Document:

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                                                                    EXHIBIT 4.2

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                              SUN MEDIA CORPORATION

                                 US$205,000,000

                            7-5/8% SENIOR NOTES DUE 2013

                         ------------------------------

                                    INDENTURE

                          DATED AS OF FEBRUARY 7, 2003

                         ------------------------------

                               NATIONAL CITY BANK,
                                   AS TRUSTEE

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                                                           TABLE OF CONTENTS

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                                                                                                     PAGE
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ARTICLE 1.        DEFINITIONS AND INCORPORATION BY REFERENCE............................................1

         Section 1.01.     Definitions..................................................................1

         Section 1.02.     Other Definitions...........................................................21

         Section 1.03.     Incorporation by Reference of Trust Indenture Act...........................22

         Section 1.04.     Rules of Construction.......................................................22

ARTICLE 2.        THE NOTES............................................................................23

         Section 2.01.     Form and Dating.............................................................23

         Section 2.02.     Execution and Authentication................................................24

         Section 2.03.     Registrar and Paying Agent..................................................24

         Section 2.04.     Paying Agent to Hold Money in Trust.........................................24

         Section 2.05.     Holder Lists................................................................25

         Section 2.06.     Transfer and Exchange.......................................................25

         Section 2.07.     Replacement Notes...........................................................35

         Section 2.08.     Outstanding Notes...........................................................35

         Section 2.09.     Treasury Notes..............................................................35

         Section 2.10.     Temporary Notes.............................................................36

         Section 2.11.     Cancellation................................................................36

         Section 2.12.     Defaulted Interest..........................................................36

         Section 2.13.     CUSIP or ISIN Numbers.......................................................36

         Section 2.14.     Special Interest............................................................36

         Section 2.15.     Issuance of Additional Notes................................................37

ARTICLE 3.        REDEMPTION AND PREPAYMENT............................................................37

         Section 3.01.     Notices to Trustee..........................................................37

         Section 3.02.     Selection of Notes to Be Redeemed...........................................37

         Section 3.03.     Notice of Redemption........................................................38

         Section 3.04.     Effect of Notice of Redemption..............................................38

         Section 3.05.     Deposit of Redemption Price.................................................38

         Section 3.06.     Notes Redeemed in Part......................................................39

         Section 3.07.     Optional Redemption.........................................................39

         Section 3.08.     Mandatory Redemption........................................................40

         Section 3.09.     Offers To Purchase..........................................................40

ARTICLE 4.        COVENANTS............................................................................42

         Section 4.01.     Payment of Notes............................................................42

         Section 4.02.     Maintenance of Office or Agency.............................................42

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                                                           TABLE OF CONTENTS
                                                              (CONTINUED)

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         Section 4.03.     Reports.....................................................................42

         Section 4.04.     Compliance Certificate......................................................43

         Section 4.05.     Taxes.......................................................................43

         Section 4.06.     Stay, Extension and Usury Laws..............................................43

         Section 4.07.     Corporate Existence.........................................................44

         Section 4.08.     Payments for Consent........................................................44

         Section 4.09.     Incurrence of Indebtedness and Issuance of Preferred Shares.................44

         Section 4.10.     Restricted Payments.........................................................46

         Section 4.11.     Liens.......................................................................49

         Section 4.12.     Asset Sales.................................................................49

         Section 4.13.     Dividend and Other Payment Restrictions Affecting Subsidiaries..............51

         Section 4.14.     Transactions with Affiliates................................................53

         Section 4.15.     Sale and Leaseback Transactions.............................................54

         Section 4.16.     Issuances and Sales of Equity Interests in Subsidiaries.....................54

         Section 4.17.     Designation of Restricted and Unrestricted Subsidiaries.....................55

         Section 4.18.     Repurchase at the Option of Holders Upon a Change of Control................56

         Section 4.19.     Future Guarantors...........................................................56

         Section 4.20.     Additional Amounts..........................................................56

ARTICLE 5.        SUCCESSORS...........................................................................57

         Section 5.01.     Merger, Consolidation and Sale of Assets of
                           the Company and Subsidiary Guarantors.......................................57

         Section 5.02.     Successor Corporation Substituted...........................................58

ARTICLE 6.        DEFAULTS AND REMEDIES................................................................59

         Section 6.01.     Events of Default...........................................................59

         Section 6.02.     Acceleration................................................................60

         Section 6.03.     Other Remedies..............................................................61

         Section 6.04.     Waiver of Past Defaults.....................................................61

         Section 6.05.     Control by Majority.........................................................62

         Section 6.06.     Limitation on Suits.........................................................62

         Section 6.07.     Rights of Holders to Receive Payment........................................62

         Section 6.08.     Collection Suit by Trustee..................................................62

         Section 6.09.     Trustee May File Proofs of Claim............................................62

         Section 6.10.     Priorities..................................................................63

         Section 6.11.     Undertaking for Costs.......................................................63

ARTICLE 7.        TRUSTEE..............................................................................63

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                                                           TABLE OF CONTENTS
                                                              (CONTINUED)

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         Section 7.01.     Duties of Trustee...........................................................63

         Section 7.02.     Rights of Trustee...........................................................64

         Section 7.03.     Individual Rights of Trustee................................................65

         Section 7.04.     Trustee's Disclaimer........................................................65

         Section 7.05.     Notice of Defaults..........................................................65

         Section 7.06.     Reports by Trustee to Holders...............................................65

         Section 7.07.     Compensation and Indemnity..................................................66

         Section 7.08.     Replacement of Trustee......................................................66

         Section 7.09.     Successor Trustee by Merger, etc............................................67

         Section 7.10.     Eligibility; Disqualification...............................................67

         Section 7.11.     Preferential Collection of Claims Against Company...........................67

ARTICLE 8.        LEGAL DEFEASANCE AND COVENANT DEFEASANCE.............................................68

         Section 8.01.     Option to Effect Legal Defeasance or Covenant Defeasance....................68

         Section 8.02.     Legal Defeasance and Discharge..............................................68

         Section 8.03.     Covenant Defeasance.........................................................68

         Section 8.04.     Conditions to Legal or Covenant Defeasance..................................69

         Section 8.05.     Deposited Cash and Government Securities to be Held in Trust;
                           Other Miscellaneous Provisions..............................................70

         Section 8.06.     Repayment to Company........................................................70

         Section 8.07.     Reinstatement...............................................................70

ARTICLE 9.        AMENDMENT, SUPPLEMENT AND WAIVER.....................................................71

         Section 9.01.     Without Consent of Holders of Notes.........................................71

         Section 9.02.     With Consent of Holders of Notes............................................71

         Section 9.03.     Compliance with Trust Indenture Act.........................................73

         Section 9.04.     Revocation and Effect of Consents...........................................73

         Section 9.05.     Notation on or Exchange of Notes............................................73

         Section 9.06.     Trustee to Sign Amendments, etc.............................................73

ARTICLE 10.       SUBSIDIARY GUARANTEES................................................................73

         Section 10.01.    Guarantee...................................................................73

         Section 10.02.    Limitation on Subsidiary Guarantor Liability................................75

         Section 10.03.    Execution and Delivery of Subsidiary Guarantee..............................75

         Section 10.04.    Subsidiary Guarantors May Consolidate, etc., on Certain Terms...............75

         Section 10.05.    Releases Following Sale of Assets...........................................76

ARTICLE 11.       SATISFACTION AND DISCHARGE...........................................................76

         Section 11.01.    Satisfaction and Discharge..................................................76

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                                                           TABLE OF CONTENTS
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         Section 11.02.    Deposited Cash and Government Securities to be Held in Trust;
                           Other Miscellaneous Provisions..............................................77

         Section 11.03.    Repayment to Company........................................................77

ARTICLE 12.       MISCELLANEOUS........................................................................77

         Section 12.01.    Trust Indenture Act Controls................................................77

         Section 12.02.    Notices.....................................................................78

         Section 12.03.    Communication by Holders of Notes with Other Holders of Notes...............79

         Section 12.04.    Certificate and Opinion as to Conditions Precedent..........................79

         Section 12.05.    Statements Required in Certificate or Opinion...............................79

         Section 12.06.    Rules by Trustee and Agents.................................................79

         Section 12.07.    No Personal Liability of Directors, Officers, Employees and Shareholders....80

         Section 12.08.    Governing Law...............................................................80

         Section 12.09.    No Adverse Interpretation of Other Agreements...............................80

         Section 12.10.    Successors..................................................................80

         Section 12.11.    Severability................................................................80

         Section 12.12.    Consent to Jurisdiction and Service of Process..............................80

         Section 12.13.    Conversion of Currency......................................................81

         Section 12.14.    Currency Equivalent.........................................................81

         Section 12.15.    Counterpart Originals.......................................................82

         Section 12.16.    Table of Contents, Headings, etc............................................82

         Section 12.17.    Qualification of this Indenture.............................................82

EXHIBIT A:  FORM OF GLOBAL NOTE
EXHIBIT B:  FORM OF CERTIFICATE OF TRANSFER
EXHIBIT C:  FORM OF CERTIFICATE OF EXCHANGE
EXHIBIT D:  FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL
            ACCREDITED INVESTOR
EXHIBIT E:  FORM OF NOTATION OF GUARANTEE
EXHIBIT F:  FORM OF SUBORDINATION AGREEMENT
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                                                          CROSS-REFERENCE TABLE

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<Caption>

 TIA SECTION REFERENCE                                        INDENTURE
                                                              SECTION
<S>                                                           <C>
310(a)(1).........................................            7.10
(a)(2)............................................            7.10
(a)(3)............................................            N.A.
(a)(4)............................................            N.A.
(a)(5)............................................            7.10
(b)...............................................            7.08, 7.10
(c)...............................................            N.A.
311(a)............................................            7.11
(b)...............................................            7.11
(c)...............................................            N.A.
312(a)............................................            2.05
(b)...............................................            12.03
(c)...............................................            12.03
313(a)............................................            7.06
(b)(1)............................................            N.A.
(b)(2)............................................            7.06, 7.07
(c)...............................................            7.06, 12.02
(d)...............................................            7.06
314(a)............................................            4.03, 4.04, 12.02
(b)...............................................            N.A.
(c)(1)............................................            12.04
(c)(2)............................................            12.04
(c)(3)............................................            N.A.
(d)...............................................            N.A.
(e)...............................................            12.05
315(a)............................................            7.01
(b)...............................................            7.05, 12.02
(c)...............................................            7.01
(d)...............................................            7.01
(e)...............................................            6.11
316(a) (last sentence)............................            2.09
(a)(1)(A).........................................            6.05
(a)(1)(B).........................................            6.04
(a)(2)............................................            N.A.
(b)...............................................            6.07
317(a)(1).........................................            6.08
(a)(2)............................................            6.09
(b)...............................................            2.04
318(a)............................................            12.01

N.A. means Not Applicable.
</Table>

Note:  This Cross-Reference Table shall not, for any purpose, be deemed to be
       part of this Indenture.

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                                                                  EXECUTION COPY

                  This INDENTURE, dated as of February 7, 2003, is by and among
SUN MEDIA CORPORATION, a company continued under the laws of the Province of
British Columbia, each Subsidiary Guarantor listed on the signature pages
hereto, and NATIONAL CITY BANK, as trustee (the "TRUSTEE").

                  The Company, each Subsidiary Guarantor and the Trustee agree
as follows for the benefit of each other and for the equal and ratable benefit
of the Holders of the 7-5/8% Senior Notes due 2013 (the "NOTES"):

                                     ARTICLE 1.

                   DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01.     DEFINITIONS.

                  For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires:

                  "144A GLOBAL NOTE" means a Global Note in the form of Exhibit
A hereto bearing the Global Note Legend and the Private Placement Legend and
deposited with and registered in the name of the Depositary or its nominee that
will be issued in a denomination equal to the outstanding principal amount of
the Notes sold for initial resale in reliance on Rule 144A.

                  "ACQUIRED DEBT" means, with respect to any specified Person:

                  (1) Indebtedness of any other Person existing at the time such
                  other Person is merged with or into or becomes a Subsidiary of
                  such specified Person, whether or not such Indebtedness is
                  incurred in connection with, or in contemplation of, such
                  other Person merging with or into, or becoming a Subsidiary of
                  such specified Person; and

                  (2) Indebtedness secured by a Lien encumbering any asset
                  acquired by such specified Person.

                  "ADDITIONAL NOTES" means any Notes (other than Initial Notes
and Exchange Notes and Notes issued under Sections 2.06, 2.07, 2.10 and 3.06
hereof) issued under this Indenture in accordance with Sections 2.02, 2.15 and
4.09 hereof, as part of the same series as the Initial Notes or as an additional
series.

                  "AFFILIATE" of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition,
"control," as used with respect to any Person, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise; PROVIDED, HOWEVER, that beneficial
ownership of more than 10% of the Voting Stock of a Person shall be deemed to be
control. For purposes of this definition, the terms "controlling," "controlled
by" and "under common control with" shall have correlative meanings.

                  "AGENT" means any Registrar, co-registrar, Paying Agent or
additional paying agent.

                  "APPLICABLE PROCEDURES" means, with respect to any transfer,
redemption or exchange of or for beneficial interests in any Global Note, the
rules and procedures of the Depositary, Euroclear and Clearstream that apply to
such transfer, redemption or exchange.

                  "ASSET ACQUISITION" means (a) an Investment by the Company or
any Restricted Subsidiary in any other Person pursuant to which such Person
shall become a Restricted Subsidiary or shall be consolidated or merged with or
into the Company or any Restricted Subsidiary or (b) any acquisition by the
Company or any Restricted Subsidiary of the assets of any Person that constitute
substantially all of an operating unit, a division or line of business of such
Person or that is otherwise outside of the ordinary course of business.

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                  "ASSET SALE" means:

                  (1) the sale, lease, conveyance or other disposition of any
         assets or rights, other than sales of inventory in the ordinary course
         of business; PROVIDED, HOWEVER, that the sale, conveyance or other
         disposition of all or substantially all of the assets of the Company
         and its Subsidiaries, taken as a whole, shall be governed by the
         provisions of Sections 4.18 and 5.01 hereof and not by the provisions
         of Section 4.12 hereof; and

                  (2) the issuance of Equity Interests of any Restricted
         Subsidiary or the sale of Equity Interests in any Restricted
         Subsidiary.

                  Notwithstanding the preceding, the following items shall not
be deemed to be Asset Sales:

                  (1) any single transaction or series of related transactions
         that involves assets having a fair market value (as determined by the
         Board of Directors of the Company and evidenced by a resolution of the
         Board of Directors of the Company set forth in an Officers' Certificate
         and delivered to the Trustee) of less than US$1.0 million;

                  (2) a sale, lease, conveyance or other disposition of assets
         between or among the Company and the Subsidiary Guarantors;

                  (3) an issuance of Equity Interests by a Restricted Subsidiary
         to the Company or to another Restricted Subsidiary;

                  (4) the sale, lease, conveyance or other disposition of
         equipment, inventory, accounts receivable or other assets in the
         ordinary course of business;

                  (5) the sale or other disposition of cash or Cash Equivalents;

                  (6) any Tax Benefit Transaction; and

                  (7) a Restricted Payment or Permitted Investment that is
         permitted by Section 4.10 hereof.

                  "ASSET SWAP" means an exchange of assets by the Company or a
Restricted Subsidiary for:

                  (1) one or more Permitted Businesses;

                  (2) a controlling equity interest in any Person whose assets
         consist primarily of one or more Permitted Businesses; and/or

                  (3) long-term assets that are used in a Permitted Business in
         a like-kind exchange or transfer pursuant to Section 1031 of the Code
         or any similar or successor provision of the Code or Sections 51, 85,
         85.1, 86, 87 or 88(1) of the INCOME TAX ACT (Canada) or any similar or
         successor provisions of the INCOME TAX ACT (Canada).

                  "ATTRIBUTABLE DEBT" in respect of a sale and leaseback
transaction means, at the time of determination, the present value of the
obligation of the lessee for net rental payments during the remaining term of
the lease included in such sale and leaseback transaction including any period
for which such lease has been extended or may, at the option of the lessor, be
extended. Such present value shall be calculated using a discount rate equal to
the rate of interest implicit in such transaction, determined in accordance with
GAAP.

                  "BACK-TO-BACK DEBT" means any loans made or debt instruments
issued as part of a Back-to-Back Transaction and in which each party to such
Back-to-Back Transaction, other than a Sun Media Entity, executes a
subordination agreement in favor of the Holders in substantially the form
attached hereto as Exhibit F.

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                  "BACK-TO-BACK PREFERRED SHARES" means Preferred Shares issued:

                  (1) to a Sun Media Entity by an Affiliate of the Company in
         circumstances where, immediately prior to or after, as the case may be,
         the issuance of such Preferred Shares, an Affiliate of such Sun Media
         Entity has loaned on an unsecured basis to such Sun Media Entity, or an
         Affiliate of such Sun Media Entity has subscribed for Preferred Shares
         of such Sun Media Entity in, an amount equal to the requisite
         subscription price for such Preferred Shares;

                  (2) by a Sun Media Entity to one of its Affiliates in
         circumstances where, immediately prior to or after, as the case may be,
         the issuance of such Preferred Shares, such Sun Media Entity has loaned
         an amount equal to the proceeds of such issuance to an Affiliate on an
         unsecured basis; or

                  (3) by a Sun Media Entity to one of its Affiliates in
         circumstances where, immediately prior to or after, as the case may be,
         the issuance of such Preferred Shares, such Sun Media Entity has used
         the proceeds of such issuance to subscribe for Preferred Shares issued
         by an Affiliate;

                  in each case on terms whereby:

                   (i) the aggregate redemption amount applicable to the
         Preferred Shares issued to or by such Sun Media Entity is identical:

                   (A)     in the case of (1) above, to the principal amount of
                           the loan made or the aggregate redemption amount of
                           the Preferred Shares subscribed for by such
                           Affiliate;

                   (B)     in the case of (2) above, to the principal amount of
                           the loan made to such Affiliate; or

                   (C)     in the case of (3) above, to the aggregate redemption
                           amount of the Preferred Shares issued by such
                           Affiliate;

                   (ii) the dividend payment date applicable to the Preferred
         Shares issued to or by such Sun Media Entity shall:

                   (A)     in the case of (1) above, be immediately prior to, or
                           on the same date as, the interest payment date
                           relevant to the loan made or the dividend payment
                           date on the Preferred Shares subscribed for by such
                           Affiliate;

                   (B)     in the case of (2) above, be immediately after, or on
                           the same date as, the interest payment date relevant
                           to the loan made to such Affiliate; or

                   (C)     in the case of (3) above, be immediately after, or on
                           the same date as, the dividend payment date on the
                           Preferred Shares issued by such Affiliate;

                   (iii) the amount of dividends provided for on any payment
         date in the share conditions attaching to the Preferred Shares issued:

                  (A)      to a Sun Media Entity in the case of (1) above, shall
                           be equal to or in excess of the amount of interest
                           payable in respect of the loan made or the amount of
                           dividends provided for in respect of the Preferred
                           Shares subscribed for by such Affiliate;

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                  (B)      by a Sun Media Entity in the case of (2) above, shall
                           be less than or equal to the amount of interest
                           payable in respect of the loan made to such
                           Affiliate; or

                  (C)      by a Sun Media Entity in the case of (3) above, shall
                           be equal to the amount of dividends in respect of the
                           Preferred Shares issued by such Affiliate.

                  "BACK-TO-BACK SECURITIES" means Back-to-Back Preferred Shares
or Back-to-Back Debt or both, as the context requires.

                  "BACK-TO-BACK TRANSACTION" means any of the transactions
described under the definition of Back-to-Back Preferred Shares.

                  "BANKRUPTCY LAW" means Title 11, U.S. Code or any similar
federal or state law for the relief of debtors, the BANKRUPTCY AND INSOLVENCY
ACT (Canada), the COMPANIES' CREDITORS ARRANGEMENT ACT (Canada) or any other
Canadian federal or provincial law or the law of any other jurisdiction relating
to bankruptcy, insolvency, winding up, liquidation, reorganization or relief of
debtors.

                  "BENEFICIAL OWNER" has the meaning assigned to such term in
Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the
beneficial ownership of any particular "person" (as such term is used in Section
13(d)(3) of the Exchange Act), such "person" shall be deemed to have beneficial
ownership of all securities that such "person" has the right to acquire by
conversion or exercise of other securities, whether such right is currently
exercisable or is exercisable only upon the occurrence of a subsequent
condition.

                  "BOARD OF DIRECTORS" means:

                  (1) with respect to a corporation, the board of directors of
         the corporation;

                  (2) with respect to a partnership, the board of directors of
         the general partner of the partnership; and

                  (3) with respect to any other Person, the board or committee
         of such Person serving a similar function.

                  "BOARD RESOLUTION" means a copy of a resolution certified by
the secretary or an assistant secretary (or individual performing comparable
duties) of the applicable Person to have been duly adopted by the Board of
Directors of such Person and to be in full force and effect on the date of such
certification, and delivered to the Trustee.

                  "BUSINESS DAY" means any day other than a Legal Holiday.

                  "CANADIAN TAXING AUTHORITY" means any federal, provincial,
territorial or other Canadian government or any authority or agency thereof
having the power to tax.

                  "CAPITAL LEASE OBLIGATION" means, at the time any
determination thereof is to be made, the amount of the liability in respect of a
capital lease that would at that time be required to be capitalized on a balance
sheet in accordance with GAAP.

                  "CAPITAL STOCK" means:

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

                                       4
<Page>

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

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

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

                  "CAPITAL STOCK SALE PROCEEDS" means the aggregate net cash
proceeds received by the Company after the Issue Date:

                  (1) as a contribution to the common equity capital or from the
         issue or sale of Equity Interests of the Company (other than
         Disqualified Stock or Back-to-Back Securities); or

                  (2) from the issue or sale of convertible or exchangeable
         Disqualified Stock or convertible or exchangeable debt securities of
         the Company that have been converted into or exchanged for such Equity
         Interests,

other than, in either (1) or (2), Equity Interests (or convertible or
exchangeable Disqualified Stock or convertible or exchangeable debt securities)
sold to a Subsidiary of the Company.

                  "CASH EQUIVALENTS" means:

                  (1) United States dollars or Canadian dollars;

                  (2) investments in securities with maturities of one year or
         less from the date of acquisition issued or fully guaranteed by any
         state, commonwealth, territory or province of the United States of
         America or Canada, or by any political subdivision or taxing authority
         thereof, and rated in the "R-1" category by the Dominion Bond Rating
         Service Limited;

                  (3) certificates of deposit and eurodollar time deposits with
         maturities of one year or less from the date of acquisition, bankers'
         acceptances with maturities not exceeding one year and overnight bank
         deposits, in each case, with any domestic commercial bank having
         capital and surplus in excess of US$500.0 million;

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

                  (5) commercial paper having the highest rating obtainable from
         Moody's Investors Service, Inc. or Standard & Poor's Rating Services
         and in each case maturing within one year after the date of acquisition
         or with respect to commercial paper in Canada, a rating in the "R-1"
         category by the Dominion Bond Rating Service Limited; and

                  (6) money market funds at least 90% of the assets of which
         constitute Cash Equivalents of the kinds described in clauses (1)
         through (5) of this definition.

                  "CHANGE OF CONTROL" means the occurrence of any of the
following:

                                       5
<Page>

                  (1) the direct or indirect sale, transfer, conveyance or other
         disposition (other than by way of merger or consolidation), in one or a
         series of related transactions, of all or substantially all of the
         properties or assets of the Company and the Restricted Subsidiaries,
         taken as a whole, to any "person" (as that term is used in Section
         13(d)(3) of the Exchange Act) other than a Permitted Holder or a
         Related Party;

                  (2) the adoption of a plan relating to the liquidation or
         dissolution of the Company;

                  (3) the consummation of any transaction (including, without
         limitation, any merger or consolidation) the result of which is that
         any Person, other than a Permitted Holder or a Related Party, becomes
         the Beneficial Owner, directly or indirectly, of more than 50% of the
         Voting Stock of the Company, measured by voting power rather than
         number of shares; or

                  (4) during any consecutive two year period, the first day on
         which individuals who constituted the Board of Directors of the Company
         as of the beginning of such two year period (together with any new
         directors who were nominated for election or elected to such Board of
         Directors with the approval of a majority of the individuals who were
         members of such Board of Directors, or whose nomination or election was
         previously so approved at the beginning of such two-year period) cease
         to constitute a majority of the Board of Directors of the Company.

                  "CLEARSTREAM" means Clearstream Banking S.A. and any successor
thereto.

                  "CODE" means the U.S. Internal Revenue Code of 1986, as
amended.

                  "COMMISSION" means the U.S. Securities and Exchange Commission
and any successor entity thereto.

                  "COMMON STOCK" of any Person means all Capital Stock of such
Person that is generally entitled to (i) vote in the election of directors of
such Person or (ii) if such Person is not a corporation, vote or otherwise
participate in the selection of the governing body, partners, managers or others
that will control the management and policies of such Person.

                  "COMPANY" means Sun Media Corporation and any successor
thereto.

                  "CONSOLIDATED CASH FLOW" means, with respect to any specified
Person for any period, the Consolidated Net Income of such Person for such
period plus:

                  (1) an amount equal to any extraordinary loss plus any net
         loss realized by such Person or any of its Restricted Subsidiaries in
         connection with an Asset Sale, to the extent such losses were deducted
         in computing such Consolidated Net Income; plus

                  (2) provision for taxes based on income or profits of such
         Person and its Restricted Subsidiaries for such period, to the extent
         that such provision for taxes was deducted in computing such
         Consolidated Net Income; plus

                  (3) Consolidated Interest Expense of such Person and its
         Restricted Subsidiaries for such period to the extent that any such
         expense was deducted in computing such Consolidated Net Income; plus

                  (4) depreciation, amortization (including amortization of
         goodwill and other intangibles) and other non-cash expenses (excluding
         any such non-cash expense to the extent that it represents an accrual
         of or reserve for cash expenses in any future

                                       6
<Page>

         period) of such Person and its Restricted Subsidiaries for such period,
         to the extent that such depreciation, amortization and other non-cash
         expenses were deducted in computing such Consolidated Net Income; minus

                  (5) any interest and other payments made to Persons other than
         any Sun Media Entity in respect of Back-to-Back Securities or the
         Existing Back-to-Back Debt to the extent such interest and other
         payments were not deducted in computing such Consolidated Net Income;
         minus

                  (6) non-cash items increasing such Consolidated Net Income for
         such period, other than the accrual of revenue in the ordinary course
         of business,

         in each case, on a consolidated basis and determined in accordance with
         GAAP.

                  Notwithstanding the foregoing, the provision for taxes based
on the income or profits of, and the depreciation and amortization and other
non-cash charges of a Restricted Subsidiary shall be added to Consolidated Net
Income to compute Consolidated Cash Flow of the Company only to the extent that
a corresponding amount would be permitted at the date of determination to be
dividended to the Company by such Restricted Subsidiary without prior
governmental approval (unless such approval has been obtained), and without
direct or indirect restriction pursuant to the terms of its charter and all
agreements, instruments, judgments, decrees, orders, statutes, rules and
governmental regulations applicable to that Restricted Subsidiary or its
shareholders.

                  "CONSOLIDATED INDEBTEDNESS" means, with respect to any Person
as of any date of determination, the sum, without duplication, of (i) the total
amount of Indebtedness of such Person and its Restricted Subsidiaries, plus (ii)
the total amount of Indebtedness of any other Person, to the extent that such
Indebtedness has been guaranteed by the referent Person or one or more of its
Restricted Subsidiaries, plus (iii) the aggregate liquidation value of all
Disqualified Stock of such Person and all Preferred Shares of Restricted
Subsidiaries of such Person, in each case, determined on a consolidated basis in
accordance with GAAP.

                  "CONSOLIDATED INTEREST EXPENSE" means, with respect to any
Person, for any period, without duplication, the sum of (i) the consolidated
interest expense of such Person and its Restricted Subsidiaries for such period,
whether paid or accrued (including, without limitation, amortization of original
issue discount, non-cash interest payments, the interest component of any
deferred payment Obligations, the interest component of all payments associated
with Capital Lease Obligations, imputed interest with respect to Attributable
Debt, commissions, discounts, and other fees, and charges incurred in respect of
letter of credit or bankers' acceptance financings), all calculated after taking
into account the effect of all Hedging Obligations, (ii) the consolidated
interest expense of such Person and its Restricted Subsidiaries that was
capitalized during such period, (iii) any interest expense on Indebtedness of
another Person that is guaranteed by such Person or any of its Restricted
Subsidiaries or secured by a Lien on assets of such Person or any of its
Restricted Subsidiaries (whether or not such guarantee or Lien is called upon),
(iv) the product of (a) all dividend payments on any series of Preferred Shares
of such Person or any of its Restricted Subsidiaries, times (b) a fraction, the
numerator of which is one and the denominator of which is one minus the then
current combined federal, state, provincial, territorial and local statutory tax
rate of such Person, expressed as a decimal, in each case, on a consolidated
basis and in accordance with GAAP, and (v) to the extent not included in clause
(iv) above for purposes of GAAP, the product of (a) all dividend payments on any
series of Disqualified Stock of such Person or any of its Restricted
Subsidiaries, times (b) a fraction, the numerator of which is one and the
denominator of which is one minus the then current combined federal, state,
provincial, territorial and local statutory tax rate of such Person, expressed
as a decimal, in each case, on a consolidated basis and in accordance with GAAP.
Interest and other payments on Back-to-Back Securities or the Existing
Back-to-Back Debt shall not be included as Consolidated Interest Expense.

                  "CONSOLIDATED NET INCOME" means, with respect to any specified
Person for any period, the aggregate of the Net Income of such Person and its
Restricted Subsidiaries for such period, on a consolidated basis, determined in
accordance with GAAP; PROVIDED, HOWEVER, that:

                  (1) the Net Income (but not loss) of any Person that is not a
         Restricted Subsidiary (other than an Unrestricted Subsidiary) or that
         is accounted for by the equity

                                       7
<Page>

         method of accounting shall be included; PROVIDED, that the Net Income
         shall be included only to the extent of the amount of dividends or
         distributions paid in cash to the specified Person or a Restricted
         Subsidiary thereof;

                  (2) the Net Income of any Restricted Subsidiary shall be
         excluded to the extent that the declaration or payment of dividends or
         similar distributions by that Restricted Subsidiary of that Net Income
         is not at the date of determination permitted without any prior
         governmental approval (unless such approval has been obtained) or,
         directly or indirectly, by operation of the terms of its charter or any
         agreement, instrument, judgment, decree, order, statute, rule or
         governmental regulation applicable to that Subsidiary or its
         shareholders;

                  (3) the Net Income of any Person acquired in a pooling of
         interests transaction for any period prior to the date of such
         acquisition shall be excluded;

                  (4) the cumulative effect of a change in accounting
         principles shall be excluded;

                  (5) the Net Income (but not loss) of any Unrestricted
         Subsidiary shall be excluded, whether or not distributed to the
         specified Person or one of its Subsidiaries; PROVIDED, HOWEVER, that
         for purposes of Sections 4.09 and 4.10 hereof, the Net Income of any
         Unrestricted Subsidiary shall be included to the extent it would
         otherwise be included under clause (1) of this definition; and

                  (6) any non-cash compensation expense realized for grants of
         performance shares, stock options or other rights officers, directors
         and employees of the Company or any Restricted Subsidiary shall be
         excluded, PROVIDED that such shares, options or other rights can be
         redeemed at the option of the holders thereof for Capital Stock of the
         Company (other than Disqualified Stock).

                  "CONSOLIDATED REVENUES" means the gross revenues of the
Company and the Restricted Subsidiaries determined on a consolidated basis in
accordance with GAAP; PROVIDED that (1) any portion of gross revenues derived
directly or indirectly from Unrestricted Subsidiaries, including dividends or
distributions from Unrestricted Subsidiaries, shall be excluded from such
calculation, and (2) any portion of gross revenues derived directly or
indirectly from a Person (other than a Subsidiary of the Company or a Restricted
Subsidiary) accounted for by the equity method of accounting shall be included
in such calculation only to the extent of the amount of dividends or
distributions actually paid to the Company or a Restricted Subsidiary by such
Person.

                  "CORPORATE TRUST OFFICE OF THE TRUSTEE" shall be at the
address of the Trustee specified in Section 12.02 hereof, or such other address
as to which the Trustee may give notice to the Company.

                  "CREDIT FACILITIES" means, one or more debt facilities
(including, without limitation, the New Credit Facility) or commercial paper
facilities, in each case with banks or other institutional lenders providing for
revolving credit loans, term loans, receivables financing (including through the
sale of receivables to such lenders or to special purpose entities formed to
borrow from such lenders against such receivables) or letters of credit, in each
case, as amended, restated, modified, renewed, refunded, replaced or refinanced
in whole or in part from time to time.

                  "CURRENCY EXCHANGE PROTECTION AGREEMENT" means, in respect of
a Person, any foreign exchange contract, currency swap agreement, currency
option or other similar agreement or arrangement designed to protect such Person
against fluctuations in currency exchange rates entered into with any commercial
bank or other financial institutions having capital and surplus in excess of
US$500.0 million.

                  "CUSTODIAN" means, with respect to the Notes issuable or
issued in whole or in part in global form, the Person specified in Section
2.03(c) hereof as Custodian with respect to the Notes, and any and all
successors

                                       8
<Page>

thereto appointed as custodian hereunder and having become such pursuant to the
applicable provisions of this Indenture.

                  "DEBT TO CASH FLOW RATIO" means, as of any date of
determination (the "Determination Date"), the ratio of (a) the Consolidated
Indebtedness of the Company as of such Determination Date to (b) the
Consolidated Cash Flow of the Company for the most recently ended four full
fiscal quarters ending immediately prior to such Determination Date for which
interim financial statements are available (each, a "Measurement Period" and,
together, the "Measurement Periods"), determined on a PRO FORMA basis after
giving effect to all acquisitions or dispositions of assets made by the Company
and the Restricted Subsidiaries from the beginning of the first of such quarters
through and including such Determination Date (including any related financing
transactions) as if such acquisitions and dispositions had occurred at the
beginning of such quarter. For purposes of calculating Consolidated Cash Flow
for each Measurement Period immediately prior to the relevant Determination
Date, (i) any Person that is a Restricted Subsidiary on the Determination Date
(or would become a Restricted Subsidiary on such Determination Date in
connection with the transaction that requires the determination of such
Consolidated Cash Flow) shall be deemed to have been a Restricted Subsidiary at
all times during the applicable Measurement Period; (ii) any Person that is not
a Restricted Subsidiary on such Determination Date (or would cease to be a
Restricted Subsidiary on such Determination Date in connection with the
transaction that requires the determination of such Consolidated Cash Flow)
shall be deemed not to have been a Restricted Subsidiary at any time during the
applicable Measurement Period; (iii) if the Company or any Restricted Subsidiary
shall have in any manner (x) acquired (including through an Asset Acquisition or
the commencement of activities constituting such operating business) or (y)
disposed of (including by way of an Asset Sale or the termination or
discontinuance of activities constituting such operating business) any operating
business during the applicable Measurement Period or after the end of such
period and on or prior to such Determination Date, such calculation shall be
made on a PRO FORMA basis in accordance with GAAP, as if, in the case of an
Asset Acquisition or the commencement of activities constituting such operating
business, all such transactions had been consummated on the first day of the
applicable Measurement Period, and, in the case of an Asset Sale or termination
or discontinuance of activities constituting such operating business, all such
transactions had been consummated prior to the first day of the applicable
Measurement Period; (iv) if (A) since the beginning of the applicable
Measurement Period, the Company or any Restricted Subsidiary has incurred any
Indebtedness that remains outstanding or has repaid any Indebtedness, or (B) the
transaction giving rise to the need to calculate the Debt to Cash Flow Ratio is
an incurrence or repayment of Indebtedness, Consolidated Interest Expense for
such Measurement Period shall be calculated after giving effect on a PRO FORMA
basis to such incurrence or repayment as if such Indebtedness was incurred or
repaid on the first day of such period, PROVIDED that, in the event of any such
repayment of Indebtedness, Consolidated Cash Flow for such period shall be
calculated as if the Company or such Restricted Subsidiary had not earned any
interest income actually earned during such period in respect of the funds used
to repay such Indebtedness; and (v) if any Indebtedness bears a floating rate of
interest and is being given PRO FORMA effect, the interest expense on such
Indebtedness shall be calculated as if the base interest rate in effect for such
floating rate of interest on the Determination Date had been the applicable base
interest rate for the entire Measurement Period (taking into account any
Interest Rate Agreement applicable to such Indebtedness if such Interest Rate
Agreement has a remaining term in excess of twelve months).

                  "DEFAULT" means any event that is, or with the passage of time
or the giving of notice or both would be, an Event of Default.

                  "DEFERRED MANAGEMENT FEES" means, for any period, any
Management Fees that were payable during any prior period, the payment of which
was not effected when due.

                  "DEFINITIVE NOTE" means a certificated Note registered in the
name of the Holder thereof and issued in accordance with Section 2.06 or 2.10
hereof, in substantially the form of Exhibit A hereto except that such Note
shall not bear the Global Note Legend and shall not have the "Schedule of
Exchanges of Interests in the Global Note" attached thereto.

                  "DEPOSITARY" means, with respect to the Notes issuable or
issued in whole or in part in global form, the Person specified in Section
2.03(b) hereof as the Depositary with respect to the Notes, and any and all
successors thereto appointed as depositary hereunder and having become such
pursuant to the applicable provisions of this Indenture

                                       9
<Page>

                  "DISQUALIFIED STOCK" means any Capital Stock that, by its
terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case at the option of the holder thereof), or
upon the happening of any event, matures or is mandatorily redeemable, pursuant
to a sinking fund obligation or otherwise, or redeemable at the option of the
holder thereof, in whole or in part, on or prior to the date that is 91 days
after the date on which the Notes mature. Notwithstanding the preceding
sentence, (i) Back-to-Back Preferred Shares shall not constitute Disqualified
Stock and (ii) any Capital Stock that would constitute Disqualified Stock solely
because the holders thereof have the right to require the Company to repurchase
such Capital Stock upon the occurrence of a change of control or an asset sale
shall not constitute Disqualified Stock if the terms of such Capital Stock
provide that the Company may not repurchase or redeem any such Capital Stock
pursuant to such provisions unless such repurchase or redemption complies with
the provisions of Section 4.10 hereof.

                  "DISTRIBUTION COMPLIANCE PERIOD" means the 40-day distribution
compliance period as defined in Regulation S.

                  "EQUITY INTERESTS" means Capital Stock and all warrants,
options or other rights to acquire Capital Stock (but excluding any debt
security that is convertible into, or exchangeable for, Capital Stock).

                  "EQUITY OFFERING" means an offering by the Company of Equity
Interests (other than Disqualified Stock or Back-to-Back Securities) however
designated and whether voting or non-voting or an equity contribution by a
direct or indirect parent company to the common equity of the Company.

                  "EUROCLEAR" means Euroclear Bank, S.A./N.V., as operator of
the Euroclear systems, and any successor thereto.

                  "EXCHANGE ACT" means the U.S. Securities Exchange Act of 1934,
as amended, and the rules and regulations thereunder, including any successor
legislation and rules and regulations.

                  "EXCHANGE NOTES" means Notes registered under the Securities
Act to be exchanged for Notes not so registered, pursuant to and as set forth in
a Registration Rights Agreement relating to such an exchange.

                  "EXCHANGE OFFER" has the meaning set forth in a Registration
Rights Agreement relating to an exchange of Notes registered under the
Securities Act for Notes not so registered.

                  "EXCHANGE OFFER REGISTRATION STATEMENT" has the meaning set
forth in a Registration Rights Agreement.

                  "EXISTING BACK-TO-BACK DEBT" means each of the 12.15%
Convertible Obligation due July 14, 2007 and 12.15% Convertible Obligation due
November 28, 2008 of the Company; the 12.25% Convertible Obligation due July 14,
2007 of Bowes Publishers Limited; and the 12.25% Convertible Obligation due
November 28, 2008 of Sun Media (Toronto) Corporation, in each case in aggregate
principal amount outstanding on the Issue Date and with respect to which each
party thereto, other than a Sun Media Entity, has executed a subordination
agreement in favor of the Holders in substantially the form attached hereto as
Exhibit F.

                  "EXISTING BACK-TO-BACK SECURITIES" means the Existing
Back-to-Back Debt and the Existing Quebecor Preferred Shares.

                  "EXISTING INDEBTEDNESS" means Indebtedness of the Company and
the Restricted Subsidiaries (other than Indebtedness under the New Credit
Facility) in existence on the Issue Date, until such amounts are repaid.

                  "EXISTING QUEBECOR PREFERRED SHARES" means the 12.50%
Cumulative First Preferred Shares, Series A, of Quebecor Media in aggregate
liquidation amount outstanding on the Issue Date.

                  "GAAP" means generally accepted accounting principles
consistently applied as in effect in Canada from time to time.

                                       10
<Page>

                  "GLOBAL NOTE LEGEND" means the legend set forth in Section
2.06(g)(ii) hereof, which is required to be placed on all Global Notes issued
under this Indenture.

                  "GLOBAL NOTES" means the global Notes in the form of Exhibit A
hereto issued in accordance with Article 2 hereof.

                  "GOVERNMENT SECURITIES" means direct obligations of, or
obligations guaranteed by, either the United States of America or Canada, and
the payment for which either the United States of America or Canada pledges its
full faith and credit.

                  "GUARANTEE" means a guarantee other than by endorsement of
negotiable instruments for collection in the ordinary course of business, direct
or indirect, in any manner including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness.

                  "HEDGING OBLIGATIONS" means, with respect to any specified
Person, the obligations of such Person pursuant to any Interest Rate Agreement
or Currency Exchange Protection Agreement.

                  "HOLDER" means a Person in whose name a Note is registered.

                  "IAI GLOBAL NOTE" means a Global Note in the form of Exhibit A
hereto bearing the Global Note Legend and the Private Placement Legend and
deposited with and registered in the name of the Depositary or its nominee that
will be issued in a denomination equal to the outstanding principal amount of
the Notes sold to Institutional Accredited Investors, if any, to the extent
required by Applicable Procedures.

                  "INCUR" means, with respect to any Indebtedness or other
Obligation of any Person, to create, incur, issue, assume, guarantee or
otherwise become indirectly or directly liable, contingently or otherwise, with
respect of such Indebtedness or other Obligation.

                  "INDEBTEDNESS" means, with respect to any specified Person,
any indebtedness of such Person, whether or not contingent:

                  (1) representing principal of and premium, if any, in respect
         of borrowed money;

                  (2) representing principal of and premium, if any, evidenced
         by bonds, notes, debentures or similar instruments or letters of credit
         (or reimbursement agreements in respect thereof);

                  (3) in respect of bankers' acceptances;

                  (4) representing Capital Lease Obligations of such Person and
         all Attributable Debt in respect of sale and leaseback transactions
         entered into by such Person;

                  (5) representing the balance deferred and unpaid of the
         purchase price of any property, except any such balance that
         constitutes an accrued expense or trade payable;

                  (6) representing the amount of all obligations of such Person
         with respect to the repayment of any Disqualified Stock or, with
         respect to any Subsidiary of such Person, any Preferred Stock (but
         excluding, in each case, any accrued dividends); or

                  (7) representing any Hedging Obligations,

                                       11
<Page>

if and to the extent any of the preceding items (other than letters of credit
and Hedging Obligations) would appear as a liability upon a balance sheet of the
specified Person prepared in accordance with GAAP. In addition, the term
"Indebtedness" includes all Indebtedness of others secured by a Lien on any
asset of the specified Person (whether or not such Indebtedness is assumed by
the specified Person) and, to the extent not otherwise included, the guarantee
by the specified Person of any indebtedness of any other Person. The term
"Indebtedness" shall not include Back-to-Back Securities or the Existing
Back-to-Back Securities.

                  The amount of any Indebtedness outstanding as of any date
shall be:

                  (1) the accreted value of the Indebtedness, in the case of any
         Indebtedness issued with original issue discount, and

                  (2) the principal amount thereof, together with any interest
         thereon that is more than 30 days past due, in the case of any other
         Indebtedness;

PROVIDED, HOWEVER, that the amount of any Indebtedness denominated in a currency
other than Canadian dollars shall be adjusted to the extent of any positive or
negative (to the extent the Obligation under such Currency Exchange Protection
Agreement is not otherwise included as Indebtedness of such Person) value of any
Currency Exchange Protection Agreement relating to any such Indebtedness.

                  "INDENTURE" means this instrument, as originally executed or
as it may from time to time be supplemented or amended in accordance with
Article 9 hereof.

                  "INDIRECT PARTICIPANT" means a Person who holds a beneficial
interest in a Global Note through a Participant.

                  "INITIAL NOTES" means US$205.0 million aggregate principal
amount of Notes issued under this Indenture on the date hereof.

                  "INSTITUTIONAL ACCREDITED INVESTOR" means an institution that
is an "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under
the Securities Act.

                  "INTEREST PAYMENT DATES" shall have the meaning set forth in
paragraph 1 of each Note.

                  "INTEREST RATE AGREEMENT" means, for any Person, any interest
rate swap agreement, interest rate cap agreement, interest rate collar agreement
or other similar agreement or arrangement designed to protect against
fluctuations in interest rates entered into with any commercial bank or other
financial institution having capital and surplus in excess of US$500.0 million.

                  "INVESTMENTS" means, with respect to any Person, all direct or
indirect investments by such Person in other Persons (including Affiliates) in
the forms of loans (including guarantees or other Obligations), advances or
capital contributions (excluding commission, travel and similar advances to
officers and employees made in the ordinary course of business), purchases or
other acquisitions for consideration of Indebtedness, Equity Interests or other
securities, together with all items that are or would be classified as
investments on a balance sheet prepared in accordance with GAAP and include the
designation of a Restricted Subsidiary as an Unrestricted Subsidiary. If the
Company or any Restricted Subsidiary sells or otherwise disposes of any Equity
Interests of any direct or indirect Restricted Subsidiary such that, after
giving effect to any such sale or disposition, such Person is no longer a
Subsidiary of the Company, the Company shall be deemed to have made an
Investment on the date of any such sale or disposition equal to the fair market
value of the Equity Interests of such Subsidiary so sold or disposed of in an
amount determined as provided in Section 4.10(c) hereof. The acquisition by the
Company or any Restricted Subsidiary of a Person that holds an Investment in a
third Person shall be deemed to be an Investment by the Company or such
Restricted Subsidiary in such third Person in an amount equal to the fair market
value of the Investment held by the acquired Person in such third Person in an
amount determined as provided in Section 4.10(c) hereof.

