Document:

Liquidation and Exchange Agreement dated October 13, 2005

 Exhibit 4.60 
  
 EXECUTION COPY 
  
 CANWEST MEDIAWORKS INC. 
  
 - and - 
  
 CANWEST MEDIAWORKS INCOME FUND 
  
 - and - 
  
 CWMW TRUST

  
 - and - 
  
 CANWEST MEDIAWORKS (CANADA) INC. 
  
 - and - 
  
 CANWEST MEDIAWORKS LIMITED PARTNERSHIP 
  
 - and - 
  
 EACH ADDITIONAL PERSON WHO BECOMES, 
 FROM TIME TO TIME, A HOLDER OF COMMON SHARES, 
 PREFERRED SHARES OR PARTNERSHIP UNITS AND 
 AGREES TO BE A PARTY TO AND BOUND BY THIS AGREEMENT 
  

  
 LIQUIDITY &
EXCHANGE AGREEMENT 
 October 13, 2005 
  

  
 Osler, Hoskin &
Harcourt LLP 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE 1
	  	 	  	 
	 DEFINITIONS AND INTERPRETATION
	  	2
	 1.1
	  	Definitions	  	2
	 1.2
	  	Schedules	  	7
	 1.3
	  	Subsidiary	  	7
	 1.4
	  	Affiliate	  	8
	 1.5
	  	Headings	  	8
	 1.6
	  	Gender and Number	  	8
	 1.7
	  	Day Not a Business Day	  	8
	 1.8
	  	Currency	  	8
	 1.9
	  	Acts of Fund, Trust, the Trustees and Trust Trustees and General Limitation of Liabilities	  	8
	 1.10
	  	Liability of Partnership	  	9
			
	 ARTICLE 2
	  	 	  	 
	 EXCHANGE RIGHTS
	  	9
	 2.1
	  	Grant of Initial Exchange Right	  	9
	 2.2
	  	Initial Exchange Consideration	  	9
	 2.3
	  	Initial Exchange Exercise Procedure	  	9
	 2.4
	  	Delivery of Initial Exchange Consideration	  	10
	 2.5
	  	Withdrawal of Exercise	  	10
	 2.6
	  	Validity of Exchange Consideration	  	10
	 2.7
	  	Grant of Secondary Exchange Right	  	10
	 2.8
	  	Secondary Exchange Consideration	  	11
	 2.9
	  	Secondary Exchange Right Exercise Procedure	  	11
	 2.10
	  	Delivery of Secondary Exchange Consideration	  	11
	 2.11
	  	Effect of Exercise	  	12
	 2.12
	  	Repayment of Initial Exchange Consideration	  	12
	 2.13
	  	Validity of Fund Units	  	12
	 2.14
	  	Restrictions on Exchanges	  	12
	 2.15
	  	Adjustment to Applicable Number of Fund Units	  	13
	 2.16
	  	Economic Equivalence	  	13
	 2.17
	  	Conditional Exercise	  	14
	 2.18
	  	Fractional Units	  	14
	 2.19
	  	Sale of Preferred Shares	  	14
			
	 ARTICLE 3
	  	 	  	 
	 LIQUIDITY RIGHT
	  	15
	 3.1
	  	Grant of the Liquidity Right	  	15
	 3.2
	  	Liquidity Right Exercise Procedure	  	15
	 3.3
	  	Delivery of Cash Purchase Price and Promissory Note by Fund	  	16
	 3.4
	  	Effect of Exercise of Liquidity Right	  	16
	 3.5
	  	Repayment of Initial Exchange Consideration	  	16

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 3.6
	  	Investor Participation in Offering to Raise Cash Purchase Price	  	16
			
	 ARTICLE 4
	  	 	  	 
	 OTHER CONDITIONS AND COVENANTS
	  	17
	 4.1
	  	Co-operation and Acknowledgement	  	17
	 4.2
	  	Securities Law Compliance	  	17
	 4.3
	  	Stock Exchange Listing	  	17
	 4.4
	  	Limitation of Ownership by Non-Residents	  	18
	 4.5
	  	Withholding Rights	  	18
	 4.6
	  	Copies of Fund Information	  	19
	 4.7
	  	Restrictions on Actions of Fund and Trust	  	19
	 4.8
	  	Fund Successor	  	19
	 4.9
	  	Offers	  	20
			
	 ARTICLE 5
	  	 	  	 
	 REGISTRATION RIGHTS
	  	21
	 5.1
	  	Demand Registration	  	21
	 5.2
	  	Fund Participation in Demand Registration Offering	  	22
	 5.3
	  	Piggyback Registrations	  	23
	 5.4
	  	Underwritten Offering	  	23
	 5.5
	  	Securities Law Indemnification	  	23
			
	 ARTICLE 6
	  	 	  	 
	 TERMINATION
	  	26
	 6.1
	  	Term	  	26
			
	 ARTICLE 7
	  	 	  	 
	 GENERAL
	  	26
	 7.1
	  	Further Assurances	  	26
	 7.2
	  	Severability	  	26
	 7.3
	  	Enurement	  	27
	 7.4
	  	Assignment	  	27
	 7.5
	  	Execution of Supplemental Agreements	  	27
	 7.6
	  	Notices	  	27
	 7.7
	  	Non-Merger	  	28
	 7.8
	  	Governing Law	  	28
	 7.9
	  	Time of Essence	  	28
	 7.10
	  	Osler, Hoskin & Harcourt LLP Acting for More than One Party	  	28
	 7.11
	  	Counterparts	  	29

  

 -ii- 

 LIQUIDITY AND EXCHANGE AGREEMENT 
  
 THIS AGREEMENT is made as of the 13th day of October, 2005. 
  
 AMONG: 
  
 CANWEST MEDIAWORKS INC., a corporation incorporated under the laws of Manitoba 
  
 (“CanWest”) 
  
 - and - 
  
 CANWEST MEDIAWORKS INCOME FUND, a trust formed under the laws of Ontario 
  
 (“Fund”) 
  
 - and - 
  
 CWMW TRUST, a trust formed under the laws of Ontario 
  
 (“Trust”) 
  
 - and - 
  
 CANWEST MEDIAWORKS (CANADA) INC., a corporation incorporated under the federal laws of Canada (“General Partner”) 
  
 - and - 
  
 CANWEST MEDIAWORKS LIMITED PARTNERSHIP, a limited partnership created under the laws of Ontario
(“Partnership”), by its general partner, CanWest MediaWorks (Canada) Inc. 
  
 - and - 
  
 Each additional
person who becomes, from time to time, a holder of common shares, preferred shares or partnership units and agrees to be a party to and bound by this Agreement. 
  
 RECITALS: 
  

	A.	Fund intends to complete an offering of its Units to the public under a prospectus filed with the securities regulatory authorities in each of the provinces and territories of
Canada (the “Offering”); 

  

	B.	Fund will apply the proceeds that it receives from the Offering to subscribe for debt securities and units of Trust; 

	C.	Trust will use the proceeds from the subscriptions by Fund to subscribe for partnership units of Partnership; 

  

	D.	Immediately following the completion of the Offering, Fund will hold, directly or indirectly, all of the outstanding units of Trust, approximately 26% of the outstanding partnership
units of Partnership, and approximately 26% of the common shares of General Partner and CanWest will hold, directly or indirectly, the balance of such partnership units and common shares and all of the issued and outstanding preferred shares of
General Partner; 

  

	E.	CanWest and such other persons who from time to time hold partnership units of Partnership and common shares and preferred shares of General Partner (other than Fund and Trust)
require the ability to exchange those partnership units, common shares and preferred shares for units of Fund. 

  
 THEREFORE the parties agree as follows: 
  
 ARTICLE 1 
 DEFINITIONS AND
INTERPRETATION 
  

	1.1	Definitions 

  
 In this Agreement, the following terms have the following meanings: 
  
 “Agreement”, “hereto”, “herein”, “hereby”, “hereunder”,
“hereof”, and similar expressions refer to this Agreement and not to any particular Article, Section, Subsection, clause, subdivision or other portion hereof and include any and every instrument supplemental or ancillary hereto;

  
 “Applicable Number of Fund Units” means one
(1), as adjusted from time to time in accordance with Section 2.15, being the number of Fund Units to be delivered by Fund or sold by Fund, as the case may be, upon the exchange by an Exchangeable Securityholder with Fund of one
(1) Exchanged Common Share and the Initial Exchange Consideration received by an Exercising Exchangeable Securityholder in exchange for one (1) Exchanged Partnership Unit, 
  
 “Approved Offer” has the meaning given to that term in Subsection 4.9(a); 
  
 “Business Day” means a day, other than a Saturday or
Sunday, on which the principal commercial banks in the Cities of Toronto and Winnipeg are open for business during normal banking hours; 
  
 “Cash Purchase Price” has the meaning given to that term in Section 3.1; 
  
 “CDS” means The Canadian Depository for Securities Limited
and its successors; 
  
 “CDS Participant” means
a broker, dealer, bank, other financial institution or other person who, directly or indirectly, from time to time, effects book-based transfers with CDS and pledges of securities deposited with CDS; 
  

 - 2 - 

 “Client” and “Clients” have the meanings give to those terms in Section
7.10; 
  
 “Common Shares” means the common
shares of General Partner at the date hereof and includes any shares or securities into which such common shares may be converted or changed or which result from a consolidation, subdivision, reclassification, stock split, stock dividend,
recapitalization or redesignation of the common shares of General Partner, any shares or securities of General Partner which are received as a stock dividend or distribution in respect of such common shares, any common shares of General Partner
received on the exercise of any option, warrant or other similar right and any shares or securities which may be received by the holders of common shares of General Partner as a result of an amalgamation, merger, arrangement or other reorganization
of or including General Partner; 
  
 “Control”
and any derivation thereof, where capitalized, means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities or otherwise; and for purposes of this
Agreement, Fund shall be deemed to control Trust; 
  
 “Current Market Price” means, in respect of a Fund Unit on any date, the weighted average of the trading prices of Fund Units during a period of twenty (20) consecutive trading days ending on the third (3rd) trading day before that date on the Toronto Stock Exchange, where “weighted average of the trading prices of Fund
Units” means, for any period, the amount obtained by dividing the aggregate sale price of all of the Fund Units traded on the relevant stock exchange during such period by the total number of Fund Units so traded, or, if the Fund Units are not
then quoted on the Toronto Stock Exchange, on any other stock exchange or automated quotation system on which the Fund Units are listed or quoted, as the case may be, as may be selected by the Trustees for this purpose; provided, however, that if in
the reasonable opinion of the Fund Trustees the public distribution or trading activity of the Fund Units during that period does not create a market which reflects the fair market value of a Fund Unit, then the Current Market Price will be
determined by the Fund Trustees, in good faith and in their sole discretion and provided further that any selection, opinion or determination by the Fund Trustees will be conclusive and binding; 
  
 “Demand Holder” has the meaning given to that term in
Subsection 5.1(a); 
  
 “Demand Registration” has
the meaning given to that term in Subsection 5.1(a); 
  
 “Distribution” means a distribution of Fund Units to the public by way of a Prospectus under Securities Laws in any applicable jurisdiction in Canada; 
  
 “Distribution Expenses” means any and all fees and expenses incidental to Fund’s performance of or
compliance with the terms of a Demand Registration or Piggy-Back Registration including, without limitation, (i) listing and filing fees of securities regulators and stock exchanges; (ii) fees and expenses of compliance with applicable
Securities Laws; (iii) printing and copying expenses; (iv) messenger and delivery expenses; (v) expenses incurred in connection with any road show; (vi) the fees and disbursements of counsel for Fund and counsel for CanWest (or
its assignee); (vii) fees and disbursements of all independent public accountants (including the expenses of any 

  

 - 3 - 

 
audit or “comfort” letter) and fees and expenses of any other special experts retained by Fund; and (viii) any other fees and expenses of the
underwriters, other than Selling Expenses, customarily paid by issuers or sellers of securities; 
  
 “Exchangeable Securityholders” means CanWest as long as it continues to hold, directly or indirectly, any Partnership Units, Common
Shares or Preferred Shares, and any other Person (other than Fund or Trust) who becomes, from time to time, a holder of Common Shares, Partnership Units and Preferred Shares and agrees to be a party to and bound by this Agreement; 
  
 “Exchanged Common Shares” has the meaning given to that
term in Section 2.7; 
  
 “Exchanged Partnership
Units” has the meaning given to that term in Section 2.2; 
  
 “Exchanged Preferred Shares” has the meaning given to that term in Section 2.19; 
  
 “Exercising Exchangeable Securityholder” has the meaning given to that term in Section 2.2; 
  
 “Fund Declaration of Trust” means the amended and restated
declaration of trust of Fund made as of the 13th day of October, 2005, as that declaration of trust may be
supplemented, amended, restated or replaced from time to time; 
  
 “Fund DRIP” means a distribution reinvestment plan in such form as may be adopted by the Fund Trustees pursuant to which Unitholders may elect to reinvest the cash distributions to which they are entitled in additional Fund
Units; 
  
 “Fund Successor” has the meaning
given to that term in Section 4.8; 
  
 “Fund
Trustees” means, at any time, the individuals who are, in accordance with the Fund Declaration of Trust, the trustees of the Fund at such time; 
  
 “Fund Units” means the trust units of the Fund or the trust units of a Fund Successor that has complied with Section 4.8;

  
 “Initial Exchange Consideration” has the
meaning given to that term in Section 2.2; 
  
 “Initial Exchange Right” has the meaning given to that term in Section 2.1; 
  
 “Initial Exchange Right Closing Date” has the meaning given to that term in Section 2.3; 
  
 “Initial Exchange Right Notice” has the meaning given to
that term in Section 2.3; 
  
 “Initial
Notice” has the meaning given to that term in Subsection 5.3(a); 
  
 “Inspectors” has the meaning given to it in Subsection 1.1(h) of Schedule F; 
  
 “Liquidity Closing Date” has the meaning given to that term in Subsection 3.2(a); 
  

 - 4 - 

 “Liquidity Notice” has the meaning given to that term in Section 3.2; 

 
 “Liquidity Right” has the meaning given to that term in
Section 3.1; 
  
 “Non-Approved Offer” has
the meaning given to that term in Subsection 4.9(b); 
  
 “Non-residents” has the meaning given to that term in Section 4.4; 
  
 “Non-resident Ownership Limitation” has the meaning given to that term in Section 4.4; 
  
 “Offering” has the meaning given to that term in Recital A;

  
 “Osler” has the meaning given to that term
in Section 7.10; 
  
 “Partnership
Agreement” means the amended and restated limited partnership agreement in respect of Partnership dated October 13, 2005 by and among General Partner, as general partner, and the limited partners of Partnership from time to time, as
permitted therein, as supplemented, amended, restated or replaced from time to time. 
  
 “Partnership Units” means the Class B limited partnership units of Partnership; 
  
 “Person” means any individual, partnership, limited partnership, limited or unlimited liability company, joint venture, syndicate, sole
proprietorship, company or corporation with or without share capital, unincorporated association, unincorporated syndicate, unincorporated organization, trust, trustee, executor, administrator or other legal personal representative, regulatory body
or agency, government or governmental agency, authority or entity however designated or constituted; 
  
 “Piggyback Registration” has the meaning given to that term in Subsection 5.3(a); 
  
 “Preferred Shares” means the preferred shares of General
Partner at the date hereof and includes any shares or securities into which such preferred shares may be converted or changed or which result from a consolidation, subdivision, reclassification, stock split, stock dividend, recapitalization or
redesignation of the preferred shares of General Partner, any shares or securities of General Partner which are received as a stock dividend or distribution in respect of such preferred shares, any preferred shares of General Partner received on the
exercise of any option, warrant or other similar right and any shares or securities which may be received by the holders of preferred shares of General Partner as a result of an amalgamation, merger, arrangement or other reorganization of or
including General Partner; 
  
 “Preferred Share Purchase
Price” has the meaning given to that term in Section 2.19; 
  
 “Promissory Note” has the meaning given to that term in Section 2.19; 
  
 “Prospectus” means a “preliminary prospectus” and a “prospectus” as those terms are used in the Securities Act,
including all amendments and supplements thereto; 
  

 - 5 - 

 “Purchase Price per Partnership Unit” has the meaning given to that term in
Section 2.2; 
  
 “Registrable Securities”
means (i) the Fund Units issued to or held, directly or indirectly, by CanWest (or its assignee), and (ii) any Fund Units issuable upon exercise of the Secondary Exchange Right. As to any particular Registrable Securities, such securities
will cease to be Registrable Securities when they have been distributed to the public pursuant to a Distribution or sold to the public through a broker, dealer, or market maker in compliance with applicable Securities Laws. For purposes of this
Agreement, a Person will be deemed to be the holder of Registrable Securities, and the Registrable Securities will be deemed to be in existence, whenever such Person has the right to acquire such Registrable Securities (upon conversion or exercise
or otherwise, but disregarding any restrictions or limitations upon exercise of such right), whether or not the acquisition has actually been effected, and such Person will be entitled to exercise the rights of a holder of Registrable Securities
hereunder; 
  
 “Reorganization” has the meaning
given to that term in Section 2.15; 
  
 “Secondary
Exchange Consideration” has the meaning given to that term in Section 2.8; 
  
 “Secondary Exchange Right” has the meaning given to that term in Section 2.7; 
  
 “Secondary Exchange Right Closing Time” has the meaning given to that term in Section 2.7; 
  
 “Secondary Exchange Right Notice” has the meaning given to
that term in Section 2.9; 
  
 “Secondary Purchase
Price” has the meaning given to that term in Section 2.8; 
  
 “Securities Act” means the Securities Act (Ontario), and all rules, regulations and policy statements thereunder, as amended from time to time, and any successor legislation; 
  
 “Securityholders’ Agreement” means the
securityholders’ agreement in respect of General Partner dated the date hereof by and among CanWest, Trust, General Partner, Partnership and Fund as supplemented, amended, restated or replaced from time to time; 
  
 “Securities Laws” includes the Securities Act and any other
similar legislation and all rules, regulations and policy statements thereunder in any other province or territory of Canada in which Fund is or becomes a reporting issuer (or the equivalent); 
  
 “Selling Expenses” means any and all underwriting and sales
commissions, any transfer taxes attributable to a sale of Registrable Securities and any out-of-pocket expenses incurred by CanWest (or its assignee); 
  
 “Tax Act” means the Income Tax Act (Canada) and the Income Tax Regulations, as amended from time to time. 
  

 - 6 - 

 “Trust Declaration of Trust” means the amended and restated declaration of trust of
Trust made as of the 13th day of October, 2005, as that declaration of trust may be supplemented, amended, restated
or replaced from time to time; 
  
 “Trust Note
Indenture” means the note indenture dated the date hereof between Trust and Computershare Trust Company of Canada, as supplemented, amended, restated, or replaced from time to time; 
  
 “Trust Notes” means the notes issued or issuable by Trust
pursuant to the Trust Note Indenture; 
  
 “Trust
Trustees” means, at any time, the individuals who are, in accordance with the Trust Declaration of Trust, the trustees of Trust at such time; 
  
 “Trust Units” means trust units of the Trust; 
  

“Underwritten Offering” means a sale of Fund Units to an underwriter for reoffering to the public or a sale of Fund Units by an
underwriter as agent on behalf of the seller in each case pursuant to a Prospectus filed with Canadian securities regulatory authorities; and 
  
 “Valid Business Reason” has the meaning given to that term in Subsection 5.1(a). 
  

	1.2	Schedules 

  
 The following are the schedules attached to this Agreement: 
  
 Schedule A - Initial Exchange Right Notice 
  
 Schedule B - Promissory Note 
  
 Schedule C - Secondary Exchange Right Notice 
  
 Schedule D - Liquidity Notice 
  
 Schedule E - Holdings of Partnership Units/Common Shares/Preferred Shares 
  
 Schedule F - Registration Procedures 
  

	1.3	Subsidiary 

  
 In this Agreement, a Person is considered to be a Subsidiary of another Person if: 
  

	 	(a)	it is Controlled by, 

  

	 	(i)	that other, or 

  

	 	(ii)	that other and one (1) or more Persons, each of which is Controlled by that other, or 

  

	 	(iii)	two (2) or more Persons, each of which is Controlled by that other; or 

  

	 	(b)	it is a Subsidiary of a Person that is the other’s Subsidiary. 

  

 - 7 - 

	1.4	Affiliate 

  
 In this Agreement, a Person is considered to be an Affiliate of another Person if one is a Subsidiary of the other, or if both are Subsidiaries of the same Person, or if each of them is Controlled by the same Person.

  

	1.5	Headings 

  
 The division of this Agreement into Articles and Sections and the insertion of headings are for the convenience of reference only and will not affect the construction or interpretation of this Agreement. Unless
something in the subject matter or context is inconsistent therewith, references herein to Articles or Sections are to Articles or Sections of this Agreement. 
  

	1.6	Gender and Number 

  
 In this Agreement, words importing the singular include the plural and vice versa and words importing gender include all genders. 
  

	1.7	Day Not a Business Day 

  
 In the event that any day on or before which any action is required to be taken hereunder is not a Business Day, then such action will be required to be taken on or
before the requisite time on the next succeeding day that is a Business Day. 
  

