----

**CANWEST      MEDIAWORKS INC.**

**CWMW      TRUST**

**CANWEST      MEDIAWORKS (CANADA) INC.**

**CANWEST      MEDIAWORKS LIMITED PARTNERSHIP**

**CANWEST      MEDIAWORKS INCOME FUND**

**PRIVATIZATION      AGREEMENT**

**May      25, 2007**

----

**TABLE      OF CONTENTS**

**      Page**
| ARTICLE                  1                                              |                                                                   |                                               |
|-------------------------------------------------------------------------|------------------------------------------------------------------------|----------------------------------------------------|
|     INTERPRETATION                                  |                                                                   |         2  |
|     1.1                                             | Definitions                                                            |         2  |
|     1.2                                             | Currency                                                               |         7  |
|     1.3                                             | Sections                  and Headings                                 |         8  |
|     1.4                                             | Interpretation                                                         |         8  |
|     1.5                                             | Entire                  Agreement                                      |         8  |
|     1.6                                             | Time                  of Essence                                       |         8  |
|     1.7                                             | Applicable                  Law                                        |         8  |
|     1.8                                             | Severability                                                           |         8  |
|     1.9                                             | Successors                  and Assigns                                |         9  |
|     1.10                                            | Amendment                  and Waivers                                 |         9  |
|     1.11                                            | No                  Strict Construction                                |         9  |
|     1.12                                            | Statutory                  References                                  |         9  |
|     1.13                                            | Business                  Day                                          |         9  |
|     1.14                                            | Schedules                                                              |         9  |
| ARTICLE                  2                                              |                                                                   |                                               |
|     THE                  TRANSACTION                |                                |         9  |
|     2.1                                             | Transaction                  Steps                                     |         9  |
|     2.2                                             | Allocation                  of Income and Capital Gains to Unitholders |         11 |
|     2.3                                             | Fiduciary                  Duty                                        |         12 |
|     2.4                                             | Information                  Circular; Meeting                         |         12 |
|     2.5                                             | Approval                  Under Securityholders’ Agreement       |         13 |
|     2.6                                             | Closing                                                                |         13 |
| ARTICLE                  3                                              |                                                                   |                                               |
|     REPRESENTATIONS                  AND WARRANTIES |                                                                   |         14 |
|     3.1                                             | Representations                  and Warranties of the Parties         |         14 |
|     3.2                                             | Representations                  and Warranties of Fund                |         14 |
|     3.3                                             | Representations                  and Warranties of Limited Partnership |         15 |
|     3.4                                             | Expiry                  of Representations and Warranties              |         15 |

----

| ARTICLE                  4                                  |                                                                                                       |                                                     |
|-------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|
|     COVENANTS                           |                                                                                                       |         15  |
|     4.1                                 | Ordinary                  Course of Business                                                               |         15       |
|     4.2                                 | Ordinary                  Course Covenants of Partnership                                                  |         16       |
|     4.3                                 | Cooperation                  of Fund and Trust                                                             |         16       |
|     4.4                                 | Financing                                                                                                  |         17       |
|     4.5                                 | Trustees’,                  Directors’ and Officers’ Insurance and Indemnities           |         17       |
|     4.6                                 | Winding-Up                  and Termination                                                                |         17       |
|     4.7                                 | Satisfaction                  of Conditions                                                                |         17       |
|     4.8                                 | Consultation                                                                                               |         17       |
|     4.9                                 | Amendment                  of Performance Unit Plan                                                        |         17       |
| ARTICLE                  5                                  |                                                                                                       |                                                     |
|     CLOSING                  CONDITIONS |                                                                                                       |         18  |
|     5.1                                 | Mutual                  Conditions Precedent                                                               |         18       |
|     5.2                                 | Conditions                  in Favour of CanWest, General Partner and Limited                  Partnership |         18       |
|     5.3                                 | Conditions                  in Favour of Fund and Trust                                                    |         19       |
| ARTICLE                  6                                  |                                                                                                       |                                                     |
|     TERMINATION                         |                                                                                                       |         19       |
|     6.1                                 | Termination                                                                                                |         19       |
|     6.2                                 | Effect                  of Termination                                                                     |         20       |
|     6.3                                 | Expenses                                                                                                   |         21       |
|     6.4                                 | Remedies                                                                                                   |         24       |
| ARTICLE                  7                                  |                                                                                                       |                                                     |
|    MISCELLANEOUS                             |                                                                                                       |         22       |
|     7.1                                 | Notices                                                                                                    |         22       |
|     7.2                                 | Further                  Assurances                                                                        |         23       |
|     7.3                                 | Limited                  Liability                                                                         |         23       |
|     7.4                                 | Counterparts                                                                                               |         24       |

----

**PRIVATIZATION      AGREEMENT**

**THIS      AGREEMENT**

**BETWEEN:**

**CANWEST      MEDIAWORKS INC.**

**CanWest**

**CWMW      TRUST**

**Trust**

**CANWEST      MEDIAWORKS (CANADA) INC**

**General      Partner**

**CANWEST      MEDIAWORKS LIMITED PARTNERSHIP**

**Limited      Partnership**

**CANWEST      MEDIAWORKS INCOME FUND**

**Fund**

**RECITALS:**

| A. | CanWest                and Trust are the limited partners of Limited                Partnership. |
|----|--------------------------------------------------------------------------------------------------|

| B. | CanWest                owns 158,262,703 Class B LP Units. |
|----|-----------------------------------------------------------|

| C. | Fund                indirectly owns, through Trust, 55,000,000 Class A LP                Units. |
|----|-------------------------------------------------------------------------------------------------|

| D. | General                Partner is the general partner of Limited                Partnership. |
|----|----------------------------------------------------------------------------------------------|

| E. | CanWest                owns 158,262,703 GP Shares and 914 Preferred Shares of General                Partner. |
|----|---------------------------------------------------------------------------------------------------------------|

----

| F. | Fund                owns 55,000,000 GP Shares and no Preferred Shares of General                Partner. |
|----|----------------------------------------------------------------------------------------------------------|

| G. | Subject                to the terms and conditions of this Agreement: (i) Limited                Partnership intends to purchase for cancellation all of the Class                A LP                Units; (ii) General Partner intends to purchase for cancellation all                of the GP Shares held by Fund; (iii) Trust intends to redeem all of                the Trust Units and to purchase for cancellation all of the outstanding                aggregate principal amount of Trust Notes plus accrued and unpaid                interest; and (iv) Fund intends to redeem all of the                Units. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| H. | Mr.                Richard Leipsic, a trustee of Fund appointed by CanWest in accordance                with                the terms of the Fund Declaration of Trust, declared his conflict                of                interest in respect of the proposed transaction as the Senior Vice                President and General Counsel of CanWest and did not participate                in any                deliberations of the board of trustees of Fund (the trustees of Fund                other                than Mr. Leipsic being collectively referred to as the “**Fund                Board**”) nor vote in respect of any resolution relating to the                proposed transaction. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| I. | The                Fund Board has determined that as of the date hereof the Transaction                is                fair to Unitholders and is in the best interests of Fund and Unitholders                and to support the Transaction and has resolved to recommend that                Unitholders vote in favour of the Special Resolution approving the                Transaction at the Meeting. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**THEREFORE**

**ARTICLE      1**

**INTERPRETATION**

**1.1            Definitions**

**Account**

**Agreement**

**Business      Day**

**CanWest      Global**

**CanWest      MediaWorks Publications**

**Class      A LP Units**

**Class      B LP Units**

**Closing**
2.6

----

**Closing      Date**
2.6

**Commitment      Letter**

**Effective      Time**

**Excess      Distribution Amount**

**Expense      Distribution**
6.3
2.1(a)(v)

**Fairness      Opinion**
3.2(a)

**Final      Monthly Distribution**
2.1(a)(v)

**Final      Redemption Date**

**Fund      Board**

**Fund      Declaration of Trust**

**Fund      Entity**

**Fund      Material Documents**

**Governmental      Entity**

**GP      Shares**

**Indemnified      Persons**
4.5(b)

**Indemnity      Agreements**
4.5(b)

----

**Independent      Committee**

**Information      Circular**
** **

**Law**
**Laws**
**applicable**

**Limited      Partnership Agreement**

**Limited      Partnership Existing Credit Facilities**

**Liquidity      and Exchange Agreement**

**LP      Unit Consideration**

**Material      Adverse Effect**

----

**material      fact**

**Meeting**

**Misrepresentation**

**Monthly      Distribution**

**Notice**
7.1

**Outside      Date**

**OSC      Rule 61-501**
*Insider Bids, Issuer Bids, Business Combination and Related Party      Transactions*

**Participant**

**Partnership**

**Party**

**Performance      Modifier**

**Performance      Unit Plan**

----

**Performance      Units**

**P**
**erson**

**Post-Closing      Fund Trustee**
4.6(a)

**Preferred      Shares**

**Redemption      Units**

**Regulation      Q-27**
*Respecting Protection of Minority Securityholders in the Course      of Certain      Transactions*

