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

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

Report for September 2012 DIGITAL EDITION PRODUCT FREQUENCY/CIRCULATION Sat Avg Mon-Fri Mon Tue Wed Thu Fri AVERAGE PAID CIRCULATION 148,325 130,134 128,026 128,659 123,258 128,817 141,584 AVERAGE

21,543 22,612 21,324 21,290 21,326 21,329 AVERAGE NON-PAID CIRCULATION 27,858 15,996 15,894 16,808 15,654 15,935 15,673 TOTAL AVERAGE DIGITAL CIRCULATION 30,863 37,539 38,506 38,132 36,944 37,261

2 Report for September 2012 DIGITAL EDITION PRODUCT FREQUENCY/CIRCULATION Sat Avg Mon-Fri Mon Tue Wed Thu Fri AVERAGE PAID CIRCULATION 148, , , , , , ,584 AVERAGE NON-PAID CIRCULATION 2,171 3,774 2,353 2,441 8,097 2,469 3,289 TOTAL AVERAGE PRINT CIRCULATION 150, , , , , , ,873 Digital Editions: AVERAGE PAID CIRCULATION 3,005 21,543 22,612 21,324 21,290 21,326 21,329 AVERAGE NON-PAID CIRCULATION 27,858 15,996 15,894 16,808 15,654 15,935 15,673 TOTAL AVERAGE DIGITAL CIRCULATION 30,863 37,539 38,506 38,132 36,944 37,261 37,002 TOTAL AVERAGE CIRCULATION 181, , , , , , ,875 Subject to Audit for six months ended March 31, Financial Post Magazine TOTAL AVERAGE CIRCULATION 164,047 per issue 6 months ended June 30, 2012 Subject to Audit Digital: average monthly page impressions 20,375,722 monthly 3 months ended June 30, 2012 average monthly unique browsers 5,496,177 monthly 3 months ended June 30, average monthly page impressions 5,094,769 monthly 3 months ended June 30, 2012 average monthly unique browsers 1,280,154 monthly 3 months ended June 30, 2012 FP Network: Avg. Sat 724,334 daily 6 months ended March 31, 2012 Avg. M-F 711,072 daily 6 months ended March 31, 2012 Subject to Audit Digital: Financialpost.com Network average monthly page impressions 10,507,937 monthly 3 months ended June 30, 2012 average monthly unique browsers 3,473,755 monthly 3 months ended June 30, 2012 Social Media: Twitter Followers (Total) 292,571 total At September 12, 2012 Facebook Likes 28,267 total At September 12, 2012 foursquare Followers 88,282 total At September 12, 2012 Tumblr Followers 45,310 total At September 12, 2012 Google+ Circles Members 22,176 total At September 12, 2012 Instagram Following 7,078 total At September 12, 2012 Pinterest Following 733,515 total At September 12, 2012 Newsletters (Average Net Distribution) NP Top Stories 4,323 per issue Month of June 2012 FP Top Stories 3,412 per issue Month of June 2012 FP Summary 1,434 per issue Month of June 2012 FP Marketing 2,575 per issue Month of June 2012 FP Small Business 761 per issue Month of June 2012 Mobile: m.nationalpost.com average monthly page impressions 2,823,444 monthly 3 months ended June 30, 2012 average monthly unique browsers 1,025,600 monthly 3 months ended June 30, 2012 m.financialpost.com average monthly page impressions 460,157 monthly 3 months ended June 30, 2012 average monthly unique browsers 121,087 monthly 3 months ended June 30, 2012 Apps: (downloads) 300,197 to date 12/20/2010 thru 09/12/2012 Tablets, smartphones and other mobile devices Financial Post Magazine (downloads) 20,835 to date 01/10/2011 thru 09/12/2012 Tablets, Toronto, ON Page #2

8,097 2,469 3,289 TOTAL AVERAGE PRINT CIRCULATION 150,496 133,908 130,379 131,100 131,355 131,286 144,873 Subject to Audit for six months ended March 31, 2012.