	1.8	Currency 

  
 Except where otherwise provided, all amounts in this Agreement are stated and will be paid in Canadian currency. 
  

	1.9	Acts of Fund, Trust, the Trustees and Trust Trustees and General Limitation of Liabilities 

  

	 	(a)	Where any reference is made herein to an act to be performed by, for or on behalf of Fund or Trust, such reference shall be construed and applied for all purposes as if it referred
to an act to be performed by, for or on behalf of the Trustees or Trust Trustees, in their capacity as trustees of Fund or Trust, as the case may be, and where any reference is made herein to an act to be performed by, for or on behalf of the
Trustees or Trust Trustees, such reference shall be construed and applied for all purposes as if it is referred to an act to be performed by, for or on behalf of the Trustees or Trust Trustees in their capacity as trustees of Fund or Trust,
respectively. 

  

	 	(b)	 Each of the parties hereto acknowledges the obligations of Fund and Trust under this Agreement and that such obligations will not be personally binding upon any of
the Trustees or the Trust Trustees, any registered or beneficial holder of Fund Units or Trust Units or any beneficiary under a plan of which a holder of such Fund Units or Trust Units acts as a trustee or carrier, and that resort will not be had
to, nor will recourse be sought from, any of the foregoing or the private property of any of the foregoing in respect of any indebtedness, obligation or liability of Fund or Trust, as applicable, arising hereunder, and recourse for such 

  

 - 8 - 

	 	 
indebtedness, obligations or liabilities of Fund or Trust, as applicable, will be limited to, and satisfied only out of, the assets of Fund or Trust, as
applicable. 

  

	1.10	Liability of Partnership 

  
 The parties acknowledge that Partnership is a limited partnership formed under the laws of the Province of Ontario, a limited partner of which is liable for any
liabilities or losses of Partnership only to the extent of the amount that such limited partner has contributed, or agreed to contribute, to the capital of Partnership and such limited partner’s pro rata share of any undistributed income. The
parties further acknowledge that General Partner is the sole general partner of Partnership. 
  
 ARTICLE 2 
 EXCHANGE RIGHTS 
  

	2.1	Grant of Initial Exchange Right 

  
 Subject to the restrictions in Section 2.14, Trust grants to each Exchangeable Securityholder the right (the “Initial Exchange Right”), exercisable
at any time and from time to time, to require Trust to purchase from each such holder all or any whole number of Partnership Units held by such holder. Trust acknowledges receipt of good and valuable consideration (and the sufficiency of the
consideration) for the grant of the Initial Exchange Right by Trust hereunder. 
  

	2.2	Initial Exchange Consideration 

  
 The purchase price payable by Trust for each Partnership Unit to be purchased by Trust upon the exercise by an Exchangeable Securityholder of the Initial Exchange Right,
from time to time, will be an amount per Partnership Unit (the “Purchase Price per Partnership Unit”) equal to ninety-nine and ninety-nine one-hundredths percent (99.99%) of the Current Market Price of the Applicable Number of
Fund Units on the last Business Day prior to the date of closing of the purchase and sale of such Partnership Unit. In connection with each exercise of the Initial Exchange Right, Trust will provide to an Exchangeable Securityholder a certificate of
an officer of Trust setting out the calculation of the Purchase Price per Partnership Unit and the aggregate purchase price for the total number of Partnership Units being exchanged (the “Exchanged Partnership Units”). The Purchase
Price per Partnership Unit will be satisfied by Trust issuing and delivering Trust Notes (the “Initial Exchange Consideration”) to the exercising Exchangeable Securityholder (an “Exercising Exchangeable
Securityholder”) having an aggregate principal amount equal to the Purchase Price per Partnership Unit multiplied by the number of Exchanged Partnership Units, bearing a market rate of interest determined at the time of issuance by the
Trust Trustees and otherwise on terms (including the date of maturity) substantially similar to the Trust Notes, Series 1 of Trust. 
  

	2.3	Initial Exchange Exercise Procedure 

  
 To exercise the Initial Exchange Right, an Exercising Exchangeable Securityholder must deliver to Trust written notice of exercise (the “Initial Exchange Right
Notice”) in the form attached as Schedule A which will state (a) that such holder is exercising the Initial Exchange Right so as to require Trust to purchase from such holder the number of Exchanged Partnership Units specified in the
Initial Exchange Right Notice; (b) subject to Section 2.17, the date of closing of the 

  

 - 9 - 

 
purchase and sale of the Exchanged Partnership Units pursuant to the exercise of the Initial Exchange Right (the “Initial Exchange Right Closing
Date”) which date shall not be earlier than three (3) Business Days, nor later than thirty (30) Business Days, following the date of the Initial Exchange Right Notice; and (c) that such holder has, and on the Initial Exchange
Right Closing Date will have, good title to and owns, and on the Initial Exchange Right Closing Date will own, all Exchanged Partnership Units free and clear of all liens, claims and encumbrances. On or prior to the Initial Exchange Right Closing
Date, such holder will deliver to Trust the certificate or certificates representing the Exchanged Partnership Units, duly endorsed in blank for transfer, accompanied by any other documents and instruments as may be required to effect a transfer of
the Exchanged Partnership Units under the Partnership Agreement. 
  

	2.4	Delivery of Initial Exchange Consideration 

  
 Provided that the Exercising Exchangeable Securityholder complies with its obligations under Section 2.3 and has exercised the Secondary Exchange Right in accordance
with Section 2.9 or has exercised the Liquidity Right in accordance with Section 3.2 and complies with all other applicable obligations under this Agreement, Trust will issue to an Exercising Exchangeable Securityholder the Initial
Exchange Consideration on the Initial Exchange Right Closing Date. 
  

	2.5	Withdrawal of Exercise 

  
 At any time prior to the Initial Exchange Right Closing Date, an Exercising Exchangeable Securityholder will be entitled to withdraw its Initial Exchange Right Notice and
Secondary Exchange Right Notice or Liquidity Notice, as applicable. 
  

	2.6	Validity of Exchange Consideration 

  
 Trust represents, warrants and covenants in favour of the Exchangeable Securityholders and Fund that any Trust Notes issuable by Trust under this Agreement will be duly
authorized and will be valid and binding obligations of Trust, enforceable in accordance with their terms, and will be free and clear of any liens, claims or encumbrances. 
  

	2.7	Grant of Secondary Exchange Right 

  
 Subject to the restrictions in Section 2.14, Fund grants to each Exercising Exchangeable Securityholder the right (the “Secondary Exchange Right”),
exercisable at any time following the exercise of the Initial Exchange Right by any such holder, to require Fund to purchase from such holder immediately following the closing of the purchase and sale of the Exchanged Partnership Units pursuant to
the exercise of the Initial Exchange Right on the Initial Exchange Right Closing Date (the “Secondary Exchange Right Closing Time”): 
  

	 	(a)	all but not less than all of the Initial Exchange Consideration held by such holder; and 

  

	 	(b)	that number of Common Shares (the “Exchanged Common Shares”) equal to the number of Exchanged Partnership Units. 

  
 Fund acknowledges receipt of good and valuable consideration (and the sufficiency of the
consideration) for the grant of the Secondary Exchange Right by Fund hereunder. 
  

 - 10 - 

	2.8	Secondary Exchange Consideration 

  
 The total purchase price payable by Fund (the “Secondary Purchase Price”) for the Initial Exchange Consideration and the Exchanged Common Shares upon the
exercise of the Secondary Exchange Right will be equal to one hundred percent (100.00%) of the Current Market Price of the Applicable Number of Fund Units on the last Business Day prior to the Secondary Exchange Right Closing Time multiplied by
the number of Exchanged Common Shares. The Secondary Purchase Price will be satisfied by Fund issuing and delivering to the Exercising Exchangeable Securityholder a number of Fund Units having an aggregate value (computed using the Current Market
Price of a Fund Unit on the last Business Day prior to the Secondary Exchange Right Closing Time) equal to the Secondary Purchase Price (the “Secondary Exchange Consideration”). 
  

	2.9	Secondary Exchange Right Exercise Procedure 

  
 To exercise the Secondary Exchange Right, an Exercising Exchangeable Securityholder must deliver to Fund written notice of exercise (the “Secondary Exchange Right
Notice”) in the form attached as Schedule C which will state (a) that such holder is exercising the Secondary Exchange Right so as to require Fund to purchase from such holder all but not less than all of the Initial Exchange
Consideration and all of the Exchanged Common Shares and (b) that, upon the issuance by Trust to such holder of the Initial Exchange Consideration on the Initial Exchange Right Closing Date, such holder will have good title to and own the
Initial Exchange Consideration and the Exchanged Common Shares free and clear of all liens, claims and encumbrances. At or prior to the Secondary Exchange Right Closing Time, such holder will deliver to Fund the certificates or other instruments
representing the Initial Exchange Consideration and the Exchanged Common Shares, duly endorsed in blank for transfer, accompanied by any other document and instruments as may be required to effect a transfer of the Initial Exchange Consideration or
the Exchanged Common Shares. 
  

	2.10	Delivery of Secondary Exchange Consideration 

  
 Provided that the Exercising Exchangeable Securityholder complies with its obligations under Section 2.9 and all other applicable obligations under this Agreement,
Fund will issue the Secondary Exchange Consideration to the Exercising Exchangeable Securityholder at the Secondary Exchange Right Closing Time. For so long as Fund Units are held in the Book-Entry Only System administered by CDS, no certificates
for Fund Units will be issued pursuant to the exercise of the Secondary Exchange Right and the Fund Units issuable on such exercise will be registered in the name of CDS or its nominee and registered on the books of CDS for the benefit of the
Exercising Exchangeable Unitholder through a participant in CDS selected by such Exercising Exchangeable Unitholder. 
  

	2.11	Effect of Exercise 

  
 At the Secondary Exchange Right Closing Time, provided that all conditions to the closing of the transactions contemplated by the exercise of the Initial Exchange Right and the Secondary Exchange Right have been
satisfied or waived: 
  

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	 	(a)	Trust will be considered and deemed for all purposes to be the holder of the Exchanged Partnership Units delivered to it pursuant to the exercise of the Initial Exchange Right;

  

	 	(b)	the Exercising Exchangeable Securityholder (or its nominee) will be considered and deemed for all purposes to be the holder of the Fund Units constituting the Secondary Exchange
Consideration; and 

  

	 	(c)	Fund will be considered and deemed for all purposes to be the holder of the Initial Exchange Consideration and the Exchanged Common Shares. 

  

	2.12	Repayment of Initial Exchange Consideration 

  

	 	(a)	Once Fund is in receipt of the Initial Exchange Consideration as contemplated in Section 2.9, Fund and Trust will make arrangements for Trust to repay a portion of the Initial
Exchange Consideration by issuing a number of Trust Units, the fair market value of which is equal to the portion of the Initial Exchange Consideration being repaid to Fund. The amount of the repayment and the relative amounts of debt and equity of
Trust to be outstanding immediately thereafter, as well as the timing and procedures for such repayment, will be agreed to by Fund and Trust subsequent to the receipt of the Initial Exchange Consideration by Fund. 

  

	 	(b)	Trust represents, warrants and covenants in favour of Fund that any Trust Units issuable by Trust under this Agreement will be duly authorized and validly issued as fully paid and
non-assessable units and will be free and clear of any liens, claims or encumbrances. 

  

	2.13	Validity of Fund Units 

  
 Fund represents, warrants and covenants in favour of the Exchangeable Securityholders that any Fund Units issuable by Fund under this Agreement will be duly authorized
and validly issued as fully paid and non-assessable units and will be free and clear of any liens, claims or encumbrances. Fund represents and warrants in favour of the Exchangeable Securityholders that Fund has reserved for future issuance and
will, at all times during the term of this Agreement, keep available, free from pre-emptive or other rights, the maximum number of Fund Units as may be issuable from time to time on exercise of the Secondary Exchange Right. 
  

	2.14	Restrictions on Exchanges 

  

	 	(a)	Notwithstanding anything in this Agreement to the contrary, no party to this Agreement shall be required to issue or transfer any securities other than in accordance with applicable
Securities Laws (without the preparation or delivery of a Prospectus, except as provided in Article 5) and stock exchange requirements. 

  

	 	(b)	An Exchangeable Securityholder may not exercise the Initial Exchange Right in respect of any Subordinated Units (as such term is defined in the Partnership Agreement).

  

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	 	(c)	Notwithstanding anything in this Agreement to the contrary, neither of the Initial Exchange Right nor the Secondary Exchange Right may be exercised by an Exchangeable Securityholder
if the completion of the transactions contemplated by such rights would result in: 

  

	 	(i)	Fund ceasing to be a “mutual fund trust” or a “unit trust” for purposes of the Tax Act; 

  

	 	(ii)	Trust becoming subject to tax under Part XII.2 of the Tax Act; 

  

	 	(iii)	any newspaper published or produced by General Partner or any of its Subsidiaries ceasing to be a “Canadian newspaper” for purposes of the Tax Act; or

  

	 	(iv)	the Partnership ceasing to be a “Canadian partnership” for purposes of the Tax Act. 

  

	2.15	Adjustment to Applicable Number of Fund Units 

  
 In the event that there is a change in the number of Common Shares and Partnership Units outstanding from time to time, or the number of Fund Units outstanding from time
to time, as a result of a subdivision, dividend (other than pursuant to the Fund DRIP), consolidation, reclassification, capital reorganization (other than a consolidation of Fund Units pursuant to Section 3.6 of the Fund Declaration of Trust)
or similar change in the Partnership Units and Common Shares, or Fund Units (a “Reorganization”), the Applicable Number of Fund Units will be adjusted to be the number of Fund Units that would be held by an Exchangeable
Securityholder in respect of one (1) Partnership Unit and one (1) Common Share immediately following the Reorganization if such Exchangeable Securityholder had exercised the Initial Exchange Right and the Secondary Exchange Right in
respect of one (1) Partnership Unit and one (1) Common Share immediately before the Reorganization. 
  

	2.16	Economic Equivalence 

  
 Fund will not, without the prior approval of Exchangeable Securityholders holding a majority of the Partnership Units and Common Shares held by all Exchangeable Securityholders, from time to time, acting reasonably:

  

	 	(a)	issue or distribute Fund Units (or securities exchangeable for or convertible into or carrying rights to acquire Fund Units) to the holders of all or substantially all of the then
outstanding Fund Units (other than pursuant to the Fund DRIP and other than the issue of Fund Units to the holders of Fund Units as a distribution in lieu of a cash distribution pursuant to Section 5.7 of the Fund Declaration of Trust as such
section exists on the date hereof); 

  

	 	(b)	issue or distribute rights, options or warrants to the holders of all or substantially all of the then outstanding Fund Units (or securities exchangeable for or convertible into or
carrying rights to acquire Fund Units); or 

  

 - 13 - 

	 	(c)	issue or distribute to the holders of all or substantially all of the then outstanding Fund Units (i) evidences of indebtedness of Fund; or (ii) assets of Fund except in
accordance with the redemption provisions of the Fund Units according to their terms as at the date hereof; 

  
 unless the economic equivalent of such Fund Units, convertible securities, rights, options, warrants, evidences of indebtedness or assets is issued or distributed
simultaneously to the Exchangeable Securityholders on a pro rata basis for each Partnership Unit and Common Share held, based upon the number of Fund Units to which each Exchangeable Securityholder is entitled upon the exchange of such Partnership
Unit and Common Share pursuant to this Agreement. 
  

	2.17	Conditional Exercise 

  
 Notwithstanding the requirement in Subsection 2.3(b) to specify the Initial Exchange Right Closing Date in an Initial Exchange Right Notice, an Exchangeable Securityholder may instead state in the Initial Exchange
Right Notice certain conditions precedent to the exercise of the Initial Exchange Right, provided that in no event will an Exchangeable Securityholder be permitted to complete the sale of Exchanged Partnership Units pursuant to the exercise of the
Initial Exchange Right prior to three (3) Business Days after the date that the Initial Exchange Right Notice has been delivered to Trust. If the conditions are not satisfied within thirty (30) days of the date that the Initial Exchange
Right Notice is delivered to Trust, then the Initial Exchange Right Notice will be deemed to have been withdrawn under Section 2.5. If an Initial Exchange Right Notice is delivered subject to conditions precedent in accordance with this
Section 2.17, the Initial Exchange Right Closing Date will be deemed to be the third (3rd) Business Day
following the date upon which all such conditions are satisfied or waived. 
  

	2.18	Fractional Units 

  
 Notwithstanding Section 2.8 of this Agreement, Fund shall not be required to issue any fractional Fund Unit. In lieu of the delivery of such fractional Fund Unit, Fund shall make a cash payment to the Exercising
Exchangeable Securityholder entitled to such fractional Fund Unit in accordance with the terms of this Agreement equal to the Current Market Price of a Fund Unit multiplied by such fraction. 
  

	2.19	Sale of Preferred Shares 

  
 Fund shall have the right, but not the obligation, to require an Exercising Exchangeable Securityholder at any time following the exercise of the Initial Exchange Right
by any such holder, to require such holder to sell to Fund at any time following the Initial Exchange Right Closing Time up to that number of Preferred Shares (the “Exchanged Preferred Shares”) as determined by Fund in its
discretion such that, following such sale, such Exercising Exchangeable Securityholder shall hold the same percentage of outstanding Preferred Shares as it holds of outstanding Common Shares. The total purchase price payable by Fund (the
“Preferred Share Purchase Price”) for the Exchanged Preferred Shares will be equal to the aggregate Redemption Price (as defined in the terms of the Preferred Shares) of the Exchanged Preferred Shares. The Preferred Share Purchase
Price will be satisfied by Fund issuing and delivering to the Exercising Exchangeable Securityholder a promissory note (the “Promissory 

  

 - 14 - 

 
Note”) in the form of Schedule B having an aggregate principal amount equal to the Preferred Share Purchase Price. 
  
 ARTICLE 3 
 LIQUIDITY RIGHT 
  

	3.1	Grant of the Liquidity Right 

  
 Fund grants to each Exercising Exchangeable Securityholder the right (the “Liquidity Right”), exercisable at any time following the exercise of the
Initial Exchange Right by any such holder, to require Fund to purchase from such holder: 
  

	 	(a)	all, but not less than all, of the Initial Exchange Consideration held by such holder; and 

  

	 	(b)	that number of Exchanged Common Shares equal to the number of Exchanged Partnership Units; 

  
 for a cash payment (the “Cash Purchase Price”) equal to the net proceeds (determined as the gross proceeds less Selling
Expenses but before any Distribution Expenses) of an Underwritten Offering by Fund of the Applicable Number of Fund Units. Fund acknowledges receipt of good and valuable consideration (and the sufficiency of the consideration) for the grant of the
Liquidity Right by Fund hereunder. Any exercise of the Liquidity Right will be subject to Fund’s ability to complete an Underwritten Offering of the Applicable Number of Fund Units on terms reasonably acceptable to the independent Fund Trustees
and each Exercising Exchangeable Securityholder that has exercised its Liquidity Right; provided, however, that Fund will use its reasonable best efforts to complete such an Underwritten Offering. 
  

	3.2	Liquidity Right Exercise Procedure 

  
 To exercise the Liquidity Right, an Exercising Exchangeable Securityholder must deliver to Fund written notice of exercise (the “Liquidity Notice”) in
the form attached as Schedule D which will state that: 
  

	 	(a)	such Exercising Exchangeable Securityholder is exercising the Liquidity Right so as to require Fund to purchase: 

  

	 	(i)	all, but not less than all, of the Initial Exchange Consideration and all, but not less than all, of the Exchanged Common Shares for the Cash Purchase Price on a specified date
which will be no less than twenty (20) Business Days after the Liquidity Notice has been delivered to Fund in the event that Fund is eligible to complete the offering using a short form prospectus, and otherwise no less than thirty-five
(35) Business Days after the Liquidity Notice has been delivered to Fund or such shorter period as agreed to by Fund and such Exercising Exchangeable Securityholder (the “Liquidity Closing Date”); and 

 

	 	(b)	 upon the issuance by Trust to such holder of the Initial Exchange Consideration on the Initial Exchange Right Closing Date, such holder will have good title to

  

 - 15 - 

	 	 
and own the Initial Exchange Consideration and the Exchanged Common Shares free and clear of all liens, claims and encumbrances.

  
 On or prior to the Liquidity Closing Date, such Exchangeable
Securityholder will deliver to Fund the certificates or other instruments representing the Initial Exchange Consideration and the Exchanged Common Shares, duly endorsed in blank for transfer, accompanied by any other document and instruments as may
be required to effect a transfer of the Initial Exchange Consideration and the Exchanged Common Shares. 
  

	3.3	Delivery of Cash Purchase Price and Promissory Note by Fund 

  
 Provided that the Exercising Exchangeable Securityholder complies with its obligations under Section 3.2 and all other applicable obligations under this Agreement,
Fund will deliver the Cash Purchase Price to the Exercising Exchangeable Securityholder on the Liquidity Closing Date. 
  

