----

**SHAREHOLDERS      AGREEMENT***

August      15, 2007 

**CanWest      MediaWorks Inc.**

**4414616      Canada Inc.**

**GS      Capital Partners VI Fund, L.P.**

**GSCP      VI AA One Holding S.àr.l**

**GSCP      VI AA One Parallel Holding S.àr.l**

**CW      Investments Co.**

----

  
| * | Certain                  material has been omitted from this Shareholders Agreement pursuant                  to a                  request for confidential treatment and such omitted material has                  been                  filed separately with the U.S. Securities and Exchange                  Commission.  Material omitted from this agreement is replaced by                  an asterisk. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ARTICLE                1                                                                           |                                                                              | Page     |
|----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|----------|
|     DEFINITIONS                AND                PRINCIPLES OF INTERPRETATION |                                                                              | 2   |
|     1.1                                                                        | Definitions                                                                       | 2        |
|     1.2                                                                        | Additional                Definitions                                             | 11       |
|     1.3                                                                        | Certain                Rules of Interpretation                                    | 11       |
|     1.4                                                                        | Entire                Agreement                                                   | 13       |
|     1.5                                                                        | Accounting                Principles                                              | 13       |
|     1.6                                                                        | Schedules                                                                         | 13       |
| ARTICLE                2                                                                           |                                                                              |     |
|     PURPOSE,                SCOPE                AND COMPLIANCE                |                                                                              | 14  |
|     2.1                                                                        | Not                a Unanimous Shareholder Agreement                              | 14       |
|     2.2                                                                        | Compliance                with Agreement                                          | 14       |
|     2.3                                                                        | Compliance                by Corporation                                          | 14       |
|     2.4                                                                        | Compliance                with CRTC Regulations                                   | 14       |
| ARTICLE                3                                                                           |                                                                              |     |
|     FINANCIAL                PARTICIPATION IN THE CORPORATION                  |                                                                              | 15  |
|     3.1                                                                        | Equity                Participation                                               | 15       |
|     3.2                                                                        | Additional                Capital                                                 | 15       |
|     3.3                                                                        | GS                Syndication                                                     | 16       |
|     3.4                                                                        | Covenant                Support                                                   | 17       |
|     3.5                                                                        | Additional                Capital Contributions                                   | 18       |
| ARTICLE                4                                                                           |                                                                              |     |
|     MANAGEMENT                AND                GOVERNANCE OF THE CORPORATION |                                                                              | 18  |
|     4.1                                                                        | Board                of Directors                                                 | 18       |
|     4.2                                                                        | Removal                and Replacement of Nominees                                | 20       |
|     4.3                                                                        | Meetings                of Board                                                  | 20       |
|     4.4                                                                        | Quorum                                                                            | 20       |
|     4.5                                                                        | Telephone                Meetings                                                 | 21       |
|     4.6                                                                        | Auditor                                                                           | 21       |
|     4.7                                                                        | Board                Approval of Matters                                          | 21       |
|     4.8                                                                        | CW                Media Board and Reporting Committee                             | 23       |
|     4.9                                                                        | Control                of Subsidiaries                                            | 24       |
|     4.10                                                                       | Reimbursement                of Expenses                                          | 24       |
|     4.11                                                                       | Indemnification                                                                   | 24       |
|     4.12                                                                       | Transactions                with Affiliates                                       | 25       |
|     4.13                                                                       | Conflict                of Interest                                               | 25       |
|     4.14                                                                       | Shareholder                Quorum                                                 | 26       |
|     4.15                                                                       | Rights                Under ERISA                                                 | 26       |
|     4.16                                                                       | Rights                Under Indemnity Agreement                                   | 27       |
| Article                5                                                                           |                                                                              |     |
|     Combination                transaction                                     |                                                                              | 27  |
|     5.1                                                                        | Completion                of the Asset Transfer                                   | 27       |
|     5.2                                                                        | Combination                Transaction                                            | 27       |
|     5.3                                                                        | Conditions                Precedent                                               | 28       |
|     5.4                                                                        | Ownership                Interests in the Corporation                             | 29       |
|     5.5                                                                        | Covenants                of CanWest                                               | 29       |
|     5.6                                                                        | Notice                of Repayment of Senior Notes                                | 31       |
| ARTICLE                6                                                                           |                                                                              |     |
|     DEALING                WITH SHARES                                         |                                                                              | 31  |
|     6.1                                                                        | Restrictions                on Transfer of Shares                                 | 31       |
|     6.2                                                                        | Endorsement                on Certificates                                        | 31       |
|     6.3                                                                        | Issue                of Additional Equity Securities                              | 32       |
|     6.4                                                                        | Pledge                of Shares                                                   | 32       |
|     6.5                                                                        | Permitted                Transferees                                              | 32       |
|     6.6                                                                        | CanWest                Call                                                       | 33       |
|     6.7                                                                        | GS                Put                                                             | 34       |
|     6.8                                                                        | Right                of First Offer                                               | 38       |
|     6.9                                                                        | Registration                Rights                                                | 41       |
|     6.10                                                                       | Insolvency                Event                                                   | 41       |
|     6.11                                                                       | Equity                Adjustments and Related Guarantees                          | 42       |
|     6.12                                                                       | Required                Sale of Regulated Assets                                  | 44       |
|     6.13                                                                       | Liquidation                of 4414641 Canada Inc.                                 | 45       |
| ARTICLE                7                                                                           |                                                                              |     |
|     ARRANGEMENTS                REGARDING TRANSACTIONS                         |                                                                              | 45  |
|     7.1                                                                        | Financial                Calculations                                             | 45       |
|     7.2                                                                        | Closing                                                                           | 47       |
|     7.3                                                                        | Exercise                of Liquidity Options Prior to the Combination Transaction | 48       |
|     7.4                                                                        | Section                116 Certificate and other Withholding                      | 49       |
| ARTICLE                8                                                                           |                                                                              |     |
|     REPRESENTATIONS                AND WARRANTIES                              |                                                                              | 51  |
|     8.1                                                                        | Representations                and Warranties of the GS Parties                   | 51       |
|     8.2                                                                        | Representations                and Warranties of the CanWest Parties              | 52       |
|     8.3                                                                        | Indemnity                Agreement                                                | 53       |
| ARTICLE                9                                                                           |                                                                              |     |
|     GENERAL                                                                    |                                                                              | 53  |
|     9.1                                                                        | Confidentiality                                                                   | 53       |
|     9.2                                                                        | Non-Competition                                                                   | 54       |
|     9.3                                                                        | Arbitration                                                                       | 54       |
|     9.4                                                                        | Application                of this Agreement                                      | 56       |
|     9.5                                                                        | Amendments                and Waivers                                             | 56       |
|     9.6                                                                        | Assignment                                                                        | 56       |
|     9.7                                                                        | Termination                                                                       | 56       |
|     9.8                                                                        | No                Partnership                                                     | 57       |
|     9.9                                                                        | Notices                                                                           | 57       |
|     9.10                                                                       | Attornment                and Process Agent                                       | 58       |
|     9.11                                                                       | Osler                Acting for More than One Party                               | 58       |
|     9.12                                                                       | Trade-mark                Licence                                                 | 59       |
|     9.13                                                                       | Enurement                                                                         | 59       |
|     9.14                                                                       | Execution                and Delivery                                             | 59       |

----

**SHAREHOLDERS      AGREEMENT**

**THIS      AGREEMENT**

**BETWEEN**

**CANWEST      MEDIAWORKS INC.**
**CanWest**

**4414616      CANADA INC.**
**CanWest      Holdco**

**GS      CAPITAL PARTNERS VI FUND, L.P.**

**GSCP**

**GSCP      VI AA ONE HOLDING S.àr.l**
**GS Shareholder Holdco One**

**GSCP      VI AA ONE PARALLEL HOLDING S.àr.l**
**(**
**GS Shareholder Holdco      Two**

**CW      INVESTMENTS CO.**
**Corporation**

**RECITALS:**

| A. | CanWest                Holdco and the GS Holdcos together own, directly or indirectly, all                of the                issued and outstanding shares in the capital of the                Corporation. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | CanWest                Holdco is a wholly-owned Subsidiary of                CanWest. |
|----|---------------------------------------------------------------------------------------|

| C. | Each                of GS Shareholder Holdco One and GS Shareholder Holdco Two is Controlled                by GSCP and its affiliated funds. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| D. | CanWest,                CanWest Holdco, GSCP, GS Shareholder Holdco One, GS Shareholder Holdco                Two                and the Corporation have entered into this Agreement to record their                agreement as to the manner in which the affairs of the Corporation                and its                Subsidiaries shall be conducted and to grant to each other certain                rights                and obligations with respect to the ownership, directly and indirectly,                of                the shares of the Corporation. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | **THEREFORE,**                the parties agree as follows: |
|--------|-------------------------------------------------------------|

**ARTICLE      1**

**DEFINITIONS      AND PRINCIPLES OF INTERPRETATION**

| **1.1** | **Definitions** |
|---------|-----------------|

**Acceptable      Participant**

|   | (i) | a                financial investor that does not have a significant interest in any                Media                Party (for this purpose, a Person will be deemed to have such a                significant interest if it owns or Controls, directly or indirectly,                10%                or more of the equity interests in such Media Party, and any securities                convertible or exchangeable into equity interests will be deemed                to be                equity interests equivalent to the equity interests into which they                may be                converted or exchanged); or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | another                Person acceptable to CanWest, acting                reasonably; |
|--------|------|----------------------------------------------------------------------------------------|

**Acceptance      Notice**
6.8(c)

**Acquired      Competing Business**
**Error! Reference source not      found.**

**Act**
** **
*Companies Act*

**Affiliate**
** **
**Affiliate**
**Affiliate**

**Agreement**
** **
**Article**
**Section**

**Ancillary      Agreements**

**Appeal      Arbitrator**
9.3

**Appeal      Respondent**
9.3

**Appellant**
9.3

**Arbitration      Act**
9.3

----

**Arm’s      Length**
** **

**Arrangement      Agreement**

**Asset      Transfer Agreement**

**Auditor**

**Board**
** **

**Business**
** **

**Business      Day**
** **

**CanWest      Call**
** **
6.6(a)

**CanWest      Call Price**
** **
6.7(c)

**CanWest      Parties**
6.5

**Cash**

**CBCA**
*Canada Business Corporations Act*

**Combination      Date**
** **

**Combination      Transaction**
5.2(a)

----

**Combined      EBITDA**

**“Common      Shares”**

**Competing      Business**
**Error! Reference source not      found.**

**Confidential      Arbitration Information**
9.3

**Confidential      Information**
9.1(a)

**“Contributed      Business”**
**Contributed Business**

**Control**
** **

|   | (i) | in                relation to a corporation, the beneficial ownership at the relevant                time                of shares of such corporation carrying more than 50% of the voting                rights                ordinarily exercisable at meetings of shareholders of the corporation                where such voting rights are sufficient to elect a majority of the                directors of the corporation; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in                relation to a Person that is a partnership, limited liability company                or                joint venture, the beneficial ownership at the relevant time of more                than                50% of the ownership interests of such partnership, limited liability                company or joint venture in circumstances where it can reasonably                be                expected that the Person can direct the affairs of the partnership,                limited liability company or joint                venture; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | in                relation to a trust, the beneficial ownership at the relevant time                of more                than 50% of the property settled under the trust;                and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | in                relation to an investment fund, the management of such                fund; |
|--------|------|-----------------------------------------------------------------------------------------------|

----

|   | and                the words “**Controlled                by**”,** **“**Controlling**”** **and                similar words have corresponding meanings; the Person who Controls                a                Controlled Person shall be deemed to Control a corporation, partnership,                limited liability company, joint venture or trust which is Controlled by                the Controlled Person, and so on; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CRTC**

**CRTC      Regulations**
*Broadcasting Act *

**CW      Media**

**CW      Media Board**
4.8

**Director**

**Dispute**
9.3

**Equity      Value**

**EBITDA**
1.1

**Estimated      Price**
7.2(e)

**Financial      Calculations**
** **
7.1(a)

**Financial      Statements**

**First      Call Period**
6.6(a)

**First      GS Put**
** **
** **
6.7(a)

**First      Put Period**
** **
6.7(a)

**First      Put Shares**
** **
6.7(a)

**Floor      Amount**
** **

----

**“Force      Majeure Event”**

**GAAP**
1.5

**Governmental      Entity**

**“GS      Additional Investment”**
3.5(a)

**GS      Equity Value**
** **
**[DEFINITION REDACTED**
*

**]**

**GS      Holdcos**
6.5

**GS      Initial Interest**

**GS      Initial Investment**

**GS      Parties**
3.3
6.5

**GS      Post-Combination Percentage Interest**
** **
5.4(a)

**GS      Put Price**
6.7(c)

----

  
| * | The                  material has been omitted pursuant to a request for confidential                  treatment                  and the omitted material has been filed separately with the U.S.                  Securities and Exchange Commission. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**GS      Rate of Return**

**GS      Shares**
6.6(a)

**“Guaranteed      Parties”**
6.11

**“Guaranteeing      Parties”**
6.11

**Indebtedness**

|   | (i) | money                borrowed or raised, including any related premiums and all capitalized                interest; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (ii) | debentures,                bonds, promissory notes or similar debt instruments;                and |
|--------|------|----------------------------------------------------------------------------------------------------|

|   | (iii) | obligations                under leases of real or personal property to the extent that such                obligations would be capitalized on a balance sheet prepared in accordance                with GAAP; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Indemnified      Party**
6.11

**Indemnifying      Party**
6.11

**Indemnity      Agreement**

**Independent      Auditor**

**Insolvency      Event**

|   | (i) | the                commencement by the Person of any proceedings under any bankruptcy,                arrangement, reorganization, dissolution, liquidation, insolvency,                winding-up or similar law of any jurisdiction for the relief from                or                otherwise primarily affecting the rights of creditors of the Person,                including under the *Bankruptcy and Insolvency Act* (Canada) (the                “**BIA**”), the *Companies’ Creditors Arrangement Act*                (Canada), the *Winding-up and Restructuring Act* (Canada) or the                United States *Bankruptcy Code* (each an “**Insolvency                Proceeding**”); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | the                commencement of an Insolvency Proceeding against or in respect of                the                Person which is not contested and dismissed within 90 days of such                commencement; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the                Person (i) making a general assignment for the benefit of its creditors,                including any assignment made pursuant to the BIA, (ii) acknowledging                its                insolvency in writing or (iii) being declared bankrupt or                insolvent; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any                receiver, receiver-manager, interim receiver, monitor, liquidator,                assignee, custodian, trustee, sequestrator or other similar entity                being                lawfully appointed in respect of the Person or all or substantially                all of                the Person’s property, assets or undertaking following proper notice to                the Person where the Person is not contesting such appointment in                good                faith; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | any                holder of any security interest, mortgage, lien, charge, claim or                encumbrance lawfully taking possession, management or control of                all or                substantially all of the Person’s property, assets or undertaking                following proper notice to the Person where the Person is not contesting                such action in good faith; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**“IRR      Adjustment”**
6.7(c)

**Later      Call Period**
** **
6.6(a)

**Leverage      Cap**
** **

**Management      Agreement**

**Media      Party**
1.1

**Merger      Agreement**
5.2(a)

**Minimum      TEV**
** **

**Modified      Acceptance Notice**
6.8(f)

**Modified      Offer Period**
6.8(f)

**Modified      Terms**
6.8(f)

**Net      Debt**

**Notice**
9.9

----

**Notice      of Appeal**
9.3

**Notice      of Modification**
6.8(f)

**Notice      of Sale**
6.8(b)

**Objection      Notice**
7.1(d)

**Offered      Shares**
6.8(b)

**Offer      Period**
** **
6.8(c)

**Offer      Price**
6.8(b)

**Parent**

**Parties**
** **
**Party**

**Person**
** **

**Pledged      Shares**
** **
6.4

**Proceeding**

**Process      Agent**
9.10

**Put      Shortfall Price**
6.7(c)

**Reporting      Committee**
4.8

**Second      GS Put**
6.7(d)

**Second      Put Period**
6.7(d)

**Second      Put Shares**
6.7(d)

**Section      116 Certificate**
7.4(a)

----

**Senior      Notes**
** **

**“Separation      Affiliate”**
6.11

**Separation      Agreement**

**“Separation      Indemnity”**
6.11

**Shares**

**Shareholders**
** **
**Shareholder**

**“Shortfall      Put”**
6.7(c)

**Subsidiary**
**Subsidiary**
**Subsidiary**

**Tax      Act**
*Income Tax Act*

**Tax      Shelter Agreement**
** **

**TEV**

**Third      Party Sale Agreement**
6.8(f)

**Third      Party Sale Period**
6.8(f)

**Threshold      Amount**

----

|   | (ii) | $22.5                million with respect to any financial year of the Corporation during                which                the Combination Transaction is completed or any subsequent financial                year                of the Corporation; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Transfer**
**Transferred**
**Transferring**

**Transition      Services Agreement**

**Transfer      Closing**
7.2(a)

**Transferred      Shares**
6.11(a)

**Trustee**

**Unallocated      Expenses**

**“Voting      Shares”**

**Voting      Trust Agreement**

| **1.2** | **Additional                Definitions** |
|---------|-------------------------------------------|

| **1.3** | **Certain                Rules of Interpretation** |
|---------|----------------------------------------------------|

|   | (a) | **Time**                - Time is of the essence in the performance of the Parties’ respective                obligations. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | **Currency**                - Unless otherwise specified, all references to money amounts are                to the                lawful currency of Canada. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | **Headings**                - Headings of Articles and Sections are inserted for convenience                of                reference only and shall not affect the construction or interpretation                of                this Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | **Consent**                - Whenever a provision of this Agreement requires an approval or                consent                and such approval or consent is not delivered within the applicable                time                period, then, unless otherwise specified, the Party whose consent                or                approval is required shall be conclusively deemed to have withheld                its                consent or approval. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | **Time                Periods** - Unless otherwise specified, time periods within or                following which any payment is to be made or act is to be done shall                be                calculated by excluding the day on which the period commences and                including the day which the period ends and by extending the period                to the                next Business Day following if the last day of the period is not                a                Business Day. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | **Business****Day**                - Whenever any payment to be made or action to be taken under this                Agreement is required to be made or taken on a day other than a Business                Day, such payment shall be made or action taken on the next Business                Day                following. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | **Governing                Law** - This Agreement is a contract made under and shall be                governed by and construed in accordance with the laws of the Province                of                Ontario and the federal laws of Canada applicable in the Province                of                Ontario. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | **Including**                - Where the word “including” or “includes” is used in this Agreement, it                means “including (or includes) without                limitation”. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | **No                Strict Construction** - The language used in this Agreement is the                language chosen by the Parties to express their mutual intent, and                no rule                of strict construction shall be applied against any                Party. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | **Number                and Gender** - Unless the context otherwise requires, words                importing the singular include the plural and vice versa and words                importing gender include all                genders. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | **Severability**                - If, in any jurisdiction, any provision of this Agreement or its                application to any Party or circumstance is restricted, prohibited                or                unenforceable, such provision shall, as to such jurisdiction, be                ineffective only to the extent of such restriction, prohibition or                unenforceability without invalidating the remaining provisions of                this                Agreement and without affecting the validity or enforceability of                such                provision in any other jurisdiction or without affecting its application                to other Parties or circumstances. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | **Statutory                References** - A reference to a statute includes all regulations                made pursuant to such statute and, unless otherwise specified, the                provisions of any |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | statute                or regulation that amends, supplements or supersedes any such statute                or                any such regulation. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| **1.4** | **Entire                Agreement** |
|---------|-------------------------------------|

| **1.5** | **Accounting                Principles** |
|---------|------------------------------------------|

**GAAP**

| **1.6** | **Schedules** |
|---------|---------------|

| Schedule                1.1(a) | -       EBITDA                                                 |
|--------------------------------|---------------------------------------------------------------------------------------------------|
| Schedule                1.1(b) | -       GS                Rate of Return                       |
| Schedule                1.1(c) | -       Media                Parties                           |
| Schedule                3.1    | -       Corporate                Structure                     |
| Schedule                5.1    | -       Merger                Agreement                        |
| Schedule                6.1    | -       Form                of Counterpart and Acknowledgement |
| Schedule                6.9    | -       Registration                Rights                     |
| Schedule                7.1    | -       Financial                Calculations                  |

----

**Article      2**

**PURPOSE,      SCOPE and compliance**

| **2.1** | **Not                a Unanimous Shareholder                Agreement** |
|---------|-------------------------------------------------------------------------|

| **2.2** | **Compliance                with Agreement** |
|---------|----------------------------------------------|

|   | (a) | Each                Shareholder agrees to vote and act as a shareholder of the Corporation                to                fulfil the provisions of this Agreement and in all other respects                to                comply with, and use all reasonable efforts to cause the Corporation                to                comply with, this Agreement and give effect to the intent of this                Agreement, and to the extent, if any, that may be permitted by law,                each                shall cause its respective nominees as Directors of the Corporation                to act                in accordance with this Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | CanWest                agrees to cause CanWest Holdco (or any other Affiliate of CanWest                that                holds Shares) to comply with this Agreement and hereby guarantees                and                warrants to each of the other Parties the due performance by CanWest                Holdco of all of its obligations pursuant to this                Agreement.  The foregoing guarantee and warranty of CanWest is                absolute, unconditional, present and continuing and is in no way                conditional or contingent upon any event, circumstance, action or                omission                which might in any way discharge a guarantor or                surety. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | GSCP                agrees to cause each of the GS Holdcos to comply with this Agreement                and                hereby guarantees and warrants to each of the other Parties the due                performance by each GS Holdco of all of its obligations pursuant                to this                Agreement.  The foregoing guarantee and warranty of GSCP is                absolute, unconditional, present and continuing and is in no way                conditional or contingent upon any event, circumstance, action or                omission                which might in any way discharge a guarantor or                surety. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.3** | **Compliance                by Corporation** |
|---------|----------------------------------------------|

| **2.4** | **Compliance                with CRTC Regulations** |
|---------|-----------------------------------------------------|

----

**ARTICLE      3**

**FINANCIAL      PARTICIPATION IN THE CORPORATION**

| **3.1** | **Equity                Participation** |
|---------|-----------------------------------------|

|   | (a) | The                GS Parties jointly and severally represent and warrant to each of                the                CanWest Parties that: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | as                of the date hereof, the GS Holdcos are the sole legal and beneficial                owners of the following Shares: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|                                     | **Class                A Preferred Shares** | **Class                B Common Shares** |                 |
|------------------------------------------|---------------------------------------------|------------------------------------------|----------------------|
| GS                Shareholder Holdco One | 222                                         | 563,964                                  |                 |
| GS                Shareholder Holdco Two | 111                                         | 83,050                                   | ;                and |

|   | (ii) | each                GS Holdco is Controlled by GSCP and its affiliated                funds. |
|--------|------|----------------------------------------------------------------------------------------------|

|   | (b) | The                CanWest Parties jointly and severally represent and warrant to each                of the                GS Parties that: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | as                of the date hereof, CanWest Holdco is the sole legal and beneficial                owner                of 666 Class A Preferred Shares and 352,986 Class A Common Shares,                acquired by it in consideration for an aggregate subscription price                of                $262.3 million; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | CanWest                Holdco is Controlled by CanWest. |
|--------|------|---------------------------------------------------------|

|   | (c) | The                Parties acknowledge and agree that the corporate structure of the                Corporation and its Subsidiaries as at the date of this Agreement                is as                set out in Schedule 3.1. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **3.2** | **Additional                Capital** |
|---------|---------------------------------------|

3.5
3.5

----

**3.3           GS      Syndication**

|   | (a) | GSCP                may elect to Transfer (or cause its Affiliates to Transfer) any of                the                securities they hold in any GS Holdco to one or more investment funds                or                partnerships Controlled by GSCP or its                Affiliates. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Subject                to Section 3.3(d), GSCP may elect to Transfer                (or cause its Affiliates to Transfer) any securities that they hold                in the                GS Holdcos to one or more Acceptable Participants during the 15-month                period after the date of this Agreement, provided                that: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | GSCP                has given prior Notice to CanWest no less than 10 Business Days prior                to                the date of such Transfer, specifying the date of the proposed Transfer                and the identity of the proposed                transferee; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | GSCP                or an Affiliate of GSCP continues to Control each GS                Holdco; |
|--------|------|-------------------------------------------------------------------------------------------------|

|   | (iii) | each                such Acceptable Participant agrees not to Transfer its interests                in any GS                Holdco to any Person that is not an Acceptable Participant;                and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | GSCP                uses commercially reasonable efforts to ensure that each such Acceptable                Participant complies with procedures designed to achieve the same                result                as those set out in this Section 3.3(b). |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Subject                to Section 3.3(d), each GS Holdco may elect                to Transfer certain of its Shares to one or more Acceptable Participants                during the 15-month period after the date of this Agreement, provided                that: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | GSCP                has given prior Notice to CanWest no less than 10 Business Days prior                to                the date of such Transfer, specifying the date of the proposed Transfer                and the identity of the proposed                transferee; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | such                Acceptable Participants hold the Shares indirectly through an investment                vehicle that is Controlled by GSCP or an Affiliate of                GSCP; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | each                such investment vehicle agrees in writing to become a Party to and                be                bound by the terms of this Agreement, including all of the rights                and                obligations under the Agreement applicable to the GS Holdcos, by                executing                a form of counterpart and acknowledgement that is acceptable to the                Corporation and substantially in the form attached as Schedule 6.1; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | GSCP                uses commercially reasonable efforts to ensure that each such Acceptable                Participant complies with procedures designed to achieve the same                result                as those set out in Section 3.3(b). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                GS Parties shall not effect any Transfer pursuant to Sections 3.3(b) or 3.3(c) to                the extent that it would cause the aggregate interests, direct or                indirect, in the equity of the Corporation acquired by Acceptable                Participants pursuant to |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Sections                3.3(b) and 3.3(c), to                exceed ●% **[PERCENTAGE                REDACTED*****]**                of the GS Initial                Interest. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | GSCP                will use commercially reasonable efforts to ensure that each Acceptable                Participant complies with procedures designed to ensure persons who                individually or in aggregate held 10% or more of any class of shares                of                Alliance Atlantis Communications Inc., Southhill Strategy Inc. or                Sumac                Corporation Limited in the period from December 15, 2006 to the date                of                this Agreement do not acquire “substituted property” for property of                Alliance Atlantis Communications Inc. for purposes of paragraph 88(1)(c)                of the Tax Act. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The                GS Holdcos and the permitted transferees thereof shall collectively                exercise the rights of the GS Parties under this Agreement and no                such                Transfer shall have the effect of enlarging any rights of any of                the GS                Parties under this Agreement or conferring any additional rights                under                this Agreement to any such permitted transferees.  For all                purposes of this Agreement, any such permitted transferees holding                Shares                shall, together with the GS Holdcos, be treated as a single Shareholder                and GS Shareholder Holdco One shall exercise all rights of such single                Shareholder pursuant to this Agreement (by way of example, GS Shareholder                Holdco One shall be the sole representative of the GS Parties at                any                meeting of shareholders of the Corporation).  The Corporation                and the CanWest Parties may rely upon any action taken or decision                made by                GS Shareholder Holdco One or GSCP as contemplated by this Agreement                without regard to the views of any such permitted transferee with                respect                to such action or decision. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **3.4** | **Covenant                Support** |
|---------|-------------------------------------|

**Credit Agreement**

----

  
| * | The                  material has been omitted pursuant to a request for confidential                  treatment                  and the omitted material has been filed separately with the U.S.                  Securities and Exchange Commission. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **3.5** | **Additional                Capital Contributions** |
|---------|-----------------------------------------------------|

|   | (a) | GSCP                shall or shall cause the GS Holdcos to make one or more capital                contributions to the Corporation in an aggregate amount equal to                62.5% of                the excess of (i) the aggregate amount of all Unallocated Expenses                over                (ii) $● million **[DOLLAR AMOUNT REDACTED*****]**,                as and when required                by the Corporation to fund payment of such excess Unallocated                Expenses. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | CanWest                shall or shall cause CanWest Holdco to make one or more capital                contributions to the Corporation in an aggregate amount equal to                37.5% of                the excess of (i) the aggregate amount of all Unallocated Expenses                over                (ii) **$**● million **[DOLLAR AMOUNT                REDACTED*****]**,                as and when required                by the Corporation to fund payment of such Unallocated                Expenses. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **3.6** | **Excess                Funding** |
|---------|-----------------------------------|