**Securities      Act**
*Securities Act*

**Securities      Regulatory Authorities**

**Securityholders’      Agreement**

**Short-Term      Credit Facility**

**SIFT      Proposals**

**Special      Resolution**

**Stub      Period Distribution**

**Tax      Act**
*Income Tax Act*

----

**Total      Stub Period Distribution**
2.1(a)(v)

**Transaction**
2.1

**Transaction      Consideration**
** **

**Trust      Declaration of Trust**

**Trust      Note Consideration**
2.1(a)(viii)

**Trust      Note Indenture**

**Trust      Notes**

**Trust      Units**

**TSX**

**Unitholder      Approval**

**Unitholders**
2.1(b)(iii)

**Unit      Redemption Price**

**Units**

**Valuation**
3.2(b)

| **1.2** | **Currency** |
|---------|--------------|

----

**1.3           Sections      and Headings**

| **1.4** | **Interpretation** |
|---------|--------------------|

*vice versa*

| **1.5** | **Entire                Agreement** |
|---------|-------------------------------------|

| **1.6** | **Time                of Essence** |
|---------|------------------------------------|

| **1.7** | **Applicable                Law** |
|---------|-----------------------------------|

| **1.8** | **Severability** |
|---------|------------------|

----

**1.9           Successors      and Assigns**

| **1.10** | **Amendment                and Waivers** |
|----------|------------------------------------------|

| **1.11** | **No                Strict Construction** |
|----------|-------------------------------------------|

| **1.12** | **Statutory                References** |
|----------|-----------------------------------------|

| **1.13** | **Business                Day** |
|----------|---------------------------------|

| **1.14** | **Schedules** |
|----------|---------------|

|   | Schedule                B | - | Form                of Indemnity Agreement |
|--------|---------------------------|---|--------------------------------------------|

**ARTICLE      2**

**THE      TRANSACTION**

| **2.1** | **Transaction                Steps** |
|---------|--------------------------------------|

|   | (a) | At                the Effective Time the following transaction steps shall occur and                be                deemed to occur in the following order, and for greater certainty                none of                the following steps shall be deemed to occur unless all such steps                shall                have occurred and been completed: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | The                Liquidity and Exchange Agreement shall be                terminated. |
|--------|-----|-----------------------------------------------------------------------------------------|

----

|   | (ii) | The                Securityholders’ Agreement shall be                terminated. |
|--------|------|-----------------------------------------------------------------------------------------|

|   | (iii) | The                Limited Partnership Agreement shall be amended to provide for the                income                allocation described in Section 2.2. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Any                other amendments to the Fund Material Documents or other agreements                as                contemplated by Section 4.3 shall be                made. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | Limited                Partnership shall distribute in cash to Trust: (A) an amount equal                to the                Monthly Distribution, if any, for the month ending prior to the Closing                Date, if such Monthly Distribution remains unpaid as of the Closing                Date,                multiplied by the number of Units outstanding on the record date                for such                Monthly Distribution (the “**Final Monthly Distribution**”);                (B) the Expense Distribution; and (C) the Stub Period Distribution,                if                any, multiplied by the number of Units outstanding at the Effective                Time                (the “**Total Stub Period                Distribution**”). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | Limited                Partnership shall purchase for cancellation all of the issued and                outstanding Class A LP Units and Class B LP Units, if                any,** **held by Trust for an aggregate purchase price                in cash equal to the LP Unit Consideration.  For greater                certainty, following such purchase, Trust shall cease to have any                further                right to receive any declared and unpaid distributions on the Class                A LP                Units or Class B LP Units. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | General                Partner shall purchase for cancellation all of the issued and outstanding                GP Shares held by Fund for an aggregate purchase price in cash of                $30.00. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | Trust                shall pay a cash distribution to Fund equal to the amount, if any,                by                which the aggregate of the: (A) Final Monthly Distribution (if any);                (B)                Expense Distribution; and (C) Total Stub Period Distribution (if                any)                exceeds the interest payable under the Trust Notes for the: (x) month                ending prior to the Closing Date; and (y) month in which the Closing                Date                occurs. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | Trust                shall purchase for cancellation all of the aggregate principal amount                of                the Trust Notes held by Fund for an aggregate redemption price in                cash                equal to the then outstanding aggregate principal amount of Trust                Notes,                plus accrued and unpaid interest to the Closing Date (the “**Trust                Note Consideration**”). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | Trust                shall redeem and cancel all of the issued and outstanding Trust Units                for                an aggregate redemption price in cash equal to the amount obtained                when                the Trust Note Consideration is subtracted from the amount by which                the                aggregate of: (A) the LP Unit Consideration; and (B) the distributions                received by Trust from Limited Partnership pursuant to Section 2.1(a)(v) exceeds (C) the distributions made                by                Trust to Fund pursuant to Section 2.1(a)(viii). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | On                the Final Redemption Date the following transaction steps shall occur                and                be deemed to occur in the following order, and for greater certainty                none                of the following steps shall be deemed to occur unless all such steps                shall have occurred and been                completed: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Fund                shall pay the Final Monthly Distribution, if any, if such Final Monthly                Distribution remains unpaid as of the Final Redemption                Date. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | The                Performance Unit Plan shall be amended as contemplated by Section 4.9, Fund Board shall terminate the Performance                Unit Plan, all Performance Units in a Participant’s Account shall                immediately vest and each Participant shall receive a cash payment                from                the Participant’s employer or Fund Entity to whom the Participant provides                services in an amount per Performance Unit held by such Participant                equal                to the Unit Redemption Price multiplied by the applicable Performance                Modifier in respect of such Performance Unit, calculated in accordance                with the terms of the Performance Unit Plan as amended pursuant to                Section 4.9. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Fund                shall redeem and cancel all of the issued and outstanding Units at                a price                in cash per Unit equal to the Unit Redemption Price. For greater                certainty, Fund may deduct or withhold from the foregoing all amounts                required by Law to be deducted or withheld from such payment, provided                that any such amounts so deducted or withheld are remitted as required                by                Law. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.2** | **Allocation                of Income and Capital Gains to                Unitholders** |
|---------|-----------------------------------------------------------------------------------------|

|   | (a) | The                income of Limited Partnership for Limited Partnership’s taxation year                ending December 31, 2007 for purposes of the Tax Act shall be allocated                to                Trust in an amount equal to the aggregate amount of all cash distributions                paid by Limited Partnership to Trust with respect to that taxation                year                and on or prior to the Closing Date (which distributions, for greater                certainty, shall include the Expense Distribution but shall not include                any portion of the amount paid by Limited Partnership on the purchase                for                cancellation of the Class A LP Units and Class B LP Units, if any,                held by                Trust). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In                connection with the Transaction, Trust and Fund shall make such                designations and filings for income tax purposes as may be necessary                to be                filed or designated on the part of Trust and Fund such that any income                and                capital gains realized by Trust and Fund as a result of the Transaction                shall be allocated to Unitholders pro rata based on the number of                Units                held by them at the Effective Time and such that Trust and Fund have                no                taxable income as a result of the deductions permitted to each of                Fund and                Trust by subsection 104(6) of the Tax Act in respect of such                designations. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Other                than as part of the Transaction, the Parties shall not take any steps                that                would result in the income tax consequences to a Unitholder whose                Units                are redeemed as part of the Transaction being adversely affected                by any                transactions or events involving Trust or Fund that occur subsequent                to                such redemption. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**2.3            Fiduciary      Duty**

2.3
2.4
Article 6

| **2.4** | **Information                Circular; Meeting** |
|---------|--------------------------------------------------|

