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**VOTING      TRUST AGREEMENT***

**THIS      AGREEMENT**

**BETWEEN:**

**CW      Media Inc.**
**(“Amalco”)**

**James      B. Macdonald**
**Trustee**

**BACKGROUND:**

**Whereas**
**CanWest**
**AACI**
**Arrangement**

**And      Whereas**
**AABI**
**Regulated Entities**
**CRTC**
**Agreement**

**And      Whereas**

**And      Whereas**
**New AABI**

**And      Whereas**

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**Reorganization**

**And      Whereas**
**SpecialtyWorks Holdco**
**Specialty TVCos**
**STVCo Interests**

**And      Whereas**
**GSCP**

**And      Whereas**
**Transaction Approval**

**And      Whereas**

**And      Whereas**
*Broadcasting Act*

**And      Whereas**

**And      Whereas**

**And      Whereas**

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**And      Whereas**

**Now      Therefore**

| **1.** | **Creation                and Purpose of Voting                Trust** |
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**Voting      Trust**
**Deposited Securities**

|   | (a) | until                Transaction Approval has been obtained on terms acceptable to Amalco                and                all of the Deposited Securities and other property then held by the                Trustee pursuant to this Agreement have been transferred into the                name of                and delivered to or to the order of Amalco as provided in paragraph4(d) below;                or |
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|   | (b) | until                the completion of the sale of all of the Deposited Securities pursuant                to                a Request Sale Notice as provided in paragraph 4(e) below or pursuant to a                notice                given in accordance with paragraph 4(g)                below. |
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| **2.** | **Holding                of Deposited                Securities** |
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|   | (a) | Amalco                shall, following the completion of the Reorganization, subject to                any                guarantees and security interests granted in favour of any financial                institution(s) or other lender(s) (“**Lender**”) to secure                loans made by such Lender to Amalco or one or more parent entity                or                subsidiary entity of Amalco (collectively the “**Borrower**”)                to enable Amalco to acquire all or part of the STVCo Interests, or                to                secure additional loans and/or maintain operating loans, transfer                and                deliver to the Trustee all of the certificates representing the Deposited                Securities.  Amalco shall ensure that any such guarantees or                security interests are subject to any applicable regulatory                requirements. |
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|   | (b) | When                so requested by Amalco in writing, the Trustee shall deliver, from                time to                time, to Amalco acknowledgements in writing as to the number, class,                face                amount and other characteristics as applicable of the Deposited Securities                held by him at the time of such                request. |
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|   | (c) | Subject                to the requirements of any agreement granting any guarantees or security                interests in the Deposited Securities in favour of any Lender to                secure                loans made by such Lender to the Borrower, the Trustee shall retain                and                hold in Ontario the certificates representing the Deposited Securities                only in accordance with and subject to the terms and conditions set                forth                in this Agreement.  Except where the  Deposited                Securities are pledged to a Lender as contemplated in the preceding                paragraph, all certificates and other instruments evidencing the                Deposited                Securities shall at all times be and remain in the possession of                the                Trustee.  As directed in writing by Amalco (but without becoming                personally liable with respect thereto), the Trustee shall cause                the                granting of guarantees and security interests (subject to applicable                regulatory requirements) or give acknowledgements of any existing                guarantees or security interests referred to in paragraph 2(a)                above, in the Deposited                Securities securing loans made by one or more Lenders to the                Borrower.  The Trustee shall not cause the execution of any                hypothecation agreement unless it contains provisions stating                that: |
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|   | (i) | voting                rights for any pledged shares or other interests and all rights of the                Trustee hereunder will remain with the Trustee, even in the event                of a                default by the Borrower on the loans (a                “**Default**”); |
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|   | (ii) | in                the event of a Default, there will be a public or private sale of                the                pledged shares or other instruments or interests that are Deposited                Securities; and |
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|   | (iii) | prior                to the exercise of rights by the secured party or by a purchaser                of such                shares or other instruments or interests that are Deposited Securities,                the prior approval of the CRTC, if required, will be                obtained. |
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| **3.** | **Maintenance                of Records** |
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| **4.** | **Voting                and Other Actions by                Trustee** |
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|   | (a) | During                the term of this Agreement, all voting rights with respect to the                Deposited Securities, and the right as shareholder or partner to                take part                in or consent to any corporate or shareholder or partner action of                any                kind with respect to the Specialty TVCos shall be vested in and exercised                by the Trustee, subject to the terms of any existing shareholder                agreement                or other agreement relating to the SpecialtyTVCos or any of the Regulated                Entities. |
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|   | (b) | During                the term of this Agreement, and subject to the terms of any existing                shareholder agreement or other agreement relating to the Specialty                TVCos                or any of the Regulated Entities, the Trustee shall vote or cause                the                Deposited Securities to be voted, and otherwise exercise such voting                rights and rights as shareholder or partner, as                follows: |
