-owned national
television networks, and a leading group of radio stations. Other investments
include a 45% interest in the only privately-owned television network in the
Republic of Ireland, TV3, and a 29.9% interest in the highest-rated television
station in Northern Ireland, UTV.

The Companys primary corporate objectives are to leverage advertising based
media platforms serving English-language markets, and to acquire, develop, and
control content. To achieve these objectives, the Company strategy includes
the following:



| |  | Offer comprehensive advertising solutions.The Companys broad range
of media platforms allows it to deliver multi-platform solutions to
advertising clients. In Canada, CanWest is a comprehensive
advertising service provider, and able to sell flexible packages of
advertising across various media in local, regional and national
markets. The Companys Canadian television, publishing and Internet
platforms provide advertisers with an effective means to reach a mass
market or to target specific demographic and special interest groups.
In New Zealand, the combination of a national television network and
urban and rural radio networks allows the design of advertising
solutions tailored to clients needs.
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| 
| |  | Leverage content.By creating news and sports content and purchasing
or commissioning entertainment content from affiliates and others, the
Company is able to supply owned platforms and syndicate content to
non-competing media outlets, reducing overall costs. The Companys
news and information organization provides extensive resources to
develop content for delivery across multiple distribution platforms
and enables it to provide complete and in-depth coverage of local,
regional and national news and information to audiences.                                                                                                                                                                                
| 
| |  | Cross-promote and co-brand properties.The geographic overlap of
television, publishing, radio and Internet platforms enables the
Company to cross-promote its properties in order to grow audiences,
strengthen brand recognition and increase advertising revenue. For
example, in Canada, the Company can use its newspapers to promote its
television programs and websites. The variety of platforms also
enables the Company to pursue co-branding and brand extension
opportunities. Many of the Companys websites already share brands
with its television and newspaper properties to leverage existing
relationships with audiences.                                                                                    
| 
| |  | Achieve economies of scale.Through expansion of operations across
multiple markets and media platforms, the Company has achieved greater
purchasing power, giving it a competitive advantage in acquiring the
rights to content. In addition, the Company can amortize the cost of
content across a larger number of viewers, readers and listeners.                                                                                                                                                                                                                                                                                                                                                                              
| 
| |  | Expand operations in English-language markets.The Company intends to
develop and acquire additional media assets in existing markets and
expand into other English-language markets. While tastes and
preferences vary among each of the communities served, the Company is
often able to utilize programming and other content purchased,
developed or produced for one market in other markets.                                                                                                                                                                                                                                                                                                                                 
| 
| |  | Improve efficiency and reduce operating costs.The Company expects to
realize cost savings through the integration of CanWest Publications
and other acquired assets into existing operations and through the
reduction of duplicative general and administrative expenses.                                                                                                                                                                                                                                                                                                                                                                                                                                                        

SIGNIFICANT ACQUISITIONS AND SIGNIFICANT DISPOSITIONS

Sale of Certain Community Newspapers in Ontario

On February 14, 2003 the Company sold all of its community newspapers and
related assets in Ontario to Osprey Media Inc. for cash proceeds of
approximately $193.5 million. The proceeds from the sale were used to reduce
senior bank debt. Revenue and EBITDA (for a definition of this
measure of earnings, refer to Management's Discussion and Analysis,
Exhibit 2 Page 6) generated from these properties in fiscal
2002 were approximately $87 million and $21 million respectively.

Sale of Certain Community Newspapers in the Maritimes and Saskatchewan

On August 8, 2002 the Company sold all of its community newspapers and related
assets in Atlantic Canada and Saskatchewan to GTC Transcontinental Group Ltd.
for cash proceeds of approximately $257 million. The proceeds from the sale
were used to reduce senior bank debt. The sale included daily newspapers such
as the Halifax Daily News, Charlottetown Guardian, St. Johns Telegram, New
Glasgow Evening News, Cape Breton Post, Truro Daily News, Prince Albert Daily
Herald, and the Moose Jaw Times. The transaction also included other weeklies,
monthlies, shoppers and insert publications, as well as commercial printing
operations in Prince Edward Island and Saskatchewan.Revenue and EBITDA
generated from these properties in fiscal 2002 were approximately $94 million
and $30 million, respectively.

TRENDS

There has been increasing consolidation in the Canadian broadcasting,
publishing and other media industries in the past few years, including the
Companys acquisition of CanWest Publications in November 2000. In October
2000, Quebecor Inc. took over Le Groupe Vidéotron Ltée. Quebecor Media, the
newly formed media and cable arm of Quebecor Inc., includes French-language
television broadcasting operations, English-language and French-language
newspaper, book and magazine publishing operations and

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a collection of Internet sites, as well as cable television and television
production operations predominantly targeted at French-language markets and
other assets. BCE Inc., The Thomson Corporation and The Woodbridge Company
Limited created Bell Globe Media, a multi-platform media company that combines
a number of television, print and Internet assets, including: the CTV
television network; The Globe and Mail,one of two Canadian English-language
national daily newspapers; and Sympatico.ca,a Canadian Internet portal. In
2003, The Woodbridge Group acquired Thomson Corporations 20% interest in Bell
Globe Media.

In Canada, advertising spending is mildly cyclical and tends to lag going into
recessions and recover early. Since 1985 total advertising spending has varied
between 0.9% and 1.2% of nominal GDP. Over the last ten years, that band has
narrowed to 0.93% and 1.03% of nominal GDP. Amounts spent on advertising in
the Companys international markets show similar correlation to the respective
size of those economies.

In Canada, television viewing trends continue to show increasing audience
shares for the specialty and pay television segments, and declining shares for
the conventional segment. In 2001, conventional Canadian and U.S. stations
received in Canada had a 61% viewing share amongst adults 18 to 49 years old, a
share that is forecast to decline to 53.5% in 2003. Growth in specialty and
pay television audiences has followed the increase in the number of
multi-channel households, or those subscribers who are able to receive
television signals in addition to free-to-air stations, by way of cable,
satellite or other means. Multi-channel households as a percentage of total
television households are forecast to increase to 82.9% in 2007 from 73.9% in
1998. Specialty and pay television is less developed in the other markets in
which the Company operates, although over time, specialty services in those
markets are likely to follow similar patterns of development as North America.




ITEM 4: NARRATIVE DESCRIPTION OF THE BUSINESS

THE COMPANYS MARKETS

General

The Company operates in the commercial television markets in Canada, Australia,
New Zealand and Ireland, the commercial radio market in New Zealand and the
newspaper publishing industry in Canada. Currently, these countries have
well-developed economies and advertising markets. Commercial television
stations (stations which derive most of their revenue from the sale of
advertising time) began broadcasting on a regular basis in the United States in
the 1940s, Canada and Australia in the 1950s, and in New Zealand and Ireland
in the 1960s.

The following table sets forth demographic and market information for 2002 for
the countries in which CanWest currently operates:

Selected Market Information

|            |  |            |      |              |  |              |       |              |  |             |       |              |  |              |         |             |  |  |       |  |  |  |       |  |  |     |       | 
|----------- |  | ---------- | ---- | ------------ |  | ------------ | ----- | ------------ |  | ----------- | ----- | ------------ |  | ------------ | ------- | ----------- |  |  | ----- |  |  |  | ----- |  |  | --- | ----- | 
|            |  |            |      |              |  | Total Major  |       |              |  |             |       | Daily        |  | Daily        |         |             |  |  |       |  |  | 
|            |  |            |      |              |  | Media        |       | Television   |  | Newspaper   |       | Newspaper    |  | Out-of-Home  |         | Radio      
|            |  |            |      |              |  | Advertising  |       | Advertising  |  | Advertising |       | Circulation  |  | Advertising  |         | Advertising
|            |  | Population |      | Expenditures |  | Expenditures |       | Expenditures |  | Revenue     |       | Expenditures |  | Expenditures
|            |  |            |      |              |  |              |       |              |  |             |       |              |  |             
|            |  | (millions) |      | (millions)   |  | (millions)   |       | (millions)   |  | (millions)  |       | (millions)   |  | (millions)  
|Canada      |  |            | 31.4 |              |  | C$           | 7,047 |              |  | C$          | 2,612 |              |  |              | C$2,510 |             |  |  | C$674 |  |  |  | C$273 |  |  | C$  | 1,094 | 
|Australia   |  |            | 19.6 |              |  | A$           | 7,359 |              |  | A$          | 2,490 |              |  |              | n/a     |             |  |  | n/a   |  |  |  | A$271 |  |  |     | n/a   | 
|New Zealand |  |            | 4.0  |              |  | NZ$          | 1,565 |              |  | NZ$         | 516   |              |  |              | n/a     |             |  |  | n/a   |  |  |  | n/a   |  |  | NZ$ | 203   | 
|Ireland     |  |            | 3.9  |              |  |             | 700   |              |  |            | 165   |              |  |              | n/a     |             |  |  | n/a   |  |  |  | n/a   |  |  |     | n/a   | 

Television Ratings and Transmission

Revenue in the broadcasting industry is derived primarily from the sale of
broadcast air time. The advertising rates that a television station can command
are based, to a large extent, on the stations share of the total potential
audience in the market (the stations ratings), the demographic and
socio-economic composition of its audience and the price and availability of
advertising time on competing networks or in suitable alternative media.
Advertising agencies and media buyers use ratings to direct their clients
advertising expenditures to the appropriate audience. The size and
demographics of the audience that a network can offer to potential advertisers
in turn depends upon the attractiveness to potential viewers of the television
networks programming.

For potential advertisers, the two most important measurement statistics for
television audiences are rating points and share. One rating point equals
one per cent of a defined population within a defined geographic area viewing a
particular program for a specified time period. Rating points in the aggregate
measure the size of the actual viewing audience as a percentage of the total
potential viewing audience. Share indicates the percentage of people within
a defined population who are viewing television and who are tuned to a
particular program for a specific time period in a specific area, and thus
measures the market share held by a particular program relative to the actual
viewing audience.

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The two basic methods of television transmission in use in CanWests existing
markets are: (i) over-the-air television broadcasting, which can be either
local or national in scope (these operations are often referred to as
terrestrial broadcast operations), and (ii) satellite-to-cable and direct
satellite (direct-to-home) broadcasting. In over-the-air broadcasting, the
station operator broadcasts its signal at an established frequency and power
via one or more land-based transmitters, each with a limited geographic range.
In satellite-to-cable broadcasting, the station operator transmits its signal
to a satellite which redirects the signal to either a ground based antenna
which is connected to a cable system or directly to a home television via a
satellite receiver. In satellite-to-cable and direct-to-home broadcasting, the
signal can originate from the territory where the viewer is situated or can be
broadcast from abroad. While over-the-air broadcasters can typically be
received by virtually all of the television households in the geographic area
covered by their broadcast signal, satellite broadcasters can be received only
by television households connected to a cable system or households that have
satellite receivers and, if the signals are encrypted, signal decoders.

Newspaper Advertising, Circulation and Distribution

Revenue in the newspaper industry is derived primarily from advertising and
circulation. Advertising and circulation comprised 79% and 18% respectively of
the Companys newspaper revenues for the year ended August 31, 2003.

Advertising revenues are generated through the sale of retail, classified and
national advertising. Retail advertising is display advertising, typically
placed by local merchants such as department and grocery stores. Classified
advertising includes advertisements listed together in sequence by category,
such as automobile sales, real estate sales or help wanted. National
advertising is advertising principally from advertisers promoting a product on
a national basis.

Newspaper distribution is carried out primarily by a system of independent
carriers, wholesalers and dealers, through which newspapers are delivered to
individual subscribers. Single copies are also sold through vending boxes and
retail outlets in the relevant circulation area.

Revenue

The consolidated financial statements include the accounts of the Company and
its subsidiaries. The Company accounts for its share and debt interests in
Network TEN using the equity basis of accounting. The Companys investment in
UTV is accounted using the cost basis of accounting.

Geographic and industry actual and
segment revenues for the last two fiscal years are presented below.

|                              |  |      |           |      |  |  |           |  
|----------------------------- |  | ---- | --------- | ---- |  |  | --------- | -
|For the years ended August 31 |  |      |           |      |  |  |           |  
|(in thousands of dollars)     |  | 2003 |           | 2002
|Canada                        |  |      |           |      |  |  |           |  
|-Television                   |  |      | 728,318   |      |  |  | 691,888   |  
|-Entertainment                |  |      | 191,894   |      |  |  | 156,914   |  
|-Publishing & Online          |  |      | 1,168,918 |      |  |  | 1,271,075 |  
|                              |  |      |           |      |  |  |           |  
|                              |  |      | 2,089,130 |      |  |  | 2,119,877 |  
|New Zealand                   |  |      |           |      |  |  |           |  
|-Television                   |  |      | 95,752    |      |  |  | 69,079    |  
|-Radio                        |  |      | 73,400    |      |  |  | 60,724    |  
|Ireland                       |  |      | 32,490    |      |  |  | 28,317    |  
|Eliminations                  |  |      | (11,456   | )    |  |  | (5,214    | )
|                              |  |      |           |      |  |  |           |  
|                              |  |      | 2,278,316 |      |  |  | 2,272,783 |  
|                              |  |      |           |      |  |  |           |  

For the years ended August 31, 2003 and 2002, the Companys equity interest in
the earnings of Australias Network TEN were: earnings of $101,339,000 and a
loss of $11,815,000 respectively. Network TEN reported revenues of
$650,952,000 (A$732,995,000) and $555,653,000 (A$667,012,000) for the years
ended August 31, 2003 and 2002 respectively.

CANADIAN OPERATIONS

Canadian Television Industry

General

The Canadian television broadcasting industry is currently comprised of: (i)
three English-language national networks, including Global Television, and one
French-language national network; (ii) two French-language networks based in
Quebec; and (iii) a number of local stations, including those of the Company.

Two of the four national networks are government-owned and operated by the
Canadian Broadcasting Corporation (the CBC). The CBC operates one network in
English and one in French and both are financed by a combination of
parliamentary grants and commercial revenues. CTV Television Network Inc.
(CTV) is Canadas third national network.

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In addition to receiving signals from Canadian broadcasters, virtually all
populated areas of Canada have access either directly by over-the-air
broadcasts or through cable television to the signals of U.S. border stations.
These stations are usually affiliated with one of four national U.S. commercial
networks (ABC, CBS, Fox and NBC) or with the Public Broadcasting System.
Numerous Canadian and American English-language and French-language specialty
programming services are also available via cable service in most areas on
either basic or optional cable service basis. The extensive penetration of
cable television in most Canadian cities has resulted in most television
viewers in those areas having a wide range of viewing options. In the fall of
2000 the CRTC awarded a total of 283 new digital specialty cable channels,
which will increase the viewing options available to Canadians over time. Of
the new licences granted, approximately 48 new digital specialty channels have
been launched and are currently in operation.

The following table reflects the respective share of the English Canada
audience held by the major Canadian networks and station groups in Spring 2003
as a percentage of both Canadian television and total television viewership:

|                                    |  |                              |       |                           |  |  |      |  
|----------------------------------- |  | ---------------------------- | ----- | ------------------------- |  |  | ---- | -
|Network or Station Group            |  | Share of Canadian Television |       | Share of Total Television
|                                    |  |                              |       |                          
|Global Television Network           |  |                              | 20.8  | %                         |  |  | 14.0 | %
|CTV                                 |  |                              | 21.0  | %                         |  |  | 14.1 | %
|CBC                                 |  |                              | 9.0   | %                         |  |  | 6.1  | %
|CHUM                                |  |                              | 8.5   | %                         |  |  | 5.7  | %
|Other broadcast stations            |  |                              | 6.5   | %                         |  |  | 4.4  | %
|Specialty cable channels            |  |                              | 34.2  | %                         |  |  | 23.0 | %
|                                    |  |                              |       |                           |  |  |      |  
|Total English-language broadcasting |  |                              | 100.0 | %                         |  |  | 67.2 | %
|                                    |  |                              |       |                           |  |  |      |  

Source: BBM sweeps, Monday to Sunday, 6:00 a.m. to 2:00 a.m. adults ages 18 to
49.

