Document:

EX-4.15

 Exhibit 4.15 

EXECUTION COPY 

POSTMEDIA NETWORK INC. 
 -
and - 
 COMPUTERSHARE TRUST COMPANY OF CANADA 

as Subscription Receipt Agent 

SUBSCRIPTION RECEIPT INDENTURE 

Providing for the Issue of 

Subscription Receipts 

Dated as of October 6, 2014 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 INTERPRETATION
	  	 	2	  
	 Section 1.01
	  	Definitions	  	 	2	  
	 Section 1.02
	  	Words Importing the Singular	  	 	8	  
	 Section 1.03
	  	Interpretation Not Affected by Headings, Etc.	  	 	8	  
	 Section 1.04
	  	Day Not a Business Day	  	 	8	  
	 Section 1.05
	  	Time of the Essence	  	 	8	  
	 Section 1.06
	  	Currency	  	 	8	  
	 Section 1.07
	  	Applicable Law	  	 	8	  
	 Section 1.08
	  	Language	  	 	9	  
	 Section 1.09
	  	References	  	 	9	  
		
	 ARTICLE 2 THE SUBSCRIPTION RECEIPTS
	  	 	9	  
	 Section 2.01
	  	Creation and Issue of Subscription Receipts	  	 	9	  
	 Section 2.02
	  	Terms of Subscription Receipts	  	 	9	  
	 Section 2.03
	  	Form of Subscription Receipt Certificates	  	 	10	  
	 Section 2.04
	  	Signing of Subscription Receipt Certificates	  	 	11	  
	 Section 2.05
	  	Certification by Subscription Receipt Agent	  	 	11	  
	 Section 2.06
	  	Issue in Substitution for Lost Certificates, Etc.	  	 	11	  
	 Section 2.07
	  	Cancellation of Surrendered Subscription Receipts	  	 	12	  
	 Section 2.08
	  	Subscription Receiptholder not a Shareholder or a holder of Notes	  	 	12	  
	 Section 2.09
	  	Use of Book Entry-Only System	  	 	12	  
		
	 ARTICLE 3 REGISTRATION, TRANSFER AND OWNERSHIP OF SUBSCRIPTION RECEIPTS AND EXCHANGE OF SUBSCRIPTION RECEIPT
CERTIFICATES
	  	 	13	  
	 Section 3.01
	  	Registration and Transfer of Subscription Receipts	  	 	13	  
	 Section 3.02
	  	Exchange of Subscription Receipt Certificates	  	 	15	  
	 Section 3.03
	  	No Charges for Transfer or Exchange	  	 	15	  
	 Section 3.04
	  	Ownership of Subscription Receipts	  	 	15	  
		
	 ARTICLE 4 ISSUANCE OF ADDITIONAL NOTES PURSUANT TO SUBSCRIPTION RECEIPTS
	  	 	16	  
	 Section 4.01
	  	Issuance of Additional Notes Pursuant to Subscription Receipts	  	 	16	  
	 Section 4.02
	  	Effect of Note Issuance	  	 	16	  
	 Section 4.03
	  	Recording	  	 	16	  
	 Section 4.04
	  	Securities Restrictions	  	 	17	  
		
	 ARTICLE 5 COVENANTS
	  	 	17	  
	 Section 5.01
	  	General Covenants	  	 	17	  
	 Section 5.02
	  	Remuneration and Expenses of Subscription Receipt Agent	  	 	18	  
	 Section 5.03
	  	Securities Qualification Requirements	  	 	18	  
	 Section 5.04
	  	Performance of Covenants by Subscription Receipt Agent	  	 	19	  
		
	 ARTICLE 6 PROCEEDS
	  	 	19	  
	 Section 6.01
	  	Investment of Proceeds	  	 	19	  
	 Section 6.02
	  	Interest Accruing on the Subscription Receipts	  	 	19	  
	 Section 6.03
	  	Release of Proceeds	  	 	22	  
	 Section 6.04
	  	Ownership of Proceeds	  	 	22	  
	 Section 6.05
	  	Role as Subscription Receipt Agent	  	 	23	  
		
	 ARTICLE 7 ENFORCEMENT
	  	 	23	  
	 Section 7.01
	  	No Suits by Subscription Receiptholders	  	 	23	  

							
	 Section 7.02
	  	Limitation of Liability	  	 	23	  
		
	 ARTICLE 8 MEETINGS OF SUBSCRIPTION RECEIPTHOLDERS
	  	 	24	  
	 Section 8.01
	  	Right to Convene Meetings	  	 	24	  
	 Section 8.02
	  	Notice	  	 	24	  
	 Section 8.03
	  	Chairman	  	 	24	  
	 Section 8.04
	  	Quorum	  	 	24	  
	 Section 8.05
	  	Power to Adjourn	  	 	25	  
	 Section 8.06
	  	Show of Hands	  	 	25	  
	 Section 8.07
	  	Poll	  	 	25	  
	 Section 8.08
	  	Voting	  	 	25	  
	 Section 8.09
	  	Regulations	  	 	25	  
	 Section 8.10
	  	The Company and Subscription Receipt Agent may be Represented	  	 	26	  
	 Section 8.11
	  	Powers Exercisable by Majority Resolution	  	 	26	  
	 Section 8.12
	  	Meaning of “Majority Resolution”	  	 	27	  
	 Section 8.13
	  	Powers Cumulative	  	 	28	  
	 Section 8.14
	  	Minutes	  	 	28	  
	 Section 8.15
	  	Instruments in Writing	  	 	28	  
	 Section 8.16
	  	Binding Effect of Resolutions	  	 	29	  
		
	 ARTICLE 9 SUPPLEMENTAL INDENTURES AND SUCCESSOR CORPORATIONS
	  	 	29	  
	 Section 9.01
	  	Provision for Supplemental Indentures for Certain Purposes	  	 	29	  
	 Section 9.02
	  	Successor Corporations	  	 	30	  
		
	 ARTICLE 10 ANTI-MONEY LAUNDERING
	  	 	30	  
	 Section 10.01
	  	Right of Subscription Receipt Agent to Resign	  	 	30	  
		
	 ARTICLE 11 PRIVACY
	  	 	31	  
	 Section 11.01
	  	Privacy	  	 	31	  
		
	 ARTICLE 12 CONCERNING SUBSCRIPTION RECEIPT AGENT
	  	 	31	  
	 Section 12.01
	  	Applicable Laws	  	 	31	  
	 Section 12.02
	  	Rights and Duties of Subscription Receipt Agent	  	 	31	  
	 Section 12.03
	  	Evidence, Experts and Advisers	  	 	32	  
	 Section 12.04
	  	Documents, Money, Etc. held by Subscription Receipt Agent	  	 	33	  
	 Section 12.05
	  	Action by Subscription Receipt Agent to Protect Interests	  	 	34	  
	 Section 12.06
	  	Subscription Receipt Agent not Required to Give Security	  	 	34	  
	 Section 12.07
	  	Protection of Subscription Receipt Agent	  	 	34	  
	 Section 12.08
	  	Replacement of Subscription Receipt Agent	  	 	35	  
	 Section 12.09
	  	Conflict of Interest	  	 	36	  
	 Section 12.10
	  	Acceptance of Duties and Obligations	  	 	36	  
	 Section 12.11
	  	Force Majeure	  	 	37	  
	 Section 12.12
	  	Tax Reporting	  	 	37	  
		
	 ARTICLE 13 GENERAL
	  	 	37	  
	 Section 13.01
	  	Notice to the Company and Subscription Receipt Agent	  	 	37	  
	 Section 13.02
	  	Notice to Subscription Receiptholders	  	 	38	  
	 Section 13.03
	  	Satisfaction and Discharge of Indenture; Termination	  	 	38	  
	 Section 13.04
	  	Sole Benefit of Parties and Subscription Receiptholders	  	 	39	  
	 Section 13.05
	  	Discretion of Directors	  	 	39	  
	 Section 13.06
	  	Counterparts and Formal Date	  	 	39	  

  
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	 SCHEDULE A SUBSCRIPTION RECEIPT CERTIFICATE
	  	 	A-1	  
		
	 SCHEDULE B RELEASE NOTICE
	  	 	B-1	  
		
	 SCHEDULE C FORM OF SECOND SUPPLEMENTAL INDENTURE
	  	 	C-1	  

  
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 SUBSCRIPTION RECEIPT INDENTURE 

THIS INDENTURE dated as of the 6th day of October, 2014. 

BETWEEN: 

POSTMEDIA NETWORK INC., a corporation existing 

under the laws of Canada 

(hereinafter called the “Company”), 

OF THE FIRST PART 
 - and - 

COMPUTERSHARE TRUST COMPANY OF CANADA 

(hereinafter called the “Subscription Receipt Agent”). 

OF THE SECOND PART 

WHEREAS in connection with the Purchase (as hereinafter defined) the Company proposes to create and issue 139,303
Subscription Receipts (as hereinafter defined) to be constituted and issued as herein provided; 
 AND WHEREAS the
Company is authorized to create and issue the Subscription Receipts (as hereinafter defined) as herein provided; 
 AND
WHEREAS all things necessary have been done and performed to make the Subscription Receipt Certificates (as hereinafter defined), when certified by the Subscription Receipt Agent and issued and delivered as herein provided, legal, valid and
binding obligations of the Company with the benefits of and subject to the terms of this Indenture; 
 AND WHEREAS
the foregoing recitals are made as representations by the Company and not by the Subscription Receipt Agent; 
 AND
WHEREAS the Subscription Receipt Agent has agreed to enter into this Indenture and to hold all rights, interests and benefits contained herein for and on behalf of those persons who from time to time become holders of Subscription Receipts
issued pursuant to this Indenture; 
 NOW THEREFORE THIS INDENTURE WITNESSES that for good and valuable consideration
mutually given and received, the receipt and sufficiency of which are hereby acknowledged, by each of the Company and the Subscription Receipt Agent, the Company hereby appoints the Subscription Receipt Agent as agent for the Subscription
Receiptholders (as hereinafter defined), to hold all rights, interests and benefits contained herein for and on behalf of those persons who from time to time become holders of Subscription Receipts issued pursuant to this Indenture, and the Company
and the Subscription Receipt Agent hereby covenant, agree and declare as follows: 

 ARTICLE 1 

INTERPRETATION 
 Section 1.01
Definitions 
 In this Indenture and in the Subscription Receipt Certificates, unless there is something in the
subject matter or context inconsistent therewith, the following terms used in this Indenture have the following meanings: 

“Additional Notes” means the Notes issuable pursuant to the Subscription Receipts to be issued pursuant to the Second
Supplemental Indenture on the Release Date in accordance with the terms of this Indenture, each Additional Note having a principal amount of $1,000; 

“Book Entry-Only System” means, the electronic system for clearing, depository and entitlement services operated by CDS; 

“Business Day” means any day other than a Saturday or Sunday or any other day on which the Subscription Receipt Agent’s
office in Toronto, Ontario, is not generally open for business, or any other day on which Canadian chartered banks are closed in Toronto, Ontario; 

“Cash Equivalents” means: 
  

	(1)	 securities issued or directly and fully guaranteed or insured by Canada or any agency or instrumentality of Canada (provided that the full faith
and credit of Canada is pledged in support thereof); 

  

	(2)	 marketable general obligations issued by any province or territory of Canada or any political subdivision thereof or any public instrumentality
thereof maturing within one year from the date of acquisition and, at the time of acquisition, having a credit rating of “A” or better from S&P, “A2” or better from Moody’s or “A” or better from DBRS;

  

	(3)	 certificates of deposit, demand deposits, time deposits, eurodollar time deposits, overnight bank deposits or bankers’ acceptances having
maturities of not more than 180 days from the date of acquisition thereof issued by any commercial bank or Canadian chartered bank (x) the long-term debt of which is rated at the time of acquisition thereof at least “A” (or the
equivalent thereof) by S&P, “A2” (or the equivalent thereof) by Moody’s or “A” by DBRS or (y) the short term commercial paper of such commercial bank or its parent company or Canadian chartered bank is rated at the
time of acquisition thereof at least “A-1” (or the equivalent thereof) by S&P or “P-1” (or the equivalent thereof) by Moody’s or R-1 (middle) by DBRS, and having combined capital and surplus in excess of $1,000,000,000;

  

	(4)	 repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clauses (1), (2) and
(3) above, entered into with any bank meeting the qualifications specified in clause (3) above; 

  

	(5)	 commercial paper rated at the time of acquisition thereof at least “A-1” (or the equivalent thereof) by S&P or “P-1” (or
the equivalent thereof) by Moody’s or R-1 (middle) by DBRS, or carrying an equivalent rating by a nationally recognized statistical rating organization, if any of such rating agencies cease publishing ratings of investments, and in any case
maturing within one year after the date of acquisition thereof; and 

  
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	(6)	 interests in any investment company or money market fund that invests 95% or more of its assets in instruments of the type specified in clauses
(1) through (6) above (but excluding for purposes of this clause (6), money market funds that invest primarily in auction rate securities); 

“Capital Stock” means: 
  

	 	(a)	 in the case of a corporation, corporate stock; 

  

	 	(b)	 in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated)
or corporate stock; 

  

	 	(c)	 in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and

  

	 	(d)	 any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distribution of assets
of, the issuing Person, 

 but excluding from all of the foregoing any debt securities including debt securities
convertible into or exchangeable for Capital Stock, whether or not such debt securities have any right of participation with Capital Stock; 

“CDS” means CDS Clearing and Depository Services Inc. and its successors; 

“CDS Participant” means a member firm of CDS who participates in the book-based system of CDS; 

“Closing” means the closing of the Purchase; 

“Company” means Postmedia Network Inc. and includes any Successor Entity which shall have complied with the provisions of
Section 9.02; 
 “counsel” means a barrister or solicitor or a firm of barristers and solicitors acceptable to the
Subscription Receipt Agent, who may be legal counsel for the Company; 
 “Court” means the Superior Court of Justice (Ontario); 

“Deficit Amount” means an amount equal to the Return Amount less the Proceeds, subject to the ability of the Company to use
the Earned Interest to fund the Deficit Amount in accordance with Section 5.01(a)(ii); 
 “Depository” means CDS (or its nominee) in
its capacity as depository in respect of the Book-Entry-Only System; 
 “director” means a director of the Company, and
reference to action by the directors means action by the board of directors of the Company or, to the extent empowered, by a committee of the board, in each case by resolution duly passed; 

“Earned Interest” means the interest or other income earned on the investment of the Proceeds from the date hereof to, but
not including, the earlier to occur of the Release Date and the Termination Date; 
 “Escrow End Date” means the earlier of
(a) the date the Notes are redeemed or repaid in full and the Trust Indenture is terminated or (b) June 26, 2015; 

  
 3 

 “Escrow End Time” means 4:59 p.m. (Toronto time) on the Escrow End Date; 

“First Interest Payment” means the payment representing the interest that has accrued on the Underlying Subscription Amount
of the Subscription Receipts for the First Interest Period to be made by the Company to the Subscription Agent who in turn will pay to the holders of Subscription Receipts on the First Interest Payment Date; 

“First Interest Payment Date” means the earlier of (i) April 30, 2015 and (ii) the Return Date; 

“First Interest Period” means with respect to any Subscription Receipt, the period commencing on the Issue Date and ending on
the earlier of (i) April 30, 2015, (ii) date immediately preceding the Termination Date or (iii) the date immediately preceding the Release Date; 

“First Supplemental Indenture” means the first supplemental indenture to the Trust Indenture in the form appended to the
Subscription Agreement containing the amendments to the Trust Indenture to permit the issuance of the Subscription Receipts, among other things; 

“Global Subscription Receipt Certificate” means one or more Subscription Receipt Certificates that are issued to and
registered in the name of CDS & Co. or its nominee; 
 “Governmental Entity” means any (a) multinational,
federal, provincial, territorial, state, municipal, local or other governmental or public department, central bank, court, commission, commissioner, tribunal, board, bureau, agency or instrumentality, domestic or foreign, (b) any subdivision or
authority of any of the foregoing, (c) any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the above, or (d) a stock exchange, automated quotation system,
self regulatory authority or securities regulatory authority; 
 “Indemnified Person” has the meaning ascribed thereto in
Section 12.07; 
 “including” means including without limitation; 

“Interest Payment Date” means April 30 and October 31 of each year that the Subscription Receipts are outstanding,
commencing on April 30, 2015, or such other dates as specified in this Indenture; 
 “Issue Date” means the date that the Subscription
Receipts are issued hereunder; 
 “Law” or “Laws” means all federal, state and provincial codes,
conventions, laws, ordinances, policies, by-laws, statutes, rules, regulations, principles of law and equity, orders, rulings, ordinances, judgements, injunctions, determinations, awards, decrees or other requirements and the terms and conditions of
any grant of approval, permission, authority or license of any Governmental Entity, and the term “applicable” with respect to such Laws and in a context that refers to one or more parties to this Indenture, means such Laws as are
applicable to such party or its business, undertaking, property or securities and emanate from a person having jurisdiction over the party or parties or its or their business, undertaking, property or securities; 

“LVTS” means the large value electronic money transfer system operated by the Canadian Payments Association and any successor
thereto; 
 “Majority Resolution” has the meaning attributed thereto in Sections 8.12 and 8.15; 

“Notes” means the 8.25% Senior Secured Notes due 2017 issued pursuant to the Trust Indenture; 

  
 4 

 “Permitted Investments” means (a) an interest bearing non-investment
account maintained by the Subscription Receipt Agent with a Schedule I bank in accordance with the terms of this Indenture, and (b) investments in Cash Equivalents; 

“Person” means any individual, partnership, corporation, company, joint venture, limited liability company, unlimited
liability company, association, trust, unincorporated organization, government or agency or political subdivision thereof, or any other entity; 

“Proceeds” means an amount equal to $140,000,000 (representing the gross proceeds from the Purchase); 

“Purchase” means the purchase of Subscription Receipts pursuant to the terms of the Subscription Agreement; 

“Purchase Agreement” means the purchase agreement dated on or around the date hereof between the Company and Quebecor Media,
Inc., pursuant to which the Company has agreed to purchase all of the issued and outstanding shares in QMI; 
 “QMI” means Quebecor Media
Printing Inc., a wholly owned subsidiary of Quebecor Media Inc.; 
 “QMI Acquisition” means the Company’s proposed acquisition of all
of the issued and outstanding shares of QMI; 
 “Record Date” means, with respect to any Interest Payment Date, the date
which is 15 days before such Interest Payment Date; 
 “Regular Interest Payment Date” means October 31 and
April 30 of each year that the Subscription Receipts are outstanding, commencing on April 30, 2015. 
 “Release Conditions”
means: 
  

	 	(a)	 all conditions to the closing of the QMI Acquisition set forth in the Acquisition Agreement have been satisfied or waived by the Company or will be
satisfied or waived by the Company substantially concurrently with the release of the Proceeds; 

  

	 	(b)	 the QMI Acquisition will close substantially concurrently with the release of the Proceeds; 

 

	 	(c)	 the Proceeds will be used to satisfy a portion of the purchase price under the Purchase Agreement and costs and expenses associated therewith;

  

	 	(d)	 no Trigger Event has occurred; and 

  

	 	(e)	 the conditions precedent set forth in Section 5 of the Subscription Agreement shall have been fully satisfied or waived in accordance with its
terms. 

 “Release Date” means the date on which the Company has delivered the Release Notice to the
Subscription Receipt Agent indicating that the Release Conditions have been satisfied; 
 “Release Date Interest Period”
means a Subsequent Interest Period that ends on the date immediately preceding the Release Date; 

  
 5 

 “Release Time” means the moment in time at which the Subscription Receipt Agent
receives the Release Notice on the Release Date; 
 “Release Notice” means a written notice in the form set out in Schedule B attached
hereto executed by the Company; 
 “Return Amount” means an amount equal to Proceeds plus any accrued and unpaid interest
on the Subscription Receipts calculated in accordance with the terms of this Indenture up to but not including the Termination Date; 
 “Return
Date” means the second Business Day following the Termination Date; 
 “Second Supplemental Indenture” means the
second (or subsequent) supplemental indenture to the Trust Indenture to be entered into on the Release Date between the Company, the guarantors and Computershare Trust Company of Canada with respect to the issuance of the Additional Notes pursuant
to the Subscription Receipts pursuant to this Indenture and in substantially the form as set forth on Schedule C hereto; 

“Subsequent Interest Period” means, with respect to any Subscription Receipt, the period commencing on the last Interest
Payment Date and ending on the earlier of (i) the date immediately preceding the next Interest Payment Date in respect of which interest is payable; (ii) the date immediately preceding the Termination Date; and (iii) the date
immediately preceding the Release Date; 
 “Subscriber” means Canso Investment Counsel Ltd., as purchaser under the Subscription Agreement.

 “Subscription Agreement” means the Subscription Agreement dated as of the date hereof between the Company and the
Subscriber; 
 “Subscription Price” means $1,005.00 per Subscription Receipt; 

“Subscription Receipts” means the subscription receipts created and issued pursuant to Section 2.01(a) and
Section 2.01(b) and authorized for issue hereunder and represented by the Subscription Receipt Certificates issued and certified in accordance with the provisions hereof and that have not at the particular time been cancelled, purchased by the
Company and in respect of which Additional Notes have not been issued, in accordance with the provisions herein; 
 “Subscription
Receipt Certificate” means a certificate representing one or more Subscription Receipts substantially in the form of the Subscription Receipt certificate attached hereto as Schedule A; 

“Subscription Receipt Agent” means Comptershare Trust Company of Canada and its successors; 

“Subscription Receiptholders” or “holders” means the persons entered in the register of holders described in
Section 3.01 as holders of Subscription Receipts; 
 “Subscription Receiptholders’ Request” means an instrument
signed in one or more counterparts by Subscription Receiptholders who hold in the aggregate not less than 25% of the total number of Subscription Receipts then outstanding, requesting the Subscription Receipt Agent to take some action or proceeding
specified therein; 

  
 6 

 “Subsidiary” means, with respect to any specified Person: 

 

	 	(a)	 any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without
regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation,
association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

 

	 	(b)	 any partnership or limited liability company of which (i) more than 50% of the capital accounts, distribution rights, total equity and voting
interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof), whether in the form of
membership, general, special or limited partnership interests or otherwise, and (ii) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 

“Successor Entity” has the meaning ascribed thereto in Section 9.02; 

“Tax” means all taxes of any kind including all federal, provincial, territorial, state and local, domestic and foreign
income, franchise, property, mining, transfer duties, sales, goods and services, harmonized sales, excise, employment, employer health, payroll, health, social security, value-added, ad valorem, transfer, withholding and other taxes, including taxes
based on or measured by income, gross receipts, profits, capital, sales, use or occupation, tariffs, levies, customs duties and import and export taxes, countervail and anti-dumping, license or registration fees, Canada, Quebec and other government
pension plan premiums or contributions, impositions, assessments or governmental charges of any nature whatsoever, including any interest, penalties, fines or additions with respect thereto and including any transfer pricing penalties imposed by a
taxation authority; 
 “Termination Date” means the date on which a Trigger Event occurs provided if the date on which a
Trigger Event occurs is not a Business Day, the “Termination Date” shall be the next succeeding Business Day; 
 “Termination
Time” means 5:00 p.m. (Toronto time) on the Termination Date; 
 “Termination Notice” means a written notice from
the Company addressed to the Subscription Receipt Agent indicating that the Company has determined, in its sole discretion, that the Release Conditions cannot be satisfied by the Escrow End Time; 

“Trigger Event” means the earliest to occur of the following: (i) the Escrow End Time occurs and a Release Notice has
not been given by such time; (ii) the Subscription Receipt Agent shall have received a Termination Notice on or prior to the Escrow End Time; (iii) a “Default” or “Event of Default” has occurred and is continuing under
the Trust Indenture; or (iv) the Company has failed to pay any amount owing to the holders when required hereby and such failure continues for 3 Business Days; and in the case of clauses (iii) and (iv), the Subscription Receiptholders have
provided written notice to the Subscription Receipt Agent of such event specifying an intention to terminate the escrow arrangements hereunder; 

“Trust Indenture” means the Senior Secured Notes Indenture, dated as of August 16, 2012, among the Company, Postmedia
Network Canada Corp., as guarantor and Computershare Trust Company of 

  
 7 

 
Canada, as trustee and collateral agent, which governs the Company’s 8.25% senior secured notes due 2017, as amended by the First Supplemental Indenture; 

“Underlying Subscription Amount” means $1,000.00 per Subscription Receipt; 

“Unearned Interest Amount” means interest on the Additional Notes calculated from the last Regular Interest Payment Date up
to but not including the Release Date calculated in accordance with the terms of Section 6.02 of this Indenture, provided that if the Release Date is a Regular Interest Payment Date, then the Unearned Interest Amount is zero; 

“Written Order of the Company”, “Written Request of the Company”, “Written Consent of the
Company”, “Written Direction of the Company” and “Certificate of the Company” mean a written order, request, consent, direction and certificate, respectively, signed in the name of the Company by any
director or officer of the Company or by any other individual to whom such signing authority is delegated by the directors from time to time, and may consist of one or more instruments so executed, respectively. 

Section 1.02 Words Importing the Singular 

Words importing the singular include the plural and vice versa and words importing a particular gender or neuter
include both genders and neuter. 
 Section 1.03 Interpretation Not Affected by Headings, Etc. 

The division of this Indenture into articles and sections, the provision of a table of contents and the insertion of headings
are for convenience of reference only and shall not affect the construction or interpretation of this Indenture. 
 Section 1.04 Day Not a
Business Day 
 In the event that any day on or before which any action required to be taken hereunder is not a
Business Day, then such action shall be required to be taken on or before the requisite time on the first Business Day thereafter and, in any event, if the date for payment of any amount payable to a holder of Subscription Receipts under this
Indenture is not a Business Day, then payment will be made on the next Business Day and the holder of such Subscription Receipts will not be entitled to any further interest or other payment in respect of the delay. 

Section 1.05 Time of the Essence 

Time will be of the essence in all respects in this Indenture and the Subscription Receipt Certificates. 

Section 1.06 Currency 

Except as otherwise stated, all dollar amounts herein and in the Subscription Receipt Certificates are expressed in Canadian
dollars. 
 Section 1.07 Applicable Law 

The parties to this Indenture agree that any legal suit or proceeding arising with respect to this Indenture or the
Subscription Receipt Certificates will be tried exclusively in the courts of the Province of Ontario in the City of Toronto, and the parties to this Indenture agree to submit to the jurisdiction of, and to venue in, such courts. This Indenture and
the Subscription Receipt Certificates 

  
 8 

 
shall be construed in accordance with the laws of the Province of Ontario and the federal laws of laws of Canada applicable therein. 

Section 1.08 Language 

The parties to this Indenture expressly request and require that this Indenture and all related documents be drafted in
English. Les parties aux présentes conviennent et exigent que cette convention et tous les documents qui s’y rattachent soient rédigés en anglais. 