                                       12
<Page>

                  "ISSUE DATE" means February 7, 2003.

                  "LEGAL HOLIDAY" means a Saturday, a Sunday or a day on which
banking institutions in each of the City of New York, Toronto, the city in which
the Corporate Trust Office of the Trustee is located or any other place of
payment on the Notes are authorized by law, regulation or executive order to
remain closed.

                  "LIEN" means, with respect to any asset, any mortgage, lien,
pledge, charge, security interest, hypothecation, assignment for security or
encumbrance of any kind in respect of such asset, whether or not filed, recorded
or otherwise perfected under applicable law, including any conditional sale or
capital lease or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the Uniform
Commercial Code (or equivalent statutes) of any jurisdiction.

                   "LETTER OF TRANSMITTAL" means the letter of transmittal, or
its electronic equivalent in accordance with the Applicable Procedures, to be
prepared by the Company and sent to all Holders of the Initial Notes or any
Additional Notes for use by such Holders in connection with an Exchange Offer.

                  "MANAGEMENT FEES" means any amounts payable by the Company or
any Restricted Subsidiary in respect of management or similar services.

                  "NET INCOME" means, with respect to any specified Person, the
net income (loss) of such Person, determined in accordance with GAAP and before
any reduction in respect of Preferred Shares dividends, excluding, however:

                  (1) any gain (but not loss), together with any related
         provision for taxes on such gain (but not loss), realized in connection
         with: (a) any Asset Sale or (b) the disposition of any securities by
         such Person or any of its Restricted Subsidiaries or the extinguishment
         of any Indebtedness of such Person or any of its Restricted
         Subsidiaries; and

                  (2) any extraordinary gain (but not loss), together with any
         related provision for taxes on such extraordinary gain (but not loss).

                  "NET PROCEEDS" means the aggregate cash proceeds received by
the Company or any Restricted Subsidiary in respect of any Asset Sale
(including, without limitation, any cash received upon the sale or other
disposition of any non-cash consideration received in any Asset Sale), net of
(a) the direct costs relating to such Asset Sale, including, without limitation,
legal, accounting and investment banking fees, and sales commissions, (b) any
relocation expenses incurred as a result of the Asset Sale, (c) taxes paid or
payable as a result of the Asset Sale, in each case, after taking into account
any available tax credits or deductions and any tax sharing arrangements, (d)
amounts required to be applied to the repayment of Indebtedness, other than
Indebtedness under a Credit Facility, secured by a Lien on the asset or assets
that were the subject of such Asset Sale, (e) any reserve for adjustment in
respect of the sale price of such asset or assets established in accordance with
GAAP, and (f) all distributions and other payments required to be made to
minority interest holders in Subsidiaries or joint ventures of the Company or
such Restricted Subsidiary as a result of such Asset Sale; PROVIDED, HOWEVER,
that the proceeds from the sale, transfer or other disposition of all of the
outstanding Capital Stock or all or substantially all of the assets of Toronto
Sun International, Inc. within 180 days of the Issue Date shall not constitute
Net Proceeds.

                  "NEW CREDIT FACILITY" means the credit facility between the
Company, Bank of America, N.A., Banc of America Securities LLC and Credit Suisse
First Boston Corporation, as lead arrangers, Bank of America, N.A., as
administrative agent, and the lenders thereto to be entered into on or prior to
the Issue Date.

                  "NON-RECOURSE DEBT" means Indebtedness:

                  (1) as to which neither the Company nor any Restricted
         Subsidiary (a) provides credit support of any kind (including any
         undertaking, agreement or

                                       13
<Page>

         instrument that would constitute Indebtedness), (b) is directly or
         indirectly liable as a guarantor or otherwise or (c) constitutes the
         lender;

                  (2) no default with respect to which (including any rights
         that the holders thereof may have to take enforcement action against an
         Unrestricted Subsidiary) would permit upon notice, lapse of time or
         both any holder of any other Indebtedness (other than the Notes ) of
         the Company or any Restricted Subsidiary to declare a default on such
         other Indebtedness or cause the payment thereof to be accelerated or
         payable prior to its Stated Maturity; and

                  (3) as to which the lenders have been notified in writing that
         they will not have any recourse to the stock or assets of the Company
         or any Restricted Subsidiary.

                  "OBLIGATIONS" means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any Indebtedness.

                  "OFFICER" means the Chairman of the Board, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial
Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary
or any Vice President of the Company.

                  "OFFICERS' CERTIFICATE" means a certificate signed by two
Officers of the Company, at least one of whom shall be the principal executive
officer, principal financial officer or the principal accounting officer of the
Company, and delivered to the Trustee.

                  "OPINION OF COUNSEL" means a written opinion from legal
counsel who is reasonably acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company, an Affiliate of the Company or the
Trustee.

                  "PARTICIPANT" means, with respect to the Depositary, Euroclear
or Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively, and, with respect to DTC, shall include Euroclear and
Clearstream.

                  "PERMITTED BUSINESS" means the business conducted by the
Company and its Subsidiaries on the Issue Date or anything related or ancillary
thereto.

                  "PERMITTED HOLDERS" means one or more of the following persons
or entities:

                  (1) Quebecor Inc.;

                  (2) Quebecor Media;

                  (3) any issue of the late Pierre Peladeau;

                  (4) any trust having as its sole beneficiaries one or more of
         the persons listed in clause (3) above;

                  (5) any corporation, partnership or other entity controlled by
         one or more of the persons or trusts referred to in clause (3) or (4)
         above or in this clause (5); and

                  (6) Capital Communications CDPQ Inc.

                  "PERMITTED INVESTMENTS" means:

                  (1) any Investment in the Company or in a Restricted
         Subsidiary;

                                       14
<Page>

                  (2) any Investment in cash or Cash Equivalents;

                  (3) any Investment by the Company or any Restricted Subsidiary
         in a Person, if as a result of such Investment:

                           (a) such Person becomes a Restricted Subsidiary; or

                           (b) such Person is merged, consolidated or
                  amalgamated with or into, or transfers or conveys
                  substantially all of its assets to, or is liquidated into, the
                  Company or any Restricted Subsidiary,

                  PROVIDED that, in each case, such Person's primary business is
a Permitted Business;

                  (4) any Investment made as a result of the receipt of non-cash
         consideration from an Asset Sale that was made pursuant to and in
         compliance with the provisions of Section 4.12 hereof;

                  (5) any acquisition of assets solely in exchange for the
         issuance of Equity Interests (other than Disqualified Stock or
         Back-to-Back Securities) of the Company;

                  (6) Hedging Obligations entered into in the ordinary course of
         business of the Company or any Restricted Subsidiary and not for
         speculative purposes;

                  (7) loans and advances to officers, directors and employees of
         the Company and the Restricted Subsidiaries for business related travel
         expenses, moving expenses and other similar expenses in each case
         incurred in the ordinary course of business not to exceed US$2.5
         million outstanding at any time;

                  (8) any Investment in connection with Back-to-Back
         Transactions;

                  (9) any Investment existing on the Issue Date;

                  (10) other Investments in any Person engaged in a Permitted
         Business having an aggregate fair market value (measured on the date
         each such Investment was made and without giving effect to subsequent
         changes in value), when taken together with all other Investments made
         pursuant to this clause (10) since the Issue Date not to exceed US$25.0
         million; and

                  (11) other Investments in any Person having an aggregate fair
         market value (measured on the date each such Investment was made and
         without giving effect to subsequent changes in value), when taken
         together with all other Investments made pursuant to this clause (11)
         since the Issue Date not to exceed US$10.0 million.

                  "PERMITTED LIENS" means:

                  (1) Liens of Restricted Subsidiaries securing Indebtedness and
         other Obligations of Restricted Subsidiaries under Credit Facilities,
         which Indebtedness was permitted by the terms of this Indenture to be
         incurred, PROVIDED, HOWEVER, that the aggregate principal amount of
         such Indebtedness secured by such Liens shall not exceed an aggregate
         of (a) US$230.0 million and (b) Cdn$75.0 million at any one time
         outstanding;

                  (2) Liens in favor of the Company or a Restricted Subsidiary;

                                       15
<Page>

                  (3) Liens on property of a Person existing at the time such
         Person is merged with or into or consolidated with the Company or any
         Restricted Subsidiary, PROVIDED that such Liens were in existence prior
         to the contemplation of such merger or consolidation and do not extend
         to any assets other than those of the Person merged into or
         consolidated with the Company or the Restricted Subsidiary;

                  (4) Liens on property existing at the time of acquisition
         thereof by the Company or any Restricted Subsidiary, PROVIDED that such
         Liens were in existence prior to the contemplation of such acquisition
         and do not extend to any assets other than such property;

                  (5) Liens to secure the performance of statutory obligations,
         surety or appeal bonds, performance bonds or other obligations of a
         like nature incurred in the ordinary course of business;

                  (6) Liens to secure Indebtedness (including Capital Lease
         Obligations) permitted by Section 4.09(b)(4) hereof covering only the
         assets acquired with such Indebtedness;

                  (7) Liens existing on the Issue Date;

                  (8) Liens for taxes, assessments or governmental charges or
         claims that are not yet delinquent or that are being contested in good
         faith by appropriate proceedings promptly instituted and diligently
         concluded, PROVIDED that any reserve or other appropriate provision as
         shall be required in conformity with GAAP shall have been made
         therefor;

                  (9) Liens securing Permitted Refinancing Indebtedness,
         PROVIDED that any such Lien does not extend to or cover any property,
         Capital Stock or Indebtedness other than the property, shares or debt
         securing the Indebtedness so refunded, refinanced or extended;

                  (10) attachment or judgment Liens not giving rise to a Default
         or an Event of Default;

                  (11) Liens incurred or deposits made in the ordinary course of
         business in connection with workers' compensation, unemployment
         insurance and other types of social security;

                  (12) Liens incurred or deposits made to secure the performance
         of tenders, bids, leases, statutory or regulatory obligations, bankers'
         acceptance, surety and appeal bonds, government contracts, performance
         and return-of-money bonds and other obligations of a similar nature
         incurred in the ordinary course of business, exclusive of Obligations
         for the payment of borrowed money;

                  (13) Liens of franchisors or other regulatory bodies arising
         in the ordinary course of business;

                  (14) Liens securing reimbursement obligations with respect to
         letters of credit that encumber documents and other property relating
         to such letters of credit and the products and proceeds thereof;

                  (15) Liens encumbering customary initial deposits and margin
         deposits, and other Liens that are within the general parameters
         customary in the industry and incurred in the ordinary course of
         business, in each case, securing Indebtedness under Hedging

                                       16
<Page>

         Obligations and forward contracts, options, future contracts, future
         options or similar agreements or arrangements, including mark-to-market
         transactions designed solely to protect the Company or any Restricted
         Subsidiary from fluctuations in interest rates, currencies or the price
         of commodities;

                  (16) Liens consisting of any interest or title of licensor in
         the property subject to a license;

                  (17) Liens on the Capital Stock of Unrestricted Subsidiaries;

                  (18) Liens arising from sales or other transfers of accounts
         receivable which are past due or otherwise doubtful of collection in
         the ordinary course of business;

                  (19) Liens securing Indebtedness permitted to be incurred
         under Section 4.09(b)(12) hereof;

                  (20) any extensions, substitutions, replacements or renewals
         of the foregoing clauses (1) through (19); and

                  (21) Liens incurred in the ordinary course of business of the
         Company or any Restricted Subsidiary with respect to Obligations that
         do not exceed US$25 million at any one time outstanding.

                  "PERMITTED REFINANCING INDEBTEDNESS" means any Indebtedness of
the Company or any Restricted Subsidiary issued in exchange for, or the net
proceeds of which are used to extend, refinance, renew, replace, defease or
refund other Indebtedness of the Company or any Subsidiary Guarantor (other than
intercompany Indebtedness); PROVIDED, HOWEVER, that:

                  (1) the principal amount (or accreted value, if applicable) of
         such Permitted Refinancing Indebtedness does not exceed the principal
         amount (or accreted value, if applicable) of the Indebtedness so
         extended, refinanced, renewed, replaced, defeased or refunded (plus all
         accrued interest thereon and the amount of all expenses and premiums
         incurred in connection therewith);

                  (2) such Permitted Refinancing Indebtedness has a final
         maturity date later than the final maturity date of, and has a Weighted
         Average Life to Maturity equal to or greater than the Weighted Average
         Life to Maturity of, the Indebtedness being extended, refinanced,
         renewed, replaced, defeased or refunded;

                  (3) if the Indebtedness being extended, refinanced, renewed,
         replaced, defeased or refunded is subordinated in right of payment to
         the Notes, such Permitted Refinancing Indebtedness is subordinated in
         right of payment to, the Notes on terms at least as favorable to the
         Holders of Notes as those contained in the documentation governing the
         Indebtedness being extended, refinanced, renewed, replaced, defeased or
         refunded; and

                  (4) such Indebtedness is incurred either by the Company or by
         the Restricted Subsidiary who is the obligor on the Indebtedness being
         extended, refinanced, renewed, replaced, defeased or refunded.

                  "PERSON" means any individual, corporation, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity.

                  "PREDECESSOR NOTE" of any particular Note means every previous
Note evidencing all or a portion of the same Indebtedness as that evidenced by
such particular Note; and any Note authenticated and delivered under

                                       17
<Page>

Section 2.07 in lieu of a lost, destroyed or stolen Note shall be deemed to
evidence the same Indebtedness as the lost, destroyed or stolen Note.

                  "PREFERRED SHARES" means any Capital Stock of a Person,
however designated, which entitles the holder thereof to a preference with
respect to the payment of dividends, or as to the distribution of assets upon
any voluntary or involuntary liquidation or dissolution of such Person, over
shares of any other class of Capital Stock issued by such Person.

                  "PRIVATE PLACEMENT LEGEND" means the legend set forth in
Section 2.06(g)(i) hereof to be placed on all Notes issued under this Indenture
except as otherwise permitted by the provisions of this Indenture.

                  "QIB" means a "qualified institutional buyer" as defined in
Rule 144A.

                  "QUEBECOR MEDIA" means Quebecor Media Inc., the indirect
parent of the Company.

                  "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights
Agreement, dated as of the Issue Date, among the Company, each Subsidiary
Guarantor and the initial purchasers named therein, as such agreement may be
amended, modified or supplemented from time to time and, with respect to any
Additional Notes, one or more registration rights agreements between the Company
and the other parties thereto, as such agreement(s) may be amended, modified or
supplemented from time to time, relating to rights given by the Company to the
purchasers of Additional Notes to register such Additional Notes, or exchange
such Additional Notes for registered notes, under the Securities Act.

                  "REGULAR RECORD DATE" for the interest payable on any Interest
Payment Date means the applicable date specified as a "Record Date" on the face
of the Note.

                  "REGULATION S" means Regulation S promulgated under the
Securities Act.

                  "REGULATION S GLOBAL NOTE" means a Global Note in the form of
Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend
and deposited with and registered in the name of the Depositary or its nominee
that will be issued in a denomination equal to the outstanding principal amount
of the Notes sold for initial resale in reliance on Rule 904.

                  "RELATED PARTY" means:

                  (1) any controlling shareholder, 80% (or more) owned
         Subsidiary, or immediate family member (in the case of an individual)
         of any Permitted Holder, or

                  (2) any trust, corporation, partnership or other entity, the
         beneficiaries, shareholders, partners, owners or Persons beneficially
         holding an 80% or more controlling interest of which consist of any one
         or more Permitted Holder and/or such other Persons referred to in the
         immediately preceding clause (1).

                  "RESPONSIBLE OFFICER," when used with respect to the Trustee,
means any officer within the Corporate Trust Department of the Trustee (or any
successor group of the Trustee) with direct responsibility for the
administration of this Indenture and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of his or her knowledge of and familiarity with the particular subject.

                  "RESTRICTED DEFINITIVE NOTE" means one or more Definitive
Notes bearing the Private Placement Legend.

                  "RESTRICTED GLOBAL NOTES" means 144A Global Notes, IAI Global
Notes and Regulation S Global Notes.

                  "RESTRICTED INVESTMENT" means an Investment other than a
Permitted Investment.

                                       18
<Page>

                  "RESTRICTED PAYMENT" means:

                  (1) the declaration or payment of any dividend or making any
         other payment or distribution on account of the Company's or any
         Restricted Subsidiary's Equity Interests, including, without
         limitation, any payment in connection with any merger or consolidation
         involving the Company or any Restricted Subsidiary, or to the direct or
         indirect holders of the Company's or any Restricted Subsidiary's Equity
         Interests in their capacity as such, other than dividends or
         distributions payable in Equity Interests (other than Disqualified
         Stock) of the Company or to the Company or a Restricted Subsidiary
         (and, if such Restricted Subsidiary is not a Wholly Owned Restricted
         Subsidiary, to the other shareholders of such Restricted Subsidiary on
         a PRO RATA basis or on a basis that results in the receipt by the
         Company or a Restricted Subsidiary of dividends or distributions of
         greater value than it would receive on a PRO RATA basis);

                  (2) the purchase, redemption or other acquisition or
         retirement for value, including, without limitation, in connection with
         any merger or consolidation involving the Company, any Equity Interests
         of the Company, other than such Equity Interests of the Company held by
         the Company or any of its Affiliates, including any Restricted
         Subsidiary;

                  (3) any payment on or with respect to, or purchase,
         redemption, defeasance or other acquisition or retirement for value any
         Back-to-Back Securities, Existing Back-to-Back Securities or
         Indebtedness that is subordinated to the Notes, except, in the case of
         Indebtedness that is subordinated to the Notes, a payment of interest
         at the Stated Maturity of such interest or principal at or within one
         year of the Stated Maturity of principal of such Indebtedness;

                  (4) any Restricted Investment; or

                  (5) the payment of any amount of Management Fees (including
         Deferred Management Fees) to a Person other than the Company or a
         Restricted Subsidiary.

                  "RESTRICTED SUBSIDIARY" means any Subsidiary of the Company
that is not an Unrestricted Subsidiary.

                  "RULE 144" means Rule 144 promulgated under the Securities
Act.

                  "RULE 144A" means Rule 144A promulgated under the Securities
Act.

                  "RULE 903" means Rule 903 promulgated under the Securities
Act.

                  "RULE 904" means Rule 904 promulgated under the Securities
Act.

                  "SECURITIES ACT" means the U.S. Securities Act of 1933, as
amended, and the rules and regulations thereunder, including any successor
legislation and rules and regulations.

                  "SHELF REGISTRATION STATEMENT" has the meaning set forth in
any Registration Rights Agreement relating to registering Notes under the
Securities Act.

                  "SIGNIFICANT SUBSIDIARY" means any Subsidiary that would be a
"significant subsidiary" as defined in Article 1, Rule 1-02 of Regulation S-X,
promulgated pursuant to the Securities Act, as such Regulation is in effect on
the Issue Date.

                  "SPECIAL INTEREST" has the meaning set forth in any
Registration Rights Agreement and relating to amounts to be paid in the event
the Company fails to satisfy certain conditions set forth therein. For all
purposes of this Indenture, the term "interest" shall include Special Interest,
if any, with respect to the Notes.

                                       19
<Page>

                  "STATED MATURITY" means, with respect to any installment of
interest or principal on any series of Indebtedness, the date on which such
payment of interest or principal was scheduled to be paid in the original
documentation governing such Indebtedness, and shall not include any contingent
obligations to repay, redeem or repurchase any such interest or principal prior
to the date originally scheduled for the payment thereof.

                  "SUBORDINATED INDEBTEDNESS" means any Indebtedness of the
Company or its Subsidiaries (whether outstanding on the Issue Date or thereafter
incurred) that is subordinate or junior in right of payment to the Notes
pursuant to a written agreement to that effect.

                  "SUBSIDIARY" means, with respect to any specified Person:

                  (1) 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) to
         vote in the election of directors, managers or trustees thereof is at
         the time owned or controlled, directly or indirectly, by such Person or
         one or more of the other Subsidiaries of that Person (or a combination
         thereof); and

                  (2) any partnership (a) the sole general partner or the
         managing general partner of which is such Person or a Subsidiary of
         such Person or (b) the only general partners of which are such Person
         or one or more Subsidiaries of such Person (or any combination
         thereof).

                  "SUBSIDIARY GUARANTEE" means a guarantee on the terms set
forth in this Indenture by a Subsidiary Guarantor of the Company's obligations
with respect to the Notes.

                  "SUBSIDIARY GUARANTOR" means each Restricted Subsidiary and
any other Person that becomes a Subsidiary Guarantor pursuant to the provisions
of Section 4.19 hereof or who otherwise executes and delivers a supplemental
indenture to the Trustee providing for a Subsidiary Guarantee.

                  "SUN MEDIA ENTITY" means any of the Company or any Subsidiary
Guarantor.

                  "TAX" means any tax, duty, levy, impost, assessment or other
governmental charge (including penalties, interest and any other liabilities
related thereto).

                  "TAX BENEFIT TRANSACTION" means, for so long as the Company is
a direct or indirect Subsidiary of Quebecor Inc., any transaction between a Sun
Media Entity and Quebecor Inc. or any of its Affiliates, the primary purpose of
which is to create tax benefits for any Sun Media Entity or for Quebecor Inc. or
any of its Affiliates; PROVIDED, HOWEVER, that (1) the Sun Media Entity involved
in the transaction obtains a favorable tax ruling from a competent tax authority
or a favorable tax opinion from a nationally recognized Canadian law or
accounting firm having a tax practice of national standing as to the tax
efficiency of the transaction for such Sun Media Entity; (2) the Company
delivers to the Trustee (a) a resolution of the Board of Directors of the
Company to the effect the transaction will not prejudice the noteholders and
certifying that such transaction has been approved by a majority of the
disinterested members of such Board of Directors and (b) an opinion as to the
fairness to such Sun Media Entity of such transaction from a financial point of
view issued by an accounting, appraisal or investment banking firm of national
standing in the United States or Canada; (3) such transaction is set forth
writing; and (4) the Consolidated Cash Flow of the Company is not reduced after
giving PRO FORMA effect to the transaction as if the same had occurred at the
beginning of the most recently ended four fiscal quarter period of the Company
for which internal financial statements are available; PROVIDED, HOWEVER, that
if such transaction shall thereafter cease to satisfy the preceding requirements
as a Tax Benefit Transaction, it shall thereafter cease to be a Tax Benefit
Transaction for purposes of this Indenture and shall be deemed to have been
effected as of such date and, if the transaction is not otherwise permitted by
this Indenture as of such date, the Company shall be in default under this
Indenture if such transaction does not comply with the preceding requirements or
is not otherwise unwound within 30 days of that date.

                                       20
<Page>

                  "TIA" means the U.S. Trust Indenture Act of 1939, as amended,
and the rules and regulations thereunder, including any successor legislation
and rules and regulations.

                  "TRUSTEE" means the Person named as the "Trustee" in the first
paragraph of this Indenture until a successor Trustee shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
"Trustee" shall mean such successor Trustee.

                  "UNRESTRICTED DEFINITIVE NOTES" means one or more Definitive
Notes that do not and are not required to bear the Private Placement Legend.

                  "UNRESTRICTED GLOBAL NOTES" means one or more Global Notes
that do not and are not required to bear the Private Placement Legend and are
deposited with and registered in the name of the Depositary or its nominee.

                  "UNRESTRICTED SUBSIDIARY" means:

                  (1) any Subsidiary of the Company that is designated after the
         Issue Date as an Unrestricted Subsidiary as permitted or required
         pursuant to the provisions of Section 4.17 hereof and is not thereafter
         redesignated as a Restricted Subsidiary as permitted pursuant thereto;
         and

                  (2) any Subsidiary of an Unrestricted Subsidiary.

                  "VOTING STOCK" of any Person as of any date means the Capital
Stock of such Person that is at the time entitled to vote in the election of the
Board of Directors of such Person.

                  "WEIGHTED AVERAGE LIFE TO MATURITY" means, when applied to any
Indebtedness at any date, the number of years obtained by dividing:

                  (1) the sum of the products obtained by multiplying (a) the
         amount of each then remaining installment, sinking fund, serial
         maturity or other required payments of principal, including payment at
         final maturity, in respect thereof, by (b) the number of years
         (calculated to the nearest one-twelfth) that will elapse between such
         date and the making of such payment; by

                  (2) the then outstanding principal amount of such
         Indebtedness.

                  "WHOLLY OWNED RESTRICTED SUBSIDIARY" of any specified Person
means a Restricted Subsidiary of such Person all of the outstanding Capital
Stock or other ownership interests of which (other than directors' qualifying
shares) will at the time be owned by such Person or by one or more Wholly Owned
Restricted Subsidiaries of such Person.

SECTION 1.02.     OTHER DEFINITIONS.

<Table>
<Caption>
                                                                                     Defined in
                 Term                                                                Section
                 ----                                                                -------
                 <S>                                                                 <C>
                 "Acceleration Notice".........................................      6.02
                 "Additional Amounts"..........................................      4.20(a)(3)
                 "Affiliate Transaction".......................................      4.14(a)
                 "Allocable Excess Proceeds"...................................      4.12(e)
                 "Asset Sale Offer"............................................      4.12(e)
                 "Authentication Order"........................................      2.02(d)
                 "Base Currency"...............................................      12.13(a)
                 "Benefited Party".............................................      10.01
                 "Change of Control Offer".....................................      4.18(a)
                 "Change of Control Amount"....................................      4.18(a)
</Table>

                                       21
<Page>
<Table>
                  <S>                                                                <C>
                 "Covenant Defeasance".........................................      8.03
                 "DTC".........................................................      2.03(b)
                 "Event of Default"............................................      6.01
                 "Excess Proceeds".............................................      4.12
                 "Excluded Holder".............................................      4.20(b)
                 "First Currency"..............................................      12.14
                 "judgment currency"...........................................      12.13(a)
                 "Legal Defeasance"............................................      8.02
                 "losses" .....................................................      7.07
                 "Offer Amount"................................................      3.09(b)(ii)
                 "Offer Period"................................................      3.09(c)
                 "Offer to Purchase"...........................................      3.09(a)
                 "Paying Agent"................................................      2.03(a)
                 "Payment Default".............................................      6.01(v)(a)
                 "Permitted Debt"..............................................      4.09(b)
                 "Purchase Date"...............................................      3.09(c)
                 "rate(s) of exchange".........................................      12.13
                 "Registrar"...................................................      2.03(a)
                 "Security Register"...........................................      3.03
                 "Surviving Company"...........................................      5.01(a)(1)
                 "Surviving Guarantor".........................................      5.01(b)(1)
</Table>

SECTION 1.03      INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

                  (a) Whenever this Indenture refers to a provision of the TIA,
the provision is incorporated by reference in and made a part of this Indenture.

                  (b) The following TIA terms used in this Indenture have the
following meanings:

                  "INDENTURE SECURITIES" means the Notes;

                  "INDENTURE SECURITY HOLDER" means a Holder of a Note;

                  "INDENTURE TO BE QUALIFIED" means this Indenture;

                  "INDENTURE TRUSTEE" or "INSTITUTIONAL TRUSTEE" means the
Trustee; and

                  "OBLIGOR" on the Notes means the Company and any successor
obligor upon the Notes.

                  (c) All other terms used in this Indenture that are defined by
the TIA, defined by TIA reference to another statute or defined by Commission
rule under the TIA and not otherwise defined herein have the meanings so
assigned to them.

SECTION 1.04.     RULES OF CONSTRUCTION.

                  (a) Unless the context otherwise requires:

                      (i) a term has the meaning assigned to it;

                     (ii) an accounting term not otherwise defined herein has
         the meaning assigned to it in accordance with GAAP;

                    (iii) "or" is not exclusive;

                                       22
<Page>

                     (iv) words in the singular include the plural, and in the
         plural include the singular;

                      (v) all references in this instrument to "Articles,"
         "Sections" and other subdivisions are to the designated Articles,
         Sections and subdivisions of this instrument as originally executed;

                     (vi) the words "herein," "hereof" and "hereunder" and other
         words of similar import refer to this Indenture as a whole and not
         to any particular Article, Section or other subdivision.

                    (vii) "including" means "including without limitation;"

                   (viii) provisions apply to successive events and
         transactions; and

                     (ix) references to sections of or rules under the
         Securities Act, the Exchange Act or the TIA shall be deemed to include
         substitute, replacement or successor sections or rules adopted by the
         Commission from time to time thereunder.

                                   ARTICLE 2.

                                   THE NOTES

SECTION 2.01.     FORM AND DATING.

         (a) GENERAL. The Notes and the Trustee's certificate of authentication
shall be substantially in the form included in Exhibit A hereto, which is hereby
incorporated in and expressly made part of this Indenture. The Notes may have
notations, legends or endorsements required by law, exchange rule or usage in
addition to those set forth on Exhibit A. Each Note shall be dated the date of
its authentication. The Notes shall be in denominations of US$1,000 and integral
multiples thereof. The terms and provisions contained in the Notes shall
constitute a part of this Indenture, and the Company, the Subsidiary Guarantors
and the Trustee, by their execution and delivery of this Indenture, expressly
agree to such terms and provisions and to be bound thereby. To the extent any
provision of any Note conflicts with the express provisions of this Indenture,
the provisions of this Indenture shall govern and be controlling.

         (b) FORM OF NOTES. Notes shall be issued initially in global form and
shall be substantially in the form of Exhibit A attached hereto (including the
Global Note Legend thereon and the "Schedule of Exchanges of Interests in the
Global Note" attached thereto). Notes issued in definitive form shall be
substantially in the form of Exhibit A attached hereto (but without the Global
Note Legend thereon and without the "Schedule of Exchanges of Interests in the
Global Note" attached thereto). Each Global Note shall represent such aggregate
principal amount of the outstanding Notes as shall be specified therein and each
shall provide that it shall represent the aggregate principal amount of
outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time
be reduced or increased, as appropriate, to reflect exchanges and redemptions
and transfers of interests therein. Any endorsement of a Global Note to reflect
the amount of any increase or decrease in the aggregate principal amount of
outstanding Notes represented thereby shall be made by the Trustee or the
Custodian, at the direction of the Trustee, in accordance with instructions
given by the Holder thereof as required by Section 2.06 hereof.

         (c) BOOK-ENTRY PROVISIONS. This Section 2.01(c) shall apply only to
Global Notes deposited with the Trustee, as custodian for the Depositary.
Participants and Indirect Participants shall have no rights under this Indenture
or any Global Note with respect to any Global Note held on their behalf by the
Depositary or by the Trustee as custodian for the Depositary, and the Depositary
shall be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the absolute owner of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the
Trustee or any agent of the Company or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Depositary
or impair, as between the Depositary and its Participants or Indirect
Participants, the Applicable Procedures or the operation of customary practices
of the Depositary governing the exercise of the rights of a holder of a
beneficial interest in any Global Note.

                                       23
<Page>

         (d) EUROCLEAR AND CLEARSTREAM PROCEDURES APPLICABLE. The provisions of
the "Operating Procedures of the Euroclear System" and "Terms and Conditions
Governing Use of Euroclear" and the "General Terms and Conditions of
Clearstream" and "Customer Handbook" of Clearstream shall be applicable to
transfers of beneficial interests in Global Notes that are held by Participants
through Euroclear or Clearstream.

SECTION 2.02.     EXECUTION AND AUTHENTICATION.

         (a) One Officer shall execute the Notes on behalf of the Company by
manual or facsimile signature.

         (b) If an Officer whose signature is on a Note no longer holds that
office at the time a Note is authenticated by the Trustee, the Note shall
nevertheless be valid.

         (c) A Note shall not be valid until authenticated by the manual
signature of the Trustee. The signature shall be conclusive evidence that the
Note has been authenticated under this Indenture.

         (d) The Trustee shall, upon a written order of the Company signed by an
Officer (an "AUTHENTICATION ORDER"), authenticate Notes for original issue.

         (e) The Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Notes. Unless otherwise provided in such appointment, an
authenticating agent may authenticate Notes whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent shall have the same rights
as an Agent with respect to Holders.

SECTION 2.03.     REGISTRAR AND PAYING AGENT.

         (a) The Company shall maintain an office or agency where Notes may be
presented for registration of transfer or for exchange ("REGISTRAR") and an
office or agency where Notes may be presented for payment ("PAYING AGENT"). The
Registrar shall keep a register of the Notes and of their transfer and exchange.
The Company may appoint one or more co-registrars and one or more additional
paying agents. The term "Registrar" includes any co-registrar and the term
"Paying Agent" includes any additional paying agent. The Company may change any
Paying Agent or Registrar without notice to any Holder. The Company shall notify
the Trustee in writing of the name and address of any Agent not a party to this
Indenture. If the Company fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Company or any of
its Subsidiaries may act as Paying Agent or Registrar.

         (b) The Company initially appoints The Depository Trust Company ("DTC")
to act as Depositary with respect to the Global Notes.

         (c) The Company initially appoints the Trustee to act as Registrar and
Paying Agent and to act as Custodian with respect to the Global Notes, and the
Trustee hereby agrees so to initially act.

SECTION 2.04.     PAYING AGENT TO HOLD MONEY IN TRUST.

         The Company shall require each Paying Agent other than the Trustee to
agree in writing that the Paying Agent shall hold in trust for the benefit of
Holders or the Trustee all money held by the Paying Agent for the payment of
principal, premium, if any, or interest on the Notes, and shall notify the
Trustee of any default by the Company in making any such payment. While any such
default continues, the Trustee may require a Paying Agent to pay all funds held
by it relating to the Notes to the Trustee. The Company at any time may require
a Paying Agent to pay all funds held by it relating to the Notes to the Trustee.
Upon payment over to the Trustee, the Paying Agent (if other than the Company or
a Subsidiary) shall have no further liability for such funds. If the Company or
a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate
trust fund for the benefit of the Holders all funds held by it as Paying Agent.
Upon any Event of Default under Sections 6.01(viii) and (ix) hereof relating to
the Company, the Trustee shall serve as Paying Agent for the Notes.

                                       24
<Page>

SECTION 2.05.     HOLDER LISTS.

         The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
all Holders and shall otherwise comply with TIA Section 312(a). If the Trustee
is not the Registrar, the Company shall furnish to the Trustee at least seven
Business Days before each Interest Payment Date and at such other times as the
Trustee may request in writing, a list in such form and as of such date or such
shorter time as the Trustee may allow, as the Trustee may reasonably require of
the names and addresses of the Holders and the Company shall otherwise comply
with TIA Section 312(a).

SECTION 2.06.     TRANSFER AND EXCHANGE.

         (a) TRANSFER AND EXCHANGE OF GLOBAL NOTES. A Global Note may not be
transferred as a whole except by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or to another nominee of the
Depositary, or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary. The Company shall exchange Global
Notes for Definitive Notes if: (1) the Company delivers to the Trustee a notice
from the Depositary that the Depositary is unwilling or unable to continue to
act as Depositary for the Global Notes or that it has ceased to be a clearing
agency registered under the Exchange Act and, in either case, a successor
Depositary is not appointed by the Company within 120 days after the date of
such notice from the Depositary; (2) the Company at its option determines that
the Global Notes shall be exchanged for Definitive Notes and delivers a written
notice to such effect to the Trustee; or (3) a Default or Event of Default shall
have occurred and be continuing. Upon the occurrence of any of the preceding
events in clauses (1), (2) or (3) above, Definitive Notes shall be issued in
denominations of US$1,000 or integral multiples thereof and in such names as the
Depositary shall instruct the Trustee in writing. Global Notes also may be
exchanged or replaced, in whole or in part, as provided in Sections 2.07 and
2.10 hereof. Except as provided above, every Note authenticated and delivered in
exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to
this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and
delivered in the form of, and shall be, a Global Note. A Global Note may not be
exchanged for another Note other than as provided in this Section 2.06(a), and
beneficial interests in a Global Note may not be transferred and exchanged other
than as provided in Section 2.06(b), (c) or (f) hereof.

         (b) TRANSFER AND EXCHANGE OF BENEFICIAL INTERESTS IN THE GLOBAL NOTES.
The transfer and exchange of beneficial interests in the Global Notes shall be
effected through the Depositary in accordance with the provisions of this
Indenture and the Applicable Procedures. Beneficial interests in Restricted
Global Notes shall be subject to restrictions on transfer comparable to those
set forth herein to the extent required by the Securities Act. Transfers of
beneficial interests in Global Notes also shall require compliance with either
clause (i) or (ii) below, as applicable, as well as one or more of the other
following clauses, as applicable:

             (i) TRANSFER OF BENEFICIAL INTERESTS IN THE SAME GLOBAL NOTE.
     Beneficial interests in any Restricted Global Note may be transferred to
     Persons who take delivery thereof in the form of a beneficial interest in
     the same Restricted Global Note in accordance with the transfer
     restrictions set forth in the Private Placement Legend and any Applicable
     Procedures; PROVIDED, HOWEVER, that prior to the expiration of the
     Distribution Compliance Period, transfers of beneficial interests in
     Regulation S Global Note may not be made to or for the account or benefit
     of a "U.S. Person" (as defined in Rule 902(k) of Regulation S) (other than
     a "distributor" (as defined in Rule 902(d) of Regulation S)). Beneficial
     interests in any Unrestricted Global Note may be transferred to Persons who
     take delivery thereof in the form of a beneficial interest in an
     Unrestricted Global Note. Except as may be required by any Applicable
     Procedures, no written orders or instructions shall be required to be
     delivered to the Registrar to effect the transfers described in this
     Section 2.06(b)(i).

             (ii) ALL OTHER TRANSFERS AND EXCHANGES OF BENEFICIAL INTERESTS IN
     GLOBAL NOTES. In connection with all transfers and exchanges of beneficial
     interests that are not subject to Section 2.06(b)(i) above, the transferor
     of such beneficial interest must deliver to the Registrar either (A)(1) a
     written order from a Participant or an Indirect Participant given to the
     Depositary in accordance with the Applicable Procedures directing the
     Depositary to credit or cause to be credited a beneficial interest in
     another Global Note in an amount equal to the beneficial interest to be
     transferred or exchanged and (2) instructions given in accordance with the
     Applicable Procedures containing information regarding the Participant
     account to be

                                       25
<Page>

     credited with such increase or (B) if permitted under Section 2.06(a)
     hereof, (1) a written order from a Participant or an Indirect Participant
     given to the Depositary in accordance with the Applicable Procedures
     directing the Depositary to cause to be issued a Definitive Note in an
     amount equal to the beneficial interest to be transferred or exchanged and
     (2) instructions given by the Depositary to the Registrar containing
     information regarding the Person in whose name such Definitive Note shall
     be registered to effect the transfer or exchange referred to in (B)(1)
     above. Upon consummation of an Exchange Offer by the Company in accordance
     with Section 2.06(f) hereof, the requirements of this Section 2.06(b)(ii)
     shall be deemed to have been satisfied upon receipt by the Registrar of the
     instructions contained in the Letter of Transmittal delivered by the Holder
     of such beneficial interests in the Restricted Global Notes. Upon
     satisfaction of all of the requirements for transfer or exchange of
     beneficial interests in Global Notes contained in this Indenture and the
     Notes or otherwise applicable under the Securities Act, the Trustee shall
     adjust the principal amount of the relevant Global Note(s) pursuant to
     Section 2.06(h) hereof.

             (iii) TRANSFER OF BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE
     TO ANOTHER RESTRICTED GLOBAL NOTE. A beneficial interest in any Restricted
     Global Note may be transferred to a Person who takes delivery thereof in
     the form of a beneficial interest in another Restricted Global Note if the
     transfer complies with the requirements of Section 2.06(b)(ii) above and
     the Registrar receives the following:

                   (A) if the transferee will take delivery in the form of a
         beneficial interest in a 144A Global Note, then the transferor must
         deliver a certificate in the form of Exhibit B hereto, including the
         certifications in item (1) thereof or, if permitted by Applicable
         Procedures, item (3) thereof; and

                   (B) if the transferee will take delivery in the form of a
         beneficial interest in a Regulation S Global Note, then the transferor
         must deliver a certificate in the form of Exhibit B hereto, including
         the certifications in item (2) thereof; and

                   (C) if the transferee is required by Applicable Procedures to
         take delivery in the form of a beneficial interest in an IAI Global
         Note, then the transferor must deliver a certificate in the form of
         Exhibit B hereto, including the certifications and certificates and
         Opinion of Counsel required by item (3) thereof, if applicable.

             (iv) TRANSFER AND EXCHANGE OF BENEFICIAL INTERESTS IN A RESTRICTED
     GLOBAL NOTE FOR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE. A
     beneficial interest in any Restricted Global Note may be exchanged by any
     holder thereof for a beneficial interest in an Unrestricted Global Note or
     transferred to a Person who takes delivery thereof in the form of a
     beneficial interest in an Unrestricted Global Note only if the exchange or
     transfer complies with the requirements of Section 2.06(b)(ii) above and:

                   (A) such exchange or transfer is effected pursuant to an
         Exchange Offer in accordance with a Registration Rights Agreement and
         the holder of the beneficial interest to be transferred, in the case of
         an exchange, or the transferee, in the case of a transfer, makes any
         and all certifications in the applicable Letter of Transmittal (or is
         deemed to have made such certifications if delivery is made through the
         Applicable Procedures) as may be required by such Registration Rights
         Agreement;

                   (B) such transfer is effected pursuant to a Shelf
         Registration Statement in accordance with a Registration Rights
         Agreement;

                   (C) such transfer is effected by a broker-dealer pursuant to
         an Exchange Offer Registration Statement in accordance with a
         Registration Rights Agreement; or

                                       26
<Page>

                   (D) the Registrar receives the following:

                   (1) if the holder of such beneficial interest in a Restricted
         Global Note proposes to exchange such beneficial interest for a
         beneficial interest in an Unrestricted Global Note, a certificate from
         such holder in the form of Exhibit C hereto, including the
         certifications in item (1)(a) thereof; or

                   (2) if the holder of such beneficial interest in a Restricted
         Global Note proposes to transfer such beneficial interest to a Person
         who shall take delivery thereof in the form of a beneficial interest in
         an Unrestricted Global Note, a certificate from such holder in the form
         of Exhibit B hereto, including the certifications in item (4) thereof;

         and, in each such case set forth in this clause (D), if the Registrar
         so requests or if the Applicable Procedures so require, an Opinion of
         Counsel in form reasonably acceptable to the Registrar to the effect
         that such exchange or transfer shall be effected in compliance with the
         Securities Act and that the restrictions on transfer contained herein
         and in the Private Placement Legend shall no longer be required in
         order to maintain compliance with the Securities Act.

         If any such transfer is effected pursuant to clause (B) or (D) above at
a time when an Unrestricted Global Note has not yet been issued, the Company
shall execute and, upon receipt of an Authentication Order in accordance with
Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the aggregate principal
amount of beneficial interests transferred pursuant to clause (B) or (D) above.

             (v) TRANSFER OR EXCHANGE OF BENEFICIAL INTERESTS IN UNRESTRICTED
     GLOBAL NOTES FOR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES
     PROHIBITED. Beneficial interests in an Unrestricted Global Note may not be
     exchanged for, or transferred to Persons who take delivery thereof in the
     form of, beneficial interests in a Restricted Global Note.

         (c) TRANSFER OR EXCHANGE OF BENEFICIAL INTERESTS FOR DEFINITIVE NOTES.

             (i) BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES TO RESTRICTED
     DEFINITIVE NOTES. Subject to Section 2.06(a) hereof, if any holder of a
     beneficial interest in a Restricted Global Note proposes to exchange such
     beneficial interest for a Restricted Definitive Note or to transfer such
     beneficial interest to a Person who takes delivery thereof in the form of a
     Restricted Definitive Note, then, upon receipt by the Registrar of the
     following documentation:

                   (A) if the holder of such beneficial interest in a Restricted
         Global Note proposes to exchange such beneficial interest for a
         Restricted Definitive Note, a certificate from such holder in the form
         of Exhibit C hereto, including the certifications in item (2)(a)
         thereof;

                   (B) if such beneficial interest is being transferred to a QIB
         in accordance with Rule 144A, a certificate to the effect set forth in
         Exhibit B hereto, including the certifications in item (1) thereof;

                   (C) if such beneficial interest is being transferred to a
         "non-U.S. Person" (as defined in Rule 902(k) of Regulation S) in an
         offshore transaction in accordance with Rule 903 or Rule 904, a
         certificate to the effect set forth in Exhibit B hereto, including the
         certifications in item (2) thereof;

                   (D) if such beneficial interest is being transferred pursuant
         to an exemption from the registration requirements of the Securities
         Act in accordance with Rule 144 under the Securities Act, a certificate
         to the effect set forth in Exhibit B hereto, including the
         certifications in item (3)(a) thereof;

                                       27
<Page>

                   (E) if such beneficial interest is being transferred to an
         Institutional Accredited Investor in reliance on an exemption from the
         registration requirements of the Securities Act other than those listed
         in clauses (B) through (D) above, a certificate to the effect set forth
         in Exhibit B hereto, including the certifications, certificates and
         Opinion of Counsel required by item (3)(d) thereof, as applicable; or

                   (F) if such beneficial interest is being transferred to the
         Company or any of its Subsidiaries, a certificate to the effect set
         forth in Exhibit B hereto, including the certifications in item (3)(b)
         thereof,

     the Trustee shall reduce or cause to be reduced in a corresponding amount
     pursuant to Section 2.06(h) hereof the aggregate principal amount of the
     applicable Restricted Global Note, and the Company shall execute and, upon
     receipt of an Authentication Order in accordance with Section 2.02 hereof,
     the Trustee shall authenticate and deliver a Restricted Definitive Note in
     the appropriate principal amount to the Person designated by the holder of
     such beneficial interest in instructions delivered to the Registrar by the
     Depositary and the applicable Participant or Indirect Participant on behalf
     of such holder. Any Restricted Definitive Note issued in exchange for a
     beneficial interest in a Restricted Global Note pursuant to this Section
     2.06(c)(i) shall be registered in such name or names and in such authorized
     denomination or denominations as the holder of such beneficial interest
     shall designate in such instructions. The Trustee shall deliver such
     Restricted Definitive Notes to the Persons in whose names such Notes are so
     registered. Any Restricted Definitive Note issued in exchange for a
     beneficial interest in a Restricted Global Note pursuant to this Section
     2.06(c)(i) shall bear the Private Placement Legend and shall be subject to
     all restrictions on transfer contained therein.

