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2008 Distribution Summary

The Fund owns securities entitling it to 49% of the distributable cash of FP Canadian Newspapers Limited Partnership. The Fund’s policy is for unitholders of record on the last business day of a calendar month to receive distributions on or before the last day of the following month. Holders of units who are non-residents of Canada are required to pay all withholding taxes payable in respect of any distributions of income by the Fund.

Month Date Declared Unitholders of Record Date Date Paid Amount Per Unit
December 17-Dec-08 31-Dec-08 30-Jan-09 $0.0950
November 19-Nov-08 28-Nov-08 30-Dec-08 $0.0950
October 19-Nov-08 28-Nov-08 10-Dec-08 $0.0950(2)
September 18-Sep-08 30-Sep-08 30-Oct-08 $0.1075
August 19-Aug-08 29-Aug-08 29-Sep-08 $0.1075
July 22-Jul-08 31-Jul-08 28-Aug-08 $0.1075
June 19-Jun-08 30-Jun-08 30-Jul-08 $0.1075
May 20-May-08 30-May-08 27-Jun-08 $0.1075
April 21-Apr-08 30-Apr-08 29-May-08 $0.1075
March 20-Mar-08 31-Mar-08 29-Apr-08 $0.1075
February 19-Feb-08 29-Feb-08 28-Mar-08 $0.1075
January 22-Jan-08 31-Jan-08 28-Feb-08 $0.1075

(2) The monthly distribution was reduced to $0.095 per unit in response to the financial impact of a strike at the Winnipeg Free Press and Canstar Community Newspapers, which ended October 28, 2008.