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|   | (i) | to                cause such actions to be taken as the Trustee may deem necessary                so as to                maintain the continuity of the operations and general character of                the                Specialty TVCos in the ordinary course of their respective businesses,                including satisfying commitments that are legally binding on the                Specialty                TVCos, including, for greater certainty, to vote against any sale                of                assets outside the ordinary course of                business; |
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|   | (ii) | to                require a shareholders meeting to be held if necessary and to remove                from                office by ordinary resolution, in accordance with advice from his                legal                advisor, who, to the best of the Trustee’s knowledge, shall not be legal                counsel to Amalco, GSCP or any of their respective shareholders,                affiliates or subsidiaries (“**Legal Advice**”), any director                of the Specialty TVCos who the Trustee believes, acting reasonably,                will                not in the future be an Assisting Director.  For these purposes,                an “**Assisting Director**” is any person who does not                oppose, impede or impair the completion of the Arrangement or the                Reorganization, who renders to the Trustee and Amalco all assistance                necessary to effect the Reorganization, who at all times acts in                a manner                consistent with effecting the Arrangement and the Reorganization                and                maintaining the continuity of the operations and general character                of the                Specialty TVCos in the ordinary course of their respective businesses                (including satisfying commitments that are legally binding on the                Specialty TVCos), who does not waste corporate assets or otherwise                act in                a manner inconsistent with the fiduciary responsibilities of a director                and who provides written confirmation                (a** **“**Confirmation**”) when requested                to do so by the Trustee that the director is and intends in the future                to                be an Assisting Director; |
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|   | (iii) | in                any manner necessary based on Legal Advice, to elect or appoint as                directors of the Specialty TVCos such additional individuals as the                Trustee in his absolute discretion determines (which may include                the                Trustee), provided that any individual to be elected or appointed                as                director has provided to the Trustee a Confirmation and the Trustee                believes, acting reasonably, that the individual will be an Assisting                Director, to vacancies on the board of directors of the Specialty                TVCos                during the term of this Agreement; |
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|   | (iv) | to                replace any member of the board of directors of the Specialty TVCos                who                resigns or is removed for cause as specified                in |
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|   | subparagraph                4(b)(ii).  In                exercising these                powers to elect or appoint new directors, the Trustee shall not appoint                a                person who, to the best of the Trustee’s knowledge, is a partner, officer,                employee, director, shareholder, subsidiary, affiliate or competitor                (other than the Specialty TVCos), of Amalco or GSCP, or who, to the                best                of the Trustee’s knowledge, has any professional business or familial                relationship with Amalco or GSCP or any partner, officer, employee,                director, shareholder, subsidiary, affiliate, or, competitor (other                than                the Specialty TVCos), of Amalco or GSCP (any such person so related                to                Amalco or GSCP being hereinafter referred to as a “**Disqualified                Person**”); |
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|   | (v) | subject                to subparagraphs (i), (ii),(iii)                and (iv) of this paragraph 4(b),                in the Trustee’s absolute                discretion based on Legal Advice, to re-elect or re-appoint at annual                shareholders meetings of the Specialty TVCos and any other shareholders                meetings of the Specialty TVCos at which directors are to be elected,                or                to appoint each director of the Specialty TVCos who was a director                prior                to such meeting and otherwise to fill vacancies existing on the board                of                directors of the Specialty TVCos; |
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|   | (vi) | to                deliver to the Specialty TVCos and to each of their directors a written                declaration requiring that copies of all monthly management and                operational reports and financial data relating to the Specialty                TVCos                that are prepared in the ordinary course of business and such other                reports the Trustee considers reasonably necessary to direct and                supervise                and monitor the operations of the Specialty TVCos, shall be delivered                to                the Trustee and providing that the powers of such directors are restricted                in that they may not use such powers to cause the Specialty TVCos                to carry                on business except in the ordinary                course; |
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|   | (vii) | in                the manner necessary so that the Specialty TVCos shall carry on business                in the ordinary course, not make or permit any changes out of the                ordinary                course, except as provided for in this Agreement or as contemplated                by the                Reorganization.  Except as contemplated by the                Reorganization,** **the Trustee agrees that he intends                to cause the Specialty TVCos to operate only in the ordinary course,                consistent with past practice, applicable legal and regulatory                requirements and conditions of licences, and in particular, to cause                the                Specialty TVCos to act in a manner designed to safeguard their assets,                maintain the continuity of their operations, including maintaining                in good                standing all licences issued to the Specialty TVCos, maintain the                general                character of the Specialty TVCos’ operations and preserve their business                organization and relationships with customers, suppliers and                others.  To such end, the Trustee and/or the Specialty TVCos                may |
