TOTAL NATIONAL POST NETWORK 13,980,756. CONSOLIDATED MEDIA REPORT Newspaper. Report for September 2013

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1 Report for September 2013 CONSOLIDATED MEDIA REPORT Newspaper See each paragraph for specific data measurement period TOTAL NATIONAL POST NETWORK (See Notes #1) 13,980, Bloor Street West, Suite 850 Toronto, ON M5S 1S4 T: F:

Report for September 2013 PRODUCT FREQUENCY/CIRCULATION Sat Avg Mon-Fri Mon Tue Wed Thu Fri AVERAGE PAID CIRCULATION 129,540 123,092 117,854 124,158 123,681 122,029 127,612 AVERAGE NON-PAID

2 Report for September 2013 PRODUCT FREQUENCY/CIRCULATION Sat Avg Mon-Fri Mon Tue Wed Thu Fri AVERAGE PAID CIRCULATION 129, , , , , , ,612 AVERAGE NON-PAID CIRCULATION 1,591 1,543 1,566 1,461 1,502 1,535 1,649 TOTAL AVERAGE PRINT CIRCULATION 131, , , , , , ,261 Digital Editions: AVERAGE PAID CIRCULATION 2,576 19,417 18,952 20,151 19,444 19,650 18,886 AVERAGE NON-PAID CIRCULATION 44,259 22,591 24,165 22,037 22,891 22,625 21,275 TOTAL AVERAGE DIGITAL CIRCULATION 46,835 42,008 43,117 42,188 42,335 42,275 40,161 TOTAL AVERAGE CIRCULATION 177, , , , , , ,422 Subject to Audit for six months ended March 31, Financial Post Magazine TOTAL AVERAGE CIRCULATION 154,240 per issue 6 months ended June 30, 2013 Subject to Audit Digital:^ average monthly page impressions 31,989,377 monthly 3 months ended June 30, 2013 average monthly unique browsers 6,951,576 monthly 3 months ended June 30, average monthly page impressions 7,172,517 monthly 3 months ended June 30, 2013 average monthly unique browsers 1,849,392 monthly 3 months ended June 30, 2013 FP Network: Avg. Sat 648,459 daily 6 months ended March 31, 2013 Avg. M-F 628,459 daily 6 months ended March 31, 2013 Subject to Audit (See Notes #3) Digital: Financialpost.com Network^ average monthly page impressions 11,976,118 monthly 3 months ended June 30, 2013 average monthly unique browsers 2,524,488 monthly 3 months ended June 30, 2013 Social Media: Twitter Followers (Total) 528,206 total At September 20, 2013 Facebook Likes 87,134 total At September 20, 2013 foursquare Followers 106,513 total At September 20, 2013 Tumblr Followers 342,308 total At September 20, 2013 Google+ Circles Members 83,323 total At September 20, 2013 Instagram Following 54,797 total At September 20, 2013 Pinterest Following 1,217,061 total At September 20, 2013 Newsletters (Average Net Distribution)^ NP GTA Top Stories 2,309 per issue Month of June 2013 NP Top Stories 7,407 per issue Month of June 2013 FP Top Stories 5,986 per issue Month of June 2013 FP Executive Summary 318 per issue Month of June 2013 FP Entrepreneur 52,485 per issue Month of June 2013 FP Marketing 3,753 per issue Month of June 2013 FP Mining 1,001 per issue Month of June 2013 Mobile:^ m.nationalpost.com average monthly page impressions 4,459,884 monthly Month of June 2013 average monthly unique browsers 1,546,917 monthly Month of June 2013 m.financialpost.com average monthly page impressions 695,169 monthly Month of June 2013 average monthly unique browsers 214,002 monthly Month of June 2013 Apps: (downloads) 421,441 to date 12/20/2010 thru 09/20/2013 Tablets, smartphones and other mobile devices Financial Post Magazine (downloads) 27,630 to date 01/10/2011 thru 09/20/2013 Tablets ^SOURCE: AAM Digital Audit Page 2 of

1,502 1,535 1,649 TOTAL AVERAGE PRINT CIRCULATION 131,131 124,635 119,420 125,619 125,183 123,564 129,261 Subject to Audit for six months ended March 31, 2013.