	3.4	Effect of Exercise of Liquidity Right 

  
 If the Liquidity Right has been exercised, at 9:00 a.m. (Toronto time) on the Liquidity Closing Date, subject to receipt of the Cash Purchase Price by the Exercising
Exchangeable Securityholder: 
  

	 	(a)	Trust will be considered and deemed for all purposes to be the holder of the Exchanged Partnership Units delivered to it pursuant to the exercise of the Initial Exchange Right; and

  

	 	(b)	Fund will be considered and deemed for all purposes to be the holder of the Initial Exchange Consideration and Exchanged Common Shares. 

  

	3.5	Repayment of Initial Exchange Consideration 

  

	 	(a)	Once Fund is in receipt of the Initial Exchange Consideration as contemplated in Section 3.2, Fund and Trust will make arrangements for Trust to repay a portion of the Initial
Exchange Consideration by issuing a number of Trust Units, the fair market value of which is equal to the portion of the Initial Exchange Consideration being repaid to Fund. The amount of the repayment and the relative amounts of debt and equity of
Trust to be outstanding immediately thereafter, as well as the timing and procedures for such repayment, will be agreed to by Fund and Trust subsequent to the receipt of the Initial Exchange Consideration by Fund. 

  

	 	(b)	Trust represents, warrants and covenants in favour of Fund that any Trust Units issuable by Trust under this Agreement will be duly authorized and validly issued as fully paid and
non-assessable units and will be free and clear of any liens, claims or encumbrances. 

  

	3.6	Investor Participation in Offering to Raise Cash Purchase Price 

  
 If Fund completes an Underwritten Offering to raise the Cash Purchase Price to satisfy its obligations under this Article 3, then the provisions of Subsection 5.1(a)
relating to the ability of Fund to defer filing of or withdraw a Prospectus, Subsections 5.1(b) and 5.1(d), Sections 5.4 and 

  

 - 16 - 

 
5.5 and Schedule F, will apply mutatis mutandis as if the Exchangeable Securityholder was a “Demand Holder”. 
  
 ARTICLE 4 
 OTHER CONDITIONS AND COVENANTS 
  

	4.1	Co-operation and Acknowledgement 

  
 As of the date hereof, CanWest represents and warrants to Fund and Trust that its holdings of Common Shares, Preferred Shares and Partnership Units are as set forth in
Schedule E. Fund and Trust represent and warrant that each of their respective holdings of Common Shares, Preferred Shares and units of Partnership are as set forth in Schedule E. General Partner confirms that there are no outstanding Common Shares,
Preferred Shares or units of Partnership other than as set forth in Schedule E. At the request of any of Fund, Trust or an Exchangeable Securityholder, any party hereto will execute all such documents and do all such acts and things as may be
reasonably required in connection with this Agreement, including providing assistance in obtaining any third party or regulatory consents or approvals that are required in connection with any transfer of Common Shares, Preferred Shares or
Partnership Units pursuant to the exercise of the Initial Exchange Right, the Secondary Exchange Right or the Liquidity Right. 
  

	4.2	Securities Law Compliance 

  
 Fund covenants and agrees that it will make such filings, obtain such approvals, registrations and qualifications and take such other steps as may be necessary in order
that the distribution of Fund Units issuable hereunder to an Exercising Exchangeable Securityholder on exercise of the Initial Exchange Right and the Secondary Exchange Right and the subsequent disposition of any of such Fund Units by an Exercising
Exchangeable Securityholder will not be subject to the prospectus qualification requirements of the Securities Laws; provided, however, that Fund will not be required to obtain any such approvals, registrations or qualifications necessary to waive
or abridge any “seasoning period” or “restricted period” applicable to its securities pursuant to National Instrument 45-102 of the securities regulators, including any resale restrictions applicable to a “control
distribution” as defined therein, and provided further that the obligations of Fund hereunder will be subject to the receipt from an Exercising Exchangeable Securityholder to whom any Fund Units are delivered of such representations, agreements
and undertakings, including as to future dealings in such securities, as Fund reasonably determines to be necessary or advisable in order to safeguard against the violation of the Securities Laws of any jurisdiction. 
  

	4.3	Stock Exchange Listing 

  
 Fund covenants and agrees that it will make such filings and take such other reasonable steps as may be necessary in order: 
  

	 	(a)	that the Fund Units issuable hereunder will be approved for listing and posted for trading on the Toronto Stock Exchange or any stock exchange or automated quotation system on which
the Fund Units are then listed; and 

  

	 	(b)	to preserve the listing on the Toronto Stock Exchange of all outstanding Fund Units, provided that for greater certainty the Fund will not be prohibited from repurchasing and
cancelling its Fund Units. 

  

 - 17 - 

	4.4	Limitation of Ownership by Non-Residents 

  
 The parties acknowledge and agree that the exercise of the Initial Exchange Right and the Secondary Exchange Right are subject to the provisions of Section 13.5 of
the Fund Declaration of Trust, including the limitations that at no time may Non-residents or Non-citizens (as each such term is defined in the Fund Declaration of Trust) (collectively, “Non-residents”) be the beneficial owners of more
than thirty percent (30%) of the outstanding Fund Units (the “Non-resident Ownership Limitation”). 
  
 If the Fund Trustees become aware that the beneficial owners of more than thirty percent 30% of the Fund Units then outstanding are, or may be, Non-residents or that such
a situation is imminent, Fund will give Trust and each of the Exchangeable Securityholders notice thereof and Trust will not be required to give effect to the Initial Exchange Right as provided herein until such time as the Fund Trustees, in their
sole discretion, have determined that the exercise of such rights would not result in the contravention of the limitations referenced above. Any purported exercise of the Initial Exchange Right that is not effected as a result of these limitations
may be withdrawn by an Exchangeable Securityholder, provided that any such exercise(s) that is not so withdrawn will at the request of an Exchangeable Securityholder be effected by Trust, in the order in which it was initially received, as soon as
practicable following the time at which the Fund Trustees determine that such exercise is permitted as aforesaid. Any purported exercise of the Secondary Exchange Right or the Liquidity Right in consequence of the exercise of the Initial Exchange
Right will be postponed or withdrawn in the same manner and to the same extent as the related exercise of the Initial Exchange Right in accordance with this Section 4.4. For greater clarity, this Section 4.4 will not prevent or
delay the exercise of an Initial Exchange Right, a Secondary Exchange Right or a Liquidity Right which would not result in a breach of the Non-resident Ownership Limitation, irrespective of whether or not such Initial Exchange Right, Secondary
Exchange Right or a Liquidity Right has been exercised before or after the exercise of the Initial Exchange Right, Secondary Exchange Right or a Liquidity Right that would result in a breach of the Non-resident Ownership Limitation. 
  

	4.5	Withholding Rights 

  
 Fund and Trust will be entitled to deduct and withhold from any consideration otherwise payable under this Agreement to any holder of Common Shares, Preferred Shares and Partnership Units any amounts as Fund or Trust
may from time to time be required to deduct and withhold with respect to that payment under the Tax Act, the United States Internal Revenue Code of 1986 or any provision of provincial, state, local or foreign tax law, in each case as amended, or
succeeded. In particular, Fund will be entitled to withhold in accordance with the provisions of Section 116 of the Tax Act and Article 1101 of the Taxation Act (Quebec) unless the holder provides Fund with a statutory declaration
providing that the holder is not a non-resident of Canada for purposes of the Tax Act or certificates satisfactory to Fund (each having a certificate limit that is not less than the fair market value on the date of the exchange of Common Shares,
Preferred Shares and Partnership Units being exchanged) or otherwise satisfies Fund that such certificates are not required. To the extent that amounts are so withheld, the withheld amounts will be treated for all purposes as having been paid to the
holder of the securities in respect of which the deduction and withholding was made, provided that the withheld amounts are actually remitted to the appropriate taxing authority. To the extent that the amounts so required to be deducted or withheld
from any payment to a holder exceeds the cash portion of the consideration otherwise payable to the holder, Fund and Trust are hereby authorized to sell or otherwise 

  

 - 18 - 

 
dispose of any portion of the consideration as is necessary to provide sufficient funds to Fund or Trust to enable it to comply with the deduction or
withholding requirements and Fund or Trust will notify the holder and remit to the holder any unapplied balance of the net proceeds of the sale. 
  

	4.6	Copies of Fund Information 

  
 Fund will deliver to each Exchangeable Securityholder copies of all proxy materials, information statements, reports (including without limitation, all interim and annual
financial statements) and other written communications that, in each case, are to be distributed from time to time to holders of Fund Units at the same time as those materials are first sent to holders of Fund Units. 
  

	4.7	Restrictions on Actions of Fund and Trust 

  
 Fund and Trust hereby agree that neither of them will directly or indirectly take any of the following actions without the prior written approval of the board of
directors of General Partner: 
  

	 	(a)	make any investment (whether or not for consideration) in any Person other than General Partner or Partnership; 

  

	 	(b)	issue any Fund Units or other securities or repurchase outstanding Fund Units or other securities, other than pursuant to the exercise of rights granted to an Exchangeable
Securityholder (including the Initial Exchange Right, the Secondary Exchange Right, the Liquidity Right or the registration rights described in Article 5 of this Agreement), pursuant to the right to issue Fund Units to the holders of Fund Units
contained in Section 5.7 of the Fund Declaration of Trust and the right to issue Trust Units to the holders of Trust Units contained in Section 5.7 of the Trust Declaration of Trust or pursuant to the redemption right contained in
Section 6.1 of the Fund Declaration of Trust or Section 6.1 of the Trust Declaration of Trust, as the case may be; or 

  

	 	(c)	issue any debt securities (other than in the case of Trust, pursuant to its Trust Note Indenture) or guarantee the indebtedness of any third party. 

  

	4.8	Fund Successor 

  

	 	(a)	Subject to Subsection 4.8(c), Fund will not consummate any transaction (whether by way of reconstruction, reorganization, plan of arrangement, consolidation, merger, transfer, sale,
lease or otherwise) whereby all or substantially all of its undertaking, property and assets would become the property of any other Person or, in the case of a merger, of the continuing Person resulting therefrom unless: 

  

	 	(i)	 such other Person (the “Fund Successor”), by operation of law, becomes bound by the terms and provisions of this Agreement or, if not so bound,
executes, prior to or contemporaneously with the consummation of such transaction, an agreement supplemental hereto and such other instruments (if any) as are reasonably necessary or advisable to evidence the assumption by Fund Successor of
liability for all amounts payable and property deliverable hereunder and the covenant of such Fund Successor 

  

 - 19 - 

	 	 
to pay and deliver or cause to be delivered the same and its agreement to observe and perform all the covenants and obligations of Fund under this Agreement;
and 

  

	 	(ii)	such transaction shall be upon such terms and conditions as substantially to preserve and not to impair in any material respect any of the rights, duties, powers and authorities of
the other Parties hereunder or of the holders of Partnership Units and Common Shares. 

  

	 	(b)	Whenever the conditions of Subsection 4.8(a) have been duly observed and performed, if required by Subsection 4.8(a), Fund Successor and the other Parties hereto will execute and
deliver the supplemental agreement provided for herein and thereupon Fund Successor will possess and from time to time may exercise each and every right and power and will be subject to each and every obligation of Fund under this Agreement in the
name of Fund or otherwise and any act or proceeding under any provision of this Agreement required to be done or performed by Fund or any officer of Fund may be done and performed with like force and effect by the directors or officers of such Fund
Successor. 

  

	 	(c)	Nothing herein will be construed as preventing the merger or similar transaction of any wholly-owned direct or indirect subsidiary entity of Fund with or into Fund or the
winding-up, liquidation or dissolution of any wholly-owned subsidiary entity of Fund provided that all of the assets of such subsidiary entity are transferred to Fund or another wholly-owned direct or indirect subsidiary entity of Fund.

  

	4.9	Offers 

  

	 	(a)	If an offer, issuer bid, take-over bid or similar transaction with respect to the Fund Units is proposed by Fund or is proposed to Fund or holders of Fund Units and is recommended
by the board of trustees of Fund, or is otherwise effected or to be effected with the consent or approval of the board of trustees of Fund (each, an “Approved Offer”), Fund will, expeditiously and in good faith, take all such
actions and do all such things as are necessary or desirable to enable and permit Exchangeable Securityholders to participate in such Approved Offer to the same extent and on an economically equivalent basis (before income tax) as the holders of
Fund Units without discrimination. Without limiting the generality of the foregoing, Fund will, expeditiously and in good faith, ensure that Exchangeable Securityholders may participate in all such Approved Offers without being required to exercise
the Initial Exchange Right and Secondary Exchange Right (or, if so required, to ensure that any such exchange will be effective only upon, and will be conditional upon, the successful completion of the Approved Offer and only to the extent necessary
to tender to or deposit under the Approved Offer). 

  

	 	(b)	 If an offer, issuer bid, take-over bid or similar transaction with respect to the Fund Units is proposed to Fund or holders of Fund Units and is not recommended by
the board of trustees of Fund and not effected or to be effected with the consent or approval of the board of trustees of Fund (each, a “Non-Approved Offer”), Fund 

  

 - 20 - 

	 	 
will, to the extent possible in the circumstances, expeditiously and in good faith, take all such actions and do all such things as are necessary or
desirable to enable and permit Exchangeable Securityholders to participate in such Non-Approved Offer to the same extent and on an economically equivalent basis (before income tax) as the holders of Fund Units without discrimination. Without
limiting the generality of the foregoing, Fund will, to the extent possible in the circumstances, expeditiously and in good faith, ensure Exchangeable Securityholders may participate in all such Non-Approved Offers without being required to exercise
the Initial Exchange Right and the Secondary Exchange Right (or, if so required, to ensure that any such exchange will be effective only upon, and will be conditional upon, the successful completion of the Non-Approved Offer and only to the extent
necessary to tender to or deposit under the Non-Approved Offer). 

  
 ARTICLE 5 
 REGISTRATION RIGHTS 
  

	5.1	Demand Registration 

  

	 	(a)	 Right to Demand; Demand Notices. Subject to the provisions of this Section 5.1, CanWest (or any person to whom CanWest assigns any of its rights under
this Section 5.1) (the “Demand Holder”) on no more than fifteen (15) occasions in the aggregate, may, at any time, make a written request to Fund to file a Prospectus under Securities Laws in respect of all or part of its
Registrable Securities (a “Demand Registration”). All requests made pursuant to this Article 5 will specify the aggregate amount of Registrable Securities to be qualified for distribution at such holder’s request and will also
specify the intended methods of disposition thereof. Fund shall cooperate in a timely manner in connection with such disposition and the procedures in Schedule F shall apply. If Fund is requested to effect a Demand Registration and the Fund
Trustees, in their good faith judgement, determine that any Demand Registration should not be made or continued because it would materially adversely affect a pending or proposed material acquisition, merger, recapitalization, consolidation,
reorganization or similar transaction, or negotiations, discussions or pending proposals with respect thereto, or would require the disclosure of material non-public information that, in the good faith judgement of the Fund Trustees, would have a
material adverse effect on the Fund and its Subsidiaries taken as a whole, or a material adverse effect on any significant Subsidiary (a “Valid Business Reason”), Fund will have the right to defer the filing of a Prospectus, or may
withdraw a Prospectus that has been filed or may postpone amending or supplementing any previously filed Prospectus until such Valid Business Reason no longer exists provided that such deferral or postponement shall not extend for a period of more
than one hundred and twenty (120) days after receipt of the request for such Demand Registration from the Demand Holder, and provided further that such right may not be exercised by Fund more than once in any twelve (12)-month period. Fund will
give written notice of its determination to defer filing, postpone the amendment of or withdraw a Prospectus and of the fact that the Valid Business Reason for such postponement or withdrawal no longer exists, in each case, promptly after the
occurrence thereof. If Fund so defers the 

  

 - 21 - 

	 	 
filing of a Prospectus and if the Demand Holder within thirty (30) days after receipt of a notice of deferral from Fund advises Fund in writing that it
has determined to withdraw such request for Demand Registration, then such Demand Registration will be deemed to be withdrawn and such request will be deemed not to have been given for purposes of determining whether such Demand Holder has exercised
its right to one (1) of the Demand Registrations permitted to such Demand Holder pursuant to this Section 5.1. 

  

	 	(b)	Limitations on Demand Registration. The Demand Registration rights granted under Subsection 5.1(a) are subject to the following limitations: 

  

	 	(i)	Fund will not be required to effect a Demand Registration during the period ending ninety (90) days after the date of the receipt or other decision document from applicable
securities regulators for Fund’s most recent Prospectus filed under Securities Laws; and 

  

	 	(ii)	Fund will not be required to cause a registration pursuant to Subsection 5.1(a) if more than fifteen (15) Demand Registrations have been completed. 

  

	 	(c)	Withdrawal of Initial Exchange Right Notice. If, following any request for a Demand Registration, the sale, offering or other disposition or Distribution of Registrable
Securities is not completed, any accompanying or related Initial Exchange Right Notice shall be deemed to be withdrawn. 

  

	 	(d)	Selection of Underwriters and Fund Counsel. If any offering pursuant to a Demand Registration involves an Underwritten Offering, the Demand Holder will have the right,
subject to the consent of Fund (which consent will not be unreasonably withheld or delayed), to select the managing underwriter or underwriters to administer the Underwritten Offering. 

  

	5.2	Fund Participation in Demand Registration Offering 

  
 Fund shall not propose to qualify any Fund Units under Securities Laws for Distribution for that period of time following the closing of a sale of Registrable Securities
in accordance with a Demand Registration made by a Demand Holder equal to the period of time (not to exceed 180 days), if any, that the Demand Holder has agreed not to sell Fund Units pursuant to the underwriting agreement with the underwriters
participating in such sale of Registrable Securities. Notwithstanding the foregoing, Fund may elect to qualify for Distribution any authorized but unissued Fund Units pursuant to any Prospectus filed in accordance with Section 5.1 unless a
Demand Holder determines that qualifying such Fund Units for Distribution would adversely affect the Demand Holder’s Distribution; provided, however, that such qualification for Distribution will be permitted only to the extent that Fund agrees
to and the Fund Units to be sold by Fund are sold pursuant to, and subject to the terms of, the underwriting agreement or other arrangements entered into by each Demand Holder. 
  

 - 22 - 

	5.3	Piggyback Registrations 

  

	 	(a)	Participation. If at any time, Fund files a Prospectus with respect to the Distribution of any Fund Units, then Fund will give prompt notice (the “Initial
Notice”) to each Demand Holder. The Initial Notice will offer each Demand Holder the opportunity to qualify for Distribution such number of Registrable Securities as such holder may request and will set forth (i) the anticipated filing
date of such Prospectus, (ii) the number of Fund Units that is proposed to be qualified for Distribution by such Prospectus by Fund, and (iii) the proposed manner of Distribution. Fund will use reasonable commercial efforts to include in
such Prospectus, such Registrable Securities for which it has received, within ten (10) Business Days after the Initial Notice, written requests to qualify for Distribution such Registrable Securities (“Piggyback
Registration”), unless Fund reasonably determines that including such Registrable Securities in the Distribution would materially adversely affect Fund’s Distribution. Fund may decline to file a Prospectus after giving the Initial
Notice, or withdraw a Prospectus after filing and after such Initial Notice, but prior to the (final) receipt or equivalent decision document being issued by applicable securities regulators for the Prospectus. The procedures in Schedule F shall
apply to such Distribution of Fund Units by the Demand Holder. If a Demand Holder makes a request for Piggyback Registration, such request shall be accompanied by an appropriate Initial Exchange Right Notice and Secondary Exchange Right Notice, as
applicable. If the proposed sale, offering or other disposition is not completed, any Initial Exchange Right Notice and Secondary Exchange Right Notice shall be deemed to be withdrawn. 

  

	5.4	Underwritten Offering 

  
 In the case of an Underwritten Offering, the Demand Holder may participate in the negotiations of the terms of any underwriting agreement. The Demand Holder’s
participation in the Underwritten Offering is conditional upon it agreeing that the terms of any underwriting agreement are satisfactory to it. 
  

	5.5	Securities Law Indemnification 

  

	 	(a)	 Indemnification by Fund. Subject to Subsection 5.5(b) and the other provisions of this Section 5.5, Fund agrees to indemnify and hold harmless, to the
full extent permitted by law, the Demand Holder, its officers, directors and employees and each Person who controls such holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses caused by any
untrue or alleged untrue statement of a material fact contained in any preliminary Prospectus or Prospectus or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to Fund by or on behalf of such Demand Holder or any Underwriter expressly for use therein; provided, however, that Fund will not
be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any such 

  

 - 23 - 

	 	 
preliminary Prospectus if (i) such untrue statement or alleged untrue statement, omission or alleged omission in such preliminary Prospectus is
corrected in the Prospectus, and (ii) such Demand Holder failed to deliver or cause to be delivered a copy of the Prospectus to the Person asserting such loss, claim, damage, liability or expense after the Fund had furnished such Demand Holder
with a sufficient number of copies of the same. Fund will also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who
controls such Persons (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Demand Holder, if requested; provided that Fund may use its reasonable efforts to negotiate the
terms of the indemnification provisions of an underwriting agreement provided by any underwriter engaged in accordance with the provisions of this Agreement. Fund will not be liable for any settlement effected without Fund’s written consent,
not to be unreasonably withheld or delayed. 