Simultaneous Program Substitution

An integral aspect of over-the-air broadcasting operations in Canada is the
concept of simultaneous program substitution or simulcasting. Due to
Canadas geographic proximity to the United States, the Cable Television
Regulations in Canada require that cable television systems with over 2000
subscribers must substitute the Canadian over-the-air broadcast of a U.S.
program, including the Canadian commercials, for the broadcast of an identical
program by a U.S. station when the two programs are broadcast at the same time.
This effectively means that the Canadian stations signal and advertisements
appear on two or more channels simultaneously, including the originating
Canadian channel and the channel of the U.S. station for whose signal it is
being substituted. In so doing, Canadian over-the-air broadcasters, which have
purchased exclusive Canadian broadcast rights from U.S. programming
distributors or producers, are compensated to some degree for the encroachment
on cable television by U.S. broadcasters who have not acquired the Canadian
rights to broadcast those programs.

In markets with significant cable television penetration, broadcasting a
Canadian signal simultaneously on two or more cable channels can substantially
increase the potential size of a Canadian broadcasters audience, and thus
rating points and share. As a result, advertisers are prepared to pay more for
broadcast airtime in simulcast programs. Canadian broadcasters generally
attempt to maximize the number of simulcast programs in their schedules.

Canadian Television Operations

General

The Company, through its principal broadcasting subsidiaries in Canada, is
currently licensed to provide over-the-air English-language television
broadcasting services through 16 television stations located in eight of
Canadas ten provinces. The Companys broadcast interests have developed
through the acquisition and turnaround of financially distressed stations, the
start-up of new stations, and in July 2000, the acquisition of stations
previously owned by WIC.

CanWests national network of stations, Global Television, includes eleven
stations and broadcasts to all major metropolitan markets in Canada, including
Toronto, Montreal, Vancouver, Ottawa, Calgary, Edmonton, Quebec and Winnipeg.
Global Television Network stations reach an estimated 22.7 million persons, or
approximately 94% of Canadas English-language market, and is targeted to
appeal to adults ages 18 to 49.

Two independent stations, CHCH in Hamilton and CHEK in Victoria, are regional
stations offering a broad range of entertainment, news and information
programming. CHCH reaches 90% of viewers in the province of Ontario, or
approximately 10.4 million people, and CHEK reaches 81% of viewers in British Columbia, or approximately 3.1
million people. These stations acquired from WIC

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provide the Company with
second stations in Canadas three largest English-language markets:
Toronto/Hamilton, Vancouver/Victoria and Ottawa/Hull. The Companys CH brand
stations, including CHCH and CHEK are targeted at the adult audience ages 25 to
54, a more mature demographic group than the 18 to 49 year old audience
targeted by the Global Television Network. A third independent station,
CH-Horizon in Montreal, Quebec, broadcasts a schedule consisting primarily of
multi-cultural programming.

The Company also owns two stations affiliated with the CBC, which were also
acquired as part of the WIC transaction.

CanWest also owns Global Prime, a Canadian cable specialty channel providing
entertainment and information programming to the baby boomer generation.

In November 2000, the CRTC awarded licences to operate three new digital
Category 1 specialty channels and 27 new digital Category 2 specialty channels
to the Company and various third parties who will hold interests in the
entities holding the licences. Cable and Satellite service operators are
legally required to carry Category 1 channels, and can carry Category 2
channels at their option. From time to time the CRTC may award additional
licences. The Company launched two Category 1 services, mentv and Mystery TV
and four Category 2 channels, Lonestar, DejaView, Fox Sports World Canada and
Xtreme Sports in September 2001. In September 2003, the Company launched Cool
TV, a Category 2 channel.

Operating Strategy

The key elements of the Companys operating strategy are to: (i) broadcast
top-rated series programming targeting the adult 18 to 49 year old or 25 to 54
year old demographic; (ii) purchase national rights to such programming; and
(iii) maximize simulcasting programming opportunities. The Company emphasizes
the broadcasting and aggressive promotion of top-rated series programming and
seeks to develop viewer loyalty by offering a regular, consistent programming
format, which the Company calls appointment television. By purchasing
national broadcasting rights to such programming, the Company is able to
control its distribution throughout Canada, including its syndication to
affiliated or non-competing stations, which in turn, decreases programming
costs for the Companys owned stations. In addition, the Company controls
programming costs by producing only its news and sports programming in-house
and by entering into partnership agreements with production companies to
acquire or produce programming. The Company further offsets programming costs
through the sale of syndication rights and the sublicensing to non-competing
broadcasters of regional broadcasting rights for programming for which it has
national rights. The Company also seeks to produce high quality Canadian news
and series programming of relevance to local and national audiences and
believes that success in this area represents a growth opportunity.

CanWest attempts to simulcast its US-originated programming whenever possible
in order to maximize ratings and share through the inclusion of the additional
audience available from the duplication of its signal on cable television.
Management believes that CanWest benefits from the simulcast policy. CanWest
believes that it has greater flexibility than its competitors in coordinating
its program schedules to match those of U.S. broadcasters.

Advertising Market

In 2002, English-language and French-language television advertising
expenditures in Canada were approximately $2.6 billion, representing
approximately 37% of major media advertising expenditures of $7.0 billion.
Television advertising expenditures in 2002 included approximately $508 million
related to specialty channels.

CanWest derives its revenue in Canada primarily from the sale of broadcast
airtime to national, regional and local advertisers. CanWest Media Sales
Limited (CanWest Media), a wholly owned subsidiary of the Company, is the
principal national advertising sales representative for each of the Companys
stations and also represents other, non-competing television broadcasters.
CanWest Media is the largest television advertising sales representation
company in Canada in terms of sales revenues. CanWest Media, through its
offices in Toronto and Montreal, is responsible for the Companys sales to
national advertisers while sales to regional and local advertisers are made by
each stations local staff. Approximately 91% of the revenue delivered from
the sale of broadcast airtime related to sales to national advertisers and 9%
related to sales to regional and local advertisers. By condition of its
broadcasting licences in Ontario and Quebec, Global Television can sell
broadcast airtime only to national advertisers. Based on information provided
by the CRTC, the Company estimates its share of the Canadian English-language
television advertising market (conventional and specialty) was 29% in 2002.

CanWest believes that its significant presence in the three largest
English-speaking markets in Canada position it to benefit from the continuing
shift in advertising expenditures towards major markets at the expense of
secondary markets. In addition, management believes that CanWest offers an
advantage to national advertisers over its competitors in that such advertisers
need only to deal with one agent, CanWest Media, when purchasing broadcast
airtime. In contrast, a purchaser of national advertising from one of its
competitors may be required to purchase broadcast airtime at both the network
level and from selected local affiliates.

Ratings

According to independent surveys, Global Television enjoyed high ratings and
strong audience shares during fiscal 2003.

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The following table sets forth the relative ranking and audience share of the
Companys originating broadcast television stations in each of their respective
Demographic Market Areas (DMA) or Extended Market Areas (EMA) for Fall
2002/Spring 2003:

|                               |  |           |  |         |    |             |  |          |   |          |  |  |      |   |  | 
|------------------------------ |  | --------- |  | ------- | -- | ----------- |  | -------- | - | -------- |  |  | ---- | - |  | 
|                               |  |           |  |         |    | Stations in |  | Rank in  |   | Audience
|                               |  | Call Sign |  | DMA/EMA |    | DMA/EMA(1)  |  | Share(1)
|                               |  |           |  |         |    |             |  |         
|Global Television Network:     |  |           |  |         |    |             |  |          |   |          |  |  |      |   |  | 
|Global Ontario                 |  | CIII      |  |         | 14 |             |  |          | 2 |          |  |  | 11.2 | %
|Global Quebec                  |  | CKMI      |  |         | 8  |             |  |          | 2 |          |  |  | 10.8 | %
|Global Vancouver               |  | CHAN      |  |         | 13 |             |  |          | 1 |          |  |  | 12.2 | %
|Global Calgary                 |  | CICT      |  |         | 8  |             |  |          | 2 |          |  |  | 15.1 | %
|Global Edmonton                |  | CITV      |  |         | 8  |             |  |          | 1 |          |  |  | 14.7 | %
|Global Winnipeg                |  | CKND      |  |         | 8  |             |  |          | 2 |          |  |  | 12.9 | %
|Global Halifax                 |  | CIHFNS    |  |         | 8  |             |  |          | 2 |          |  |  | 10.9 | %
|Global Saskatoon               |  | CFSK      |  |         | 7  |             |  |          | 2 |          |  |  | 11.3 | %
|Global Regina                  |  | CFRE      |  |         | 7  |             |  |          | 2 |          |  |  | 9.7  | %
|Global Saint John              |  | CIHF-NB   |  |         | 8  |             |  |          | 1 |          |  |  | 9.8  | %
|Global Lethbridge (2)(3)       |  | CISA      |  |         | 9  |             |  |          | 1 |          |  |  | 15.3 | %
|CH Television System:          |  |           |  |         |    |             |  |          |   |          |  |  |      |   |  | 
|Montreal, Quebec               |  | CJNT      |  |         | 8  |             |  |          | 7 |          |  |  | 2.8  | %
|Hamilton, Ontario (4)          |  | CHCH      |  |         | 14 |             |  |          | 4 |          |  |  | 5.2  | %
|Victoria, British Columbia (6) |  | CHEK      |  |         | 13 |             |  |          | 5 |          |  |  | 5.6  | %
|CBC Affiliates:                |  |           |  |         |    |             |  |          |   |          |  |  |      |   |  | 
|Kelowna, British Columbia (5)  |  | CHBC      |  |         | 8  |             |  |          | 5 |          |  |  | 4.7  | %
|Red Deer, Alberta              |  | CKRD      |  |         | 8  |             |  |          | 4 |          |  |  | 3.8  | %



---

|(1) |  | Monday to Sunday, Central Prime Time (8:00 p.m. to 11:00 p.m. in all
markets except Saskatchewan and Manitoba where, due to time zone
differences with U.S. border stations, Central Prime Time is 7:00 p.m. to
10:00 p.m.)
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  | For Toronto/Hamilton and Vancouver/Victoria (09/02/02  12/22/02 and 01/06/03
 05/25/03) BBM Meter Research adults ages 18 to 49                                                                                          
|    |  | All other markets: Fall 2002 and Spring 2003 average BBM Sweeps, adults ages
18 to 49                                                                                                                                      
|   
|(2) |  | BBM Area 8021                                                                                                                                                                                                              
|   
|(3) |  | CISA is a repeater of CICT Calgary                                                                                                                                                                                         
|   
|(4) |  | Rank and Share in the Toronto/Hamilton EMA                                                                                                                                                                                 
|   
|(5) |  | North Okanagan County                                                                                                                                                                                                      
|   
|(6) |  | Rank and Share in the Vancouver EMA                                                                                                                                                                                        

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The following table sets forth Global Televisions audience shares and that of
its competitors in each of the Toronto/Hamilton and Vancouver/Victoria markets
for the 2002 and 2003 broadcast years, BBM Meter data:

Audience Share in Selected Major Markets

|                       |  |                    |      |           |  |                  |      |           |  |           |   |           |  |  |      |  |  |  |      |  |  |  |   | 
|---------------------- |  | ------------------ | ---- | --------- |  | ---------------- | ---- | --------- |  | --------- | - | --------- |  |  | ---- |  |  |  | ---- |  |  |  | - | 
|                       |  | Audience Share (1)
|                       |  |                   
|                       |  | Prime-time:        |      |           |  |                  |      |           |  |           |   |           |  |  |      |  |  | 
|                       |  | 7PM-11PM (2)       |      | Rank (3)  |  | 6AM-MIDNIGHT (2) |      | Rank (3) 
|                       |  |                    |      |           |  |                  |      |          
|                       |  | 2002/2003          |      | 2001/2002 |  | 2002/2003        |      | 2002/2003 |  | 2001/2002 |   | 2002/2003
|                       |  |                    |      |           |  |                  |      |           |  |           |   |          
|                       |  | %                  |      | %         |  |                  |      |           |  | %         |   | %         |  |  |      | 
|Toronto/Hamilton:      |  |                    |      |           |  |                  |      |           |  |           |   |           |  |  |      |  |  |  |      |  |  |  |   | 
|CTV-CFTO               |  |                    | 11.7 |           |  |                  | 11.4 |           |  |           | 1 |           |  |  | 9.8  |  |  |  | 10.0 |  |  |  | 1 | 
|Global Ontario  CIII  |  |                    | 10.7 |           |  |                  | 11.9 |           |  |           | 2 |           |  |  | 8.8  |  |  |  | 9.5  |  |  |  | 2 | 
|Independent  CITY     |  |                    | 8.7  |           |  |                  | 8.5  |           |  |           | 3 |           |  |  | 7.8  |  |  |  | 8.1  |  |  |  | 3 | 
|CBC  CBLT             |  |                    | 5.3  |           |  |                  | 8.8  |           |  |           | 4 |           |  |  | 4.0  |  |  |  | 6.8  |  |  |  | 5 | 
|Independent - CHCH     |  |                    | 5.1  |           |  |                  | 4.7  |           |  |           | 5 |           |  |  | 4.2  |  |  |  | 3.8  |  |  |  | 4 | 
|Independent  CKVR     |  |                    | 2.9  |           |  |                  | 2.6  |           |  |           | 6 |           |  |  | 2.3  |  |  |  | 2.5  |  |  |  | 7 | 
|Fox  WUTV             |  |                    | 2.7  |           |  |                  | 3.0  |           |  |           | 7 |           |  |  | 3.2  |  |  |  | 3.4  |  |  |  | 6 | 
|Rogers  CFMT          |  |                    | 1.7  |           |  |                  | 1.9  |           |  |           | 8 |           |  |  | 2.3  |  |  |  | 2.7  |  |  |  | 7 | 
|Vancouver/Victoria:    |  |                    |      |           |  |                  |      |           |  |           |   |           |  |  |      |  |  |  |      |  |  |  |   | 
|Global Vancouver- CHAN |  |                    | 11.6 |           |  |                  | 13.0 |           |  |           | 1 |           |  |  | 11.8 |  |  |  | 12.4 |  |  |  | 1 | 
|Independent  CIVT     |  |                    | 9.8  |           |  |                  | 8.3  |           |  |           | 2 |           |  |  | 6.6  |  |  |  | 6.1  |  |  |  | 2 | 
|CBC - CBUT             |  |                    | 8.0  |           |  |                  | 7.6  |           |  |           | 3 |           |  |  | 6.5  |  |  |  | 8.0  |  |  |  | 3 | 
|Independent  CHEK     |  |                    | 5.6  |           |  |                  | 5.1  |           |  |           | 4 |           |  |  | 4.3  |  |  |  | 4.2  |  |  |  | 4 | 
|CHUM-CKVU              |  |                    | 5.5  |           |  |                  | 5.6  |           |  |           | 5 |           |  |  | 4.1  |  |  |  | 4.0  |  |  |  | 5 | 
|CHUM  CIVI            |  |                    | 3.4  |           |  |                  | 3.1  |           |  |           | 6 |           |  |  | 2.5  |  |  |  | 2.2  |  |  |  | 6 | 
|Independent  KVOS     |  |                    | 1.6  |           |  |                  | 1.9  |           |  |           | 7 |           |  |  | 2.0  |  |  |  | 2.4  |  |  |  | 7 | 



|(1) |  | Audience share among adults 18 to 49                 
|--- |  | -----------------------------------------------------
|   
|(2) |  | 09/16/2002 to 05/25/2003 and 09/17/2001 to 05/26/2002
|   
|(3) |  | Based upon figures reported in this table            

Programming

Substantially all of the Companys acquired programming is purchased for
national exposure in Canada and the majority of the programming is produced
within Canada and the United States. In order to gain economies of scale, the
programming is often purchased for multiple levels, including telecast rights
for our specialty and digital television channels as well as conventional
television outlets. Many of the Companys programming agreements are for
multi-year program supply. Such agreements are currently held with several
major non-Canadian studios, including Sony Pictures Television (Columbia) Fox
and NBC. These agreements require suppliers to provide, and the Company to
buy, pre-agreed amounts of programming over one or more years. These
agreements have provided price stability for the Companys program acquisitions
and has enhanced our ability to retain highly-rated US network series
programming and to acquire desirable new programming while, at the same time,
helping to soften the effect of the very cyclical nature of most television
programs.