**[PARENTHESES REDACTED**
*

**]**

**ARTICLE      4**

**MANAGEMENT      AND GOVERNANCE OF THE CORPORATION**

| **4.1** | **Board                of Directors** |
|---------|---------------------------------------|

|   | (a) | The                Board shall consist of five Directors.  Each of the Directors                shall be qualified to serve as a director in accordance with the                Act and                applicable CRTC Regulations. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | CanWest                shall be entitled to nominate, |
|--------|-----|-------------------------------------------------------|

----

  
| * | The                  material has been omitted pursuant to a request for confidential                  treatment                  and the omitted material has been filed separately with the U.S.                  Securities and Exchange Commission. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

  
| * | The                  material has been omitted pursuant to a request for confidential                  treatment                  and the omitted material has been filed separately with the U.S.                  Securities and Exchange Commission. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

  
| * | The                  material has been omitted pursuant to a request for confidential                  treatment                  and the omitted material has been filed separately with the U.S.                  Securities and Exchange Commission. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | for                so long as GSCP and its Affiliates, including the GS Holdcos, continue                to                hold Shares that represent at least 50% of the GS Initial Interest,                three                individuals to the Board, or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | for                so long as GSCP and its Affiliates, including the GS Holdcos, continue                to                hold Shares that represent less than 50% of the GS Initial Interest,                four                individuals to the Board, |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

4.2

|   | (c) | GSCP                shall be entitled to nominate, |
|--------|-----|----------------------------------------------------|

|   | (i) | for                so long as GSCP and its Affiliates, including the GS Holdcos, continue                to                hold Shares that represent at least 50% of the GS Initial Interest,                two                individuals to the Board (one of whom shall be a Canadian citizen                ordinarily resident in Canada), or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | for                so long as GSCP and its Affiliates, including the GS Holdcos, continue                to                hold Shares that represent less than 50% of the GS Initial Interest,                one                individual to the Board (it being understood and agreed that (x)                such                individual may be a non-Canadian and (y) in case such individual                is a                non-Canadian, the CanWest Parties and the Corporation shall ensure                that                there are four other Directors on the Board, each of whom shall be                Canadian), |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

4.2

|   | (d) | Each                Shareholder shall vote its Shares to elect the Directors nominated                in                accordance with this Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | The                initial members of the Board shall be as                follows: |
|--------|-----|-------------------------------------------------------------------------------------|

| **CanWest                Nominees** | **GSCP                Nominees** |
|-------------------------------------|----------------------------------|
| Leonard                Asper        | Gerry                Cardinale   |
| Thomas                Strike        | Tim                Hodgson       |
| Peter                Viner          |                             |

| **4.2** | **Removal                and Replacement of                Nominees** |
|---------|-----------------------------------------------------------------------|

4.1(b)
4.1(c)
4.1
4.1(b)
4.1(c)
4.2

| **4.3** | **Meetings                of Board** |
|---------|--------------------------------------|

** **
4.7(b)
4.7(b)

| **4.4** | **Quorum** |
|---------|------------|

4.7(b)

----

**4.5           Telephone      Meetings**

| **4.6** | **Auditor** |
|---------|-------------|

| **4.7** | **Board                Approval of Matters** |
|---------|----------------------------------------------|

|   | (a) | The                Board shall have full power and responsibility to manage or supervise                the                management of the Corporation, subject to the Management                Agreement.  Subject to Section 4.7(b), decisions of the Board shall be made                by                a simple majority of the Directors participating in the meeting at                which                the decision is to be made or by written resolution signed by the                Directors. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Notwithstanding                any other provision of this Agreement, the Management Agreement or                the                Act, no obligation of the Corporation or of its Subsidiaries will                be                entered into, no decision will be made and no action taken by or                with                respect to the Corporation or any of its Subsidiaries (or any of                their                respective properties or assets) with respect to the following matters                without the approval of each of the Directors (except to the extent                that                such matter or transaction was or is expressly contemplated by this                Agreement or the Ancillary Agreements, including the Combination                Transaction (effected in accordance with this Agreement and the Merger                Agreement) and the consummation of the CanWest Call, the First GS                Put or                the Second GS Put in accordance with this                Agreement): |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any                change in the articles or by-laws (or similar organizational documents)                of                the Corporation or of any of its                Subsidiaries; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                change in the authorized or issued capital of the Corporation or                of any of                its Subsidiaries; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any                allotment, issuance, redemption or repurchase of any equity securities                of                the Corporation or of any of its                Subsidiaries; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any                action that may lead to or result in a material change in the nature                of                the business of the Corporation or any                Subsidiary; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | the                incurrence of any Indebtedness in excess of the Threshold Amount                in any                financial year of the Corporation, other than short term borrowings                in the                ordinary course of business and Indebtedness incurred to finance                the                acquisition of the GS Shares in accordance with Section 6.6 or 6.7 (to                the                extent permitted or required                thereby); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (vi) | the                incurrence of any material liability other than Indebtedness (subject                to                clause 4.7(b)(v)), other than in the ordinary                course of business or as contemplated by clause 4.7(b)(v); |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | the                commencement of Insolvency Proceedings with respect to the Corporation                or                any of its Subsidiaries; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | any                liquidation, merger or amalgamation of the Corporation or any of                its                Subsidiaries (other than with a wholly owned Affiliate), or the sale                of                all or substantially all of the assets of the Corporation and its                Subsidiaries; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | the                acquisition of or investment in any business or assets where the                aggregate                of the acquisition price and the amount of any Indebtedness assumed                as                part of the transaction, or the amount of such investment where the                transaction is not an acquisition, exceeds the Threshold Amount,                other                than acquisitions of assets in the ordinary course of                business; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | the                sale or disposition of (A) any business or assets of the Corporation                with                a value in excess of the Threshold Amount, other than assets sold                or                disposed of in the ordinary course of business, (B) any television                channel                with a value in excess of $10 million or (C) Alliance Atlantis Media                Sales                Inc. (or any other entity that engages in media sales) or the assets                or                business thereof; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xi) | any                material change in tax policy or tax                elections** **except the entering into of an agreement                under section 191.3 of the Tax Act under which the Corporation is                the                “transferor corporation”, as defined in that section provided that the                Corporation does not as a result of such agreement become liable                for tax                under Part I of the Tax Act; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xii) | any                change in the Auditors, other than to one of the “big four” national                auditing firms; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------|

|   | (xiii) | any                other fundamental change that would require shareholder approval                pursuant                to Part XV of the CBCA; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xiv) | any                Transfer of shares of the Corporation or CW Media, as the case may                be,                other than a Transfer specifically permitted by this                Agreement; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xv) | the                taking of any steps to wind up or terminate the corporate existence                of the                Corporation or of any of its                Subsidiaries; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xvi) | any                amendment or modification to the Management Agreement or any waiver                of any                rights under the Management Agreement by the Corporation or CW                Media; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xvii) | any                acquisition of an Acquired Competing Business pursuant to Schedule9.2; and |
|--------|--------|-----------------------------------------------------------------------------------------------|

----

|   | (xviii) | any                commitment or agreement to do any of the                foregoing. |
|--------|---------|---------------------------------------------------------------------------------------|

| **4.8** | **CW                Media Board and Reporting                Committee** |
|---------|--------------------------------------------------------------------------|

|   | (a) | The                Corporation shall cause the board of directors of CW Media (the                “**CW Media Board**”) from time to time to be composed of the                same nominees as comprise the Board, and the Corporation shall vote                and                act as a shareholder and use all reasonable efforts to cause CW Media                and                the CW Media Board to be governed and managed in a manner that is                consistent with the provisions of this Article                4. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Corporation shall cause the CW Media Board to appoint and maintain                a                reporting committee (the “**Reporting Committee**”) in                accordance with Sections 4.8(c) and 4.8(d). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | CanWest                shall be entitled to nominate, |
|--------|-----|-------------------------------------------------------|

|   | (i) | for                so long as GSCP and its Affiliates, including GS Holdco, continue                to hold                Shares that represent at least 50% of the GS Initial Interest, at                least                five members, or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | for                so long as GSCP and its Affiliates, including GS Holdco, continue                to hold                Shares that represent less than 50% of the GS Initial Interest, at                least                six members, |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | GSCP** **shall                be entitled to nominate, |
|--------|-----|-------------------------------------------------------------|

|   | (i) | for                so long as GSCP and its Affiliates, including GS Holdco, continue                to hold                Shares that represent at least 50% of the GS Initial Interest, no                more                than two members, or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | for                so long as GSCP and its Affiliates, including GS Holdco, continue                to hold                Shares that represent less than 50% of the GS Initial Interest, no                more                than one member, |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                initial members of the Reporting Committee shall be as                follows: |
|--------|-----|---------------------------------------------------------------------------------------------------|

| **CanWest                Nominees** | **GSCP                Nominees** |
|-------------------------------------|----------------------------------|
| Leonard                Asper        | Gerry                Cardinale   |
| Thomas                Strike        | Tim                Hodgson       |
| Peter                Viner          |                             |
| John                Maguire         |                             |
| Richard                Leipsic      |                             |

----

|   | (f) | Any                Party entitled to nominate any member of the Reporting Committee                shall                also be entitled to nominate an individual to serve as an alternate                to                such member, provided that such individual would qualify for appointment                as a member of the Reporting Committee.  Any such individual so                nominated as an alternate shall be entitled to attend and participate                in                any meetings of the Reporting Committee in lieu of the member for                whom                such individual has been nominated as an                alternate. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The                Reporting Committee shall be responsible for monitoring the business                of CW                Media and its Subsidiaries and the Contributed Business, and for                reporting                to the GS Parties and the CanWest Parties in respect of such                businesses.  The Reporting Committee shall have no authority to                make any decisions with respect to the business of CW Media and its                Subsidiaries or the Contributed                Business. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | The                Reporting Committee shall meet at least once in every financial quarter                of                the Corporation during the term of this Agreement, and if a meeting                of the                Reporting Committee is not held in any financial quarter of the                Corporation, any member of the Reporting Committee may call such                a meeting                on five Business Days’ prior notice to the other                members. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | At                each meeting of the Reporting Committee, the Reporting Committee                will                receive and review the most recently available quarterly financial                information for CW Media as well as such other information relating                to the                operations of the Business and the Contributed Business as any member                of                the Reporting Committee may reasonably request, and the Corporation                shall                cause such information to be so                provided. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4.9** | **Control                of Subsidiaries** |
|---------|--------------------------------------------|

| **4.10** | **Reimbursement                of Expenses** |
|----------|----------------------------------------------|

| **4.11** | **Indemnification** |
|----------|---------------------|

----

| **4.12** | **Transactions                with Affiliates** |
|----------|-------------------------------------------------|

|   | (a) | shall                be on Arm’s Length terms in all material respects;                and |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (b) | shall                be approved by GSCP, acting reasonably, if such transaction is material                (including any transaction or series of related transactions with                a value                in excess of $1,000,000). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4.13** | **Conflict                of Interest** |
|----------|-----------------------------------------|

|   | (a) | The                Corporation and the Shareholders acknowledge and agree that                notwithstanding: |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (i) | the                interests of the Shareholders in the                Corporation; |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (ii) | the                nomination by the Shareholders of one or more Directors;                and |
|--------|------|------------------------------------------------------------------------------------------------|

|   | (iii) | the                participation by one or more officers or directors of any Shareholder                or                of its Affiliates as director or officer of the Corporation or any                of its                Subsidiaries; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

4.12

|   | (b) | Except                as expressly provided pursuant to Section 9.2, the Corporation and its Subsidiaries                shall                have no right, interest or expectancy with respect to any investments                in                competing businesses, or any commercial activities that compete with                the                Corporation or its Subsidiaries, undertaken by any Shareholder or                its |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Affiliates,                such investments or activities shall not be deemed wrongful or improper,                and no Shareholder, and no director or officer of any Shareholder                or its                Affiliates, shall be obligated to communicate, offer or present to                the                Corporation or its Subsidiaries any potential transaction, matter                or                opportunity relating to such investments or activities even if such                potential transaction, matter or opportunity is of a character that,                if                presented to the Corporation or any of its Subsidiaries, could be                taken by                the Corporation or one or more of its                Subsidiaries. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                Corporation and CanWest acknowledge and agree that GSCP, provided                that the                GS Parties hold at least 10% of the Shares, shall have status to                enforce                the rights of the Corporation or any of its Subsidiaries, as the                case may                be, on behalf of the Corporation or any of its Subsidiaries, as                applicable, (“**Derivative Status**”) against CanWest or its                Affiliates pursuant to the Management Agreement, the Asset Transfer                Agreement, the Merger Agreement and the Indemnity Agreement, in the                event                of any breach or alleged breach by CanWest of such agreements or                in the                event the Corporation or any of its Subsidiaries does not exercise                in full                any of its rights under such agreements, provided that GSCP first                notifies                the Corporation and CanWest in writing of any such alleged breach                or                non-exercise and first provides a reasonable opportunity to (i) CanWest                to                remedy such alleged breach, and (ii) the Corporation or any of its                Subsidiaries to exercise such rights in full.  On any                application by GSCP for recognition of its Derivative Status as                contemplated by this Section 4.13(c), the                Corporation and its Subsidiaries and CanWest and its Affiliates shall                not                oppose the granting of Derivative Status to GSCP, provided that nothing                in                this Section 4.13(c) shall prevent or                restrict CanWest and its Affiliates from otherwise providing a vigorous                defence to any action relating to any such alleged breach or                non-exercise. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | To                the fullest extent permitted by applicable law, each of the Parties                hereby                waives any claims that any of them may have against a Director or                any                member of the CW Media Board in connection with any Director or any                member                of the CW Media Board acting in the interests of the Shareholder                or                Shareholders which nominated such Director or member rather than                in the                interests of the Corporation or CW Media, as the case may be, or                those of                its Subsidiaries. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4.14** | **Shareholder                Quorum** |
|----------|---------------------------------------|

| **4.15** | **Rights                Under ERISA** |
|----------|---------------------------------------|

----

| **4.16** | **Rights                Under Indemnity Agreement** |
|----------|-----------------------------------------------------|

**ARTICLE      5**

**COMBINATION      TRANSACTION**

| **5.1** | **Completion                of the Asset Transfer** |
|---------|-----------------------------------------------------|

| **5.2** | **Combination                Transaction** |
|---------|--------------------------------------------|

|   | (a) | Subject                to Section 5.3, CanWest shall (and shall                cause its applicable Affiliates to), and the Corporation shall (and                shall                cause its applicable Affiliates to), consummate the Combination                Transaction no later than the earlier                of: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                fourth anniversary of the date of this Agreement;                and |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (ii) | such                earlier date, no earlier than May 31, 2011, as is reasonably necessary                to                ensure that any financing required for the purchase of GS Shares                pursuant                to the CanWest Call during the First Call Period or the First GS                Put can                be completed in time to effect the completion of such CanWest Call                or                First GS Put on the fourth anniversary of the date of this                Agreement. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

5.1
**Merger      Agreement**
**Combination      Transaction**

|   | (b) | CanWest                or its applicable Affiliates and the Corporation will file a joint                election under section 85(1) of the Tax Act and corresponding provincial                legislation in respect of the Transfer of the Contributed Business                to the                Corporation so that the Transfer of the Contributed Business occurs                on a                tax-deferred basis to CanWest or its applicable Affiliates.  The                Parties will work in good faith to attempt to obtain a step up in                basis                for U.S. tax purposes for the assets of the Contributed Business                provided                that doing so would not have any adverse consequences to CanWest,                its                Affiliates or the Corporation and its                Subsidiaries. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | To                the extent that the Parties agree or are otherwise required to Transfer                any assets of the Contributed Business to a third party at the time                of or                immediately following the Combination Transaction, the proceeds of                the                Transfer of such assets (net of tax and all transaction expenses)                will                constitute assets of the Contributed Business and become assets of                the                Corporation or CW Media. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | CanWest                agrees to repurchase its Senior Notes prior to May 31, 2011 or, in                the                alternative, obtain waivers from the holders of the Senior Notes                or take                such other action short of repurchasing the Senior Notes in order                to                remove any impediments to the consummation of the Combination Transaction,                so that the existence of such Senior Notes do not impair or restrict                the                ability of the Parties to consummate the Contribution Transaction                in a                timely manner or otherwise materially adversely affect the Corporation                or                Contributed Business. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | From                the date of this Agreement through the Combination Date, CanWest                agrees                that (i) neither it nor any of its Affiliates will enter into any                new                financing (or refinance existing debt or capital) if the terms of                such new                financing or refinancing would restrict, prevent or otherwise materially                adversely affect the ability of the Parties to consummate the Combination                Transaction or such new financing or refinancing would otherwise                be                reasonably expected to materially adversely affect the ability of                the                Parties to consummate the Combination Transaction and (ii) neither                it nor                any of its Affiliates nor the Corporation or its Subsidiaries will                take                any action that would reasonably be expected to materially adversely                affect the ability of the Parties to consummate the Combination                Transaction, provided that entering into any contract, or acquiring                any                assets, in the ordinary course of business that under the terms of                such                contract, or under the terms to which such assets are subject, would                require the consent of any third party in connection with the consummation                of the Combination Transaction will be deemed for this purpose not                to be                taking any such action (provided, however, that CanWest, the Corporation                and their respective Affiliates, as applicable, shall use their respective                commercially reasonable efforts to attempt to have such terms omitted                from                such contracts or acquisitions). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The                Parties shall, with reasonable diligence, do all such things and                provide                all such reasonable assurances as may be required to consummate the                Combination Transaction, and each Party shall provide such further                documents or instruments required by any other Party as may be reasonably                necessary or desirable to effect the purpose of the Combination                Transaction, whether before or after the Combination                Date. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **5.3** | **Conditions                Precedent** |
|---------|-----------------------------------------|

|   | (a) | The                Parties’ obligations to effect the Combination Transaction shall be                subject to the satisfaction of, or compliance with, at or before                the                Combination Date, each of the following conditions precedent (provided,                however, that such conditions shall not apply to the extent that                the                non-satisfaction of such conditions is due to the breach of a Party                of its                covenants in this Agreement (including the covenants in Section 5.1)): |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | All                required regulatory approvals necessary for the implementation of                the                Combination Transaction shall have been obtained, including any required                notifications to and approvals of the CRTC pursuant to the CRTC                Regulations. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | There                shall be no order, injunction, decree, ruling or award issued enjoining,                delaying, restricting or preventing the consummation of the Combination                Transaction. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **5.4** | **Ownership                Interests in the                Corporation** |
|---------|--------------------------------------------------------------------------|

|   | (a) | The                GS Holdcos shall collectively own, directly or indirectly, that percentage                of the Common Shares that is equal to the GS Equity Value divided                by the                Equity Value multiplied by 100, with TEV, Net Debt and Combined EBITDA                being calculated as, of and for the 12-month period ending, March                31,                2011, as applicable (the “**GS Post-Combination Percentage                Interest**”); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | CanWest                and its Affiliates shall collectively own, directly or indirectly,                that                percentage of the Common Shares that is equal to 100% less the                GS  Post-Combination Percentage Equity                Interest; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                GS Holdcos shall collectively own, directly or indirectly, 33 1/3%                of the                Voting Shares; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | CanWest                and its Affiliates shall collectively own, directly or indirectly,                66 2/3%                of the Voting Shares. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

5.4

| **5.5** | **Covenants                of CanWest** |
|---------|-----------------------------------------|

5.5

|   | (a) | to                operate and manage CW Media and its Subsidiaries and the Contributed                Business in a manner consistent with their past practices in operating                and                managing the Contributed Business and to use commercially reasonable                efforts to operate and manage the Contributed Business and CW Media                and                its Subsidiaries in a manner so as to maximize the economic value                of the                Business and the Contributed                Business; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to                keep GSCP informed, on a current basis, of any events, discussions,                notices or changes with respect to any criminal or regulatory                investigation or action |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | involving                the Contributed Business, CW Media or any of its Subsidiaries, so                that                GSCP, its members and its Affiliates will have the opportunity to                take                appropriate steps to avoid or mitigate any regulatory consequences                to them                that might arise from such investigation or action (including by                coordinating and providing assistance in meeting with                regulators); |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | without                the prior written consent of GSCP, subject to Section 5.5(d), in any year not to sell, lease, transfer                or otherwise dispose of any property or assets of the Contributed                Business                (including, for the avoidance of doubt, any of the television stations                of                the Contributed Business) with a value in excess of $15,000,000,                other                than in the ordinary course of                business; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | without                the prior written consent of GSCP, from April 1, 2010 through the                Combination Date, not to sell, lease, transfer or otherwise dispose                of (A)                any property or assets of the Contributed Business (including, for                the                avoidance of doubt, any of the television stations of the Contributed                Business) with a value in excess of $15,000,000 or that contributed                in any                way to the generation of Combined EBITDA for such year, other than                in the                ordinary course of business or (B) any television channel of the                Contributed Business with a value in excess of                $10,000,000; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | without                the prior written consent of GSCP, with respect to the Contributed                Business, not to acquire any business or assets, by merger or                consolidation, purchase of assets or equity interests, or by any                other                manner, in a single transaction or a series of related transactions,                other                than purchases of assets in the ordinary course of business, where                such                business or assets include material liabilities other than liabilities                in                the ordinary course of business under contracts or                otherwise; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | without                the prior written consent of GSCP, with respect to the Contributed                Business, make any material change in any method of accounting or                auditing                practice other than changes required as a result of changes in GAAP                or                applicable Laws; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | without                the prior written consent of GSCP, settle or compromise any Proceeding                which would result in any material obligation or liability (or restrictive                covenant) of the Contributed Business that would not be satisfied                or                extinguished prior to the Combination Date and that would become                an                obligation or liability of CW Media;                and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | without                the prior written consent of GSCP, cause the Contributed Business                to enter                into (or agree to enter into) any transaction (other than immaterial                transactions) with CanWest or its Affiliates (for the avoidance of                doubt,                other than the Contributed Business or the Corporation or its                Subsidiaries) that is not on Arm’s Length                terms. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.6 | Notice                of Repayment of Senior Notes |
|--------|-----|----------------------------------------------------|

|   | (i) | the                repayment in full of the Senior Notes,                or |
|--------|-----|-----------------------------------------------------------------------------|

|   | (ii) | any                waiver, refinancing, replacement or exchange of or in respect of                the                Senior Notes that eliminates any restrictions on CanWest and its                Affiliates completing the Combination                Transaction, |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      6**

**DEALING      WITH SHARES**

| **6.1** | **Restrictions                on Transfer of Shares** |
|---------|-------------------------------------------------------|

|   | (a) | Except                as expressly provided in this Agreement, including pursuant to Section3.3, or as may otherwise be unanimously                agreed                by the Parties, no Party shall, directly or indirectly, Transfer                any                Shares held by it, any direct or indirect equity interests in a                Shareholder or any of its rights or obligations under this Agreement,                to                any Person.  No Party shall be obligated to complete any                Transfer of Shares if such Transfer would not be in compliance with                applicable securities laws, and in such circumstances, each of the                other                parties to the Transfer shall be relieved of their respective obligations                to complete such Transfer.  In addition, except as otherwise                specifically provided in this Agreement, no Shareholder shall Transfer                any                Shares if such Transfer would require the qualification for distribution                or registration of, or would cause the Corporation to be required                to                qualify or register, the Shares or such Transfer pursuant to any                applicable securities laws. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Notwithstanding                anything else contained in this Agreement, every Transfer of Shares                held                by a Shareholder, in addition to the requirements of the Corporation’s                articles and the other requirements of this Agreement, shall be subject                to                the condition that the proposed transferee, if not already bound                by the                terms of this Agreement, shall first agree, in writing, to become                a Party                to and be bound by the terms of this Agreement by executing a form                of                counterpart and acknowledgement acceptable to the Corporation and                substantially in the form attached as Schedule 6.1. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | For                the avoidance of doubt, notwithstanding anything else contained in                this                Agreement, any direct or indirect change in the Control of CanWest                or GSCP                shall be deemed not to be a Transfer of                Shares. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.2** | **Endorsement                on Certificates** |
|---------|------------------------------------------------|

----

| **6.3** | **Issue                of Additional Equity                Securities** |
|---------|-------------------------------------------------------------------------|

| **6.4** | **Pledge                of Shares** |
|---------|-------------------------------------|

6.1
** **
**Pledged      Shares**

|   | (a) | the                pledge, charge, mortgage or encumbrance of such Shares shall at all                times                be subject to all of the terms and conditions of this Agreement,                including                the prohibition against Transferring such Shares contained in Section6.1, except as permitted pursuant to thisArticle 6;                and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                security interest in respect of the Pledged Shares shall be discharged                as                against the interest of the pledgor Shareholder upon the sale by                the                pledgor Shareholder of any of the Pledged Shares to one or more of                the                other Shareholders pursuant to this Agreement (but such discharge                shall                apply only to the number of Pledged Shares subject to such sale),                if the                proceeds due on closing to the pledgor Shareholder (net of applicable                costs of and any taxes applicable to such sale) are paid to the bank                or                other financial institution and any other secured parties having                a                security interest in the Pledged Shares in order of their respective                priorities, and the balance, if any, shall be paid to the pledgor                Shareholder. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.5** | **Permitted                Transferees** |
|---------|------------------------------------------|

|   | (a) | Notwithstanding                Section 6.1, each Shareholder shall be                entitled to Transfer Shares to a Parent of the Shareholder or to                a                corporation that is Controlled by the Shareholder or by a Parent                of the                Shareholder, provided that such Shareholder shall continue to be                bound by                all of its obligations under this Agreement.  No such Transfer                shall be effective until the transferee executes and delivers to                the                Corporation a counterpart to this Agreement in compliance with Section6.1(b). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Notwithstanding                Section 6.1, a Party shall be entitled to                Transfer a direct or indirect equity interest in a Shareholder to                a Parent                of the Shareholder or to a corporation that is Controlled by a Parent                of                the Shareholder.  No such Transfer shall be effective until the                transferee executes and delivers to the Corporation a counterpart                to this                Agreement in compliance with Section 6.1(b). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | If                the Person to which Shares or a direct or indirect equity interest                in a                Shareholder are Transferred pursuant to Section 6.1(a) or 6.1(b)                ceases to be a Parent of the Shareholder or Controlled by a Parent                of the                Shareholder, then the Shares or equity interest Transferred pursuant                to                Section 6.1(a) or 6.1(b) shall                be deemed to have been Transferred                back to the Party which had originally so Transferred such Shares                or                equity interest to such Person effective immediately prior to such                event,                and the applicable Parties will do all such things and provide all                such                further assurances as shall be necessary or desirable to give further                effect to such Transfer back. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If                any Shareholder Transfers less than all of its Shares to any transferee                permitted under this Section 6.5 or Transfers                its Shares to more than one such permitted transferee, such Shareholder                and such permitted transferees shall collectively exercise the rights                of                such Shareholder under this Agreement and no such Transfer shall                have the                effect of enlarging any Shareholder’s rights under this                Agreement.  Similarly, if any Party Transfers less than all of                its direct or indirect equity interest in a Shareholder to any transferee                permitted under this Section 6.5 or Transfers                such interest to more than one such permitted transferee, such Party                and                such permitted transferee shall collectively exercise the rights                of such                Party under this Agreement and no such Transfer shall have the effect                of                enlarging any Party’s rights under this                Agreement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.6** | **CanWest                Call** |
|---------|---------------------------------|