  

	 	(b)	Indemnification by Demand Holder. In connection with each Demand Registration or Piggyback Registration, the Demand Holder will furnish to Fund in writing such information
and certificates as the Fund reasonably requests for use in connection with the Prospectus and agrees to indemnify and hold harmless, to the full extent permitted by law, Fund, the Fund Trustees, officers of Fund and each Person who controls Fund
(within the meaning of the Securities Act) and the underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons
(within the meaning of the Securities Act) against any losses, claims, damages or liabilities and expenses resulting from any untrue statement of a material fact or any omission of a material fact required to be stated in the preliminary Prospectus
or Prospectus or necessary to make the statements therein not misleading, to the extent, but only to the extent, that such untrue statement or omission is contained in any information or certificate so furnished in writing by or on behalf of such
Demand Holder to Fund specifically for inclusion in such Prospectus and has not been corrected in a subsequent writing prior to or concurrently with the sale of the Registrable Securities to the Person asserting such loss, claim, damage, liability
or expense; provided that such indemnity will be subject to a cap in the amount of the net sale proceeds received by the Demand Holder. Fund will be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar
securities industry professionals participating in the distribution, to the same extent as provided above with respect to information so furnished in writing by such Persons specifically for inclusion in any Prospectus. A Demand Holder will not be
liable for any settlement effected without that Demand Holder’s written consent, not to be unreasonably withheld or delayed. 

  

	 	(c)	 Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder will give prompt (but in any event within thirty (30) days
after such Person has actual knowledge of the facts constituting the basis for indemnification) written notice to the indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; 

  

 - 24 - 

	 	 
provided, however, that any delay or failure to so notify the indemnifying party will relieve the indemnifying party of its obligations hereunder only to the
extent, if at all, that it is prejudiced by reason of such delay or failure; provided further, however, that any Person entitled to indemnification hereunder will have the right to select and employ separate counsel and to participate in the defense
of such claim, but the fees and expenses of such counsel will be at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, or (ii) indemnifying party will have failed to assume the
defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, or (iii) in the reasonable judgement of any
such Person, based upon written advice of its counsel, a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such
Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party will not have the right to assume the defense of such claim on behalf of such Person). If such defense is not assumed by the indemnifying
party, the indemnifying party will not be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably withheld or delayed). No indemnifying party will be required to consent to entry of any
judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnifying party of a release from all liability in respect to such claim or litigation. Whenever the
indemnified party or the indemnifying party receives a firm offer to settle a claim for which indemnification is sought hereunder, it will promptly notify the others of such offer. If the indemnifying party refuses to accept such offer within twenty
(20) Business Days after receipt of such offer (or of notice thereof), such claim will continue to be contested and, if such claim is within the scope of the indemnifying party’s indemnity contained herein, the indemnified party will be
indemnified pursuant to the terms hereof. If the indemnifying party notifies the indemnified party in writing that the indemnifying party desires to accept such offer, but if the indemnified party refuses to accept such offer within twenty
(20) Business Days after receipt of such notice, the indemnified party may continue to contest such claim and, in such event, the total maximum liability of the indemnifying party to indemnify or otherwise reimburse the indemnified party
hereunder with respect to such claim will be limited to and will not exceed the amount of such offer, plus reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements) to the date of notice that the
indemnifying party desires to accept such offer. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by
such indemnifying party with respect to such claim. If it is determined that indemnification is appropriate, indemnification for expenses and fees will be advanced as requested from time to time by an indemnified party. 

 

	 	(d)	 Contribution. If for any reason the indemnification provided for in Subsections 5.5(a) and 5.5(b) is unavailable to an indemnified party or insufficient to
hold it harmless as contemplated by Subsections 5.5(a) and 5.5(b), then the indemnifying 

  

 - 25 - 

	 	 
party will contribute to the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion as is
appropriate to reflect not only the relative benefits received by the indemnified party and the indemnifying party, but also the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable
considerations. No Person guilty of misrepresentation (within the meaning of the Securities Act) will be entitled to contribution from any Person who was not guilty of such misrepresentation. 

  
 ARTICLE 6 
 TERMINATION 
  

	6.1	Term 

  
 This Agreement will come into force and effect as of the date set out on the first page of this Agreement and, except as provided below, will continue in force until the earlier of: 
  

	 	(a)	the date on which the Fund holds, directly or indirectly, all of the outstanding Common Shares, Preferred Shares and Partnership Units; or 

  

	 	(b)	the date on which this Agreement is terminated by written agreement of all the Persons who, at the time this Agreement is terminated, are the registered holders of all the
outstanding Common Shares and Partnership Units; 

  
 provided that
the indemnification provisions in Article 5 will continue in full force and effect for a period of three (3) years from the date on which the underwriters of Fund in respect of a Demand Registration or a Piggy-Back Registration notify
securities regulatory authorities, in accordance with applicable Securities Laws, of the completion of the Distribution of Fund Units under the Prospectus. 
  
 ARTICLE 7 
 GENERAL 
  

	7.1	Further Assurances 

  
 Each of the parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other party hereto may reasonably require
from time to time for the purpose of giving effect to this Agreement and will use reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions of this Agreement. 
  

	7.2	Severability 

  
 If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or law, or public policy, all other conditions and provisions of this Agreement will nevertheless remain
in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party. Upon any determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties to this Agreement will negotiate in good faith to modify 

  

 - 26 - 

 
this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions
contemplated by this Agreement are fulfilled to the fullest extent possible. 
  

	7.3	Enurement 

  
 This Agreement will be binding upon and enure to the benefit of the parties to this Agreement and their respective successors and permitted assigns from time to time. 
  

	7.4	Assignment 

  
 This Agreement may be assigned in whole or in part by CanWest (upon notice to Trust and Fund) to any transferee of Partnership Units, Common Shares and Preferred Shares other than the Trust and Fund, respectively, or
their successors and permitted assigns; and, upon the transferee executing an instrument in writing agreeing to be bound by this Agreement, the transferee will be entitled to its benefit and be bound by all of its terms as if it were an original
signatory hereto. This Agreement may not be assigned by Trust or Fund without the written consent of CanWest or its assignee, as the case may be. 
  

	7.5	Execution of Supplemental Agreements 

  
 From time to time, the Parties may, subject to the provisions of this Agreement, and they will, when so directed by this Agreement, execute and deliver by their proper
officers, agreements or other instruments supplemental hereto, which thereafter will form part hereof, for the purpose of evidencing the succession of a Fund Successor and the assumption by the Fund Successor of the covenants and obligations to be
assumed by the Fund Successor in accordance with the provisions of Section 4.8. 
  

	7.6	Notices 

  
 Any notice, consent or approval required or permitted to be given in connection with this Agreement (in this Section 7.6 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: 
  

	 	(a)	if to CanWest: 

  
 3100 CanWest Global Place 
 201 Portage Avenue

 Winnipeg, MB R3B 3L7 
  
 Attention:       Richard Leipsic, General Counsel 
 Fax number:   (204) 947-9841 
 E-mail:             rleipsic@canwest.com 
  

	 	(b)	if to Fund or Trust: 

  
 1450 Don Mills Road 
 Toronto, ON M3B 2X7

  

 - 27 - 

 Attention:       The Trustees 
 Fax number:   (416) 446-5423 
  

	 	(c)	if to General Partner or Partnership: 

  
 1450 Don Mills Road 
 Toronto, ON M3B 2X7

  
 Attention:       President and
Chief Executive Officer 
 Fax number:   (416) 446-5423 
  
 Any Notice delivered or transmitted to a party as provided above shall be deemed to have been given and received on the day it is delivered
or transmitted, provided that it is delivered or transmitted on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if the Notice is delivered or transmitted after 5:00 p.m. local time or if such day is not a
Business Day then the Notice shall be deemed to have been given and received on the next Business Day. 
  
 Any party may, from time to time, change its address by giving Notice to the other parties in accordance with the provisions of this Section. 
  

	7.7	Non-Merger 

  
 Except as otherwise expressly provided in this Agreement, the covenants, representations and warranties will not merge on and will survive the exercise of the Initial Exchange Right and Secondary Exchange Right and,
notwithstanding such exchange and any investigation made by or on behalf of any party, will continue in full force and effect. The exercise of the Initial Exchange Right and Secondary Exchange Right will not prejudice any right of one party against
any other party in respect of anything done or omitted under this Agreement or in respect of any right to damages or other remedies. 
  

	7.8	Governing Law 

  
 This Agreement will be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 
  

	7.9	Time of Essence 

  
 Time is of the essence of this Agreement. 
  

	7.10	Osler, Hoskin & Harcourt LLP Acting for More than One Party 

  

Each of the Parties to this Agreement has been advised and acknowledges to each other and to Osler, Hoskin & Harcourt LLP (“Osler”) that
(a) Osler is acting in connection with this Agreement (and all other agreements between the Parties being entered into as part of the offering of securities being undertaken by the Fund) as counsel to and jointly representing CanWest, General
Partner, Partnership, Fund and Trust (each a “Client” and, collectively, “Clients”), (b) in this role, information disclosed to Osler by one Client will not be kept confidential and will be disclosed to all
Clients and each of the Parties consents to Osler so 

  

 - 28 - 

 
acting, and (c) should a conflict arise between any Clients, Osler may not be able to continue to act for any of such Clients. 
  

	7.11	Counterparts 

  
 This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original and all of which taken together will be deemed to constitute one and the same instrument. Counterparts may
be executed either in original or faxed form and the parties adopt any signatures received by a receiving fax machine as original signatures of the parties; provided, however, that any party providing its signature in such manner will promptly
forward to the other parties an original of the signed copy of this Agreement which was so faxed. 
  
 - The remainder of the page has intentionally been left blank - 
  

 - 29 - 

 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed as of the date first written
above. 
  

													
	CANWEST MEDIAWORKS INC.	 	 	 	CWMW TRUST
					
	 By:
	 	 	 	 	 	 By:
	 	 
	 	 	 Name:
	 	 Richard M. Leipsic
	 	 	 	 	 	 Name:
	 	 John E. Maguire

	 	 	 Title:
	 	 Vice-President and General Counsel
	 	 	 	 	 	 Title:
	 	 Trustee

					
	 By:
	 	 	 	 	 	 	 	 
	 	 	 Name:
	 	 Riva J. Richard
	 	 	 	 	 	 	 	 
	 	 	 Title:
	 	 Assistant Secretary
	 	 	 	 	 	 	 	 
			
	 CANWEST MEDIAWORKS
 (CANADA)
INC.
	 	 	 	 CANWEST MEDIAWORKS LIMITED
 PARTNERSHIP by its General Partner,
 CanWest MediaWorks (Canada) Inc.

					
	 By:
	 	 	 	 	 	 By:
	 	 
	 	 	 Name:
	 	 Peter D. Viner
	 	 	 	 	 	 Name:
	 	 Peter D. Viner

	 	 	 Title:
	 	 President and Chief Executive Officer
	 	 	 	 	 	 Title:
	 	 President and Chief Executive Officer

					
	 By:
	 	 	 	 	 	 By:
	 	 
	 	 	 Name:
	 	 Riva J. Richard
	 	 	 	 	 	 Name:
	 	 Riva J. Richard

	 	 	 Title:
	 	 Secretary
	 	 	 	 	 	 Title:
	 	 Secretary

			
	CANWEST MEDIAWORKS INCOME FUND	 	 	 	 
					
	 By:
	 	 	 	 	 	 	 	 
	 	 	 Name:
	 	 Peter M. Liba
	 	 	 	 	 	 	 	 
	 	 	 Title:
	 	 Trustee
	 	 	 	 	 	 	 	 
					
	 By:
	 	 	 	 	 	 	 	 
	 	 	 Name:
	 	 Richard M. Leipsic
	 	 	 	 	 	 	 	 
	 	 	 Title:
	 	 Trustee
	 	 	 	 	 	 	 	 

 SCHEDULE A 
 INITIAL EXCHANGE RIGHT NOTICE 
  

	TO:	CWMW TRUST 

  
 This notice is given pursuant to Article 2 of the Liquidity & Exchange Agreement (the “Liquidity & Exchange Agreement”) made as of the l day of l, 2005 among CanWest Media Inc., CanWest MediaWorks Income Fund (the
“Fund”), CWMW Trust (“Trust”) CanWest MediaWorks Limited Partnership (the “Partnership”) CanWest MediaWorks (Canada) Inc. (the “General Partner”) and each additional person who becomes from time to time a
holder of common shares, preferred shares or partnership units and agrees to be a party to and bound by the Liquidity & Exchange Agreement. All capitalized words and expressions used in this Initial Exchange Right Notice that are defined in
the Liquidity & Exchange Agreement have the meanings ascribed to such words and expressions in the Liquidity & Exchange Agreement. 
  
 The undersigned hereby notifies the Trust that the undersigned hereby exercises its right to have the Trust purchase from the undersigned in accordance
with Article 2 of the Exchange Agreement: 
  
                          Partnership Units on
                            ,
                 (the “Initial Exchange Right Closing Date”). 
  

			
	NOTE:	  	The Initial Exchange Right Closing Date must be a Business Day and must not be less than 3 Business Days nor more than 30 Business Days after the date of this Initial Exchange Right Notice.
If no such Business Day is specified above, the Initial Exchange Right Closing Date shall be deemed to be the third Business Day after the date of this Initial Exchange Right Notice.

  
 This notice is and
shall be deemed to be a revocable offer by the undersigned to transfer the Partnership Units to Trust in accordance with the Liquidity & Exchange Agreement. This Initial Exchange Right Notice, and this offer to transfer the Partnership
Units may be revoked and withdrawn by the undersigned by notice in writing given to Trust at any time before the Initial Exchange Right Closing Date. 
  
 The undersigned hereby represents and warrants to Trust that: 
  

	2.	the undersigned has, and on the Initial Exchange Right Closing Date will have, good title to, and owns, and on the Initial Exchange Right Closing Date will own, the Partnership
Units represented by the enclosed certificates free and clear of all liens, claims and encumbrances. 

  

	3.	the undersigned is an “accredited investor” under applicable Securities Laws and has not been created or used solely to purchase or hold securities as an “accredited
investor”; 

  

	4.	 the undersigned is aware that the Trust Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”) and that the Trust Notes may not be offered or sold in the United States without 

	 	 
registration under the U.S. Securities Act and applicable state securities laws or in compliance with the requirements of an exemption from such
registration; 

  

	5.	if the undersigned is a “U.S. Person” (as that term is defined in Rule 902(k) of Regulation S promulgated under the U.S. Securities Act, which definition includes, but is
not limited to, an individual resident in the United States, an estate or trust of which any executor or administrator or trustee, respectively, is a U.S. person and any partnership or corporation organized or incorporated under the laws of the
United States), either: (i) the undersigned is at the date the notice is delivered an “accredited investor” (as that term is defined under Rule 501(a) of Regulation D promulgated under the U.S. Securities Act), or (ii) the sale
of the Trust Notes to the undersigned is otherwise exempt from registration under the U.S. Securities Act and all applicable United States state securities laws based on an opinion of counsel to such effect; and 

  

	6.	the undersigned will not (i) offer or sell the Trust Notes in violation of any applicable federal or state securities laws of the United States; or (ii) resell the Trust
Notes delivered on exercise of the Initial Exchange Right except in accordance with the Securities Laws and the applicable rules of the Toronto Stock Exchange. 

  

			
	NOTE:	  	This Initial Exchange Right Notice must be completed and this Initial Exchange Right Notice together with the certificates for the Partnership Units to be Transferred to Trust must be
deposited with Trust. The Trust Notes to be issued in consideration for the Partnership Units will be issued and registered in the name of the undersigned as it appears on the register of the Limited Partnership and such Trust Notes will be
delivered to the undersigned as indicated above, unless the form appearing immediately below is duly completed in respect of such Trust Notes.

  
 Date:
                                        
        ,
                                        
        . 
  

	
	
	  
	 Signature of Unitholder

  

			
	 Name of Person in Whose Name Trust Notes

	 are to be Registered, Issued or

	 Delivered (please print): 
	  	 

			
		
	 Street Address or P.O. Box: 
	  	 

			
		
	 Signature of Unitholder: 
	  	 

			
		
	 City, Province and Postal Code: 
	  	 

			
		
	 Signature Guaranteed by: 
	  	 

  

 - 2 - 

			
	NOTE:	  	If this Initial Exchange Right Notice is for less than all of the Partnership Units represented by the certificates accompanying this Initial Exchange Right Notice, certificates representing
the remaining Partnership Units represented by such certificates will be issued and registered in the name of the undersigned above as it appears on the register of the Limited Partnership, unless the foregoing form appearing immediately below is
duly completed in respect of such Partnership Units.

  

			
	 Name of Person in Whose Name Partnership Units

	 are to be Registered, Issued or

	 Delivered (please print):
	  	 

			
		
	 Street Address or P.O. Box:
	  	 

			
		
	 Signature of Unitholder: 
	  	 

			
		
	 City, Province and Postal Code: 
	  	 

			
		
	 Signature Guaranteed by: 
	  	 

  

 - 3 - 

 SCHEDULE B 
 DEMAND PROMISSORY NOTE 
  
 TORONTO, ONTARIO 
 DATE: l 
  

	1.	Promise to Pay 

  
 FOR VALUE RECEIVED the undersigned (the “Borrower”) unconditionally promises to pay on demand to l
(the “Lender”), its successors and assigns, or to its order, at its offices at [insert full address] (or at such other address as the Lender shall notify the Borrower), in lawful money of Canada, an amount equal to the aggregate
Redemption Price of l non-voting redeemable preferred shares of CanWest MediaWorks (Canada) Inc., as determined in accordance with the terms and
conditions of such shares. 
  

	2.	Interest 

  
 The Principal Amount outstanding at any time, and from time to time, shall not bear interest. 
  

	3.	Waiver by the Borrower 

  
 The Borrower waives presentment for payment, notice of non-payment, notice of dishonour, and notice of protest of this Note. The Borrower also waives the right to assert in any action or proceeding with regard to this
Note any set-offs or counterclaims which the Borrower may have. 
  

	4.	No Waiver by the Lender 

  
 Neither the extension of time for making any payment which is due and payable under this Note at any time or times, nor the failure, delay, or omission of the Lender to exercise or enforce any of its rights or
remedies under this Note, shall constitute a waiver by the Lender of its right to enforce any such rights and remedies subsequently. The single or partial exercise of any such right or remedy shall not preclude the Lender’s further exercise of
such right or remedy or any other right or remedy. 
  

	5.	Governing Law and Successors 

  
 This Note is made under and shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable in the
Province of Ontario, and shall enure to the benefit of the Lender and its successors and assigns, and shall be binding on the Borrower and its successors and permitted assigns. 

					
	CANWEST MEDIAWORKS INCOME FUND
		
	 By:
	 	 
	 	 	 Name:
	 	 l

	 	 	 Title:
	 	 l

		
	 By:
	 	 
	 	 	 Name:
	 	 l

	 	 	 Title:
	 	 l

  

 - 2 - 

 SCHEDULE C 
 SECONDARY EXCHANGE RIGHT NOTICE 
  

	TO:	CANWEST MEDIAWORKS INCOME FUND 

  
 This notice is given pursuant to Article 2 of the Liquidity & Exchange Agreement (the “Liquidity & Exchange Agreement”) made
as of the l day of l, 2005 among
CanWest Media Inc., CanWest MediaWorks Income Fund (the “Fund”), CWMW Trust (“Trust”) CanWest MediaWorks Limited Partnership (the “Partnership”) CanWest MediaWorks (Canada) Inc. (the “General Partner”) and
each additional person who becomes from time to time a holder of common shares, preferred shares or partnership units and agrees to be a party to and bound by the Liquidity & Exchange Agreement. All capitalized words and expressions used in
this Initial Exchange Right Notice that are defined in the Liquidity & Exchange Agreement have the meanings ascribed to such words and expressions in the Liquidity & Exchange Agreement. 
  
 The undersigned hereby notifies the Fund that the undersigned hereby
exercises its right to have the Fund purchase from the undersigned in accordance with Article 2 of the Exchange Agreement all but not less than all of the Initial Exchange Consideration and the Exchanged Common Shares in consideration for Fund
Units. 
  
 This notice is and shall be deemed to be a revocable
offer by the undersigned to transfer the Initial Exchange Consideration and the Exchanged Common Shares in accordance with the Liquidity & Exchange Agreement. This Secondary Exchange Right Notice, and this offer to transfer the Initial
Exchange Consideration and the Exchanged Common Shares may be revoked and withdrawn by the undersigned by notice in writing given to Fund at any time before the Initial Exchange Right Closing Date. 
  
 The undersigned hereby represents and warrants to Fund that: 
  

	1.	upon the issuance by Trust to the undersigned of the Initial Exchange Consideration on the Initial Exchange Right Closing Date, the undersigned will have, and at the Secondary
Exchange Right Closing Time will have, good title to, and will own, and on the Secondary Exchange Right Closing Time will own, the Initial Exchange Consideration and the Exchanged Common Shares represented by the enclosed certificates free and clear
of all liens, claims and encumbrances. 