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 148, , , , , , ,584 AVERAGE NON-PAID CIRCULATION 2,171 3,774 2,353 2,441 8,097 2,469 3,289 TOTAL AVERAGE PRINT CIRCULATION 150, , , , , , ,873 Subject to Audit for six months ended March 31, Digital Edition 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 3,005 21,543 22,612 21,324 21,290 21,326 21,329 AVERAGE NON-PAID CIRCULATION 27,858 15,996 15,894 16,808 15,654 15,935 15,673 TOTAL AVERAGE DIGITAL CIRCULATION 30,863 37,539 38,506 38,132 36,944 37,261 37,002 Subject to Audit for six months ended March 31, 2012., Toronto, ON Page #3

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 140,764 per issue 6 months ended June 30, 2012 Non-Paid Bulk 23,283 per issue 6 months ended June 30, 2012 AVERAGE TOTAL CIRCULATION 164,047 per issue 6 months

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 140,764 per issue 6 months ended June 30, 2012 Non-Paid Bulk 23,283 per issue 6 months ended June 30, 2012 AVERAGE TOTAL CIRCULATION 164,047 per issue 6 months ended June 30, 2012 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 20,375,722 monthly 3 months ended June 30, 2012 average monthly unique browsers 5,496,177 monthly 3 months ended June 30, average monthly page impressions 5,094,769 monthly 3 months ended June 30, 2012 average monthly unique browsers 1,280,154 monthly 3 months ended June 30, 2012 (See Notes #2), Toronto, ON Page #4

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 724,334 daily 6 months ended March 31, 2012 Avg. M-F 711,072 daily 6 months ended March 31, 2012 Subject to Audit (See Notes #3) Digital: Financialpost.com Network average monthly page impressions 10,507,937 monthly 3 months ended June 30, 2012 average monthly unique browsers 3,473,755 monthly 3 months ended June 30, 2012 (See Notes #2), Toronto, ON Page #5

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) 292,571 total At September 12, 2012 Facebook Likes 28,267 total At September 12, 2012 foursquare Followers 88,282 total At September 12, 2012 Tumblr Followers 45,310 total At September 12, 2012 Google+ Circles Members 22,176 total At September 12, 2012 Instagram Following 7,078 total At September 12, 2012 Pinterest Following 733,515 total At September 12, 2012 (See Notes #4) Newsletters: NP Top Stories, FP Top Stories, FP Summary, FP Marketing, FP Small Business 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 Top Stories 4,323 per issue Month of June 2012 FP Top Stories 3,412 per issue Month of June 2012 FP Summary 1,434 per issue Month of June 2012 FP Marketing 2,575 per issue Month of June 2012 FP Small Business 761 per issue Month of June 2012 (See Notes #5), Toronto, ON Page #6

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 2,823,444 monthly 3 months ended June 30, 2012 average monthly unique browsers 1,025,600 monthly 3 months ended June 30, 2012 m.financialpost.com average monthly page impressions 460,157 monthly 3 months ended June 30, 2012 average monthly unique browsers 121,087 monthly 3 months ended June 30, 2012 (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) 300,197 to date 12/20/2010 thru 09/12/2012 Tablets, smartphones and other mobile devices Financial Post Magazine (downloads) 20,835 to date 01/10/2011 thru 09/12/2012 Tablets (See Notes #6), Toronto, ON Page #7