             (ii) BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES TO
     UNRESTRICTED DEFINITIVE NOTES. Subject to Section 2.06(a) hereof, a holder
     of a beneficial interest in a Restricted Global Note may exchange such
     beneficial interest for an Unrestricted Definitive Note or may transfer
     such beneficial interest to a Person who takes delivery thereof in the form
     of an Unrestricted Definitive Note only if:

                   (A) such exchange or transfer is effected pursuant to an
         Exchange Offer in accordance with a Registration Rights Agreement and
         the holder of such beneficial interest, in the case of an exchange, or
         the transferee, in the case of a transfer, makes any and all
         certifications in the applicable Letter of Transmittal (or is deemed to
         have made such certifications if delivery is made through the
         Applicable Procedures) as may be required by such Registration Rights
         Agreement;

                   (B) such transfer is effected pursuant to a Shelf
         Registration Statement in accordance with a Registration Rights
         Agreement;

                   (C) such transfer is effected by a broker-dealer pursuant to
         an Exchange Offer Registration Statement in accordance with a
         Registration Rights Agreement; or

                   (D) the Registrar receives the following:

                   (1) if the holder of such beneficial interest in a Restricted
         Global Note proposes to exchange such beneficial interest for an
         Unrestricted Definitive Note, a certificate from such holder in the
         form of Exhibit C hereto, including the certifications in item (1)(b)
         thereof; or

                   (2) if the holder of such beneficial interest in a Restricted
         Global Note proposes to transfer such beneficial interest to a Person
         who shall take delivery thereof in the form

                                       28
<Page>

         of an Unrestricted Definitive Note, a certificate from such holder in
         the form of Exhibit B hereto, including the certifications in item (4)
         thereof;

         and, in each such case set forth in this clause (D), if the Registrar
         so requests or if the Applicable Procedures so require, an Opinion of
         Counsel in form reasonably acceptable to the Registrar to the effect
         that such exchange or transfer shall be effected in compliance with the
         Securities Act and that the restrictions on transfer contained herein
         and in the Private Placement Legend shall no longer be required in
         order to maintain compliance with the Securities Act.

         Upon satisfaction of the conditions of any of the clauses of this
     Section 2.06(c)(ii) the Company shall execute, and, upon receipt of an
     Authentication Order in accordance with Section 2.02 hereof, the Trustee
     shall authenticate and deliver an Unrestricted Definitive Note in the
     appropriate principal amount to the Person designated by the holder of such
     beneficial interest in instructions delivered to the Registrar by the
     Depositary and the applicable Participant or Indirect Participant on behalf
     of such holder, and the Trustee shall reduce or cause to be reduced in a
     corresponding amount pursuant to Section 2.06(h) hereof the aggregate
     principal amount of the applicable Restricted Global Note.

             (iii) BENEFICIAL INTERESTS IN UNRESTRICTED GLOBAL NOTES TO
     UNRESTRICTED DEFINITIVE NOTES. Subject to Section 2.06(a) hereof, if any
     holder of a beneficial interest in an Unrestricted Global Note proposes to
     exchange such beneficial interest for an Unrestricted Definitive Note or to
     transfer such beneficial interest to a Person who takes delivery thereof in
     the form of an Unrestricted Definitive Note, then, upon satisfaction of the
     applicable conditions set forth in Section 2.06(b)(ii) hereof, the Trustee
     shall reduce or cause to be reduced in a corresponding amount pursuant to
     Section 2.06(h) hereof the aggregate principal amount of the applicable
     Unrestricted Global Note, and the Company shall execute and, upon receipt
     of an Authentication Order in accordance with Section 2.02 hereof, the
     Trustee shall authenticate and deliver an Unrestricted Definitive Note in
     the appropriate principal amount to the Person designated by the holder of
     such beneficial interest in instructions delivered to the Registrar by the
     Depositary and the applicable Participant or Indirect Participant on behalf
     of such holder. Any Unrestricted Definitive Note issued in exchange for a
     beneficial interest pursuant to this Section 2.06(c)(iii) shall be
     registered in such name or names and in such authorized denomination or
     denominations as the holder of such beneficial interest shall designate in
     such instructions. The Trustee shall deliver such Unrestricted Definitive
     Notes to the Persons in whose names such Notes are so registered. Any
     Unrestricted Definitive Note issued in exchange for a beneficial interest
     pursuant to this Section 2.06(c)(iii) shall not bear the Private Placement
     Legend.

         (d) TRANSFER AND EXCHANGE OF DEFINITIVE NOTES FOR BENEFICIAL INTERESTS.

             (i) RESTRICTED DEFINITIVE NOTES TO BENEFICIAL INTERESTS IN
     RESTRICTED GLOBAL NOTES. If any holder of a Restricted Definitive Note
     proposes to exchange such Note for a beneficial interest in a Restricted
     Global Note or to transfer such Restricted Definitive Notes to a Person who
     takes delivery thereof in the form of a beneficial interest in a Restricted
     Global Note, then, upon receipt by the Registrar of the following
     documentation:

                   (A) if the holder of such Restricted Definitive Note proposes
         to exchange such Note for a beneficial interest in a Restricted Global
         Note, a certificate from such holder in the form of Exhibit C hereto,
         including the certifications in item (2)(b) thereof;

                   (B) if such Restricted Definitive Note is being transferred
         to a QIB in accordance with Rule 144A, a certificate to the effect set
         forth in Exhibit B hereto, including the certifications in item (1)
         thereof;

                   (C) if such Restricted Definitive Note is being transferred
         to a "non-U.S. Person" (as defined in Rule 902(k) of Regulation S) in
         an offshore transaction in accordance with Rule 903 or Rule 904, a
         certificate to the effect set forth in Exhibit B hereto, including the
         certifications in item (2) thereof;

                                       29
<Page>

                   (D) if such Restricted Definitive Note is being transferred
         pursuant to an exemption from the registration requirements of the
         Securities Act in accordance with Rule 144, a certificate to the effect
         set forth in Exhibit B hereto, including the certifications in item
         (3)(a) thereof;

                   (E) if such Restricted Definitive Note is being transferred
         to an Institutional Accredited Investor in reliance on an exemption
         from the registration requirements of the Securities Act other than
         those listed in clauses (B) through (D) above, a certificate to the
         effect set forth in Exhibit B hereto, including the certifications,
         certificates and Opinion of Counsel required by item (3)(d) thereof, if
         applicable; or

                   (F) if such Restricted Definitive Note is being transferred
         to the Company or any of its Subsidiaries, a certificate to the effect
         set forth in Exhibit B hereto, including the certifications in item
         (3)(b) thereof,

     the Trustee shall cancel the Restricted Definitive Note, increase or cause
     to be increased in a corresponding amount pursuant to Section 2.06(h)
     hereof the aggregate principal amount of, in the case of clause (A) above,
     the appropriate Restricted Global Note, in the case of clause (B) above, a
     144A Global Note, in the case of clause (C) above, a Regulation S Global
     Note, and in all other cases, an IAI Global Note.

             (ii) RESTRICTED DEFINITIVE NOTES TO BENEFICIAL INTERESTS IN
     UNRESTRICTED GLOBAL NOTES. A holder of a Restricted Definitive Note may
     exchange such Note for a beneficial interest in an Unrestricted Global Note
     or transfer such Restricted Definitive Note to a Person who takes delivery
     thereof in the form of a beneficial interest in an Unrestricted Global Note
     only if:

                   (A) such exchange or transfer is effected pursuant to a
         Exchange Offer in accordance with a Registration Rights Agreement and
         the holder of such beneficial interest, in the case of an exchange, or
         the transferee, in the case of a transfer, makes such certifications in
         the applicable Letter of Transmittal (or is deemed to have made such
         certifications if delivery is made through the Applicable Procedures)
         as may be required by such Registration Rights Agreement;

                   (B) such transfer is effected pursuant to a Shelf
         Registration Statement in accordance with a Registration Rights
         Agreement;

                   (C) such transfer is effected by a broker-dealer pursuant to
         an Exchange Offer Registration Statement in accordance with a
         Registration Rights Agreement; or

                   (D) the Registrar receives the following:

                   (1) if the holder of such Restricted Definitive Note proposes
         to exchange such Note for a beneficial interest in an Unrestricted
         Global Note, a certificate from such holder in the form of Exhibit C
         hereto, including the certifications in item (1)(c) thereof; or

                   (2) if the holder of such Restricted Definitive Note proposes
         to transfer such Note to a Person who shall take delivery thereof in
         the form of a beneficial interest in an Unrestricted Global Note, a
         certificate from such holder in the form of Exhibit B hereto, including
         the certifications in item (4) thereof;

         and, in each such case set forth in this clause (D), if the Registrar
         so requests or if the Applicable Procedures so require, an Opinion of
         Counsel in form reasonably acceptable to the Registrar to the

                                       30
<Page>

         effect that such exchange or transfer shall be effected in compliance
         with the Securities Act and that the restrictions on transfer contained
         herein and in the Private Placement Legend shall no longer be required
         in order to maintain compliance with the Securities Act.

         Upon satisfaction of the conditions of any of the clauses in this
Section 2.06(d)(ii), the Trustee shall cancel such Restricted Definitive Note
and increase or cause to be increased in a corresponding amount pursuant to
Section 2.06(h) hereof the aggregate principal amount of the Unrestricted Global
Note.

             (iii) UNRESTRICTED DEFINITIVE NOTES TO BENEFICIAL INTERESTS IN
     UNRESTRICTED GLOBAL NOTES. A holder of an Unrestricted Definitive Note may
     exchange such Note for a beneficial interest in an Unrestricted Global Note
     or transfer such Unrestricted Definitive Note to a Person who takes
     delivery thereof in the form of a beneficial interest in an Unrestricted
     Global Note at any time. Upon receipt of a request for such an exchange or
     transfer, the Trustee shall cancel the applicable Unrestricted Definitive
     Note and increase or cause to be increased in a corresponding amount
     pursuant to Section 2.06(h) hereof the aggregate principal amount of one of
     the Unrestricted Global Notes.

             (iv) TRANSFER OR EXCHANGE OF UNRESTRICTED DEFINITIVE NOTES TO
     BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES PROHIBITED. An Unrestricted
     Definitive Note may not be exchanged for, or transferred to Persons who
     take delivery thereof in the form of, beneficial interests in a Restricted
     Global Note.

             (v) ISSUANCE OF UNRESTRICTED GLOBAL NOTES. If any such exchange or
     transfer of a Definitive Note for a beneficial interest in an Unrestricted
     Global Note is effected pursuant to clause (ii)(B), (ii)(D) or (iii) above
     at a time when an Unrestricted Global Note has not yet been issued, the
     Company shall issue and, upon receipt of an Authentication Order in
     accordance with Section 2.02 hereof, the Trustee shall authenticate one or
     more Unrestricted Global Notes in an aggregate principal amount equal to
     the principal amount of Definitive Notes so transferred.

         (e) TRANSFER AND EXCHANGE OF DEFINITIVE NOTES FOR DEFINITIVE NOTES.
Upon request by a holder of Definitive Notes and such holder's compliance with
the provisions of this Section 2.06(e), the Registrar shall register the
transfer or exchange of Definitive Notes. Prior to such registration of transfer
or exchange, the requesting holder shall present or surrender to the Registrar
the Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Registrar duly executed by such holder. In
addition, the requesting holder shall provide any additional certifications,
documents and information, as applicable, required pursuant to the following
provisions of this Section 2.06(e).

             (i) RESTRICTED DEFINITIVE NOTES TO RESTRICTED DEFINITIVE NOTES. Any
     Restricted Definitive Note may be transferred to and registered in the name
     of Persons who take delivery thereof in the form of a Restricted Definitive
     Note if the Registrar receives the following:

                   (A) if the transfer will be made pursuant to Rule 144A, a
         certificate in the form of Exhibit B hereto, including the
         certifications in item (1) thereof;

                   (B) if the transfer will be made pursuant to Rule 903 or Rule
         904, a certificate in the form of Exhibit B hereto, including the
         certifications in item (2) thereof; and

                   (C) if the transfer will be made pursuant to any other
         exemption from the registration requirements of the Securities Act, a
         certificate in the form of Exhibit B hereto, including the
         certifications, certificates and Opinion of Counsel required by item
         (3) thereof, if applicable.

             (ii) RESTRICTED DEFINITIVE NOTES TO UNRESTRICTED DEFINITIVE NOTES.
     Any Restricted Definitive Note may be exchanged by the holder thereof for
     an Unrestricted Definitive Note or transferred to a Person or Persons who
     take delivery thereof in the form of an Unrestricted Definitive Note only
     if:

                                       31
<Page>

                   (A) such exchange or transfer is effected pursuant to an
         Exchange Offer in accordance with a Registration Rights Agreement and
         the holder of such beneficial interest, in the case of an exchange, or
         the transferee, in the case of a transfer, makes such certifications in
         the applicable Letter of Transmittal (or is deemed to have made such
         certifications if delivery is made through the Applicable Procedures)
         as may be required by such Registration Rights Agreement;

                   (B) any such transfer is effected pursuant to a Shelf
         Registration Statement in accordance with a Registration Rights
         Agreement;

                   (C) any such transfer is effected by a broker-dealer pursuant
         to an Exchange Offer Registration Statement in accordance with a
         Registration Rights Agreement; or

                   (D) the Registrar receives the following:

                   (1) if the holder of such Restricted Definitive Notes
         proposes to exchange such Notes for an Unrestricted Definitive Note, a
         certificate from such holder in the form of Exhibit C hereto, including
         the certifications in item (1)(d) thereof; or

                   (2) if the holder of such Restricted Definitive Notes
         proposes to transfer such Notes to a Person who shall take delivery
         thereof in the form of an Unrestricted Definitive Note, a certificate
         from such holder in the form of Exhibit B hereto, including the
         certifications in item (4) thereof;

         and, in each such case set forth in this clause (D), if the Registrar
         so requests, an Opinion of Counsel in form reasonably acceptable to the
         Registrar to the effect that such exchange or transfer shall be
         effected in compliance with the Securities Act and that the
         restrictions on transfer contained herein and in the Private Placement
         Legend shall no longer be required in order to maintain compliance with
         the Securities Act.

         Upon satisfaction of the conditions of any of the clauses of Section
         2.06(e)(ii) the Trustee shall cancel the prior Restricted Definitive
         Note and the Company shall execute, and, upon receipt of an
         Authentication Order in accordance with Section 2.02 hereof, the
         Trustee shall authenticate and deliver an Unrestricted Definitive Note
         in the appropriate principal amount to the Person designated by the
         holder of such prior Restricted Definitive Note in instructions
         delivered to the Registrar by such holder.

             (iii) UNRESTRICTED DEFINITIVE NOTES TO UNRESTRICTED DEFINITIVE
     NOTES. A holder of Unrestricted Definitive Notes may transfer such Notes to
     a Person who takes delivery thereof in the form of an Unrestricted
     Definitive Note. Upon receipt of a request to register such a transfer, the
     Registrar shall register the Unrestricted Definitive Notes pursuant to the
     instructions from the Holders thereof.

         (f) EXCHANGE OFFER. Upon the occurrence of an Exchange Offer in
accordance with a Registration Rights Agreement, the Company shall issue and,
upon receipt of an Authentication Order in accordance with Section 2.02 hereof,
the Trustee shall authenticate (i) one or more Unrestricted Global Notes in an
aggregate principal amount equal to the principal amount of the beneficial
interests in the applicable Restricted Global Notes (A) tendered for acceptance
by Persons that make any and all certifications in the applicable Letters of
Transmittal (or are deemed to have made such certifications if delivery is made
through the Applicable Procedures) as may be required by such Registration
Rights Agreement, and (B) accepted for exchange in the Exchange Offer and (ii)
Unrestricted Definitive Notes in an aggregate principal amount equal to the
principal amount of the Restricted Definitive Notes tendered for acceptance by
Persons who made the foregoing certification and accepted for exchange in the
Exchange Offer. Concurrently with the issuance of such Notes, the Trustee shall
reduce or cause to be reduced in a corresponding amount the aggregate principal
amount of the applicable Restricted Global Notes, and

                                       32
<Page>

the Company shall execute and the Trustee shall authenticate and deliver to the
Persons designated by the holders of Restricted Definitive Notes so accepted
Unrestricted Definitive Notes in the appropriate principal amount.

         (g) LEGENDS. The following legends shall appear on the face of all
Global Notes and Definitive Notes issued under this Indenture unless
specifically stated otherwise in the applicable provisions of this Indenture.

            (i) PRIVATE PLACEMENT LEGEND.

                   (A) Except as permitted by clause (B) below, each Global Note
         and each Definitive Note (and all Notes issued in exchange therefor or
         substitution thereof) shall bear the legend in substantially the
         following form:

         "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR
OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION
HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

         THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
SELL, ASSIGN, TRANSFER, PLEDGE, ENCUMBER OR OTHERWISE DISPOSE OF SUCH SECURITY,
PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS
AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH SUN
MEDIA CORPORATION (THE "COMPANY") OR ANY OF ITS AFFILIATES WAS THE OWNER OF THIS
SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY OR ANY
OF ITS SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN
DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE
144A"), TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER"
(AS DEFINED IN RULE 144A) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO
NON-U.S. PERSONS THAT OCCUR OUTSIDE OF THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN "ACCREDITED INVESTOR" WITHIN
THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS
AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN
A MINIMUM PRINCIPAL AMOUNT OF US$250,000, FOR INVESTMENT PURPOSES ONLY AND NOT
WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION OF THE
SECURITIES IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE COMPANY'S AND THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE,
ASSIGNMENT, TRANSFER, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION PURSUANT TO
CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE."

                   (B) Notwithstanding the foregoing, any Global Note or
         Definitive Note issued pursuant to clauses (b)(iv), (c)(ii), (c)(iii),
         (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) to this Section 2.06 (and
         all Notes issued in exchange therefor or substitution thereof) shall
         not bear the Private Placement Legend.

             (ii) GLOBAL NOTE LEGEND. Each Global Note shall bear a legend in
     substantially the following form:

                                       33
<Page>

         "THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY
BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY
BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE COMPANY.

         UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) ("DTC"), TO THE COMPANY OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN."

         (h) CANCELLATION AND/OR ADJUSTMENT OF GLOBAL NOTES. At such time as all
beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or
cancelled in whole and not in part, each such Global Note shall be returned to
or retained and cancelled by the Trustee in accordance with Section 2.11 hereof.
At any time prior to such cancellation, if any beneficial interest in a Global
Note is exchanged for or transferred to a Person who will take delivery thereof
in the form of a beneficial interest in another Global Note or for Definitive
Notes, the principal amount of Notes represented by such Global Note shall be
reduced accordingly and an endorsement shall be made on such Global Note by the
Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Note, such other Global Note shall be increased accordingly
and an endorsement shall be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such increase.

            (i) GENERAL PROVISIONS RELATING TO TRANSFERS AND EXCHANGES.

             (i) No service charge shall be made to a Holder of a beneficial
     interest in a Global Note or to a Holder of a Definitive Note for any
     registration of transfer or exchange, but the Company may require payment
     of a sum sufficient to cover any transfer tax or similar governmental
     charge payable in connection therewith (other than any such transfer taxes
     or similar governmental charge payable upon exchange or transfer pursuant
     to Sections 2.10, 3.06, 4.12, 4.18 and 9.05 hereof).

             (ii) All Global Notes and Definitive Notes issued upon any
     registration of transfer or exchange of Global Notes or Definitive Notes
     shall be the valid obligations of the Company, evidencing the same
     Indebtedness, as the Global Notes or Definitive Notes surrendered upon such
     registration of transfer or exchange and shall be entitled to all of the
     benefits of this Indenture equally and proportionately with all other Notes
     duly issued hereunder.

             (iii) Neither the Registrar nor the Company shall be required (A)
     to issue, to register the transfer of or to exchange any Notes during a
     period beginning at the opening of business 15 days before the day of any
     selection of Notes for redemption under Section 3.02 hereof and ending at
     the close of business on the date of selection, (B) to register the
     transfer of or to exchange any Note so selected for redemption in whole

                                       34
<Page>

     or in part, except the unredeemed portion of any Note being redeemed in
     part or (C) to register the transfer of or to exchange a Note between a
     record date (including a Regular Record Date) and the next succeeding
     Interest Payment Date.

             (iv) Prior to due presentment for the registration of a transfer of
     any Note, the Trustee, any Agent and the Company may deem and treat the
     Person in whose name any Note is registered as the absolute owner of such
     Note for the purpose of receiving payment of principal of and interest on
     such Note and for all other purposes, in each case regardless of any notice
     to the contrary.

             (v) All certifications, certificates and Opinions of Counsel
     required to be submitted to the Registrar pursuant to this Section 2.06 to
     effect a registration of transfer or exchange may be submitted by
     facsimile.

             (vi) The Trustee is hereby authorized and directed to enter into a
     letter of representation with the Depositary in the form provided by the
     Company and to act in accordance with such letter.

SECTION 2.07.     REPLACEMENT NOTES.

         If any mutilated Note is surrendered to the Trustee or the Company and
the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company shall issue and the Trustee, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, shall authenticate
a replacement Note. If required by the Trustee or the Company, the Holder of
such Note shall provide indemnity sufficient, in the judgment of the Trustee or
the Company, as applicable, to protect the Company, the Trustee, any Agent and
any authenticating agent from any loss that any of them may suffer in connection
with such replacement. If required by the Company, such Holder shall reimburse
the Company for its reasonable expenses in connection with such replacement.

         Every replacement Note issued in accordance with this Section 2.07
shall be the valid obligation of the Company evidencing the same Indebtedness as
the destroyed, lost or stolen Note and shall be entitled to all of the benefits
of this Indenture equally and proportionately with all other Notes duly issued
hereunder.

SECTION 2.08.     OUTSTANDING NOTES.

         (a) The Notes outstanding at any time shall be the entire principal
amount of Notes represented by all the Global Notes and Definitive Notes
authenticated by the Trustee except for those cancelled by it, those delivered
to it for cancellation, those subject to reductions in beneficial interests
effected by the Trustee in accordance with Section 2.06 hereof, and those
described in this Section 2.08 as not outstanding. Except as set forth in
Section 2.09 hereof, a Note shall not cease to be outstanding because the
Company or an Affiliate of the Company holds the Note; PROVIDED, HOWEVER, that
Notes held by the Company or a Subsidiary of the Company shall be deemed not to
be outstanding for purposes of Section 3.07(c) hereof.

         (b) If a Note is replaced pursuant to Section 2.07 hereof, it shall
cease to be outstanding unless the Trustee receives proof satisfactory to it
that the replaced Note is held by a bona fide purchaser.

         (c) If the principal amount of any Note is considered paid under
Section 4.01 hereof, it shall cease to be outstanding and interest on it shall
cease to accrue.

         (d) If the Paying Agent (other than the Company, a Subsidiary or an
Affiliate of any thereof) holds, on a redemption date, a Purchase Date or
maturity date, funds sufficient to pay Notes payable on that date, then on and
after that date such Notes shall be deemed to be no longer outstanding and shall
cease to accrue interest.

SECTION 2.09.     TREASURY NOTES.

         In determining whether the Holders of the required principal amount of
Notes have concurred in any direction, waiver or consent, Notes owned by the
Company, or by any Affiliate of the Company, shall be

                                       35
<Page>

considered as though not outstanding, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Notes that the Trustee knows are so owned
shall be so disregarded.

SECTION 2.10.     TEMPORARY NOTES.

         Until certificates representing Notes are ready for delivery, the
Company may prepare and the Trustee, upon receipt of an Authentication Order in
accordance with Section 2.02 hereof, shall authenticate temporary Notes.
Temporary Notes shall be substantially in the form of Definitive Notes but may
have variations that the Company considers appropriate for temporary Notes and
as shall be reasonably acceptable to the Trustee. Without unreasonable delay,
the Company shall prepare and the Trustee shall authenticate Global Notes or
Definitive Notes in exchange for temporary Notes, as applicable.

         Holders of temporary Notes shall be entitled to all of the benefits of
this Indenture equally and proportionately with all other Notes duly issued
hereunder.

SECTION 2.11.     CANCELLATION.

         The Company at any time may deliver Notes to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment.
Upon sole direction of the Company, the Trustee shall cancel all Notes
surrendered for registration of transfer, exchange, payment, replacement or
cancellation and shall destroy cancelled Notes (subject to the record retention
requirements of the Exchange Act or other applicable laws). Certification of the
destruction of all cancelled Notes shall be delivered to the Company from time
to time upon request. The Company may not issue new Notes to replace Notes that
it has paid or that have been delivered to the Trustee for cancellation.

SECTION 2.12.     DEFAULTED INTEREST.

         If the Company defaults in a payment of interest on the Notes, it shall
pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders on a
subsequent special record date, in each case at the rate provided in the Notes
and in Section 4.01 hereof. The Company shall notify the Trustee in writing of
the amount of defaulted interest proposed to be paid on each Note and the date
of the proposed payment. The Company shall fix or cause to be fixed each such
special record date and payment date, PROVIDED that no such special record date
shall be less than 10 days prior to the related payment date for such defaulted
interest. At least 15 days before the special record date, the Company (or, upon
the written request of the Company, the Trustee in the name and at the expense
of the Company) shall mail or cause to be mailed to Holders a notice that states
the special record date, the related payment date and the amount of such
interest to be paid.

SECTION 2.13.     CUSIP OR ISIN NUMBERS.

         The Company in issuing the Notes may use "CUSIP" or "ISIN" numbers (if
then generally in use), and, if so, the Trustee shall use "CUSIP" or "ISIN"
numbers in notices of redemption as a convenience to Holders; PROVIDED, HOWEVER,
that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Notes or as contained in
any notice of a redemption or notice of an Offer to Purchase and that reliance
may be placed only on the other identification numbers printed on the Notes, and
any such redemption or Offer to Purchase shall not be affected by any defect in
or omission of such numbers. The Company shall promptly notify the Trustee of
any change in the "CUSIP" or "ISIN" numbers.

SECTION 2.14.     SPECIAL INTEREST

         If Special Interest is payable by the Company pursuant to a
Registration Rights Agreement and paragraph 1 of the Notes, the Company shall
deliver to the Trustee a certificate to that effect stating (i) the amount of
such Special Interest that is payable and (ii) the date on which such interest
is payable pursuant to Section 4.01 hereof. Unless and until a Responsible
Officer of the Trustee receives such a certificate or instruction or direction

                                       36
<Page>

from the Holders in accordance with the terms of this Indenture, the Trustee may
assume without inquiry that no Special Interest is payable. The foregoing shall
not prejudice the rights of the Holders with respect to their entitlement to
Special Interest as otherwise set forth in this Indenture or the Notes and
pursuing any action against the Company directly or otherwise directing the
Trustee to take any such action in accordance with the terms of this Indenture
and the Notes. If the Company has paid Special Interest directly to the Persons
entitled to it, the Company shall deliver to the Trustee an Officers'
Certificate setting forth the details of such payment.

SECTION 2.15.     ISSUANCE OF ADDITIONAL NOTES

         The Company shall be entitled, subject to its compliance with Section
4.09 hereof, to issue Additional Notes under this Indenture which shall have
identical terms as the Initial Notes issued on the date hereof, other than with
respect to the date of issuance, issue price and rights under a related
Registration Rights Agreement, if any. The Initial Notes issued on the date
hereof, any Additional Notes and all Exchange Notes issued in exchange therefor
shall be treated as a single class for all purposes under this Indenture,
including without limitation, directions, waivers, consents, redemptions and
Offers to Purchase.

         With respect to any Additional Notes, the Company shall set forth in a
Board Resolution and an Officers' Certificate, a copy of each of which shall be
delivered to the Trustee, the following information:

         (a) the aggregate principal amount of such Additional Notes to be
authenticated and delivered pursuant to this Indenture;

         (b) the issue price, the issue date and the CUSIP and/or ISIN number of
such Additional Notes; PROVIDED, HOWEVER, that no Additional Notes may be issued
at a price that would cause such Additional Notes to have "original issue
discount" within the meaning of Section 1273 of the Code; and

         (c) whether such Additional Notes shall be subject to the restrictions
on transfer set forth in Section 2.06 hereof relating to Restricted Global Notes
and Restricted Definitive Notes.

                                   ARTICLE 3.

                            REDEMPTION AND PREPAYMENT

SECTION 3.01.     NOTICES TO TRUSTEE.

         If the Company elects to redeem Notes pursuant to the optional
redemption provisions of Section 3.07 hereof, it shall furnish to the Trustee,
at least 45 days but not more than 60 days before a redemption date (or such
shorter period as allowed by the Trustee), an Officers' Certificate setting
forth (i) the applicable section of this Indenture pursuant to which the
redemption shall occur, (ii) the redemption date, (iii) the principal amount of
Notes to be redeemed and (iv) the redemption price.

SECTION 3.02.     SELECTION OF NOTES TO BE REDEEMED.

         If less than all of the Notes are to be redeemed at any time, the
Trustee shall select the Notes to be redeemed among the Holders of the Notes in
compliance with the requirements of the principal national securities exchange,
if any, on which the Notes are listed or, if the Notes are not so listed, on a
PRO RATA basis, by lot or in accordance with any other method the Trustee
considers fair and appropriate. In the event of partial redemption by lot, the
particular Notes to be redeemed shall be selected, unless otherwise provided
herein, not less than 30 nor more than 60 days prior to the redemption date by
the Trustee from the outstanding Notes not previously called for redemption.

         The Trustee shall promptly notify the Company in writing of the Notes
selected for redemption and, in the case of any Note selected for partial
redemption, the principal amount thereof to be redeemed. Notes and portions of
Notes selected shall be in amounts of US$1,000 or integral multiples of
US$1,000, except that if all of the Notes of a Holder are to be redeemed, the
entire outstanding amount of Notes held by such Holder, even if not

                                       37
<Page>

an integral multiple of US$1,000, shall be redeemed. Except as provided in the
preceding sentence, provisions of this Indenture that apply to Notes called for
redemption also apply to portions of Notes called for redemption.

SECTION 3.03.     NOTICE OF REDEMPTION.

         At least 30 days but not more than 60 days prior to a redemption date,
the Company shall mail or cause to be mailed, by first class mail, a notice of
redemption to each Holder whose Notes are to be redeemed at such Holder's
address appearing in the securities register maintained in respect of the Notes
by the Registrar (the "SECURITY REGISTER").

         The notice shall identify the Notes to be redeemed and shall state:

         (a) the redemption date;

         (b) the redemption price or if the redemption is made pursuant to
Section 3.07(b) hereof a calculation of the redemption price;

         (c) if any Note is being redeemed in part, the portion of the principal
amount of such Note to be redeemed and that, after the redemption date upon
surrender of such Note, a new Note or Notes in principal amount equal to the
unredeemed portion shall be issued upon cancellation of the original Note;

         (d) the name and address of the Paying Agent;

         (e) that Notes called for redemption must be surrendered to the Paying
Agent to collect the redemption price;

         (f) that, unless the Company defaults in making such redemption
payment, interest on Notes called for redemption ceases to accrue on and after
the redemption date;

         (g) the applicable section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and

         (h) that no representation is made as to the correctness of the CUSIP
or ISIN numbers, if any, listed in such notice or printed on the Notes.

         At the Company's request, the Trustee shall give the notice of
redemption in the Company's name and at its expense; PROVIDED, HOWEVER, that the
Company shall have delivered to the Trustee, at least 45 days (or such shorter
period allowed by the Trustee) prior to the redemption date, an Officers'
Certificate requesting that the Trustee give such notice (in the name and at the
expense of the Company) and setting forth the information to be stated in such
notice as provided in this Section 3.03.

SECTION 3.04.     EFFECT OF NOTICE OF REDEMPTION.

         Once notice of redemption is mailed in accordance with Section 3.03
hereof, Notes called for redemption shall become irrevocably due and payable on
the redemption date at the redemption price. A notice of redemption may not be
conditional.

SECTION 3.05.     DEPOSIT OF REDEMPTION PRICE.

         On or prior to 11:00 a.m. Eastern time on the Business Day prior to any
redemption date, the Company shall deposit with the Trustee or with the Paying
Agent money sufficient to pay the redemption price of and accrued and unpaid
interest on all Notes to be redeemed on that date. The Trustee or the Paying
Agent shall promptly return to the Company any money deposited with the Trustee
or the Paying Agent by the Company in excess of the amounts necessary to pay the
redemption price of, and accrued and unpaid interest on, all Notes to be
redeemed.

                                       38
<Page>

         If the Company complies with the provisions of the preceding paragraph,
on and after the redemption date, interest shall cease to accrue on the Notes or
the portions of Notes called for redemption in accordance with Section 2.08(d)
hereof. If a Note is redeemed on or after a Regular Record Date but on or prior
to the related Interest Payment Date, then any accrued and unpaid interest shall
be paid to the Person in whose name such Note was registered at the close of
business on such Regular Record Date. If any Note called for redemption shall
not be so paid upon surrender for redemption because of the failure of the
Company to comply with the preceding paragraph, interest shall be paid on the
unpaid principal from the redemption date until such principal is paid, and to
the extent lawful on any interest not paid on such unpaid principal, in each
case at the rate provided in the Notes and in Section 4.01 hereof.

SECTION 3.06.     NOTES REDEEMED IN PART.

         Upon surrender of a Note that is redeemed in part, the Company shall
issue and, upon the Company's written request, the Trustee shall authenticate
for the Holder at the expense of the Company a new Note equal in principal
amount to the unredeemed portion of the Note surrendered.

SECTION 3.07.     OPTIONAL REDEMPTION

         (a) Except as set forth in clauses (b) and (c) of this Section 3.07,
the Notes shall not be redeemable at the option of the Company prior to February
15, 2008. Beginning on February 15, 2008, the Company may redeem all or a part
of the Notes, at once or over time, in accordance with Section 3.03 hereof, at
the redemption prices (expressed as percentages of principal amount) set forth
below, plus accrued and unpaid interest thereon on the Notes redeemed, to the
applicable redemption date (subject to the right of Holders of record on the
relevant Regular Record Date to receive interest due on the relevant Interest
Payment Date), if redeemed during the twelve-month period commencing on February
15 of the years indicated below:

<Table>
<Caption>
REDEMPTION YEAR                                                       PERCENTAGE
<S>                                                                   <C>

2008.................................................................   103.813%
2009.................................................................   102.542%
2010.................................................................   101.271%
2011 and thereafter..................................................   100.000%
</Table>

         (b) At any time and from time to time prior to February 15, 2006, the
Company may on one or more occasions redeem up to 35% of the aggregate principal
amount of the Notes issued under this Indenture at a redemption price (expressed
as a percentage of principal amount) equal to 107.625% of the principal amount
thereof, plus accrued and unpaid interest thereon to the redemption date
(subject to the right of Holders of record on the relevant Regular Record Date
to receive interest due on the relevant Interest Payment Date) with the net cash
proceeds of one or more Equity Offerings; PROVIDED, HOWEVER, that (i) at least
65% of the aggregate principal amount of the Notes issued under this Indenture
(excluding Notes held by the Company and its Subsidiaries) remain outstanding
immediately following such redemption and (ii) any such redemption shall be made
within 90 days of the date of closing of any such Equity Offering.

         (c) If the Company becomes obligated to pay any Additional Amounts
because of a change in the laws or regulations of Canada or any Canadian Taxing
Authority, or a change in any official position regarding the application or
interpretation thereof, in either case that is publicly announced or becomes
effective on or after the Issue Date, the Company may, at any time, redeem all,
but not part, of the Notes at a price equal to 100% of the principal amount
thereof, plus accrued and unpaid interest to the redemption date, PROVIDED that
at any time that the aggregate principal amount of the Notes outstanding is
greater than US$20.0 million, any Holder of the Notes may, to the extent that it
does not adversely affect the Company's after-tax position, at its option, waive
the Company's compliance with the provisions of Section 4.20 hereof; PROVIDED,
FURTHER, that if any Holder waives such compliance, the Company may not redeem
that Holder's Notes pursuant to this Section 3.07(c).

         (d) Any prepayment pursuant to this Section 3.07 shall be made pursuant
to the provisions of Sections 3.01 through 3.06 hereof.

                                       39
<Page>

SECTION 3.08.     MANDATORY REDEMPTION.

         Except as set forth in Sections 4.12 and 4.18 hereof, the Company shall
not be required to make mandatory redemption or sinking fund payments with
respect to, or offers to purchase, the Notes.

SECTION 3.09.     OFFERS TO PURCHASE.

         (a) In the event that, pursuant to Section 4.12 or 4.18 hereof, the
Company shall be required to commence an Asset Sale Offer or Change of Control
Offer (each, an "OFFER TO PURCHASE"), it shall follow the procedures specified
below.

         (b) The Company shall commence the Offer to Purchase by sending, by
first-class mail, with a copy to the Trustee, to each Holder, at such Holder's
address appearing in the Security Register a notice, the terms of which shall
govern the Offer to Purchase, stating:

             (i) that the Offer to Purchase is being made pursuant to this
     Section 3.09 and Section 4.12 or 4.18, as the case may be, and, in the case
     of a Change of Control Offer, that a Change of Control has occurred, the
     transaction or transactions that constitute the Change of Control, and that
     a Change of Control Offer is being made pursuant to Section 4.18 hereof;

             (ii) the principal amount of Notes required to be purchased
     pursuant to Section 4.12 or 4.18 hereof (the "OFFER AMOUNT"), the purchase
     price, the Offer Period and the Purchase Date (each as defined below);

             (iii) except as provided in clause (ix), that all Notes timely
     tendered and not withdrawn shall be accepted for payment;

             (iv) that any Note not tendered or accepted for payment shall
     continue to accrue interest;

             (v) that, unless the Company defaults in making such payment, any
     Note accepted for payment pursuant to the Offer to Purchase shall cease to
     accrue interest after the Purchase Date;

             (vi) that Holders electing to have a Note purchased pursuant to the
     Offer to Purchase may elect to have Notes purchased in integral multiples
     of US$1,000 only;

             (vii) that Holders electing to have a Note purchased pursuant to
     the Offer to Purchase shall be required to surrender the Note, with the
     form entitled "Option of Holder to Elect Purchase" on the reverse of the
     Note completed, or transfer by book-entry transfer, to the Company, a
     Depositary, if appointed by the Company, or a Paying Agent at the address
     specified in the notice at least three days before the Purchase Date;

             (viii) that Holders shall be entitled to withdraw their election if
     the Company, the Depositary or the Paying Agent, as the case may be,
     receives, not later than the expiration of the Offer Period, a telegram,
     facsimile transmission or letter setting forth the name of the Holder, the
     principal amount of the Note (or portions thereof) the Holder delivered for
     purchase and a statement that such Holder is withdrawing his election to
     have such Note purchased;

             (ix) that, in the case of an Asset Sale Offer, if the aggregate
     principal amount of Notes surrendered by Holders exceeds the Offer Amount,
     the Company shall select the Notes to be purchased on a PRO RATA basis
     (with such adjustments as may be deemed appropriate by the Company so that
     only Notes in denominations of US$1,000 or integral multiples thereof shall
     be purchased);

             (x) that Holders whose Notes were purchased in part shall be issued
     new Notes equal in principal amount to the unpurchased portion of the Notes
     surrendered (or transferred by book-entry transfer)

                                       40
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             (xi) any other procedures that Holders must follow in order to
     tender their Notes (or portions thereof) for payment.

         (c) The Offer to Purchase shall remain open for a period of at least 30
days but no more than 60 days following its commencement, except to the extent
that a longer period is required by applicable law (the "OFFER PERIOD"). No
later than five Business Days after the termination of the Offer Period (the
"PURCHASE DATE"), the Company shall purchase the Offer Amount or, if less than
the Offer Amount has been tendered, all Notes tendered in response to the Offer
to Purchase. Payment for any Notes so purchased shall be made in the same manner
as interest payments are made.

         (d) On or prior to the Purchase Date, the Company shall, to the extent
lawful:

             (i) accept for payment (on a PRO RATA basis to the extent necessary
     in connection with an Asset Sale Offer) the Offer Amount of Notes or
     portions of Notes properly tendered pursuant to the Offer to Purchase, or
     if less than the Offer Amount has been tendered, all Notes tendered;

             (ii) deposit with the Paying Agent an amount equal to the Offer
     Amount in respect of all Notes or portions of Notes properly tendered; and

             (iii) deliver or cause to be delivered to the Trustee the Notes so
     accepted together with an Officers' Certificate stating the aggregate
     principal amount of Notes or portions of Notes being purchased by the
     Company and that such Notes or portions thereof were accepted for payment
     by the Company in accordance with the terms of this Section 3.09.

         (e) The Company, the Depositary or the Paying Agent, as the case may
be, shall promptly (but in any event not later than five Business Days after the
Purchase Date) deliver to each tendering Holder of Notes properly tendered and
accepted by the Company for purchase the Purchase Amount for such Notes, and the
Company shall promptly execute and issue a new Note, and the Trustee, upon
receipt of an Authentication Order shall authenticate and deliver (or cause to
be transferred by book-entry) such new Note to such Holder, in a principal
amount equal to any unpurchased portion of the Note surrendered PROVIDED,
HOWEVER, that each such new Note shall be in a principal amount of US$1,000 or
an integral multiple of US$1,000. Any Note not so accepted shall be promptly
mailed or delivered by the Company to the Holder thereof. The Company shall
publicly announce the results of the Offer to Purchase on the Purchase Date.

         (f) If the Purchase Date is on or after a Regular Record Date and on or
before the related Interest Payment Date, any accrued and unpaid interest shall
be paid to the Person in whose name a Note is registered at the close of
business on such Regular Record Date, and no additional interest shall be
payable to Holders who tender Notes pursuant to the Offer to Purchase.

         (g) The Company shall comply with the requirements of Rule 14e-1 under
the Exchange Act and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with the Offer to
Purchase. To the extent that the provisions of any securities laws or
regulations conflict with Section 4.12 or 4.18, as applicable, this Section 3.09
or other provisions of this Indenture, the Company shall comply with the
applicable securities laws and regulations and shall not be deemed to have
breached its obligations under Section 4.12 or 4.18, as applicable, this Section
3.09 or such other provision by virtue of such conflict.

         (h) Other than as specifically provided in this Section 3.09, any
purchase pursuant to this Section 3.09 shall be made in accordance with the
provisions of Section 3.01 through 3.06 hereof.

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                                   ARTICLE 4.

                                   COVENANTS

SECTION 4.01.     PAYMENT OF NOTES.

         The Company shall pay or cause to be paid the principal of, premium, if
any, and interest on, the Notes on the dates and in the manner provided in the
Notes. Principal, premium, if any, and interest shall be considered paid on the
date due if the Paying Agent, if other than the Company or a Subsidiary thereof,
holds as of 11:00 a.m. Eastern Time on the due date money deposited by the
Company in immediately available funds and designated for and sufficient to pay
all principal, premium, if any, and interest then due. The Company shall pay
Special Interest, if any, in the same manner, on the dates and in the amounts
set forth in a Registration Rights Agreement, the Notes and this Indenture. If a
payment date is a Legal Holiday at a place of payment, payment may be made at
that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue on such payment for the intervening period.

         The Company shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal and premium, if any,
from time to time on demand at a rate that is 1% per annum in excess of the rate
then in effect; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest
(without regard to any applicable grace periods), from time to time on demand at
the same rate to the extent lawful.

         Interest shall be computed on the basis of a 360-day year of twelve
30-day months. For the purposes of the INTEREST ACT (Canada), the yearly rate of
interest which is equivalent to the rate payable hereunder is the rate payable
multiplied by the actual number of days in the year and divided by 360.

SECTION 4.02.     MAINTENANCE OF OFFICE OR AGENCY.

         (a) The Company shall maintain in the Borough of Manhattan, The City of
New York, an office or agency (which may be an office or drop facility of the
Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes
may be presented or surrendered for registration of transfer or for exchange and
where notices and demands to or upon the Company in respect of the Notes and
this Indenture may be served. The Company hereby initially designates the
Transfer Agent Drop Services, the Depository Trust Company, 55 Water Street, New
York, New York 10041, which is a drop facility of the Trustee or an affiliate of
the Trustee, as such an office or agency. The Company shall give prompt written
notice to the Trustee of any change in the location of such office or agency. If
at any time the Company shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and
demands.

         (b) The Company may also from time to time designate one or more other
offices or agencies where the Notes may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations. The
Company shall give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or
agency.

         (c) The Company hereby designates the Corporate Trust Office of the
Trustee, as one such office, drop facility or agency of the Company in
accordance with Section 2.03 hereof.

SECTION 4.03.     REPORTS.

         (a) Notwithstanding that the Company may not be subject to the
reporting requirements of Section 13 or 15(d) of the Exchange Act, so long as
any Notes are outstanding the Company shall file with the Commission, and shall
furnish to the Holders and the Trustee:

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                   (1) within 90 days after the end of each fiscal year of the
         Company, annual reports on Form 20-F or 40-F, as applicable, or any
         successor form; and

                   (2) (a) within 45 days after the end of each of the first
         three fiscal quarters of each fiscal year of the Company, reports on
         Form 10-Q or any successor form, or (b) within 60 days after the end of
         each of the first three fiscal quarters of each fiscal year of the
         Company, reports on Form 6-K, or any successor form, which, regardless
         of applicable requirements, shall, at a minimum, contain a
         "Management's Discussion and Analysis of Financial Condition and
         Results of Operations," and, with respect to any such reports, a
         reconciliation to U.S. GAAP as permitted by the Commission for foreign
         private issuers.

         (b) For so long as any Notes remain outstanding, the Company shall
furnish to the Holders, upon their request, the information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act.

         (c) If the Company has designated any of its Subsidiaries as
Unrestricted Subsidiaries, then the quarterly and annual financial information
required by this Section shall include a reasonably detailed presentation,
either on the face of the financial statements or in the footnotes thereto, and
in Management's Discussion and Analysis of Financial Condition and Results of
Operations, of the financial condition and results of operations of the Company
and the Restricted Subsidiaries separate from the financial condition and
results of operations of the Unrestricted Subsidiaries of the Company.

SECTION 4.04.     COMPLIANCE CERTIFICATE.

         (a) The Company shall deliver to the Trustee, within 90 days after the
end of each fiscal year, an Officers' Certificate stating that a review of the
activities of the Company and its Subsidiaries during the preceding fiscal year
has been made under the supervision of the signing Officers with a view to
determining whether the Company and its Subsidiaries have kept, observed,
performed and fulfilled their obligations under this Indenture, and further
stating, as to each such Officer signing such certificate, that to the best of
his or her knowledge the Company and its Subsidiaries have kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and
is not in default in the performance or observance of any of the terms,
provisions and conditions of this Indenture (or, if a Default or Event of
Default shall have occurred, describing all such Defaults or Events of Default
of which he or she may have knowledge and what action the Company is taking or
proposes to take with respect thereto) and that to the best of his or her
knowledge no event has occurred and remains in existence by reason of which
payments on account of the principal of, premium, if any, or interest on the
Notes is prohibited or if such event has occurred, a description of the event
and what action the Company is taking or proposes to take with respect thereto.