|   | (a) | CanWest                shall have the right at any time during (i) the 30 day period following                March 31, 2011 (the “**First Call Period”**), and                (ii)  the 30 day period following each of March 31, 2012 and                March 31, 2013 (each a “**Later Call Period”**) to give                Notice to GSCP that it requires the GS Holdcos to Transfer to CanWest                (or                as CanWest may direct, subject to Section 6.6(b) and subject to the restriction on                Transfers to parties other than Affiliates of CanWest) up to 100%                of the                Shares held by the GS Parties (“**GS Shares”**), free and                clear of all encumbrances, at a purchase price per GS Share equal                to the                CanWest Call Price (each, a “**CanWest                Call”**). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In                connection with any exercise of a CanWest Call, CanWest may direct                the                Corporation to purchase the GS Shares so called provided that (i)                all                outstanding GS Shares are subject to such CanWest Call, or (ii) it                may do                so without thereby causing the Net Debt of the Corporation to exceed                the                Leverage Cap (with Cash and Combined EBITDA measured as of, and for                the                twelve months ending, on the end of the month immediately prior to                the                month in which the relevant CanWest Call is exercised (provided that,                for                the avoidance of doubt, any Cash raised as part of the financing                of the                purchase of such Shares but not used to purchase such Shares would                be                included in Cash for this purpose, without duplication, but that                any Cash                that cannot be applied to purchase such Shares or to repay any                Indebtedness of the Corporation or its Subsidiaries shall not be                deducted                in calculating Net Debt for such                purpose)). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | The                closing of the acquisition of the GS Shares to be acquired pursuant                to a                CanWest Call shall occur (i) in the case of the exercise of the CanWest                Call during the First Call Period, on the date that is the fourth                anniversary of the date of this Agreement, and (ii) in any other                case,                within 15 days of the Notice by CanWest of the exercise of the CanWest                Call; provided, however, that, in either such case, if the closing                is                delayed beyond either such date (due to a delay with respect to the                financing thereof or for any other reason (other than to the extent                caused                by any GS Party or resulting from a Force Majeure Event)), the purchase                price to be paid to the GS Holdcos shall increase and accrue (compounded                annually) from such date (or, to the extent such closing is delayed                as a                result of a Force Majeure Event, from the time at which such Force                Majeure                Event is no longer in effect) until the date the GS Shares are actually                purchased and paid for, at the GS Rate of Return that was applicable                pursuant to Section 5.4 (except, in the case                of any Put Shortfall Shares, to the extent such GS Rate of Return                is                already taken into account in the price to be paid for such shares                through                the IRR Adjustment). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If                the GS Shares are held by more than one GS Party, then on any exercise                of                a CanWest Call in respect of less than all of the then outstanding                GS                Shares, CanWest shall acquire GS Shares pursuant to such exercise                from the                applicable GS Parties: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | subject                to clause (ii) of this Section 6.6(d),                *pro rata*in relation to the number of GS Shares held by such GS                Parties; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | as                determined by GSCP, provided that any such determination that differs                from                the *pro rata* allocation contemplated by clause (i) of this                Section 6.6(d) would have no adverse effect                in relation to the Corporation and its Subsidiaries or the CanWest                Parties. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Notwithstanding                Section 6.6(d), on any exercise of a CanWest                Call in respect of less than all of the outstanding GS Shares, CanWest                shall acquire such numbers of Common Shares and Voting Shares as                are                *pro rata* to the aggregate numbers of Common Shares and Voting                Shares held by the GS Parties. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The                Parties agree to cooperate with one another and use reasonable commercial                efforts to structure any transaction contemplated by this Section6.6 other than as a direct acquisition                of Shares                by the Corporation. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.7** | **GS                Put** |
|---------|---------------------------|

|   | (a) | If                CanWest has not provided Notice of its intention to acquire at least                50%                of the GS Shares by way of a CanWest Call within the First Call Period,                GSCP may provide Notice to CanWest and the Corporation within the                30 day                period immediately following the First Call Period (the **“First Put                Period”**) that it requires the Corporation to acquire a number of                GS Shares specified by GSCP that does not exceed the excess of (i)                50% of                the GS Initial Interest, over (ii) that number of GS Shares, if any,                that                were subject to the exercise of the                CanWest |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Call                during the First Call Period (the **“First Put Shares”**),                free and clear of all encumbrances, at a purchase price per share                equal to                the GS Put Price (the **“First GS                Put”**). |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In                connection with the exercise of the First GS Put, the Corporation                shall on                the date specified in Section 6.7(f) acquire                all of the First Put Shares that it is able to acquire at the GS                Put Price                without thereby causing the Net Debt of the Corporation to exceed                the                Leverage Cap (with Cash and Combined EBITDA measured as of, and for                the                twelve months ending, on the end of the month immediately prior to                the                month in which the First GS Put is exercised (provided that, for                the                avoidance of doubt, any Cash raised as part of the financing of the                purchase of such Shares but not used to purchase such Shares would                be                included in Cash for this purpose, without duplication, but that                any Cash                that cannot be applied to purchase such Shares or to repay any                Indebtedness of the Corporation or its Subsidiaries shall not be                deducted                in calculating Net Debt for such purpose)).  Any excess First                Put Shares that the Corporation is not thereby able to acquire are                referred to as the **“Put Shortfall Shares”**.  For                the avoidance of doubt, the Put Shortfall Shares shall rank equally                with                the other Common Shares or Voting Shares, as the case may be, on                any                liquidation, dissolution or winding-up of the Corporation, whether                voluntary or involuntary, or on any other return of capital or                distribution of assets of the Corporation among its shareholders                for the                purpose of winding-up its affairs. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                GS Put Price, CanWest Call Price or other sale price applicable on                any                future sale of the Put Shortfall Shares by the GS Parties shall be                no less                than the GS Put Price originally applicable in respect of such Put                Shortfall Shares (the “**Put Shortfall Price**”) plus a                return on the Put Shortfall Price, compounded annually, at a rate                equal to                the GS Rate of Return corresponding to the Combined EBITDA used in                the                calculation of the Put Shortfall Price, from the time at which the                Put                Shortfall Shares would have been purchased but for the application                of the                Leverage Cap pursuant to Section 6.7(b) to                the time of their sale by the GS Parties (the **“IRR                Adjustment”**).  To the extent that there are any Put                Shortfall Shares, GSCP may provide notice to CanWest and the Corporation                within the 30 day period immediately following the Later Call Period                occurring in 2012 that it requires the Corporation to acquire any                Put                Shortfall Shares not acquired by CanWest pursuant to its exercise                of the                CanWest Call during the Later Call Period occurring in 2012, free                and                clear of all encumbrances, at the Put Shortfall Price plus the IRR                Adjustment (the **“Shortfall Put”**).  In                connection with the exercise of the Shortfall Put, the Corporation                shall                on the date specified in Section 6.7(f)                acquire all of the Put Shortfall Shares subject to the Shortfall                Put that                it is able to acquire at the Put Shortfall Price plus the IRR Adjustment                without thereby causing the Net Debt of the Corporation to exceed                the                Leverage Cap (with Cash and Combined EBITDA measured as of, and for                the                twelve months ending, on the end of the month immediately prior to                the                month in which the Shortfall Put is exercised (provided that, for                the                avoidance of doubt, any Cash raised as part of the financing of the                purchase of such Shares but not used to purchase such Shares would                be                included in Cash for this purpose, without duplication, but that                any                Cash |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | that                cannot be applied to purchase such Shares or to repay any Indebtedness                of                the Corporation or its Subsidiaries shall not be deducted in calculating                Net Debt for such purpose)).  Any excess Put Shortfall Shares                that the Corporation is not thereby able to acquire shall be deemed                to                continue to be Put Shortfall Shares.  For the avoidance of                doubt, on any exercise by CanWest of the CanWest Call during the                Later                Call Period occurring in 2012, CanWest shall be deemed first to acquire                any Put Shortfall Shares to the extent of the Shares subject to such                CanWest Call and the price to be paid by CanWest in respect of such                Put                Shortfall Shares on the exercise of such CanWest Call shall be equal                to                the greater of (i) the Put Shortfall Price plus the IRR Adjustment                or (ii)                the CanWest Call Price otherwise applicable to such exercise (without                taking into account the formula in clause (i) of this                sentence). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | GSCP                may provide notice to CanWest and the Corporation within the 30 day                period                immediately following the Later Call Period occurring in 2013 (the                **“Second Put Period”**) that it requires the Corporation to                acquire up to 100% of the remaining GS Shares (the **“Second Put                Shares”**), free and clear of all encumbrances, at the Put Purchase                Price (the **“Second GS                Put”**). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Upon                the exercise of the Second GS Put, the Corporation shall on the date                specified in Section 6.7(f) acquire all of                the Second Put Shares that it is able to acquire at the GS Put                Price. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The                closing of any acquisition of GS Shares to be acquired pursuant to                the                First GS Put shall (subject to Section 6.7(b)) occur on the fourth anniversary of                the                date of this Agreement and the closing of any acquisition of GS Shares                to                be acquired pursuant to the Shortfall Put or the Second GS Put shall                occur                effectively within 15 days of the exercise of the Shortfall Put or                the                Second GS Put, as the case may be; provided, however, that, in either                such                case, if the closing is delayed beyond either such date (due to a                delay                with respect to the financing thereof or for any other reason (other                than                to the extent caused by any GS Party or resulting from a Force Majeure                Event)), the purchase price to be paid to the GS Holdcos shall increase                and accrue (compounded annually) from such date (or, to the extent                that                such closing is delayed as a result of a Force Majeure Event, from                the                time at which such Force Majeure Event is no longer in effect) until                the                date the GS Shares are actually purchased and paid for, at the GS                Rate of                Return that was applicable pursuant to Section 5.4 (except, in the case of any Put Shortfall                Shares, to the extent that such GS Rate of Return is already taken                into                account in the price to be paid for such Shares through the IRR                Adjustment); provided further, however, that GSCP shall have the                option                with respect to the Second GS Put to extend the closing date by up                to an                additional 60 days if such purchase was not consummated within the                15 day                period referred to in this Section 6.7(f);                if, however, GSCP exercises such option to so extend the closing                date, the                purchase price shall not increase or accrue at such GS Rate of Return                during the period of such extension (except with respect to the Put                Shortfall Shares). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | If                the GS Shares are held by more than one GS Party, then on any exercise                of                the First GS Put, the Shortfall Put or the Second GS Put in respect                of                less than all |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | outstanding                GS Shares, the Corporation shall acquire GS Shares pursuant to such                exercise from the applicable GS                Parties: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | subject                to clause (ii) of this Section 6.7(g),                *pro rata*in relation to the number of GS Shares held by such GS                Parties; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | as                determined by GSCP, provided that any such determination that differs                from                the *pro rata* allocation contemplated by clause (i) of this                Section 6.7(g) would have no adverse effect                in relation to the Corporation and its Subsidiaries or the CanWest                Parties. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Notwithstanding                Section 6.7(g), on any exercise of the First                GS Put, the Shortfall Put or the Second GS Put in respect of less                than all                of the outstanding GS Shares, the Corporation (or CanWest or its                Affiliates if CanWest so elects) shall acquire such numbers of Common                Shares and Voting Shares as are *pro rata* to the aggregate number                of Common Shares and Voting Shares held by the GS                Parties. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | To                the extent that the Corporation is unable to acquire all of the Second                Put                Shares upon the exercise by GSCP of the Second GS Put, provided that                such                inability has not been caused by a breach by CanWest or the Corporation                of                its other covenants in this Agreement, the only remedy of the GS                Parties                shall be to exercise GSCP’s rights under Sections 6.8 and 6.9. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | On                the exercise of any or all of the First GS Put, the Shortfall Put                and the                Second GS Put, CanWest may at its sole option elect that it or any                of its                Affiliates that it may designate, rather than the Corporation, will                acquire the GS Shares subject to such exercise; provided, however,                that                the Corporation shall remain liable for the performance of such                obligations to the extent not performed by CanWest or any such Affiliates;                and provided further, however, that, in the case of the First GS                Put and                the Shortfall Put, to the extent that any of the funds used for such                purchase will be obtained from the Corporation or its Subsidiaries                or from                financing relating to such entities, such use of such funds or such                financing shall not cause the Leverage Cap to be exceeded unless                all of                the outstanding GS Shares are being purchased                thereby. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | Subject                only to (x) the application to the Corporation of the Leverage Cap                (with                respect to the exercise of the First GS Put and the Shortfall Put                only)                and (y) a permanent, non-appealable legal prohibition from consummating                its obligations under this Section 6.7 that                is not caused by the breach of this Agreement by the Corporation,                CanWest                or its Affiliates,  the Corporation and its Subsidiaries (or, in                the case that CanWest elects to purchase the GS Shares pursuant to                Section                6.7(j), CanWest and its Subsidiaries) shall                use their best efforts to obtain, in a timely manner, the financing                necessary to satisfy their obligations under this Section 6.7 and use their best efforts to take                such                other actions as are necessary to satisfy its obligations under this                Section 6.7 in a timely                manner. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | From                the date of this Agreement through the June 30, 2013 (or earlier,                to the                extent that the GS Holdcos have sold all of their Shares), CanWest                agrees                that (i) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | neither                it nor any of its Affiliates will enter into any new financing (or                refinance existing debt or capital) if the terms of such new financing                or                refinancing would restrict, prevent or otherwise materially adversely                affect the ability of the Corporation to satisfy its obligations                under                this Section 6.7 or such new financing or                refinancing would otherwise be reasonably expected to materially                adversely                affect the ability of the Corporation to satisfy its obligations                under                this Section 6.7 and (ii) neither it nor any                of its Affiliates nor the Corporation or its Subsidiaries will take                any                action that would reasonably be expected to materially adversely                affect                the ability of the Corporation to satisfy its obligations under this                Section 6.7, provided that entering into any                contract, or acquiring any assets, in the ordinary course of business                that                under the terms of such contract, or under the terms to which such                assets                are subject, would require the consent of any third party in connection                with the consummation of the Combination Transaction will be deemed                for                this purpose not to be taking any such action (provided, however,                that                CanWest, the Corporation or their respective Affiliates, as applicable,                shall use their respective commercially reasonable efforts to attempt                to                have such terms omitted from such contracts or                acquisitions). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | For                the avoidance of doubt, none of the GS Parties shall have any recourse                to                CanWest or any of its Affiliates (other than the Corporation and                its                Subsidiaries) with respect to the obligation to purchase the First                Put                Shares, the Put Shortfall Shares or the Second Put Shares, unless                CanWest                so elects pursuant to Section 6.7(j). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | The                Parties agree to cooperate with one another and use reasonable commercial                efforts to structure any transaction contemplated by this Section6.7 other than as a direct acquisition                of Shares                by the Corporation. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.8** | **Right                of First Offer** |
|---------|-----------------------------------------|

|   | (a) | If, |
|--------|-----|-----|

|   | (i) | during                the Second Put Period the GS Parties still own any GS Shares and                the                Combined EBITDA for the last twelve months ended March 31, 2013 is                less                than $● million **[DOLLAR AMOUNT REDACTED*****]**,                or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | following                the end of the Second Put Period the Corporation (or CanWest or any                of its                Affiliates as the case may be) has not acquired all of the Second                Put                Shares upon due exercise by GSCP of the Second GS Put in respect                of 100%                of its remaining GS Shares, as contemplated by Section 6.7(i), |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

6.8
**Notice of Sale**

----

  
| * | The                  material has been omitted pursuant to a request for confidential                  treatment                  and the omitted material has been filed separately with the U.S.                  Securities and Exchange Commission. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | within                60 days following the Second Put Period in the circumstances described                in                clause (ii) of Section 6.8(a), or such longer                period as GSCP and CanWest may                agree. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In                the Notice of Sale, the GS Parties shall irrevocably offer to sell                all of                their Shares (the “**Offered Shares**”), for cash, free and                clear of all encumbrances (other than encumbrances pursuant to this                Agreement and under applicable laws) to CanWest at the price (the                **“Offer Price”**) and on the other terms and conditions set                forth in the Notice of Sale. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Within                30 days after the Notice of Sale is deemed (pursuant to Section 9.9) to have been received by CanWest                (the                **“Offer Period”**) CanWest may give to GSCP a notice in                writing (an **“Acceptance Notice”**) accepting the offer                contained in the Notice of Sale.  If CanWest gives an Acceptance                Notice within the Offer Period confirming its agreement to purchase                all of                the Offered Shares, the sale of the Offered Shares to CanWest shall                be                completed within 60 days of the expiry of the Offer Period and any                financial advisory fees associated with such sale (other than those                of any                financial advisor retained by CanWest or the Corporation) shall be                borne                by GSCP. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If                GSCP does not receive an Acceptance Notice from CanWest within the                Offer                Period confirming its agreement to purchase all of the Offered Shares,                CanWest’s rights to purchase the Offered Shares shall, subject to Section                6.8(f), cease at the end of the Offer Period                and the GS Parties may cause all of the Shares to be sold to any*bona                fide* Arm’s Length third party or parties (provided that such parties                may include entities in which GSCP and its Affiliates hold less than                10%                of an equity interest) within 180 days after entering into a definitive                agreement with respect to such a sale (which agreement must be entered                into no later than 180 days after the expiry of the Offer Period)                (the                “**Third Party Sale Period**”), for a price in cash that is                no less than the Offer Price and on other terms and conditions no                more                favourable to the purchaser or purchasers than those set out in the                Notice                of Sale (a “**Third Party Sale**”).  The GS Parties                shall use their reasonable commercial efforts to complete any such                Third                Party Sale as soon as possible.  The Corporation and the CanWest                Parties each agree to cooperate with and assist GSCP with the sale                process                (including by providing potential purchasers designated by GSCP with                confidential information regarding the Corporation (subject to a                customary                confidentiality agreement) and with access to management).  GSCP                and CanWest, each acting reasonably, will agree on any financial                advisor                retained to assist with such sale process and on the terms (including                compensation) of any such retainer. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | In                such case, the CanWest Parties shall sell their Shares at the same                price                and on the same terms and conditions as the GS Parties sell their                Shares,                as part of such Third Party Sale, subject to the right of the GS                Parties                to receive no less than the |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Put                Shortfall Price plus the IRR Adjustment contemplated by Section 6.7(c) with respect of any Put Shortfall                Shares. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | If                GSCP determines that the GS Parties can only complete a Third Party                Sale                within the Third Party Sale Period at a price in cash that is below                the                Offer Price or on other terms and conditions more favourable to the                *bona fide*Arm’s Length purchaser or purchasers than those set out                in the Notice of Sale, it may, by providing notice in writing (a                “**Notice of Modification**”) to CanWest no later than 180                days after the expiry of the Offer Period, specify the *bona fide*Arm’s Length purchaser or purchasers who have agreed to purchase                the                Shares and the price at which, and the other terms and conditions                upon                which, such purchaser or purchasers have agreed to purchase the Shares                (the “**Modified Terms**”).  The Notice of                Modification shall be accompanied by a true and complete copy of                the                agreement or agreements pursuant to which such *bona fide*Arm’s                Length purchaser or purchasers have agreed to purchase the Shares                setting                out the Modified Terms (the “**Third Party Sale                Agreement**”).  Within 30 days after a notice of                Modification is deemed (pursuant to Section 9.9) to have been received by CanWest                (the                “**Modified Offer Period**”), CanWest may give to GSCP a                notice in writing (a “**Modified Acceptance Notice**”)                accepting the offer contained in the Notice of Sale as modified by                the                Notice of Modification.  If CanWest gives a Modified Acceptance                Notice within the Modified Offer Period confirming its agreement                to                purchase all of the Offered Shares, the sale of the Offered Shares                to                CanWest shall be completed within 60 days of the expiry of the Modified                Offer Period and the GS Parties shall indemnify CanWest and its Affiliates                and the Corporation and its Subsidiaries and hold them harmless in                respect                of any break or incentive fees or reimbursement of expenses offered                or                agreed to be provided to any third party purchasers in connection                with any                offers made by them for the Shares as well as in respect of any other                expenses (including legal and financial advisory fees and expenses)                incurred by the GS Parties or the Corporation and its Subsidiaries                in                connection with the sale of the                Shares. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | If                GSCP does not receive a Modified Acceptance Notice from CanWest within                the                Modified Offer Period confirming its agreement to purchase all of                the                Offered Shares, CanWest’s rights to purchase the Offered Shares shall                cease at the end of the Modified Offer Period and the GS Parties                may cause                all of the Shares to be sold pursuant to the Third Party Sale                Agreement.  In such case, the CanWest Parties shall sell their                Shares at the same price and on the same terms and conditions as                the GS                Parties sell their Shares pursuant to the Third Party Sale Agreement,                subject to the right of the GS Parties to receive no less than the                Put                Shortfall Price plus the IRR Adjustment contemplated by Section 6.7(c) with respect of any Put Shortfall                Shares. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | If                the GS Parties do not conclude a sale of their Shares pursuant to                this                Section 6.8 to a third party or parties prior                to the expiry of the Third Party Sale Period or to CanWest pursuant                to                Sections 6.8(c) or 6.8(f), they                shall have no further rights                pursuant to this Section 6.8 and their rights                to sell their Shares shall be limited to those provided pursuant                to                Section 6.9. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | All                notices under this Section 6.8 shall be given                concurrently to all Shareholders and to the                Corporation. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | To                permit the practical implementation of this Section 6.8, no Shares may be sold by any Shareholder                as                part of or incidental to the sale of any other assets or any other                transaction. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.9** | **Registration                Rights** |
|---------|----------------------------------------|

6.8
6.8
6.8
6.9

| **6.10** | **Insolvency                Event** |
|----------|-------------------------------------|

|   | (a) | Notwithstanding                the other provisions of this Article 6, if an                Insolvency Event occurs in respect of CanWest and is continuing,                the GS                Parties shall be entitled to sell all of their Shares to any *bona                fide* Arm’s Length third party or parties at a price and on other                terms and conditions negotiated by GSCP in its discretion provided                that                such third party or parties acquires all of the Shares held by the                CanWest                Parties at the same price and on the same terms and conditions, and                in                such event, the CanWest Parties shall sell their Shares to such third                party or parties at such price and on such terms and                conditions.  The Corporation and the CanWest Parties each agree                to cooperate with and assist GSCP with the sale process (including                by                providing potential purchasers designated by GSCP with confidential                information regarding the Corporation (subject to a customary                confidentiality agreement) and with access to                management). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If                the GS Parties cause a sale pursuant to Section 6.10(a) prior to the completion of the                Combination Transaction, for purposes of determining the relevant                entitlement of the GS Parties and the CanWest Parties to the net                proceeds                of such sale: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                GS Equity Value will be determined using a rate equal to the GS Rate                of                Return (determined in accordance with Schedule 1.1(b) but with “Combined                EBITDA” referring to Combined EBITDA for the 12 month period ending at the                end of the month immediately preceding the date of completion of                such                sale), compounded annually from the date of this Agreement to the                date of                completion of such sale; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | to                the extent the aggregate proceeds of such sale to the GS Parties                are less                than the GS Equity Value determined in accordance with clause (i)                of this                Section 6.10(b), the Contributed Business                will be required to pay the amount of such shortfall to the GS Parties                (for the avoidance of doubt, the recourse of the GS Parties in enforcing                this clause (ii) shall be limited to the net assets of the Contributed                Business). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.11** | **Equity                Adjustments and Related                Guarantees** |
|----------|-----------------------------------------------------------------------------|

|   | (a) | To                the extent that a Party (an “**Indemnified Party**”) or a                Separation Affiliate of an Indemnified Party is entitled to any indemnity                pursuant to Article VI of the Separation Agreement (a “**Separation                Indemnity**”) or a Party or an Affiliate of such Party has made an                Excess Advance (as defined in the Tax Shelter Agreement) and that                indemnity has not been satisfied by the Party obligated to pay it                or such                Excess Advance has not been repaid to such Indemnified Party by the                Defaulting Shareholder (as defined in the Tax Shelter Agreement)                (such                Party obligated to pay or such Defaulting Shareholder, the                “**Indemnifying Party**”) or a Separation Affiliate of the                Indemnifying Party where such Separation Affiliate is obligated to                pay it,                within 10 Business Days after a final resolution of such indemnification                matter in accordance with the dispute resolution provisions of the                Separation Agreement or the Tax Shelter Agreement, as the case may                be,                (or, if earlier, within 15 Business Days of the date on which the                Indemnified Party provides Notice of its demand for such payment                to the                Indemnifying Party if the Indemnifying Party does not in good faith                provide a written objection to the Indemnified Party or its applicable                Separation Affiliate within such 15 Business Day period), such indemnity                obligation may at the option of the Indemnified Party be satisfied                by a                Transfer of Shares (the “**Transferred Shares**”) from the                Indemnifying Party or its Separation Affiliates to the Indemnified                Party                or its Separation Affiliates with a value equal to the amount of                the                indemnity (the “**Indemnity Amount**”) or otherwise secured                against the Shares held by the Indemnifying Party and its Separation                Affiliates (in which case such indemnity obligation shall be deemed                to be                satisfied to the extent the value of such Transferred Shares was                equal to                the Indemnity Amount), as the Indemnified Party shall                determine.  If Shares held by any GS Parties are transferred                pursuant to this Section 6.11 prior to the                Combination Date, the GS Initial Investment will be reduced by the                Indemnity Amount.  Any Transferred Shares shall be valued as                follows: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if                such Transferred Shares are transferred prior to the Combination                Date, at                the effective price at which such Transferred Shares were originally                issued (for the avoidance of doubt, without any return on such Transferred                Shares at the GS Rate of Return or otherwise);                and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if                such Transferred Shares are transferred on or after the Combination                Date,                at a price determined in the same manner as the CanWest Call Price,                calculated using the Combined EBITDA for the 12-month period ended                at the                end of the month immediately prior to the effective date of such                transfer                (except that for purposes of calculating Equity Value,                Combined |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | EBITDA                shall be calculated as the actual Combined EBITDA without any reference                to                any Floor Amount and the Minimum TEV shall not apply) and Net Debt                as of                the end of the month immediately prior to the effective date of such                transfer. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Separation      Affiliate**
7.4
7.4

|   | (i) | provide                the amount of the required remittance to the transferee at least                two                Business Days prior to the date on which such required remittance                must be                made; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Transfer                additional Shares to the transferee at least two Business Days prior                to                the date on which such required remittance must be made, which additional                Shares shall have a value (determined in accordance with this Section6.11(a)) equal to one-third of the value of                the                Transferred Shares, for a cash purchase price and the transferee                shall                withhold and remit the entire purchase price for such additional                Shares to                the Receiver General of Canada. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If                GSCP or CanWest, as the case may be, together with its Affiliates,                ceases                to hold at least 10% of all of the issued and outstanding Shares,                such                Party (the “**Guaranteeing Party**”) shall guarantee to the                other Party and its Separation Affiliates (the “**Guaranteed                Parties**”) and indemnify the Guaranteed Parties in respect of the                due payment, repayment or satisfaction, as applicable, as and when                due, of                any Separation Indemnity or Excess Advance owing or potentially owing                by                the Guaranteeing Party and its Separation Affiliates to any of the                Guaranteed Parties, provided that with respect to such guarantee                and                indemnity: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | such                guarantee and indemnity shall be absolute, unconditional, present                and                continuing and in no way conditional or contingent upon any event,                circumstance, action or omission which might in any way discharge                a                guarantor or surety; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                Guaranteed Parties shall first pursue the satisfaction of the Separation                Indemnities or Excess Advances owing or potentially owing by means                of a                Transfer of Transferred Shares as contemplated by Section 6.11(a) so long as the Guaranteeing Party                continues to hold any Shares, before pursuing a claim against such                Guaranteeing Party pursuant to this Section 6.11(b) (for the avoidance of doubt, nothing                shall prevent a Guaranteed Party                from |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | submitting                Notice of any such claim prior to such time pursuant to clause (iii)                of                this Section 6.11(b)); |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | liability                shall be limited to those matters in respect of which a claim has                been                submitted in good faith by Notice to the Guaranteeing Party on or                prior to                the date on which the Guaranteeing Party and its Affiliates cease                to hold                any Shares; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | liability                shall be limited to the lesser of: |
|--------|------|-------------------------------------------------------------|

|   | (A) | an                amount equal to the aggregate gross proceeds received by the GS Parties                on                the sale of their Shares (it being understood that a transfer of                Transferred Shares pursuant to this Section 6.11 shall not be deemed to be a “sale” for                purposes of this clause (iv)(A) of Section 6.11(b);                and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | an                amount equal to the GS Equity                Value; |
|--------|-----|-----------------------------------------------------------------------|

|   | (v) | liability                shall not extend past, and shall terminate on, December 31, 2016,                ●**[TEXT REDACTED*****]**,                except: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | to                the extent the Guaranteeing Party has delayed resolution of any Dispute                relating to such liability other than in connection with the good                faith                defence of such liability; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | in                respect of any Disputes for which proceedings have been commenced                in good                faith prior to such date pursuant to Section 9.3, GSCP and its affiliated investment                funds                shall reserve and provide sufficiently for any such Disputes prior                to                disbursing their assets to investors and such liability shall extend                past                such date in respect of such reserves and provisions provided that                the                Guaranteed Parties continue to pursue such proceedings with reasonable                diligence. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.12** | **Required                Sale of Regulated Assets** |
|----------|------------------------------------------------------|