|   | (a) | As                promptly as reasonably practicable after the execution and delivery                of                this Agreement, Fund shall in consultation with Limited Partnership:                (i) establish a record date for, duly call, give notice of, convene                and hold the Meeting, provided that subject to Section 2.4(f), the                Meeting                shall be held no later than July 4, 2007; and (ii) prepare the                Information Circular, together with any other documents required                by the                Fund Declaration of Trust and applicable Laws in connection with                the                Meeting.  The Information Circular shall include (among other                things) the recommendation of the Fund Board that Unitholders vote                in                favour of the Special Resolution, the Valuation and the Fairness                Opinion.  Limited Partnership shall be afforded a reasonable                opportunity to review the Information Circular and such other documents                and amendments thereto and Fund will consider (acting reasonably)                all                comments, provided that any statements in the Information Circular                and                such other documents and amendments relating solely to CanWest Global,                CanWest, General Partner or Limited Partnership shall be in a form                satisfactory to Limited Partnership and its advisors acting reasonably                and                provided further that the Special Resolution included in the Information                Circular or any modifications or amendments thereto shall be in the                form                attached as Schedule A to this Agreement unless the consent in writing                of                Limited Partnership, acting reasonably, to any modification or amendment                to the Special Resolution shall have been obtained.  Fund will                file the Information Circular and any other documentation required                to be                filed under applicable Laws with Securities Regulatory Authorities                in all                jurisdictions where the Information Circular is required to be filed                by                Fund and mail or cause to be mailed the Information Circular and                any other                documentation required to be mailed under the Fund Declaration of                Trust or                applicable Laws in connection with the Meeting to each Unitholder                and                holder of Performance Units and each other Person to whom such documents                are required to be sent under applicable Laws and the Fund Declaration                of                Trust. CanWest, General Partner and Limited Partnership will provide                such                assistance as Fund may reasonably request in such regard (and in                respect                of any amendments to the Information                Circular). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                of Limited Partnership and Fund shall proceed diligently, in a coordinated                fashion and use its reasonable commercial efforts to co-operate in                the                preparation of the Information Circular and of any exemptive relief                applications or orders and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | any                other documents deemed reasonably necessary by any of them to discharge                their respective obligations under applicable                Laws. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each                of the Parties shall furnish to Fund in writing, on a timely basis,                all                information as may be reasonably required to effect the foregoing                actions,                and each covenants that no information so furnished by it in writing                in                connection with those actions will contain any untrue statement of                a                material fact or omit to state a material fact that is required to                be                stated or that is necessary to make any statement not misleading                in the                light of the circumstances in which it was                made. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Each                of the Parties shall promptly notify the others if at any time before                the                Effective Time it becomes aware that there is a Misrepresentation                in the                Information Circular or that the Information Circular otherwise requires                an amendment or supplement.  In any such event, the Parties                shall cooperate in the preparation of a supplement or amendment to                the                Information Circular and, if required, shall cause the same to be                distributed or otherwise publicly disseminated to Unitholders, holders                of                Performance Units and other Persons to whom the Information Circular                was                required to be sent under applicable Laws and/or to be filed with                the                applicable Securities Regulatory                Authorities. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Fund                shall ensure that the Information Circular complies in all material                respects with all applicable Laws and, without limiting the generality                of                the foregoing, that the Information Circular does not contain a                Misrepresentation (except with respect to any information relating                to and                provided by CanWest, General Partner or Limited Partnership in writing)                and provides the Unitholders with information in sufficient detail                to                permit them to form a reasoned judgement concerning the matters to                be                placed before them at the Meeting. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Other                than as required for the Fund Board to comply with its fiduciary                duties                under applicable Laws and/or the Fund Declaration of Trust or as                otherwise                required by applicable Laws or the Fund Declaration of Trust, Fund                shall                not adjourn, postpone or cancel (or propose for adjournment, postponement                or cancellation) the Meeting without Limited Partnership’s prior written                consent, acting reasonably, provided that Fund shall, subject to                and in                accordance with the requirements of the Fund Declaration of Trust                and                applicable Laws, adjourn or postpone the Meeting (including taking                or                causing to be taken all steps necessary to reconvene any such meeting)                from time to time at Limited Partnership’s request if: (i) reasonably                necessary to obtain Unitholder Approval; or (ii) determined to be                desirable by Limited Partnership, acting                reasonably. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | If                requested Fund shall deliver to, or cause to be delivered to, Limited                Partnership, promptly upon written request: (i) basic lists of all                registered Unitholders or other security holders of Fund showing                the name                and address of each holder and the number of Units, or other securities                of                Fund as the case may be, held by each such holder, all as shown on                the                records of Fund as of a date that is not more than three Business                Days                prior to the date of delivery of such basic lists and a list of                participants in book-based clearing systems, nominee registered                Unitholders, or other securities of Fund as the case may be, such                as                CDS&Co., and non-registered beneficial owners lists, and securities                positions and other information andassistance as Limited Partnership                may                reasonably request in connection with the consummation of the Transaction;                and (ii) from time to time, at the request of Limited Partnership,                acting                reasonably, updated or supplemental lists setting out any changes                from the                list referred to in clause (i) above in the names or addresses of                the                registered Unitholders or other security holders or the number of                Units or                other securities of Fund held by each such                holder. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Fund                shall solicit proxies in respect of the Special Resolution and shall                be                reimbursed by CanWest for any reasonable out-of-pocket expenses it                incurs                in connection with such solicitation. CanWest, General Partner and                Limited                Partnership shall be permitted, in compliance with applicable Laws,                to                solicit proxies on behalf of Fund in respect of the Special Resolution                unless and until the Fund Board, in accordance with Section 2.3, withdraws or modifies its recommendation                that Unitholders vote in favour of the Special Resolution.  Fund                agrees that Limited Partnership and/or CanWest may at CanWest’s expense,                use the services of dealers and proxy solicitation agents acceptable                to                Fund, acting reasonably, to solicit proxies in favour of the Special                Resolution.  Fund shall be afforded a reasonable opportunity to                review any scripts or related materials in connection with any such                proxy                solicitation and Limited Partnership will consider (acting reasonably)                all                comments, Limited Partnership shall advise Fund with respect to proxy                solicitation reports received from such proxy solicitation agent                as                reasonably requested by Fund.** **Fund shall advise                Limited Partnership and CanWest with respect to proxy solicitation                results                as reasonably requested by Limited Partnership or                CanWest. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.5** | **Approval                Under Securityholders’Agreement** |
|---------|-------------------------------------------------------------------|

| **2.6** | **Closing** |
|---------|-------------|

**Closing**
** **
Article 5
**Closing Date**

----

**Article      3**

**REPRESENTATIONS      AND WARRANTIES**

| **3.1** | **Representations                and Warranties of the                Parties** |
|---------|---------------------------------------------------------------------------------|

|   | (a) | It                has been duly formed or incorporated, as the case may be, under applicable                Law, is validly existing and has the requisite power and authority                to own                its properties and assets and conduct its business, as applicable,                as                currently owned and conducted. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | It                has the requisite power and authority to execute, deliver and to                enter                into this Agreement and to perform its obligations                hereunder.  The execution, delivery and performance of this                Agreement by it and the consummation by it of the Transaction have                been                duly authorized by its board of directors (or equivalent).  This                Agreement has been duly executed and delivered by it and constitutes                a                valid and binding obligation of it enforceable against it in accordance                with its terms except to the extent that enforceability of obligations                and                the availability of certain remedies hereunder are limited by general                principles of equity or by bankruptcy, insolvency, fraudulent transfer                or                other Laws relating to or affecting creditors’ rights                generally. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **3.2** | **Representations                and Warranties of Fund** |
|---------|-----------------------------------------------------------|

|   | (a) | the                Independent Committee and Fund have received the oral opinion (the                “**Fairness Opinion**”) of CIBC World Markets Inc., on May                25, 2007 a (true and complete copy of which, when given in writing,                will                be delivered to Limited Partnership by Fund), to the effect that,                based                upon and subject to the matters set forth therein, as at May 25,                2007 the                consideration being offered to the Unitholders under the Transaction                is                fair from a financial point of view, to such Unitholders, and such                opinion                has not been withdrawn or modified at the date of this                Agreement; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Fund                has provided to Limited Partnership the draft formal valuation of                Units                dated May 25, 2007 prepared by CIBC World Markets Inc. as required                pursuant to OSC Rule 61-501 and Regulation Q-27 and delivered to the                Independent Committee (the “**Valuation**”).  Fund                covenants to use its reasonable best efforts to deliver to Limited                Partnership the final version of the Valuation substantially in the                form                of the draft Valuation (including the same valuation range for the                Units                as contained in the draft Valuation) as soon as practicable after                the date                hereof and in any event by no later than May 30,                2007; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | the                Fund Board has determined that as of the date hereof the Transaction                is                fair to Unitholders and is in the best interests of Fund and Unitholders                and it is in the best interests of Fund and the Unitholders to support                the                Transaction; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the                Fund Board has unanimously passed a resolution recommending, as of                the                date hereof, that Unitholders vote in favour of the Special Resolution                approving the Transaction at the                Meeting. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **3.3** | **Representations                and Warranties of Limited                Partnership** |
|---------|-----------------------------------------------------------------------------------------|

