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2010 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 14-Dec-10 31-Dec-10 10-Jan-11 $0.0600
December 14-Dec-10 31-Dec-10 31-Dec-10 $0.3400(1)
November 18-Nov-10 30-Nov-10 30-Dec-10 $0.0600
October 19-Oct-10 29-Oct-10 29-Nov-10 $0.0600
September 20-Sep-10 30-Sep-10 28-Oct-10 $0.0600
August 19-Aug-10 31-Aug-10 29-Sep-10 $0.0600
July 20-Jul-10 30-Jul-10 30-Aug-10 $0.0600
June 17-Jun-10 30-Jun-10 29-Jul-10 $0.0600
May 18-May-10 31-May-10 29-Jun-10 $0.0600
April 20-Apr-10 30-Apr-10 28-May-10 $0.0600
March 18-Mar-10 31-Mar-10 29-Apr-10 $0.0600
February 16-Feb-10 26-Feb-10 30-Mar-10 $0.0600
January 19-Jan-10 29-Jan-10 25-Feb-10 $0.0600

(1) The Fund announced a special distribution in the amount of $0.34 per unit to Unitholders of record at the close of business on December 31, 2010. The special distribution was paid on December 31, 2010 by way of the issuance of additional Fund units, based on the market price per unit on that date. Immediately after the special distribution, the number of outstanding units was automatically consolidated so that each Unitholder held exactly the same number of units after the consolidation as immediately prior to the special distribution.

In general, taxable Canadian residents who hold units are required to include in income the amount of the special distribution of units to the extent it constitutes net income of the Fund, and the amount of the special distribution is added to the adjusted cost base of the units held. Unitholders who are non-residents of Canada are required to pay all withholding taxes payable in respect of distributions by the Fund. The payment of the December cash distribution of $0.06 was accelerated to facilitate the payment of such withholding taxes. Comments on the tax implications of the special unit distribution are provided as general information only. They are not intended to be legal or tax advice to any Unitholder. All Unitholders should consult legal, business and tax advisors about the implications of the special distribution of units.