  

	2.	the undersigned is an “accredited investor” under applicable Securities Laws and has not been created or used solely to purchase or hold securities as an “accredited
investor”; 

  

	3.	the undersigned is aware that the Fund Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities
Act”) and that the Trust Notes may not be offered or sold in the United States without registration under the U.S. Securities Act and applicable state securities laws or in compliance with the requirements of an exemption from such
registration; 

  

	4.	 if the undersigned is a “U.S. Person” (as that term is defined in Rule 902(k) of Regulation S promulgated under the U.S. Securities Act, which definition
includes, but is not limited 

	 	 
to, an individual resident in the United States, an estate or trust of which any executor or administrator or trustee, respectively, is a U.S. person and any
partnership or corporation organized or incorporated under the laws of the United States), either: (i) the undersigned is at the date the notice is delivered an “accredited investor” (as that term is defined under Rule 501(a) of
Regulation D promulgated under the U.S. Securities Act), or (ii) the sale of the Fund Units to the undersigned is otherwise exempt from registration under the U.S. Securities Act and all applicable United States state securities laws based on
an opinion of counsel to such effect; and 

  

	5.	the undersigned will not (i) offer or sell the Fund Units in violation of any applicable federal or state securities laws of the United States; or (ii) resell the Fund
Units delivered on exercise of the Secondary Exchange Right except in accordance with the Securities Laws and the applicable rules of the Toronto Stock Exchange. 

  

			
	NOTE:	  	This Secondary Exchange Right Notice must be completed and this Secondary Exchange Right Notice together with the certificates for the Initial Exchange Consideration and Exchanged Common
Shares to be Transferred to Fund must be deposited with Fund. The Fund Units to be issued in consideration for the Initial Exchange Consideration and Exchanged Common Shares will be issued and registered in the name of the undersigned as it appears
on the registers of the Trust and the General Partner and such Initial Exchange Consideration and Exchanged Common Shares will be delivered to the undersigned as indicated above, unless the form appearing immediately below is duly completed in
respect of such Fund Units.

  
 Date:
                                ,
                                . 
  

	
	
	  
	 Signature of Unitholder

  

 - 2 - 

			
	 Name of Person in Whose Name Fund Units1

	 are to be Registered, Issued or

	 Delivered (please print): 
	  	 

			
		
	 Street Address or P.O. Box: 
	  	 

			
		
	 Signature of Unitholder: 
	  	 

			
		
	 City, Province and Postal Code: 
	  	 

			
		
	 Signature Guaranteed by: 
	  	 

  

			
	NOTE:	  	If this Secondary Exchange Right Notice is for less than all of the Common Shares represented by the certificates accompanying this Secondary Exchange Right Notice, certificates representing
the remaining Common Shares represented by such certificates will be issued and registered in the name of the undersigned above as it appears on the register of the General Partner, unless the foregoing form appearing immediately below is duly
completed in respect of such Common Shares.

  

			
	 Name of Person in Whose Name Common Shares

	 are to be Registered, Issued or

	 Delivered (please print): 
	  	 

			
		
	 Street Address or P.O. Box: 
	  	 

			
		
	 Signature of Unitholder: 
	  	 

			
		
	 City, Province and Postal Code: 
	  	 

			
		
	 Signature Guaranteed by: 
	  	 

	1	For so long as Fund Units are held in the Book-Entry Only System administered by the Canadian Depository for Securities Limited, the following additional information
shall be provided and the Fund Units will be registered in the name of the Canadian Depositary for Securities Limited or its nominee: 

  

			
	 Name of CDS Participant through which

			
		
	 Fund Units will be held:
	  	 

			
		
	 FINS number of CDS Participant:
	  	 

			
	
	 Name and telephone number of

			
		
	 Registered Representative at CDS participant:
	  	 

  

 - 3 - 

 SCHEDULE D 
 LIQUIDITY NOTICE 
  

	TO:	CANWEST MEDIAWORKS INCOME FUND 

  
 This notice is given pursuant to Article 2 of the Liquidity & Exchange Agreement (the “Liquidity & Exchange Agreement”) made
as of the l day of l, 2005 among
CanWest Media Inc., CanWest MediaWorks Income Fund (the “Fund”), CWMW Trust (“Trust”) CanWest MediaWorks Limited Partnership (the “Partnership”) CanWest MediaWorks (Canada) Inc. (the “General Partner”) and
each additional person who becomes from time to time a holder of common shares, preferred shares or partnership units and agrees to be a party to and bound by the Liquidity & Exchange Agreement. All capitalized words and expressions used in
this Initial Exchange Right Notice that are defined in the Liquidity & Exchange Agreement have the meanings ascribed to such words and expressions in the Liquidity & Exchange Agreement. 
  
 The undersigned hereby notifies the Fund that the undersigned hereby
exercises its right to have the Fund purchase from the undersigned in accordance with Article 2 of the Exchange Agreement all but not less than all of the Initial Exchange Consideration and the Exchanged Common Shares in consideration for the Cash
Purchase Price on                     ,
                     (the “Liquidity Closing Date”). 
  

			
	NOTE:	  	The Liquidity Closing Date must be a Business Day and must not be less than twenty (20) Business Days after the receipt of this Liquidity Notice by Fund if Fund is eligible to complete a
prospectus offering in one or more provinces of Canada using a short form prospectus, and otherwise not less than thirty-five (35) Business Days after the receipt of this Liquidity Notice by Fund, or such shorter period as may be agreed to by Fund
and the undersigned.

  
 This notice is and
shall be deemed to be a revocable offer by the undersigned to transfer the Initial Exchange Consideration and the Exchanged Common Shares in accordance with the Liquidity & Exchange Agreement. This Liquidity Notice, and this offer to
transfer the Initial Exchange Consideration and the Exchanged Common Shares may be revoked and withdrawn by the undersigned by notice in writing given to Fund at any time before the Initial Exchange Right Closing Date. 
  
 This notice is delivered subject to Fund’s ability to complete an
Underwritten Offering of the Applicable Number of Fund Units on terms reasonably acceptable to Fund’s Independent Trustees and the undersigned; provided, however, that Fund will use its reasonable best efforts to complete such an Underwritten
Offering. 
  
 The undersigned hereby represents and warrants to
Fund that upon the issuance by Trust to the undersigned of the Initial Exchange Consideration on the Initial Exchange Right Closing Date, the undersigned will have good title to and will own the Initial Exchange Consideration and the Exchanged
Common Shares represented by the enclosed certificates free and clear of all liens, claims and encumbrances. 

			
	NOTE:	  	This Liquidity Notice must be completed and this Liquidity Notice together with the certificates for the Initial Exchange Consideration and Exchanged Common Shares to be Transferred to Fund
must be deposited with Fund. The Cash Purchase Price will be delivered to the undersigned by wire transfer in accordance with the instructions of the undersigned provided to Fund at least one Business Day prior to the Liquidity Closing
Date.

  
 Date:
                                    ,
                                        
        . 
  

	
	
	  
	 Signature of Unitholder

  

 - 2 - 

 SCHEDULE E 
 HOLDINGS OF PARTNERSHIP UNITS/ 
 COMMON SHARES/PREFERRED SHARES 
  

							
	 Investor

	  	 No. of
Units of Partnership

	  	 No. of
Common Shares

	  	 No. of
Preferred Shares

	 FUND
	  	—  	  	 55,000,000
 Common Shares
	  	—  
				
	 CANWEST
	  	 154,137,703 Class B
 Partnership Units(1)
	  	 154,137,703
 Common Shares
	  	914 Preferred Shares
				
	 TRUST
	  	 55,000,000 Class A
 Partnership Units
	  	—  	  	—  

  

	(1)	CanWest is the holder of a note dated October 13, 2005 in the aggregate principal amount of $39,187,500 entitling the holder to acquire 4,125,000 Class B
Partnership Units. 

 SCHEDULE F 
 REGISTRATION PROCEDURES 
  

	1.	REGISTRATION 

  

	1.1	Registration Procedures 

  
 Whenever Fund is under an obligation pursuant to the provisions of this Agreement to effect the qualification for the offer and sale or other disposition or distribution
of any Registrable Securities on behalf of CanWest (or its assignee), Fund shall, as expeditiously as is practicable, do the following: 
  

	(a)	prepare and file with the appropriate regulatory authorities a Prospectus and any other documents necessary, including amendments and supplements in respect of those documents, to
permit the offer and sale or other disposition or Distribution and, in so doing, act as expeditiously as is practicable and in good faith to settle all deficiencies and obtain those receipts and clearances and provide those undertakings and
commitments as may be reasonably required by any securities regulatory authority, all as may be necessary to permit the offer and sale or other disposition or Distribution in compliance with all applicable Securities Laws; 

 

	(b)	furnish to CanWest (or its assignee) such number of copies of the Prospectus (including any preliminary prospectus), any documents incorporated by reference in such Prospectus and
such other documents as CanWest (or its assignee) may reasonably request in order to facilitate the offer and sale or other disposition or Distribution of the Fund Units and provide CanWest (or its assignee) and its counsel with an opportunity to
review, and provide comments to Fund on the Prospectus; 

  

	(c)	if an Underwritten Offering is contemplated, execute and perform the obligations under an underwriting agreement, in a form reasonably satisfactory to Fund, containing customary
representations, warranties and indemnities for the benefit of CanWest (or its assignee) and the underwriter(s); 

  

	(d)	subject to applicable laws, keep the Prospectus effective until CanWest (or its assignee) has completed the offer and sale or other disposition or Distribution described in the
Prospectus provided that CanWest (or its assignee) uses reasonable commercial efforts to complete the offer and sale or other disposition or Distribution as soon as reasonably practicable; 

  

	(e)	use its reasonable commercial efforts to furnish to the underwriter or underwriters involved in the Distribution all documents as they may reasonably request;

  

	(f)	use its reasonable efforts to obtain a customary legal opinion of Fund’s counsel addressed to CanWest (or its assignee) and the underwriters; 

  

	(g)	 notify CanWest (or its assignee) promptly when a Prospectus is required to be delivered under the Securities Laws in respect of the Fund Units, of the happening of
any event as a result of which any Prospectus includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing or if it is necessary to amend or supplement such Prospectus to comply with law, and to promptly prepare and file with the appropriate securities regulatory authorities a supplement to or amendment 

	 	 
of such Prospectus as may be necessary to correct such untrue statement or eliminate such omission and so that such Prospectus, as amended or supplemented,
will comply with law, and furnish without charge to CanWest (or its assignee) as many copies of such supplement or amendment as CanWest (or its assignee) requests; 

  

	(h)	make available for inspection during its regularly scheduled business hours by CanWest (or its assignee) and/or its advisors or any underwriter and/or its advisors participating in
any offer and sale or other disposition or Distribution pursuant to such Prospectus (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents, material contracts and properties of Fund, as
shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause Fund’s officers, directors and employees to supply all information reasonably requested by any Inspector in connection with such Prospectus
and to participate in marketing efforts such as road shows, institutional investor meetings and similar events; 

  

	(i)	use its best efforts to list such Fund Units on each securities, exchange or quotation system on which Fund Units are then listed or quoted, if such Fund Units are not already so
listed or quoted; 

  

	(j)	make every reasonable effort to prevent the issuance of any stop order, cease trade order or other order suspending the use of any Prospectus and, if any such order is issued, to
obtain the withdrawal of any such order at the earliest possible moment; 

  

	(k)	in connection with the preparation and filing of each Prospectus, Fund will give CanWest (or its assignee) and its counsel, accountants and other agents the opportunity to
participate in the preparation of the Prospectus, and each amendment thereof or supplement thereto, and will give each of them such access to its books and records and such opportunities to discuss the business of Fund with its officers and the
independent public accountants who have issued a report on its financial statements as shall be necessary, in the opinion of such holders and such underwriters or their respective counsel, to conduct a reasonable investigation; and

  

	(l)	take such other actions and execute and deliver such other documents as may be necessary to give full effect to the rights of CanWest (or its assignee) under this Agreement.

  

	1.2	Rights and Obligations of CanWest 

  
 CanWest (or its assignee) will furnish to Fund such information and execute such documents regarding Fund Units and the intended method of disposition thereof as Fund may
reasonably request in order to effect the requested Demand Registration. If an Underwritten Offering is contemplated, CanWest (or its assignee) shall execute an underwriting agreement containing customary representations, warranties and indemnities
for the benefit of the underwriters and Fund with respect to written information furnished by it expressly for use in the Prospectus. CanWest (or its assignee) shall have the right to withdraw from a proposed Underwritten Offering at any time prior
to the signing of the underwriting agreement, without incurring any obligation to Fund or any proposed underwriter, except as set forth in Section 2 below. CanWest shall notify Fund immediately upon the occurrence of any event as a result of
which the Prospectus includes an untrue statement of a material fact with respect to CanWest or omits to state a material fact with respect to CanWest required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances under which they are made. 
  

 F-2 

	2.	EXPENSES 

  

	2.1	Distribution Expenses 

  
 Fund or its subsidiaries will pay all Distribution Expenses in connection with all Prospectuses filed in connection with a Demand Registration or Piggy-Back Registration.

  

	2.2	Selling Expenses 

  
 All Selling Expenses in connection with each Prospectus filed in connection with a Demand Registration or Piggy-Back Registration will be borne by CanWest (or its
assignee) and any other participating sellers (including Fund, if applicable) in proportion to the number of Fund Units sold by each relative to the total number of Fund Units sold pursuant to the Prospectus. 
  

 F-3Securityholders' Agreement dated October 13, 2005

 Exhibit 4.61 
  
 EXECUTION COPY 
  
 CANWEST MEDIAWORKS INC. 
  
 - and - 
  
 CWMW TRUST 
  
 - and - 
  
 CANWEST MEDIAWORKS (CANADA) INC.

  
 - and - 
  
 CANWEST MEDIAWORKS LIMITED PARTNERSHIP 
  
 - and - 
  
 CANWEST MEDIAWORKS INCOME FUND 
  

  
 SECURITYHOLDERS’ AGREEMENT 
 October 13, 2005 
  

  
 Osler, Hoskin & Harcourt LLP 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE 1
	  	 	  	 
	 INTERPRETATION
	  	2
	 1.1
	  	Definitions	  	2
	 1.2
	  	Subsidiary	  	5
	 1.3
	  	Affiliate	  	5
	 1.4
	  	Headings	  	5
	 1.5
	  	Gender and Number	  	5
	 1.6
	  	Currency	  	5
	 1.7
	  	Severability	  	6
	 1.8
	  	Entire Agreement	  	6
	 1.9
	  	Schedules	  	6
	 1.10
	  	Governing Law	  	6
	 1.11
	  	Time Periods	  	6
	 1.12
	  	Unanimous Shareholders’ Agreement	  	6
			
	 ARTICLE 2
	  	 	  	 
	 GOVERNANCE
	  	7
	 2.1
	  	Business and Affairs of General Partner	  	7
	 2.2
	  	Nomination of Trustees	  	12
	 2.3
	  	Trustees of Trust	  	12
	 2.4
	  	Conflicts of Interest of Directors	  	13
	 2.5
	  	Securities Law Compliance	  	13
	 2.6
	  	Tax Law Compliance	  	13
	 2.7
	  	Independent Review Process	  	13
			
	 ARTICLE 3
	  	 	  	 
	 GENERAL MATTERS RELATING TO THE HOLDING OF SHARES AND PERMITTED TRANSFERS
	  	14
	 3.1
	  	Representations and Warranties by Shareholders	  	14
	 3.2
	  	Dealing with Common Shares, Preferred Shares and Partnership Units	  	14
	 3.3
	  	Issuance of Common Shares and Partnership Units	  	15
	 3.4
	  	No Registration of Transfer Unless Transferee is Bound	  	15
	 3.5
	  	Pledge of Common Shares	  	16
	 3.6
	  	Notation on Share Certificates	  	16
	 3.7
	  	Shareholders to Facilitate Permitted Transfers	  	16
	 3.8
	  	Take-Over Bids	  	16
	 3.9
	  	Pre-Emptive Right	  	17
	 3.10
	  	Exception to Pre-emptive Right	  	19
	 3.11
	  	Applicability of Pre-Emptive Right to Debt Securities	  	19
			
	 ARTICLE 4
	  	 	  	 
	 GENERAL PROVISIONS
	  	20

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 4.1
	  	All Common Shares, Preferred Shares and Partnership Units Subject to this Agreement	  	20
	 4.2
	  	Waiver, Amendment	  	20
	 4.3
	  	Directors and Officers’ Indemnities and Insurance	  	20
	 4.4
	  	Term	  	21
	 4.5
	  	Termination Not to Affect Rights or Obligations	  	21
	 4.6
	  	Acts of Fund, Trust, the Trustees of Fund and Trust and General Limitation of Liability	  	21
	 4.7
	  	Liability of Partnership	  	22
	 4.8
	  	Notices	  	22
	 4.9
	  	Osler, Hoskin & Harcourt LLP Acting for More than One Party	  	23
	 4.10
	  	Arbitration	  	23
	 4.11
	  	Time of Essence	  	23
	 4.12
	  	Further Assurances	  	23
	 4.13
	  	Assignment	  	24
	 4.14
	  	Enurement	  	24
	 4.15
	  	Execution and Counterparts	  	24

  

 -ii- 

 SECURITYHOLDERS’ AGREEMENT 
  
 THIS AGREEMENT is made as of the 13th day of October, 2005 

 
 BETWEEN: 
  
 CANWEST MEDIAWORKS INC., a corporation incorporated under the laws of Manitoba 
  
 (“CanWest”) 
  
 - and - 
  
 CWMW TRUST, a trust created under the laws of Ontario 
  
 (“Trust”) 
  
 - and - 
  
 CANWEST MEDIAWORKS (CANADA) INC., a corporation incorporated under the federal laws of Canada 
  
 (“General Partner”) 
  
 - and - 
  
 CANWEST MEDIAWORKS LIMITED PARTNERSHIP, a limited partnership created under the laws of Ontario by its general
partner, CanWest MediaWorks (Canada) Inc. 
  
 (“Partnership”) 
  
 - and - 

 
 CANWEST MEDIAWORKS INCOME FUND, a trust created under the laws of
Ontario 
  
 (“Fund”) 
  
 RECITALS: 
  

	A.	The authorized share capital of General Partner consists of an unlimited number of common shares (“Common Shares”) and an unlimited number of non-voting redeemable
retractable preferred shares (“Preferred Shares”), of which 209,137,703 Common Shares and 914 Preferred Shares are issued and outstanding. 

  

	B.	CanWest owns 154,137,703 Common Shares and 914 Preferred Shares of General Partner. 

	C.	Fund owns 55,000,000 Common Shares and no Preferred Shares of General Partner. 

  

	D.	General Partner is the general partner of Partnership. 

  

	E.	CanWest and Trust are the limited partners of Partnership. 

  

	F.	CanWest owns 154,137,703 Class B Partnership Units. 

  

	G.	Fund indirectly owns, through Trust, 55,000,000 Class A Partnership Units. 

  

	H.	The parties wish to enter into this Agreement to provide for the conduct of the business and affairs of General Partner and Partnership, and to govern their relationship as
shareholders of General Partner with the intent that it will constitute a unanimous shareholders agreement of General Partner. 