         (b) The Company shall otherwise comply with TIA Section 314(a)(2).

         (c) The Company shall deliver to the Trustee, within 30 days after the
occurrence thereof, written notice in the form of an Officers' Certificate of
any Default or Event of Default, its status and what action the Company is
taking or proposes to take with respect thereto.

SECTION 4.05.     TAXES.

         The Company shall pay, and shall cause each of its Subsidiaries to pay,
prior to delinquency, all material taxes, assessments, and governmental levies,
except such as are being contested in good faith and by appropriate proceedings
or where the failure to effect such payment is not adverse in any material
respect to the Holders.

SECTION 4.06.     STAY, EXTENSION AND USURY LAWS.

         The Company covenants (to the extent that it may lawfully do so) that
it shall not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law wherever
enacted, now or at any time hereafter in force, that may affect the covenants or
the performance of this

                                       43
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Indenture; and the Company (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it
shall not, by resort to any such law, hinder, delay or impede the execution of
any power herein granted to the Trustee, but shall suffer and permit the
execution of every such power as though no such law has been enacted.

SECTION 4.07.     CORPORATE EXISTENCE.

         Subject to Article 5 hereof, the Company shall do or cause to be done
all things necessary to preserve and keep in full force and effect (i) its
corporate existence, and the corporate, partnership or other existence of each
Restricted Subsidiary, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Company or any
such Restricted Subsidiary and (ii) the rights (charter and statutory), licenses
and franchises of the Company and the Restricted Subsidiaries; PROVIDED,
HOWEVER, that the Company shall not be required to preserve any such right,
license or franchise, or the corporate, partnership or other existence of any
Restricted Subsidiary, if the Board of Directors of the Company shall determine
that the preservation thereof is no longer desirable in the conduct of the
business of the Company and the Restricted Subsidiaries, taken as a whole, and
that the loss thereof is not adverse in any material respect to the Holders of
the Notes, or that such preservation is not necessary in connection with any
transaction not prohibited by this Indenture.

SECTION 4.08.     PAYMENTS FOR CONSENT.

         The Company shall not, and shall not permit any Restricted Subsidiary
to, directly or indirectly, pay or cause to be paid any consideration, to or for
the benefit of any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Notes
unless such consideration is offered to be paid and is paid to all Holders that
consent, waive or agree to amend in the time frame set forth in the solicitation
documents relating to such consent, waiver or agreement.

SECTION 4.09.     INCURRENCE OF INDEBTEDNESS AND ISSUANCE OF PREFERRED SHARES.

         (a) The Company shall not, and shall not permit any of its Subsidiaries
to, Incur, directly or indirectly, any Indebtedness, including Acquired Debt,
and the Company shall not issue any Disqualified Stock and shall not permit any
of its Subsidiaries to issue any Preferred Shares; PROVIDED, HOWEVER, that the
Company may Incur Indebtedness, including Acquired Debt, or issue Disqualified
Stock, and the Subsidiary Guarantors may Incur Indebtedness, including Acquired
Debt, or issue Preferred Shares if the Company's Debt to Cash Flow Ratio at the
time of Incurrence of such Indebtedness or the issuance of such Disqualified
Stock or Preferred Shares, after giving PRO FORMA effect to such Incurrence or
issuance as of such date and to the use of proceeds therefrom, taking into
account any substantially concurrent transactions related to such Incurrence, as
if the same had occurred at the beginning of the most recently ended four fiscal
quarter period of the Company for which internal financial statements are
available, would have been no greater than 5.0 to 1.0.

         (b) Paragraph (a) of this Section 4.09 shall not prohibit the
Incurrence of any of the following items of Indebtedness or issuances of
Preferred Shares (each such item being referred to herein as "PERMITTED DEBT"):

         (1)   the Incurrence by the Company or a Subsidiary Guarantor of
               Indebtedness and letters of credit under Credit Facilities in an
               aggregate principal amount at any one time outstanding under this
               clause (1) (with letters of credit being deemed to have a
               principal amount equal to the maximum potential liability of the
               Company and the Subsidiary Guarantors thereunder) not to exceed
               an aggregate of (a) US$230.0 million and (b) Cdn$75.0 million,
               LESS the aggregate amount of all Net Proceeds of Asset Sales
               applied by the Company or any Subsidiary Guarantors subsequent to
               the Issue Date to permanently repay Indebtedness under a Credit
               Facility pursuant to the provisions of Section 4.12 hereof;

         (2)   the Incurrence by the Company and the Restricted Subsidiaries of
               the Existing Indebtedness;

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         (3)   the Incurrence by (a) the Company of Indebtedness represented by
               the Initial Notes and the Exchange Notes to be issued in exchange
               for such Initial Notes and in exchange for any Additional Notes,
               and (b) the Subsidiary Guarantors of Indebtedness represented by
               the Subsidiary Guarantees relating to the Initial Notes and the
               guarantees issued in exchange for such Subsidiary Guarantees and
               in exchange for the Subsidiary Guarantees relating to any
               Additional Notes;

         (4)   the Incurrence by the Company or a Subsidiary Guarantor of
               Indebtedness represented by Capital Lease Obligations, mortgage
               financings or purchase money obligations, in each case, Incurred
               for the purpose of financing all or any part of the purchase
               price or cost of construction or improvement of property, plant
               or equipment used in the business of the Company or such
               Subsidiary Guarantor, in an aggregate principal amount, including
               all Permitted Refinancing Indebtedness incurred to refund,
               refinance or replace any Indebtedness Incurred pursuant to this
               clause (4), not to exceed US$25.0 million at any time
               outstanding;

         (5)   the Incurrence by the Company or any Subsidiary Guarantor of
               Permitted Refinancing Indebtedness in exchange for, or the net
               proceeds of which are used to refund, refinance or replace
               Indebtedness, other than intercompany Indebtedness, that was
               permitted by this Indenture to be incurred under paragraph (a) or
               clauses (b)(2), (b)(3) and (b)(4) of this Section 4.09;

         (6)   the Incurrence by the Company or any Subsidiary Guarantor of
               intercompany Indebtedness between or among the Company and any
               Restricted Subsidiary; PROVIDED, HOWEVER, that:

               (i)      if the Company is the obligor on such Indebtedness, such
                        Indebtedness must be expressly subordinated to the prior
                        payment in full in cash of all Obligations with respect
                        to the Notes, and

               (ii)     (a) any subsequent issuance or transfer of Equity
                        Interests that results in any such Indebtedness being
                        held by a Person other than the Company or a Restricted
                        Subsidiary and (b) any sale or other transfer of any
                        such Indebtedness to a Person that is not either the
                        Company or a Restricted Subsidiary shall be deemed, in
                        each case, to constitute an Incurrence of such
                        Indebtedness by the Company or such Restricted
                        Subsidiary, as the case may be, that was not permitted
                        by this clause (6);

         (7)   the issuance by the Company or any Restricted Subsidiary of
               Preferred Shares solely to or among the Company and any
               Restricted Subsidiaries; PROVIDED, HOWEVER, that (a) any
               subsequent issuance or transfer of Equity Interests that results
               in any such Preferred Shares being held by a Person other than
               the Company or a Restricted Subsidiary and (b) any sale or other
               transfer of any such Preferred Shares to a Person that is not
               either the Company or a Restricted Subsidiary shall be deemed, in
               each case, to constitute an issuance of such Preferred Shares by
               the Company or a Restricted Subsidiary, as the case may be, that
               was not permitted by this clause (7);

         (8)   the Incurrence by the Company or any Subsidiary Guarantor of
               Hedging Obligations that are Incurred in the ordinary course of
               business of the Company or such Subsidiary Guarantor and not for
               speculative purposes; PROVIDED, HOWEVER, that, in the case of:

               (i)      any Interest Rate Agreement, the notional principal
                        amount of such Hedging Obligation does not exceed the
                        principal amount of the Indebtedness to which such
                        Hedging Obligation relates; and

                                       45
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               (ii)     any Currency Exchange Protection Agreement, such Hedging
                        Obligation does not increase the principal amount of
                        Indebtedness of the Company and Subsidiary Guarantor
                        outstanding other than as a result of fluctuations in
                        foreign currency exchange rates or by reason of fees,
                        indemnities and compensation payable thereunder;

         (9)   the guarantee by the Company or a Subsidiary Guarantor of
               Indebtedness of the Company or a Subsidiary Guarantor that was
               permitted to be Incurred by another provision of this Section
               4.09;

         (10)  the Incurrence by the Company or any Restricted Subsidiary of
               Indebtedness in an aggregate principal amount, or accreted value,
               as applicable, at any time outstanding, including all Permitted
               Refinancing Indebtedness Incurred to refund, refinance or replace
               any Indebtedness Incurred pursuant to this clause (10), not to
               exceed US$25.0 million;

         (11)  the issuance of Preferred Shares by the Company's Unrestricted
               Subsidiaries or the Incurrence by the Company's Unrestricted
               Subsidiaries of Non-Recourse Debt; PROVIDED, HOWEVER, that if any
               such Indebtedness ceases to be Non-Recourse Debt of an
               Unrestricted Subsidiary, that event shall be deemed to constitute
               an Incurrence of Indebtedness by a Restricted Subsidiary that was
               not permitted by this clause (11);

         (12)  Indebtedness of the Company or any Subsidiary Guarantor in
               respect of bank overdrafts (and letters of credit in respect
               thereof) in the ordinary course of business not to exceed an
               aggregate amount of US$10.0 million; and

         (13)  the issuance of Indebtedness or Preferred Shares in connection
               with a Tax Benefit Transaction.

         (c) The accrual of interest, the accretion or amortization of original
issue discount, the payment of interest on any Indebtedness in the form of
additional Indebtedness with the same terms, and the payment of dividends on
Disqualified Stock in the form of additional shares of the same class of
Disqualified Stock shall not be deemed to be an Incurrence of Indebtedness or an
issuance of Disqualified Stock for purposes of this Section 4.09.

         (d) Neither the Company nor any Subsidiary Guarantor shall Incur any
Indebtedness, including Permitted Debt, that is contractually subordinated in
right of payment to any other Indebtedness of the Company or such Subsidiary
Guarantor, as applicable, unless such Indebtedness is also contractually
subordinated in right of payment to the Notes or the Subsidiary Guarantee, as
applicable, on substantially identical terms; PROVIDED, HOWEVER, that no
Indebtedness of the Company or a Subsidiary Guarantor shall be deemed to be
contractually subordinated in right of payment to any other Indebtedness of the
Company or such Subsidiary Guarantor, as applicable, solely by virtue of being
unsecured.

         (e) For purposes of determining compliance with this Section 4.09, in
the event that an item of proposed Indebtedness meets the criteria of more than
one of the categories of Permitted Debt described in clauses (b)(1) through (13)
above, or is entitled to be Incurred pursuant to paragraph (a) of this Section
4.09, the Company shall be permitted to classify such item of Indebtedness on
the date of its Incurrence or later reclassify all or a portion of such item of
Indebtedness, in any manner that complies with this Section. Indebtedness under
Credit Facilities outstanding on the date on which Notes are first issued and
authenticated under this Indenture shall be deemed to have been Incurred on such
date in reliance on the exception provided by either clause (1) or (2) of
paragraph (b) of this Section 4.09, as applicable.

SECTION 4.10.     RESTRICTED PAYMENTS.

         (a) The Company shall not make, and shall not permit any Restricted
Subsidiary to make, directly or indirectly, any Restricted Payment, unless, if
at the time of and after giving effect to such Restricted Payment,

                                       46
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         (1)   no Default or Event of Default has occurred and is continuing or
               would occur as a consequence of such Restricted Payment; and

         (2)   the Company would have been permitted to Incur at least US$1.00
               of additional Indebtedness, other than Permitted Debt, pursuant
               to the Debt to Cash Flow Ratio test set forth in Section 4.09(a)
               hereof; and

         (3)   such Restricted Payment, together with the aggregate amount of
               all other Restricted Payments declared or made after the Issue
               Date, excluding Restricted Payments made pursuant to clauses (2),
               (3), (4), (6), (7), (8), (9), (10), (11) and (12) of paragraph
               (b) below, shall not exceed, at the date of determination, the
               sum, without duplication, of:

               (a)      an amount equal to the Company's Consolidated Cash Flow
                        from the first date of the fiscal quarter in which the
                        Issue Date occurs to the end of the Company's most
                        recently ended full fiscal quarter for which internal
                        financial statements are available, taken as a single
                        accounting period, less the sum of 1.6 times the
                        Company's Consolidated Interest Expense from the first
                        date of the fiscal quarter in which the Issue Date
                        occurs to the end of the Company's most recently ended
                        full fiscal quarter for which internal financial
                        statements are available, taken as a single accounting
                        period; plus

               (b)      an amount equal to 100% of Capital Stock Sale Proceeds,
                        less any such Capital Stock Sale Proceeds used in
                        connection with:

                        (i)  an Investment made pursuant to clause (6) of the
                             definition of "Permitted Investments;" or

                        (ii) an Incurrence of Indebtedness pursuant
                             to Section 4.09(b)(4) hereof; plus

               (c)      to the extent that any Restricted Investment that was
                        made after the Issue Date is sold for cash or otherwise
                        liquidated or repaid for cash, the lesser of (i) the
                        cash return of capital with respect to such Restricted
                        Investment, less the cost of disposition, if any, and
                        (ii) the initial amount of such Restricted Investment;
                        plus

               (d)      to the extent that the Board of Directors designates any
                        Unrestricted Subsidiary that was designated as such
                        after the Issue Date as a Restricted Subsidiary, the
                        lesser of (i) the aggregate fair market value of all
                        Investments owned by the Company and the Restricted
                        Subsidiaries in such Subsidiary at the time such
                        Subsidiary was designated as an Unrestricted Subsidiary
                        and (ii) the then aggregate fair market value of all
                        Investments owned by the Company and the Restricted
                        Subsidiaries in such Unrestricted Subsidiary.

         (b) The provisions of paragraph (a) above shall not prohibit:

         (1)   so long as no Default has occurred and is continuing or would be
               caused thereby, the payment of any dividend within 60 days after
               the date the dividend is declared, if at that date of declaration
               such payment would have complied with the provisions of this
               Indenture; PROVIDED, HOWEVER, that such dividend shall be
               included in the calculation of the amount of Restricted Payments;

         (2)   so long as no Default has occurred and is continuing or would be
               caused thereby, the redemption, repurchase, retirement,
               defeasance or other acquisition of any Subordinated Indebtedness
               of the Company or of any Equity Interests of the Company in
               exchange for, or out of the net cash proceeds of the
               substantially concurrent sale, other than to a

                                       47
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               Subsidiary of the Company or an employee stock ownership plan or
               to a trust established by the Company or any Subsidiary of the
               Company for the benefit of its employees, of, Equity Interests
               (other than Disqualified Stock or Back-to-Back Securities);

         (3)   so long as no Default has occurred and is continuing or would be
               caused thereby, the defeasance, redemption, repurchase or other
               acquisition of Subordinated Indebtedness of the Company or any
               Restricted Subsidiary with the net cash proceeds from an
               Incurrence of Permitted Refinancing Indebtedness;

         (4)   so long as no Default has occurred and is continuing or would be
               caused thereby, regardless of whether any Default then exists,
               any payment by the Company or a Restricted Subsidiary to any one
               of the other of them;

         (5)   so long as no Default has occurred and is continuing or would be
               caused thereby, the repurchase, redemption or other acquisition
               or retirement for value by the Company of any Equity Interests of
               the Company held by any member of the management of the Company
               or any of its Subsidiaries pursuant to any management equity
               subscription agreement or stock option agreement in effect as of
               the Issue Date; PROVIDED, HOWEVER, that the aggregate price paid
               for all such repurchased, redeemed, acquired or retired Equity
               Interests shall not exceed US$2.0 million in any twelve-month
               period;

         (6)   payments of any kind made in connection with or in respect of
               Back-to-Back Securities or the Existing Back-to-Back Securities;
               PROVIDED, HOWEVER, that to the extent such payments shall be made
               to Affiliates of the Company (other than its Subsidiaries), all
               corresponding payments required to be paid by such Affiliates
               pursuant to the related Back-to-Back Securities or Existing
               Back-to-Back Securities shall be received, immediately prior to
               or concurrently with any such payments, by all applicable Sun
               Media Entities;

         (7)   so long as no Default has occurred and is continuing or would be
               caused thereby, the payment of dividends and other shares of
               Capital Stock of the Company in the form of Capital Stock (other
               than Disqualified Stock or Back-to-Back Securities);

         (8)   so long as no Default has occurred and is continuing or would be
               caused thereby, any Tax Benefit Transaction;

         (9)   so long as no Default has occurred and is continuing or would be
               caused thereby, the payment of any Management Fees or other
               similar expenses by the Company to its direct or indirect parent
               company for bona fide services (including reimbursement for
               expenses Incurred in connection with, or allocation of corporate
               expenses in relation to, providing such services) provided to,
               and directly related to the operations of, the Company and the
               Restricted Subsidiaries, in an aggregate amount not to exceed
               1.5% of Consolidated Revenues in any twelve-month period;

         (10)  so long as no Default has occurred and is continuing or would be
               caused thereby, Restricted Payments in an amount equal to the
               amount of income tax refunds received by the Company or any
               Restricted Subsidiary in respect of fiscal years ended prior to
               the Issue Date not to exceed an aggregate of $30.0 million;

         (11)  so long as no Default has occurred and is continuing or would be
               caused thereby, other Restricted Payments in an aggregate amount
               not to exceed US$30.0 million; and

         (12)  the payment of dividends to 3351611 Canada Inc. on the Issue Date
               in an aggregate amount not to exceed Cdn$260.0 million.

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         (c) The amount of any Restricted Payment, other than those effected in
cash, shall be the fair market value on the date of the Restricted Payment of
the asset(s) or securities proposed to be transferred or issued to or by the
Company or such Restricted Subsidiary, as the case may be, pursuant to the
Restricted Payment. The fair market value of any assets or securities that are
required to be valued pursuant to this Section 4.10 shall be determined by the
Board of Directors whose resolution with respect thereto shall be delivered to
the Trustee. The determination of the Board of Directors shall be based upon an
opinion or appraisal issued by an accounting, appraisal or investment banking
firm of national standing in the United States or Canada if the fair market
value exceeds US$25.0 million; PROVIDED, that the Board of Directors shall not
be required to obtain such an opinion or appraisal in connection with the
payment of interest on Existing Back-to-Back Debt or any payments with respect
to Back-to-Back Securities to the extent such Back-to-Back Transactions were
approved in accordance with the provisions of Section 4.14 hereof. Not later
than the date of making any Restricted Payment, the Company shall deliver to the
Trustee an Officers' Certificate stating that such Restricted Payment is
permitted and setting forth the basis upon which the calculations required by
this Section 4.10 were computed, together with a copy of any fairness opinion or
appraisal required by this Indenture.

         (d) For purposes of this Section 4.10, if (i) any Sun Media Entity
ceases to be the obligor under or issuer of any Back-to-Back Securities or
Existing Back-to-Back Debt and a Person other than a Sun Media Entity becomes
the obligor thereunder (or the issuer of any Back-to-Back Preferred Shares) or
(ii) any Subsidiary Guarantor that is an obligor under or issuer of any
Back-to-Back Securities or the obligor under any Existing Back-to-Back Debt
ceases to be a Subsidiary Guarantor other than by consolidation or merger with
the Company or another Subsidiary Guarantor, then the Company or such Subsidiary
Guarantor shall be deemed to have made a Restricted Payment in an amount equal
to the accreted value of such Back-to-Back Debt or Existing Back-to-Back Debt
(or the subscription price of any Back-to-Back Preferred Shares) at the time of
the assumption thereof by such other Person or at the time such Subsidiary
Guarantor ceases to be a Subsidiary Guarantor.

SECTION 4.11.     LIENS.

         The Company shall not, and shall not permit any Restricted Subsidiary
to, directly or indirectly, create, incur, assume or suffer to exist any Lien of
any kind on any asset owned at the Issue Date or thereafter acquired, except
Permitted Liens, unless the Company or such Restricted Subsidiary has made or
will make effective provision to secure the Notes and any applicable Subsidiary
Guarantees by such Lien equally and ratably with all other Indebtedness of the
Company or such Restricted Subsidiary secured by such Lien for so long as such
other Indebtedness is secured by such Lien.

SECTION 4.12.     ASSET SALES.

         (a) The Company shall not, and shall not permit any Restricted
Subsidiary to, consummate an Asset Sale unless:

         (1)   the Company, or the Restricted Subsidiary, as the case may be,
               receives consideration at the time of the Asset Sale at least
               equal to the fair market value of the assets or Equity Interests
               issued or sold or otherwise disposed of;

         (2)   such fair market value is determined by the Company's Board of
               Directors and evidenced by a Board Resolution set forth in an
               Officers' Certificate delivered to the Trustee; and

         (3)   at least 75% of the consideration received in such Asset Sale by
               the Company or such Restricted Subsidiary is in the form of cash
               or Cash Equivalents. For purposes of this clause (3), each of the
               following shall be deemed to be cash:

               (a)      any Indebtedness or other liabilities, as shown on the
                        Company's or such Restricted Subsidiary's most recent
                        balance sheet, of the Company or any Restricted
                        Subsidiary, other than contingent liabilities and
                        Indebtedness that are by their terms subordinated to the
                        Notes, that are assumed by the transferee of any such
                        assets pursuant to an agreement that releases the
                        Company or such

                                       49
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                        Restricted Subsidiary from further liability with
                        respect to such Indebtedness or liabilities; and

               (b)      any securities, notes or other obligations received by
                        the Company or any such Restricted Subsidiary from such
                        transferee that are converted within 60 days of the
                        applicable Asset Sale by the Company or such Restricted
                        Subsidiary into cash, to the extent of the cash received
                        in such conversion.

         (b) Notwithstanding the terms of paragraph (a) above, the Company and
the Restricted Subsidiaries may engage in Asset Swaps if (i) immediately after
giving effect to any such Asset Swap, the Company would be permitted to Incur at
least US$1.00 of additional Indebtedness pursuant to the Debt to Cash Flow Ratio
test set forth in Section 4.09(a), and (ii) the Company or such Restricted
Subsidiary receives consideration at the time of such Asset Swap at least equal
to the fair market value of the assets disposed of, which fair market value
shall be determined by the Board of Directors of the Company or the Restricted
Subsidiary, as the case may be, and evidenced by a Board Resolution set forth in
an Officers' Certificate delivered to the Trustee; PROVIDED, HOWEVER, that the
determination of the Board of Directors shall be based upon an opinion or
appraisal issued by an accounting, appraisal or investment banking firm of
national standing in the United States or Canada if the fair market value
exceeds US$25.0 million.

         (c) Within 360 days after the receipt of any Net Proceeds from an Asset
Sale, the Company may apply those Net Proceeds at its option:

         (1)   to permanently repay or reduce Indebtedness, other than
               Subordinated Indebtedness, of the Company or a Subsidiary
               Guarantor and, if the Indebtedness repaid is revolving credit
               Indebtedness, to correspondingly reduce commitments with respect
               thereto;

         (2)   to acquire, or enter into a binding agreement to acquire, all or
               substantially all of the assets (other than cash, Cash
               Equivalents and securities) of any Person engaged in a Permitted
               Business; PROVIDED, HOWEVER, that any such commitment shall be
               subject only to customary conditions (other than financing), and
               such acquisition shall be consummated no later than 180 days
               after the end of such 360-day period;

         (3)   to acquire, or enter into a binding agreement to acquire, Voting
               Stock of a Person engaged in a Permitted Business from a Person
               that is not an Affiliate of the Company; PROVIDED, HOWEVER, that
               such commitment shall be subject only to customary conditions
               (other than financing) and such acquisition shall be consummated
               no later than 180 days after the end of such 360-day period; and
               PROVIDED, FURTHER, HOWEVER, that (a) after giving effect thereto,
               the Person so acquired is a Restricted Subsidiary and (b) such
               acquisition is otherwise made in accordance with this Indenture,
               including, without limitation, Section 4.10 hereof; or

         (4)   to acquire, or enter into a binding agreement to acquire, other
               long-term assets (other than securities) that are used or useful
               in a Permitted Business; PROVIDED, HOWEVER, that such commitment
               shall be subject only to customary conditions (other than
               financing) and such acquisition shall be consummated no later
               than 180 days after the end of such 360-day period.

Pending the final application of any Net Proceeds, the Company may temporarily
reduce revolving credit borrowings or otherwise invest the Net Proceeds in any
manner that is not prohibited by this Indenture.

         (d) Any Net Proceeds from Asset Sales that are not applied, invested or
segregated from the general funds of the Company for investment in identified
assets pursuant to a binding agreement, in each case as provided in paragraph
(c) above shall constitute Excess Proceeds; PROVIDED, HOWEVER, that the amount
of any Net Proceeds that ceases to be so segregated as contemplated in paragraph
(c) above shall also constitute "Excess Proceeds" at the time any such Net
Proceeds cease to be so segregated; PROVIDED FURTHER, HOWEVER, that the amount

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of any Net Proceeds that continues to be segregated for investment and that is
not actually reinvested within twenty-four months from the date of the receipt
of such Net Proceeds shall also constitute "Excess Proceeds."

         (e) When the aggregate amount of Excess Proceeds exceeds US$20.0
million, the Company shall make an offer (and "ASSET SALE OFFER") to all Holders
of Notes and all holders of other Indebtedness that is PARI PASSU in right of
payment with the Notes subject to terms and conditions similar to those set
forth in this Indenture with respect to offers to purchase or redeem with the
proceeds of sales of assets to purchase the maximum principal amount of Notes
that may be purchased with the Allocable Excess Proceeds (as defined below) in
accordance with the procedures set forth in Section 3.09 hereof. The offer price
in any Asset Sale Offer shall be equal to 100% of principal amount plus accrued
and unpaid interest to the date of purchase, and shall be payable in cash. If
any Excess Proceeds remain after consummation of an Asset Sale Offer and all
Holders of Notes have been given the opportunity to tender their Notes for
purchase in accordance with such Asset Sale Offer and this Indenture, the
Company may use such Excess Proceeds for any purpose not otherwise prohibited by
this Indenture. If the aggregate principal amount of Notes and such other PARI
PASSU Indebtedness tendered into such Asset Sale Offer exceeds the amount of
Excess Proceeds, the Trustee shall select the Notes and such other PARI PASSU
Indebtedness to be purchased on a PRO RATA basis. Upon completion of each Asset
Sale Offer, the amount of Excess Proceeds shall be reset at zero.

         The term "ALLOCABLE EXCESS PROCEEDS" shall mean the product of:

         (i)   the Excess Proceeds and

         (ii)  a fraction,

               (a)      the numerator of which is the aggregate principal amount
                        of the Notes outstanding on the date of the Asset Sale
                        Offer, and

               (b)      the denominator of which is the sum of the aggregate
                        principal amount of the Notes outstanding on the date of
                        the Asset Sale Offer and the aggregate principal amount
                        of other Indebtedness of the Company outstanding on the
                        date of the Asset Sale Offer that is PARI PASSU in right
                        of payment with the Notes and subject to terms and
                        conditions in respect of Asset Sales similar in all
                        material respects to this Section 4.12 and requiring the
                        Company to make an offer to repurchase such Indebtedness
                        at substantially the same time as the Asset Sale Offer.

         The Company shall comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the
extent such laws and regulations are applicable in connection with each
repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the
provisions of any securities laws or regulations conflict with the Asset Sales
provisions of this Indenture, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its
obligations under the Asset Sale provisions of this Indenture by virtue of such
conflict.

SECTION 4.13.     DIVIDEND AND OTHER PAYMENT RESTRICTIONS AFFECTING
                  SUBSIDIARIES.

         (a) The Company shall not, and shall not permit any Restricted
Subsidiary to, directly or indirectly, create or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any
Restricted Subsidiary to:

         (1)   pay dividends or make any other distributions on its Equity
               Interests to the Company or any other Restricted Subsidiary, or
               with respect to any other interest or participation in, or
               measured by, its profits, or pay any Indebtedness owed to the
               Company or any other Restricted Subsidiary;

                                       51
<Page>

         (2)   make loans or advances, or guarantee any such loans or advances,
               to the Company or any other Restricted Subsidiary; or

         (3)   transfer any of its properties or assets to the Company or any
               other Restricted Subsidiary.

         (b) The restrictions set forth in paragraph (a) above shall not apply
to encumbrances or restrictions existing under or by reason of:

         (1)   agreements governing Existing Indebtedness and Credit Facilities
               as in effect on the Issue Date and any amendments, modifications,
               restatements, renewals, increases, supplements, refundings,
               replacements or refinancings thereof; PROVIDED, HOWEVER, that
               such amendments, modifications, restatements, renewals,
               increases, supplements, refundings, replacement or refinancings
               are no more restrictive, taken as a whole, with respect to such
               dividend and other payment restrictions than those contained in
               such Existing Indebtedness and Credit Facilities, as in effect on
               the Issue Date;

         (2)   this Indenture and the Notes;

         (3)   applicable law or any applicable rule, regulation or order;

         (4)   any instrument governing Indebtedness or Capital Stock of a
               Person acquired by the Company or any Restricted Subsidiary as in
               effect at the time of such acquisition (except to the extent such
               Indebtedness or Capital Stock was Incurred or issued in
               connection with or in contemplation of such acquisition), which
               encumbrance or restriction is not applicable to any Person, or
               the properties or assets of any Person, other than the Person, or
               the property or assets of the Person, so acquired; PROVIDED,
               HOWEVER, that, in the case of Indebtedness, such Indebtedness was
               permitted by the terms of this Indenture to be Incurred at the
               time of such acquisition;

         (5)   customary non-assignment provisions in leases entered into in the
               ordinary course of business and consistent with past practices;

         (6)   purchase money obligations for property acquired in the ordinary
               course of business that impose restrictions on the property so
               acquired of the nature described in clause (3) of paragraph (a)
               above;

         (7)   any agreement for the sale or other disposition of a Restricted
               Subsidiary that restricts distributions by such Restricted
               Subsidiary pending its sale or other disposition;

         (8)   Permitted Refinancing Indebtedness; PROVIDED, HOWEVER, that any
               restrictions contained in the agreements governing such Permitted
               Refinancing Indebtedness shall be no more restrictive, taken as a
               whole, than those contained in the agreements governing the
               Indebtedness being refinanced;

         (9)   Liens securing Indebtedness that is permitted to be secured
               without also securing the Notes or the applicable Subsidiary
               Guarantee pursuant to Section 4.11 hereof that limit the right of
               the debtor to dispose of the assets subject to any such Lien;

         (10)  provisions with respect to the disposition or distribution of
               assets or property in joint venture agreements, asset sale
               agreements, stock sale agreements and other similar agreements
               entered into in the ordinary course of business;

         (11)  restrictions on cash or other deposits or net worth imposed by
               customers under contracts entered into in the ordinary course of
               business; and

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<Page>

         (12)  any Indebtedness or any agreement pursuant to which such
               Indebtedness was issued if the encumbrance or restriction applies
               only upon a payment or financial covenant default or event of
               default contained in such Indebtedness or agreement and (A) such
               encumbrance or restriction is not materially more disadvantageous
               to the Holders than is customary in comparable financings (as
               determined in good faith by the Board of Directors of the
               Company) or (B) management of the Company delivers to the Trustee
               an Officers' Certificate evidencing its determination at the time
               such agreement is entered into, that such encumbrance or
               restriction will not materially impair the Company's ability to
               make payments on the Notes.

SECTION 4.14.     TRANSACTIONS WITH AFFILIATES.

         (a) The Company shall not, and shall not permit any Restricted
Subsidiary to, directly or indirectly, make any payment to, or sell, lease,
transfer, exchange or otherwise dispose of any of its properties or assets to,
or purchase any property or assets from, or enter into or make or amend any
transaction or series of transactions, contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Affiliate, officer or
director of the Company (each, an "AFFILIATE TRANSACTION") unless:

         (1)   such Affiliate Transaction is (a) set forth in writing and (b) on
               terms that are no less favorable to the Company or the relevant
               Restricted Subsidiary than those that would have been obtained in
               a comparable arm's length transaction by the Company or such
               Restricted Subsidiary with an unrelated Person; and

         (2)   the Company delivers to the Trustee:

               (i)      with respect to any Affiliate Transaction or series of
                        related Affiliate Transactions involving aggregate
                        consideration in excess of US$10.0 million, a Board
                        Resolution set forth in an Officers' Certificate
                        certifying that such Affiliate Transaction complies with
                        this Section 4.14 and that such Affiliate Transaction
                        has been approved by a majority of the disinterested
                        members of the Board of Directors; and

               (ii)     with respect to any Affiliate Transaction or series of
                        related Affiliate Transactions involving aggregate
                        consideration in excess of US$25.0 million, an opinion
                        as to the fairness to the Company or such Restricted
                        Subsidiary of such Affiliate Transaction from a
                        financial point of view issued by an accounting,
                        appraisal or investment banking firm of national
                        standing in the United States or Canada.

         (b) The following items shall be deemed not to constitute Affiliate
Transactions and, therefore, shall not be subject to the provisions of paragraph
(a) above:

         (1)   any employment agreement entered into by the Company or any
               Restricted Subsidiary in the ordinary course of business and
               consistent with the past practice of the Company or such
               Restricted Subsidiary;

         (2)   transactions between or among the Company and/or the Restricted
               Subsidiaries;

         (3)   transactions with a Person that is an Affiliate of the Company
               solely because the Company owns an Equity Interest in such
               Person;

         (4)   payment of reasonable directors fees to Persons who are not
               otherwise Affiliates of the Company;

         (5)   sales of Equity Interests, other than Disqualified Stock, to
               Affiliates of the Company;

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<Page>

         (6)   any agreement or arrangement as in effect on the Issue Date or
               any amendment thereto or any transaction contemplated thereby,
               including pursuant to any amendment thereto, in any replacement
               agreement or arrangement thereto so long as any such amendment or
               replacement agreement or arrangement is not more disadvantageous
               to the Company or the Restricted Subsidiaries, as the case may
               be, in any material respect than the original agreement as in
               effect on the Issue Date;

         (7)   Restricted Payments that are permitted by the provisions of
               Section 4.10 hereof;

         (8)   Permitted Investments;

         (9)   any transaction permitted by the provisions of Section 5.01
               hereof; and

         (10)  any Tax Benefit Transaction.

SECTION 4.15.     SALE AND LEASEBACK TRANSACTIONS.

         The Company shall not, and shall not permit any Restricted Subsidiary
to, enter into any sale and leaseback transaction; PROVIDED, HOWEVER, that the
Company or any Restricted Subsidiary may enter into a sale and leaseback
transaction if:

         (a)   the Company or that Restricted Subsidiary, as applicable, could
               have (i) Incurred Indebtedness in an amount equal to the
               Attributable Debt relating to such sale and leaseback transaction
               under the Debt to Cash Flow Ratio test set forth in Section
               4.09(a) hereof and (ii) created a Lien on such property securing
               Attributable Debt pursuant to the provisions of Section 4.11
               hereof;

         (b)   the net cash proceeds of such sale and leaseback transaction are
               at least equal to the fair market value, as determined in good
               faith by the Board of Directors and set forth in an Officers'
               Certificate delivered to the Trustee, of the property that is the
               subject of that sale and leaseback transaction; and

         (c)   the transfer of assets in such sale and leaseback transaction is
               permitted by, and the Company or such Restricted Subsidiary
               applies the proceeds of such transaction in compliance with, the
               provisions of Section 4.12 hereof.

SECTION 4.16.     ISSUANCES AND SALES OF EQUITY INTERESTS IN SUBSIDIARIES.

         (a) The Company shall not, and shall not permit any Restricted
Subsidiary to, transfer, convey, sell, lease or otherwise dispose of (including,
without limitation, by way of merger, amalgamation or otherwise) any Equity
Interests in any direct or indirect Restricted Subsidiary that is a Significant
Subsidiary of the Company or any group of Restricted Subsidiaries which, when
taken as a whole, would constitute a Significant Subsidiary, to any Person
(other than the Company or a Wholly Owned Restricted Subsidiary thereof or to
Quebecor Inc. or a direct or indirect Subsidiary of Quebecor Inc. in connection
with a Tax Benefit Transaction), unless:

         (1)   such transfer, conveyance, sale, lease or other disposition
               (whether by way of merger, amalgamation or otherwise) is of all
               the Equity Interests of such Restricted Subsidiary; and

         (2)   the Net Proceeds from such transfer, conveyance, sale, lease or
               other disposition (whether by way of merger, amalgamation or
               otherwise) are applied in accordance with the provisions of
               Section 4.12 hereof.

         (b) The Company shall not permit any direct or indirect Restricted
Subsidiary that constitutes a Significant Subsidiary or any group of Restricted
Subsidiaries which, when taken as a whole, would constitute a

                                       54
<Page>

Significant Subsidiary, to issue any Equity Interests to any Person, other than,
(1) if necessary, shares of Capital Stock constituting directors' qualifying
shares or (2) to the Company or a Wholly Owned Restricted Subsidiary thereof.

SECTION 4.17.     DESIGNATION OF RESTRICTED AND UNRESTRICTED SUBSIDIARIES.

         (a) The Board of Directors may designate any Subsidiary to be an
Unrestricted Subsidiary if such Subsidiary:

         (1)   has no Indebtedness other than Non-Recourse Debt;

         (2)   is not party to any agreement, contract, arrangement or
               understanding with the Company or any Restricted Subsidiary
               unless the terms of any such agreement, contract, arrangement or
               understanding are no less favorable to the Company or such
               Restricted Subsidiary than those that might be obtained at the
               time from Persons who are not Affiliates of the Company;

         (3)   is a Person with respect to which neither the Company nor any
               Restricted Subsidiary has any direct or indirect obligation (a)
               to subscribe for additional Equity Interests or (b) to maintain
               or preserve such Person's financial condition or to cause such
               Person to achieve any specified levels of operating results;

         (4)   except in the case of a Subsidiary Guarantor that is designated
               as an Unrestricted Subsidiary in accordance with this Indenture,
               has not guaranteed or otherwise directly or indirectly provided
               credit support for any Indebtedness of the Company or any
               Restricted Subsidiary;

         (5)   has at least one director on its Board of Directors that is not a
               director or executive officer of the Company or any Restricted
               Subsidiary and has at least one executive officer that is not a
               director or executive officer of the Company or any Restricted
               Subsidiary; and

         (6)   such designation would not cause a Default or Event of Default.

         (b) Any designation of a Subsidiary of the Company as an Unrestricted
Subsidiary shall be evidenced to the Trustee by filing with the Trustee a
certified copy of the Board Resolution giving effect to such designation and an
Officers' Certificate certifying that such designation complied with the
provisions of paragraph (a) above and was permitted by the provisions of Section
4.10 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the
requirements of the provisions of paragraph (a) above, it shall thereafter cease
to be an Unrestricted Subsidiary for purposes of this Indenture and any
Preferred Shares of such Subsidiary shall be deemed to be issued and any
Indebtedness of such Subsidiary shall be deemed to be Incurred by a Restricted
Subsidiary as of such date and, if such Preferred Shares are not permitted to be
issued or such Indebtedness is not permitted to be Incurred as of such date
under the provisions of Section 4.09 hereof, the Company shall be in default of
such Section.

         (c) If a Restricted Subsidiary is designated as an Unrestricted
Subsidiary, the aggregate fair market value of all outstanding Investments owned
by the Company and the Restricted Subsidiaries in the Subsidiary so designated
shall be deemed to be an Investment made as of the time of such designation and
shall either reduce the amount available for Restricted Payments under Section
4.10(a) hereof or reduce the amount available for future Investments under one
or more clauses of the definition of Permitted Investments, as the Company shall
determine. Such designation shall be permitted only if such Investment would be
permitted at such time and if such Restricted Subsidiary otherwise meets the
requirements of the provisions of paragraph (a) above. Upon designation of a
Restricted Subsidiary as an Unrestricted Subsidiary in compliance with this
Section 4.17, such Subsidiary shall, by execution and delivery of a supplemental
indenture in form satisfactory to the Trustee, be released from any Subsidiary
Guarantee previously made by such Subsidiary in accordance with the provisions
of Section 10.05 hereof.

                                       55
<Page>

         (d) The Board of Directors of the Company may at any time designate any
Unrestricted Subsidiary to be a Restricted Subsidiary; PROVIDED, HOWEVER, that
such designation shall be deemed to be an Incurrence of Indebtedness by a
Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted
Subsidiary and such designation shall be permitted only if (i) such Indebtedness
is permitted under the provisions of Section 4.09 hereof, calculated on a PRO
FORMA basis as if such designation had occurred at the beginning of the
four-quarter reference period; and (ii) no Default or Event of Default would be
in existence following such designation.

SECTION 4.18.     REPURCHASE AT THE OPTION OF HOLDERS UPON A CHANGE OF CONTROL.

         (a) Upon the occurrence of a Change of Control, the Company shall,
within 30 days of a Change of Control, make an offer (the "CHANGE OF CONTROL
OFFER") pursuant to the procedures set forth in Section 3.09 hereof. Each Holder
shall have the right to accept such offer and require the Company to repurchase
all or any part (equal to US$1,000 or an integral multiple of US$1,000) of such
Holder's Notes pursuant to the Change of Control Offer at a purchase price, in
cash (the "CHANGE OF CONTROL AMOUNT"), equal to 101% of the aggregate principal
amount of Notes repurchased, plus accrued and unpaid interest on the Notes
repurchased to the purchase date.

         (b) The Company shall not be required to make a Change of Control Offer
upon a Change of Control if a third party makes a Change of Control Offer in the
manner, at the times and otherwise in compliance with the requirements set forth
in this Indenture applicable to a Change of Control Offer made by the Company
and purchases all Notes or portions of Notes properly tendered and not withdrawn
under the Change of Control Offer.

SECTION 4.19.     FUTURE GUARANTORS.

         The Company shall cause each Person that (a) becomes a Restricted
Subsidiary following the Issue Date and (b) guarantees any Indebtedness
(including any Back-to-Back Debt or the Existing Back-to-Back Debt) of the
Company or any Subsidiary thereof to execute and deliver to the Trustee a
Subsidiary Guarantee at the time such Person becomes obligated under any such
guarantee.

SECTION 4.20.     ADDITIONAL AMOUNTS.

         (a) All payments made by or on behalf of the Company on or with respect
to the Notes shall be made without withholding or deduction for any Taxes
imposed by any Canadian Taxing Authority, unless required by law or the
interpretation or administration thereof by the relevant Taxing Authority. If
the Company or any other payor is required to withhold or deduct any amount on
account of Taxes from any payment made under or with respect to any Notes that
are outstanding on the date of the required payment, the Company shall:

         (1)   make such withholding or deduction;

         (2)   remit the full amount deducted or withheld to the relevant
               government authority in accordance with applicable law;

         (3)   pay the additional amounts ("ADDITIONAL AMOUNTS") as may be
               necessary so that the net amount received by each holder
               (including Additional Amounts) after such withholding or
               deduction will not be less than the amount the holder would have
               received if such Taxes had not been withheld or deducted;

         (4)   furnish to the Holders, within 30 days after the date the payment
               of any Taxes is due, certified copies of tax receipts evidencing
               such payment by the Company;

         (5)   indemnify and hold harmless each Holder (other than an Excluded
               Holder, as defined in paragraph (b) below) for the amount of (a)
               any Taxes paid by such Holder as a result of payments made on or
               with respect to the Notes, (b) any liability (including
               penalties, interest and expenses) arising from or with respect to
               such payments and (c) any Taxes imposed with respect to any
               reimbursement under the foregoing clauses (a) or (b), but

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               excluding any such Taxes that are in the nature of Taxes on net
               income, taxes on capital, franchise taxes, net worth taxes and
               similar taxes; and

         (6)   at least 30 days prior to each date on which any payment under or
               with respect to the Notes is due and payable, if the Company
               becomes obligated to pay Additional Amounts with respect to such
               payment, deliver to the Trustee an Officers' Certificate stating
               the amounts so payable and such other information necessary to
               enable the Trustee to pay such Additional Amounts to Holders on
               the payment date.

         (b) Notwithstanding the provisions of paragraph (a) above, no
Additional Amounts shall be payable to a Holder in respect of beneficial
ownership of a Note (an "EXCLUDED HOLDER"):

         (1)   with which the Company does not deal at arm's-length, within the
               meaning of the INCOME TAX ACT (Canada), at the time of making
               such payment;

         (2)   which is subject to such Taxes by reason of its being connected
               with Canada or any province or territory thereof otherwise than
               by the mere acquisition, holding or disposition of Notes or the
               receipt of payments thereunder; or

         (3)   if such Holder waives its right to receive Additional Amounts.

         Any reference, in any context in this Indenture, to the payment of
principal, premium, if any, redemption price, Change of Control Amount, offer
price and interest or any other amount payable under or with respect to any
Note, shall be deemed to include the payment of Additional Amounts to the extent
that, in such context, Additional Amounts are, were or would be payable.

                                   ARTICLE 5.

                                   SUCCESSORS

SECTION 5.01.     MERGER, CONSOLIDATION AND SALE OF ASSETS OF THE COMPANY AND
                  SUBSIDIARY GUARANTORS.

         (a) The Company may not directly or indirectly, (i) consolidate, merge
or amalgamate with or into another Person, whether or not the Company is the
surviving corporation, or (ii) sell, assign, transfer, convey or otherwise
dispose of all or substantially all of the properties or assets of the Company
and the Restricted Subsidiaries, taken as a whole, in one or more related
transactions, to another Person, unless, in either case,

         (1)   either (a) the Company is the surviving corporation, or (b) the
               Person formed by or surviving any such consolidation, merger or
               amalgamation (if other than the Company) or to which such sale,
               assignment, transfer, conveyance or other disposition shall have
               been made (the "SURVIVING COMPANY") is a corporation, limited
               liability company or limited partnership organized or existing
               under the laws of the United States, any state of the United
               States, the District of Columbia, Canada or any province or
               territory of Canada;

         (2)   the Surviving Company expressly assumes all the obligations of
               the Company under the Notes, this Indenture and, if applicable,
               any Registration Rights Agreements, pursuant to agreements
               reasonably satisfactory to the Trustee;

         (3)   immediately after giving effect to such transaction no Default or
               Event of Default exists; and

         (4)   the Company or the Surviving Company shall, on the date of such
               transaction after giving PRO FORMA effect thereto and any related
               financing transactions as if the same had occurred at the
               beginning of the applicable fiscal quarter, be permitted to Incur
               at least

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               US$1.00 of additional Indebtedness pursuant to the Debt to Cash
               Flow Ratio test set forth in Section 4.09(a) hereof.