----

  
| * | The                  material has been omitted pursuant to a request for confidential                  treatment                  and the omitted material has been filed separately with the U.S.                  Securities and Exchange Commission. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | second,                to the payment of any taxes incurred in connection with such                sale; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (c) | third,                to the Corporation and its Subsidiaries to repay the Indebtedness                of the                Corporation and its Subsidiaries (and the Corporation and its Subsidiaries                will apply such funds to the repayment of such Indebtedness);                and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | fourth,                to CanWest Holdco, GS Shareholder Holdco One and GS Shareholder Holdco                Two                *pro rata* based upon the amount of their respective equity                interests in the Corporation: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in                the case of GS Shareholder Holdco One and GS Shareholder Holdco Two,                as a                return of capital to the extent of available capital and then as                a                dividend, less applicable withholding taxes, (which, for the avoidance                of                doubt, will first reduce the amount of the GS Initial Investment                and then,                to the extent applicable will reduce the amount of any GS Additional                Investment); and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in                the case of CanWest Holdco, as a return of Capital or as dividends                or a                combination of both, as determined by CanWest Holdco in its discretion,                subject to applicable laws. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | GSCP                as to 50%; and |
|--------|-----|------------------------------------|

|   | (f) | CanWest                as to 50%. |
|--------|-----|-----------------------------------|

| **6.13** | **Liquidation                of 4414641 Canada Inc.** |
|----------|-------------------------------------------------------|

**ARTICLE      7**

**ARRANGEMENTS      REGARDING TRANSACTIONS**

| **7.1** | **Financial                Calculations** |
|---------|-------------------------------------------|

|   | (a) | The                Parties shall cooperate fully in the calculation of (i) the GS                Post-Combination Percentage Interest, (ii) the CanWest Call Price,                (iii)                the GS Put Price, (iv) the GS Equity Value, and (v) any other financial                calculations required pursuant to this Agreement (the “**Financial                Calculations**”). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | All                Financial Calculations shall be calculated in accordance with GAAP                consistent with those used in the Financial Statements subject, however,                to the principles set forth in Schedule 7.1. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | CanWest                shall promptly prepare any required Financial Calculations in accordance                with this Agreement and shall provide such Financial Calculations                to GSCP                in a timely manner (including, with respect to Section 6.7, no later than the beginning of the                First                Put Period and Second Put Period, as applicable) by notice in writing                in                such reasonable detail as to allow GSCP to understand how such Financial                Calculations have been determined.  GSCP shall have a similar                review period (with a right to make an Objection Notice (as defined                below)                and have such dispute arbitrated) after the delivery of the audited                financial statements with respect to such period in respect of Financial                Calculations derived from such audited financial statements, provided                that                GSCP shall not have a right to make an Objection Notice and have                a dispute                arbitrated in relation to such audited financial statements to the                extent                the subject matter and amount of any item in dispute had been the                subject                of an earlier Objection Notice in relation to the original Financial                Calculations provided by CanWest. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | In                the event that GSCP objects in good faith to any Financial Calculation,                GSCP shall so advise CanWest by delivery to CanWest of a notice (an                “**Objection Notice**”) within 20 days after the delivery to                GSCP of the notice from CanWest setting out such Financial                Calculation.  The Objection Notice shall set out the reasons for                each of GSCP’s objections as well as each amount in dispute and reasonable                details of the calculation of each such amount in                dispute. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | CanWest                shall give GSCP and its accountants access to its working papers                relating                to the preparation of any applicable Financial Calculations to enable                GSCP                to exercise its rights under this Section 7.1.  CanWest and GSCP shall attempt                to resolve all of the items in dispute set out in any Objection Notice                within 30 days of receipt by CanWest of any Objection                Notice.  Any items in dispute not resolved within such 30 day                period shall be referred as soon as possible thereafter by CanWest                and                GSCP to the Independent Auditor.  The Independent Auditor shall                act as expert and not as arbitrator and shall be required to determine                the                items in dispute that have been referred to it as soon as reasonably                practicable but in any event not later than 45 days after the date                of                referral of the dispute to it.  In making its determination, the                Independent Auditor will only consider the issues in dispute placed                before                it.  CanWest and GSCP shall provide or make available all                documents and information as are reasonably required by the Independent                Auditor to make its determination.  The determination of the                Independent Auditor shall be final and binding on the Parties and                the                applicable Financial Calculations shall be finalized in accordance                with                such determination. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The                fees and expenses of the Independent Auditor in acting in accordance                with                this Section 7.1 shall be shared equally by                GSCP and CanWest, unless the Independent Auditor determines                otherwise. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | **7.2** | **Closing** |
|--------|---------|-------------|

|   | (a) | The                Transfer shall be completed at the address specified for Notice to                CanWest                in or pursuant to Section 9.9, subject to                Section 7.2(c), on the date on which the                transaction is to be completed in accordance with this Agreement                (the                “**Transfer Closing**”).  At such time, the                transferor(s) shall Transfer to the transferee(s) good title to the                Shares                being Transferred free and clear of all liens, charges and encumbrances                and deliver to the transferee(s) certificates and other documents                of title                evidencing ownership of the Shares being Transferred, duly endorsed                in                blank for transfer by the holders of record.  In addition, the                transferor(s) shall deliver to the Corporation (i) if it no longer                holds                any Shares, all records, accounts and other documents in its possession                belonging to the Corporation, and (ii) to the extent that it no longer                has                the right to nominate a Director or Directors, the resignations and                releases of those nominees on the Board (including the resignation                of such                Persons as officers of the Corporation), all such resignations to                be                effective no later than the time of delivery.  The transferee(s)                shall deliver to the transferor(s) immediately available funds by                wire                transfer to an account or accounts specified in writing by the                transferor(s) in full payment of the purchase price payable for the                Shares                being Transferred. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If,                at the time of Transfer Closing, a transferor fails to complete the                subject transaction of purchase and sale, the transferee shall have                the                right, if it is not in default under this Agreement, without prejudice                to                any other rights which it may have, upon payment of the purchase                price                payable by it to the transferor at the time of Transfer Closing to                the                credit of the transferor in the main branch of the Corporation’s bank, to                execute and deliver, on behalf of and in the name of the transferor,                such                deeds, transfers, share certificates, resignations or other documents                that                may be necessary to complete the subject transaction and the transferor                hereby irrevocably appoints the transferee its attorney in that                behalf.  Such appointment and power of attorney, being coupled                with an interest, shall not be revoked by the insolvency or bankruptcy                of                the transferor and the transferor hereby ratifies and confirms and                agrees                to ratify and confirm all that the transferee may lawfully do or                cause to                be done by virtue of such appointment and                power. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If                any Transfer is subject to notification to or approval of the CRTC                or                notification to or review under the provisions of the *Investment                Canada Act*, the *Competition Act*(Canada) or the U.S.                *Hart-Scott-Rodino Antitrust Improvements Act of 1976*(or similar                legislation), then (i) the Closing shall be conditional upon the                approval                or deemed approval of the appropriate Governmental Entities on terms                and                conditions satisfactory to the transferee, (ii) the Closing shall                be                delayed until the receipt of such approvals or deemed approvals,                and (iii)                the applicable Parties shall make such filings and take such other                commercially reasonable actions as are necessary to complete such                notifications or reviews or obtain such approvals as soon as reasonably                practicable. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | Upon                any Transfer, $1.00 of the applicable consideration for such Shares                shall                be allocated to each Voting Share Transferred, with the remainder                of such                consideration allocated to the remainder of the Shares Transferred,                and                the transferor and transferee shall report the purchase and sale                of the                Shares so Transferred in any tax returns in accordance with this                Section                7.2(d). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Upon                any Transfer at a price determined by any Financial Calculations,                to the                extent such Financial Calculations are not finally determined in                accordance with Section 7.1 at the date of                the Transfer Closing in respect of such                Transfer: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | CanWest                shall, prior to such Transfer Closing, make a good faith estimate                of such                Financial Calculations and provide such estimate to GSCP by                Notice; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | such                Transfer shall be effected on the date of the Transfer Closing at                the                price (the “**Estimated Price**”) determined in accordance                with such estimate of such Financial Calculations;                and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | as                soon as reasonably practicable following the final determination                of such                Financial Calculations in accordance with Section 7.1, the Parties shall readjust the Estimated                Price in accordance with such final Financial Calculations,                and: |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | any                resulting increase in the applicable price from the Estimated Price                shall                be paid by the transferee to the transferor;                or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | any                resulting decrease in the applicable price from the Estimated Price                shall                be paid by the transferor to the                transferee; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **7.3** | **Exercise                of Liquidity Options Prior to the Combination                Transaction** |
|---------|------------------------------------------------------------------------------------------------------|

|   | (a) | the                relevant Financial Calculations shall be made on a *pro forma*                basis, as if the Combination Transaction had been completed;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                Contributed Business shall provide financial support to the Corporation                to                assist it in purchasing the applicable Shares (including by incurring                Indebtedness or otherwise raising financing for such purchase and                lending                or otherwise contributing funds to the Corporation (it being understood                and agreed that any |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | such                incurrence of Indebtedness and any such loan to the Corporation shall                not                be double-counted for purposes of the Financial                Calculations). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **7.4** | **Section                116 Certificate and other                Withholding** |
|---------|---------------------------------------------------------------------------------|

|   | (a) | In                connection with the Transfer of any Shares owned by a non-resident                of                Canada for the purposes of the Tax Act, the transferor shall take                all                reasonable steps to obtain and deliver to the transferee on or before                the                Transfer Closing a certificate issued by the Minister of National                Revenue                under subsection 116(2) of the Tax Act (a “**Section 116                Certificate**”).  The transferee shall take all                reasonable steps to notify the transferor of the name of the transferee                as                soon as reasonably practicable. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If                a Section 116 Certificate is so delivered to the transferee, the                transferee shall be entitled to withhold from the purchase price                25% of                the amount, if any, by which the purchase price exceeds the certificate                limit as defined in subsection 116(2) of the Tax Act and fixed by                the                Minister of National Revenue in such                certificate. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If                a Section 116 Certificate is not so delivered, the transferee shall                be                entitled to withhold from the purchase price an amount equal to 25%                of the                purchase price. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If                the transferee has withheld any amount under the provisions of Section7.4(b) or 7.4(c)                and the transferor delivers to the transferee, after the Transfer                Closing                and within 26 days after the end of the month in which the Transfer                Closing occurs, a Section 116 Certificate or a certificate issued                by the                Minister of National Revenue under subsection 116(4) of the Tax Act,                the                transferee shall: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | where                a Section 116 Certificate is delivered, pay forthwith to the Receiver                General for Canada 25% of the amount, if any, by which the purchase                price                exceeds the certificate limit fixed in any such Section 116 Certificate,                and the amount so paid shall be credited to the transferee as payment                on                account of the purchase price; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | pay                forthwith to the transferor any amount that the transferee has withheld                and is not required to pay to the Receiver General for Canada in                accordance with clause (i) of this Section 7.4(d), and the amount so paid shall be credited                to the transferee as payment on account of the purchase                price. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | If                the transferee has withheld any amount under the provisions of Sections7.4(b) or 7.4(c)                and within 26 days after the end of the end of the month in which                the                Transfer Closing occurs the transferor has provided the transferee                with a                copy of a letter, satisfactory as to content to the transferee, acting                reasonably, confirming receipt of a section 116 application and advising                that the Canada Revenue Agency (“**CRA**”) will not enforce                the remittance of funds as required by subsection 116(5) and that                no                penalty or interest will be charged against the transferee (a “**CRA                Letter**”) in relation to the disposition of the Shares, then the                transferee shall not pay the withheld amount to the Receiver General                for                Canada until such |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | time                as either (i) the CRA requests remittance of the withheld amount                in which                case the transferee shall pay forthwith the withheld amount to the                Receiver General for Canada and the amount so paid shall be credited                to                the transferee as payment on account of the purchase price, or (ii)                the                transferor delivers to the transferee a Section 116 Certificate or                a                certificate issued by the Minister of National Revenue under subsection                116(4) of the Tax Act, in which case the transferee                shall: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | pay                forthwith to the Receiver General for Canada 25% of the amount, if                any, by                which the purchase price exceeds the certificate limit fixed in any                such                section 116 certificate, and the amount so paid shall be credited                to the                transferee as payment on account of the purchase price;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | pay                forthwith to the transferor any amount that the transferee has withheld                and is not required to pay to the Receiver General for Canada in                accordance with clause (i) of this Section 7.4(e), and the amount so paid shall be credited                to the transferee as payment on account of the purchase                price. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | If                the transferee has withheld any amount under the provisions of Section7.4(b) or 7.4(c)                and no certificate has been delivered to the transferee by the transferor                in accordance with the provisions of Section 7.4(d) and a CRA Letter has not been received                in                accordance with Section 7.4(e), such amount                shall be paid by the transferee to the Receiver General for Canada                on the                30th day after the end of the month in which the Transfer Closing                occurs                on account of the transferee’s liability pursuant to subsection 116(5) of                the Tax Act, and the amount so paid shall be credited to the transferee                as                payment on account of the purchase                price. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | If                the transferee withholds an amount pursuant to Sections 7.4(b) or (c), the transferee shall invest,                on                behalf of the transferor, the withheld amount in one or more investments                the interest on which is not subject to tax under Part XIII of the                Tax Act                from the Transfer Closing until the time that the withheld amount                is                released to the transferor and/or paid to the Receiver General for                Canada                in accordance with Sections 7.4(d), 7.4(e) or 7.4(f).  At                such time as the                transferee releases any withheld amount to the transferor or pays                any                withheld amount to the Receiver General for Canada, it shall pay                to the                transferor the interest accrued on such amount to the date of such                release                or remittance, as the case may be. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Upon                the Transfer of any Shares owned by a non-resident of Canada for                purposes                of the Tax Act, the transferee shall be entitled to withhold from                the                purchase price any amount payable under Part XIII of the Tax Act                and remit                such amount to the Receiver General for Canada on account of the                transferor. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | **Article                8** |
|--------|------------------------------|

|   | **Representations                and warranties** |
|--------|---------------------------------------------------|

| **8.1** | **Representations                and Warranties of the GS                Parties** |
|---------|------------------------------------------------------------------------------------|

|   | (a) | Each                GS Party is duly created and organized and validly existing under                the laws                of its jurisdiction of incorporation or formation and has all necessary                power, authority and capacity to own its assets and to conduct its                business as presently owned and                conducted. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                GS Party has all necessary power, authority and capacity to enter                into                this Agreement and each Related Agreement to be executed by such                GS Party                and to carry out its obligations under this Agreement and such Ancillary                Agreements.  The execution and delivery of this Agreement and                each Related Agreement to be executed by it and the performance of                its                obligations under this Agreement and such Ancillary Agreements have                been                duly authorized by all necessary action on the part of each GS                Party. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | This                Agreement and each Related Agreement to be executed by it has been                duly                executed and delivered by each GS Party and constitutes a valid and                binding obligation of each applicable GS Party enforceable against                it in                accordance with its terms. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                execution, delivery and performance by the GS Parties of this Agreement                and the Ancillary Agreements and the consummation by the GS Parties                of the                Combination Transaction will not result in a violation or breach                of,                require any consent to be obtained under or give rise to any termination                rights or payment obligation under: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any                provision of the constating documents of any GS                Party; |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (ii) | any                resolution of the shareholders or board of directors of any GS                Party; |
|--------|------|---------------------------------------------------------------------------------------------------------|

|   | (iii) | subject                to obtaining CRTC approval and any other regulatory notifications,                filings                and approvals required in connection with the consummation of the                Combination Transaction, any applicable Laws;                or |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any                material contract to which any of the GS Parties or its Subsidiaries                is a                party or by which any of them is bound or their respective properties                or                assets are bound; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **8.2** | **Representations                and Warranties of the CanWest                Parties** |
|---------|-----------------------------------------------------------------------------------------|

|   | (a) | Each                CanWest Party is a corporation duly incorporated and validly existing                under the laws of Manitoba and has all necessary corporate power,                authority and capacity to own its assets and to conduct its business                as                presently owned and conducted. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                CanWest Party has all necessary corporate power, authority and capacity                to                enter into this Agreement and each Related Agreement to be executed                by                such CanWest Party and to carry out its obligations under this Agreement                and such Ancillary Agreements.  The execution and delivery of                this Agreement and each Related Agreement to be executed by it and                the                consummation of the transactions contemplated by this Agreement and                such                Ancillary Agreements have been duly authorized by all necessary corporate                action on the part of each CanWest                Party. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | This                Agreement and each Related Agreement to be executed by it has been                duly                executed and delivered by each CanWest Party and constitutes a valid                and                binding obligation of each applicable CanWest Party enforceable against                it                in accordance with its terms. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                execution, delivery and performance by the CanWest Parties of this                Agreement and the Ancillary Agreements and the consummation by the                CanWest                Parties of the Combination Transaction will not result in a violation                or                breach of, require any consent to be obtained under or give rise                to any                termination rights or payment obligation                under: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any                provision of the articles, by-laws or other constating documents                of any                CanWest Party; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                resolution of the shareholders or board of directors of any CanWest                Party; |
|--------|------|--------------------------------------------------------------------------------------------------------------|

|   | (iii) | subject                to obtaining CRTC approval and any other regulatory notifications,                filings                and approvals required in connection with the consummation of the                Combination Transaction, any applicable Laws;                or |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | any                material contract to which any of the CanWest Parties or its Subsidiaries                is a party or by which any of them is bound or their respective properties                or assets are bound; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | No                consent, approval, order or authorization of, or declaration or filing                with, any Governmental Entity or other Person is required on the                part of                any CanWest Party in connection with the execution, delivery or                performance of the Arrangement Agreement, this Agreement, any of                the                Ancillary Agreements or any other documents and agreements to be                delivered                under the Arrangement Agreement, this Agreement or any of the Ancillary                Agreements other than the Regulatory Approvals (as defined for purposes                of                the Arrangement Agreement), CRTC approval and any other regulatory                approvals required in connection with the consummation of the Combination                Transaction. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Each                CanWest Party is a “Canadian” as such term is defined in the                *Investment Canada Act*. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Each                CanWest Party is not a “non-resident” of Canada within the meaning of the                Tax Act. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Each                CanWest Party is a “Canadian” within the meaning of the Direction to the                CRTC (Ineligibility of                Non-Canadians). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **8.3** | **Indemnity                Agreement** |
|---------|----------------------------------------|

8.1
8.2

**ARTICLE      9**

**GENERAL**

| **9.1** | **Confidentiality** |
|---------|---------------------|

|   | (a) | None                of the Parties shall, at any time or under any circumstances, without                the                unanimous consent of the Shareholders and the Corporation, directly                or                indirectly communicate or disclose to any Person (other than its                directors, officers, employees, agents, advisors and representatives                as                reasonably necessary in connection with its interest in the Corporation,                and to those of the other Parties) or make use of (except in connection                with its interest in the Corporation and, in the case of the CanWest                Parties, in connection with the Contributed Business) any confidential                knowledge or information howsoever acquired by such Party                relating |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | to                or concerning the customers, products, technology, trade secrets,                systems                or operations, or other confidential information regarding the property,                business or affairs, of the Corporation or any of its Subsidiaries,                including Confidential Arbitration Information (“**Confidential                Information**”).  However, the foregoing obligation of                confidentiality shall not apply to: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | information                that is or becomes generally available to the public (other than                by                disclosure by such Party or its employees, agents, advisors or                representatives contrary to this                Section); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | information                that is reasonably required to be disclosed by a Party to protect                its                interests in connection with any valuation or legal proceeding under                this                Agreement; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | information                that is required to be disclosed by law or by the applicable regulations                or policies of any regulatory agency of competent jurisdiction or                any                stock exchange; or |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | disclosure                of information by a Party in connection with a proposed Transfer                of an                interest in the Corporation provided such Party obtains a prior written                covenant of confidentiality from the Person to whom it proposes to                disclose such information in a form acceptable to the Corporation,                acting                reasonably. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                of the Parties acknowledges that disclosure of any Confidential                Information in contravention of this Section 9.1 may cause significant harm to the                Corporation and its Subsidiaries and that remedies at law may be                inadequate to protect against a breach of this Section 9.1.  Accordingly, the Corporation                shall be entitled, in addition to any other relief available to it,                to the                granting of injunctive relief without proof of actual damages or                the                requirement to establish the inadequacy of any of the other remedies                available to it.  None of the Parties shall assert any defence                in Proceedings regarding the granting of an injunction or specific                performance based on the availability to the Corporation of any other                remedy. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9.2** | **Non-Competition** |
|---------|---------------------|

|   | **●  [SECTION                REDACTED*]** |
|--------|-----------------------------------------------------------|

| **9.3** | **Arbitration** |
|---------|-----------------|

|   | (a) | Any                controversy or dispute arising out of or relating to this Agreement,                its                negotiation, validity, existence, breach, termination, construction                or                application, or the rights, duties or obligations of any party to                this                Agreement, other than a controversy or dispute with respect to any                Financial Calculations which is to be resolved in accordance with                Section                7.1, (a “**Dispute**”), shall be                referred to and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

  
| * | The                  material has been omitted pursuant to a request for confidential                  treatment                  and the omitted material has been filed separately with the U.S.                  Securities and Exchange Commission. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | determined                by arbitration before a single arbitrator to be administered by ADR                Chambers Inc., based in the City of Toronto, in accordance with its                Arbitration Rules and the Ontario *International Commercial Arbitration                Act*, R.S.O. 1990 c. I.9 (the “**Arbitration                Act**”). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                seat of the arbitration shall be Ontario and hearings shall be conducted                in the City of Toronto. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A                Party to the arbitration (the “**Appellant**”) may appeal an                award on a question of law or a question of mixed fact and law by                delivering a written notice of appeal (“**Notice of                Appeal**”) to the party opposite (the “**Appeal                Respondent**”) within 10 days of receipt of the                award.  With the Notice of Appeal, the Appellant shall name                three persons whom the Appellant is prepared to nominate as appeal                arbitrators, each of such persons to be a former appellate judge                of the                Ontario Court of Appeal or the Supreme Court of Canada (an “**Appeal                Arbitrator**”).  Within seven days of the receipt of the                Notice of Appeal, the Appeal Respondent shall by written notice to                the                Appellant select one or more of the three persons named by the Appellant                or provide the Appellant with a list of three persons who are Appeal                Arbitrators.  Within seven days of receipt of the Appeal                Respondent’s list, by written notice to the Appeal Respondent, the                Appellant shall select one or more of such persons and/or provide                a                further list of three Appeal Arbitrators.  The Parties shall                continue to exchange lists of three Appeal Arbitrators in this fashion                until three Appeal Arbitrators are selected.  If the parties are                unable to agree upon three Appeal Arbitrators within 20 days of the                receipt by the Appeal Respondent of the Notice of Appeal, each party                shall                appoint one Appeal Arbitrator, and the two Appeal Arbitrators thus                appointed shall appoint a third Appeal Arbitrator.  Where the                two Appeal Arbitrators fail to agree on the third Appeal Arbitrator                within                10 days of their appointment, either Party may provide copies of                the                exchanged lists to ADR Chambers Inc. which shall appoint the third                Appeal                Arbitrator.  Where an appeal is taken, the award of the Appeal                Arbitrators shall be final and binding upon the Parties and there                shall be                no further right of appeal.  The award of the Appeal Arbitrators                shall be an arbitral award under the Arbitration                Act. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Arbitration                in accordance with the provisions of this Section 9.3 shall be the sole dispute resolution                mechanism in respect of any Dispute except it is not incompatible                with                this arbitration agreement for any Party to request, before or during                the                arbitral proceedings, from a competent court any interim, provisional                or                conservatory relief and for the court to grant such                relief. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                Parties undertake as a general principle to keep confidential all                information concerning the existence of the arbitration, all awards                or                appeals in the arbitration, all materials in the proceedings created                or                used for the purpose of the arbitration, and all materials and information                produced during the arbitration and not in the public domain                (“**Confidential Arbitration Information**”) save and to the                extent that disclosure may be required of a Party by legal duty,                to                protect or pursue a legal right or to enforce or set aside an award                in                *bona fide* Proceedings before a competent court. Each Party shall                obtain and deposit with the arbitrator a                signed |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | confidentiality                undertaking from its legal counsel, independent experts and consultants                regarding the Confidential Arbitration                Information. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9.4** | **Application                of this Agreement** |
|---------|--------------------------------------------------|

*mutatis mutandis*

|   | (a) | resulting                from the conversion, reclassification, redesignation, subdivision                or                consolidation or other change of the Shares;                and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | of                the Corporation or any successor body corporate that are received                by the                Shareholders on a merger, amalgamation, arrangement or other                reorganization of or including the                Corporation; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

9.4

| **9.5** | **Amendments                and Waivers** |
|---------|-------------------------------------------|

| **9.6** | **Assignment** |
|---------|----------------|

| **9.7** | **Termination** |
|---------|-----------------|

|   | (a) | the                written agreement of all of the                Shareholders; |
|--------|-----|---------------------------------------------------------------------------------|

|   | (b) | two                years following the dissolution or bankruptcy of the Corporation                or the                making by the Corporation of an assignment under the provisions of                the                *Bankruptcy and Insolvency Act*                (Canada); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                GS Parties holding less than 5% of the GS Initial Interest following                an                initial public offering pursuant to the exercise by GSCP of its rights                pursuant to Section 6.9;                or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | one                Person becoming the beneficial owner of all of the                Shares, |
|--------|-----|----------------------------------------------------------------------------------------------|

----

|   | except                that the provisions of Sections 6.11, 9.1, 9.3                and the                indemnity provisions in Schedule 6.9 shall continue and in the case                of a                termination pursuant to clause (c) of this Section 9.7, in circumstances where GSCP had previously                required the Corporation to register GS Shares for distribution in                the                United States, the provisions in Schedule 6.9 shall also continue                until                the GS Parties no longer hold any                Shares. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9.8** | **No                Partnership** |
|---------|-----------------------------------|

| **9.9** | **Notices** |
|---------|-------------|

**Notice**

|   | (a) | in                the case of a Notice to any CanWest Party                to: |
|--------|-----|--------------------------------------------------------------------------------|

|   | (b) | in                the case of a Notice to any GS Party                to: |
|--------|-----|---------------------------------------------------------------------------|

----

|   | (c) | in                the case of Notice to the Corporation, by Notice to CanWest and to                GSCP. |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

9.9

| **9.10** | **Attornment                and Process Agent** |
|----------|-------------------------------------------------|

9.3
**Process Agent**

| **9.11** | **Osler                Acting for More than One                Party** |
|----------|------------------------------------------------------------------------|

**Osler**

----

**Client**
**Clients**

| **9.12** | **Trade-mark                Licence** |
|----------|---------------------------------------|

| **9.13** | **Enurement** |
|----------|---------------|

| **9.14** | **Execution                and Delivery** |
|----------|-------------------------------------------|

**[The      remainder of this page has intentionally been left blank.]**

----

**IN      WITNESS OF WHICH**

|   |                                             | **CANWEST                MEDIAWORKS INC.** |
|--------|--------------------------------------------------|--------------------------------------------|
| By:    |  "Richard              Leipsic"             |
|   | Name:                 Richard Leipsic       |
|   | Title: Senior                Vice President |
| By:    |  "Riva              Richard"                |
|   | Name:                 Riva Richard          |
|   | Title:                 Assistant Secretary  |

|   |                                                         | **4414616                CANADA INC.** |
|--------|--------------------------------------------------------------|----------------------------------------|
| By:    |  "Richard              Leipsic"                         |
|   | Name:                 Richard Leipsic                   |
|   | Title:                 Director and Vice President      |
| By:    |  "Riva              Richard"                            |
|   | Name:                 Riva Richard                      |
|   | Title:                 Director and Assistant Secretary |

|   |                                          | **GS                CAPITAL PARTNERS VI FUND, L.P.** |
|--------|-----------------------------------------------|------------------------------------------------------|
| By:    |  "Gerry              Cardinale"          |
|   | Name:                 Gerry Cardinale    |
|   | Title:                 Managing Director |
| By:    |                                          |
|   | Name:                                    |
|   | Title:                                   |

|   |                                          | **GSCP                VI AA ONE HOLDING S.àr.l** |
|--------|-----------------------------------------------|-------------------------------------------------------|
| By:    |  "John              Bowman"              |
|   | Name:                 John Bowman        |
|   | Title:                 Managing Director |
| By:    |                                          |
|   | Name:                                         |
|   | Title:                                        |

|   |                                          | **GSCP                VI AA ONE PARALLEL HOLDING S.àr.l** |
|--------|-----------------------------------------------|----------------------------------------------------------------|
| By:    | "John              Bowman"                    |
|   | Name:                 John Bowman        |
|   | Title:                 Managing Director |
| By:    |                                          |
|   | Name:                                         |
|   | Title:                                        |

|   |                                       | **CW                INVESTMENTS CO.** |
|--------|--------------------------------------------|---------------------------------------|
| By:    |  "Richard              Leipsic"       |
|   | Name:                 Richard Leipsic |
|   | Title:                 Vice President |
|   |                                       |
| By:    |  "Riva              Richard"          |
|   | Name:                 Riva Richard    |
|   | Title:                 Secretary      |