Section 1.09 References 

The words and phrases “this Subscription Receipt Indenture”, “this Indenture”, “herein”,
“hereby”, “hereof” and similar expressions mean or refer to this indenture and any indenture, deed or instrument supplemental hereto and the words “article” and “section” followed by a number mean and refer to
the specified article and section of this Indenture. References to any contract, agreement or instrument (each, an “agreement”) shall refer to such agreement as amended, amended and restated, waived, supplemented or otherwise modified from
time to time unless otherwise noted. 
 ARTICLE 2 

THE SUBSCRIPTION RECEIPTS 

Section 2.01 Creation and Issue of Subscription Receipts 
  

	(a)	 Creation of Subscription Receipts: An aggregate of 139,303 Subscription Receipts are hereby created and authorized for issue at a price per
Subscription Receipt equal to the Subscription Price, which Subscription Price for each Subscription Receipt shall be remitted by each original holder of Subscription Receipts to the Subscription Receipt Agent, as agent and bailee for the
Subscription Receiptholders, and Subscription Receipt Certificates evidencing such Subscription Receipts shall be executed by or on behalf of the Company, certified by the Subscription Receipt Agent, and delivered in accordance with this Indenture.

  

	(b)	 Issue of Subscription Receipts: The Subscription Receipts shall be issued in the form attached as Schedule A hereto. The issuance thereof
shall be evidenced by the issuance of a certificate therefor in accordance with the terms of this Indenture. The execution of this Indenture, in and of itself, does not consitute evidence of the receipt by the Subscription Receipt Agent of any
Proceeds absent the issuance of any Subscription Receipts. 

 Section 2.02 Terms of Subscription Receipts 

 

	(a)	 Subscription Terms: Each Subscription Receipt issued hereunder will evidence (x) the holder’s obligation and agreement to
subscribe for, and the Company’s obligation and agreement to issue automatically on the Release Date, in accordance with the provisions of this Indenture and the Second Supplemental Indenture, one Additional Note for each Subscription Receipt,
subject to adjustment and otherwise in accordance with the terms of this Indenture, and (y) the holder’s right to receive its proportionate share of the Return Amount if a Trigger Event occurs, as described in Section 2.02(b).

  

	(b)	 Termination of Subscription Receipts: If a Trigger Event occurs, then all of the Subscription Receipts shall, at the Termination Time and
without any action on the part of the holders thereof (including the surrender of Subscription Receipt Certificates), be automatically terminated and cancelled, and the Return Amount shall be remitted to such holders as contemplated by
Section 6.03(b)(i), and holders of such Subscription Receipt Certificates shall thereafter have no 

  
 9 

	 	 
rights thereunder except to receive an amount equal to the Return Amount (less any withholding Tax required to be withheld in respect thereof under applicable Laws) in accordance with
Section 6.03. The Return Amount (less any withholding Tax required to be withheld in respect thereof under applicable Laws) shall be remitted to the holders of Subscription Receipts by the Subscription Receipt Agent in accordance with
Section 6.03(b)(i). 

 Section 2.03 Form of Subscription Receipt Certificates 

 

	(a)	 Form: The Subscription Receipt Certificates shall be substantially in the form attached hereto as Schedule A, shall bear such distinguishing
letters and numbers as the Company, with the approval of the Subscription Receipt Agent, may prescribe and such legends as the Company may prescribe, and will be issuable in any whole number denominations. 

 

	(b)	 Legends: Each Global Subscription Receipt Certificate shall bear the legend in substantially the following form: 

“UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC.
(“CDS”) TO POSTMEDIA NETWORK INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.

 THIS CERTIFICATE IS A GLOBAL SUBSCRIPTION RECEIPT CERTIFICATE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF CDS & CO. OR A NOMINEE OF CDS. THIS CERTIFICATE IS EXCHANGEABLE FOR CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN CDS & CO. OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE, AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A TRANSFER OF CERTIFICATE AS A WHOLE BY CDS TO A NOMINEE OF CDS OR BY A NOMINEE OF CDS TO CDS OR ANOTHER NOMINEE OF CDS AND/OR THEIR RESPECTIVE SUCCESSORS) MAY BE REGISTERED EXCEPT IN
SUCH LIMITED CIRCUMSTANCES.” 
 Each Subscription Receipt Certificate shall bear the legend in substantially the
following form, subject to such modification as required by the Depository: 
 “UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SUBSCRIPTION RECEIPT MUST NOT TRADE THIS SUBSCRIPTION RECEIPT BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF (I) [—], AND (II) THE DATE THAT THE
ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA.” 

  
 10 

	(c)	 Production: The Subscription Receipt Certificates may be engraved, lithographed or printed (the expression “printed” including for
purposes hereof both original typewritten material as well as mimeographed, mechanically, photographically, photostatically or electronically reproduced, typewritten or other written material), or partly in one form and partly in another, as the
Company may determine. 

 Section 2.04 Signing of Subscription Receipt Certificates 

 

	(a)	 Signing Officers: The Subscription Receipt Certificates shall be signed by any officer or any director of the Company or by any other
individual to whom such signing authority is delegated by the directors of the Company from time to time. 

  

	(b)	 Signatures: The signature of any officer or director of the Company or any individual referred to in Section 2.04(a) may be a manual
signature, engraved, lithographed or printed in facsimile and Subscription Receipt Certificates bearing such facsimile signature will, subject to Section 2.05, be binding on the Company as if they had been manually signed by such officer or
director of the Company or individual. 

  

	(c)	 No Longer Officer: Notwithstanding that any individual whose manual or facsimile signature appears on a Subscription Receipt Certificate as
one of the officers or directors of the Company referred to in Section 2.04(a), is no longer an officer or director of the Company at the date of issue of any Subscription Receipt Certificate or at the date of certification or delivery thereof,
such Subscription Receipt Certificate will, subject to Section 2.05, be valid and binding on the Company. 

 Section 2.05
Certification by Subscription Receipt Agent 
  

	(a)	 Certification: No Subscription Receipt Certificate issued hereunder will be valid or entitle the holder to the benefits hereof until it has
been certified by manual signature by or on behalf of the Subscription Receipt Agent substantially in the form of the certificate attached hereto as Schedule A or in such other form as may be approved by the Subscription Receipt Agent. The
certification by the Subscription Receipt Agent on a Subscription Receipt Certificate will be conclusive evidence as against the Company that such Subscription Receipt Certificate has been issued hereunder and that the holder thereof is entitled to
the benefits hereof. 

  

	(b)	 No Representation: The certification by the Subscription Receipt Agent on any Subscription Receipt Certificate issued hereunder will not be
construed as a representation or warranty by the Subscription Receipt Agent as to the validity of this Indenture or such Subscription Receipt Certificate (except as to the genuineness of the certificate and the due certification thereof) or as to
the performance by the Company of the obligations thereof under this Indenture and the Subscription Receipt Agent shall in no respect be liable or answerable for the use made of any Subscription Receipt Certificate or of the consideration therefor,
except as otherwise specified herein. 

 Section 2.06 Issue in Substitution for Lost Certificates, Etc. 

 

	(a)	 Substitution: If any Subscription Receipt Certificate becomes mutilated or is lost, destroyed or stolen, the Company, subject to applicable
law and to Section 2.06(b), will issue, and thereupon the Subscription Receipt Agent will certify and deliver, a new Subscription Receipt Certificate of like tenor and bearing the same legends as the one mutilated, lost, destroyed or stolen in
exchange for and in place of and on surrender and cancellation of such mutilated certificate or in lieu of and in substitution for such lost, destroyed or stolen certificate. 

  
 11 

	(b)	 Cost of Substitution: The applicant for the issue of a new Subscription Receipt Certificate pursuant to this Section 2.06 shall bear
the reasonable cost of the issue thereof and in the case of loss, destruction or theft shall, as a condition precedent to the issue thereof: 

  

	 	(i)	 furnish to the Company and to the Subscription Receipt Agent such evidence of ownership and of the loss, destruction or theft of the Subscription
Receipt Certificate to be replaced as is satisfactory to the Company and to the Subscription Receipt Agent in their discretion, acting reasonably; 

  

	 	(ii)	 if so requested, furnish an indemnity and surety bond in amount and form satisfactory to the Company and to the Subscription Receipt Agent in their
discretion, acting reasonably; and 

  

	 	(iii)	 pay the reasonable charges of the Company and the Subscription Receipt Agent in connection therewith. 

Section 2.07 Cancellation of Surrendered Subscription Receipts 

All Subscription Receipt Certificates surrendered to the Subscription Receipt Agent in accordance with the provisions of this
Indenture will be cancelled by the Subscription Receipt Agent and, if requested in writing by the Company, the Subscription Receipt Agent will furnish the Company with a cancellation certificate identifying each Subscription Receipt Certificate so
cancelled, the number of Subscription Receipts represented thereby and the new Subscription Receipt Certificates issued in replacement thereof. 

Section 2.08 Subscription Receiptholder not a Shareholder or a holder of Notes 

Nothing in this Indenture or in the holding of a Subscription Receipt represented by a Subscription Receipt Certificate, or
otherwise, shall be construed as conferring on any Subscription Receiptholder any right or interest whatsoever as a shareholder or a holder of Notes of the Company, including but not limited to any right to vote at, to receive notice of, or to
attend, any meeting of shareholders or noteholders or any other proceeding of the Company, except as contemplated under Article 8 hereunder, or any right to receive any dividend or other distribution as a shareholder or a holder of Notes. 

Section 2.09 Use of Book Entry-Only System 
  

	(a)	 Global Certificate Only: Subscription Receipt Certificates will only be issued in the form of a Global Subscription Receipt Certificate,
which will be registered in the name of and deposited with CDS or its nominee. 

  

	(b)	 No Definitive Subscription Receipt Certificates: Owners of the beneficial interests in the Subscription Receipts shall not be entitled to
have Subscription Receipts registered in their names, shall not receive or be entitled to receive Subscription Receipt Certificates in definitive form and shall not be considered owners or holders thereof under this Indenture or any supplemental
agreement except in circumstances where CDS resigns or is removed from its responsibility and the Subscription Receipt Agent is unable or does not wish to locate a qualified successor. The Company shall not have any responsibility or liability for
any aspects of the records relating to or payments made by CDS, or its nominee, on account of the beneficial interests in the Subscription Receipts. Nothing herein shall prevent the owners of beneficial interests in the Subscription Receipts from
voting such Subscription Receipts using duly executed proxies. 

  
 12 

	(c)	 Exercise of Rights Through CDS: All references herein to actions by, notices given or payments made to Subscription Receiptholders shall,
where Subscription Receipts are held through CDS, refer to actions taken by, or notices given or payments made to, CDS upon instruction from the CDS Participants in accordance with its rules and procedures. For the purposes of any provision hereof
requiring or permitting actions with the consent of or at the direction of Subscription Receiptholders evidencing a specified percentage of the aggregate Subscription Receipts outstanding, such direction or consent may be given by holders of
Subscription Receipts acting through CDS and the CDS Participants owning Subscription Receipts evidencing the requisite percentage of the Subscription Receipts. The rights of a Subscription Receiptholder whose Subscription Receipts are held through
CDS shall be exercised only through CDS and the CDS Participants and shall be limited to those established by law and agreements between such holders and CDS and the CDS Participants upon instructions from the CDS Participants. Each of the
Subscription Receipt Agent and the Company may deal with CDS for all purposes (including the making of payments) as the authorized representative of the respective Subscription Receiptholders and such dealing with CDS shall constitute satisfaction
or performance, as applicable, of their respective obligations hereunder. 

  

	(d)	 Communication through CDS: For so long as Subscription Receipts are held through CDS, if any notice or other communication is required to be
given to Subscription Receiptholders, the Subscription Receipt Agent will give such notices and communications to CDS. 

  

	(e)	 Removal of CDS: If CDS resigns or is removed from its responsibility as depository and the Subscription Receipt Agent is unable or does not
wish to locate a qualified successor, CDS shall surrender the Global Subscription Receipt Certificate to the Subscription Receipt Agent with instructions for registration of Subscription Receipts in the name and in the amount specified by CDS and
the Company shall issue and the Subscription Receipt Agent shall certify and deliver to each Subscription Receiptholder a definitive Subscription Receipt Certificate representing Subscription Receipts held by such Subscription Receiptholder.

 ARTICLE 3 

REGISTRATION, TRANSFER AND OWNERSHIP OF SUBSCRIPTION RECEIPTS 

AND EXCHANGE OF SUBSCRIPTION RECEIPT CERTIFICATES 

Section 3.01 Registration and Transfer of Subscription Receipts 
  

	(a)	 Register: The Company hereby appoints the Subscription Receipt Agent as transfer agent and registrar of the Subscription Receipts, and the
Company will cause to be kept by the Subscription Receipt Agent at the principal office in Toronto, Ontario of the Subscription Receipt Agent: 

  

	 	(i)	 a register of holders in which shall be entered in alphabetical order the names and addresses of the holders of Subscription Receipts and other
particulars, as prescribed by law, of the Subscription Receipts held by them; and 

  

	 	(ii)	 a register of transfers in which all transfers of Subscription Receipts and the date and other particulars of each transfer shall be entered.

 The register of transfers referred to in clause (ii) shall be closed at 5:00 p.m. (Toronto time)
on the date that is the earlier of the Release Date and the Termination Date, subject to reflecting such transfers as are made prior to that date and settle after such date. Trades settling after the Release Date will be completed by the delivery of
Additional Notes. 

  
 13 

	(b)	 Transfer: The Subscription Receipts may only be transferred on the register of transfers referred to in Section 3.01(a) and kept by the
Subscription Receipt Agent, or at any branch register maintained pursuant to Section 3.01(g) by the registered Subscription Receiptholder or the executors, administrators or other legal representatives thereof or the attorney thereof duly
appointed by an instrument in writing in form and executed in a manner satisfactory to the Subscription Receipt Agent, upon (a) in the case of certificated Subscription Receipts, surrender to the Subscription Receipt Agent of the Subscription
Receipt Certificate representing the Subscription Receipts to be transferred together with a duly executed form of transfer (in the form attached to the Subscription Receipt Certificate), or (b) in the case of uncertificated Subscription
Receipts, in accordance with procedures prescribed by CDS under its book-based system, and in each case upon compliance with such other reasonable requirements as the Subscription Receipt Agent may prescribe, and such transfer will be duly noted on
one of such registers of transfers by the Subscription Receipt Agent and the Company shall issue and thereupon the Subscription Receipt Agent shall certify and deliver a new Subscription Receipt Certificate of like tenor in the name of the
designated transferee representing the Subscription Receipt transferred and the transferee of an uncertificated Subscription Receipt shall be recorded through the relevant CDS Participant in accordance with the book-based system as the entitlement
holder in respect of such Subscription Receipts. 

  

	(c)	 Partial Transfer: If less than all the Subscription Receipts evidenced by the Subscription Receipt Certificate(s) so surrendered are
transferred, the holder shall be entitled to receive, in the same manner, a new Subscription Receipt Certificate registered in its name, evidencing the number of Subscription Receipts not so transferred. 

 

	(d)	 Refusal of Registration: The Company shall be entitled, and may direct the Subscription Receipt Agent, to refuse to recognize any transfer,
or enter the name of any transferee, of any Subscription Receipt on the registers referred to in Section 3.01(a) or on any branch register maintained pursuant to Section 3.01(g) if such transfer would constitute a violation of the laws of
any jurisdiction or the instruments, rules, regulations or policies of any regulatory authority having jurisdiction. 

  

	(e)	 No Notice of Trusts: Subject to applicable law, neither the Company nor the Subscription Receipt Agent will be bound to take notice of or
see to the execution of any trust, whether express, implied or constructive, in respect of any Subscription Receipt, and the Company or the Subscription Receipt Agent may transfer any Subscription Receipt on the direction of the person registered as
the holder thereof, whether named as trustee or otherwise, as though that person were the beneficial owner thereof. 

  

	(f)	 Inspection: The registers referred to in Section 3.01(a), and any branch register maintained pursuant to Section 3.01(g), will at
all reasonable times during regular business hours be open for inspection by the Company and any Subscription Receiptholder. The Subscription Receipt Agent will from time to time when requested to do so in writing by the Company or any Subscription
Receiptholder (upon payment of the reasonable charges of the Subscription Receipt Agent) furnish the Company or such Subscription Receiptholder with a list of the names and addresses of holders of Subscription Receipts entered on such registers and
showing the number of Subscription Receipts held by each such holder. 

  

	(g)	 Location of Registers: The Company may at any time and from time to time change the place at which the registers referred to in
Section 3.01(a) are kept, cause branch registers of holders or transfers to be kept, and close such branch registers or change the place at which such branch registers are kept, in each case subject to the approval of the Subscription Receipt
Agent. 

  
 14 

 Section 3.02 Exchange of Subscription Receipt Certificates 

 

	(a)	 Exchange: One or more Subscription Receipt Certificates may at any time prior to the earlier of the Release Date or the Termination Date, on
compliance with the reasonable requirements of the Subscription Receipt Agent, be exchanged for one or more Subscription Receipt Certificates of different denominations representing in the aggregate the same number and class of Subscription Receipts
as the Subscription Receipt Certificate or Subscription Receipt Certificates being exchanged. 

  

	(b)	 Place of Exchange: Subscription Receipt Certificates may be exchanged only at the principal office in Toronto, Ontario of the Subscription
Receipt Agent during regular business hours or at any other place designated by the Company with the approval of the Subscription Receipt Agent. 

  

	(c)	 Cancellation: Any Subscription Receipt Certificate tendered for exchange pursuant to this Section 3.02 shall be surrendered to the
Subscription Receipt Agent and cancelled. 

  

	(d)	 Execution: The Company will sign all Subscription Receipt Certificates in accordance with Section 2.04 necessary to carry out exchanges
pursuant to this Section 3.02 and such Subscription Receipt Certificates will be certified by the Subscription Receipt Agent. 

Section 3.03 No Charges for Transfer or Exchange 

No charge will be levied on a presenter of a Subscription Receipt Certificate pursuant to this Indenture for the transfer of
any Subscription Receipt or the exchange of any Subscription Receipt Certificate, but the Company may require payment of a sum sufficient to cover any Tax or other governmental charge payable in connection therewith. 

Section 3.04 Ownership of Subscription Receipts 
  

	(a)	 Owner: Subject to applicable law, the Company and the Subscription Receipt Agent may deem and treat the registered Subscription
Receiptholder (being CDS or its nominee in the case of a Global Subscription Receipt Certificate) as the absolute owner of such Subscription Receipt for all purposes, except as required by law, and such person will for all purposes of this Indenture
be and be deemed to be the absolute owner thereof, and the Company and the Subscription Receipt Agent will not be affected by any notice or knowledge to the contrary except as required by statute or by order of a court of competent jurisdiction.

  

	(b)	 Rights of Registered Holder: Subject to applicable law, the registered Subscription Receiptholder will be entitled to the rights represented
thereby free from all equities and rights of set-off or counterclaim between the Company and the original or any intermediate holder thereof and all persons may act accordingly, and the issue and delivery to any such registered holder of the
Additional Notes issuable pursuant thereto (or the payment of amounts payable in respect thereof pursuant to Section 2.02(b) and Section 6.03) will be a good discharge to the Company and the Subscription Receipt Agent therefor and neither
the Company nor the Subscription Receipt Agent will be bound to inquire into the title of any such registered Subscription Receiptholder. 

  
 15 

 ARTICLE 4 

ISSUANCE OF ADDITIONAL NOTES PURSUANT TO SUBSCRIPTION RECEIPTS 

Section 4.01 Issuance of Additional Notes Pursuant to Subscription Receipts 

 

	(a)	 Issuance of Additional Notes: Upon receipt by the Subscription Receipt Agent of the Release Notice from the Company prior to the occurrence
of a Trigger Event, an Additional Note will be automatically issued pursuant to each Subscription Receipt. Immediately upon such issuance, the Subscription Receipt Certificates representing such Subscription Receipts shall become null and void. For
greater certainty, the Subscription Receipts shall not be exercisable at the option of the Subscription Receiptholder and Additional Notes will only be issued pursuant to Subscription Receipts in accordance with this Section 4.01.

  

	(b)	 Authority to Subscription Receipt Agent: The Company and the holders of Subscription Receipts hereby irrevocably authorize and direct the
Subscription Receipt Agent to take all required action to effect the automatic issuance of Additional Notes pursuant to the Subscription Receipts upon receipt by the Subscription Receipt Agent of the Release Notice from the Company prior to the
occurrence of a Trigger Event. 

  

	(c)	 Rights on Note Issuance: The holder of any Subscription Receipt pursuant to which Additional Notes have been issued in accordance with
Section 4.01(a) shall have no rights thereunder except to receive an Additional Note pursuant to the Subscription Receipt and the certificate representing such Additional Note. 

 

	(d)	 Notice of Issuance of Additional Notes: Upon receipt by the Subscription Receipt Agent of the Release Notice, the Subscription Receipt Agent
shall as soon as practicable (and in any event no later than one Business Day following the Release Date), give notice to the Subscription Receiptholders of the Release Date and the automatic issuance of Additional Notes pursuant to the Subscription
Receipts in accordance with Section 4.01(a). 

 Section 4.02 Effect of Note Issuance 

Upon the automatic issuance of Additional Notes pursuant to the Subscription Receipts in accordance with Section 4.01(a),
the Subscription Receipt Certificates representing such Subscription Receipts shall represent only the entitlement of the holder to certificates representing the Additional Notes which shall thereupon be issued, and the person or persons to whom
such Additional Notes are to be issued will become the holder or holders of record thereof, on the Release Date, and if the transfer registers for the Additional Notes are closed on the Release Date, such Additional Notes will be recorded as having
been issued and such person or persons will be recorded as having become the holder or holders of record thereof on the Release Date. The certificates representing the Additional Notes which are issued to a holder of Subscription Receipts on the
Release Date pursuant to the Subscription Receipts by the Subscription Receipt Agent pursuant to Section 4.01(a) shall be issued in the name of such holder. 

Section 4.03 Recording 

The Subscription Receipt Agent will record the particulars of each Subscription Receipt pursuant to which Additional Notes are
issued, which particulars will include the name and address of each person to whom Additional Notes are thereby issued and the number of Additional Notes so issued. Within two Business Days following the Release Date the Subscription Receipt Agent
will provide such particulars in writing to the Company. 

  
 16 

 Section 4.04 Securities Restrictions 

No Additional Notes will be issued pursuant to a Subscription Receipt if the issue of such Additional Notes would constitute a
violation of the laws of any jurisdiction and, without limiting the generality of the foregoing, the certificates representing the Additional Notes thereby issued will bear such legend or legends as may, in the opinion of counsel to the Company, be
necessary or advisable in order to avoid a violation of any laws of any jurisdiction, provided that if, at any time, in the opinion of counsel to the Company, such legend or legends are no longer necessary or advisable in order to avoid a violation
of any such laws or requirements, or the holder of any such legended certificate, at the expense thereof, provides the Company and the registrar and transfer agent for the Additional Notes, with evidence satisfactory in form and substance to the
Company and to the registrar and transfer agent for the Additional Notes to the effect that such holder is entitled to sell or otherwise transfer such Additional Notes in a transaction in which such legend or legends are not required, such legended
certificate may thereafter be surrendered to the Company in exchange for a certificate which does not bear such legend or legends. 

ARTICLE 5 

COVENANTS 
 Section 5.01 General
Covenants 
  

	(a)	 The Company covenants with the Subscription Receipt Agent, for the benefit of the holders, that so long as any Subscription Receipts remain
outstanding: 

  

	 	(i)	 Maintenance: The Company will maintain its corporate existence, and will conduct its business, and that of its material Subsidiaries, in a
proper, efficient and business-like manner and keep or cause to be kept proper books of account in accordance with generally accepted accounting principles. 

  

	 	(ii)	 Deficit Amount: In the event a Trigger Event occurs, the Company will immediately deposit with the Subscription Receipt Agent the Deficit
Amount on the first Business Day following the Termination Date. The Company may use the Earned Interest to partially fund the Deficit Amount (to the extent of the amount of any such Earned Interest). 

 

	 	(iii)	 Issue of Additional Notes: The Company will cause the Additional Notes issued pursuant to the Subscription Receipts and the certificates
representing such Additional Notes to be validly issued and delivered in accordance with the provisions of the Trust Indenture, the Second Supplemental Indenture and this Indenture and the terms hereof and thereof. In that regard, the Company
covenants to enter into the Second Supplemental Indenture immediately following the Release Time. 

  

	 	(iv)	 Open Registers: The Company will use its commercially reasonable efforts to cause the Subscription Receipt Agent to keep open, and the
Subscription Receipt Agent agrees to keep open, the registers of holders and registers of transfers referred to in Section 3.01 as required by such section. 

 

	 	(v)	 Filings: The Company will make all requisite filings, including filings with appropriate securities commissions, in connection with the
issue of the Additional Notes pursuant to the Subscription Receipts in connection therewith. 

  
 17 

	 	(vi)	 Release Notice: The Company shall, upon the Release Conditions having been satisfied or waived, forthwith deliver the Release Notice to the
Subscription Receipt Agent. 

  

	 	(vii)	 Termination Notice: If the Company determines, in its sole discretion, that the Release Conditions cannot be satisfied by the Escrow End
Time, the Company shall forthwith provide the Termination Notice to the Subscription Receipt Agent. 

  

	 	(viii)	 General Performance: The Company will well and truly perform and carry out all acts and things to be done by it as provided in this
Indenture. 

  

	 	(ix)	 Purchase Agreement: The acquisition contemplated by the Purchase Agreement will have been consummated in accordance with the terms and
conditions of the Purchase Agreement without giving effect to any waiver, modification or consent thereunder that is materially adverse to the Subscription Receiptholders, provided, that the following amendments shall not be considered to be
materially adverse to the Subscription Receiptholders: 

  

	 	(A)	 any divestiture of assets, properties, or businesses, or behavioural commitments relating to any businesses, that are agreed to between Postmedia
and the Commissioner of Competition in order to obtain Competition Act Approval (as defined in the Purchase Agreement); and 

  

	 	(B)	 any other amendment or modification which is required as a result of an order by the Competition Tribunal or any other regulatory body.

 Section 5.02 Remuneration and Expenses of Subscription Receipt Agent 

The Company will pay to the Subscription Receipt Agent from time to time reasonable remuneration for the services provided by
the Subscription Receipt Agent hereunder and will, on the written request of the Subscription Receipt Agent, pay to or reimburse the Subscription Receipt Agent for all reasonable expenses, disbursements and advances made or incurred by the
Subscription Receipt Agent in the administration or execution of the duties and obligations hereof (including reasonable compensation and disbursements of its legal counsel), both before any default hereunder and thereafter until all duties of the
Subscription Receipt Agent hereunder have been finally and fully performed, except any such expense, disbursement or advance that arises out of or results from the negligence, wilful misconduct or bad faith of the Subscription Receipt Agent or of
persons for whom the Subscription Receipt Agent is responsible. In no event shall any amount payable to the Subscription Receipt Agent hereunder be paid out of the Proceeds unless the Proceeds are, at the time of payment, payable to the Company. The
Subscription Receipt Agent shall have no obligation to take any action under this Indenture so long as any payment remains due to the Subscription Receipt Agent for any reasonable fees, expenses and disbursements. Any amount owing under this
Section 5.02 and unpaid 30 days after request for such payment will bear interest from the expiration of such 30 days at a rate per annum equal to the then current rate charged by the Subscription Receipt Agent against unpaid invoices payable
on demand. 
 Section 5.03 Securities Qualification Requirements 

If, in the opinion of counsel to the Subscription Receipt Agent, any instrument is required to be filed with, or any
permission is required to be obtained from any Governmental Entity in Canada or any other step is required under any federal or provincial law of Canada before any Additional Notes are 

  
 18 

 
issued pursuant to any Subscription Receipt hereunder, the Company covenants that it will promptly take such required action. 

