HOLLINGER INTERNATIONAL INC
THE INDENTURE DATED AS OF DECEMBER 23, 2002
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>8
<FILENAME>t09334exv10w21.htm
<DESCRIPTION>THE INDENTURE DATED AS OF DECEMBER 23, 2002
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<P align="right"><FONT size="2">EXHIBIT 10.21
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<P align="right"><FONT size="2">Form of Indenture among Hollinger International Publishing Inc.,<BR>
Hollinger International Inc. and Wachovia Securities, Inc. dated as of December&nbsp;23, 2002
</FONT>

<P align="center"><FONT size="2">HOLLINGER INTERNATIONAL PUBLISHING INC.
</FONT>
<P align="center"><FONT size="2">9% Senior Notes due 2010
</FONT>
<P align="center"><FONT size="2">Unconditionally Guaranteed by
</FONT>
<P align="center"><FONT size="2">HOLLINGER INTERNATIONAL INC.
</FONT>
<P align="center"><HR align="center" size="1" width="50%" noshade>
<P align="center"><FONT size="2">INDENTURE
</FONT>
<P align="center"><FONT size="2">Dated as of December&nbsp;23, 2002
</FONT>
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<P align="center"><FONT size="2">WACHOVIA TRUST COMPANY, NATIONAL ASSOCIATION,
</FONT>
<P align="center"><FONT size="2">Trustee
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="center"><FONT size="2">TABLE OF CONTENTS
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    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Page</B></FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PARTIES</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">RECITALS</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ARTICLE I</FONT></DIV></TD>
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<TR valign="bottom">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Definitions and Other Provisions of General Application</FONT></DIV></TD>
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<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.01. Definitions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.02. Other Definitions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.03. Compliance Certificates and Opinions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.04. Form of Documents Delivered to Trustee</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.05. Acts of Holders</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.06. Notices, etc., to Trustee and Publishing</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.07. Notice to Holders; Waiver</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.08. Conflict with Trust Indenture Act</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.09. Effect of Headings and Table of Contents</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.10. Successors and Assigns</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.11. Separability Clause</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.12. Benefits of Indenture</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.13. GOVERNING LAW</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.14. Legal Holidays</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.15. Schedules and Exhibits</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 1.16. Counterparts</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ARTICLE II</FONT></DIV></TD>
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<TR valign="bottom">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Form of Note</FONT></DIV></TD>
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<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 2.01. Form&nbsp;Generally</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 2.02. Form of Trustee&#146;s Certificate of Authentication</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 2.03. Form of Guarantee of Hollinger International</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ARTICLE III</FONT></DIV></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">The Notes</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 3.01. Execution, Authentication, Delivery and Dating</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 3.02. Temporary Notes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 3.03. Registration, Registration of Transfer and Exchange</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 3.04. Global Note Provisions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 3.05. Legends</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 3.06. Special Transfer Provisions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 3.07. Mutilated, Destroyed, Lost or Stolen Notes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 3.08. Payment of Interest; Interest Rights Preserved</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<P align="center"><FONT size="2">i</FONT>
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    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Page</B></FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 3.09. Persons Deemed Owners</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 3.10. Cancellation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 3.11. Computation of Interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 3.12. Additional Notes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 3.13. Additional Interest Under Registration Rights Agreements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ARTICLE IV</FONT></DIV></TD>
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<TR valign="bottom">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Defeasance and Covenant Defeasance</FONT></DIV></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 4.01. Publishing&#146;s Option to Effect Defeasance or Covenant Defeasance</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 4.02. Defeasance and Discharge</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 4.03. Covenant Defeasance</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 4.04. Conditions to Defeasance or Covenant Defeasance</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 4.05. Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions
</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 4.06. Reinstatement</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ARTICLE V</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Remedies</FONT></DIV></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.01. Events of Default</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.02. Acceleration of Maturity; Rescission and Annulment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.04. Trustee May File Proofs of Claim</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.05. Trustee May Enforce Claims Without Possession of Notes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.06. Application of Money Collected</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">49</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.07. Limitation on Suits</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">49</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.08. Unconditional Right of Holders to Receive Principal, Premium and Interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.09. Restoration of Rights and Remedies</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.10. Rights and Remedies Cumulative</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.11. Delay or Omission Not Waiver</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.12. Control by Holders</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.13. Waiver of Past Defaults</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">51</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.14. Undertaking for Costs</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">51</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.15. Waiver of Stay, Extension or Usury Laws</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">51</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 5.16. Remedies Subject to Applicable Law</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ARTICLE VI</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">The Trustee</FONT></DIV></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 6.01. Duties of Trustee</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 6.02. Notice of Defaults</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">53</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 6.03. Certain Rights of Trustee</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">53</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">ii</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Page</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 6.04. Trustee Not Responsible for Recitals, Dispositions of Notes or
Application of Proceeds Thereof</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">54</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 6.05. Trustee and Agents May Hold Notes; Collections; etc.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">54</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 6.06. Money Held in Trust</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">55</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 6.07. Compensation and Indemnification of Trustee and Its Prior Claim</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">55</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 6.08. Conflicting Interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">56</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 6.09. Corporate Trustee Required; Eligibility</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">56</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 6.10. Resignation and Removal; Appointment of Successor Trustee</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">56</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 6.11. Acceptance of Appointment by Successor</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">58</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">58</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 6.13. Preferential Collection of Claims Against Publishing</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ARTICLE VII</FONT></DIV></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Holders&#146; Lists and Reports by Trustee and Publishing</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 7.01. Publishing to Furnish Trustee Names and Addresses of Holders</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 7.02. Disclosure of Names and Addresses of Holders</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 7.03. Reports by Trustee</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 7.04. Reports by Publishing</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">60</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ARTICLE VIII</FONT></DIV></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Consolidation, Merger, Sale of Assets</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 8.01. Publishing May Merge, Consolidate, etc., Only on Certain Terms</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">60</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 8.02. Successor Substituted</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">62</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ARTICLE IX</FONT></DIV></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Supplemental Indentures</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 9.01. Supplemental Indentures and Agreements Without Consent of Holders</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">63</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 9.02. Supplemental Indentures and Agreements with Consent of Holders</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">64</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 9.03. Execution of Supplemental Indentures and Agreements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 9.04. Effect of Supplemental Indentures</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 9.05. Conformity with Trust Indenture Act</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 9.06. Reference in Notes to Supplemental Indentures</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 9.07. Record Date</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ARTICLE X</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Covenants</FONT></DIV></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.01. Payment of Principal, Premium and Interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.02. Maintenance of Office or Agency</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.03. Money for Note Payments to be Held in Trust</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">67</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.04. Corporate Existence</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">68</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">iii</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Page</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.05. Payment of Taxes and Other Claims</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">68</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.06. Maintenance of Properties</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">68</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.07. Insurance</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">68</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.08. Limitation on Indebtedness</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">69</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.09. Limitation on Restricted Payments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.10. Limitation on Transactions with Affiliates</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">73</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.11. Limitation on Liens</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">74</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.12. Limitation on Issuances of Guarantees of Indebtedness</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.13. Limitation on Sale of Assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.14. Purchase of Notes upon a Change of Control</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">80</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.15. Limitation on Issuance and Sale of Capital Stock of Restricted Subsidiaries</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.16. Limitation on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.17. Provision of Financial Statements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.18. Statement by Officers as to Default</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.19. Waiver of Certain Covenants</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 10.20. Limitation on the Designation of Unrestricted Subsidiaries</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ARTICLE XI</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Redemption of Notes</FONT></DIV></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 11.01. Right of Redemption</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 11.02. Applicability of Article</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 11.03. Election to Redeem; Notice to Trustee</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 11.04. Selection by Trustee of Notes to be Redeemed</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 11.05. Notice of Redemption</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 11.06. Deposit of Redemption Price</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">88</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 11.07. Notes Payable on Redemption Date</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">88</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 11.08. Notes Redeemed or Purchased in Part</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">88</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ARTICLE XII</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Satisfaction and Discharge</FONT></DIV></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 12.01. Satisfaction and Discharge of Indenture</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">89</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 12.02. Application of Trust Money</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">90</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ARTICLE XIII</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Guarantee</FONT></DIV></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.01. Hollinger International Guarantee</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">90</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.02. Continuing Guarantee; No Right of Set-Off; Independent Obligation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">90</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.03. Guarantee Absolute</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">91</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.04. Right to Demand Full Performance</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">93</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">iv</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Page</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.05. Waivers</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">93</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.06. Hollinger International Remains Obligated in Event
Publishing Is No Longer Obligated to Discharge
Indenture Obligations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">94</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.07. Waiver of Rights</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">94</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.08. Guarantee Is in Addition to Other Security</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">94</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.09. Release of Security Interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">94</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.10. No Bar to Further Actions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">94</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.11. Failure to Exercise Rights Shall Not Operate as a Waiver; No Suspension
of Remedies</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">95</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.12. Trustee&#146;s Duties; Notice to Trustee</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">95</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.13. Successors and Assigns</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.14. Release of Guarantee</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.15. Execution of Guarantee</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SECTION 13.16. Payment Permitted by Hollinger International if No Default</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SIGNATURES</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">101</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">SCHEDULE 1 &#151; Permitted Indebtedness<BR>
EXHIBIT A &#151; Form of Note<BR>
EXHIBIT B &#151; Form of Transfer Certificate for Transfer to QIB<BR>
EXHIBIT C &#151; Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation&nbsp;S<BR>
EXHIBIT D &#151; Form of Rule&nbsp;144 Certification
</FONT>
<P align="center"><FONT size="2">v</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2">CROSS-REFERENCE TABLE
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1"><B>TIA SECTION</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>INDENTURE SECTION</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" colspan="2"><HR width="13%" size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" colspan="3"><HR width="48%" size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">310</FONT></DIV></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a) (1)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.09</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a) (2)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.09</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a) (5)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.11</FONT></TD>
    <TD><FONT size="2">;&nbsp;&nbsp;6.12</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(b)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.08</FONT></TD>
    <TD><FONT size="2">;&nbsp;&nbsp;6.10</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">311</FONT></DIV></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(b)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">312</FONT></DIV></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(c)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7.02</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">313</FONT></DIV></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(c)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">314</FONT></DIV></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a) (1)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7.04</FONT></TD>
    <TD nowrap><FONT size="2">(a)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a) (2)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7.04</FONT></TD>
    <TD nowrap><FONT size="2">(b)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a) (3)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7.04</FONT></TD>
    <TD nowrap><FONT size="2">(c)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a) (4)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(c) (1)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(c) (2)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(e)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">315</FONT></DIV></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.01</FONT></TD>
    <TD nowrap><FONT size="2">(b)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(b)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.02</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(c)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.01</FONT></TD>
    <TD nowrap><FONT size="2">(a)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(d)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.01</FONT></TD>
    <TD nowrap><FONT size="2">(c)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(e)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">316</FONT></DIV></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a)(last sentence)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="right"><FONT size="2">1.01</FONT></TD>
    <TD><FONT size="2">(&#147;Outstanding&#148;)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a) (1) (A)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a) (1) (B)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(b)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.08</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(c)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.07</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">317</FONT></DIV></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a) (1)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a) (2)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(b)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">318</FONT></DIV></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(a)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.08</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">Note:</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">This Cross-Reference Table shall not, for any purpose, be deemed to
be a part of this Indenture.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">vi</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INDENTURE, dated as of December&nbsp;23, 2002, among HOLLINGER INTERNATIONAL
PUBLISHING INC., a Delaware corporation (as more fully defined below,
<B>&#147;Publishing&#148;</B>), HOLLINGER INTERNATIONAL INC., a Delaware corporation (as more
fully defined below, <B>&#147;Hollinger International&#148;</B>), and WACHOVIA TRUST COMPANY,
NATIONAL ASSOCIATION, as trustee (the <B>&#147;Trustee&#148;</B>).
</FONT>
<P align="center"><FONT size="2">RECITALS OF PUBLISHING
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing has duly authorized the execution and delivery of this
Indenture to provide for the issuance of its unsecured senior notes, to be
issued pursuant to Articles II and III hereof or a supplemental indenture (each
a <B>&#147;Note&#148;</B> and collectively the
<B>&#147;Notes&#148;</B>).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hollinger International has duly authorized the issuance of a guarantee
(the <B>&#147;Guarantee&#148;</B>) of the Notes, of substantially the tenor as hereinafter set
forth, and to provide therefor, Hollinger International has duly authorized the
execution and delivery of this Indenture in its capacity as Guarantor
hereunder;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture is subject to, and shall be governed by, the provisions of
the Trust Indenture Act that are required to be part of and to govern
indentures qualified under the Trust Indenture Act; and
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All acts and things necessary have been done to make (i)&nbsp;the Notes, when
executed by Publishing and authenticated and delivered hereunder and duly
issued by Publishing, the valid obligations of Publishing and (ii)&nbsp;this
Indenture a valid agreement of Publishing and Hollinger International in
accordance with the terms of this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and the purchase of the
Notes by the Holders thereof, it is mutually covenanted and agreed, for the
equal and proportionate benefit of all Holders of the Notes, as follows:
</FONT>
<P align="center"><FONT size="2">ARTICLE I
</FONT>
<P align="center"><FONT size="2"><B>Definitions and Other Provisions
of General Application</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.01. <B>Definitions.</B> For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the terms defined in this Article have the meanings assigned to
them in this Article, and include the plural as well as the singular;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;all other terms used herein which are defined in the Trust
Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with GAAP;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the words &#147;herein&#148;, &#147;hereof&#148; and &#147;hereunder&#148; and other words of
similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision; and</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;all references to $, US$, dollars or United States dollars shall
refer to the lawful currency of the United States of America.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following terms shall have the meanings set forth in this Section:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Acceleration
Right&#148;</B> means a right, which at the time is immediately
exercisable (without further notice or lapse of time), by the holders or a
trustee to cause the acceleration of the maturity of Indebtedness of Publishing
or a Restricted Subsidiary having an aggregate principal amount outstanding of
at least $7,500,000.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Acquired
Indebtedness&#148;</B> means Indebtedness of a Person (including an
Unrestricted Subsidiary) (i)&nbsp;existing at the time such Person becomes a
Restricted Subsidiary or (ii)&nbsp;assumed in connection with the acquisition of
assets from such Person, in each case, other than Indebtedness Incurred in
connection with, or in contemplation of, such Person becoming a Restricted
Subsidiary or such acquisition. Acquired Indebtedness will be deemed to be
Incurred on the date of the related acquisition of assets from any Person or
the date the acquired Person becomes a Restricted Subsidiary.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Additional
Note Board Resolutions&#148;</B> means resolutions duly adopted by the
Board of Directors of Publishing and delivered to the Trustee in an Officers&#146;
Certificate providing for the issuance of Additional Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Additional
Note Supplemental Indenture&#148;</B> means a supplement to this
Indenture duly executed and delivered by Publishing, each Guarantor and the
Trustee pursuant to Article&nbsp;IX providing for the issuance of Additional Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Additional
Notes&#148;</B> means additional Notes of up to an amount equal to the
difference between (i) $450&nbsp;million and (i)&nbsp;the aggregate principal amount of
Notes originally issued as of the Issue Date and any Notes originally issued
after the Issue Date pursuant to Section&nbsp;3.12, such difference to exclude the
aggregate principal amount of any replacement Notes and any Exchange Notes as
specified in the relevant Additional Note Board Resolutions or Additional Note
Supplemental Indenture issued therefor in accordance with this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Affiliate&#148;</B> means, with respect to any specified Person, (i)&nbsp;any other
Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person or (ii)&nbsp;any other Person
that owns, directly or indirectly, 10% or more of such Person&#146;s equity
ownership or Voting Stock or any officer or director of any such Person or
other Person or with respect to any natural Person, any person having a
relationship with such Person by blood, marriage or adoption not more remote
than first cousin. For the purposes of this definition, &#147;control&#148; when used
with respect to any specified Person means the power to direct the management
and policies of such Person directly or indirectly, whether through
ownership of voting securities, by contract or otherwise; and the terms
&#147;controlling&#148; and &#147;controlled&#148; have meanings correlative to the foregoing.
</FONT>
<P align="center"><FONT size="2">2</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Agent&#148;</B> means Wachovia Bank, N.A., the administrative agent under the
Senior Credit Facility, and its successors and assigns in such capacity.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Asset Sale&#148;</B> means any sale, issuance, conveyance, transfer, lease or
other disposition (including, without limitation, by way of merger,
consolidation or sale and leaseback transaction but not the grant of a pledge
or security interest) (collectively, a &#147;transfer&#148;), directly or indirectly, in
one or a series of related transactions, of (i)&nbsp;any Capital Stock of any
Restricted Subsidiary; (ii)&nbsp;all or substantially all of the properties and
assets of any division or line of business of Publishing or any of its
Restricted Subsidiaries; or (iii)&nbsp;any other properties or assets (other than
cash) of Publishing or any Restricted Subsidiary, other than in the ordinary
course of business. For the purposes of this definition, the term &#147;Asset Sale&#148;
shall not include (A)&nbsp;any transfer of properties and assets, in a single
transaction or series of related transactions, that is governed by the
provisions of Article&nbsp;VIII, (B)&nbsp;any transfer of properties and assets from any
Restricted Subsidiary to Publishing in accordance with the terms of this
Indenture, (C)&nbsp;any transfer of properties and assets, in a single transaction
or series of related transactions, having a market value of less than
$5,000,000 (it being understood that if the market value of the properties or
assets being transferred exceeds $5,000,000, the entire value and not just the
portion in excess of $5,000,000, shall be deemed to have been the subject of an
Asset Sale), (D)&nbsp;any transfer of properties and assets which are obsolete (in
the case of equipment) to Publishing&#146;s and its Restricted Subsidiaries&#146;
businesses, (E)&nbsp;any transfer of properties and assets to any Restricted
Subsidiary, and (F)&nbsp;any transfer of properties and assets from any Restricted
Subsidiary to any other Restricted Subsidiary.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Average Life to Stated Maturity&#148;</B> means, as of the date of determination
with respect to any Indebtedness, the quotient obtained by dividing (i)&nbsp;the sum
of the products of (a)&nbsp;the number of years from the date of determination to
the date or dates of each successive scheduled principal payment of such
Indebtedness multiplied by (b)&nbsp;the amount of each such principal payment by
(ii)&nbsp;the sum of all such principal payments.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Bankruptcy Law&#148;</B> means Title 11 of the United States Code, as amended, or
any similar United States federal or state or foreign law relating to
bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization
or relief of debtors or any amendment to, succession to or change in any such
law.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Board of Directors&#148;</B> means the board of directors of Publishing or any
duly authorized committee of such board.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Board Resolution&#148;</B> means a copy of a resolution certified by an officer of
Publishing to have been duly adopted by such Board of Directors of Publishing
or a duly authorized committee of such board and to be in full force and effect
on the date of such certification, and delivered to the Trustee.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Business Day&#148;</B> means each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a day on which banking institutions in The City of New York, or
the city in which the principal corporate trust office of the Trustee is
located (initially Wilmington, Delaware), are authorized or obligated by law or
executive order to close.
</FONT>
<P align="center"><FONT size="2">3</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Business Opportunities Agreement</B>&#148; means the Business Opportunities
Agreement dated as of February&nbsp;7, 1996, between Hollinger Inc. and Hollinger
International and any amendment, modification, or supplement thereto or
restatement thereof and any similar agreements entered into after the date of
the original issuance of the Notes in accordance with the terms of this
Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Capital Lease Obligation</B>&#148; of any Person means any obligation of such
Person and its subsidiaries on a consolidated basis under any capital lease of
real or personal property which, in accordance with GAAP, has been recorded as
a capitalized lease obligation.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Capital Stock</B>&#148; of any Person means any and all shares, interests,
participations or other equivalents (however designated) of such Person&#146;s
capital stock and options, warrants or other rights to acquire such Person&#146;s
capital stock.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Equivalents</B>&#148; means (i)&nbsp;any evidence of Indebtedness with a maturity
of 180&nbsp;days or less issued or directly and fully guaranteed or insured by the
United States of America or any agency or instrumentality thereof (<I>provided</I>,
that the full faith and credit of the United States of America is pledged in
support thereof); (ii)&nbsp;certificates of deposit or acceptances with a maturity
of 180&nbsp;days or less of any financial institution that is a member of the
Federal Reserve System having combined capital and surplus and undivided
profits of not less than $500,000,000; (iii)&nbsp;commercial paper with a maturity
of 180&nbsp;days or less issued by a corporation that is not an Affiliate of
Publishing organized under the laws of any state of the United States or the
District of Columbia and rated A-1 (or higher) according to S&#038;P or P-1 (or
higher) according to Moody&#146;s or at least an equivalent rating category of
another nationally recognized securities rating agency; (iv)&nbsp;any money market
deposit accounts issued or offered by a domestic commercial bank having capital
and surplus in excess of $500,000,000; and (v)&nbsp;repurchase agreements and
reverse repurchase agreements relating to marketable direct obligations issued
or unconditionally guaranteed by the government of the United States of America
or issued by any agency thereof and backed by the full faith and credit of the
United States of America, in each case maturing within 180&nbsp;days from the date
of acquisition; <I>provided</I>, that the terms of such agreements comply with the
guidelines set forth in the Federal Financial Agreements of Depository
Institutions with Securities Dealers and Others, as adopted by the Comptroller
of the Currency on October&nbsp;31, 1985.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Certificated Note</B>&#148; means any Note issued in registered certificated form
(other than a Global Note), which shall be substantially in the form of Exhibit
A, with appropriate legends as specified in Section&nbsp;3.05 and Exhibit&nbsp;A.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Change of Control</B>&#148; means the occurrence of any of the following:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;there is a report filed on Schedule&nbsp;13D, 14D-1 or 14D-1F (or any
successor schedule, form or report) pursuant to the Exchange Act,
disclosing that any person (for purposes of this definition, as the term
&#147;person&#148; is used in Section&nbsp;13(d)(3) or Section&nbsp;14(d)(2) of the Exchange
Act or any successor provision to either of the foregoing), other than
any person consisting solely of Lord Black (or his heirs, executors or
legal representatives) and his Affiliates, has become the beneficial
owner (as the term &#147;beneficial owner&#148; is defined under Rule&nbsp;13d-3 or any
successor rule or regulation</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">4</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">promulgated under the Exchange Act) of Voting Stock representing 50% or
more of the total voting power attached to all Voting Stock of Hollinger
Inc., Hollinger International or Publishing then outstanding; <I>provided</I>,
however, that a person shall not be deemed to be the beneficial owner of,
or to own beneficially, (i)&nbsp;any securities tendered pursuant to a tender
or exchange offer made by or on behalf of such person or any of such
person&#146;s Affiliates until such tendered securities are accepted for
purchase or exchange thereunder, or (ii)&nbsp;any securities if such
beneficial ownership (A)&nbsp;arises solely as a result of a revocable proxy
delivered in response to a proxy or consent solicitation made pursuant to
applicable law, and (B)&nbsp;is not also then reportable on Schedule&nbsp;13D (or
any successor schedule) under the Exchange Act;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;there is a report filed or required to be filed with any
securities commission or securities regulatory authority in Canada,
disclosing that any offeror (as the term &#147;offeror&#148; is defined in Section
89(1) of Securities Act (Ontario) for the purpose of Section&nbsp;101 of such
Securities Act or any successor provision of the foregoing) other than
any person consisting solely of Lord Black (or his heirs, executors or
legal representatives) and his Affiliates, has acquired beneficial
ownership (within the meaning of the Securities Act (Ontario)) of, or the
power to exercise control or direction over, or securities convertible
into, any voting or equity shares of Hollinger Inc. that together with
such offeror&#146;s securities (as the term &#147;offeror&#146;s securities&#148; is defined
in Section&nbsp;89(1) of the Securities Act (Ontario) or any successor
provision thereto in relation to the voting or equity shares of Hollinger
Inc.), would constitute Voting Stock of Hollinger Inc. representing 50%
or more of the total voting power attached to all Voting Stock of
Hollinger Inc. then outstanding;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Hollinger International shall cease to own, directly or
indirectly, 50% or more of the Voting Stock of Publishing (other than
upon a merger or consolidation of Hollinger International with or into
Publishing that is otherwise permitted in accordance with the terms of
this Indenture);</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;there is consummated a consolidation (involving a business
combination) or merger of Publishing or Hollinger International, as the
case may be, (i)&nbsp;in which Publishing or Hollinger International, as the
case may be, is not the continuing or surviving corporation or (ii)
pursuant to which any Voting Stock of Publishing or Hollinger
International, as the case may be, would be reclassified, changed or
converted into or exchanged for cash, securities or other property, other
than (in each case) a consolidation or merger of Publishing or Hollinger
International, as the case may be, in which the holders of the Voting
Stock of Publishing or Hollinger International, as the case may be,
immediately prior to the consolidation or merger have, directly or
indirectly, 50% or more of the Voting Stock of the continuing or
surviving corporation immediately after such transaction;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;during any period of 12 consecutive months, individuals who at
the beginning of such period constituted the Board of Directors of
Hollinger International or Publishing (together with any new directors
whose election by such Board of Directors, or whose nomination for
election by the stockholders of Hollinger International or Publishing, as
the case may be, was approved by a vote of at least a majority of the</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">5</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">directors then still in office who were either directors at the beginning
of such period or whose election or nomination for election was
previously so approved) cease for any reason to constitute a majority of
such Board of Directors then in office; or</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Lord Black (or his heirs, executors and legal representatives)
and his Affiliates cease to beneficially own and control the voting of,
directly or indirectly, Voting Stock of Publishing or Hollinger
International representing a greater percentage of the total voting power
attached to the Voting Stock of Publishing or Hollinger International
than the percentage beneficially owned and controlled, directly or
indirectly, by any other single shareholder of Publishing or Hollinger
International together with its Affiliates (a &#147;<B>Designated Transaction</B>&#148;)
and there shall occur a Rating Decline.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Collateral</B>&#148; means any property, assets, proceeds or other items that may
be pledged as security for the Notes, whether pursuant to Section&nbsp;10.11 or
otherwise.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Commission</B>&#148; means the Securities and Exchange Commission, as from time to
time constituted, created under the Exchange Act, or if at any time after the
execution of this Indenture such Commission is not existing and performing the
duties now assigned to it under the Trust Indenture Act, then the body
performing such duties at such time.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Assets</B>&#148; means, with respect to Publishing, the total assets
shown on the balance sheet of Publishing and its Restricted Subsidiaries, as
determined on a consolidated basis in accordance with GAAP, as of Publishing&#146;s
latest full fiscal quarter.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Cash Flow Ratio</B>&#148; means, as at any date of determination, the
ratio of (i)&nbsp;the aggregate amount of Indebtedness of Publishing and the
Restricted Subsidiaries on a Consolidated basis outstanding as at such date to
(ii)&nbsp;the Operating Cash Flow of Publishing and the Restricted Subsidiaries
(determined on a Consolidated basis) for the most recently completed period of
four consecutive fiscal quarters of Publishing; <I>provided </I>that for the purpose
of determining the Consolidated Cash Flow Ratio, the Indebtedness and Operating
Cash Flow of Restricted Subsidiaries that are not Wholly Owned Restricted
Subsidiaries shall be determined in accordance with the actual percentage of
Publishing&#146;s common equity interest in such Restricted Subsidiary on the date
of determination of the Consolidated Cash Flow Ratio (thus, for example, in the
case of a Restricted Subsidiary in which Publishing owns a 51% common equity
interest, 51% each of such Restricted Subsidiary&#146;s Indebtedness and Operating
Cash Flow would be included in the calculation of Publishing&#146;s aggregate
Indebtedness and Operating Cash Flow, respectively).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Interest Expense</B>&#148; means, with respect to any period, the sum
of (i)&nbsp;the interest expense of Publishing and the Restricted Subsidiaries for
such period, determined on a Consolidated basis in accordance with GAAP,
including, without limitation, (a)&nbsp;amortization of debt discount, (b)&nbsp;the net
payments, if any, under interest rate contracts (including amortization of
discounts), (c)&nbsp;the interest portion of any deferred payment obligation and (d)
accrued interest, plus (ii)&nbsp;the interest component of Capital Lease Obligations
paid, accrued and/or scheduled to be paid or accrued by Publishing and the
Restricted Subsidiaries during such period, and all capitalized interest of
Publishing and the Restricted Subsidiaries, in each case as determined on a
Consolidated basis in accordance with GAAP.