----

----

**SCHEDULE      1.1(a)**

**EBITDA**

|   | (a) | increased                by, to the extent deducted in computing Net Income for such period,                the                consolidated amounts of (without                duplication): |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | depreciation                and amortization (excluding amortization of program                rights); |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (ii) | program                costs (including amortization of program rights) and other costs                and                expenses arising from CRTC benefit obligations outlined in Appendix                1A of                the CRTC Supplementary Brief filed in connection with the acquisition                of                the Deposited Securities (as defined in the Voting Trust Agreement)                as                such benefit obligations are ultimately determined by the                CRTC; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | allocations                of CanWest corporate costs required by GAAP (for the avoidance of                doubt,                excluding allocations of costs from the Contributed Business to the                Corporation and its Subsidiaries or vice versa and excluding any                amount                charged or payable in accordance with the Management                Agreement); |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the                amount of any restructuring charges or reserves deducted (and not                added                back) in such period in computing Net Income, including any one-time                costs                incurred in connection with acquisitions after the date of this Agreement                and costs related to the closure and/or consolidation of                facilities; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | any                other non-cash write-offs or write-downs (including asset impairment                charges, debt extinguishment expenses, losses on disposal of                businesses/assets and net losses associated with sold/discontinued                operations) reducing Net Income for such                period; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | any                other unusual or non-recurring items (including out-of-period reversals                of                significant allowances, accruals or reserves or unfavourable legal                settlements); |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | any                non-cash stock-based or other non-cash compensation                charges; |
|--------|-------|------------------------------------------------------------------------------------------------|

|   | (viii) | interest                and other financing charges (including bank fees, guarantee costs                and                costs of surety bonds in connection with financing                activities); |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | any                expenses or charges (other than depreciation or amortization expense)                related to any equity offering, investment, acquisition, disposition                or                recapitalization or the incurrence or refinancing of Indebtedness                (whether                or not successful); |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (x) | the                amount of any minority interest expenses consisting of Subsidiary                income                attributable to minority equity interests of third parties in any                non-wholly owned Subsidiary deducted in such period in calculating                Net                Income; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xi) | equity                losses in respect of the earnings of                Affiliates; |
|--------|------|---------------------------------------------------------------------------------------|

|   | (xii) | investment                losses; |
|--------|-------|-----------------------------------|

|   | (xiii) | foreign                currency exchange losses; |
|--------|--------|--------------------------------------------------|

|   | (xiv) | any                net losses resulting from hedging                obligations; |
|--------|-------|----------------------------------------------------------------------------------|

|   | (xv) | any                expenses relating to impairment of goodwill or other intangibles;                and |
|--------|------|---------------------------------------------------------------------------------------------------------|

|   | (xvi) | provisions                for Taxes based upon income or profits or capital, including provincial,                state, franchise and similar taxes of, and foreign withholding taxes                applicable to payments to, such Person paid or accrued during such                period                deducted (and not added back) in computing Net Income;                and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | decreased                by, to the extent added in computing Net Income for such period (without                duplication): |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                amounts of any minority interest income consisting of Subsidiary                expense                attributable to minority equity interests of third parties in any                non-wholly owned Subsidiary included in such period in calculating                Net                Income; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | equity                income in respect of the earnings of                Affiliates; |
|--------|------|---------------------------------------------------------------------------------------|

|   | (iii) | investment                gains; |
|--------|-------|----------------------------------|

|   | (iv) | foreign                currency exchange gains; |
|--------|------|-------------------------------------------------|

|   | (v) | any                net gains resulting from hedging obligations;                and |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (vi) | any                unusual or non-recurring items (including gains on disposal of                business/assets, out-of-period reversals of significant allowances,                accruals, or reserves, favourable legal settlements or net income                associated with sold/discontinued                operations). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SCHEDULE      1.1(b)**

**GS      RATE OF RETURN**

**[TABLE REDACTED**
*

**]**

| **Combined                EBITDA****($                million)** | **GS                Rate of Return** |
|------------------------------------------------------------------|--------------------------------------|
| ●                                                          | ●                              |
| ●                                                          | ●                              |
| ●                                                          | ●                              |
| ●                                                          | ●                              |
| ●                                                          | ●                              |
| ●                                                          | ●                              |
| ●                                                          | ●                              |
| ●                                                          | ●                              |
| ●                                                          | ●                              |
| ●                                                          | ●                              |
| ●                                                          | ●                              |

----

  
| * | The                  material has been omitted pursuant to a request for confidential                  treatment                  and the omitted material has been filed separately with the U.S.                  Securities and Exchange Commission. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SCHEDULE      1.1(c)**

**MEDIA      PARTIES**

**[LIST      REDACTED**
*

**]**

----

  
| * | The                  material has been omitted pursuant to a request for confidential                  treatment                  and the omitted material has been filed separately with the U.S.                  Securities and Exchange Commission. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SCHEDULE      3.1**

**CORPORATE      STRUCTURE**

----

**SCHEDULE      5.1**

**MERGER      AGREEMENT**

----

**SCHEDULE      5.1**

**to**

**SHAREHOLDERS      AGREEMENT**

**4414616      Canada Inc.**

**-      and -**

**CW      Investments Co.**

**MERGER      AGREEMENT**

**l**

**[Note:  This      Agreement has been structured as an agreement to be signed on the closing of      the      Combination Transaction in 2011.  It does not contain any pre-closing      conditions or covenants or any mechanism to determine the number of Shares      of CW      Investments Co. to be issued, all of which appear in the Shareholders      Agreement.]**

----

**TABLE            OF            CONTENTS**

**Page**

| ARTICLE                1                                                                           |                                                              |   |
|----------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|--------|
|     DEFINITIONS                AND                PRINCIPLES OF INTERPRETATION | 1                                                                 |   |
|     1.1                                                                        | Definitions                                                       | 1      |
|     1.2                                                                        | Certain                Rules of Interpretation                    | 4      |
|     1.3                                                                        | Entire                Agreement                                   | 5      |
|     1.4                                                                        | Exhibit                                                           | 5      |
| ARTICLE                2                                                                           |                                                              |   |
|     PURCHASE                AND                SALE                            | 5                                                                 |   |
|     2.1                                                                        | Action                by Transferor and Transferee                | 5      |
|     2.2                                                                        | Place                of Closing                                   | 6      |
|     2.3                                                                        | Non-Assignable                Rights                              | 6      |
| ARTICLE                3                                                                           |                                                              |   |
|     PURCHASE                PRICE                                              | 6                                                                 |   |
|     3.1                                                                        | Purchase                Price                                     | 6      |
| ARTICLE                4                                                                           |                                                              |   |
|     REPRESENTATIONS                AND WARRANTIES OF THE TRANSFEROR            | 6                                                                 |   |
|     4.1                                                                        | Organization                of the Transferor                     | 6      |
|     4.2                                                                        | Authority                of Transferor                            | 7      |
|     4.3                                                                        | Enforceability                Against Transferor                  | 7      |
|     4.4                                                                        | No                Conflict by Transferor                          | 7      |
|     4.5                                                                        | No                Consent Required by Transferor                  | 7      |
|     4.6                                                                        | Residency                of Transferor                            | 7      |
|     4.7                                                                        | Direction                to the CRTC - Transferor                 | 7      |
|     4.8                                                                        | Title                to Securities                                | 7      |
|     4.9                                                                        | Liabilities                of the Contributed Entity              | 8      |
|     4.10                                                                       | Disclaimer                of Other Representations and Warranties | 8      |
| ARTICLE                5                                                                           |                                                              |   |
|     REPRESENTATIONS                AND WARRANTIES OF THE TRANSFEREE,           | 8                                                                 |   |
|     5.1                                                                        | Organization                of the Transferee                     | 8      |
|     5.2                                                                        | Authority                of the Transferee                        | 8      |
|     5.3                                                                        | Enforceability                Against Transferee                  | 8      |
|     5.4                                                                        | No                Consent Required by Transferee                  | 8      |
|     5.5                                                                        | Investment                Canada Act - Transferee                 | 9      |
|     5.6                                                                        | Residency                of Transferee                            | 9      |
|     5.7                                                                        | Direction                to the CRTC - Transferee                 | 9      |
|     5.8                                                                        | No                Conflict by Transferee                          | 9      |
|     5.9                                                                        | Shares                                                            | 9      |
| ARTICLE                6                                                                           |                                                              |   |
|     SURVIVAL                                                                   | 9                                                                 |   |
|     6.1                                                                        | NATURE                AND SURVIVAL                                | 9      |
| ARTICLE                7                                                                           |                                                              |   |
|     TAXES                                                                      | 10                                                                |   |
|     7.1                                                                        | Income                Tax Elections                               | 10     |
|     7.2                                                                        | Amendment                to Partnership Agreement                 | 10     |
|     7.3                                                                        | Assumption                of Taxes                                | 10     |
| ARTICLE                8                                                                           |                                                              |   |
|     INDEMNIFICATION                                                            | 11                                                                |   |
|     8.1                                                                        | Indemnification                by the Transferor                  | 11     |
|     8.2                                                                        | Indemnification                by the Transferee                  | 11     |
|     8.3                                                                        | Indemnification                Procedures for Third Party Claims  | 12     |
|     8.4                                                                        | Exclusive                Remedy                                   | 13     |
|     8.5                                                                        | One                Recovery                                       | 13     |
|     8.6                                                                        | Duty                to Mitigate                                   | 13     |
|     8.7                                                                        | Trustee                and Agent                                  | 14     |
|     8.8                                                                        | Tax                Status of Indemnification Payments             | 14     |
| ARTICLE                9                                                                           |                                                              |   |
|     GENERAL                                                                    | 14                                                                |   |
|     9.1                                                                        | Arbitration                                                       | 14     |
|     9.2                                                                        | Public                Notices                                     | 15     |
|     9.3                                                                        | Expenses                                                          | 16     |
|     9.4                                                                        | Notices                                                           | 16     |
|     9.5                                                                        | Attornment                                                        | 17     |
|     9.6                                                                        | Assignment                                                        | 17     |
|     9.7                                                                        | Enurement                                                         | 17     |
|     9.8                                                                        | Amendments                and Waivers                             | 18     |
|     9.9                                                                        | Further                Assurances                                 | 18     |
|     9.10                                                                       | Execution                and Delivery                             | 18     |

----

**THIS      MERGER AGREEMENT**

**BETWEEN:**

**4414616      Canada Inc.**

**Transferor**

**CW      Investments Co.**

**Transferee**

**RECITALS:**

| A. | CanWest                MediaWorks Inc., an Affiliate of the Transferor, and its Affiliates                have                transferred the Canadian television operating segment of their business                to                l (the                “**Contributed Entity**”) pursuant to the Asset Transfer                Agreement attached hereto as Exhibit A (the “**Asset Transfer                Agreement**”). |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | CanWest                MediaWorks Inc. has transferred the Securities to the                Transferor. |
|----|---------------------------------------------------------------------------------------------------------|

| C. | The                Transferor has agreed to sell to the Transferee and the Transferee                has                agreed to purchase from the Transferor the Securities on the terms                and                conditions of this Agreement. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**THEREFORE**

**ARTICLE      1**

**DEFINITIONS      AND PRINCIPLES OF INTERPRETATION**

| **1.1** | **Definitions** |
|---------|-----------------|

**“Agreement”**
**“Article”**
**“Section”**

**Ancillary      Agreements**

**“Appeal      Arbitrator”**
9.1(c)

**“Appeal      Respondent” **
9.1(c)

**“Appellant”      **
9.1(c)

**“Arbitration      Act”**
9.1(a)

----

**“Asset      Transfer Agreement”**

**“Business      Day”**

**“Claims”**
8.3(a)

**“Closing”**

**“Closing      Date”**
**[Note:  the      Combination Date]**

**“Closing      Time”**

**“Confidential      Arbitration Information”**
9.1(e)

**“Contributed      Entity”**

**“CRTC”**

**“Dispute”      **
9.1(a)

**“Encumbrances”**

**“Governmental      Entity”**

|   | (a) | multinational,                federal, provincial, state, regional, municipal, local or other                government, governmental or public department, central bank, court,                tribunal, arbitral body, commission, board, bureau or agency, domestic                or                foreign; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                subdivision, agent, commission, board or authority of any of the                foregoing; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (c) | any                quasi-governmental or private body exercising any regulatory,                expropriation or taxing authority under or for the account of any                of the                foregoing, including the Toronto Stock Exchange or any other stock                exchange; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**“Indemnified      Party”**
8.3(a)

**“Indemnifying      Party” **
8.3(a)

**“Indemnity      Agreement”**

----

**“Laws”**

**Non-Assignable      Rights**
2.3

**“Notice”**
9.4

**“Parties”**
**Party**

**“Person”**

**“Purchase      Price”**
3.1

**“Securities”**
**[shares in the capital of**
**l**

**      ]**
**[units of limited partnership interest in **
**l**

**      Limited Partnership and all of the issued and outstanding shares in the capital      of **
**l**

**,      the sole general partner in **
**l**

**      Limited Partnership];**

**“Shareholders      Agreement” **
** **

**“Shares”**

**“Subsidiary”**

**“Tax      Act”**
*Income Tax Act*

**“Taxes”**

----

**“Transferee      Indemnified Persons”**
8.1(a)

**“Transferor      Indemnified Persons”**
8.2(a)

| **1.2** | **Certain                Rules of Interpretation** |
|---------|----------------------------------------------------|

|   | (a) | **Time**                - Time is of the essence in the performance of the Parties’ respective                obligations. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | **Currency**–                Unless otherwise specified, all references to money amounts are to                lawful                currency of Canada. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | **Headings**–                Headings of Articles and Sections are inserted for convenience of                reference only and do not affect the construction or interpretation                of                this Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | **Time                Periods**– Unless otherwise specified, time periods within or                following which any payment is to be made or act is to be done shall                be                calculated by excluding the day on which the period commences and                including the day on which the period ends and by extending the period                to                the next Business Day following if the last day of the period is                not a                Business Day. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | **Business                Day** - Whenever any payment to be made or action to be taken                under                this Agreement is required to be made or taken on a day other than                a                Business Day, such payment shall be made or action taken on the next                Business Day following. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | **Governing                Law**– This Agreement is a contract made under and shall be                governed by and construed in accordance with the laws of the Province                of                Ontario and the federal laws of Canada applicable in the Province                of                Ontario. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | **Including**–                Where the word “including” or “includes” is used in this Agreement, it                means “including (or includes) without                limitation”. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | **No                Strict Construction**– The language used in this Agreement is the                language chosen by the Parties to express their mutual intent, and                no rule                of strict construction shall be applied against any                Party. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | **Number                and Gender**– Unless the context otherwise requires, words                importing the singular include the plural and vice versa and words                importing gender include all                genders. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | **Severability**–                If, in any jurisdiction, any provision of this Agreement or its                application to any Party or circumstance is restricted, prohibited                or                unenforceable, such provision shall, as to such jurisdiction, be                ineffective only to the extent of such restriction, prohibition or                unenforceability without invalidating the remaining provisions of                this                Agreement and without affecting the validity                or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | enforceability                of such provision in any other jurisdiction or without affecting                its                application to other Parties or                circumstances. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | **Statutory                references**– A reference to a statute includes all regulations and                rules made pursuant to such statute and, unless otherwise specified,                the                provisions of any statute or regulation which amends, supplements                or                supersedes any such statute or any such                regulation. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **1.3** | **Entire                Agreement** |
|---------|-------------------------------------|

| **1.4** | **Exhibit** |
|---------|-------------|

| Exhibit                A | Asset                Transfer Agreement |
|--------------------------|-----------------------------------------|

**ARTICLE      2**

**PURCHASE      AND SALE**

| **2.1** | **Action                by Transferor and                Transferee** |
|---------|-----------------------------------------------------------------------|

|   | (a) | **Purchase                and Sale of Securities**– the Transferor shall sell, and the                Transferee shall purchase, the                Securities; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | **Payment                of Purchase Price**– the Transferee shall pay the Purchase Price as                provided in Section 3.1; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | **Transfer                and Delivery of Securities**– the Transferor shall execute and                deliver to the Transferee all such assignments, instruments of transfer,                consents and other documents as shall be necessary to effectively                transfer                the Securities to the Transferee free and clear of all Encumbrances;                and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | **Other                Documents**– the Transferor and Transferee shall deliver such other                documents as may be necessary to complete the transactions provided                for in                this Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.2** | **Place                of Closing** |
|---------|-------------------------------------|

| **2.3** | **Non-Assignable                Rights** |
|---------|------------------------------------------|

**Non-Assignable      Rights**

|   | (a) | apply                for and use commercially reasonable efforts to obtain all such consents                or                approvals, provided that nothing shall require the Transferor to                make any                payment to any other party in order to obtain such consent or approval;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | co-operate                with the Transferee in any reasonable arrangements designed to continue                to                provide the benefits of such Non-Assignable Rights to the Contributed                Entity or the Transferee, including holding any such Non-Assignable                Rights                in trust for the Contributed Entity or the Transferee or acting as                agent                for the Contributed Entity or the                Transferee. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      3**

**PURCHASE      PRICE**

| **3.1** | **Purchase                Price** |
|---------|-----------------------------------|

**Purchase Price**
**[Note:  The number of Shares to be issued      will be determined in accordance with the Shareholders      Agreement.]**

**ARTICLE      4**

**REPRESENTATIONS      AND WARRANTIES OF THE TRANSFEROR**

| **4.1** | **Organization                of the Transferor** |
|---------|---------------------------------------------------|

----

**4.2           Authority      of Transferor**

| **4.3** | **Enforceability                Against Transferor** |
|---------|------------------------------------------------------|

| **4.4** | **No                Conflict by Transferor** |
|---------|----------------------------------------------|

| **4.5** | **No                Consent Required by                Transferor** |
|---------|---------------------------------------------------------------------|

| **4.6** | **Residency                of Transferor** |
|---------|--------------------------------------------|

| **4.7** | **Direction                to the CRTC - Transferor** |
|---------|-------------------------------------------------------|

| **4.8** | **Title                to Securities** |
|---------|----------------------------------------|

----

**4.9           Liabilities      of the Contributed Entity**

|   | (a) | The                Contributed Entity has no assets, liabilities or operations other                than the                assets, liabilities and operations acquired or assumed by it pursuant                to                and in accordance with the Asset Transfer Agreement (the “**Original                Assets, Liabilities and Operations**”) and such assets, liabilities                and operations as it has acquired, generated or created since the                completion of the transactions contemplated by the Asset Transfer                Agreement as a result of its ownership and operation of the Original                Assets, Liabilities and Operations and in accordance with Section                5.5 of                the Shareholders Agreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Contributed Entity has no liabilities for Indebtedness, as that term                is                defined in the Shareholders                Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4.10** | **Disclaimer                of Other Representations and                Warranties** |
|----------|--------------------------------------------------------------------------------------|

Article      4

**ARTICLE      5**

**REPRESENTATIONS      AND WARRANTIES OF THE TRANSFEREE**

| **5.1** | **Organization                of the Transferee** |
|---------|---------------------------------------------------|

| **5.2** | **Authority                of the Transferee** |
|---------|------------------------------------------------|

| **5.3** | **Enforceability                Against Transferee** |
|---------|------------------------------------------------------|

| **5.4** | **No                Consent Required by                Transferee** |
|---------|---------------------------------------------------------------------|

----

**5.5           Investment      Canada Act - Transferee**

*Investment Canada      Act*

| **5.6** | **Residency                of Transferee** |
|---------|--------------------------------------------|

| **5.7** | **Direction                to the CRTC - Transferee** |
|---------|-------------------------------------------------------|

| **5.8** | **No                Conflict by Transferee** |
|---------|----------------------------------------------|

| **5.9** | **Shares** |
|---------|------------|

**ARTICLE      6**

**SURVIVAL**

| **6.1** | **Nature                and Survival** |
|---------|----------------------------------------|

|   | (a) | the                Closing; |
|--------|-----|-----------------------------|

|   | (b) | the                execution and delivery under this Agreement of any assignments or                other                instruments of transfer of title to any of the Securities;                and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                payment of the consideration for the                Securities, |
|--------|-----|------------------------------------------------------------------------------------|

8.1(b)
8.2(b)

----

**Article      7**

**TAXES**

| **7.1** | **Income                Tax Elections** |
|---------|-----------------------------------------|

| **7.2** | **Amendment                to Partnership Agreement** |
|---------|-------------------------------------------------------|

**[insert reference to the partnership agreement      governing the Contributed Entity]**
**[Note: This clause is relevant only if the Contributed      Entity is a partnership.]**

| **7.3** | **Assumption                of Taxes** |
|---------|----------------------------------------|

----

**Article      8**

**INDEMNIFICATION**

| **8.1** | **Indemnification                by the Transferor** |
|---------|------------------------------------------------------|

|   | (a) | The                Transferor shall indemnify and save harmless the Transferee, its                Affiliates and their respective directors, managers, officers, members,                shareholders, partners, agents, representatives, successors and assigns                (“**Transferee Indemnified Persons**”) from and against all                Damages sustained or incurred by any Transferee Indemnified Person                as a                result of or arising out of: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any                non-fulfilment or breach of any covenant or agreement on the part                of the                Transferor contained in this                Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                inaccuracy in or breach of any representation or warranty of the                Transferor contained in this                Agreement; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any                liability or obligation that does not relate primarily to the Contributed                Business (including as such business has been operated by the Contributed                Entity) or the Purchased Assets and any other assets acquired by                the                Contributed Entity in the operation of the Contributed Business (as                the                terms “Contributed Business” and “Purchased Assets” are defined in the                Asset Transfer Agreement); |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any                Taxes assumed by the Transferor pursuant to Section 7.3; and |
|--------|------|---------------------------------------------------------------------------------|

|   | (v) | any                Indebtedness of the Contributed Entity as at the Closing                Date. |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (b) | The                Transferor’s obligations under Section 8.1(a) shall                be subject to the following                limitations: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                obligations of the Transferor under Section 8.1(a)(ii) shall                terminate on the Survival Date, as such term is defined in the Indemnity                Agreement, except with respect to *bona fide* Claims by the                Transferee set forth in written notices given by the Transferee to                the                Transferor prior to such date and in any event, within 45 days of                its                determination that it has a *bona fide* Claim;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                Transferor shall not be liable for any special, indirect, incidental,                consequential, punitive or aggravated                damages. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **8.2** | **Indemnification                by the Transferee** |
|---------|------------------------------------------------------|

|   | (a) | The                Transferee shall indemnify and save harmless the Transferor, its                Affiliates and their respective directors, managers, officers, members,                shareholders, partners, agents, representatives, successors and assigns                (“**Transferor Indemnified Persons**”) from and against all                Damages sustained or incurred by any Transferor Indemnified Person                as a                result of or arising out of: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | any                non-fulfilment or breach of any covenant or agreement on the part                of the                Transferee contained in this Agreement;                and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                misrepresentation or any incorrectness in or breach of any representation                or warranty of the  Transferee contained in this                Agreement. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Transferee’s obligations under Section 8.2(a) shall                be subject to the following                limitations: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                obligations of the Transferee under Section 8.2(a)(ii) shall                terminate on the Survival Date, as such term is defined in the Indemnity                Agreement, except with respect to *bona fide* Claims by the                Transferor set forth in written notices given by the Transferor to                the                Transferee prior to such date and in any event, within 45 days of                its                determination that it has a *bona fide* Claim;                or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                Transferee shall not be liable for any special, indirect, incidental,                consequential, punitive or aggravated                damages. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **8.3** | **Indemnification                Procedures for Third Party                Claims** |
|---------|-------------------------------------------------------------------------------------|

|   | (a) | In                the case of claims for Damages made by a third party with respect                to which                indemnification is sought pursuant to this Agreement                (“**Claims**”), the Party seeking indemnification (the                “**Indemnified Party**”) shall give prompt notice, and in any                event within 30 days, to the other Party (the “**Indemnifying                Party**”) of any such Claims made upon it.  If the                Indemnified Party fails to give such notice, such failure shall not                preclude the Indemnified Party from obtaining such indemnification                but its                right to indemnification may be reduced to the extent that such delay                prejudiced the defence of the Claim or increased the amount of liability                or cost of defence. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Indemnifying Party shall have the right, by notice to the Indemnified                Party given not later than 30 days after receipt of the notice described                in Section 8.3(a), to assume the control of                the defence, compromise or settlement of the Claim, provided that                such                assumption shall, by its terms, be without cost to the Indemnified                Party. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Upon                the assumption of control of any Claim by the Indemnifying Party                pursuant                to Section 8.3(b), the Indemnifying Party                shall diligently proceed with the defence, compromise or settlement                of the                Claim at its sole expense, including if necessary, employment of                counsel                and experts reasonably satisfactory to the Indemnified Party and,                in                connection with such defence, the Indemnified Party shall cooperate                fully,                but at the reasonable expense of the Indemnifying Party, to make                available                to the Indemnifying Party all pertinent information and witnesses                under                the Indemnified Party’s control, make such assignments and take such other                reasonable steps as in the opinion of counsel for the Indemnifying                Party                are reasonably necessary to enable the Indemnifying Party to conduct                such                defence.  The Indemnified Party shall also have the right to                participate in the negotiation, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | settlement                or defence of any Claim at its own expense; provided, however, that                if the                Indemnified Party reasonably believes that there is a conflict of                interest                between its interests and the interests of the Indemnifying Party                or                counsel chosen by the Indemnifying Party or there is a reasonable                probability that a Claim may materially and adversely affect the                Indemnified Party other than as a result of money damages or other                money                payments, then the Indemnified Party may retain counsel of its own,                at the                expense of the Indemnifying Party.  The Indemnifying Party shall                not, without the written consent of the Indemnified Party, settle                or                compromise any Claim or consent to the entry of any judgment which                does                not include as an unconditional term thereof the giving by the claimant                to                the Indemnified Party a release from all liability in respect to                such                Claim or that provides for any relief other than monetary                damages. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                final determination of any Claim pursuant to this Section 8.3, including all related costs and expenses,                shall be binding and conclusive upon the Parties as to the validity                or                invalidity, as the case may be, of such Claim against the Indemnifying                Party. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **8.4** | **Exclusive                Remedy** |
|---------|-------------------------------------|

Article 8
Article 8
8.1(b)
8.2(b)
Article 8

| **8.5** | **One                Recovery** |
|---------|---------------------------------|

| **8.6** | **Duty                to Mitigate** |
|---------|-------------------------------------|

----

| **8.7** | **Trustee                and Agent** |
|---------|--------------------------------------|

8.1
8.2

| **8.8** | **Tax                Status of Indemnification                Payments** |
|---------|--------------------------------------------------------------------------|