|   | (a) | none                of the execution and delivery of this Agreement by Limited Partnership,                the consummation by Limited Partnership of the Transaction nor compliance                by Limited Partnership with any of the provisions hereof                will: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | violate,                conflict with, or result in a breach of any provision of, require                any                consent or approval under, or constitute a default (or an event which,                with notice or lapse of time or both, would constitute a default)                or                result in a right of termination or acceleration under, any of the                terms,                conditions or provisions of: (A) the constating documents of Limited                Partnership; or (B) any material contract to which Limited Partnership                or                any of its subsidiaries is a party, including without limitation                any                contract to which Limited Partnership is a party listed as a “Material                Contract” in the final prospectus of Fund dated October 7, 2005, other                than solely with respect to the consummation by Limited Partnership                of the                Transaction, the Limited Partnership Existing Credit Facilities,                which                will be repaid in full by Limited Partnership on the Closing Date;                or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | violate                any judgment, ruling, order, writ, injunction, award, decree, statute,                ordinance, rule or regulation applicable to Limited Partnership or                any of                its subsidiaries; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | CanWest,                on behalf of itself, CanWest Global and their respective subsidiaries,                has                provided all necessary consents to the Transaction, and none of the                execution and delivery of this Agreement by Fund and Trust, the                termination of this Agreement in accordance with its terms, the                consummation by Fund and Trust of the Transaction nor compliance                by Fund                or Trust with any of the provisions hereof will violate, conflict                with, or                result in a breach of any provision of, require any further consent                or                approval under, or constitute a default (or an event which, with                notice or                lapse of time or both, would constitute a default) or result in a                right of                termination or acceleration under, any of the terms, conditions or                provisions of any material contract to which Fund and/or Trust, on                the one                hand, and Limited Partnership, CanWest and/or CanWest Global, on                the other                hand, is a party, including without limitation any such contract                listed as                a “Material Contract” in the final prospectus of Fund dated October 7,                2005, other than solely with respectto the consummation by Fund or                Trust                of the Transaction, the Limited Partnership Existing Credit                Facilities; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | it                has entered into the Commitment Letter and delivered to Fund and                Trust a                true and correct copy of the Commitment                Letter; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the                Commitment Letter, in the form so delivered, is a legal, valid and                binding                obligation of Limited Partnership, except to the extent that                enforceability of obligations and the availability of certain remedies                are                limited by general principles of equity or by bankruptcy, insolvency,                fraudulent transfer or other Laws relating to or affecting creditors’                rights generally, and is in full force and effect as of the date                hereof; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the                Short-Term Credit Facility will, when funded in accordance with its                terms,                together with existing cash balances of Limited Partnership, be sufficient                to permit Limited Partnership to pay the aggregate LP Unit Consideration                payable pursuant to this Agreement, to repay the Limited Partnership                Existing Credit Facilities and to pay related fees and expenses; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Limited                Partnership has fully paid any and all commitment fees or other fees                required by the Commitment Letter** **that have come due                as of the date hereof; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | no                event has occurred as of the date hereof which constitutes a default                on                the part of Limited Partnership or any of its subsidiaries under                the                Commitment Letter; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | except                for the conditions set forth in the Commitment Letter, there are                no other                conditions precedent to the Short-Term Credit Facility, and as of                the date                hereof, Limited Partnership has no reason to believe that it will                be                unable to satisfy on a timely basis any term or condition of closing                to be                satisfied by it contained in the Commitment                Letter. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **3.4** | **Expiry                of Representations and                Warranties** |
|---------|----------------------------------------------------------------------------|

**ARTICLE      4**

**COVENANTS**

| **4.1** | **Ordinary                Course of Business** |
|---------|------------------------------------------------|

|   | (a) | it                shall act in the ordinary course consistent with past                practice; |
|--------|-----|--------------------------------------------------------------------------------------------------|

----

|   | (b) | it                shall not: |
|--------|-----|------------------------------|

|   | (i) | issue,                or commit to issue, any Units, Trust Units or Trust Notes, or other                ownership interest in Fund or in Trust (including debt securities),                except                as required on the due exercise of any outstanding exchangeable securities                or other rights or except as required by Fund Declaration of Trust,                Trust                Declaration of Trust, the Liquidity and Exchange Agreement or the                Performance Unit Plan; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | grant,                or commit to grant, any options, warrants, exchangeable securities,                convertible securities or rights to subscribe for, purchase or otherwise                acquire, exchange into or convert into any Units, Trust Units or                Trust                Notes or other ownership interest in Fund or in                Trust; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | directly                or indirectly redeem, purchase or otherwise acquire or commit or                offer to                redeem, purchase or otherwise acquire any Unit, Trust Unit, Trust                Note or                other ownership interest in Fund or Trust, except as may be required                under                Fund Declaration of Trust, Trust Declaration of Trust or the Liquidity                and                Exchange Agreement; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | (A)                grant to any trustee, officer, director or employee of Fund or of                Trust an                increase in compensation in any form, except in the ordinary course                consistent with past practice and except for payments made to members                of                the Independent Committee in consideration for their service on such                committee not to exceed $50,000 in aggregate per trustee; (B) grant                any                general salary increase, except in the ordinary course of business                consistent with past practice; (C) commit to or make any loan to                any                trustee of Fund or Trust; (D) take any action with respect to the                grant of                any bonus or similar payment or benefit to, or grant any severance,                retention, retirement, change of control or termination payment to                or                enter into any employment agreement with any trustee of Fund or Trust                or                enter into any change of control or retention arrangement, except                in the                ordinary course of business; (E) increase any benefits payable under                its                current severance, change of control or termination pay policies;                or (F)                adopt or amend in any material respect or make any voluntary contribution                to any pension plan; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | (A)                (x) adopt any new retention, bonus or similar plan for the benefit                of                trustees; or (y) amend, modify or vary the Performance Unit Plan,                or any                of the Performance Units or other benefits or entitlements granted                thereunder; or (B) subject to Section 4.1(b)(iv)(A),                make                any payments to trustees not consistent with past                practice; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | increase                the Monthly Distribution or increase any distribution, dividend payment,                or declare, set aside, or pay any dividend or make any other distribution                (other than, subject to Section 4.1(b)(vii),                the                Monthly Distribution in the ordinary course of business consistent                with                past practice) or payment (whether in cash, shares units or property)                or                change the current record or payment date for the Monthly Distribution                exceptfor: (A) any dividend or distribution required to be made by                Trust                in connection with the Monthly Distribution; (B) any payment or                distribution required by the Fund Declaration of Trust to be made,                whether                on a redemption of the Units or otherwise, in accordance with its                terms,                and (C) any cash payment made in connection with the redemption of                the                Units or the termination of Fund or Trust as contemplated by this                Agreement; and (D) distribution by Trust to Fund of the Expense                Distribution received by Trust from Limited Partnership pursuant                to                Section 6.3 of this                Agreement; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | in                the event Unitholder Approval has been obtained, declare, set aside,                pay                or make any Monthly Distribution other than the Monthly Distribution                for                the month ending prior to the Closing Date;                or |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | declare                any Excess Distribution Amount. |
|--------|--------|--------------------------------------------------------|

| **4.2** | **Ordinary                Course Covenants of                Partnership** |
|---------|----------------------------------------------------------------------------|

|   | (a) | it                shall, and shall cause each of its subsidiaries, including, for greater                certainty, CanWest MediaWorks Publications and any subsidiaries of                CanWest                MediaWorks Publications, to conduct its and their respective business                only                in and not take or omit to take any action except in, the usual,                ordinary                and regular course of business consistent with past practice;                and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | without                limiting the generality of the foregoing, it shall take all reasonable                commercial efforts to ensure, to the extent that it is within its                ability                to do so, that a Material Adverse Effect does not                occur. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4.3** | **Cooperation                of Fund and Trust** |
|---------|--------------------------------------------------|

|   | (a) | Each                of Fund and Trust agree to cooperate with CanWest, General Partner                and                Limited Partnership with respect to any tax planning or tax structuring                proposed by any of CanWest, General Partner or Limited Partnership                in                connection with the Transaction, to the extent such tax planning                or tax                structuring does not cause prejudice or result in any additional                costs                (unless such costs are paid or otherwise indemnified by CanWest)                to Fund                or Trust or the Unitholders. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                of the Parties agree to assist and co-operate with each other, and                to take                appropriate steps to amend and/or terminate, the Fund Material Documents                or any other agreement or instrument as may be necessary or desirable                in                any Party’s judgment, acting reasonably, in order to permit the                Transaction to be completed as contemplated by this Agreement and                as                otherwise may be necessary or desirable to give effect to the                Transaction. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | **4.4** | **Financing** |
|--------|---------|---------------|

** **

| **4.5** | **Trustees’,                Directors’ and Officers’ Insurance and                Indemnities** |
|---------|-------------------------------------------------------------------------------------------------------------------|

|   | (a) | Notwithstanding                any other term of this Agreement, Fund shall be permitted to secure                pre-paid non-cancellable trustees’, directors’ and officers’ liability                insurance coverage, equivalent to the insurance coverage currently                applicable to such individuals, for the current and former trustees,                directors and officers of Fund or Trust on a six year “trailing” (or                “run-off”) basis; and Limited Partnership agrees to reimburse Fund for the                cost of such insurance coverage. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | From                and after the Effective Time, Limited Partnership shall indemnify                the                current and former trustees of Fund and Trust, and any such individuals                that were also directors or officers of General Partner or any                subsidiaries of Limited Partnership or its subsidiaries (collectively,                the                “**Indemnified Persons**”), to substantially the same extent                to which such Indemnified Persons are indemnified by Fund and Trust                (and,                as applicable, General Partner or any subsidiaries of Limited Partnership                or its subsidiaries) as of the date hereof, including the indemnities                set                out in the Fund Declaration of Trust and the Trust Declaration of                Trust,                for liabilities and obligations of Fund and Trust and for acts or                omissions occurring on or prior to, or at or after, the Effective                Time                (including acts or omissions occurring in connection with the approval                of                this Agreement and consummation of the Transaction), and Limited                Partnership will execute and deliver an indemnity agreement on or                prior to                the Effective Time with each of the Indemnified Persons (collectively,                the                “**Indemnity Agreements**”), substantially in the form of the                indemnity agreement in Schedule B, to evidence this obligation and                such                indemnity agreement shall be in addition to the existing indemnitiesfrom                Fund, Trust, General Partner, Limited Partnership or any of their                subsidiaries. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                provisions of this Section 4.5 are intended                to be for the benefit of, and will be enforceable by, each individual                referred to therein, his or her heirs and successors and his or her                legal                representatives and, for such purpose, Limited Partnership hereby                confirms                that it is acting as agent on their                behalf. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If                Limited Partnership or any of its successors or assigns shall at                any time                prior to the later of: (i) six years from the Effective Time; and                (ii) the                date on which any outstanding claims against the Indemnified Persons                for                which indemnification has been sought under the terms hereof have                been                fully and finally resolved, have net realizable assets of less than                $60 million, then CanWest and Limited Partnership shall make proper                provision so that a Person with net realizable assets of not less                than                $60 million shall assume all of the obligations of Limited                Partnership set forth in the Indemnity Agreements and this Section 4.5 and for greater certainty, the foregoing                obligation shall terminate on the last day of the foregoing                period. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                provisions of this Section 4.5 shall survive                the termination of this Agreement as a result of the occurrence of                the                closing of the Transaction. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4.6** | **Winding-Up                and Termination** |
|---------|-----------------------------------------------|