  
 THEREFORE the parties agree as follows: 
  
 ARTICLE 1 
 INTERPRETATION

  

	1.1	Definitions 

  
 In this Agreement: 
  
 “Act” means the Canada Business Corporations Act, as the same may be amended from time to time and any successor legislation
thereto, except where otherwise expressly provided; 
  
 “Affected Securities” has the meaning given in Subsection 3.9(a); 
  
 “Affected Units” has the meaning given in Subsection 3.9(b); 
  
 “Agreement” means this agreement and all schedules, if any, attached to this agreement, in each case as they may be supplemented or
amended from time to time, and the expressions “hereof”, “herein”, “hereto”, “hereunder”, “hereby” and similar expressions refer to this agreement, and unless otherwise indicated, references to
Articles and Sections are to the specified Articles and Sections in this agreement; 
  
 “Arbitration Procedures” means the procedures described in Schedule A; 
  
 “Board of Directors” or “Board” means the board of directors of General Partner; 
  
 “Business Day” means a day, other than a Saturday or
Sunday, on which the principal commercial banks in the Cities of Toronto and Winnipeg are open for business during normal banking hours; 
  
 “Class A Partnership Units” means the Class A limited partnership units of Partnership; 
  
 “Class B Partnership Units” means the Class B limited
partnership units of Partnership; 
  
 “Client”
and “Clients” have the meaning given in Subsection 4.9; 
  

 - 2 - 

 “Common Shares” means the common shares of General Partner at the date hereof and
includes any shares or securities into which such common shares may be converted or changed or which result from a consolidation, subdivision, reclassification, stock split, stock dividend, recapitalization or redesignation of the common shares of
General Partner, any shares or securities of General Partner which are received as a stock dividend or distribution in respect of such common shares, any common shares of General Partner received on the exercise of any option, warrant or other
similar right and any shares or securities which may be received by the holders of common shares of General Partner as a result of an amalgamation, merger, arrangement or other reorganization of or including General Partner; 
  
 “Contract” has the meaning given in Section 2.4;

  
 “Control” and any derivation thereof, where
capitalized, means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities or otherwise; 
  
 “Convertible Securities” has the meaning given in Subsection 3.9(e); 
  
 “Dispute” has the meaning given in Section 4.10;

  
 “Fund Declaration of Trust” means the
amended and restated declaration of trust of Fund made as of the 13th day of October, 2005, as that declaration of
trust may be supplemented, amended, restated or replaced from time to time; 
  
 “Independent” means independent of CanWest as determined pursuant to National Instrument 58-101 of the Canadian securities administrators, as amended from time to time; 
  
 “initial directors meeting” has the meaning given in
Subsection 2.1(d) ; 
  
 “Initial Exchange Right”
has the meaning given to such term in the Liquidity & Exchange Agreement; 
  
 “Liquidity & Exchange Agreement” means the liquidity and exchange agreement dated the date hereof among CanWest, General Partner for and on behalf of Partnership, Fund and Trust, as
supplemented, amended, restated or replaced from time to time; 
  
 “Liquidity Right” has the meaning given to such term in the Liquidity & Exchange Agreement; 
  
 “Notice” has the meaning given in Section 4.7; 
  
 “Osler” has the meaning given in Section 4.9; 
  
 “Partnership Agreement” means the amended and restated
limited partnership agreement in respect of Partnership dated October 13, 2005 by and among General Partner, as general partner, and the limited partners of Partnership from time to time, as permitted therein, as supplemented, amended, restated
or replaced from time to time; 
  

 - 3 - 

 “Partnership Credit Facilities” means the $175 million five-year revolving term credit
facility and the $825 million five-year non-revolving term credit facility provided to Partnership by a syndicate of Canadian financial institutions; 
  
 “Partnership Units” means, collectively, the Class A Partnership Units and the Class B Partnership Units; 
  
 “Percentage of Outstanding Common Shares” has the meaning
given in Subsection 2.1(a); 
  
 “Person” means
any individual, partnership, limited partnership, limited or unlimited liability company, joint venture, syndicate, sole proprietorship, company or corporation with or without share capital, unincorporated association, unincorporated syndicate,
unincorporated organization, trust, trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or governmental agency, authority or entity however designated or constituted; 
  
 “Pledged Shares” has the meaning given in Section 3.5;

  
 “Preferred Shares” means the preferred
shares of General Partner at the date hereof and includes any shares or securities into which such preferred shares may be converted or changed or which result from a consolidation, subdivision, reclassification, stock split, stock dividend,
recapitalization or redesignation of the preferred shares of General Partner, any shares or securities of General Partner which are received as a stock dividend or distribution in respect of such preferred shares, any preferred shares of General
Partner received on the exercise of any option, warrant or other similar right and any shares or securities which may be received by the holders of preferred shares of General Partner as a result of an amalgamation, merger, arrangement or other
reorganization of or including General Partner; 
  
 “retiring director” has the meaning given in Subsection 2.1(b); 
  
 “Secondary Exchange Right” has the meaning given to such term in the Liquidity & Exchange Agreement; 
  

“Securities Laws” means the securities legislation of each of the Provinces and Territories of Canada, including all rules,
regulations and policy statements thereunder; 
  
 “Shareholder” means each of CanWest and Fund and such other Persons as may become a holder of Common Shares or Preferred Shares from time to time in accordance with the provisions hereof; 
  
 “Shareholder Documents” has the meaning attributed to such
term in Section 1.8; 
  
 “Tax Act” means
the Income Tax Act (Canada) and the Income Tax Regulations, as amended from time to time; 
  
 “Transfer” includes any sale, exchange, assignment, gift, bequest, disposition, mortgage, charge, pledge, encumbrance, grant of security
interest or any other arrangement by which possession, legal title or beneficial ownership passes from one Person to another, 

  

 - 4 - 

 
or to the same Person in a different capacity, whether or not voluntary and whether or not for value, and any agreement to effect any of the foregoing;
provided that the resignation or removal of a trustee in accordance with, or a trustee otherwise ceasing to act as a trustee under, the Fund Declaration of Trust or Trust Declaration of Trust shall not constitute a Transfer of the property of Fund
or Trust, respectively, for purposes of this Agreement; and the words “Transferred”, “Transferring” and similar words have corresponding meanings; 
  
 “Trust Declaration of Trust” means the amended and restated declaration of trust of Trust made as of the
13th day of October, 2005, as that declaration of trust may be supplemented, amended, restated or replaced from time
to time; 
  
 “Trust Units” means trust units of
Trust. 
  

	1.2	Subsidiary 

  
 In this Agreement, a Person is considered to be a Subsidiary of another Person if: 
  

	 	(a)	it is Controlled by, 

  

	 	(i)	that other, or 

  

	 	(ii)	that other and one or more Persons, each of which is Controlled by that other, or 

  

	 	(iii)	two or more Persons, each of which is Controlled by that other; or 

  

	 	(b)	it is a Subsidiary of a Person that is the other’s Subsidiary. 

  

	1.3	Affiliate 

  
 In this Agreement, a Person is considered to be an Affiliate of another Person if one is a Subsidiary of the other, or if both are Subsidiaries of the same Person, or if each of them is Controlled by the same Person.

  

	1.4	Headings 

  
 The inclusion of headings in this Agreement are for convenience of reference only and will not affect the construction or interpretation hereof. 
  

	1.5	Gender and Number 

  
 In this Agreement, unless the context otherwise requires, words importing the singular include the plural and vice versa and words importing gender include all genders. 
  

	1.6	Currency 

  
 Except as expressly provided in this Agreement, all amounts in this Agreement are stated and will be paid in Canadian currency. 
  

 - 5 - 

	1.7	Severability 

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

	1.8	Entire Agreement 

  
 This Agreement, the Liquidity and Exchange Agreement and the Partnership Agreement (collectively, the “Shareholder Documents”) constitute the entire agreement between or among the parties pertaining
to the subject matter of such agreements, and set out all of the covenants, promises, warranties, representations, conditions, understandings and agreements between the parties pertaining to the subject matter of such agreements, and supersede all
prior agreements, understandings, negotiations and discussions, whether oral or written. There are no covenants, promises, warranties, representations, conditions, understandings or other agreements, oral or written, express, implied or collateral
between the parties in connection with the subject matter of such agreements, except as specifically set forth in such agreements and any document required to be delivered pursuant to such agreements. 
  

	1.9	Schedules 

  
 The following are the schedules attached to this Agreement: 
  
 Schedule A - Arbitration Procedures 
  

	1.10	Governing Law 

  
 This Agreement will be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. 
  

	1.11	Time Periods 

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

	1.12	Unanimous Shareholders’ Agreement 

  
 Each of the parties hereto agree and acknowledge that this Agreement will constitute a unanimous shareholders’ agreement with respect to General Partner. Each party
to this Agreement agrees to take all such actions as are necessary or desirable including, without limitation, causing meetings to be held, votes to be cast of any Common Shares or Preferred Shares held by it from time to time, resolutions to be
passed, by-laws to be made, amended and confirmed, documents to be executed and all other things and acts to be done, so as to give effect to this Agreement. 
  

 - 6 - 

 ARTICLE 2 
 GOVERNANCE 
  

	2.1	Business and Affairs of General Partner 

  

	 	(a)	Board of Directors. The Board will be comprised of nine (9) members, a majority of which shall consist of persons other than trustees of the Fund and not less than eight
(8) of which shall be Canadian citizens. Each nominee for the position of director of General Partner shall be an individual who is not disqualified from acting as a director under applicable corporate law. Without limiting the generality of
the foregoing, CanWest shall be entitled to nominate for election as a director of General Partner up to the number of nominees of CanWest corresponding to the Percentage of Outstanding Common Shares (as defined below) held by CanWest and its
Affiliates as indicated in the table below, provided that all but one (1) of CanWest’s nominees shall be Canadian citizens: 

  

					
	 Shareholder

	  	 Percentage of
 Outstanding Common
Shares

	  	Number of
Nominees

	 CanWest
	  	30% or more	  	6
	 	  	less than 30% but not less than 20%	  	5
	 	  	less than 20% but not less than 15%	  	4
	 	  	less than 15% but not less than 10%	  	3
	 	  	less than 10% but not less than 5%	  	2
	 	  	less than 5% but not less than 3%	  	1

  
 For the purposes of
this Agreement, the “Percentage of Outstanding Common Shares” held by CanWest will be the percentage equivalent to the quotient obtained when (i) the number of Common Shares directly beneficially owned at the time of the
calculation by CanWest and its Affiliates, is divided by (ii) the total number of Common Shares outstanding at the time of calculation. 
  
 If, at any time, the number of CanWest’s nominees exceeds the number of nominees to which it is entitled based upon the Percentage of Outstanding
Common Shares held by CanWest, then CanWest shall forthwith cause the requisite number of its nominees to resign as directors. If, at any time, there is an increase in the Percentage of Outstanding Common Shares held by CanWest with the result that
there is an increase in the number of nominees to which CanWest is entitled and prior to the increase in such entitlement CanWest had nominated the maximum number of nominees to which it was entitled, then Fund shall forthwith cause the requisite
number of its nominees to resign as directors. 
  
 Fund shall be
entitled to nominate for election as a director of General Partner the balance of the number of directors to be elected (being the difference between nine (9) and the number of nominees that CanWest determines to nominate), provided that
Fund’s nominees shall include the Independent trustees of Fund and all of Fund’s nominees must be Canadian citizens. 
  

 - 7 - 

 Each Shareholder agrees to vote its Common Shares in favour of the nominees for election as a director
determined in accordance with this Subsection 2.1(a). If CanWest determines to nominate fewer than the maximum number of nominees that it is entitled to nominate, then it shall provide notice to each Shareholder of such determination not less than
ten (10) days prior to the meeting of Shareholders to be held to elect the directors of General Partner for the ensuing year. 
  

	 	(b)	Vacancies. A Shareholder, will, subject to applicable law, be entitled by direction in writing to remove any of its nominees that have been elected as directors of General Partner
and, so long as it and its Affiliates, directly or indirectly, holds the requisite percentage of Common Shares, nominate a qualified successor who will promptly be elected as a director to replace the individual previously nominated. If a director
(a “retiring director”) ceases to be a director for any reason (other than the nominating Shareholder ceasing to, directly or indirectly, hold the requisite percentage of Common Shares), then the Shareholders will fill the resulting
vacancy by electing as soon as practicable that individual who is nominated by the Shareholder that nominated the retiring director (so long as that Shareholder continues to hold the requisite number of Common Shares). Until the vacancy is filled,
the directors shall not transact any business or exercise any of their powers or duties. If the relevant Shareholder entitled to do so fails for any reason to nominate an individual to fill a vacancy within ten (10) Business Days after the
vacancy arises, then the remaining directors will appoint an individual to fill the vacancy. That individual will serve until a successor is nominated by the relevant Shareholder. In the event of the proposed removal of any director, each
Shareholder agrees to vote for such removal if, and against such removal unless, it has been proposed or approved by the party who nominated that director. 

  

	 	(c)	Chair of the Board. The Chair of the Board shall be a Canadian citizen. CanWest shall be entitled to nominate the Chair of the Board of Directors for so long as the Percentage of
Outstanding Common Shares held by CanWest is not less than twenty percent (20%). If the Percentage of Outstanding Common Shares held by CanWest is less than twenty percent (20%), then the Chair of the Board shall be appointed by the Board. If the
Chair of the Board of Directors nominated by CanWest is not Independent, then the Chair of the board of trustees of Fund shall be appointed as the lead Independent director of General Partner. 

  

	 	(d)	Quorum. A quorum for a meeting of directors shall be a majority of the number of directors. In the event that a quorum is not obtained for a meeting of the Board (the
“initial directors meeting”), any two (2) directors may call a meeting of the Board by notice to all directors to be held on a date no earlier than the fifth (5th) Business Day following the initial directors meeting solely to address the business proposed at the initial directors meeting. A quorum for such further
meeting of the Board of Directors shall be any three (3) directors. 

  

	 	(e)	 Decisions of Directors. In order to be effective, a decision of the directors must be approved either by a resolution passed by the affirmative vote of a majority
of the directors present and entitled to vote thereon at a meeting of directors duly 

  

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called and at which a quorum of directors are present or by an instrument signed by all the directors. 

  

	 	(f)	Committees of the Board. The Board of Directors will have (a) an audit committee; (b) a human resources committee; (c) a governance and nominating committee;
(d) a pension committee; and (e) such other committees, if any, as determined from time to time by the Board. The audit committee will consist of four (4) members. Each of the human resources committee and governance and nominating
committee will consist of three (3) members. The pension committee will consist of four (4) members. 

  

	 	(i)	The members of the audit committee shall be appointed as follows: 

  

	 	(A)	CanWest shall be entitled, subject to the provisions of Multilateral Instrument 52-110 of certain of the Canadian Securities Administrators, to nominate up to one (1) of the
four (4) members of the audit committee, for so long as the Percentage of Outstanding Common Shares held by CanWest is not less than ten percent (10%); 

  

	 	(B)	CanWest shall be entitled to nominate the Chair of the audit committee for so long as the Percentage of Outstanding Common Shares held by CanWest is not less than twenty percent
(20%); and 

  

	 	(C)	The balance of the members of the audit committee shall be appointed by the board of directors from among the Independent directors. 

  

	 	(ii)	The members of the governance and nominating committee shall be appointed as follows: 

  

	 	(A)	CanWest shall be entitled to nominate up to two (2) of the three (3) members of the governance and nominating committee for so long as the Percentage of Outstanding Common
Shares held by CanWest is not less than twenty percent (20%); 

  

	 	(B)	CanWest shall be entitled to nominate up to one (1) of the three (3) members of the governance and nominating committee for so long as the Percentage of Outstanding Common
Shares held by CanWest is less than twenty percent (20%) but not less than ten percent (10%); 

  

	 	(C)	CanWest shall be entitled to nominate the Chair of the governance and nominating committee for so long as the Percentage of Outstanding Common Shares held by CanWest is not less
than twenty percent (20%); and 

  

	 	(D)	 The balance of the members of the governance and nominating committee shall be appointed by the board of directors from among 

  

 - 9 - 

	 	 
the Independent directors, provided that a majority of the members of the governance and nominating committee shall be persons other than trustees of Fund.

  

	 	(iii)	The members of the human resources committee shall be appointed as follows: 

  

	 	(A)	CanWest shall be entitled to nominate up to two (2) of the three (3) members of the human resources committee for so long as the Percentage of Outstanding Common Shares
held by CanWest is not less than twenty percent (20%); 

  

	 	(B)	CanWest shall be entitled to nominate up to one (1) of the three (3) members of the human resources committee for so long as the Percentage of Outstanding Common Shares
held by CanWest is less than twenty percent (20%) but not less than ten percent (10%); 

  

	 	(C)	CanWest shall be entitled to nominate the Chair of the human resources committee for so long as the Percentage of Outstanding Common Shares held by CanWest is not less than twenty
percent (20%); and 

  

	 	(D)	The balance of the members of the human resources committee shall be appointed by the board of directors from among the Independent directors, provided that a majority of the
members of the human resources committee shall be persons other than trustees of Fund. 

  

	 	(iv)	The members of the pension committee shall be appointed as follows: 

  

	 	(A)	CanWest shall be entitled to nominate up to three (3) of the four (4) members of the pension committee for so long as the Percentage of Outstanding Common Shares held by
CanWest is not less than twenty percent (20%); 

  

	 	(B)	CanWest shall be entitled to nominate up to one (1) of the four (4) members of the pension committee for so long as the Percentage of Outstanding Common Shares held by
CanWest is less than twenty percent (20%) but not less than ten percent (10%); 

  

	 	(C)	CanWest shall be entitled to nominate the Chair of the pension committee for so long as the Percentage of Outstanding Common Shares held by CanWest is not less then twenty percent
(20%); and 

  

	 	(D)	The balance of the members of the pension committee shall be appointed by the board of directors from among the Independent directors, provided that a majority of the members of the
pension committee shall be persons other than trustees of Fund. 

  

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	 	(g)	Certain Matters Requiring Approval of CanWest. For so long as the Percentage of Outstanding Common Shares held by CanWest is not less than ten percent (10%), General Partner shall
not (either on its own behalf or on behalf of Partnership), and shall not permit any Subsidiary to, without the affirmative vote of a majority of the Board and the written consent of CanWest as a Shareholder: 

  

	 	(i)	enter into any merger, amalgamation, consolidation, business combination, joint venture or other material corporate transaction, including the acquisition of property or assets with
a fair market value in excess of $25 million; 

  

	 	(ii)	adopt any plan or proposal for a complete or partial liquidation or dissolution or any reorganization or commence any case, proceeding or action seeking relief under any existing
laws or future laws relating to bankruptcy or insolvency; 

  

	 	(iii)	take, or permit to be taken, any action that would prevent the business of Partnership, as it currently exists, from continuing on an ongoing basis; 

  

	 	(iv)	change the size of the Board of General Partner; 

  

	 	(v)	enter into any agreement or make any offer or grant any right capable of becoming an agreement to allot or issue a number of Common Shares and Partnership Units or any combination
of the foregoing, in each case where the aggregate number of Common Shares and Partnership Units to be issued or allotted exceeds five percent (5%) of the total number of such securities then outstanding; 

  

	 	(vi)	enter into any agreement or make any offer or grant any right capable of becoming an agreement to allot or issue any shares or units of a Subsidiary of General Partner to any person
other than General Partner or one of its wholly-owned Subsidiaries; 

  

	 	(vii)	take any action which could reasonably be expected to lead to or result in a material change in the nature of the business of General Partner or Partnership;

  

	 	(viii)	sell, lease, exchange or dispose of property or assets of General Partner or a Subsidiary with a fair market value in excess of $25 million, other than the sale or disposition of
inventory in the ordinary course of business; 

  

	 	(ix)	take, hold, subscribe for or agree to purchase or acquire shares in the capital of any body corporate with a fair market value in excess of $25 million; 

  

	 	(x)	enter into a partnership or any arrangement for the sharing of profits, union of interests, joint venture or reciprocal concession with any person if the aggregate fair market value
of the assets contributed and liabilities assumed by General Partner or any Subsidiary in connection therewith either exceeds on formation or at any time in the future could reasonably be expected to exceed $25 million; 

  

	 	(xi)	 directly or indirectly participate in any business other than print media and related businesses (such as sale of newspaper advertising and the 

  

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production and distribution of editorial news content), out-of-home advertising and related businesses (such as sale of out-of-home advertising and
production and installation of out-of-home signage and displays), Internet and other online media and related businesses, and businesses which exploit directly or indirectly ancillary revenue opportunities that may develop as a result of any of the
aforementioned businesses; or 

  

	 	(xii)	make any commitment or agreement to do any of the foregoing. 

  
 All of the above matters must be presented to the Board of Directors for decision, and may not be delegated to any committee of the Board of Directors or
to the management of General Partner or any Subsidiary. 
  

	 	(h)	Meetings of Shareholders. Meetings of Shareholders may be called by any two (2) directors of General Partner upon not less than ten (10) days’ notice.

  

	 	(i)	Casting Vote. The Chairman of any meeting of the Shareholders, the directors or a committee of directors shall not have a casting vote. 

  

	2.2	Nomination of Trustees 

  
 For so long as the Percentage of Outstanding Common Shares held by CanWest is not less than ten percent (10%), the board of trustees of Fund will be comprised of four
(4) trustees, all of whom shall be Canadian citizens and a majority of whom shall be resident in Canada. If the Percentage of Outstanding Common Shares held by CanWest is less than ten percent (10%), the board of trustees of Fund will be
comprised of three (3) trustees, all of whom shall be Canadian citizens and a majority of whom shall be resident in Canada. The Board of Directors will be entitled to propose in the proxy related materials sent to unitholders of Fund, after
considering the recommendation of the Governance and Nominating Committee, the nominees for election of the three (3) trustees to be elected by unitholders of Fund. These three (3) nominees for election as trustees of Fund which may be
proposed by the Board of Directors shall be Independent. The fourth (4th) trustee shall be appointed by CanWest
in accordance with the Fund Declaration of Trust for so long as the Percentage of Outstanding Common Shares held by CanWest is not less than ten percent (10%). For greater clarity, while the Board of Directors will be entitled to propose the three
(3) nominees for election as trustees of Fund, there is no requirement that the unitholders of Fund vote in favour of those proposed nominees. 
  
 The Chair of the Board of Trustees of Fund shall be appointed by the trustees of Fund from among the Independent trustees. 
  

	2.3	Trustees of Trust 

  
 The board of trustees of Trust will be comprised of three (3) trustees, all of whom shall be Canadian citizens and a majority of whom shall be resident in Canada. The trustees of Trust shall be elected by the
holder or holders of Trust Units. A majority of the board of trustees of Trust will be comprised of persons who are not trustees of Fund. 
  

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	2.4	Conflicts of Interest of Directors 

  
 A director who is a party to a material contract or material transaction that General Partner or any Subsidiary of General Partner proposes to enter into after the date
hereof, or a material contract entered into on or prior to the date hereof in respect of which General Partner or any Subsidiary of General Partner proposes to enter into a material amendment (other than in either case a contract or transaction
exclusively among General Partner and/or any one or more wholly-owned Subsidiaries of General Partner) (such material contract, material transaction or material amendment being referred to as a “Contract”), or who has a material
interest in any Person who is a party to any Contract or who is a nominee of a Shareholder who is a party to, or whose Affiliate (provided that General Partner and its Subsidiaries shall not be considered Affiliates of CanWest for such purpose) is a
party to, a Contract, will be required to disclose in writing to General Partner or, if the execution and delivery of the Contract must be approved by the Board, request to have entered in the minutes of the meeting of the Board at which such
Contract is considered for approval by the Board, the nature and extent of his interest and shall be required to abstain from voting in connection with the approval of the execution and delivery of such Contract, unless the Contract relates
primarily to his or her remuneration as a director of General Partner or is for indemnity or insurance of the directors of General Partner. 
  