Article      8
Article 8
Article 8
*Excise Tax Act*

**ARTICLE      9**

**GENERAL**

| **9.1** | **Arbitration** |
|---------|-----------------|

|   | (a) | Any                controversy or dispute arising out of or relating to this Agreement,                its                negotiation, validity, existence, breach, termination, construction                or                application, or the rights, duties or obligations of any party to                this                Agreement (a “**Dispute**”), shall be referred to and                determined by arbitration before a single arbitrator to be administered                by                ADR Chambers Inc., based in the City of Toronto, in accordance with                its                Arbitration Rules and the *Arbitration Act*, 1991 (Ontario) (the                “**Arbitration                Act**”). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                seat of the arbitration shall be Ontario and hearings shall be conducted                in the City of Toronto. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | A                Party to the arbitration (the “**Appellant**”) may appeal an                award on a question of law or a question of mixed fact and law by                delivering a Notice of appeal (“**Notice of Appeal**”) to the                Party opposite (the “**Appeal Respondent**”) within 10 days                of receipt of the award.  With the Notice of Appeal, the                Appellant shall name three persons whom the Appellant is prepared                to                nominate as appeal arbitrators, each of such persons to be a former                appellate judge of the Ontario Court of Appeal or the Supreme Court                of                Canada (an “**Appeal Arbitrator**”).  Within seven                days of the receipt of the Notice of Appeal, the Appeal Respondent                shall                by Notice to the Appellant select one or more of the three persons                named                by the Appellant or provide the Appellant with a list of three persons                who                are Appeal Arbitrators.  Within seven days of receipt of the                Appeal Respondent’s list, by Notice to the Appeal Respondent, the                Appellant shall select one or more of such persons and/or provide                a                further list of three Appeal Arbitrators.  The Parties shall                continue to exchange lists of three Appeal Arbitrators in this fashion                until three Appeal Arbitrators are selected.  If the Parties are                unable to agree upon three Appeal Arbitrators within 20 days of the                receipt by the Appeal Respondent of the Notice of Appeal, each Party                shall                appoint one Appeal Arbitrator, and the two Appeal Arbitrators thus                appointed shall appoint a third Appeal Arbitrator.  Where the                two Appeal Arbitrators fail to agree on the third Appeal Arbitrator                within                10 days of their appointment, either Party may provide copies of                the                exchanged lists to ADR Chambers Inc. which shall appoint the third                Appeal                Arbitrator.  Where an appeal is taken, the award of the Appeal                Arbitrators shall be final and binding upon the Parties and there                shall be                no further right of appeal.  The award of the Appeal Arbitrators                shall be an arbitral award under the Arbitration                Act. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Arbitration                in accordance with the provisions of this Section 9.1 shall be the sole dispute resolution                mechanism in respect of any Dispute except it is not incompatible                with                this arbitration agreement for any Party to request, before or during                the                arbitral proceedings, from a competent court any interim, provisional                or                conservatory relief and for the court to grant such                relief. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                Parties undertake as a general principle to keep confidential all                information concerning the existence of the arbitration, all awards                or                appeals in the arbitration, all materials in the proceedings created                or                used for the purpose of the arbitration, and all materials and information                produced during the arbitration and not in the public domain                (“**Confidential Arbitration Information**”) save and to the                extent that disclosure may be required of a Party by legal duty,                to                protect or pursue a legal right or to enforce or set aside an award                in                bona fide Proceedings before a competent court. Each Party shall                obtain                and deposit with the arbitrator a signed confidentiality undertaking                from                its legal counsel, independent experts and consultants regarding                the                Confidential Arbitration                Information. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9.2** | **Public                Notices** |
|---------|-----------------------------------|

----

|   | (b) | in                the case of the Transferor’s communication made to the Transferor’s                employees affected by such                transaction. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9.3** | **Expenses** |
|---------|--------------|

| **9.4** | **Notices** |
|---------|-------------|

**Notice**

|   | (a) | in                the case of a Notice to the Transferor                at: |
|--------|-----|-----------------------------------------------------------------------------|

----

| **9.5** | **Attornment** |
|---------|----------------|

9.1

| **9.6** | **Assignment** |
|---------|----------------|

| **9.7** | **Enurement** |
|---------|---------------|

----

**9.8           Amendments      and Waivers**

| **9.9** | **Further                Assurances** |
|---------|---------------------------------------|

| **9.10** | **Execution                and Delivery** |
|----------|-------------------------------------------|

**IN      WITNESS OF WHICH**

|   |   | **4414616                Canada Inc.** |
|--------|--------|----------------------------------------|
| By:    |   |
|   | Name:  |
|   | Title: |
| By:    |   |
|   | Name:  |
|   | Title: |

|   |   | **CW                Investments Co.** |
|--------|--------|---------------------------------------|
| By:    |   |
|   | Name:  |
|   | Title: |
| By:    |   |
|   | Name:  |
|   | Title: |

----

**EXHIBIT        A**

**to**

**SCHEDULE        5.1**

**to**

**SHAREHOLDERS        AGREEMENT**

**CanWest        MediaWorks Inc.**

**-        and -**

**ASSET        TRANSFER AGREEMENT**

**l**

----

**TABLE              OF              CONTENTS**

**Page**

| ARTICLE                  1                                                                             |                                                                                                         |   |
|--------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|--------|
|     DEFINITIONS                  AND                  PRINCIPLES OF INTERPRETATION | 1                                                                                                            |   |
|     1.1                                                                            | Definitions                                                                                                  | 1      |
|     1.2                                                                            | Certain                  Rules of Interpretation                                                             | 9      |
|     1.3                                                                            | Entire                  Agreement                                                                            | 10     |
|     1.4                                                                            | Accounting                  Principles                                                                       | 11     |
|     1.5                                                                            | Schedules                                                                                                    | 11     |
| ARTICLE                  2                                                                             |                                                                                                         |   |
|     PURCHASE                  AND                  SALE                            | 11                                                                                                           |   |
|     2.1                                                                            | Action                  by Transferor and Transferee                                                         | 11     |
|     2.2                                                                            | Place                  of Closing                                                                            | 12     |
|     2.3                                                                            | Non-Assignable                  Rights                                                                       | 12     |
| ARTICLE                  3                                                                             |                                                                                                         |   |
|     PURCHASE                  PRICE                                                | 12                                                                                                           |   |
|     3.1                                                                            | Purchase                  Price                                                                              | 12     |
|     3.2                                                                            | Satisfaction                  of Purchase Price                                                              | 12     |
|     3.3                                                                            | Assumption                  of Assumed Liabilities and Assumed Obligations                                   | 12     |
| ARTICLE                  4                                                                             |                                                                                                         |   |
|     REPRESENTATIONS                  AND WARRANTIES OF THE TRANSFEROR              | 13                                                                                                           |   |
|     4.1                                                                            | Organization                  of the Transferor                                                              | 13     |
|     4.2                                                                            | Authority                  of Transferor                                                                     | 13     |
|     4.3                                                                            | Enforceability                  Against Transferor                                                           | 13     |
|     4.4                                                                            | No                  Conflict by Transferor                                                                   | 13     |
|     4.5                                                                            | No                  Consent Required by Transferor                                                           | 13     |
|     4.6                                                                            | Goods                  and Services Tax and Harmonized Sales Tax Registration of                  Transferor | 13     |
|     4.7                                                                            | Residency                  of Transferor                                                                     | 14     |
|     4.8                                                                            | Direction                  to the CRTC - Transferor                                                          | 14     |
|     4.9                                                                            | Title                  to Certain Assets                                                                     | 14     |
|     4.10                                                                           | Disclaimer                  of Other Representations and Warranties                                          | 14     |
| ARTICLE                  5                                                                             |                                                                                                         |   |
|     REPRESENTATIONS                  AND WARRANTIES OF THE TRANSFEREE,             | 14                                                                                                           |   |
|     5.1                                                                            | Organization                  of the Transferee                                                              | 14     |
|     5.2                                                                            | Authority                  of the Transferee                                                                 | 14     |
|     5.3                                                                            | Enforceability                  Against Transferee                                                           | 14     |
|     5.4                                                                            | No                  Consent Required by Transferee                                                           | 15     |
|     5.5                                                                            | Investment                  Canada Act - Transferee                                                          | 15     |
|     5.6                                                                            | Goods                  and Services Tax and Harmonized Sales Tax Registration of                  Transferee | 15     |
|     5.7                                                                            | Direction                  to the CRTC - Transferee                                                          | 15     |
|     5.8                                                                            | No                  Conflict by Transferee                                                                   | 15     |
|     5.9                                                                            | [Shares]                  [Units]                                                                            | 15     |
| ARTICLE                  6                                                                             |                                                                                                         |   |
|     SURVIVAL                                                                       | 15                                                                                                           |   |
|     6.1                                                                            | Nature                  and Survival                                                                         | 15     |
| ARTICLE                  7                                                                             |                                                                                                         |   |
|     OTHER                  COVENANTS OF THE PARTIES                                | 16                                                                                                           |   |
|     7.1                                                                            | Employment                  Matters                                                                          | 16     |
|     7.2                                                                            | Benefit                  Plans                                                                               | 16     |
|     7.3                                                                            | Services                  of Excluded Division                                                               | 17     |
|     7.4                                                                            | Preservation                  of Records                                                                     | 17     |
|     7.5                                                                            | Stated                  Capital                                                                              | 17     |
|     7.6                                                                            | Insurance                                                                                                    | 17     |
|     7.7                                                                            | Shared                  Assets                                                                               | 17     |
|     7.8                                                                            | Trade-marks                                                                                                  | 18     |
| ARTICLE                  8                                                                             |                                                                                                         |   |
|     TAXES                                                                          | 18                                                                                                           |   |
|     8.1                                                                            | Sales                  and Transfer Taxes                                                                    | 18     |
|     8.2                                                                            | Goods                  and Services Tax and Harmonized Sales Tax Election                                    | 18     |
|     8.3                                                                            | Goods                  and Services Tax and Harmonized Sales Tax if Election Not                  Applicable | 19     |
|     8.4                                                                            | Income                  Tax Elections                                                                        | 19     |
| ARTICLE                  9                                                                             |                                                                                                         |   |
|     INDEMNIFICATION                                                                | 20                                                                                                           |   |
|     9.1                                                                            | Indemnification                  by the Transferor                                                           | 20     |
|     9.2                                                                            | Indemnification                  by the Transferee                                                           | 21     |
|     9.3                                                                            | Indemnification                  Procedures for Third Party Claims                                           | 21     |
|     9.4                                                                            | Bulk                  Sales and Retail Sales Tax Waiver                                                      | 22     |
|     9.5                                                                            | Reductions                  and Subrogation                                                                  | 22     |
|     9.6                                                                            | Exclusive                  Remedy                                                                            | 23     |
|     9.7                                                                            | One                  Recovery                                                                                | 23     |
|     9.8                                                                            | Duty                  to Mitigate                                                                            | 23     |
|     9.9                                                                            | Trustee                  and Agent                                                                           | 23     |
|     9.10                                                                           | Tax                  Status of Indemnification Payments                                                      | 24     |
| ARTICLE                  10                                                                            |                                                                                                         |   |
|     GENERAL                                                                        | 24                                                                                                           |   |
|     10.1                                                                           | Arbitration                                                                                                  | 24     |
|     10.2                                                                           | Public                  Notices                                                                              | 25     |
|     10.3                                                                           | Expenses                                                                                                     | 25     |
|     10.4                                                                           | Notices                                                                                                      | 26     |
|     10.5                                                                           | Attornment                                                                                                   | 26     |
|     10.6                                                                           | Assignment                                                                                                   | 27     |
|     10.7                                                                           | Enurement                                                                                                    |   | 27 |
|     10.8                                                                           | Amendments                  and Waivers                                                                      |   | 27  |
|     10.9                                                                           | Further                  Assurances                                                                          |   | 27  |
|     10.10                                                                          | Execution                  and Delivery                                                                      |   | 27  |

----

**THIS        ASSET TRANSFER AGREEMENT**

**BETWEEN:**

**CanWest        MediaWorks Inc.**

**Transferor**

**Transferee**

**[Note:  The        Transferee will be a corporation that will be a wholly-owned subsidiary of        the        Transferor or a limited partnership in which the Transferor will hold all        of the        limited partnership interests and will hold all of the shares of the corporation        that is the sole general partner of the limited partnership, following the        transfer.]**

**RECITALS:**

| A. | The                  Transferor carries on the Contributed                  Business. |
|----|---------------------------------------------------------------------------------------|

| B. | The                  Transferor has agreed to sell to the Transferee and the Transferee                  has                  agreed to purchase from the Transferor substantially all of the                  assets,                  property and undertaking of and relating to the Contributed Business,                  on                  the terms and conditions of this                  Agreement. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**THEREFORE**

**ARTICLE        1**

**DEFINITIONS        AND PRINCIPLES OF INTERPRETATION**

| **1.1** | **Definitions** |
|---------|-----------------|

**“Accounts        Payable”**

**Accounts        Receivable**

**Accrued        Liabilities**

**“Affiliate”**

**“Agreement”**
**“Article”**
**“Section”**

**Ancillary        Agreements**

**“Appeal        Arbitrator”**
10.1(c)

**“Appeal        Respondent” **
10.1(c)

**“Appellant”        **
10.1(c)

**“Arbitration        Act”**
10.1(a)

**“Assumed        Liabilities”**

**“Assumed        Obligations”**
7.1

**“Benefit        Plans”**

----

**“Books        and Records”**

**“Business        Day”**

**“Cash”**

**Claims**
9.3(a)

**“Closing”**

**“Closing        Date”**
** **

**“Closing        Time”**

**“Confidential        Arbitration Information”**
10.1(e)

**“Contracts”**

**“Contributed        Business”**

----

** “CRTC”**

**“Dispute”        **
10.1(a)

**Damages**

**“Employees”**

**“Encumbrances”**

**“Excluded        Assets”**

|   | (a) | Cash; |
|--------|-----|-------|

|   | (b) | corporate,                  financial and taxation records of the Transferor or any of its                  Affiliates,                  whether relating to the Contributed Business or the Purchased Assets                  or                  otherwise, and records of the Transferor that do not relate primarily                  to                  the Contributed Business; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | extra-provincial,                  sales, excise or other similar licences or registrations issued                  to or held                  by the Transferor or any of its Affiliates, whether relating to                  the                  Contributed Business or the Purchased Assets or otherwise, other                  than any                  such licences or registrations that are exclusively related to                  the                  Contributed Business or the Purchased Assets and are                  transferable; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | refunds                  in respect of assessments or reassessments for Taxes paid prior                  to the                  Closing whether relating to the Contributed Business or the Purchased                  Assets or otherwise; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | refundable                  Taxes and input tax credits in respect of Taxes paid prior to Closing                  whether relating to the Contributed Business or the Purchased Assets                  or                  otherwise; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | insurance                  policies, other than in respect of the right to receive insurance                  recoveries under such policies in respect of any loss, damage or                  destruction of or to the Purchased Assets;                  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Contracts                  relating to the foregoing; |
|--------|-----|-------------------------------------------------------|

**“Excluded        Division”**

**“Excluded        Liabilities”**

|   | (a) | with                  respect to Taxes, whether or not the same relate to the Contributed                  Business or the Purchased Assets, including Taxes with respect                  to periods                  prior to the Closing Date; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | with                  respect to Indebtedness, whether or not the same was incurred with                  respect                  to or relating to the Contributed Business or the Purchased                  Assets; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | that                  do not arise with respect to or do not primarily relate to the                  Contributed                  Business or the Purchased Assets; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | relating                  to the Excluded Assets; and |
|--------|-----|-------------------------------------------------------|

|   | (e) | that                  have been specifically agreed to be assumed or retained by the                  Transferor                  or its Affiliates pursuant to the                  Agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**“Fair        Market Value”**

**“Goodwill”**

**“Governmental        Entity”**

|   | (a) | multinational,                  federal, provincial, state, regional, municipal, local or other                  government, governmental or public department, central bank, court,                  tribunal, arbitral body, commission, board, bureau or agency, domestic                  or                  foreign; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                  subdivision, agent, commission, board or authority of any of the                  foregoing; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (c) | any                  quasi-governmental or private body exercising any regulatory,                  expropriation or taxing authority under or for the account of any                  of the                  foregoing, including the Toronto Stock Exchange or any other stock                  exchange; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | **“Governmental                  Authorizations”** means authorizations, approvals, licences or                  permits issued to the Transferor and its Affiliates relating primarily                  to                  the Contributed Business or the Purchased Assets by or from any                  Governmental Entity; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**“Indebtedness”**

|   | (a) | money                  borrowed or raised, including any related premiums and all capitalized                  interest; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (b) | debentures,                  bonds, promissory notes or similar debt instruments;                  and |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (c) | obligations                  under leases of real or personal property to the extent that such                  obligations would be capitalized on a balance sheet prepared in                  accordance                  with GAAP; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**“Indemnified        Party”**
9.3(a)

**“Indemnifying        Party” **
9.3(a)

**“Indemnity        Agreement”**

**“Ineligible        Assets” **
8.3

**“Information        Technology”**

**“Intellectual        Property” **

|   | (a) | trade-marks,                  trade dress, trade-names, business names and other indicia of origin;                  and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (b) | copyrights,                  including copyright registrations and                  applications; |
|--------|-----|---------------------------------------------------------------------------------------------------|

----

|   | **“Inventories”**                  means items that on the Closing Date are held by the Transferor                  and its                  Affiliates for sale, license, rental, lease or other distribution                  in the                  ordinary course of business, or are being produced for sale, or                  are to be                  consumed, directly or indirectly, in the production of goods or                  services                  to be available for sale, of every kind and nature and wheresoever                  situate                  and in each case relating primarily to the Contributed Business                  or the                  Purchased Assets; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**“Laws”**

**Leased        Real Property**

**“Non-Assignable        Rights”**
2.3

**“Notice”**
10.4

**“Owned        Real Property”**

**“Parties”**

**“Permitted        Encumbrances”**
1.1

**“Person”**

**“Prepaid        Expenses and Deposits” **

**“Proceeding”**

----

**“Purchase        Price”**
3.1

**“Purchased        Assets”**

|   | (a) | the                  Accounts Receivable; |
|--------|-----|-------------------------------------------|

|   | (b) | the                  Books and Records; |
|--------|-----|-----------------------------------------|

|   | (c) | the                  Contracts; |
|--------|-----|---------------------------------|

|   | (d) | the                  Goodwill; |
|--------|-----|--------------------------------|

|   | (e) | the                  Governmental Authorizations; |
|--------|-----|---------------------------------------------------|

|   | (f) | the                  Inventories; |
|--------|-----|-----------------------------------|

|   | (g) | the                  Owned Real Property; |
|--------|-----|-------------------------------------------|

|   | (h) | the                  Prepaid Expenses and Deposits; |
|--------|-----|-----------------------------------------------------|

|   | (i) | the                  Securities; |
|--------|-----|----------------------------------|

|   | (j) | the                  Tangible Personal Property; and |
|--------|-----|------------------------------------------------------|

|   | (k) | the                  Technology; |
|--------|-----|----------------------------------|

**Real        Property**

**“Securities”**

**“Shareholders        Agreement”**

**[“Shares”        means the voting common shares in the capital of the        Transferee;]**

**“Subsidiary”**

----

**“Tangible        Personal Property” **

**“Tax        Act”**
*Income Tax Act*

**“Taxes”**

**“Technical        Information”**

**“Technology”**

**“Transferee        Indemnified Persons”**
9.1(a)

**“Transferor        Indemnified Persons”**
9.2(a)

**[“Units”        means units of limited partnership interest in the        Transferee.]**

| **1.2** | **Certain                  Rules of Interpretation** |
|---------|------------------------------------------------------|

|   | (a) | **Time**                  - Time is of the essence in the performance of the Parties’ respective                  obligations. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | **Currency**–                  Unless otherwise specified, all references to money amounts are                  to lawful                  currency of Canada. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | **Headings**–                  Headings of Articles and Sections are inserted for convenience                  of                  reference only and do not affect the construction or interpretation                  of                  this Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | **Time                  Periods**– Unless otherwise specified, time periods within or                  following which any payment is to be made or act is to be done                  shall be                  calculated by |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | excluding                  the day on which the period commences and including the day on                  which the                  period ends and by extending the period to the next Business Day                  following                  if the last day of the period is not a Business                  Day. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | **Business                  Day** - Whenever any payment to be made or action to be taken                  under                  this Agreement is required to be made or taken on a day other than                  a                  Business Day, such payment shall be made or action taken on the                  next                  Business Day following. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | **Governing                  Law**– This Agreement is a contract made under and shall be                  governed by and construed in accordance with the laws of the Province                  of                  Ontario and the federal laws of Canada applicable in the Province                  of                  Ontario. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | **Including**–                  Where the word “including” or “includes” is used in this Agreement, it                  means “including (or includes) without                  limitation”. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | **No                  Strict Construction**– The language used in this Agreement is the                  language chosen by the Parties to express their mutual intent,                  and no rule                  of strict construction shall be applied against any                  Party. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | **Number                  and Gender**– Unless the context otherwise requires, words                  importing the singular include the plural and vice versa and words                  importing gender include all                  genders. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | **Severability**–                  If, in any jurisdiction, any provision of this Agreement or its                  application to any Party or circumstance is restricted, prohibited                  or                  unenforceable, such provision shall, as to such jurisdiction, be                  ineffective only to the extent of such restriction, prohibition                  or                  unenforceability without invalidating the remaining provisions                  of this                  Agreement and without affecting the validity or enforceability                  of such                  provision in any other jurisdiction or without affecting its application                  to other Parties or circumstances. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | **Statutory                  references**– A reference to a statute includes all regulations and                  rules made pursuant to such statute and, unless otherwise specified,                  the                  provisions of any statute or regulation which amends, supplements                  or                  supersedes any such statute or any such                  regulation. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **1.3** | **Entire                  Agreement** |
|---------|---------------------------------------|

----

| **1.4** | **Accounting                  Principles** |
|---------|--------------------------------------------|

**GAAP**

| **1.5** | **Schedules** |
|---------|---------------|

| **Schedule**                  | **Description**                                |
|-------------------------------|------------------------------------------------|
| Schedule                  1.1 | Permitted                  Encumbrances        |
| Schedule                  7.3 | Services                  of Excluded Division |

**ARTICLE        2**

**PURCHASE        AND SALE**

| **2.1** | **Action                  by Transferor and                  Transferee** |
|---------|---------------------------------------------------------------------------|

|   | (a) | **Purchase                  and Sale of Purchased Assets**– the Transferor shall sell or cause                  to be sold and the Transferee shall purchase the Purchased                  Assets; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | **Assumption                  of Assumed Liabilities****and Assumed Obligations**–                  the Transferee shall assume the Assumed Liabilities and Assumed                  Obligations; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | **Payment                  of Purchase Price**– the Transferee shall pay the Purchase Price as                  provided in Section 3.2; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | **Transfer                  and Delivery of Purchased Assets**– the Transferor shall execute                  and deliver, or cause to be executed and delivered, to the Transferee                  all                  such bills of sale, assignments, instruments of transfer, deeds,                  assurances, consents and other documents as shall be necessary                  to                  effectively transfer to the Transferee the Purchased Assets; the                  Transferor shall deliver up or cause to be delivered up to the                  Transferee                  possession of the Purchased Assets, free and clear of all Encumbrances                  (other than Permitted Encumbrances);                  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | **Other                  Documents**– the Transferor and Transferee shall deliver or cause                  to be delivered such other documents as may be necessary to complete                  the                  transactions provided for in this                  Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.2** | **Place                  of Closing** |
|---------|---------------------------------------|

| **2.3** | **Non-Assignable                  Rights** |
|---------|--------------------------------------------|

**Non-Assignable Rights**

|   | (a) | apply                  for and use commercially reasonable efforts to obtain all such                  consents or                  approvals, provided that nothing shall require the Transferor to                  make any                  payment to any other party in order to obtain such consent or approval;                  and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | co-operate                  with the Transferee in any reasonable arrangements designed to                  provide the                  benefits of such Non-Assignable Rights to the Transferee, including                  holding any such Non-Assignable Rights in trust for the Transferee                  or                  acting as agent for the Transferee. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE        3**

**PURCHASE        PRICE**

| **3.1** | **Purchase                  Price** |
|---------|-------------------------------------|

**Purchase        Price**
**[the Fair Market Value of the Purchased Assets]**

| **3.2** | **Satisfaction                  of Purchase Price** |
|---------|-----------------------------------------------------|

**[Shares]**
**[Units]**

| **3.3** | **Assumption                  of Assumed Liabilities and Assumed                  Obligations** |
|---------|-------------------------------------------------------------------------------------------------|

----

**Article        4**

**REPRESENTATIONS        AND WARRANTIES OF THE TRANSFEROR**

| **4.1** | **Organization                  of the Transferor** |
|---------|-----------------------------------------------------|

| **4.2** | **Authority                  of Transferor** |
|---------|----------------------------------------------|

| **4.3** | **Enforceability                  Against Transferor** |
|---------|--------------------------------------------------------|

| **4.4** | **No                  Conflict by Transferor** |
|---------|------------------------------------------------|

| **4.5** | **No                  Consent Required by                  Transferor** |
|---------|-------------------------------------------------------------------------|

| **4.6** | **Goods                  and Services Tax and Harmonized Sales Tax Registration of                  Transferor** |
|---------|------------------------------------------------------------------------------------------------------------------|

*Excise Tax Act*
**:        [insert]**

----

**4.7           Residency        of Transferor**

| **4.8** | **Direction                  to the CRTC - Transferor** |
|---------|---------------------------------------------------------|

| **4.9** | **Title                  to Certain Assets** |
|---------|----------------------------------------------|

| **4.10** | **Disclaimer                  of Other Representations and                  Warranties** |
|----------|------------------------------------------------------------------------------------------|

Article        4

**ARTICLE        5**

**REPRESENTATIONS        AND WARRANTIES OF THE TRANSFEREE**

| **5.1** | **Organization                  of the Transferee** |
|---------|-----------------------------------------------------|

**[incorporated] [formed]**
**[incorporation]**
**[formation]**
**[corporate]**
**[partnership]**

| **5.2** | **Authority                  of the Transferee** |
|---------|--------------------------------------------------|

**[corporate]**
**[partnership]**
**[corporate]**
**[partnership]**

| **5.3** | **Enforceability                  Against Transferee** |
|---------|--------------------------------------------------------|

**[it]**
**[the partners in the Transferee, subject to the        limitations contained in **
***The Partnership        Act***
** (Manitoba)] [or other applicable statute] **

----

**5.4           No        Consent Required by Transferee**

| **5.5** | **Investment                  Canada Act - Transferee** |
|---------|---------------------------------------------------------|

| **5.6** | **Goods                  and Services Tax and Harmonized Sales Tax Registration of                  Transferee** |
|---------|------------------------------------------------------------------------------------------------------------------|

*Excise Tax Act*
**:        [insert]**

| **5.7** | **Direction                  to the CRTC - Transferee** |
|---------|---------------------------------------------------------|

| **5.8** | **No                  Conflict by Transferee** |
|---------|------------------------------------------------|

**[board        of directors (or any committee thereof) or of its        shareholders]**
**[partners]**

| **5.9** | **[Shares]                  [Units]** |
|---------|---------------------------------------|

**[Shares]        [Units]**

**ARTICLE        6**

**SURVIVAL**

| **6.1** | **Nature                  and Survival** |
|---------|------------------------------------------|

|   | (a) | the                  Closing; |
|--------|-----|-------------------------------|

----

|   | (b) | the                  execution and delivery under this Agreement of any bills of sale,                  instruments of conveyance, assignments or other instruments of                  transfer of                  title to any of the Purchased Assets;                  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                  payment of the consideration for the Purchased                  Assets, |
|--------|-----|----------------------------------------------------------------------------------------------|

9.1(b)
9.2(b)

**ARTICLE        7**

**OTHER        COVENANTS OF THE PARTIES**

| **7.1** | **Employment                  Matters** |
|---------|-----------------------------------------|

|   | (a) | The                  Transferee shall continue the employment of all of the Employees                  effective                  as of the Closing Time on terms that are substantially similar                  to the                  terms of their current employment and shall recognize the service                  of such                  Employees with the Transferor and its Affiliates for all purposes                  as                  service with the Transferee. For administrative convenience, the                  Transferor may continue to provide payroll reporting and payroll                  services                  with respect to the Employees and may make payments, or cause payments                  to                  be made, on behalf of the Transferee until such time as the Transferee                  can                  assume responsibility for such                  activities. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                  Transferee shall become the successor employer under any collective                  agreements that apply to the Employees and shall be bound by and                  comply                  with the terms of such collective                  agreements. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                  Transferor shall be solely responsible for all amounts accrued                  and owing                  to the Employees in respect of all periods prior to the Closing                  Time and                  all contributions owing under the Benefit Plans as at the Closing                  Time in                  respect of benefits accrued or incurred by the Employees prior                  to the                  Closing Time regardless of whether such amounts would otherwise                  be due and                  payable as of the Closing Time.  This includes amounts for                  vacation, bonus, incentive commission or pay in lieu of                  overtime. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                  Transferee shall be responsible for all notice of termination,                  severance                  and other obligations including entitlement to benefit coverage,                  stock                  options or incentive compensation to the Employees who do not continue                  employment with the Transferee. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **7.2** | **Benefit                  Plans** |
|---------|------------------------------------|

7.1(c)

----

7.1(c)
**.**

| **7.3** | **Services                  of Excluded Division** |
|---------|----------------------------------------------------|

7.3

| **7.4** | **Preservation                  of Records** |
|---------|----------------------------------------------|

| **7.5** | **Stated                  Capital** |
|---------|-------------------------------------|