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|   | enter                into such arrangements on commercial terms for the supply of services                as** **to enable the Specialty TVCos to carry on their                businesses in the ordinary course and consistent with past                practice; |
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|   | (viii) | upon                notice in writing from Amalco, to obtain such waivers or consents                from the                Lenders to** **the Borrower as are necessary to permit                the transfer of the Deposited Securities to the Trustee in accordance                with                the terms of this Agreement; or, to the extent such consents or waivers                cannot be obtained, to obtain replacement financing on terms acceptable                to                Amalco; |
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|   | (ix) | in                order to: |
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|   | (A) | obtain                for Amalco all written information and provide such commercially                reasonable assistance as may be requested by Amalco in writing from                the                Specialty TVCos in order to obtain Transaction Approval (including,                without limitation, by making any applications and giving any consents                required for such                purpose);** **and |
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|   | (B) | obtain                (to the extent not already obtained) all approvals, consents and                waivers                (other than Transaction Approval) required to implement the Reorganization                or to avoid or cure any breach of any applicable law or of the obligations                of the Specialty TVCos under any material agreement or any loss or                threatened loss of any material rights of the Specialty TVCos as                a result                of the Reorganization and satisfy all conditions attached to all                such                approvals, consents and waivers and Transaction                Approval; |
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|   | (c) | No                person other than the Trustee shall have any voting rights in respect                of                any of the Deposited Securities so long as this Agreement is in effect;                provided that the Trustee may appoint a proxy to vote the Deposited                Securities solely in the manner directed by the Trustee.  The                Trustee shall have no direct or indirect beneficial interest in the                Deposited Securities, and shall only have such voting and other rights                as                are specified in this Agreement. |
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|   | (d) | The                Trustee shall cause the certificates and all other documents representing                all of the Deposited Securities then held by the Trustee to be transferred                into the name of and delivered to or to the order of Amalco, and                shall                take all other actions appropriate to effectuate the transfer and                delivery                to or to the order of Amalco, of legal title to the Deposited Securities                and all other property then held by the Trustee pursuant to this                Agreement                at such time as: |
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|   | (i) | Transaction                Approval on terms acceptable to Amalco has been granted and such                approval                has become effective or such approval is no longer necessary;                and |
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|   | (ii) | the                Trustee receives a written notice from Amalco authorizing such transfer                and delivery. |
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|   | (e) | If                Amalco, by notice in writing to the Trustee (a “**Request Sale                Notice**”), informs the Trustee that it has not obtained                Transaction Approval on terms acceptable to Amalco and is of the                view that                Transaction Approval on terms acceptable to Amalco will not, in any                event,                be obtained thereafter, then, subject as hereinafter provided, the                Trustee, acting for the benefit of Amalco, to the extent within the                Trustee’s power and control and subject to the rights of other Specialty                TVCos securityholders, shall sell the Deposited Securities or the                securities or assets of the Specialty TVCos as soon as practicable,                consistent with the objective of obtaining the best value reasonably                obtainable to Amalco on an after tax basis and after reasonable                consultation with Amalco as to the terms and proposed parties to                any such                transaction based on advice received from those advisors he deems                appropriate, provided such advisors are not, to the best of the Trustee’s                knowledge, immediately prior to and during the term of this Agreement,                advisors to, and do not have any material professional, business,                or                familial relationship with Amalco, GSCP or their respective shareholders,                subsidiaries, or affiliates (“**Advice**”) including, without                limitation, causing the Specialty TVCos to be reorganized and/or                to pay                dividends and to make distributions on their respective securities                as the                Trustee determines based on Advice so as to maximize after-tax                proceeds.  The Trustee shall, in a manner consistent with the                Trustee’s fiduciary obligations hereunder, have discretion in determining                the sale procedure in selecting the purchasing party or parties and                in                determining the terms of such sales with a view to obtaining the                best                value reasonably obtainable; provided, however, that Amalco may withdraw                the Request Sale Notice at any time prior to the consummation of                any such                sale, subject to the independent concurrence by the Trustee based                on                Advice as to such withdrawal.  All sales shall be conducted in                compliance with applicable securities laws, and shall be subject                to such                prior regulatory approvals as may be required.  Nothing herein                provides, nor shall it be construed to provide, Amalco with an absolute                veto over any such sales.  Amalco                shall |
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|   | execute                all documentation and take all steps necessary to allow the Trustee                to                discharge its obligations under this paragraph 4. |