</FONT>
<P align="center"><FONT size="2">6</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Net Income (Loss)</B>&#148; of Publishing and the Restricted
Subsidiaries means, for any period, the Consolidated net income (or loss (and
treating a loss as a negative number)) of Publishing and the Restricted
Subsidiaries for such period as determined in accordance with GAAP, adjusted by
(a)&nbsp;excluding, without duplication, to the extent included in calculating such
Consolidated Net Income (or Loss), (i)&nbsp;all extraordinary gains and losses, (ii)
the portion of Consolidated net income (or loss) of Publishing and its
Restricted Subsidiaries allocable to Investments in unconsolidated Persons
(other than Unrestricted Subsidiaries) to the extent that cash dividends or
distributions have not actually been received by such Person or one of its
Restricted Subsidiaries, (iii)&nbsp;the portion of Consolidated net income (or loss)
of Publishing and its Restricted Subsidiaries allocable to Publishing&#146;s
Unrestricted Subsidiaries (or to payments received therefrom), (iv)&nbsp;the net
income (or loss) of any Person acquired during the specified period
attributable to any period prior to the date of such acquisition, (v)&nbsp;any gain
or loss, realized upon the termination of any employee pension benefit plan,
(vi)&nbsp;aggregate gains and losses (less all fees and expenses relating thereto)
in respect of dispositions of assets (including without limitation sales of
shares of Unrestricted Subsidiaries or unconsolidated Persons and noncash
writeoffs of assets (<I>provided</I>, that there are no continuing cash expenses
related to such writeoffs)) other than in the ordinary course of business,
(vii)&nbsp;the net income of any Restricted Subsidiary to the extent that the
declaration of dividends or similar distributions by that Restricted Subsidiary
of that income is not at the time permitted, directly or indirectly, by
operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule or governmental regulations applicable to that
Restricted Subsidiary or its stockholders, (viii)&nbsp;any gain from the collection
of proceeds of life insurance policies, (ix)&nbsp;any gain arising from the
acquisition of any securities, or the extinguishment, under GAAP, of any
Indebtedness of Publishing or one of its Restricted Subsidiaries, (x)&nbsp;aggregate
gains or losses relating to foreign currency transactions or translations and
(xi)&nbsp;redundancy costs relating to the elimination of jobs. In calculating the
Operating Cash Flow of Publishing and its Restricted Subsidiaries, the
Consolidated Net Income of Restricted Subsidiaries that are not Wholly Owned
Restricted Subsidiaries will be included only to the extent of Publishing&#146;s
common equity interest in such Restricted Subsidiaries, as provided in the
definition of Operating Cash Flow.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Net Worth</B>&#148; means the common and preferred stockholders&#146;
equity of Publishing and its Restricted Subsidiaries (exclusive of any
redeemable capital stock), as determined on a Consolidated basis and in
accordance with GAAP.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Tangible Assets</B>&#148; means the total assets appearing on a
Consolidated balance sheet of Publishing and its Restricted Subsidiaries less,
without duplication, each of the following: (i)&nbsp;all applicable depreciation,
amortization and other valuation reserves, (ii)&nbsp;all other intangible assets and
deferred charges, (iii)&nbsp;deferred income tax assets (to the extent recorded as
an asset) and (iv)&nbsp;all investments in unconsolidated subsidiaries (including
all Unrestricted Subsidiaries).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidation</B>&#148; means, with respect to any Person, the consolidation of
the accounts of such Person and each of its subsidiaries if and to the extent
the accounts of such Person and each of its subsidiaries would normally be
consolidated with those of such Person, all in accordance with GAAP; <I>provided</I>,
however, that the accounts of any Unrestricted Subsidiary shall not be
consolidated with Publishing but instead the interest of Publishing or any
Restricted
</FONT>
<P align="center"><FONT size="2">7</FONT>
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<P align="left"><FONT size="2">Subsidiary therein will be accounted for as an investment on an equity basis.
The term &#147;Consolidated&#148; shall have a correlative meaning.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Corporate Trust Office</B>&#148; means the office of the Trustee or an affiliate
or agent thereof at which at any particular time the corporate trust business
for the purposes of this Indenture shall be principally administered, which
office at the date of execution of this Indenture is located at 920 King
Street, Suite&nbsp;102, Wilmington, DE 19801.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CST Real Estate</B>&#148; means the real estate, including land, building and
fixtures, located at 401 North Wabash Avenue, Chicago, Illinois, where
Publishing currently maintains its headquarters, and all improvements thereon.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CST Real Estate Transaction</B>&#148; means the sale or other disposition (other
than to an Affiliate), including contribution to a new joint venture entity, of
all or any portion of the interest of Publishing or a Restricted Subsidiary in
the CST Real Estate.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cumulative Credit</B>&#148; means (x)&nbsp;the Operating Cash Flow of Publishing and
the Restricted Subsidiaries (determined on a Consolidated basis) from and after
October&nbsp;1, 2002 to the end of the fiscal quarter immediately preceding the date
of the proposed Restricted Payment, or, if such Operating Cash Flow for such
period is negative, minus the amount by which such Operating Cash Flow is
negative, less (y)&nbsp;150% of Publishing&#146;s cumulative Consolidated Interest
Expense for such period.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Currency Agreements</B>&#148; means one or more of the following agreements which
shall be entered into with one or more financial institutions: foreign exchange
contracts, currency swap agreements or other similar agreements or arrangements
designed to protect against fluctuations in currency values.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Default</B>&#148; means any event which is, or after notice or passage of time or
both would be, an Event of Default.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Designated Transaction</B>&#148; shall have the meaning assigned to such term in
paragraph (f)&nbsp;of the &#147;Change of Control&#148; definition.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Distribution Compliance Period</B>&#148; means, in respect of any Regulation&nbsp;S
Global Note, the 40 consecutive days beginning on and including the later of
(a)&nbsp;the day on which any Notes represented thereby are offered to persons other
than distributors (as defined in Regulation&nbsp;S under the Securities Act)
pursuant to Regulation&nbsp;S and (b)&nbsp;the issue date for such Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar Equivalent</B>&#148; means with respect to any monetary amount in a
currency other than U.S. dollars, at any time of determination thereof, the
amount of U.S. dollars obtained by converting such foreign currency involved in
such computation into U.S. dollars at the spot rate for the purchase of U.S.
dollars with the applicable foreign currency as published in The Wall Street
Journal in the &#147;Exchange Rates&#148; column under the heading &#147;Currency Trading&#148; on
the date two Business Days prior to such determination.
</FONT>
<P align="center"><FONT size="2">8</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>DTC</B>&#148; means The Depository Trust Company, its nominees and their
respective successors and assigns, or such other depositary institution
hereinafter appointed by Publishing that is a clearing agency registered under
the Exchange Act.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Event of Default</B>&#148; has the meaning specified in Article&nbsp;V.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Exchange Act</B>&#148; means the Securities Exchange Act of 1934, as amended.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Exchange Notes</B>&#148; means debt securities of Publishing, guaranteed by
Hollinger International, substantially identical in all material respects to
the Notes (except that the additional interest provisions and the transfer
restrictions pertaining to the Notes will be modified or eliminated, as
appropriate), to be issued pursuant to this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Exchange Offer Registration Statement</B>&#148; shall have the meaning assigned to
such term in the Issue Date Registration Rights Agreement and any other
Registration Rights Agreement.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FDTH</B>&#148; means First DT Holdings Limited, a corporation under the laws of
England and its successors and assigns.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Generally Accepted Accounting Principles</B>&#148; or &#147;<B>GAAP</B>&#148; means generally
accepted accounting principles in the United States, consistently applied,
which are in effect on the date of this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Global Note</B>&#148; means any Note issued in registered certificated form to DTC
(or its nominee), as depositary for the beneficial owners thereof, which shall
be substantially in the form of Exhibit&nbsp;A, with appropriate legends as
specified in Section&nbsp;3.05 and Exhibit&nbsp;A.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Guarantee</B>&#148; means the guarantee by Hollinger International and, if the
context requires, by any Restricted Subsidiary of the Indenture Obligations.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Guaranteed Debt</B>&#148; of any Person means, without duplication, all
Indebtedness of any other Person referred to in the definition of Indebtedness
guaranteed directly or indirectly in any manner by such Person, or in effect
guaranteed directly or indirectly by such Person through an agreement (i)&nbsp;to
pay or purchase such Indebtedness or to advance or supply funds for the payment
or purchase of such Indebtedness (or to indemnify another Person for the costs
thereof), (ii)&nbsp;to purchase, sell or lease (as lessee or lessor) property, or to
purchase or sell services, primarily for the purpose of enabling the debtor to
make payment of such Indebtedness or to assure the holder of such Indebtedness
against loss, (iii)&nbsp;to supply funds to, or in any other manner invest in, the
debtor (including any agreement to pay for property or services without
requiring that such property be received or such services be rendered), (iv)&nbsp;to
maintain working capital or equity capital of the debtor, or otherwise to
maintain the net worth, solvency or other financial condition of the debtor or
(v)&nbsp;otherwise to assure a creditor against loss, <I>provided</I>, that the term
&#147;guarantee&#148; shall not include endorsements for collection or deposit, in either
case in the ordinary course of business.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Guarantor</B>&#148; means any guarantor of the Notes in accordance with the terms
of this Indenture, including Hollinger International.
</FONT>
<P align="center"><FONT size="2">9</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Holder</B>&#148; means a Person in whose name a Note is registered in the Note
Register.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Hollinger International</B>&#148; means Hollinger International Inc., a
corporation incorporated under the laws of Delaware and a Guarantor of the
Indenture Obligations, until a successor Person shall have become such pursuant
to Article&nbsp;VIII of this Indenture and thereafter &#147;Hollinger International&#148;
shall mean such successor Person.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Incur</B>&#148; means create, issue, assume, guarantee or otherwise in any manner
become directly or indirectly liable for or with respect to or otherwise incur.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indebtedness</B>&#148; means, with respect to any Person, without duplication, (i)
all indebtedness of such Person for borrowed money or for the deferred purchase
price of property or services (or other obligations to former owners of
acquired businesses), excluding any trade payables and other accrued current
liabilities arising in the ordinary course of business, but including, without
limitation, all obligations, contingent or otherwise, of such Person in
connection with any letters of credit issued under letter of credit facilities,
acceptance facilities or other similar facilities and in connection with any
agreement to purchase, redeem, exchange, convert or otherwise acquire for value
any Capital Stock of such Person, or any warrants, rights or options to acquire
such Capital Stock, now or hereafter outstanding, (ii)&nbsp;all obligations of such
Person evidenced by bonds, notes, debentures or other similar instruments,
(iii)&nbsp;all indebtedness created or arising under any conditional sale or other
title retention agreement with respect to property acquired by such Person
(even if the rights and remedies of the seller or lender under such agreement
in the event of default are limited to repossession or sale of such property),
but excluding trade payables arising in the ordinary course of business, (iv)
all obligations under Interest Rate Agreements and Currency Agreements of such
Person related to the settlement or termination of those agreements as of the
date of determination, (v)&nbsp;all Capital Lease Obligations of such Person, (vi)
all Indebtedness referred to in clauses (i)&nbsp;through (v)&nbsp;above of other Persons
and all dividends of other Persons, the payment of which is secured by (or for
which the holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any Lien, upon or with respect to property
(including, without limitation, accounts and contract rights) owned by such
Person, even though such Person has not assumed or become liable for the
payment of such Indebtedness, (vii)&nbsp;all Guaranteed Debt of such Person, (viii)
all Redeemable Capital Stock and (without duplication) all Preferred Stock of
Restricted Subsidiaries other than Preferred Stock held by Restricted
Subsidiaries or Publishing, valued at the greater of its voluntary or
involuntary maximum fixed repurchase price plus accrued and unpaid dividends
and (ix)&nbsp;any amendment, supplement, modification, deferral, renewal, extension,
refunding or refinancing of any Indebtedness of the types referred to in
clauses (i)&nbsp;through (viii)&nbsp;above. For purposes hereof, the &#147;maximum fixed
repurchase price&#148; of any Redeemable Capital Stock or Preferred Stock which does
not have a fixed repurchase price shall be calculated in accordance with the
terms of such Redeemable Capital Stock or Preferred Stock as if such Redeemable
Capital Stock or Preferred Stock were purchased on any date on which
Indebtedness shall be required to be determined pursuant to this Indenture, and
if such price is based upon, or measured by, the fair market value of such
Redeemable Capital Stock or Preferred Stock, such fair market value to be
determined in good faith by the Board of Directors of such Person.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indenture</B>&#148; means this instrument as originally executed (including all
exhibits and schedules thereto) and as it may from time to time be supplemented
or amended by one or
</FONT>
<P align="center"><FONT size="2">10</FONT>
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<P align="left"><FONT size="2">more indentures supplemental hereto entered into pursuant to the applicable
provisions hereof and shall include the terms of the Notes established as
contemplated by Section&nbsp;2.01.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indenture Obligations</B>&#148; means the obligations of Publishing under this
Indenture or under the Notes to pay principal of, premium, if any, and interest
when due and payable, and all other amounts due or to become due under or in
connection with this Indenture and the Notes, and the performance of all other
obligations to the Trustee, the Paying Agent and the holders under this
Indenture and the Notes, according to the terms thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Independent Committee</B>&#148; means a committee of the board of directors of
Publishing whose membership meets the requirements of the New York Stock
Exchange applicable to audit committees as in effect on the date of original
issuance of the Notes or a committee of the board of directors of Publishing
whose membership satisfies any more restrictive requirements of independence of
any securities exchange or market on which Publishing&#146;s or Hollinger
International&#146;s equity securities are traded or listed.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Independent Director</B>&#148; means a member of the board of directors of a
Person that is not an officer, employee or former officer or employee of such
Person or one of its Affiliates and, with respect to any transaction or series
of related transactions, a member of the board of directors who does not have
any material direct or indirect financial interest in or with respect to such
transaction or series of related transactions (including for such purpose the
interest of any other Person with respect to whom such director is also a
director, officer or employee).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Interest Payment Date</B>&#148; means the Stated Maturity of a regular installment
of interest on the Notes or the Special Payment Date with respect to Defaulted
Interest.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Interest Rate Agreements</B>&#148; means one or more of the following agreements
which shall be entered into from time to time with one or more financial
institutions: interest rate protection agreements (including, without
limitation, interest rate swaps, caps, floors, collars and similar agreements)
and/or other types of interest rate hedging agreements.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Investment</B>&#148; means, with respect to any Person, directly or indirectly,
any advance, loan (including guarantees), or other extension of credit or
capital contribution to (by means of any transfer of cash or other property to
others or any payment for property or services for the account or use of
others), or any purchase, acquisition or ownership by such Person of any
Capital Stock, bonds, notes, debentures or other securities issued or owned by,
any other Person and all other items that are or would be classified as
investments on a balance sheet prepared in accordance with GAAP.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Issue Date</B>&#148; means the first date of issuance of Notes under this
Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Issue Date Notes</B>&#148; means the $300,000,000 aggregate principal amount of
Notes originally issued on the Issue Date, and any replacement Notes, Private
Exchange Notes and Exchange Notes, issued therefor in accordance with this
Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Issue Date Registration Rights Agreement</B>&#148; means the Registration Rights
Agreement dated December&nbsp;16, 2002 by and among Publishing, Hollinger
International and Wachovia Securities, Inc., as initial purchaser.
</FONT>
<P align="center"><FONT size="2">11</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lien</B>&#148; means any mortgage, charge, pledge, lien (statutory or otherwise),
security interest, hypothecation or other encumbrance upon or with respect to
any property of any kind, real or personal, movable or immovable, now owned or
hereafter acquired.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lord Black</B>&#148; means Lord Black of Crossharbour, PC(C), OC, KCSG.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Marketable Security</B>&#148; means any common stock, debt security or other
security of a Person which is (or will, upon distribution thereof, be) listed
on the NYSE, the American Stock Exchange or any national securities exchange
registered under Section&nbsp;6 of the Securities Exchange Act of 1934, as amended,
or approved for quotation in the Nasdaq National Market or any similar system
of automated dissemination of quotations of securities prices in the United
States or for which there is a recognized market maker or trading market.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Restricted Subsidiary</B>&#148; means each Restricted Subsidiary of
Publishing which (i)&nbsp;for the most recent fiscal year of Publishing accounted
for more than 5% of the Consolidated revenues of Publishing and its Restricted
Subsidiaries or (ii)&nbsp;at the end of such fiscal year was the owner (beneficial
or otherwise) of more than 5% of the Consolidated Assets of Publishing and its
Restricted Subsidiaries, all as shown on Publishing&#146;s Consolidated financial
statements for such fiscal year.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Maturity</B>&#148; when used with respect to any Note means the date on which the
principal of such Note becomes due and payable as therein provided or as
provided in this Indenture, whether at Stated Maturity, the Purchase Date or
the Redemption Date and whether by declaration of acceleration, Offer in
respect of Excess Proceeds, Change of Control, call for redemption or
otherwise.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Media Business</B>&#148; means the business of the broadcast of radio or
television broadcasting, cable and satellite programs (including national,
regional or local radio, television, cable and satellite programs).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Net Cash Proceeds</B>&#148; means (a)&nbsp;with respect to any Asset Sale by any
Person, the proceeds thereof in the form of cash or Cash Equivalents including
payments of principal and interest in respect of deferred payment obligations
when received in the form of, or stock or other assets when disposed of for,
cash or Cash Equivalents (except to the extent that such obligations are
financed or sold with recourse to Publishing or any Restricted Subsidiary) net
of (i)&nbsp;brokerage commissions and other reasonable fees and expenses (including
fees and expenses of counsel and investment bankers) related to such Asset
Sale, (ii)&nbsp;provisions for all taxes payable as a result of such Asset Sale,
(iii)&nbsp;payments made to retire indebtedness where payment of such indebtedness
is secured by the assets or properties the subject of such Asset Sale, (iv)
amounts required to be paid to any Person (other than Publishing or any
Restricted Subsidiary) owning a beneficial interest in the assets subject to
the Asset Sale and (v)&nbsp;appropriate amounts to be provided by Publishing or any
Restricted Subsidiary, as the case may be, as a reserve, in accordance with
GAAP, against any liabilities associated with such Asset Sale and retained by
Publishing or any Restricted Subsidiary, as the case may be, after such Asset
Sale, including, without limitation, pension and other post-employment benefit
liabilities, liabilities related to environmental matters and liabilities under
any indemnification obligations associated with such Asset Sale, all as
determined and reflected in an Officers&#146; Certificate delivered to the Trustee
and
</FONT>
<P align="center"><FONT size="2">12</FONT>
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<P align="left"><FONT size="2">(b)&nbsp;with respect to any issuance or sale of Capital Stock or options, warrants
or rights to purchase Capital Stock, or debt securities or Capital Stock that
have been converted into or exchanged for Capital Stock, as referred to in
Section&nbsp;10.09, the proceeds of such issuance or sale in the form of Cash
Equivalents, including payments in respect of deferred payment obligations when
received in the form of, or stock or other assets when disposed of for, Cash
Equivalents (except to the extent that such obligations are financed or sold
with recourse to Publishing or any Restricted Subsidiary), net of attorneys&#146;
fees, accountants&#146; fees and brokerage, consultation, underwriting and other
fees and expenses actually incurred in connection with such issuance or sale
and net of taxes paid or payable as a result thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Newspaper Business&#148;</B> means the business of publishing, printing and/or
distributing (including distributing by electronic means) newspapers, magazines
and other paid or free publications having national, regional, local or
targeted markets, including publications having limited or no news or editorial
content such as shoppers or other &#147;total market coverage&#148; publications and
similar publications.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Note Custodian&#148;</B> means the custodian with respect to any Global Note
appointed by DTC, or any successor Person thereto, and shall initially be the
Trustee.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Notes&#148;</B> means any of Publishing&#146;s 9% Senior Notes due 2010 issued and
authenticated pursuant to this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;9
1/4% Notes due 2006&#148;</B> means the 9 1/4% Senior Subordinated Notes due
2006 of Publishing governed by the indenture dated as of February&nbsp;1, 1996 among
Publishing, Hollinger International, as guarantor, and Fleet National Bank, as
trustee.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;9 1/4%
Notes due 2007&#148;</B> means the 9 1/4% Senior Subordinated Notes due
2007 of Publishing governed by the indenture dated as of March&nbsp;18, 1997 among
Publishing, Hollinger International, as guarantor, and Fleet National Bank, as
trustee.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Officer&#148;</B> when used with respect to Publishing means the Chairman of the
Board, Vice Chairman, President or a Vice President (regardless of Vice
Presidential designation), Treasurer, Secretary or an Assistant Secretary of
Publishing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Officers&#146; Certificate&#148;</B> means a certificate signed by the Chairman of the
Board, Vice Chairman, President or a Vice President (regardless of Vice
Presidential designation), and by the Treasurer, Secretary or an Assistant
Secretary, of Publishing, in form and substance reasonably satisfactory to, and
delivered to, the Trustee.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Operating Cash Flow&#148;</B> means, for any period, an amount equal to the
Consolidated Net Income of Publishing and the Restricted Subsidiaries for such
period, plus, to the extent deducted in calculating such Consolidated Net
Income, (a)&nbsp;interest expense and other financing costs and expenses for such
period, (b)&nbsp;dividends paid on any Preferred Stock of Restricted Subsidiaries to
the extent such Preferred Stock is included as Indebtedness in the calculation
of Publishing&#146;s Consolidated Cash Flow Ratio, (c)&nbsp;depreciation and amortization
(including, without limitation, amortized telemarketing center costs), (d)&nbsp;all
taxes, whether or not deferred, expensed in such period and (e)&nbsp;other non-cash
expenses (other than any non-cash expense to the extent that it represents an
accrual of or reserve for cash expenses in any future
</FONT>
<P align="center"><FONT size="2">13</FONT>
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<P align="left"><FONT size="2">period or amortization of a prepaid cash expense that was paid in a prior
period) and all extraordinary and non-recurring expenses as determined in
accordance with GAAP.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of calculating Operating Cash Flow for the four fiscal
quarters most recently completed prior to any date on which an action is taken
that requires a calculation of the Consolidated Cash Flow Ratio, (a)&nbsp;any Person
that is a Restricted Subsidiary on such date (or would become a Restricted
Subsidiary in connection with the transaction that requires the determination
of such ratio) shall be deemed to have been a Restricted Subsidiary at all
times during such period, (b)&nbsp;any Person that is not a Restricted Subsidiary on
such date (or would cease to be a Restricted Subsidiary in connection with the
transaction that requires the determination of such ratio) shall be deemed not
to have been a Restricted Subsidiary at any time during such period, (c)&nbsp;if
Publishing or any Restricted Subsidiary shall have in any manner acquired or
disposed of any operating business during or subsequent to such period, such
calculation shall be made on a pro forma basis on the assumption that such
acquisition or disposition has been completed on the first day of such period
and (d)&nbsp;in the case of a Restricted Subsidiary that is not a Wholly Owned
Restricted Subsidiary, the determination of the percentage of the Operating
Cash Flow of such Restricted Subsidiary that is to be included in the
calculation of Publishing&#146;s Consolidated Cash Flow Ratio shall be made on a pro
forma basis on the assumption that the percentage of Publishing&#146;s common equity
interest in such Restricted Subsidiary on the date of determination (it being
understood, in the case of foregoing clause (c), that if such pro forma
calculations shall have been made in accordance with Regulation&nbsp;S-X under the
Exchange Act, such method of calculation (but not necessarily the adjustments)
shall be presumed to be acceptable). For the purposes of Section&nbsp;10.09, the
determination of the percentage of the Operating Cash Flow of a Restricted
Subsidiary that is not a Wholly Owned Restricted Subsidiary that is to be
included in the calculation of Operating Cash Flow shall be made on a quarter
by quarter basis based on the percentage of Publishing&#146;s common equity interest
in such Restricted Subsidiary on the last day of each quarter during the
relevant period (it being understood that, if such pro forma calculations for a
quarter shall have been made in accordance with Regulation&nbsp;S-X under the
Exchange Act, such method of calculation (but not necessarily the adjustments)
shall be presumed to be acceptable).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Opinion of Counsel&#148;</B> means a written opinion of counsel, in form and
substance reasonably satisfactory to the Trustee, who may be counsel for
Publishing or the Trustee, and who shall be reasonably acceptable to the
Trustee, including but not limited to an Opinion of Independent Counsel.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Opinion of Independent Counsel&#148;</B> means a written opinion, in form and
substance reasonably satisfactory to the Trustee, by someone who is not an
employee or former employee of Publishing and who shall be reasonably
acceptable to the Trustee.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Outstanding&#148;</B> when used with respect to Notes means, as of the date of
determination, all Notes theretofore authenticated and delivered under this
Indenture, except:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Notes theretofore cancelled by the Trustee or delivered to the
Trustee for cancellation;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">14</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notes, or portions thereof, for whose payment or redemption
money in the necessary amount has been theretofore irrevocably deposited
with the Trustee or any Paying Agent (other than Publishing) in trust or
set aside and segregated in trust by Publishing (if Publishing shall act
as its own Paying Agent) for the Holders of the Notes; <I>provided</I>, that if
the Notes are to be redeemed, notice of such redemption has been duly
given pursuant to this Indenture or provision therefor reasonably
satisfactory to the Trustee has been made;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notes, except to the extent provided in Sections&nbsp;4.02 and 4.03,
with respect to which Publishing has effected defeasance or covenant
defeasance as provided in Article&nbsp;IV; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Notes in exchange for or in lieu of which other Notes have been
authenticated and delivered pursuant to this Indenture, other than any
such Notes in respect of which there shall have been presented to the
Trustee and Publishing proof reasonably satisfactory to each of them that
such Notes are held by a bona fide purchaser in whose hands the Notes are
valid obligations of Publishing; <I>provided</I>, however, that in determining
whether the Holders of the requisite principal amount of Outstanding
Notes have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, Notes owned by Publishing or any other
obligor upon the Notes or any Affiliate of Publishing or such other
obligor shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent
or waiver, only Notes which the Trustee actually knows to be so owned
shall be so disregarded. Notes so owned which have been pledged in good
faith may be regarded as outstanding if the pledgee establishes to the
reasonable satisfaction of the Trustee the pledgee&#146;s right so to act with
respect to such Notes and that the pledgee is not Publishing or any other
obligor upon the Notes or any Affiliate of Publishing or such other
obligor.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Pari Passu Indebtedness&#148;</B> means any Indebtedness of Publishing that is
<I>pari passu </I>in right of payment with the Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Paying Agent&#148;</B> means any Person authorized by Publishing to pay the
principal, premium, if any, or interest on any Notes on behalf of Publishing.