3 Built on the history and reputation of the Financial Post, the newspaper is the brand s flagship print product. With national and Toronto editions published Monday to Saturday. PRODUCT FREQUENCY/CIRCULATION Sat Avg Mon-Fri Mon Tue Wed Thu Fri AVERAGE PAID CIRCULATION 129, , , , , , ,612 AVERAGE NON-PAID CIRCULATION 1,591 1,543 1,566 1,461 1,502 1,535 1,649 TOTAL AVERAGE PRINT CIRCULATION 131, , , , , , ,261 Subject to Audit for six months ended March 31, epaper A full-featured digital version of the print package with all the stories, photos and artwork intact. The interface lets you flip through the pages just like a newspaper, or conduct custom searches and share articles with friends. PRODUCT FREQUENCY/CIRCULATION Digital Edition: Sat Avg Mon-Fri Mon Tue Wed Thu Fri AVERAGE PAID CIRCULATION 2,576 19,417 18,952 20,151 19,444 19,650 18,886 AVERAGE NON-PAID CIRCULATION 44,259 22,591 24,165 22,037 22,891 22,625 21,275 TOTAL AVERAGE DIGITAL CIRCULATION 46,835 42,008 43,117 42,188 42,335 42,275 40,161 Subject to Audit for six months ended March 31, Page 3 of

NATIONAL POST Financial Post Magazine A business-focused publication targeting top managers, executives, entrepreneurs, investors and other members of Canada s business elite.

Financial Post Magazine Delivered with Host Product 128,220 per issue 6 months ended June 30, 2013 Non-Paid Bulk 26,020 per issue 6 months ended June 30, 2013 AVERAGE TOTAL CIRCULATION 154,240 per

4 NATIONAL POST Financial Post Magazine A business-focused publication targeting top managers, executives, entrepreneurs, investors and other members of Canada s business elite. It features popular annual themed issues like CEO of the Year and the FP500. Financial Post Magazine Delivered with Host Product 128,220 per issue 6 months ended June 30, 2013 Non-Paid Bulk 26,020 per issue 6 months ended June 30, 2013 AVERAGE TOTAL CIRCULATION 154,240 per issue 6 months ended June 30, 2013 Subject to Audit Digital: nationalpost.com & financialpost.com These digital destinations bring the Post s tradition of reporting and design online. The websites include breaking news, feature stories, specialty resources and social sharing tools. Digital: average monthly page impressions 31,989,377 monthly 3 months ended June 30, 2013 average monthly unique browsers 6,951,576 monthly 3 months ended June 30, average monthly page impressions 7,172,517 monthly 3 months ended June 30, 2013 average monthly unique browsers 1,849,392 monthly 3 months ended June 30, 2013 (See Notes #2) Page 4 of

FP Network: By taking advantage of the Postmedia Network of major metro daily newspaper print editions and websites, Financial Post content can be extended into local markets across the country

Financial Post powers a significant portion of content on the business pages of these sites, with clearly branded sections focusing on national and international business news, small business and

5 FP Network: By taking advantage of the Postmedia Network of major metro daily newspaper print editions and websites, Financial Post content can be extended into local markets across the country reaching more readers. Financial Post powers a significant portion of content on the business pages of these sites, with clearly branded sections focusing on national and international business news, small business and personal finance. FP Network: Avg. Sat 648,459 daily 6 months ended March 31, 2013 Avg. M-F 628,459 daily 6 months ended March 31, 2013 Subject to Audit (See Notes #3) Digital: Financialpost.com Network average monthly page impressions 11,976,118 monthly 3 months ended June 30, 2013 average monthly unique browsers 2,524,488 monthly 3 months ended June 30, 2013 (See Notes #2) Page 5 of