	2.5	Securities Law Compliance 

  
 General Partner covenants and agrees that it will make, on behalf of Partnership, such filings under applicable Securities Laws, including the filing of audited annual
financial statements and unaudited interim financial statements, and will take such other reasonable steps as may be required to be taken by General Partner, on behalf of Partnership, in order that Fund may comply with its obligations under
applicable Securities Laws and commitments and undertakings given to any securities regulatory authorities as of October 7, 2005. 
  

	2.6	Tax Law Compliance 

  
 Notwithstanding any other provision of this Agreement, each Party to this Agreement covenants and agrees that it will not take any step that would result in: (i) Fund ceasing to be a “mutual fund trust”
for purposes of the Tax Act, (ii) any newspaper published or produced by General Partner or any of its Subsidiaries ceasing to be a “Canadian newspaper” for purposes of the Tax Act, (iii) Trust becoming subject to tax under Part
XII.2 of the Tax Act, or (iv) Partnership ceasing to be a “Canadian partnership” for purposes of the Tax Act. 
  

	2.7	Independent Review Process 

  
 Any material commercial transaction that General Partner or any of its Subsidiaries proposes to enter into after the date hereof with CanWest or any of its Affiliates
(other than General Partner or any of its Subsidiaries), and any material amendment of the terms of any material contract between General Partner or any of its Subsidiaries and CanWest or any of its Affiliates (other than General Partner or any of
its Subsidiaries) entered into on or prior to the date hereof, must be considered and approved by a majority of the Independent directors of General Partner who are not directors, or officers or employees of CanWest or any of its Affiliates (other
than General Partner or any of its Subsidiaries). 
  

 - 13 - 

 ARTICLE 3 
 GENERAL MATTERS RELATING TO THE HOLDING OF SHARES AND 
 PERMITTED TRANSFERS 
  

	3.1	Representations and Warranties by Shareholders 

  

	 	(a)	CanWest represents and warrants: 

  

	 	(i)	that it owns beneficially and of record the number of Common Shares and Preferred Shares which are expressed to be owned by it in Recital B to this Agreement;

  

	 	(ii)	that it owns beneficially and of record the number of Partnership Units which are expressed to be owned by it in Recital F to this Agreement; 

  

	 	(iii)	that it has the capacity to enter into and give full effect to this Agreement and each of the other Shareholder Documents; 

  

	 	(iv)	that this Agreement and each of the other Shareholder Documents to which it is a party constitutes a valid and binding obligation of such Shareholder enforceable against it in
accordance with its terms; 

  

	 	(b)	Fund represents and warrants: 

  

	 	(i)	that it owns of record, for the benefit of the holders of units of the Fund in accordance with the provisions of the Fund Declaration of Trust, the number of Common Shares which are
expressed to be owned by it in Recital C to this Agreement; 

  

	 	(ii)	that it owns of record, for the benefit of the holders of units of the Fund in accordance with the provisions of the Fund Declaration of Trust, all of the issued and outstanding
Trust Units free and clear of any mortgage, lien, charge, pledge, encumbrance, security interest or adverse claim; 

  

	 	(iii)	that Trust owns of record, for the benefit of Fund in accordance with the provisions of Trust Declaration of Trust, the number of Partnership Units which are expressed to be owned
indirectly by Fund in Recital G to this Agreement; 

  

	 	(iv)	that it has the capacity to enter into and give full effect to this Agreement and each of the other Shareholder Documents; 

  

	 	(v)	that this Agreement and each of the other Shareholder Documents to which it and the Trust are parties constitute valid and binding obligations enforceable against it and the Trust
in accordance with its terms; 

  

	3.2	Dealing with Common Shares, Preferred Shares and Partnership Units 

  
 Notwithstanding anything to the contrary in this Agreement or any other Shareholder Document, no Transfer of Common Shares to any Person (whether such Person is already a
Shareholder or 

  

 - 14 - 

 
an Affiliate of a Shareholder or otherwise) will be permitted unless (i) either (A) the Transferring Shareholder Transfers or causes to be
Transferred (or in the case of a Transfer by Fund, Trust Transfers) an identical number of Partnership Units in the same manner to the same Person (and, for greater clarity, not an Affiliate of such Person), or (B) the Transferring Shareholder
Transfers or causes to be Transferred pursuant to the exercise of the Initial Exchange Right and the Secondary Exchange Right or Liquidity Right under the Liquidity & Exchange Agreement, Common Shares to Fund and an identical number of
Partnership Units to Trust, and (ii) the Transferring Shareholder Transfers or causes to be Transferred in the same manner to the same Person to whom it Transfers the Common Shares (and, for greater clarity, not an Affiliate of such Person)
that percentage of the number of Preferred Shares held by it, if any, equal to the percentage of the number of Common Shares held by it that it Transfers or causes to be Transferred. 
  

	3.3	Issuance of Common Shares and Partnership Units 

  
 General Partner will not issue any Common Shares to any Person unless the Partnership issues an identical number of Partnership Units to such Person or, in the case of
the issuance of Common Shares to Fund, the Partnership issues an identical number of Partnership Units to Trust. The Partnership will not issue any Partnership Units to any Person unless the General Partner issues an identical number of Common
Shares to such Person or, in the case of the issue of Partnership Units to Trust, General Partner issues an identical number of Common Shares to Fund. General Partner will not issue any additional Preferred Shares to any Person. General Partner will
not change the number of outstanding Common Shares by means of a subdivision, consolidation, reclassification, capital reorganization or other means unless an equivalent change in the number of outstanding Partnership Units is made. Partnership will
not change the number of outstanding Partnership Units by means of a subdivision, consolidation, reclassification, capital reorganization or other means unless an equivalent change in the number of outstanding Common Shares is also made. General
Partner will not amalgamate with another corporation unless, immediately following such amalgamation, the number of outstanding Partnership Units is equal to the number of Common Shares of the amalgamated corporation issued upon the amalgamation to
holders of Common Shares of General Partner. 
  

	3.4	No Registration of Transfer Unless Transferee is Bound 

  
 Each of the Shareholders and General Partner agrees that no Transfers of any Common Shares are permitted by any Shareholder, except in accordance with the provisions of
this Agreement and such other Shareholder Documents to which the party wishing to Transfer such Shares is a party. 
  
 Subject to the provisions of any applicable Shareholder Documents, if a Shareholder Transfers any of such Shareholder’s Common Shares to any other Person, no
Transfer of such Common Shares will be made nor will such Transfer be effective and no application will be made to General Partner or to General Partner’s transfer agent to register the Transfer, and General Partner will not register any such
Transfer on the securities register of General Partner until the provisions of Section 3.2 are complied with and, in addition, the proposed transferee becomes subject to all of the obligations of the transferor under this Agreement (in which
case the proposed transferee will become entitled to exercise all the rights of the transferor under this Agreement other than the rights of CanWest and the Fund under Subsections 2.1(a), 2.1(c), 2.1(f) and 2.1(g) and Section 2.2, except that a
transferee that is an Affiliate of CanWest will become 

  

 - 15 - 

 
entitled to exercise all of such rights for so long as it remains an Affiliate of CanWest) and agree to be bound by all of the provisions hereof as if the
proposed transferee was an original signatory hereto. The foregoing does not apply to a Transfer of Shares by a Shareholder to another Shareholder. Any other purported Transfer of Shares will be void ab initio. 
  

	3.5	Pledge of Common Shares 

  
 Notwithstanding the provisions of Section 3.4, any Shareholder may pledge, charge, mortgage or otherwise encumber any of its Common Shares (the “Pledged
Shares”) to a bank or other financial institution for the purpose of securing any borrowings by such Shareholder, provided that such bank or financial institution acknowledges to the Parties in writing that the pledge, charge, mortgage or
encumbrance of such Pledged Shares (and any realization thereof) shall at all times be subject to all the terms and conditions of this Agreement, including the limitations on Transferring such Pledged Shares contained in Section 3.4.

  

	3.6	Notation on Share Certificates 

  
 All share certificates representing Common Shares and Preferred Shares will have a statement in substantially the following form conspicuously noted thereon: 

 
 “There are restrictions on the right to transfer the shares
represented by this certificate. In addition, such shares are subject to a Securityholders’ Agreement dated the 13th day of October, 2005 between the Corporation, the Shareholders (as defined therein), CanWest MediaWorks Limited Partnership and CWMW Trust as the same may be amended from time to time, and may not be pledged, sold or otherwise
transferred except in accordance with the provisions thereof.” 
  

	3.7	Shareholders to Facilitate Permitted Transfers 

  
 Each of the Shareholders agrees that it will promptly give and execute all necessary consents and approvals to a Transfer of Shares which is permitted under this
Agreement and, if applicable, any other Shareholder Document as soon as the relevant provisions of this Agreement relating to such Transfer have been complied with. 
  

	3.8	Take-Over Bids 

  
 CanWest shall not Transfer any Common Shares (or Class B Partnership Units), other than to one or more of its Affiliates in accordance with the terms of this Agreement or to Fund (and Trust, respectively) in
accordance with the terms of the Liquidity & Exchange Agreement, unless (i) the transferee would not be required under applicable securities legislation as a result of such Transfer to make an offer to all holders of units of Fund to
acquire such units on the same terms and conditions if, immediately prior to such Transfer all outstanding Class B Partnership Units and the same number of Common Shares had been exchanged for units of Fund in accordance with the terms of the
Liquidity & Exchange Agreement, or (ii) the offeror acquiring such Common Shares (and Class B Partnership Units) makes a contemporaneous offer for units of Fund on the same terms (in terms of price, timing and proportion of securities
sought to be acquired) and conditions and does not acquire such Common Shares (or Class B Partnership Units) unless the offeror also acquires a proportionate number of units of Fund tendered to such offer, if any. 
  

 - 16 - 

	3.9	Pre-Emptive Right 

  
 Except as expressly provided in any Shareholder Document, no units of Fund, Common Shares or Partnership Units will be issued by Fund, General Partner or Partnership (as the case may be) and no option or other right
for the purchase of or subscription for or other security convertible into or exercisable or exchangeable for units of Fund, Common Shares or Partnership Units (as the case may be) will be granted at any time after the date hereof except upon
compliance with the following provisions. 
  

	 	(a)	If General Partner and Partnership propose to issue any Common Shares and Partnership Units, respectively (the “Affected Securities”), General Partner and
Partnership (as the case may be) will first offer the Affected Securities for subscription by CanWest, Fund and Trust as nearly as may be in proportion to the number of Common Shares and Partnership Units held by CanWest and its Affiliates, Fund and
Trust (as reflected on the securities register of General Partner and Partnership (as the case may be)) at the date of the offer at the subscription price as determined by the Board. The offer will contain a description of the terms and conditions
relating to the Affected Securities and will state the price at which the Affected Securities are offered and the date on which the purchase of Affected Securities by CanWest, Fund or Trust, as the case may be, is to be completed and will state that
CanWest, Fund or Trust, as the case may be, may subscribe for Affected Securities only by giving notice of the exercise of the subscription right to General Partner and Partnership (as the case may be) within thirty (30) days after the date of
the offer. The offer will also state that if CanWest, Fund or Trust, as the case may be, wishes to subscribe for a number of Affected Securities that is less than or in excess of its proportion it will, in its notice of subscription, specify the
number of Affected Securities less than or in excess of such proportion that it wishes to purchase, provided that General Partner and Partnership (as the case may be) shall not be required to issue Affected Securities to CanWest, Fund or Trust, as
the case may be, in excess of the proportion held by CanWest and its Affiliates, Fund and Trust at the date of the offer. 

  

	 	(b)	If Fund proposes to issue any units of Fund (the “Affected Units”), Fund will first offer that proportion of the Affected Units for subscription by CanWest as
nearly as may be in proportion to the number of Partnership Units and Common Shares held by CanWest and its Affiliates (as reflected on the securities register of Partnership and General Partner (as the case may be)) at the date of the offer at the
subscription price as determined by the Trustees of Fund. The offer will contain a description of the terms and conditions relating to the Affected Units and will state the price at which the Affected Units are offered and the date on which the
purchase of Affected Units by CanWest is to be completed (which shall be the same date as the date of completion of the sale of the balance of Affected Units) and will state that CanWest may subscribe for units of Fund only by giving notice of the
exercise of the subscription right to Fund within thirty (30) days after the date of the offer. The offer will also state that if CanWest wishes to subscribe for a number of units of Fund that is less than its proportion it will, in its notice
of subscription, specify the proportion of Affected Units that it wishes to purchase. 

  

 - 17 - 

	 	(c)	Subject to Subsection 3.9(d), if Fund proposes to issue Affected Units, CanWest may exercise its right to acquire Affected Units or may elect to acquire an equivalent number of
Common Shares and Partnership Units of General Partner and Partnership, respectively. Upon such election, by notice to Fund, General Partner and Partnership, General Partner and Partnership shall issue that number of Common Shares and Partnership
Units to CanWest on the date of completion of the sale of the balance of Affected Units and, for purposes of Subsection 3.9(d) CanWest shall be deemed to have acquired that number of units of Fund. 

  

	 	(d)	If any of the Affected Securities or Affected Units are not subscribed for by CanWest, Fund or Trust, as the case may be, within the period of thirty (30) days after the date
on which they are offered to CanWest, Fund or Trust, as the case may be, then Fund, General Partner and Partnership (as the case may be) may offer such unsubscribed Affected Securities or Affected Units within the period of ninety (90) days
after the expiration of such thirty (30) day period to any Person, provided the price at which such Affected Securities or Affected Units are issued is not less than the subscription price offered to CanWest, Fund or Trust, as the case may be,
the terms of payment for such Affected Securities or Affected Units are not more favourable to such Person than the terms of payment offered to CanWest, Fund or Trust, as the case may be, and the issuance of the Affected Securities or Affected Units
to such Person would not result in (i) Fund ceasing to be a “mutual fund trust” for purposes of the Tax Act, (ii) any newspaper published or produced by General Partner or any of its Subsidiaries ceasing to be a “Canadian
newspaper” for purposes of the Tax Act, (iii) Trust becoming subject to tax under Part XII.2 of the Tax Act, or (iv) Partnership ceasing to be a “Canadian partnership” for purposes of the Tax Act. None of Fund, General
Partner or Partnership shall be required to issue any Affected Units or Affected Securities, respectively, unless all Affected Units or Affected Securities are sold on the date of completion. 

  

	 	(e)	If Fund, General Partner or Partnership (as the case may be) proposes to grant an option or other right for the purchase of or subscription for Affected Securities or units of Fund
or other security convertible into or exercisable or exchangeable for Affected Securities or units of Fund (collectively, “Convertible Securities”), such Convertible Security will also be made available to CanWest, Fund or Trust, as
the case may be, as nearly as may be possible in accordance with the foregoing provisions. 

  

	 	(f)	CanWest, Fund or Trust, as the case may be, may not exercise its right to acquire Affected Securities, units of Fund or Convertible Securities under this Section 3.9 if such
exercise, or the issuance or sale of units of Fund, Common Shares or Partnership Units upon such exercise, would (i) cause Fund to cease to be a “mutual fund trust” for purposes of the Tax Act, (ii) cause any newspaper published
or produced by General Partner or any of its Subsidiaries to cease to be a “Canadian newspaper” for purposes of the Tax Act, (iii) cause Trust to become subject to tax under Part XII.2 of the Tax Act, or (iv) cause Partnership to
cease to be a “Canadian partnership” for purposes of the Tax Act. 

  

 - 18 - 

	3.10	Exception to Pre-emptive Right 

  
 Each of Fund, General Partner and Partnership will be entitled to issue Affected Securities or units of Fund without complying with the provisions of Section 3.9
when such Affected Securities or units of Fund are being issued: 
  

	 	(a)	upon the exercise, in whole or in part, by the underwriters of the over-allotment option granted by Fund to the underwriters pursuant to the underwriting agreement dated
October 6, 2005 among Fund, Trust, Partnership, General Partner, CanWest and the underwriters that are parties thereto; 

  

	 	(b)	upon or in connection with the conversion, in whole or in part, of the note in the aggregate principal amount of $39,187,500 issued by Partnership to CanWest on October 13,
2005 that is convertible into 4,125,000 Class B Partnership Units; 

  

	 	(c)	to the holders of Fund Units as a distribution in lieu of a cash distribution pursuant to section 5.7 of the Fund Declaration of Trust; 

  

	 	(d)	to employees, officers, directors, trustees or consultants of Fund or General Partner or its Subsidiaries pursuant to a compensation plan approved by the Board or the board of
trustees of Fund, respectively; 

  

	 	(e)	to unitholders of Fund or Partnership pursuant to a distribution reinvestment plan approved by the Board or the board of trustees of Fund, respectively; or 

 

	 	(f)	in connection with an acquisition by General Partner or one or more of its Subsidiaries of the shares, other equity interests or assets of another business or an amalgamation,
merger or arrangement with another business, provided that such transaction has been approved by the Board and CanWest (if required pursuant to Subsection 2.1(g)). 

  

	3.11	Applicability of Pre-Emptive Right to Debt Securities 

  
 The provisions of Section 3.9 apply mutatis mutandis to any non-bank or similar debt securities or securities convertible into debt securities issued by Fund,
General Partner or Partnership on the basis that CanWest, Fund or Trust, as the case may be, shall be offered the right to subscribe for up to that percentage of the total aggregate principal amount of debt securities or number of securities
convertible into debt securities equal to the percentage of outstanding Common Shares held by CanWest and its Affiliates and Fund, respectively. 
  

 - 19 - 

 ARTICLE 4 
 GENERAL PROVISIONS 
  

	4.1	All Common Shares, Preferred Shares and Partnership Units Subject to this Agreement 

  
 Each of the Shareholders and Trust agrees that it will be bound by the terms of this Agreement with respect to all Common Shares, Preferred
Shares and Partnership Units beneficially or legally held by it from time to time. 
  

	4.2	Waiver, Amendment 

  
 No amendment or waiver of this Agreement shall be binding unless executed in writing by the party or parties to be bound thereby. No waiver of any provision of this Agreement shall constitute a waiver of any other
provision nor shall any waiver of any provision of this Agreement constitute a waiver unless otherwise expressly provided. General Partner shall not agree to any material amendment or waiver of this Agreement without the approval of a majority of
the Independent directors of General Partner. 
  

	4.3	Directors and Officers’ Indemnities and Insurance 

  
 To the fullest extent permitted by law, General Partner will indemnify all directors, officers, former directors and former officers of General Partner, the Shareholders
of General Partner (including any trustees) to the extent that such Shareholders exercise the rights, powers, duties and liabilities of a director of General Partner and all persons who act or acted at General Partner’s request as a director or
officer of a body corporate of which General Partner is or was a shareholder or creditor, and his or her heirs and legal personal representatives, against all costs, charges and expenses, including any amount paid to settle any action or satisfy a
judgment, reasonably incurred by him or her in respect of any civil, criminal or administrative action or proceeding to which he or she is made a party by reason of being or having been a director or officer of General Partner or such body corporate
or by reason of acting or having acted as a director or officer of General Partner or by reason of being a Shareholder of General Partner (including any trustee) if, 
  

	 	(a)	he or she acted honestly and in good faith with a view to the best interests of General Partner; and 

  

	 	(b)	in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, he or she had reasonable grounds for believing that his or her conduct was
lawful. 

  
 The intention of this Section 4.3 is that all
persons referred to in this Section 4.3 will have all benefits provided under the indemnification provisions of the Act to the fullest extent permitted by law, and General Partner will forthwith pass all resolutions and take such other steps as
may be required to give full effect to this Section 4.3. 
  
 For a period of
seven (7) years from the date CanWest ceases to have the right to designate a nominee to the Board, this Agreement and the articles and by-laws of General Partner (and its successors) will not be modified or amended to diminish any current or
past nominee’s right to 

  

 - 20 - 

 
indemnification and exculpation as is currently provided. Furthermore, so long as CanWest is entitled to appoint a nominee to the Board and thereafter so
long as any past or present CanWest nominee may be subject to any possible civil, criminal or administrative action or proceeding to which he or she would be made a party by reason of being a director of General Partner, General Partner will use
commercially reasonable efforts to maintain in full force and effect, for directors and officers of General Partner, directors and officers insurance by a reputable insurer having a policy amount and deductible equal to or better than the amounts of
General Partner’s policy now in force. Furthermore, General Partner agrees that each CanWest nominee to the Board will be named in such insurance policy in a manner as to provide him or her with the same rights and benefits as are accorded
General Partner’s directors most favourably insured by the policy. 
  

	4.4	Term 

  
 This Agreement will continue in force until the earlier of: 
  

	 	(a)	the date on which this Agreement is terminated by the written agreement of all the Shareholders; or 

  

	 	(b)	the date on which Fund, directly or indirectly, holds greater than ninety-seven percent (97%) of the outstanding Common Shares. 