Publishing initially authorizes the Trustee to act as Paying Agent for the
Notes on its behalf. Publishing may at any time and from time to time
authorize one or more Persons to act as Paying Agent in addition to or in place
of the Trustee with respect to any Notes issued under this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Permitted Distribution&#148;</B> means a distribution of $100,000,000 by
Publishing to Hollinger International on or about the Issue Date, to be used by
Hollinger International to repay all outstanding amounts under the Trilon Loan
Agreement and the Total Return Equity Swap (and upon which repayments the
Trilon Loan Agreement and the Total Return Equity Swap shall be terminated),
and for other general corporate purposes.
</FONT>
<P align="center"><FONT size="2">15</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Permitted Indebtedness&#148;</B> means the following:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Indebtedness of Publishing or any of its Restricted Subsidiaries
under the Senior Credit Facility in an aggregate principal amount at any
one time outstanding (including any refinancings thereof) not to exceed
$310,000,000 less the amount of any permanent repayment of any
Indebtedness under the Senior Credit Facility (and, in the case of
revolving credit Indebtedness, reduction of the related commitment
thereunder) pursuant to Section&nbsp;10.13 of this Indenture;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;guarantees by, and Liens on the property of, any Restricted
Subsidiary guaranteeing or securing Indebtedness of Publishing or any of
its Restricted Subsidiaries under the Senior Credit Facility;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Indebtedness of Publishing pursuant to the Notes issued on the
date of this Indenture and Indebtedness of any Restricted Subsidiary
constituting a Guarantee of the Notes;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;Indebtedness of Publishing or any Restricted Subsidiary
outstanding on the date of this Indenture and listed on Schedule&nbsp;I hereto
(including, until the date of redemption thereof, the 9 1/4% Notes due
2006 and 9 1/4% Notes due 2007);</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;Indebtedness (a)&nbsp;of Publishing owing to a Restricted Subsidiary,
or (b)&nbsp;of a Restricted Subsidiary owing to another Restricted Subsidiary
or Publishing; <I>provided</I>, that any such Indebtedness is made pursuant to
an intercompany note setting forth the principal amount, interest rate
and payment dates, the maturity or similar terms and, in the case of
Indebtedness of Publishing owing to a Restricted Subsidiary, is
subordinated in right of payment from and after such time as the Notes
shall become due and payable (whether at Stated Maturity, acceleration or
otherwise) to the payment and performance of Publishing&#146;s obligations
under the Notes; <I>provided</I>, further that (x)&nbsp;any disposition, pledge or
transfer of any such Indebtedness to a Person (other than (A)&nbsp;to
Publishing or a Restricted Subsidiary or (B)&nbsp;a pledge of such
Indebtedness to secure Indebtedness existing at such time under, and
pursuant to the terms of, the Senior Credit Facility) will be deemed to
be an Incurrence of such Indebtedness by the obligor not permitted by
this clause (v)&nbsp;and (y)&nbsp;any transaction pursuant to which any Restricted
Subsidiary that has Indebtedness owing to Publishing or any other
Restricted Subsidiary, ceases to be a Restricted Subsidiary, will be
deemed to be the Incurrence of Indebtedness by Publishing or such other
Restricted Subsidiary that is not permitted by this clause (v);</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;obligations of Publishing or any Restricted Subsidiary pursuant
to Interest Rate Agreements or Currency Agreements designed to protect
Publishing or any Restricted Subsidiary against fluctuations in interest
rates or currency exchange rates in respect of Indebtedness of Publishing
or any of its Restricted Subsidiaries, the notional amount of which (in
the case of Interest Rate Agreements) and the notional or exchange amount
of which (in the case of Currency Agreements) do not exceed the aggregate
principal amount of such Indebtedness;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">16</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;guarantees by Restricted Subsidiaries of Pari Passu
Indebtedness of Publishing otherwise permitted to be Incurred in
accordance with the provisions of Section&nbsp;10.08 and Section&nbsp;10.12 of this
Indenture;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;letter of credit reimbursement obligations Incurred by
Publishing or a Restricted Subsidiary in the ordinary course of business
to support workers&#146; compensation insurance obligations to the extent that
such obligations are recorded on the balance sheet of the issuer;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;any renewals, extensions, substitutions, refundings,
refinancings or replacements (collectively, a <B>&#147;refinancing&#148;</B>) of any
Indebtedness Incurred pursuant to the Consolidated Cash Flow Ratio test
set forth in the first paragraph of Section&nbsp;10.08, or described in
paragraphs (ii), (iii), (iv), (vii), (x)&nbsp;and (xi)&nbsp;of this definition of
&#147;Permitted Indebtedness&#148; by Publishing or by the obligor of such
Permitted Indebtedness, including any successive refinancings, so long as
(a)&nbsp;such refinancing does not increase the aggregate principal amount of
Indebtedness represented thereby and, in the case of Pari Passu
Indebtedness or Subordinated Indebtedness, such refinancing does not
reduce the Average Life to Stated Maturity or the Stated Maturity of such
Indebtedness and (b)&nbsp;any such refinancing Indebtedness shall not be
senior in right of payment to the Indebtedness so refinanced;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;Indebtedness of Publishing or any Restricted Subsidiary in an
aggregate amount at any time outstanding not to exceed $25,000,000 in
respect of purchase money obligations, <I>provided </I>such Indebtedness (a)&nbsp;is
Incurred within 180&nbsp;days of the purchase of the relevant assets, (b)&nbsp;does
not exceed the actual purchase price of such assets and (c)&nbsp;any related
Liens do not extend to any assets other than those being purchased;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;Indebtedness (A)&nbsp;represented by guarantees by Publishing or any
of its Restricted Subsidiaries of Indebtedness incurred by West Ferry
Printers to purchase or lease printing equipment, and (B)&nbsp;incurred by
Telegraph Group to purchase the ordinary shares in West Ferry Printers
not owned by Telegraph Group as of the Issue Date, <I>provided</I>, that the
aggregate principal amount of Indebtedness at any one time outstanding
under such clauses (A)&nbsp;and (B)&nbsp;shall not exceed $60,000,000; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;Indebtedness of Publishing or any Restricted Subsidiary in an
aggregate principal amount at any time outstanding not to exceed
$25,000,000.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Permitted Investment&#148;</B> means any of the following <I>provided </I>that, in the
case of clause (vii), (a)&nbsp;no Default or Event of Default shall have occurred
and be continuing, (b)&nbsp;no holders of any other Indebtedness of Publishing or
any Restricted Subsidiary shall have an Acceleration Right and (c)&nbsp;immediately
before and immediately after giving effect to such Investment, on a pro forma
basis, Publishing could Incur $1.00 of additional Indebtedness (other than
Permitted Indebtedness) under the provisions described in Section&nbsp;10.08 of this
Indenture:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Investments in any Restricted Subsidiary or Publishing or
Investments in a Person, if as a result of such Investment (A)&nbsp;such
Person becomes a Restricted Subsidiary, or (B)&nbsp;such Person is merged,
consolidated or amalgamated with or into, or</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">17</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">transfers or conveys substantially all of its assets to, or is
liquidated into, Publishing or any Restricted Subsidiary;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Investments in the Notes;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Indebtedness owing to a Restricted Subsidiary or Publishing as
described under clause (v)&nbsp;of the definition of &#147;Permitted Indebtedness&#148;;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;Temporary Cash Investments;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;Investments acquired by Publishing or any Subsidiary in
connection with an Asset Sale permitted under Section&nbsp;10.13 to the extent
such Investments are non-cash consideration as permitted under such
covenant;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;Investments in existence on the date of this Indenture;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;Investments in or in Persons owning Newspaper Business or
Media Business assets (including Investments in Unrestricted Subsidiaries
but excluding Investments in Affiliates that control Publishing) in an
aggregate amount following the date of this Indenture not in excess of
$30,000,000;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;Investments in (A)&nbsp;West Ferry Printers and Trafford Park
Printers to finance capital expenditures related to the printing
business; <I>provided </I>that at the time of any such Investment, neither West
Ferry Printers nor Trafford Park Printers shall be engaged in any
business other than the business of printing newspapers, periodicals and
similar media and (B)&nbsp;Paper Purchase &#038; Management Limited to finance any
capital expenditure related to the business of sourcing or monitoring of
usage of newsprint; <I>provided </I>that at the time of any such Investment,
Paper Purchase &#038; Management Limited shall not be engaged in any business
other than the business of sourcing or monitoring of usage of newsprint,
and <I>provided </I>further that such Investments in clauses (A)&nbsp;and (B)&nbsp;shall
not exceed an aggregate amount of $60,000,000;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;Investments in a new joint venture entity to be created for the
purpose of the CST Real Estate Transaction, <I>provided </I>that such
Investments shall not exceed the contribution of the CST Real Estate and
cash contributions in an aggregate amount of $2,000,000; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;in addition to the Investments described in clauses (i)&nbsp;through
(ix)&nbsp;of this definition of &#147;Permitted Investments,&#148; Investments in any
Unrestricted Subsidiary or in any joint venture or other entity in an
amount not to exceed $10,000,000 in the aggregate since the date of this
Indenture.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Permitted Liens&#148;</B> means:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Liens for taxes, assessments, governmental charges or claims
that are being contested in good faith by appropriate legal proceedings
promptly instituted and diligently conducted and for which a reserve or
other appropriate provision, if any, as shall be required in conformity
with GAAP shall have been made;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">18</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;statutory and common law Liens of landlords and carriers,
warehousemen, mechanics, suppliers, materialmen, repairmen or other
similar Liens (including maritime Liens) arising in the ordinary course
of business and with respect to amounts not yet delinquent or being
contested in good faith by appropriate legal proceedings promptly
instituted and diligently conducted and for which a reserve or other
appropriate provision, if any, as shall be required in conformity with
GAAP shall have been made;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Liens incurred or deposits made in the ordinary course of
business in connection with workers&#146; compensation, unemployment insurance
and other types of social security;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;Liens incurred or deposits made to secure the performance of
tenders, bids, leases, statutory or regulatory obligations, bankers&#146;
acceptances, surety and appeal bonds, government contracts, performance
and return-of-money bonds and other obligations of a similar nature
incurred in the ordinary course of business (exclusive of obligations for
the payment of borrowed money);</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;easements, rights-of-way, municipal and zoning ordinances and
similar charges, encumbrances, title defects or other irregularities that
do not materially interfere with the ordinary course of business of
Publishing or any of its Restricted Subsidiaries;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;Liens (including extensions, renewals and replacements thereof)
upon real or personal property, including Capital Stock, acquired after
the Issue Date; <I>provided</I>, that (a)&nbsp;such Lien is created solely for the
purpose of securing Indebtedness Incurred, in accordance with clause (x)
of the definition of &#147;Permitted Indebtedness&#148;;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;Liens on property of, or on shares of Capital Stock or
Indebtedness of, any Person existing at the time such Person becomes, or
becomes a part of, any Restricted Subsidiary; <I>provided</I>, that such Liens
do not extend to or cover any property or assets of Publishing or any
Restricted Subsidiary other than the property or assets acquired;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;Liens in favor of Publishing or any Restricted Subsidiary;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;Liens securing reimbursement obligations with respect to
letters of credit that encumber documents and other property relating to
such letters of credit and the products and proceeds thereof;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;Liens in favor of customs and revenue authorities arising as a
matter of law to secure payment of customs duties in connection with the
importation of goods;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;Liens encumbering customary initial deposits and margin
deposits, and other Liens that are within the general parameters
customary in the industry and incurred in the ordinary course of
business, in each case, securing Indebtedness under Interest Rate
Agreements and Currency Agreements; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;Liens arising out of conditional sale, title retention,
consignment or similar arrangements for the sale of goods entered into by
Publishing or any of its Restricted Subsidiaries in the ordinary course
of business.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">19</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Permitted Real Estate Sale&#148;</B> means any Asset Sale not involving an
Affiliate of Publishing consisting of the sale of any printing or distribution
facility (including the associated real property and the improvements and
fixtures forming a part thereof) (other than the CST Real Estate) formerly used
by Publishing or a Restricted Subsidiary in the production of newspapers and
related publications (or acquired by one of them as part of the acquisition of
a Newspaper Business whether or not used by Publishing) and that after such
Asset Sale will not be used for the production of any newspaper or related
publication of Publishing or a Restricted Subsidiary, <I>provided </I>that the
aggregate value (as determined by the Board of Directors of Publishing) of all
such Asset Sales completed within any twelve month period shall not exceed
$5,000,000 (it being understood that this definition does not include, among
other things, any Asset Sale consisting of the sale of any printing or
distribution facility in connection with the sale by Publishing or any
Restricted Subsidiary of any Newspaper Business).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Permitted Subsidiary Indebtedness&#148;</B> means Indebtedness (other than
Permitted Indebtedness) of (A)&nbsp;any Restricted Subsidiary incurred under the
Senior Credit Facility, and (B)&nbsp;the Restricted Subsidiaries, taken as a whole,
with an aggregate principal amount outstanding at any one time not in excess of
$30,000,000.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Person&#148;</B> means any individual, corporation, limited liability company,
limited or general partnership, joint venture, association, joint stock
company, trust, unincorporated organization or government or any agency or
political subdivisions thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Predecessor Note&#148;</B> of any particular Note means every previous Note
evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purposes of this definition, any Note
authenticated and delivered under Section&nbsp;3.07 in exchange for a mutilated Note
or in lieu of a lost, destroyed or stolen Note shall be deemed to evidence the
same debt as the mutilated, lost, destroyed or stolen Note.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Preferred Stock&#148;</B> means, with respect to any Person, any Capital Stock of
any class or classes (however designated) which is preferred as to the payment
of dividends or distributions, or as to the distribution of assets upon any
voluntary or involuntary liquidation or dissolution of such Person, over the
Capital Stock of any other class in such Person.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Private Exchange Notes&#148;</B> shall have the meaning assigned to such term in
the Issue Date Registration Rights Agreement and any other Registration Rights
Agreement.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Public Equity Offering&#148;</B> means a public offering of Qualified Capital
Stock of Hollinger International (the proceeds of which are contributed to
Publishing) or Publishing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Publishing&#148;</B> means Hollinger International Publishing Inc., a corporation
incorporated under the laws of Delaware, until a successor Person shall have
become such pursuant to Article&nbsp;VIII of this Indenture and thereafter
&#147;Publishing&#148; shall mean such successor Person. To the extent necessary to
comply with the requirements of the provisions of Trust Indenture Act Sections
310 through 317 as they are applicable to Publishing, the term &#147;Publishing&#148;
shall include any other obligor with respect to the Notes for purposes of
complying with such provisions, including any Guarantor.
</FONT>
<P align="center"><FONT size="2">20</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Publishing Request&#148;</B> or <B>&#147;Publishing Order&#148;</B> means a written request or
order signed in the name of Publishing by any one of its Chairman of the Board,
its Vice Chairman, its President or a Vice President (regardless of Vice
Presidential designation), and by any one of its Treasurer, an Assistant
Treasurer, its Secretary or an Assistant Secretary, and in form and substance
reasonably satisfactory to the Trustee and delivered to the Trustee.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;QIB&#148;</B> means any &#147;qualified institutional buyer&#148; (as defined in Rule&nbsp;144A).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Qualified Capital Stock&#148;</B> of any Person means any and all Capital Stock of
such Person other than Redeemable Capital Stock.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Rating Agency&#148;</B> means Standard &#038; Poor&#146;s Ratings Services, a division of
The McGraw-Hill Companies, Inc. and its successors (<B>&#147;S&#038;P&#148;</B>), and Moody&#146;s
Investors Service, Inc. and its successors (<B>&#147;Moody&#146;s&#148;</B>), or if S&#038;P and Moody&#146;s
or both shall not make a rating of the Notes publicly available, a nationally
recognized United States statistical rating agency or agencies, substituted for
S&#038;P or Moody&#146;s or both, as the case may be.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Rating Category&#148;</B> means each major rating category symbolized by (a)&nbsp;in
the case of S&#038;P, AAA, AA, A, BBB, BB, B, CCC, CC and C and each such Rating
Category shall include pluses or minuses (<B>&#147;gradations&#148;</B>) modifying such capital
letters; and (b)&nbsp;in the case of Moody&#146;s, Aaa, Aa, A, Baa, Ba, B, Caa, Ca and C
and each such Rating Category shall include added numerals such as 1, 2 or 3
(<B>&#147;gradations&#148;</B>) modifying such letters.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Rating Decline&#148;</B> means an event that will be deemed to have occurred if,
on any date within the period (the <B>&#147;Rating Period&#148;</B>) beginning on the date (the
<B>&#147;Reference Date&#148;</B>) of the earlier to occur of (A)&nbsp;the first public announcement
by Publishing or any other Person of an intention to effect any Designated
Transaction and (B)&nbsp;the occurrence of such Designated Transaction, and ending
on the date 90&nbsp;days thereafter, either of the following events has occurred:
(1)&nbsp;the Notes (or any other securities of Publishing which are rated by a
Rating Agency on the date which is 61&nbsp;days prior to the Reference Date (the
<B>&#147;Rating Date&#148;</B>)) shall be rated by any Rating Agency at any time during the
Rating Period at a rating which is lower than the rating of the Notes (or such
other securities of Publishing, as the case may be) by such Rating Agency on
the Rating Date by one or more gradations (including gradations within Rating
Categories as well as between Rating Categories) or (2)&nbsp;any Rating Agency shall
have withdrawn its rating of the Notes (or such other securities of Publishing,
as the case may be) during the Rating Period.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Redeemable Capital Stock&#148;</B> means any Capital Stock that, either by its
terms or by the terms of any security into which it is convertible or
exchangeable or otherwise, is, or upon the happening of an event or passage of
time would be, required to be redeemed prior to any Stated Maturity of the
principal of the Notes or is redeemable at the option of the holder thereof at
any time prior to any such Stated Maturity, or is convertible into or
exchangeable for debt securities at any time prior to any such Stated Maturity
at the option of the holder thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Redemption Date&#148;</B> when used with respect to any Note to be redeemed
pursuant to any provision in this Indenture means the date fixed for such
redemption by or pursuant to this Indenture.
</FONT>
<P align="center"><FONT size="2">21</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Redemption Price&#148;</B> when used with respect to any Note to be redeemed
pursuant to any provision in this Indenture means the price at which it is to
be redeemed pursuant to this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Registered Exchange Offer&#148;</B> means an exchange offer by Publishing
registered under the Securities Act pursuant to which Notes originally issued
pursuant to an exemption from registration under the Securities Act are
exchanged for Notes of like principal amount not bearing the Private Placement
Legend.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Registration Rights Agreement&#148;</B> means any registration rights agreement
between Publishing, Hollinger International and one of more investment banks
acting as initial purchasers in connection with any issuance of Notes under
this Indenture, including the Issue Date Registration Rights Agreement.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Registration Statement&#148;</B> means an effective Exchange Offer Registration
Statement or Shelf Registration Statement.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Regular Record Date&#148;</B> for the interest payable on any Interest Payment
Date relating to a particular Note means the date specified in the Board
Resolution or supplemental indenture relating to such Note.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Resale Restriction Termination Date&#148;</B> means, for any Restricted Note that
is an Issue Date Note (or beneficial interest therein), two years (or such
other period specified in Rule&nbsp;144(k) under the Securities Act) from the Issue
Date or, for any Additional Notes (or beneficial interests therein) that are
Restricted Notes, two years (or such other period specified in Rule&nbsp;144(k))
from the latest such original issue date of such Additional Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Responsible Officer&#148;</B> when used with respect to the Trustee means any
officer assigned to the Corporate Trust Division of the Trustee or any agent of
the Trustee appointed hereunder, including the president, any vice president,
any assistant vice president, the secretary, any assistant secretary, the
treasurer, any assistant treasurer, any trust officer or assistant trust
officer or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers or any other
officer appointed hereunder to whom any corporate trust matter is referred
because of his or her knowledge of and familiarity with the particular subject.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Restricted Investment&#148;</B> means any Investment other than a Permitted
Investment.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Restricted Note&#148;</B> means any Issue Date Note (or beneficial interest
therein) or any Additional Note (or beneficial interest therein) not originally
issued and sold pursuant to an effective registration statement under the
Securities Act until such time as:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;such Issue Date Note (or beneficial interest therein) or
Additional Note (or beneficial interest therein) has been exchanged for a
corresponding Exchange Note pursuant to an Exchange Offer Registration
Statement or has been transferred pursuant to a Shelf Registration
Statement;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Resale Restriction Termination Date therefor has passed;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">22</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;such Note is a Regulation&nbsp;S Global Note and the Distribution
Compliance Period therefor has terminated; or</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;the Private Placement Legend therefor has otherwise been
removed pursuant to Section&nbsp;3.06(d), in the case of a beneficial interest
in a Global Note, such beneficial interest has been exchanged for an
interest in a Global Note not bearing a Private Placement Legend.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Restricted
Subsidiary&#148;</B> means any Subsidiary other than an Unrestricted
Subsidiary.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Rule&nbsp;144A&#148;</B> means Rule&nbsp;144A under the Securities Act (or any successor
rule).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Securities Act&#148;</B> means the Securities Act of 1933, as amended.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Senior Credit Facility&#148;</B> means the Fifth Amended and Restated Credit
Agreement dated on or about December&nbsp;23, 2002 among Publishing, FDTH, the
Telegraph Group, the financial institutions party thereto and Wachovia Bank,
N.A., as Agent, as such agreement may be amended, amended and restated,
renewed, extended, substituted, refinanced, restructured, replaced,
supplemented, waived, deferred or otherwise modified from time to time
(including, without limitation, any successive renewals, extensions,
substitutions, refinancings, restructurings, replacements, supplementations or
other modifications of the foregoing that increase the aggregate amount of
borrowings outstanding or the aggregate commitments of the lenders thereunder
or add other Restricted Subsidiaries as additional borrowers), in each case
whether with the same and/or different lenders and/or agents, and also
including all related notes, guarantees, security arrangements, pledge
arrangements, hedging arrangements and other instruments and agreements
executed in connection therewith.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Services Agreement&#148;</B> means the Services Agreement dated as of January&nbsp;1,
1998, by and between Hollinger International and The Ravelston Corporation
Limited, and as the same may be further amended in accordance with the terms of
this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Shelf Registration Statement&#148;</B> shall have the meaning assigned to such
term in the Issue Date Registration Rights Agreement and any other Registration
Rights Agreement.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Special Record Date&#148;</B> for the payment of any Defaulted Interest means a
date fixed by the Trustee pursuant to Section&nbsp;3.08.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Stated Maturity&#148;</B> when used with respect to any Indebtedness or any
installment of interest thereon, means the dates specified in such Indebtedness
as the fixed date on which the principal of such Indebtedness or such
installment of interest, as the case may be, is due and payable.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Subordinated Indebtedness&#148;</B> means (i)&nbsp;in the case of any Person other than
Publishing, Indebtedness of such Person that is expressly subordinate in right
of payment to any other Indebtedness of such Person pursuant to a written
agreement, and (ii)&nbsp;in the case of Publishing, Indebtedness of Publishing that
is expressly subordinate in right of payment to the Notes.