         (b) Unless in connection with a disposition by the Company or a
Subsidiary Guarantor of its entire ownership interest in a Subsidiary Guarantor
or all or substantially all the assets of a Subsidiary Guarantor permitted by,
and in accordance with the applicable provisions of, this Indenture, the Company
shall cause each Subsidiary Guarantor not to directly or indirectly, (i)
consolidate, merge or amalgamate with or into another Person, whether or not
such Subsidiary Guarantor is the surviving corporation, or (ii) sell, assign,
transfer, convey or otherwise dispose of all or substantially all of the
properties or assets of such Subsidiary Guarantor, in one or more related
transactions, to another Person, unless, in either case,

         (1)   either (a) such Subsidiary Guarantor is the surviving
               corporation, or (b) the Person formed by or surviving any such
               consolidation, merger or amalgamation (if other than such
               Subsidiary Guarantor) or to which such sale, assignment,
               transfer, conveyance or other disposition shall have been made
               (the "SURVIVING GUARANTOR") is a corporation, limited liability
               company or limited partnership organized or existing under the
               laws of the United States, any state of the United States, the
               District of Columbia, Canada or any province or territory of
               Canada;

         (2)   the Surviving Guarantor expressly assumes all the obligations of
               such Subsidiary Guarantor under its Subsidiary Guarantee, this
               Indenture and, if applicable, any Registration Rights Agreements,
               pursuant to agreements reasonably satisfactory to the Trustee;

         (3)   immediately after giving effect to such transaction no Default or
               Event of Default exists; and

         (4)   such Subsidiary Guarantor or the Surviving Guarantor shall, on
               the date of such transaction after giving PRO FORMA effect
               thereto and any related financing transactions as if the same had
               occurred at the beginning of the applicable fiscal quarter, be
               permitted to Incur at least US$1.00 of additional Indebtedness
               pursuant to the Debt to Cash Flow Ratio test set forth in Section
               4.09(a) hereof.

         (c) In addition, the Company shall not, and shall cause each Subsidiary
Guarantor not to, directly or indirectly, lease all or substantially all of its
properties or assets, in one or more related transactions, to any other Person.
This Section 5.01 shall not apply to a merger, consolidation or amalgamation, or
a sale, assignment, transfer, conveyance or other disposition of assets, between
or among the Company and any Restricted Subsidiary.

SECTION 5.02.     SUCCESSOR CORPORATION SUBSTITUTED.

         Each Surviving Company and Surviving Guarantor shall succeed to, and be
substituted for, and may exercise every right and power of the Company or a
Subsidiary Guarantor, as applicable, under this Indenture; PROVIDED, HOWEVER,
that in the case of:

         (a) a sale, transfer, assignment, conveyance or other disposition
(unless such sale, transfer, assignment, conveyance or other disposition is of
all or substantially all of the assets of the Company and the Restricted
Subsidiaries, taken as a whole, or in the case of a Subsidiary Guarantor, such
sale, transfer, assignment, conveyance or other disposition is of all or
substantially all of the assets of such Subsidiary Guarantor or all of the
Capital Stock of such Subsidiary Guarantor to a Person that is not (either
before or after giving effect to such transactions) a Subsidiary of the
Company), or

         (b) a lease,

the predecessor company shall not be released from any of the obligations or
covenants under this Indenture, including with respect to the payment of the
Notes and obligations under the Subsidiary Guarantees.

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                                   ARTICLE 6.

                              DEFAULTS AND REMEDIES

SECTION 6.01.     EVENTS OF DEFAULT.

         Each of the following is an "Event of Default:"

             (i) default for 30 days in the payment when due of interest on,
     including Additional Amounts or Special Interest, if any, or with respect
     to, the Notes;

             (ii) default in payment, when due at Stated Maturity, upon
     acceleration, redemption, required repurchase or otherwise, of the
     principal of, or premium, if any, on the Notes;

             (iii) failure by the Company or any Restricted Subsidiary to comply
     with the provisions of Section 4.09, 4.10, 4.12, 4.18 or 5.01 hereof;

             (iv) failure by the Company or any Restricted Subsidiary for 30
     days after written notice thereof has been given to the Company by the
     Trustee or to the Company and the Trustee by the Holders of at least 25% of
     the aggregate principal amount of the Notes outstanding to comply with any
     of its other covenants or agreements in this Indenture;

             (v) default under any mortgage, indenture or instrument under which
     there may be issued or by which there may be secured or evidenced any
     Indebtedness by the Company or any Restricted Subsidiary, or the payment of
     which is guaranteed by the Company or any Restricted Subsidiary, whether
     such Indebtedness or guarantee now exists, or is created after the Issue
     Date, if that default:

               (a)      is caused by a failure to pay principal of, or interest
                        or premium, if any, on, such Indebtedness prior to the
                        expiration of the grace period provided in such
                        Indebtedness on the date of such default (a "PAYMENT
                        DEFAULT"); or

               (b)      results in the acceleration of such Indebtedness prior
                        to its Stated Maturity,

     and, in each case, the principal amount of any such Indebtedness, together
     with the principal amount of any other such Indebtedness under which there
     has been a Payment Default or the maturity of which has been so
     accelerated, aggregates US$25.0 million or more;

             (vi) failure by the Company or any Restricted Subsidiary to pay
     final, non-appealable judgments aggregating in excess of US$25.0 million,
     which judgments are not paid, discharged or stayed for a period of 60 days;

             (vii) any Subsidiary Guarantee of a Significant Subsidiary ceases,
     or the Subsidiary Guarantees of any group of Subsidiaries that, when taken
     together, would constitute a Significant Subsidiary cease, to be in full
     force and effect (other than in accordance with the terms of any such
     Subsidiary Guarantee) or any Subsidiary Guarantor that is a Significant
     Subsidiary denies or disaffirms its obligations under its Subsidiary
     Guarantee, or a group of Subsidiary Guarantors that, when taken together,
     would constitute a Significant Subsidiary deny or disaffirm their
     obligations under their respective Subsidiary Guarantees;

             (viii) the Company or any of its Significant Subsidiaries or any
     group of Subsidiaries that, when taken together, would constitute a
     Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy
     Law:

                  (A) commences a voluntary case or gives notice of intention to
             make a proposal under any Bankruptcy Law;

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                  (B) consents to the entry of an order for relief against it in
             an involuntary case or consents to its dissolution or winding up;

                  (C) consents to the appointment of a receiver, interim
             receiver, receiver and manager, liquidator, trustee or custodian of
             it or for all or substantially all of its property;

                  (D) makes a general assignment for the benefit of its
             creditors;

                  (E) admits in writing its inability to pay its debts as they
             become due or otherwise admits its insolvency; or

                  (F) seeks a stay of proceedings against it or proposes or
             gives notice or intention to propose a compromise, arrangement or
             reorganization of any of its debts or obligations under any
             Bankruptcy Law; and

             (ix) a court of competent jurisdiction enters an order or decree
     under any Bankruptcy Law that:

                  (A) is for relief against the Company or any of its
             Significant Subsidiaries or any group of Subsidiaries that, when
             taken together, would constitute a Significant Subsidiary, in an
             involuntary case; or

                  (B) appoints a receiver, interim receiver, receiver and
             manager, liquidator, trustee or custodian of the Company or any of
             its Significant Subsidiaries or any group of Subsidiaries that,
             when taken together, would constitute a Significant Subsidiary, or
             for all or substantially all of the property of the Company or any
             of its Significant Subsidiaries or any group of Subsidiaries that,
             when taken together, would constitute a Significant Subsidiary;

                  (C) orders the liquidation of the Company or any of its
             Significant Subsidiaries or any group of Subsidiaries that, when
             taken together, would constitute a Significant Subsidiary; or

                  (D) orders the presentation of any plan or arrangement,
             compromise or reorganization of the Company or any of its
             Significant Subsidiaries or any group of Subsidiaries that, when
             taken together, would constitute a Significant Subsidiary;

             and such order or decree remains unstayed and in effect for
             60 consecutive days.

SECTION 6.02.     ACCELERATION.

         If any Event of Default (other than those of the type described in
Section 6.01(viii) or (ix) occurs and is continuing, the Trustee may, and the
Trustee upon the request of Holders of 25% in principal amount of the
outstanding Notes shall, or the Holders of at least 25% in principal amount of
outstanding Notes may, declare the principal of all the Notes, together with all
accrued and unpaid interest, premium, if any, to be due and payable by notice in
writing to the Company and the Trustee specifying the respective Event of
Default and that such notice is a notice of acceleration (the "ACCELERATION
NOTICE"), and the same shall become immediately due and payable.

         In the case of an Event of Default specified in Section 6.01(viii) or
(ix) hereof, all outstanding Notes shall become due and payable immediately
without further action or notice by the Trustee or the Holders. Holders may not
enforce this Indenture or the Notes except as provided in this Indenture.

         At any time after a declaration of acceleration with respect to the
Notes, the Holders of a majority

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in principal amount of the Notes then outstanding (by notice to the Trustee) may
rescind and cancel such declaration and its consequences if:

         (a) the rescission would not conflict with any judgment or decree of a
court of competent jurisdiction;

         (b) all existing Defaults and Events of Default have been cured or
waived except nonpayment of principal of or interest on the Notes that has
become due solely by such declaration of acceleration;

         (c) to the extent the payment of such interest is lawful, interest (at
the same rate specified in the Notes) on overdue installments of interest and
overdue payments of principal which has become due otherwise than by such
declaration of acceleration has been paid;

         (d) the Company has paid the Trustee its reasonable compensation and
reimbursed the Trustee for its reasonable expenses, disbursements and advances;
and

         (e) in the event of the cure or waiver of an Event of Default of the
type described in Section 6.01(viii) or (ix), the Trustee has received an
Officers' Certificate and Opinion of Counsel that such Event of Default has been
cured or waived.

         In the case of an Event of Default with respect to the Notes occurring
by reason of any willful action or inaction taken or not taken by the Company or
on the Company's behalf with the intention of avoiding payment of the premium
that the Company would have been required to pay if the Company had then elected
to redeem the Notes pursuant to Section 3.07 hereof, an equivalent premium shall
also become and be immediately due and payable to the extent permitted by law
upon the acceleration of the Notes. If an Event of Default occurs prior to
February 15, 2008, by reason of any willful action or inaction taken or not
taken by the Company or on the Company's behalf with the intention of avoiding
the prohibition on redemption of the Notes prior to February 15, 2008, then the
premium specified in Section 3.07 hereof shall also become immediately due and
payable to the extent permitted by law upon acceleration of the Notes.

SECTION 6.03.     OTHER REMEDIES.

         If an Event of Default occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal, premium, if any, and
interest on the Notes or to enforce the performance of any provision of the
Notes or this Indenture.

         The Trustee may maintain a proceeding even if it does not possess any
of the Notes or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder in exercising any right or remedy accruing
upon an Event of Default shall not impair the right or remedy or constitute a
waiver of or acquiescence in the Event of Default. All remedies shall be
cumulative to the extent permitted by law.

SECTION 6.04.     WAIVER OF PAST DEFAULTS.

         The Holders of at least a majority in aggregate principal amount of the
Notes then outstanding by notice to the Trustee may on behalf of the Holders of
all of the Notes waive any existing Default or Event of Default, and its
consequences, except a continuing Default or Event of Default (i) in the payment
of the principal of or interest on the Notes and (ii) in respect of a covenant
or provision which under this Indenture cannot be modified or amended without
the consent of the Holder of each Note affected by such modification or
amendment. Upon any waiver of a Default or Event of Default such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed cured
for every purpose of this Indenture, but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent
thereon.

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SECTION 6.05.     CONTROL BY MAJORITY.

         Subject to Section 7.01, Section 7.02(f) (including the Trustee's
receipt of the security or indemnification described therein) and Section 7.07
hereof, in case an Event of Default shall occur and be continuing, the Holders
of a majority in aggregate principal amount of the Notes then outstanding shall
have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee with respect to the Notes.

SECTION 6.06.     LIMITATION ON SUITS.

         No Holder shall have any right to institute any proceeding with respect
to this Indenture, or for the appointment of a receiver or trustee, or for any
remedy thereunder, unless:

         (a) such Holder has previously given to the Trustee written notice of a
continuing Event of Default,

         (b) Holders of at least 25% in aggregate principal amount of the Notes
then outstanding have made written request and offered reasonable indemnity to
the Trustee to institute such proceeding as trustee, and

         (c) the Trustee shall not have received from the Holders of a majority
in aggregate principal amount of the Notes then outstanding a direction
inconsistent with such request and shall have failed to institute such
proceeding within 60 days.

         The preceding limitations shall not apply to a suit instituted by a
Holder for enforcement of payment of principal of, and premium, if any, or
interest on, a Note on or after the respective due dates for such payments set
forth in such Note.

         A Holder may not use this Indenture to affect, disturb or prejudice the
rights of another Holder or to obtain a preference or priority over another
Holder.

SECTION 6.07.     RIGHTS OF HOLDERS TO RECEIVE PAYMENT.

         Notwithstanding any other provision of this Indenture (including,
without limitation, Section 6.06 hereof), the right of any Holder to receive
payment of principal, premium, if any, and interest on the Notes held by such
Holder, on or after the respective due dates expressed in the Notes (including
in connection with an offer to purchase), or to bring suit for the enforcement
of any such payment on or after such respective dates, shall not be impaired or
affected without the consent of such Holder.

SECTION 6.08.     COLLECTION SUIT BY TRUSTEE.

         If an Event of Default specified in Section 6.01 (i) or (ii) occurs and
is continuing, the Trustee is authorized to recover judgment in its own name and
as trustee of an express trust against the Company for the whole amount of
principal of, premium, if any, and interest then due and owing (together with
interest on overdue principal and, to the extent lawful, interest) and such
further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

SECTION 6.09.     TRUSTEE MAY FILE PROOFS OF CLAIM.

         The Trustee shall be authorized to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims
of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the
Holders allowed in any judicial proceedings relative to the Company (or any
other obligor upon the Notes), its creditors or its property and shall be
entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such
judicial proceeding is hereby authorized by each

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Holder to make such payments to the Trustee, and in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to
the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.07 hereof. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the
Trustee and its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof out of the estate in any such proceeding, shall be denied
for any reason, payment of the same shall be secured by a Lien on, and shall be
paid out of, any and all distributions, moneys, securities and any other
properties that the Holders may be entitled to receive in such proceeding
whether in liquidation or under any plan of reorganization or arrangement or
otherwise. Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding.

SECTION 6.10.     PRIORITIES.

         If the Trustee collects any money pursuant to this Article 6, it shall
pay out the money in the following order:

         FIRST: to the Trustee, its agents and attorneys for amounts due under
Section 7.07 hereof, including payment of all compensation, expenses and
liabilities incurred, and all advances made, by the Trustee and the costs and
expenses of collection;

         SECOND: to Holders for amounts due and unpaid on the Notes for
principal, premium, if any, and interest ratably, without preference or priority
of any kind, according to the amounts due and payable on the Notes for
principal, premium, if any, and interest, respectively; and

         THIRD: to the Company or to such party as a court of competent
jurisdiction shall direct.

         The Trustee may fix a record date and payment date for any payment to
Holders pursuant to this Section 6.10.

SECTION 6.11.     UNDERTAKING FOR COSTS.

         In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as a Trustee, a court in its discretion may require the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 shall not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in
principal amount of the then outstanding Notes.

                                   ARTICLE 7.

                                    TRUSTEE

SECTION 7.01.     DUTIES OF TRUSTEE.

         (a) If an Event of Default has occurred and is continuing, the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and
use the same degree of care and skill in its exercise, as a prudent Person would
exercise or use under the circumstances in the conduct of such Person's own
affairs.

         (b) Except during the continuance of an Event of Default:

               (1) the duties of the Trustee shall be determined solely by the
         express provisions of this Indenture and the Trustee need perform only
         those duties that are

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         specifically set forth in this Indenture and no others, and no implied
         covenants or obligations shall be read into this Indenture against the
         Trustee; and

               (2) in the absence of bad faith on its part, the Trustee may
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Indenture. However, the Trustee shall examine the certificates and
         opinions to determine whether or not they conform to the requirements
         of this Indenture (but need not confirm or investigate the accuracy of
         mathematical calculations or other facts stated therein).

         (c) The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

               (1) this paragraph does not limit the effect of paragraph (b) of
         this Section;

               (2) the Trustee shall not be liable for any error of judgment
         made in good faith by a Responsible Officer, unless it is proved that
         the Trustee was negligent in ascertaining the pertinent facts; and

               (3) the Trustee shall not be liable with respect to any action it
         takes or omits to take in good faith in accordance with a direction
         received by it pursuant to Section 6.05 hereof.

         (d) Whether or not therein expressly so provided, every provision of
this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b) and (c) of this Section 7.01.

         (e) No provision of this Indenture shall require the Trustee to expend
or risk its own funds or incur any liability. The Trustee shall be under no
obligation to exercise any of its rights and powers under this Indenture at the
request of any Holders, unless such Holders, unless such Holder shall have
offered to the Trustee security and indemnity satisfactory to it against any
loss, liability or expense.

         (f) The Trustee shall not be liable for interest on any money received
by it except as the Trustee may agree in writing with the Company. Money held in
trust by the Trustee need not be segregated from other funds except to the
extent required by law.

SECTION 7.02.     RIGHTS OF TRUSTEE.

         (a) The Trustee may conclusively rely upon any document believed by it
to be genuine and to have been signed or presented by the proper Person. The
Trustee need not investigate any fact or matter stated in any such document.

         (b) Before the Trustee acts or refrains from acting, it may require an
Officers' Certificate or an Opinion of Counsel or both. The Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on
such Officers' Certificate or Opinion of Counsel. The Trustee may consult with
counsel and the written advice of such counsel or any Opinion of Counsel shall
be full and complete authorization and protection from liability in respect of
any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon.

         (c) The Trustee shall not be liable for any action it takes or omits to
take in good faith that it believes to be authorized or within the rights or
powers conferred upon it by this Indenture.

         (d) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company shall be sufficient if
signed by an Officer of the Company.

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         (e) The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request or direction of
any of the Holders unless such Holders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities
that might be incurred by it in compliance with such request or direction.

         (f) The Trustee shall not be deemed to have notice of any Default or
Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a
Default or Event of Default is received by a Responsible Officer of the Trustee
at the Corporate Trust Office of the Trustee from the Company or the Holders of
25% in aggregate principal amount of the outstanding Notes, and such notice
references the specific Default or Event of Default, the Notes and this
Indenture.

         (g) The Trustee shall not be required to give any bond or surety in
respect of the performance of its power and duties hereunder.

         (h) The Trustee shall have no duty to inquire as to the performance of
the Company's covenants herein.

         (i) The Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it
hereunder.

SECTION 7.03.     INDIVIDUAL RIGHTS OF TRUSTEE.

         The Trustee in its individual or any other capacity may become the
owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not
Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the Commission
for permission to continue as Trustee or resign. Any Agent may do the same with
like rights and duties. The Trustee shall also be subject to Sections 7.10 and
7.11 hereof.

SECTION 7.04.     TRUSTEE'S DISCLAIMER.

         The Trustee shall not be responsible for and makes no representation as
to the validity or adequacy of this Indenture or the Notes, it shall not be
accountable for the Company's use of the proceeds from the Notes or any money
paid to the Company or upon the Company's direction under any provision of this
Indenture, it shall not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it shall not be
responsible for any statement or recital herein or any statement in the Notes or
any other document in connection with the sale of the Notes or pursuant to this
Indenture other than its certificate of authentication.

SECTION 7.05.     NOTICE OF DEFAULTS.

         If a Default or Event of Default occurs and is continuing and if it is
known to the Trustee, the Trustee shall mail to Holders a notice of the Default
or Event of Default within 90 days after it occurs. Except in the case of a
Default or Event of Default in payment of principal of, premium, if any, or
interest on any Note, the Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of the Holders.

SECTION 7.06.     REPORTS BY TRUSTEE TO HOLDERS.

         Within 60 days after each May 15 beginning with the May 15 following
the date of this Indenture, and for so long as Notes remain outstanding, the
Trustee shall mail to the Holders a brief report dated as of such reporting date
that complies with TIA Section 313(a) (but if no event described in TIA Section
313(a) has occurred within the twelve months preceding the reporting date, no
report need be transmitted). The Trustee also shall comply with TIA Section
313(b)(2). The Trustee shall also transmit by mail all reports as required by
TIA Section 313(c).

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         A copy of each report at the time of its mailing to the Holders shall
be mailed to the Company and filed with the Commission and each stock exchange
on which the Notes are listed in accordance with TIA Section 313(d). The Company
shall promptly notify the Trustee when the Notes are listed on any stock
exchange and any delisting thereof.

SECTION 7.07.     COMPENSATION AND INDEMNITY.

         The Company shall pay to the Trustee from time to time reasonable
compensation for its acceptance of this Indenture and services hereunder. The
Trustee's compensation shall not be limited by any law on compensation of a
trustee of an express trust. The Company shall reimburse the Trustee promptly
upon request for all reasonable disbursements, advances and expenses incurred or
made by it in addition to the compensation for its services. Such expenses shall
include the reasonable compensation, disbursements and expenses of the Trustee's
agents and counsel.

         The Company shall indemnify the Trustee (in its capacity as Trustee) or
any predecessor Trustee (in its capacity as Trustee) against any and all losses,
claims, damages, penalties, fines, liabilities or expenses, including incidental
and out-of-pocket expenses and reasonable attorneys fees (for purposes of this
Article 7, "LOSSES") incurred by it arising out of or in connection with the
acceptance or administration of its duties under this Indenture, including the
costs and expenses of enforcing this Indenture against the Company (including
this Section 7.07) and defending itself against any claim (whether asserted by
the Company or any Holder or any other Person) or liability in connection with
the exercise or performance of any of its powers or duties hereunder, except to
the extent such losses may be attributable to its negligence or bad faith. The
Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Company shall not relieve the
Company of its obligations hereunder. The Company shall defend the claim, and
the Trustee shall cooperate in the defense. The Trustee may have separate
counsel if the Trustee has been reasonably advised by counsel that there may be
one or more legal defenses available to it that are different from or additional
to those available to the Company and in the reasonable judgment of such counsel
it is advisable for the Trustee to engage separate counsel, and the Company
shall pay the reasonable fees and expenses of such counsel. The Company need not
pay for any settlement made without its consent, which consent shall not be
unreasonably withheld. The Company need not reimburse any expense or indemnify
against any loss incurred by the Trustee through the Trustee's own negligence or
bad faith.

         The obligations of the Company under this Section 7.07 shall survive
the satisfaction and discharge of this Indenture, the resignation or removal of
the Trustee and payment in full of the Notes.

         To secure the Company's payment obligations in this Section, the
Trustee shall have a Lien prior to the Notes on all money or property held or
collected by the Trustee, except that held in trust to pay principal, premium,
if any, and interest on particular Notes. Such Lien shall survive the
satisfaction and discharge of this Indenture.

         When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(viii) or (ix) hereof occurs, the expenses and
the compensation for the services (including the fees and expenses of its agents
and counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.

SECTION 7.08.     REPLACEMENT OF TRUSTEE.

         A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee's acceptance of
appointment as provided in this Section 7.08.

         The Trustee may resign in writing at any time upon 30 days' prior
notice to the Company and be discharged from the trust hereby created by so
notifying the Company. The Holders of a majority in principal amount of the then
outstanding Notes may remove the Trustee by so notifying the Trustee and the
Company in writing. The Company may remove the Trustee if:

         (a) the Trustee fails to comply with Section 7.10 hereof;

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         (b) the Trustee is adjudged bankrupt or insolvent or an order for
relief is entered with respect to the Trustee under any Bankruptcy Law;

         (c) a custodian or public officer takes charge of the Trustee or its
property; or

         (d) the Trustee becomes incapable of acting.

         If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason (the Trustee in such event being referred to
herein as the retiring Trustee), the Company shall promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders
of a majority in principal amount of the then outstanding Notes may appoint a
successor Trustee to replace the successor Trustee appointed by the Company.

         If a successor Trustee does not take office within 30 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company, or
the Holders of at least 10% in principal amount of the then outstanding Notes
may petition any court of competent jurisdiction for the appointment of a
successor Trustee.

         If the Trustee, after written request by any Holder who has been a
Holder for at least six months, fails to comply with Section 7.10 hereof, such
Holder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee.

         A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders. Subject to the Lien provided for in Section 7.07 hereof,
the retiring Trustee shall promptly transfer all property held by it as Trustee
to the successor Trustee PROVIDED, HOWEVER; that all sums owing to the Trustee
hereunder shall have been paid. Notwithstanding replacement of the Trustee
pursuant to this Section 7.08, the Company's obligations under Section 7.07
hereof shall continue for the benefit of the retiring Trustee.

SECTION 7.09.     SUCCESSOR TRUSTEE BY MERGER, ETC.

         If the Trustee consolidates, merges or converts into, or transfers all
or substantially all of its corporate trust business to, another corporation or
banking association, the successor corporation or banking association without
any further act shall, if such successor corporation or banking association is
otherwise eligible hereunder, be the successor Trustee.

SECTION 7.10.     ELIGIBILITY; DISQUALIFICATION.

         There shall at all times be a Trustee hereunder that is a Person
organized and doing business under the laws of the United States of America or
of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least US$50.0
million (or a wholly-owned subsidiary of a bank or trust company, or of a bank
holding company, the principal subsidiary of which is a bank or trust company
having a combined capital and surplus of at least US$50.0 million) as set forth
in its most recent published annual report of condition.

         This Indenture shall always have a Trustee who satisfies the
requirements of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to
TIA Section 310(b).

SECTION 7.11.     PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

         The Trustee is subject to TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or been
removed shall be subject to TIA Section 311(a) to the extent indicated therein.

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                                   ARTICLE 8.

                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

SECTION 8.01.     OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

         The Company may, at its option and at any time, elect to have either
Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance
with the conditions set forth in this Article 8.

SECTION 8.02.     LEGAL DEFEASANCE AND DISCHARGE.

         Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be deemed to have been
discharged from its obligations with respect to all outstanding Notes on the
date the conditions set forth below are satisfied (hereinafter, "LEGAL
DEFEASANCE") and each Subsidiary Guarantor shall be released from all of its
obligations under its Subsidiary Guarantee. For this purpose, Legal Defeasance
means that the Company shall be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes, which shall thereafter be
deemed to be "outstanding" only for the purposes of Section 8.05 hereof and the
other Sections of this Indenture referred to in (a), (b) and (d) below, and to
have satisfied all its other obligations under the Notes and this Indenture (and
the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following provisions
which shall survive until otherwise terminated or discharged hereunder: (a) the
rights of Holders of outstanding Notes to receive solely from the trust fund
described in Section 8.04 hereof, and as more fully set forth in such Section,
payments in respect of the principal of, premium, if any, or interest and
Additional Amounts on such Notes when such payments are due, (b) the Company's
obligations with respect to such Notes under Article 2 and Sections 4.01 and
4.02 hereof, (c) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and the Company's obligations in connection therewith and (d)
this Article 8. If the Company exercises under Section 8.01 hereof the option
applicable to this Section 8.02, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, payment of the Notes may not be accelerated
because of an Event of Default. Subject to compliance with this Article 8, the
Company may exercise its option under this Section 8.02 notwithstanding the
prior exercise of its option under Section 8.03 hereof.

SECTION 8.03.     COVENANT DEFEASANCE.

         Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be released from its
obligations under the covenants contained in Sections 4.05 and 4.06 and 4.09
through 4.19 hereof, and the operation of Sections 5.01(a)(4) and (b)(4) hereof,
with respect to the outstanding Notes on and after the date the conditions set
forth in Section 8.04 hereof are satisfied (hereinafter, "COVENANT DEFEASANCE")
and each Subsidiary Guarantor shall be released from all of its obligations
under its Subsidiary Guarantee with respect to such covenants in connection with
such outstanding Notes and the Notes shall thereafter be deemed not
"outstanding" for the purposes of any direction, waiver, consent or declaration
or act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed "outstanding" for all other purposes
hereunder (it being understood that such Notes shall not be deemed outstanding
for accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the outstanding Notes, the Company may omit to comply with and shall
have no liability in respect of any term, condition or limitation set forth in
any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under
Section 6.01 hereof, but, except as specified above, the remainder of this
Indenture and such Notes shall be unaffected thereby. If the Company exercises
under Section 8.01 hereof the option applicable to this Section 8.03, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, payment of
the Notes may not be accelerated because of an Event of Default specified in
clause (iii) (with respect to the covenants contained in Sections 4.09, 4.10,
4.12 or 4.18 or Section 5.01(a)(4) or (b)(4) hereof), (iv) (with respect to
Sections 4.05, 4.06, 4.11, 4.13 through 4.17, and 4.19 hereof), (v), (vi),
(vii), (viii) and (ix) of such Section 6.01 (but in the case of (viii) and (ix)
of Section 6.01 hereof, with respect to Significant Subsidiaries only) or
because of the Company's failure to comply with Section 5.01(a)(4) or (b)(4)
hereof.

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SECTION 8.04.     CONDITIONS TO LEGAL OR COVENANT DEFEASANCE.

         The following shall be the conditions to the application of either
Section 8.02 or 8.03 hereof to the outstanding Notes.

         In order to exercise Legal Defeasance or Covenant Defeasance:

         (a) the Company shall irrevocably deposit with the Trustee, in trust,
for the benefit of the Holders cash in U.S. dollars, non-callable Government
Securities, or a combination thereof, in such amounts as will be sufficient, in
the opinion of a nationally recognized firm of independent public accountants,
to pay the principal of, or interest and premium, if any, on the outstanding
notes on the Stated Maturity or on the applicable date of redemption, as the
case may be, and the Company shall specify whether the Notes are being defeased
to maturity or to a particular date of redemption;

         (b) in the case of Legal Defeasance, the Company shall deliver to the
Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming
that (i) the Company has received from, or there has been published by, the
Internal Revenue Service a ruling or (ii) subsequent to the Issue Date, there
has been a change in the applicable federal income tax law, in either case to
the effect that, and based thereon such Opinion of Counsel shall confirm that,
the Holders of the outstanding Notes will not recognize income, gain or loss for
federal income tax purposes as a result of such Legal Defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such Legal Defeasance had not occurred
and the Company shall have delivered to the Trustee an Opinion of Counsel in
Canada reasonably acceptable to the Trustee confirming that the Holders of the
outstanding Notes will not recognize income, gain or loss for Canadian federal,
provincial or territorial income tax purposes as a result of such Legal
Defeasance and will be subject to Canadian federal, provincial or territorial
income tax (including withholding tax) on the same amounts, in the same manner
and at the same times as would have been the case if such Legal Defeasance had
not occurred;

         (c) in the case of Covenant Defeasance, the Company shall deliver to
the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that Holders of the outstanding Notes will not recognize income, gain
or loss for federal income tax purposes as a result of such Covenant Defeasance
and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred and the Company shall have delivered to the Trustee
an Opinion of Counsel in Canada reasonably acceptable to the Trustee confirming
that Holders of the outstanding Notes will not recognize income, gain or loss
for Canadian federal, provincial or territorial income tax purposes as a result
of such Covenant Defeasance and will be subject to Canadian federal, provincial
or territorial income tax (including withholding tax) on the same amounts, in
the same manner and at the same time as would have been the case if such
Covenant Defeasance had not occurred;

         (d) no Default or Event of Default shall have occurred and be
continuing on the date of such deposit, other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit;

         (e) such Legal Defeasance or Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under any material agreement or
instrument, other than this Indenture, to which the Company or any of its
Subsidiaries is a party or by which the Company or any of its Subsidiaries is
bound;

         (f) the Company shall deliver to the Trustee an Opinion of Counsel to
the effect that, assuming no intervening bankruptcy of the Company between the
date of deposit and the 91st day following such deposit and assuming that no
Holder is an "insider" of the Company under applicable Bankruptcy Law, after the
91st day following such deposit, the trust funds will not be subject to the
effect of any applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors' rights generally;

         (g) the Company shall deliver to the Trustee an Officers' Certificate
stating that such deposit was not made by the Company with the intent of
preferring the Holders of Notes over the other creditors of the Company with the
intent of defeating, hindering, delaying or defrauding creditors of the Company
or others; and

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         (h) the Company shall deliver to the Trustee an Officers' Certificate
and an Opinion of Counsel, each stating that all conditions precedent relating
to the Legal Defeasance or the Covenant Defeasance have been complied with.

SECTION 8.05.     DEPOSITED CASH AND GOVERNMENT SECURITIES TO BE HELD IN TRUST;
                  OTHER MISCELLANEOUS PROVISIONS.

         Subject to Section 8.06 hereof, all cash and non-callable Government
Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the
"TRUSTEE") pursuant to Section 8.04 hereof in respect of the outstanding Notes
shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as Paying Agent) as the
Trustee may determine, to the Holders of all sums due and to become due thereon
in respect of principal, premium, if any, and interest but such cash and
securities need not be segregated from other funds except to the extent required
by law.

         The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04 hereof or the principal and
interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes.

         Anything in this Article 8 to the contrary notwithstanding, the Trustee
shall deliver or pay to the Company from time to time upon the request of the
Company any cash or non-callable Government Securities held by it as provided in
Section 8.04 hereof which, in the opinion of a nationally recognized firm of
independent certified public accountants of recognized international standing
expressed in a written certification thereof delivered to the Trustee (which may
be the certification delivered under Section 8.04(a) hereof), are in excess of
the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.

SECTION 8.06.     REPAYMENT TO COMPANY.

         Any cash or non-callable Government Securities deposited with the
Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal, premium, if any, or interest on any Note and remaining
unclaimed for two years after such principal, premium, if any, or interest has
become due and payable shall be paid to the Company on its request or (if then
held by the Company) shall be discharged from such trust; and the Holder shall
thereafter, as an unsecured creditor, look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to
such cash and securities, and all liability of the Company as trustee thereof,
shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the
Company cause to be published once, in THE NEW YORK TIMES and THE WALL STREET
JOURNAL (national edition), notice that such cash and securities remains
unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such notification or publication, any unclaimed balance
of such cash and securities then remaining shall be repaid to the Company.

SECTION 8.07.     REINSTATEMENT.

         If the Trustee or Paying Agent is unable to apply any cash or
non-callable Government Securities in accordance with Section 8.02 or 8.03
hereof, as the case may be, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company's obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to
Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is
permitted to apply all such cash and securities in accordance with Section 8.02
or 8.03 hereof, as the case may be; PROVIDED, HOWEVER, that, if the Company
makes any payment of principal of, premium, if any, or interest on any Note
following the reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holders to receive such payment from the cash and
securities held by the Trustee or Paying Agent.

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                                   ARTICLE 9.

                        AMENDMENT, SUPPLEMENT AND WAIVER

SECTION 9.01.     WITHOUT CONSENT OF HOLDERS OF NOTES.

         Notwithstanding Section 9.02 of this Indenture, the Company and the
Trustee may amend or supplement this Indenture or the Notes without the consent
of any Holder to:

         (a) cure any ambiguity, defect or inconsistency;

         (b) provide for uncertificated Notes in addition to or in place of
certificated Notes (PROVIDED that the uncertificated Notes are issued in
registered form for purposes of Section 163(f) of the Code, or in a manner such
that the uncertificated Notes are described in Section 163(f)(2)(B) of the
Code);

         (c) provide for the assumption of the obligations of the Company and/or
a Subsidiary Guarantor to Holders in the case of a merger, consolidation, or
amalgamation or sale of all or substantially all of the assets of the Company
and/or a Subsidiary Guarantor; PROVIDED, HOWEVER, that the Company shall deliver
to the Trustee:

             (i) an Opinion of Counsel to the effect that Holders will not
     recognize income, gain or loss for U.S. Federal income tax purposes as a
     result of such assumption by a successor corporation and will be subject to
     U.S. federal income tax on the same amount and in the same manner and at
     the same times as would have been the case if such assumption had not
     occurred, and

             (ii) an Opinion of Counsel in Canada to the effect that Holders
     will not recognize income, gain or loss for Canadian federal, provincial or
     territorial tax purposes as a result of such assumption by a successor
     corporation and will be subject to Canadian federal, provincial or
     territorial taxes (including withholding taxes) on the same amounts, in the
     same manner and at the same times as would have been the case if such
     assumption had not occurred;

         (d) make any change that would provide any additional rights or
benefits to the Holders or that does not adversely affect the legal rights under
this Indenture of any such Holder;

         (e) add additional Guarantees with respect to the Notes or release
Subsidiary Guarantors from Subsidiary Guarantees as provided or permitted by the
terms of this Indenture;

         (f) provide for the issuance of Additional Notes in accordance with
this Indenture; or

         (g) comply with requirements of the SEC in order to effect or maintain
the qualification of this Indenture under the TIA.

SECTION 9.02.     WITH CONSENT OF HOLDERS OF NOTES.

         Except as provided below in this Section 9.02, the Company and the
Trustee may amend or supplement this Indenture and the Notes with the consent of
the Holders of at least a majority in principal amount of the Notes, including
Additional Notes, if any, then outstanding voting as a single class (including
consents obtained in connection with a purchase of or tender offer or exchange
offer for the Notes), and, subject to Sections 6.04 and 6.07 hereof, any
existing Default or Event of Default (except a continuing Default or Event of
Default (i) in the payment of principal, premium, if any, or interest on the
Notes and (ii) in respect of a covenant or provision which under this Indenture
cannot be modified or amended without the consent of the Holder of each Note
affected by such modification or amendment) or compliance with any provision of
this Indenture or the Notes may be waived with the consent of the Holders of at
least a majority in principal amount of the Notes, including Additional Notes,
if any, then outstanding voting as a single class (including consents obtained
in connection with a purchase of or tender offer or exchange offer for the
Notes).

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         Without the consent of each Holder, an amendment or waiver under this
Section 9.02 may not (with respect to any Notes held by a non-consenting
Holder):

         (a) reduce the principal amount of Notes whose Holders must consent to
an amendment, supplement or waiver;

         (b) reduce the principal of or change the Stated Maturity of any Note
or alter the provisions with respect to the redemption of the Notes, other than
provisions under Sections 4.12 and 4.18 hereof;

         (c) reduce the rate of or change the time for payment of interest on
any Note;

         (d) waive a Default or Event of Default in the payment of principal of,
or interest or premium, if any, on the Notes, except a rescission of
acceleration of the Notes by the Holders of at least a majority in aggregate
principal amount of the Notes and a waiver of the payment default that resulted
from such acceleration;

         (e) make any Note payable in money other than that stated in the Notes;

         (f) make any change in the provisions of this Indenture relating to
waivers of past Defaults or the rights of Holders of Notes to receive payments
of principal of, or interest or premium, if any, on the Notes, or to the
institute suit for the enforcement of any payment on or with respect to such
Holders' Notes or any Subsidiary Guarantee;

         (g) waive a redemption payment with respect to any Note, other than a
payment required by the provisions of Section 4.12 or 4.18 hereof;

         (h) subordinate the Notes or any Subsidiary Guarantee to any other
obligation of Sun Media or the applicable Subsidiary Guarantor;

         (i) amend or modify the provisions of Section 4.20 hereof;

         (j) amend or modify any Subsidiary Guarantee in a manner that would
adversely affect the Holders of the Notes; or

         (k) make any change in the preceding amendment and waiver provisions.

         The Company may, but shall not be obligated to, fix a record date for
the purpose of determining the Persons entitled to consent to any supplemental
indenture. If a record date is fixed, the Holders on such record date, or their
duly designated proxies, and only such Persons, shall be entitled to consent to
such supplemental indenture, whether or not such Holders remain Holders after
such record date; PROVIDED that unless such consent shall have become effective
by virtue of the requisite percentage having been obtained prior to the date
which is 120 days after such record date, any such consent previously given
shall automatically and without further action by any Holder be cancelled and of
no further effect.

         It shall not be necessary for the consent of the Holders under this
Section 9.02 to approve the particular form of any proposed amendment or waiver,
but it shall be sufficient if such consent approves the substance thereof.

         After an amendment, supplement or waiver under this Section 9.02
becomes effective, the Company shall mail to the Holder of each Note affected
thereby to such Holder's address appearing in the Security Register a notice
briefly describing the amendment, supplement or waiver. Any failure of the
Company to mail such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such amended or supplemental indenture
or waiver.

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SECTION 9.03.     COMPLIANCE WITH TRUST INDENTURE ACT.

         Every amendment or supplement to this Indenture or the Notes shall be
set forth in an amended or supplemental indenture that complies with the TIA as
then in effect.

SECTION 9.04.     REVOCATION AND EFFECT OF CONSENTS.

         Until an amendment, supplement or waiver becomes effective, a consent
to it by a Holder is a continuing consent by the Holder of a Note and every
subsequent Holder of a Note or portion thereof that evidences the same debt as
the consenting Holder's Note, even if notation of the consent is not made on any
Note. However, any such Holder or subsequent Holder may revoke the consent as to
its Note or portion thereof if the Trustee receives written notice of revocation
before the date the waiver, supplement or amendment becomes effective. An
amendment, supplement or waiver shall become effective in accordance with its
terms and thereafter shall bind every Holder.

SECTION 9.05.     NOTATION ON OR EXCHANGE OF NOTES.

         The Trustee may place an appropriate notation about an amendment,
supplement or waiver on any Note thereafter authenticated. The Company in
exchange for all Notes may issue and the Trustee shall, upon receipt of an
Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

         Failure to make the appropriate notation or issue a new Note shall not
affect the validity and effect of such amendment, supplement or waiver.

SECTION 9.06.     TRUSTEE TO SIGN AMENDMENTS, ETC.

         The Trustee shall sign any amended or supplemental indenture authorized
pursuant to this Article 9 if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. The Company
may not sign an amendment or supplemental indenture until the Board of Directors
approves it. In executing any amended or supplemental indenture, the Trustee
shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully
protected in relying upon an Officers' Certificate and an Opinion of Counsel
stating that the execution of such amended or supplemental indenture is
authorized or permitted by this Indenture and that such amended or supplemental
indenture is the legal, valid and binding obligations of the Company enforceable
against it in accordance with its terms, subject to customary exceptions and
that such amended or supplemental indenture complies with the provisions hereof
(including Section 9.03 hereof).

                                  ARTICLE 10.

                             SUBSIDIARY GUARANTEES

SECTION 10.01.    GUARANTEE.

         Subject to this Article 10, each of the Subsidiary Guarantors hereby
unconditionally guarantees to each Holder of a Note authenticated and delivered
by the Trustee and to the Trustee and its successors and assigns (a) the due and
punctual payment of the principal of, premium, if any, and interest on the
Notes, subject to any applicable grace period, whether at maturity, by
acceleration, redemption or otherwise, the due and punctual payment of interest
on the overdue principal and premium, if any, and to the extent permitted by
law, interest, and the due and punctual performance of all other obligations of
the Company to the Holders or the Trustee hereunder or thereunder, all in
accordance with the terms hereof and thereof; and (b) in case of any extension
of time of payment or renewal of any Notes or any of such other obligations,
that same shall be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at maturity, by acceleration
pursuant to Section 6.02 hereof, redemption or otherwise. Failing payment when
due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Subsidiary Guarantors shall be jointly and severally obligated to
pay the same immediately. Each Subsidiary Guarantor agrees that this is a
guarantee of payment and not a guarantee of collection.

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         Each Subsidiary Guarantor hereby agrees that its obligations with
regard to its Subsidiary Guarantee shall be joint and several, unconditional,
irrespective of the validity or enforceability of the Notes or the obligations
of the Company under this Indenture, the absence of any action to enforce the
same, the recovery of any judgment against the Company or any other obligor with
respect to this Indenture, the Notes or the Obligations of the Company under
this Indenture or the Notes, any action to enforce the same or any other
circumstances (other than complete performance) which might otherwise constitute
a legal or equitable discharge or defense of a Subsidiary Guarantor. Each
Subsidiary Guarantor further, to the extent permitted by law, waives and
relinquishes all claims, rights and remedies accorded by applicable law to
guarantors and agrees not to assert or take advantage of any such claims, rights
or remedies, including but not limited to: (a) any right to require any of the
Trustee, the Holders or the Company (each a "BENEFITED PARTY"), as a condition
of payment or performance by such Subsidiary Guarantor, to (1) proceed against
the Company, any other guarantor (including any other Subsidiary Guarantor) of
the Obligations under the Guarantees or any other Person, (2) proceed against or
exhaust any security held from the Company, any such other guarantor or any
other Person, (3) proceed against or have resort to any balance of any deposit
account or credit on the books of any Benefited Party in favor of the Company or
any other Person, or (4) pursue any other remedy in the power of any Benefited
Party whatsoever; (b) any defense arising by reason of the incapacity, lack of
authority or any disability or other defense of the Company including any
defense based on or arising out of the lack of validity or the unenforceability
of the Obligations under the Subsidiary Guarantees or any agreement or
instrument relating thereto or by reason of the cessation of the liability of
the Company from any cause other than payment in full of the Obligations under
the Subsidiary Guarantees; (c) any defense based upon any statute or rule of law
which provides that the obligation of a surety must be neither larger in amount
nor in other respects more burdensome than that of the principal; (d) any
defense based upon any Benefited Party's errors or omissions in the
administration of the Obligations under the Subsidiary Guarantees, except
behavior which amounts to bad faith; (e)(1) any principles or provisions of law,
statutory or otherwise, which are or might be in conflict with the terms of the
Subsidiary Guarantees and any legal or equitable discharge of such Subsidiary
Guarantor's obligations hereunder, (2) the benefit of any statute of limitations
affecting such Subsidiary Guarantor's liability hereunder or the enforcement
hereof, (3) any rights to set-offs, recoupments and counterclaims and (4)
promptness, diligence and any requirement that any Benefited Party protect,
secure, perfect or insure any security interest or lien or any property subject
thereto; (f) notices, demands, presentations, protests, notices of protest,
notices of dishonor and notices of any action or inaction, including acceptance
of the Subsidiary Guarantees, notices of default under the Notes or any
agreement or instrument related thereto, notices of any renewal, extension or
modification of the Obligations under the Subsidiary Guarantees or any agreement
related thereto, and notices of any extension of credit to the Company and any
right to consent to any thereof; (g) to the extent permitted under applicable
law, the benefits of any "One Action" rule and (h) any defenses or benefits that
may be derived from or afforded by law which limit the liability of or exonerate
guarantors or sureties, or which may conflict with the terms of the Subsidiary
Guarantees. Except to the extent expressly provided herein, including Sections
8.02, 8.03 and 10.05 hereof, each Subsidiary Guarantor hereby covenants that its
Subsidiary Guarantee shall not be discharged except by complete performance of
the obligations contained in its Subsidiary Guarantee and this Indenture.