Both Global Television and the independent stations broadcast many of the most
popular programs in Canada. Among the many hit shows in our current program
schedules are a combination of recent entrants and established programs,
including Survivor, Frasier, Friends, Will and Grace, Everybody Loves Raymond,
Without A Trace, Fear Factor, The Simpsons, Two and a Half Men, Still Standing,
NYPD Blue, Gilmore Girls, Boston Public, That 70s Show, Malcolm in the Middle
and 24.Global is also Canadas television source for world class sporting
events such as NFL football (including the Super Bowl), Molson Indy, the
Masters Golf Tournamentand the Wimbledon Tennis Finals. In 2003 Global
premiered Train 48a Canadian version of a popular Australian program that
features characters that interact on their daily commute. The show is filmed,
edited and aired the same day allowing the characters to include discussion of
current events within the plot of the show. The quick production times also
create opportunities to incorporate product placements into episodes, expanding
the advertising value of the show to both Global and its advertisers.

Since launching in September 2001 the Global Nationalnews has continued to
gain stature among its peers as well as with its audience. The Bureau of
Broadcast Measurement has placed Global Nationalas the number two national
newscast in Canada - and the audience growth continues. Global National,
Canadas only national dinner-hour newscast, has already been recognized with
two Gemini nominations and two major Radio Television News Director Association
awards. Strategically, Global Nationalhas enhanced the news brand and
credibility of many of Globalslocal television news and public affairs
programs. Each of the local stations maintains local news teams which
coordinate with national news bureaus in Ottawa and Calgary and international
news bureaus in Washington, D.C., and London, England. Local news is in
increasingly high demand in virtually all of the Companys television markets.

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Management

Global Television is led by Richard C. Camilleri, Chief Operating Officer
(Operations) for the Companys Canadian Media operations. Prior to joining
CanWest in July 2002, he was President, Sony Music Entertainment (Canada) for
seven years and then Chairman, President and CEO of Arius 3D Inc., a Canadian
high tech company with proprietary technology in the field of high resolution
3D digital imaging. Mr. Camilleri is supported by a team of seasoned
executives.

Canadian television operations are managed from the television operations
headquarters in Toronto, Ontario. This office provides centralized services to
television stations and specialty cable channels. National programming
executives purchase and commission programs from US. and Canadian suppliers and
create and promote the programming schedule for the Global Television Network,
the independent stations and Global Prime. Individual stations are responsible
for local programming, which consists primarily of news and information
content. National advertising executives coordinate national advertising sales
for the Global Television Network stations, the independent stations and Global
Prime, while the individual stations are responsible for local and regional
advertising. The Toronto office is responsible for broadcasting technology
services, including the integration of common on-air broadcast platforms.

Canadian Publishing Industry

General

The Canadian newspaper industry is comprised of over 100 daily paid circulation
newspapers and numerous non-daily paid and free-distribution publications. The
industry is mature and is dominated by a small number of major publishers.
CanWest is the largest newspaper publisher in Canada, with 29% of daily
newspaper circulation (including the National Post), ahead of Quebecor Inc.
21%, Torstar Corporation 14%, Power Corporation 9%, Bell Globemedia 6%, Osprey
Media 6%, and others 15%.

Total Canadian daily newspaper industry revenue was $3.2 billion in 2002, with
79% derived from advertising and the balance of 21% coming from circulation.
Advertising revenue and, to a lesser extent, circulation revenue are cyclical
and dependent upon general economic conditions. Historically, increases in
advertising revenue have corresponded with periods of economic growth, while
decreases have corresponded with general economic downturns and regional and
local recessions. Daily newspaper advertising revenue decreased by 0.3%, or
$8.5 million in 2002 following a decrease of 3%, or $80 million in 2001. The
decline in 2001 followed six successive years of growth from the $1.8 billion
recorded in 1994.

Daily newspaper circulation revenue decreased slightly from $692.7 million in
1995 to $673.8 million in 2002 as price increases offset declines in
circulation. The median single copy price for a weekday edition of a Canadian
daily newspaper increased from $0.65 in 1995 to $0.75 in 2002, partly in an
attempt by newspaper publishers to offset the impact of significant increases
in newsprint prices during earlier periods. Average daily newspaper
circulation declined marginally from 5.3 million copies in 1995 to 5.0 million
copies in 2002.

CanWests Publishing Operations

General

CanWest is the largest publisher of daily newspapers in Canada, as measured by
circulation, revenue and EBITDA. The Companys publications include 13 daily
newspapers, all of which serve markets also reached by the Companys broadcast
television signals. In addition, the Company owns and operates several
non-daily newspapers, shopping guides and other newspaper-related publications.
The Company also owns the National Post, one of Canadas two national daily
newspapers.

The Companys newspapers (including the National Post)have an average daily
paid circulation of 1.4 million copies, representing 34.8% of Canadas daily
average English-language newspaper circulation, and an estimated average daily
readership of 3.0 million people. Most of the Companys newspapers have the
highest circulation among publications in their markets and many of its
publications serving smaller cities and towns are the only general circulation
newspapers published in their markets. The high cost associated with starting
a major daily newspaper operation constitutes a barrier to entry by potential
new competitors to larger daily newspapers. While Internet advertising may
become more competitive in the future, it has not yet had a significant impact
on revenue or EBITDA of CanWest Publications.

12



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##### Table of Contents



The following table provides circulation statistics for the six months ended
September 30, 2003 for the major newspapers (excluding the National Post):

|                     |  |                             |  |                   |         |                 |  |  |   |     |  | 
|-------------------- |  | --------------------------- |  | ----------------- | ------- | --------------- |  |  | - | --- |  | 
|                     |  |                             |  |                   |         | Average         |  |  |   |    
|Newspaper            |  | CMA                         |  | Daily Circulation |         | Market Position
|                     |  |                             |  |                   |         |                
|The Vancouver Sun    |  | Vancouver, British Columbia |  |                   | 197,047 |                 |  |  | 1 |    
|The Province         |  | Vancouver, British Columbia |  |                   | 166,894 |                 |  |  | 2 |    
|The Gazette          |  | Montreal, Quebec            |  |                   | 142,885 |                 |  |  | 1 | (1)
|Ottawa Citizen       |  | Ottawa, Ontario             |  |                   | 135,000 |                 |  |  | 1 |    
|The Edmonton Journal |  | Edmonton, Alberta           |  |                   | 130,238 |                 |  |  | 1 |    
|Calgary Herald       |  | Calgary, Alberta            |  |                   | 116,106 |                 |  |  | 1 |    
|The Windsor Star     |  | Windsor, Ontario            |  |                   | 74,764  |                 |  |  | 1 |    
|The Times Colonist   |  | Victoria, British Columbia  |  |                   | 70,465  |                 |  |  | 1 |    
|The Star Phoenix     |  | Saskatoon, Saskatchewan     |  |                   | 55,459  |                 |  |  | 1 |    
|The Leader Post      |  | Regina, Saskatchewan        |  |                   | 50,558  |                 |  |  | 1 |    

(1)  Number one English-language newspaper; number three overall.

Source: September 30, 2003 ABC FAS-FAX, released November 3, 2003

The National Postis a Canadian national newspaper with an average daily
circulation of 251,517 for the six months ended September 30, 2003. The
National Postwas developed from The Financial Post, a daily business newspaper
based in Toronto. Since its launch on October 27, 1998, the National Posthas
established a large national readership with attractive demographics.

The National Postssole competitor as a national newspaper is The Globe and
Mail. In Toronto, the National Postcompetes with the Toronto Star, The Sun
and The Globe and Mail.

The National Postis printed at CanWests facilities in Calgary, Regina,
Montreal and Ottawa, and by third-party printing contractors in Vancouver,
Toronto, Borden and St. Johns.

Organization and Management

CanWest publishing operations are headquartered in Toronto, and led by Richard
C. Camilleri. This office sets operating and capital budgets and co-ordinates
the central purchasing and delivery of newsprint, ink and printing plates and
the placement of national advertising. The head office offers editorial
content and a number of services to individual publications, which may be used
at the discretion of the publishers. Available content includes national
columnists, features, stock market listings, sports statistics and a weekly
television guide, while services include information technology support.

Newspaper publishers set editorial policy for their respective markets to
ensure the publications are responsive to local issues and meet the needs of
local readers. Each publisher consults with central management on format
changes, senior appointments, collective bargaining and significant changes in
advertising and circulation rates.

The Companys publications are organized into groups, which function as profit
centres. Each newspaper group typically includes several publications covering
a particular geographic area, including at least one daily newspaper and
several shopping guides and other free publications. The publications within a
particular group often share press facilities, distribution services and
management resources. Newspapers are distributed to subscribers and points of
purchase by independent carriers, wholesalers and dealers.

CanWest Entertainment

General

In May 1998, with the acquisition of Fireworks, CanWest launched CanWest
Entertainment (Entertainment), a new division focused on the development,
production, acquisition and distribution of film and television programming.
Based in Toronto, and with offices in Los Angeles, London and Dublin,
Entertainment is a vertically integrated creator, producer, acquirer and
worldwide distributor of filmed entertainment content. Entertainment
distributes television programs and feature films through licensing of
exhibition and exploitation rights, both within Canada and internationally.
Entertainment is involved in a number of joint ventures with other media
companies which provide it with access to valuable rights in a wide variety of
film and television projects.

In August 2000, Entertainment acquired the film and television library assets
of a Dutch entertainment company, Endemol International Distribution B.V.,
thereby more than doubling its program library to over 1200 hours of high
quality action series and television movies.

In addition to the Endemol library, Entertainment has acquired a number of
other television and film properties for international distribution including
Rules of Engagement(a feature film from Paramount Pictures), Blonde(a
miniseries for CBS), 100 Deeds for Eddie McDowd(a kids series for Nickelodeon)
and 18 Wheels of Justice(an action series for TNN).

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Fireworks Television, based in Los Angeles, develops and sells television
series and programs to U.S. networks, cable channels and syndicators.
Fireworks International, based in London, England, sells the companys growing
program library worldwide to cable, satellite and terrestrial TV networks.

Operating Strategy

Historically, the Company has relied extensively on the sale of international
rights outside of North America to earn revenue and operating profit. Over the
past two years, however, many international markets have become increasingly
resistant to the North American type programming typical of Entertainments
distribution library. Entertainments primary business objective was redefined
in 2003 to focus on the creation and production of high quality, commercial
programming content for use by CanWests Canadian television operations, which
will also appeal to a broader North American market, and with a view to
continuing to build a library of distribution rights for future exploitation in
Canada and abroad. By definition, this business model places more reliance on
the sale of North American rights, and less reliance on the sale of foreign
rights for the success of any particular production.

Entertainments fiscal 2004 television slate includes two series syndicated by
Tribune Entertainment in the U.S. and airing on Global Television in Canada:
the fourth season of Gene Roddenberrys Andromeda, and the third season of
Mutant X. In 2004 Entertainment will also produce the second season of a
kids/teen series titled Strange Days at Blake Holsey Highin conjunction with
Discovery Kids for NBC in the U.S., and also airing on Global Television in
Canada. In addition, WildCardis a new one-hour dramatic series being produced
by Entertainment in conjunction with U.S. cable network Lifetime Entertainment,
also for airing on Global Television in Canada.

Management

Entertainments management team is led by Doug Hoover, Senior Vice-President,
Programming & Promotions, Global Television Network.

AUSTRALIAN OPERATIONS

Australian Television Industry

Australia has five national broadcast networks and several unaffiliated local
commercial stations. Two of the national broadcast networks, the Australian
Broadcasting Corporation and the Special Broadcasting System, are
government-owned and largely commercial-free.

Three national networks, Seven, Nine and Network TEN, are privately-owned and
broadcast commercial television to substantially all of the Australian
population, including the major metropolitan areas of Sydney, Melbourne,
Brisbane, Adelaide and Perth. Unaffiliated broadcasters serve rural areas and
broadcast programs purchased from some or all of these three networks.

Australia has one metropolitan pay television operator. In 2003, there were
approximately 700,000 cable subscribers, located primarily in metropolitan
markets, and 750,000 satellite subscribers, located primarily in rural areas.
While pay television operators have been permitted to broadcast paid
advertising since July 1997, federal legislation requires that subscription
fees remain the predominant source of revenue for pay television operators.

Network TEN - Acquisition

In 1992, the Company organized a consortium, which acquired Network TEN for
total consideration of $208 million (A$236 million), including the provision of
acquisition financing by Westpac Banking Corporation of $128 million (A$145
million). Since the acquisition, which was effective October 1992, management
of Network TEN has sought earnings growth through the implementation of a
strategy which focuses upon controlling operating costs targeting selected
demographic groups and expanding signal coverage through the acquisition of its
affiliated stations in Perth and Adelaide, and strategic alliances with
affiliates in regional markets. Over the period since acquisition, Network
TENs results have improved dramatically and distributions to securities
holders far exceed the original investments.

In addition, Network TEN holds a 24.3% share interest in Television and Media
Services Limited (TMS). TMS provides the television and video industry with
facilities, studio and field production and post-production of television
programming and advertising.

Network TEN, through its wholly owned and affiliated stations, now has signal
coverage reaching approximately 65% of the Australian population of 19.6
million. Through program supply contracts with its affiliates, Network TEN
augments its audience coverage, with signal coverage reaching approximately 90%
of the Australian population.

Operating Strategy

The operating strategy of Network TEN is to (i) purchase programming targeted
to a particular demographic niche, (ii) effectively market the network and its
programming to its advertisers and (iii) control all operating and
administrative expenses. Network TENs programming strategy focuses upon
attracting viewers between the ages of 16 to 39, a key demographic segment for
Australian advertisers. Network TEN reaches its chosen niche audience through
a combination of Australian-produced programming, U.S. network series and other
non-Australian programming. Network TEN also uses a counter-programming
strategy to attract viewers in

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demographic groups not served by programming on other networks at particular
times. Network TEN seeks sponsorship of its programming by advertisers and
employs on-air promotion as well as radio and print advertising to market both
the network and its programming.

Australian programming is generally more expensive to produce than foreign
programs are to acquire, but domestically produced programming generally rates
more than foreign programming. As a result, Network TEN has sought to
implement a mix of domestic and foreign programming to achieve higher ratings
at the lowest possible cost.