</FONT>
<P align="center"><FONT size="2">23</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Subsidiary&#148;</B> means any Person a majority of the equity ownership of the
Voting Stock of which is at the time owned, directly or indirectly, by
Publishing or by one or more Subsidiaries, or by Publishing and one or more
other Subsidiaries.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Tax Sharing Agreement&#148;</B> means an agreement providing for the payment of
amounts in lieu of income taxes among Publishing and other companies with which
it forms a single consolidated tax group for purposes of U.S. federal income
tax returns.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Telegraph Group&#148;</B> means Telegraph Group Limited (formerly The Telegraph
plc), a corporation under the laws of England.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Temporary Cash Investments&#148;</B> means (i)&nbsp;any evidence of Indebtedness,
maturing not more than one year after the date of acquisition, issued by the
United States of America, or an instrumentality or agency thereof, and
guaranteed fully as to principal, premium, if any, and interest by the United
States of America, (ii)&nbsp;any certificate of deposit, maturing not more than one
year after the date of acquisition, issued by, or time deposit of the Trustee
or a commercial banking institution that is a member of the Federal Reserve
System and that has combined capital and surplus and undivided profits of not
less than $500,000,000, whose debt has a rating, at the time as of which any
investment therein is made, of &#147;P-1&#148; (or higher) according to Moody&#146;s or &#147;A-1&#148;
(or higher) according to S&#038;P, (iii)&nbsp;commercial paper, maturing not more than
one year after the date of acquisition, issued by a corporation (other than an
Affiliate or Restricted Subsidiary of Publishing) organized and existing under
the laws of the United States of America with a rating, at the time as of which
any investment therein is made, of &#147;P-1&#148; (or higher) according to Moody&#146;s or
&#147;A-1&#148; (or higher) according to S&#038;P, and (iv)&nbsp;any money market deposit accounts
issued or offered by the Trustee or a domestic commercial bank having capital
and surplus in excess of $500,000,000.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Total Return Equity Swap&#148;</B> means, collectively, the forward share purchase
transactions between Hollinger International and certain counterparties,
entered into on October&nbsp;1, 1998 and August&nbsp;15, 2002, each evidenced by an ISDA
Master Agreement including the schedule thereto and a related confirmation for
an OTC Single Forward Share Purchase Transaction, as each may be amended from
time to time.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Trilon Loan Agreement&#148;</B> means that certain loan agreement dated as of
September&nbsp;30, 2002 by and between Hollinger International and Trilon
International Inc.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Trustee&#148;</B> means the Person named as the &#147;Trustee&#148; in the first paragraph
of this Indenture, until a successor Trustee shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter &#147;Trustee&#148; shall
mean such successor Trustee.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Trust Indenture Act&#148;</B> means the Trust Indenture Act of 1939, as amended.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Unrestricted Subsidiary&#148;</B> means (a)&nbsp;as of the date of this Indenture,
Hollinger Canadian Publishing Holdings Co., XSTMHoldings LLC, Hollinger Digital
LLC and their respective Subsidiaries, and (b)&nbsp;any Subsidiary that is
designated by the Board of Directors as an Unrestricted Subsidiary after the
date of this Indenture pursuant to a Board Resolution in accordance with
Section&nbsp;10.20 of this Indenture; <I>provided</I>, however, that a Person may not be
designated as an Unrestricted Subsidiary unless (i)&nbsp;the creditors of such
Person have no direct or
</FONT>
<P align="center"><FONT size="2">24</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2"> indirect recourse (including, but not limited to, recourse with respect to
the payment of principal or interest on Indebtedness of such Subsidiary) to
Publishing or a Restricted Subsidiary and (ii)&nbsp;a default by such Person on any
of its Indebtedness will not result in, or permit any holder of Indebtedness of
Publishing or a Restricted Subsidiary to declare, a default on such
Indebtedness of Publishing or a Restricted Subsidiary or cause the payment
thereof to be accelerated or payable prior to its Stated Maturity. Any
subsidiary of an Unrestricted Subsidiary shall be an Unrestricted Subsidiary
for purposes of this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Voting Stock&#148;</B> means stock of the class or classes pursuant to which the
holders thereof have the general voting power under ordinary circumstances to
elect at least a majority of the board of directors, managers or trustees of a
corporation (irrespective of whether or not at the time stock of any other
class or classes shall have or might have voting power by reason of the
happening of any contingency).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Wholly Owned Restricted Subsidiary&#148;</B> means a Restricted Subsidiary all the
outstanding Capital Stock (other than directors&#146; qualifying shares) of which
are owned by Publishing or another Wholly Owned Restricted Subsidiary.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.02. <B>Other Definitions.</B>
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="81%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Defined in</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Term</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Section</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Act&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Agent Members&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Change of Control Offer&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Change of Control Purchase Date&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Change of Control Purchase Notice&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Change of Control Purchase Price&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;covenant defeasance&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Defaulted Interest&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.08</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;defeasance&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.02</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Defeasance Redemption Date&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Defeased Notes&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Deficiency&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Excess Proceeds&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Non-U.S. Person&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.06</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Note Amount&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Note Register&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Note Registrar&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Offer&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Offered Price&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Pari Passu Debt Amount&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Pari Passu Offer&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Permitted Payment&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.09</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Private Placement Legend&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Purchase Date&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">25</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="81%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Defined in</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Term</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Section</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;refinancing&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap colspan="2" align="right"><FONT size="2">10.09</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Rule&nbsp;144A Global Note&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap colspan="2" align="right"><FONT size="2">2.01(d)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Regulation&nbsp;S Global Note</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap colspan="2" align="right"><FONT size="2">2.01(e)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Required Filing Dates&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap colspan="2" align="right"><FONT size="2">10.17</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Restricted Payments&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap colspan="2" align="right"><FONT size="2">10.09</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Senior Representative&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap colspan="2" align="right"><FONT size="2">12.03</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Special Payment Date&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap colspan="2" align="right"><FONT size="2">3.08</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;Surviving Entity&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap colspan="2" align="right"><FONT size="2">8.01</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#147;U.S. Government Obligations&#148;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap colspan="2" align="right"><FONT size="2">4.04</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.03. <B>Compliance Certificates and Opinions.</B> Upon any application
or request by Publishing to the Trustee to take any action under any provision
of this Indenture, Publishing shall furnish to the Trustee an Officers&#146;
Certificate to the effect that all conditions precedent, if any, provided for
in this Indenture (including any covenant compliance with which constitutes a
condition precedent) relating to the proposed action have been complied with
and an Opinion of Counsel to the effect that in the opinion of such counsel all
such conditions precedent, if any, have been complied with, except that, in the
case of any such application or request as to which the furnishing of any
certificates and/or opinions is specifically required by any provision of this
Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every certificate or Opinion of Counsel with respect to compliance with a
condition or covenant provided for in this Indenture shall include:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;a statement to the effect that each individual or firm signing
such certificate or opinion has read and understands such covenant or
condition and the definitions herein relating thereto;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained in such
certificate or opinion are based;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;a statement to the effect that, in the opinion of each such
individual or such firm, he has made such examination or investigation as
is necessary to enable him or them to express an informed opinion as to
whether or not such covenant or condition has been complied with; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;a statement as to whether, in the opinion of each such
individual or such firm, such condition or covenant has been complied
with.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.04. <B>Form of Documents Delivered to Trustee.</B> In any case where
several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.
</FONT>
<P align="center"><FONT size="2">26</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate or opinion of an officer of Publishing may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are
erroneous. Any certificate or opinion of such an officer or of counsel may be
based, insofar as it relates to factual matters, upon a certificate or opinion
of, or representations by, an officer or officers of Publishing with respect to
such factual matters and which contains a statement to the effect that the
information with respect to such factual matters is in the possession of
Publishing, unless such officer or counsel knows that the certificate or
opinion or representations with respect to such matters are erroneous.
Opinions of Counsel required to be delivered to the Trustee may have
qualifications customary for opinions of the type required and counsel
delivering such Opinions of Counsel may rely on certificates of Publishing or
government or other officials customary for opinions of the type required,
including certificates certifying as to matters of fact, including that various
financial covenants have been complied with.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.05. <B>Acts of Holders.</B> (a)&nbsp;Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Holders of any Notes may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such
Holders in person or by an agent duly appointed in writing; and, except as
herein otherwise expressly provided, such action shall become effective when
such instrument or instruments are delivered to the Trustee and, where it is
hereby expressly required, to Publishing. Such instrument or instruments (and
the action embodied therein and evidenced thereby) are herein sometimes
referred to as the &#147;Act&#148; of the Holders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and conclusive in
favor of the Trustee and Publishing, if made in the manner provided in this
Section.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; The ownership of Notes shall be proved by the Note Register.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Any request, demand, authorization, direction, notice, consent, waiver
or other Act by the Holder of any Note shall bind every future Holder of the
same Note or the Holder of every Note issued upon the transfer thereof or in
exchange therefor or in lieu thereof, in respect of anything done, suffered or
omitted to be done by the Trustee, any Paying Agent or Publishing in reliance
thereon, whether or not notation of such action is made upon such Note.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Where
such execution is by a signer acting in a capacity other than his individual
capacity, such certificate of affidavit shall also constitute sufficient proof
of his authority. The
</FONT>
<P align="center"><FONT size="2">27</FONT>
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<P align="left"><FONT size="2"> fact and date of the execution of any such instrument or writing, or the
authority of the Person executing the same, may also be proved in any other
manner which the Trustee deems sufficient.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.06. <B>Notices, etc., to Trustee and Publishing.</B> Any request,
demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given
or furnished to, or filed with:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Trustee by any Holder or by Publishing shall be sufficient
for every purpose hereunder if made, given, furnished or filed, in
writing, by first-class mail postage prepaid (return receipt requested)
or delivered in person or by recognized overnight courier to or with the
Trustee at its Corporate Trust Office, Attention: Corporate Trust
Division, or at any other address furnished in writing prior thereto to
the Holders and Publishing by the Trustee; or</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Publishing or Hollinger International shall be sufficient for
every purpose (except as provided in Section&nbsp;5.01(c)) hereunder if in
writing and mailed, first-class postage prepaid or delivered by
recognized overnight courier, to Publishing, addressed to it at: 401
North Wabash Avenue, Chicago, IL 60611, Attn: General Counsel or to
Hollinger International, addressed to it at: 401 North Wabash Avenue,
Chicago, IL 60611, Attn: General Counsel, or at any other address
previously furnished in writing to the Trustee by Publishing or Hollinger
International, as the case may be.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.07. <B>Notice to Holders; Waiver.</B> Where this Indenture or the
Notes provide for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, to each Holder affected by such event,
at such Holder&#146;s address as it appears in the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Holders is given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders. Any notice when mailed to a Holder in the aforesaid manner
shall be conclusively deemed to have been received by such Holder whether or
not actually received by such Holder. Where this Indenture or the Notes
provide for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by
Holders shall be filed with the Trustee, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such
waiver.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case by reason of the suspension of regular mail service or by reason
of any other cause, it shall be impracticable to mail notice of any event as
required by any provision of this Indenture, then any method of giving such
notice as shall be reasonably satisfactory to the Trustee or Publishing, as
applicable, shall be deemed to be a sufficient giving of such notice.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.08. <B>Conflict with Trust Indenture Act.</B> If any provision hereof
limits, qualifies or conflicts with any provision of the Trust Indenture Act or
another provision which is required or deemed to be included in this Indenture
by any of the provisions of the Trust Indenture Act, the provision or
requirement of the Trust Indenture Act shall control. If any provision of this
Indenture modifies or excludes any provision of the Trust Indenture Act that
</FONT>
<P align="center"><FONT size="2">28</FONT>
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<P align="left"><FONT size="2"> may be so modified or excluded, such provision of the Trust Indenture Act
shall be deemed to apply to this Indenture as so modified or to be excluded, as
the case may be.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.09. <B>Effect of Headings and Table of Contents.</B> The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.10. <B>Successors and Assigns.</B> All covenants and agreements in
this Indenture by Publishing or any Guarantor shall bind its successors and
assigns, whether so expressed or not.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.11. <B>Separability Clause.</B> In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.12. <B>Benefits of Indenture.</B> Nothing in this Indenture or in the
Notes, express or implied, shall give to any Person (other than the parties
hereto and their successors hereunder, any Paying Agent and the Holders) any
benefit or any legal or equitable right, remedy or claim under this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.13. <B>GOVERNING LAW.</B> THIS INDENTURE AND THE NOTES SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.14. <B>Legal Holidays.</B> In any case where any Interest Payment
Date, Redemption Date or Stated Maturity of any Note shall not be a Business
Day, then (notwithstanding any other provision of this Indenture or of the
Notes) payment of interest or principal or premium, if any, need not be made on
such date, but may be made on the next succeeding Business Day with the same
force and effect as if made on the Interest Payment Date or Redemption Date, or
at Maturity or the Stated Maturity, and no interest shall accrue with respect
to such payment for the period from and after such Interest Payment Date,
Redemption Date, Maturity or Stated Maturity, as the case may be, to the next
succeeding Business Day.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.15. <B>Schedules and Exhibits.</B> All schedules and exhibits attached
hereto are by this reference made a part hereof with the same effect as if
herein set forth in full.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.16. <B>Counterparts.</B> This Indenture may be executed in any number
of counterparts, each of which shall be an original; but such counterparts
shall together constitute but one and the same instrument.
</FONT>
<P align="center"><FONT size="2">ARTICLE II
</FONT>
<P align="center"><FONT size="2"><B>Form of Note</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.01. <B>Form&nbsp;Generally.</B> (a)&nbsp;The Notes will be issued in registered
form without coupons, and in denominations of $1,000 and any integral multiple
thereof.
</FONT>
<P align="center"><FONT size="2">29</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; The terms and provisions of the Notes, the form of which is in Exhibit
A hereto, shall constitute, and are hereby expressly made, a part of this
Indenture, and, to the extent applicable, Publishing, Hollinger International
and the Trustee, by their execution and delivery of this Indenture expressly
agree to such terms and provisions and to be bound thereby. Except as
otherwise expressly permitted in this Indenture, all Notes shall be identical
in all respects. Notwithstanding any differences among them, all Notes issued
under this Indenture shall vote and consent together on all matters as one
class.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; The Notes may have notations, legends or endorsements as specified in
Section&nbsp;3.05 or as otherwise required by law, stock exchange rule or DTC rule
or usage. Publishing and the Trustee shall approve the form of the Notes and
any notation, legend or endorsement on them. Each Note shall be dated the date
of its authentication.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; Notes originally offered and sold to QIBs in reliance on Rule&nbsp;144A
will be issued in the form of one or more permanent Global Notes (each, a <B>&#147;Rule
144A Global Note&#148;</B>).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp; Notes originally offered and sold outside the United States of America
will be issued in the form of one or more permanent Global Notes (each, a
<B>&#147;Regulation&nbsp;S Global Note&#148;</B>).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.02. <B>Form of Trustee&#146;s Certificate of Authentication.</B> The
Trustee&#146;s certificate of authentication shall be included on the form of the
face of the Notes substantially in the following form:
</FONT>
<P align="center"><FONT size="2">TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Notes referred to in the within-mentioned Indenture.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">
WACHOVIA TRUST COMPANY,<BR>NATIONAL ASSOCIATION, as Trustee</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">By</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade>
Authorized Signatory</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.03. <B>Form of Guarantee of Hollinger International.</B> The form of
Guarantee of Hollinger International shall be set forth on the Notes
substantially as follows:
</FONT>
<P align="center"><FONT size="2">GUARANTEE OF HOLLINGER INTERNATIONAL INC.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For value received, HOLLINGER INTERNATIONAL INC., a Delaware corporation,
hereby absolutely, unconditionally and irrevocably guarantees to the holder of
this Note and the Trustee, as if Hollinger International were the principal
debtor, the punctual payment of principal of, premium, if any, and interest on
this Note in the amounts and at the time when due and interest on the overdue
principal and interest, if any, of this Note, if lawful, and the payment or
performance of all other obligations of Publishing under the Indenture or the
Notes, to the holder of this Note and the Trustee, all in accordance with and
subject to the terms and limitations of this Note and Article&nbsp;Thirteen of the
Indenture. This Guarantee will not become effective until the Trustee duly
executes the certificate of authentication on this Note.
</FONT>
<P align="center"><FONT size="2">30</FONT>
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<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><BR>
<BR>
Attest: __________________________</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
HOLLINGER INTERNATIONAL INC.<BR>
<BR>
By ______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">ARTICLE III
</FONT>
<P align="center"><FONT size="2"><B>The Notes</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.01. <B>Execution, Authentication, Delivery and Dating.</B> (a)&nbsp;The
Notes shall be executed on behalf of Publishing by one of its Chairman of the
Board, Vice-Chairman, President or one of its Vice Presidents under its
corporate seal reproduced thereon attested by its Secretary or one of its
Assistant Secretaries. The signature of any of these officers on the Notes may
be manual or facsimile.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; Notes bearing the manual or facsimile signatures of individuals who
were at any time the proper officers of Publishing shall bind Publishing,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices on the date of such Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; At any time and from time to time after the execution and delivery of
this Indenture, Publishing may deliver Notes executed by Publishing to the
Trustee for authentication, together with a Publishing Order for the
authentication and delivery of such Notes; and the Trustee in accordance with
such Publishing Order shall authenticate and deliver such Notes as provided in
this Indenture and not otherwise. The aggregate principal amount of Notes that
may be authenticated and delivered under this Indenture is limited to
$450,000,000.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; Each Note shall be dated the date of its authentication.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp; No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
duly executed by the Trustee by manual signature of an authorized signatory,
and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp; In case Publishing, pursuant to Article&nbsp;VIII, shall be consolidated or
merged with or into any other Person or shall sell, convey, assign, transfer,
lease or otherwise dispose of substantially all of its properties and assets to
any Person, and the successor Person resulting from such consolidation, or
surviving such merger, or into which Publishing shall have been merged or
consolidated, or the successor Person which shall have received a conveyance,
transfer, lease or other disposition as aforesaid, shall have executed an
indenture supplemental hereto with the Trustee pursuant to Article&nbsp;VIII, any of
the Notes authenticated or delivered prior to such consolidation, merger,
conveyance, transfer, lease or other disposition may, from time to time, at the
request of the successor Person, be exchanged for other Notes executed in the
name of the successor Person with such changes in phraseology and form as may
be appropriate, but otherwise in substance of like tenor as the Notes
surrendered for such exchange and of like
</FONT>
<P align="center"><FONT size="2">31</FONT>
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<P align="left"><FONT size="2"> principal amount; and the Trustee, upon a Publishing Request of the
successor Person, shall authenticate and deliver Notes as specified in such
order for the purpose of such exchange. If Notes shall at any time be
authenticated and delivered in any new name of a successor Person pursuant to
this Section in exchange or substitution for or upon registration of transfer
of any Notes, such successor Person, at the option of a Holder but without
expense to such Holder, shall provide for the exchange of all Notes at the time
Outstanding held by such Holder for Notes authenticated and delivered in such
new name.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp; The Trustee may appoint an authenticating agent reasonably acceptable
to Publishing to authenticate Notes on behalf of the Trustee. Unless limited
by the terms of such appointment, an authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An
authenticating agent has the same rights as any Note Registrar or Paying Agent
to deal with Publishing and its Affiliates.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.02. <B>Temporary Notes.</B> Pending the preparation of definitive
Notes, Publishing may execute, and upon a Publishing Order the Trustee shall
authenticate and deliver, temporary Notes which are printed, lithographed,
typewritten or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Notes in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Notes may determine, as conclusively
evidenced by their execution of such Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If temporary Notes are issued, Publishing will cause definitive Notes to
be prepared without unreasonable delay. After the preparation of definitive
Notes, the temporary Notes shall be exchangeable for definitive Notes upon
surrender of the temporary Notes at the office or agency of Publishing
designated for such purpose pursuant to Section&nbsp;10.02 (or in accordance with
Section&nbsp;3.01, in the case of the initial Notes), without charge to the Holders
thereof. Upon surrender for cancellation of any one or more temporary Notes,
Publishing shall execute and upon a Publishing Order the Trustee shall
authenticate and deliver in exchange therefor a like principal amount of
definitive Notes of authorized denominations. Until so exchanged the temporary
Notes shall in all respects be entitled to the same benefits under this
Indenture as definitive Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.03. <B>Registration, Registration of Transfer and Exchange.</B>
Publishing shall cause to be kept at the Corporate Trust Office of the Trustee,
or such other office as the Trustee may designate, a register (the register
maintained in such office and in any other office or agency designated pursuant
to Section&nbsp;10.02 being herein sometimes referred to as the <B>&#147;Note Register&#148;</B>) in
which, subject to such reasonable regulations as the Note Registrar may
prescribe, Publishing shall provide for the registration of Notes and of
transfers of Notes. The Trustee or an agent thereof or of Publishing shall
initially be the &#147;Note Registrar&#148; for the purpose of registering Notes and
transfers of Notes as herein provided. Publishing may appoint one or more
co-registrars, but there shall be only one Note Register.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender for registration of transfer of any Note at the office or
agency of Publishing designated pursuant to Section&nbsp;10.02, Publishing shall
execute, and the Trustee shall
</FONT>
<P align="center"><FONT size="2">32</FONT>
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<P align="left"><FONT size="2"> authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Notes of any authorized denomination or
denominations, of a like aggregate principal amount.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the option of the Holder, Notes may be exchanged for other Notes of any
authorized denomination or denominations, of a like aggregate principal amount,
upon surrender of the Notes to be exchanged at such office or agency. Whenever
any Notes are so surrendered for exchange, Publishing shall execute, and the
Trustee shall authenticate and deliver, the Notes which the Holder making the
exchange is entitled to receive.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Notes issued upon any registration of transfer or exchange of Notes
shall be the valid obligations of Publishing, evidencing the same Indebtedness,
and entitled to the same benefits under this Indenture, as the Notes
surrendered upon such registration of transfer or exchange.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every Note presented or surrendered for registration of transfer, or for
exchange or redemption, shall (if so required by Publishing or the Trustee) be
duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to Publishing, the Trustee and the Note Registrar, duly executed
by the Holder thereof or such Holder&#146;s attorney duly authorized in writing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made to a Holder for any registration of
transfer, exchange or redemption of Notes, but Publishing may require payment
of a sum sufficient to pay any tax or other governmental charges that may be
imposed in connection with any registration of transfer, exchange or redemption
of Notes (other than any such governmental charges payable upon exchange or
transfer pursuant to a Registered Exchange Offer or pursuant to Section&nbsp;3.01,
3.02, 3.07, 9.06, 10.14, 10.15 or 11.08 not involving any transfer).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing shall not be required (a)&nbsp;to issue, register the transfer of or
exchange any Note during a period beginning at the opening of business 15&nbsp;days
before the mailing of a notice of redemption of the Notes selected for
redemption under Section&nbsp;11.04 and ending at the close of business on the day
of such mailing, or (b)&nbsp;to register the transfer of or exchange any Note so
selected for redemption in whole or in part, except the unredeemed portion of
Notes being redeemed in part.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of Publishing, the Trustee, any agent of the Trustee, any Paying
Agent or the Note Registrar will have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial
ownership interests in a Global Note or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.04. <B>Global Note Provisions</B> (a)&nbsp;Each Global Note initially
shall: (i)&nbsp;be registered in the name of DTC or the nominee of DTC, (ii)&nbsp;be
delivered to the Note Custodian, and (iii)&nbsp;bear the appropriate legend, as set
forth in Section&nbsp;3.05 and Exhibit&nbsp;A. Any Global Note may be represented by
more than one certificate. The aggregate principal amount of each Global Note
may from time to time be increased or decreased by adjustments made on the
records of the Note Custodian, as provided in this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; Members of, or participants in, DTC (<B>&#147;Agent Members&#148;</B>) shall have no
rights under this Indenture with respect to any Global Note held on their
behalf by DTC or by the Note
</FONT>
<P align="center"><FONT size="2">33</FONT>
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<P align="left"><FONT size="2"> Custodian under such Global Note, and DTC may be treated by Publishing,
the Trustee, the Paying Agent and the Note Registrar and any of their agents as
the absolute owner of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent Publishing, the
Trustee, the Paying Agent or the Note Registrar or any of their agents from
giving effect to any written certification, proxy or other authorization
furnished by DTC or impair, as between DTC and its Agent Members, the operation
of customary practices of DTC governing the exercise of the rights of an owner
of a beneficial interest in any Global Note. The registered Holder of a Global
Note may grant proxies and otherwise authorize any person, including Agent
Members and persons that may hold interests through Agent Members, to take any
action that a Holder is entitled to take under this Indenture or the Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Except as provided below, owners of beneficial interests in Global
Notes will not be entitled to receive Certificated Notes. Certificated Notes
shall be issued to all owners of beneficial interests in a Global Note in
exchange for such interests if:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;DTC notifies Publishing that it is unwilling or unable to
continue as depositary for such Global Note or DTC ceases to be a
clearing agency registered under the Exchange Act, at a time when DTC is
required to be so registered in order to act as depositary, and in each
case a successor depositary is not appointed by Publishing within 90&nbsp;days
of such notice,</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Publishing executes and delivers to the Trustee and Note
Registrar an Officers&#146; Certificate stating that such Global Note shall be
so exchangeable, or</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;an Event of Default has occurred and is continuing and the
Note Registrar has received a request from DTC.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">In connection with the exchange of an entire Global Note for Certificated Notes
pursuant to this paragraph (c), such Global Note shall be deemed to be
surrendered to the Trustee for cancellation, and Publishing shall execute, and
upon Publishing Order the Trustee shall authenticate and deliver, to each
beneficial owner identified by DTC in exchange for its beneficial interest in
such Global Note, an equal aggregate principal amount of Certificated Notes of
authorized denominations.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; In connection with the exchange of a portion of a Certificated Note
for a beneficial interest in a Global Note, the Trustee shall cancel such
Certificated Note, and Publishing shall execute, and the Trustee shall
authenticate and deliver to the exchanging Holder, a new Certificated Note
representing the principal amount not so exchanged unless such principal amount
is to be exchanged for a beneficial interest in a Global Note pursuant to
Section&nbsp;3.06(d).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.05. <B>Legends.</B> (a)&nbsp;Each Global Note shall bear the legend
specified therefor in Exhibit&nbsp;A on the face thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Restricted Note shall bear the private placement legend specified
therefor in Exhibit&nbsp;A on the face thereof (<B>&#147;Private Placement Legend&#148;</B>).