         If any Holder or the Trustee is required by any court or otherwise to
return to the Company, the Subsidiary Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or
the Subsidiary Guarantors, any amount paid by either to the Trustee or such
Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall
be reinstated in full force and effect.

         Each Subsidiary Guarantor agrees that it shall not be entitled to any
right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby.
Each Subsidiary Guarantor further agrees that, as between the Subsidiary
Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,
(x) the maturity of the obligations guaranteed hereby may be accelerated as
provided in Section 6.02 hereof for the purposes of this Subsidiary Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby and (y) in the
event of any declaration of acceleration of such obligations as provided in
Section 6.02 hereof, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantors for the purpose of this
Subsidiary Guarantee. The Subsidiary Guarantors shall have the right to seek
contribution from any non-paying Subsidiary Guarantor so long as the exercise of
such right does not impair the rights of the Holders under the Subsidiary
Guarantee.

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SECTION 10.02.    LIMITATION ON SUBSIDIARY GUARANTOR LIABILITY.

         Each Subsidiary Guarantor, and by its acceptance of Notes, each Holder,
hereby confirms that it is the intention of all such parties that the Subsidiary
Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or
conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to
the extent applicable to any Subsidiary Guarantee. To effectuate the foregoing
intention, the Trustee, the Holders and the Subsidiary Guarantors hereby
irrevocably agree that the obligations of such Subsidiary Guarantor under this
Article 10 shall be limited to the maximum amount as shall, after giving effect
to such maximum amount and all other contingent and fixed liabilities of such
Subsidiary Guarantor that are relevant under such laws, including, if
applicable, its guarantee of all obligations under the New Credit Facility, and
after giving effect to any collections from, rights to receive contribution from
or payments made by or on behalf of any other Subsidiary Guarantor in respect of
the obligations of such other Subsidiary Guarantor under this Article 10, result
in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee
not constituting a fraudulent transfer or conveyance.

SECTION 10.03.    EXECUTION AND DELIVERY OF SUBSIDIARY GUARANTEE.

         To evidence its Subsidiary Guarantee set forth in Section 10.01 hereof,
each Subsidiary Guarantor hereby agrees that a notation of such Subsidiary
Guarantee in substantially the form included in Exhibit E attached hereto shall
be endorsed by an Officer of such Subsidiary Guarantor on each Note
authenticated and delivered by the Trustee and that this Indenture shall be
executed on behalf of such Subsidiary Guarantor by its President or one of its
Vice Presidents.

         Each Subsidiary Guarantor hereby agrees that its Subsidiary Guarantee
set forth in Section 10.01 hereof shall remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of such
Subsidiary Guarantee.

         If an Officer whose signature is on this Indenture or on the Subsidiary
Guarantee no longer holds that office at the time the Trustee authenticates the
Note on which a Subsidiary Guarantee is endorsed, the Subsidiary Guarantee shall
be valid nevertheless.

         The delivery of any Note by the Trustee, after the authentication
thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee set
forth in this Indenture on behalf of the Subsidiary Guarantors.

SECTION 10.04.    SUBSIDIARY GUARANTORS MAY CONSOLIDATE, ETC., ON CERTAIN TERMS.

         Except as otherwise provided in Section 10.05 hereof, no Subsidiary
Guarantor may consolidate with or merge with or into (whether or not such
Subsidiary Guarantor is the Surviving Guarantor) another Person whether or not
affiliated with such Subsidiary Guarantor unless:

         (a) subject to Section 10.05 hereof, the Person formed by or surviving
any such consolidation or merger (if other than a Subsidiary Guarantor or the
Company) unconditionally assumes all the obligations of such Subsidiary
Guarantor, pursuant to a supplemental indenture in form and substance reasonably
satisfactory to the Trustee, under this Indenture, the Subsidiary Guarantee and
any Registration Rights Agreements on the terms set forth herein or therein; and

         (b) the Subsidiary Guarantor complies with the requirements of Article
5 hereof.

         In case of any such consolidation, merger, sale or conveyance and upon
the assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the
Subsidiary Guarantee endorsed upon the Notes and the due and punctual
performance of all of the covenants and conditions of this Indenture to be
performed by the Subsidiary Guarantor, such successor Person shall succeed to
and be substituted for the Subsidiary Guarantor with the same effect as if it
had been named herein as a Subsidiary Guarantor. Such successor Person thereupon
may cause to be signed any or all of the Subsidiary Guarantees to be endorsed
upon all of the Notes issuable hereunder which theretofore shall not have been
signed by

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the Company and delivered to the Trustee. All the Subsidiary Guarantees so
issued shall in all respects have the same legal rank and benefit under this
Indenture as the Subsidiary Guarantees theretofore and thereafter issued in
accordance with the terms of this Indenture as though all of such Subsidiary
Guarantees had been issued at the date of the execution hereof.

         Except as set forth in Articles 4 and 5 hereof, and notwithstanding
clauses (a) and (b) above, nothing contained in this Indenture or in any of the
Notes shall prevent any consolidation or merger of a Subsidiary Guarantor with
or into the Company or another Subsidiary Guarantor, or shall prevent any sale
or conveyance of the property of a Subsidiary Guarantor as an entirety or
substantially as an entirety to the Company or another Subsidiary Guarantor.

SECTION 10.05.    RELEASES FOLLOWING SALE OF ASSETS.

         In the event of a sale or other disposition of all or substantially all
of the assets of any Subsidiary Guarantor, by way of merger, consolidation or
otherwise, or a sale or other disposition of all of the Capital Stock of any
Subsidiary Guarantor, in each case to a Person that is not (either before or
after giving effect to such transactions) a Subsidiary of the Company, then such
Subsidiary Guarantor (in the event of a sale or other disposition, by way of
merger, consolidation or otherwise, of all of the Capital Stock of such
Subsidiary Guarantor) or the corporation acquiring the property (in the event of
a sale or other disposition of all or substantially all of the assets of such
Subsidiary Guarantor) shall be released and relieved of any obligations under
its Subsidiary Guarantee; PROVIDED that the net proceeds of such sale or other
disposition shall be subject to all applicable provisions of this Indenture,
including without limitation Section 4.12 hereof. If a Restricted Subsidiary is
designated as an Unrestricted Subsidiary in accordance with the provisions of
Section 4.17 hereof, such Subsidiary shall be released and relieved of any
obligations under its Subsidiary Guarantee. Upon delivery by the Company to the
Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that
such sale or other disposition or designation was made by the Company in
accordance with the provisions of this Indenture, including without limitation
Section 4.12 hereof, the Trustee shall execute any documents reasonably required
in order to evidence the release of any Subsidiary Guarantor from its
obligations under its Subsidiary Guarantee.

         Any Subsidiary Guarantor not released from its obligations under its
Subsidiary Guarantee shall remain liable for the full amount of principal of and
interest on the Notes and for the other obligations of any Subsidiary Guarantor
under this Indenture.

                                  ARTICLE 11.

                          SATISFACTION AND DISCHARGE

SECTION 11.01.    SATISFACTION AND DISCHARGE.

         This Indenture shall be discharged and shall cease to be of further
effect, except as to surviving rights of registration of transfer or exchange of
the Notes, as to all Notes issued hereunder, when:

         (a) either:

             (i) all Notes that have been previously authenticated (except lost,
     stolen or destroyed Notes that have been replaced or paid and Notes for
     whose payment money has previously been deposited in trust or segregated
     and held in trust by the Company and is thereafter repaid to the Company or
     discharged from the trust) have been delivered to the Trustee for
     cancellation; or

             (ii) all Notes that have not been previously delivered to the
     Trustee for cancellation (A) have become due and payable by reason of a
     making of a notice of redemption or otherwise or (B) will become due and
     payable within one year, and the Company has irrevocably deposited or
     caused to be deposited with the Trustee as trust funds in trust solely for
     the benefit of the Holders, cash in U.S. dollars, non-callable Government
     Securities, or a combination thereof, in such amounts as will be sufficient
     without consideration of any reinvestment of interest, to pay and discharge
     the entire Indebtedness on the Notes not

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     previously delivered to the Trustee for cancellation for principal,
     premium, if any, and interest on the Notes to the date of deposit, in the
     case of Notes that have become due and payable, or to the Stated Maturity
     or redemption date, as the case may be;

         (b) no Default or Event of Default shall have occurred and be
continuing on the date of such deposit or shall occur as a result of such
deposit and such deposit will not result in a breach or violation of, or
constitute a default under, any other instrument to which the Company is a party
or by which the Company is bound;

         (c) the Company has paid or caused to be paid all other sums payable by
it under this Indenture;

         (d) the Company shall have delivered irrevocable instructions to the
Trustee to apply the deposited money toward the payment of the Notes at maturity
or the date of redemption, as the case may be; and

         (e) the Company shall have delivered to the Trustee an Officers'
Certificate and Opinion of Counsel stating that all conditions precedent under
this Indenture relating to the satisfaction and discharge of this Indenture have
been satisfied.

SECTION 11.02.    DEPOSITED CASH AND GOVERNMENT SECURITIES TO BE HELD IN TRUST;
                  OTHER MISCELLANEOUS PROVISIONS.

         Subject to Section 11.03 hereof, all cash and non-callable Government
Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 11.02, the
"TRUSTEE") pursuant to Section 11.01 hereof in respect of the outstanding Notes
shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as Paying Agent) as the
Trustee may determine, to the Holders of such Notes of all sums due and to
become due thereon in respect of principal, premium, if any, and interest but
such cash and securities need not be segregated from other funds except to the
extent required by law.

SECTION 11.03.    REPAYMENT TO COMPANY.

         Any cash or non-callable Government Securities deposited with the
Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal of, premium, if any, or interest on, any Note and
remaining unclaimed for two years after such principal, and premium, if any, or
interest has become due and payable shall be paid to the Company on its request
or (if then held by the Company) shall be discharged from such trust; and the
Holder shall thereafter, as an unsecured creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such cash and securities, and all liability of the Company as trustee
thereof, shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in THE NEW YORK TIMES and THE
WALL STREET JOURNAL (national edition), notice that such cash and securities
remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such notification or publication, any
unclaimed balance of such cash and securities then remaining shall be repaid to
the Company.

                                  ARTICLE 12.

                                 MISCELLANEOUS

SECTION 12.01.    TRUST INDENTURE ACT CONTROLS.

         If any provision of this Indenture limits, qualifies or conflicts with
another provision which is required to be included in this Indenture by the TIA,
the provision required by the TIA shall control.

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SECTION 12.02.    NOTICES.

         Any notice or communication by the Company and/or a Subsidiary
Guarantor or the Trustee to the other is duly given if in writing and delivered
in person or mailed by first class mail (registered or certified, return receipt
requested), facsimile transmission or overnight air courier guaranteeing
next-day delivery, to the other's address:

                  If to the Company or a Subsidiary Guarantor:

                  Sun Media Corporation
                  333 King Street East
                  Toronto, Ontario, M5A 3X5
                  Canada
                  Attention:  Vice President, Corporate Controller
                  Facsimile No.:  (416) 947-3119

                  With a copy to:

                  Quebecor Media Inc.
                  300 Viger Avenue East
                  Montreal, Quebec H2X 3W4
                  Canada
                  Attention:  Vice President and Treasurer
                  Facsimile No.:  (514) 380-1983

                  And a copy to:

                  Arnold & Porter
                  399 Park Avenue
                  New York, New York  10022-4690
                  Attention: John A. Willett, Esq.
                  Facsimile No.:  (212) 715-1399

                  If to the Trustee:

                  National City Bank
                  Corporate Trust Department, Locator 01-3116
                  629 Euclid Avenue
                  Cleveland, Ohio 44114-3484
                  Attention:  Holly H. Pattison
                  Facsimile No.:  (216) 222-9326

         The Company or the Trustee, by notice to the other, may designate
additional or different addresses for subsequent notices or communications.

         All notices and communications (other than those sent to the Trustee)
shall be deemed to have been duly given: at the time delivered by hand, if
personally delivered; five Business Days after being deposited in the mail,
postage prepaid, if mailed; when receipt acknowledged, if sent by facsimile
transmission; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next-day delivery. All notices and
communications to the Trustee shall be deemed duly given and effective only upon
receipt.

         Any notice or communication to a Holder shall be mailed by first class
mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next-day delivery to its address shown on the Security
Register. Any notice or communication shall also be so mailed to any Person
described in TIA Section 313(c), to the extent required by the TIA. Failure to
mail a notice or communication to a Holder or any defect in it shall not affect
its sufficiency with respect to other Holders.

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         If a notice or communication is mailed in the manner provided above
within the time prescribed, it is duly given, whether or not the addressee
receives it.

         If the Company mails a notice or communication to Holders, it shall
mail a copy to the Trustee and each Agent at the same time.

SECTION 12.03.    COMMUNICATION BY HOLDERS OF NOTES WITH OTHER HOLDERS OF NOTES.

         Holders may communicate pursuant to TIA Section 312(b) with other
Holders with respect to their rights under this Indenture or the Notes. The
Company, the Trustee, the Registrar and anyone else shall have the protection of
TIA Section 312(c).

SECTION 12.04.    CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

         Upon any request or application by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall furnish to
the Trustee:

         (a) an Officers' Certificate in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in
Section 12.05 hereof) stating that, in the opinion of the signers, all
conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

         (b) an Opinion of Counsel in form and substance reasonably satisfactory
to the Trustee (which shall include the statements set forth in Section 12.05
hereof) stating that, in the opinion of such counsel, all such conditions
precedent and covenants have been complied with.

SECTION 12.05.    STATEMENTS REQUIRED IN CERTIFICATE OR OPINION.

         Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA
Section 314(e) and shall include:

         (a) a statement that the Person making such certificate or opinion has
read such covenant or condition;

         (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based;

         (c) a statement that, in the opinion of such Person, he or she has made
such examination or investigation as is necessary to enable such Person to
express an informed opinion as to whether or not such covenant or condition has
been complied with; and

         (d) a statement as to whether or not, in the opinion of such Person,
such condition or covenant has been complied with.

With respect to matters of fact, an Opinion of Counsel may rely on an Officers'
Certificate, certificates of public officials or reports or opinions of experts.

SECTION 12.06.    RULES BY TRUSTEE AND AGENTS.

         The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions.

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SECTION 12.07.    NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND
                  SHAREHOLDERS.

         No past, present or future director, officer, employee, incorporator or
stockholder of the Company or any Guarantor, as such, shall have any liability
for any obligations of the Company or of the Guarantors under the Notes, this
Indenture, the Guarantees or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of Notes by accepting a Note
waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes.

SECTION 12.08.    GOVERNING LAW.

         THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF
ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

SECTION 12.09.    NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

         This Indenture may not be used to interpret any other indenture, loan
or debt agreement of the Company or its Subsidiaries or of any other Person. Any
such indenture, loan or debt agreement may not be used to interpret this
Indenture.

SECTION 12.10.    SUCCESSORS.

         All covenants and agreements of the Company in this Indenture and the
Notes shall bind its successors. All covenants and agreements of the Trustee in
this Indenture shall bind its successors.

SECTION 12.11.    SEVERABILITY.

         In case any provision in this Indenture or in the Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 12.12.    CONSENT TO JURISDICTION AND SERVICE OF PROCESS

         (a) Each of the Company and each of the Subsidiary Guarantors
irrevocably consents to the non-exclusive jurisdiction of the courts of the
State of New York and the courts of the United States of America located in the
Borough of Manhattan, City and State of New York over any suit, action or
proceeding with respect to this Indenture or the transactions contemplated
hereby. Each of the Company and each of the Subsidiary Guarantors waives any
objection that it may have to the venue of any suit, action or proceeding with
respect to this Indenture or the transactions contemplated hereby in the courts
of the State of New York or the courts of the United States of America, in each
case, located in the Borough of Manhattan, City and State of New York, or that
such suit, action or proceeding brought in the courts of the State of New York
or the United States of America, in each case, located in the Borough of
Manhattan, City and State of New York was brought in an inconvenient court and
agrees not to plead or claim the same.

         (b) Each of the Company and each of the Subsidiary Guarantors
irrevocably appoints CT Corporation System, as its authorized agent in the State
of New York upon which process may be served in any such suit or proceedings,
and agrees that service of process upon such agent, and written notice of said
service to CT Corporation System, by the person serving the same to the address
provided in Section 12.02 hereof, shall be deemed in every respect effective
service of process upon the Company or any Subsidiary Guarantor in any such suit
or proceeding. Each of the Company and each of the Subsidiary Guarantors further
agrees to take any and all action as may be necessary to maintain such
designation and appointment of such agent in full force and effect for a period
of ten years from the date of this Indenture.

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SECTION 12.13.    CONVERSION OF CURRENCY.

         The Company covenants and agrees that the following provisions shall
apply to conversion of currency in the case of the Notes and this Indenture.

         (a) (i) If, for the purpose of obtaining judgment in, or enforcing the
     judgment of, any court in any country, it becomes necessary to convert into
     a currency (the "JUDGMENT CURRENCY") an amount due in any other currency
     (the "BASE CURRENCY"), then the conversion shall be made at the rate of
     exchange prevailing on the Business Day before the day on which the
     judgment is given or the order of enforcement is made, as the case may be
     (unless a court shall otherwise determine).

             (ii) If there is a change in the rate of exchange prevailing
     between the Business Day before the day on which the judgment is given or
     an order of enforcement is made, as the case may be (or such other date as
     a court shall determine), and the date of receipt of the amount due, the
     Company shall pay such additional (or, as the case may be, such lesser)
     amount, if any, as may be necessary so that the amount paid in the judgment
     currency when converted at the rate of exchange prevailing on the date of
     receipt will produce the amount in the Base Currency originally due.

         (b) In the event of the winding-up of the Company at any time while any
amount or damages owing under the Notes and this Indenture, or any judgment or
order rendered in respect thereof, shall remain outstanding, the Company shall
indemnify and hold the Holders and the Trustee harmless against any deficiency
arising or resulting from any variation in rates of exchange between (1) the
date as of which the equivalent of the amount in U.S. Dollars or Canadian
Dollars, as the case may be, due or contingently due under the Notes and this
Indenture (other than under this paragraph (b)) is calculated for the purposes
of such winding-up and (2) the final date for the filing of proofs of claim in
such winding-up. For the purpose of this paragraph (b), the final date for the
filing of proofs of claim in the winding-up of the Company shall be the date
fixed by the liquidator or otherwise in accordance with the relevant provisions
of applicable law as being the latest practicable date as at which liabilities
of the Company may be ascertained for such winding-up prior to payment by the
liquidator or otherwise in respect thereto.

         (c) The obligations contained in paragraph (a)(ii) and (b) of this
Section 12.13 shall constitute obligations of the Company separate and
independent from its other respective obligations under the Notes and this
Indenture, shall give rise to separate and independent causes of action against
the Company, shall apply irrespective of any waiver or extension granted by any
Holder or the Trustee or any of them from time to time and shall continue in
full force and effect notwithstanding any judgment or order or the filing of any
proof of claim in the winding-up of the Company for a liquidated sum in respect
of amounts due hereunder (other than under paragraph (b) above) or under any
such judgment or order. Any such deficiency as aforesaid shall be deemed to
constitute a loss suffered by the Holders or the Trustee, as the case may be,
and no proof or evidence of any actual loss shall be required by the Company or
the liquidator or otherwise or any of them. In the case of paragraph (b) above,
the amount of such deficiency shall not be deemed to be reduced by any variation
in rates of exchange occurring between the said final date and the date of any
liquidating distribution.

         (d) The term "rate(s) of exchange" shall mean the rate of exchange
quoted by Royal Bank of Canada at its central foreign exchange desk in its head
office in Toronto at 12:00 noon (Toronto, Ontario time) for purchases of the
Base Currency with the judgment currency other than the Base Currency referred
to in Subsections (a) and (b) above and includes any premiums and costs of
exchange payable.

         (e) The Trustee shall have no duty or liability with respect to
monitoring or enforcing the Section 12.13.

SECTION 12.14.    CURRENCY EQUIVALENT.

         Except as provided in Section 12.13, for purposes of the construction
of the terms of this Indenture or of the Notes, in the event that any amount is
stated herein in the currency of one nation (the "FIRST CURRENCY"), as of any
date such amount shall also be deemed to represent the amount in the currency of
any other relevant nation

                                       81
<Page>

which is required to purchase such amount in the First Currency at the rate of
exchange quoted by Royal Bank of Canada at its central foreign exchange desk in
its head office in Toronto at 12:00 noon (Toronto, Ontario time) on the date of
determination.

SECTION 12.15.    COUNTERPART ORIGINALS

         The parties may sign any number of copies of this Indenture. Each
signed copy shall be an original, but all of them together represent the same
agreement.

SECTION 12.16.    TABLE OF CONTENTS, HEADINGS, ETC.

         The Table of Contents, Cross-Reference Table and Headings in this
Indenture have been inserted for convenience of reference only, are not to be
considered a part of this Indenture and shall in no way modify or restrict any
of the terms or provisions hereof.

SECTION 12.17.    QUALIFICATION OF THIS INDENTURE.

         The Company shall qualify this Indenture under the TIA in accordance
with the terms and conditions of any Registration Rights Agreements and shall
pay all reasonable costs and expenses (including attorneys' fees and expenses
for the Company, the Trustee and the Holders) incurred in connection therewith,
including, but not limited to, costs and expenses of qualification of this
Indenture and the Notes and printing this Indenture and the Notes. The Trustee
shall be entitled to receive from the Company any such Officers' Certificates,
Opinions of Counsel or other documentation as it may reasonably request in
connection with any such qualification of this Indenture under the TIA.

                         [Signatures on following page]

                                       82
<Page>

                                   SIGNATURES
Dated as of February 7, 2003.

                     COMPANY:

                     SUN MEDIA CORPORATION

                     By: /s/ KIN-MAN LEE
                        ----------------
                     Name:        Kin-Man Lee
                     Title:       Vice President, Corporate Controller

                     SUBSIDIARY GUARANTORS:

                     BOWES PUBLISHERS LIMITED

                     By: /s/ KIN-MAN LEE
                         ----------------
                         Name:        Kin-Man Lee
                         Title:       Vice President, Finance and Administration

                     SUN MEDIA (TORONTO) CORPORATION

                     By: /s/ KIN-MAN LEE
                         ----------------
                     Name:        Kin-Man Lee
                     Title:       Vice President, Corporate Controller

                     SMC NOMINEECO INC.

                     By: /s/ PIERRE FRANCOEUR
                         --------------------
                     Name:        Pierre Francoeur
                     Title:       President and Chief Executive Officer

                     TORONTO SUN INTERNATIONAL, INC.

                     By: /s/ KIN-MAN LEE
                         ----------------
                     Name:        Kin-Man Lee
                     Title:       Vice President, Corporate Controller

                     TS PRINTING, INC.

                     By: /s/ KIN-MAN LEE
                         ----------------
                     Name:        Kin-Man Lee
                     Title:       Vice President, Corporate Controller

                            INDENTURE SIGNATURE PAGE

<Page>

                     FLORIDA SUN PUBLICATIONS, INC.

                     By: /s/ KIN-MAN LEE
                        ----------------
                     Name:        Kin-Man Lee
                     Title:       Vice President, Corporate Controller

                     3661458 CANADA INC.

                     By: /s/ KIN-MAN LEE
                        ----------------
                     Name:        Kin-Man Lee
                     Title:       Vice President, Corporate Controller

                     3351611 CANADA INC.

                     By: /s/ PIERRE FRANCOEUR
                        ---------------------
                     Name:        Pierre Francoeur
                     Title:       President

                            INDENTURE SIGNATURE PAGE

<Page>

                     TRUSTEE:

                     NATIONAL CITY BANK

                     By: /s/ JAMES E. SCHULTZ
                        ---------------------
                     Name:        James E. Schultz
                     Title:       Vice President

                            INDENTURE SIGNATURE PAGE

<Page>

                                                                       EXHIBIT A
================================================================================

                                 (Face of Note)

                          7-5/8% SENIOR NOTES DUE 2013

                                                            CUSIP  _____________

NO.___                                                        US$_______________

                              SUN MEDIA CORPORATION

promises to pay to CEDE & CO., INC. or its registered assigns, the principal sum
of _________________  Dollars  (US$______________)  on February 15, 2013.

Interest Payment Dates:  February 15 and August 15, commencing August 15, 2003.

Record Dates: February 1 and August 1.

                  IN WITNESS WHEREOF, the Company has caused this Note to be
signed by its duly authorized officer.

                                        SUN MEDIA CORPORATION

                                        By:
                                           ------------------------------
                                           Name:
                                           Title:

This is one of the [Global]
Notes referred to in the
within-mentioned Indenture:

NATIONAL CITY BANK,
as Trustee

By:
   ----------------------------
    Authorized Signatory

Dated _____________, 2003

                                      A-1
<Page>

                                 (Back of Note)

                          7-5/8% SENIOR NOTES DUE 2013

                  [THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY
STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

                  THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO
OFFER, SELL, ASSIGN, TRANSFER, PLEDGE, ENCUMBER OR OTHERWISE DISPOSE OF SUCH
SECURITY, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION DATE") WHICH IS
TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON
WHICH SUN MEDIA CORPORATION (THE "COMPANY") OR ANY OF ITS AFFILIATES WAS THE
OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE
COMPANY OR ANY OF ITS SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION STATEMENT
THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS
THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED
INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A) THAT PURCHASES FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS
GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO
OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE OF THE UNITED STATES
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN
"ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7)
UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING
THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF US$250,000,
FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN
CONNECTION WITH ANY DISTRIBUTION OF THE SECURITIES IN VIOLATION OF THE
SECURITIES ACT OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY'S AND
THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE, ASSIGNMENT, TRANSFER, PLEDGE,
ENCUMBRANCE OR OTHER DISPOSITION PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE
THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF
THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.]

                  [THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY
BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY
BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE COMPANY.

                  UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES
IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) ("DTC"), TO THE

                                      A-2
<Page>

COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS MAY
BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

                  Capitalized terms used herein shall have the meanings assigned
to them in the Indenture referred to below unless otherwise indicated.

         1. INTEREST. Sun Media Corporation, a company continued under the
laws of British Columbia (the "COMPANY"), promises to pay interest (as
defined in the Indenture) on the principal amount of this Note at 7-5/8% per
annum until maturity and shall pay Special Interest, if any, as provided in
the Registration Rights Agreement relating to these Notes. The Company shall
pay interest semi-annually on February 15 and August 15 of each year, or if
any such day is not a Business Day, on the next succeeding Business Day (each
an "INTEREST PAYMENT DATE"). Interest on the Notes shall accrue from the most
recent date to which interest has been paid or, if no interest has been paid,
from the date of issuance; PROVIDED, HOWEVER, that if there is no existing
Default in the payment of interest, and if this Note is authenticated between
a record date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such next succeeding Interest
Payment Date; PROVIDED, FURTHER, that the first Interest Payment Date shall
be August 15, 2003. The Company shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium, if any, from time to time at a rate that is 1% per annum in excess
of the interest rate then in effect under the Indenture and this Note; it
shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest (without regard to
any applicable grace periods), from time to time at the same rate to the
extent lawful. Interest shall be computed on the basis of a 360-day year of
twelve 30-day months. For the purposes of the INTEREST ACT (Canada), the
yearly rate of interest which is equivalent to the rate payable hereunder is
the rate payable multiplied by the actual number of days in the year and
divided by 360.

         2. METHOD OF PAYMENT. The Company shall pay interest on the Notes
(except defaulted interest) to the Persons in whose name this Note (or one or
more Predecessor Notes) is registered at the close of business on the February 1
or August 1 next preceding the Interest Payment Date, even if such Notes are
cancelled after such record date and on or before such Interest Payment Date,
except as provided in Section 2.12 of the Indenture with respect to defaulted
interest. The Notes shall be payable as to principal, premium, if any, and
interest at the office or agency of the Company maintained for such purpose, or,
at the option of the Company, payment of interest may be made by check mailed to
the Holders at their addresses set forth in the Security Register; PROVIDED,
HOWEVER, that payment by wire transfer of immediately available funds shall be
required with respect to principal of and interest and premium, if any, on, all
Global Notes and all other Notes the Holders of which shall have provided wire
transfer instructions to the Company or the Paying Agent. Such payment shall be
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.

         3. PAYING AGENT AND REGISTRAR. Initially, National City Bank, the
Trustee under the Indenture, shall act as Paying Agent and Registrar. The
Company may change any Paying Agent or Registrar without notice to any Holder.
The Company or any of its Subsidiaries may act in any such capacity.

         4. INDENTURE. The Company issued the Notes under an Indenture dated as
of February 7, 2003 ("Indenture") among the Company, the guarantors party
thereto (the "Subsidiary Guarantors") and the Trustee. The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code Sections
77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred
to the Indenture and such Act for a statement of such terms. To the extent any
provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling.

                                      A-3
<Page>

         5. OPTIONAL REDEMPTION.

         (a) Except as set forth in clauses (b) and (c) of this Paragraph 5, the
Notes shall not be redeemable at the option of the Company prior to February 15,
2008. Beginning on February 15, 2008, the Company may redeem all or a part of
the Notes, at once or over time, in accordance with Section 3.03 of the
Indenture, at the redemption prices (expressed as percentages of principal
amount) set forth below, plus accrued and unpaid interest thereon on the Notes
redeemed, to the applicable redemption date (subject to the right of Holders of
record on the relevant Regular Record Date to receive interest due on the
relevant Interest Payment Date), if redeemed during the twelve-month period
commencing on February 15 of the years indicated below:

<Table>
<Caption>
REDEMPTION YEAR                                                       PERCENTAGE
<S>                                                                   <C>
2008.................................................................   103.813%
2009.................................................................   102.542%
2010.................................................................   101.271%
2011 and thereafter..................................................   100.000%
</Table>

         (b) At any time and from time to time prior to February 15, 2006, the
Company may on one or more occasions redeem up to 35% of the aggregate principal
amount of the Notes issued under this Indenture at a redemption price (expressed
as a percentage of principal amount) equal to 107.625% of the principal amount
thereof, plus accrued and unpaid interest thereon to the redemption date
(subject to the right of Holders of record on the relevant Regular Record Date
to receive interest due on the relevant Interest Payment Date) with the net cash
proceeds of one or more Equity Offerings; PROVIDED, HOWEVER, that (i) at least
65% of the aggregate principal amount of the Notes issued under this Indenture
(excluding Notes held by the Company and its Subsidiaries) remain outstanding
immediately following such redemption and (ii) any such redemption shall be made
within 90 days of the date of closing of any such Equity Offering.

         (c) If the Company becomes obligated to pay any Additional Amounts
because of a change in the laws or regulations of Canada or any Canadian Taxing
Authority, or a change in any official position regarding the application or
interpretation thereof, in either case that is publicly announced or becomes
effective on or after the Issue Date, the Company may, at any time, redeem all,
but not part, of the Notes at a price equal to 100% of the principal amount
thereof, plus accrued and unpaid interest to the redemption date, PROVIDED that
at any time that the aggregate principal amount of the Notes outstanding is
greater than US$20.0 million, any Holder of the Notes may, to the extent that it
does not adversely affect the Company's after-tax position, at its option, waive
the Company's compliance with the provisions of Section 4.20 of the Indenture;
PROVIDED, FURTHER, that if any Holder waives such compliance, the Company may
not redeem that Holder's Notes pursuant to this clause (c).

         (d) Any prepayment pursuant to this paragraph shall be made pursuant to
the provisions of Sections 3.01 through 3.06 of the Indenture.

         6. MANDATORY REDEMPTION. Except as set forth in Sections 4.12 and 4.18
of the Indenture, the Company shall not be required to make mandatory redemption
or sinking fund payments with respect to the Notes.

         7. REPURCHASE AT OPTION OF HOLDER.

         (a) Upon the occurrence of a Change of Control, the Company shall make
an offer to all Holders to repurchase all (equal to US$1,000 or an integral
multiple of US$1,000) of such Holder's Notes at a purchase price in cash equal
to 101% of the aggregate principal amount of the Notes repurchased, plus accrued
and unpaid interest on the Notes repurchased to the purchase date in accordance
with the procedures set forth in Section 3.09 of the Indenture.

         (b) If the Company or a Restricted Subsidiary consummates any Asset
Sales, it shall not be required to apply any Net Proceeds in accordance with the
Indenture until the aggregate Excess Proceeds from all Asset Sales following the
date the Notes are first issued exceeds US$20.0 million. Thereafter, the Company
shall commence an Asset Sale Offer by applying the Excess Proceeds pursuant to
Section 3.09 of the Indenture to purchase the

                                      A-4
<Page>

maximum principal amount of Notes (including any Additional Notes) that may be
purchased out of the Excess Proceeds at an offer price in cash equal to 100% of
the principal amount thereof plus accrued and unpaid interest and Special
Interest, if any, to the Purchase Date in accordance with the procedures set
forth in Section 3.09 of the Indenture. To the extent that the aggregate amount
of Notes (including Additional Notes) tendered pursuant to an Asset Sale Offer
is less than the Excess Proceeds, the Company (or such Restricted Subsidiary)
may apply such deficiency for any purpose not prohibited by the Indenture. If
the aggregate principal amount of Notes surrendered by Holders thereof exceeds
the amount of Excess Proceeds, the Trustee shall select the Notes to be
purchased on a PRO RATA basis.

         8. NOTICE OF REDEMPTION. Notices of redemption shall be mailed at least
30 days but not more than 60 days before the redemption date to each Holder
whose Notes are to be redeemed at its registered address. Notes in denominations
larger than US$1,000 may be redeemed in part but only in integral multiples of
US$1,000, unless all of the Notes held by a Holder are to be redeemed. On and
after the redemption date interest shall cease to accrue on Notes or portions
thereof called for redemption.

         9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form
without coupons in denominations of US$1,000 and integral multiples of US$1,000.
This Note shall represent the aggregate principal amount of outstanding Notes
from time to time endorsed hereon and the aggregate principal amount of Notes
represented hereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a
Holder to pay any taxes and fees required by law or permitted by the Indenture.
The Company need not exchange or register the transfer of any Note or portion of
a Note selected for redemption, except for the unredeemed portion of any Note
being redeemed in part. Also, the Company need not exchange or register the
transfer of any Notes for a period of 15 days before a selection of Notes to be
redeemed or during the period between a record date and the corresponding
Interest Payment Date.

         10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be
treated as its owner for all purposes.

         11. AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions,
the Company and the Trustee may amend or supplement the Indenture or the Notes
with the consent of the Holders of at least a majority in principal amount of
the then outstanding Notes, including Additional Notes, if any, voting as a
single class (including consents obtained in connection with a purchase of or
tender offer or exchange offer for the Notes), and, subject to Sections 6.04 and
6.07 of the Indenture, any existing Default or Event of Default (except a
continuing Default or Event of Default (i) in the payment of principal, premium,
if any, interest or Special Interest or Additional Amounts, if any, on the Notes
and (ii) in respect of a covenant or provision which under the Indenture cannot
be modified or amended without the consent of the Holder of each Note affected
by such modification or amendment) or compliance with any provision of the
Indenture or the Notes may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Notes, including Additional
Notes, if any, then outstanding voting as a single class (including consents
obtained in connection with a purchase of or tender offer or exchange offer for
the Notes). Without the consent of any Holder, the Company and the Trustee may
amend or supplement the Indenture or the Notes to (a) cure any ambiguity, defect
or inconsistency; (b) provide for uncertificated Notes in addition to or in
place of certificated Notes (PROVIDED that the uncertificated Notes are issued
in registered form for purposes of Section 163(f) of the Code, or in a manner
such that the uncertificated Notes are described in Section 163(f)(2)(B) of the
Code); (c) provide for the assumption of the obligations of the Company and/or a
Subsidiary Guarantor to Holders in the case of a merger, consolidation, or
amalgamation or sale of all or substantially all of the assets of the Company
and/or a Subsidiary Guarantor; PROVIDED, HOWEVER, that the Company shall deliver
to the Trustee (i) an Opinion of Counsel to the effect that Holders will not
recognize income, gain or loss for U.S. Federal income tax purposes as a result
of such assumption by a successor corporation and will be subject to U.S.
federal income tax on the same amount and in the same manner and at the same
times as would have been the case if such assumption had not occurred, and (ii)
an Opinion of Counsel in Canada to the effect that Holders will not recognize
income, gain or loss for Canadian federal, provincial or territorial tax
purposes as a result of such assumption by a successor corporation and will be
subject to Canadian federal, provincial or territorial taxes (including
withholding taxes) on the same amounts, in the same manner and at the same times
as would have been the case if such assumption had not occurred; (d) make any
change that would provide any additional rights or benefits to the

                                      A-5
<Page>

Holders or that does not adversely affect the legal rights under this Indenture
of any such Holder; (e) add additional Guarantees with respect to the Notes or
release Subsidiary Guarantors from Subsidiary Guarantees as provided or
permitted by the terms of the Indenture; (f) provide for the issuance of
Additional Notes in accordance with the Indenture; or (g) comply with
requirements of the SEC in order to effect or maintain the qualification of this
Indenture under the TIA.

         12. DEFAULTS AND REMEDIES. Each of the following is an Event of Default
under the Indenture: (a) default for 30 days in the payment when due of interest
on, including Additional Amounts or Special Interest, if any, or with respect
to, the Notes; (b) default in payment, when due at Stated Maturity, upon
acceleration, redemption, required repurchase or otherwise, of the principal of,
or premium, if any, on the Notes; (c) failure by the Company or any Restricted
Subsidiary to comply with the provisions of Section 4.09, 4.10, 4.12, 4.18 or
5.01 of the Indenture; (d) failure by the Company or any Restricted Subsidiary
for 30 days after written notice thereof has been given to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 25% of the
aggregate principal amount of the Notes outstanding to comply with any of its
other covenants or agreements in the Indenture; (e) default under any mortgage,
indenture or instrument under which there may be issued or by which there may be
secured or evidenced any Indebtedness by the Company or any Restricted
Subsidiary, or the payment of which is guaranteed by the Company or any
Restricted Subsidiary, whether such Indebtedness or guarantee now exists, or is
created after the Issue Date, if that default: (i) is caused by a failure to pay
principal of, or interest or premium, if any, on, such Indebtedness prior to the
expiration of the grace period provided in such Indebtedness on the date of such
default (a "PAYMENT DEFAULT"); or (ii) results in the acceleration of such
Indebtedness prior to its Stated Maturity, and, in each case, the principal
amount of any such Indebtedness, together with the principal amount of any other
such Indebtedness under which there has been a Payment Default or the maturity
of which has been so accelerated, aggregates US$25.0 million or more; (f)
failure by the Company or any Restricted Subsidiary to pay final, non-appealable
judgments aggregating in excess of US$25.0 million, which judgments are not
paid, discharged or stayed for a period of 60 days; (g) any Subsidiary Guarantee
of a Significant Subsidiary ceases, or the Subsidiary Guarantees of any group of
Subsidiaries that, when taken together, would constitute a Significant
Subsidiary cease, to be in full force and effect (other than in accordance with
the terms of any such Subsidiary Guarantee) or any Subsidiary Guarantor that is
a Significant Subsidiary denies or disaffirms its obligations under its
Subsidiary Guarantee, or a group of Subsidiary Guarantors that, when taken
together, would constitute a Significant Subsidiary deny or disaffirm their
obligations under their respective Subsidiary Guarantees; and (h) certain events
of bankruptcy, insolvency or reorganization affecting the Company or any of its
Significant Subsidiaries.

         If any Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the then outstanding Notes may
declare all the Notes to be due and payable. Notwithstanding the foregoing, in
the case of an Event of Default arising from certain events of bankruptcy or
insolvency described in the Indenture, all outstanding Notes shall become due
and payable without further action or notice. Holders may not enforce the
Indenture or the Notes except as provided in the Indenture. Subject to certain
limitations, Holders of a majority in aggregate principal amount of the then
outstanding Notes may direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Holders notice of any continuing Default or Event
of Default (except a Default or Event of Default relating to the payment of
principal, premium, if any, or interest or Special Interest or Additional
Amounts, if any) if a majority of the Responsible Officers determines that
withholding notice is in the interests of the Holders. The Holders of a majority
in aggregate principal amount of the Notes then outstanding by notice to the
Trustee may on behalf of the Holders of all of the Notes waive any existing
Default or Event of Default and its consequences under the Indenture except a
continuing Default or Event of Default in the payment of principal, premium, if
any, or interest or Special Interest or Additional Amounts, if any. The Company
is required to deliver to the Trustee annually a statement regarding compliance
with the Indenture, and the Company is required upon becoming aware of any
Default or Event of Default, to deliver to the Trustee a statement specifying
such Default or Event of Default.

         13. TRUSTEE DEALINGS WITH COMPANY. Subject to certain limitations, the
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Company or any Affiliate of the Company
with the same rights it would have if it were not Trustee.

         14. NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, incorporator or stockholder of the Company or of any
Guarantor, as such, shall have any liability for any obligations of the Company
or any Guarantor under the Indenture, the Notes, the Guarantees or for any claim
based on, in respect of,

                                      A-6
<Page>

or by reason of, such obligations or their creation. Each Holder by accepting a
Note waives and releases all such liability.

         15. AUTHENTICATION. This Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent.

         16. ABBREVIATIONS. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

         17. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND
RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to Holders of
Notes under the Indenture, Holders of Restricted Global Notes and Restricted
Definitive Notes that are Initial Notes shall have all the rights set forth in
the Registration Rights Agreement, dated as of February 7, 2003, among the
Company and the parties named on the signature pages thereto or, in the case of
Additional Notes, Holders of Restricted Global Notes and Restricted Definitive
Notes shall have the rights set forth in one or more Registration Rights
Agreements, if any, among the Company and the other parties thereto, relating to
rights given by the Company to the purchasers of such Additional Notes.

         18. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Notes and has directed the Trustee to use
CUSIP numbers in notices of redemption or notices of Offers to Purchase as a
convenience to Holders. No representation is made as to the correctness of such
numbers either as printed on the Notes or as contained in any notice of
redemption or notice of an Offer to Purchase and reliance may be placed only on
the other identification numbers printed thereon and any such redemption or
Offer to Purchase shall not be affected by any defect in or omission of such
numbers.

         The Company shall furnish to any Holder upon written request and
without charge a copy of the Indenture. Requests may be made to: Sun Media
Corporation, 333 King Street East, Toronto, Ontario M5A 3XS, Canada, Attention:
Vice President, Corporate Controller.

          19. GOVERNING LAW. The internal law of the State of New York shall
govern and be used to construe this Note without giving effect to applicable
principals of conflicts of law to the extent that the application of the laws of
another jurisdiction would be required thereby.

                                      A-7
<Page>

                       Option of Holder to Elect Purchase

If you want to elect to have this Note purchased by the Company pursuant to
Section 4.12 or 4.18 of the Indenture, check the box below:

[  ]         Section 4.12

[  ]         Section 4.18

If you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.12 or Section 4.18 of the Indenture, state the amount you
elect to have purchased: US$_____________________

Date:_____________  Your Signature:________________________________
                    (Sign exactly as your name appears on the face of this Note)

                    Tax Identification No.:

                    ____________________________________________

                    SIGNATURE GUARANTEE:

                    ____________________________________________

                    Signatures must be guaranteed by an "eligible guarantor
                    institution" meeting the requirements of the Registrar,
                    which requirements include membership or participation in
                    the Security Transfer Agent Medallion Program ("STAMP") or
                    such other "signature guarantee program" as may be
                    determined by the Registrar in addition to, or in
                    substitution for, STAMP, all in accordance with the
                    Securities Exchange Act of 1934, as amended.

                                      A-8
<Page>

                                 ASSIGNMENT FORM

To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to

________________________________________________________________________________
            (Insert assignee's social security or other tax I.D. no.)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
              (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
as agent to transfer this Note on the books of the Company. The agent may
substitute another to act for him.

Date: ______________
                               Your Signature: _________________________________
                               (Sign exactly as your name appears on the face of
                               this Note)

                               Signature Guarantee:_____________________________

                               Signatures must be guaranteed by an "eligible
                               guarantor institution" meeting the requirements
                               of the Registrar, which requirements include
                               membership or participation in the Security
                               Transfer Agent Medallion Program ("STAMP") or
                               such other "signature guarantee program" as may
                               be determined by the Registrar in addition to, or
                               in substitution for, STAMP, all in accordance
                               with the Securities Exchange Act of 1934, as
                               amended.

                                      A-9
<Page>

              SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

                  The following exchanges of a part of this Global Note for an
interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note,
have been made:

<Table>
<Caption>
                                                                           Principal Amount
                                Amount of                                 of this Global Note       Signature of
                               decrease in         Amount of increase       following such      authorized signatory
                            Principal Amount      in Principal Amount        decrease (or           of Trustee or
Date of Exchange           of this Global Note    of this Global Note          increase)           Note Custodian
----------------           -------------------    -------------------          ---------           --------------
<S>                        <C>                    <C>                     <C>                   <C>

</Table>

                                      A-10
<Page>

                                    EXHIBIT B

                         FORM OF CERTIFICATE OF TRANSFER

Sun Media Corporation
333 King Street East
Toronto, Ontario M5A 3X5
Canada
Attention:  Vice President, Corporate Controller

National City Bank
Corporate Trust Department, Locator 01-3116
629 Euclid Avenue
Cleveland, Ohio  44114-3484
Attention: Corporate Trust Department
Facsimile No.:  (216) 222-9326

         Re:          7-5/8% SENIOR NOTES DUE 2013
                      ----------------------------

                  Reference is hereby made to the Indenture, dated as of
February 7, 2003 (the "INDENTURE"), among Sun Media Corporation, as issuer (the
"COMPANY"), the Subsidiary Guarantors party thereto and National City Bank, as
trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

                  ___________________, (the "TRANSFEROR") owns and proposes to
transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in
the principal amount of US$___________ in such Note[s] or interests (the
"TRANSFER"), to ___________________________ (the "TRANSFEREE"), as further
specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:

                             [CHECK ALL THAT APPLY]

               1. [  ] Check if Transferee will take delivery of a beneficial
interest in the 144A Global Note or a Definitive Note Pursuant to Rule 144A. The
Transfer is being effected pursuant to and in accordance with Rule 144A under
the United States Securities Act of 1933, as amended (the "SECURITIES ACT"),
and, accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Note is being transferred to a Person that the Transferor
reasonably believed and believes is purchasing the beneficial interest or
Definitive Note for its own account, or for one or more accounts with respect to
which such Person exercises sole investment discretion, and such Person and each
such account is a "qualified institutional buyer" within the meaning of Rule
144A in a transaction meeting the requirements of Rule 144A and such Transfer is
in compliance with any applicable blue sky securities laws of any state of the
United States. Upon consummation of the proposed Transfer in accordance with the
terms of the Indenture, the transferred beneficial interest or Definitive Note
will be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the 144A Global Note and/or the Definitive Note and
in the Indenture and the Securities Act.

