Hollinger Participation Trust Sells Senior Notes

Hollinger International Inc. and Hollinger Canadian Newspapers, Limited Partnership completed the sale to Hollinger Participation Trust of their respective participation interests in their 12-1/8 per cent fixed rate subordinated debentures due 2010 of 3815668 Canada Inc., a wholly owned subsidiary of CanWest Global Communications Corp. The trust in turn sold on a private placement basis pursuant to Rule 144A US$104.5 million of 12-1/8 per cent senior notes due 2010 through Credit Suisse First Boston Corporation. The deal closed on December 7, 2001.

Scott Waxman and Nicholas Froio of Potter Anderson & Corroon LLP served as Delaware counsel to the trust. Andrew Beck and Jennifer Guerard of Torys LLP in New York and Beth DeMerchant, Darren Sukonick and Jennifer Soward of Torys in Toronto served as U.S. and Canadian counsel to the Hollinger group. Brice Voran and Nancy Hoi Bertrand of Shearman & Sterling in Toronto represented Credit Suisse First Boston.