**[26(3) of the**
***Canada Business Corporations Act***
**OR        26(3) of **
***The Corporations Act***
**(Manitoba)]**
**[Note:  Applicable only if the Transferee is a        corporation.]**

| **7.6** | **Insurance** |
|---------|---------------|

| **7.7** | **Shared                  Assets** |
|---------|------------------------------------|

|   | (a) | any                  assets of the Transferor and its Affiliates that do not form part                  of the                  Purchased Assets were used by the Contributed Business prior to                  the                  Closing Time; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                  Purchased Assets were used by the Transferor and its Affiliates                  (for the                  avoidance of doubt, other than the Contributed Business) prior                  to the                  Closing Time; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | the                  Parties will co-operate with each other in any reasonable arrangements                  designed to allow the continued use of, or otherwise provide the                  benefits                  of, such assets or such Purchased Assets, as the case may be, following                  the Closing Time on a non-exclusive basis, by or to the Party that                  does                  not own such assets following the Closing Time (or its Affiliates),                  including the licensing of such assets for use by such Party or                  its                  Affiliates or acting as agent for such Party or its Affiliates,                  on terms                  (including financial compensation and otherwise) consistent with                  the basis                  upon which the Parties shared the use of such assets or such Purchased                  Assets, as the case may be, prior to the Closing                  Time. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **7.8** | **Trade-marks** |
|---------|-----------------|

7.7

**ARTICLE        8**

**TAXES**

| **8.1** | **Sales                  and Transfer Taxes** |
|---------|-----------------------------------------------|

*Excise        Tax Act*

| **8.2** | **Goods                  and Services Tax and Harmonized Sales Tax                  Election** |
|---------|------------------------------------------------------------------------------------------------|

*Excise Tax Act*

----

**8.3           Goods        and Services Tax and Harmonized Sales Tax if Election Not        Applicable**

|   | (a) | subject                  to Section 8.3(b), the Transferee shall be liable for and shall                  pay to the                  Transferor or the applicable Affiliate of the Transferor an amount                  equal                  to any goods and services tax and harmonized sales tax payable                  by the                  Transferee and collectible by the Transferor or the applicable                  Affiliate                  of the Transferor under the *Excise Tax Act* (Canada), plus an                  amount equal to any similar value added or multi-staged tax imposed                  by any                  applicable provincial or territorial legislation, in connection                  with the                  purchase and sale of the Ineligible Assets under this Agreement;                  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to                  the extent permitted under subsection 221(2) of the *Excise Tax Act*(Canada) and any equivalent or corresponding provision under                  any                  applicable provincial or territorial legislation, the Transferee                  shall                  self-assess and remit directly to the appropriate Governmental                  Entity any                  goods and services tax and harmonized sales tax imposed under the                  *Excise Tax Act* (Canada) and any similar value added or                  multi-staged tax imposed by any applicable provincial or territorial                  legislation payable in connection with the transfer of any of the                  Real                  Property to the extent such Real Property is an Ineligible                  Asset.  The Transferee shall make and file a return(s) in                  accordance with the requirements of subsection 228(4) of the *Excise                  Tax Act* (Canada) and any equivalent or corresponding provision under                  any applicable provincial or territorial                  legislation. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **8.4** | **Income                  Tax Elections** |
|---------|-------------------------------------------|

|   | (a) | a                  joint election(s) to have the provisions of **[subsection 85(1)]                  [subsection 97(2)]** of the Tax Act, and any equivalent or                  corresponding provision under applicable provincial or territorial                  tax                  legislation, apply to the purchase and sale of the Purchased Assets                  under                  this Agreement.  It is intended that the purchase and sale of                  the Purchased Assets be on a tax-deferred basis to the Transferor                  and its                  applicable Affiliates for purposes of the Tax Act and applicable                  provincial or territorial tax legislation; for purposes of each                  such                  election(s), the parties to the applicable election shall elect                  transfer                  prices in respect of the Purchased Assets as determined by the                  Transferor                  or its applicable Affiliates, as the case may be, in a manner consistent                  with this intention and the consideration received                  for** **the Purchased Assets shall be allocated in a                  manner consistent with this                  intention; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if                  and to the extent applicable, a joint election(s) to have the rule                  in                  section 22 of the Tax Act, and any equivalent or corresponding                  provision                  under applicable provincial or territorial tax legislation, apply                  in                  respect of the Accounts |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Receivable                  that are the subject of such election, and shall designate therein                  the                  amount determined by the Transferor or its applicable Affiliates,                  as the                  case may be; and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if                  and to the extent applicable, a joint election(s) to have the rules                  in                  subsection 20(24) of the Tax Act, and any equivalent or corresponding                  provision under applicable provincial or territorial tax legislation,                  apply to the obligations of the Transferor or its applicable Affiliates,                  as the case may be, in respect of undertakings which arise from                  the                  operation of the Contributed Business and to which paragraph 12(1)(a)                  of                  the Tax Act* *applies.  The Transferee and the                  Transferor acknowledge that the Transferor or its applicable Affiliates,                  as the case may be, is transferring assets to the Transferee which                  have a                  value equal to the elected amount as consideration for the assumption                  by                  the Transferee of such obligations of the Transferor or its applicable                  Affiliates, as the case may be. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE        9**

**INDEMNIFICATION**

| **9.1** | **Indemnification                  by the Transferor** |
|---------|--------------------------------------------------------|

|   | (a) | The                  Transferor shall indemnify and save harmless the Transferee, **[the                  partners in the Transferee,] [its]****[their]**respective Affiliates (for the avoidance of doubt, excluding                  the                  Transferor and its Affiliates other than the Transferee and its                  Subsidiaries) and their respective directors, managers, officers,                  members,                  shareholders, partners, agents, representatives, successors and                  assigns                  (“**Transferee Indemnified Persons**”) from and against all                  Damages sustained or incurred by any Transferee Indemnified Person                  as a                  result of or arising out of: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any                  non-fulfilment or breach of any covenant or agreement on the part                  of the                  Transferor contained in this                  Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                  inaccuracy in or breach of any representation or warranty of the                  Transferor contained in this                  Agreement; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any                  liability or obligation of the Transferor and its Affiliates that                  is not                  an Assumed Liability or an Assumed Obligation;                  and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the                  Excluded Liabilities. |
|--------|------|--------------------------------------------|

|   | (b) | The                  Transferor’s obligations under Section 9.1(a) shall                  be subject to the following                  limitations: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                  obligations of the Transferor under Section 9.1(a)(ii) shall                  terminate on the Survival Date, as such term is defined in                  the |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Indemnity                  Agreement, except with respect to *bona fide* Claims by the                  Transferee set forth in written notices given by the Transferee                  to the                  Transferor prior to such date and in any event, within 45 days                  of its                  determination that it has a *bona fide* Claim;                  and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                  Transferor shall not be liable for any special, indirect, incidental,                  consequential, punitive or aggravated                  damages. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9.2** | **Indemnification                  by the Transferee** |
|---------|--------------------------------------------------------|

|   | (a) | The                  Transferee shall indemnify and save harmless the Transferor, its                  Affiliates and their respective directors, managers, officers,                  members,                  shareholders, partners, agents, representatives, successors and                  assigns                  (“**Transferor Indemnified Persons**”) from and against all                  Damages sustained or incurred by any Transferor Indemnified Person                  as a                  result of or arising out of the Assumed Liabilities and the Assumed                  Obligations. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                  Transferee shall not be liable for any special, indirect, incidental,                  consequential, punitive or aggravated                  damages. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9.3** | **Indemnification                  Procedures for Third Party                  Claims** |
|---------|-----------------------------------------------------------------------------------------|

|   | (a) | In                  the case of claims for Damages made by a third party with respect                  to which                  indemnification is sought pursuant to this Agreement                  (“**Claims**”), the Party seeking indemnification (the                  “**Indemnified Party**”) shall give prompt notice, and in any                  event within 30 days, to the other Party (the “**Indemnifying                  Party**”) of any such Claims made upon it.  If the                  Indemnified Party fails to give such notice, such failure shall                  not                  preclude the Indemnified Party from obtaining such indemnification                  but its                  right to indemnification may be reduced to the extent that such                  delay                  prejudiced the defence of the Claim or increased the amount of                  liability                  or cost of defence. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                  Indemnifying Party shall have the right, by notice to the Indemnified                  Party given not later than 30 days after receipt of the notice                  described                  in Section 3.5(a), to assume the control of the defence, compromise                  or                  settlement of the Claim, provided that such assumption shall, by                  its                  terms, be without cost to the Indemnified                  Party. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Upon                  the assumption of control of any Claim by the Indemnifying Party                  pursuant                  to Section 3.5(b), the Indemnifying Party shall diligently proceed                  with                  the defence, compromise or settlement of the Claim at its sole                  expense,                  including if necessary, employment of counsel and experts reasonably                  satisfactory to the Indemnified Party and, in connection with such                  defence, the Indemnified Party shall cooperate fully, but at the                  reasonable expense of the Indemnifying Party, to make available                  to the                  Indemnifying Party all pertinent information and witnesses under                  the                  Indemnified Party’s control, make such assignments and take such other                  reasonable steps as in the opinion of counsel for the Indemnifying                  Party                  are reasonably necessary to enable the Indemnifying Party to conduct                  such                  defence.  The Indemnified Party shall also have the right to                  participate in the negotiation, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | settlement                  or defence of any Claim at its own expense; provided, however,                  that if the                  Indemnified Party reasonably believes that there is a conflict                  of interest                  between its interests and the interests of the Indemnifying Party                  or                  counsel chosen by the Indemnifying Party or there is a reasonable                  probability that a Claim may materially and adversely affect the                  Indemnified Party other than as a result of money damages or other                  money                  payments, then the Indemnified Party may retain counsel of its                  own, at the                  expense of the Indemnifying Party.  The Indemnifying Party shall                  not, without the written consent of the Indemnified Party, settle                  or                  compromise any Claim or consent to the entry of any judgment which                  does                  not include as an unconditional term thereof the giving by the                  claimant to                  the Indemnified Party a release from all liability in respect to                  such                  Claim or that provides for any relief other than monetary                  damages. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                  final determination of any Claim pursuant to this Section 3.5,                  including                  all related costs and expenses, shall be binding and conclusive                  upon the                  Parties as to the validity or invalidity, as the case may be, of                  such                  Claim against the Indemnifying                  Party. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9.4** | **Bulk                  Sales and Retail Sales Tax                  Waiver** |
|---------|------------------------------------------------------------------------------|

*Bulk        Sales Act*
*Retail Sales Tax Act*

| **9.5** | **Reductions                  and Subrogation** |
|---------|-------------------------------------------------|

|   | (a) | any                  net Tax benefit to that Party; or |
|--------|-----|--------------------------------------------------------|

|   | (b) | any                  recovery, settlement or otherwise under or pursuant to any insurance                  coverage, or pursuant to any claim, recovery, settlement or payment                  by or                  against any other Person, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**9.6           Exclusive        Remedy**

Article 9
Article 9
9.1(b)
9.2(b)
Article 9

| **9.7** | **One                  Recovery** |
|---------|-----------------------------------|

| **9.8** | **Duty                  to Mitigate** |
|---------|---------------------------------------|

| **9.9** | **Trustee                  and Agent** |
|---------|----------------------------------------|

9.1
9.2

----

| **9.10** | **Tax                  Status of Indemnification                  Payments** |
|----------|------------------------------------------------------------------------------|

Article        9
Article 9
Article 9
*Excise Tax Act*

**ARTICLE        10**

**GENERAL**

| **10.1** | **Arbitration** |
|----------|-----------------|

|   | (a) | Any                  controversy or dispute arising out of or relating to this Agreement,                  its                  negotiation, validity, existence, breach, termination, construction                  or                  application, or the rights, duties or obligations of any party                  to this                  Agreement (a “**Dispute**”), shall be referred to and                  determined by arbitration before a single arbitrator to be administered                  by                  ADR Chambers Inc., based in the City of Toronto, in accordance                  with its                  Arbitration Rules and the *Arbitration Act*, 1991 (Ontario) (the                  “**Arbitration                  Act**”). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                  seat of the arbitration shall be Ontario and hearings shall be                  conducted                  in the City of Toronto. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A                  Party to the arbitration (the “**Appellant**”) may appeal an                  award on a question of law or a question of mixed fact and law                  by                  delivering a Notice of appeal (“**Notice of Appeal**”) to the                  Party opposite (the “**Appeal Respondent**”) within 10 days                  of receipt of the award.  With the Notice of Appeal, the                  Appellant shall name three persons whom the Appellant is prepared                  to                  nominate as appeal arbitrators, each of such persons to be a former                  appellate judge of the Ontario Court of Appeal or the Supreme Court                  of                  Canada (an “**Appeal Arbitrator**”).  Within seven                  days of the receipt of the Notice of Appeal, the Appeal Respondent                  shall                  by Notice to the Appellant select one or more of the three persons                  named                  by the Appellant or provide the Appellant with a list of three                  persons who                  are Appeal Arbitrators.  Within seven days of receipt of the                  Appeal Respondent’s list, by Notice to the Appeal Respondent, the                  Appellant shall select one or more of such persons and/or provide                  a                  further list of three Appeal Arbitrators.  The Parties shall                  continue to exchange lists of three Appeal Arbitrators in this                  fashion                  until three Appeal Arbitrators are selected.  If the Parties are                  unable to agree upon three Appeal |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Arbitrators                  within 20 days of the receipt by the Appeal Respondent of the Notice                  of                  Appeal, each Party shall appoint one Appeal Arbitrator, and the                  two Appeal                  Arbitrators thus appointed shall appoint a third Appeal                  Arbitrator.  Where the two Appeal Arbitrators fail to agree on                  the third Appeal Arbitrator within 10 days of their appointment,                  either                  Party may provide copies of the exchanged lists to ADR Chambers                  Inc. which                  shall appoint the third Appeal Arbitrator.  Where an appeal is                  taken, the award of the Appeal Arbitrators shall be final and binding                  upon                  the Parties and there shall be no further right of appeal.  The                  award of the Appeal Arbitrators shall be an arbitral award under                  the                  Arbitration Act. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Arbitration                  in accordance with the provisions of this Section 10.1 shall be the sole dispute resolution                  mechanism in respect of any Dispute except it is not incompatible                  with                  this arbitration agreement for any Party to request, before or                  during the                  arbitral proceedings, from a competent court any interim, provisional                  or                  conservatory relief and for the court to grant such                  relief. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                  Parties undertake as a general principle to keep confidential all                  information concerning the existence of the arbitration, all awards                  or                  appeals in the arbitration, all materials in the proceedings created                  or                  used for the purpose of the arbitration, and all materials and                  information                  produced during the arbitration and not in the public domain                  (“**Confidential Arbitration Information**”) save and to the                  extent that disclosure may be required of a Party by legal duty,                  to                  protect or pursue a legal right or to enforce or set aside an award                  in                  bona fide Proceedings before a competent court. Each Party shall                  obtain                  and deposit with the arbitrator a signed confidentiality undertaking                  from                  its legal counsel, independent experts and consultants regarding                  the                  Confidential Arbitration                  Information. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **10.2** | **Public                  Notices** |
|----------|-------------------------------------|

|   | (a) | where                  required to meet timely disclosure obligations of any Party under                  Laws or                  stock exchange rules in circumstances where prior consultation                  with the                  other Party is not practicable and a copy of such disclosure is                  provided                  to the other Party at such time as it is made available to the                  regulatory                  authority; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in                  the case of the Transferor’s communication made to the Transferor’s                  employees affected by such                  transaction. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **10.3** | **Expenses** |
|----------|--------------|

----

**10.4           Notices**

**Notice**

|   | (a) | in                  the case of a Notice to the Transferor                  at: |
|--------|-----|---------------------------------------------------------------------------------|

|   | (b) | in                  the case of a Notice to the Transferee                  at: |
|--------|-----|---------------------------------------------------------------------------------|

| **10.5** | **Attornment** |
|----------|----------------|

10.1

----

**10.6           Assignment**

| **10.7** | **Enurement** |
|----------|---------------|

| **10.8** | **Amendments                  and Waivers** |
|----------|---------------------------------------------|

| **10.9** | **Further                  Assurances** |
|----------|-----------------------------------------|

| **10.10** | **Execution                  and Delivery** |
|-----------|---------------------------------------------|

**IN        WITNESS OF WHICH**

|   |   | **CANWEST                  MEDIAWORKS INC.** |
|--------|--------|----------------------------------------------|
| By:    |   |
|   | Name:  |
|   | Title: |
| By:    |   |
|   | Name:  |
|   | Title: |

|   |   | l |
|--------|--------|---|
| By:    |   |
|   | Name:  |
|   | Title: |
| By:    |   |
|   | Name:  |
|   | Title: |

----

**SCHEDULE        1.1**

**PERMITTED        ENCUMBRANCES**

**“Permitted        Encumbrances”**

**General**

| 1. | Applicable                  municipal by-laws, development agreements, subdivision agreements,                  site                  plan agreements, other agreements, building and other restrictions,                  easements, servitudes, rights of way and licences which do not                  in the                  aggregate materially adversely affect the use or value of the real                  property affected thereby and provided the same have been complied                  with in                  all material respects to the Closing Date including the posting                  of any                  required security for performance of obligations                  thereunder. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Defects                  or irregularities in title to the real property which are of a                  minor                  nature and do not materially adversely affect the use or value                  of the real                  property affected thereby and provided the same have been complied                  with in                  all material respects to the Closing                  Date. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Inchoate                  statutory liens for Taxes, assessments, governmental or utility                  charges or                  levies not at due as at the Closing                  Date. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Rights                  of equipment lessors under equipment contracts provided the terms                  of such                  equipment contracts have been fully performed to the Closing                  Date. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Any                  privilege in favour of any lessor, licensor or permitter for rent                  to                  become due or for other obligations or acts, the performance of                  which is                  required under Contracts so long as the payment of such or the                  performance                  of such other obligation or act is not delinquent and provided                  that such                  liens or privileges do not materially adversely affect the use                  or value of                  the Purchased Assets affected                  thereby. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | All                  Encumbrances affecting a landlord’s freehold interest in any leased real                  property. |
|----|--------------------------------------------------------------------------------------------------------------------------------|

| 7. | Any                  other Encumbrance that is not material in amount or effect (but                  in no                  event including any Encumbrances consisting of or related to the                  Excluded                  Liabilities). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Any                  other Encumbrances that the Transferor or its Affiliates shall                  cause to be                  removed without liability or cost to the Transferee or the Contributed                  Business prior to the completion of the Combination                  Transaction. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SCHEDULE        7.3**

**SERVICES        OF EXCLUDED DIVISION**

**Excluded Services**

**Management Agreement**

*mutatis mutandis*

----

**SCHEDULE      6.1**

**FORM      OF COUNTERPART AND ACKNOWLEDGEMENT**

| **RE:** | **The                shareholders agreement (the “Agreement”) made between CW Investments Co.                (the “Corporation”) and its shareholders and others dated as of August 15,                2007** |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**[as of]**

|   |                                 | **[NAME]** |
|--------|--------------------------------------|------------|
| By:    |                                 |
|   | lAuthorized                Signatory |

**OR      IF AN INDIVIDUAL**

|    |   |       |
|---------|--------|------------|
| Witness |   | **[Name]** |

----

**SCHEDULE      6.9**

**REGISTRATION      RIGHTS**

----

**SCHEDULE        6.9**

**REGISTRATION        RIGHTS**

**Definitions        & Interpretation**

**1.1           Definitions**

**Canadian        Securities Laws**

**Canadian**
**Securities**
**Regulators**

**CanWest        Shares**

**Commission**

**“Distribution        Shares”**

**Indemnified        Party**

**Indemnifying        Party**

**Qualifying        Jurisdictions**

**“Sale        Number”**

**“Selling        Shareholder”**

**US        Securities Laws**

**US**
**Securities**
**Regulators**

**Violation**

----

**1.2           Section        References**

**Canadian        and United States Qualification Rights**

**2.1           GSCP        Demand Qualification**

|   | (a) | Subject                  to Sections 2.5 and 2.6 below, in the circumstances contemplated                  by                  Section 6.9 of the Agreement, GSCP may require the Corporation                  to take the                  steps and procedures set forth in Section 2.3 in order to qualify                  up to                  100% of the GS Shares for distribution pursuant to Canadian Securities                  Laws in each of the Qualifying Jurisdictions by delivering a written                  request (a “**Demand Qualification Request**”) to the                  Corporation, with a copy to CanWest, specifying the number of GS                  Shares                  that GSCP wishes to have qualified for distribution and the intended                  method of distribution. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Subject                  to Section 2.5, in the circumstances contemplated by Section 6.9                  of the                  Agreement, GSCP may require the Corporation to take the steps and                  procedures set forth in Exhibit A in order to register up to 100%                  of the                  GS Shares for distribution in the United States pursuant to US                  Securities                  Laws by delivering a Demand Qualification Request to the Corporation,                  with                  a copy to CanWest, specifying the number of GS Shares that GSCP                  wishes to                  have qualified for distribution and the intended method of                  distribution. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | GSCP                  may deliver only four Demand Qualification Requests pursuant to                  this                  Section 2.1; provided, that, with respect to each such request,                  (i) the                  aggregate proposed offering price (in the case of a proposed Canadian                  offering pursuant to Section 2.1(a)) is no less than $5,000,000                  and (ii)                  the aggregate proposed offering price (in the case of a proposed                  US                  offering pursuant to Section 2.1(b)) is no less than                  $25,000,000. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**2.2           Piggyback        Qualification**

|   | (a) | Subject                  to Sections 2.5 and 2.6 below, upon the written request (a                  “**CanWest Piggyback Request**”) of CanWest given within 25                  days of receipt of a copy of the Demand Qualification Request in                  accordance with Section 2.1, the Corporation shall use its commercially                  reasonable efforts to include up to 100% of the CanWest Shares,                  as                  specified by CanWest in the CanWest Piggyback Request, in such                  filings as                  may be necessary to qualify such CanWest Shares for distribution                  pursuant                  to Canadian Securities Laws or register such CanWest Shares under                  US                  Securities Laws, as applicable. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                  Corporation will promptly notify GSCP if the Corporation determines                  to                  qualify any Shares for distribution in Canada or the United                  States.  Subject to Sections 2.5 and 2.6 below, upon the written                  request (a “**GSCP Piggyback Request**”) of GSCP given within                  25 days of receipt of such notice, the Corporation shall use its                  commercially reasonable efforts to include up to                  100% |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | of                  the GS Shares, as specified by GSCP in the GSCP Piggyback Request,                  in such                  filings as may be necessary to qualify such GS Shares for distribution                  pursuant to Canadian Securities Laws or register such GS Shares                  under US                  Securities Laws, as applicable. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**2.3           Qualification        Procedures**

**Distribution        Shares**

|   | (a) | prepare                  and file (in any event within 90 days after a Demand Qualification                  Request                  has been delivered to the Corporation) a preliminary prospectus                  in                  accordance with Canadian Securities Laws and such other related                  documents                  as may be necessary or appropriate relating to the proposed distribution                  of the Distribution Shares and shall, as soon as possible after                  any                  comments of the Canadian Securities Regulators have been satisfied                  with                  respect to such preliminary prospectus, prepare and file in accordance                  with Canadian Securities Laws a (final) prospectus and obtain a                  receipt                  (or equivalent document) for such (final) prospectus and shall                  take all                  other steps and proceedings that may be necessary in order to qualify                  the                  Distribution Shares for distribution or distribution to the public,                  as the                  case may be, under Canadian Securities Laws; provided, however,                  that GSCP                  and CanWest, if any CanWest Shares are being distributed, shall                  use their                  commercially reasonable efforts to, and shall request any underwriters                  to,                  terminate distribution of the Distribution Shares as soon as possible                  following the issuance of a receipt (or equivalent document) for                  such                  (final) prospectus; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | prepare                  and file with the Canadian Securities Regulators such amendments                  and                  supplements to such preliminary prospectus and (final) prospectus                  as may                  be necessary to comply with the provisions of Canadian Securities                  Laws                  with respect to the distribution of the Distribution                  Shares; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | furnish                  to GSCP and CanWest, if applicable, such number of commercial copies                  of                  such preliminary prospectus and (final) prospectus and of each                  amendment                  and supplement to either and such other relevant documents as GSCP                  and                  CanWest, if applicable, may reasonably                  request; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | if                  GSCP advises the Corporation in accordance with Section 3.1 that                  it wishes                  to distribute the GS Shares by means of an underwriting, enter                  into and                  perform its obligations under an underwriting agreement, in customary                  form, with the underwriter or underwriters selected for such underwriting                  by GSCP and acceptable to each of the Corporation and CanWest,                  acting                  reasonably; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | use                  commercially reasonable efforts to cause all the Distribution Shares                  to be                  listed on the stock exchange or quotation system on which the Shares                  are                  then listed or quoted, if any, and if not then listed or quoted,                  on a                  recognized stock |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | exchange                  or quotation or other system selected by GSCP that is acceptable                  to the                  Corporation, acting reasonably; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | provide                  a transfer agent and registrar and a CUSIP number for all the Distribution                  Shares not later than the date of filing of the (final)                  prospectus; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | furnish                  to the underwriter or underwriters involved in the distribution                  all                  documents that they may reasonably                  request; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | furnish                  to GSCP and CanWest, if applicable: |
|--------|-----|--------------------------------------------------------------|

|   | (i) | an                  opinion of counsel for the Corporation addressed to GSCP, CanWest,                  if                  applicable, and the underwriters of the distribution and dated                  the date of                  such (final) prospectus; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a                  “comfort” letter addressed to the underwriter or underwriters dated such                  date and the closing date signed by the auditors of the                  Corporation; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | immediately                  notify GSCP and CanWest of the occurrence or discovery of any event                  as a                  result of which the preliminary prospectus or the (final) prospectus,                  as                  then in effect, would include a misrepresentation (as such term                  is defined                  in the *Securities Act* (Ontario)) or an untrue statement of a                  material fact or omit to state any material fact required to be                  stated                  therein or necessary to make any statement therein not misleading                  in the                  light of the circumstances in which it was made, and at the request                  of                  GSCP or CanWest prepare and furnish to GSCP and CanWest a reasonable                  number of commercial copies of a supplement to or an amendment                  of the                  preliminary prospectus or the (final) prospectus as may be necessary                  so                  that, as thereafter delivered to the purchasers of the Distribution                  Shares, such document shall not include a misrepresentation (as                  such term                  is defined in the *Securities Act* (Ontario)) or an untrue                  statement of a material fact or omit to state a material fact required                  to                  be stated therein or necessary to make any statement therein not                  misleading in the light of the circumstances in which it was made;                  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | otherwise                  use its commercially reasonable efforts to comply with all provisions                  of                  Canadian Securities Laws in connection with the qualification of                  the                  Distribution Shares for                  distribution. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**2.4           Expenses        of Qualification**

----

**2.5           Furnish        Information**

**2.6           Canadian        Escrow Requirements**

**2.7           Canadian        Securities Law Requirements**

|   | (a) | once                  the Shares are listed on a stock exchange, maintain such listing                  of the                  Shares for so long as the GS Parties hold at least 1% of the number                  of                  issued and outstanding Shares; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | file                  with the appropriate Canadian Securities Regulators in a timely                  manner all                  reports and other documents required to be filed by the Corporation                  under                  Canadian Securities Laws (at any time after the date that the Corporation                  becomes a reporting issuer under Canadian Securities Laws) for                  so long as                  the GS Parties hold at least 1% of the number of issued and outstanding                  Shares. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | **2.8** | **Lock-Up** |
|--------|---------|-------------|

**Underwriting**

**3.1           Underwriting        of GS Shares**

**3.2           Limitations**

**3.3           Allocation        of Shares Included in Prospectus**

|   | (a) | If                  the GS Parties intend to distribute the GS Shares referred to in                  the                  Demand Qualification Request (whether in the US or Canada) by means                  of an                  underwriting and CanWest has exercised its right to have CanWest                  Shares                  qualified for distribution as well, and if the lead managing underwriter                  shall advise GSCP and CanWest that, in its view, the number of                  Distribution Shares requested to be included in such offering exceeds                  the                  largest number (the “**Demand                  Registration** |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | **Sale                  Number**”) that can be sold in an orderly manner in such offering                  within a price range acceptable to GSCP, the Corporation shall                  include the                  Demand Registration Sale Number of Distribution Shares in the prospectus                  to be used to qualify Distribution Shares for distribution in the                  following priority: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | firstly,                  the Distribution Shares that the GS Parties wish to include in                  the                  prospectus; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | secondly,                  the Distribution Shares that CanWest wishes to include in the                  prospectus. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------|

|   | (b) | If                  the GS Parties have exercised their right to have GS Shares qualified                  for                  distribution (whether in the US or Canada) by making a GSCP Piggyback                  Request, and if the lead managing underwriter shall advise the                  Corporation                  that, in its view, the number of Distribution Shares requested                  to be                  included in such offering exceeds the largest number (the “**Maximum                  Sale Number**”) that can be sold in an orderly manner in such                  offering within a price range acceptable to the Corporation, the                  Corporation shall include the Maximum Sale Number of Distribution                  Shares                  in the prospectus to be used to qualify Distribution Shares for                  distribution in the following                  priority: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | firstly,                  the Distribution Shares that the Corporation wishes to include                  in the                  prospectus; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | secondly,                  the Distribution Shares that the GS Parties wish to include in                  the                  prospectus; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | thirdly,                  the Distribution Shares that CanWest wishes to include in the                  prospectus. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------|