Network TEN seeks to control programming costs by producing only its news and
some sports programming in-house and by purchasing independently sourced and
produced programming, including Australian and non-Australian programs. As
part of this strategy, in fiscal 1995 Network TEN sold its production studio
business to TMS in exchange for a shareholding interest in TMS. Network TEN
commissions independent production companies to produce Australian programming
and purchases national rights to programming. For commissioned programs,
Network TEN maintains an active role in creative aspects of the programs. In
addition, Network TEN enters into multi-year supply agreements with several
major U.S. programming suppliers as well as other non-Australian production
companies in order to acquire desirable programming at fixed prices.

Television Advertising Market

In 2003, television advertising expenditures in Australia generated
approximately A$2.9 billion, representing approximately 35% of total major
media advertising expenditures of approximately A$8.3 billion. The cities of
Adelaide, Brisbane, Melbourne, Perth and Sydney, which are all reached by
Network TENs signal, account for approximately 78% of all television
advertising expenditures in Australia.

The Australian television industry generates more than 90% of its total revenue
from the sale of advertising time. The table below sets forth advertising
market shares of Australias three commercial networks based upon industry
information available to the Company:

Television Advertising Market Shares

|            |  |                              |    |      |  |         |    |      |  |      |    |      |  |  |    |  |  |  |    |  |  |  |    | 
|----------- |  | ---------------------------- | -- | ---- |  | ------- | -- | ---- |  | ---- | -- | ---- |  |  | -- |  |  |  | -- |  |  |  | -- | 
|            |  | Twelve months ended June 30,
|            |  | 2003                         |    | 2002 |  | 2001(1) |    | 2000 |  | 1999 |    | 1998
|Network     |  | %                            |    | %    |  | %       |    | %    |  | %    |    | %   
|            |  |                              |    |      |  |         |    |      |  |      |    |      |  |  |    |  |  |  |    |  |  |  |    | 
|Network TEN |  |                              | 29 |      |  |         | 27 |      |  |      | 23 |      |  |  | 24 |  |  |  | 26 |  |  |  | 25 | 
|Nine        |  |                              | 39 |      |  |         | 39 |      |  |      | 38 |      |  |  | 41 |  |  |  | 41 |  |  |  | 40 | 
|Seven       |  |                              | 32 |      |  |         | 34 |      |  |      | 39 |      |  |  | 35 |  |  |  | 33 |  |  |  | 35 | 

SOURCE: CTVA

(1)  Includes the Sydney 2000 Olympics, aired by Seven.

Ratings

The table below sets forth commercial network audience shares for calendar
years: 16-39 year olds (Sunday-Saturday 6:00 pm  10:30 pm) for each of the
three national commercial networks:

Audience Share

|            |  |         |    |      |  |      |    |         |  |      |    |      |  |  |    |  |  |  |    |  |  |  |    | 
|----------- |  | ------- | -- | ---- |  | ---- | -- | ------- |  | ---- | -- | ---- |  |  | -- |  |  |  | -- |  |  |  | -- | 
|            |  | YTD (2) |    |      |  |      |    |         |  |      |    |      |  |  |    |  |  |  |    |  |  | 
|            |  | 2003    |    | 2002 |  | 2001 |    | 2000(1) |  | 1999 |    | 1998
|Network     |  |         |    | %    |  | %    |    | %       |  | %    |    | %   
|            |  |         |    |      |  |      |    |         |  |      |    |      |  |  |    |  |  |  |    |  |  |  |    | 
|Network TEN |  |         | 37 |      |  |      | 38 |         |  |      | 34 |      |  |  | 31 |  |  |  | 30 |  |  |  | 32 | 
|Nine        |  |         | 35 |      |  |      | 34 |         |  |      | 33 |      |  |  | 36 |  |  |  | 37 |  |  |  | 38 | 
|Seven       |  |         | 28 |      |  |      | 28 |         |  |      | 33 |      |  |  | 33 |  |  |  | 33 |  |  |  | 30 | 



---



|Source: 2001-2003 OzTam television ratings; 1998-2000 AC Nielsen television ratings data
|----------------------------------------------------------------------------------------
|                                                                                        
|(1)  Excluding the impact of the Sydney 2000 Olympics.                                  
|                                                                                        
|(2)  To November 15, 2003                                                               

Since audience share is the principal factor by which television advertising is
bought in Australia, there is a strong correlation between audience and revenue
shares. While overall audience share is the most frequently published
statistic, advertisers are increasingly looking to the demographic and
socio-economic sub-groups that make up the overall audience share. Network TEN
has attempted to differentiate itself from other broadcasters by focusing
primarily on demographics and only secondarily on overall audience share.

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Programming

Network TEN sources programming material from international and Australian
sources. Both prime-time and off peak schedules include a mix of local and
international content, appealing predominantly to the under 40s audience.
Local content regulations also place certain minimum requirements on drama,
documentary and childrens programming as well as an overall domestic quota.
Although Australian programming is generally more expensive to acquire than
foreign programming, it usually attracts more viewers. As a result, Network
TEN schedules a mix of Australian and foreign shows to maximize ratings while
controlling costs.

Network TEN purchases most of its non-Australian programming from major U.S.
studios. It has acquired Australian rights to shows that are popular with its
target audience, such as Charmed, Everybody Loves Raymond, Becker, Queer Eye
for the Straight Guy, The Guardian, The Simpsons,and the Law & Order
franchise. By obtaining run of series commitments, Network TEN ensures these
series remain with the network for as long as they are produced. In addition,
Network TEN enters into multi-year supply agreements with U.S. and other
non-Australian production companies in order to acquire Australian rights to
desirable programming at fixed prices.

Network TEN produces news, local sports and a limited number of other programs
in-house, while entertainment programs are acquired from independent Australian
producers. In-house productions include the sports programs Sports Tonightand
RPM, the news program Meet the Press,the afternoon childrens programs Totally
Wildand Cheez TVand the breakfast program Good Morning Australia.
Entertainment programs commissioned from Australian production companies
include Australian Idol, Big Brother, The Secret Life of Us, Neighbours, The
Paneland Rove Live.For commissioned programs, Network TEN typically
maintains an active role in the creative process and acquires direct interests
in the residual revenue generated by these programs in markets outside
Australia. Network TEN seeks sponsorship of certain of its programs by
advertisers and employs on-air promotion as well as radio and print advertising
to market both the network and its programming.

Domestic production is a combination of news, sport, drama, light entertainment
and childrens programming. News and some sport is produced internally, but
most entertainment programming is acquired from independent producers.
Australia has a large and efficient independent production sector that supplies
programming to all commercial and government broadcasters.

Network TEN is the major broadcaster of Australias top football code, the AFL.
TEN has exclusive free-to-air coverage of the finals series, including the
Grand Final. Motorsport has surged in popularity through the Networks
coverage of the Formula One, World Motorcycle Championships, the Indy Cars, the
World and Australian Rally Championshipsand the V8s.

Australian Out-of-Home and Eye Corp.

Eye Corp is one of Australias premier out-of-home advertising companies. In
December 2000, Network Ten acquired a 60% interest in Eye Corp and then in
August 2002 acquired the remaining 40% interest.

Eye Corp, which was created from the consolidation of several smaller players
has become the second largest entity in the marketplace, following APN News and
Media Limited, which management estimates controls 40% of the domestic market.

Eye Corps operations are comprised of five divisions: (i) Eye Drive,has
Australias second largest stable of large format outdoor signage, and includes
inventory of nearly 400 sites; (ii) Eye Fly, has more than 800 strategically
located signs within all of Australias domestic and international air
terminals, with the exception of Perth international, giving Fly 98% of the
Australian airport market; (iii) Eye Shop controls two and half thousand
eyelites through more than 60 leading centres across Australia and New
Zealand; (iv) Adval is a visual merchandising and point-of-sale supplier to
leading retailers, and (v) the overseas division has made substantial inroads
into southeast Asian markets, including Indonesia, Malaysia and Myanmar, and
encompasses large format outdoor advertising and internal airport signage.

Management

Nick Falloon is the Executive Chairman of Network TEN. Mr. Falloon previously
served as Chief Executive of Publishing and Broadcasting Limited.

John McAlpine is the Chief Executive
Officer of Network TEN - Television. Mr.
McAlpine entered the television industry in 1970 as a sales executive. He
joined Network TEN in Sydney in 1974 and was, prior to his current appointment
in July 1997, Network TENs General Manager - Network Sales.

Gerry Thorley is Chief Executive Officer  Eye Corp. Mr. Thorley was previously
a senior executive with Network TEN.

The Companys investment in Network TEN entitles it to designate three members
of Network TENs 13-member board of directors.

NEW ZEALAND OPERATIONS

New Zealand Television Industry

The New Zealand television industry currently consists of five national
free-to-air networks, TV1, TV2, TV3, TV4 and Prime TV and several smaller
regional broadcasters. TVNZ (which consists of TV1 and TV2) is
government-owned, although it operates as a

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commercial enterprise. TV3 and
TV4, both of which are owned and operated by the Company, are the only
privately owned, VHF national commercial broadcast television networks in New
Zealand. Prime TV, a company affiliated with Australias Nine Network
launched its free-to-air service on UHF frequencies in 1998.

SKY Network, the leading pay service operating in New Zealand, operates dual
playout signals on both UHF terrestrial frequency and digital satellite DTH.
The terrestrial service transmits seven SKY channels while the digital DTH
service offers 71 channels. In total, the SKY service has approximately 39%
penetration or 543,000 subscribers. Relatively few New Zealand homes have
access to cable television. All five national free-to-air networks are also
carried on SKY Satellite.

Operating Strategy

TV3s operating strategy is to: (i) focus on mainstream demographics, (ii)
improve air time inventory management, (iii) increase broadcasts of certain
sports and special events programming and (iv) attract advertiser sponsorship
on certain programs. TV3 has also acquired and aired sports and special event
programming. TV3 targets the 18 to 49 year old core demographic. From October
2003, TV4 has rebranded its evening programs as C4 and changed its
programming to a youth music format to target the important 15-29 age
demographic in urban markets.

In 1993, TV3 embarked upon a campaign to extend its signal coverage and
presently reaches approximately 98% of the New Zealand population. This
increase in coverage was funded in part by New Zealand On-Air, a government
body established to promote the expansion of broadcasting throughout the
country. TV4 reaches approximately 75% of the New Zealand population.

Television Advertising Market

For the twelve months to December 31, 2002, gross television advertising
expenditures generated approximately NZ$516 million, representing approximately
33% of total expected advertising expenditures of NZ$1.565 billion.

Television advertising in New Zealand experienced strong growth during the
1991-1997 period, which management attributes primarily to (i) deregulation of
the New Zealand economy, which has led to significant increases in advertising
expenditures to challenge and protect many long-held New Zealand brand
monopolies, (ii) the launch of TV3 in late 1989, which broke a 24-year
government-owned television monopoly, and (iii) general improvement in the New
Zealand economy. During the 1998 to 2001 period the television advertising market has been
relatively constant ranging between NZ$475 million and NZ$501 million. The
television advertising market for 2002 and 2003 to date, has improved with 8%
growth recorded for 2002.

The New Zealand television industry generates its revenue from the sale of
advertising time. The distribution between TVNZ and TV3 and TV4 of their
combined television market share (based on revenue) as estimated by management
is set out below:

|        |  |                          |      |      |  |      |      |      |  |      |      |  |  |  |      |  |  |  |      | 
|------- |  | ------------------------ | ---- | ---- |  | ---- | ---- | ---- |  | ---- | ---- |  |  |  | ---- |  |  |  | ---- | 
|        |  | Advertising Market Share
|        |  | Year ended March 31     
|        |  |                         
|        |  | 2003                     |      | 2002 |  | 2001 |      | 2000 |  | 1999
|        |  | %                        |      | %    |  | %    |      | %    |  | %   
|TV3/TV4 |  |                          | 27.3 |      |  |      | 25.1 |      |  |      | 24.8 |  |  |  | 24.7 |  |  |  | 25.9 | 
|TVNZ    |  |                          | 72.7 |      |  |      | 74.9 |      |  |      | 75.2 |  |  |  | 75.3 |  |  |  | 74.1 | 

Ratings

The table below sets forth audience shares of New Zealands commercial
television networks during prime-time viewing hours:

|          |  |                     |    |      |  |      |    |      |  |      |    |  |  |  |    |  |  |  |    | 
|--------- |  | ------------------- | -- | ---- |  | ---- | -- | ---- |  | ---- | -- |  |  |  | -- |  |  |  | -- | 
|          |  | Audience
Share (1) 
|          |  | Year ended March 31
|          |  |                    
|          |  | 2003                |    | 2002 |  | 2001 |    | 2000 |  | 1999
|          |  | %                   |    | %    |  | %    |    | %    |  | %   
|TV3       |  |                     | 25 |      |  |      | 23 |      |  |      | 22 |  |  |  | 23 |  |  |  | 23 | 
|TV4       |  |                     | 3  |      |  |      | 4  |      |  |      | 3  |  |  |  | 3  |  |  |  | 4  | 
|TV1       |  |                     | 29 |      |  |      | 30 |      |  |      | 33 |  |  |  | 31 |  |  |  | 31 | 
|TV2       |  |                     | 31 |      |  |      | 31 |      |  |      | 33 |  |  |  | 33 |  |  |  | 32 | 
|SKY/Other |  |                     | 12 |      |  |      | 12 |      |  |      | 9  |  |  |  | 10 |  |  |  | 10 | 

Source: AC Nielsen

(1)  Among adults 18
to 49 (Sunday - Saturday 6:00 p.m. to 10:30 p.m.)
Similar to Network TENs strategy in Australia, TV3 and TV4 have differentiated
themselves from other broadcasters by focusing primarily on demographics and
secondarily on audience share.

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Programming

TV3s long-term programming strategy is designed to improve the ratings
performance of both domestic productions and foreign series among its targeted
demographic audience. This strategy has focused upon increasing the amount of
local production, adding sports programming, building evenings with time blocks
of compatible programming and encouraging audience loyalty by offering a
regular consistent programming format. An important factor in TV3s audience
share growth has been its increased development of domestically produced
programs. TV3 has developed and promoted a nightly news hour and the current
affairs program 20/20and 60 Minutesattracted funding from the government
production agency, New Zealand On-Air, for developing new domestic programming.
Local productions include the popular documentary series Inside New Zealand,
The Strip, Hot Propertyand Target.

In September 1999, TV3 announced a major sporting rights deal which
substantially increased viewership and sales and promotional opportunities.
TV3 New Zealand completed a deal with pay TV operator, SKY Television that made
the network New Zealands leading free-to-air sports broadcaster. Since
December 1, 1999, TV3 has carried a comprehensive and exclusive free-to-air
schedule of domestic Cricket and Rugby games. The deal with SKY has seen TV3
add extensive coverage of cricket test matches, one-day international cricket,
Super 12 rugby matches, and the prestigious international rugby matches
featuring the world famous New Zealand All-Blacks. The agreement to broadcast
the cricket and rugby matches is part of a larger commercial arrangement
between TV3 and SKY offering long-term benefits for both, including carriage of
TV3 on SKYs digital platform.

The deal significantly enhances revenues and is a major draw for audiences
throughout the year. It also provides all of CanWests media operations in New
Zealand with beneficial promotional opportunities. TV3 believes that the
sports broadcasts help create a solid foundation for future growth.

TV3 and TV4 continue to offer viewers a combination of popular U.S. and foreign
programming with excellent domestic productions. Among the shows on the
schedule for TV3 this season: CSI, That 70s Show, Boston Public, Charmed, SVU
 Special Victims Unit, Law and Orderand Sex and The City. TV4 programming is
primarily music, augmented by shows such as Southparkand Jackass.