</FONT>
<P align="center"><FONT size="2">34</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.06. <B>Special Transfer Provisions</B> (a)&nbsp;The following provisions
shall apply with respect to any proposed transfer of an interest in a Rule&nbsp;144A
Global Note that is a Restricted Note: If (1)&nbsp;the owner of a beneficial
interest in a Rule&nbsp;144A Global Note wishes to transfer such interest (or
portion thereof) to a non-U.S. person (<B>&#147;Non-U.S. Person&#148;</B>) pursuant to
Regulation&nbsp;S and (2)&nbsp;such Non-U.S. Person wishes to hold its interest in the
Notes through a beneficial interest in the Regulation&nbsp;S Global Note,
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp; upon receipt by the Note Custodian and Note Registrar of:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;instructions from the Holder of the Rule&nbsp;144A Global Note
directing the Note Custodian and Note Registrar to credit or cause to be
credited a beneficial interest in the Regulation&nbsp;S Global Note equal to
the principal amount of the beneficial interest in the Rule&nbsp;144A Global
Note to be transferred, and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;a certificate in the form of Exhibit&nbsp;C from the transferor, and</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp; subject to the rules and procedures of DTC, the Note Custodian and
Note Registrar shall increase the Regulation&nbsp;S Global Note and decrease the
Rule&nbsp;144A Global Note by such amount in accordance with the foregoing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; If the owner of an interest in a Regulation&nbsp;S Global Note wishes to
transfer such interest (or any portion thereof) to a QIB pursuant to Rule&nbsp;144A
prior to the expiration of the Distribution Compliance Period therefor,
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD colspan="2"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;upon receipt by the Note Custodian and Note Registrar of:</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;instructions from the Holder of the Regulation&nbsp;S Global Note
directing the Note Custodian and Note Registrar to credit or cause to be
credited a beneficial interest in the Rule&nbsp;144A Global Note equal to the
principal amount of the beneficial interest in the Regulation&nbsp;S Global
Note to be transferred, and</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;a certificate in the form of Exhibit&nbsp;B duly executed by the
transferor, and</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp; in accordance with the rules and procedures of DTC, the Note
Custodian and Note Registrar shall increase the Rule&nbsp;144A Global Note and
decrease the Regulation&nbsp;S Global Note by such amount in accordance with the
foregoing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; <B>Other Transfers.</B> Any transfer of Restricted Notes not described above
(other than a transfer of a beneficial interest in a Global Note that does not
involve an exchange of such interest for a Certificated Note or a beneficial
interest in another Global Note, which must be effected in accordance with
applicable law and the rules and procedures of DTC, but is not subject to any
procedure required by this Indenture) shall be made only upon receipt by the
Note Registrar of such opinions of counsel, certificates and/or other
information reasonably required by and satisfactory to it in order to ensure
compliance with the Securities Act or in accordance with Section&nbsp;3.06(d).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; <B>Use and Removal of Private Placement Legends.</B> Upon the transfer,
exchange or replacement of Notes (or beneficial interests in a Global Note) not
bearing (or not required to
</FONT>
<P align="center"><FONT size="2">35</FONT>
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<P align="left"><FONT size="2"> bear upon such transfer, exchange or replacement) a Private Placement
Legend, the Note Custodian and Note Registrar shall exchange such Notes (or
beneficial interests) for beneficial interests in a Global Note (or
Certificated Notes if they have been issued pursuant to Section&nbsp;3.04(c)) that
does not bear a Private Placement Legend. Upon the transfer, exchange or
replacement of Notes (or beneficial interests in a Global Note) bearing a
Private Placement Legend, the Note Custodian and Note Registrar shall deliver
only Notes (or beneficial interests in a Global Note) that bear a Private
Placement Legend unless:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;such Notes (or beneficial interests) are exchanged in a
Registered Exchange Offer;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;such Notes (or beneficial interests) are transferred pursuant
to a Shelf Registration Statement;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;such Notes (or beneficial interests) are transferred pursuant
to Rule&nbsp;144 under the Securities Act upon delivery to the Note Registrar
of a certificate of the transferor in the form of Exhibit&nbsp;D and an
Opinion of Counsel reasonably satisfactory to the Note Registrar;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;such Notes (or beneficial interests) are transferred, replaced
or exchanged after the Resale Restriction Termination Date therefor; or</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;in connection with such transfer, exchange or replacement the
Note Registrar shall have received an Opinion of Counsel and other
evidence reasonably satisfactory to it and Publishing to the effect that
neither such Private Placement Legend nor the related restrictions on
transfer are required in order to maintain compliance with the provisions
of the Securities Act.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Private Placement Legend on any Note shall be removed at the request of the
Holder on or after the Resale Restriction Termination Date therefor. The
Holder of a Global Note may exchange an interest therein for an equivalent
interest in a Global Note not bearing a Private Placement Legend (other than a
Regulation&nbsp;S Global Note) upon transfer of such interest pursuant to any of
clauses (i)&nbsp;through (v)&nbsp;of this paragraph (d). Publishing shall deliver to the
Trustee an Officers&#146; Certificate promptly upon effectiveness, withdrawal or
suspension of any Registration Statement.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp; <B>Consolidation of Global Notes and Exchange of Certificated Notes for
Beneficial Interests in Global Notes.</B> If a Global Note not bearing a Private
Placement Legend (other than a Regulation&nbsp;S Global Note) is Outstanding at the
time of a Registered Exchange Offer, any interests in a Global Note exchanged
in such Registered Exchange Offer shall be exchanged for interests in such
Outstanding Global Note.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp; <B>Retention of Documents.</B> The Note Registrar shall retain copies of all
letters, notices and other written communications received pursuant to this
Article&nbsp;III. Publishing shall have the right to inspect and make copies of all
such letters, notices or other written communications at any reasonable time
upon the giving of reasonable written notice to the Note Registrar.
</FONT>

<P align="center"><FONT size="2">36</FONT>



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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;<B>Execution, Authentication of Notes, etc.</B> Subject to the other
provisions of this Section, when Notes are presented to the Note Registrar with
a request to register the transfer of such Notes or to exchange such Notes for
an equal principal amount of Notes of other authorized denominations, the Note
Registrar shall register the transfer or make the exchange as requested if its
requirements for such transaction are met; <I>provided </I>that any Notes presented or
surrendered for registration of transfer or exchange shall be duly endorsed or
accompanied by a written instrument of transfer in form satisfactory to the
Note Registrar, duly executed by the Holder thereof or his attorney duly
authorized in writing. To permit registrations of transfers and
exchanges and subject to the other terms and conditions of this Article
III, Publishing will execute and upon Publishing Order, the Trustee will
authenticate Certificated Notes and Global Notes at the Note Registrar&#146;s
request. In accordance with the Issue Date Registration Rights Agreement, upon
the effectiveness of any Exchange Offer Registration Statement, Publishing will
execute and upon Publishing Order, the Trustee will authenticate Exchange Notes
or Private Exchange Notes, as the case may be, in exchange for Issue Date
Notes. In accordance with a Registration Rights Agreement in respect of
Additional Notes, upon the effectiveness of any Exchange Offer Registration
Statement in respect of such Additional Notes, Publishing will execute and upon
Publishing Order, the Trustee will authenticate Exchange Notes in exchange for
such Additional Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;<B>No Obligation of the Trustee.</B>
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;The Trustee shall have no responsibility or obligation to any
beneficial owner of an interest in a Global Note, a member of, or a
participant in, DTC or other Person with respect to the accuracy of the
records of DTC or its nominee or of any participant or member thereof,
with respect to any ownership interest in the Notes or with respect to
the delivery to any participant, member, beneficial owner or other Person
(other than DTC) of any notice (including any notice of redemption) or
the payment of any amount or delivery of any Notes (or other security or
property) under or with respect to such Notes. All notices and
communications to be given to the Holders and all payments to be made to
Holders in respect of the Notes shall be given or made only to or upon
the order of the registered Holders (which shall be DTC or its nominee in
the case of a Global Note). The rights of beneficial owners in any
Global Note shall be exercised only through DTC subject to the applicable
rules and procedures of DTC. The Trustee may rely and shall be fully
protected in relying upon information furnished by DTC with respect to
its members, participants and any beneficial owners.</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;The Trustee shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer
imposed under this Indenture or under applicable law with respect to any
transfer of any interest in any Note (including any transfers between or
among DTC participants, members or beneficial owners in any Global Note)
other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if
and when expressly required by, the terms of this Indenture, and to
examine the same to determine substantial compliance as to form with the
express requirements hereof.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.07.&nbsp;&nbsp;&nbsp;<B>Mutilated, Destroyed, Lost or Stolen Notes.</B> If (a)&nbsp;any
mutilated Note is surrendered to the Trustee, or (b)&nbsp;Publishing and the Trustee
receive evidence to their
</FONT>
<P align="center"><FONT size="2">37</FONT>
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<P align="left"><FONT size="2">satisfaction of the destruction, loss or theft of any
Note, and there is delivered to Publishing or the Trustee, such security and/or
indemnity, in each case as may be required by them to save each of them
harmless, then, in the absence of notice to Publishing or the Trustee that such
Note has been acquired by a bona fide purchaser, Publishing shall execute and
upon receipt of a Publishing Order the Trustee shall authenticate and deliver,
in exchange for any such mutilated Note or in lieu of any such destroyed,
lost or stolen Note, a replacement Note of like tenor and principal amount,
bearing a number not contemporaneously outstanding.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any such mutilated, destroyed, lost or stolen Note has become or
is about to become due and payable, Publishing in its discretion may, instead
of issuing a replacement Note, pay such Note.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any replacement Notes under this Section, Publishing
may require the payment of a sum sufficient to pay all documentary, stamp or
similar issue or transfer taxes or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and
expenses of the Trustee and its agents and counsel) connected therewith.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every replacement Note issued pursuant to this Section in lieu of any
destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of Publishing, whether or not the destroyed, lost or
stolen Note shall be at any time enforceable by anyone, and shall be entitled
to all benefits of this Indenture equally and proportionately with any and all
other Notes duly issued hereunder.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.08. <B>Payment of Interest; Interest Rights Preserved.</B> Interest on
any Note which is payable, and is punctually paid or duly provided for, on the
Stated Maturity of such interest shall be paid to the Person in whose name that
Note is registered at the close of business on the Regular Record Date for such
interest payment.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any interest on any Note which is payable, but is not paid or duly
provided for on the Stated Maturity of such interest (or within 15&nbsp;days after
the Stated Maturity of such interest) and interest on such defaulted interest
at the then applicable interest rate borne by the Notes, to the extent lawful
(such defaulted interest and interest thereon herein collectively called
<B>&#147;Defaulted Interest&#148;</B>), shall forthwith cease to be payable to the Holder in
whose name such Note is registered as of the Regular Record Date; and such
Defaulted Interest may be paid by Publishing, at its election in each case, as
provided in Subsection (a)&nbsp;or (b)&nbsp;below:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Publishing may elect to make payment of any Defaulted Interest
to the Persons in whose names the Notes are registered at the close of
business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Note and the date of the
proposed payment (the <B>&#147;Special</B></FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">38</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2"><B>Payment Date&#148;</B>), and at the same time
Publishing shall irrevocably deposit with the Trustee an amount of money
equal to the aggregate amount proposed to be paid in respect of such
Defaulted Interest or shall make arrangements satisfactory to the Trustee
for such deposit prior to the Special Payment Date, such money when
deposited to be held in trust for the benefit of the Persons entitled to
such Defaulted Interest as in this Subsection provided. Such notice
shall be received by the Trustee no less than 30&nbsp;days prior to the
Special Payment Date. Thereupon the Trustee shall fix a Special Record
Date for the payment of such Defaulted Interest which Special Record Date
shall be not more than 15&nbsp;days and not less than 10&nbsp;days prior to the
Special Payment Date and not less than 10&nbsp;days after the receipt by the
Trustee of the notice of the proposed payment. The Trustee shall
promptly notify Publishing in writing of such Special Record Date. In
the name and at the expense of Publishing, the Trustee shall cause notice
of the proposed payment of such Defaulted Interest and the Special Record
Date and Special Payment Date therefor to be mailed, certified or
registered (return receipt requested) first-class postage prepaid, to
each Holder at his address as it appears in the Note Register, not less
than 10&nbsp;days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor
having been so mailed, such Defaulted Interest shall be paid to the
Persons in whose names the Notes are registered on such Special Record
Date and shall no longer be payable pursuant to the following Subsection
(b).</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Publishing may make payment to the Persons in whose name the
Notes are registered at the close of business on the Special Record Date
of any Defaulted Interest in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may
be listed, and upon such notice as may be required by such exchange,
unless, after written notice given by Publishing to the Trustee of the
proposed payment pursuant to this Subsection, such manner of payment
shall not be deemed practicable by the Trustee (acting reasonably). The
Trustee shall give prompt written notice to Publishing of any such
determination.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the foregoing provisions of this Section, each Note delivered
under this Indenture upon registration of transfer of or in exchange for or in
lieu of any other Note shall carry the rights to interest accrued and unpaid,
and to accrue, which were carried by such other Note.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.09. <B>Persons Deemed Owners.</B> Prior to due presentment of a Note
for registration of transfer, Publishing, the Trustee and any agent of
Publishing or the Trustee may treat the Person in whose name any Note is
registered on the Note Register as the owner of such Note for the purpose of
receiving payment of principal of, premium, if any, and (subject to Section
3.08) interest on such Note and for all other purposes whatsoever, whether or
not such Note is overdue, and none of Publishing, the Trustee or any agent of
Publishing or the Trustee shall be affected by notice to the contrary.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the Company, the Trustee, any Paying Agent or the Note Registrar
will have any responsibility or liability for any aspect of the records
relating to or payments made on account of beneficial ownership interests in a
Global Note or for maintaining, supervising or reviewing any records relating
to such beneficial ownership interests.
</FONT>
<P align="center"><FONT size="2">39</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.10. <B>Cancellation.</B> All Notes surrendered for payment, purchase, redemption, registration
of transfer or exchange shall be delivered to the Trustee and, if not already
canceled, shall be promptly canceled by it. Publishing or any Restricted
Subsidiary may at any time deliver to the Trustee for cancellation any Notes
previously authenticated and delivered hereunder which Publishing or any such
Restricted Subsidiary may have acquired in any manner whatsoever, and all Notes
so delivered shall upon receipt of a Publishing Order be promptly canceled by
the Trustee. No Notes shall be authenticated in lieu of or in exchange for any
Notes canceled as provided in this Section, except as expressly permitted by
this Indenture. All canceled securities held by the Trustee shall, unless by a
Publishing Order received by the Trustee prior to such destruction Publishing
shall direct that the canceled Notes be returned to it, be destroyed in
accordance with its customary procedures and certification of their destruction
delivered to Publishing. The Trustee shall provide Publishing a list of all
Notes that have been canceled from time to time as requested by Publishing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.11. <B>Computation of Interest.</B> Interest on the Notes shall be
computed on the basis of a 360-day year of twelve 30-day months.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.12. <B>Additional Notes.</B> Publishing may, from time to time,
subject to compliance with any other applicable provisions of this Indenture,
without the consent of the Holders, create and issue pursuant to this Indenture
Additional Notes having terms and conditions set forth in Exhibit&nbsp;A identical
to those of the other Outstanding Notes, except that Additional Notes:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;may have a different issue date from other Outstanding Notes;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;may have a different amount of interest payable on the first Interest
Payment Date after issuance than is payable on other Outstanding Notes;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;may have terms specified in the Additional Note Board Resolution or
Additional Note Supplemental Indenture for such Additional Notes making
appropriate adjustments to Articles II and III and Exhibit&nbsp;A (and related
definitions) applicable to such Additional Notes in order to conform to and
ensure compliance with the Securities Act (or other applicable securities laws)
and any registration rights or similar agreement applicable to such Additional
Notes, which are not adverse in any material respect to the Holder of any
Outstanding Notes (other than such Additional Notes), <I>provided</I>, that no such
adjustment shall cause such Additional Notes to constitute, as determined
pursuant to an Opinion of Counsel, a different class of securities than the
Issue Date Notes for U.S. federal income tax purposes except for Additional
Notes that have a separate CUSIP number from other Outstanding Notes pending
performance under a Registration Rights Agreement applicable thereto; and
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;may be entitled to additional interest as provided in Section&nbsp;3.13 not
applicable to other Outstanding Notes and may not be entitled to such
additional interest applicable to other Outstanding Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.13. <B>Additional Interest Under Registration Rights Agreements.</B>
Under certain circumstances, Publishing may be obligated to pay
additional interest to Holders, all as and to the extent set forth in the Issue
Date Registration Rights Agreement or any
</FONT>
<P align="center"><FONT size="2">40</FONT>
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<P align="left"><FONT size="2">Registration Rights Agreement
applicable to Additional Notes. The terms thereof are hereby incorporated
herein by reference and such additional interest is deemed to be interest for
purposes of this Indenture.
</FONT>
<P align="center"><FONT size="2">ARTICLE IV
</FONT>
<P align="center"><FONT size="2"><B>Defeasance and Covenant Defeasance</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.01. <B>Publishing&#146;s Option to Effect Defeasance or Covenant
Defeasance.</B> Publishing may, at its option by Board Resolution, at any time,
with respect to any Notes, elect to have either Section&nbsp;4.02 or Section&nbsp;4.03 be
applied to all of the Outstanding Notes (the &#147;Defeased Notes&#148;), upon compliance
with the conditions set forth below in this Article&nbsp;IV.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.02. <B>Defeasance and Discharge.</B> Upon Publishing&#146;s exercise under
Section&nbsp;4.01 of the option applicable to this Section, Publishing shall be
deemed to have been discharged from its obligations with respect to the
Defeased Notes on the date the conditions set forth below are satisfied
(hereinafter, <B>&#147;defeasance&#148;</B>) and each Guarantor shall be deemed to be discharged
from its obligations with respect to its Guarantee relating to the Defeased
Notes. For this purpose, such defeasance means that Publishing shall be deemed
to have paid and discharged the entire indebtedness represented by the Defeased
Notes, which shall thereafter be deemed to be &#147;Outstanding&#148; only for the
purposes of Section&nbsp;4.05 and the other Sections of this Indenture referred to
in clauses (a)&nbsp;and (b)&nbsp;below, and to have satisfied all its other obligations
under such Notes and this Indenture insofar as such Notes are concerned (and
the Trustee, at the expense of Publishing and upon written request, shall
execute proper instruments acknowledging the same), except for the following
which shall survive until otherwise terminated or discharged hereunder: (a)
the rights of Holders of Defeased Notes to receive, solely from the trust fund
described in Section&nbsp;4.04 and as more fully set forth in such Section, payments
in respect of the principal of, premium, if any, and interest on such Notes
when such payments are due, (b)&nbsp;Publishing&#146;s obligations with respect to such
Defeased Notes under Sections&nbsp;3.02, 3.03, 3.07, 10.02 and 10.03, (c)&nbsp;the
rights, powers, trusts, duties, indemnities and immunities of the Trustee
hereunder, and (d)&nbsp;this Article&nbsp;IV. Subject to compliance with this Article
IV, Publishing may exercise its option under this Section notwithstanding the
prior exercise of its option under Section&nbsp;4.03 with respect to the Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.03. <B>Covenant Defeasance.</B> Upon Publishing&#146;s exercise under
Section&nbsp;4.01 of the option applicable to this Section, Publishing shall be
released from its obligations under any covenant or provision contained in
Sections&nbsp;10.05 through 10.18, inclusive, with respect to the Defeased Notes on
and after the date the conditions set forth below are satisfied (hereinafter,
<B>&#147;covenant defeasance&#148;</B>), and the Defeased Notes shall thereafter be deemed to be
not &#147;Outstanding&#148; for the purposes of
any direction, waiver, consent or declaration or Act of Holders (and the
consequences of any thereof) in connection with such covenants and provisions,
but shall continue to be deemed &#147;Outstanding&#148; for all other purposes hereunder.
For this purpose, such covenant defeasance means that, with respect to the
Defeased Notes, Publishing may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such Section
or Article, whether directly or indirectly, by reason of any reference
elsewhere herein or in such Defeased Notes to any such Section or Article or by
</FONT>
<P align="center"><FONT size="2">41</FONT>
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<P align="left"><FONT size="2">reason of any reference in any such Section or Article to any other provision
herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section&nbsp;5.01(c), (d)&nbsp;or (f)
but, except as specified above, the remainder of this Indenture and such
Defeased Notes shall be unaffected thereby.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.04. <B>Conditions to Defeasance or Covenant Defeasance.</B> The
following shall be the conditions to application of either Section&nbsp;4.02 or
Section&nbsp;4.03 to the Defeased Notes:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Publishing shall irrevocably have deposited or caused to be
deposited with the Trustee as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of Notes, (a)&nbsp;United
States dollars in an amount, (b)&nbsp;U.S. Government Obligations which
through the scheduled payment of principal and interest in respect
thereof in accordance with their terms will provide, not later than one
day before the due date of any payment, money in an amount, or (c)&nbsp;a
combination thereof, in such amounts as will be sufficient, as reflected
in the written report of a nationally recognized firm of independent
public accountants or a nationally recognized investment banking firm
delivered to the Trustee, to pay and discharge (and which shall be
applied by the Trustee to pay and discharge) the principal of, premium,
if any, and interest on, the Defeased Notes on (x)&nbsp;the Stated Maturity
thereof or (y)&nbsp;any date selected by Publishing on which the Defeased
Notes may be redeemed in whole at the option of Publishing (such date
being referred to as the <B>&#147;Defeasance Redemption Date&#148;</B>), if (in the case
of clause (y)) when electing either defeasance or covenant defeasance,
Publishing has delivered to the Trustee an irrevocable notice to redeem
all of the outstanding Notes on the Defeasance Redemption Date; <I>provided</I>,
that the Trustee (or such qualifying trustee) shall have been irrevocably
instructed to apply such United States dollars or the proceeds of such
U.S. Government obligations to said payments with respect to the Notes.
For this purpose, <B>&#147;U.S. Government Obligations&#148;</B> means securities that are
(i)&nbsp;direct obligations of the United States of America for the timely
payment of which its full faith and credit is pledged or (ii)&nbsp;obligations
of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the timely payment of
which is unconditionally guaranteed as a full faith and credit obligation
by the United States of America, which, in either case, are not callable
or redeemable at the option of the issuer thereof, and shall also include
a depository receipt issued by a bank (as defined in Section&nbsp;3(a)(2) of
the Securities Act), as custodian with respect to any such U.S.
Government Obligation or a specific payment of principal of or interest
on any such U.S. Government Obligation held by such custodian for the
account of the holder of such depository receipt; <I>provided</I>, that (except
as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect
of the U.S. Government Obligation or the specific payment of principal of
or interest on the U.S. Government Obligation evidenced by such
depository receipt.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;In the case of an election under Section&nbsp;4.02, Publishing shall
have delivered to the Trustee an opinion of Independent Counsel in the
United States to the effect that (A)&nbsp;Publishing has received from, or
there has been published by, the Internal</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">42</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">Revenue Service a ruling or (B)
since the date of this Indenture, there has been a change in the
applicable Federal income tax law, in either case to the effect that the
Holders of the Outstanding Notes will not recognize income, gain or loss
for Federal income tax purposes as a result of such defeasance and will
be subject to Federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such defeasance had
not occurred.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;In the case of an election under Section&nbsp;4.03, Publishing shall
have delivered to the Trustee an opinion of Independent Counsel in the
United States to the effect that the Holders of the Outstanding Notes
will not recognize income, gain or loss for Federal income tax purposes
as a result of such covenant defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times
as would have been the case if such covenant defeasance had not occurred.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;No Default or Event of Default shall have occurred and be
continuing on the date of such deposit or insofar as Sections&nbsp;5.01(g) and
5.01(h) are concerned, at any time during the period ending on the 121st
day after the date of deposit.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;Such defeasance or covenant defeasance shall not cause the
Trustee to have a conflicting interest with respect to any securities of
Publishing.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;Such defeasance or covenant defeasance shall not result in a
breach or violation of, or constitute a Default under, this Indenture or
a breach or violation of any provision of any agreement relating to any
Indebtedness.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;Publishing shall have delivered to the Trustee an Opinion of
Independent Counsel in the United States to the effect that after the
121st day following the deposit, the trust funds will not be subject to
the effect of any applicable bankruptcy, insolvency, reorganization or
similar laws affecting creditors&#146; rights generally.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;Publishing shall have delivered to the Trustee an Officers&#146;
Certificate stating that the deposit was not made by Publishing with the
intent of preferring the holders of the Notes over the other creditors of
Publishing or with the intent of defeating, hindering, delaying or
defrauding creditors of Publishing.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;No event or condition shall exist that would prevent Publishing
from making payments of the principal of, premium, if any, and interest
on the Notes on the date of such deposit or at any time ending on the
121st day after the date of such deposit.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;Publishing shall have delivered to the Trustee an Officers&#146;
Certificate and an Opinion of Independent Counsel, each to the effect
that all conditions precedent provided for relating to either the
defeasance under Section&nbsp;4.02 or the covenant defeasance under Section
4.03 (as the case may be) have been complied with as contemplated by this
Section.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opinions of Counsel required to be delivered under this Section may have
qualifications customary for opinions of the type required and counsel
delivering such Opinions of Counsel may rely on certificates of Publishing or
government or other officials customary for
</FONT>
<P align="center"><FONT size="2">43</FONT>
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<P align="left"><FONT size="2">opinions of the type required,
which certificates shall be limited to matters of fact, including that various
financial covenants have been complied with.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.05. <B>Deposited Money and U.S. Government Obligations to be Held
in Trust; Other Miscellaneous Provisions.</B> Subject to the provisions of the
last paragraph of Section&nbsp;10.03, all United States dollars and U.S. Government
Obligations (including the proceeds thereof) deposited with the Trustee
pursuant to Section&nbsp;4.04 in respect of the Defeased Notes shall be held in
trust and applied by the Trustee, in accordance with the provisions of such
Notes and this Indenture, to the payment, either directly or through any Paying
Agent as the Trustee may determine, to the Holders of such Notes of all sums
due and to become due thereon in respect of principal, premium, if any, and
interest, but such money need not be segregated from other funds except to the
extent required by law.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing shall fully pay and indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section&nbsp;4.04 or the principal and interest received in
respect thereof, other than any such tax, fee or other charge which by law is
for the account of the Holders of the Defeased Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Article&nbsp;IV to the contrary notwithstanding, the Trustee
shall deliver or pay to Publishing from time to time upon a Publishing Request
any United States dollars or U.S. Government Obligations held by it as provided
in Section&nbsp;4.04 which, in the opinion of a nationally recognized firm of
independent public accountants or nationally recognized investment banking firm
expressed in a written report delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect
defeasance or covenant defeasance. In the event of an error in any calculation
resulting in a withdrawal hereunder, Publishing shall deposit an amount equal
to the amount erroneously withdrawn as promptly as practicable after becoming
aware of such error.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.06. <B>Reinstatement.</B> If the Trustee or Paying Agent is unable to apply
any United States dollars or U.S. Government Obligations in accordance with
Section&nbsp;4.02 or 4.03, as the case may be, by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then Publishing&#146;s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit
had occurred pursuant to Section&nbsp;4.02 or 4.03, as the case may be, until such
time as the Trustee or Paying Agent is permitted to apply all
such United States dollars or U.S. Government Obligations in accordance with
Section&nbsp;4.02 or 4.03, as the case may be; <I>provided</I>, however, that (a)&nbsp;if
Publishing makes any payment to the Trustee or Paying Agent of principal,
premium, if any, or interest on any Note following the reinstatement of its
obligations, the Trustee or Paying Agent shall promptly pay any such amount to
the Holders of the Notes and Publishing shall be subrogated to the rights of
the Holders of such Notes to receive such payment from the United States
dollars and U.S. Government Obligations held by the Trustee or Paying Agent and
(b)&nbsp;the Trustee or Paying Agent shall return all such United States dollars and
U.S. Government Obligations to Publishing promptly after receiving a Publishing
Request therefor at any time, if the Trustee or Paying Agent receives written
notice from Publishing that such reinstatement of Publishing&#146;s obligations has
occurred and continues to be in effect at such time.