NATIONAL POST Social Media: Twitter, Facebook, foursquare, Tumblr, Google+, Instagram, Pinterest Social media channels are a crucial part of the relationship between and Financial Post and its

6 NATIONAL POST Social Media: Twitter, Facebook, foursquare, Tumblr, Google+, Instagram, Pinterest Social media channels are a crucial part of the relationship between and Financial Post and its audience. These channels not only expose users to the Post s other digital properties, but serve as content streams in and of themselves. Social Media: Twitter Followers (Total) 528,206 total At September 20, 2013 Facebook Likes 87,134 total At September 20, 2013 foursquare Followers 106,513 total At September 20, 2013 Tumblr Followers 342,308 total At September 20, 2013 Google+ Circles Members 83,323 total At September 20, 2013 Instagram Following 54,797 total At September 20, 2013 Pinterest Following 1,217,061 total At September 20, 2013 (See Notes #4) Newsletters: NP GTA Top Stories, NP Top Stories, FP Top Stories, FP Executive Summary, FP Entrepreneur, FP Marketing, FP Mining Registered users can subscribe to a multitude of and Financial Post newsletter products, providing a regularly delivered overview of the top news in key categories, with live links and integrated navigation. Newsletters (Average Net Distribution): NP GTA Top Stories 2,309 per issue Month of June 2013 NP Top Stories 7,407 per issue Month of June 2013 FP Top Stories 5,986 per issue Month of June 2013 FP Executive Summary 318 per issue Month of June 2013 FP Entrepreneur 52,485 per issue Month of June 2013 FP Marketing 3,753 per issue Month of June 2013 FP Mining 1,001 per issue Month of June 2013 (See Notes #5) Page 6 of

7 NATIONAL POST Mobile: m.nationalpost.com & m.financialpost.com For readers who access and Financial Post mobile websites via enabled devices such as smartphones, these website products are offered in a format optimized for the smaller screen. Featuring a full site search and surfacing a multitude of content, this has been one of the The Post s fastest growing products and is the entry point for most users who employ the 2D-barcode program to reach the digital presence from the newspaper product. Mobile: m.nationalpost.com average monthly page impressions 4,459,884 monthly Month of June 2013 average monthly unique browsers 1,546,917 monthly Month of June 2013 m.financialpost.com average monthly page impressions 695,169 monthly Month of June 2013 average monthly unique browsers 214,002 monthly Month of June 2013 (See Notes #2) Apps: & Financial Post Magazine app is the flagship app product, available as a single download product for tablets, smartphones and other mobile devices. Updated live throughout the day, it provides a best-of look at and Financial Post in a native-app design. The Financial Post Magazine app, also available for download, takes the offline magazine product and makes it tablet-friendly, with added features such as video to enhance the experience. (downloads) 421,441 to date 12/20/2010 thru 09/20/2013 Tablets, smartphones and other mobile devices Financial Post Magazine (downloads) 27,630 to date 01/10/2011 thru 09/20/2013 Tablets (See Notes #6) Page 7 of

