Canwest Limited Partnership

Business and Financial Restructuring

A Message from Canwest

In order to implement an orderly financial restructuring of our newspaper publishing and associated online and mobile operations, Canwest (Canada) Inc., Canwest Publications Inc. / Publications Canwest Inc. and Canwest Books Inc., together with Canwest Limited Partnership / Canwest Societe en Commandite (collectively the “LP Entities”) have voluntarily filed for and received creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”).

This CCAA proceeding applies to all of Canwest’s newspaper publishing and associated online and mobile operations, with the exception of National Post Inc. and its associated properties which are NOT part of the proceeding. This CCAA proceeding is separate and distinct from the CCAA proceeding which was commenced by Canwest Global Communications Corp. and certain other Canwest business units on October 6, 2009.

This action was not taken lightly. Like at all media companies, the worst recession since the Second World War and the abrupt and unprecedented decline in advertising revenues reduced operating profits by levels that no one could have predicted. In this environment, the LP Entities simply had too much debt.

As the Company and the LP Entities looked to the future, they needed to find a way to protect these strong businesses and their employees and suppliers. They also needed to ensure that the LP Entities could continue to meet their commitment to their customers – the millions of Canadians who rely upon the LP Entities’ newspapers and associated online and mobile operations as their trusted sources of news and information.

Creditor protection under the CCAA will enable the LP Entities to emerge with a new capital structure, poised to take advantage of the improving Canadian economy. This is a pre-packaged strategic filing that has the support of senior lenders holding almost 50% of the LP Entities’ secured debt. The LP Entities believe that this course of action best addresses current debt levels, preserves jobs and protects newspaper brands that Canadians have come to know and trust over the past 100 years.

The LP Entities will use the time and stability afforded by the CCAA to implement an orderly financial restructuring and facilitate an organized transition to a new ownership structure. The support arrangements provided by the LP Entities’ senior lenders provide for the acquisition of the integrated LP Entities’ newspaper and associated online and mobile operations including National Post Inc. should a superior offer not be obtained through a comprehensive sale and investor solicitation process to run by RBC Capital Markets.

The LP Entities day-to-day operations will continue uninterrupted during the CCAA proceeding. The LP Entities’ operations remain strong, with market leading brands, with sufficient liquidity and cash flow to fund their ongoing operations, including goods and services provided after the filing date. In addition, the Court has approved up to $25 million in debtor-in-possession (“DIP”) financing.

The LP Entities’ newspaper brands dominate their local markets like no others in North America. Collectively, they blanket Canada’s major markets and, individually, they provide advertisers the greatest opportunity to reach local readers. Throughout this process, they will continue to serve their communities, win market share and deliver the audiences that advertisers seek.

The LP Entities’ commitment to their valued partners, advertisers, subscribers and employees remains firm. They know that people and communities turn to them every day and count on them to keep their readers informed. You can be assured that they will be moving as quickly as possible in the circumstances to implement this financial restructuring plan, with as little disruption as possible.

The Company and the LP Entities wish to thank their employees, customers, suppliers and vast community of other stakeholders that have already signalled their support and patience as the LP Entities work towards an outcome that serves their collective best interests.

Operations under the LP CCAA filing (January 8, 2010) include:

Latest Corporate News Releases

(Toronto - March 12, 2010) Canwest Limited Partnership / Canwest Societe en Commandite (“Canwest LP”), a subsidiary of Canwest Global Communications Corp. (“Canwest”) today announced the resignation of Dennis Skulsky as President and Chief Executive Officer of Canwest Publishing effective April 30, 2010, in order that he can spend more time with his family and pursue other opportunities closer to his home in British Columbia.

(WINNIPEG – March 12, 2010) Canwest Global Communications Corp. (“Canwest” or the “Company”) announced today that, Canwest Limited Partnership / Canwest Societe en Commandite (the “Limited Partnership”) and certain of its subsidiaries (collectively, the “LP Entities”), in connection with their ongoing financial restructuring under Companies’ Creditors Arrangement Act (the “CCAA”) has initiated Phase 2 of the previously announced court-supervised sale and investor solicitation process (the “SISP”).

(Winnipeg - March 4, 2010) Canwest Global Communications Corp (“Canwest” or the “Company”) announced today that Mr Leonard Asper has tendered his resignation as President and Chief Executive Officer and all other director and officer positions with Canwest and its subsidiaries in order to pursue other business opportunities and to avoid any concerns regarding potential conflicts of interest.  Mr. Asper will continue to provide the Company with advice through a consulting agreement until such time that Canwest emerges from CCAA protection.