</FONT>
<P align="center"><FONT size="2">44</FONT>
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<P align="center"><FONT size="2">ARTICLE V
</FONT>
<P align="center"><FONT size="2"><B>Remedies</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.01. <B>Events of Default.</B> <B>&#147;Event of Default&#148;</B>, wherever used
herein, means with respect to any Notes any one of the following events
(whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;there shall be a default in the payment of any interest on any Note
when it becomes due and payable, and such default shall continue for a period
of 30&nbsp;days;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;there shall be a default in the payment of the principal of (or
premium, if any, on) any Note when and as the same shall become due and payable
at its Maturity (upon acceleration, optional or mandatory redemption, required
repurchase or otherwise);
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;(i)&nbsp;there shall be a default in the performance, or breach, of any
covenant or agreement of Publishing under this Indenture (other than a default
in the performance, or breach, of a covenant or agreement which is specifically
dealt with in Section&nbsp;5.01(a) or (b)&nbsp;or in clauses (ii)&nbsp;or (iii)&nbsp;of this
Section&nbsp;5.01(c)), and such default or breach shall continue for a period of 30
days after written notice has been given, by certified mail, (x)&nbsp;to Publishing
by the Trustee or (y)&nbsp;to Publishing and the Trustee by the Holders of at least
25% in aggregate principal amount of the Outstanding Notes; (ii)&nbsp;there shall be
a default in the performance or breach of the provisions of Article&nbsp;VIII; or
(iii)&nbsp;Publishing shall have failed to make or consummate a Change of Control
Offer in accordance with the provisions of Section&nbsp;10.14;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;one or more defaults shall have occurred under any agreements,
indentures or instruments under which Publishing, any Guarantor or any
Restricted Subsidiary then has outstanding Indebtedness in excess of $7,500,000
in the aggregate and, if not already matured at its final maturity in
accordance with its terms, such Indebtedness shall have been accelerated;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;any Guarantee relating to the Notes shall for any reason cease to be,
or be asserted in writing by any Guarantor or Publishing not to be, in full
force and effect, enforceable in accordance with its terms, except to the
extent contemplated by this Indenture and any such Guarantee;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;one or more final judgments, orders or decrees for the payment of
money in excess of $7,500,000, either individually or in the aggregate, shall
be entered against Publishing, any Guarantor or any Restricted Subsidiary or
any of their respective properties and shall not be discharged and either (i)
enforcement proceedings shall have been commenced upon such judgment, order or
decree or (ii)&nbsp;there shall have been a period of 60 consecutive days during
which a stay of enforcement of such judgment or order, by reason of an appeal
or otherwise, shall not be in effect;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;there shall have been the entry by a court of competent jurisdiction
of (i)&nbsp;a decree or order for relief in respect of Publishing, any Guarantor or
any Material Restricted Subsidiary in an involuntary case or proceeding under
any applicable Bankruptcy Law or (ii)&nbsp;a
</FONT>
<P align="center"><FONT size="2">45</FONT>
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<P align="left"><FONT size="2">decree or order adjudging Publishing,
any Guarantor or any Material Restricted Subsidiary bankrupt or insolvent, or
seeking reorganization, arrangement, adjustment or composition of or in respect
of Publishing, any Guarantor or any Material Restricted Subsidiary under any
applicable Federal or state law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or similar official of Publishing,
any Guarantor or any Material Restricted Subsidiary or of any substantial part
of its property, or ordering the winding up or liquidation of its affairs, and
any such decree or order for relief shall continue to be in effect, or any such
other decree or order shall be unstayed and in effect, for a period of 60
consecutive days; or
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i)&nbsp;Publishing, any Guarantor or any Material Restricted Subsidiary
commences a voluntary case or proceeding under any applicable Bankruptcy Law or
any other case or proceeding to be adjudicated bankrupt or insolvent, (ii)
Publishing, any Guarantor or any Material Restricted Subsidiary consents to the
entry of a decree or order for relief in respect of Publishing, any Guarantor
or such Material Restricted Subsidiary in an involuntary case or proceeding
under any applicable Bankruptcy Law or to the commencement of any bankruptcy or
insolvency case or proceeding against it, (iii)&nbsp;Publishing, any Guarantor or
any Material Restricted Subsidiary files a petition or answer or consent
seeking reorganization or relief under any applicable Federal or state law,
(iv)&nbsp;Publishing, any Guarantor or any Material Restricted Subsidiary (x)
consents to the filing of such petition or the appointment of, or taking
possession by, a custodian, receiver, liquidator, assignee, trustee,
sequestrator or similar official of Publishing, any Guarantor or such Material
Restricted Subsidiary or of any substantial part of its property, (y)&nbsp;makes an
assignment for the benefit of creditors or (z)&nbsp;admits in writing its inability
to pay its debts generally as they become due or (v)&nbsp;Publishing, any Guarantor
or any Material Restricted Subsidiary takes any corporate action in furtherance
of any such actions in this paragraph (h).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.02. <B>Acceleration of Maturity; Rescission and Annulment.</B> If an
Event of Default (other than an Event of Default specified in Sections&nbsp;5.01(g)
and (h)&nbsp;with respect to Publishing) occurs and is continuing with respect to
the Notes, the Trustee or the Holders of not less than 25% in aggregate
principal amount of the Outstanding
Notes may, and the Trustee upon the request of the Holders of not less
than 25% in aggregate principal amount of the Outstanding Notes shall, declare
the principal amount of all the Notes to be due and payable immediately in an
amount equal to the principal amount of the Notes, together with accrued and
unpaid interest, if any, to the date the Notes shall have become due and
payable, by a notice in writing to Publishing (and to the Trustee, if given by
Holders) and, if the Senior Credit Facility is in effect, to the Agent, and
upon any such declaration such amount shall become immediately due and payable.
If an Event of Default specified in Sections&nbsp;5.01(g) or (h)&nbsp;occurs with
respect to Publishing and is continuing, then all the Notes shall ipso facto
become and be immediately due and payable, in an amount equal to the principal
amount of the Notes, together with accrued and unpaid interest, if any, to the
date the Notes become due and payable, without any declaration or other act on
the part of the Trustee or any Holder.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time after such declaration or acceleration has been made with
respect to the Notes, and before a judgment or decree for payment of the money
due has been obtained by the Trustee as provided hereinafter in this Article,
the Holders of at least a majority in aggregate principal amount of the
Outstanding Notes, by written notice to Publishing and the Trustee, may rescind
and annul such declaration and its consequences if:
</FONT>
<P align="center"><FONT size="2">46</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Publishing has paid or irrevocably deposited with the Trustee a sum
sufficient to pay
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;all sums paid or advanced by the Trustee under Section
6.07 and the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;all overdue interest on all Notes;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;the principal and the premium, if any, on any Notes
which have become due otherwise than by such declaration of
acceleration and interest thereon at the rate or rates presented
therefor by the terms of the Notes, to the extent that payment of
such interest is lawful;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;interest upon overdue interest at the rate or rates
presented therefor by the terms of the Notes, to the extent that
payment of such interest is lawful; and</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;all Events of Default with respect to the Notes, other than the
nonpayment of principal of the Notes which have become due solely by such
declaration of acceleration, have been cured or waived as provided in Section
5.13.
</FONT>
<P align="left"><FONT size="2">No such rescission shall affect any subsequent Default or impair any right
consequent thereon.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.03. <B>Collection of Indebtedness and Suits for Enforcement by
Trustee.</B> Publishing covenants that if
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;default is made in the payment of any interest on any Note when such
interest becomes due and payable and such default continues for a period of 30
days, or
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;default is made in the payment of the principal of (or premium, if
any, on) any Note at the Stated Maturity (upon acceleration, optional or
mandatory redemption, required repurchase or otherwise) thereof,
</FONT>
<P align="left"><FONT size="2">Publishing will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Notes the whole amount then due and payable on such Notes for
principal and premium, if any, and interest, with interest upon the overdue
principal and premium, if any, and, to the extent that payment of such interest
shall be legally enforceable, upon overdue installments of interest, at the
rate or rates as may be presented therefor by the terms of any such Note.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Publishing fails to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid and may
prosecute such proceeding to judgment or final decree, and may enforce the same
against Publishing or any other obligor upon the Notes and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the
property of Publishing or any other obligor upon such Notes, wherever situated.
</FONT>
<P align="center"><FONT size="2">47</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default with respect to any Notes occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and
the rights of the Holders of Notes under this Indenture by such appropriate
private or judicial proceedings as the Trustee shall deem most effectual to
protect and enforce such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein or therein, or to enforce any other proper remedy.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights and remedies under this Section are in addition to the other
rights and remedies under this Article&nbsp;V or Article&nbsp;XIII.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.04. <B>Trustee May File Proofs of Claim.</B> In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other similar judicial proceeding
relative to Publishing or the property of Publishing, the Trustee (irrespective
of whether the principal of the Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand on Publishing for the payment of overdue
principal or interest) shall be entitled and empowered, by intervention in such
proceeding or otherwise:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to file and prove a claim for the whole amount of principal, and
premium, if any, and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding; and
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same;
</FONT>
<P align="left"><FONT size="2">and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay the Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section
6.07.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment, composition or other similar
arrangement affecting the Notes or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.05. <B>Trustee May Enforce Claims Without Possession of Notes.</B> All
rights of action and claims under this Indenture or the Notes may be prosecuted
and enforced by the Trustee without the possession of any of the Notes or the
production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name and as trustee of an
express trust, and any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and
</FONT>
<P align="center"><FONT size="2">48</FONT>
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<P align="left"><FONT size="2">advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Notes in respect of which such judgment has been recovered.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.06. <B>Application of Money Collected.</B> Any money collected by the
Trustee with respect to the Notes pursuant to this Article or otherwise on
behalf of the Holders or the Trustee pursuant to this Article or through any
proceeding or any arrangement or restructuring in anticipation or in lieu of
any proceeding contemplated by this Article shall be applied, subject to
applicable law, in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of principal,
premium, if any, or interest, upon presentation of the Notes and the notation
thereon of the payment if only partially paid and upon surrender thereof if
fully paid:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: To the payment of all amounts due the Trustee under Section&nbsp;6.07;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: To the payment in full of the amounts then due and unpaid upon
the Notes for principal, premium, if any, and interest, in respect of which or
for the benefit of which such money has been collected, ratably, without
preference or priority of any kind, according to the amounts due and payable on
such Notes for principal, premium, if any, and interest; and
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: The balance, if any, to the Person or Persons entitled thereto as
a court of competent jurisdiction shall direct, or to Publishing; <I>provided,</I>
that all sums due and owing to the Holders and the Trustee have been paid in
full as required by this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.07. <B>Limitation on Suits.</B> No Holder of any Notes shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Indenture or the Notes, or for the appointment of a receiver or trustee, or for
any other remedy hereunder, unless
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;such Holder has previously given written notice to the Trustee
of a continuing Event of Default with respect to Notes;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Holders of not less than 25% in principal amount of the
outstanding Notes shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name
as Trustee hereunder;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;such Holder or Holders have offered, and if requested have
provided, to the Trustee an indemnity satisfactory to the Trustee in its
sole discretion against the costs, expenses and liabilities that may be
incurred in compliance with such request;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Trustee for 60&nbsp;days after its receipt of such notice,
request and offer (and if requested, provision) of indemnity has failed
to institute any such proceeding; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the Holders of a
majority in principal amount of the Outstanding Notes;</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">it being understood and intended that no one or more Holders of Notes shall
have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any
other Holders of such Notes, or to obtain or to seek to
</FONT>
<P align="center"><FONT size="2">49</FONT>
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<P align="left"><FONT size="2">obtain priority or
preference over any other Holders or to enforce any right under this Indenture,
except in the manner provided in this Indenture and for the equal and ratable
benefit of all the Holders of all Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.08. <B>Unconditional Right of Holders to Receive Principal, Premium
and Interest.</B> Notwithstanding any other provision in this Indenture, the
Holder of any Note shall have the right on the terms stated herein, which is
absolute and unconditional, to receive payment of the principal of, premium, if
any, and (subject to Section&nbsp;3.08) interest on such Note on the respective
Stated Maturities expressed in such Note (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such Holder.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.09. <B>Restoration of Rights and Remedies.</B> If the Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Trustee or to such Holder, then
and in every such case, subject to any determination in such proceeding, (a)
Publishing, the Trustee and the Holders shall be restored severally and
respectively to their former positions hereunder, and (b)&nbsp;thereafter all rights
and remedies of the Trustee and the Holders shall continue as though no such
proceeding had been instituted.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.10. <B>Rights and Remedies Cumulative.</B> Except as provided in Section&nbsp;3.07, no right or remedy herein conferred
upon or reserved to the Trustee or to the Holders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.11. <B>Delay or Omission Not Waiver.</B> No delay or omission of the
Trustee or of any Holder of any Note to exercise any right or remedy accruing
upon any Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article or by law to the Trustee or to the Holders may
be exercised from time to time, and as often as may be deemed expedient, by the
Trustee or by the Holders, as the case may be.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.12. <B>Control by Holders.</B> The Holders of not less than a majority
in aggregate principal amount of the Outstanding Notes shall have the right to
direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred on the
Trustee; <I>provided</I>, that:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;such direction shall not be in conflict with any rule of law or
with this Indenture (including, without limitation, Section&nbsp;5.07) or
expose the Trustee to personal liability; and</FONT></TD>
</TR>

</TABLE>
<P align="center"><FONT size="2">50</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;subject to the provisions of Section&nbsp;315 of the Trust Indenture
Act, the Trustee may take any other action deemed proper by the Trustee
which is not inconsistent with such direction.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.13. <B>Waiver of Past Defaults.</B> The Holders of not less than a
majority in aggregate principal amount of the Outstanding Notes may on behalf
of the Holders of all the Notes waive any past Default hereunder and its
consequences, except a Default
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;in the payment of the principal of, premium, if any, or interest
on any Notes, or</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;in respect of a covenant or provision hereof which under Article
IX cannot be modified or amended without the consent of the Holder of
each Outstanding Note affected by such modification or amendment.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any such waiver, such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other
Default or impair any right consequent thereon.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.14. <B>Undertaking for Costs.</B> All parties to this Indenture agree,
and each Holder of any Note by his acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken, suffered or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys&#146; fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made
by such party litigant; but the provisions of this Section shall not apply to
any suit instituted by the Trustee, to any suit instituted by any Holder, or
group of Holders, holding in the aggregate more than 10% in principal amount of
the Outstanding Notes to which the suit relates, or to any suit instituted by
any Holder for the enforcement of the payment of the principal of, premium, if
any, or interest on any Note on or after the respective Stated Maturities
expressed in such Note (or, in the case of redemption, on or after the
Redemption Date).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.15. <B>Waiver of Stay, Extension or Usury Laws.</B> Publishing (to the
extent that it may lawfully do so) covenants that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law or any usury or other similar law
wherever enacted, now or at any time hereafter in force, which would prohibit
or forgive Publishing from paying all or any portion of the principal of,
premium, if any, or interest on the Notes contemplated herein or in the Notes
or which may affect the covenants or the performance of this Indenture; and
Publishing (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law, and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted.
</FONT>
<P align="center"><FONT size="2">51</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.16. <B>Remedies Subject to Applicable Law.</B> All rights, remedies
and powers provided by this Article may be exercised only to the extent that
the exercise thereof does not violate any applicable provision of law in the
premises, and all the provisions of this Indenture are intended to be subject
to all applicable mandatory provisions of law which may be controlling in the
premises and to be limited to the extent necessary so that they will not render
this Indenture invalid, unenforceable or not entitled to be recorded,
registered or filed under the provisions of any applicable law.
</FONT>
<P align="center"><FONT size="2">ARTICLE VI
</FONT>
<P align="center"><FONT size="2"><B>The Trustee</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.01. <B>Duties of Trustee.</B> (a)&nbsp;If a Default or an Event of Default
with respect to any Notes actually known to the Trustee has occurred and is
continuing, the Trustee shall exercise such of the rights and powers vested in
it by this Indenture and use the same degree of
care and skill in its exercise thereof as a prudent person would exercise
or use under the circumstances in the conduct of his own affairs. The Trustee
shall not be charged with knowledge of any Default or Event of Default with
respect to any Notes, Asset Sale or Change of Control unless written notice
thereof shall have been delivered to a Responsible Officer by Publishing or any
other Person.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Except during the continuance of a Default or an Event of Default with
respect to any Notes actually known to the Trustee:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;the Trustee need perform only those duties as are specifically
set forth in this Indenture and no covenants or obligations shall be
implied in this Indenture that are adverse to the Trustee; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;in the absence of bad faith or wilful misconduct on its part,
the Trustee may with respect to any Notes, conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture. However, the Trustee
shall examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act, or its own wilful misconduct, except
that:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;this paragraph does not limit the effect of paragraph (b)&nbsp;of
this Section;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;the Trustee shall not be liable for any error of judgment made
in good faith by a Responsible Officer, unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;the Trustee shall not be liable with respect to any action it
takes or omits to take in good faith in accordance with a direction of
the Holders of a majority in principal amount of Outstanding Notes
relating to the time, method and place of</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">52</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power
confirmed upon the Trustee under this Indenture.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;No provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur any loss, expense, fees or financial
liability in the performance of any of its duties hereunder or in the exercise
of any of its rights or powers if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or loss, expense, fees or financial liability is not reasonably assured to it.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Whether or not therein expressly so provided, every provision of this
Indenture that in any way relates to the Trustee is subject to paragraphs (a),
(b), (c)&nbsp;and (d)&nbsp;of this Section.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Trustee shall not be liable for interest on any money or assets
received by it except as the Trustee may agree with Publishing. Assets held in
trust by the Trustee need not be segregated from other assets except to the
extent required by law.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.02. <B>Notice of Defaults.</B> Within 30&nbsp;days after a Responsible
Officer of the Trustee receives notice of the occurrence of any Default with
respect to any Notes, the Trustee shall, at Publishing&#146;s expense, transmit by
mail to all Holders of such Notes or any other persons entitled to receive
reports pursuant to Trust Indenture Act Section&nbsp;313(c), as their names and
addresses appear in the Note Register, notice of such Default, unless such
Default shall have been cured or waived; <I>provided</I>, however, that, except in the
case of a Default in the payment of the principal of, premium, if any, or
interest on any Note, the Trustee shall be protected in withholding such notice
if and so long as a Responsible Officer of the Trustee in good faith determines
that the withholding of such notice is in the interest of the Holders of such
Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.03. <B>Certain Rights of Trustee.</B> Subject to the provisions of
Trust Indenture Act Sections&nbsp;315(a) through 315(d):
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Trustee may rely conclusively and shall be protected in
acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or
other paper or document believed by it to be genuine and to have been
signed or presented by the proper party or parties;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any request or direction of Publishing mentioned herein shall be
sufficiently evidenced by a Publishing Request or Publishing Order and
any resolution of the Board of Directors may be sufficiently evidenced by
a Board Resolution;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;wherever in the administration of this Indenture the Trustee
shall deem it desirable that a matter be proved or established prior to
the taking, suffering or omitting any action hereunder, the Trustee
(unless other evidence be herein specifically prescribed) in the absence
of bad faith on its part, may rely conclusively, upon an Officers&#146;
Certificate and/or an Opinion of Counsel;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Trustee may consult with counsel and any written advice of
such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">53</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon in
accordance with such advice or Opinion of Counsel;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;notwithstanding any other provisions contained in this
Indenture, the Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such
Holders shall have offered to the Trustee security or indemnity
satisfactory to the Trustee in its sole discretion against the costs,
expenses and liabilities which might be incurred therein or thereby in
compliance with such request or direction;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the Trustee shall not be liable for any action taken or omitted
by it in good faith and believed by it to be authorized or within the
discretion, rights or powers conferred upon it by this Indenture other
than any liabilities arising out of the negligence or wilful misconduct
of the Trustee;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order,
approval, appraisal, bond, debenture, note, coupon, security or other
paper or document; but the Trustee in its discretion may make such
further inquiry or investigation in accordance with any of the provisions
of this Indenture into such facts or matters as it may see fit, and, if
the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine such relevant books,
records and premises of Publishing as may be reasonable, personally or by
agent or attorney;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care
by it hereunder; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of
any of its rights and powers.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.04. <B>Trustee Not Responsible for Recitals, Dispositions of Notes
or Application of Proceeds Thereof.</B> The recitals contained herein and in the
Notes, except the Trustee&#146;s certificates of authentication, shall be taken as
the statements of Publishing, and the Trustee assumes no responsibility for
their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or the Notes, except that the Trustee represents
that it is duly authorized to execute and deliver this Indenture, authenticate
the Notes and perform its obligations hereunder and that the statements made by
it in a Statement of Eligibility and Qualification on Form&nbsp;T-1 supplied to
Publishing are true and accurate subject to the qualifications set forth
therein. The Trustee shall not be accountable for the use or application by
Publishing of Notes or the proceeds thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.05. <B>Trustee and Agents May Hold Notes; Collections; etc.</B> The
Trustee, any Paying Agent, Note Registrar or any other agent of Publishing, in
its individual
</FONT>
<P align="center"><FONT size="2">54</FONT>
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<P align="left"><FONT size="2">or any other capacity, may become the owner or pledgee of Notes,
with the same rights it would have if it were not the Trustee, Paying Agent,
Note Registrar or such other agent and, subject to Trust Indenture Act Sections
310 and 311, may otherwise deal with Publishing and receive, collect, hold and
retain collections from Publishing with the same rights it would have if it
were not the Trustee, Paying Agent, Note Registrar or such other agent.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.06. <B>Money Held in Trust.</B> All moneys received by the Trustee
shall, until used or applied as herein provided, be held in trust for the
purposes for which they were received, but need not be segregated from other
funds except to the extent required by mandatory provisions of law. Except for
funds or securities deposited with the Trustee pursuant to Article&nbsp;IV, the
Trustee shall
only be required to invest moneys received by the Trustee, until used or
applied as herein provided, in Temporary Cash Investments in accordance with
the directions of Publishing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.07. <B>Compensation and Indemnification of Trustee and Its Prior
Claim.</B> Publishing covenants and agrees to pay to the Trustee from time to
time, and the Trustee shall be entitled to, reasonable compensation for all
services rendered by it hereunder (which, to the extent lawful, shall not be
limited by any provision of law in regard to the compensation of a trustee of
an express trust) and Publishing covenants and agrees to pay or reimburse the
Trustee and each predecessor Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by or on behalf of it in
accordance with any of the provisions of this Indenture (including the
reasonable compensation and the expenses and disbursements of its counsel and
of all agents and other persons not regularly in its employ) except any such
expense, disbursement or advance as may arise from its negligence, bad faith or
wilful misconduct. When the Trustee incurs expenses or renders services in
connection with an Event of Default specified in Section&nbsp;5.01(g) or Section
5.01(h), the expenses (including the reasonable compensation and the expenses
and disbursements of its counsel) and the compensation for the services are
intended to constitute expenses of administration under any applicable Federal
or state bankruptcy, insolvency or other similar law. Publishing also
covenants to indemnify the Trustee and each predecessor Trustee, and their
respective officers, agents and employees for, and to hold them harmless
against, any claim, loss, liability, tax, assessment or other governmental
charge (other than taxes applicable to the Trustee&#146;s compensation hereunder) or
expense incurred without negligence, bad faith or wilful misconduct on its
part, arising out of or in connection with the acceptance or administration of
this Indenture or the trusts hereunder and its duties hereunder, including
enforcement of this Section and also including any liability which the Trustee
may incur as a result of failure to withhold, pay or report any tax, assessment
or other governmental charge, and the costs and expenses of defending itself
against or investigating any claim of liability in the premises. The
obligations of Publishing under this Section to compensate and indemnify the
Trustee and each predecessor Trustee and to pay or reimburse the Trustee and
each predecessor Trustee for expenses, disbursements and advances shall
constitute an additional obligation hereunder and shall survive the
satisfaction and discharge of this Indenture and the resignation or removal of
the Trustee and each predecessor Trustee. As security for the performance of
the obligations of Publishing under this Section, the Trustee shall have a lien
prior to the Notes upon all property and funds held or collected by the Trustee
as such, except funds held in trust for the benefit of Holders of particular
Notes.
</FONT>
<P align="center"><FONT size="2">55</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.08. <B>Conflicting Interests.</B> The Trustee shall comply with the
provisions of Section&nbsp;310(b) of the Trust Indenture Act. Nothing herein shall
prevent the Trustee from filing with the Commission the application referred to
in the second to last paragraph of Section&nbsp;310(b) of the Trust Indenture Act.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.09. <B>Corporate Trustee Required; Eligibility.</B> There shall at all times be a Trustee hereunder which shall be eligible
to act as Trustee under the Trust Indenture Act Section&nbsp;310(a)(1) and which
shall have a combined capital and surplus of at least $100,000,000, and have a
Corporate Trust Office in The City of New York to the extent there is such an
institution eligible and willing to serve. If the Trustee does not have an
office in the City of New York, the Trustee shall appoint an agent in the City
of New York reasonably acceptable to Publishing to conduct any activities which
the Trustee is required under this Indenture to conduct in the City of New
York. The Trustee may not rescind any such agency without the consent of
Publishing, which consent may not be unreasonably withheld, unless the Trustee
appoints a satisfactory replacement or has a Corporate Trust Office in the City
of New York. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of Federal, state, territorial
or District of Columbia supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee shall
cease to be eligible in accordance with the provisions of this Section, the
Trustee shall resign immediately in the manner and with the effect hereinafter
specified in this Article.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.10. <B>Resignation and Removal; Appointment of Successor Trustee.</B>
(a)&nbsp;No resignation or removal of the Trustee and no appointment of a successor
Trustee pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee under Section&nbsp;6.11.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Trustee, or any trustee or trustees hereafter appointed, may at
any time resign with respect to any Notes by giving written notice thereof to
Publishing. Upon receiving such notice of resignation, Publishing shall use
its best efforts to promptly appoint a successor Trustee by Board Resolution or
written instrument executed by authority of the Board of Directors of
Publishing, a copy of which shall be delivered to the resigning Trustee and a
copy to the successor Trustee. If an instrument of acceptance by a successor
Trustee shall not have been delivered to the Trustee within 30&nbsp;days after the
giving of such notice of resignation, the resigning Trustee may, or any Holder
who has been a bona fide Holder of a Note for at least six months may, on
behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Trustee. Such court
may thereupon, after such notice, if any, as it may deem proper, appoint a
successor Trustee.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustee may be removed with respect to any Notes at any time by an
Act of the Holders of not less than a majority in aggregate principal amount of
the Outstanding Notes, delivered to the Trustee and to Publishing.