|   | (a) | The                Parties acknowledge that immediately prior to the redemption and                cancellation of the issued and outstanding Units contemplated by                Section 2.1(b)(iii), Fund will have no                material assets other than the Transaction Consideration and will                have no                material liabilities other than costs, expenses and liabilities associated                with such redemption and cancellation and the subsequent winding                up and                termination of Fund.  The Parties further acknowledge that                effective immediately following the Effective Time, all members of                the                Fund Board (including for these purposes, Mr. Richard Leipsic) shall                resign and that Limited Partnership shall designate in writing a                Person                (the “**Post-Closing Fund Trustee**”) which shall be                appointed effective following the Effective Time and immediately                prior to                the resignation of the Fund Board (including for these purposes,                Mr.                Richard Leipsic) and shall agree to act as trustee of Fund.  All                liabilities associated with such redemption and cancellation and                all                costs, expenses and liabilities associated with the subsequent winding                up                and termination of Fund shall be the responsibility of Limited Partnership                and/or Post-Closing Fund Trustee. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Parties acknowledge that immediately after the redemption and cancellation                of the issued and outstanding Trust Units contemplated by Section 2.1(a)(x), Trust will have no material assets                and will have no material liabilities other than costs, expenses                and                liabilities associated with such redemption and cancellation and                the                subsequent winding up and termination of Trust. All liabilities associated                with such redemption and cancellation and all costs, expenses and                liabilities associated with the subsequent winding up and termination                of                Trust shall be the responsibility of Limited Partnership. Limited                Partnership agrees to take, or cause to be taken, all reasonable                actions                and to do, or cause to be done, all thingsreasonably necessary, proper                or                advisable in order to complete all administrative matters necessary                or                advisable to properly wind-up                Trust. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Fund                and Trust have delivered to Limited Partnership a good faith estimate                of                their transaction expenses as of the Closing and shall deliver a                further                good faith estimate of such expenses to Limited Partnership three                Business                Days prior to Closing. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4.7** | **Satisfaction                of Conditions** |
|---------|-----------------------------------------------|

Article 5

| **4.8** | **Consultation** |
|---------|------------------|

| **4.9** | **Amendment                of Performance Unit Plan** |
|---------|-------------------------------------------------------|

|   | (a) | by                including the following new definition in Section 1.2: “Final Redemption                Date” has the meaning ascribed to that term in the Privatization Agreement                dated May 25, 2007 between CanWest MediaWorks Inc., CWMW Trust,                CanWest MediaWorks (Canada) Inc., CanWest MediaWorks Limited Partnership                and CanWest MediaWorks Income Fund; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | by                replacing the definition of “Performance Period” in Section 1.2(y) with                the following: “Performance Period” means, in respect of each grant of                Performance Units, the period from the Award Date up to and including                the                Final Redemption Date; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | by                replacing the definition of “Redemption Date” in Section 1.2(cc) with the                following “Redemption Date” means, in respect of any Redemption Unit, the                Final Redemption Date; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | Notwithstanding                Section 6.1 or any other provision of the Performance Unit Plan,                each                Participant shall be paid a cash payment equal to the Unit Redemption                Price for each Redemption Unit credited to the Participant on the                Final                Redemption Date, with such amount to be paid on the Final Redemption                Date                by the Participant’s employer or the Fund Entity to whom the Participant                provides services, and after such payment the Participant shall no                longer                have any rights under the Performance Unit Plan. For greater certainty,                the Participant’s employer or the Fund Entity to whom the Participant                provides services, as the case may be, may deduct or withhold from                such                payment all amounts required by applicable Laws to be deducted or                withheld                from such payment, provided that any such amounts so deducted or                withhold                are remitted as required by applicable                Laws. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      5**

**CLOSING      CONDITIONS**

| **5.1** | **Mutual                Conditions Precedent** |
|---------|------------------------------------------------|

|   | (a) | Unitholder                Approval shall have been obtained;                and |
|--------|-----|---------------------------------------------------------------------------------|

|   | (b) | no                Governmental Entity shall have enacted, issued, promulgated, enforced                or                entered any Law which is then in effect and has the effect of making                the                Transaction illegal or otherwise preventing or prohibiting the                consummation of the Transaction. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **5.2** | **Conditions                in Favour of CanWest, General Partner and Limited                Partnership** |
|---------|------------------------------------------------------------------------------------------------------------|

|   | (a) | the                representations and warranties of each of Fund and Trust contained                in this                Agreement shall be true and correct at the Effective Time with the                same                force and effect as if such representations and warranties were made                at                and as of such time (except to the extent that any such representation                or                warranty by its terms, is expressly limited to a specific date, in                which                case, as of such specific date) and a certificate dated the Closing                Date                to that effect shall have been signed on behalf of each of Fund and                Trust                and without personal liability by two trustees of each such Person                and                delivered to CanWest, Limited Partnership and General Partner, each                such                certificate to be in form and substance satisfactory to CanWest,                Limited                Partnership and General Partner, acting                reasonably; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | each                of Fund and Trust shall have complied in all material respects with                and                performed in all material respects its obligations, covenants and                agreements hereunder that are to be complied with or performed at                or                before the Effective Time, and a certificate dated the Closing Date                to                that effect shall have been signed on behalf of each of Fund and                Trust and                without personal liability by two trustees of each such Person and                delivered to CanWest, Limited Partnership and General Partner, each                such                certificate to be in form and substance satisfactory to CanWest,                Limited                Partnership and General Partner, acting                reasonably; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Limited                Partnership shall have received the funds from the Short-Term Credit                Facility in the amount contemplated by the Commitment Letter to be                delivered as of the Closing Date on the terms and conditions set                forth                therein; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | there                shall not have occurred or exist a Material Adverse                Effect; |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (e) | Limited                Partnership shall not have determined, acting reasonably and based                on the                opinion of counsel, that the SIFT Proposals will apply to Fund so                as to                result in additional tax payable by Fund prior to January 1,                2011; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | there                shall not be pending or threatened in writing any *bona fide* suit,                action or proceeding by any Governmental Entity or any other Person:                (i)                seeking to prohibit or restrict the consummation of the Transaction                or                seeking to obtain from the Parties any material damages directly                or                indirectly in connection with the Transaction; or (ii) that is                reasonably likely to have a Material Adverse Effect;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | each                of the members of the Fund Board, and each of such individuals who                is also                a trustee of Trust and/or who is also a director of General Partner,                shall                have resigned from each of such positions effective immediately after                the                Effective Time and in the case of the Fund, the Post Closing Fund                Trustee                shall have been duly appointed, as sole trustee, effective immediately                after such applicable resignations. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

5.2

| **5.3** | **Conditions                in Favour of Fund and                Trust** |
|---------|--------------------------------------------------------------------------|

|   | (a) | the                representations and warranties of each of CanWest, Limited Partnership                and                General Partner set forth in: (i) Section 3.1                of this Agreement shall be true and correct; and (ii) all other Sections                of this Agreement shall be true and correct except to the extent                that any                such breach would not individually or in the aggregate reasonably                be                expected to have a material adverse effect on the abilityof any of                CanWest, Limited Partnership or General Partner to consummate the                Transactions, in the case of each of clauses (i) and (ii) at the                Effective                Time with the same force and effect as if such representations and                warranties were made at and as of such time (except to the extent                that any                such representation or warranty by its terms, is expressly limited                to a                specific date, in which case, as of such specific date) and a certificate                dated the Closing Date to that effect shall have been signed on behalf                of                each of CanWest, Limited Partnership and General Partner and without                personal liability by two senior officers of each such Person and                delivered to Fund and Trust, each such certificate to be in form                and                substance satisfactory to Trust and Fund, acting                reasonably; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | each                of CanWest, Limited Partnership and General Partner shall have complied                in                all material respects with and performed in all material respects                its                obligations, covenants and agreements hereunder that are to be complied                with or performed at or before the Effective Time, and a certificate                dated                the Closing Date to that effect shall have been signed on behalf                of each                of CanWest, Limited Partnership and General Partner and without personal                liability by two senior officers of each such Person and delivered                to                Trust and Fund, each such certificate to be in form and substance                satisfactory to Trust and Fund, acting                reasonably; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                Indemnity Agreements shall have been duly and validly executed and                delivered by Limited Partnership;                and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Limited                Partnership shall have made arrangements satisfactory to Fund and                Trust,                acting reasonably, to deposit with Fund, or such Person as Fund may                direct, the Transaction                Consideration. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