               2. [  ] Check if Transferee will take delivery of a beneficial
interest in the Regulation S Global Note or a Definitive Note pursuant to
Regulation S. The Transfer is being effected pursuant to and in accordance with
Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor
hereby further certifies that (i) the Transfer is not being made to a Person in
the United States and (x) at the time the buy order was originated, the
Transferee was outside the United States or such Transferor and any Person
acting on its behalf reasonably believed and believes that the Transferee was
outside the United States or (y) the transaction was executed in, on or through
the facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was
prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule
904(a) of Regulation S under the Securities Act, (iii) the transaction is not
part of a plan or scheme to evade the registration requirements of the
Securities Act and (iv) if the proposed transfer is being made prior to the
expiration of the Distribution Compliance Period, the transfer is not being made
to a U.S. Person or for the account or benefit of a U.S. Person (other than an
Initial Purchaser). Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the

                                      B-1
<Page>

transferred beneficial interest or Definitive Note will be subject to the
restrictions on Transfer enumerated in the Private Placement Legend printed on
the Regulation S Global Note, the Temporary Regulation S Global Note and/or the
Definitive Note and in the Indenture and the Securities Act.

               3. [  ] Check and complete if Transferee will take delivery of a
beneficial interest in the IAI Global Note or a Definitive Note pursuant to any
provision of the Securities Act other than Rule 144A or Regulation S. The
Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and
any applicable blue sky securities laws of any state of the United States, and
accordingly the Transferor hereby further certifies that (check one):

                  (a) [  ] such Transfer is being effected  pursuant to and in
         accordance with Rule 144 under the Securities Act;

                           or

                  (b) [  ] such Transfer is being effected to the Company or a
         Subsidiary thereof;

                           or

                  (c) [  ] such Transfer is being effected pursuant to an
         effective registration statement under the Securities Act and in
         compliance with the prospectus delivery requirements of the Securities
         Act;

                           or

                  (d) [  ] such Transfer is being effected to an
         Institutional Accredited Investor and pursuant to an exemption from the
         registration requirements of the Securities Act other than Rule 144A,
         Rule 144 or Rule 904, and the Transferor hereby further certifies that
         it has not engaged in any general solicitation within the meaning of
         Regulation D under the Securities Act and the Transfer complies with
         the transfer restrictions applicable to beneficial interests in a
         Restricted Global Note or Restricted Definitive Notes and the
         requirements of the exemption claimed, which certification is supported
         by (1) a certificate executed by the Transferee in the form of Exhibit
         D to the Indenture and (2) if such Transfer is in respect of a
         principal amount of Notes at the time of transfer of less than
         US$250,000, an Opinion of Counsel provided by the Transferor or the
         Transferee (a copy of which the Transferor has attached to this
         certification), to the effect that such Transfer is in compliance with
         the Securities Act. Upon consummation of the proposed transfer in
         accordance with the terms of the Indenture, the transferred beneficial
         interest or Definitive Note will be subject to the restrictions on
         transfer enumerated in the Private Placement Legend printed on the IAI
         Global Note and/or the Definitive Notes and in the Indenture and the
         Securities Act.

               4. [  ] Check if Transferee will take delivery of a beneficial
interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.

               (a) [  ] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The
Transfer is being effected pursuant to and in accordance with Rule 144 under the
Securities Act and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any state of the United
States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will no longer be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture.

               (b) [  ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule
904 under the Securities Act and in compliance with the

                                      B-2
<Page>

transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will no longer
be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Restricted Global Notes, on Restricted Definitive Notes
and in the Indenture.

               (c) [ ] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The
Transfer is being effected pursuant to and in compliance with an exemption from
the registration requirements of the Securities Act other than Rule 144, Rule
903 or Rule 904 and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any State of the
United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer
in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global
Notes or Restricted Definitive Notes and in the Indenture.

               This certificate and the statements contained herein are made for
your benefit and the benefit of the Company.

                                                     ___________________________
                                                     [Insert Name of Transferor]

                                                     By:________________________
                                                        Name:
                                                        Title:

                                                     Dated:  ___________________

                                      B-3
<Page>

                       ANNEX A TO CERTIFICATE OF TRANSFER

            1.       The Transferor owns and proposes to transfer the following:

                            [CHECK ONE OF (a) OR (b)]

                      (a)    [  ] a beneficial interest in the:

                        (i)  [  ] 144A Global Note (CUSIP _________), or

                        (ii) [  ] Regulation S Global Note (CUSIP _________), or

                        (iii)[  ] IAI Global Note (CUSIP _________); or

                      (b)    [  ] a Restricted Definitive Note.

            2.       After the Transfer the Transferee will hold:

                         [CHECK ONE OF (a), (b) OR (c)]

                      (a)    [  ] a beneficial interest in the:

                        (i)  [  ] 144A Global Note (CUSIP _________), or

                        (ii) [  ] Regulation S Global Note (CUSIP _________), or

                        (iii)[  ] IAI Global Note (CUSIP _________); or

                        (iv) [  ] Unrestricted Global Note (CUSIP _________); or

                      (b)    [  ] a Restricted Definitive Note; or

                      (c)    [  ] an Unrestricted Definitive Note,

                      in accordance with the terms of the Indenture.

                                      B-4
<Page>

                                    EXHIBIT C

                         FORM OF CERTIFICATE OF EXCHANGE

Sun Media Corporation
333 King Street East
Toronto, Ontario M5A 3X5
Canada
Attention:

National City Bank
629 Euclid Avenue, Locator 01-3116
Cleveland, Ohio  44114-3484
Attention: Corporate Trust Department
Facsimile No.:  (216) 222-9326

         Re:          7-5/8% SENIOR NOTES DUE 2013
                      ----------------------------

                  Reference is hereby made to the Indenture, dated as of
February 7, 2003 (the "INDENTURE"), among Sun Media Corporation, as issuer (the
"COMPANY"), the Subsidiary Guarantors party thereto and National City Bank, as
trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

                  __________________________, (the "OWNER") owns and proposes to
exchange the Note[s] or interest in such Note[s] specified herein, in the
principal amount of US$____________ in such Note[s] or interests (the
"EXCHANGE"). In connection with the Exchange, the Owner hereby certifies that:

                  1. Exchange of Restricted Definitive Notes or Beneficial
Interests in a Restricted Global Note for Unrestricted Definitive Notes or
Beneficial Interests in an Unrestricted Global Note

                  (a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In
connection with the Exchange of the Owner's beneficial interest in a Restricted
Global Note for a beneficial interest in an Unrestricted Global Note in an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner's own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the
Restricted Global Note and pursuant to and in accordance with the United States
Securities Act of 1933, as amended (the "SECURITIES ACT"), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest in an Unrestricted Global Note is being
acquired in compliance with any applicable blue sky securities laws of any state
of the United States.

                  (b) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner's beneficial interest in a Restricted Global Note for an
Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner's own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Note and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the Unrestricted Definitive
Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States.

                  (c) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the
Owner's Exchange of a Restricted Definitive Note for a beneficial interest in an
Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner's own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in

                                      C-1
<Page>

order to maintain compliance with the Securities Act and (iv) the beneficial
interest is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States.

                  (d) [ ]CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO
UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner's Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Unrestricted Definitive Note is being acquired for the Owner's
own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the
Unrestricted Definitive Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

                  2. Exchange of Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes for Restricted Definitive Notes or
Beneficial Interests in Restricted Global Notes

                  (a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner's beneficial interest in a Restricted Global Note for a
Restricted Definitive Note with an equal principal amount, the Owner hereby
certifies that the Restricted Definitive Note is being acquired for the Owner's
own account without transfer. Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the Restricted Definitive Note
issued will continue to be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the Restricted Definitive Note and in
the Indenture and the Securities Act.

                  (b) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the
Exchange of the Owner's Restricted Definitive Note for a beneficial interest in
the [CIRCLE ONE] 144A Global Note, Regulation S Global Note, IAI Global Note
with an equal principal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner's own account without transfer and (ii)
such Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Definitive Note and pursuant to and in accordance
with the Securities Act, and in compliance with any applicable blue sky
securities laws of any state of the United States. Upon consummation of the
proposed Exchange in accordance with the terms of the Indenture, the beneficial
interest issued will be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the relevant Restricted Global Note and
in the Indenture and the Securities Act.

                                      C-2
<Page>

                  This certificate and the statements contained herein are made
for your benefit and the benefit of the Company.

                                             ________________________________
                                                 [Insert Name of Transferor]

                                             By:_____________________________
                                                Name:
                                                Title:

                                             Dated:  ______________________

                                      C-3
<Page>

                                    EXHIBIT D

                            FORM OF CERTIFICATE FROM
                   ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Sun Media Corporation
333 King Street East
Toronto, Ontario M5A 3X5
Canada
Attention:

National City Bank
629 Euclid Avenue, Locator 01-3116
Cleveland, Ohio  44114-3484
Attention: Corporate Trust Department
Facsimile No.:  (216) 222-9326

         Re:          7-5/8% SENIOR NOTES DUE 2013
                      ----------------------------

                  Reference is hereby made to the Indenture, dated as of
February 7, 2003 (the "INDENTURE"), among Sun Media Corporation, as issuer (the
"COMPANY"), the Subsidiary Guarantors party thereto and National City Bank, as
trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

                  In connection with our proposed purchase of US$____________
aggregate principal amount of:

                  (a) [ ]   a beneficial interest in a Global Note, or

                  (b) [ ]   a Definitive Note,

                            we confirm that:

                  1. We understand that any subsequent transfer of the Notes or
any interest therein is subject to certain restrictions and conditions set forth
in the Indenture and the undersigned agrees to be bound by, and not to resell,
pledge or otherwise transfer the Notes or any interest therein except in
compliance with, such restrictions and conditions and the United States
Securities Act of 1933, as amended (the "SECURITIES ACT").

                  2. We understand that the offer and sale of the Notes have not
been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following
sentence. We agree, on our own behalf and on behalf of any accounts for which we
are acting as hereinafter stated, that if we should sell the Notes or any
interest therein, we will do so only (A) to the Company or any subsidiary
thereof, (B) in accordance with Rule 144A under the Securities Act to a
"qualified institutional buyer" (as defined therein) that purchases for its own
account or for the account of a qualified institutional buyer to whom notice is
given that the transfer is being made in reliance on Rule 144A under the
Securities Act, (C) to an institutional "accredited investor" (as defined below)
that, prior to such transfer, furnishes (or has furnished on its behalf by a
U.S. broker-dealer) to you and to the Company a signed letter substantially in
the form of this letter and, such transfer is in respect of a minimum principal
amount of Notes of US$250,000, (D) pursuant to offers and sales to non-U.S.
Persons that occur outside the United States in accordance with Rule 904 of
Regulation S under the Securities Act, (E) pursuant to any other available
exemption under the Securities Act or (F) pursuant to an effective registration
statement under the Securities Act, and we further agree to provide to any
Person purchasing the Definitive Note or beneficial interest in a Global Note
from us in a transaction meeting the requirements of clauses (A) through (E) of
this paragraph a notice advising such purchaser that resales thereof are
restricted as stated herein.

                  3. We understand that, on any proposed resale of the Notes or
beneficial interest therein, we will be required to furnish to you and the
Company such certifications, legal opinions and other information as you

                                       D-1
<Page>

and the Company may reasonably require to confirm that the proposed sale
complies with the foregoing restrictions. We further understand that the Notes
purchased by us will bear a legend to the foregoing effect.

                  4. We are an institutional "accredited investor" (as defined
in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and
have such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of our investment in the Notes, and
we and any accounts for which we are acting are each able to bear the economic
risk of our or its investment. We have had access to such financial and other
information and have been afforded the opportunity to ask such questions of
representatives of the Company and receive answers thereto, as we deem necessary
in connection with our decision to purchase the Notes.

                  5. We are acquiring the Notes or beneficial interest therein
purchased by us for our own account, or for one or more accounts (each of which
is an institutional "accredited investor") as to each of which we exercise sole
investment discretion, for investment purposes only and are not acquiring the
Notes with a view to any distribution thereof in a transaction that would
violate the Securities Act of the securities laws of any state of the United
States or any other applicable jurisdiction.

                  You and the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. This letter shall be governed by,
and construed in accordance with, the laws of the State of New York.

                                            ____________________________________
                                            [Insert Name of Accredited Investor]

                                            By:_________________________________
                                               Name:
                                               Title:

Dated: ______________________

                                       D-2
<Page>

                                    EXHIBIT E

                          FORM OF NOTATION OF GUARANTEE

                  For value received, each Subsidiary Guarantor (which term
includes any successor Person under the Indenture), jointly and severally,
hereby unconditionally guarantees, to the extent set forth in the Indenture and
subject to the provisions in the Indenture, dated as of February 7, 2003 (the
"INDENTURE"), among Sun Media Corporation, as issuer (the "COMPANY"), the
Subsidiary Guarantors listed on the signature pages thereto and National City
Bank, as trustee (the "TRUSTEE"), (a) the due and punctual payment of the
principal of, premium, if any, and interest and Special Interest and Additional
Amounts, if any, on the Notes, whether at maturity, by acceleration, redemption
or otherwise, the due and punctual payment of interest on overdue principal and
premium, if any, and, to the extent permitted by law, interest and Special
Interest and Additional Amounts, if any, and the due and punctual performance of
all other obligations of the Company to the Holders or the Trustee under the
Notes and the Indenture, all in accordance with the terms of the Notes and the
Indenture; and (b) in case of any extension of time of payment or renewal of any
Notes or any of such other obligations, that the same shall be promptly paid in
full when due or performed in accordance with the terms of the extension or
renewal, whether at maturity, by acceleration pursuant to Section 6.02 of the
Indenture, redemption or otherwise. The obligations of the Subsidiary Guarantors
to the Holders of Notes and to the Trustee pursuant to the Subsidiary Guarantee
and the Indenture are expressly set forth in Article 10 of the Indenture and
reference is hereby made to the Indenture for the precise terms of the
Subsidiary Guarantee. Except to the extent provided in the Indenture, including
Sections 8.02, 8.03 and 10.05 thereof, this Subsidiary Guarantee shall not be
discharged except by complete performance of the obligations contained herein
and in the Indenture. Each Holder of a Note, by accepting the same agrees to and
shall be bound by such provisions. Capitalized terms used herein and not defined
are used herein as so defined in the Indenture.

                                                [NAME OF GUARANTOR]

                                                By:__________________________
                                                    Name:
                                                    Title:

                                       E-1
<Page>

                                    EXHIBIT F

                         FORM OF SUBORDINATION AGREEMENT

         This SUBORDINATION AGREEMENT is dated as of          (the "Agreement").

To:      National City Bank, for itself and as trustee under the Indenture
         referred to below for the holders of the Securities (the "Trustee")

                  [OBLIGOR] (the "Obligor"), as obligor under the convertible
obligation dated as of          , made by the Obligor in favour of [HOLDER]
(the "Subordinated Note"), and [HOLDER], as holder (the "Holder") of the
Subordinated Note, for ten dollars and other good and valuable consideration
received by each of the Obligor and the Holder from the Trustee and by each
of the Obligor and the Holder from the other, agree as follows:

1.       INTERPRETATION.

         (a) "CASH, PROPERTY OR SECURITIES". "Cash, Property or Securities"
shall not be deemed to include securities of the Obligor or any other Person
provided for by a plan of reorganization or readjustment, the payment of which
is subordinated at least to the extent provided herein with respect to the
Subordinated Note, to the payment of all Senior Indebtedness which may at the
time be outstanding; provided, however, that (i) all Senior Indebtedness is
assumed by the new Person, if any, resulting from any such reorganization or
readjustment, and (ii) the rights of the holders of the Senior Indebtedness are
not, without the consent of such holders, altered by such reorganization or
readjustment.

         (b) "PAYMENT IN FULL". "payment in full", with respect to Senior
Indebtedness, means the receipt on an irrevocable basis of cash in an amount
equal to the unpaid principal amount of the Senior Indebtedness and premium, if
any, and interest and any special interest thereon to the date of such payment,
together with all other amounts owing with respect to such Senior Indebtedness.

         (c) "SENIOR INDEBTEDNESS". "Senior Indebtedness" means, at any date all
indebtedness (including, without limitation, any and all amounts of principal,
interest, special interest, additional amounts, premium, fees, penalties,
indemnities and "post-petition interest" in bankruptcy and any reimbursement of
expenses) under (1) the Indenture, including, without limitation, the "Notes,"
the "Subsidiary Guarantees," the "Exchange Notes," the "Additional Notes" and
any "Guarantee" of the Exchange Notes or the Additional Notes (in each case, as
defined in the Indenture) and (2) the Credit Agreement, dated as of February 7,
2003, among Sun Media Corporation ("Sun Media"), the financial institutions
identified as lenders therein, Banc of America Securities LLC, as joint lead
arranger, Bank of America, N.A., as administrative agent, and Credit Suisse
First Boston Corporation, as joint lead arranger and syndication agent.

2.       AGREEMENT ENTERED INTO PURSUANT TO INDENTURE. The Obligor and the
Holder are entering into this Agreement pursuant to the provisions of the
Indenture, dated as of February 7, 2003 (the "Indenture"; capitalized terms
used herein without definition having the meanings set forth therein) among
Sun Media, the Subsidiary Guarantors and the Trustee. Pursuant to the
Indenture, Sun Media has issued and the Subsidiary Guarantors have
guaranteed, US$205,000,000 aggregate principal amount of Sun Media's 7-5/8%
Senior Notes due 2013 (the "Securities").

3.       SUBORDINATION. The indebtedness represented by the Subordinated Note
shall be subordinated as follows:

         (a) AGREEMENT TO SUBORDINATE. The Obligor, for itself and its
successors and assigns, and the Holder agree, that the indebtedness evidenced by
the Subordinated Note (including, without limitation,

                                       F-1
<Page>

principal, interest, premium, fees, penalties, indemnities and "post-petition
interest" in bankruptcy and any reimbursement of expenses) is subordinate and
junior in right of payment, to the extent and in the manner provided in this
Section 3, to the prior payment in full of all Senior Indebtedness. The
provisions of this Section 3 are for the benefit of the Trustee acting on behalf
of the holders from time to time of Senior Indebtedness, and such holders are
hereby made obligees hereunder to the same extent as if their names were written
herein as such, and they (collectively or singly) may proceed to enforce such
provisions.

         (b) LIQUIDATION, DISSOLUTION OR BANKRUPTCY.

             (i) Upon any distribution of assets of the Obligor to creditors or
                 upon a liquidation or dissolution or winding-up of the Obligor
                 or in a bankruptcy, arrangement, liquidation, reorganization,
                 insolvency, receivership or similar case or proceeding relating
                 to the Obligor or its property or other marshalling of assets
                 of the Obligor:

                 (A) the holders of Senior Indebtedness shall be entitled to
                     receive payment in full of all Senior Indebtedness before
                     the Holder shall be entitled to receive any payment of
                     principal of or interest on, or any other amount owing in
                     respect of, the Subordinated Note;

                 (B) until payment in full of all Senior Indebtedness, any
                     distribution of assets of the Obligor of any kind or
                     character to which the Holder would be entitled but for
                     this Section 3 is hereby assigned to the holders of Senior
                     Indebtedness absolutely and shall be paid by the Obligor or
                     by any receiver, trustee in bankruptcy, liquidating
                     trustee, agents or other Persons making such payment or
                     distribution to the Trustee on behalf of the holders of
                     Senior Indebtedness, as their interests may appear; and

                 (C) in the event that, notwithstanding the foregoing, any
                     payment or distribution of assets of the Obligor of any
                     kind or character, whether in Cash, Property or Securities,
                     shall be received by the Holder before all Senior
                     Indebtedness is paid in full, such payment or distribution
                     shall be held in trust for the benefit of and shall be paid
                     over to the Trustee on behalf of the holders of Senior
                     Indebtedness, as their interests may appear, for
                     application to the payment of all Senior Indebtedness until
                     all Senior Indebtedness shall have been paid in full after
                     giving effect to any concurrent payment or distribution to
                     the holders of Senior Indebtedness in respect of such
                     Senior Indebtedness.

            (ii) If (A) a bankruptcy, reorganization, insolvency, receivership
                 or similar proceeding relating to the Obligor or its property
                 (a "Reorganization Proceeding") is commenced and is continuing
                 and (B) the Holder does not file proper claims or proofs of
                 claim in the form required in a Reorganization Proceeding prior
                 to 45 days before the expiration of the time to file such
                 claims, then (1) upon the request of the Trustee, the Holder
                 shall file such claims and proofs of claim in respect of the
                 Subordinated Note and execute and deliver such powers of
                 attorney, assignments and proofs of claim or proxies as may be
                 directed by the Trustee to enable it to exercise in the sole
                 discretion of the Trustee any and all voting rights
                 attributable to the Subordinated Note which are capable of
                 being voted (whether by meeting, written resolution or
                 otherwise) in a Reorganization Proceeding and enforce any and
                 all claims upon or in respect of the Subordinated Note and to
                 collect and receive any and all payments or distributions which
                 may be payable or deliverable at any time upon or in respect

                                         ii
<Page>

                 of the Subordinated Note, and (2) whether or not the Trustee
                 shall take the action described in clause (1) above, the
                 Trustee shall nevertheless be deemed to have such powers of
                 attorney as may be necessary to enable the Trustee to exercise
                 such voting rights, file appropriate claims and proofs of claim
                 and otherwise exercise the powers described above for and on
                 behalf of the Holder.

         (c) SUBROGATION. After all Senior Indebtedness is paid in full and
until the Subordinated Note is paid in full, the Holder shall be subrogated to
the rights of the holders of Senior Indebtedness. For purposes of this Section
3(c), a distribution made under this Section 3 to holders of Senior Indebtedness
which otherwise would have been made to the Holder, or a payment made by the
Holder to holders of Senior Indebtedness in respect of a turnover obligation
under this Section 3, is not, as between the Obligor and such holder, a payment
by the Obligor on Senior Indebtedness.

         (d) RELATIVE RIGHTS. This Section 3 defines the relative rights of the
Holder and the holders of Senior Indebtedness. Nothing in this Section 3 shall:

             (i)   impair, as between the Obligor and the Holder, the obligation
                   of the Obligor, which is absolute and unconditional, to pay
                   the principal of and interest on the Subordinated Note in
                   accordance with its terms; or

             (ii)  affect the relative rights of the Holder and creditors of the
                   Obligor other than the holders of Senior Indebtedness; or

             (iii) affect the relative rights of the holders of Senior
                   Indebtedness among themselves; or

             (iv)  prevent the Holder from exercising its available remedies
                   upon a default, subject to the rights of the holders of
                   Senior Indebtedness to receive cash, property or other assets
                   otherwise payable to the Holder.

         (e) SUBORDINATION MAY NOT BE IMPAIRED.

             (i)   No right of any holder of Senior Indebtedness to enforce the
                   subordination of indebtedness evidenced by the Subordinated
                   Note shall in any way be prejudiced or impaired by any act or
                   failure to act by the Obligor or by any such holder or the
                   Trustee, or by any non-compliance by the Obligor with the
                   terms, provisions or covenants herein, regardless of any
                   knowledge thereof which any such holder or the Trustee may
                   have or be otherwise charged with. Neither the subordination
                   of the Subordinated Note as herein provided nor the rights of
                   the holders of Senior Indebtedness with respect hereto shall
                   be affected by any extension, renewal or modification of the
                   terms, or the granting of any security in respect of, any
                   Senior Indebtedness or any exercise or non-exercise of any
                   right, power or remedy with respect thereto.

             (ii)  The Holder agrees that all indebtedness evidenced by the
                   Subordinated Note will be unsecured by any Lien upon or with
                   respect to any property of the Obligor.

             (iii) The Holder agrees not to exercise any offset or counterclaim
                   or similar right in respect of the indebtedness evidenced by
                   the Subordinated Note except to the extent payment of such
                   indebtedness is permitted and will not assign or otherwise
                   dispose of the Subordinated Note or the indebtedness which it
                   evidences unless the assignee or acquiror, as the case may
                   be, agrees to be bound by the terms of this Agreement.

                                         iii
<Page>

         (f) HOLDER ENTITLED TO RELY. Upon any payment or distribution pursuant
to this Section 3, the Holder shall be entitled to rely (i) upon any order or
decree of a court of competent jurisdiction in which any proceedings of the
nature referred to in Section 3(b) are pending, (ii) upon a certificate if the
liquidating trustee or agent or other person in such proceedings making such
payment or distribution to the Holder or its representative, if any, or (iii)
upon a certificate of the Trustee or any representative (if any) of the holders
of Senior Indebtedness for the purpose of ascertaining the persons entitled to
participate in such payment or distribution, the holders of the Senior
Indebtedness and other indebtedness of the Obligor, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other
facts pertinent thereto or to this Section 3.

4.       ENFORCEABILITY. Each of the Obligor and the Holder represents and
warrants that this Agreement has been duly authorized, executed and delivered
by each of the Obligor and the Holder and constitutes a valid and legally
binding obligation of each of the Obligor and the Holder, enforceable in
accordance with its terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors' rights and to general
equity principles; and on the date hereof, the Holder shall deliver an
opinion or opinions of counsel to such effect to the Trustee for the benefit
of the holders of the Securities.

5.       MISCELLANEOUS.

         (a) Until payment in full of all the Senior Indebtedness, the Obligor
and the Holder agree that no amendment shall be made to the Subordinated Note
which would affect the rights of the holders of the Senior Indebtedness
hereunder.

         (b) This Agreement may not be amended or modified in any respect, nor
may any of the terms or provisions hereof be waived, except by an instrument
signed by the Obligor, the Holder and the Trustee.

         (c) This Agreement shall be binding upon each of the parties hereto and
their respective successors and assigns and shall inure to the benefit of the
Trustee and each and every holder of Senior Indebtedness and their respective
successors and assigns.

         (d) This Agreement shall be governed by and construed in accordance
with the laws of the State of New York.

         (e) The Holder and the Obligor each hereby irrevocably agrees that any
suits, actions or proceedings arising out of or in connection with this
Agreement may be brought in any state or federal court sitting in The City of
New York or any court in the Province of Quebec and submits and attorns to the
non-exclusive jurisdiction of each such court.

         (f) The Holder and the Obligor will whenever and as often as reasonably
requested to do so by the Trustee, do, execute, acknowledge and deliver any and
all such other and further acts, assignments, transfers and any instruments of
further assurance, approvals and consents as are necessary or proper in order to
give complete effect to this Agreement.

         (g) Each of the Holder and the Obligor irrevocably appoints CT
Corporation System, as its authorized agent in the State of New York upon which
process may be served in any such suit or proceedings, and agrees that service
of process upon such agent, and written notice of said service to CT Corporation
System, by the person serving the same to the addresses listed below, shall be
deemed in every respect effective service of process upon the Holder or the
Obligor, as applicable, in any such suit or proceeding.

         If to the Obligor:

                                         iv
<Page>

         [        ]

         If to the Holder:

         [        ]

         Each of the Holder and the Obligor further agrees to take any and all
action as may be necessary to maintain such designation and appointment of such
agent in full force and effect for a period of ten years from the date of this
Agreement.

                                         v
<Page>

                  IN WITNESS WHEREOF, the Obligor and the Holder each have
caused this Agreement to be duly executed.

                                                [OBLIGOR]
                                                by
                                                  ------------------------------
                                                   Name:     |X|
                                                   Title:    |X|

                                                [HOLDER]
                                                by
                                                  ------------------------------
                                                   Name:     |X|
                                                   Title:    |X|

                                         vi<Page>

                                                                    EXHIBIT 4.3

                              SUN MEDIA CORPORATION

                            7 5/8% SENIOR NOTES DUE 2013

                          REGISTRATION RIGHTS AGREEMENT

                                                              New York, New York
                                                                February 7, 2003

Salomon Smith Barney Inc.
RBC Dominion Securities Corporation
TD Securities (USA) Inc.
BMO Nesbitt Burns Corp.
Credit Suisse First Boston Corporation
Scotia Capital (USA) Inc.
CIBC World Markets Corp.
   c/o Salomon Smith Barney Inc.
   388 Greenwich Street
   New York, New York 10013

Ladies and Gentlemen:

                  Sun Media Corporation, a company continued under the laws of
the Province of British Columbia (the "Company"), proposes to issue and sell its
7 5/8% Senior Notes due 2013 (the "Notes") to certain purchasers (the "Initial
Purchasers"), upon the terms set forth in a Purchase Agreement, dated as of
January 30, 2003, by and among the Company, the subsidiary guarantors signatory
thereto and the Initial Purchasers (the "Purchase Agreement") relating to the
initial placement of the Notes (the "Initial Placement"). The Notes will be
guaranteed (the "Guarantees" and, together with the Notes, the "Securities") on
an unsecured senior basis by each of the Company's direct and indirect
subsidiaries set forth on the signature page hereto (the "Subsidiary
Guarantors"). To induce the Initial Purchasers to enter into the Purchase
Agreement and to satisfy a condition of your obligations thereunder, the Company
and the Subsidiary Guarantors, jointly and severally, agree with you for your
benefit and the benefit of the holders from time to time of the Securities
(including the Initial Purchasers) (each a "Holder" and, together, the
"Holders"), as follows:

                  1.   DEFINITIONS. Capitalized terms used herein without
definition shall have their respective meanings set forth in the Purchase
Agreement. As used in this Agreement, the following capitalized defined terms
shall have the following meanings:

                  "Act" shall mean the Securities Act of 1933, as amended, and
the rules and regulations of the Commission promulgated thereunder.

                  "Affiliate" of any specified Person shall mean any other
Person that, directly or indirectly, is in control of, is controlled by, or is
under common control with, such specified

<Page>

Person. For purposes of this definition, control of a Person shall mean the
power, direct or indirect, to direct or cause the direction of the management
and policies of such Person whether by contract or otherwise; and the terms
"controlling" and "controlled" shall have meanings correlative to the foregoing.

                  "Broker-Dealer" shall mean any broker or dealer registered as
such under the Exchange Act.

                  "Business Day" shall mean any day other than a Saturday, a
Sunday or a legal holiday or a day on which banking institutions or trust
companies are authorized or obligated by law to close in New York City.

                  "Commission" shall mean the Securities and Exchange
Commission.

                  "Company" shall have the meaning set forth in the preamble
hereto.

                  "Exchange Act" shall mean the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the Commission promulgated
thereunder.

                  "Exchange Offer Registration Period" shall mean the period
following the consummation of the Registered Exchange Offer, which period shall
end on the sooner of the 180th day after the consummation of the Registered
Exchange Offer and the date on which all Exchanging Dealers have sold all New
Securities held by them (unless such period is extended pursuant to Section 5(k)
hereof).

                  "Exchange Offer Registration Statement" shall mean a
registration statement of the Company and the Subsidiary Guarantors on an
appropriate form under the Act with respect to the Registered Exchange Offer,
all amendments and supplements to such registration statement, including
post-effective amendments thereto, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by
reference therein.

                  "Exchanging Dealer" shall mean any Holder (which may include
any Initial Purchaser) that is a Broker-Dealer and elects to exchange for New
Securities any Securities that it acquired for its own account as a result of
market-making activities or other trading activities (but not directly from the
Company or any Affiliate of the Company).

                  "Final Memorandum" shall have the meaning set forth in the
Purchase Agreement.

                  "Guarantees" shall have the meaning set forth in the preamble
hereto.

                  "Holder" and "Holders" shall have the respective meanings set
forth in the preamble hereto.

                  "Indenture" shall mean the Indenture relating to the
Securities, dated as of February 7, 2003, among the Company, the Subsidiary
Guarantors and National City Bank, as the Trustee, as the same may be amended
from time to time in accordance with the terms thereof.

                                       2
<Page>

                  "Initial Placement" shall have the meaning set forth in the
preamble hereto.

                  "Initial Purchasers" shall have the meaning set forth in the
preamble hereto.

                  "Losses" shall have the meaning set forth in Section 7(d)
hereof.

                  "Majority Holders" shall mean the Holders of a majority of the
aggregate principal amount of Securities registered or to be registered under a
Registration Statement.

                  "Managing Underwriters" shall mean the investment banker or
investment bankers and manager or managers that shall administer an underwritten
offering.

                  "New Securities" shall mean the 7 5/8% Senior Notes due 2013
issued by the Company containing terms identical in all material respects to,
and evidencing the same indebtedness as, the Securities (except that (i)
interest thereon shall accrue from the last date on which interest was paid on
the Securities or, if no such interest has been paid, from the date of their
original issue, (ii) the transfer restrictions thereon shall be eliminated and
(iii) certain provisions relating to an increase in the rate of interest thereon
shall be eliminated), to be offered to Holders in exchange for Securities
pursuant to the Registered Exchange Offer.

                  "Notes" shall have the meaning set forth in the preamble
hereto.

                  "Prospectus" shall mean the prospectus included in any
Registration Statement (including, without limitation, a prospectus that
discloses information previously omitted from a prospectus filed as part of an
effective registration statement in reliance upon Rule 430A under the Act), as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Securities or the New Securities covered
by such Registration Statement, and all amendments and supplements thereto and
all material incorporated by reference therein.

                  "Purchase Agreement" shall have the meaning set forth in the
preamble hereto.

                  "Registered Exchange Offer" shall mean the proposed offer of
the Company and the Guarantors to issue and deliver to the Holders that are not
prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the Securities, a like aggregate principal amount of the
New Securities.

                  "Registration Statement" shall mean any Exchange Offer
Registration Statement or Shelf Registration Statement that covers any of the
Securities or the New Securities pursuant to the provisions of this Agreement,
any amendments and supplements to such registration statement, including
post-effective amendments (in each case including the Prospectus contained
therein), all exhibits thereto and all material incorporated by reference
therein.

                  "Securities" shall have the meaning set forth in the preamble
hereto.

                  "Shelf Registration" shall mean a registration effected
pursuant to Section 3 hereof.

                                       3
<Page>

                  "Shelf Registration Period" has the meaning set forth in
Section 3(b)(ii) hereof.

                  "Shelf Registration Statement" shall mean a "shelf"
registration statement of the Company and the Subsidiary Guarantors pursuant to
the provisions of Section 3 hereof which covers some or all of the Securities or
New Securities, as applicable, on an appropriate form under Rule 415 under the
Act, or any similar rule that may be adopted by the Commission, amendments and
supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein.

                  "Subsidiary Guarantors" shall have the meaning set forth in
the preamble hereto.

                  "Trustee" shall mean the trustee with respect to the
Securities under the Indenture.

                  "underwriter" shall mean any underwriter of the Securities in
connection with an offering thereof under a Shelf Registration Statement.

                  2.   REGISTERED EXCHANGE OFFER.

                       (a)   The Company shall prepare and, not later than 45
          days following the date of the original issuance of the Securities (or
          if such 45th day is not a Business Day, the next succeeding Business
          Day), shall file with the Commission the Exchange Offer Registration
          Statement with respect to the Registered Exchange Offer. The Company
          shall use its best efforts to cause the Exchange Offer Registration
          Statement to be declared effective under the Act within 120 days of
          the date of the original issuance of the Securities (or if such 120th
          day is not a Business Day, the next succeeding Business Day).

                       (b)   Upon the effectiveness of the Exchange Offer
          Registration Statement, the Company shall promptly commence the
          Registered Exchange Offer, it being the objective of such Registered
          Exchange Offer to enable each Holder electing to exchange Securities
          for New Securities (assuming that such Holder is not an Affiliate of
          the Company, acquires the New Securities in the ordinary course of
          such Holder's business, has no arrangements with any Person to
          participate in the distribution of the New Securities and is not
          prohibited by any law or policy of the Commission from participating
          in the Registered Exchange Offer) to trade such New Securities from
          and after their receipt without any limitations or restrictions under
          the Act and without material restrictions under the securities laws of
          a substantial proportion of the several states of the United States.

                       (c)   In connection with the Registered Exchange Offer,
          the Company shall:

                             (i)   mail to each Holder a copy of the Prospectus
                    forming part of the Exchange Offer Registration Statement,
                    together with an appropriate letter of transmittal and
                    related documents;

                                       4
<Page>

                             (ii)  keep the Registered Exchange Offer open for
                    not less than 30 days and not more than 45 days after the
                    date notice thereof is mailed to the Holders (or, in each
                    case, longer if required by applicable law);

                             (iii) use its best efforts to keep the Exchange
                    Offer Registration Statement continuously effective under
                    the Act, supplemented and amended as required under the Act,
                    to ensure that it is available for sales of New Securities
                    by Exchanging Dealers during the Exchange Offer Registration
                    Period;

                             (iv)  utilize the services of a depositary for the
                    Registered Exchange Offer with an address in the Borough of
                    Manhattan in New York City, which may be the Trustee or its
                    Affiliate;

                             (v)   permit Holders to withdraw tendered
                    Securities at any time prior to the close of business, New
                    York time, on the last Business Day on which the Registered
                    Exchange Offer is open;

                             (vi)  prior to effectiveness of the Exchange Offer
                    Registration Statement, if requested by the Commission,
                    provide a supplemental letter to the Commission (A) stating
                    that the Company and the Subsidiary Guarantors are
                    conducting the Registered Exchange Offer in reliance on the
                    position of the Commission in EXXON CAPITAL HOLDINGS
                    CORPORATION (pub. avail. May 13, 1988) and MORGAN STANLEY
                    AND CO., INC. (pub. avail. June 5, 1991); and (B) including
                    a representation that neither the Company nor any Subsidiary
                    Guarantor has entered into any arrangement or understanding
                    with any Person to distribute the New Securities to be
                    received in the Registered Exchange Offer and that neither
                    the Company nor any Subsidiary Guarantor will issue New
                    Securities to any Holder participating in the Registered
                    Exchange Offer who fails to certify to the Company that such
                    Holder is acquiring the New Securities in the ordinary
                    course of business and has no arrangement or understanding
                    with any Person to participate in the distribution of the
                    New Securities; and

                             (vii) comply in all respects with all applicable
                    laws.

                       (d)   As soon as practicable after the close of the
          Registered Exchange Offer, the Company and the Subsidiary Guarantors
          shall:

                             (i)   accept for exchange all Securities tendered
                    and not validly withdrawn pursuant to the Registered
                    Exchange Offer;

                             (ii)  deliver to the Trustee for cancellation in
                    accordance with Section 5(s) hereof all Securities so
                    accepted for exchange; and

                             (iii) cause the Trustee promptly to authenticate
                    and deliver to each Holder a principal amount of New
                    Securities equal to the principal amount of the Securities
                    of such Holder so accepted for exchange.

                                       5
<Page>

                       (e)   With respect to any resales of New Securities
          obtained by a Holder in exchange for Securities acquired by such
          Holder directly from the Company or one of its Affiliates, each Holder
          hereby acknowledges and agrees that any Broker-Dealer and any such
          Holder using the Registered Exchange Offer to participate in a
          distribution of the New Securities, (x) could not under Commission
          policy as in effect on the date of this Agreement rely on the position
          of the Commission in MORGAN STANLEY AND CO., INC. (pub. avail. June 5,
          1991) and EXXON CAPITAL HOLDINGS CORPORATION (pub. avail. May 13,
          1988), as interpreted in the Commission's letter to Shearman &
          Sterling dated July 2, 1993 and similar no-action letters; and (y)
          must comply with the registration and prospectus delivery requirements
          of the Act in connection with any secondary resale transaction that
          must be covered by an effective registration statement containing the
          selling security holder information required by Item 507 or 508, as
          applicable, of Regulation S-K under the Act. Accordingly, each Holder
          participating in the Registered Exchange Offer shall be required to
          represent in writing to the Company that, at the time of the
          consummation of the Registered Exchange Offer:

                             (i)   any New Securities received by such Holder
                    will be acquired in the ordinary course of business;

                             (ii)  such Holder has had and will have no
                    arrangement or understanding with any Person to participate
                    in the distribution of the Securities or the New Securities
                    within the meaning of the Act; and

                             (iii) such Holder is not an Affiliate of the
                    Company or any of the Subsidiary Guarantors (or if it is
                    such an Affiliate, that it will comply with the registration
                    and prospectus delivery requirements of the Act to the
                    extent applicable).

                       (f)   If any Initial Purchaser determines that it is not
          eligible to participate in the Registered Exchange Offer with respect
          to the exchange of Securities constituting any portion of an unsold
          allotment, at the request of such Initial Purchaser, the Company and
          the Subsidiary Guarantors shall issue and deliver to such Initial
          Purchaser or the Person purchasing New Securities registered under a
          Shelf Registration Statement as contemplated by Section 3 hereof from
          such Initial Purchaser, in exchange for such Securities, a like
          principal amount of New Securities. The Company shall use its best
          efforts to cause the CUSIP Service Bureau to issue the same CUSIP
          number for such New Securities as for New Securities issued pursuant
          to the Registered Exchange Offer.

                  3.   SHELF REGISTRATION.

                       (a)   If (i) due to any change in law or applicable
          interpretations thereof by the Commission's staff, the Company
          determines upon advice of its outside counsel that it or any
          Subsidiary Guarantor is not permitted to effect the Registered
          Exchange Offer as contemplated by Section 2 hereof; or (ii) for any
          other reason the Exchange Offer Registration Statement is not declared
          effective by the Commission under the Act within 120 days of the date
          of the original issuance of the Securities (or if such 120th day is
          not a Business Day, the next succeeding Business Day) or the
          Registered Exchange

                                       6
<Page>

          Offer is not consummated within 150 days of the date hereof (or if
          such 150th day is not a Business Day, the next succeeding Business
          Day); (iii) any Initial Purchaser so requests with respect to
          Securities that are not eligible to be exchanged for New Securities in
          the Registered Exchange Offer and that are held by it following
          consummation of the Registered Exchange Offer; (iv) any Holder (other
          than an Initial Purchaser) is not eligible to participate in the
          Registered Exchange Offer or does not receive freely tradeable New
          Securities in the Registered Exchange Offer, other than by reason of
          such Holder being an Affiliate of the Company and the Subsidiary
          Guarantors (it being understood that the requirement that a
          participating Broker-Dealer deliver the prospectus contained in the
          Exchange Offer Registration Statement in connection with sales of New
          Securities shall not result in such New Securities being not "freely
          tradable"); or (v) in the case of any Initial Purchaser that
          participates in the Registered Exchange Offer or acquires New
          Securities pursuant to Section 2(f) hereof, such Initial Purchaser
          does not receive freely tradeable New Securities in exchange for
          Securities constituting any portion of an unsold allotment, other than
          by reason of such Holder being an Affiliate of the Company (it being
          understood that (x) the requirement that an Initial Purchaser deliver
          a Prospectus containing the information required by Item 507 or 508 of
          Regulation S-K under the Act in connection with sales of New
          Securities acquired in exchange for such Securities shall not result
          in such New Securities being not "freely tradeable;" and (y) the
          requirement that an Exchanging Dealer deliver a Prospectus in
          connection with sales of New Securities acquired in the Registered
          Exchange Offer in exchange for Securities acquired as a result of
          market-making activities or other trading activities shall not result
          in such New Securities being not "freely tradeable"), the Company
          shall effect, at its cost, a Shelf Registration Statement in
          accordance with subsection (b) below.

                       (b)   (i)  The Company shall as promptly as practicable
          (but in no event more than 45 days after so required or requested
          pursuant to this Section 3, or if such 45th day is not a Business Day,
          the next succeeding Business Day), file with the Commission and
          thereafter shall use its best efforts to cause to be declared
          effective under the Act a Shelf Registration Statement relating to the
          offer and sale of the Securities or the New Securities, as applicable,
          by the Holders thereof from time to time in accordance with the
          methods of distribution elected by such Holders and set forth in such
          Shelf Registration Statement; PROVIDED, HOWEVER, that no Holder (other
          than an Initial Purchaser) shall be entitled to have the Securities
          held by it covered by such Shelf Registration Statement unless such
          Holder agrees in writing to be bound by all of the provisions of this
          Agreement applicable to such Holder; and PROVIDED FURTHER, that with
          respect to New Securities received by an Initial Purchaser in exchange
          for Securities constituting any portion of an unsold allotment, the
          Company may, if permitted by current interpretations by the
          Commission's staff, file a post-effective amendment to the Exchange
          Offer Registration Statement containing the information required by
          Item 507 or 508 of Regulation S-K, as applicable, in satisfaction of
          its obligations under this subsection with respect thereto, and any
          such Exchange Offer Registration Statement, as so amended, shall be
          referred to herein as, and governed by the provisions herein
          applicable to, a Shelf Registration Statement.

                                       7
<Page>

                             (ii)  The Company shall use its best efforts to
                    keep the Shelf Registration Statement continuously
                    effective, supplemented and amended as required by the Act,
                    in order to permit the Prospectus forming part thereof to be
                    usable by Holders for a period of two years from the date
                    the Shelf Registration Statement is declared effective by
                    the Commission (or for such longer period if extended
                    pursuant to Section 5(k) hereof) or such shorter period that
                    will terminate when all the Securities or New Securities, as
                    applicable, covered by the Shelf Registration Statement have
                    been sold pursuant to the Shelf Registration Statement (in
                    any such case, such period being called the "Shelf
                    Registration Period"). The Company shall be deemed not to
                    have used its best efforts to keep the Shelf Registration
                    Statement effective during the requisite period if it
                    voluntarily takes any action that would result in Holders of
                    Securities covered thereby not being able to offer and sell
                    such Securities during that period, unless (A) such action
                    is required by applicable law; or (B) such action is taken
                    by the Company in good faith and for valid business reasons
                    (not including avoidance of the Company's obligations
                    hereunder), including the acquisition or divestiture of
                    assets (to the extent permitted by the terms of the
                    Indenture), so long as the Company promptly thereafter
                    complies with the requirements of Section 5(k) hereof, if
                    applicable.