  
 The provisions of Section 3.2, 3.3, 3.4, 3.5, 3.6, 3.7 and 3.8 will survive the
termination of this Agreement and will remain in force while there is more than one (1) Shareholder. 
  

	4.5	Termination Not to Affect Rights or Obligations 

  
 Termination of this Agreement will not affect or prejudice any rights or obligations which have accrued or arisen under this Agreement prior to the time of termination
and such rights and obligations, including, without limitation, any indemnities, will survive the termination of this Agreement. Notwithstanding any provision of this Agreement to the contrary, no termination of this Agreement will affect the rights
of any Person under Section 4.3. 
  

	4.6	Acts of Fund, Trust, the Trustees of Fund and Trust and General Limitation of Liability 

  

	 	(a)	Where any reference is made herein to an act to be performed by, for or on behalf of the Fund or Trust, such reference shall be construed and applied for all purposes as if it
referred to an act to be performed by, for or on behalf of the trustees of Fund or Trust, in their capacity as trustees of Fund or Trust, as the case may be, and where any reference is made herein to an act to be performed by, for or on behalf of
the trustees of Fund or Trust, such reference shall be construed and applied for all purposes as if it is referred to an act to be performed by, for or on behalf of the trustees of Fund or Trust in their capacity as trustees of Fund or Trust,
respectively. 

  

	 	(b)	 Each of the parties hereto acknowledges the obligations of Fund and Trust under this Agreement and that such obligations will not be personally binding upon any of
the trustees of Fund or Trust, any registered or beneficial holder of units of Fund or Trust or any beneficiary under a plan of which a holder of such units acts 

  

 - 21 - 

	 	 
as a trustee or carrier, and that resort will not be had to, nor will recourse be sought from, any of the foregoing or the private property of any of the
foregoing in respect of any indebtedness, obligation or liability of Fund or Trust, as applicable, arising hereunder, and recourse for such indebtedness, obligations or liabilities of Fund or Trust will be limited to, and satisfied only out of, the
assets of Fund or Trust, as applicable. 

  

	4.7	Liability of Partnership 

  
 The parties acknowledge that Partnership is a limited partnership formed under the laws of the Province of Ontario, a limited partner of which is generally liable for any
liabilities or losses of Partnership only to the extent of the amount that such limited partner has contributed, or agreed to contribute, to the capital of Partnership and such limited partner’s pro rata share of any undistributed income. The
parties further acknowledge that General Partner is the sole general partner of Partnership. 
  

	4.8	Notices 

  
 Any notice, consent or approval required or permitted to be given in connection with this 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: 
  

	(a)	if to CanWest: 

  
 3100 CanWest Global Place 
 201 Portage Avenue

 Winnipeg, MB R3B 3L7 
  

			
	Attention:	  	 Richard Leipsic, General Counsel and
 Tom Strike,
Executive Vice President,

		
	Fax number:	  	(204) 947-9841
	E-mail:	  	rleipsic@canwest.com and tstrike@canwest.com

  

	(b)	if to Fund or Trust : 

  
 1450 Don Mills Road 
 Toronto, ON M3B 2X7

  

			
	Attention:	  	The Trustees
	Fax number:	  	(416) 446-5423

  

 - 22 - 

	(c)	if to General Partner or Partnership: 

  
 1450 Don Mills Road 
 Toronto, ON M3B 2X7

  

			
	Attention:	  	President and Chief Executive Officer
	Fax number:	  	(416) 446-5423

  
 Any Notice delivered or transmitted to
a party as provided above shall be deemed to have been given and received on the day it is delivered or transmitted, provided that it is delivered or transmitted on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt.
However, if the Notice is delivered or transmitted after 5:00 p.m. local time or if such day is not a Business Day then the Notice shall be deemed to have been given and received on the next Business Day. 
  
 Any party may, from time to time, change its address by giving Notice to the other parties in
accordance with the provisions of this Section.  
  

	4.9	Osler, Hoskin & Harcourt LLP Acting for More than One Party 

  

Each of the Parties to this Agreement has been advised and acknowledges to each other and to Osler, Hoskin & Harcourt LLP (“Osler”) that
(a) Osler is acting in connection with this Agreement (and all other agreements between the Parties being entered into as part of the offering of securities being undertaken by the Fund) as counsel to and jointly representing CanWest, General
Partner, Partnership, Fund and Trust (each a “Client” and, collectively, “Clients”), (b) in this role, information disclosed to Osler by one Client will not be kept confidential and will be disclosed to all
Clients and each of the Parties consents to Osler so acting, and (c) should a conflict arise between any Clients, Osler may not be able to continue to act for any of such Clients. 
  

	4.10	Arbitration 

  
 In the event that the Parties are unable to settle any dispute, difference, controversy or claim arising out of or relating to this Agreement, including, its breach, interpretation, termination or validity
(“Dispute”), the Dispute shall forthwith be referred to arbitration in accordance with the Arbitration Procedures, provided that nothing in this Section 4.10 will preclude a Party from seeking interim relief by way of an
injunction (mandatory or otherwise) or other interim equitable relief in the Ontario Superior Court in connection with this Agreement which court will have exclusive jurisdiction in respect of all such matters. 
  

	4.11	Time of Essence 

  
 Time is of the essence of this Agreement. 
  

	4.12	Further Assurances 

  
 Each of the Shareholders will vote and act at all times as a shareholder of General Partner and each other party to this Agreement will act and in all other respects use reasonable efforts to take 

  

 - 23 - 

 
all such steps, execute all such documents and do all such acts and things as may be reasonably within its power to implement to their full extent the
provisions of this Agreement and to cause General Partner to act in the manner contemplated by this Agreement. 
  

	4.13	Assignment 

  
 Subject to sections 3.4 and 3.5, this Agreement may not be assigned by any party to this Agreement without the prior written consent of each of the other parties to this Agreement, except that CanWest may assign this
Agreement to any Affiliate of CanWest without the consent of the other parties provided that such Affiliate shall be entitled to the rights of CanWest under Subsections 2.1(a), 2.1(c), 2.1(f) and 2.1(g) and Section 2.2 only for so long as it
remains an Affiliate of CanWest. 
  

	4.14	Enurement 

  
 This Agreement will enure to the benefit of and be binding upon the parties hereto and their respective successors, legal personal representatives and permitted assigns. 
  

	4.15	Execution and Counterparts 

  
 This Agreement may be executed by the Parties in counterparts and may be executed and delivered by facsimile and all such counterparts and facsimiles shall together
constitute one and the same agreement. 
  
 - REMAINDER OF THE
PAGE HAS INTENTIONALLY BEEN LEFT BLANK - 
  

 - 24 - 

 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed as of the date first written
above. 
  

													
	CANWEST MEDIAWORKS INC.	 	 	 	CWMW TRUST
					
	 By:
	 	 	 	 	 	 By:
	 	 
	 	 	 Name:
	 	 Richard M. Leipsic
	 	 	 	 	 	 Name:
	 	 John E. Maguire

	 	 	 Title:
	 	 Vice-President and General Counsel
	 	 	 	 	 	 Title:
	 	 Trustee

					
	 By:
	 	 	 	 	 	 	 	 
	 	 	 Name:
	 	 Riva J. Richard
	 	 	 	 	 	 	 	 
	 	 	 Title:
	 	 Assistant Secretary
	 	 	 	 	 	 	 	 
			
	CANWEST MEDIAWORKS (CANADA) INC.	 	 	 	 CANWEST MEDIAWORKS LIMITED
 PARTNERSHIP by its General Partner,
 CanWest MediaWorks (Canada) Inc.

					
	 By:
	 	 	 	 	 	 By:
	 	 
	 	 	 Name:
	 	 Peter D. Viner
	 	 	 	 	 	 Name:
	 	 Peter D. Viner

	 	 	 Title:
	 	 President and Chief Executive Officer
	 	 	 	 	 	 Title:
	 	 President and Chief Executive Officer

					
	 By:
	 	 	 	 	 	 By:
	 	 
	 	 	 Name:
	 	 Riva J. Richard
	 	 	 	 	 	 Name:
	 	 Riva J. Richard

	 	 	 Title:
	 	 Secretary
	 	 	 	 	 	 Title:
	 	 Secretary

			
	CANWEST MEDIAWORKS INCOME FUND	 	 	 	 
					
	 By:
	 	 	 	 	 	 	 	 
	 	 	 Name:
	 	 Peter M. Liba
	 	 	 	 	 	 	 	 
	 	 	 Title:
	 	 Trustee
	 	 	 	 	 	 	 	 
					
	 By:
	 	 	 	 	 	 	 	 
	 	 	 Name:
	 	 Richard M. Leipsic
	 	 	 	 	 	 	 	 
	 	 	 Title:
	 	 Trustee
	 	 	 	 	 	 	 	 

 SCHEDULE “A” 
  
 ARBITRATION PROCEDURES 
  

	1.	Definitions and Interpretation 

  

	 	(a)	Definitions – Unless otherwise defined in this Schedule, all capitalized terms defined in the Agreement which are used in this Schedule have the same meaning as provided
for those terms in the Agreement. Where used in this Schedule, unless the context or subject matter otherwise requires, the following words and phrases will have the meaning set forth below: 

  
 “Approved Arbitrator” means a retired judge of the Ontario
Superior Court or a comparably qualified individual. 
  
 “Arbitrator” means the Arbitrator appointed pursuant to Section 2 of this Schedule. 
  
 “Dispute” means any matter which a Party, in accordance with the terms of the Agreement, submits to arbitration in accordance with the terms of
this Schedule. 
  
 “Procedures” means the arbitration
procedures described in this Schedule. 
  
 “Schedule”
means this schedule of arbitration procedures. 
  

	 	(b)	Governing Law and Jurisdiction – All Disputes referred to arbitration (including the scope of the agreement to arbitrate, the law relating to the enforcement of the
agreement to arbitrate, any relevant limitation periods, the law governing the procedure of the arbitration, the law relating to available remedies, set-off claims, conflict of laws rules and claims to costs and interest) shall be governed by the
laws of the Province of Ontario. Except as expressly provided otherwise in this Schedule or the Agreement, the provisions of the Arbitration Act, 1991 S.O. 1991 c.17 (Ontario) (the “Arbitration Act”) shall apply in respect of any
arbitration conducted pursuant to this Schedule. 

  

	 	(c)	Time - In the computation of time under the Procedures or an order or direction given by the Arbitrator pursuant to this Schedule, except where a contrary intention appears
or the Parties otherwise agree: 

  

	 	(i)	where there is a reference to a number of days between two events, those days shall be counted by excluding the day on which the first event happens and including the day on which
the second event happens, even if they are described as clear days or the words “at least” are used; 

  

	 	(ii)	where the time for doing any act under this Schedule or any order or direction given by the Arbitrator expires on a day which is not a Business Day, the act may be done on the next
day that is a Business Day; and 

  

 -1- 

	 	(iii)	delivery of a document or notice provided for in this Schedule or any order or direction given by the Arbitrator made after 4:00 p.m. (Toronto time) or at any time on a day which is
not a Business Day, shall be deemed to have been made on the next Business Day. 

  

	2.	Commencement of Arbitration - Any Party to the Agreement (the “Applicant”) may commence arbitration for a Dispute by delivering a written notice (a
“Complaint”) to the Party against whom the Applicant seeks a remedy (the “Respondent”). In the Complaint, the Applicant shall describe the substance of the Dispute and name three (3) persons whom the Applicant is prepared to
appoint as arbitrator, each of such persons to be an Approved Arbitrator. Within 10 days of the receipt of the Complaint, the Respondent shall by written Notice to the Applicant appoint one of the three (3) persons named by the Applicant or
provide the Applicant with a list of three (3) persons who are Approved Arbitrators. Within 10 days of receipt of the Respondent’s list, by written Notice to the Respondent, the Applicant shall appoint one (1) of such persons, or
provide a further list of (3) three Approved Arbitrators. The Parties shall continue to exchange lists of three (3) Approved Arbitrators in this fashion until an Approved Arbitrator is appointed. If an Arbitrator is not appointed within 30
days of the initial receipt by the Respondent of the Complaint, either Party may apply to a judge of the Ontario Superior Court of Justice to appoint the Arbitrator on behalf of the Parties. 

  

	3.	Arbitration Procedures - The following procedures shall apply to the arbitration of any Dispute, except as the Parties may otherwise agree or as the Arbitrator otherwise
directs: 

  

	 	(a)	Within 20 days of the appointment of the Arbitrator, the Applicant shall deliver to the Respondent and the Arbitrator a written statement (the “Claim”) concerning the
Dispute setting forth, with particularity, the full names, descriptions and addresses of the Parties, the nature of the Claim, the allegations of fact supporting the Dispute submitted for arbitration and the relief or remedy sought.

  

	 	(b)	Within 30 days after the delivery of the Claim, the Respondent shall deliver to the Applicant and the Arbitrator a written response (the “Answer”) to the Claim setting
forth, with particularity, its position on the Dispute and the allegations of fact supporting the Answer. 

  

	 	(c)	If any Respondent fails to deliver an Answer within the time limit referred to in subsection 3(b) of this Schedule, that Respondent shall, subject to subsection 3(f), be deemed to
have admitted the allegations of fact alleged in the Claim and have accepted the Applicant’s entitlement to the relief and remedy set out in the Claim. 

  

	 	(d)	Within 10 days after the delivery of any Answer, the Applicant may deliver to the Respondent and the Arbitrator a written reply (the “Reply”) to that Answer, setting
forth, with particularity, its response, if any, to the Answer. 

  

	 	(e)	 If the Respondent wants to submit any other Dispute to the Arbitrator it may, within the time provided for the delivery of the Answer to the Claim, also deliver to
the Applicant and the Arbitrator a counter-complaint (the “Counter-Complaint”) setting forth, with particularity, the nature of the Counter-Complaint, 

  

 -2- 

	 	 
the allegations of fact supporting the Counter-Complaint and the relief or remedy sought, for the Arbitrator to decide. Within 20 days of the delivery of a
Counter-Complaint, the Applicant shall deliver to the Respondent making a Counter-Complaint and the Arbitrator an Answer to such Counter-Complaint setting forth, with particularity, its position on the Counter-Complaint and the allegations of fact
supporting the Counter-Complaint. If the Applicant fails to deliver an Answer to the Counter-Complaint within such 20-day period, the Applicant will be deemed, subject to subsection (f) to have admitted the allegations of fact alleged in the
Counter-Complaint, and have accepted the Respondent’s entitlement to the relief and remedy set out in the Counter-Complaint. Within 10 days after the delivery of an Answer to the Counter-Complaint, the Respondent may deliver to the Applicant
and the Arbitrator a Reply to such Answer setting forth, with particularity, its response to such Answer. Any Dispute submitted to arbitration in accordance with this subsection 3(e) shall be governed by, and dealt with as if it were the subject of
a Complaint, that shall be determined by the same Arbitrator as part of the same arbitration proceeding as the Complaint. 

  

	 	(f)	The time limits set for the delivery of the documents referred to in subsections 3(a) to (e) inclusive may be extended by agreement of the Parties to the Agreement or by the
Arbitrator for such period, on such terms, and for such reasons as the Arbitrator in his or her discretion may determine upon application made to the Arbitrator in writing by either the Applicant or the Respondent on Notice to the other, with such
application being made either before the expiry of the applicable time limit or within 2 days thereafter, and the Arbitrator may relieve the applying Party of the consequences of its failure to comply with the applicable time limit, provided,
however, that the other Party shall be given an opportunity to make submissions on the application. 

  

	 	(g)	Within 20 days following the completion of the steps set out in subsections 3(a) to (e) of this Schedule, a Party may, upon Notice to the other Party and to the Arbitrator,
request the Arbitrator to give directions and make any order which is, in the discretion of the Arbitrator, reasonable regarding any procedural matters which properly should be resolved before the arbitration proceeds further, including: the
amendment of any Claim, Counter-Complaint, Answer or Reply; the provision of particulars; the production of documents and the need for examinations for discoveries in connection with the arbitration, either by way of oral examination or written
interrogatories and a determination as to the manner in which evidence shall be presented to the Arbitrator (by way of agreed statement of facts, affidavit evidence and transcripts of cross-examinations on such affidavit evidence or viva voce, or
some combination thereof). In making any order or giving any direction in respect of any procedural matter, the Arbitrator may impose such terms as are reasonable in order to ensure the completion of the arbitration in a timely manner. The notice
requesting any direction or order pursuant to this subsection shall state the direction or order sought and set out the reasons for seeking such direction or order. Nothing in this subsection shall be taken to limit the jurisdiction of the
Arbitrator to deal with procedural matters in accordance with the Arbitration Act. 

  

 -3- 

	 	(h)	In the case where no Party has requested directions in accordance with paragraph 3(g), the Arbitrator shall give directions regarding the further procedural steps in the
arbitration, including any production of documents, any examinations for discovery, and the nature of any hearing (“Hearing”). In making any order or giving any direction in respect of any procedural matter the Arbitrator may impose such
terms as are reasonable in order to ensure the completion of the arbitration in a timely manner. The Parties shall have an opportunity to make oral submissions to the Arbitrator in respect of such procedural steps. 

  

	 	(i)	Unless the time for making an award is extended by agreement of the Parties or by court order, the Arbitrator shall be requested to make an award as soon as possible and within 60
days after completion of any Hearing or other final procedural step in which evidence or argument are provided to the Arbitrator or as soon thereafter as is practicable. The award shall be in writing and shall state the reasons on which it is based.
Executed copies of all awards shall be delivered by the Arbitrator to each Party as soon as is reasonably possible. 

  

	4.	Agreement to be Bound - Notwithstanding the provisions of Section 2 of this Schedule, no individual shall be appointed as Arbitrator unless he or she agrees in writing
to be bound by the provisions of this Schedule, including, without limitation the provisions of Section 11. 

  

	5.	Arbitrator Discretion - Subject to the Arbitration Act, the Agreement and this Schedule, the Arbitrator may conduct the arbitration in such manner as the Arbitrator considers
appropriate. 

  

	6.	Interim Relief - At the request of any Party, the Arbitrator may take such interim measures as the Arbitrator considers necessary in respect of the Dispute, including
measures for the preservation of assets, the conservation of goods or the sale of perishable goods. The Arbitrator may require security for the costs of such measures. 

  

	7.	Remedies - The Arbitrator may make final, interim, interlocutory and partial awards. An award may grant any remedy or relief which the Arbitrator considers just and equitable
and consistent with the intention of the Parties under the Agreement. The Arbitrator shall state in the award whether or not the Arbitrator views the award as final or interim, for purposes of any judicial proceedings in connection with such award.

  

	8.	Appeals - A Party may appeal an award to the court on a question of law or mixed fact and law with leave, which the court shall grant only if it is satisfied that

  

	 	(a)	the importance to the Parties of the matters at stake in the arbitration justifies an appeal; and 

  

	 	(b)	determination of the question of law or mixed fact and law at issue will significantly affect the rights of the Parties. 

  

	9.	 Costs of Arbitration - The fees and expenses of the Arbitrator and costs of the arbitration facilities shall be billed to and paid in equal proportions by
the Parties to the 

  

 -4- 

	 	 
Arbitration periodically as the Arbitration proceeds. The Arbitrator shall have the power to award costs, including the fees and expenses of the Arbitrator
and costs of the arbitration facilities, in whole or in part where it is fair and reasonable, upon hearing submissions by any Party to the Arbitration requesting same, and any responding submissions from the other Party to the Arbitration. Unless
otherwise specifically ordered by the Arbitrator, any costs awarded shall be on a partial indemnity scale and not on a substantial indemnity scale, as those terms or equivalent amended terms are used in the Ontario Superior Court of Justice.

  

	10.	Notices - All Notices and all other documents required or permitted by this Schedule to be given by any Party to the arbitration to any other of them shall be given in
accordance with the Notice Provisions of the Agreement. All Notices and all other documents required or permitted by this Schedule to be given by any Party to the arbitration to the Arbitrator shall be given in accordance with the Arbitrator’s
instructions. 

  

	11.	Confidentiality - The Parties and the Arbitrator shall keep confidential and not disclose to any Person the existence of the Arbitration and any element of the Arbitration
(including submissions and any evidence or documents presented or exchanged and any awards thereunder), except to the Arbitrator, the Parties’ directors, trustees, unitholders, shareholders, creditors, auditors and insurers, legal counsel to
the Parties and any other Person necessary to the conduct of the Arbitration and except to the extent required by law, the rules of a stock exchange or securities regulatory authority having jurisdiction over a Party or required for any appeal or to
enforce any award or decision made pursuant thereto. 

  

	12.	Experts - The Arbitrator shall not, without the written consent of all the parties to the arbitration, appoint any expert or other consultant or retain any counsel to advise
him or her. 

  

	13.	Place and Language - Unless otherwise agreed by the Parties to the Arbitration, the place of the arbitration shall be Toronto, Ontario and any hearing in the course of the
arbitration shall take place in Toronto, Ontario in the English language. The Arbitrator may hold hearings at a location other than the place of the arbitration if the parties to the arbitration agree. 

  

 -5-

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