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|   | (f) | During                the term of the Voting Trust, Amalco by notice in writing to the                Trustee,                may require the Trustee from time to time to take any step, action                or                proceeding as may be necessary or advisable in connection with obtaining                any required regulatory approvals, including the disposition or proposed                disposition of the securities or assets of the Specialty TVCos (a                “**Regulatory Disposition**”), as set out in such notice (a                “**Regulatory Disposition Notice**”).  Upon a                Regulatory Disposition Notice being given, the Trustee shall take                all                action required by Amalco in such notice to cause the Specialty TVCos,                to                the extent necessary, to comply with such notice and to render all                assistance required by Amalco in connection therewith in the manner                and                upon the terms set out in Amalco’s notice subject to any requirements of                applicable law. |
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|   | (g) | After                obtaining Transaction Approval on terms acceptable to Amalco, Amalco                by                notice in writing to the Trustee may require the Trustee from time                to                time, to the extent within the Trustee’s power and control and subject to                the rights of other Specialty TVCos securityholders, to take any                step,                action or proceeding in connection with the business, corporate and                capital structure of the Specialty TVCos and/or the disposition or                proposed disposition of the securities or assets of the Specialty                TVCos                set out in such notice.  Upon any such notice being given, the                Trustee shall take all action required by Amalco in such notice to                cause                the Specialty TVCos, to the extent necessary, to comply with such                notice                and to render all assistance required by Amalco in connection therewith                in                the manner and upon the terms set out in Amalco’s notice subject to any                requirements of applicable law. |
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|   | (h) | The                Trustee shall have the power and shall take such further actions                (including, but not limited to, taking legal action) to render and                cause                the Specialty TVCos, to the extent applicable or necessary, finalize,                execute and deliver any and all such further documents, agreements,                authorizations, elections or other instruments in respect of the                Reorganization, including any agreements, guarantees, security agreements                and related documentation requested by the Lenders pursuant to any                financing arrangements of the                Borrower; |
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|   | (i) | Subject                to the terms of this Agreement, if the Trustee receives an offer                for the                acquisition of the Deposited Securities, the Trustee shall reject                any such                offer, unless expressly advised otherwise by Amalco in                writing. |
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| **5.** | **Restricted                Material Agreements** |
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|   | (a) | Schedule                C sets out a list of restricted material agreements that Amalco will                not                be assigning to New AABI as part of the Reorganization                (the |
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|   | “Restricted                Material Agreements”).  Amalco agrees to hold the Restricted                Material Agreements for the benefit of New AABI, and in this regard                undertakes to: |
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|   | (i) | enforce                the rights of Amalco under the Restricted Material Agreements against                the                issuer thereof or the other parties                thereto; |
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|   | (ii) | refrain                at all times from |
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|   | (A) | using                any such Restricted Material Agreements for its own purposes or for                exercising any control over the operations of the Specialty TVCos;                and |
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|   | (B) | assigning                or providing the benefit of any such Restricted Material Agreement                to any                other party, including CanWest, GSCP or any of their respective                shareholders, affiliates or subsidiaries (other than the Specialty                TVCos); |
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|   | (iii) | pay                or cause to be paid to one or more of the Specialty TVCos all monies                collected by or paid to Amalco in respect of such Restricted Material                Agreements; |
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|   | (iv) | take                all such actions and do, or cause to be done, all such things as                New AABI                may reasonably require in order that the value and benefits of the                applicable Restricted Material Agreements shall be preserved and                enure to                the benefit of New AABI; and |
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|   | (v) | provide                reports to New AABI on a periodic basis, and otherwise when requested                in                writing by New AABI, concerning the status of the Restricted Material                Agreements and any actions taken in relation thereto, and consult                with New                AABI in advance of taking any such actions or doing, or causing to                be done                any thing in relation to the Restricted Material                Agreements. |
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|   | (b) | The                Trustee shall have the power to enforce Amalco’s undertakings under                Section 5(a)                directly to the extent Amalco is                not complying with them. |
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| **6.** | **Concerning                the Trustee** |
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|   | (a) | Subject                to the provisions of this Agreement, the Voting Trust created hereby                shall                be managed by the Trustee. |
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|   | (b) | The                Trustee shall be entitled to receive compensation for his services                hereunder at the times and in the amounts as may be agreed to in                writing                between the Trustee and Amalco. |
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|   | (c) | The                Trustee is expressly authorized to incur and pay all reasonable charges                 and other expenses which the Trustee deems necessary and                proper |