                             (iii) The Company shall cause the Shelf
                    Registration Statement and the related Prospectus and any
                    amendment or supplement thereto, as of the effective date of
                    the Shelf Registration Statement or such amendment or
                    supplement, (A) to comply in all material respects with the
                    applicable requirements of the Act; and (B) not to contain
                    any untrue statement of a material fact or omit to state a
                    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.

                  4.   SPECIAL INTEREST. If (a) on or prior to the 45th day
following the original issue date of the Securities (or if such 45th day is not
a Business Day, the next succeeding Business Day), neither the Exchange Offer
Registration Statement nor the Shelf Registration Statement has been filed with
the Commission, (b) on or prior to the 120th day following the original issue
date of the Securities (or if such 120th day is not a Business Day, the next
succeeding Business Day), neither the Exchange Offer nor the Shelf Registration
Statement has been declared effective by the Commission, (c) on or prior to the
150th day following the original issue date of the Securities (or if such 150th
day is not a Business Day the next succeeding Business Day), neither has the
Exchange Offer Registration Statement been consummated nor had the Shelf
Registration Statement been declared effective, or (d) after either the Exchange
Offer Registration Statement or the Shelf Registration Statement has been
declared effective, such Registration Statement thereafter ceases to be
effective or usable in connection with resales of Securities or New Securities
in accordance with and during the periods specified in this Agreement, unless,
in the case of this clause (d), a Shelf Registration Statement or its related
Prospectus ceases to be effective or usable solely as a result of the occurrence
of material events with respect to the Company and/or the Subsidiary Guarantors
that would be required by law to be described in such Shelf Registration
Statement or the related Prospectus, PROVIDED that the Company shall promptly
and in good faith amend or supplement such Shelf Registration

                                       8

<Page>

Statement and the related Prospectus to describe such events, (each such event
referred to in clauses (a) through (d), a "Registration Default"), then interest
("Special Interest") shall accrue on the principal amount of the Securities and
the New Securities (in addition to the special interest on the Securities and
New Securities) from and including the date on which any such Registration
Default shall have occurred to but excluding the date on which all Registration
Defaults have been cured. Special Interest shall accrue at a rate of 0.25% per
annum during the 90-day period immediately following the occurrence of such
Registration Default and shall increase by 0.25% per annum at the end of each
subsequent 90-day period, but in no event shall such rate exceed 1.00% per
annum.

                  All obligations of the Company and the Subsidiary Guarantors
set forth in the preceding paragraph that are outstanding with respect to any
Security at the time such Security is exchanged for a New Security shall survive
until such time as all such obligations with respect to such Security have been
satisfied in full.

                  5.   ADDITIONAL REGISTRATION PROCEDURES. In connection with
any Shelf Registration Statement and, to the extent applicable, any Exchange
Offer Registration Statement, the following provisions shall apply.

                       (a)   The Company shall:

                             (i)   furnish to you, prior to the filing thereof
                    with the Commission, a copy of any Exchange Offer
                    Registration Statement and any Shelf Registration Statement,
                    and each amendment thereof and each amendment or supplement,
                    if any, to the Prospectus included therein (including, upon
                    request, all documents incorporated by reference therein
                    after the initial filing) and shall use its best efforts to
                    reflect in each such document, when so filed with the
                    Commission, such comments as you reasonably propose;

                             (ii)  include the information set forth in Annex A
                    hereto on the facing page of the Exchange Offer Registration
                    Statement, in Annex B hereto in the forepart of the Exchange
                    Offer Registration Statement in a section setting forth
                    details of the Exchange Offer, in Annex C hereto in the
                    underwriting or plan of distribution section of the
                    Prospectus contained in the Exchange Offer Registration
                    Statement, and in Annex D hereto in the letter of
                    transmittal delivered pursuant to the Registered Exchange
                    Offer;

                             (iii) if requested by an Initial Purchaser, include
                    the information required by Item 507 or 508 of Regulation
                    S-K, as applicable, in the Prospectus contained in the
                    Exchange Offer Registration Statement; and

                             (iv)  in the case of a Shelf Registration
                    Statement, include the names of the Holders that propose to
                    sell Securities pursuant to the Shelf Registration Statement
                    as selling securityholders.

                                       9
<Page>

                       (b)   The Company shall ensure that:

                             (i)   any Registration Statement and any amendment
                    thereto and any Prospectus forming part thereof and any
                    amendment or supplement thereto complies in all material
                    respects with the Act and the rules and regulations
                    thereunder; and

                             (ii)  any Registration Statement and any amendment
                    thereto and any Prospectus forming part thereof and any
                    amendment or supplement thereto does not, when the
                    Registration Statement becomes effective, contain an untrue
                    statement of a material fact or omit to state a material
                    fact required to be stated therein or necessary to make the
                    statements therein (in the case of the Prospectus, in the
                    light of the circumstances under which they were made) not
                    misleading.

                       (c)   The Company shall advise you, the Holders of
          Securities covered by any Shelf Registration Statement and any
          Exchanging Dealer under any Exchange Offer Registration Statement that
          has provided in writing to the Company a telephone or facsimile number
          and address for notices, and, if requested by you or any such Holder
          or Exchanging Dealer, shall confirm such advice in writing (which
          notice pursuant to clauses (ii) through (v) hereof shall be
          accompanied by an instruction to suspend the use of the Prospectus
          until the Company shall have remedied the basis for such suspension):

                             (i)   when a Registration Statement or any
                    amendment thereto has been filed with the Commission and
                    when the Registration Statement or any post-effective
                    amendment thereto has become effective;

                             (ii)  of any request by the Commission for any
                    amendment or supplement to the Registration Statement or the
                    Prospectus or for additional information;

                             (iii) of the issuance by the Commission of any stop
                    order suspending the effectiveness of the Registration
                    Statement or the initiation of any proceedings for that
                    purpose;

                             (iv)  of the receipt by the Company or the
                    Subsidiary Guarantors of any notification with respect to
                    the suspension of the qualification of the Securities or the
                    New Securities, as the case may be, included therein for
                    sale in any jurisdiction or the initiation of any proceeding
                    for such purpose; and

                             (v)   of the happening of any event that requires
                    any change in the Registration Statement or the Prospectus
                    so that, as of such date, the Registration Statement or the
                    Prospectus does not contain an untrue statement of a
                    material fact and does not omit to state a material fact
                    required to be stated therein or necessary to make the
                    statements therein (in the case of the Prospectus, in the
                    light of the circumstances under which they were made) not
                    misleading.

                       (d)   The Company shall make every reasonable effort to
          obtain the withdrawal of any order suspending the effectiveness of any
          Registration Statement or

                                       10
<Page>

          the qualification of the securities therein for sale in any
          jurisdiction at the earliest possible time.

                       (e)   The Company shall furnish to each Holder of
          Securities or New Securities covered by any Shelf Registration
          Statement, without charge, at least one copy of such Shelf
          Registration Statement and any post-effective amendment thereto,
          including all material incorporated therein by reference, and, if the
          Holder so requests in writing, all exhibits thereto (including
          exhibits incorporated by reference therein).

                       (f)   The Company shall, during the Shelf Registration
          Period, deliver to each Holder of Securities or New Securities covered
          by any Shelf Registration Statement, without charge, as many copies of
          the Prospectus (including each preliminary Prospectus) included in
          such Shelf Registration Statement and any amendment or supplement
          thereto as such Holder may reasonably request. The Company and the
          Subsidiary Guarantors consent to the use of the Prospectus or any
          amendment or supplement thereto by each of the selling Holders of
          Securities or New Securities in connection with the offering and sale
          of the Securities or New Securities covered by the Prospectus, or any
          amendment or supplement thereto, included in the Shelf Registration
          Statement.

                       (g)   The Company shall furnish to each Exchanging Dealer
          which so requests, without charge, at least one copy of the Exchange
          Offer Registration Statement and any post-effective amendment thereto,
          including all material incorporated by reference therein, and, if the
          Exchanging Dealer so requests in writing, all exhibits thereto
          (including exhibits incorporated by reference therein).

                       (h)   The Company shall promptly deliver to each Initial
          Purchaser, each Exchanging Dealer and each other Person required to
          deliver a Prospectus during the Exchange Offer Registration Period,
          without charge, as many copies of the final Prospectus included in
          such Exchange Offer Registration Statement and any amendment or
          supplement thereto as any such Person may reasonably request. The
          Company and the Subsidiary Guarantors consent to the use of the
          Prospectus or any amendment or supplement thereto by any Initial
          Purchaser, any Exchanging Dealer and any such other Person that may be
          required to deliver a Prospectus following the Registered Exchange
          Offer in connection with the offering and sale of the New Securities
          covered by the Prospectus, or any amendment or supplement thereto,
          included in the Exchange Offer Registration Statement.

                       (i)   Prior to the Registered Exchange Offer or any
          other offering of Securities or New Securities pursuant to any
          Registration Statement, the Company and the Subsidiary Guarantors
          shall arrange, if necessary, for the qualification of the Securities
          or the New Securities for sale under the state securities or blue sky
          laws of such jurisdictions in the United States as any Holder shall
          reasonably request and will maintain such qualification in effect so
          long as required; PROVIDED that in no event shall either the Company
          or any Subsidiary Guarantor be obligated to qualify to do business or
          as a dealer in securities in any jurisdiction where it is not then so
          qualified or to take any action that would subject it to service of
          process in suits or taxation, other than suits

                                       11

<Page>

          arising out of the Initial Placement, the Registered Exchange Offer or
          any offering pursuant to a Shelf Registration Statement, in any such
          jurisdiction where it is not then so subject.

                       (j)   The Company and the Subsidiary Guarantors shall
          cooperate with the Holders to facilitate the timely preparation and
          delivery of certificates representing New Securities or Securities to
          be issued or sold pursuant to any Registration Statement free of any
          restrictive legends and in such denominations and registered in such
          names as Holders may request.

                       (k)   Upon the occurrence of any event contemplated by
          subsections (c)(ii) through (v) above during any period of time in
          which the Company is required to maintain an effective Registration
          Statement, the Company shall promptly prepare a post-effective
          amendment to the applicable Registration Statement or an amendment or
          supplement to the related Prospectus or file any other required
          document so that, as thereafter delivered to initial purchasers of the
          securities included therein, the Prospectus shall not include an
          untrue statement of a material fact or omit to state any material fact
          necessary to make the statements therein, in the light of the
          circumstances under which they were made, not misleading. In such
          circumstances, the period of effectiveness of the Exchange Offer
          Registration Statement provided for in Section 2 and the Shelf
          Registration Statement provided for in Section 3(b) shall each be
          extended by the number of days from and including the date of the
          giving of a notice of suspension pursuant to Section 5(c) hereof to
          and including the date when the Initial Purchasers, the Holders of the
          Securities and any known Exchanging Dealer shall have received such
          amended or supplemented Prospectus pursuant to this Section 5(k).

                       (l)   Not later than the effective date of any
          Registration Statement, the Company shall provide a CUSIP number for
          the Securities or the New Securities, as the case may be, registered
          under such Registration Statement and provide the Trustee with printed
          certificates for such Securities or New Securities, as the case may
          be, in a form eligible for deposit with The Depository Trust Company.

                       (m)   The Company and the Subsidiary Guarantors shall
          comply with all applicable rules and regulations of the Commission and
          shall make generally available to their security holders no later than
          45 days after the end of the 12-month period (or 90 days if such
          period is a fiscal year) beginning with the first month of the
          Company's first fiscal quarter after the effective date of the
          applicable Registration Statement, an earnings statement satisfying
          the provisions of Section 11(a) of the Act.

                       (n)   The Company shall cause the Indenture to be
          qualified under the Trust Indenture Act in a timely manner.

                       (o)   The Company may require each Holder of Securities
          or New Securities to be sold pursuant to any Shelf Registration
          Statement to furnish to the Company such information regarding the
          Holder and the distribution of such Securities or New Securities as
          the Company may from time to time reasonably require for inclusion in
          such Shelf Registration Statement. The Company may exclude from such
          Shelf

                                       12
<Page>

          Registration Statement the Securities or New Securities of any Holder
          that unreasonably fails to furnish such information within a
          reasonable time after receiving such request.

                       (p)   In the case of any Shelf Registration Statement,
          the Company and the Subsidiary Guarantors shall enter into such
          agreements and take all other appropriate actions (including if
          requested an underwriting agreement in customary form) in order to
          expedite or facilitate the registration or the disposition of the
          Securities or New Securities, and in connection therewith, if an
          underwriting agreement is entered into, cause the same to contain
          indemnification provisions and procedures no less favorable than those
          set forth in Section 7 (or such other provisions and procedures
          acceptable to the Majority Holders and the Managing Underwriters, if
          any) with respect to all parties to be indemnified pursuant to Section
          7.

                       (q)   In the case of any Shelf Registration Statement,
          the Company and the Subsidiary Guarantors shall:

                             (i)   make reasonably available for inspection by
                    the Holders of Securities or New Securities to be registered
                    thereunder, any underwriter participating in any disposition
                    pursuant to such Shelf Registration Statement, and any
                    attorney, accountant or other agent retained by the Holders
                    or any such underwriter all relevant financial and other
                    records, pertinent corporate documents and properties of the
                    Company and its subsidiaries; PROVIDED, HOWEVER, that the
                    foregoing inspection and information gathering shall be
                    coordinated on behalf of the Holders by the one firm or
                    counsel designated by the Majority Holders pursuant to
                    Section 6 hereof; PROVIDED, FURTHER, that any information
                    that is designated in writing by the Company or any
                    Subsidiary Guarantor, in good faith, as confidential at the
                    time of delivery of such information shall be kept
                    confidential by the Holders or any such underwriter,
                    attorney, accountant or agent, unless such disclosure is
                    made in connection with a court proceeding or required by
                    law, or such information becomes available to the public
                    generally or through a third party without an accompanying
                    obligation of confidentiality;

                             (ii)  cause the Company's and the Subsidiary
                    Guarantors' officers, directors and employees to supply all
                    relevant information reasonably requested by the Holders or
                    any underwriter, attorney, accountant or agent in connection
                    with any such Shelf Registration Statement as is customary
                    for similar due diligence examinations; PROVIDED, HOWEVER,
                    that the foregoing inspection and information gathering
                    shall be coordinated on behalf of the Holders by the one
                    firm or counsel designated by the Majority Holders pursuant
                    to Section 6 hereof; PROVIDED, FURTHER, that any information
                    that is designated in writing by the Company or any
                    Subsidiary Guarantor, in good faith, as confidential at the
                    time of delivery of such information shall be kept
                    confidential by the Holders or any such underwriter,
                    attorney, accountant or agent, unless such disclosure is
                    made in connection with a court proceeding or required by
                    law, or such information becomes available to the public
                    generally or through a third party without an accompanying
                    obligation of confidentiality;

                                       13
<Page>

                             (iii) make such representations and warranties to
                    the Holders of Securities or New Securities registered
                    thereunder and the underwriters, if any, in form, substance
                    and scope as are customarily made by issuers to underwriters
                    in primary underwritten offerings and covering matters
                    including, but not limited to, those set forth in the
                    Purchase Agreement;

                             (iv)  obtain opinions of counsel to the Company and
                    updates thereof (which counsel and opinions (in form, scope
                    and substance) shall be reasonably satisfactory to the
                    Managing Underwriters, if any) addressed to each selling
                    Holder and the underwriters, if any, covering such matters
                    as are customarily covered in opinions requested in
                    underwritten offerings and such other matters as may be
                    reasonably requested by such Holders and underwriters;

                             (v)   obtain "cold comfort" letters and updates
                    thereof from the independent certified public accountants of
                    the Company (and, if necessary, any other independent
                    certified public accountants of any subsidiary of the
                    Company or of any business acquired by the Company for which
                    financial statements and financial data are, or are required
                    to be, included in such Shelf Registration Statement),
                    addressed to each selling Holder of Securities or New
                    Securities registered thereunder and the underwriters, if
                    any, in customary form and covering matters of the type
                    customarily covered in "cold comfort" letters in connection
                    with primary underwritten offerings; and

                             (vi)  deliver such documents and certificates as
                    may be reasonably requested by the Majority Holders and the
                    Managing Underwriters, if any, including those to evidence
                    compliance with Section 5(k) and with any customary
                    conditions contained in the underwriting agreement or other
                    agreement entered into by the Company and the Subsidiary
                    Guarantors.

The actions set forth in clauses (iii), (iv), (v) and (vi) of this Section 5(q)
shall be performed at (A) the effectiveness of such Registration Statement and
each post-effective amendment thereto; and (B) each closing under any
underwriting or similar agreement as and to the extent required thereunder.

                       (r)   In the case of any Exchange Offer Registration
          Statement, the Company and the Subsidiary Guarantors shall:

                             (i)   make reasonably available for inspection by
                    any Initial Purchaser, and any attorney, accountant or other
                    agent retained by such Initial Purchaser, all relevant
                    financial and other records, pertinent corporate documents
                    and properties of the Company and its subsidiaries;
                    PROVIDED, HOWEVER, that the foregoing inspection and
                    information gathering shall be coordinated on behalf of the
                    Initial Purchasers by the one firm or counsel designated by
                    Salomon Smith Barney Inc. pursuant to Section 6 hereof;
                    PROVIDED, FURTHER, that any information that is designated
                    in writing by the Company or any Subsidiary Guarantor, in
                    good faith, as confidential at the time of delivery of such
                    information shall be kept confidential by such Initial
                    Purchaser or any such attorney, accountant or agent,

                                       14
<Page>

                    unless such disclosure is made in connection with a court
                    proceeding or required by law, or such information becomes
                    available to the public generally or through a third party
                    without an accompanying obligation of confidentiality;

                             (ii)  cause the Company and the Subsidiary
                    Guarantors' officers, directors and employees to supply all
                    relevant information reasonably requested by such Initial
                    Purchaser or any such attorney, accountant or agent in
                    connection with any such Exchange Offer Registration
                    Statement as is customary for similar due diligence
                    examinations; PROVIDED, HOWEVER, that the foregoing
                    inspection and information gathering shall be coordinated on
                    behalf of the Initial Purchasers by the one counsel or firm
                    designated by Salomon Smith Barney Inc. pursuant to Section
                    6 hereof; PROVIDED, FURTHER, that any information that is
                    designated in writing by the Company or any Subsidiary
                    Guarantor, in good faith, as confidential at the time of
                    delivery of such information shall be kept confidential by
                    such Initial Purchaser or any such attorney, accountant or
                    agent, unless such disclosure is made in connection with a
                    court proceeding or required by law, or such information
                    becomes available to the public generally or through a third
                    party without an accompanying obligation of confidentiality;

                             (iii) make such representations and warranties to
                    such Initial Purchaser, in form, substance and scope as are
                    customarily made by issuers to underwriters in primary
                    underwritten offerings and covering matters including, but
                    not limited to, those set forth in the Purchase Agreement;

                             (iv)  obtain opinions of counsel to the Company or
                    any Subsidiary Guarantor and updates thereof (which counsel
                    and opinions (in form, scope and substance) shall be
                    reasonably satisfactory to such Initial Purchaser and its
                    counsel), addressed to such Initial Purchaser, covering such
                    matters as are customarily covered in opinions requested in
                    underwritten offerings and such other matters as may be
                    reasonably requested by such Initial Purchaser or its
                    counsel;

                             (v)   obtain "cold comfort" letters and updates
                    thereof from the independent certified public accountants of
                    the Company (and, if necessary, any other independent
                    certified public accountants of any subsidiary of the
                    Company or of any business acquired by the Company for which
                    financial statements and financial data are, or are required
                    to be, included in such Exchange Offer Registration
                    Statement), addressed to such Initial Purchaser, in
                    customary form and covering matters of the type customarily
                    covered in "cold comfort" letters in connection with primary
                    underwritten offerings, or if requested by such Initial
                    Purchaser or its counsel in lieu of a "cold comfort" letter,
                    an agreed-upon procedures letter under Statement on Auditing
                    Standards No. 35, covering matters requested by such Initial
                    Purchaser or its counsel; and

                             (vi)  deliver such documents and certificates as
                    may be reasonably requested by such Initial Purchaser or its
                    counsel, including those to

                                       15
<Page>

                    evidence compliance with Section 5(k) and with conditions
                    customarily contained in underwriting agreements.

The foregoing actions set forth in clauses (iii), (iv), (v), and (vi) of this
Section 5(r) shall be performed at the close of the Registered Exchange Offer
and the effective date of any post-effective amendment to the Exchange Offer
Registration Statement.

                       (s)   If a Registered Exchange Offer is to be
          consummated, upon delivery of the Securities by Holders to the Company
          (or to such other Person as directed by the Company) in exchange for
          the New Securities, the Company shall mark, or caused to be marked, on
          the Securities so exchanged that such Securities are being canceled in
          exchange for the New Securities. In no event shall the Securities be
          marked as paid or otherwise satisfied.

                       (t)   The Company and the Subsidiary Guarantors shall
          use their respective best efforts (i) if the Securities have been
          rated prior to the initial sale of such Securities, to confirm such
          ratings will apply to the Securities or the New Securities, as the
          case may be, covered by a Registration Statement; or (ii) if the
          Securities were not previously rated, to cause the Securities or the
          New Securities covered by a Registration Statement to be rated with at
          least one nationally recognized statistical rating agency, if so
          requested by Majority Holders with respect to the related Registration
          Statement or by any Managing Underwriters.

                       (u)   In the event that any Broker-Dealer shall
          underwrite any Securities or participate as a member of an
          underwriting syndicate or selling group or "assist in the
          distribution" (within the meaning of the Rules of Fair Practice and
          the By-Laws of the National Association of Securities Dealers, Inc.)
          thereof, whether as a Holder of such Securities or as an underwriter,
          a placement or sales agent or a broker or dealer in respect thereof,
          or otherwise, the Company and the Subsidiary Guarantors shall assist
          such Broker-Dealer in complying with the requirements of such Rules
          and By-Laws, including, without limitation, by:

                             (i)   if such Rules or By-Laws shall so require,
                    engaging a "qualified independent underwriter" (as defined
                    in such Rules) to participate in the preparation of the
                    Registration Statement, to exercise usual standards of due
                    diligence with respect thereto and, if any portion of the
                    offering contemplated by such Registration Statement is an
                    underwritten offering or is made through a placement or
                    sales agent, to recommend the yield of such Securities;

                             (ii)  indemnifying any such qualified independent
                    underwriter to the extent of the indemnification of
                    underwriters provided in Section 7 hereof; and

                             (iii) providing such information to such
                    Broker-Dealer as may be required in order for such
                    Broker-Dealer to comply with the requirements of such Rules.

                                       16
<Page>

                             (v)   The Company and the Subsidiary Guarantors
                    shall use their respective best efforts to take all other
                    steps necessary to effect the registration of the Securities
                    or the New Securities, as the case may be, covered by a
                    Registration Statement.

                       6.    REGISTRATION EXPENSES. The Company shall bear all
expenses incurred in connection with the performance of its and the Subsidiary
Guarantors' obligations under Sections 2, 3 and 5 hereof , including filing
fees, if any, in respect of the trade of the New Securities by way of private
placement to those Holders in Canada, and, in the event of any Shelf
Registration Statement, will reimburse the Holders for the reasonable fees and
disbursements of one firm or counsel designated by the Majority Holders to act
as counsel for the Holders in connection therewith, and, in the case of any
Exchange Offer Registration Statement, will reimburse the Initial Purchasers for
the reasonable fees and disbursements of one firm or counsel designated by
Salomon Smith Barney Inc. to act as counsel for the Initial Purchasers in
connection therewith.

                       7.    INDEMNIFICATION AND CONTRIBUTION.

                             (a)   The Company and the Subsidiary Guarantors,
          jointly and severally, agree to indemnify and hold harmless each
          Holder of Securities or New Securities, as the case may be, covered by
          any Registration Statement (including each Initial Purchaser and, with
          respect to any Prospectus delivery as contemplated in Section 5(h)
          hereof, each Exchanging Dealer), the directors, officers, employees
          and agents of each such Holder and each Person who controls any such
          Holder within the meaning of either the Act or the Exchange Act
          against any and all losses, claims, damages or liabilities, joint or
          several, to which they or any of them may become subject under the
          Act, the Exchange Act or other Federal or state statutory law or
          regulation, at common law or otherwise, insofar as such losses,
          claims, damages or liabilities (or actions in respect thereof) arise
          out of or are based upon any untrue statement or alleged untrue
          statement of a material fact contained in the Registration Statement
          as originally filed or in any amendment thereof, or in any preliminary
          Prospectus or the Prospectus, or in any amendment thereof or
          supplement thereto or in any "wrapped" version thereof constituting an
          offering memorandum under applicable Canadian provincial securities
          legislation, or arise out of or are based upon the omission or alleged
          omission to state therein a material fact required to be stated
          therein or necessary to make the statements therein not misleading,
          and agrees to reimburse each such indemnified party, as incurred, for
          any legal or other expenses reasonably incurred by them in connection
          with investigating or defending any such loss, claim, damage,
          liability or action; PROVIDED, HOWEVER, that (i) the Company and the
          Subsidiary Guarantors will not be liable in any case to the extent
          that any such loss, claim, damage or liability arises out of or is
          based upon any such untrue statement or alleged untrue statement or
          omission or alleged omission made therein in reliance upon and in
          conformity with written information furnished to the Company and the
          Subsidiary Guarantors by or on behalf of any such Holder specifically
          for inclusion therein, (ii) with respect to any untrue statement or
          omission or alleged untrue statement or omission made in any
          preliminary Prospectus relating to a Shelf Registration Statement, the
          foregoing indemnity shall not inure to the benefit of any Holder
          (including any Exchanging Dealer) from whom the Person asserting any
          such loss, claim, damage or liability purchased the

                                       17
<Page>

          Securities or the New Securities, as the case may be, to the extent
          that a final Prospectus relating to such Securities or New Securities,
          as the case may be, was required to be delivered by such Holder under
          the Act in connection with such purchase and any such loss, claim,
          damage or liability of such Holder results from the failure of such
          Holder to send to such Person, at or prior to the written confirmation
          of the sale of such Securities or New Securities, as the case may be,
          a copy of the final Prospectus if the Company had previously furnished
          copies thereof to such Holder and (iii) the Company and the Subsidiary
          Guarantors shall not be liable in any such case to the extent that
          such loss, claim, damage or liability arises out of or is based upon
          the use of a Registration Statement after (x) a stop order has been
          issued in a respect of a Registration Statement or (y) a Registration
          Statement has been suspended, so long as, in the case of each of (x)
          and (y), such Holder has received notice of such action in accordance
          with Section 5(c) hereof. This indemnity agreement will be in addition
          to any liability which the Company and the Subsidiary Guarantors may
          otherwise have.

                  The Company and the Subsidiary Guarantors also, jointly and
         severally, agree to indemnify or contribute as provided in Section 7(d)
         to Losses of any underwriter of any Securities or New Securities, as
         the case may be, registered under a Shelf Registration Statement, their
         directors, officers, employees or agents and each Person who controls
         such underwriter (within the meaning of the Act or the Exchange Act) on
         substantially the same basis as that of the indemnification of the
         Initial Purchasers and the selling Holders provided in this Section
         7(a) and shall, if requested by any Holder, enter into an underwriting
         agreement reflecting such agreement, as provided in Section 5(p)
         hereof.

                             (b)   Each Holder of Securities or New Securities,
          as the case may be, covered by a Registration Statement (including
          each Initial Purchaser and, with respect to any Prospectus delivery as
          contemplated in Section 5(h) hereof, each Exchanging Dealer) severally
          agrees to indemnify and hold harmless the Company and the Subsidiary
          Guarantors, each of their directors, each of their officers who signs
          such Registration Statement and each Person who controls the Company
          or any of the Subsidiary Guarantors within the meaning of either the
          Act or the Exchange Act, to the same extent as the foregoing indemnity
          from the Company and the Subsidiary Guarantors to each such Holder,
          but only with reference to written information furnished to the
          Company or the Subsidiary Guarantors by or on behalf of such Holder
          specifically for inclusion in the documents referred to in the
          foregoing indemnity and agrees to reimburse each such indemnified
          party for any legal or other expenses reasonably incurred, as
          incurred, by them in connection with investigation or defending such
          loss, claim, liability, damage or action. This indemnity agreement
          will be in addition to any liability which any such Holder may
          otherwise have.

                             (c)   Promptly after receipt by an indemnified
          party under this Section 7 of notice of the commencement of any
          action, such indemnified party will, if a claim in respect thereof is
          to be made against the indemnifying party under this Section 7, notify
          the indemnifying party in writing of the commencement thereof; but the
          failure so to notify the indemnifying party (i) will not relieve it
          from liability under paragraph (a) or (b) above unless and to the
          extent it did not otherwise learn of such action and such failure
          results in the forfeiture by the indemnifying party of substantial
          rights and

                                       18
<Page>

          defenses; and (ii) will not, in any event, relieve the indemnifying
          party from any obligations to any indemnified party other than the
          indemnification obligation provided in paragraph (a) or (b) above. The
          indemnifying party shall be entitled to appoint counsel of the
          indemnifying party's choice at the indemnifying party's expense to
          represent the indemnified party in any action for which
          indemnification is sought (in which case the indemnifying party shall
          not thereafter be responsible for the fees and expenses of any
          separate counsel retained by the indemnified party or parties except
          as set forth below); PROVIDED, HOWEVER, that such counsel shall be
          reasonably satisfactory to the indemnified party. Notwithstanding the
          indemnifying party's election to appoint counsel to represent the
          indemnified party in an action, the indemnified party shall have the
          right to employ separate counsel (including local counsel), and the
          indemnifying party shall bear the reasonable fees, costs and expenses
          of such separate counsel if (i) the use of counsel chosen by the
          indemnifying party to represent the indemnified party would present
          such counsel with a conflict of interest; (ii) the actual or potential
          defendants in, or targets of, any such action include both the
          indemnified party and the indemnifying party and the indemnified party
          shall have reasonably concluded that there may be legal defenses
          available to it and/or other indemnified parties which are different
          from or additional to those available to the indemnifying party; (iii)
          the indemnifying party shall not have employed counsel satisfactory to
          the indemnified party to represent the indemnified party within a
          reasonable time after notice of the institution of such action; or
          (iv) the indemnifying party shall authorize the indemnified party to
          employ separate counsel at the expense of the indemnifying party. An
          indemnifying party will not, without the prior written consent of the
          indemnified parties, settle or compromise or consent to the entry of
          any judgment with respect to any pending or threatened claim, action,
          suit or proceeding in respect of which indemnification or contribution
          may be sought hereunder (whether or not the indemnified parties are
          actual or potential parties to such claim or action) unless such
          settlement, compromise or consent includes an unconditional release of
          each indemnified party from all liability arising out of such claim,
          action, suit or proceeding.

                             (d)   In the event that the indemnity provided in
          paragraph (a) or (b) of this Section 7 is unavailable to or
          insufficient to hold harmless an indemnified party for any reason,
          then each applicable indemnifying party shall have a joint and several
          obligation to contribute to the amount paid or payable by such
          indemnified party as a result of the aggregate losses, claims, damages
          and liabilities referred to in subsection (a) or (b), as the case may
          be, above, (including legal or other expenses reasonably incurred in
          connection with investigating or defending same) (collectively
          "Losses") to which such indemnified party may be subject in such
          proportion as is appropriate to reflect the relative benefits received
          by such indemnifying party, on the one hand, and such indemnified
          party, on the other hand, from the Initial Placement and the
          Registration Statement which resulted in such Losses; PROVIDED,
          HOWEVER, that in no case shall any Initial Purchaser of any Security
          or New Security be obligated to contribute in accordance with this
          paragraph (d) an amount, in the aggregate, in excess of the purchase
          discount or commission applicable to such Security, or in the case of
          a New Security, applicable to the Security that was exchangeable into
          such New Security, as set forth on the cover page of the Final
          Memorandum, nor shall any underwriter be obligated to contribute in
          accordance with this paragraph (d) an amount in excess of the
          underwriting discount or commission applicable to the securities
          purchased by such underwriter under

                                       19
<Page>

          the Registration Statement which resulted in such Losses. If the
          allocation provided by the immediately preceding sentence is
          unavailable for any reason, the indemnifying party and the indemnified
          party shall contribute in such proportion as is appropriate to reflect
          not only such relative benefits but also the relative fault of such
          indemnifying party, on the one hand, and such indemnified party, on
          the other hand, in connection with the statements or omissions which
          resulted in such Losses as well as any other relevant equitable
          considerations. Benefits received by the Company and the Subsidiary
          Guarantors shall be deemed to be equal to the sum of (x) the total net
          proceeds from the Initial Placement (before deducting expenses) as set
          forth on the cover page of the Final Memorandum and (y) the total
          amount of additional interest which the Company was not required to
          pay as a result of registering the securities covered by the
          Registration Statement which resulted in such Losses. Benefits
          received by the Initial Purchasers shall be deemed to be equal to the
          total purchase discounts and commissions as set forth on the cover
          page of the Final Memorandum, and benefits received by any other
          Holders shall be deemed to be equal to the proceeds received from the
          sale of the Securities or New Securities, as applicable. Benefits
          received by any underwriter shall be deemed to be equal to the total
          underwriting discounts and commissions, as set forth on the cover page
          of the Prospectus forming a part of the Registration Statement which
          resulted in such Losses. Relative fault shall be determined by
          reference to, among other things, whether any alleged untrue statement
          or omission relates to information provided by the indemnifying party,
          on the one hand, or by the indemnified party, on the other hand, the
          intent of the parties and their relative knowledge, access to
          information and opportunity to correct or prevent such untrue
          statement or omission. The parties agree that it would not be just and
          equitable if contribution were determined by pro rata allocation (even
          if the Holders were treated as one entity for such purpose) or any
          other method of allocation which does not take account of the
          equitable considerations referred to above. Notwithstanding the
          provisions of this paragraph (d), no Person guilty of fraudulent
          misrepresentation (within the meaning of Section 11(f) of the Act)
          shall be entitled to contribution from any Person who was not guilty
          of such fraudulent misrepresentation. For purposes of this Section 7,
          each Person who controls a Holder within the meaning of either the Act
          or the Exchange Act and each director, officer, employee and agent of
          such Holder shall have the same rights to contribution as such Holder,
          and each Person who controls the Company or any of the Subsidiary
          Guarantors within the meaning of either the Act or the Exchange Act,
          each officer of the Company or any of the Subsidiary Guarantors who
          shall have signed the Registration Statement and each director of the
          Company or any of the Subsidiary Guarantors shall have the same rights
          to contribution as the Company, subject in each case to the applicable
          terms and conditions of this paragraph (d).

                             (e)   The provisions of this Section 7 will remain
          in full force and effect, regardless of any investigation made by or
          on behalf of any Holder or the Company and the Subsidiary Guarantors
          or any of the officers, directors or controlling Persons referred to
          in this Section 7, and will survive the sale by a Holder of Securities
          or New Securities covered by a Registration Statement or any
          termination or cancellation of this Agreement.

                                       20
<Page>

                       8.    UNDERWRITTEN REGISTRATIONS.

                             (a)   If any of the Securities or New Securities,
          as the case may be, covered by any Shelf Registration Statement are to
          be sold in an underwritten offering, the Managing Underwriters shall
          be selected by the Majority Holders.

                             (b)   No Person may participate in any underwritten
          offering pursuant to any Shelf Registration Statement, unless such
          Person (i) agrees to sell such Person's Securities or New Securities,
          as the case may be, on the basis reasonably provided in any
          underwriting arrangements approved by the Persons entitled hereunder
          to approve such arrangements; and (ii) completes and executes all
          questionnaires, powers of attorney, indemnities, underwriting
          agreements and other documents reasonably required under the terms of
          such underwriting arrangements.

                       9.    NO INCONSISTENT AGREEMENTS. The Company and the
Subsidiary Guarantors have not, as of the date hereof, entered into, nor shall
they, on or after the date hereof, enter into, any agreement with respect to its
securities that is inconsistent with the rights granted to the Holders herein or
otherwise conflicts with the provisions hereof.

                       10.   AMENDMENTS AND WAIVERS. The provisions of this
Agreement, including the provisions of this sentence, may not be amended,
qualified, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, except by the Company and the written
consent of the Majority Holders (or, after the consummation of any Registered
Exchange Offer in accordance with Section 2 hereof, holders of a majority in
aggregate principal amount outstanding of New Securities); PROVIDED that, with
respect to any matter that directly or indirectly adversely affects the rights
of any Initial Purchaser (but not all of the Initial Purchasers) hereunder, the
Company shall obtain the written consent of each such Initial Purchaser against
which such amendment, qualification, supplement, waiver or consent is to be
effective. Notwithstanding the foregoing (except for the foregoing proviso), a
waiver or consent to departure from the provisions hereof with respect to a
matter that relates exclusively to the rights of some Holders whose Securities
or New Securities (the "affected Securities"), as the case may be, are being
sold pursuant to a Registration Statement and that does not directly or
indirectly affect the rights of other Holders may be given by the Holders
representing a majority of the aggregate principal amount of the affected
Securities, voting together as a single class.

                       11.   NOTICES. All notices and other communications
provided for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail, facsimile transmission or air courier guaranteeing overnight
delivery:

                             (a)   if to a Holder, at the most current address
          given by such holder to the Company in accordance with the provisions
          of this Section, which address initially is, with respect to each
          Holder, the address of such Holder maintained by the Registrar under
          the Indenture, with a copy in like manner to Salomon Smith Barney
          Inc.;

                             (b)   if to you, initially at the respective
          addresses set forth in the Purchase Agreement; and

                                       21
<Page>

                             (c)   if to the Company or the Subsidiary
          Guarantors, initially at the address of the Company set forth in the
          Purchase Agreement.

                  All such notices and communications shall be deemed to have
been duly given when received.

                  The Initial Purchasers, the Company or the Subsidiary
Guarantors by notice to the other parties may designate additional or different
addresses for subsequent notices or communications.

                       12.   SUCCESSORS. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties, including, without the need for an express assignment or any consent by
the Company thereto, subsequent Holders of Securities and the New Securities.
The Company hereby agrees to extend the benefits of this Agreement to any Holder
of Securities and the New Securities, and any such Holder may specifically
enforce the provisions of this Agreement as if an original party hereto.

                       13.   COUNTERPARTS. This Agreement may be in signed
counterparts, each of which shall an original and all of which together shall
constitute one and the same agreement.

                       14.   HEADINGS. The headings used herein are for
convenience only and shall not affect the construction hereof.

                       15.   APPLICABLE LAW. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York applicable
to contracts made and to be performed in the State of New York.

                       16.   SEVERABILITY. In the event that any one or more of
the provisions contained herein, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any
reason, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions hereof shall not be in any way
impaired or affected thereby, it being intended that all of the rights and
privileges of the parties shall be enforceable to the fullest extent permitted
by law.

                       17.   SECURITIES HELD BY THE COMPANY, ETC. Whenever the
consent or approval of Holders of a specified percentage of principal amount of
Securities or New Securities is required hereunder, Securities or New
Securities, as applicable, held by the Company or its Affiliates (other than
subsequent Holders of Securities or New Securities if such subsequent Holders
are deemed to be Affiliates solely by reason of their holdings of such
Securities or New Securities) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage.

                       18.   AGENT FOR SERVICE; SUBMISSION TO JURISDICTION;
WAIVER OF IMMUNITIES. By the execution and delivery of this Agreement, each of
the Company and the Subsidiary Guarantors (i) hereby irrevocably designates and
appoints CT Corporation System (and any successor entity), as its authorized
agent upon which process may be served in any suit or proceeding arising out of
or relating to this Agreement that may be instituted in any Federal or state
court in the Borough of Manhattan in the City of New York or brought under
federal or

                                       22

<Page>

state securities laws, and acknowledges that CT Corporation System has accepted
such designation, (ii) submits to the nonexclusive jurisdiction of any such
court in any such suit or proceeding, and (iii) agrees that service of process
upon CT Corporation System and written notice of said service to the Company
shall be deemed in every respect effective service of process upon it in any
such suit or proceeding. Each of the Company and the Subsidiary Guarantors
further agrees to take any and all action, including the execution and filing of
any and all such documents and instruments, as may be necessary to continue such
designation and appointment of CT Corporation System in full force and effect so
long as any of the Securities or New Securities shall be outstanding. To the
extent that either the Company or any Subsidiary Guarantor may acquire any
immunity from jurisdiction of any court or from any legal process (whether
through service of notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) with respect to itself or its property, each
of them hereby irrevocably waives such immunity in respect of this Agreement, to
the fullest extent permitted by law.

                                       23

<Page>

                  If the foregoing is in accordance with your understanding of
our agreement, please sign and return to us the enclosed duplicate hereof,
whereupon this Agreement and your acceptance shall represent a binding agreement
among the Company, the Subsidiary Guarantors and the several Initial Purchasers.

                                           Very truly yours,

                          COMPANY:

                          SUN MEDIA CORPORATION

                          By: /s/ Kin-Man Lee
                              -------------------------------------------------
                              Name:  Kin-Man Lee
                              Title: Vice President, Corporate Controller

                          SUBSIDIARY GUARANTORS:

                          BOWES PUBLISHERS LIMITED

                          By: /s/ Kin-Man Lee
                              -------------------------------------------------
                              Name:  Kin-Man Lee
                              Title: Vice President, Finance and Administration

                          SUN MEDIA (TORONTO) CORPORATION

                          By: /s/ Kin-Man Lee
                              -------------------------------------------------
                              Name:  Kin-Man Lee
                              Title: Vice President, Corporate Controller

                          SMC NOMINEECO INC.

                          By: /s/ Pierre Francoeur
                              -------------------------------------------------
                              Name:  Pierre Francoeur
                              Title: President and Chief Executive Officer

                          TORONTO SUN INTERNATIONAL, INC.

                          By: /s/ Kin-Man Lee
                              -------------------------------------------------
                              Name:  Kin-Man Lee
                              Title: Vice President, Corporate Controller

<Page>

                          TS PRINTING, INC.

                          By: /s/ Kin-Man Lee
                              -------------------------------------------------
                              Name:  Kin-Man Lee
                              Title: Vice President, Corporate Controller

                          FLORIDA SUN PUBLICATIONS, INC.

                          By: /s/ Kin-Man Lee
                              -------------------------------------------------
                              Name:  Kin-Man Lee
                              Title: Vice President, Corporate Controller

                          3661458 CANADA INC.

                          By: /s/ Kin-Man Lee
                              -------------------------------------------------
                              Name:  Kin-Man Lee
                              Title: Vice President, Corporate Controller

                          3351611 CANADA INC.

                          By: /s/ Pierre Francoeur
                              -------------------------------------------------
                              Name:  Pierre Francoeur
                              Title: President

<Page>

The foregoing Agreement is hereby confirmed and
accepted as of the date first above written.

SALOMON SMITH BARNEY INC.
RBC DOMINION SECURITIES CORPORATION
TD SECURITIES (USA) INC.
BMO NESBITT BURNS CORP.
CREDIT SUISSE FIRST BOSTON CORPORATION
SCOTIA CAPITAL (USA) INC.
CIBC WORLD MARKETS CORP.

By: SALOMON SMITH BARNEY INC.

By:      /s/ Kevin M. Sisson
    ----------------------------------
     Name:  Kevin Sisson
     Title: Vice President

<Page>

                                                                        ANNEX A

                  Each broker-dealer that receives new securities for its own
account pursuant to the exchange offer must acknowledge that it will deliver a
prospectus in connection with any resale of these new securities. The letter of
transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection
with resales of new securities received in exchange for securities where those
securities were acquired by this broker-dealer as a result of market-making
activities or other trading activities. We have agreed that, starting on the
expiration date and ending on the close of business 180 days after the
expiration date, we will make this prospectus available to any broker-dealer for
use in connection with any such resale. See "Plan of Distribution."

                                       27

<Page>

                                                                        ANNEX B

                  Each broker-dealer that receives new securities for its own
account in exchange for securities, where those securities were acquired by this
broker-dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of those new securities. See "Plan of Distribution."

                                       28

<Page>

                                                                        ANNEX C

                              PLAN OF DISTRIBUTION

                  Each broker-dealer that receives new securities for its own
account pursuant to the exchange offer must acknowledge that it will deliver a
prospectus in connection with any resale of these new securities. This
prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of new securities received in
exchange for securities where those securities were acquired as a result of
market-making activities or other trading activities. We and the subsidiary
guarantors have agreed that, starting on the expiration date and ending on the
close of business 180 days after the expiration date, we will make this
prospectus, as amended or supplemented, available to any broker-dealer for use
in connection with any such resale. In addition, until __________, 200__, all
dealers effecting transactions in the new securities may be required to deliver
a prospectus.

                  We will not receive any proceeds from any sale of new
securities by broker-dealers. New securities received by broker-dealers for
their own account pursuant to the exchange offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the new securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such broker-dealer and/or the purchasers of any such new
securities. Any broker-dealer that resells new securities that were received by
it for its own account pursuant to the exchange offer and any broker or dealer
that participates in a distribution of such new securities may be deemed to be
an "underwriter" within the meaning of the Securities Act and any profit of any
such resale of new securities and any commissions or concessions received by any
such persons may be deemed to be underwriting compensation under the Securities
Act. The letter of transmittal states that by acknowledging that it will deliver
and by delivering a prospectus, a broker-dealer will not be deemed to admit that
it is an "underwriter" within the meaning of the Securities Act.

                  For a period of 180 days after the expiration date, we and the
Subsidiary Guarantors will promptly send additional copies of this prospectus
and any amendment or supplement to this prospectus to any broker-dealer that
requests such documents in the letter of transmittal. We have agreed to pay all
expenses incident to the exchange offer (including the expenses of one counsel
for the holders of the securities) other than commissions or concessions of any
brokers or dealers and will indemnify the holders of the securities (including
any broker-dealers) against certain liabilities, including liabilities under the
Securities Act.

                                       29

<Page>

                                                                        ANNEX D

Rider A
                  CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
                  ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY
                  AMENDMENTS OR SUPPLEMENTS THERETO.

                  Name:     _______________________________
                  Address:  _______________________________
                            _______________________________

Rider B

If the undersigned is not a broker-dealer, the undersigned represents that it
acquired the new securities in the ordinary course of its business, it is not
engaged in, and does not intend to engage in, a distribution of new securities
and it has no arrangements or understandings with any person to participate in a
distribution of the new securities. If the undersigned is a broker-dealer that
will receive new securities for its own account in exchange for securities, it
represents that the securities to be exchanged for new securities were acquired
by it as a result of market-making activities or other trading activities and
acknowledges that it will deliver a prospectus in connection with any resale of
such new securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.

                                       30

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