8 NATIONAL POST General Explanatory: : Period covered in this report: Six months ended March 31, Non-Publishing Days: Sat: None. Mon: October 8, 2012; February 18, Tue: December 25, 2012; January 1, Wed: December 26, Thu: None. Fri: March 29, Latest Released Audit Report Issued for 12 months ended September 30, For additional circulation information, please see the March 2013 AAM Publisher s Statement for The (AAM member number ) Returns policy: Fully Returnable. Financial Post Magazine: Field Served: A business magazine aimed at a general consumer audience. Published by a Division of Postmedia Network Inc. Issues covered in this report: Six months ended June 30, For additional circulation information, please see the June 2013 AAM Publisher s Statement for Financial Post Magazine (AAM member number ) Notes #1 No attempt was made to eliminate duplication across products. Total Network represents the following media products reported within this Consolidated Media Report: circulation avg. Mon-Fri, Financial Post Magazine Non-Paid Bulk, nationalpost.com, and financialpost.com average monthly unique browsers, Newsletters (NP GTA Top Stories, NP Top Stories, FP Top Stories, FP Executive Summary, FP Entrepreneur, FP Marketing, FP Mining) average net distribution, m.nationalpost.com and m.financialpost.com month of June 2013 unique browsers, FP Network print and education digital avg. Mon-Fri, Financialpost.com Network average monthly unique browsers. Notes #2 Unique Browsers & Page Impressions Unique Browser: A unique and valid identifier. Sites may use (i) IP+User-Agent and/or (ii) Cookie. This metric measures each browser, it does not measure a person. Counting of unique browsers may overstate or understate the number or individual devices concerned due to factors such as dynamic IP address allocation, significant levels of uniformity in IP and browser combinations operating through a proxy, cookie blocking and deletion. Page Impressions: The combination of one or more files presented to a viewer as a single document as a result of a single request received by the server. Monthly Totals (Page Impressions and Unique Browsers) April 2013 May 2013 June 2013 Unique Browsers Page Impressions Unique Browsers Page Impressions Unique Browsers Page Impressions 8,384,451 37,831,760 7,274,952 35,957,266 5,195,326 22,179, ,204,255 8,960,076 1,821,382 7,282,658 1,522,538 5,274,817 Financial Post Network 2,996,456 14,700,928 2,415,782 11,536,443 2,161,225 9,690,984 Domains (URL Patterns) included in the total Page Impressions & Unique Browsers: arts.nationalpost.com, classifieds.nationalpost.com, digital.nationalpost.com, fullcomment.nationalpost.com, life.nationalpost.com, nationalpost/m/, news.nationalpost.com, sports.nationalpost.com, & business.financialpost.com, financialpost.com/m/, innovators.financialpost.com, live.financialpost.com, opinion.financialpost.com, m.nationalpost.com: m.financialpost.com: Financial Post Network: *.calgaryherald.com/business/*, *o.canada.com/business*, *.edmontonjournal.com/business/*, *.financialpost.com*, *.leaderpost.com/business/*, *.montrealgazette.com/business/*, nationalpost/business/*, *.ottawacitizen.com/business/*, *.theprovince.com/business/*, *.thestarphoenix.com/business/*, *.vancouversun.com/business/*, *.windsorstar.com/business/* Page 8 of