Section 5.04 Performance of Covenants by Subscription Receipt Agent 

If the Company fails to perform any of its obligations under this Indenture, the Subscription Receipt Agent may notify the
Subscription Receiptholders of such failure or may itself perform any of such obligations capable of being performed by the Subscription Receipt Agent, but will not be bound to do so or to notify the Subscription Receiptholders that it is so doing.
All amounts expended or advanced by the Subscription Receipt Agent in so doing will be repayable as provided in Section 5.02. No such performance, expenditure or advance by the Subscription Receipt Agent will relieve the Company of any default
or of its continuing obligations hereunder. 
 ARTICLE 6 

PROCEEDS 
 Section 6.01
Investment of Proceeds 
 The Proceeds deposited with the Subscription Receipt Agent hereunder, pending any
release or application thereof as required in accordance with the provisions of this Article 6, shall be held by the Subscription Receipt Agent as agent and bailee on behalf of the Subscription Receiptholders. The Subscription Receipt Agent
shall be entitled to invest and reinvest the Proceeds in Permitted Investments in accordance with any written direction given by the Company from time to time to the Subscription Receipt Agent. Such direction to the Subscription Receipt Agent shall
be provided no later than 9:00 a.m. (Toronto time) on the day on which the investment is to be made. Any direction received by the Subscription Receipt Agent after 9:00 a.m. (Toronto time) or on a day which is not a Business Day, shall be
deemed to have been given prior to 9:00 a.m. (Toronto time) on the next succeeding Business Day. In the event that the Subscription Receipt Agent does not receive a direction or only a partial direction contemplated by this Section, the
Subscription Receipt Agent may hold cash balances constituting part or all of the Proceeds and may, but need not, invest same in a segregated Canadian dollar account in its deposit department or the deposit department of a Canadian chartered bank,
in each case authorized to accept deposits under the laws of Canada or a province thereof; but the Subscription Receipt Agent or a Canadian chartered bank shall not be liable to account for any profit to any parties to this Indenture or to any other
person or entity other than at a rate, if any, established from time to time by the Subscription Receipt Agent or Canadian chartered bank, as applicable. 

Section 6.02 Interest Accruing on the Subscription Receipts 
  

	(a)	 Interest: The Subscription Receipts shall bear interest at 8.25% per annum on the Underlying Subscription Amount.

  

	(b)	 First Interest Period: For the First Interest Period, interest shall be calculated on the basis of a year of 365 days or 366 days, as
applicable, and the actual number of days elapsed in that period and payable in arrears on the First Interest Payment Date. 

  

	(c)	 Subsequent Interest Period: For each Subsequent Interest Period, subject to the provisions of this Section 6.02, interest will be
payable in arrears in equal instalments on each Interest Payment Date in accordance with the terms of this Indenture. Notwithstanding the foregoing, in the event a Trigger Event occurs after the First Interest Payment Date, interest for the period
from the last preceding Interest Payment Date to but excluding the Termination Date shall be calculated on the basis of a year of 365 days or 366 days, as applicable, and the actual number of days elapsed in

  
 19 

	 	 
that period and such interest will be payable to holders in accordance with Section 2.02(b) and shall be payable on such Termination Date. 

 

	(d)	 Release Date Interest Period: Notwithstanding any other provision of this Section 6.02, in the case of interest payable on a
Subscription Receipt in respect of a Release Date Interest Period, such interest shall be payable on the Release Date and shall be payable only by set-off against an obligation by holders to pay the Unearned Interest Amount in respect of the
Additional Notes issuable pursuant to such Subscription Receipt. The Company’s obligation to pay interest in respect of a Release Date Interest Period will be set-off on the Release Date by a corresponding payment by holders of the same amount
on account of the Unearned Interest Amount in respect of the Additional Notes (which will be payable on the next Regular Interest Payment Date) such that the Company’s obligation to pay interest on the Subscription Receipts in respect of a
Release Date Interest Period will be paid and settled in full, and the obligation of holders to pay the same amount on account of the Unearned Interest Amount in respect of the Additional Notes will be paid and settled in full, by virtue of such
set-off. For greater certainty, such set-off shall occur automatically hereunder and holders shall not be required to provide any additional consideration in excess of the Subscription Price. 

 

	(e)	 Interest Ceases to Accrue: Interest on the Subscription Receipts (calculated with reference to the Underlying Subscription Amount) will
cease to accrue from the earlier of the date immediately preceding (i) the Release Date and (ii) the Termination Date. 

  

	(f)	 Payment not a Business Day: If the date for payment of any amount of interest is not a Business Day at the place of payment, then payment
will be made on the next Business Day and Subscription Receiptholders will not be entitled to any further interest, or to any interest on such interest or other amount so payable, in respect of the period from the date for payment to such next
Business Day. 

  

	(g)	 Default Interest: Wherever in this Indenture or the Subscription Receipts there is mention, in any context, of the payment of interest, such
mention is deemed to include the payment of interest on amounts in default to the extent that, in such context, such interest is, was or would be payable pursuant to this Indenture or the Subscription Receipts, and express mention of interest on
amounts in default in any of the provisions of this Indenture will not be construed as excluding such interest in those provisions of this Indenture where such express mention is not made. 

 

	(h)	 Interest Act Disclosure: Whenever interest is computed on the basis of a year (the “deemed year”) which contains fewer days
than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by multiplying such rate of interest by the actual number of days in the
calendar year of calculation and dividing it by the number of days in the deemed year. 

  

	(i)	 Payment of Interest on Subscription Receipts: Subject to the foregoing provisions in this Section 6.02, interest payable on each fully
registered Subscription Receipt will be paid on each Interest Payment Date to the Subscription Receiptholder thereof at the close of business on the Record Date for such Interest Payment Date. As such interest becomes due, the Company, either
directly or through the Subscription Receipt Agent or any agent of the Subscription Receipt Agent, shall send or forward by electronic transfer of funds or by cheque dated the Interest Payment Date, payment of such interest (less any withholding Tax
required to be withheld therefrom) to the order of the registered holder of such Subscription Receipt appearing on the registers maintained by the Subscription Receipt Agent at the close of business on the Record Date for the applicable Interest
Payment Date and addressed to the holder at the holder’s last address appearing on the register (or in the case of joint holders, to such address of one of the 

  
 20 

	 	 
joint holders), unless such holder otherwise directs. If payment is made by cheque, such cheque shall be forwarded at least three Business Days prior to each date on which interest becomes due
and, if payment is made by other means (such as electronic transfer of funds, provided the Subscription Receipt Agent must receive the funds the day prior to being able to wire funds to holders), such payment shall be made in a manner whereby the
holder receives credit for such payment on the date such interest on such Subscription Receipt becomes due. The mailing of such cheque or the making of such payment by other means shall, to the extent of the sum represented thereby, plus the amount
of any withholding Tax withheld as aforesaid, satisfy and discharge all liability of the Company for interest on such Subscription Receipt, unless in the case of payment by cheque, such cheque is not paid at par on presentation. In the event of
non-receipt of any cheque for or other payment of interest by the Person to whom it is so sent as aforesaid, the Company will issue to such Person a replacement cheque or other payment for a like amount upon being furnished with such evidence of
non-receipt as it shall reasonably require and upon being indemnified to its satisfaction. Notwithstanding the foregoing, if the Company is prevented by circumstances beyond its control (including, without limitation, any interruption in mail
service) from making payment of any interest due on each Subscription Receipt in the manner provided above, the Company may make payment of such interest or make such interest available for payment in any other manner acceptable to the Subscription
Receipt Agent with the same effect as though payment had been made in the manner provided above. If payment is made through the Subscription Receipt Agent, the Company shall deliver sufficient funds to the Subscription Receipt Agent by electronic
transfer or certified cheque or make such other arrangements for the provision of funds as may be agreeable between the Subscription Receipt Agent and the Company in order to effect such interest payment hereunder. 

 

	(j)	 For Subscription Receipts represented by a Global Subscription Receipt Certificate, subject to the foregoing provisions in this Section 6.02,
all payments of interest on the Subscription Receipts shall be made by 11:00 a.m. (Toronto time) on the Business Day immediately prior to each Interest Payment Date by electronic funds transfer or cheque made payable to the Depository for subsequent
payment to beneficial holders of the Subscription Receipts of the applicable interests in such Global Subscription Receipt Certificate. The responsibility and liability of the Company in respect of payments on Subscription Receipts represented by a
Global Subscription Receipt Certificate is limited solely and exclusively to making payment of any amounts due on such Subscription Receipts to the Depository. None of the Company, the Subscription Receipt Agent or any agent of the Subscription
Receipt Agent for any Subscription Receipt maintained in the Book-Entry-Only System will be liable or responsible to any Person for any aspect of the records related to or payments made on account of beneficial interests in any Global Subscription
Receipt Certificate or for maintaining, reviewing, or supervising any records relating to such beneficial interests. 

  

	(k)	 Notwithstanding the foregoing, (i) all payments in excess of $25 million (or such other amount as determined from time to time by the Canadian
Payments Association or any successor thereto) shall be made by the use of the LVTS; and (ii) in the event that payment must be made to the Depository, the Company shall remit payment to the Subscription Receipt Agent by LVTS. The Subscription
Receipt Agent shall have no obligation to disburse funds pursuant to this Section 6.02 unless it has received written confirmation satisfactory to it that the funds have been deposited with it in sufficient amount to pay in full all amounts due
and payable with respect to such Interest Payment Date. The Subscription Receipt Agent shall, if any funds are received by it in the form of uncertified cheques, be entitled to delay the time for release of such funds until such uncertified cheques
shall be determined to have cleared the financial institution upon which the same are drawn. 

  
 21 

 Section 6.03 Release of Proceeds 

Any direction from the Company for the release of the Proceeds in accordance with this Indenture, including the Release
Notice, must be received by the Subscription Receipt Agent prior to 11:00 a.m. (Toronto time) on the day on which the release of Proceeds is to be made. Any such direction for the release of Proceeds received by the Subscription Receipt Agent after
11:00 a.m. (Toronto time) or on a non-Business Day, will be handled on a commercially reasonable efforts basis and may result in Proceeds being released on the next Business Day. The Subscription Receipt Agent, subject to Section 6.04(b) shall:

  

	 	(a)	 immediately after the Release Time dispose of all investments constituting Proceeds and shall remit the Proceeds to the Company by certified
cheque, bank draft or wire transfer, as follows: 

  

	 	(i)	 the Proceeds plus all Earned Interest, less any withholding Tax required to be withheld under applicable Laws, shall be released by the
Subscription Receipt Agent to or at the direction of the Company; and 

  

	 	(ii)	 an amount equal to the aggregate amount, if any, required to be withheld in respect of withholding Taxes in accordance with Section 6.03(a)
shall be remitted to the relevant Governmental Entity in accordance with Section 12.04(c), 

 all as
provided for in the Release Notice; and 
  

	 	(b)	 in the event that a Trigger Event occurs, dispose of all investments constituting Proceeds immediately after the Termination Time and the
Subscription Receipt Agent shall remit by certified cheque, bank draft or wire transfer on the Return Date: 

  

	 	(i)	 to each Subscription Receiptholder their pro rata portion of the Return Amount (being the Proceeds plus the Deficit Amount funded by the
Company pursuant to Article 5 above), less any withholding Tax required to be withheld under applicable Laws; 

  

	 	(ii)	 to the relevant Governmental Entity in accordance with Section 6.03(a)(ii) an amount equal to the aggregate amount, if any, required to be
withheld in respect of withholding Taxes in accordance with in Section 12.04(c); and 

  

	 	(iii)	 after any payment or remittance required under clause (i) or (ii) above, to or at the direction of the Company the Earned Interest and
the balance of the Proceeds, if any. 

 Section 6.04 Ownership of Proceeds 

 

	(a)	 The Subscription Receipt Agent shall hold the Proceeds as agent and bailee for the Subscription Receiptholders, which ownership shall subsist until
such time as the Additional Notes are issued or the Return Amount is paid to the holders in full (less any withholding Tax required to be withheld under applicable Laws) in accordance herewith. The Company acknowledges and confirms that except in
accordance with this Indenture it has no right, title or interest in or to the Proceeds until the Release Time, at which time the Company shall become the beneficial owner of the Proceeds. 

  
 22 

	(b)	 The Company agrees that, for the purposes of federal, provincial and other Taxes based on income, it will be treated as the owner of the Earned
Interest and that it will report all such Earned Interest, if any, that is earned on, or derived from, the Proceeds as its income in the taxable year or years in which such income is properly includible and pay any Taxes attributable thereto.

  

	(c)	 In the event that, prior to the earlier of the Release Date or the Termination Date (i) the Company makes a general assignment for the benefit
of creditors or any proceeding is instituted by the Company seeking relief on behalf thereof as a debtor, or to adjudicate the Company a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or
composition of the Company or the debts of the Company under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, receiver and manager, trustee, custodian or similar official for the
Company or any substantial part of the property and assets the Company or the Company takes any corporate action to authorize any of the actions set forth above, or (ii) the Company shall be declared bankrupt, or a receiver, receiver and
manager, trustee, custodian or similar official is appointed for the Company or any substantial part of its property and assets, or an encumbrancer shall legally take possession of any substantial part of the property or assets of the Company or a
distress or execution or any similar process is levied or enforced against such property and assets and remains unsatisfied for such period as would permit such property or such part thereof to be sold thereunder, the rights and obligations of each
holder of Subscription Receipts pursuant to this Indenture will terminate without further action of the holders and such holder will be entitled to have remitted to it its pro rata share of the Proceeds in accordance with
Section 6.03(b)(i). 

 Section 6.05 Role as Subscription Receipt Agent 

The Subscription Receipt Agent accepts its duties and responsibilities under this Indenture solely as a custodian, bailee and
agent, and no trust is intended to be, or is or will be, created hereby and the Subscription Receipt Agent shall owe no duty hereunder as a trustee. 

ARTICLE 7 

ENFORCEMENT 
 Section 7.01 No
Suits by Subscription Receiptholders 
 Except to enforce payment of the amounts due to Subscription Receiptholders
hereunder, when due, a holder of Subscription Receiptholders will not have any right to institute any proceeding with respect to this Indenture or any remedy thereunder, or for the appointment of a receiver, receiver and manager, trustee, custodian
or similar official in bankruptcy, unless the Subscription Receipt Agent: 
  

	 	(a)	 shall have failed to act for a period of 30 days after receiving written notice of a Subscription Receiptholders’ Request to institute such
proceeding; 

  

	 	(b)	 has been offered indemnity satisfactory to it in its reasonable judgment; and 

 

	 	(c)	 during such 30-day period, has not received another Subscription Receiptholders’ Request inconsistent with the first such request.

 Section 7.02 Limitation of Liability 

The obligations hereunder are not personally binding on, nor will resort hereunder be had to the private property of, any
past, present or future director, shareholder, officer, employee or agent of the Company. 

  
 23 

 ARTICLE 8 

MEETINGS OF SUBSCRIPTION RECEIPTHOLDERS 

Section 8.01 Right to Convene Meetings 
  

	(a)	 Convening of Meeting: The Subscription Receipt Agent may at any time and from time to time convene a meeting of the Subscription
Receiptholders, and will do so on receipt of a Written Request of the Company or a Subscription Receiptholders’ Request and on being funded and indemnified to its reasonable satisfaction by the Company or by one or more of the Subscription
Receiptholders signing such Subscription Receiptholders’ Request against the costs which it may incur in connection with calling and holding such meeting. 

 

	(b)	 Failure to Convene: If the Subscription Receipt Agent fails, within five Business Days after receipt of such Written Request of the Company
or Subscription Receiptholders’ Request and funding and indemnification referred to in Section 8.01(a), to give notice convening a meeting of the Subscription Receiptholders, the Company or any of such Subscription Receiptholders, as the
case may be, may convene such meeting. 

  

	(c)	 Place of Meeting: Every such meeting of the Subscription Receiptholders will be held in Toronto, Ontario, or such other place as is approved
or determined by the Subscription Receipt Agent and the Company. 

 Section 8.02 Notice 

 

	(a)	 Notice: At least 5 Business Days’ notice of any meeting of the Subscription Receiptholders must be given to the Subscription
Receiptholders, to the Subscription Receipt Agent (unless the meeting has been called by it) and to the Company (unless the meeting has been called by it) in the manner described in Article 13. 

 

	(b)	 Contents: The notice of a meeting of the Subscription Receiptholders must state the time when and the place where the meeting is to be held
and shall state briefly the general nature of the business to be transacted thereat and shall contain such information as is reasonably necessary to enable the Subscription Receiptholders to make a reasoned decision on the matter, but it will not be
necessary for the notice to set out the terms of any resolution to be proposed or any of the provisions of this Article 8. 

Section 8.03 Chairman 

The Subscription Receipt Agent shall designate an individual (who need not be a Subscription Receiptholder) to be chairman of
a meeting of the Subscription Receiptholders or, if no individual is so designated or the individual so designated is not present within 15 minutes after the time fixed for the holding of the meeting, the Subscription Receiptholders present in
person or by proxy may choose some individual present to be chairman. 
 Section 8.04 Quorum 

 

	(a)	 Quorum: Subject to the provisions of Section 8.12, at any meeting of the Subscription Receiptholders a quorum will consist of holders
holding at least 25% of the Subscription Receipts then outstanding present in person or by proxy at the commencement of the meeting. 

  

	(b)	 No Quorum: If a quorum of Subscription Receiptholders is not present within 30 minutes after the time fixed for holding a meeting of the
Subscription Receiptholders, the meeting, if 

  
 24 

	 	 
summoned by Subscription Receiptholders or on a Subscription Receiptholders’ Request, will be dissolved, but, subject to Section 8.12, in any other case will be adjourned to the second
following Business Day at the same time and place and no notice of the adjournment need be given. 

  

	(c)	 Adjourned Meeting: At the adjourned meeting the Subscription Receiptholders present in person or by proxy will form a quorum and may
transact any business for which the meeting was originally convened notwithstanding the number of Subscription Receipts that they hold. 

Section 8.05 Power to Adjourn 

The chairman of a meeting of the Subscription Receiptholders at which a quorum of the Subscription Receiptholders is present
may, with the consent of the meeting, adjourn the meeting, and no notice of such adjournment need be given except as the meeting prescribes. 

Section 8.06 Show of Hands 

Every question submitted to a meeting of the Subscription Receiptholders, other than a Majority Resolution, will be decided in
the first place by a majority of the votes given on a show of hands and, unless a poll is duly demanded as herein provided, a declaration by the chairman of such meeting that a resolution has been carried or carried unanimously or by a particular
majority or lost or not carried by a particular majority will be conclusive evidence of the fact. 
 Section 8.07 Poll 

On every Majority Resolution, and on every other question submitted to a meeting of the Subscription Receiptholders on which a
poll is directed by the chairman of such meeting or requested by one or more Subscription Receiptholders acting in person or by proxy and holding in the aggregate not less than 5% of the total number of Subscription Receipts represented at the
meeting, a poll will be taken in such manner as the chairman directs. 
 Section 8.08 Voting 

On a show of hands each person present and entitled to vote, whether as a Subscription Receiptholder or as proxy for one or
more absent Subscription Receiptholders, or both, will have one vote, and on a poll each Subscription Receiptholder present in person or represented by a proxy duly appointed by instrument in writing will be entitled to one vote in respect of each
Subscription Receipt held by such holder. A proxy need not be a Subscription Receiptholder. 
 Section 8.09 Regulations 

 

	(a)	 Ability to Make: The Subscription Receipt Agent, or the Company with the approval of the Subscription Receipt Agent, may from time to time
make or vary such regulations as it thinks fit: 

  

	 	(i)	 for the form of instrument appointing a proxy, the manner in which it must be executed, and verification of the authority of a person who executes
it on behalf of a Subscription Receiptholder; 

  

	 	(ii)	 governing the places at which and the times by which voting certificates or instruments appointing proxies must be deposited;

  
 25 

	 	(iii)	 generally for the calling of meetings of Subscription Receiptholders and the conduct of business thereof; and 

 

	 	(iv)	 for the deposit of instruments appointing proxies at some approved place or places other than the place at which the meeting is to be held and
enabling particulars of such instruments appointing proxies to be sent by mail, facsimile or other means of prepaid, transmitted, recorded communication before the meeting to the Company or to the Subscription Receipt Agent at the place where the
meeting is to be held and for voting pursuant to instruments appointing proxies so deposited as though the instruments themselves were produced at the meeting. 

Any regulations so made will be binding and effective and the votes given in accordance therewith will be valid and will be
counted. 
  

	(b)	 Recognition: Except as such regulations provide, the only persons who will be recognized at a meeting as the holders of any Subscription
Receipts, or as entitled to vote or, subject to Section 8.10, to be present at the meeting in respect thereof, will be the registered holders of such Subscription Receipts or persons holding proxies on their behalf. 

Section 8.10 The Company and Subscription Receipt Agent may be Represented 

The Company and the Subscription Receipt Agent by their respective employees, officers or directors, and the counsel of the
Company and of the Subscription Receipt Agent, may attend any meeting of Subscription Receiptholders, but will have no vote unless attending in, and to the extent of, their capacity as Subscription Receiptholder or proxyholder. 

Section 8.11 Powers Exercisable by Majority Resolution 

In addition to all other powers conferred on them by the other provisions of this Indenture or by law, the Subscription
Receiptholders at a meeting will have the power, exercisable from time to time by Majority Resolution: 
  

	 	(a)	 to assent to or sanction any amendment, modification, abrogation, alteration, compromise or arrangement of any right of the Subscription
Receiptholders or, with the reasonable consent of the Subscription Receipt Agent, of the Subscription Receipt Agent in its capacity as custodian, agent and bailee hereunder or on behalf of the Subscription Receiptholders against the Company, whether
such right arises under this Indenture or otherwise, which shall be agreed to by the Company, and to authorize the Subscription Receipt Agent to concur in and execute any indenture supplemental hereto in connection therewith; 

 

	 	(b)	 to amend, supplement or otherwise modify, with the Company’s consent, this Indenture and the Subscription Receipts (including the Subscription
Receipt Certificates); 

  

	 	(c)	 to amend, alter or repeal any Majority Resolution previously passed; 

 

	 	(d)	 subject to arrangements as to financing and indemnity satisfactory to the Subscription Receipt Agent, to direct or authorize the Subscription
Receipt Agent to enforce any obligation of the Company under this Indenture or to enforce any right of the Subscription Receiptholders in any manner specified in the Majority Resolution; 

  
 26 

	 	(e)	 to direct or authorize the Subscription Receipt Agent to refrain from enforcing any obligation or right referred to in Section 8.11;

  

	 	(f)	 to waive and direct the Subscription Receipt Agent to waive any default by the Company in complying with any provision of this Indenture or the
Subscription Receipt Certificates, either unconditionally or on any condition specified in the Majority Resolution; 

  

	 	(g)	 to appoint a committee with power and authority to exercise, and to direct the Subscription Receipt Agent to exercise, on behalf of the
Subscription Receiptholders, such of the powers of the Subscription Receiptholders as are exercisable by Majority Resolution; 

  

	 	(h)	 to restrain any Subscription Receiptholder from taking or instituting any suit, action or proceeding against the Company for the enforcement of any
obligation of the Company under this Indenture or to enforce any right of the Subscription Receiptholders; 

  

	 	(i)	 to direct any Subscription Receiptholder who, as such, has brought any suit, action or proceeding, to stay or discontinue or otherwise deal
therewith on payment of the costs, charges and expenses reasonably and properly incurred by it in connection therewith; 

  

	 	(j)	 to assent to any change in or omission from the provisions contained in the Subscription Receipt Certificates and this Indenture or any ancillary
or supplemental instrument which may be agreed to by the Company, and to authorize the Subscription Receiptholders to concur in and execute any ancillary or supplemental indenture embodying the change or omission; 

 

	 	(k)	 to assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors, whether secured or otherwise, and
with holders of any shares or other securities of the Company; 

  

	 	(l)	 from time to time and at any time, with the consent of the Company which shall not be unreasonably withheld, to remove the Subscription Receipt
Agent and appoint a successor agent or trustee; and 

  

	 	(m)	 in the event the Release Conditions have not been satisfied or waived, or will not be satisfied or waived, on or prior to the Escrow End Date, to
extend the Escrow End Date and to authorize the Subscription Receipt Agent to concur in and execute any indenture supplemental hereto in connection therewith. 

Section 8.12 Meaning of “Majority Resolution” 
  

	(a)	 Meaning: The expression “Majority Resolution” when used in this Indenture means, subject to the provisions of this
Section 8.12 and of Sections 8.15 and 8.16, a motion proposed at a meeting of Subscription Receiptholders duly convened for that purpose and held in accordance with the provisions of this Article 8 at which there are present in person or
by proxy Subscription Receiptholders holding in the aggregate more than 25% of the total number of Subscription Receipts then outstanding and passed by the affirmative votes of Subscription Receiptholders voting as a single class who hold in the
aggregate not less than a majority of the total number of Subscription Receipts represented at the meeting and voted on the motion. 

  
 27 

	(b)	 Quorum: If, at a meeting called for the purpose of passing a Majority Resolution, the quorum required by Section 8.12(a) is not present
within 30 minutes after the time appointed for the meeting, the meeting, if convened by Subscription Receiptholders or on a Subscription Receiptholders’ Request, will be dissolved, but in any other case will stand adjourned to such day, being
not less than three Business Days or more than ten Business Days later, and to such place and time, as is appointed by the chairman of such meeting. 

  

	(c)	 Notice: Not less than two Business Days’ notice must be given to the Subscription Receiptholders of the time and place of such
adjourned meeting in the manner provided for in Article 13. 

  

	(d)	 Form of Notice: The notice must state that at the adjourned meeting the Subscription Receiptholders present in person or by proxy will form
a quorum but it will not be necessary to set forth the purposes for which the meeting was originally called or any other particulars. 

  

	(e)	 Quorum at Adjourned Meeting: At the adjourned meeting the Subscription Receiptholders present in person or by proxy will form a quorum and
may transact any business for which the meeting was originally convened, and a motion proposed at such adjourned meeting and passed by the requisite vote as provided in Section 8.12(a) will be a Majority Resolution within the meaning of this
Indenture notwithstanding that Subscription Receiptholders holding in the aggregate 25% of the total number of Subscription Receipts outstanding may not be present. 

 

	(f)	 Poll: Votes on a Majority Resolution must always be given on a poll and no demand for a poll on a Majority Resolution will be necessary.