TV3 has developed strong relationships with distributors and major studios to
secure ongoing supply of foreign programming including features. These
arrangements include Universal and Carsey-Werner. In addition, TV3 has entered
into a multi-year supply agreement with FOX Studios, which provides strong
movie titles and series programming.

New Zealand Radio Industry

The New Zealand radio broadcasting industry has been through significant
changes commencing with the passing of the Broadcasting Act 1989 (the 1989
Act) which came into force on July 1, 1989. The 1989 Act repealed the
Broadcast Act 1976 which placed restrictions on entry to broadcasting markets.

Among other things, the 1989 Act made it easier for new broadcasters to enter
the industry; reduced or removed ownership restrictions; made it is easier for
new technologies to be used and new services provided; and in the interests of
increasing efficiency, separated the Governments commercial and non-commercial
radio interests. Since deregulation in 1989, there has been a rapid and
significant increase in the number of commercial radio stations operating in
New Zealand. The total number of commercial radio stations has increased from
56 in 1989, to over 200 today.

The 1989 Act established the Broadcasting Commission and the Broadcasting
Standards Authority, provided for election broadcasting and restricted the
scope for political intervention in the management or programming of TVNZ and
state-owned radio.

The Act and the Broadcasting Standards Authority require radio broadcasters to
adhere to industry codes, but these are not unduly restrictive. Licences are
issued and technical parameters are controlled by the Ministry of Commerce, but
there are no restrictions as to format, style, or content of a radio broadcast,
provided it meets the Broadcast Standards for good taste and decency and
respects the privacy of the individual. Essentially, as with TV, the radio
industry in New Zealand is unregulated.

There are effectively two major groupings of stations, which account for 91% of
radio revenues, as follows:

|                        |  |                           |     |  
|----------------------- |  | ------------------------- | --- | -
|                        |  | Approximate revenue share
|The Radio Network (TRN) |  |                           | 46  | %
|CanWest NZ Radio        |  |                           | 45  | %
|Others                  |  |                           | 9   | %
|                        |  |                           |     |  
|                        |  |                           | 100 | %
|                        |  |                           |     |  

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Radio Advertising Market

Over the past three years to December 31, 2002, the total radio advertising
market grew at an average of 4.7% per annum. For the twelve months ending March
31, 2003, radio advertising generated approximately NZ$203 million,
representing approximately 13% of total advertising expenditures.

CanWest NZ Radio

CanWest entered the radio business in 1997 when it acquired nine radio stations
in the metropolitan markets of Auckland, Wellington, Christchurch, Dunedin and
Hamilton reaching approximately 65% of New Zealands population. The success
of these stations resulted from developing top talent in all areas of the
operation backed by extensive audience and radio media research, which
experienced radio executives use to develop strong brand identities.

During May 2000, the Company acquired a 72% share of RadioWorks New Zealand
Limited, a New Zealand stock exchange listed national radio operator. The
remaining 28% was purchased in January 2001. With the purchase of RadioWorks,
CanWests NZ Radio now covers both urban and rural markets and virtually
the full range of formats. The group has made good progress with the full
integration of all radio properties. This integration process has achieved
synergy benefits, including both revenue gains and cost savings.
Operationally, CanWest NZ Radio has the best operating and profit margins in
the industry in New Zealand.

CanWest NZ Radio now operates five national network stations and 27 local or
regional stations. The five national networks are Radio Pacific, (AM) (a
talkback format) targeted at the older demographic; Solid Gold (FM) (a classic
hits format also targeted at the older demographic); The Rock (FM) (targeted to
mainly males in the 18-34 age group; The Edge (FM) (a contemporary station
targeting a young audience with current hits); and Channel Z (FM) (slightly
alternative urban rock also targeting the younger audience). The 27 local stations (including More FM) cover various cities and towns across
the country. They operate under specific location brand names and are mainly
adult contemporary in format, targeting a middle market position. The
Company estimates its signal reaches 99% of the New Zealand population.

Ratings

In the recent October 2003 radio survey of New Zealands largest five markets,
CanWests radio stations achieved the following ranking positions for audience
share (music stations  all listeners aged 10 plus): Auckland  fourth and
fifth; Canterbury  first, second, third, fourth and fifth; Wellington  first,
third and fifth; Waikato  second, third and fifth; Otago- first, third and
fourth.

New Zealand Management

The Companys New Zealand television and radio operations are led by Brent
Impey as Group Chief Executive, who, prior to his appointment in 2000, was CEO
of More FM and, prior to his appointment to More FM in 1998 was Executive
Director of the Radio Broadcasters Association of New Zealand, and a lawyer
specializing in media law.

TV3 and TV4 are managed by a team with extensive experience in the broadcasting
and media industries. The Managing Director is Rick Friesen. Prior to his
appointment in September 2000, Mr. Friesen was General Manager of Global
Atlantic in Canada. Mr. Friesen has over 25 years experience in television.

IRISH OPERATIONS

Irish Television Industry

Prior to the launch of TV3 Ireland in September 1998, the Irish television
industry consisted of three national networks, RTE1, Net 2 and TG4 , which are
all available off-air and through cable, satellite and MMDS. In addition to
commercial advertising revenue, these three networks are publicly funded and
operate under the auspices of RTE, the state-owned broadcast organization. TV3
Ireland is the first and only privately owned independent commercial television
channel in the Republic of Ireland. TV3 targets the 15-44 age groups and is a full service free-to-air
television network offering a mix of domestic and foreign general entertainment
programming. TV3 is Irelands second most viewed channel.

In addition to the four Irish channels, the major UK terrestrial channels, each
of which serves Northern Ireland, including BBCI, BBC2, ITV (Channel 3),
Channel 4 and Channel 5 are available to some or all Irish viewers off-air,
satellite cable or MMDS. In addition, Sky One and other satellite services are
available on cable, MMDS or satellite. In April 2002 the four Irish
terrestrial channels, including TV3, were made available on the family
package offered by Sky Digital Satellite in the Republic. The addition of Sky
satellite distribution added to the 92% terrestrial coverage of TV3, making it
technically available to essentially every Irish home.

TV3 is available to approximately 65% of Northern Irish homes off air through
transmitters located in the northern part of the Irish Republic.

Overall, approximately 61% of the Irish television households are served by
cable, MMDS or satellite services, reaching up to 89% in the largest urban
market of Dublin. Those homes served by retransmission systems or capable of
receiving terrestrial overspill of the major UK channels now account for 79% of
all homes nationally. In recent years Sky Digital has grown its subscribers to
300,000 Irish homes, and with it, a host of UK based services not available on
the spectrum-limited cable services.

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Advertising Market

In 2002, television advertising expenditures in the Republic of Ireland were
expected to have generated approximately 165 million, representing
approximately 24% of total advertising expenditures of 700 million. In
addition, there are additional expenditures on advertising in Northern Ireland
on services, which reach into the Republic of Ireland, which expenditures are
targeted at consumers in the Republic. This expenditure is estimated at
approximately 35 million annually.

In calendar 2002, the television advertising market grew approximately 5% while
there was a reduction in amounts spent on advertising in newspapers and in
radio.

In the later part of the fiscal year a number of factors, including a general
slowdown in advertising have negatively influenced the Irish advertising
market. This has impacted both TV3 and its competitors.

Ratings

TV3s rapid growth to its current status as the second most viewed channel has
demonstrated the need for a third mainstream station. TV3 has filled the gap
between RTEs older audience and Net 2s youthful franchise. With the addition
of TV3 Ireland, there has been repatriation of Irish audiences and growth in
the number of people viewing Irish channels.

After five years on-air, TV3 Ireland has achieved a significant share of the
market, exceeding that of the established and successful British Channels. In
the year just completed, TV3 continued as Irelands second most viewed channel
for its target demographic. In September 2003, TV3 achieved its highest ever
ratings, boding well for the important autumn ratings and fiscal 2004.

|        |  |                     |    |  
|------- |  | ------------------- | -- | -
|        |  | Peak Audience Share
|Network |  | Summer 2003        
|TV3     |  |                     | 15 | %
|RTE1    |  |                     | 25 | %
|Net 2   |  |                     | 12 | %
|UTV     |  |                     | 7  | %

Source: AC Nielsen audience all day share: All individuals (Monday to Sunday)
September 2003 Republic of Ireland

Programming

TV3 Ireland offers a wide variety of programming, including news, factual,
comedy, drama, sports and local interest programming. The schedule is a mix of
domestic programming and foreign programming.

TV3 Irelands programming is targeted to the 15  44 age group, audiences which
are in high demand by Irish advertisers and which TV3 Ireland has proved to
have been previously neglected in the Irish market. TV3 Ireland has quickly
established itself with the viewing audience through the introduction of
programs to the Irish market like Sex and the City, South Park, Malcolm in the
Middle,and currently the most popular non U.K. acquired series Law and Order:
Special Victims Unit. The tradition of U.S. movie premieres on a Sunday
evening has continued with such titles as The Patriot, Enemy of the State, and
the Bone Collector.

In 2001, as part of the agreement by which Granada acquired an interest in TV3,
two new titles to TV3, Coronation Streetand top-ranked daily peak time soap
Emmerdale, moved to TV3. Audiences for these foundation series have grown
since their transfer to TV3 and have added to TV3s overall success. Other
Granada products, like Heartbeatand Cold Feet,have further improved the
channel. Support for TV3 Irelands coverage of Europes prime club soccer
tournament, the UEFA Champions Leaguehas increased, with record audiences for
the season that began in September 2001. TV3 has entered into a contract to
broadcast another three years of UEFA Champions Leaguecommencing September
2003.

TV3 Ireland recognizes the importance of relevant domestic programming and in
2003 invested almost twice as much in homegrown production than it did in
programming acquired from outside the country. In September 2003 the channel
was required by its license to increase Irish produced programming to 25% of
its output. TV3 had long exceeded this requirement and since its second year
in operation had voluntarily exceeded by 25% its required output of Irish
produced programming. In addition to three daily news bulletins, TV3 Ireland
produces Sports Tonight, Week in Review, periodic News Specials, and Ireland
AM, Irelands first morning breakfast television service, which quickly
established itself as the number one breakfast choice in Ireland. Ireland AM
is a weekday live, magazine and lifestyle program. Building on its success,
the program was expanded to three hours daily in September 2002, including
weekend compilations of the best of the weeks output. The programme now has
viewing equal to or higher than the accumulated audiences of all its breakfast
program competitors available in the market. Agenda, a weekly one-hour live
program focusing on politics and money was again critiqued as Irelands best
current affairs program. As part of the strategy to build a strong inventory
of Irish dramatic programs, TV3 continues to actively invest in new Irish film
theatrical productions. In recent years TV3 has invested in a re-creation of
the events of Bloody Sunday, a pivotal event in modern Irish history. Map
Maker, a modern day Irish love story, and three other Irish films, helping
secure total independent Irish film investment budgets to over 8 million.
These movies are broadcast on TV3 as theatrical releases permit. The initial
broadcasts of Watermelonand Bloody Sundayboth attracted extremely high
audiences well in excess of station averages. Other drama co-production
initiatives continue to be explored.

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Management

TV3 Ireland has entered into a service agreement with CanWest pursuant to which
CanWest provides certain management services to TV3 Ireland.

Mr. Rick Hetherington serves as TV3 Irelands Managing Director and Chief
Executive Officer. Prior to his appointment, Mr. Hetherington served as
General Manager and Director of Marketing at Global Winnipeg, CanWests
television station in Winnipeg, Canada.

The Company is entitled to designate three members of TV3 Irelands 9-member
board of directors. The Companys nominees are currently Messrs. Tom Strike,
Leonard Asper and Rick Hetherington.

To assist with the conduct of business between meetings of the board, the board
has established an executive committee of three members, including
representatives of each the three shareholder groups. The CanWest nominee is
Tom Strike.

NORTHERN IRELAND - UTV

Headquartered in Belfast, UTV is the ITV television service provider in
Northern Ireland. It first went on the air in 1958, and over the past 45
years, has firmly positioned itself as the number one regional television
network in Northern Ireland. With a strong focus on meeting the distinctive
viewing needs and preferences of its audience, UTV enjoys a viewing share in
excess of 40% (all times) and approximately 45% in the 6 p.m. to 11 p.m. time
period.

Its strong regional identity is reflected not only in the programs being shown,
but also in the tone, style and nature of the presentation of the service,
which is targeted primarily at a younger demographic audience. Regional
programming is the mainstay of UTVs service and over the years has been the
driver of the networks solid ratings figures.

UTV is an internet service provider under the brand UTV Internet and recently
entered the telephone service reselling business. In the past few years, UTV
has also invested in radio stations in both Limerick and Cork, in the Republic
of Ireland.

The Company has a 29.9% equity interest in UTV, and does not currently have
representation on the UTV board.

EMPLOYEES

The Companys Canadian television operations employ approximately 2000 people
on a full-time and full-time equivalent basis. Approximately 55% of the
Companys Canadian broadcasting employees are employed under a total of 15
collective agreements, 12 of which are with the Communications, Energy and
Paperworkers Union of Canada. Five of these agreements were in renegotiation
or conciliation in 2003, and an additional seven agreements will expire in
2004.

CanWest Publications has approximately 5,400 full-time and full-time equivalent
employees. Approximately 50% of these employees are employed under a total of
49 collective agreements. Eleven of these collective agreements expire in 2003
and are in negotiation, and 21 expire in 2004. In general, the Companys
collective agreements cover operations at particular publications or business
locations, rather than multiple locations.

Canadian newspaper operations experienced one work stoppage in the year.
Collective bargaining in Victoria at the Times-Colonist commenced in April 2002
to renew agreements expiring December 31, 2001. Four unions representing 300
employees went on strike from September 2, 2002 to November 4, 2002. The term
of the new collective agreement runs to December 31, 2004. Operations have
returned to normal with no further disruption expected. Collective bargaining
in Vancouver between the Pacific Newspaper Group and the CEP, Local 2000,
representing 1050 employees commenced during the month of October 2001 for the
renewal of the 1998 - 2001 collective agreement. After continuous bargaining,
the CEP, Local 2000 engaged in strike activity on July 1, 2002 affecting the
publication of The Vancouver Sun and the Province newspapers. The parties
reached a settlement on July 18, 2002 and both newspapers resumed publication
for the July 22, 2002 editions. The term of the new collective agreement runs
to November 30, 2004. Operations at the Pacific Newspaper Group have since
been without disruption and no significant labour issues have developed as a
result of the dispute.

In Australia, Network TEN and Eye Corp. employ a total of approximately 1,170
full-time employees and management estimates 30% are represented by labor
unions.

In New Zealand, TV3 and TV4 have 309 employees, and CanWest NZ Radio has 580
employees. In the Republic of Ireland, TV3 has 143 employees. None of the
Companys employees in New Zealand or the Republic of Ireland are represented
by trade unions.

Entertainment employs 47 full-time employees.

CanWest employs approximately 53 people at its corporate and international
offices. The Companys Business Services Centre, including finance and
information technology services, employs 181 people, and Reach Canada employs
209 people.

Collective bargaining agreements to which the Company is subject vary as to the
number of employees covered and content. The Company believes it has
satisfactory relationships with unionized and non-unionized employees.

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GENERAL

Intellectual Property

CanWest uses a number of trademarks and domain names for its products and
services. Many of these trademarks and domain names are registered in the
relevant jurisdictions. In addition, the Company has legal rights in the
unregistered marks arising from their use. The Company believes its trademarks
are adequately protected.