9 Notes #3 FP Network Print This represents the average of the following metropolitan newspapers containing the Financial Post Market pages. In addition, Financial Post editorial pages may have appeared. Financial Post Market appeared Tue - Sat. Circulation represents the six months ending March 31, 2013 (Subject to Audit) print and education digital distribution of Financial Post Market page distribution. Avg. Sat Avg M-F The Vancouver Sun 175, ,063 Calgary Herald 115, ,813 Edmonton Journal 96,175 90,325 Leader Post 38,890 38,406 The Star Phoenix 42,629 43,798 Ottawa Citizen 98, ,399 The Gazette 81,560 72,143 TOTAL 648, ,947 Notes #4 (Social Media) Twitter Followers (Total) at September 20, 2013 (feed) (URL) Followers Branded Feeds twitter.com/nationalpost 110,034 Books twitter.com/#!/npbooks 21,258 Posted Toronto twitter.com/#!/postedtoronto 12,981 Arts & Life twitter.com/nparts 12,303 Financial Post twitter.com/financialpost 12,189 Financial Post Investing twitter.com/fpinvesting 12,118 Appetizer twitter.com/theappetizer 11,942 Full Comment twitter.com/fullcomment 10,500 Financial Post Tech Desk twitter.com/fptechdesk 8,687 Politics twitter.com/nppolitics 8,563 NP Traveller twitter.com/#!/nptraveller 7,237 City Hall twitter.com/nataliealcoba 5,577 Financial Post Legal Post twitter.com/legalpost 5,384 Financial Post Comment twitter.com/fpcomment 4,482 Financial Post Blogs twitter.com/fpblogs 3,461 Sports twitter.com/npsport 3,437 Financial Post Entrepreneur twitter.com/fpentrepreneur 2,892 Property Post twitter.com/fppropertypost 2,496 Homes twitter.com/#!/posthomes 1,940 Holy Post twitter.com/holypost 1,721 NP Running twitter.com/np_runningben 1,254 Health twitter.com/nphealth 972 Post Arcade twitter.com/postarcade 571 Life twitter.com/#!/nplife 518 FP Energy twitter.com/#!/fpenergy 503 NP Photos twitter.com/#!/np_photos 477 FPExecEditor twitter.com/fpexeceditor 473 NP Driving twitter.com/#!/npdriving 438 FP Personal Finance twitter.com/#!/fppersonal_fin 398 Editors twitter.com/npeditors 202 Top Ten National & Financial Post Staff Feeds David Frum twitter.com/davidfrum 93,861 Andrew Coyne twitter.com/acoyne 47,726 Bruce Arthur twitter.com/bruce_arthur 45,791 Shinan Govani twitter.com/shinangovani 14,471 Steve Murray twitter.com/npsteve 13,709 John Ivison twitter.com/ivisonj 13,669 John Lott twitter.com/lottonbaseball 9,668 Nathalie Atkinson twitter.com/nathat 8,988 Eric Koreen twitter.com/ekoreen 7,963 Chris Selley twitter.com/cselley 7,352 Facebook Likes at September 20, 2013 (site) (URL) Likes facebook.com/nationalpost 52,347 Financial Post facebook.com/financialpost 29,207 Financial Post Personal facebook.com/fppersonalfinance Finance 2,332 Financial Post Entrepreneur facebook.com/fpentrepreneur 1,479 Running facebook.com/pages/national- Post-Running/ 991 Financial Post Magazine facebook.com/pages/financial- Post-Magazine/ 778 foursquare Followers at September 20, 2013 (site) (URL) Followers foursquare.com/nationalpost 106,513 tumblr Followers at September 20, 2013 (site) (URL) Followers Sports nationalpostsports.tumblr.com/ Sports 208,798 nationalpost.tumblr.com/ 120,895 NP Photos nationalpostphotos.tumblr.com/ 11,352 NP Arts NP Life and Wellness npostlife.tumblr.com/ 275 NP Arcade nparcade.tumblr.com/ 232 Google+ Circles Members at September 20, 2013 (site) (URL) Have In Circle Post/posts 81,247 Financial Post /posts 2,076 Instagram Following at September 20, 2013 (site) (URL) Following web.stagram.com/search/nationalpost/ 54,797 Pinterest Following at September 20, 2013 (site) (URL) Following pinterest.com/nationalpost/ 1,217,061 Page 9 of