 Section 8.13 Powers Cumulative 

Any one or more of the powers, and any combination of the powers, in this Indenture stated to be exercisable by the
Subscription Receiptholders by Majority Resolution or otherwise, may be exercised from time to time, and the exercise of any one or more of such powers or any combination of such powers from time to time will not prevent the Subscription
Receiptholders from exercising such power or powers or combination of powers thereafter from time to time. 
 Section 8.14 Minutes 

Minutes of all resolutions passed and proceedings taken at every meeting of the Subscription Receiptholders will be made and
duly entered in books from time to time provided for such purpose by the Subscription Receipt Agent at the expense of the Company, and any such minutes, if signed by the chairman of the meeting at which such resolutions were passed or such
proceedings were taken, will be prima facie evidence of the matters therein stated, and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes have been so made, entered and signed will be deemed to
have been duly convened and held, and all resolutions passed and proceedings taken thereat to have been duly passed and taken. 
 Section 8.15
Instruments in Writing 
 Any action that may be taken and any power that may be exercised by Subscription
Receiptholders at a meeting (including a Majority Resolution) held as provided in this Article 8 may also be taken and exercised by Subscription Receiptholders, as a single class, who hold in the aggregate not less than a majority of the total
number of Subscription Receipts at the time outstanding. Subscription Receiptholders who hold in the aggregate not less than a majority of the total number of Subscription Receipts at the time outstanding, by their signing, each in person or by
attorney duly appointed in writing, 

  
 28 

 
an instrument in writing in one or more counterparts, and the expressions “Majority Resolution” when used in this Indenture includes a resolution embodied in an instrument so
signed. 
 Section 8.16 Binding Effect of Resolutions 

Every resolution (including a Majority Resolution) passed in accordance with the provisions of this Article 8 at a
meeting of Subscription Receiptholders will be binding on all Subscription Receiptholders, whether present at or absent from the meeting and whether voting for or against the resolution or abstaining, and every instrument in writing signed by
Subscription Receiptholders in accordance with Section 8.15 will be binding on all Subscription Receiptholders, whether signatories thereto or not, and every Subscription Receiptholder and the Subscription Receipt Agent (subject to the
provisions for its indemnity herein contained) will be bound to give effect accordingly to every such resolution and instrument in writing. 

ARTICLE 9 

SUPPLEMENTAL INDENTURES AND SUCCESSOR CORPORATIONS 

Section 9.01 Provision for Supplemental Indentures for Certain Purposes 

From time to time the Company (when authorized by the directors) and the Subscription Receipt Agent may, subject to the
provisions hereof, and will when so directed hereby, execute and deliver by their proper officers indentures or instruments supplemental hereto, which thereafter will form part hereof, for any or all of the following purposes: 

 

	 	(a)	 providing for any consequential amendments hereto as may be required by the Subscription Receipt Agent, relying on the advice of counsel;

  

	 	(b)	 adding hereto such additional covenants and enforcement provisions as, in the opinion of counsel to the Subscription Receipt Agent, are necessary
or advisable and are not prejudicial to the interest of the Subscription Receiptholders; 

  

	 	(c)	 giving effect to any Majority Resolution passed as provided in Article 8; 

 

	 	(d)	 making such provisions not inconsistent with this Indenture as are necessary or desirable with respect to matters or questions arising hereunder,
provided that such provisions are not in the opinion of counsel to the Subscription Receipt Agent materially prejudicial to the interests of the Subscription Receiptholders; 

 

	 	(e)	 adding to, deleting or altering the provisions hereof in respect of the transfer of Subscription Receipts or the issuance of the Additional Notes
pursuant to the Subscription Receipt Certificates, and making any modification in the form of the Subscription Receipt Certificates that does not affect the substance thereof; 

 

	 	(f)	 modifying any provision of this Indenture or relieving the Company from any obligation, condition or restriction herein contained, except that no
such modification or relief will be or become operative or effective if in the opinion of counsel to the Subscription Receipt Agent it would impair any right of the Subscription Receiptholders or of the Subscription Receipt Agent, and the
Subscription Receipt Agent may in its uncontrolled discretion decline to enter into any such supplemental indenture which in its opinion will not afford adequate protection to the Subscription Receipt Agent when it becomes operative; and

  
 29 

	 	(g)	 for any other purpose not inconsistent with the terms of this Indenture, including the correction or rectification of any ambiguity, defective or
inconsistent provision, error or omission herein, if in the opinion of counsel to the Subscription Receipt Agent, the rights of the Subscription Receipt Agent and of the Subscription Receiptholders are not materially prejudiced thereby.

 Section 9.02 Successor Corporations 

Nothing in this Indenture shall prevent any consolidation, amalgamation, plan of arrangement, or merger of the Company with or
into any other trust, partnership, corporation, body corporate or other entity (“Successor Entity”), or a conveyance or transfer directly or indirectly of all or substantially all the properties and assets of the Company as an
entirety to any Successor Entity lawfully entitled to acquire and operate the same, provided, however, that the Successor Entity formed by such consolidation, amalgamation or plan of arrangement or into which such merger shall have been made or
which acquires by conveyance or transfer all or substantially all the properties and assets of the Company as an entirety shall execute and deliver to the Subscription Receipt Agent prior to or contemporaneously with such consolidation,
amalgamation, plan of arrangement, merger, conveyance or transfer, an indenture supplemental hereto wherein the due and punctual performance and observance of all the covenants and conditions of this Indenture to be performed or observed by the
Company shall, as a condition precedent to completion of such transaction, expressly be assumed by such Successor Entity and the Successor Entity shall succeed to and be substituted for the Company hereunder with the same effect as nearly as may be
possible as if it had been a party hereto. Such changes shall be made in the Subscription Receipts as the board of directors of the Company, acting in good faith, consider appropriate in the circumstances in view of such consolidation, amalgamation,
plan of arrangement, merger, conveyance or transfer. The Subscription Receipt Agent shall be entitled to receive and shall be fully protected in relying upon an opinion of counsel that any such consolidation, amalgamation, plan of arrangement,
merger, conveyance or transfer, and any supplemental indenture executed in connection therewith, comply with the provisions of this Section 9.02. 

ARTICLE 10 

ANTI-MONEY LAUNDERING 

Section 10.01 Right of Subscription Receipt Agent to Resign 

The Subscription Receipt Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack
of information or for any other reason whatsoever, the Subscription Receipt Agent, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation,
regulation or guideline. Further, should the Subscription Receipt Agent, in its sole judgment, determine at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering or
anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on 10 days’ written notice to the other parties to this Indenture, provided (i) that the Subscription Receipt Agent’s written notice shall
describe the circumstances of such non-compliance; and (ii) that if such circumstances are rectified to the Subscription Receipt Agent’s satisfaction within such 10-day period, then such resignation shall not be effective. 

  
 30 

 ARTICLE 11 

PRIVACY 
 Section 11.01
Privacy 
 The parties to this Indenture acknowledge that the Subscription Receipt Agent may, in the course of
providing services hereunder, collect or receive financial and other personal information about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof, and use such information for
the following purposes: 
  

	 	(i)	 to provide the services required under this Indenture and other services that may be requested from time to time; 

 

	 	(ii)	 to help the Subscription Receipt Agent manage its servicing relationships with such individuals; 

 

	 	(iii)	 to meet the Subscription Receipt Agent’s legal and regulatory requirements; and 

 

	 	(iv)	 if social insurance numbers are collected by the Subscription Receipt Agent, to perform Tax reporting and to assist in verification of an
individual’s identity for security purposes. 

 Each party to this Indenture acknowledges and agrees
that the Subscription Receipt Agent may receive, collect, use and disclose personal information provided to it or acquired by it in the course of this Indenture for the purposes described above and, generally, in the manner and on the terms
described in its privacy code, which the Subscription Receipt Agent shall make available on its website or upon request, including revisions thereto. Further, each party to this Indenture agrees that it shall not provide or cause to be provided to
the Subscription Receipt Agent any personal information relating to an individual who is not a party to this Indenture unless that party has assured itself that such individual understands and has consented to the aforementioned uses and
disclosures. 
 ARTICLE 12 

CONCERNING SUBSCRIPTION RECEIPT AGENT 

Section 12.01 Applicable Laws 

If and to the extent that any provision of this Indenture limits, qualifies or conflicts with a mandatory requirement of
applicable Laws, the mandatory requirement will prevail. The Company and the Subscription Receipt Agent each will at all times in relation to this Indenture and any action to be taken hereunder observe and comply with and be entitled to the benefits
of applicable Laws. 
 Section 12.02 Rights and Duties of Subscription Receipt Agent 

 

	(a)	 Duty of Subscription Receipt Agent: In the exercise of the rights and duties prescribed or conferred by the terms of this Indenture, the
Subscription Receipt Agent will act honestly and in good faith and will exercise that degree of care, diligence and skill that a reasonably prudent subscription receipt agent would exercise in comparable circumstances. The Subscription Receipt Agent
shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless expressly set forth herein, or unless notice in writing is formally given and unless it is indemnified and funded
in a manner satisfactory to it against such expenses or liability; nor shall the Subscription Receipt Agent be required to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall

  
 31 

	 	 
distinctly specify the default desired to be brought to the attention of the Subscription Receipt Agent and in the absence of any such notice the Subscription Receipt Agent may for all purposes
of this Indenture conclusively assume that no default has been made in the observance or performance of any of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any
discretion herein given to the Subscription Receipt Agent to determine whether or not the Subscription Receipt Agent shall take action with respect to any default. The Subscription Receipt Agent shall retain the right not to act and shall not be
held liable for refusing to act unless it has received clear and reasonable documentation which complies with the terms of this Indenture. Such documentation must not require the exercise of any discretion or independent judgment. The Subscription
Receipt Agent shall have no duties except those which are expressly set forth herein and it shall not be bound by any notice of a claim or demand with respect to, or any waiver, modification, amendment, termination or rescission of this Indenture,
unless received by it in writing, and signed by the parties hereto and if its duties herein are affected, unless it shall have given its prior written consent thereto. 

 

	(b)	 No Relief from Liability: No provision of this Indenture will be construed to relieve the Subscription Receipt Agent from liability for its
own negligent act, negligent failure to act, wilful misconduct or bad faith. 

  

	(c)	 Actions: The obligation of the Subscription Receipt Agent to commence or continue any act, action or proceeding in connection herewith,
including, for the purpose of enforcing any right of the Subscription Receipt Agent or the Subscription Receiptholders hereunder is on the condition that the Subscription Receipt Agent shall have received a Subscription Receiptholders’ Request
specifying the act, action or proceeding which the Subscription Receipt Agent is requested to take and, when required by notice to the Subscription Receiptholders by the Subscription Receipt Agent, the Subscription Receipt Agent is furnished by one
or more Subscription Receiptholders with sufficient funds to commence or continue such act, action or proceeding and an indemnity reasonably satisfactory to the Subscription Receipt Agent to protect and hold it harmless against the costs, charges,
expenses and liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof. 

  

	(d)	 Funding: No provision of this Indenture will require the Subscription Receipt Agent to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers unless it is so indemnified. 

  

	(e)	 Deposit of Subscription Receipts: The Subscription Receipt Agent may, before commencing or at any time during the continuance of any such
act, action or proceeding, require the Subscription Receiptholders at whose instance it is acting to deposit with the Subscription Receipt Agent the Subscription Receipt Certificates held by them, for which certificates the Subscription Receipt
Agent will issue receipts. 

 Section 12.03 Evidence, Experts and Advisers 

 

	(a)	 Evidence: In addition to the reports, certificates, opinions, notices and other evidence required by this Indenture, the Company will
furnish to the Subscription Receipt Agent such additional evidence of compliance with any provision hereof, and in such form, as is prescribed by applicable Laws or as the Subscription Receipt Agent reasonably requires by written notice to the
Company. 

  

	(b)	 Reliance by Subscription Receipt Agent: In the exercise of any right or duty hereunder, the Subscription Receipt Agent may, if it is acting
in good faith, act and rely, as to the truth of any 

  
 32 

	 	 
statement or the accuracy of any opinion expressed therein, on any statutory declarations, opinions, reports, orders or certificates of the Company or other evidence furnished to the Subscription
Receipt Agent pursuant to a provisions hereof or pursuant to a request of the Subscription Receipt Agent, if the Subscription Receipt Agent determines that it complies with the applicable requirements of this Indenture. 

 

	(c)	 Statutory Declaration: Whenever applicable Law requires that evidence referred to in Section 12.03(a) be in the form of a statutory
declaration, the Subscription Receipt Agent may accept such statutory declaration in lieu of a certificate of the Company required by any provision hereof. Any such statutory declaration may be made by any one or more of the Chairman, President,
Chief Financial Officer, Vice President, Finance or Secretary of the Company or by any other officer(s) or director(s) of the Company to whom such authority is delegated by the directors from time to time. In addition, the Subscription Receipt Agent
may act and rely and shall be protected in acting and relying upon any resolution, certificate, direction, instruction, statement, instrument, opinion, report, notice, request, consent, order, letter, telegram, cablegram or other paper or document
believed by it to be genuine and to have been signed, sent or presented by or on behalf of the proper party or parties. 

  

	(d)	 Proof of Execution: Proof of the execution of any document or instrument in writing, including a Subscription Receiptholders’ Request,
by a Subscription Receiptholder may be made by the certificate of a notary public, or other officer with similar powers, that the person signing such instrument acknowledged to him the execution thereof, or by an affidavit of a witness to such
execution, or in any other manner that the Subscription Receipt Agent considers adequate. The Subscription Receipt Agent shall not be responsible or liable in any manner whatsoever for the sufficiency, correctness, genuineness or validity of any
instrument deposited with it, for the form or execution of such instruments, for the identity, authority or right of any Person executing or depositing such instruments or for determining or compelling compliance therewith, and shall not otherwise
be bound thereby. 

  

	(e)	 Experts: The Subscription Receipt Agent may employ or retain such counsel, accountants, appraisers, or other experts or advisers as it
reasonably requires for the purpose of determining and discharging its rights and duties hereunder and may pay the reasonable remuneration and disbursements for all services so performed by any of them, without taxation of costs of any counsel, and
the reasonable costs of such services shall be added to and be part of the Subscription Receipt Agent’s fee, and the Subscription Receipt Agent will not be responsible for any misconduct or negligence on the part of any of them who has been
selected with due care by the Subscription Receipt Agent. The Subscription Receipt Agent may act and rely and shall be protected in acting or not acting and relying in good faith on the opinion or advice of or information obtained from any counsel,
accountant or other expert or advisor, whether retained or employed by the Company or by the Subscription Receipt Agent, in relation to any matter arising in the administration of the duties and obligations hereof. 

Section 12.04 Documents, Money, Etc. held by Subscription Receipt Agent 

 

	(a)	 Safekeeping: Any security, document of title or other instrument that may at any time be held by the Subscription Receipt Agent subject to
the provisions of this Indenture may be placed in the deposit vaults of the Subscription Receipt Agent or of any Canadian chartered bank or deposited for safekeeping with any such bank. 

 

	(b)	 Holding of Funds: Unless herein otherwise expressly provided, any money held by the Subscription Receipt Agent pending the application or
withdrawal thereof under any provision of this Indenture shall be held in a segregated Canadian dollar account in any Canadian chartered 

  
 33 

	 	 
bank or any other loan or trust company authorized to accept deposits under the laws of Canada or a province thereof, earning the prescribed rate of interest then in effect on similar deposits.

  

	(c)	 Withholdings: If the Subscription Receipt Agent is required to withhold or deduct any amount in respect of withholding Taxes in accordance
with this Indenture, the Subscription Receipt Agent will make such withholding or deduction and will remit the full amount withheld or deducted to the relevant Governmental Entity as and when required by applicable Laws. 

Section 12.05 Action by Subscription Receipt Agent to Protect Interests 

The Subscription Receipt Agent will have power to institute and to maintain such actions and proceedings as it considers
necessary or expedient to protect or enforce its interests and the interests of the Subscription Receiptholders. 
 Section 12.06 Subscription
Receipt Agent not Required to Give Security 
 The Subscription Receipt Agent will not be required to give any bond
or security in respect of the execution of the duties and obligations and powers of this Indenture. 
 Section 12.07 Protection of Subscription
Receipt Agent 
  

	(a)	 Protection: By way of supplement to the provisions of any law for the time being relating to custodians, agents or bailees, it is expressly
declared and agreed that: 

  

	 	(i)	 the Subscription Receipt Agent will not be liable for or by reason of, or required to substantiate, any statement of fact, representation or
recital in this Indenture or in the Subscription Receipt Certificates (except the representation contained in Section 12.09 hereof or in the certificate of the Subscription Receipt Agent on the Subscription Receipt Certificates or other
representation of the Subscription Receipt Agent made herein or therein), but all such statements or recitals are and will be deemed to be made by the Company; 

 

	 	(ii)	 nothing herein contained will impose on the Subscription Receipt Agent any obligation to see to, or to require evidence of, the registration or
filing (or renewal thereof) of this Indenture or any instrument ancillary or supplemental hereto; 

  

	 	(iii)	 the Subscription Receipt Agent will not be bound to give notice to any person of the execution hereof; 

 

	 	(iv)	 the Subscription Receipt Agent will not incur any liability or responsibility whatever or be in any way responsible for the consequence of any
breach by the Company of any obligation or warranty herein contained or of any act of any director, officer, employee or agent of the Company; 

  

	 	(v)	 the Subscription Receipt Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it in good faith, or
for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, except for its own negligent act, negligent failure to act, wilful misconduct or bad faith; 

  
 34 

	 	(vi)	 the Subscription Receipt Agent, in its personal or any other capacity, may buy, lend upon and deal in securities of the Company and in the
Subscription Receipts and generally may contract and enter into financial transactions with the Company or any related corporation without being liable to account for any profit made thereby; 

 

	 	(vii)	 the Subscription Receipt Agent shall incur no liability with respect to the delivery or non-delivery of any certificate or certificates whether
delivered by hand, mail or any other means provided that they are sent in accordance with the provisions hereof; 

  

	 	(viii)	 if the Subscription Receipt Agent delivers any cheque as required hereunder, the Subscription Receipt Agent shall have no further obligation or
liability for the amount represented thereby, unless any such cheque is not honoured on presentation, provided that in the event of the non-receipt of such cheque by the payee, or the loss or destruction thereof, the Subscription Receipt Agent, upon
being furnished with reasonable evidence of such non-receipt, loss or destruction and, if required by the Subscription Receipt Agent, an indemnity reasonably satisfactory to it, shall issue to such payee a replacement cheque for the amount of such
cheque; and 

  

	 	(ix)	 the Subscription Receipt Agent will disburse funds in accordance with the provisions hereof only to the extent that funds have been deposited with
it. 

  

	(b)	 Indemnity: In addition to and without limiting any protection of the Subscription Receipt Agent hereunder or otherwise by law, the Company
agrees to indemnify the Subscription Receipt Agent, its agents, employees, directors and officers (each an “Indemnified Person”), and save each Indemnified Person harmless from all liabilities, suits, damages, costs, expenses and
actions which may be brought against or suffered by it arising out of or connected with the performance by the Subscription Receipt Agent of its duties hereunder, except to the extent that such liabilities, suits, damages, costs and actions are
attributable to the negligence, wilful misconduct or bad faith of the Subscription Receipt Agent or an Indemnified Person. Notwithstanding any other provision hereof, this indemnity shall survive any removal or resignation of the Subscription
Receipt Agent, discharge of this Indenture and termination of any duties and obligations hereunder. 

 Section 12.08
Replacement of Subscription Receipt Agent 
  

	(a)	 Resignation: The Subscription Receipt Agent may resign and be discharged from all further duties and liabilities hereunder, except as
provided in this Section 12.08, by giving to the Company and the Subscription Receiptholders not less than 90 days’ notice in writing or, if a new Subscription Receipt Agent has been appointed, such shorter notice as the Company accepts as
sufficient provided that such resignation and discharge shall be subject to the appointment of a successor thereto in accordance with the provisions hereof. 

  

	(b)	 Removal: The Subscription Receiptholders, with the consent of the Company which may not be unreasonably withheld, by Majority Resolution may
at any time remove the Subscription Receipt Agent and appoint a new Subscription Receipt Agent, provided that the previous Subscription Receipt Agent shall have received payment in full of all fees and expenses owing to it. 

 

	(c)	 Appointment of New Subscription Receipt Agent: If the Subscription Receipt Agent so resigns or is so removed or is dissolved, becomes
bankrupt, goes into liquidation or otherwise becomes 

  
 35 

	 	 
incapable of acting hereunder, the Company will forthwith appoint a new Subscription Receipt Agent, acting reasonably, unless a new Subscription Receipt Agent has already been appointed by the
Subscription Receiptholders. 

  

	(d)	 Failure to Appoint: Failing such appointment by the Company, the retiring Subscription Receipt Agent or any Subscription Receiptholder may
apply at the expense of the Company to the Court on such notice as the Court directs, for the appointment of a new Subscription Receipt Agent. 

  

	(e)	 New Subscription Receipt Agent: On any such appointment the new Subscription Receipt Agent will be vested with the same powers, rights,
duties and responsibilities as if it had been originally named herein as Subscription Receipt Agent without any further assurance, conveyance, act or deed, but there will be immediately executed, at the expense of the Company, all such conveyances
or other instruments as, in the opinion of counsel to the Subscription Receipt Agent, are necessary or advisable for the purpose of assuring the transfer of such powers, rights, duties and responsibilities to the new Subscription Receipt Agent. Any
new Subscription Receipt Agent so appointed by the Company or by the Court will be subject to removal as aforesaid by the Subscription Receiptholders and by the Company. At the request of the Company or the new Subscription Receipt Agent, the
retiring Subscription Receipt Agent, upon payment of the amounts, if any, due to it pursuant to this Indenture, shall duly assign, transfer and deliver to the new Subscription Receipt Agent all property and money held and all records kept by
hereunder or in connection hereunder. 

  

	(f)	 Successor Subscription Receipt Agent: A corporation into or with which the Subscription Receipt Agent is merged or consolidated or
amalgamated, or a corporation succeeding to the business of the Subscription Receipt Agent, will be the successor to the Subscription Receipt Agent hereunder without any further act on its part or on the part of any party hereto if such corporation
would be eligible for appointment as a new Subscription Receipt Agent under Section 12.08(e). 

  

	(g)	 Certificates: A Subscription Receipt Certificate certified but not delivered by a predecessor Subscription Receipt Agent may be delivered by
the new or successor Subscription Receipt Agent in the name of the predecessor Subscription Receipt Agent or successor Subscription Receipt Agent. 

Section 12.09 Conflict of Interest 

The Subscription Receipt Agent represents to the Company that at the date of execution and delivery by it of this Indenture
there exists no material conflict of interest in the role of the Subscription Receipt Agent as a fiduciary hereunder but if, notwithstanding the provisions of this Section 12.09, such a material conflict of interest exists, or hereafter arises,
the validity and enforceability of this Indenture, and the Subscription Receipts issued hereunder, shall not be affected in any manner whatsoever by reason only that such material conflict of interest exists or arises but the Subscription Receipt
Agent shall, within 30 days after ascertaining that it has a material conflict of interest, either eliminate such material conflict of interest or resign in the manner and with the effect specified in Section 12.09. 

Section 12.10 Acceptance of Duties and Obligations 

The Subscription Receipt Agent hereby accepts the duties and obligations in this Indenture declared and provided for and
agrees to perform them on the terms and conditions herein set forth. The Subscription Receipt Agent accepts the duties and responsibilities under this Indenture solely as custodian, bailee and agent. No trust is intended to be or will be created
hereby and the Subscription Receipt Agent shall owe no duties hereunder as a trustee. 

  
 36 

 Section 12.11 Force Majeure 

Except for the payment obligations of the Company contained herein, neither party shall be liable to the other, or held in
breach of this Indenture, if prevented, hindered or delayed in the performance or observance of any provision contained herein by reason of an act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes
or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent to the time lost
because of any delay that is excusable under this Section. 
 Section 12.12 Tax Reporting 

The Agent shall complete any required tax reporting for the Earned Interest on behalf of the Company. The Earned Interest
shall be applied for the benefit of the Company as contemplated in Section Section 6.03(a) or Section 6.03(b) of this Indenture. 

ARTICLE 13 
 GENERAL

 Section 13.01 Notice to the Company and Subscription Receipt Agent 

 

	(a)	 Company: Unless herein otherwise expressly provided, a notice to be given hereunder to the Company or the Subscription Receipt Agent will be
validly given if delivered or if sent by registered letter, postage prepaid, or if sent by e-mail or facsimile transmission (if receipt of such e-mail or transmission is confirmed): 

 

	 	(i)	 if to the Company: 

Postmedia Network Inc. 
 365
Bloor Street East 
 12th Floor 

Toronto, Ontario M4W 3L4 
  

	 	Attention:	Doug Lamb, Executive Vice President and Chief Financial Officer and Jeffrey Haar, Executive Vice President, Legal and General Counsel 

	 	E-mail:	dlamb@postmedia.com; jhaar@postmedia.com 

	 	Facsimile:	416-383-2463 

  

	 	(ii)	 if to the Subscription Receipt Agent: 

Computershare Trust Company of Canada 

9th Floor, 100 University Ave., 

Toronto, Ontario M5J 2Y1 
  

	 	Attention:	Manager, Corporate Trust 

	 	E-mail:	n/a 

	 	Facsimile:	416-981-9777 

 and any such notice delivered or sent in accordance with the
foregoing will be deemed to have been received on the date of delivery, e-mail or facsimile transmission or, if mailed, on the second Business Day following the day of the mailing of the notice. The original of any

  
 37 

	 	 
document sent by e-mail or facsimile transmission to the Subscription Receipt Agent shall be subsequently mailed to the Subscription Receipt Agent. 

 

	(b)	 Change of Address: The Company or the Subscription Receipt Agent, as the case may be, may from time to time notify the other in the manner
provided in Section 13.01(a) of a change of address which, from the effective date of such notice and until changed by like notice, will be the address of the Company or the Subscription Receipt Agent, as the case may be, for all purposes of
this Indenture. 

 Section 13.02 Notice to Subscription Receiptholders 

 

	(a)	 Notice: Unless herein otherwise expressly provided, a notice to be given hereunder to Subscription Receiptholders will be deemed to be
validly given if the notice is sent by ordinary surface or air mail, postage prepaid, addressed to the Subscription Receiptholders or delivered (or so mailed to certain Subscription Receiptholders and so delivered to the other Subscription
Receiptholders) at their respective addresses appearing on the registers of holders described in Section 3.01, provided, however, that if, by reason of a strike, lockout or other work stoppage, actual or threatened, involving Canadian postal
employees, the notice could reasonably be considered unlikely to reach or likely to be delayed in reaching its destination, the notice will be valid and effective only if it is so delivered or is given by publication twice in the Report on Business
section in the national edition of The Globe and Mail. 

  

	(b)	 Date of Notice: A notice so given by mail or so delivered will be deemed to have been given on the first Business Day after it has been
mailed or on the day on which it has been delivered, as the case may be, and a notice so given by publication will be deemed to have been given on the day on which it has been published as required. In determining under any provision hereof the date
when notice of a meeting or other event must be given, the date of giving notice will be included and the date of the meeting or other event will be excluded. Accidental error or omission in giving notice or accidental failure to mail notice to any
Subscription Receiptholder will not invalidate any action or proceeding founded thereon. 

 Section 13.03 Satisfaction and
Discharge of Indenture; Termination 
  

	(a)	 If (i) all certificates representing the Additional Notes required to be issued in compliance with the provisions hereof have been
issued hereunder in accordance with such provisions, or (ii) if the Termination Date has occurred, if all payments required to be made in compliance with the provisions of this Indenture have been made in accordance with such provisions and
payment to the Subscription Receipt Agent of the fees and other remuneration payable to the Subscription Receipt Agent have been made, this Indenture will cease to be of further effect and, on demand of and at the cost and expense of the Company and
on delivery to the Subscription Receipt Agent of a certificate of the Company stating that all conditions precedent to the satisfaction and discharge of this Indenture have been complied with and on payment to the Subscription Receipt Agent of the
fees and other remuneration payable to the Subscription Receipt Agent, the Subscription Receipt Agent will execute proper instruments acknowledging the satisfaction of and discharging this Indenture. 