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|   | in                the performance of the Trustee’s duties under this Agreement, including                for legal counsel and other advisors of his choosing retained on                a *per                diem* or hourly basis as the Trustee deems appropriate (or, in the                event of any requirement for an advisor in connection with a disposition                or proposed disposition under paragraph 4(e), 4(f)                or 4(g) above, retained on such                other                reasonable basis as the Trustee deems appropriate) as well as for                office                space and equipment and clerical assistance as the Trustee may reasonably                require to allow the Trustee to perform the Trustee’s duties                hereunder.  Amalco hereby agrees to reimburse and to indemnify                the Trustee against all claims, costs of defence (including reasonable                attorneys’ fees and disbursements), expenses and liability incurred by the                Trustee in connection with the performance of the Trustee’s duties under                this Agreement, except those incurred as a result of the Trustee’s gross                negligence, intentional wrongful action or wilful                misconduct.  Amalco agrees to make any payments to the Trustee                pursuant to this paragraph within thirty (30) days of submission                by the                Trustee of an invoice or bill therefor, plus appropriate supporting                documentation.  In the case of any fees and disbursements of any                legal or other advisor retained by the Trustee, the Trustee will                arrange                for copies of the accounts therefor to be given to Amalco and to                set out                therein in reasonable detail a description of the services rendered                together with appropriate supporting                documentation. |
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|   | (d) | The                Trustee shall be free from liability in acting upon any paper, document                or                signature believed by the Trustee to be genuine and to have been                signed by                the proper party.  The Trustee shall not be liable for any error                of judgment in any act done or omitted, nor for any mistake of fact                or                law, nor for anything which the Trustee may do or refrain from doing                in                good faith.  In order to obtain Legal Advice and Advice, the                Trustee may consult with legal, accounting and business advisors                of his                own choosing.  Wherever in this Agreement it is provided that                the Trustee my take (or not take) some step, action or proceeding                based on                or in accordance with Legal Advice or Advice, so obtaining such Advice                or                Legal Advice and acting (or refraining from so acting) thereupon                shall be                optional to the Trustee and the obtaining of such Advice or Legal                Advice                shall not be a condition precedent to the taking (or the refraining                from                taking) of such step, action or proceeding.  Nevertheless, any                action, step or proceeding taken (or not taken) in good faith by                the                Trustee and in accordance with the Legal Advice or other Advice,                as                appropriate, (whether or not it is provided in this Agreement that                such                step, action or proceeding is to be taken (or not taken) based upon                or in                accordance with Legal Advice or Advice) shall be conclusive on the                parties                to this Agreement and the Trustee shall be fully protected and be                subject                to no liability in respect thereto. |
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|   | (e) | The                rights and duties of the Trustee hereunder shall terminate upon the                Trustee’s bankruptcy, insolvency or death, and no interest in any of the                Deposited Securities held by the Trustee or any of the rights and                duties                of |
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|   | a                Trustee may be transferred in any manner except as provided in this                Agreement.  The trustee or other personal representatives of a                bankrupt, insolvent or deceased Trustee shall, however, have the                right and                duty to convey any Deposited Securities held by the Trustee to one                or more                successor Trustees. |
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|   | (f) | The                Trustee may resign by giving thirty (30) days’ advance written notice of                resignation to Amalco; provided that a successor Trustee has been                appointed and such appointment has received all necessary regulatory                approvals and any orders granting such approval have become final                orders                with respect to which no actions, requests for stay, petitions for                rehearing or reconsideration, or appeals are pending, and as to which                the                time for filing any such request, petition or appeal has                expired.  Amalco shall not unreasonably delay in the appointment                of a successor Trustee. |
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|   | (g) | So                long as the removal of the Trustee and the appointment of a successor                Trustee have first received all necessary regulatory approval and                any                orders granting such approval have become final orders with respect                to                which no actions, requests for stay, petitions for rehearing or                reconsideration, or appeals are pending, and as to which the time                for                filing any such request, petition or appeal has expired and the successor                Trustee is appointed contemporaneously with the removal of the Trustee,                Amalco may remove the Trustee on ten (10) days’ written notice to the                Trustee. |
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|   | (h) | In                the event of the resignation, bankruptcy, insolvency or death of                the                Trustee, he shall be succeeded, subject to such prior approvals of                the                CRTC as may be required, by a successor Trustee chosen by                Amalco.  Any successor Trustee shall succeed to all of the                rights and obligations of the Trustee replaced hereunder upon the                execution by such successor Trustee of a counterpart of this                Agreement. |
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|   | (i) | The                Trustee warrants that he is not a Disqualified Person and that he                is not a                non-Canadian within the meaning of the *Direction to the CRTC*                (*Ineligibility of Non-Canadians*) SOR/97-192, 1997 *Canada                Gazette Part 11*, p. 1222 (“**Non-Canadian**”) and will                not take any action that will constitute him a Disqualified Person                or a                Non-Canadian during his tenure as Trustee.  Any successor                Trustee designated pursuant to paragraphs (f), (g) and (h) of this                Section                5 shall not be a Disqualified Person or a                Non-Canadian. |