5.3

**ARTICLE      6**

**TERMINATION**

| **6.1** | **Termination** |
|---------|-----------------|

|   | (a) | by                mutual written consent of CanWest and Fund duly authorized by the board of                directors of CanWest and the Fund                Board; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | by                either CanWest or Fund if the Effective Time shall not have occurred                on or                before the Outside Date; provided, however, that the right to terminate                this Agreement under this Section 6.1(b)                shall not be available to any Party whose failure to fulfill any                representation, warranty, obligation, covenant or agreement set forth                in                this Agreement or other action has been the cause of, or resulted                in, the                failure of the Effective Time to occur on or before such                date; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | by                either CanWest or Fund if any Governmental Entity shall have enacted,                issued, promulgated, enforced or entered any Law which is then in                effect                and has the effect of making the Transaction illegal or otherwise                preventing or prohibiting the consummation of the                Transaction; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | by                either CanWest or Fund if Unitholder Approval is not obtained at                the                Meeting or at any adjournment or postponement                thereof; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | by                CanWest if the Fund Board fails to recommend the Special Resolution,                withdraws or modifies in a manner adverse to CanWest, General Partner                or                Limited Partnership its approval or recommendation of the Special                Resolution, this Agreement or the Transaction or shall fail to reaffirm                such approval or recommendation within three Business Days of receipt                of                any written request to do so by                CanWest; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | by                CanWest if there shall have occurred or exist a Material Adverse                Effect or                if Limited Partnership shall have determined, acting reasonably and                based                on the opinion of counsel, that the SIFT Proposals will apply to                Fund so                as to result in additional tax payable by Fund prior to January 1,                2011; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | by                CanWest, if there has been a breach of or failure to perform any                representation, warranty, obligation, covenant or agreement on the                part of                Fund or Trust set forth in this Agreement, which breach or failure                to                perform would cause the conditions set forth in Section 5.2 not to be satisfied on or by the Outside                Date; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | by                Fund, if there has been a breach of or failure to perform any                representation, warranty, obligation, covenant or agreement on the                part of                CanWest, General Partner or Limited Partnership set forth in this                Agreement, which breach or failure to perform would cause the conditions                set forth in Section 5.3 not to be                satisfied on or by the Outside                Date. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.2** | **Effect                of Termination** |
|---------|------------------------------------------|

|   | (a) | In                the event of the termination of this Agreement pursuant to Section6.1, written notice thereof shall forthwith                be                given by the terminating Party to the other Parties specifying the                provision pursuant to which such termination is                made. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In                the event of the valid termination of this Agreement by CanWest or                Fund as                provided in Section 6.1, this Agreement                shall forthwith become void and have no further effect, and there                shall be                no liability or further obligation on the part of either CanWest,                General                Partner or Limited Partnership and their respective trustees, directors                or                officers, on the one hand, or Fund or Trust and their respective                trustees,                directors or officers, on other hand, hereunder, except that the                provisions of Section 6.3 (Expenses)                shall remain in full force and effect and shall survive any such                termination, and liability for any prior breach of this Agreement                shall                not be affected. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | **6.3** | **Expenses** |
|--------|---------|--------------|

2.1
2.4(h)
5.2(c)
2.3
6.1(e)

| **6.4** | **Remedies** |
|---------|--------------|

----

**Article      7**

**MISCELLANEOUS**

| **7.1** | **Notices** |
|---------|-------------|

**Notice**

|   | (a) | if                to CanWest: |
|--------|-----|-------------------------------|

|   | (b) | if                to General Partner or Limited                Partnership: |
|--------|-----|-----------------------------------------------------------------------------|

----

| **7.2** | **Further                Assurances** |
|---------|---------------------------------------|

| **7.3** | **Limited                Liability** |
|---------|--------------------------------------|

----

| **7.4** | **Counterparts** |
|---------|------------------|

----

**IN      WITNESS WHEREOF**

| **CANWEST                MEDIAWORKS INC.**          |                                                                                                                                                    | **CWMW                TRUST**                                                                                                           |
|-----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|
| By:                                                 |                  "John Maguire"                                                                                                                    | By:                                                                                                                                     |  "John              Maguire" |
|                                                | Name:   John                MaguireTitle:                    Chief Financial Officer                                 |                                                                                                                                    | Name: John                MaguireTitle:   Trustee |
| By:                                                 |  "Thomas              Strike"                                                                                                                      |                                                                                                                                    | By: |  "Thomas              Strike" |
|                                                | Name:   Thomas                StrikeTitle:      President,                CanWest MediaWorks International |                                                                                                                                    | Name:  Thomas                StrikeTitle:    Trustee |
|                                                |                                                                                                                                                    |                                                                                                                                    |   |
| **CANWEST                MEDIAWORKS (CANADA) INC.** |                                                                                                                                                    | **CANWEST                MEDIAWORKS LIMITED PARTNERSHIP by its General Partner, CanWest MediaWorks                (Canada) Inc.**  |
| By:                                                 |  "John              Maguire"                                                                                                                       | By:                                                                                                                                     |  "John              Maguire" |
|                                                | Name: John                MaguireTitle:   Director                                                                                  |                                                                                                                                    | Name: John                MaguireTitle:   Director |
| By:                                                 |  "Thomas              Strike"                                                                                                                      |                                                                                                                                    | By: |  "Thomas              Strike" |
|                                                | Name:  Thomas                StrikeTitle:    Director                                                                     |                                                                                                                                    | Name: Thomas                StrikeTitle:   Director |
|                                                |                                                                                                                                                    |                                                                                                                                    |   |   |
| **CANWEST                MEDIAWORKS INCOME FUND**   |                                                                                                                                                    |                                                                                                                                    |
| By:                                                 |  "Sheelagh              Whittaker"                                                                                                                 |                                                                                                                                    |   |
|                                                | Name:  Sheelagh                WhittakerTitle:    Trustee                                                                 |                                                                                                                                    |   |
| By:                                                 |  "Wayne              McLeod"                                                                                                                       |                                                                                                                                    |   |   |
|                                                | Name:  Wayne                McLeodTitle:    Trustee                                                                       |                                                                                                                                    |   |

----

**SCHEDULE      A**

**FORM      OF SPECIAL RESOLUTION**

**BE      IT RESOLVED**

| 1. | The                transactions contemplated in the privatization agreement (the                “**Privatization Agreement**”) among CanWest MediaWorks Inc.,                CWMW Trust, CanWest MediaWorks (Canada) Inc., CanWest MediaWorks                Limited                Partnership (the “**Limited Partnership**”) and CanWest                MediaWorks Income Fund (the “**Fund**”) dated May 25, 2007                (as it may be or may have been amended in accordance with its terms),                including without limitation the indirect sale of substantially all                of the                assets of the Fund to the Limited Partnership and the amendments                to the                Fund Material Documents contemplated thereby, are hereby approved,                ratified and confirmed in all                respects; |
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| 2. | The                proposed amendments to the Fund Declaration of Trust as set forth                in                Exhibit “A” are hereby approved and authorized, effective as of the                Effective Time. Any two trustees of the Fund are authorized, without                further notice to or approval of the Unitholders, to approve such                other                amendments to the Fund Declaration of Trust or amendments to or                terminations of any other Fund Material Document or any other agreement                or                instrument as may be necessary or desirable in their discretion in                order                to permit the transactions contemplated in the Privatization Agreement                and                as otherwise may be necessary or desirable in their discretion in                order to                give effect to the transactions contemplated in the Privatization                Agreement or in order to give effect to this Special                Resolution.  Without limiting the generality of the foregoing,                the provisions of Section 5.3 of the Fund Declaration of Trust shall                not                apply so as to require the Trustees to declare any distribution in                contravention of the terms of the Privatization Agreement or prevent                the                Trustees from declaring any distribution that is contemplated by                the terms                of the Privatization Agreement; |
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| 3. | Any                two trustees of the Fund be and are hereby authorized and directed                to                execute on behalf of the Fund and to deliver and to cause to be delivered,                all such documents, agreements and instruments and to do or cause                to be                done all such other acts and things as they shall determine to be                necessary or desirable in order to carry out the intent of the foregoing                resolutions and the matters authorized thereby, such determination                to be                conclusively evidenced by the execution and delivery of such documents,                agreements or instruments or the doing of any such act or                thing; |
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| 4. | Notwithstanding                that this resolution has been passed by the Unitholders, the board                of                trustees of the Fund, are authorized, without further notice to or                approval of the Unitholders: (a) to amend the Privatization Agreement                to                the extent permitted by the Privatization Agreement; and/or (b) to                terminate the Privatization Agreement and to not proceed with the                Transaction to the extent permitted by the Privatization Agreement;                and |
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| 5. | All                capitalized terms not otherwise defined in this Special Resolution                have                the meanings ascribed thereto in the Information                Circular. |
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**EXHIBIT      “A” TO SCHEDULE A**