8 NATIONAL POST General Explanatory: : Period covered in this report: Six months ended March 31, Non-Publishing Days: Sat: None. Mon: October 10, 2011; December 26, 2011; January 2, 2012; February 20, Tue: None. Wed: None. Thu: None. Fri: None. Latest Released Audit Report Issued for 12 months ended September 30, For additional circulation information, please see the March 2012 ABC Publisher s Statement for The (ABC member number ) Returns policy: Fully Returnable. Financial Post Magazine: Field Served: A business magazine aimed at a general consumer audience. Published by Inc. Issues covered in this report: Six months ended June 30, For additional circulation information, please see the June 2012 ABC Publisher s Statement for Financial Post Magazine (ABC 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 Top Stories, FP Top Stories, FP Summary, FP Marketing, FP Small Business) average net distribution, m.nationalpost.com and m.financialpost.com average monthly unique browsers, FP Network print 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 2012 May 2012 June 2012 Unique Browsers Page impressions Unique Browsers Page impressions Unique Browsers Page impressions 4,756,018 18,463,234 5,518,209 20,235,389 6,214,305 22,428, ,174,151 4,761,962 1,290,101 5,183,617 1,376,211 5,338,727 m.nationalpost.com 810,066 2,294,454 1,128,728 2,814,978 1,138,005 3,360,900 m.financialpost.com 109, , , , , ,174 Financial Post Network 3,748,467 10,097,894 3,330,587 10,901,788 3,342,212 10,524,130 Domains (URL Patterns) included in the total Page Impressions & Unique Browsers: arts.nationalpost.com, citylife.nationalpost.com, fullcomment.nationalpost.com, life.nationalpost.com, nationalpost.stats.com, news.nationalpost.com, sports.nationalpost.com, business.financialpost.com, innovators.financialpost.com, live.financialpost.com, opinion.financialpost.com, m.nationalpost.com: m.financialpost.com: Financial Post Network: *.calgaryherald.com/business/*,*.canada.com/business*, *.edmontonjournal.com/business/*, *.financialpost.com*, *.leaderpost.com/business/*, *.montrealgazette.com/business/*, *.ottawacitizen.com/business/*, *.theprovince.com/business/*, *.thestarphoenix.com/business/*, *.timescolonist.com/business/*, *.vancouversun.com/business/*, *.windsorstar.com/business/*, Toronto, ON Page #8

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, 2012 print and education digital distribution of Financial Post Market page distribution. Avg. Sat Avg M-F The Vancouver Sun 190, ,002 Calgary Herald 130, ,816 Edmonton Journal 106, ,140 Leader Post 43,383 42,286 The Star Phoenix 49,064 49,006 Ottawa Citizen 107, ,897 The Gazette 97,615 87,925 TOTAL 724, ,072 Notes #4 (Social Media) Twitter Followers (Total) at September 12, 2012 (feed) (URL) Followers Branded Feeds twitter.com/nationalpost 55,490 Books twitter.com/#!/npbooks 11,177 Posted Toronto twitter.com/#!/postedtoronto 8,911 Financial Post twitter.com/financialpost 8,258 Financial Post Investing twitter.com/fpinvesting 7,240 Politics twitter.com/nppolitics 7,003 Full Comment twitter.com/fullcomment 6,932 Arts & Life twitter.com/nparts 5,690 City Hall twitter.com/nphallmonitor 3,424 Appetizer twitter.com/theappetizer 3,368 Financial Post Legal Post twitter.com/legalpost 3,350 Sports twitter.com/npsport 2,763 Financial Post Comment twitter.com/fpcomment 2,667 Financial Post Blogs twitter.com/fpblogs 2,446 Financial Post Tech Desk twitter.com/fptechdesk 2,383 Property Post twitter.com/fppropertypost 2,040 Financial Post Entrepreneur twitter.com/fpentrepreneur 1,418 Holy Post twitter.com/holypost 1,264 Homes twitter.com/#!/posthomes 1,168 NP Running twitter.com/np_runningben 823 Health twitter.com/nphealth 569 NP Traveller twitter.com/#!/nptraveller 386 Life twitter.com/#!/nplife 318 NP Photos twitter.com/#!/np_photos 306 FPExecEditor twitter.com/fpexeceditor 268 Post Arcade twitter.com/postarcade 228 FP Energy twitter.com/#!/fpenergy 194 FP Personal Finance twitter.com/#!/fppersonal_fin 164 Editors twitter.com/npeditors 153 NP Driving twitter.com/#!/npdriving 98 Top Ten National & Financial Post Staff Feeds David Frum twitter.com/davidfrum 45,805 Andrew Coyne twitter.com/acoyne 32,586 Bruce Arthur twitter.com/bruce_arthur 25,286 Shinan Govani twitter.com/shinangovani 11,767 John Ivison twitter.com/ivisonj 7,769 Steve Murray twitter.com/npsteve 7,069 John Lott twitter.com/lottonbaseball 6,862 Nathalie Atkinson twitter.com/nathat 6,368 Chris Selley twitter.com/cselley 4,441 Eric Koreen twitter.com/ekoreen 4,119 Facebook Likes at September 12, 2012 (site) (URL) Likes 20,493 Financial Post 5,079 Financial Post Personal Finance FPPersonalFinance Running National-Post-Running/ 753 Financial Post Entrepreneur FPEntrepreneur Financial Post Magazine Financial-Post-Magazine/ 354 foursquare Followers at September 12, 2012 (site) (URL) Followers foursquare.com/nationalpost 88,282 tumblr Followers at September 12, 2012 (site) (URL) Followers nationalpost.tumblr.com/ 34,601 Sports nationalpostsports.tumblr.com/ 10,306 Sports NP Arts Google+ Circles Members at September 12, 2012 (site) (URL) Have In Circle plus.google.com/b/*/ 21,047 # / Financial Post plus.google.com/*/ # / 1,129 Instagram Following at September 12, 2012 (site) (URL) Following web.stagram.com/search/nationalpost/ 7,078 Pinterest Following at September 12, 2012 (site) (URL) Following pinterest.com/nationalpost/ 733,515, Toronto, ON Page #9