</FONT>
<P align="center"><FONT size="2">56</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If at any time:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;the Trustee shall fail to comply with the provisions of Trust
Indenture Act Section&nbsp;310(b) with respect to any Notes after written
request therefor by Publishing or by any Holder who has been a bona fide
Holder of a Note for at least six months, or</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;the Trustee shall cease to be eligible under Section&nbsp;6.09 with
respect to any Notes and shall fail to resign after written request
therefor by Publishing or by any such Holder, or</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;the Trustee shall become incapable of acting with respect to any
Notes or shall be adjudged a bankrupt or insolvent, or a receiver of the
Trustee or of its property shall be appointed or any public officer shall
take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation,</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">then, in any case, (i)&nbsp;Publishing by a Board Resolution may remove the Trustee,
with respect to any Notes or in the case of bankruptcy or insolvency or
receivership pursuant to clause (3)&nbsp;above, with respect to all Notes, or (ii)
subject to Section&nbsp;5.14, any Holder of any Note who has been a bona fide Holder
of a Note for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee with respect
to the Notes, or in the case of bankruptcy or insolvency or receivership
pursuant to clause (3)&nbsp;above, with respect to all Notes. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe,
remove the Trustee and appoint a successor Trustee.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If the Trustee shall resign, be removed or become incapable of acting
with respect to any Notes, or if a vacancy shall occur in the office of Trustee
with respect to any Notes for any cause, Publishing, by a Board Resolution or
written instrument executed by authority of the Board of Directors of
Publishing, shall use its best efforts to promptly appoint a successor Trustee
for such Notes and shall comply with the applicable requirements of Section
6.11. If, within one year after such resignation, removal or incapability, or
the occurrence of such vacancy, Publishing or a court of competent jurisdiction
has not appointed a successor Trustee, a successor Trustee with respect to such
Notes shall be appointed by Act of the Holders of a majority in principal
amount of the Outstanding Notes delivered to Publishing and the retiring
Trustee, and the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee with respect to
such Notes and supersede the successor Trustee appointed by Publishing with
respect to such Notes. If no successor Trustee shall have been so appointed by
Publishing or the Holders of such Notes and accepted appointment in the manner
hereinafter provided, any Holder of a Note who has been a bona fide Holder of a
Note for at least six months may, subject to Section&nbsp;5.14, on behalf of himself
and all other similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to such Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Publishing shall give notice of each resignation and each removal of
the Trustee with respect to any Notes and each appointment of a successor
Trustee with respect to any Notes by mailing written notice of such event by
first-class mail, postage prepaid, to the Holders of Notes as their names and
addresses appear in the Note Register. Each notice shall
</FONT>
<P align="center"><FONT size="2">57</FONT>
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<P align="left"><FONT size="2">include the name of
the successor Trustee and the address of its Corporate Trust Office or agent
hereunder.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.11. <B>Acceptance of Appointment by Successor.</B> In case of the appointment hereunder of a successor Trustee with
respect to the Notes, every such successor Trustee so appointed shall execute,
acknowledge and deliver to Publishing and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the
retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee under this Indenture with
respect to any such Notes; but, nevertheless, on the written request of
Publishing or the successor Trustee, upon payment of its charges then unpaid,
such retiring Trustee shall pay over to the successor Trustee all moneys at the
time held by it hereunder with respect to any such Notes and shall execute and
deliver an instrument transferring to such successor Trustee all such rights,
powers, duties and obligations.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon request of any such successor Trustee, Publishing shall execute any
and all instruments for more fully and certainly vesting in and confirming to
such successor Trustee all such rights and powers. Any Trustee ceasing to act
shall, nevertheless, retain a prior claim upon all property or funds held or
collected by such Trustee or such successor Trustee to secure any amounts then
due such Trustee pursuant to the provisions of Section&nbsp;6.07.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No successor Trustee with respect to the Notes shall accept appointment as
provided in this Section unless at the time of such acceptance such successor
Trustee shall be eligible to act as Trustee under the provisions of Trust
Indenture Act Section&nbsp;310(a) and this Article&nbsp;VI and shall have a combined
capital and surplus of at least $100,000,000 and have a Corporate Trust Office
or an agent selected in accordance with Section&nbsp;6.09 in the City of New York.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon acceptance of appointment by any successor Trustee as provided in
this Section, Publishing shall give notice thereof to the Holders of the Notes,
by mailing such notice to such Holders at their addresses as they shall appear
on the Note Register. If the acceptance of appointment is substantially
contemporaneous with the resignation, then the notice called for by the
preceding sentence may be combined with the notice called for by Section&nbsp;6.10.
If Publishing fails to give such notice within 10&nbsp;days after acceptance of
appointment by the successor Trustee, the successor Trustee shall cause such
notice to be given at the expense of Publishing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.12. <B>Merger, Conversion, Consolidation or Succession to Business.</B>
Any Person into which the Trustee may be merged or converted or with which it
may be consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any Person succeeding
to all or substantially all of the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties
hereto; provided such Person shall be eligible under Trust Indenture Act
Section&nbsp;310(a) and this Article&nbsp;VI and shall have a combined capital and
surplus of at least $100,000,000.
</FONT>
<P align="center"><FONT size="2">58</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case at the time such successor to the Trustee shall succeed to the
trusts created by this Indenture any of the Notes shall have been authenticated
but not delivered, any such successor to the Trustee may adopt the certificate
of authentication of any predecessor Trustee
and deliver such Notes so authenticated; and, in case at that time any of
the Notes shall not have been authenticated, any successor to the Trustee may
authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor Trustee. In all such cases such certificates shall
have the full force and effect which this Indenture provides for the
certificate of authentication of the Trustee; <I>provided</I>, that the right to adopt
the certificate of authentication of any predecessor Trustee or to authenticate
Notes in the name of any predecessor Trustee shall apply only to its successor
or successors by merger, amalgamation, conversion or consolidation.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.13. <B>Preferential Collection of Claims Against Publishing.</B> If
and when the Trustee shall be or become a creditor of Publishing, the Trustee
shall be subject to the provisions of the Trust Indenture Act regarding the
collection of claims against Publishing.
</FONT>
<P align="center"><FONT size="2">ARTICLE VII
</FONT>
<P align="center"><FONT size="2"><B>Holders&#146; Lists and Reports by Trustee and Publishing</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.01. <B>Publishing to Furnish Trustee Names and Addresses of
Holders.</B> Publishing will furnish or cause to be furnished to the Trustee:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;semiannually, not more than 10&nbsp;days after each Regular Record
Date, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders of Notes as of such Regular Record
Date; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;at such other times as the Trustee may reasonably request in
writing, within 30&nbsp;days after receipt by Publishing of any such request,
a list of similar form and content to that in subsection (a)&nbsp;hereof as of
a date not more than 15&nbsp;days prior to the time such list is furnished;</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2"><I>provided</I>, however, that if and so long as the Trustee shall be the Note
Registrar for Notes, no such list need be furnished with respect to such Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.02. <B>Disclosure of Names and Addresses of Holders.</B> Every Holder
of Notes, by receiving and holding the same, agrees with Publishing and the
Trustee that neither Publishing nor the Trustee or any agent of either of them
shall be held accountable by reason of the disclosure of any information as to
the names and addresses of the Holders in accordance with Trust Indenture Act
Section&nbsp;312, regardless of the source from which such information was derived,
and that the Trustee shall not be held accountable or liable by reason of
mailing any material pursuant to a request made under Trust Indenture Act
Section&nbsp;312.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.03. <B>Reports by Trustee.</B> (a)&nbsp;Within 60&nbsp;days after May&nbsp;15 of each year commencing with the first
May&nbsp;15 after the issuance of Notes, the Trustee shall transmit by mail, at
Publishing&#146;s expense, to all Holders, as their names and addresses appear in
the Note Register, as provided in Trust Indenture Act Section&nbsp;313(c), a brief
report dated as of such
</FONT>
<P align="center"><FONT size="2">59</FONT>
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<P align="left"><FONT size="2">May&nbsp;15 in accordance with and with respect to the
matters required by Trust Indenture Act Section&nbsp;313(a).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Trustee shall promptly transmit to Publishing a copy of any report
it transmits to Holders of such Notes pursuant to this Section.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.04. <B>Reports by Publishing.</B> Publishing shall do the following:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;file with the Trustee, in accordance with Section&nbsp;10.17 hereof, and in
any event within 30&nbsp;days after Publishing is required to file the same with the
Commission, copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which
Publishing is required to file with the Commission separately or together with
Hollinger International pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange
Act; or, if Publishing is not required to file information, documents or
reports pursuant to either of said Sections, then it shall (i)&nbsp;deliver to the
Trustee annual audited financial statements of Publishing and its Restricted
Subsidiaries, prepared on a Consolidated basis in conformity with GAAP, within
120&nbsp;days after the end of each fiscal year of Publishing, and (ii)&nbsp;file with
the Trustee and the Commission, in accordance with, and so long as not
prohibited by, the rules and regulations prescribed from time to time by the
Commission, such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section&nbsp;13 of the Exchange Act in
respect of a security listed and registered on a national securities exchange
as may be prescribed from time to time in such rules and regulations;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;file with the Trustee and the Commission, in accordance with the rules
and regulations prescribed from time to time by the Commission, such additional
information, documents and reports with respect to compliance by Publishing
with the conditions and covenants of this Indenture as is required from time to
time by such rules and regulations (including such rules and regulations, if
any, referred to in Trust Indenture Act Section&nbsp;314(a)); and
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;transmit by mail to all Holders or any other persons entitled to
receive a report pursuant to Trust Indenture Act Section&nbsp;313(c), within 30&nbsp;days
after the filing thereof with the Trustee, in the manner and to the extent
provided in Trust Indenture Act Section&nbsp;313(c), such summaries of any
information, documents and reports required to be filed by Publishing pursuant
to Section&nbsp;10.17 hereunder and subsections (a)&nbsp;and (b)&nbsp;of this Section as are
required and not prohibited by rules and regulations prescribed from time to
time by the Commission.
</FONT>
<P align="center"><FONT size="2">ARTICLE VIII
</FONT>
<P align="center"><FONT size="2"><B>Consolidation, Merger, Sale of Assets</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.01. <B>Publishing May Merge, Consolidate, etc., Only on Certain
Terms.</B> (a)&nbsp;Publishing shall not, in a single transaction or a series of
related transactions, consolidate with or merge with or into any other Person
or sell, assign, convey, transfer, lease or otherwise dispose of all or
substantially all of its properties and assets to any Person or group of
affiliated Persons, or permit any of its Restricted Subsidiaries to enter into
any such transaction
</FONT>
<P align="center"><FONT size="2">60</FONT>
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<P align="left"><FONT size="2">or transactions (other than, in the case of a Restricted
Subsidiary, such a consolidation, merger or transfer with or to one or more
Restricted Subsidiaries) if such transaction or transactions, in the aggregate,
would result in a sale, assignment, conveyance, transfer, lease or disposition
of all or substantially all of the properties and assets of Publishing and its
Restricted Subsidiaries on a Consolidated basis to any other Person or group of
affiliated Persons, unless at the time and after giving effect thereto:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;either (a)&nbsp;Publishing shall be the continuing corporation, or
(b)&nbsp;the Person (if other than Publishing) formed by such consolidation or
into which Publishing is merged or the Person which acquires by sale,
assignment, conveyance, transfer, lease or disposition all or
substantially all of the properties and assets of Publishing and its
Restricted Subsidiaries on a Consolidated basis (the &#147;Surviving Entity&#148;)
shall be a corporation duly organized and validly existing under the laws
of the United States of America, any state thereof or the District of
Columbia and shall expressly assume, by a supplemental indenture hereto,
executed and delivered to the Trustee, in form and substance reasonably
satisfactory to the Trustee, all the obligations of Publishing under the
Notes and this Indenture, and this Indenture shall remain in full force
and effect;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;immediately before and immediately after giving effect to such
transaction on a pro forma basis, no Default or Event of Default shall
have occurred and be continuing;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;immediately after giving effect to the transaction on a pro
forma basis, the Consolidated Net Worth of the Surviving Entity is not
less than the Consolidated Net Worth of Publishing and the Restricted
Subsidiaries immediately prior to the transaction;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;immediately before and immediately after giving effect to such
transaction on a pro forma basis (on the assumption that the transaction
occurred on the first day of the four-quarter period immediately prior to
the consummation of such transaction with the appropriate adjustments
with respect to the transaction being included in such pro forma
calculation), Publishing (or the Surviving Entity if Publishing is not
the continuing obligor under this Indenture) could Incur $1.00 of
additional Indebtedness under the provisions of Section&nbsp;10.08 (other than
Permitted Indebtedness);</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;if any of the property or assets of Publishing or any of its
Restricted Subsidiaries would thereupon become subject to any Lien, the
provisions of Section&nbsp;10.11 are complied with; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;Publishing or the Surviving Entity shall have delivered, or
caused to be delivered, to the Trustee, in form and substance reasonably
satisfactory to the Trustee, an Officers&#146; Certificate and an Opinion of
Counsel, each to the effect that such consolidation, merger, transfer,
sale, assignment, lease or other transaction and the supplemental
indenture in respect thereof comply with the provisions described in this
Section&nbsp;8.01(a) and that all conditions precedent herein provided for in
this Section&nbsp;8.01(a) relating to such transaction have been complied
with.</FONT></TD>
</TR>

</TABLE>
<P align="center"><FONT size="2">61</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Hollinger International will not, in a single transaction or series of
related transactions, consolidate with or merge with or into any other Person
(other than Publishing, in which case the requirements of the foregoing
paragraph would apply), or sell, assign, convey, transfer, lease or otherwise
dispose of all or substantially all of its properties and assets on a
Consolidated basis to any Person (other than Publishing) if such transaction or
transactions, in the aggregate, would result in a sale, assignment, conveyance,
transfer, lease or disposition of all or substantially all of the properties
and assets of Hollinger International to any other Person or group of
affiliated Persons, unless at the time and after giving effect thereto:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;either (a)&nbsp;Hollinger International shall be the continuing
corporation or (b)&nbsp;the Person (if other than Hollinger International)
formed by such consolidation or into which Hollinger International is
merged or the Person which acquires by sale, assignment, conveyance,
transfer, lease or disposition all or substantially all of the properties
and assets of Hollinger International shall be a corporation duly
organized and validly existing under the laws of the United States of
America, any state thereof or the District of Columbia and shall (except
where Hollinger International is the continuing corporation) expressly
assume, by a supplemental indenture hereto, executed and delivered to the
Trustee, in form and substance reasonably satisfactory to the Trustee,
all the obligations of Hollinger International under the Notes and this
Indenture, and this Indenture shall remain in full force and effect;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;immediately before and immediately after giving effect to such
transaction on a pro forma basis, no Default or Event of Default shall
have occurred and be continuing; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Hollinger International shall have delivered, or caused to be
delivered, to the Trustee, in form and substance reasonably satisfactory
to the Trustee, an Officers&#146; Certificate and an Opinion of Counsel, each
stating that such consolidation, merger, sale, assignment, conveyance,
transfer, lease or other transaction and the supplemental indenture in
respect thereof comply with the provisions described in this Section
8.01(b), and that all conditions precedent herein provided for in this
Section&nbsp;8.01(b) relating to such transactions have been complied with.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notwithstanding anything in this Article&nbsp;Eight to the contrary, any
Guarantee by a Restricted Subsidiary of the Notes may be released in accordance
with the provisions of Section&nbsp;10.12(b).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.02. <B>Successor Substituted.</B> Upon any consolidation or merger, or
any sale, assignment, conveyance, transfer, lease or disposition of all or
substantially all of the properties and assets on a Consolidated basis of
Publishing or Hollinger International in accordance with Section&nbsp;8.01 with
respect to which Publishing or Hollinger International is not the continuing
corporation, the successor Person formed by such consolidation or into which
Publishing or Hollinger International is merged or the successor Person to
which such sale, assignment, conveyance, transfer, lease or disposition is made
shall succeed to, and be substituted for, and may exercise every right and
power of, Publishing or Hollinger International, as the case may be, under this
Indenture, with the same effect as if such successor had been named as
Publishing or Hollinger International, as the case may be, herein. When a
successor
</FONT>
<P align="center"><FONT size="2">62</FONT>
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<P align="left"><FONT size="2">assumes all the obligations and covenants of its predecessor under
this Indenture or the Notes, the predecessor shall be released from those
obligations and covenants; <I>provided </I>that, in the case of a transfer by lease,
the predecessor shall not be released from the payment of principal and
interest on the Notes or, in the case of Hollinger International, its
Guarantee.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any successor to Publishing described in the foregoing paragraph may cause
to be signed, and may issue either in its own name or in the name of
Publishing, any or all of the Notes issuable hereunder which theretofore shall
not have been signed by Publishing and delivered to the Trustee; and, upon the
order of such successor, instead of Publishing, and subject to all the terms,
conditions and limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver any Notes which previously shall have been
signed and delivered by the officers of Publishing to the Trustee for
authentication, and any Notes which such successor thereafter shall cause to be
signed and delivered to the Trustee for that purpose. All the Notes so issued
shall in all respects have the same legal rank and benefit under this Indenture
as the Notes theretofore or thereafter issued in accordance with the terms of
this Indenture as though all of such Notes had been issued at the date of the
execution of this Indenture.
</FONT>
<P align="center"><FONT size="2">ARTICLE IX
</FONT>
<P align="center"><FONT size="2"><B>Supplemental Indentures</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.01. <B>Supplemental Indentures and Agreements Without Consent of
Holders.</B> Without the consent of any Holders of the Notes, Publishing, each
Guarantor and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form and substance reasonably
satisfactory to the Trustee, for any of the following purposes:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to evidence the succession of another Person to Publishing or any
Guarantor, and the assumption by any such successor of the covenants of
Publishing or such Guarantor, as the case may be, herein and in the Notes;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to add to the covenants of Publishing or the Guarantors for the
benefit of the Holders of the Notes (and if such covenants or the surrender of
such right or power are to be for the benefit of less than all Notes, stating
that such covenants are expressly being included or such surrenders are
expressly being made solely for the benefit of one or more specified Notes), or
to surrender any right or power conferred upon Publishing or the Guarantors in
this Indenture or the Notes;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;to cure any ambiguity or to correct or supplement any provision in
this Indenture or the Notes which may be defective or inconsistent with any
other provision in this Indenture or the Notes;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;to comply with the requirements of the Commission in order to effect
or maintain the qualification of this Indenture under the Trust Indenture Act,
as contemplated by Section&nbsp;9.05 or otherwise;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;to add a Guarantee of the Indenture Obligations;
</FONT>
<P align="center"><FONT size="2">63</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;to evidence and provide the acceptance of the appointment of a
successor Trustee hereunder;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;to mortgage, pledge, hypothecate or grant a security interest in favor
of the Trustee for the benefit of the Holders as additional security, pursuant
to the requirements of Section&nbsp;10.11 or otherwise, for the payment and
performance of the Indenture Obligations, in any property or assets, including
any which are required to be mortgaged, pledged or hypothecated, or in which a
security interest is required to be granted, to the Trustee pursuant to this
Indenture or otherwise;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;to clarify or make any other provisions with respect to matters or
questions arising under this Indenture or the Notes; <I>provided </I>that, in each
case, such clarification or provision thus made shall not adversely affect the
interests of the Holders; and
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;to establish any form of Note, as provided in Article&nbsp;Two, and to
provide for the issuance of any Notes as provided in Article&nbsp;Three and to set
forth the terms thereof, and/or to add to the rights of the Holders of the
Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.02. <B>Supplemental Indentures and Agreements with Consent of
Holders.</B> Except as permitted by Section&nbsp;9.01, with the consent of the Holders
of not less than a majority in aggregate principal amount of the Outstanding
Notes affected by such supplemental indenture or indentures, by Act of said
Holders delivered to Publishing and the Trustee, Publishing and each Guarantor
(if a party thereto) and the Trustee may (i)&nbsp;enter into an indenture or
indentures supplemental hereto, in form and substance reasonably satisfactory
to the Trustee, for the purpose of adding any provisions to or amending,
modifying or changing in any
manner or eliminating any of the provisions of this Indenture or the Notes
(including, but not limited to, for the purpose of modifying in any manner the
rights of the Holders of the Notes under this Indenture) or (ii)&nbsp;waive
compliance with any provision in this Indenture or the Notes (other than
waivers of past Defaults covered by Section&nbsp;5.13 and waivers of covenants which
are covered by Section&nbsp;10.19); <I>provided</I>, however, that no such supplemental
indenture, agreement or instrument shall, without the consent of the Holder of
each outstanding Notes affected thereby:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;change the Stated Maturity of the principal of, or any installment of
interest on, any Notes or waive a default in the payment of the principal or
interest on any Note or reduce the principal amount thereof or the rate of
interest thereon or any premium payable upon the redemption thereof, or change
the coin or currency in which the principal of any Note or any premium or the
interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment after the Stated Maturity thereof;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;amend, change or modify the obligation of Publishing to make and
consummate a Change of Control Offer in the event of a Change of Control in
accordance with Section&nbsp;10.14, including amending, changing or modifying any of
the provisions or definitions with respect thereto;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;reduce the percentage in principal amount of the Outstanding Notes,
the consent of whose Holders is required for any such supplemental indenture or
the consent of
</FONT>
<P align="center"><FONT size="2">64</FONT>
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<P align="left"><FONT size="2">whose Holders is required for any waiver of compliance with
certain provisions of this Indenture or certain Defaults hereunder and their
consequences provided for in this Indenture;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;modify any of the provisions of this Section or Sections&nbsp;5.13 or
10.19, except to increase the percentage of Outstanding Notes required for such
actions or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each Note affected
thereby; or
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;except as otherwise permitted under Article&nbsp;VIII, consent to the
assignment or transfer by Publishing or Hollinger International of any of its
rights and obligations under this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the written request of Publishing, accompanied by a copy of a Board
Resolution authorizing the execution of any such supplemental indenture, and
upon the filing with the Trustee of evidence of the consent of Holders as
aforesaid, the Trustee shall join with Publishing in the execution of such
supplemental indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed supplemental indenture or
agreement, but it shall be sufficient if such Act shall approve the substance
thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.03. <B>Execution of Supplemental Indentures and Agreements.</B> In
executing, or accepting the additional trusts created by, any supplemental
indenture, agreement or instrument permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee
shall be entitled to receive, and (subject to Trust
Indenture Act Section&nbsp;315(a) through 315(d) and Section&nbsp;6.03 hereof) shall
be fully protected in relying upon, an Opinion of Counsel and an Officers&#146;
Certificate to the effect that the execution of such supplemental indenture,
agreement or instrument is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture, agreement or instrument which affects the Trustee&#146;s own rights,
duties or immunities under this Indenture or otherwise.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.04. <B>Effect of Supplemental Indentures.</B> Upon the execution of
any supplemental indenture under this Article, this Indenture shall be modified
in accordance therewith, and such supplemental indenture shall form a part of
this Indenture for all purposes; and every Holder of Notes theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.05. <B>Conformity with Trust Indenture Act.</B> Every supplemental
indenture executed pursuant to this Article shall conform to the requirements
of the Trust Indenture Act as then in effect.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.06. <B>Reference in Notes to Supplemental Indentures.</B> Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article&nbsp;IX may, and shall if required by the Trustee, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If Publishing shall so determine, new Notes modified
so as to conform to any such supplemental indenture, in the
</FONT>
<P align="center"><FONT size="2">65</FONT>
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<P align="left"><FONT size="2">opinion of the
Trustee and the Board of Directors, may be prepared and executed by Publishing
and authenticated and delivered by the Trustee in exchange for outstanding
Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.07. <B>Record Date.</B> If Publishing shall solicit from the Holders
of any Notes any request, demand, authorization, direction, notice, consent,
waiver or other Act, Publishing may, but shall not be obligated to, fix a
record date for the purpose of determining the Holders of the Notes entitled to
consent to any supplemental indenture, agreement or instrument or any waiver,
and shall promptly notify the Trustee of any such record date. If a record
date is fixed, those Persons who were Holders of the Notes at such record date
(or their duly designated proxies), and only those Persons, shall be entitled
to consent to such supplemental indenture, agreement or instrument or waiver or
to revoke any consent previously given, whether or not such Persons continue to
be Holders after such record date. The record date shall be a date no more
than 30&nbsp;days prior to the first solicitation of Holders generally in connection
therewith and no later than the date such solicitation is completed. No such
consent shall be valid or effective for more than six months after such record
date. Subject to applicable law, until any supplemental indenture, agreement,
instrument or waiver becomes effective, or a consent to it by a Holder of a
Note shall cease to be valid and effective as set forth in the preceding
sentence, such consent is a continuing consent by the Holder and every
subsequent Holder of a Note or portion of a Note that evidences the same debt
as the consenting Holder&#146;s Note.
</FONT>
<P align="center"><FONT size="2">ARTICLE X
</FONT>
<P align="center"><FONT size="2"><B>Covenants</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.01. <B>Payment of Principal, Premium and Interest.</B> With respect
to each Note, Publishing will duly and punctually pay the principal of,
premium, if any, and interest on such Note in accordance with the terms of such
Note and this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.02. <B>Maintenance of Office or Agency.</B> Publishing will maintain
in The City of New York an office or agency where Notes may be presented or
surrendered for payment, where Notes may be surrendered for registration of
transfer or exchange and where notices and demands to or upon Publishing in
respect of the Notes and this Indenture may be served. The office of the
Trustee at 40 Broad Street, 5th Floor, New York, NY 10004, shall be such office
or agency of Publishing, unless Publishing shall designate and maintain some
other office or agency for one or more of such purposes. Publishing will give
prompt written notice to the Trustee of any change in the location of any such
office or agency. If at any time Publishing shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office, and Publishing hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and
demands.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing may from time to time designate one or more other offices or
agencies (in or outside of The City of New York) where the Notes may be
presented or surrendered for any or all such purposes, and may from time to
time rescind such designation; <I>provided</I>, however, that no such designation or
rescission shall in any manner relieve Publishing of its obligation to maintain
an office or agency in The City of New York for such purposes.