**AMENDMENTS      TO FUND DECLARATION OF TRUST**

*Definitions*

*“**Closing      Date**” has the meaning ascribed thereto in the Privatization      Agreement;*

*“**Final      Redemption**” means the redemption of all outstanding Trust Units in      consideration of payment of the Unit Redemption Price per Trust      Unit;*

*“**Final      Redemption Date**” means July 12, 2007 or such other date as agreed      to in writing by the parties to the Privatization Agreement;*

*“**Privatization      Agreement**” means the privatization agreement dated May 25, 2007 between      CanWest, the Intermediary Trust, the General Partner, the Partnership and the      Trust, as amended from time to time in accordance with its      terms.*

*“**Unit      Redemption Price**” has the meaning ascribed thereto in the Privatization      Agreement;*

*“*
***Transaction***
*”      means the transactions contemplated in the Privatization Agreement*
*and*

*“**Trustee**”      means a person who is, in accordance with the provisions hereof, a trustee      of      the Trust at that time, including without limitation so long as he she or it      remains a trustee, and “**Trustees**” means, at any time, all of      the persons, each of whom is at that time a Trustee.*

*Cancellation of all Redeemed Trust Units*

*Section      6.6 – Redemption of Trust Units by the Trust*

*(a)           With      the intent that the Trust be wound-up in accordance with section 14.2, the      Trust      shall complete the Final Redemption, without further act or formality, on the      Final Redemption Date.*

*(b)           The      Trust shall cause to be forwarded a cheque by first class mail or a wire      transfer in Canadian currency representing the Unit Redemption Price required      to      be made to each Trust Unitholder pursuant to Section 6.6(a).  Payments      made by the Trust of the applicable Unit Redemption Price are conclusively      deemed to have been made upon the mailing of a cheque in a postage prepaid      envelope addressed to the Trust Unitholder unless such cheque is dishonoured      upon presentment or upon transmission of a wire transfer, as      applicable.  Upon such payment, the Trust shall be discharged from all      liability to the former Trust Unitholder in respect of the Trust Units so      redeemed.  Under no circumstances will interest be paid to any holder      on any payment to be made hereunder, regardless of any delay in making such      payment.*

*(c)           The      Trust and its agents shall be entitled to deduct and withhold from any      consideration payable to any Trust Unitholder as a consequence of the      Final*

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*Redemption,      such amounts as the Trust or any agent is required or permitted to deduct and      withhold with respect to such payment under the Tax Act, the Code or any other      provision of provincial, local or foreign tax law, in each case, as      amended.  To the extent that amounts are so withheld, such withheld      amounts shall be treated for all purposes hereof as having been paid to the      Trust Unitholder in respect of which such deduction and withholding was made,      provided that such withheld amounts are actually remitted to the appropriate      taxing authority.*

*(d)           Where      the Trust redeems Trust Units in connection with the Final Redemption on the      Final Redemption Date, the Trustees may, in their sole discretion, designate      to      the Trust Unitholders any income or capital gain realized by the Trust as a      result of the Transaction and paid or made payable to the Trust Unitholders      upon      the redemption of their Trust Units.*

*Cancellation of all Redeemed Trust Units *

*All      Trust Units that are redeemed under this Article 6 shall be cancelled as of      12:01 a.m.. on the Final Redemption Date and such Trust Units shall no longer      be      outstanding and shall not be reissued.*

*Number of Trustees*

*There      shall be at all times no fewer than one (1) and no more than ten (10) Trustees,      with the number of Trustees from time to time within such range being fixed      by      the Trustees; provided that until otherwise so determined, the number of      Trustees shall be one (1).*

*Quorum*

*The      quorum for the transaction of business at any meeting of the Trustees shall      consist of a majority of the number of Trustees then holding office, and,      notwithstanding any vacancy among the number of Trustees, a quorum of Trustees      may exercise all of the powers of the Trustees. In the event that only one      Trustee has been appointed in accordance with this Declaration of Trust, a      quorum shall consist of one Trustee.*

*Ceasing to Hold Office*

*A      resignation of a Trustee becomes effective at the time a written resignation      is      sent to the Trust, or at the time specified in the resignation, whichever is      later.*

*Notification of Amendment*

*As      soon as shall be practicable after the making of any amendment without the      consent of Trust Unitholders pursuant to this Article 11, the Trustees shall      furnish written notification of the substance of such amendment to each Trust      Unitholder.  For greater certainty, any amendments to the Declaration      of Trust made with the consent of Trust Unitholders by Special Resolution shall      not require notification under this Section 11.2;*

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*Termination with the Approval of the Trust Unitholders *

*Section      14.2 – Termination with the Approval of the Trust Unitholders; Termination      Following the Final Redemption Date*

*Except      in respect of the Final Redemption, the Trust Unitholders may vote by Special      Resolution to terminate the Trust at any meeting of Trust Unitholders duly      called by the Trustees for the purpose of considering termination of the      Trust.  Following the approval of such termination, the Trustees shall      commence to wind up the affairs of the Trust. With respect to the Final      Redemption, the Trust may be terminated as and when the Trustees in their sole      discretion may determine following the procedures in Sections 14.8 and 14.9      hereof.*

*Responsibility of the Trustees after Sale and Conversion*

*Section      14.8 – Responsibility of the Trustees after Sale and      Conversion*

*Except      in respect of the proceeds from the Transaction received on the Closing Date,      the Trustees shall not invest the proceeds of any sale of investments or other      assets or cash forming part of the Trust Assets after the date referred to      in      Section 14.3 except in a current account in a Canadian chartered bank and,      after      such sale, the sole obligation of the Trustees under this Declaration of Trust      shall be to hold such proceeds or assets in trust for distribution under Section      14.6.  With respect to the proceeds from the Transaction received on      the Closing Date, the Trustees shall invest such proceeds in a current account,      which may be non-interest bearing, in a Canadian chartered bank until the Final      Redemption Date.*

*Procedures for Termination Following the Final Redemption Date*

*Section      14.9 – Procedures for Termination Following the Final Redemption      Date*

*Following      the Final Redemption Date and after the date on which the Trustees determine      to      commence to wind-up the affairs of the Trust, the Trustees shall undertake      no      activities except for those which, subject to their sole discretion, are for      the      purpose of winding-up the affairs of the Trust and, for this purpose, the      Trustees shall continue to be vested with and may exercise all or any of the      powers conferred upon the Trustees under this Declaration of      Trust.*

*Authorization of Trustee*

*Section      16.15 — Authorization of Trustee*

*Any      Trustee is authorized, without further notice to or approval of the Trust      Unitholders, to approve such other amendments to this Declaration of Trust      as      are in his, her or its discretion necessary or desirable in order to permit      the      Final Redemption and as*

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*otherwise      may be necessary or desirable in order to give effect to the Transaction and      the      Privatization Agreement.*

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**SCHEDULE      B**

**FORM      OF INDEMNITY AGREEMENT**

**[Name      of Trustee]**

**[address]**

**WHEREAS**
**[Name      of Trustee]**
**Indemnified Person**
**[CanWest MediaWorks Income Fund/CWMW Trust]**
**Fund/Trust]**
**GP**

