On November 18, 2004, an affiliate of CanWest Media Inc. completed both an exchange offer (the “Exchange Offer”) in respect of 12 1/8% Senior Notes due 2010 issued by Hollinger Participation Trust and an additional cash offer (the “Concurrent Offer”) of U.S.$130 million of 8% Senior Subordinated Notes due 2012 in the United States and Canada by private placement.  Citigroup Global Markets Inc. acted as dealer manager for the Exchange Offer and sole book-running manager for the Concurrent Offer. Subsequent to the completion of the Exchange Offer and Concurrent Offer, CanWest and the affiliate amalgamated to form the new CanWest Media Inc.  The completed offerings will be followed by an exchange offer by CanWest for substantially identical notes registered with the U.S. Securities and Exchange Commission in order to give holders freely tradeable notes in the United States.

Citigroup Global Markets Inc. was represented on the Concurrent Offer in Canada by Davies Ward Phillips & Vineberg LLP. The Davies team consisted of Patricia Olasker, Kenneth Klassen and Gregory Harnish (corporate) and John Zinn and Neal Armstrong (tax).