Television programming and motion pictures are granted legal protection under
the copyright laws of the various countries in which CanWest operates, and
there are substantial civil and criminal sanctions for unauthorized duplication
and exhibition. The content of newspapers, business publications and websites
is similarly protected by copyright. The Company owns copyright in each of its
publications as a whole, and in all individual content items created by
employees in the course of their employment, subject to very limited
exceptions. The Company has entered into licensing agreements with wire
services, freelancers and other content suppliers on terms that are sufficient
to meet the needs of publishing operations. The Company believes it has taken
appropriate and reasonable measures to secure, protect and maintain rights or
obtain agreements from licensees to secure, protect and maintain copyright
protection of content it produces or distributes.

Environmental Protection

Substantially all operations are subject to laws and regulations concerning,
among other things, emissions to the air, water and sewer discharges, handling,
storage and disposal of wastes, recycling, remediation of contaminated sites or
otherwise relating to protection of the environment. The Company believes all
of its operations are in compliance with applicable environmental protection
laws and its own internal environmental compliance standards. Ensuring
environmental compliance has not given and is not expected to give rise, in the
aggregate, to any material adverse financial or operational effects upon the
Companys business.

Legal Proceedings

From time to time, the Company may be a party to various legal proceedings
arising in the ordinary course of business. The Company does not expect any of
these proceedings will have a material adverse effect on its business,
financial condition or results of operation.

CanWest Broadcasting Limited (CBL)

On March 5, 2001, certain plaintiffs who owned a 29.33% interest in CanWest
Broadcasting Ltd., a subsidiary of the Company, filed a statement of claim
against the Company, certain subsidiaries, and Israel Asper. The plaintiffs
claim, among other things, that the defendants have acted in a manner that is
oppressive and unfairly prejudicial to the plaintiffs; have improperly favored
the interests of the defendants over the interests of CBL and the plaintiffs
(including the diversion of corporate opportunities); owe fiduciary duties to
the plaintiffs; and have wrongly terminated certain contracts with the
plaintiffs and replaced them with non-arms length contracts. They are
seeking, among other things, damages of $345.0 million (including aggravated
and punitive damages).

While the results of litigation are inherently uncertain, the Company believes
the allegations are substantially without merit and intends to vigorously
defend it.

At the time of the commencement of the action, the Company owned 70.67% of CBL
and the plaintiffs owned the minority interest. CBL owned Global Television
Network stations in British Columbia (CKVU), Manitoba (CKND) and Saskatchewan
(CFRE and CFSK). On May 1, 2001, CBL amalgamated with one of the Companys
indirect wholly-owned subsidiaries. Under the terms of the amalgamation
agreement, the Company received all of the shares of the amalgamated
corporation and the minority shareholders of CBL received Series 2 Preference
shares of the Company. In December 2002, CanWest redeemed the Series 2
Preference shares for cash consideration of $57.7 million. The former minority
shareholders of CBL did not exercise their dissent rights with respect to the
amalgamation, however have amended their statement of claim to allege, among
other things, that the amalgamation was oppressive and requesting fair value
for their former shares of CBL.

REGULATION

Canadian Television

Canadian television broadcasting, including specialty cable television
broadcasting, is regulated principally by the Broadcasting Act(Canada). The
Canadian Radio-television and Telecommunications Commission, or CRTC, which,
among other things, administers the Broadcasting Act, grants and reviews
broadcasting licences, approves certain changes in corporate ownership and
control, and establishes and oversees compliance with regulations and policies
concerning broadcasting, including various programming requirements, subject to
certain directions from the federal cabinet.

A House of Commons committee is undertaking an 18-month study of the current
state and future direction of Canadas broadcasting system and the efficacy of
the Broadcasting Act in meeting policy objectives. The committee is studying
issues including media ownership, Canadian content and the administration of
broadcasting policy.

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Ownership and Control

The Canadian government, through an Order-in-Council referred to as the
Direction to the CRTC (Ineligibility of Non-Canadians), has directed the CRTC
not to issue, amend or renew a broadcasting licence to an applicant that is a
non-Canadian. Canadian, a defined term within the CRTC Direction, means, among
other things, a citizen or a permanent resident of Canada, a qualified
corporation, a Canadian government, a non-share capital corporation the
directors of which are appointed or designed by statute or governmental
authorities, or a mutual insurance company, pension fund society or cooperative
of which 80% of the directors or members are Canadian. A qualified corporation
is one incorporated or continued in Canada, of which the chief executive
officer or other presiding officer and 80% of the directors are Canadian, and
not less than 80% of the issued and outstanding voting shares are beneficially
owned and controlled, directly or indirectly, by Canadians. In addition, in
order for a subsidiary to be a qualified corporation, Canadians must
beneficially own and control, directly or indirectly, not less than 66 2/3% of
the issued and outstanding voting shares and not less than 66 2/3% of the votes
of the parent company that controls the subsidiary and neither the parent
company nor its directors or similar officers may exercise control or influence
over any programming decisions of the subsidiary. There are no specific
restrictions on the number of non-voting shares that may be owned by
non-Canadians. Finally, an applicant seeking to acquire, amend or renew a
broadcasting licence must not otherwise be controlled in fact by non-Canadians,
a question of fact, which may be determined by the CRTC in discretion.

The CRTCs Television Broadcasting Regulations, 1987, and the Specialty
Services Regulations, 1990, require the prior approval of the CRTC of any
transaction that directly or indirectly results in (i) a change in effective
control of the broadcasting undertaking of a licensee, (ii) a person or a
person and its associates acquiring control of 30% or more of the voting
interests of a licensee or of a person that has, directly or indirectly,
effective control of a licensee, or (iii) a person or a person and its
associates acquiring 50% of more of the issued common shares of the licensee or
of a person who has direct or indirect effective control of a licensee. In
addition, if a transaction results in a person or a person and its associates
acquiring control of at least 20% but less than 30% of the voting interests of
a licensee, or of a person that has, directly or indirectly, effective control
of the licensee, the CRTC must be given notice of the transaction. If a
transaction increases control to over 40%, the CRTC must be notified.

To enable CanWest to ensure continuing compliance with the CRTC Direction, the
CRTC regulations and the conditions of its Canadian broadcasting licences, the
issue and transfer of CanWests preference shares, subordinate voting shares
and multiple voting shares and the conversion of CanWests non-voting shares,
multiple voting shares or preference shares into subordinate voting shares are
constrained by CanWests articles.

Canadian Programming Content

CRTC regulations require licensees of television stations to maintain a
specified percentage of Canadian content in their programming. Television
broadcasters are subject to the requirement that, over the broadcast year and
over any six month period specified in the licence, a minimum of 60% of the
aggregate programming shown during the broadcast day (a continuous 18 hour
period between 6:00 a.m. and 1:00 a.m.) must be of Canadian origin. Canadian
origin is most commonly achieved on the basis of a points system requiring that
a number of creative and production staff be Canadian and that specified
Canadian production expenditure levels be met. In addition, at least 50% of
the aggregate programming between the hours of 6:00 p.m. and 12:00 midnight
over the broadcast year must be of Canadian origin. Specialty cable television
channels also have to maintain a specified percentage of Canadian content in
their programming, generally set forth in their conditions of licence.
 Broadcasters are required to broadcast a minimum of eight hours per week of
priority programming during prime time (7:00 p.m. to 11:00 p.m.). Priority
programming includes Canadian-produced drama, music and dance, variety and
long-form documentaries, but does not include news and information or sports
programming.

Advertising

The CRTC also regulates the quantity and content of television advertising. A
television licensee may not, during any clock hour, broadcast more than twelve
minutes of advertising, subject to certain exceptions for unpaid public service
announcements and promotions for upcoming Canadian programs. Advertising
content is regulated by various federal and provincial statues and regulations,
as well as by standards in the Canadian television broadcasting industry.

Licensing

The CRTC has responsibility for the issuance, amendment and renewal of Canadian
broadcasting licences. A television broadcasting licence grants the right to a
broadcaster to transmit a television signal on a defined frequency within a
defined geographic area and at a defined power level. Subject to being
distributed as a distant signal by a distribution service such as cable or
direct-to-home satellite service, it defines the geographic area capable of
being reached by the broadcaster. The CRTC may also grant licences for
rebroadcast transmitters to relay a particular signal to other areas. A
specialty cable television licence grants the right to a broadcaster to
transmit programming to the public through a distribution service such as cable
or direct-to-home satellite service. Broadcasting licences may be issued for
periods not exceeding seven years and are usually renewed, except in cases of a
serious breach of the conditions attached to the licence or the regulations of
the CRTC. The CRTC is required to hold a public hearing in connection with the
issuance, suspension or revocation of a licence and may hold public hearings in
other circumstances.

In order to conduct business, CanWest must maintain its licences in good
standing. Failure to meet the terms of licences may result in their short-term
renewal, suspension, revocation or non-renewal. Conditions may be imposed by
the CRTC on broadcasting licences that may affect the licensees profitability.
Licensees of distribution services must also meet technical certification
requirements under the Radiocommunication Act(Canada).

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All of the Companys licences are in good standing and the Company is confident
of its ability to continue to satisfy the terms of all related undertakings.
Licences and their respective dates of renewal are as follows:

|                           |  |                                  |  |              |  |                      
|-------------------------- |  | -------------------------------- |  | ------------ |  | ---------------------
|Station                    |  |                                  |  |             
|                          
|Global Television Network: |  |                                  |  |             
|                          
|                           |  | Global Vancouver                 |  | CHAN         |  | August 31, 2008      
|                           |  | Global Halifax                   |  | CIHF         |  | August 31, 2008      
|                           |  | Global Saint John                |  | CIHF-2       |  | August 31, 2008      
|                           |  | Global Quebec                    |  | CKMI         |  | August 31, 2008      
|                           |  | Global Calgary                   |  | CICT         |  | August 31, 2008      
|                           |  | Global Edmonton                  |  | CITV         |  | August 31, 2008      
|                           |  | Global Winnipeg                  |  | CKND         |  | August 31, 2008      
|                           |  | Global Saskatoon                 |  | CFSK         |  | August 31, 2008      
|                           |  | Global Regina                    |  | CFRE         |  | August 31, 2008      
|                           |  | Global Lethbridge                |  | CISA         |  | August 31, 2008      
|                           |  | Global Ontario                   |  | CIII         |  | August 31, 2008      
|                          
|Independent Stations:      |  |                                  |  |             
|                           |  | CJNT Montreal, Quebec            |  | CJNT         |  | August 31, 2007      
|                           |  | CHCH Hamilton, Ontario           |  | CHCH         |  | August 31, 2008      
|                           |  | CHEK, Victoria, British Columbia |  | CHEK         |  | August 31, 2008      
|                          
|CBC Affiliates:            |  |                                  |  |             
|                           |  | CHBC Kelowna, British Columbia   |  | CHBC         |  | August 31, 2008      
|                           |  | CKRD Red Deer, Alberta           |  | CKRD         |  | August 31, 2008      
|                          
|Specialty Cable Channels:  |  |                                  |  |             
|Analog:                    |  |                                  |  |             
|                           |  | Global Prime                     |  | Global Prime |  | February 28,
2004 (1)
|                          
|Digital:                   |  |                                  |  |             
|                           |  | mentv (49% interest)             |  | Category 1   |  | August 31, 2007      
|                           |  | Mystery (45.05% interest)        |  | Category 1   |  | August 31, 2007      
|                           |  | Lonestar                         |  | Category 2   |  | August 31, 2007      
|                           |  | DejaView                         |  | Category 2   |  | August 31, 2007      
|                           |  | Fox Sports World Canada          |  | Category 2   |  | August 31, 2007      
|                           |  | Xtreme Sports                    |  | Category 2   |  | August 31, 2007      



|(1) |  | In 2003 Global Prime applied for renewal of its licence which was
scheduled to expire August 31, 2003. The current licence was extended to
February 2004 pending completion of the CRTC renewal process.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

All licences and related CRTC decisions are available for public review.

The Company believes it enjoys good relations with the CRTC and all other
regulatory bodies that govern operations. All of its licences have been
renewed since the granting of its first licence in 1974. The CRTC considered
the licence renewals of all of the Global Television Network stations in spring
2001 under new group licensing procedures. These licences were renewed
effective September 2001 for the maximum term, which is seven years.

Cross-Ownership Issues

Although the Broadcasting Act and its regulations and policies do not require
the CRTCs approval of a broadcasters purchase of an unregulated media entity
such as a newspaper, the CRTC may consider the issue of a cross-media ownership
when granting or renewing broadcasting licences. The CRTC has a broad mandate
to regulate and supervise all aspects of the Canadian broadcasting system, to
provide for and encourage the expression of a diversity of voices within the
broadcasting system and to prevent or address the emergence of any undue
competitive advantage on behalf of one licensee. As such, the CRTC may be
concerned about the level of diversity among the media voices available in the
geographic markets where cross-ownership occurs and may choose to accept
safeguards or implement conditions in the Companys licences to ensure a level
of diversity and prevent any undue competitive advantage. Whether the CRTC will
be concerned about the level of diversity will depend upon a number of factors,
including the definition of the relevant geographic market in which diversity
is measured and the number of participants in the market. The CRTC has wide
discretion in determining what constitutes the relevant market. The CRTC
examined cross-ownership issues at the recently completed group licence renewal
hearings.

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At the renewal of the Companys broadcasting licences and in response to
potential concerns about diversity or undue competitive advantage, the CRTC
attached a condition to the Companys group licence which requires a code of
conduct be followed respecting the maintenance of separate management over the
television and print news operations. The CRTC could refuse to renew a licence
or to grant new licences based on the concerns about diversity or undue
competitive advantage.

While there are currently no specific prohibitions on the cross-ownership of
television stations and other media properties in Canada, the House of Commons
committee reviewing Canadas broadcasting system and the Broadcasting Act has
announced that it will study patterns of media ownership, cross-media ownership
and vertical integration as part of its review.

Canadian Publishing

The publication of newspapers in Canada is not directly regulated by federal or
provincial laws. There are, however, indirect restrictions on the foreign
ownership of Canadian newspapers by virtue of certain provision of the Income
Tax Act(Canada). The Income Tax Act limits the deductibility by Canadian
taxpayers of advertising expenditures that are made in newspapers other than
Canadian issues of Canadian newspapers. For any given publication to qualify
as a Canadian issue of a Canadian newspaper, the entity that publishes it, if
publicly traded, must ultimately be controlled by Canadian citizens and, if a
private company, must be a least 75% owned by Canadians. In addition, the
publication must, with limited exceptions, be printed and published in Canada.
All the Companys newspapers qualify as Canadian issues of Canadian
newspapers and, as a result, the Companys advertisers generally have the
right to deduct their advertising expenditures with us for Canadian tax
purposes.

Australian Television

The Broadcasting Services Act (Australia), (BSA) regulates the commercial
television industry in Australia. Under the provisions of the BSA, the
Australian Broadcasting Authority, (ABA) has responsibility for planning and
licensing, programming and content standards, ownership and control of
commercial broadcasting services, complaints handling and administering the
allocation of broadcasting frequency spectrum.

Ownership and Control

The BSA prohibits non-Australian persons from being in a position to exercise
control, either alone or together with associates, over commercial television
broadcasting licences. Control is very widely defined and includes the
capacity to veto or exercise restraint over a substantial issue affecting the
management of affairs of a corporation holding a licence.