**AND      WHEREAS**

**NOW      THEREFORE**
**Fund/Trust]**

| 1. | Except                as otherwise provided in this Agreement, to the maximum extent permitted                by law, the Limited Partnership shall indemnify and hold harmless                the                Indemnified Person from and against any and all liabilities, obligations,                losses, damages, penalties, actions, suits, costs, expenses or                disbursements of any kind or nature whatsoever which may be imposed                on,                incurred by, or asserted against the Indemnified Person by reason                of the                Indemnified Person being or having been a trustee** **of                the [**Fund/Trust]** and/or a director of GP and/or a                director or officer of any of their respective subsidiaries or any                subsidiary of the Limited Partnership, provided that the Indemnified                Person acted honestly and in good faith with a view to the best interests                of the [**Fund/Trust]**and/or the Limited Partnership and/or                their respective subsidiaries, as applicable, and in the case of                a                criminal or administrative action or proceeding that is enforced                by a                monetary penalty, where the Indemnified Person had reasonable grounds                for                believing that his or her conduct was                lawful. |
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| 2. | Without                limiting the generality of the foregoing, to the maximum extent permitted                by law, the Limited Partnership                shall: |
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|   | (a) | indemnify                and save harmless the Indemnified Person from and against all costs,                charges, expenses, judgments, fines and amounts paid in settlement                of an                action provided that no settlement shall be effective without the                Limited                Partnership’s prior written consent, acting reasonably, or in satisfaction                of a judgment actually  incurred by the Indemnified Person in                connection with any threatened, pending or completed action, suit                or                proceeding, whether civil, criminal, administrative, or investigative,                and                whether formal or informal, to which the Indemnified Person is made                a                party or may be liable for by reason of the Indemnified Person being                orhaving been a trustee** **of the [**Fund/Trust]**and/or a director of GP and/or a director or officer of                any of                their respective subsidiaries or any subsidiary of the Limited                Partnership, and |
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|   | (b) | undertake                to seek the approval of a court, if required, to indemnify and save                harmless the Indemnified Person from and against all costs, charges,                expenses, judgments, fines and amounts paid in settlement of an action                or                in satisfaction of a judgment actually incurred by the Indemnified                Person                in connection with any threatened, pending or completed action, suit                or                proceeding, whether civil, criminal, administrative, or investigative,                and                whether formal or informal, in respect of any action, suit or proceedings                by or on behalf of the [**Fund/Trust]** and/or GP or any of                their respective subsidiaries or any subsidiary of the Limited Partnership                to procure a judgment in its favour to which the Indemnified Person                is                made a party or may be liable for by reason of the Indemnified Person                being or having been a trustee of the [**Fund/Trust]** and/or                a director of GP and/or a director or officer of any of their respective                subsidiaries or any subsidiary of the Limited Partnership, provided                that                the Indemnified Person fulfils the conditions set out in Section1. |
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| 3. | For                the purposes of any determination pursuant to Sections 1 and 2 hereof,                the                Indemnified Person shall be deemed, subject to compelling evidence                to the                contrary, to have fulfilled the conditions set out in Section 1, and the Limited Partnership will                have the                burden of establishing that the Indemnified Person did not fulfil                such                conditions.  The knowledge and/or actions or failure to act of                any other trustee, director, officer or agent of the                [**Fund/Trust]**, GP or any of their respective subsidiaries                or any subsidiary of the Limited Partnership or any other entity                shall not                be imputed to the Indemnified Person for the purposes of determining                the                right to indemnification under this Indemnity                Agreement. |
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| 4. | The                termination of a proceeding by judgment, order, settlement, conviction,                or                upon a plea of guilty or its equivalent is not, of itself, determinative                that the Indemnified Person did not fulfill the conditions set out                in                Section 1. |
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| 5. | The                Indemnified Person shall give notice in writing to the Limited Partnership                as soon as practicable upon being served with any                statement* *of* *claim, writ, notice of motion,                indictment, subpoena, investigation order or other document commencing,                threatening or continuing any claim involving the Indemnified Person                which                may result in a claim for indemnification under this Indemnity Agreement,                and the Limited Partnership agrees to give the Indemnified Person                notice                in writing as soon as practicable upon it being served with any statement                of claim, writ, notice of motion, indictment, subpoena, investigation                order or other document commencing or continuing any claim involving                the                Indemnified Person.  Such notice shall include a description of                the claim or threatened claim, a summary of the facts giving rise                to the                claim or threatened claim and, if possible, an estimate of any potential                liability arising under the claim or threatened claim. Failure by                the                Indemnified Person to so notify Limited Partnership shall not relieve                the                Limited Partnership from liability under this Indemnity Agreement                except                and only to the extent that the failure to notify materially prejudices                the Limited Partnership. |
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| 6. | The                Limited Partnership shall, at the request of the Indemnified Person,                advance to the Indemnified Person sufficient funds, or arrange to                pay on                behalf of or reimburse the Indemnified Person for any costs, charges                or                expenses reasonably incurred by the Indemnified Person in investigating,                defending, appealing, preparing for, providing evidence in or instructing                and receiving the advice of the Indemnified Person’s counsel or other                professional advisors in regard to any claim or other matter for                which the                Indemnified Person may be entitled to an indemnity or reimbursement                under                this Indemnity Agreement, and such amounts shall be treated as a                non-interest bearing advance or loan to the Indemnified Person, pending                approval of the Limited Partnership or the court (if required), to                the                payment thereof as an indemnity.  In the event it is ultimately                determined by a court of competent jurisdiction that the Indemnified                Person did not fulfil the conditions set out in section 1 above,                or that                the Indemnified Person was not* *entitled to be fully so                indemnified, such loan or advance, or the appropriate portion thereof                shall, upon written notice of such determination being given by the                Limited Partnership to the Indemnified Person detailing the basis                for such                determination, be repayable on demand and shall bear interest from                the                date of such notice at the prime rate prescribed from time to time                by** **The Bank of Nova                Scotia. |
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| 7. | The                Limited Partnership hereby agrees to reimburse the Indemnified Person                for                all taxes payable by the Indemnified Person under the taxing laws                of any                jurisdiction, should the reimbursement of costs, charges and expenses                under this Indemnity Agreement, including this Section 7, constitute                a                taxable benefit to the Indemnified                Person. |
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| 8. | The                Indemnification provided by this Indemnity Agreement shall not be                deemed                exclusive of any other rights to which the Indemnified Person may                be                entitled under any statute, by-law, agreement, vote of shareholders                or                otherwise, both as to actions in his or her official capacity and                as to                actions in another capacity while holding such office, and shall                continue                after he or she has ceased to be a trustee of the                [**Fund/Trust]** and/or a director of GP and/or a director or                officer of any of their respective subsidiaries or any subsidiary                of the                Limited Partnership. |
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| 9. | Any                section, subsection or subdivision or provision of this Indemnity                Agreement which is or becomes illegal, invalid or unenforceable shall                be                severed from this Indemnity Agreement and be ineffective to the extent                of                such illegality, invalidity or unenforceability and shall not affect                or                impair the remaining provisions                thereof. |
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| 10. | The                Limited Partnership hereby waives any right to set off any and all                existing and future claims against any amounts payable to the Indemnified                Person hereunder, and agrees to pay such amounts payable hereunder                regardless of any claim which may be asserted by or on behalf of                the                Limited Partnership against the Indemnified                Person. |
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| 11. | In                connection with any proceeding in respect of which the Indemnified                Person                may be entitled to be indemnified hereunder, the Limited Partnership                agrees to cooperate in defending the Indemnified Person against such                proceeding consistent with its obligations under this Indemnity Agreement                and shall be entitled to control of the defence of any civil claims                for                which indemnity is sought with counsel of its choosing, acting                reasonably.  The Indemnified Party agrees to cooperate fully in                such defence including, without limitation, the provision of documents,                attending examinations for discovery,making affidavits, meeting with                counsel, testifying and divulging to the Limited Partnership all                information reasonably requested to defend or prosecute the                claims. |
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| 12. | This                Indemnity Agreement and the obligations of the Limited Partnership                hereunder will not be affected, discharged, impaired, mitigated or                released by reason of any bankruptcy, insolvency, receivership or                other                similar proceeding of creditors of the Limited                Partnership. |
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| 13. | This                Indemnity Agreement shall be effective as of the date                hereof. |
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| 14. | This                Indemnity Agreement may be executed by the parties in counterparts                and may                be executed and delivered by facsimile or electronic mail and all                such                counterparts and facsimiles together shall constitute one and the                same                agreement. |
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| 15. | This                Indemnity Agreement shall be deemed to have been made in and shall                be                construed in accordance with the laws of the Province of Ontario                and the                federal laws of Canada applicable therein and the Limited Partnership                hereby unconditionally attorns to the laws of such jurisdiction and                to the                courts of the Province of Ontario. |
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| 16. | This                Indemnity Agreement and the benefits and obligations of all covenants                herein contained will be binding upon and enure to the benefit of                the                Limited Partnership, its successors and assigns, and the Indemnified                Person, his or her heirs and personal or other legal                representatives.  If the Limited Partnership or any of its                successors or assigns shall at any time prior to the later of: (i)                six                years from the date hereof; and (ii) the date on which any outstanding                claims against the Indemnified Persons for which indemnification                has been                sought under the terms hereof have been fully and finally resolved,                have                net realizable assets of less than $60 million, then the Limited                Partnership and CanWest MediaWorks Inc. shall make proper provision                so                that an entity with net realizable assets of not less than                $60 million shall assume all of the obligations of the Limited                Partnership set forth in this Indemnity Agreement and for greater                certainty, the foregoing obligation shall terminate on the last day                of the                foregoing period. |
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| 17. | The                obligations under this Indemnity Agreement shall be binding upon                the                Limited Partnership and recourse may be had to the partnership property                of                the Limited Partnership but not personally binding upon any of the                directors, officers, limited partners, employees or agents of the                Limited                Partnership and no resort shall be had to nor redress, recourse or                satisfaction sought from the private property of any such                parties. |
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| 18. | This                agreement shall be effective when executed by both the Limited Partnership                and the Indemnified Person. |
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| 19. | Any                notice, consent or approval required or permitted to be given in                connection with this Indemnity Agreement (in this Section referred                to as a                “Notice”) shall be in writing and shall be sufficiently given if delivered                (whether in person, by courier service or other personal method of                delivery), or if transmitted by facsimile or                e-mail: |
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| (a) | if                to the Limited Partnership: |
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|   | (b) | if                to Indemnified Person: |
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19

**DATED**

|   |                    | **CANWEST                MEDIAWORKS LIMITED PARTERNSHIP, by its general partner, CANWEST MEDIAWORKS                (CANADA) INC.** |
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| By:    |                    |
|   | Name:                l  |
|   | Title:                l |
| By:    |                    |
|   | Name:                l  |
|   | Title:                l |

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

|   |                    | **INDEMNIFIED                PERSON** |
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| By:    |                    |
|   | Name:                l  |
|   | Title:                l |

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