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| **7.** | **Beneficial                Ownership of Shares, Dividends, Distribution of Proceeds of Sale                of Shares                or Assets** |
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|   | (a) | Amalco                or its designee shall be entitled to receive, from time to time,                payments                of dividends, interest, or other distributions if any, collected                or                received by the Trustee with respect to Deposited                Securities.  Such payments shall be made to or to the order of                Amalco by the Trustee as soon as practicable after the receipt of                such                dividends, interest or other distributions.  In lieu of                receiving such dividends, interest or other distributions and paying                them                to Amalco or its designee, if Amalco so advises the Trustee in writing,                the Trustee shall instruct the Specialty TVCos in writing to pay                such                dividends or other distributions directly to Amalco or its                designee.  In the event any such instruction is given to the                Specialty TVCos, all liability of the Trustee with regard to the                payment                of such dividends or other distributions shall cease, unless and                until                such instruction is revoked.  The Trustee may at any time revoke                such instruction by written notice to the Specialty TVCos and direct                them                to make subsequent payments to the                Trustee; |
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|   | (b) | in                the event the Trustee receives any additional voting shares                of  the Specialty TVCos through a dividend or other distribution                with respect to any Deposited Securities, the Trustee shall hold                such                shares subject to this Agreement as Deposited Securities for the                benefit                of Amalco or its designee and such shares shall become subject to                all of                the terms and conditions of this Agreement to the same extent as                if they                were Deposited Securities acquired by the Trustee pursuant to paragraph2(a)                hereof; |
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|   | (c) | in                the event of the sale of all or substantially all of the assets of                the                Specialty TVCos, the dissolution or total or partial liquidation                of the                Specialty TVCos or the sale, exchange or transfer of all or part                of the                Deposited Securities, the Trustee shall receive the money, securities,                rights or property which are distributed or are distributable in                respect                thereof, or which are received in exchange therefor, and, after paying                (or                reserving for payment thereof) any expenses incurred pursuant to                this                Agreement, shall distribute such money, securities, rights or property                to                Amalco or its designee; and |
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|   | (d) | if                at any time during the term of this Agreement, the Trustee shall                receive                or collect any money or other property through distribution by the                Specialty TVCos to its shareholders, other than as set forth in paragraphs                (a), (b)                or (c) of this Section 6, the                Trustee                shall distribute such money or other property to Amalco or its                designee. |
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| **8.** | **Commencement                of Voting Trust and                Termination** |
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| **9.** | **Communications** |
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|   | (a) | On                a monthly basis, and otherwise when requested in writing by Amalco,                the                Trustee shall communicate with and provide reports to Amalco concerning                the business, maintenance and the operation of the Specialty                TVCos. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Other                than as provided in paragraph 5(a), 9(a)                or elsewhere in this Agreement,                neither Amalco, GSCP, nor any of their respective officers, directors,                employees, shareholders or affiliates (other than the Specialty TVCos)                shall communicate with the Trustee regarding the operation or management                of the Specialty TVCos.  Amalco may communicate with the Trustee                and/or officers, directors and employees of the Specialty TVCos concerning                any pre-existing contractual arrangements between Amalco and the                Specialty                TVCos, including the residual services agreement between New AABI                and                Amalco, the transfer of the Deposited Securities, other information                on the                procedures of implementing the Reorganization and other procedures                required to be taken by the Trustee or the Specialty TVCos pursuant                to the                terms hereof including, in the event of a Request Sale Notice or                Regulatory Disposition Notice, information that could assist the                Trustee                in his determination as to the manner in which the disposition of                any                shares or assets to be disposed of by him may be carried out so as                to                maximize the after-tax proceeds of such disposition to the ultimate                recipients thereof. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                Trustee shall provide to Amalco or its counsel, copies of all written                materials sent to or received from the CRTC with respect to the                Reorganization and report orally to Amalco or its counsel on the                nature                and substance of all oral communications with the CRTC with respect                to the                Reorganization, all to be provided or reported on as soon as reasonably                possible. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Apart                from that specified in paragraph 9(c),                any notice, direction, request                or other instrument required or permitted to be given hereunder shall                be                in writing (including telecopier, telex, or any other means of                communication by which words are capable of being visibly reproduced                at a                distance point of reception) and given by delivering or sending it                by                telecopy or other similar means of communication                addressed: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (i) | if                to Amalco at: |
|--------|-----|---------------------------------|