10 Notes #4 (Social Media) (Continued) Facebook Likes: Facebook is a social networking website that is operated by Facebook Inc. The number of Likes are the number of individual Facebook profiles that have signed onto Facebook pages created and maintained by the or Financial Post as Likes. Likes may allow content from these Facebook pages to be displayed on their personal News Feed tab. The number shown in this report represents the total Likes and may contain individuals that Like more than one page (e.g. may contain duplicates). A Facebook Like may not equate to an individual person. Twitter Followers (Total): Twitter is a real-time short messaging service that works over multiple networks and devices. Followers are registered users of Twitter who may receive the or Financial Post associated tweets on their personal Twitter account pages. (A tweet consists of a text message of 140 characters or less.) The number shown in this report represents the total followers of the tweets and may contain accounts that subscribe to multiple feeds. A total of 40 branded Twitter Accounts are included on the totals shown. A Twitter follower may not equate to an individual person. foursquare Followers: foursquare is a location-based mobile and web based platform. By checking in via a smartphone app or SMS, users share their location with friends while collecting points and virtual badges. Foursquare Pages are your custom homepage on foursquare, the epicenter of all brand engagement. Your fans can follow the Page, allowing them to see Tips, Stories and Breaking News Alerts from the. A foursquare account may not equate to an individual person. tumblr Followers: tumblr is a microblogging platform that allows users to post text, images, videos, links, quotes and audio to their tumblelog, a short-form blog. Users can follow other users and allow entries from the Page to appear on their personal Tumblr pages. There may be duplication of users between the accounts reported. A tumblr account may not equate to an individual person. A total of 6 or Financial Post branded tumblr accounts were included in the total shown on this report. Google+ Circles Members: Google+ Have in Circle are Google+ users who have chosen to allow the and Financial Post content on Google+ to be shared on their personal pages within the service. There may be duplication of users between the accounts reported. A Google+ account may not equate to an individual person. Instagram Following: Instagram is an app for iphone, ipod touch, and ipad that allows users to share pictures within the Instagram community. The number of followers are users who have the ability to follow a feed of photos from the on their IOS Devices. An Instagram account may not equate to an individual person. Pinterest Following: Pinterest is a Social Network that allows users to share and organize content on their browsers. Once someone follows another Pinterest user, they can then choose to display content on their personal Pinterest page. A Pinterest account may not equate to an individual person. Notes #5 (Newsletters) The newsletters are topic specific products that are opt-in and distributed via to subscribers. This figure represents an average net distribution for the month of June Average Average Average Issues Gross Sends Undeliverable Net Distribution NP GTA Top Stories 25 2, ,309 NP Top Stories 30 7, ,407 FP Top Stories 30 6, ,986 FP Executive Summary FP Entrepreneur 4 55,465-2,980 52,485 FP Marketing 4 4, ,753 FP Mining 4 1, ,001 Net Distribution: The Newsletters from a given mailing that reached the subscriber s delivery server with a positive status code response received in return. Calculated by subtracting undelivered messages from sent messages. Gross Sends: The total number of messages deployed for any mailing less test and internal addresses. Undelivered: Messages that did not reach a subscriber due to any of several reasons, including invalid or expired address, temporary server problems or unsubscribe actions. (Includes both hard and soft bounces.) Notes #6 (Apps) The figures reported represent the total number of unique accounts that downloaded the and/or the Financial Post app from each respective launch date thru September 20, Page 10 of

11 To Members of the : Data annotated as 'subject to audit' represent items reported on the most recent AAM member's Publisher's Statement and will be verified at the next scheduled audit period. Other data have been examined in accordance with AAM's Bylaws and Rules, and included such tests and other audit procedures as we considered necessary under the circumstances. In our opinion, the other data items contained in this report are fairly stated in all respects material to the totals reported. ADVERTISING CONTACTS: Brandon Grosvenor Senior Vice President, Postmedia Network Inc. T: bgrosvenor@postmedia.com Maria McDonald, Vice President Sales, Telephone (416) FAX (416) mmcdonald@postmedia.com 1450 Don Mills Road, Suite 300 Toronto, ON M3B 3R5 Page 11 of /2013 Copyright 2013 All rights reserved.

TOTAL NATIONAL POST NETWORK 12,315,080. Report for September 2012 DIGITAL EDITION (See Notes #1)

TOTAL NATIONAL POST NETWORK 12,315,080. Report for September 2012 DIGITAL EDITION (See Notes #1) Report for September 2012 DIGITAL EDITION See each paragraph for specific data measurement period TOTAL NATIONAL POST NETWORK (See Notes #1) 12,315,080 01-5564-0 Report for September 2012 DIGITAL EDITION