 

	(b)	 This indenture may be otherwise terminated upon a written notice signed by the holders and the Company (together with, if applicable, a direction
as to application of the escrowed funds), and subject to payment to the Subscription Receipt Agent of the fees and other remuneration payable to the Subscription Receipt Agent that remain unpaid. 

  
 38 

 Section 13.04 Sole Benefit of Parties and Subscription Receiptholders 

Subject to the provisions of Section 12.07(b), nothing in this Indenture or the Subscription Receipt Certificates,
expressed or implied, will give or be construed to give to any person other than the parties hereto and the Subscription Receiptholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture or the Subscription
Receipt Certificates, or under any covenant or provision herein or therein contained, all such covenants and provisions being for the sole benefit of the parties hereto and the Subscription Receiptholders. 

Section 13.05 SEC Filings 

The Company represents and warrants for the benefit of the Subscription Receipt Agent that it does not have, and does not have
an obligation to have, a class of securities registered under section 12 of the United States Securities Exchange Act of 1934, as amended (the “U.S. Exchange Act”) and does not have a reporting obligation under section 13(a) or
15(d) of the U.S. Exchange Act. 
 Section 13.06 Discretion of Directors 

Any matter provided herein to be determined by the directors will be determined by the directors in their sole discretion,
acting reasonably, and a determination so made will be conclusive. 
 Section 13.07 Counterparts and Formal Date 

This Indenture may be executed in several counterparts and delivered via facsimile or by e-mail via portable document format
(pdf), each of which when so executed and delivered will be deemed to be an original and such counterparts together will constitute one and the same instrument and notwithstanding the date of their execution will be deemed to be dated as of the date
of this Indenture. 
 [Remainder of page intentionally left blank] 

  
 39 

 IN WITNESS WHEREOF the parties hereto have executed this Indenture as of the day and year first above written.

  

			
	POSTMEDIA NETWORK INC.
		
	Per:	 	“Doug Lamb”
		 	Name: Doug Lamb
		 	 Title:   Executive Vice President and

            Chief Financial Officer

		
	Per:	 	“Jeffrey Haar”
		 	Name: Jeffrey Haar
		 	 Title:   Executive Vice President,

            Legal and General Counsel

  
 S-1 

 
			
	COMPUTERSHARE TRUST COMPANY OF CANADA
		
	Per:	 	“Judith Sebald”
		 	Name: Judith Sebald
		 	Title:   Corporate Trust Officer
		
	Per:	 	“Lisa M. Kudo”
		 	Name: Lisa M. Kudo
		 	Title:   Corporate Trust Officer

  
 S-2 

 Schedule A 

SUBSCRIPTION RECEIPT CERTIFICATE 

[Insert if applicable: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY
SERVICES INC. (“CDS”) TO POSTMEDIA NETWORK INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH
THIS CERTIFICATE. 
 THIS CERTIFICATE IS A GLOBAL SUBSCRIPTION RECEIPT CERTIFICATE WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CDS & CO. OR A NOMINEE OF CDS. THIS CERTIFICATE IS EXCHANGEABLE FOR CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN CDS & CO. OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A TRANSFER OF CERTIFICATE AS A WHOLE BY CDS TO A NOMINEE OF CDS OR BY A NOMINEE OF CDS TO CDS OR ANOTHER NOMINEE OF CDS AND/OR THEIR RESPECTIVE
SUCCESSORS) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.] 
 UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SUBSCRIPTION RECEIPT MUST NOT TRADE THIS SUBSCRIPTION RECEIPT BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF (I)[—], AND (II) THE DATE
THAT THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA. 
  

							
	 Certificate Number:
	 	 	    	Number of Subscription Receipts:	  	 

 SUBSCRIPTION RECEIPTS 

for 8.25% Senior Secured Notes due 2017 of 

POSTMEDIA NETWORK INC. 

THIS IS TO CERTIFY THAT,
                                         
                    (the “holder”) is the registered holder of the number of the Subscription Receipts (“Subscription
Receipts”) specified above of Postmedia Network Inc. (the “Company”). 
 Unless otherwise defined
herein, all capitalized terms used in this Subscription Receipt shall have the meaning attributed to them in the subscription receipt indenture (which indenture, together with all instruments supplemental or ancillary thereto, is herein referred to
as the “Subscription Receipt Indenture”) dated as of October 6, 2014 between the Company and Computershare Trust Company of Canada (the “Subscription Receipt Agent”). 

  
 A-1 

 The Subscription Receipts evidence, in consideration for each Subscription
Receiptholder’s payment of the Subscription Price (A) the holder’s obligation and agreement to subscribe for, and the Company’s obligation and agreement to issue automatically on the Release Date, one Additional Note for each
Subscription Receipt, and (B) the holder’s right to receive the Return Amount if a Trigger Event occurs. 
 The
Company shall, upon the satisfaction or waiver of the Release Conditions, deliver the Release Notice to the Subscription Receipt Agent. 

The Subscription Receipts shall bear interest at 8.25% per annum on the Underlying Subscription Amount. For the First
Interest Period, interest shall be calculated on the basis of a year of 365 days or 366 days, as applicable, and the actual number of days elapsed in that period and payable in arrears on the First Interest Payment Date. Except as otherwise provided
herein, for each Subsequent Interest Period, interest will be payable in arrears in equal instalments on each Interest Payment Date in accordance with the terms of the Subscription Receipt Indenture. Notwithstanding the foregoing, in the event a
Trigger Event occurs after April 30, 2015, interest for the period from the First Interest Payment Date to but excluding the Termination Date shall be calculated on the basis of a year of 365 days or 366 days, as applicable, and the actual
number of days elapsed in that period and such interest will be payable to holders in accordance with the Subscription Receipt Indenture. In the event the Company delivers to the Subscription Receipt Agent a Release Notice (and prior to the
occurrence of a Trigger Event), interest that accrues on the Underlying Subscription Amount of the Subscription Receipts from and after April 30, 2015 will be identical in terms of interest that accrues on each $1,000 principal amount of Notes
that were outstanding as of April 30, 2015. In the case of interest payable on a Subscription Receipt in respect of a Release Date Interest Period, such interest shall be payable on the Release Date and shall be payable only by set-off against
an obligation by holders to pay the Unearned Interest Amount in respect of the Additional Notes issuable pursuant to such Subscription Receipt, as provided in the Subscription Receipt Indenture. 

If a Trigger Event occurs, then all of the Subscription Receipts shall, at the Termination Time and without any action on the
part of the holders thereof (including the surrender of Subscription Receipt Certificates), be automatically terminated and cancelled, and the Return Amount shall be remitted to such holders as contemplated by the Subscription Receipt Indenture, and
holders of such Subscription Receipt Certificates shall thereafter have no rights thereunder except to receive an amount equal to the Return Amount (less any withholding Tax required to be withheld in respect thereof under applicable Laws) in
accordance with Subscription Receipt Indenture. The Return Amount (less any withholding Tax required to be withheld in respect thereof under applicable Laws) shall be remitted to each holder of a Subscription Receipt by the Subscription Receipt
Agent in accordance with Subscription Receipt Indenture. 
 This Subscription Receipt Certificate represents Subscription
Receipts of the Company issued under the provisions of the Subscription Receipt Indenture. Reference is hereby made to the Subscription Receipt Indenture for particulars of the rights of the holders of the Subscription Receipts, the Company and the
Subscription Receipt Agent in respect thereof and of the terms and conditions upon which the Subscription Receipts are issued and held, all to the same effect as if the provisions of the Subscription Receipt Indenture were herein set forth in full,
to all of which the holder, by acceptance hereof, assents. In the event of a conflict between the provisions of this Subscription Receipt Certificate and the Subscription Receipt Indenture, the terms of the Subscription Receipt Indenture shall
govern. The Company will furnish to the holder, on request, a copy of the Subscription Receipt Indenture. 
 The holder of
this Subscription Receipt and any transferee hereof are cautioned that in the event that a Trigger Event occurs and the Subscription Receipts are terminated and cancelled, cheques representing the Return Amount will be mailed or delivered to the
latest address of record of the 

  
 A-2 

 
registered holder or to the direction of the registered holder, and the Company and the Subscription Receipt Agent are not bound to take notice of any transfers or assignments unless the
transferee is a duly registered holder of the Subscription Receipt prior to such mailing or delivery. 
 On and after the
Release Date, the holder will have no rights hereunder except the right to receive the Additional Notes issued pursuant to the Subscription Receipts held by such holder. 

No Additional Notes will be issued pursuant to any Subscription Receipt if the issue of such security would constitute a
violation of the securities laws of any applicable jurisdiction. 
 The Subscription Receipt Indenture contains provisions
making binding on all holders of Subscription Receipts outstanding thereunder resolutions passed at meetings of all Subscription Receiptholders held in accordance with such provisions and instruments in writing signed by holders of a specified
majority of all outstanding Subscription Receipts. 
 On presentation at the principal office of the Subscription Receipt
Agent in Toronto, Ontario subject to the provisions of the Subscription Receipt Indenture and on compliance with the reasonable requirements of the Subscription Receipt Agent, one or more Subscription Receipt Certificates may be exchanged at no cost
to the holder for one or more Subscription Receipt Certificates of different denominations representing in the aggregate the same number of Subscription Receipts as the Subscription Receipt Certificate or Subscription Receipt Certificates being
exchanged. 
 The Subscription Receipts represented by this Subscription Receipt Certificate may only be transferred on the
register of transfers to be kept at the principal office of the Subscription Receipt Agent in Toronto, Ontario upon compliance with the conditions prescribed in the Subscription Receipt Indenture by the holder of such Subscription Receipts or the
executors, administrators or other legal representatives thereof or the attorney thereof appointed by an instrument in writing in form and executed in a manner satisfactory to the Subscription Receipt Agent, including the requirement to complete the
Form of Transfer forming part of this Subscription Receipt Certificate, and, upon compliance with such requirements and such other reasonable requirements as the Subscription Receipt Agent may prescribe, such transfer will be duly recorded on such
register of transfers by the Subscription Receipt Agent. 
 Notwithstanding the foregoing, the Company will be entitled, and
may direct the Subscription Receipt Agent, to refuse to record any transfer of any Subscription Receipt on such register if such transfer would constitute a violation of the securities laws of any jurisdiction. 

The holding of this Subscription Receipt Certificate will not constitute the holder a shareholder or a holder of Notes of the
Company or entitle such holder to any right or interest in respect thereof except as otherwise provided in the Subscription Receipt Indenture. 

This Subscription Receipt Certificate will not be valid for any purpose until it has been certified by or on behalf of the
Subscription Receipt Agent for the time being under the Subscription Receipt Indenture. 
 Time is of the essence hereof.

  
 A-3 

 IN WITNESS WHEREOF THE COMPANY has caused this Subscription Receipt Certificate
to be signed by its duly authorized representative in that behalf as of                     , 2014. 

 

			
	POSTMEDIA NETWORK INC.
		
	Per:	 	 
		 	Name:
		 	Title:
		
	Per:	 	 
		 	Name:
		 	Title:

  

  
 A-4 

 SUBSCRIPTION RECEIPT AGENT’S CERTIFICATE 

Certified and countersigned by: 
  

			
	COMPUTERSHARE TRUST COMPANY OF CANADA
		
	Per:	 	 
		 	Name:
		 	Title:
		
	Per:	 	 
		 	Name:
		 	Title:

  

  
 A-5 

 FORM OF TRANSFER 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers to
                                         
                    (print name and address) the Subscription Receipts represented by this Subscription Receipt Certificate and hereby appoints the
Secretary of the Company as its attorney with full power of substitution to transfer the Subscription Receipts on the appropriate register of the Subscription Receipt Agent. 

DATED this              day of
                                        ,
20        . 
  

					
		  	 )

)
 )

)
 )

)
 )
	  	  
  

Signature of Transferor
  

	  
 Signature of
Guarantor
  
  

Authorized Officer
  

 
 Name of Institution
	  	  	  
 Name of Transferor

 CERTAIN REQUIREMENTS RELATING TO TRANSFERS 

 

	2.	 The signature(s) to this transfer must correspond with the name(s) as written upon the face of this Subscription Receipt Certificate in every
particular without alteration or any change whatsoever. The signature(s) on this form must be guaranteed by one of the following methods: 

A Medallion Signature Guarantee obtained from a member of an acceptable medallion Signature Guarantee Program (STAMP, SEMP,
MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words “Medallion Guaranteed”. 

A Signature Guarantee obtained from a major Canadian Schedule I chartered bank. The Guarantor must affix a stamp bearing the
actual words “Signature Guaranteed”. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisses Populaires unless they are members of a Medallion Signature Guarantee Program. 

  
 A-6 

 Schedule B 

RELEASE NOTICE 
  

	TO:	 Computershare Trust Company of Canada, as Subscription Receipt Agent 

Reference is made to the subscription receipt indenture dated as of October 6, 2014 (the “Subscription Receipt
Indenture”) between Postmedia Network Inc. (the “Company”) and Computershare Trust Company of Canada (the “Subscription Receipt Agent”). Unless otherwise defined herein, words and terms with the initial
letter or letters thereof capitalized shall have the meanings given to such words and terms in the Subscription Receipt Indenture. 

The Company represents, warrants and confirms to the Subscription Receipt Agent, on behalf of the holders of Subscription
Receipts, that the Release Conditions have been satisfied or waived. 
 Accordingly, in accordance with Article 6 of
the Subscription Receipt Indenture, the Company irrevocably directs the Subscription Receipt Agent in accordance with the Subscription Receipt Indenture to release: 
  

	 	(i)	 the Proceeds together with the Earned Interest to the Company, less any withholding Tax required to be withheld under applicable Laws; and

  

	 	(ii)	 an amount equal to the aggregate amount, if any, required to be withheld in respect of withholding Taxes in accordance with clause (i) above,
to the relevant Governmental Entity in accordance with Section 12.04(c) of the Subscription Receipt Indenture. 

This Release Notice, which may be signed in counterparts and delivered by facsimile, is irrevocable and shall constitute your
good and sufficient authority for taking the actions described herein. 
 DATED this
             day of                     ,
201        . 
  

			
	POSTMEDIA NETWORK INC.
		
	Per:	 	 
		 	Name:
		 	Title:
		
	Per:	 	 
		 	Name:
		 	Title:

  

  
 B-1 

 Schedule C 

FORM OF SECOND SUPPLEMENTAL INDENTURE 

  
 C-1 

  

 
 SECOND SUPPLEMENTAL INDENTURE 

Dated as of [                    ],
201— 
 Among 

POSTMEDIA NETWORK INC., as Issuer 

and 
 POSTMEDIA NETWORK CANADA
CORP., as Guarantor 
 and 

COMPUTERSHARE TRUST COMPANY OF CANADA, as Trustee 

and 
 COMPUTERSHARE TRUST COMPANY
OF CANADA, as Collateral Agent 
 8.25% SENIOR SECURED NOTES DUE 2017 

 
  

 

  
 C-2 

 Second Supplemental Indenture (this “Second Supplemental
Indenture”), dated as of [                    ] [            ],
201        , by and among, POSTMEDIA NETWORK INC., a corporation incorporated under the Canada Business Corporations Act, as issuer (the “Issuer”), POSTMEDIA NETWORK CANADA
CORP., a corporation incorporated under the Canada Business Corporations Act, as guarantor (the “Guarantor”) and COMPUTERSHARE TRUST COMPANY OF CANADA, as trustee (the “Trustee”), and COMPUTERSHARE TRUST
COMPANY OF CANADA, as collateral agent. 
 W I T N E S S E T H 

WHEREAS, each of the Issuer and the Guarantors has heretofore executed and delivered to the Trustee an indenture (the
“Original Indenture”), dated as of August 16, 2012, as amended and supplemented by the first supplemental indenture dated as of —, 2014 (the “First Supplemental
Indenture” and together with the Original Indenture, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 8.25% Senior Secured Notes due 2017 (the “Notes”). 

AND WHEREAS Section 9.01 of the Indenture permits the Issuer, the Guarantors, the Trustee and the Collateral Agent,
without the consent of any Holder, to amend or supplement the Indenture to provide for or confirm the issuance of Additional Notes in accordance with the terms of the Indenture. 

AND WHEREAS the Issuer wishes to issue up to $[—] in aggregate principal
amount of Additional Notes in accordance with the terms of the Indenture. 
 AND WHEREAS, pursuant to the Indenture, the
Trustee and the Collateral Agent are authorized to execute and deliver this Second Supplemental Indenture for the issuance of such Additional Notes. 

AND WHEREAS all necessary acts and proceedings have been done and taken and all necessary resolutions have been passed to
authorize the execution and delivery of this Second Supplemental Indenture by the Issuer, to make this Second Supplemental Indenture effective and binding upon the Issuer. 

AND WHEREAS the foregoing recitals are made as representations and statements of fact by the Issuer and not by the Trustee.

 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the parties mutually covenant and agree as follows: 
 ARTICLE 1 

INTERPRETATION 
 Section 1.01
Definitions 
 All terms which are defined in the Indenture and used but not defined in this Second Supplemental
Indenture shall have the meanings ascribed to them in the Indenture, as such meanings may be amended by this Second Supplemental Indenture. In the event of any inconsistency between the terms in the Indenture and this Second Supplemental Indenture,
the terms in this Second Supplemental Indenture prevail. 

  
 C-3 

 Section 1.02 General Rule 

Subject to the terms and conditions herein contained, the Indenture is hereby amended to the extent necessary to give effect
to the provisions of this Second Supplemental Indenture and to incorporate the provisions of this Second Supplemental Indenture into the Indenture. 

Section 1.03 Currency 

Unless otherwise noted, all dollar amounts expressed in this Supplemental Indenture are expressed in Canadian Dollars. 

ARTICLE 2 
 THE
ADDITIONAL NOTES 
 Section 2.01 Creation and Design 

Pursuant to this Second Supplemental Indenture, $— in Additional Notes are
hereby issued by the Issuer on the date hereof and shall have identical terms as the Initial Notes, other than with respect to the date of issuance and issue price. The Additional Notes and the Initial Notes shall be treated as a single class for
all purposes under this Indenture (including, waivers, amendments, redemptions and offers to purchase) and shall have the same CUSIP number. 

Section 2.02 Trustee, etc. 

The Trustee will be the Trustee, authenticating agent, paying agent, transfer agent and registrar for the Additional Notes. 

Section 2.03 Form of Additional Notes 
 The
Additional Notes shall be in the form of Exhibit A of the Indenture and shall be represented by a Global Note. 
 ARTICLE 3 

MISCELLANEOUS PROVISIONS 
  

Section 3.01 Confirmation of Existing Security 

Each of the Issuer and the Guarantor acknowledges and confirms that notwithstanding the execution of this Second Supplemental
Indenture each of the existing Collateral Documents that Issuer and Guarantor have executed in favour of Collateral Agent (i) remains in full force and effect and has not been terminated discharged or released, (ii) constitutes legal valid
and binding obligation of Issuer and Guarantor enforceable against Issuer and Guarantor under the laws governing the applicable security document in accordance with its terms, subject to applicable bankruptcy insolvency and other laws of general
application limiting the enforceability of creditors rights and (iii) continues to stand as valid and enforceable security for the Obligations, as amended hereby, including any obligations with respect to the Additional Notes. 

Section 3.02 Supplemental to the Note Indenture 

This Second Supplemental Indenture is supplemental to the Indenture and the Second Supplemental Indenture shall hereafter be
read together and shall have effect, so far as practicable, with 

  
 C-4 

 
respect to the Notes and the Additional Notes as if all the provisions of the Indenture and this Supplemental Indenture were combined in one instrument. This Second Supplemental Indenture shall,
unless the context otherwise requires, be subject to the interpretation provisions contained in Section 1.03 of the Indenture. The Indenture is and shall remain in full force and effect with regards to all matters governing the Notes and
Additional Notes, except as modified or supplemented by this Second Supplemental Indenture. Notwithstanding the foregoing, in the event any term or provision contained herein shall conflict with or be inconsistent with any term or provision of the
Indenture, the terms and provisions of this Second Supplemental Indenture shall govern, but for greater certainty this paramountcy clause shall not be operative with respect to any other Supplemental Indenture executed on the date hereof and all
such Supplemental Indentures shall be interpreted in a manner consistent with each other. 
 Section 3.03 Future Reference to the Note
Indenture 
 On and after the date of this Second Supplemental Indenture, each reference in the Indenture to
“this Indenture”, “hereunder”, “hereof”, “herein” or words of like import referring to the Indenture, and each reference in any related document to the Indenture, “thereunder”, “thereof”,
“therein” or words of like import referring to the Indenture shall mean and be a reference to the Indenture as amended hereby. The Indenture, as amended hereby, is and shall continue to be in full force and effect and is hereby in all
respects ratified and confirmed. 
 Section 3.04 Governing Law 

THIS SECOND SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE PROVINCE OF ONTARIO
AND THE FEDERAL LAWS IF CANADA APPLICABLE THEREIN. 
 Section 3.05 Waiver of Jury Trial 

EACH OF ISSUER, THE COLLATERAL AGENT AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

Section 3.06 Counterparts 

The parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy (whether by original,
facsimile or other electronic method of transmission) shall be considered an original, but all of them together represent the same agreement. 

Section 3.07 Headings 

The headings of the Sections of this Second Supplemental Indenture have been inserted for convenience of reference only, are
not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

[Signatures on following page] 

  
 C-5 

 IN WITNESS WHEREOF the parties hereto have caused this Supplemental Indenture to
be executed on their behalf, effective as of the day and year first written above. 
  

			
	POSTMEDIA NETWORK INC., as Issuer
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	POSTMEDIA NETWORK CANADA CORP., as Guarantor
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

  
 C-6 

 
			
	COMPUTERSHARE TRUST COMPANY OF CANADA, as Trustee and Collateral Agent
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 6378928 

  
 C-7EX-4.16

 Exhibit 4.16 

STANDBY PURCHASE AGREEMENT 

THIS AGREEMENT (the “Agreement”) has been entered into as of October 6, 2014, by and between:

 POSTMEDIA NETWORK CANADA CORP., a corporation governed under the laws of Canada 

(“Postmedia”) 

- and - 

GOLDENTREE ASSET MANAGEMENT LP, a partnership governed under the laws of Delaware, on behalf of itself and each of the
entities referred to in Schedule A 
 (the “Standby Purchaser”) 

WHEREAS Postmedia or an affiliate of Postmedia (the “Purchaser”) is contemporaneously entering into
the Purchase Agreement (as defined below) to acquire the issued and outstanding shares of Quebecor Media Printing Inc. (the “Acquisition”) from Quebecor Media Inc. (the “Vendor”); 

AND WHEREAS Postmedia proposes to effect an offering of transferable rights (“Rights”) to acquire
subscription receipts of Postmedia (“Subscription Receipts”), with each holder of Shares (as defined below) receiving one right per Share held, each Right entitling the holder thereof to subscribe for that number of Subscription
Receipts equal to the Rights Ratio (as defined below) at the Subscription Price (as defined below), and each Subscription Receipt representing the holder’s right to receive one Class NC variable voting share in the capital of Postmedia
(“Variable Voting Shares”) upon the closing of the Acquisition and without payment of additional consideration, to the holders of record of its Shares pursuant to a short form prospectus to raise proceeds to be used to fund a
portion of the purchase price for the Acquisition (the “Rights Offering”) in an amount to be set out in the Final Prospectus (or an amendment thereto) which will be $186,000,000 less the aggregate amount of net proceeds realized
from asset dispositions as permitted by the Trust Indenture (as defined below) completed between the date of this Agreement and the date of the Final Prospectus (the “Offering Amount”); 

AND WHEREAS the Standby Purchaser has agreed to purchase an aggregate of 100% of the Offering Amount of Subscription
Receipts that are not otherwise purchased under the Rights Offering on the terms and conditions set forth in this Agreement;  

NOW THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed as set forth below. 