|   | (ii) | if                to the Trustee at: |
|--------|------|--------------------------------------|

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| **10.** | **Miscellaneous** |
|---------|-------------------|

|   | (a) | Except                for the written agreement between the Trustee and Amalco as to the                Trustee’s fees for so acting, this Agreement constitutes the entire                agreement between the parties hereto with respect to the subject                matter                hereof and supersedes all prior oral or written agreements, commitments                or                understandings with respect to the matters provided for                herein. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | This                Agreement may be amended from time to time in any manner specified                in a                written notice given by Amalco to the Trustee to which is attached                copies                of an amending agreement executed by Amalco for such purpose; provided                that all necessary approvals, if any, to each such amendment shall                first                be obtained from the CRTC.  If any such amendment affects in any                way any of the rights of the Trustee herein or increases the amount                of any                liability or potential liability of the Trustee hereunder as a result                of                acting pursuant hereto, the Trustee shall not be bound to agree to                any                such amendment.  Subject to the foregoing, the Trustee shall                execute the copies of the amending agreement attached to the notice                and                return at least two (2) copies to                Amalco. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | This                Agreement shall be binding upon and shall enure to the benefit of                the                parties hereto and their respective personal representatives, permitted                successors and permitted assigns. Subject to paragraph 6(h), this Agreement and the                trusts                hereof shall not be assignable by the                Trustee. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If                any part of any provision of this Agreement or any other agreement,                documents or writing given pursuant to or in connection with this                Agreement shall be invalid or unenforceable under applicable law,                said                part shall be ineffective to the extent of such invalidity only,                without                in any way affecting the remaining part of said provision or the                remaining                provisions of this Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | This                Agreement, the rights and obligations of the parties hereto, and                any                claims and disputes relating thereto, shall be governed by and construed                exclusively in accordance with the laws of the Province of                Ontario. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | This                Agreement may be executed in any number of counterparts, each of                which                shall be deemed to be an original and all of which together shall                be                deemed to be one and the same                Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The                Trustee shall comply based on Legal Advice with Public Notice CRTC                1999-196 and all rules, regulations and policies of the                CRTC. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (h) | The                parties agree and acknowledge that (i) Amalco has agreed to the                arrangements provided for in this Agreement pending the CRTC’s                consideration of the proposed acquisition by Amalco of the STVCo                Interests, (ii) by agreeing to these arrangements, Amalco is not                in any                way transferring, conveying, selling, assigning, hypothecating,                mortgaging, pledging, granting a security interest in, charging or                otherwise disposing, alienating or encumbrancing, or otherwise dealing                with in a similar manner, its beneficial interest in and to the Deposited                Securities or any shares or interests in any of the Regulated Entities                or                any shareholder or other agreement relating to any of the Regulated                Entities; nor is Amalco under any current unconditional agreement                or                commitment to take any such action, and (iii) the rights of the Trustee                under this agreement shall be subject to any existing shareholder                or other                agreement relating to the Specialty TVCos and any of the Regulated                Entities. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | **IN                WITNESS WHEREOF** the parties have executed this                Agreement. |
|--------|------------------------------------------------------------------------------------------------|