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/or branded to the National or Financial Post. "Likes" may allow content from these Facebook Pages to be displayed on their personal News Feed tab. The number represented in this report is the total "Likes" and may contain individuals that "like" more than one page. (e.g. may contain duplicates). A Facebook profile (account) may not equate to an individual person. A total of 6 National or Financial Post branded Facebook Accounts were included in the total shown on this report. Twitter Followers (Total): Twitter is a real-time short messaging service that works over multiple networks and devices. Followers are registered accounts of Twitter who may receive one of the National or Financial Post branded "tweets" on their personal twitter account pages. (A tweet consists of a text message of 140 characters or less). The number represented in this report is the total "followers" and may contain accounts that "follow" more than one feed. (e.g. may contain duplicates) A Twitter account may not equate to an individual person. A total of 40 of The National and Financial Post's branded twitter feeds were included in the total shown in this report. 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. 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 Top Stories 26 4, ,323 FP Top Stories 30 3, ,412 FP Summary 26 1, ,434 FP Marketing 5 2, ,575 FP Small Business 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 12, 2012., Toronto, ON Page #10

11 To Members of the Audit Bureau of Circulations: Data annotated as 'subject to audit' represent items reported on the most recent ABC member's Publisher's Statement and will be verified at the next scheduled audit period. Other data have been examined in accordance with the Bureau'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. Audit Bureau of Circulations ADVERTISING CONTACTS: Douglas Kelly, Publisher Telephone (416) FAX (416) dkelly@nationalpost.com If you have any questions regarding this report, contact: ABC s Canadian Office Telephone (416) FAX (416) Bloor St. West, Suite 850 Toronto, ON M5S 1S4 Maria McDonald, Director, Integrated Sales Telephone (416) FAX (416) mmcdonald@postmedia.com 1450 Don Mills Road, Suite 300 Toronto, ON M3B 3R5 NATIONAL POST, published by The Inc., Don Mills Road, Don Mills, ON M3B 3R5, Toronto, ON Page #11 - # September Copyright 2012 Audit Bureau of Circulations. All rights reserved. 151 Bloor Street West, Ste. 850, Toronto, ON M5S 1S4 - (416) FAX: (416) Toronto, ON Page #11

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

TOTAL NATIONAL POST NETWORK 13,980,756. CONSOLIDATED MEDIA REPORT Newspaper. Report for September 2013 Report for September 2013 CONSOLIDATED MEDIA REPORT Newspaper See each paragraph for specific data measurement period TOTAL NATIONAL POST NETWORK (See Notes #1) 13,980,756 01-5564-0 151 Bloor Street West,