 Article 1 

INTERPRETATION 
  

	1.1	 Definitions. In this Agreement, unless something in the subject matter is inconsistent therewith: 

“accredited investor” has the meaning set forth in Section 6.1(k); 

“Acquisition” has the meaning set forth in the recitals to this Agreement; 

“Action” means any action, claim, application, investigation, lawsuit, arbitration, order, direction, notice
of non-compliance or proceeding of any nature by or before any Governmental Entity; 
 “Additional Subscription
Privilege” means the entitlement of a holder of Rights, who has exercised his, her or its Basic Subscription Privilege in full, to subscribe for additional Subscription Receipts (if such are available) pursuant to the Rights Offering, as
such entitlement will be further detailed in the Prospectus; 
 “affiliates” has the meaning ascribed
thereto in the Canada Business Corporations Act; 
 “Basic Subscription Privilege” means the
entitlement of a holder of Rights to subscribe for his, her or its pro rata portion of Subscription Receipts under the Rights Offering based on his, her or its holding of Shares on the Record Date; 

“Business Day” means any day, other than a Saturday or a Sunday, upon which banks are open for business in
the cities of Toronto, Ontario and New York, New York; 
 “Closing Date” means two Business Days following
the Expiry Time, or such other date as may be agreed by Postmedia and the Standby Purchaser, which in no event will be later than the Outside Date; 

“Closing Time” means 8:30 a.m. (Toronto time) on the Closing Date or such other time on the Closing Date as
Postmedia and the Standby Purchaser may agree; 
 “Comparison EBITDA” means $[REDACTED][Commercially
sensitive], being Postmedia’s earnings before interest, taxes, depreciation and amortization for the period commencing on September 1, 2013 and ending December 31, 2013, calculated on a basis consistent with past practice and
excluding the impact of restructuring costs and stock based compensation; 
 “Competition Act” means the
Competition Act (Canada), as amended, and the regulations thereunder; 
 “Current EBITDA” means
Postmedia’s earnings before interest, taxes, depreciation and amortization for the period commencing on September 1, 2014 and ending December 31, 2014, calculated on a basis consistent with past practice and excluding

  
 2 

 
the impact of restructuring costs and stock based compensation, as set out on the EBITDA Certificate; 

“Debt Financing Receipt Indenture” means the subscription receipt indenture dated the date hereof between the
Material Subsidiary and the subscription receipt agent thereunder pursuant to which the Debt Subscription Receipts will be issued; 

“Debt Subscription Receipts” means the debt subscription receipts to be issued pursuant to the Debt Financing
Receipt Indenture entitling each holder thereof to receive the Notes, subject to the terms and conditions set out in the Debt Financing Receipt Indenture and the Trust Indenture; 

“EBITDA Certificate” means the certificate dated the date of the Final Prospectus (or the date any Prospectus
Amendment to the Final Prospectus) and signed on behalf of Postmedia by the Chief Financial Officer of Postmedia in form and content satisfactory to the Standby Purchaser, acting reasonably, addressed to the Standby Purchaser certifying for and on
behalf of Postmedia the Current EBITDA; 
 “Expiry Time” means 5:00 p.m. (Toronto time) on the date to be
set forth in the Final Prospectus, such date and time being the date and time on which the Rights will expire and become null and void and such date being expected to be on or about the 21st day following the date on which the Final Prospectus is
mailed to holders of Shares as of the Record Date; 
 “Final Prospectus” means the (final) short form
prospectus (in the English and French languages) to be filed by Postmedia with the Securities Commissions in connection with the Rights Offering and the distribution of the Securities as amended by any Prospectus Amendment to the Final Prospectus;

 “First Supplemental Indenture” means the first supplemental indenture to the Trust Indenture in
substantially the form attached hereto as Schedule B containing the amendments to the Trust Indenture to permit the issuance of the Debt Subscription Receipts, among other things; 

“Governmental Entity” means any (i) multinational, federal, provincial, territorial, municipal, local or
other governmental or public department, central bank, court, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) any subdivision or authority of any of the foregoing, or (iii) any quasi-governmental or private
body exercising any regulatory, expropriation or taxing authority under or for the account of any of the above; 

“Issue Price” means, for each of the Subscription Receipts, the lesser of: (i) $1.10, provided that if
the Current EBITDA is less than [REDACTED] [Commercially sensitive]% of the Comparison EBITDA, $0.72; and (ii) if the Issue Price determined pursuant to clause (i) does not represent a “significant discount” (as defined in
Section 614(c)(ii) of the TSX Company Manual) to the market price of the Variable Voting Shares at the time of the filing of the Final Prospectus, the highest price that is sufficient to ensure that the Issue Price represents a significant
discount; 

  
 3 

 “Laws” means any and all applicable laws including all statutes,
codes, ordinances, decrees, rules, regulations, municipal by-laws, judicial or arbitral or administrative or ministerial or departmental or regulatory judgments, orders, decisions, rulings or awards, instruments, policies, guidelines, and general
principles of common law and equity, binding on or affecting the Person referred to in the context in which the word is used; 

“Material Subsidiary” means Postmedia Network Inc.; 

“material change” means a material change for the purposes of Securities Laws; 

“material fact” means a material fact for the purposes of Securities Laws; 

“Misrepresentation” means (a) a “misrepresentation” as defined in section 1(1) of the
Securities Act or (b) as to any document, any untrue statement of a material fact or omission to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; 
 “Notes” a total of approximately $140 million principal amount of
8.25% senior secured notes to be issued by the Material Subsidiary pursuant to the Trust Indenture in accordance with the terms and conditions of the Debt Financing Receipt Indenture; 

“Offering Amount” has the meaning set forth in the recitals to this Agreement; 

“Outside Date” means June 26, 2015; 

“Postmedia” means Postmedia Network Canada Corp., a corporation governed by the Canada Business
Corporations Act; 
 “Person” means an individual, corporation, partnership, limited partnership,
limited liability partnership, limited liability company, association, trust, estate, custodian, trustee, executor, administrator, nominee or other entity or organization, including a Governmental Entity or political subdivision or an agency or
instrumentality thereof; 
 “Preliminary Prospectus” means the preliminary short form prospectus (in the
English and French Languages) to be filed by Postmedia with the Securities Commissions in connection with the Rights Offering and the distribution of the Securities; 

“Prospectus” means, collectively, the Preliminary Prospectus, the Final Prospectus and any Prospectus
Amendment including, in each case, where the context so permits, all documents incorporated by reference therein; 

“Prospectus Amendment” means any amendment to the Preliminary Prospectus or the Final Prospectus; 

  
 4 

 “Public Documents” means (i) the annual information form
for Postmedia dated November 27, 2013; (ii) management’s discussion and analysis for Postmedia for the year ended August 31, 2013; (iii) the audited consolidated financial statements of Postmedia as at and for the year ended
August 31, 2013, together with the auditors’ reports thereon; (iv) management’s discussion and analysis for Postmedia for the three and nine months ended May 31, 2014; (v) the unaudited interim condensed consolidated
financial statements for the three and nine months ended May 31, 2014; (vi) management proxy circular dated November 27, 2013 in connection with Postmedia’s January 9, 2014 annual and special meeting; (vii) all material
change reports filed by Postmedia since August 31, 2013; and (viii) any other document which is or will be incorporated by reference in the Prospectus; 

“Purchase Agreement” means the purchase agreement to be entered into between the Purchaser and the Vendor in
connection with the Acquisition; 
 “Purchaser” has the meaning set forth in the recitals to this
Agreement; 
 “Qualifying Jurisdictions” means each of the Provinces of Canada other than Quebec and, if
Postmedia elects in its sole discretion, the Province of Quebec; 
 “Receiptholders” means holders of
Subscription Receipts; 
 “Record Date” means the record date for the purpose of the Rights Offering that
will be established by Postmedia in the Final Prospectus; 
 “Regulation S” means Regulation S under the
U.S. Securities Act; 
 “Release Conditions” will include: 

 

	 	(a)	 all conditions to the closing of the Acquisition set forth in the Purchase Agreement have been satisfied or waived by Postmedia or will be
satisfied or waived by Postmedia substantially concurrently with the release of the Offering Amount; 

  

	 	(b)	 the Acquisition will close substantially concurrently with the release of the Offering Amount; 

 

	 	(c)	 the Offering Amount will be used to satisfy a portion of the purchase price under the Purchase Agreement and costs and expenses associated
therewith; 

  
 5 

	 	(d)	 Postmedia will contemporaneously with the closing of the Acquisition pay the standby commitment fee pursuant to Section 2.6(c) to the Standby
Purchaser, or as the Standby Purchaser may otherwise direct; 

  

	 	(e)	 except for frivolous actions or proceedings by a Person other than a Governmental Entity, there are no Actions in progress, or to the knowledge of
Postmedia or the Standby Purchaser, pending or threatened, by any Person in any jurisdiction, to enjoin, restrict or prohibit the issuance of the Shares; 

  

	 	(f)	 the Shares are listed on the TSX, and the TSX has conditionally approved the listing of Shares issuable upon the conversion of the Subscription
Receipts, subject to the filing of customary documents with the TSX; 

  

	 	(g)	 each of the Transaction Agreements (other than this Agreement) shall remain in full force and effect, unamended (except for amendments made with
the prior written consent of the Standby Purchaser, in its sole and absolute discretion), and no condition contained in the Transaction Agreements (other than this Agreement) has become incapable of being satisfied prior to the closing date
specified therein; 

  

	 	(h)	 prior to or concurrently with the release of the Offering Amount, the Notes will have been issued in accordance with the Debt Subscription Receipt
Indenture and the Trust Indenture, and the Notes will remain outstanding; 

  

	 	(i)	 Postmedia and its affiliates will not have waived or agreed to waive (explicitly or by implication) any term, condition, right or benefit under the
Purchase Agreement, the Debt Financing Receipt Indenture or the Subscription Receipt Agreement (except for waivers made with the prior written consent of the Standby Purchaser, in its sole and absolute discretion); 

 

	 	(j)	 no Default (as defined in the Trust Indenture) or Event of Default (as defined in the Trust Indenture) shall have occurred and be continuing under
the Trust Indenture; 

  

	 	(k)	 Postmedia shall not have failed to pay an amount owing to the holders of the Debt Subscription Receipts when required under the Debt Financing
Receipt Indenture; 

  

	 	(l)	 the board of directors of Postmedia will have irrevocably waived the application of the Rights Plan to the Rights Offering, including with respect
to the Securities to be acquired by the Standby Purchaser pursuant to Section 2.3 of this Agreement and upon completion of the transactions contemplated by the Transaction Agreements; 

 

	 	(m)	 the Standby Purchaser will have received at the time of the release of the Offering Amount a certificate or certificates dated on the date of the
release of the Offering Amount and signed on behalf of Postmedia by the Chief Executive Officer and the Chief Financial Officer of Postmedia or such other 

  
 6 

 
officers of Postmedia acceptable to the Standby Purchaser, acting reasonably, in form and content satisfactory to the Standby Purchaser, acting reasonably, addressed to the Standby Purchaser
certifying for and on behalf of Postmedia after having made due enquiry and after having examined the Prospectus, including all documents incorporated by reference, that: 
  

	 	(i)	 no order, ruling or determination, or change in Law, having the effect of preventing, restricting, suspending the sale or distribution of the
Securities or suspending or ceasing the trading of the Securities or any other securities of Postmedia has been issued by any Governmental Entity and is continuing in effect and no inquiry (whether formal or informal) or other proceedings for that
purpose have been instituted or are pending or, to the knowledge of such officers, contemplated or threatened under any of the Securities Laws or by any Governmental Entity; and 

 

	 	(ii)	 the representations and warranties of Postmedia contained in this Agreement are true and correct in all material respects as of the date of the
release of the Offering Amount with the same force and effect as if made at and as of the date of the release of the Offering Amount, except for such representations and warranties which are stated to be qualified as to materiality, in which case
such representations and warranties will be true and correct in all respects as of the date of the release of the Offering Amount; 

and all such matters will in fact be true and correct as at the time of the release of the Offering Amount; and 

 

	 	(n)	 any other conditions, in a form mutually acceptable to Postmedia and the Standby Purchaser, each acting reasonably, as are customarily included as
release conditions in subscription receipt agreements of this nature; 

 “Rights” has the
meaning set forth in the recitals to this Agreement; 
 “Rights Offering” has the meaning set forth in the
recitals to this Agreement; 
 “Rights Offering Launch Date” means January 26, 2015; 

“Rights Plan” means the Shareholder Rights Plan Agreement dated as of November 8, 2010 between Postmedia
and Computershare Investor Services Inc., as rights agent; 
 “Rights Ratio” means (A/B)/C, where A = the
Offering Amount; B = the Issue Price; and C = the number of Shares outstanding on the date of the Final Prospectus; 

“Rule 144” means Rule 144 under the U.S. Securities Act; 

“SEC” means the U.S. Securities and Exchange Commission; 

  
 7 

 “Second Supplemental Indenture” means the second supplemental
indenture to the Trust Indenture to be entered into between Postmedia, the guarantors and Computershare Trust Company of Canada with respect to the issuance of the Notes pursuant to the Debt Subscription Receipts pursuant to the Debt Financing
Receipt Indenture; 
 “Securities” means, collectively, the Rights, the Subscription Receipts issuable upon
exercise of the Rights (including the Standby Purchaser Rights Offering Subscription Receipts), the Standby Subscription Receipts and the Shares underlying the Subscription Receipts and the Standby Subscription Receipts; 

“Securities Act” means the Securities Act (Ontario), as amended; 

“Securities Commissions” means, collectively, the securities commissions or similar securities regulatory
authorities of all of the Qualifying Jurisdictions; 
 “Securities Laws” means all applicable securities
laws in each of the Qualifying Jurisdictions and the respective regulations and rules under such laws together with applicable published policy statements of the Canadian Securities Administrators and the securities regulatory authorities in the
Qualifying Jurisdictions, and the applicable rules and policies of the TSX, the U.S. Securities Act and the rules and regulations promulgated thereunder, and applicable securities laws of the states of the United States in which the Rights are
offered; 
 “SEDAR” means the System for Electronic Document Analysis and Retrieval (SEDAR) as further
described within National Instrument 13-101 of the Canadian Securities Administrators; 
 “Shares” means,
collectively, the Voting Shares and the Variable Voting Shares; 
 “Standby Commitment” has the meaning set
forth in Section 2.3; 
 “Standby Purchaser” has the meaning set forth on the first page of this
Agreement; 
 “Standby Purchaser Information” means information in the Prospectus relating to the Standby
Purchaser that is provided by the Standby Purchaser in writing for inclusion in the Prospectus and is described in a letter to be provided by the Standby Purchaser to Postmedia on or about the date of each of the Preliminary Prospectus, the Final
Prospectus and any Prospectus Amendment, as applicable; 
 “Standby Purchaser Rights Offering Subscription
Receipts” means the Subscription Receipts issuable to the Standby Purchaser pursuant to the exercise of its Rights; 

“Standby Subscription Receipts” has the meaning set forth in Section 2.3; 

“Subscription Price” means the Issue Price multiplied by the Rights Ratio; 

  
 8 

 “Subscription Receipts” has the meaning set forth in the
recitals to this Agreement; 
 “Subscription Receipt Agent” means Computershare Trust Company of Canada;

 “Subscription Receipt Agreement” means the subscription receipt agreement to be entered into by
Postmedia and the Subscription Receipt Agent in connection with the Rights Offering containing customary terms and conditions for subscription receipts of this nature, including the Release Conditions; 

“Transaction Agreements” means collectively, the Subscription Receipt Agreement, the Purchase Agreement, the
Debt Financing Receipt Indenture and this Agreement; 
 “Trust Indenture” means the Senior Secured Notes
Indenture, dated as of August 16, 2012, among the Material Subsidiary, Postmedia, as guarantor and Computershare Trust Company of Canada, as trustee and collateral agent, which governs the Material Subsidiary’s 8.25% senior secured notes
due 2017, as will be amended pursuant to the First Supplemental Indenture and the Second Supplemental Indenture; 

“TSX” means the Toronto Stock Exchange; 

“U.S. Securities Act” means the U.S. Securities Act of 1933, as amended; 

“Variable Voting Shares” has the meaning set forth in the recitals to this Agreement; 

“Vendor” has the meaning set forth in the recitals to this Agreement; 

“Voting Restriction Agreement” has the meaning set forth in Section 2.8; and 

“Voting Shares” means the Class C voting shares in the capital of Postmedia. 

 

	1.2	 Headings, etc. The division of this Agreement into articles, sections, paragraphs and clauses and the provision of headings are for the
convenience of reference only and will not affect the construction or interpretation of this Agreement. The terms “this Agreement”, “hereof”, “hereunder” and similar expressions refer to this Agreement as a whole and
not to any particular article, section, paragraph, clause or other portion hereof and include any agreement or instrument supplemental or ancillary hereto. Unless something in the subject matter or context is inconsistent therewith, references
herein to articles, sections, paragraphs or clauses are to articles, sections, paragraphs or clauses of this Agreement. 

  

	1.3	 Plurality and Gender. Words importing the singular number only will include the plural and vice versa, words importing the masculine gender
will include the feminine and neuter genders and vice versa and the words importing persons will include individuals, partnerships, trusts, corporations, governments and governmental authorities and vice versa. 

  
 9 

	1.4	 Currency. Unless otherwise specifically stated, all references to dollars and cents in this Agreement are to the lawful currency of Canada.

  

	1.5	 Governing Law. This Agreement will be governed by, interpreted and enforced in accordance with the laws of the Province of Ontario and the
federal laws of Canada applicable therein. Each party hereby unconditionally and irrevocably submits to the non-exclusive jurisdiction of the courts of the Province of Ontario in respect of all matters arising out of this Agreement.

  

	1.6	 Severability. If any provision of this Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or
unenforceability will attach only to such provision or part thereof and the remaining part of such provision and all other provisions hereof will continue in full force and effect. The parties hereto agree to negotiate in good faith a substitute
provision which will be as close as possible to the intention of any invalid or unenforceable provision as may be valid or enforceable. The invalidity or unenforceability of any provision in any particular jurisdiction will not affect its validity
or enforceability in any other jurisdiction where it is valid or enforceable. 

  

	1.7	 Statutes. Any reference to a statute, act or law will include and will be deemed to be a reference to such statute, act or law and to the
regulations, instruments and policies made pursuant thereto, with all amendments made thereto and in force from time to time, and to any statute, act or law that may be passed which has the effect of supplementing or superseding such statute, act or
law so referred to. 

  

	1.8	 Accounting Terms. All accounting terms not specifically defined in this Agreement are to be interpreted in accordance with generally
accepted accounting principles as set out in the Canadian Institute of Chartered Accountants Handbook – Accounting, as applicable to Postmedia, at the relevant time applied on a consistent basis. 

Article 2 
 STANDBY
COMMITMENT 
  

	2.1	 Conduct of Rights Offering. Subject to and in accordance with the terms hereof, Postmedia agrees to offer, in accordance with Securities
Laws, the Rights, the Subscription Receipts issuable upon the exercise of the Rights and the Shares underlying the Subscription Receipts pursuant to the Prospectus to Persons that are the holders of record of Shares on the Record Date (i) in
the Qualifying Jurisdictions; (ii) in the United States of America, provided that Postmedia shall not be required to make an offer in any state where such state’s securities commission would conduct a substantive review of the Preliminary
Prospectus or the Final Prospectus or where such filing would result, in the reasonable judgment of Postmedia, in undue expense or delay to the closing of the Rights Offering; and (iii) in any other jurisdiction that Postmedia has satisfied
itself is entitled to receive the Securities under the Rights Offering in accordance with the Laws of such jurisdiction without obliging Postmedia to register the Securities or file a prospectus or other similar disclosure document or to make any
other filings or become subject to any reporting or disclosure obligations that Postmedia is not otherwise already obligated to make. 

  
 10 

	2.2	 Proceeds. All proceeds from the exercise of Rights will be held by the Subscription Receipt Agent in escrow in accordance with
the terms of the Subscription Receipt Agreement. As provided in the Subscription Receipt Agreement, if the conditions set out therein are satisfied on or before the date set out therein, each holder of a Subscription Receipt will automatically
receive, without the payment of any additional consideration, one Variable Voting Share for each Subscription Receipt held by the Receiptholder. As further set out in the Subscription Receipt Agreement, if the Subscription Receipts have not been
exchanged for Shares before the Outside Date or if the Subscription Receipt Agreement is terminated, all issued and outstanding Subscription Receipts will be automatically terminated and cancelled and each Receiptholder will, on the third Business
Day following the occurrence of such event, be entitled to receive an amount equal to the full Issue Price for each Subscription Receipt held by such Receiptholder and its pro rata share of any earned interest, less applicable withholding taxes, if
any, and the Subscription Receipt Agent shall pay such amount to the Receiptholders by certified cheque or wire transfer of immediately available funds on such date. 

 

	2.3	 Standby Commitment. Subject to and in accordance with the limitation set out in this Section 2.3 and the other terms hereof, if
Postmedia proceeds with the Rights Offering, the Standby Purchaser hereby agrees to purchase from Postmedia, and Postmedia hereby agrees to sell to the Standby Purchaser, at the Issue Price and on the Closing Date, any Subscription Receipts that are
not otherwise subscribed for in the Rights Offering by holders of Rights prior to the Expiry Time (the “Standby Subscription Receipts”). In this regard and to the extent that the Rights Offering is made in the applicable
jurisdiction of residence of the Standby Purchaser, the Standby Purchaser agrees to exercise its Basic Subscription Privilege. The aggregate number of Subscription Receipts required to be purchased pursuant to this Section 2.3 will be equal to:
(i) the number of Subscription Receipts authorized to be issued on the Record Date pursuant to the exercise of the Rights, minus (ii) the number of Subscription Receipts subscribed for and taken up under the Rights Offering by holders of
Rights (including, for greater certainty and without limitation, pursuant to the Additional Subscription Privilege) (such commitment referred to as the “Standby Commitment”). 

 

	2.4	 Timing of Rights Offering. Subject to and in accordance with the terms hereof, Postmedia agrees that it will file: 

 

	 	(a)	 with the Securities Commissions, the Preliminary Prospectus on or as soon as reasonably practicable after the Rights Offering Launch Date;

  

	 	(b)	 with the Securities Commissions, the Final Prospectus on the day which is two Business Days following the date on which all necessary approvals and
consents are received from the Securities Commissions and the TSX which are necessary or advisable, in Postmedia’s opinion, acting reasonably, to proceed with the filing of the Final Prospectus and completion of the Rights Offering.

  
 11 

	 	(c)	 with the SEC, the Form F-7 registration statement no later than the date on which the Final Prospectus is mailed to holders of record of Shares on
the Record Date; and 

  

	 	(d)	 with applicable state securities commissions, any required filings; provided that Postmedia shall not be required to make any filing with any state
securities commission (i) where such commission would conduct a substantive review of the Preliminary Prospectus or the Final Prospectus or (ii) which would result, in the reasonable judgment of Postmedia, in undue expense or delay to the
closing of the Rights Offering. 

 Postmedia will use commercially reasonable efforts to obtain a receipt
(or analogous decision document) as soon as possible following the filing of each of the Preliminary Prospectus and Final Prospectus (and any Prospectus Amendment) with the Securities Commissions. 

 

	2.5	 Payment for Standby Subscription Receipts. Subject to and in accordance with the terms hereof, on the Closing Date, the Standby Purchaser
will pay, in immediately available funds by wire transfer to an account designated by Postmedia the aggregate purchase price that is payable for the Standby Subscription Receipts to be purchased by it hereunder in accordance with Section 2.3
hereof and Postmedia will issue the Standby Subscription Receipts to the Standby Purchaser. 

  

	2.6	 Fees to the Standby Purchaser. Subject to successful completion of the Rights Offering and performance by the Standby Purchaser of its
obligations hereunder, in consideration solely for the Standby Commitment, Postmedia will pay, and the Standby Purchaser will be entitled to receive, a payment: 

 

	 	(a)	 $1,860,000 on the date hereof, in immediately available funds by wire transfer to an account(s) designated by the Standby Purchaser;

  

	 	(b)	 equal to 1% of the Offering Amount on the Closing Date, in accordance with Section 7.1, in immediately available funds by wire transfer to an
account(s) designated by the Standby Purchaser; and 

  

	 	(c)	 equal to 2% of the Offering Amount on the closing date of the Acquisition, in immediately available funds by wire transfer to an account(s)
designated by the Standby Purchaser. 

  

	2.7	 Rights of Set-Off. In satisfaction of all or any portion of the payment being made by the Standby Purchaser in accordance with
Section 2.5, the Standby Purchaser will have the right to set-off amounts owed by Postmedia to the Standby Purchaser, including amounts owing by Postmedia to the Standby Purchaser pursuant to Section 2.6 and Section 12.1.

  

	2.8	 Voting Restriction Agreement. In the event that on the Closing Date it is determined by the parties hereto that immediately following the
closing of the Acquisition the Standby Purchaser will own Shares carrying 33 1/3% or more of the outstanding voting rights in respect of all of the issued and outstanding Shares, each

  
 12 

 
of the Standby Purchaser and Postmedia will, on the Closing Date, enter into an agreement (in the form of agreement agreed to by the parties as of the date hereof) pursuant to which the Standby
Purchaser will agree to not vote more than that number of its Shares that represent 33 1/3%, less one Share, of the outstanding voting rights in respect of all of the issued and outstanding Shares (the “Voting Restriction
Agreement”). 
 Article 3 

COVENANTS OF POSTMEDIA 
  

	3.1	 Subject to and in accordance with the terms hereof, Postmedia undertakes and agrees with and in favour of the Standby Purchaser that:

  

	 	(a)	 Preliminary Prospectus. As set forth in Section 2.4, it will prepare, and on or as soon as reasonably practicable after the Rights
Offering Launch Date, it will file with the Securities Commissions, the Preliminary Prospectus relating to the proposed distribution of the Securities. 

  

	 	(b)	 Final Prospectus and Qualification. As set forth in Section 2.4, it will prepare and file with the Securities Commissions the Final
Prospectus relating to the proposed distribution of the Securities, and take all other steps and proceedings that may be necessary in order to qualify the distribution of the Securities in each of the Qualifying Jurisdictions in which the Final
Prospectus has been filed. Prior to the filing the Final Prospectus, Postmedia will deliver to the Standby Purchaser the EBITDA Certificate. 

  

	 	(c)	 Registration Statement on Form F-7 and State Securities Law Filings. As set forth in Section 2.4, it will prepare, and file with the
SEC, the Form F-7 registration statement relating to the Rights Offering, and will make such other state securities law filings as are necessary in order to enable holders of Shares in such states to participate in the Rights Offering, subject to
the limitations set forth in Section 2.4. 

  

	 	(d)	 Supplementary Material. If required by Securities Laws, it will prepare any amendments to the Prospectus or the Form F-7 registration
statement or any documentation supplemental thereto or any amending or supplemental documentation or any similar document required to be filed by it under the Securities Laws. It will also promptly, and in any event within any applicable time
limitation, comply with all applicable filing and other requirements under the Securities Laws as a result of any material change. 

  

	 	(e)	 Consents and Approvals. It will use its commercially reasonable efforts to obtain all necessary consents, approvals or exemptions for the
creation, offering and issuance of the Securities and the entering into and performance by it of this Agreement and the transaction contemplated herein and in the other Transaction Agreements (including, for greater certainty, the issuance of the
Rights, the Subscription Receipts issuable upon the exercise of such Rights and the Shares underlying such Subscription Receipts, as well as the 

  
 13 

 
issuance to the Standby Purchaser of the Standby Subscription Receipts, and the Variable Voting Shares underlying such Standby Subscription Receipts). 

 

	 	(f)	 Cease Trade Order or Other Investigation. From the date hereof through the earlier of (i) the Closing Date, and (ii) the
termination of this Agreement, it will immediately notify the Standby Purchaser in writing of any written demand, request or inquiry (formal or informal) by any Securities Commission, the TSX, the SEC or other Governmental Entity that concerns any
matter relating to the affairs of Postmedia that may affect the Rights Offering, the transactions contemplated herein and in the other Transaction Agreements, or any other matter contemplated by this Agreement, or that relates to the issuance, or
threatened issuance, by any such authority of any order suspending or preventing the use of the Prospectus or any cease trading or similar order or ruling relating to any securities of Postmedia. Any notice delivered to the Standby Purchaser
pursuant to this Section 3.1(f) will contain reasonable details of the notice, demand, request, inquiry, correspondence, order or ruling in question. Postmedia will use all reasonable efforts to prevent the issuance of any orders contemplated
in this Section 3.1(f) and, if issued, to obtain their prompt withdrawal. 

  

	 	(g)	 TSX Listing. It will take all action as may be required and appropriate so that each of the Rights, the Subscription Receipts issuable upon
exercise of the Rights, the Shares underlying the Subscription Receipts, the Standby Subscription Receipts and the Variable Voting Shares underlying the Standby Subscription Receipts have been conditionally approved for listing on the TSX, subject
to receipt of customary final documentation. 

  

	 	(h)	 Securities Laws. It will take all action as may be necessary and appropriate so that the Rights Offering and the transactions contemplated
in this Agreement and in the other Transaction Agreements will be effected in accordance with Securities Laws. It will consult with the Standby Purchaser and its advisors upon its reasonable request regarding the manner in which the Rights Offering
and the other transactions contemplated herein and in the other Transaction Agreements will comply with applicable Securities Laws, and it will provide to the Standby Purchaser and its advisors copies of any documents that are to be submitted by it
to any Securities Commission, the TSX, the SEC or other regulatory authority for such purpose prior to being so submitted and it will give the Standby Purchaser and its advisors an opportunity to comment on same, and Postmedia will not file the
Preliminary Prospectus, the Final Prospectus or any Prospectus Amendment, or the Form F-7 registration statement or any amendment thereto, without first obtaining approval from the Standby Purchaser after consultation with the Standby Purchaser with
respect to the form and content thereof, which approval will not be unreasonably withheld or delayed. 

  

	 	(i)	 Corporate Existence. In the event of a merger, consolidation or sale of all or substantially all of its assets, Postmedia will ensure that
the surviving successor entity in such transaction assumes its obligations hereunder. 

  
 14 

	 	(j)	 Obtaining of Report. It will cause the Subscription Receipt Agent to deliver to the Standby Purchaser, as soon as is practicable following
the Expiry Time, but in any event before the Closing Date, details concerning the total number of Rights duly subscribed and paid for by holders of Rights under the Rights Offering, including those Rights subscribed and paid for pursuant to the
Additional Subscription Privilege. 

  

	 	(k)	 Use of Proceeds. The net proceeds (net of all dealer-manager, rights agency, legal, accounting and standby fees and expenses related to the
Rights Offering) received by Postmedia in connection with the Rights Offering and the sale and issuance by Postmedia of Standby Subscription Receipts to the Standby Purchaser under this Agreement will be used by Postmedia to fund a portion of the
purchase price for the Acquisition pursuant to the Purchase Agreement as will be described under the heading “Use of Proceeds” in the Prospectus and for no other purpose, unless otherwise agreed in writing by the Standby Purchaser.