The BSA limits foreign ownership of commercial television licences by any one
person and its associates to 15% of the shares of any television licensee or
of the voting rights or rights to distributions by way of dividend or a winding
up of the licensee, because the BSA deems any person who has more than 15%
interest of this type to control the television licensee. This limit
increases to 20% for a combined interest holding for two or more persons. An
interest in shares, voting or distribution rights of this nature is referred to
as a company interest. Interests of this kind are also traced on a
proportionate basis through a chain of companies or other entities, so that a
person with a company interest in CanWest would also be considered to have a
company interest in Network TEN. In addition, if foreign persons acquired
company interests directly or indirectly in other shareholders of Network TEN
(including through interests in other companies such as TEN Network Holdings
Limited, a company listed on the Australian Stock Exchange, those interests
would be traced on a proportionate basis through those corporate chains and
aggregated with those persons existing interests for the purposes of
determining compliance with the 15% and 20% thresholds.

The BSA also includes provisions that limit cross-ownership between commercial
television licences, radio licences and newspapers within the same licence
area.

The audience reach limitations of the BSA prevent a person from being in a
position to exercise control of television licences with a combined audience
reach of more than 75% of the Australian population, although it is possible
for a person to supply programming (through affiliates or otherwise) to achieve
greater audience reach. Furthermore, a person must not be in a position to
control more than one licence in the same licence area.

In April 2000, the Australian Productivity Commission released a report
recommending changes to Australian broadcast regulations. The report
recommended the repeal of all restrictions on foreign investment, ownership and
control in the BSA and a relaxation of cross-media ownership rules, subject to
the insertion of a media-specific public interest test in the Trade Practices
Act(Australia). The Commission stated that the easing of foreign ownership
restrictions and the entry of competitive international capital are essential
before cross-ownership restrictions were removed. The Commission also noted
that the convergence of various media was making the present restrictions
outmoded. The Broadcasting Services Amendment (Media Ownership Bill), which
encapsulates the recommendation made in this report, is presently before
Parliament for debate. There is, however, no guarantee that it will be passed.

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Content and Advertising

The ABA imposes mandatory transmission quotas for Australian content and other
more specific quotas for Australian drama, childrens programming and
documentaries. A minimum of 55% of programming broadcast between 6:00 a.m. and
12:00 midnight must be produced under Australian creative control.

The Australian commercial television industry is also subject to the Commercial
Television Industry Code of Practice, which has been developed by the
Federation of Australian Commercial Television Stations in conjunction with the
ABA. The industrys code pertains to matters such as the classification of
programs and program promotions, the content of news and current affairs
programs and the content, placement and amount of advertisements, as well as
handling of complaints on code matters.

The broadcasting of commercials and program promotions is limited under the
Code of Practice to an average of 13 minutes per hour from 6:00 p.m. to 12:00
midnight and an average of 15 minutes per hour at other times. The exception to
this is certain childrens programming which is regulated by the ABAs
Childrens Television Standards.

Digital Television

The Australian government has passed legislation that requires national
television networks to commence broadcasting on new digital channels beginning
on January 1, 2001. Over-the-air broadcasters will be required to simulcast
both digital and analog services until 2008, or such time as determined by
further review, scheduled to commence prior to 2005. Over-the-air broadcasters
are not permitted to provide multiple channels or over-the-air subscription
broadcasting services until the end of 2005. In view of this legislation and
the investment and expense involved for existing broadcasters, the government
has determined that no new commercial television licences will be issued before
December 31, 2006.

Network TEN has undertaken a major implementation plan to establish the
infrastructure and operations necessary for digital terrestrial broadcasting
and commenced digital broadcasting on January 1, 2001.

General Regulatory Obligations

In addition to the regulatory framework specific to broadcasting, the
television industry is also governed by general legislation that applies to all
industries. This includes the Trade Practices Act, which primarily deals with
anti-competitive conduct and consumer protection, and the Foreign Acquisitions
and Takeovers Act(Australia), which provides the Federal Treasurer with the
power to prohibit acquisitions by foreign persons of Australian companies and
assets where the acquisition is considered to be contrary to the national
interest.

Licensing

The ABA grants commercial television licences only to companies incorporated in
Australia. Commercial television licences granted by the ABA remain in force
for five years, subject to compliance with the BSA, and are renewed at the
request of the licence holder if the licensee is considered suitable by the ABA
to continue to hold a licence.

The following table sets forth the licences held by Network TEN and their
respective dates of renewal:

|          |  |           |  |                 |      |  |  | 
|--------- |  | --------- |  | --------------- | ---- |  |  | 
|          |  | Call Sign |  | Due for Renewal
|Sydney    |  | TEN       |  |                 | 2007 | 
|Melbourne |  | ATV       |  |                 | 2007 | 
|Brisbane  |  | TVO       |  |                 | 2007 | 
|Perth     |  | NEW       |  |                 | 2007 | 
|Adelaide  |  | ADS       |  |                 | 2004 | 

New Zealand Broadcasting

The New Zealand broadcasting industry was deregulated in 1989. Current
broadcasting laws are primarily concerned with the maintenance of broadcasting
standards in New Zealand and do not contain restrictions on foreign ownership,
cross media ownership or domestic content quotas. Other general legislation
concerning foreign investment in New Zealand may, however, have some effect on
proposals by non-New Zealand persons to acquire companies in New Zealand.

TV3 operates under a broadcast licence issued in 1995 and TV4 operates under a
broadcast licence issued in 1994. Both licences were granted for a 20-year
period and have similar terms and conditions. CanWest Radio NZ and RadioWorks
each hold broadcasting licences that will expire in 2011.

Under New Zealand law, television and radio broadcasters are required to
report their annual operating revenue to the New Zealand Broadcasting
Standards Authority and, if that operating revenue exceeds NZ$500,000 in any
year, they are required to pay a levy of 0.00051% of that revenue, plus
applicable taxes.

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Republic of Ireland Television

Television broadcasting in the Republic of Ireland is regulated by the Office
of the Director for Telecommunications Regulations and the Broadcast
Commission of Ireland, or the BCI, pursuant to the Broadcast Act, 2001and the
Broadcasting Authority Acts, 1960 to 1990.The broadcasting industry is also
overseen by the Minister for Public Enterprise; the Minister for Communication
and the Environment; the Broadcasting Complaints Commission; the Irish
Competition Authority; and is guided by European Union Directives.

Licensing

The Office of the Director for Telecommunications Regulation issues television
broadcasting licences to the BCI, which then contracts with television program
service providers. Under the Broadcast Act, 2001, TV3 has been awarded
broadcast spectrum in the event a national Digital Terrestrial Television
platform is built, which would enable TV3 to supply digital and other
services.

TV3 has entered an agreement with the BCI providing the right to operate its
television service and sets forth certain restrictions on the manner in which
TV3 will conduct business. The contract expires in September 2008 and provides
for automatic renewal of the contract for an additional ten years unless TV3
is in breach of the contract or suffers some form of insolvency event.

Ownership and Control

The BCI has the right to approve any changes to TV3s articles of association,
directors and senior management. The BCI also has the right to approve
material changes in the ownership of TV3 and any related shareholders
agreement. The BCI must approve any transfer of TV3 shares to a person deemed
to be a media operator, non-European Union persons and certain others. A
media operator includes any person who is a television or radio broadcaster,
a cable operator, a program production company, a newspaper, a news magazine,
an advertising agency and certain other persons. There is no express
regulatory prohibition on a non-European Union person controlling TV3.
However, the Company believes it is unlikely the BCI would approve the Company
or any other non-European Union person acquiring more than a 45% interest in
TV3.

Advertising

The BCI and other regulators regulate the quantity and content of television
advertising. Under the terms of TV3s agreement with the BCI, TV3 may
broadcast commercials for an average of 15% of its broadcast day (or an
average of nine minutes per hour), with a maximum of ten minutes in any single
hour.

Programming

In accordance with European Union Directives, a minimum of 50% of TV3s
programming must be of European Union origin. In addition, TV3s agreement with
the BCI requires that as of September 2002 a minimum of 25% of its content
must be of Irish origin. TV3 has consistently over delivered on its Irish
origin programming commitment.

Northern Ireland Television

Commercial television broadcasting in the United Kingdom (including Northern
Ireland) is regulated by the Independent Television Commission, or the ITC,
under the Broadcasting Act 1990,as amended.

Licensing

The ITC issues broadcasting licences under the Broadcasting Act 1990.UTV holds
a regional licence for Northern Ireland that expires on December 31, 2009.

Foreign Ownership Restrictions

Under the Broadcasting Act 1990,no licence of the type held by UTV may be held
or controlled by an individual who is not either (i) a national of a European
Union member state and ordinarily resident within the European Community, or
(ii) a national of the United Kingdom, the Isle of Man and the Channel Islands.
In addition, no such licences may be held by a body corporate which is not
either (i) formed under the laws of a European Union member state and has its
registered or head office or principal place of business within the European
Community, or (ii) is formed under the law of the Isle of Man or the Channel
Islands.

Other Ownership Restrictions

The Broadcasting Act 1990imposes several additional restrictions on holding or
controlling broadcast licences. These restrictions include prohibitions against
(i) the ownership of multiple television stations, (ii) the cross-ownership of
television stations and radio stations serving a particular market, and (iii)
the cross-ownership of television stations and newspapers.

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Content Quotas

In accordance with the terms of its licence, in each calendar year, a majority
of UTVs programming must be of European Union origin, a minimum of 25% of
UTVs programming must be independent productions, and a minimum of 65% of
UTVs programming must be originally commissioned or produced for UTV or
another ITV affiliate.

INVESTMENT CONSIDERATIONS AND RISK FACTORS

Prospective investors should carefully consider the following investment
considerations and risk factors prior to any purchase of shares of the Company.

Multiple Class Stock; Control of the Company by Holder of Multiple Voting
Shares

The Companys equity shares are divided into four classes  the Multiple Voting
Shares, the Subordinate Voting Shares, the Non-Voting Shares and the Preference
Shares, which are issuable in series. Two series of Preference Shares have
been designated, being the Series 1 and the Series 2 Preference Shares. No
Series 1 or Series 2 Preference Shares are currently outstanding. Each class
or series of shares has different voting rights. Holders of Non-Voting Shares
are not entitled to vote, except where class voting is required by Canadian
law, which occurs primarily where fundamental changes are proposed which affect
a particular class of shares differently from another. The Multiple Voting
Shares and Subordinate Voting Shares are convertible on a one-for-one basis
into Non-voting Shares at the option of the holder. Holders of Subordinate
Voting Shares are entitled to one vote per share and holders of Multiple Voting
Shares are entitled to ten votes per share. Holders of Multiple Voting Shares
and Subordinate Voting Shares vote together as a single class on all matters
submitted to a vote of shareholders, except where class voting is required by
Canadian law.

As of the date hereof, CanWest Communications Corporation owns all of the
Multiple Voting Shares and 3,462,874 Subordinate Voting Shares, representing
approximately 89% of the total votes.

The voting rights of the Non-Voting Shares and the Subordinate Voting Shares in
comparison with the voting rights of the Multiple Voting Shares may render more
difficult or discourage a tender offer or other transaction involving an actual
or potential change of control of the Company. Moreover, the Broadcasting Act
(Canada) (the Broadcasting Act) and the regulations there under require the
prior consent of the CRTC to any change in control of the Company. See also
Voting Shares and Non-Voting Shares in the Management Information Circular
dated November 26, 2003.

Financial Condition

The Company has a substantial amount of debt. As of August 31, 2003, it had
$3.3 billion in long-term debt including $783 million of junior subordinated
notes which bear interest in kind to November 2005 and mature in November 2010. The Companys total
leverage, under the terms of its senior credit facility, (which exclude the
junior subordinated notes so long as they bear interest in kind), was 4.91
times, with a covenant to maintain it at no more than 5.75 times.

The Company has scheduled annual repayments of long-term debt beyond August
2003 as follows:

|                   |  |      |         | 
|------------------ |  | ---- | ------- | 
|Fiscal year ending |  |      |         | 
|August 31          |  | $000
|2004               |  |      | 147,386 | 
|2005               |  |      | 47,484  | 
|2006               |  |      | 56,701  | 
|2007               |  |      | 33,657  | 
|2008               |  |      | 137,982 | 

The Companys substantial indebtedness could limit the Companys flexibility in
planning for, or reacting to, changes in its business and the industry in which
it operates; increase its vulnerability to general adverse economic and
industry conditions; place the Company at a competitive disadvantage compared
to its competitors; and limit the Companys ability to borrow additional funds.

Competition

The broadcasting and publishing industries depend primarily upon the sale of
advertising and paid subscriptions to generate revenue. Competition for
advertising, subscribers, viewers, listeners, readers and distribution is
intense and comes from broadcast television stations and networks and specialty
cable channels; radio; local, regional and national newspapers; online
interests; direct mail; and other communications and advertising media that
operate in the Companys markets. The Companys competitors include both
privately owned companies and government-owned market participants. In
addition, there is increasing consolidation in the Canadian broadcasting,
publishing and other media industries and the Companys competitors
increasingly include market participants with interests in multiple industries
and media. Accordingly, there is no assurance that existing and future
competitors will not pursue or be
capable of achieving business strategies similar and competitive to CanWests.
Some competitors have greater financial and other

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resources than the Company. The Companys ability to compete successfully
depends on a number of factors, including the ability to secure popular
television programs and higher quality editorial content, the ability to
achieve high distribution levels and subscriptions and the Companys ability to
generate advertising revenue. There is no assurance that the Company will be
able to compete successfully in the future against existing or potential
competitors, or that increased competition will not have a material adverse
effect on the Company.

Alternative Technologies

The media industry is experiencing rapid and significant technological changes,
which may result in alternative means of program and content transmission and
which could have a material adverse effect on the business, financial condition
or results of operation of the Company. The continued growth of the Internet
has presented alternative content distribution options that compete with
traditional media. Further, in each of the Companys broadcasting markets,
industry regulators have authorized direct-to-home satellite, microwave and
cable services, and may authorize other alternative methods of transmitting
television, radio and other content with improved speed and quality. The
Company may not be able to successfully compete with existing or newly
developed alternative technologies or may be required to acquire, develop or
integrate new technologies. The cost of the acquisition, development or
implementation of new technologies could be significant and the Companys
ability to fund such implementation may be limited and could have a material
adverse effect on its ability to successfully compete in the future.

New technologies like Personal Video Recorders (PVRs) allow consumers to
record, pause, replay, rewind, fast-forward and otherwise time-shift television
programs. PVRs are smart technology in that they can select shows for a user
based on a particular topic, categorization or prior viewing habits and enable
the user to skip past commercials in recorded programs. The broadcasting
industry depends primarily on the sale of advertising to generate revenue, and
the value of commercial spots to advertisers is linked to the size of the
audience that views its commercials. A change in consumer behavior that
reduces the propensity of television viewers to view commercials could have a
material adverse effect on the Companys ability to generate advertising
revenue.

Economic Cycles

The Companys business is cyclical in nature. The Company depends upon the
sale of advertising for a substantial portion of its revenue, and operating
results are sensitive to prevailing economic conditions, including changes in
local, regional and national economic conditions, particularly as they may
affect advertising expenditures. In addition, newspaper publishing is both
capital and labour intensive and, as a result, newspapers have relatively high
fixed cost structures. During periods of economic contraction, revenue may
decrease while some of the Companys costs remain fixed, resulting in decreased
earnings. Similarly, because a substantial portion of the Companys revenue is
derived from retail advertisers, which have historically been sensitive to
general economic cycles, the Companys business, financial condition or results
of operation could be materially adversely affected by a downturn in the retail
sector.

The Companys business has experienced and is expected to continue to
experience significant seasonality due to, among other things, seasonal
advertising patterns and seasonal influences on peoples viewing, reading and
listening habits. Typically, revenue is lowest during the fourth quarter of
the fiscal year, which ends in August, and highest during the first quarter of
the fiscal year.