**Indemnification        with respect to Canadian Offerings**

**4.1           Indemnification        by Corporation**

|   | (a) | If                  any Shares are included in a prospectus under this Schedule 6.9                  with                  respect to a distribution in Canada, the Corporation will indemnify                  and                  hold harmless each Shareholder, the officers, directors, partners,                  members, agents and employees of each Shareholder and each Person,                  if any,                  that controls such Shareholder under Canadian Securities Laws (each,                  in                  this Section 4.1, an “**Indemnified Party**”), against any                  losses (other than loss of profit), claims, damages or liabilities                  (joint                  or several) to which such Indemnified Party may become subject                  under                  Canadian Securities Laws or any other federal or provincial law,                  insofar                  as such losses, claims, damages or liabilities (or actions in respect                  of                  them) arise out of or are based upon any of the following statements,                  omissions or violations (each a                  “**Violation**”): |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any                  untrue statement or alleged untrue statement of a material fact                  contained                  in such prospectus or any amendments or supplements to                  it; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | the                  omission or alleged omission to state in the prospectus a material                  fact                  required to be stated in it or necessary to make the statements                  in it, in                  light of the circumstances in which they were made, not misleading;                  or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any                  violation or alleged violation by the Corporation of Canadian securities                  laws in connection with the qualification or sale of Distribution                  Shares. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                  Corporation will reimburse each Indemnified Party for any legal                  or other                  out-of-pocket expenses reasonably incurred by such Indemnified                  Party in                  connection with investigating or defending any such loss, claim,                  damage,                  liability, or action. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                  Corporation is not liable under the indemnity contained in this                  Section                  4.1: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in                  respect of amounts paid in settlement of any loss, claim, damage,                  liability or action if such settlement is effected without the                  consent of                  the Corporation (which consent may not be unreasonably withheld                  or                  delayed); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to                  the extent that it arises out of or is based upon a Violation that                  occurs                  in reliance upon and in conformity with written information furnished                  expressly for use in connection with such qualification by or on                  behalf of                  such Indemnified Party; or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | in                  the case of a sale effected directly by a Selling Shareholder of                  Shares                  (including a sale of such Shares through any underwriter retained                  by such                  Selling Shareholder engaging in a distribution solely on behalf                  of such                  Selling Shareholder), where: |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | such                  untrue statement or alleged untrue statement or omission or alleged                  omission was contained in a preliminary prospectus and corrected                  in a                  final or amended prospectus; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | such                  Selling Shareholder failed to deliver a copy of the final or amended                  prospectus at or prior to the confirmation of the sale of the Shares                  to                  the Person asserting any such loss, claim, damage or liability                  in any case                  in which such delivery is required by Canadian Securities                  Laws. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**4.2           Indemnification        by Selling Shareholder**

|   | (a) | Each                  Selling Shareholder that qualifies any Distribution Shares for                  distribution in Canada pursuant to a prospectus of the Corporation                  will                  indemnify and hold harmless the Corporation, each of its directors,                  each                  of its officers who have signed the prospectus, each Person, if                  any, who                  controls the Corporation within the meaning of Canadian Securities                  Laws,                  each employee, agent, and any underwriter for the Corporation,                  and any                  other Selling Shareholder or other shareholder selling securities                  pursuant                  to such prospectus or any of its directors, officers, partners,                  members,                  agents or employees or any Person who controls                  such |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Shareholder                  or such other shareholder or such underwriter (each, in this Section                  4.2,                  an “**Indemnified Party**”), against any losses (other than                  loss of profits), claims, damages, or liabilities (joint or several)                  to                  which such Indemnified Party may become subject under Canadian                  Securities                  Laws or other federal or provincial law, insofar as such losses,                  claims,                  damages or liabilities (or actions in respect of them) arise out                  of or are                  based upon any Violation, in each case only to the extent that                  such                  Violation occurs in reliance upon and in conformity with written                  information furnished by or on behalf of such Selling Shareholder                  expressly for use in such                  prospectus. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                  such Selling Shareholder will reimburse each Indemnified Party                  for any                  legal or other out-of-pocket expenses reasonably incurred by such                  Indemnified Party in connection with investigating or defending                  any such                  loss, claim, damage, liability or                  action. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                  liability of any Selling Shareholder under this indemnity is limited                  to                  the amount of net proceeds (after deduction of all underwriters’ discounts                  and commissions paid by such Selling Shareholder in connection                  with the                  qualification in question) received by such Selling Shareholder                  in the                  offering giving rise to the                  Violation. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                  Selling Shareholder is not liable under the indemnity contained                  in this                  Section 4.2 in respect of amounts paid in settlement of any such                  loss,                  claim, damage, liability or action if such settlement is effected                  without                  the consent of the Selling Shareholder (which consent may not be                  unreasonably withheld or delayed). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                  obligations of the Selling Shareholders under this indemnity are                  several,                  not joint or joint and several. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**4.3           Indemnification        Procedure**

|   | (a) | Promptly                  after receipt by an Indemnified Party of notice of the commencement                  of any                  action (including any action by a Governmental Entity), such Indemnified                  Party will, if a claim in respect of such action is to be made                  against any                  Person or Persons against whom any indemnity will be sought under                  Sections                  4.1 or 4.2 (the “**Indemnifying Party**”), deliver to the                  Indemnifying Party a written Notice of the commencement of the                  action, and                  the Indemnifying Party may participate in, and, to the extent the                  Indemnifying Party so desires, jointly with any other Indemnifying                  Party                  similarly noticed, assume and control the defense of such action                  with                  counsel mutually satisfactory to the parties; provided that the                  Indemnifying Party may not settle, compromise, or consent to judgment                  in                  any such action without the consent of the Indemnified Party unless                  such                  settlement, compromise or judgment contains a complete release                  of the                  Indemnified Party from any further claims, does not contain any                  injunction                  or restraint on future actions of the Indemnified                  Party. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | An                  Indemnified Party may retain its own counsel, with the fees and                  expenses                  to be paid by the Indemnifying Party, if representation of such                  Indemnified Party by |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | the                  counsel retained by the Indemnifying Party would be inappropriate                  due to                  actual or potential differing interests, as reasonably determined                  by                  either party, between such Indemnified Party and any other party                  represented by such counsel in such                  proceeding. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                  failure to deliver written notice to the Indemnifying Party within                  a                  reasonable time of the commencement of any such action, if prejudicial                  to                  its ability to defend such action, will relieve such Indemnifying                  Party of                  any liability to the Indemnified Party under Sections 4.1 or 4.2,                  as                  applicable, to the extent of such prejudice, but the omission to                  deliver                  written Notice to the Indemnifying Party does not relieve it of                  any                  liability that it may have to any Indemnified Party otherwise than                  under                  this Schedule 6.9. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**4.4           Contribution**

**4.5           Survival        of Indemnities**

**Section        5:                                Effect        on Shares; Regulatory Matters**

| **5.1** | **Put                  Shortfall Shares** |
|---------|-------------------------------------------|

|   | (a) | If                  the GS Parties hold any Put Shortfall Shares, the Put Shortfall                  Shares                  shall be qualified for distribution under Canadian Securities Laws,                  or                  registered under US Securities Laws, as applicable, and sold by                  the GS                  Parties prior to or concurrently with the qualification for distribution                  under Canadian Securities Laws, or registration under US Securities                  Laws,                  as applicable, and sale of any other GS Shares pursuant to this                  Schedule                  6.9. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Subject                  to Section 5.1(c), upon any sale by the GS Parties pursuant to                  this                  Schedule 6.9 of Put Shortfall Shares, the Corporation shall issue                  additional Shares to GSCP (to be sold in the same offering as the                  Put                  Shortfall Shares to be sold at such time) such that the aggregate                  gross                  proceeds to the GS Parties from the                  sale |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | of                  the Put Shortfall Shares and such additional Shares (before the                  payment of                  any underwriter’s fee, commission or discount) shall be not less than the                  product of the number of Put Shortfall Shares sold multiplied by                  the sum                  of the Put Shortfall Price per Share plus the IRR                  Adjustment. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If                  the GS Parties propose to sell any Put Shortfall Shares pursuant                  to this                  Schedule 6.9, GSCP shall cooperate with the Corporation and CanWest                  in                  structuring such sale in a manner that does not require or involve                  the                  issuance of any additional Shares to the GS Parties as contemplated                  by                  Section 5.1(b) of this Schedule 6.9 or  in a manner that is                  otherwise preferred by the Corporation or CanWest, provided that                  (i) the                  GS Parties receive gross proceeds of sale equal to the gross proceeds                  that                  would be obtained from the sale of the Put Shortfall Shares and                  any                  additional Shares as contemplated by Section 5.1(b) of this Schedule                  6.9,                  (ii) the GS Parties receive such proceeds no later than such time                  as they                  would have received them pursuant to Section 5.1(b) of this Schedule                  6.9                  and (iii) such alternative is otherwise not adverse to any of the                  GS                  Parties. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **5.2** | **Voting                  Shares; Shareholders                  Agreement** |
|---------|-----------------------------------------------------------------------------|

| **5.3** | **Regulatory                  Matters** |
|---------|-----------------------------------------|

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**Exhibit        A**

**US        Registration Procedures**

**1.           Demand        Registration Rights.**

|   | (a) | All                  Demand Qualification Requests for distributions in the United States                  will                  specify the aggregate amount of Shares to be registered and will                  also                  specify the intended methods of disposition thereof.  Promptly                  upon receipt of any such Demand Qualification Request, the Company                  will                  take such actions as are necessary to effect such registration                  under the                  United States Securities Act of 1933 and the rules and regulations                  promulgated thereunder (the “**Securities Act**”) (including,                  without limitation, filing post-effective amendments, appropriate                  qualification under applicable blue sky or other state securities                  laws and                  appropriate compliance with the applicable regulations promulgated                  under                  the Securities Act and ensuring that at the time of offering, the                  disclosure available to prospective investors includes all of the                  information required by Sections 12(a)(2) and 17(a)(2) of the Securities                  Act) of the Shares which the Company has been so requested to register                  within 180 days of such request (or within 120 days of such request                  in the                  case of a Demand Qualification Request after a public offering                  of at least                  $25 million has already occurred (a “**Qualified Public                  Offering”**)).  Without limiting the generality of the                  foregoing, the Corporation will, as expeditiously as                  possible: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | prepare                  and, within 60 days, file with the Commission a Registration Statement                  with respect to such Distribution Shares, make all required filings                  with                  the NASD and thereafter use its reasonable best efforts to cause                  such                  Registration Statement to become effective, provided that before                  filing a Registration Statement or any amendments or supplements                  thereto,                  the Corporation will furnish to GSCP copies of all such documents                  proposed                  to be filed; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | prepare                  and file with the Commission such amendments and supplements to                  such                  Registration Statement as may be necessary to keep such Registration                  Statement effective for a period of either (a) not less than six                  months or, if such Registration Statement relates to an underwritten                  offering, such longer period as in the opinion of counsel for the                  underwriters a prospectus is required by law to be delivered in                  connection                  with sales of Distribution Shares by an underwriter or dealer or,                  or two                  years in the case of shelf Registration Statements (or such shorter                  period                  ending on the date that the securities covered by such shelf Registration                  Statement cease to constitute Distribution Shares) or (b) such                  shorter period as will terminate when all of the securities covered                  by                  such Registration Statement have been disposed of in accordance                  with the                  intended methods of disposition by GSCP set forth in such Registration                  Statement (but in any event not before the expiration of any longer                  period                  required under the Securities Act), and to comply with the provisions                  of                  the Securities Act with respect to the disposition of all securities                  covered by such Registration Statement until such time as all of                  such                  securities |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | have                  been disposed of in accordance with the intended methods of disposition                  by                  GSCP set forth in such Registration                  Statement; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | furnish                  to GSCP such number of copies, without charge, of such Registration                  Statement, each amendment and supplement thereto, including each                  preliminary prospectus, final prospectus, all exhibits and other                  documents                  filed therewith and such other documents as GSCP may reasonably                  request                  including in order to facilitate the disposition of the Distribution                  Shares owned by GSCP; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | register                  or qualify such Distribution Shares under such other securities                  or blue                  sky laws of such jurisdictions in the United States or Canada as                  GSCP                  reasonably requests and do any and all other acts and things that                  may be                  necessary or reasonably advisable to enable GSCP to consummate                  the                  disposition in such jurisdictions (provided that the Corporation                  will not                  be required to (i) file any prospectus, registration statement                  or similar                  document in such jurisdiction that is materially different from                  that used                  in connection with the subject distribution, (ii) take any action                  that                  would require it to become subject to any periodic reporting, continuous                  disclosure or similar obligations in such jurisdiction, (iii) qualify                  generally to do business in any jurisdiction where it would not                  otherwise                  be required to qualify but for this subsection, (iv) subject itself                  to                  taxation in any such jurisdiction or (v) consent to general service                  of                  process in any such jurisdiction); |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | cause                  all Distribution Shares covered by such Registration Statement                  to be                  registered with or approved by such other governmental agencies,                  authorities or self-regulatory bodies as may be necessary  or                  reasonably advisable in light of the business and operations of                  the                  Corporation to enable GSCP to consummate the disposition of such                  Distribution Shares in the United States in accordance with the                  intended                  method or methods of disposition                  thereof; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | promptly                  notify GSCP, at any time when a prospectus relating thereto is                  required to                  be delivered under the Securities Act, upon discovery that, or                  upon the                  discovery of the happening of any event as a result of which, the                  prospectus contains an untrue statement of a material fact or omits                  any                  fact necessary to make the statements therein not misleading in                  the light                  of the circumstances under which they were made, and, as promptly                  as                  practicable, prepare and furnish to GSCP a reasonable number of                  copies of                  a supplement or amendment to such prospectus so that, as thereafter                  delivered to the purchasers of such Distribution Shares, such prospectus                  will not contain an untrue statement of a material fact or omit                  to state                  any fact necessary to make the statements therein not misleading                  in the                  light of the circumstances under which they were                  made; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | notify                  GSCP (i) when the prospectus or any prospectus supplement or                  post-effective amendment has been filed and, with respect to such                  Registration Statement or any post-effective amendment, when the                  same |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | has                  become effective, (ii) of any request by the Commission for                  amendments or supplements to such Registration Statement or to                  amend or to                  supplement such prospectus or for additional information, and (iii)                  of the issuance by the Commission of any stop order suspending                  the                  effectiveness of such Registration Statement or the initiation                  of any                  proceedings for any of such                  purposes; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | cause                  all such Distribution Shares to be listed on each securities exchange                  on                  which securities of the same class are then listed or, if no securities                  of                  the same class are then listed on any securities exchange, use                  its                  commercially reasonable efforts to cause all such Distribution                  Shares to                  be listed on the New York Stock Exchange or NASDAQ, if then eligible                  for                  such listing, as determined by GSCP and acceptable to the Corporation,                  acting reasonably, (including, without limitation, effecting a                  consolidation or reverse stock split in order to satisfy the listing                  requirements of any stock exchange) and comply with applicable                  listing                  requirements for so long as GSCP owns at least 1% of the number                  of issued                  and outstanding Shares; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | provide                  a transfer agent and registrar for all such Distribution Shares                  not later                  than the effective date of, or date of final receipt, for such                  Registration Statement; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | enter                  into such customary agreements (including underwriting agreements                  with                  customary provisions) and take all such other actions as GSCP or                  the                  underwriters, if any, reasonably request in order to expedite or                  facilitate the disposition of such Distribution                  Shares; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xi) | make                  available for inspection by GSCP, any underwriter participating                  in any                  disposition pursuant to such Registration Statement and any attorney,                  accountant or other agent retained by GSCP or underwriter, all                  financial                  and other records, pertinent corporate documents and documents                  relating to                  the business of the Corporation, and cause the Corporation’s officers,                  directors, employees and independent accountants to supply all                  information                  reasonably requested by any of GSCP, underwriter, attorney, accountant                  or                  agent in connection with such Registration Statement; provided that                  prior to the Corporation making any such information available                  for                  inspection or supplying any such information, such underwriter,                  accountant                  or other agent has entered into a confidentiality agreement in                  form and                  substance reasonably satisfactory to the Corporation or otherwise                  confirmed the confidentiality of such information to the Company’s                  satisfaction and agreed to use its commercially reasonable efforts                  to                  minimize the disruption to the Corporation's business in connection                  with                  the foregoing; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xii) | otherwise                  use its commercially reasonable efforts to comply with all applicable                  rules and regulations of the Commission, and make available to                  its                  security holders, as soon as reasonably practicable, an earnings                  statement                  covering the period of at least twelve months beginning with                  the |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | first                  day of the Corporation’s first full calendar quarter after the effective                  date of the Registration Statement, which earnings statement will                  satisfy                  the provisions of Section 11(a) of the US Securities Act and Rule                  158                  thereunder; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xiii) | in                  the event of the issuance of any stop order suspending the effectiveness                  of a Registration Statement, or of any order suspending or preventing                  the                  use of any related prospectus or ceasing trading of any securities                  included in such Registration Statement for sale in any jurisdiction,                  use                  its commercially reasonable efforts to promptly to obtain the withdrawal                  of such order; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xiv) | take                  such other actions as the underwriters reasonably request in order                  to                  expedite or facilitate the disposition of such Distribution Shares,                  including, without limitation, preparing for and participating                  in such                  number of “road shows” and all such other customary selling efforts as the                  underwriters reasonably request in order to expedite or facilitate                  such                  disposition; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xv) | obtain                  one or more comfort letters, addressed to the sellers of Distribution                  Shares, dated the effective date of such Registration Statement                  (and, if                  such registration includes an underwritten public offering dated                  the date                  of the closing under the underwriting agreement for such offering),                  signed                  by the Corporation’s independent public accountants in customary form and                  covering such matters of the type customarily covered by comfort                  letters                  as GSCP reasonably requests; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xvi) | provide                  legal opinions of the Corporation’s outside counsel, addressed to the                  holders of the Distribution Shares being sold, dated the effective                  date of                  such Registration Statement, (and, if such registration includes                  an                  underwritten public offering, dated the date of the closing under                  the                  underwriting agreement) in customary form and covering such matters                  of the                  type customarily covered by legal opinions of such nature;                  and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xvii) | not                  to file or make any amendment to any Registration Statement with                  respect                  to any Distribution Shares, or any amendment of or supplement to                  the                  prospectus used in connection therewith, that refers to GSCP by                  name, or                  otherwise identifies GSCP as the holder of any securities of the                  Corporation, without the consent of GSCP, such consent not to be                  unreasonably withheld or delayed, unless and to the extent such                  disclosure                  is required by law; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xviii) | use                  its reasonable best efforts to take or cause to be taken all other                  actions, and do and cause to be done all other things, necessary                  or                  reasonably advisable in the opinion of GSCP to effect the registration                  of                  such Distribution Shares contemplated                  hereby. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If                  the Company receives a Demand Qualification Request and the Corporation                  furnishes to the GS Parties a copy of a resolution of the board                  of                  directors of the |
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|   | Corporation                  stating that in the good faith judgment of the board of directors                  it would                  be materially adverse to the Corporation for a Registration Statement                  to                  be filed on or before the date such filing would otherwise be required                  hereunder, the Corporation shall have the right to defer such filing                  for a                  period of not more than ninety (90) days after the date such filing                  would                  otherwise be required hereunder.  The Corporation shall not be                  permitted to take such action more than twice in any 360-day                  period.  If the Corporation shall so postpone the filing of a                  Registration Statement, the requesting party may withdraw its Demand                  Qualification Request by so advising the Corporation in writing                  within                  thirty (30) days after receipt of the notice of                  postponement. |
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|   | (c) | Registrations                  shall be on such appropriate registration form (the “**Registration                  Statement**”) of the Commission (i) as shall be selected by the                  Corporation, acting reasonably, and (ii) as shall permit the disposition                  of such Distribution Shares in accordance with the intended method                  or                  methods of disposition specified in the Demand Qualification                  Request. |
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|   | (d) | In                  the case of an underwritten offering, GSCP shall select the underwriters,                  provided such selection is acceptable to the Corporation, acting                  reasonably. |
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**2.           Lock-ups.**

**3.           Indemnification.**

|   | (a) | Indemnification                  by the Corporation.  The Corporation agrees to indemnify and                  hold harmless, to the full extent permitted by law, GSCP (for purposes                  of                  this Section 3, a “Selling Shareholder”), its officers, directors,                  employees and representatives and each person who controls (within                  the                  meaning of the Securities Act) such Selling Shareholder against                  any                  losses, claims, damages, liabilities and expenses caused by any                  untrue or                  alleged untrue statement of a material fact contained in any Registration                  Statement, prospectus, preliminary prospectus, “free writing” prospectus                  or any supplement thereto or any                  omission |
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|   | or                  alleged omission to state therein a material fact required to be                  stated                  therein or necessary to make the statements therein not misleading,                  except                  insofar as the same may be caused by or contained in any information                  furnished in writing to the Corporation by such Selling Shareholder                  for                  use therein; provided, however, that the Corporation shall not                  be liable                  in any such case to the extent that any such loss, claim, damage,                  liability or expense arises out of or is based upon an untrue statement                  or                  alleged untrue statement or omission or alleged omission made in                  any such                  preliminary prospectus if (A) such Selling Shareholder failed to                  deliver                  or cause to be delivered a copy of the prospectus to the Person                  asserting                  such loss, claim, damage, liability or expense after the Corporation                  has                  furnished such Selling Shareholder with a sufficient number of                  copies of                  the same and (B) the prospectus completely corrected in a timely                  manner                  such untrue statement or omission; and provided, further, that                  the                  Corporation shall not be liable in any such case to the extent                  that any                  such loss, claim, damage, liability or expense arises out of or                  is based                  upon an untrue statement or alleged untrue statement or omission                  or                  alleged omission in the prospectus, if such untrue statement or                  alleged                  untrue statement, omission or alleged omission is completely corrected                  in                  an amendment or supplement to the prospectus and the Selling Shareholder                  thereafter fails to deliver such prospectus as so amended or supplemented                  prior to or concurrently with the sale of the securities to the                  Person                  asserting such loss, claim, damage, liability or expense after                  the                  Corporation had furnished such Selling Shareholder with a sufficient                  number of copies of the same.  The Corporation will also                  indemnify underwriters, selling brokers, dealer managers and similar                  securities industry professionals participating in the distribution,                  their                  officers and directors and each Person who controls such Persons                  (within                  the meaning of the Securities Act) to the same extent as provided                  above                  with respect to the indemnification of the Selling Shareholder,                  if                  requested. |
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|   | (b) | Indemnification                  by Selling Shareholders.  Each Selling Shareholder agrees to                  indemnify and hold harmless, to the full extent permitted by law,                  the                  Corporation, its directors, officers, employees and representatives                  and                  each person who controls the Corporation (within the meaning of                  the                  Securities Act) against any losses, claims, damages or liabilities                  and                  expenses caused by any untrue or alleged untrue statement of a                  material                  fact contained in any Registration Statement or any omission or                  alleged                  omission to state therein a material fact required to be stated                  therein or                  necessary to make the statements therein not misleading, to the                  extent,                  but only to the extent, that such untrue statement or omission                  is                  contained in any statement or affidavit furnished in writing by                  such                  Selling Shareholder to the Corporation expressly for inclusion                  in such                  Registration Statement, prospectus, preliminary prospectus, “free writing”                  prospectus, or any supplement thereto and has not been corrected                  in a                  subsequent writing prior to or concurrently with the sale of the                  securities to the person asserting such loss, claim, damage, liability                  or                  expense.  In no event shall the liability of any Selling                  Shareholder hereunder be greater in amount than the dollar amount                  of the                  proceeds received by such Selling Shareholder upon the sale of                  the                  securities giving rise to such indemnification obligation and any                  indemnification shall be several and not joint.  The Corporation                  and the Selling Shareholders shall be entitled to receive indemnities                  from                  underwriters, selling brokers,                  dealer |
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|   | managers                  and similar securities industry professionals participating in                  the                  distribution, to the same extent as provided above with respect                  to                  information so furnished in writing by such Persons specifically                  for                  inclusion in any prospectus or Registration                  Statement. |
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|   | (c) | Conduct                  of Indemnification Proceedings.  Any claim made for                  indemnification hereunder shall be made in accordance with the                  procedures                  set forth in Section 4.3 of this                  Schedule. |
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|   | (d) | Other                  Indemnification.  Indemnification similar to that specified                  in paragraphs (a) and (b) (with appropriate modifications) shall                  be given                  by the Corporation and each Selling Shareholder with respect to                  any                  required registration or other qualification of securities under                  United                  States federal or state law or regulation of governmental authority                  other                  than the Securities Act. |
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|   | (e) | Contribution.  If                  for any reason the indemnification provided for in paragraphs (a),                  (b) or                  (d) of this Exhibit A to Schedule 6.9 is unavailable to an indemnified                  party or insufficient to hold such indemnified party harmless as                  contemplated by such paragraphs, then the indemnifying party shall                  contribute to the amount paid or payable by the indemnified party                  as a                  result of such loss, claim, damage or liability in such proportion                  as is                  appropriate to reflect not only the relative benefits received                  by the                  indemnified party and the indemnifying party, but also the relative                  fault                  of the indemnified party and the indemnifying party, as well as                  any other                  relevant equitable considerations, provided that no Selling Shareholder                  shall be required to contribute in an amount greater than the dollar                  amount of the proceeds received by such Selling Shareholder with                  respect                  to the sale of any securities hereunder.  No person guilty of                  fraudulent misrepresentation (within the meaning of Section 11(f)                  of the                  Securities Act) shall be entitled to contribution from any person                  who was                  not itself guilty of such fraudulent                  misrepresentation. |
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**SCHEDULE      7.1**

**FINANCIAL      CALCULATIONS**

| 1. | If                any contracts or other assets of the Contributed Business are unable                to be                transferred to the Corporation in connection with the Combination                Transaction (due to consent issues or otherwise), the Financial                Calculations shall be calculated on a *pro forma* basis such that                (a) Cash of the Corporation will increase or decrease, as applicable,                to                account for the Cash that would have been generated or depleted,                as                applicable, by the Corporation had such contract or asset been transferred                to the Corporation and (b) EBITDA of the Corporation will increase                or                decrease, as applicable, to account for the EBITDA that would have                been                generated or depleted, as applicable, by the Corporation had such                contract                or asset been transferred to the                Corporation. |
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| 2. | “EBITDA”                shall be increased by the amount of EBITDA related to an asset acquired                by                the Contributed Business or the Corporation (reflecting a *pro                forma* EBITDA for the last 12 months prior to the date of the EBITDA                calculation to the extent that the EBITDA of the acquired assets                is not                fully reflected in the Financial Calculations for the Contributed                Business                or the Corporation for such period), subject to *pro rata*                adjustment in the case of the acquisition of any partial                interest. |
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| 3. | If                the Corporation or any of its Subsidiaries lends money to a third                party                (for the avoidance of doubt, excluding any Person in which the Corporation                or any of its Subsidiaries has an equity interest) or otherwise acquires                a                note receivable, promissory note, bond, other debt or debt-like                instruments or other debt securities from such a third party (including                in                the event that the Corporation or any of its subsidiaries lends money                to                or otherwise finances a CanWest Party in connection with a purchase                of GS                Shares by such CanWest Party (pursuant to this Agreement), but excluding                the acquisition of all or substantially all of the securities of                a                business in connection with the acquisition of a business or asset                that is                an operating business or asset and/or generates or is expected to                generate                EBITDA), such amount shall be added to Cash (until such time as such                amount has been repaid to the Corporation or its Subsidiaries or                the                proceeds from the disposition of any such instrument have been received                by                the Corporation or its                Subsidiaries). |
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| 4. | The                Corporation, CanWest and its Affiliates agree not to take any action                to                the extent the motivation for such action is to affect the Financial                Calculations in such a way as to favour one or more of the CanWest                Parties                over one or more of the GS Parties. |
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