  

	 	(l)	 Due Diligence. Prior to the filing of each of the Preliminary and Final Prospectus and up until the Closing Time, Postmedia will permit the
Standby Purchaser and its advisors to participate fully in the preparation of the Prospectus and will allow the Standby Purchaser and its advisors to conduct all due diligence investigations which the Standby Purchaser reasonably requires to assist
the Standby Purchaser in determining whether the Final Prospectus contains any Misrepresentation. 

  

	 	(m)	 Mailing of Materials. It will effect and complete the mailing of commercial copies of the Final Prospectus to each of the registered holders
of the Shares in the Qualifying Jurisdictions as soon as practicable following the Record Date and to the beneficial holders of Shares in the manner contemplated by National Instrument 54-101 — Communication with Beneficial Owners of
Securities of a Reporting Issuer as soon as practicable following the Record Date. 

  

	 	(n)	 Subscription Receipt Agreement. It will enter into the Subscription Receipt Agreement on or prior to the filing of the Final Prospectus
providing for the creation and issue of the Subscription Receipts. 

 Article 4 

CHANGES 
  

	4.1	 Material Change During Distribution. During the period from the date of this Agreement to the Closing Date, Postmedia will promptly notify
the Standby Purchaser in writing of: 

  

	 	(a)	 any material change (actual, anticipated, contemplated or threatened, financial or otherwise) in the business, affairs, operations, assets,
liabilities (contingent or otherwise) or capital of Postmedia and its subsidiaries taken as a whole; 

  
 15 

	 	(b)	 any material fact that has arisen or been discovered and that would be required to be disclosed in the Prospectus if filed on such date; and

  

	 	(c)	 any change in any material fact (which for the purposes of this Agreement will be deemed to include the disclosure of any previously undisclosed
material fact) contained in the Prospectus, including all documents incorporated by reference, which fact or change is, or may be, of such a nature as to render any statement in the Prospectus misleading or untrue or which would result in a
Misrepresentation in the Prospectus or which would result in the Prospectus not complying with Securities Laws. 

Postmedia will promptly, and in any event within any applicable time limitation, comply, to the reasonable satisfaction of the
Standby Purchaser, with all applicable filings and other requirements under the Securities Laws as a result of such fact or change. However, Postmedia will not file any Prospectus Amendment, amendment to the Form F-7 registration statement or other
document without first obtaining approval from the Standby Purchaser, after consultation with the Standby Purchaser with respect to the form and content thereof, which approval will not be unreasonably withheld or delayed. Postmedia will in good
faith discuss with the Standby Purchaser any fact or change in circumstances (actual, anticipated, contemplated or threatened, financial or otherwise) which is of such a nature that there is reasonable doubt whether written notice need be given
under this Section 4.1. 
  

	4.2	 Change in Securities Laws. If prior to the Closing Time, there is any change in the Securities Laws which, in the opinion of the Standby
Purchaser, requires the filing of a Prospectus Amendment or amendment to the Form F-7 registration statement, Postmedia will, to the satisfaction of the Standby Purchaser, acting reasonably, promptly prepare and file such Prospectus Amendment with
the appropriate securities regulatory authority in each of the Qualifying Jurisdictions where such filing is required, or amendment to the Form F-7 registration statement, as applicable, with the SEC. 

 

	4.3	 Change in Closing Date. If a material change or a change in a material fact occurs prior to the Closing Date, then, subject to
Article 9, the Closing Date will be, unless Postmedia and the Standby Purchaser otherwise agree in writing, the sixth Business Day following the date on which all applicable filings or other requirements of the Securities Laws with respect to
such material change or change in a material fact have been complied with in all Qualifying Jurisdictions and any appropriate decision documents obtained for such filings and notice of such filings from Postmedia or Postmedia’s counsel have
been received by the Standby Purchaser; however, in no event will the Closing Date be later than the Outside Date. 

Article 5 

REPRESENTATIONS AND WARRANTIES OF POSTMEDIA 
  

	5.1	 Postmedia represents and warrants to the Standby Purchaser that: 

  
 16 

	 	(a)	 Each of Postmedia and the Material Subsidiary has been duly incorporated and is validly existing and in good standing under the Laws of Canada.

  

	 	(b)	 Each of Postmedia and the Material Subsidiary is duly qualified to own its properties and assets and to carry on its business as presently
conducted, is in good standing in each jurisdiction in which the conduct of its business or the ownership, leasing or operation of its business, properties and assets require such qualification. 

 

	 	(c)	 Each of Postmedia and the Material Subsidiary is conducting its business in compliance in all material respects with all applicable Laws of each
jurisdiction in which its business is carried on and holds all licences, permits, approvals, consents, certificates, registrations and authorizations, whether governmental, regulatory or otherwise, to enable its business to be carried on, in all
material respects, as presently conducted and its properties and assets to be owned, leased and operated. 

  

	 	(d)	 The authorized capital of Postmedia consists of an unlimited number of Voting Shares and an unlimited number of Variable Voting Shares. As of the
date hereof, 938,519 Voting Shares and 39,271,100 Variable Voting Shares are issued and outstanding. 

  

	 	(e)	 Postmedia has all requisite power and authority to carry out its obligations under this Agreement. 

 

	 	(f)	 Postmedia is the direct beneficial and registered owner of all of the issued and outstanding shares in the capital of the Material Subsidiary.

  

	 	(g)	 All issued and outstanding shares of Postmedia have been duly authorized and validly issued, and are fully paid and non-assessable shares in the
capital of Postmedia. When issued and delivered to the respective purchaser and paid for by the respective purchaser in accordance with the terms and conditions of the Rights Offering and/or the terms and conditions of this Agreement, the Securities
will be validly issued, fully paid and non-assessable and will be free and clear of all liens, pledges, claims, encumbrances, security interests and other restrictions, except for any restrictions on resale or transfer imposed by applicable Laws.
The issuance of the Securities will not be subject to any pre-emptive or similar rights (it being acknowledged by the Standby Purchaser that the number of Standby Subscription Receipts that it may be entitled to receive pursuant to this Agreement
will depend on the number of Subscription Receipts to be issued to those Persons who have exercised Rights prior to the Expiry Time, including pursuant to the Additional Subscription Privilege). 

 

	 	(h)	 Except as described in this Section 5.1(h) and other than in connection with the Rights Offering or to the Standby Purchaser under this
Agreement, no person, firm or corporation has any agreement, option, right or privilege (whether by law, pre-emptive, contractual or otherwise) with or against Postmedia for the purchase, subscription or issuance of any shares or other

  
 17 

 
securities of Postmedia, other than pursuant to outstanding options granted under Postmedia’s stock option plan to acquire an aggregate of 1,710,000 Shares and outstanding restricted share
units granted under Postmedia’s restricted share unit plan to acquire an aggregate of 600,000 Shares. 
  

	 	(i)	 The execution, delivery and performance by each of Postmedia and the Material Subsidiary of those Transaction Agreements to which it is a party and
the consummation of the transactions contemplated hereby and thereby have been, or in the case of the Subscription Receipt Agreement will prior to the Closing Date be, duly authorized by all necessary action on Postmedia’s and the Material
Subsidiary’s part, as applicable, and do not and will not result in a breach by Postmedia or the Material Subsidiary of, and do not create a state of facts which, after notice or lapse of time or both, will result in a breach by Postmedia or
the Material Subsidiary of and do not and will not conflict with or constitute a default under: 

  

	 	(i)	 the constating documents or by-laws of Postmedia or the Material Subsidiary, any of the terms, conditions or provisions of the resolutions of the
board of directors (or any committee thereof) or shareholders of Postmedia or the Material Subsidiary or any of the terms, conditions or provisions of any material contract, material indenture, mortgage, note, joint venture or partnership
arrangement, agreement (written or oral), instrument or lease to which Postmedia or the Material Subsidiary is party or by which Postmedia or the Material Subsidiary is bound; or 

 

	 	(ii)	 any Law or any judgment or decree of any other governmental body, agency or court having jurisdiction over Postmedia or the Material Subsidiary or
any material license or permit required to enable Postmedia or the Material Subsidiary to own its assets or carry on its business as described in the Prospectus. 

 

	 	(j)	 In respect of the proposed Acquisition: 

  

	 	(i)	 the Standby Purchaser has been provided access to all material documents and due diligence materials in the possession of Postmedia which relate to
the Acquisition; and 

  

	 	(ii)	 the completion of the Acquisition will not result in a breach of the by-laws, the constating documents or any material agreement to which Postmedia
or the Material Subsidiary is a party. 

  

	 	(k)	 This Agreement has been duly executed and delivered by Postmedia and constitutes a legal, valid and binding obligation of Postmedia, enforceable
against it in accordance with its terms, subject only to (i) any limitation under applicable Laws relating to bankruptcy, insolvency, arrangements or other laws of general application affecting the enforcement of creditors’ rights, and
(ii) the discretion that a court may exercise in the granting of equitable remedies such as specific performance and injunction. 

  
 18 

	 	(l)	 As of the date of this Agreement, Postmedia is a reporting issuer (or equivalent where applicable) in good standing in all of the Qualifying
Jurisdictions other than Quebec, and at the Closing Time Postmedia will be a reporting issuer (or equivalent where applicable) in good standing in all of the Qualifying Jurisdictions. Postmedia is in compliance in all material respects with all
continuous and timely disclosure obligations under applicable Securities Laws. 

  

	 	(m)	 Postmedia will, as of the date of the Preliminary Prospectus, be qualified to file a prospectus in the form of a short form prospectus pursuant to
the provisions of National Instrument 44-101 — Short Form Prospectus Distributions. Postmedia is eligible to file a Form F-7 registration statement. 

 

	 	(n)	 Each of the consolidated financial statements of Postmedia contained in the Public Documents, including each Public Document filed after the date
hereof until the Closing Date, (i) complies or, when filed, will comply as to form in all material respects with the Securities Laws, (b) has been or, when filed, will have been prepared in accordance with Canadian generally accepted
accounting principles applied on a consistent basis throughout the periods involved (except as may be indicated in the notes thereto or, in the case of unaudited interim financial statements, as may be permitted by applicable Securities Laws) and
(c) fairly presents, or when filed will fairly present, in all material respects, the consolidated financial position of Postmedia and its subsidiaries as at the respective dates thereof and the consolidated results of operations and cash flows
for the periods indicated, except that the unaudited interim financial statements may omit footnotes which are not required in unaudited financial statements and are subject to normal year end adjustments. 

 

	 	(o)	 The Public Documents were, at their respective time of issue, filing or publication and at the date of this Agreement (except as subsequently
amended or superseded by a filing prior to the date of this Agreement), true and correct in all material respects, contained no Misrepresentations and were prepared in accordance with and complied with the Securities Laws applicable to each such
document. 

  

	 	(p)	 Except as disclosed in the Public Documents, none of the directors or officers of Postmedia or any associate or affiliate of the foregoing has any
interest, direct or indirect, in any material transaction or any proposed material transaction with Postmedia which, as the case may be, materially affects, is material to or will materially affect Postmedia. 

 

	 	(q)	 There is no action, suit, proceeding or investigation pending or, to the knowledge of the officers of Postmedia, threatened against or affecting
Postmedia or any of its subsidiaries or any of the properties or assets of Postmedia or of any of its subsidiaries or before any Governmental Entity, which is, or would reasonably be expected to be, material and adverse to Postmedia and its
subsidiaries, on a consolidated basis, or does, or would 

  
 19 

 
reasonably be expected to, materially and adversely affect the consummation of the transactions contemplated by the Transaction Agreements. 

 

	 	(r)	 No consent, approval, order or authorization of, or declaration with any Governmental Entity or any third party is required by or with respect to
Postmedia or any of its affiliates in connection with the execution and delivery of the Transaction Agreements or the consummation of the transactions by Postmedia and its affiliates contemplated hereby and thereby, other than, in the case of this
Agreement, the consents, approvals, or authorizations that may be required by the Securities Laws and in the case of the other Transaction Agreements, the consents, approvals, or authorizations identified in such agreements. 

 

	 	(s)	 At the time of its filing and as at the Closing Date, the Prospectus will comply, in all material respects, with the requirements of the Securities
Laws in the Qualifying Jurisdictions, and will comply with the requirements of the Securities Act; and at the time of its filing and as at the Closing Date, the information and statements contained therein, together with the documents incorporated
by reference, will be true and correct in all material respects, contain no Misrepresentations and will constitute full, true and plain disclosure of all material facts relating to the Securities; provided that the foregoing will not apply to any
information or statements contained in the Prospectus relating solely to the Standby Purchaser which the Standby Purchaser has specifically provided to Postmedia in writing for inclusion in such Prospectus. 

 

	 	(t)	 At the Closing Date and subject to the completion of the filings and other matters contemplated herein, the distribution of the Securities by
Postmedia will comply with applicable Securities Laws. 

  

	 	(u)	 At the date of filing the Final Prospectus (and any Prospectus Amendment to the Final Prospectus) and at the Closing Date the information contained
in the EBITDA Certificate will be true and correct in all respects. 

  

	 	(v)	 Postmedia is not in violation in any material respect of any of the rules and policies of the TSX, including the applicable listing requirements of
the TSX, and its Shares are currently listed thereon. 

  

	5.2	 Survival. All representations and warranties of Postmedia contained herein or contained in any document delivered pursuant to this Agreement
or in connection with the Rights Offering herein contemplated, will survive the completion of the purchase of Securities by the Standby Purchaser and will continue in full force and effect for a period of two years notwithstanding any investigation,
inquiry or other steps which may be taken by or on behalf of the Standby Purchaser. 

 Article 6 

REPRESENTATIONS WARRANTIES AND AGREEMENTS OF THE STANDBY 

PURCHASER 

  
 20 

	6.1	 Representations. The Standby Purchaser represents and warrants to Postmedia that: 

 

	 	(a)	 It is limited partnership organized and existing under the Laws of Delaware and that it has the power to enter into and perform its obligations
under this Agreement. 

  

	 	(b)	 The execution, delivery and performance by the Standby Purchaser of this Agreement: 

 

	 	(i)	 has been duly authorized by all necessary action on its part; 

 

	 	(ii)	 does not (or would not with the giving of notice, the lapse of time or the happening of any other event or condition) result in a breach or a
violation of, or conflict with, any of the terms or provisions of any material contract which it is a party or pursuant to which any of its material assets or property may be affected; and 

 

	 	(iii)	 will not result in the violation of any applicable Law. 

 

	 	(c)	 This Agreement has been duly executed and delivered by the Standby Purchaser and constitutes a legal, valid and binding obligation of the Standby
Purchaser, enforceable against it in accordance with its terms, subject only to (i) any limitation under applicable Laws relating to bankruptcy, insolvency, arrangement or other laws of general application affecting the enforcement of
creditors’ rights, and (ii) the discretion that a court may exercise in the granting of equitable remedies such as specific performance and injunction. 

 

	 	(d)	 No consent, approval, order or authorization of, or declaration with, any Governmental Entity is required by or with respect to the Standby
Purchaser or any of its affiliates in connection with the execution and delivery of this Agreement or the consummation of the transactions by the Standby Purchaser contemplated hereby, other than consents, approvals, or authorizations that may be
required by any Securities Commissions or under the Competition Act. 

  

	 	(e)	 Subject to the provisions of this Agreement, it has had access to such information concerning Postmedia as it has considered necessary to enter
into this Agreement and to undertake its obligations hereunder. 

  

	 	(f)	 Provided Postmedia has complied with the provisions of this Agreement required to be complied with on or prior to the Expiry Date, it will exercise
(and cause each of its affiliates to exercise) its Basic Subscription Privilege in full. 

  

	 	(g)	 It has knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the
Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription Receipts in accordance with this Agreement and is able to bear the economic risks of such investment. 

  
 21 

	 	(h)	 If required under applicable Laws or Securities Laws, it will execute, deliver and file and otherwise assist Postmedia in filing such required
reports and such other required documents with respect to the issue of the Securities, provided that Postmedia acknowledges and agrees that it has not engaged the Standby Purchaser to act as underwriter (as defined under applicable Securities Laws)
and the Standby Purchaser will not be required to sign a certificate in the Prospectus in that capacity or any other capacity. 

  

	 	(i)	 On the Closing Date the Standby Purchaser will have (regardless of the number of Rights that are exercised by the holders of Rights prior to the
Expiry Time) the financial ability and sufficient funds to make and complete the payment for the Standby Subscription Receipts and the availability of such funds is not and will not be subject to the consent, approval or authorization of any other
Person(s), and the Standby Purchaser acknowledges that it will, in conjunction with Postmedia, be required in accordance with Section 6.1 of National Instrument 45-101 — Rights Offerings, to deliver evidence of its financial ability
to pay for all of the Standby Subscription Receipts to the Securities Commissions at or prior to the time of filing of the Prospectus with the Securities Commissions. 

 

	 	(j)	 It has acknowledged and agreed that (i) the Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription Receipts that
it purchases, and the Variable Voting Shares underlying the Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription Receipts, are being offered and sold to it pursuant to an exemption from the registration requirements
of the U.S. Securities Act and are restricted securities within the meaning of Rule 144; (ii) the Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription Receipts, and the Variable Voting Shares underlying the
Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription Receipts, may only be sold outside of the United States in accordance with Regulation S, or within the United States pursuant to Rule 144, if available, or, upon
receipt of a legal opinion addressed to Postmedia of independent counsel reasonably satisfactory to Postmedia, pursuant to a transaction otherwise exempt from registration under the U.S. Securities Act; and (iii) the Standby Purchaser Rights
Offering Subscription Receipts and the Standby Subscription Receipts, and the Variable Voting Shares underlying the Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription Receipts, shall bear a U.S. Securities Act
legend setting forth the resale restrictions described in clause (ii). 

  

	 	(k)	 The Standby Purchaser is an “accredited investor” within the meaning of Rule 501 under the U.S. Securities Act (an “accredited
investor”). 

  

	6.2	 Agreements. The Standby Purchaser agrees that it will not sell the Standby Purchaser Rights Offering Subscription Receipts and the Standby
Subscription Receipts, or the Variable Voting Shares underlying the Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription receipts, (i) outside the

  
 22 

 
United States other than in accordance with Regulation S or (ii) within the United States, except pursuant to Rule 144, if available, or, upon receipt of a legal opinion addressed to
Postmedia of independent counsel reasonably satisfactory to Postmedia, pursuant to a transaction otherwise exempt from registration under the U.S. Securities Act. 
  

	6.3	 Subscription Receipt Agreement. The Standby Purchaser will enter into the Subscription Receipt Agreement on or prior to the filing of the
Final Prospectus providing for the creation and issue of the Subscription Receipts. 

  

	6.4	 Survival. All representations, warranties and agreements of the Standby Purchaser contained herein or contained in any document delivered
pursuant to this Agreement or in connection with the Rights Offering herein contemplated, will survive the completion of the purchase of Securities by the Standby Purchaser and will continue in full force and effect for a period of two years
notwithstanding any investigation, inquiry or other steps which may be taken by or on behalf of Postmedia. 

Article 7 
 CLOSING
AND CONDITIONS 
  

	7.1	 Closing Time. The closing of the purchase by the Standby Purchaser and sale by Postmedia of the Standby Subscription Receipts to be
purchased by the Standby Purchaser hereunder will be completed at the Toronto offices of Goodmans LLP at the Closing Time. At such time, and upon payment being made by the Standby Purchaser in accordance with Section 2.5, definitive
certificates representing the number of Subscription Receipts that is equal to the number of Standby Subscription Receipts to be purchased by the Standby Purchaser hereunder will be delivered to the Standby Purchaser by Postmedia and such
certificates will be registered in the name of the Standby Purchaser, one or more designees of the Standby Purchaser provided that any such designee is an accredited investor with respect to whom the Standby Purchaser or one of its affiliates has
discretionary investment authority. Postmedia will contemporaneously pay the standby commitment fee pursuant to Section 2.6(b) to the Standby Purchaser, or as the Standby Purchaser may otherwise direct. 

 

	7.2	 Mutual Conditions. The respective obligations of each of Postmedia and the Standby Purchaser to complete the issuance by Postmedia and the
purchase by the Standby Purchaser of the Standby Subscription Receipts are subject to the following conditions being satisfied in full: 

  

	 	(a)	 Except for frivolous actions or proceedings by a Person other than a Governmental Entity, there are no Actions in progress, or to the knowledge of
Postmedia or the Standby Purchaser, pending or threatened, by any Person in any jurisdiction, to enjoin, restrict or prohibit the Rights Offering or the issuance of any of the Securities. 

  
 23 

	 	(b)	 The Rights and Shares are listed on the TSX, and the TSX has conditionally approved the listing of the Subscription Receipts and Shares issuable
upon the conversion of the Subscription Receipts, subject to the filing of customary documents with the TSX. 

  

	7.3	 Conditions in Favour of Standby Purchaser. The obligation of the Standby Purchaser to complete the purchase of the Standby Subscription
Receipts is subject to the following conditions being satisfied in full, which conditions are for the exclusive benefit of the Standby Purchaser, any of which may be waived, in whole or in part, by the Standby Purchaser, in its sole and absolute
discretion: 

  

	 	(a)	 All actions required to be taken by or on behalf of Postmedia including the passing of all requisite resolutions of the directors of Postmedia and
all requisite filings with any Governmental Entity will have occurred on or prior to the Closing Date, so as to validly authorize the execution and filing of the Preliminary Prospectus, the Final Prospectus and any Prospectus Amendment and to create
and issue the Securities, in each case having, in all material respects, the attributes contemplated by the Prospectus, and Postmedia will have taken all requisite actions, including the passing of all requisite resolutions of the directors of
Postmedia, and have made and/or obtained all necessary filings, approvals, orders, rulings and consents of all relevant securities regulatory authorities and other Governmental Entities required in connection with the Rights Offering, the other
transactions contemplated herein and the purchase of Standby Subscription Receipts by the Standby Purchaser as contemplated by this Agreement (but excluding, for greater certainty, such filings, approvals, orders, rulings and consents, as may be
needed to permit the Standby Purchaser to acquire all of the Variable Voting Shares that may be issued to it on conversion of all Subscription Receipts acquired by it pursuant to this Agreement). 

 

	 	(b)	 The Standby Purchaser will have received, with respect to such matters as it may reasonably request, a legal opinion dated as of the Closing Date
from Canadian counsel to Postmedia, acceptable in form and substance to the Standby Purchaser’s counsel, acting reasonably, as to matters of law (who may rely on the opinion of counsel acceptable to them as to matters governed by the laws of
jurisdictions other than the Province of Ontario or the laws of Canada applicable therein, and who may rely, to the extent appropriate in the circumstances, as to matters of fact, on certificates of officers of Postmedia). 

 

	 	(c)	 The terms of the Rights Offering will not have been changed from those set out herein and Postmedia will not have terminated the Rights Offering or
publically announced its intention to do so. 

  

	 	(d)	 Postmedia or one of its affiliates, as applicable, will have entered into each of the Purchase Agreement, the Debt Financing Receipt Indenture and
the Subscription Receipt Agreement in the form of each such document as provided to the Standby Purchaser, which agreements will remain in full 

  
 24 

 
force and effect, unamended, as at the Closing Time (except for amendments made with the prior written consent of the Standby Purchaser, in its sole and absolute discretion), and no condition
contained in the Transaction Agreements (other than this Agreement) has become incapable of being satisfied prior to the closing date specified therein. 
  

	 	(e)	 The Debt Subscription Receipts will be issued and outstanding or, if the Debt Subscription Receipts have been replaced by the Notes in accordance
with the Debt Financing Receipt Indenture and the Trust Indenture, the Notes shall be issued and outstanding. 

  

	 	(f)	 Postmedia and its affiliates will not have waived or agreed to waive (explicitly or by implication) any term, condition, right or benefit under the
Purchase Agreement, the Debt Financing Receipt Indenture or the Subscription Receipt Agreement (except for waivers made with the prior written consent of the Standby Purchaser, in its sole and absolute discretion).

  

	 	(g)	 No Default (as defined in the Trust Indenture) or Event of Default (as defined in the Trust Indenture) shall have occurred and be continuing under
the Trust Indenture. 

  

	 	(h)	 Postmedia shall not have failed to pay an amount owing to the holders of the Debt Subscription Receipts when required under the Debt Financing
Receipt Indenture. 

  

	 	(i)	 The board of directors of Postmedia will have irrevocably waived the application of the Rights Plan to the Rights Offering, including with respect
to the Securities to be acquired by the Standby Purchaser pursuant to Section 2.3 of this Agreement and upon completion of the transactions contemplated by the Transaction Agreements. 

 

	 	(j)	 The Standby Purchaser will have received at the Closing Time a certificate or certificates dated the Closing Date and signed on behalf of Postmedia
by the Chief Executive Officer and the Chief Financial Officer of Postmedia or such other officers of Postmedia acceptable to the Standby Purchaser, acting reasonably, in form and content satisfactory to the Standby Purchaser, acting reasonably,
addressed to the Standby Purchaser certifying for and on behalf of Postmedia after having made due enquiry, with respect to the following matters: 

  

	 	(i)	 its constating documents; 

  

	 	(ii)	 the resolutions of its board of directors relevant to the approval of the Prospectus and the signing and filing thereof, the allotment, issue and
sale of the Securities and the authorization of this Agreement and the other Transaction Agreements and transactions contemplated herein and therein; and 

  
 25 

	 	(iii)	 the incumbency and signatures of its authorized signing officers. 

 

	 	(k)	 The Standby Purchaser will have received at the Closing Time a certificate or certificates dated the Closing Date and signed on behalf of Postmedia
by the Chief Executive Officer and the Chief Financial Officer of Postmedia or such other officers of Postmedia acceptable to the Standby Purchaser, acting reasonably, in form and content satisfactory to the Standby Purchaser, acting reasonably,
addressed to the Standby Purchaser certifying for and on behalf of Postmedia after having made due enquiry and after having examined the Prospectus, including all documents incorporated by reference, that: 

 

	 	(i)	 since the respective dates as of which information is given in the Final Prospectus, as amended or supplemented by any Prospectus Amendment, there
has been no material change (actual, anticipated, contemplated or threatened, whether financial or otherwise) in the business, affairs, operations, assets, liabilities (contingent or otherwise) or capital of Postmedia and its subsidiaries on a
consolidated basis, and none of the management or the board of directors of Postmedia or any of its subsidiaries has approved any transaction out of the ordinary course of business, other than in each case as disclosed in the Final Prospectus
(including the documents incorporated by reference therein) or any Prospectus Amendment (including the documents incorporated by reference therein); 

  

	 	(ii)	 no order, ruling or determination, or change in Law, having the effect of preventing, restricting, suspending the sale or distribution of the
Securities or suspending or ceasing the trading of the Securities or any other securities of Postmedia has been issued by any Governmental Entity and is continuing in effect and no inquiry (whether formal or informal) or other proceedings for that
purpose have been instituted or are pending or, to the knowledge of such officers, contemplated or threatened under any of the Securities Laws or by any Governmental Entity; 

 

	 	(iii)	 Postmedia has duly performed or complied, in all material respects, with all terms, conditions and covenants of this Agreement on its part to be
complied with or to be satisfied by it up until Closing; and 

  

	 	(iv)	 the representations and warranties of Postmedia contained in this Agreement are true and correct in all material respects as of the Closing Time
with the same force and effect as if made at and as of the Closing Date, except for such representations and warranties which are stated to be qualified as to materiality, in which case such representations and warranties will be true and correct in
all respects as of the Closing Date; 

 and all such matters will in fact be true and correct as at the
Closing Time. 