|   |                                 | **CW                MEDIA INC.** |
|--------|--------------------------------------|----------------------------------|
| Per:   |                                 |
|   | Name:Richard                Leipsic  |
|   | Title:                Vice-President |
| Per:   |                                 |
|   | Name:                Riva Richard    |
|   | Title:                Secretary      |

| SIGNED,                SEALED AND DELIVERED in the presence of: Witness |   James                B. MacdonaldTrustee |
|------------------------------------------------------------------------------|------------------------------------------------------|

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**SCHEDULE      A**

**Broadcasting      undertakings for which AABI has,**

**directly      or indirectly, been issued a license or authorization**

**Specialty      television undertakings wholly owned, directly or indirectly, by AABI (license      holder in parentheses).**

**Specialty      television undertakings not wholly owned by AABI (license holder in      parentheses). 1  The      shares of each      license holder set out below will be transferred to SpecialtyWorks Holdco as      part of the Reorganization:**

2

**Partnership      interests that will be held directly by Amalco following the Reorganization      (license holder in parentheses):**

**Unlaunched      Services (authorization holder in parentheses)**

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**Schedule        B**

**Post        Reorganization Structure**

| · | History                  Television Holdco amalgamates with History Television Inc. to form                  History                  Television Amalco |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Showcase                  Television Holdco amalgamates with Showcase Television Inc. to                  form                  Showcase Television Amalco |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | New                  AABI Holdco amalgamates with New AABI to form New AABI                  Amalco |
|--------|-----------------------------------------------------------------------------------------------------|

| · | Alliance                  Atlantis Media Sales Holdco amalgamates with Alliance Atlantis                  Media Sales                  Inc. to form Alliance Atlantis Media Sales                  Amalco |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**SCHEDULE      C**

**RESTRICTED      MATERIAL AGREEMENTS**

**●      [LIST REDACTED*]**

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