Labor Issues

The Company has a significant number of employees that are represented by
collective agreements. Any strikes or other forms of labor protest could
disrupt operations and could have a significant effect on the Companys
business. The Companys television station CHAN in Vancouver, and certain of
the Companys newspapers (The Vancouver Sun, The Province, Calgary Herald, the
Ottawa Citizen, and the Victoria Times Columnist) have each been subject to a
strike over the past five years. These strikes have ranged in duration from
five weeks to approximately six months (at the Calgary Herald).

Programming Costs

The most significant cost of broadcasting television operations is programming.
Purchased programming costs represent approximately 50% of the total operating
costs of Global Television. There can be no assurance that the broadcast
operations will not be exposed in the future to volatile or increased
programming costs that may adversely affect the Companys operating results.
Developments in cable and satellite distribution could affect both the
availability and the cost of programming and increase competition for
advertising expenditures. Moreover, programs may be purchased for broadcasting
two to three years in advance, making it difficult to predict accurately how
such programs will perform. In some instances, programs must be replaced
before their costs have been fully amortized, resulting in write-offs that
would increase operating costs.

Newsprint Costs

Newsprint expense represents one of the largest raw material expenses and,
after wages and employee benefits expense and programming acquisition costs, is
the Companys most significant operating expense. Newsprint costs vary widely
from time to time and price changes in newsprint can significantly affect the
overall earnings of publishing operations. Newsprint expenses represented
approximately 6.6% of the Companys total operating expenses for the year
ended August 31, 2003, and newsprint costs were, on average, 12% lower than in
the prior fiscal year. The Company used approximately 186,000 tonnes of
newsprint in 2003. There is no
assurance that the publishing operations will not be exposed in the future to
volatile or increased newsprint costs that could have a material adverse effect
on the Company.

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Restrictions on Non-Canadian Ownership of the Companys Securities

Under a Canadian government direction to the CRTC (the CRTC Direction),
issued by the Canadian federal cabinet pursuant to the Broadcasting Act
(Canada), the Canadian licences granted to the Company may not be renewed if
more than 33 1/3% of the Companys voting shares are held directly or
indirectly by non-Canadians. Furthermore, the CRTC may decide not to issue or
renew the Companys broadcasting licences were it to determine, for any other
reason, that the Company is effectively owned or controlled by non-Canadians.

For purposes of the CRTC direction, (i) Canadian Holder means a registered
holder of the Preference Shares, Multiple Voting Shares, Subordinate Voting
Shares or Non-Voting Shares who is a Canadian (as defined in the CRTC
Direction) and holds such shares on behalf of one or more Canadians who
beneficially own and control, directly or indirectly and otherwise than by way
of security, such shares and (ii) Non-Canadian Holder means a registered
holder of Preference Shares, Multiple Voting Shares, Subordinate Voting Shares
or Non-Voting Shares that is not a Canadian Holder.

To enable the Company to ensure continuing compliance with the CRTC Direction
and the conditions of its Canadian licences, the issue and transfer of the
Voting Shares of the Company are constrained by the Companys articles of
incorporation. Upon a transfer of Subordinate Voting Shares, or a conversion
of Non-Voting Shares, each shareholder is required to submit to the Company or
its agent a declaration as to, among other things, the shareholders
citizenship. See also Narrative Description of the Business - Regulation 
Canadian Television.

Government Regulation

Broadcasting operations are generally subject to extensive government
regulation. Regulations govern the issuance, renewal, transfer and ownership
of broadcast licences in virtually all jurisdictions and, in some
jurisdictions, govern the timing and content of programming, the timing,
content and amount of commercial advertising and the amount of foreign versus
domestically produced programming. In many countries, including Australia,
Canada, Ireland and Northern Ireland, there are significant restrictions on the
ability of foreign entities to own or control broadcasting businesses. In some
countries, there are also restrictions on cross media ownership between
television, commercial radio and newspapers. While the Company believes that
it is in compliance in all material respects with applicable laws, rules and
regulations, there can be no assurance that regulatory authorities will not
take a different position or that more restrictive laws, rules, regulations or
enforcement policies will not be adopted in the future which could make
compliance more difficult or expensive or otherwise adversely affect the
Companys business or prospects. There can be no assurance that the
broadcasting licences will be renewed following the expiration of their
respective terms. See also Narrative Description of the Business-Regulation.

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ITEM 5: SELECTED CONSOLIDATED FINANCIAL INFORMATION

For the years ended August 31 (in thousands of dollars, except as noted) (1)

|                                                                 |         |  |           |      |      |  |           |      |  |  |           |      | 
|---------------------------------------------------------------- | ------- |  | --------- | ---- | ---- |  | --------- | ---- |  |  | --------- | ---- | 
|                                                                 |         |  | 2003      |      | 2002 |  | 2001     
|Revenue                                                          |         |  | 2,278,316 |      |      |  | 2,272,783 |      |  |  | 1,944,775 |     
|Operating profit before amortization (EBITDA)                    |         |  | 418,662   |      |      |  | 470,306   |      |  |  | 441,071   |     
|Operating income                                                 |         |  | 322,025   |      |      |  | 371,482   |      |  |  | 285,107   |     
|Amortization of intangibles                                      |         |  | 17,500    |      |      |  | 17,500    |      |  |  | 90,159    |     
|Other amortization                                               |         |  | 79,137    |      |      |  | 81,324    |      |  |  | 65,805    |     
|Financing expenses                                               |         |  | 363,518   |      |      |  | 376,632   |      |  |  | 356,755   |     
|Interest in earnings (loss) of Network TEN                       |         |  | 101,339   |      |      |  | (11,815   | )    |  |  | 52,567    |     
|Interest in earnings (loss) of other equity
accounted affiliates |         |  | (1,332    | )    |      |  | (1,523    | )    |  |  | (14,491   | )   
|Net earnings                                                     |         |  | 46,088    |      |      |  | 13,018    |      |  |  | 46,633    |     
|Adjusted net earnings (2)                                        |         |  | 46,088    |      |      |  | 13,018    |      |  |  | 117,182   |     
|Cash flow from operations                                        |         |  | 227,790   |      |      |  | 159,591   |      |  |  | 63,750    |     
|Net earnings per share                                           |         |  |           |      |      |  |           |      |  |  |           |     
|                                                                 | Basic   |  | $         | 0.22 |      |  | $         | 0.07 |  |  | $         | 0.27 | 
|                                                                 | Diluted |  | $         | 0.22 |      |  | $         | 0.07 |  |  | $         | 0.27 | 
|Adjusted earnings per share (2)                                  |         |  |           |      |      |  |           |      |  |  |           |     
|                                                                 | Basic   |  | $         | 0.22 |      |  | $         | 0.07 |  |  | $         | 0.68 | 
|                                                                 | Diluted |  | $         | 0.22 |      |  | $         | 0.07 |  |  | $         | 0.68 | 
|Total assets                                                     |         |  | 5,529,995 |      |      |  | 5,700,080 |      |  |  | 6,299,220 |     
|Total long term debt                                             |         |  | 3,314,697 |      |      |  | 3,509,916 |      |  |  | 3,911,762 |     



|(1) |  | In November 2000 the Company acquired several newspapers as a result of
the acquisition of CanWest Publications  See General Development of the
Business  Other Recent Developments.                         
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | Before amortization of goodwill
and other indefinite life intangibles. Effective September 1,
2001, the
Company adopted CICA 3062 under which goodwill and indefinite
life intangibles are no longer amortized.

Dividend Policy

The Company has declared cash dividends on its outstanding Multiple Voting
Shares, Subordinate Voting Shares and Non-Voting Shares in the previous five
years as follows:

|                      |  |             |       | 
|--------------------- |  | ----------- | ----- | 
|                      |  | Per Share *
|Years ended August 31 |  | $          
|2003                  |  | NIL        
|2002                  |  | NIL        
|2001                  |  |             | 0.300 | 
|2000                  |  |             | 0.300 | 
|1999                  |  |             | 0.300 | 

* giving effect to stock splits

In September 2000 the Company declared a stock dividend of 1.24 Subordinate
Voting Shares or Non-Voting Shares for each 100 shares held. In September
2001, the Company temporarily suspended payment of semi-annual dividends, in
favour of debt reduction.

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ITEM 6:
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

The section titled Managements Discussion and Analysis in the Companys
annual report for the year ended August 31, 2003 is incorporated herein by
reference.




ITEM 7: MARKET FOR THE SECURITIES OF CANWEST

The Subordinate Voting Shares are listed for trading on The Toronto Stock
Exchange under the symbol CGS.S. The Non-Voting Shares are listed for trading
on the Toronto Stock Exchange under the symbol CGS.A and on The New York Stock
Exchange under the symbol CWG.

The 7 5/8% Senior Unsecured Notes due April, 2013 and the 10 5/8% Series B
Senior Subordinated Notes due May, 2011 are registered with the Securities
Exchange Commission, unlisted, and eligible for trading in The Portal Market,
an electronic screen based system which permits the trading of eligible
privately placed securities by certain qualified institutional investors.




ITEM 8: DIRECTORS AND OFFICERS

The following table sets out certain information with respect to the directors
and officers of CanWest Global Communications Corp. as of the date hereof.

|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|----------------------------------------------------------------------------------- |  | -------------------------------------------------- |  | ------------------------------------------------------------------------------------------------ |  | --------------
|Name and Municipality                                                               |  | Office or Position                                 |  |                                                                                                  |  |               
|of Residence                                                                        |  | with Company                                       |  | Principal Occupation                                                                             |  | Director Since
|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|David A. Asper (1) (4)
Winnipeg, Manitoba                                           |  | Director                                           |  | Executive Vice President of the Company Chairman
of the National Post                            |  | January 1997  
|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|Gail S. Asper
Winnipeg, Manitoba                                                    |  | Secretary and Director                             |  | Secretary of the Company                                                                         |  | February 1992 
|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|Leonard J. Asper (1)
Winnipeg, Manitoba                                             |  | President and Chief
Executive Officer and
Director |  | President and Chief Executive Officer of the Company                                             |  | January 1997  
|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|Dr. Lloyd I. Barber, C.C., S.O.M.,
LL.D. (1) (2) (3) (4)
Regina Beach, Saskatchewan |  | Director                                           |  | President Emeritus, University of Regina                                                         |  | February 1992 
|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|Jalynn H. Bennett,
C.M. (2) (3) (4)
Toronto, Ontario                                |  | Director                                           |  | President, Jalynn H. Bennett and Associates Ltd.                                                 |  | January 1998  
|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|Richard C. Camilleri
Toronto, Ontario                                               |  | Chief Operating
Officer (Operations)               |  | Chief Operating Officer (Operations) of the Company                                              |  |               
|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|The Lord Black of Crossharbour,
P.C. (Can), O.C., K.C.S.G.
London, England          |  | Director                                           |  | Chairman and Chief Executive Officer, Hollinger Inc.                                             |  | November, 2000
|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|David J. Drybrough(3)
Winnipeg, Manitoba                                            |  | Director                                           |  | Vice-President, Finance of Gendis Inc.                                                           |  | March 2003    
|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|Richard M. Leipsic
Winnipeg, Manitoba                                               |  | Vice President and
General Counsel of the
Company  |  | Vice President and General Counsel of the Company                                                |  |               
|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|John E. Maguire
Winnipeg, Manitoba                                                  |  | Chief Financial Officer                            |  | Chief Financial Officer of the Company                                                           |  |               
|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|The Hon. Frank J. McKenna, P.C.,
Q.C.(2)(3)
St. John, New Brunswick                 |  | Interim Chairman of
the Board and Director         |  | Counsel, McInnes Cooper & Robertson                                                              |  | July 1999     
|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|F. David Radler (1)
Vancouver, British Columbia                                     |  | Director                                           |  | President, Deputy Chairman of the Board,
President and Chief Operating Officer of
Hollinger Inc. |  | November, 2000
|                                                                                    |  |                                                    |  |                                                                                                  |  |               
|Thomas C. Strike
Winnipeg, Manitoba                                                 |  | Chief Operating
Officer (Corporate)                |  | Chief Operating Officer (Corporate) of the Company                                               |  |               

(1)  Member of the Executive Committee

(2)  Member of the Compensation Committee.

(3)  Member of the Audit Committee.

(4)  Member of the Pensions Committee.

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As at November 26, 2003, all of the Multiple Voting Shares and 3,462,874 of the
Subordinate Voting Shares were owned by CanWest Communications Corporation, a
company indirectly owned and controlled by trusts for the benefit of members of
the family of the late I.H. Asper, including David A. Asper, Gail S. Asper and
Leonard J. Asper, who are senior officers and directors of the Company and Mrs.
Ruth M. Asper.

All of the Companys directors serve one-year terms and are elected at the
Companys annual meeting of shareholders. The term of office of each of the
current directors will expire at the annual meeting of shareholders of the
Company to be held on January 29, 2004.

Each of the Company directors and officers of the Company has been engaged for
more than five years in his or her present principal occupation or in other
capacities with the Company or organization (or predecessor thereof) in which
he or she currently holds his or her principal occupation except: Richard
Camilleri who, prior to July 2002 was Chairman, President and CEO of Arius3D
Inc. and prior to 2001, was President, Sony Music Entertainment; and David A.
Asper who, prior to January 2003 was President, Daremax Enterprises Inc., and
prior to January 1999, was Vice President, Programming of the Company.
 On November 26, 2003, the Board set at eleven, the number of directors to be
elected at the annual meeting of shareholders.

Certain of the directors and senior officers hold voting securities in the
Company as described under the section entitled Election of Directors in the
Management Information Circular dated November 26, 2003 and such information is
incorporated by reference herein.

As of November 26, 2003, the directors and senior officers of the Company as a
group beneficially owned, directly or indirectly, or exercised control or
direction over 76,785,976 Multiple Voting Shares, 98,286,373 Subordinate Voting
Shares and 2,066,405 Non-Voting Shares.




ITEM 9: ADDITIONAL INFORMATION

Additional information, including directors and officers remuneration and
indebtedness, principal holders of the Companys securities and options to
purchase securities and interests of insiders in material transactions, where
applicable, is contained in the Management Information Circular dated November
26, 2003 for the Companys 2004 annual meeting of shareholders.

Additional financial information is provided in the Companys Annual Report to
Shareholders for the year ended August 31, 2003.

Upon request to the Secretary, CanWest Global Communications Corp., 31st Floor,
TD Centre, 201 Portage Avenue, Winnipeg, Manitoba R3B 3L7, the Company will
provide a copy of this Annual Information Form (together with one copy of any
document, or the pertinent pages of any document, incorporated by reference in
this Annual Information Form), a copy of the Companys Annual Report to
Shareholders for the year ended August 31, 2003, one copy of the most recent
interim financial statements of the Company that have been filed with
applicable securities regulatory authorities for any period after the end of
the fiscal year ended August 31, 2003, one copy of the Management Information
Circular dated November 26, 2003 for the Companys 2004 annual meeting of
shareholders and, when the securities of the Company are in the course of a
distribution under a preliminary short form prospectus or a short form
prospectus, one copy of any other documents that are incorporated by reference
into the preliminary short form prospectus or the short form prospectus. While
the Companys securities are in the course of a distribution pursuant to a
short form prospectus, or preliminary short form prospectus, these documents
will be provided free of charge. At any other time, the Company may require
the payment of a reasonable charge if the request is made by a person who is
not a security holder of the Company. The documents are also available on the
Companys web site: www:canwestglobal.com

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