  
 26 

	7.4	 Condition in Favour of Postmedia. The obligation of Postmedia to issue the Standby Subscription Receipts to the Standby Purchaser is subject
to the following conditions being satisfied in full which conditions are for the exclusive benefit of Postmedia, and which may be waived, in whole or in part, by Postmedia, in its sole and absolute discretion: 

 

	 	(a)	 Postmedia will have received at the Closing Time a certificate or certificates dated the Closing Date and signed on behalf of the Standby Purchaser
by such officers of the Standby Purchaser acceptable to Postmedia, acting reasonably, addressed to Postmedia certifying for and on behalf of the Standby Purchaser after having made due enquiry that: 

 

	 	(i)	 the Standby Purchaser has duly complied, in all material respects, with the terms, conditions and covenants of this Agreement on its part to be
complied with up until Closing; and 

  

	 	(ii)	 the representations and warranties of the Standby Purchaser contained in this Agreement are true and correct in all material respects as of the
Closing Date with the same force and effect as if made at and as of the Closing Date except for such representations and warranties which are stated to be qualified as to materiality, in which case such representations and warranties will be true
and correct in all respects as of the Closing Date; 

 and all such matters will in fact be true and
correct as at the Closing Time. 
  

	 	(b)	 If the Standby Purchaser and Postmedia are obligated to enter into the Voting Restriction Agreement pursuant to Section 2.8, the Voting
Restriction Agreement shall have been entered into by the Standby Purchaser and, unless terminated or repudiated by Postmedia shall remain in full force and effect. 

 

	7.5	 Each of Postmedia and the Standby Purchaser agrees that it will use commercially reasonable efforts to cause the conditions set forth in this
Article 7 to be satisfied to the extent that such conditions relate to acts to be performed or caused to be performed by such party. 

Article 8 
 PUBLIC
ANNOUNCEMENT 
  

	8.1	 Public Announcement. Postmedia will make a public announcement regarding this Agreement (in a form satisfactory to the Standby Purchaser,
acting reasonably) contemporaneously with (or that will be included within) the public announcement to be made by Postmedia regarding the Acquisition, the Debt Financing Receipt Indenture and the Rights Offering, and the parties acknowledge that a
copy of this Agreement is required to be filed electronically on SEDAR following its execution by the parties hereto and on EDGAR as an exhibit to the Form F-7 registration statement. 

  
 27 

 Article 9 

TERMINATION 
  

	9.1	 Termination by Postmedia or Standby Purchaser. Either Postmedia or the Standby Purchaser may terminate and cancel its obligations under this
Agreement, without any liability on its part, if any of the conditions set out in Section 7.2 is not satisfied on or before the Closing Date. 

  

	9.2	 Termination by Postmedia. Postmedia may terminate and cancel its obligations under this Agreement, without any liability on its part, if the
Purchase Agreement is terminated. 

  

	9.3	 Termination by the Standby Purchaser. The Standby Purchaser may terminate and cancel its obligations under this Agreement, without any
liability on its part, if: 

  

	 	(a)	 the Shares, the Subscription Receipts or the Rights are de-listed or suspended or halted for trading for a period of four or more consecutive
Business Days for any reason by the TSX at any time prior to the Closing Date; 

  

	 	(b)	 the Preliminary Prospectus, the Final Prospectus or any Prospectus Amendment is not in a form approved by the Standby Purchaser in accordance with
Section 3.1(h); 

  

	 	(c)	 the conditions to closing in favour of the Standby Purchaser referred to in Section 7.3 above have not been satisfied on or before the Outside
Date, and/or have, at any time and for any reason, become incapable of being satisfied by the Outside Date; or 

  

	 	(d)	 Postmedia is in material breach of or in material default under any provision, term or condition contained in the Debt Financing Receipt Indenture
or any replacement thereof. 

 The rights of termination contained in this Section 9.3 may be
exercised by the Standby Purchaser and, subject to Section 9.4, are in addition to any other rights or remedies the Standby Purchaser may have in respect of any default, act or failure to act of Postmedia in respect of any matters contemplated
by this Agreement. 
  

	9.4	 Notwithstanding any other provision hereof, should Postmedia or the Standby Purchaser validly terminate this Agreement pursuant to, and in
accordance with, this Article 9: (i) the obligations of Postmedia and the Standby Purchaser under this Agreement will terminate and there will be no further liability on the part of the Standby Purchaser to Postmedia or on the part of Postmedia
to the Standby Purchaser hereunder (except for any liability of any party that exists at such time or that may arise thereafter pursuant to Article 10 or Section 12.1 hereof); and (ii) the Standby Purchaser shall be entitled to retain the
amount paid by Postmedia to the Standby Purchaser pursuant to Section 2.6(a). In the event that the Purchase Agreement is terminated following the Closing Date, the Standby Purchaser shall be entitled to retain the amounts paid by Postmedia to
the Standby Purchaser pursuant to Section 2.6(a) and Section 2.6(b). 

  
 28 

 Article 10 

INDEMNIFICATION 
  

	10.1	 Postmedia covenants and agrees to protect, indemnify and hold harmless the Standby Purchaser for and on behalf of itself and for and on behalf of
and in trust for each of its affiliates and its and their respective directors, officers, employees, agents, partners and shareholders from and against any and all losses, claims, damages, liabilities, costs or expenses caused or incurred:

  

	 	(a)	 by reason of or in any way arising, directly or indirectly, out of any Misrepresentation or alleged Misrepresentation in the Prospectus other than
any Misrepresentation or alleged Misrepresentation relating to any Standby Purchaser Information; and/or 

  

	 	(b)	 by reason of or in any way arising, directly or indirectly, out of any order made or inquiry, investigation or proceeding commenced or threatened
by any Securities Commission, or other competent authority in Canada or before or by any Governmental Entity, based upon or relating to the Rights Offering or the other transactions contemplated in this Agreement including, without limitation, any
actions taken or statements made by or on behalf of Postmedia in connection with the Rights Offering or the other transactions contemplated in this Agreement or any Misrepresentation or alleged Misrepresentation in the Prospectus other than any
Misrepresentation or alleged Misrepresentation relating to any Standby Purchaser Information; 

  

	 	(c)	 the non-compliance or alleged non-compliance by Postmedia with any requirement of the Securities Laws or any other applicable Laws in connection
with the Rights Offering or the other transactions contemplated in this Agreement, including Postmedia’s non-compliance with any statutory requirement to make any document available for inspection; and/or 

 

	 	(d)	 by reason of, or in any way arising, directly or indirectly, out of any breach or default of or under any representation, warranty, covenant or
agreement of Postmedia contained herein. 

  

	10.2	 The Standby Purchaser covenants and agrees to protect, indemnify and hold harmless Postmedia for and on behalf of itself and for and on behalf of
and in trust for each of its directors, officers, employees and agents from and against any and all losses, claims, damages, liabilities, costs or expenses caused or incurred by reason of, or in any way arising, directly or indirectly, out of any
breach or default of or under any representation, warranty, covenant or agreement of the Standby Purchaser contained herein or by reason of or in any way arising, directly or indirectly, out of any Misrepresentation or alleged Misrepresentation
relating to any Standby Purchaser Information. 

  

	10.3	 In the event that any claim, action, suit or proceeding, including, without limitation, any inquiry or investigation (whether formal or informal),
is brought or instituted against any of the Persons in respect of which indemnification is or might reasonably 

  
 29 

	 	 
be considered to be provided for herein, such Person (an “Indemnified Party”) will promptly notify the Person from whom indemnification is being sought (being either Postmedia
under Section 10.1 or the Standby Purchaser under Section 10.2, as the case may be (the “Indemnifying Party”)) and the Indemnifying Party will promptly retain counsel who will be reasonably satisfactory to the Indemnified
Party to represent the Indemnified Party in such claim, action, suit or proceeding, and the Indemnifying Party will pay all of the reasonable fees and disbursements of such counsel relating to such claim, action, suit or proceeding.

  

	10.4	 In any such claim, action, suit or proceeding, the Indemnified Party will have the right to retain other counsel to act on his, her or its behalf,
provided that the fees and disbursements of such other counsel will be paid by the Indemnified Party unless: 

  

	 	(a)	 the Indemnifying Party and the Indemnified Party will have mutually agreed to the retention of such other counsel; or 

 

	 	(b)	 the named parties to any such claim, action, suit or proceeding (including any added, third or impleaded parties) include both the Indemnifying
Party and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them (such as the availability of different defenses). 

 

	10.5	 Subject to Section 10.4, it is understood and agreed that the Indemnifying Party will not, in connection with any such claim, action, suit or
proceeding in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate legal firm for all Persons in respect of which indemnification is or might reasonably be considered to be provided for herein and such firm
will be designated in writing by the Indemnified Party (on behalf of itself and its directors, officers, employees, agents and shareholders). 

  

	10.6	 Notwithstanding anything herein contained, no Indemnified Party will agree to any settlement of any such claim, action, suit, proceeding, inquiry
or investigation in respect of which indemnification is or might reasonably be considered to be provided for herein, unless the Indemnifying Party has consented in writing thereto, and the Indemnifying Party will not be liable for any settlement of
any such claim, action, suit, proceeding, inquiry or investigation unless it has consented in writing thereto. 

  

	10.7	 If the indemnification provided for in this Article 10 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party
with respect to any losses, claims, damages or liabilities referred to herein, the Indemnifying Party, in lieu of indemnifying such Indemnified Party thereunder, will to the extent permitted by applicable law contribute to the amount paid or payable
by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with
the act or omission that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the

  
 30 

 
Indemnified Party will be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of material fact or the omission to state a material
fact relates to information supplied by the Indemnifying Party or by the Indemnified Party (which in the case of the Standby Purchaser and each of its affiliates and its and their respective directors, officers, employees, agents, partners and
shareholders, is limited to the Standby Purchaser Information) and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission provided, however, that no person guilty of
fraudulent misrepresentation will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
  

	10.8	 The obligations of Postmedia and the Standby Purchaser under this Article 10 will survive completion of any offerings described herein and the
termination of this Agreement. No Indemnifying Party, in the defense of any such claim or litigation, will, except with the consent of the Indemnified Party, 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 Indemnified Party of a release from all liability in respect to such claim or litigation. 

Article 11 
 NOTICE

  

	11.1	 Notice. Any notice or other communication required or permitted to be given hereunder will be in writing and will be personally delivered or
sent by facsimile transmission or other means of electronic transmission as set forth below, or to such other address, facsimile number or person as may be designated by notice. 

 

	 	(a)	 In the case of Postmedia: 

Postmedia Network Canada Corp. 

365 Bloor Street East 

12th Floor 

Toronto, Ontario M4W 3L4 

Attention: Doug Lamb, Executive Vice President and Chief Financial Officer and Jeffrey Haar, Executive Vice President, Legal
and General Counsel 
 Fax: (416) 383-2463 

With a copy (which will not constitute notice) to: 

Goodmans LLP 

333 Bay Street, Suite 3400 

Toronto, Ontario M5H 2S7 

Attention: Dale Lastman and Michael Partridge 

Fax: (416) 979-1234 
  

	 	(b)	 In the case of the Standby Purchaser: 

  
 31 

 GoldenTree Asset Management LP 

300 Park Avenue 

21st Floor 

New York NY 10022 

United States of America 

Attention: Peter Alderman 

Fax: (212) 847-3496 

With a copy (which will not constitute notice) to: 

Stikeman Elliott LLP 

5300 Commerce Court West 

199 Bay Street 

Toronto, Ontario M5L 1B9 

Attention: Brian M. Pukier 

Fax: (416) 947-0866 
  

	11.2	 Receipt of Notice. Notice will be deemed to be given on the day of actual delivery or the day of facsimile transmission or other means of
electronic transmission, as the case may be, or if not a Business Day, on the next Business Day. 

 Article 12

 MISCELLANEOUS 
  

	12.1	 Expenses. Postmedia will be responsible for all expenses related to the Rights Offering, whether or not it is completed, including, without
limitation, all fees and disbursements of its legal counsel, fees and disbursements of its accountants and auditors, all expenses related to roadshows and marketing activities and any marketing documents or materials (including, without limitation,
slide presentations and videos, if any), printing costs, translation fees and filing fees. In addition, Postmedia will reimburse the Standby Purchaser for the reasonable fees and disbursements of legal counsel to the Standby Purchaser and for other
reasonable out-of-pocket expenses incurred by the Standby Purchaser in connection with this Agreement. 

  

	12.2	 Further Assurances. The parties hereto agree to do all such things and take all such actions as may be necessary or desirable to give full
force and effect to the matters contemplated by this Agreement. 

  

	12.3	 Assignment. This Agreement may not be assigned by any party hereto, by operation of law or otherwise, without the prior written consent of
the other parties hereto, provided, however, that the rights and obligations of the Standby Purchaser to purchase Standby Subscription Receipts hereunder may be assigned in whole or in part to one or more affiliates or funds managed by the Standby
Purchaser or its 

  
 32 

 
affiliates designated in writing by the Standby Purchaser, to the extent permitted by applicable law, which assignment will not release the Standby Purchaser from its obligations hereunder. 

 

	12.4	 Enurement. This Agreement will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted
assigns. 

  

	12.5	 Waiver. Failure by any party hereto to insist in any one or more instances upon the strict performance of any one of the covenants or rights
contained herein will not be construed as a waiver or relinquishment of such covenant. No waiver by either party hereto of any such covenant or right will be deemed to have been made unless expressed in writing and signed by the waiving party.

  

	12.6	 Amendments. No term or provision hereof may be amended, discharged or terminated except by an instrument in writing signed by the party
against which the enforcement of the amendment, discharge or termination is sought; provided that the Standby Purchaser may, from time to time and without the consent of Postmedia, amend Schedule A by providing Postmedia with written notice of such
amendment. 

  

	12.7	 Counterparts. This Agreement may be signed in one or more counterparts, each of which once signed will be deemed to be an original. All such
counterparts together will constitute one and the same instrument. Notwithstanding the date of execution of any counterpart, each counterpart will be deemed to bear the effective date first written above. This Agreement, any and all agreements and
instruments executed and delivered in accordance herewith, along with any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or other means of electronic transmission, will be treated in all manner and
respects and for all purposes as an original signature, agreement or instrument and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person 

 

	12.8	 Time. Time will be of the essence of this Agreement. 

 

	12.9	 Entire Agreement. This Agreement and any other agreements and other documents referred to herein and delivered in connection herewith,
constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, between the parties with respect to the
subject matter hereof. 

  

	12.10	 Language. The parties hereby confirm their express wish that this document and all documents and agreements directly or indirectly related
thereto be drawn up in English. Les parties aux présentes reconnaissent qu’à leur demande le présent document ainsi que tous les documents et conventions qui s’y rattachent directement ou indirectement sont
rédigés en langue anglaise. 

  
 33 

 [The remainder of this page is intentionally left blank.] 

  
 34 

 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be
duly executed and delivered by their authorized officers as of the date first written above. 
  

			
	POSTMEDIA NETWORK CANADA CORP.
		
	Per:	 	 “Doug Lamb”

	 Name:
	 	 Doug Lamb

	 Title:
	 	 Executive Vice President and Chief

Financial Officer

  

			
		
	Per:	 	 “Jeffrey Haar”

	 Name:
	 	 Jeffrey Haar

	 Title:
	 	 Executive Vice President, Legal and

General Counsel

  

			
	GOLDENTREE ASSET MANAGEMENT LP
		
	Per:	 	 “Peter Alderman”

	 Name:
	 	 Peter Alderman

	 Title:
	 	 Authorized Signatory

 Schedule A – Standby Purchaser Entities 

[REDACTED] [Commercially sensitive] 

  
 A-1 

 Schedule B – First Supplemental Indenture 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
[                    ] [    ], 2014, by and among, POSTMEDIA NETWORK INC., a corporation incorporated under the
Canada Business Corporations Act, as issuer (the “Issuer”), POSTMEDIA NETWORK CANADA CORP., a corporation incorporated under the Canada Business Corporations Act, as guarantor (the
“Guarantor”) and COMPUTERSHARE TRUST COMPANY OF CANADA, as trustee (the “Trustee”), and COMPUTERSHARE TRUST COMPANY OF CANADA, as collateral agent. 

W I T N E S S E T H 

WHEREAS, each of the Issuer and the Guarantors has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of August 16, 2012, providing for the issuance of an unlimited aggregate principal amount of 8.25% Senior Secured Notes due 2017 (the “Notes”). 

AND WHEREAS Section 9.02 of the Indenture permits the Issuer, the Guarantors, the Trustee and the Collateral Agent
to amend or supplement the Indenture for the purpose of giving effect to any amendments, the substance of which have been consented to by the Holders of a majority principal amount of the Notes. 

AND WHEREAS, Section 13.12 of the Indenture permits all actions which may be taken and all powers that may be
exercised by the Holders at a meeting held as set out in Article 13 of the Indenture also to be taken and exercised by the holders of not less than 50% of the aggregate principal amount of the outstanding Notes, by a signed instrument in one or
more counterparts and the expression “resolution” when used in the Indenture shall include an instrument so signed. 

AND WHEREAS, the holders of not less than 50% of the aggregate principal amount of the outstanding Notes have executed
a resolution or other instrument in writing authorizing the modification of the Indenture as provided for herein. 
 AND
WHEREAS, pursuant to the Indenture, the Trustee and the Collateral Agent are authorized to execute and deliver this Supplemental Indenture. 

AND WHEREAS all necessary acts and proceedings have been done and taken and all necessary resolutions have been passed
to authorize the execution and delivery of this Supplemental Indenture by the Issuer, to make this Supplemental Indenture effective and binding upon the Issuer. 

AND WHEREAS the foregoing recitals are made as representations and statements of fact by the Issuer and not by the
Trustee. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Secured Parties as follows: 

  
 B-1 

 Article 1 

INTERPRETATION 
 Section 1.01
Definitions 
 Capitalized terms used herein without definition shall have the meanings assigned to them in the
Indenture: 
 Section 1.02 General Rule 

Subject to the terms and conditions herein contained, the Indenture is hereby amended to the extent necessary to give effect
to the provisions of this First Supplemental Indenture and to incorporate the provisions of this First Supplemental Indenture into the Indenture. 

Section 1.03 Currency 

Unless otherwise noted, all dollar amounts expressed in this Supplemental Indenture are expressed in Canadian Dollars. 

Article 2 

AMENDMENTS TO INDENTURE 

Section 2.01 Amendments to Indenture 
  

	 	(a)	 The defined terms “Sun Acquisition” and “Sun Acquisition Closing Date” are hereby added to Section 1.01 in
its appropriate alphabetical order as follows: 

 “Sun Acquisition” means the
purchase or other acquisition by Issuer of all or substantially all of the issued and outstanding Capital Stock of a direct or indirect subsidiary or subsidiaries of Quebecor Media Inc. to which all or a substantial portion of the assets related to
Quebecor Media Inc.’s Sun Media English language newspapers and Islington print facility are to be transferred, pursuant to the purchase agreement dated on or around October 6, 2014, between the Issuer and Quebecor Media Inc., as amended,
supplemented, waived or otherwise modified from time to time. 
 “Sun Acquisition Relevant Date”
means the earlier of (a) date of the closing of the Sun Acquisition and (b) the date the Sun Acquisition is abandoned by the Issuer. 
  

	 	(b)	 The definition of “Asset Disposition” in Section 1.01 is hereby amended by deleting the word “and” at the end of
clause (20), replacing the period at the end of clause (21) with a semi-colon, and adding a new clause (22) and (23) as follows: 

  
 B-2 

 “(22) the disposition of the facility located at 7001 rue St. Jacques,
Montreal, provided that, (i) such disposition is announced prior to November 30, 2014 and (ii) the net proceeds of such disposition are held in a segregated account and (A) are used to fund a portion of the purchase price for the
Sun Acquisition (in such case such amount may, but shall not be required to, reduce the amount of the equity contribution required for the Sun Acquisition), or (B) if not so used by the Sun Acquisition Relevant Date, applied in the manner
required by section 4.10 as if the net proceeds were derived from an Asset Disposition; and 
 (23) the disposition of
the facility located at 215-16th Street, 315-16th Street and 1790-3rd Avenue, SE Calgary,
provided that, (i) such disposition is completed prior to the Sun Acquisition Closing Date; (ii) the Consolidated First-Lien Leverage Ratio at the time of such disposition is not greater than 2.0 to 1.0 (with a deduction to the numerator
in the Consolidated First-Lien Leverage Ratio for cash on hand of the Parent and Issuer at such time, up to a maximum of $25 million, for the purposes of this clause (23) only); and (iii) the net proceeds of such disposition are held in a
segregated account and (A) are used to fund a portion of the purchase price for the Sun Acquisition (in such case such amount shall reduce the amount of the equity contribution required for the Sun Acquisition), or (B) if not so used by
the Sun Acquisition Relevant Date, applied in the manner required by section 4.10 as if the net proceeds were derived from an Asset Disposition. 
  

	 	(c)	 The definition of “Excluded Contribution” in Section 1.01 is hereby amended by inserting the following immediately prior to
the period at the end thereof: 

 “; provided, however, the net cash proceeds received by the Issuer
from any equity rights offering or other equity offering of any kind completed in connection with, and applied to the financing of, the Sun Acquisition shall be deemed to be an Excluded Contribution” 

 

	 	(d)	 The definition of “Permitted Liens” in Section 1.01 is hereby amended by deleting “and” at the end of
clause (41), replacing the period at the end of clause (42) with “; and” and adding a new clause (43) as follows: 

“(43) Liens (including without limitation, Liens ranking pari-passu with the Notes) securing the Sun Indebtedness.”

  

	 	(e)	 The defined term “Sun Indebtedness” is hereby added to Section 1.02 in its appropriate alphabetical order as follows:

  

			
	 Term
	 	Defined in Section
	 “Sun Indebtedness”
	 	Section 4.09(b)(19)

  

	 	(f)	 Section 3.08 is hereby amended by adding the following language as a new paragraph prior to the definition of “Excess Cash Flow”:

  
 B-3 

 “For clarity, the numerator in the “Consolidated First-Lien Leverage
Ratio” shall not include any Sun Indebtedness evidenced by subscription receipts for which proceeds are being held in escrow or another similar type of arrangement pending closing of the Sun Acquisition.” 

 

	 	(g)	 Section 4.09(b) is hereby amended as follows: 

  

	 	(i)	 Deleting the word “and” at the end of Section 4.09(b)(18) and adding a new Section 4.09(b)(19), as follows, with the subsequent
section renumbered accordingly: 

 “the incurrence of an additional principal amount of Indebtedness
not to exceed $140.0 million, which may (without limitation) comprise of Additional Notes, Pari Passu Indebtedness including senior secured notes and/or bridge loans (including subscription receipts or similar arrangements therefor) in
connection with the Sun Acquisition and costs and Expenses associated therewith (the “Sun Indebtedness”); and” 
  

	 	(ii)	 Section 4.09(b)(19) is hereby amended by deleting “(18)” in the first line thereof and replacing it with “(19)”, replacing
“4.09(b)(19)” with “4.09(b)(20)” in the fourth line thereof. 

  

	 	(h)	 Section 10.05 is hereby amended by (i) deleting the word “leased” in Section 10.05(ii) and replacing it with
“Material Leases entered into” and (ii) adding the following after the words “Issue Date” in the last paragraph of Section 10.05 “or date of acquisition or lease, as applicable”. 

Article 3 

MISCELLANEOUS PROVISIONS 

Section 3.01 Confirmation of Existing Security 

Each of the Issuer and the Guarantor acknowledges and confirms that notwithstanding the execution of this Supplemental
Indenture each of the existing Collateral Documents that Issuer and Guarantor have executed in favour of Collateral Agent (i) remains in full force and effect and has not been terminated discharged or released, (ii) constitutes legal valid
and binding obligation of Issuer and Guarantor enforceable against Issuer and Guarantor under the laws governing the applicable security document in accordance with its terms, subject to applicable bankruptcy insolvency and other laws of general
application limiting the enforceability of creditors rights and (iii) continues to stand as valid and enforceable security for the Obligations, as amended hereby. 

Section 3.02 Supplemental to the Note Indenture 

This Supplemental Indenture is supplemental to the Indenture and the Supplemental Indenture shall hereafter be read together
and shall have effect, so far as practicable, with respect to the Notes as if all the provisions of the Indenture and this Supplemental Indenture were combined in one instrument. This Supplemental Indenture shall, unless the

  
 B-4 

 
context otherwise requires, be subject to the interpretation provisions contained in Section 1.03 of the Indenture. The Indenture is and shall remain in full force and effect with regards to
all matters governing the Notes, except as modified or supplemented by this Supplemental Indenture. Notwithstanding the foregoing, in the event any term or provision contained herein shall conflict with or be inconsistent with any term or provision
of the Indenture, the terms and provisions of this Supplemental Indenture shall govern, but for greater certainty this paramountcy clause shall not be operative with respect to any other Supplemental Indenture executed on the date hereof and all
such Supplemental Indentures shall be interpreted in a manner consistent with each other. 
 Section 3.03 Future Reference to the Note
Indenture 
 On and after the date of this First Supplemental Indenture, each reference in the Indenture to
“this Indenture”, “hereunder”, “hereof”, “herein” or words of like import referring to the Indenture, and each reference in any related document to the Indenture, “thereunder”, “thereof”,
“therein” or words of like import referring to the Indenture shall mean and be a reference to the Indenture as amended hereby. The Indenture, as amended hereby, is and shall continue to be in full force and effect and is hereby in all
respects ratified and confirmed. 
 Section 3.04 Governing Law 

THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE PROVINCE OF ONTARIO AND THE
FEDERAL LAWS IF CANADA APPLICABLE THEREIN. 
 Section 3.05 Waiver of Jury Trial 

EACH OF ISSUER, THE COLLATERAL AGENT AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

Section 3.06 Counterparts 

The parties may sign any number of copies of this Supplemental Indenture. Each signed copy (whether by original, facsimile or
other electronic method of transmission) shall be considered an original, but all of them together represent the same agreement. 
 Section 3.07
Headings 
 The headings of the Sections of this Supplemental Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

[Signatures on following page] 

  
 B-5 

 IN WITNESS WHEREOF the parties hereto have caused this Supplemental
Indenture to be executed on their behalf, effective as of the day and year first written above. 
  

			
	POSTMEDIA NETWORK INC., as Issuer
		
	By:  	 	 
		 	 Name:
 Title:

  

			
		
	By:  	 	 
		 	 Name:
 Title:

  

			
		
	By:  	 	 
		 	 Name:
 Title:

  

			
	POSTMEDIA NETWORK CANADA CORP., as Guarantor
		
	By:  	 	 
		 	 Name:
 Title:

  

			
		
	By:  	 	 
		 	 Name:
 Title:

  

			
		
	By:  	 	 
		 	 Name:
 Title:

  
 B-6 

 
			
	COMPUTERSHARE TRUST COMPANY OF CANADA, as Trustee and Collateral Agent
		
	By:  	 	 
		 	 Name:
 Title:

  

			
		
	By:  	 	 
		 	 Name:
 Title:

  

			
		
	By:  	 	 
		 	 Name:
 Title:

  
  

6378340 

  
 B-7

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