</FONT>
<P align="center"><FONT size="2">66</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing will
give prompt written notice to the Trustee of any such designation or rescission
and any change in the location of any such office or agency.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.03. <B>Money for Note Payments to be Held in Trust.</B> Publishing
will, on or before Noon, New York time, on each due date of the principal of,
premium, if any, or interest on, the Notes, deposit with a Paying Agent (which
shall not be Publishing) a sum in same-day funds sufficient to pay the
principal, premium, if any, or interest so becoming due, such sum to be held in
trust for the benefit of the Persons entitled to such principal, premium or
interest, and (unless such Paying Agent is the Trustee) Publishing will
promptly notify the Trustee of such action or any failure so to act.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing will cause each Paying Agent other than the Trustee to execute
and deliver to the Trustee an instrument in which such Paying Agent shall agree
with the Trustee, subject to the provisions of this Section, that such Paying
Agent will:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;hold all sums held by it for the payment of the principal of, premium,
if any, or interest on the Notes in trust for the benefit of the Persons
entitled thereto until such sums shall be paid to such Persons or otherwise
disposed of as herein provided;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;give the Trustee notice of any Default by Publishing (or any other
obligor upon the Notes) in the making of any payment of principal, premium, if
any, or interest on the Notes;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;at any time during the continuance of any such Default, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held
in trust by such Paying Agent; and
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;acknowledge, accept and agree to comply in all aspects with the
provisions of this Indenture relating to the duties, rights and liabilities of
such Paying Agent.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture with respect to the Notes or for any other
purpose, by Publishing Order direct any Paying Agent to pay to the Trustee all
sums held in trust by such Paying Agent in respect of the Notes as to which it
seeks to discharge this Indenture or, if for any other purpose, all sums so
held in trust by Publishing in respect of all Notes, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by
such Paying Agent; and, upon such payment by any Paying Agent to the Trustee,
such Paying Agent shall be released from all further liability with respect to
such money.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any money deposited with the Trustee or any Paying Agent in trust for the
payment of the principal of, premium, if any, or interest on any Note and
remaining unclaimed for two years after such principal and premium, if any, or
interest has become due and payable shall promptly be paid to Publishing upon
Publishing Request; and the Holder of such Note shall thereafter, as an
unsecured general creditor, look only to Publishing for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of Publishing as trustee thereof, shall thereupon
cease; <I>provided</I>, however, that the Trustee or such Paying Agent, before being
required to make any such payment to Publishing, may at the expense of
Publishing cause to be published once, in The New York Times and The Wall
Street
</FONT>
<P align="center"><FONT size="2">67</FONT>
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<P align="left"><FONT size="2">Journal (national edition), notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30&nbsp;days from
the date of such notification or publication, any unclaimed balance of such
money then remaining will promptly be repaid to Publishing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.04. <B>Corporate Existence.</B> Subject to Article&nbsp;VIII, Publishing
will do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence and related rights and franchises
(charter and statutory) of Publishing and each Restricted Subsidiary; <I>provided</I>,
however, that Publishing shall not be required to preserve any such right or
franchise or the corporate existence of any such Restricted Subsidiary if the
Board of Directors of Publishing shall determine that the preservation thereof
is no longer desirable in the conduct of the business of Publishing and its
Restricted Subsidiaries as a whole and that the loss thereof would not
reasonably be expected to have a material adverse effect on the ability of
Publishing to perform its obligations hereunder; and <I>provided </I>further, however,
that the foregoing shall not prohibit a sale, transfer or conveyance of a
Restricted Subsidiary or any of its assets in compliance with the terms of this
Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.05. <B>Payment of Taxes and Other Claims.</B> Publishing will pay or
discharge or cause to be paid or discharged, on or before the date the same
shall become due and payable, (a)&nbsp;all material taxes, assessments and
governmental charges levied or imposed upon Publishing or any Restricted
Subsidiary shown to be due on any tax return of Publishing or any Restricted
Subsidiary or otherwise assessed or upon the income, profits or property of
Publishing or any Restricted Subsidiary and (b)&nbsp;all material lawful claims for
labor, materials and supplies, which, if unpaid, would by law become a Lien
upon the property of Publishing or any Restricted Subsidiary, except for any
Lien permitted to be Incurred under Section&nbsp;10.11; <I>provided</I>, however, that
Publishing shall not be required to pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate
proceedings properly instituted and diligently conducted and in respect of
which appropriate reserves (in the good-faith judgment of management of
Publishing) are being maintained in accordance with GAAP consistently applied.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.06. <B>Maintenance of Properties.</B> Publishing will cause all
material properties owned by Publishing or any Restricted Subsidiary or used or
held for use in the conduct of its business or the business of any Restricted
Subsidiary to be maintained and kept in good condition, repair and working
order (ordinary wear and tear excepted) and supplied with all necessary
equipment and will cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof, all as in the judgment of
Publishing may be consistent with sound business practice and reasonably
necessary so that the business carried on in connection therewith may be
properly and advantageously conducted at all times; <I>provided</I>, however, that
nothing in this Section shall prevent Publishing from discontinuing the
maintenance of any of such properties if such discontinuance is, in the
judgment of Publishing, desirable in the conduct of the business of Publishing
and its Restricted Subsidiaries and not reasonably expected to have a material
adverse effect on the ability of Publishing to perform its obligations
hereunder.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.07. <B>Insurance.</B> Publishing will at all times keep all of its
and its Restricted Subsidiaries&#146; properties which are of an insurable nature
reasonably self-insured or
</FONT>
<P align="center"><FONT size="2">68</FONT>
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<P align="left"><FONT size="2">insured with insurers, believed by Publishing to be
responsible, against loss or damage to the extent that property of similar
character is usually so insured by corporations similarly situated and owning
like properties in the same general geographic areas in which Publishing and
its Restricted Subsidiaries operate, except where the failure to do so would
not reasonably be expected to have a material adverse effect on the condition
(financial or otherwise), earnings, business affairs or prospects of Publishing
and its Restricted Subsidiaries, taken as a whole.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.08. <B>Limitation on Indebtedness.</B> Publishing will not, and will
not permit any of its Restricted Subsidiaries to, Incur any Indebtedness
(including any Acquired Indebtedness but excluding any Permitted Indebtedness)
except for (x)&nbsp;Indebtedness of Publishing or (y)&nbsp;Indebtedness of a Restricted
Subsidiary constituting Acquired Indebtedness or Permitted Subsidiary
Indebtedness, <I>provided </I>that, in the case of the foregoing clauses (x)&nbsp;and (y),
the Consolidated Cash Flow Ratio for Publishing and the Restricted Subsidiaries
for the four full fiscal quarters immediately preceding the Incurrence of such
Indebtedness taken as one period is not greater (A)&nbsp;for the period commencing
on the date of this Indenture and ending December&nbsp;31, 2004, 6.0:1.0 and (B)
from and after January&nbsp;1, 2005, 5.5:1.0. For purposes of determining the
Consolidated Cash Flow Ratio for any period, pro forma effect shall be given to
(i)&nbsp;the Incurrence of such Indebtedness and (if applicable) the application of
the net proceeds therefrom, including to refinance other Indebtedness, as if
such Indebtedness was Incurred, and the application of such proceeds occurred,
at the beginning of such four-quarter period; (ii)&nbsp;the Incurrence, repayment or
retirement of any other Indebtedness by Publishing and its Restricted
Subsidiaries since the first day of such four-quarter period as if such
Indebtedness was Incurred, repaid or retired at the beginning of such
four-quarter period; (iii)&nbsp;in the case of Acquired Indebtedness, the related
acquisition (as if such acquisition had been consummated on the first day of
such four-quarter period); and (iv)&nbsp;any acquisition or disposition by
Publishing and its Restricted Subsidiaries of any company or any business or
any assets out of the ordinary course of business, whether by merger, stock
purchase or sale or asset purchase or sale or any related repayment of
Indebtedness, in each case since the first day of such four-quarter period (as
if such acquisition or disposition had been consummated on the first day of
such four-quarter period).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining compliance with any U.S. dollar denominated
restriction on the Incurrence of Indebtedness where the Indebtedness Incurred
is denominated in a different currency, the amount of such Indebtedness will be
the Dollar Equivalent determined on the date of the Incurrence of such
Indebtedness; <I>provided</I>, however, that if any such Indebtedness denominated in a
different currency is subject to a Currency Agreement with respect to U.S.
dollars covering all principal, premium, if any, and interest payable on such
Indebtedness, the amount of such Indebtedness expressed in U.S. dollars will be
as provided in such Currency Agreement. The principal amount of any
refinancing Indebtedness Incurred in the same currency as the Indebtedness
being refinanced will be the Dollar Equivalent of the Indebtedness refinanced,
except to the extent that (i)&nbsp;such Dollar Equivalent was determined based on a
Currency Agreement, in which case the refinancing Indebtedness will be
determined in accordance with the preceding sentence, and (ii)&nbsp;the principal
amount of the refinancing Indebtedness exceeds the principal amount of the
Indebtedness being refinanced, in which case the Dollar Equivalent of such
excess will be determined on the date such refinancing Indebtedness is
Incurred.
</FONT>
<P align="center"><FONT size="2">69</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.09. <B>Limitation on Restricted Payments.</B> (a)&nbsp;Publishing will
not, and will not permit any Restricted Subsidiary to, directly or indirectly:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;declare or pay any dividend or make any other distribution or
payment on or in respect of Publishing&#146;s Capital Stock (including
dividends or distributions of the Capital Stock of any Subsidiary), or
make any other payment to the direct or indirect holders (in their
capacities as such) of Publishing&#146;s Capital Stock (other than (x)&nbsp;the
Permitted Distribution and (y)&nbsp;dividends or distributions payable in
shares of Publishing&#146;s Qualified Capital Stock or in options, warrants or
other rights to acquire such Qualified Capital Stock);</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;purchase, redeem or otherwise acquire or retire for value,
directly or indirectly, any Capital Stock of Publishing or any Capital
Stock of any Affiliate of Publishing (other than Capital Stock of any
Restricted Subsidiary or Capital Stock of a Person that is, or
immediately following such repurchase will become a Restricted
Subsidiary), or options, warrants or other rights to acquire such Capital
Stock;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;make any principal payment on, or repurchase, redeem, defease,
retire or otherwise acquire for value, prior to any scheduled principal
payment, sinking fund payment or maturity, any Subordinated Indebtedness
(other than Subordinated Indebtedness owing by Publishing to any
Restricted Subsidiary, by any Restricted Subsidiary to Publishing or by
any Restricted Subsidiary to any other Restricted Subsidiary);</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;declare or pay any dividend or distribution on any Capital
Stock of any Restricted Subsidiary to any Person (other than (x)
dividends and distributions on Preferred Stock of Restricted Subsidiaries
or (y)&nbsp;dividends and distributions made to any Person on a pro rata basis
consistent with the ownership interests in such Capital Stock to the
owners of such Capital Stock, except that, in the case of the Capital
Stock of a Restricted Subsidiary that has provided a Guarantee, (i)&nbsp;no
Default or Event of Default shall have occurred and be continuing; and
(ii)&nbsp;no holders of any other Indebtedness of Publishing or any Restricted
Subsidiary shall have an Acceleration Right);</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;Incur, create or assume any guarantee of Indebtedness of any
Affiliate of Publishing (other than a Restricted Subsidiary of
Publishing);</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;make any Restricted Investment in any Person; or</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;designate any Restricted Subsidiary as an Unrestricted
Subsidiary;</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">(any of the payments described in paragraphs (i)&nbsp;through (vii)&nbsp;above, other
than any such action that is a Permitted Payment (as defined below),
collectively, &#147;Restricted Payments&#148;) unless at the time of and after giving
effect to the proposed Restricted Payment (the amount of any such Restricted
Payment, if other than cash, as determined by the Board of Directors, whose
determination shall be conclusive and evidenced by a Board Resolution), (1)&nbsp;no
Default or Event of Default shall have occurred and be continuing; (2)&nbsp;no
holders of any other Indebtedness of Publishing or any Restricted Subsidiary
shall have an Acceleration Right; (3)&nbsp;immediately before and immediately after
giving effect to such transaction on a pro forma basis, Publishing could
</FONT>
<P align="center"><FONT size="2">70</FONT>
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<P align="left"><FONT size="2">Incur
$1.00 of additional Indebtedness (other than Permitted Indebtedness) under the
provisions of Section&nbsp;10.08; and (4)&nbsp;the aggregate amount expended by
Publishing and its Restricted
Subsidiary (<I>provided </I>that, in the case of a Restricted Payment by a Restricted
Subsidiary, such Restricted Payment is calculated for the purposes of this
paragraph (4)&nbsp;by multiplying the amount of the Restricted Payment by the
percentage of Publishing&#146;s common equity interest in such Restricted Subsidiary
at the time of such Restricted Payment) in connection with all Restricted
Payments made subsequent to the Issue Date shall not exceed the sum of:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;Publishing&#146;s Cumulative Credit (or, in the event such aggregate
Cumulative Credit shall be a deficit, minus 100% of such deficit) for the
period (taken as one accounting period) from October&nbsp;1, 2002; <I>plus</I></FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;100% of the Net Cash Proceeds received by Publishing from any
Person (other than a Restricted Subsidiary) from the issuance and sale
subsequent to the Issue Date of Qualified Capital Stock of Publishing
(excluding any such Net Cash Proceeds (1)&nbsp;from issuances and sales of
Qualified Capital Stock where the purchase is financed directly or
indirectly using funds borrowed from Publishing or any Subsidiary of
Publishing, and (2)&nbsp;to the extent such proceeds are used to purchase,
redeem or otherwise retire Capital Stock or Subordinated Indebtedness of
Publishing as set forth in (b)(ii) and (iii)&nbsp;below); <I>plus</I></FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;100% of the Net Cash Proceeds received by Publishing from any
Person (other than from a Restricted Subsidiary) from the issuance or
exercise of options or warrants on Qualified Capital Stock of Publishing
subsequent to the Issue Date (except to the extent such proceeds are used
to purchase, redeem or otherwise retire Capital Stock or Subordinated
Indebtedness of Publishing as set forth in (b)(ii) and (iii)&nbsp;below); <I>plus</I></FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;100% of the Net Cash Proceeds received after the Issue Date by
Publishing from cash capital contributions made to Publishing (other than
from a Restricted Subsidiary); <I>plus</I></FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;100% of the Net Cash Proceeds received by Publishing from any
Person (other than from a Restricted Subsidiary) from the conversion into
Qualified Capital Stock of convertible Indebtedness or convertible
Preferred Stock issued and sold after the Issue Date; <I>plus</I></FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;100% of the aggregate net proceeds of any (1)&nbsp;sale or other
disposition of Restricted Investments (which Investment was made after
the Issue Date) made by Publishing or a Restricted Subsidiary of
Publishing, (2)&nbsp;dividends or other distributions, whether liquidating or
otherwise, from, or the sale of capital stock of, an Unrestricted
Subsidiary, or (3)&nbsp;dividends or other distributions, whether liquidating
or otherwise, from Restricted Investments (which Investment was made
after the Issue Date); <I>plus</I></FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;with respect to any Unrestricted Subsidiary that is redesignated
by the Board of Directors as a Restricted Subsidiary, an amount equal to
the lower of (x)&nbsp;the fair market value (as determined by a majority of
the Independent Directors of the Board of Directors and evidenced by a
Board Resolution) of Publishing&#146;s or a Restricted</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">71</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">Subsidiary&#146;s interest
in such Unrestricted Subsidiary or (y)&nbsp;the amount of the original
Investment by Publishing or such Restricted Subsidiary in such
Unrestricted Subsidiary
plus any additional Investment made in such Unrestricted Subsidiary
after the date such Subsidiary was so designated; <I>provided</I>, that in
determining the amount of the Investment by Publishing or such Restricted
Subsidiary in (1)&nbsp;any Subsidiary designated as an Unrestricted Subsidiary
as of the date of this Indenture, such amount shall be the fair market
value of such Unrestricted Subsidiary as at the date of this Indenture,
(2)&nbsp;any Restricted Subsidiary that is designated as an Unrestricted
Subsidiary after the date of this Indenture, such amount shall be the
fair market value of such Unrestricted Subsidiary as at the date of such
designation, and (3)&nbsp;any Investment made in an Unrestricted Subsidiary
after the date such Subsidiary was so designated, such amount shall be
equal to the cash amount so invested or the fair market value of any
property contributed; <I>plus</I></FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) $30,000,000.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the foregoing, and, in the case of clauses (ii)
through (vi)&nbsp;below, so long as (1)&nbsp;there is no Default or Event of Default
continuing and (2)&nbsp;no holders of any other Indebtedness of Publishing or any
Restricted Subsidiary have an Acceleration Right, the foregoing provisions will
not prohibit the following actions (clauses (i)&nbsp;through (vi)&nbsp;being referred to
as <B>&#147;Permitted Payments&#148;</B>):
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the payment of any dividend or distribution within 60&nbsp;days after
the date of declaration thereof, if at such date of declaration such
payment would be permitted by the provisions of paragraph (a)&nbsp;of this
Section and such payment will be deemed to have been paid on such date of
declaration for purposes of the calculation required by paragraph (a)&nbsp;of
this Section;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the repurchase, redemption or other acquisition or retirement
of any shares of Capital Stock of Publishing in exchange for (including
any such exchange pursuant to the exercise of a conversion right or
privilege in connection with which cash is paid in lieu of the issuance
of fractional shares or scrip), or out of the Net Cash Proceeds of a
substantially concurrent issue and sale for cash (other than to a
Restricted Subsidiary) of other Qualified Capital Stock of Publishing;
<I>provided</I>, that the Net Cash Proceeds from the issuance of such shares of
Qualified Capital Stock are excluded from clauses (4)(ii) and (4)(iii) of
paragraph (a)&nbsp;of this Section;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;any repurchase, redemption, defeasance, retirement or
acquisition for value or payment of principal of any Subordinated
Indebtedness in exchange for, or out of the net proceeds of, a
substantially concurrent issuance and sale for cash (other than to any
Restricted Subsidiary of Publishing) of any Qualified Capital Stock of
Publishing; <I>provided</I>, that the Net Cash Proceeds from the issuance of
such Qualified Capital Stock are excluded from clauses (4)(ii) and
(4)(iii) of paragraph (a)&nbsp;of this Section;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;the repurchase, redemption, defeasance, retirement,
refinancing, acquisition for value or payment of principal of any
Subordinated Indebtedness (other than Redeemable Capital Stock) (a
<B>&#147;refinancing&#148;</B>) through the issuance of new Subordinated Indebtedness of
Publishing; <I>provided</I>, that any such new Subordinated</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">72</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">Indebtedness (1)
shall be in a principal amount that does not exceed the principal amount
so refinanced (or, if the Subordinated Indebtedness so refinanced
provides for an amount
less than the principal amount thereof to be due and payable upon a
declaration or acceleration thereof, then such lesser amount as of the
date of determination), plus the amount of any premium required to be
paid in connection with such refinancing pursuant to the terms of such
refinanced Indebtedness and any reasonable out-of-pocket expenses of
Publishing Incurred in connection with such refinancing; (2)&nbsp;has an
Average Life to Stated Maturity greater than the remaining Average Life
to Stated Maturity of the Notes; (3)&nbsp;has a Stated Maturity for its final
scheduled principal payment later than the Stated Maturity for the final
scheduled principal payment of the Notes; and (4)&nbsp;is expressly
subordinated in right of payment to the Notes at least to the same extent
as the Indebtedness to be refinanced;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;loans, advances, dividends or distributions to Hollinger
International in amounts not to exceed $1,000,000 per year to permit
Hollinger International to repurchase, redeem or otherwise acquire or
retire any shares of its Capital Stock from employees, former employees
or their estates upon disability, death, retirement or termination of
employment; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;tax payments pursuant to a Tax Sharing Agreement to the extent
that the aggregate amount of such payments do not exceed the aggregate
amount of the tax payments that Publishing and the Restricted
Subsidiaries would have been required to make if they alone constituted a
single consolidated tax group.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section, if the Board of Directors designates a
Restricted Subsidiary as an Unrestricted Subsidiary, a &#147;Restricted Payment&#148;
shall be deemed to have been made in an amount equal to the fair value of the
Investment of Publishing and its other Restricted Subsidiaries in such
Unrestricted Subsidiary as determined by the Board of Directors with the
concurrence of a majority of the Independent Directors (there being at least
one Independent Director), whose good faith determination shall be conclusive.
If a particular Restricted Payment involves a non-cash payment, including a
distribution of assets, then such Restricted Payment shall be deemed to be in
an amount equal to the fair market value of the non-cash portion of such
Restricted Payment as determined by the Board of Directors, whose good faith
determination shall be conclusive.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.10. <B>Limitation on Transactions with Affiliates.</B> Publishing
will not, and will not permit any of its Restricted Subsidiaries to, directly
or indirectly, enter into or suffer to exist any transaction or series of
related transactions (including, without limitation, the sale, purchase,
exchange or lease of assets, property or services) with any Affiliate of
Publishing (other than Publishing or a Restricted Subsidiary) unless (a)&nbsp;such
transaction or series of related transactions is on terms that are no less
favorable to Publishing or such Restricted Subsidiary, as the case may be, than
would be available in a comparable transaction in arm&#146;s-length dealings with an
unrelated third party and (b)&nbsp;with respect to any transaction or series of
related transactions involving aggregate payments in excess of $5,000,000,
Publishing delivers an Officers&#146; Certificate to the Trustee certifying that
such transaction or series of related transactions complies with clause (a)
above and such transaction or series of related transactions has been approved
by a majority of the Independent Directors of the Board of Directors;
</FONT>
<P align="center"><FONT size="2">73</FONT>
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<P align="left"><FONT size="2"><I>provided</I>, that any transaction or series of related
transactions otherwise permitted under this paragraph (other than any
transaction or series of related transactions with respect to the making of any
Restricted Payment permitted pursuant to Section&nbsp;10.09 pursuant to which
Publishing or any Restricted Subsidiary shall receive or render value exceeding
$15,000,000 shall not be permitted unless, prior to the consummation of any
such transaction or series of related transactions, Publishing shall have
received an opinion, from an independent nationally recognized investment
banking firm or firm experienced in the appraisal or similar review of similar
types of transactions, that such transaction is fair to Publishing from a
financial point of view; <I>provided </I>further, that this covenant shall not apply
to (i)&nbsp;transactions or agreements as in effect or securities outstanding on the
date of this Indenture (<I>provided</I>, that any amendment to any existing agreement,
and any transaction pursuant to the Business Opportunities Agreement, shall
require approval pursuant to this covenant; notwithstanding the foregoing, any
amendment to the Services Agreement or the Business Opportunities Agreement
shall only require the approval of a majority of the Independent Directors);
(ii)&nbsp;directors&#146; fees approved by the Board of Directors; (iii)&nbsp;any employee
benefit plan or arrangement entered into or made available to officers or other
employees of Publishing or the Restricted Subsidiaries in the ordinary course
of business; (iv)&nbsp;sales by Publishing and its Restricted Subsidiaries of their
products in the ordinary course of business on arm&#146;s-length terms; (v)&nbsp;tax
payments pursuant to a Tax Sharing Agreement to the extent that the aggregate
amount of such payments do not exceed the aggregate amount of the tax payments
that Publishing and the Restricted Subsidiaries would have been required to
make if they alone constituted a single consolidated tax group; (vi)&nbsp;loans,
advances, dividends or distributions by Publishing to Hollinger International
in amounts and for the purpose permitted by Section&nbsp;10.09(b)(v); and (vii)
payments made to The Ravelston Corporation Limited pursuant to the Services
Agreement that constitute the reimbursement for the fair value (as determined
by a majority of the Independent Directors serving on an Independent Committee)
of services received by Publishing or a Restricted Subsidiary consistent with
past practices.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.11. <B>Limitation on Liens.</B> (a)&nbsp;Publishing will not, and will
not permit any Restricted Subsidiary to, create, incur, assume or suffer to
exist any Lien on any of its assets or properties of any character, or any
shares of Capital Stock or Indebtedness of any Restricted Subsidiary, without
making effective provision for all of the Notes and all other amounts due under
this Indenture to be directly secured equally and ratably with (or, if the
obligation or liability to be secured by such Lien is subordinated in right of
payment to the Notes, prior to) the obligation or liability secured by such
Lien.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The foregoing limitation does not apply to:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Liens securing Indebtedness incurred under the Senior Credit
Facility that is permitted to be incurred under Section&nbsp;10.08;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Liens existing on the Issue Date;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Liens granted after the Issue Date on any assets or Capital
Stock of Hollinger International or its Restricted Subsidiaries created
in favor of the Holders;</FONT></TD>
</TR>

</TABLE>
<P align="center"><FONT size="2">74</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;Liens with respect to the assets of a Restricted Subsidiary
granted by such Restricted Subsidiary to Hollinger International or a
Restricted Subsidiary to secure Indebtedness owing to Hollinger
International or such other Restricted Subsidiary;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;Liens securing Indebtedness which is Incurred to refinance
secured Indebtedness which is permitted to be Incurred under clause (x)
of the definition of &#147;Permitted Indebtedness&#148;; <I>provided </I>that such Liens
do not extend to or cover any property or assets of Hollinger
International or any Restricted Subsidiary other than the property or
assets securing the Indebtedness being refinanced;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;Liens on any property or assets or capital stock of a
Restricted Subsidiary securing Indebtedness of such Restricted Subsidiary
permitted under Section&nbsp;10.08; or</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;Permitted Liens.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.12. <B>Limitation on Issuances of Guarantees of Indebtedness.</B> (a)
Publishing will not permit any Restricted Subsidiary, directly or indirectly,
to guarantee, assume or in any other manner become liable with respect to any
Indebtedness of Publishing (other than pursuant to the Senior Credit Facility)
unless such Restricted Subsidiary simultaneously executes and delivers a
supplemental indenture to this Indenture providing for a senior Guarantee of
the Notes and if such Indebtedness of Publishing is by its terms <I>pari passu</I>
with or expressly subordinated to the Notes, any such assumption, guarantee or
other liability of such Restricted Subsidiary with respect to such Indebtedness
shall be <I>pari passu </I>with or subordinated to such Restricted Subsidiary&#146;s
Guarantee to the same extent as such Indebtedness is <I>pari passu </I>with or
subordinated to the Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the foregoing, any Guarantee by a Restricted
Subsidiary of the Notes that is provided pursuant to the foregoing paragraph
may provide by its terms that it shall be automatically and unconditionally
released and discharged (i)&nbsp;upon any sale, exchange or transfer, to any Person
not an Affiliate of Publishing, of all of Publishing&#146;s Capital Stock in, or all
or substantially all the assets of, such Restricted Subsidiary, which sale,
exchange or transfer is in compliance with this Indenture, (ii)&nbsp;if the
Restricted Subsidiary issuing such Guarantee ceases to be a Restricted
Subsidiary or (iii)&nbsp;upon the release by the holders of the Indebtedness of
Publishing described in paragraph (a)&nbsp;above of their guarantee by such
Restricted Subsidiary (including any deemed release upon payment in full of all
obligations under such Indebtedness), at a time when (A)&nbsp;no other Indebtedness
of Publishing or any Restricted Subsidiary has been guaranteed by such
Restricted Subsidiary or (B)&nbsp;the holders of all such other Indebtedness which
is guaranteed by such Restricted Subsidiary also release their guarantee by
such Restricted Subsidiary (including any deemed release upon payment in full
of all obligations under such Indebtedness).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.13. <B>Limitation on Sale of Assets.</B> (a)&nbsp;Publishing will not,
and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, consummate an Asset Sale unless (i)&nbsp;at least 75% of the proceeds
from such Asset Sale are received in cash (<I>provided</I>, that the amount of (A)&nbsp;any
Pari Passu Indebtedness of Publishing or Indebtedness of any such Restricted
Subsidiary that
is <I>pari passu </I>with any guarantee of the Notes (as shown on Publishing&#146;s or
such Restricted Subsidiary&#146;s most recent balance sheet or in the notes thereto)
of
</FONT>
<P align="center"><FONT size="2">75</FONT>
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<P align="left"><FONT size="2">Publishing or any such Restricted Subsidiary that is assumed by the
transferee of any asset in connection with any Asset Sale and (B)&nbsp;any deferred
payment obligations received by Publishing or any such Restricted Subsidiary as
proceeds of an Asset Sale that are concurrently with the Asset Sale converted
into cash without recourse to Publishing or any of its Restricted Subsidiaries
shall be deemed to be cash for purposes of this provision; <I>provided </I>further
that, for purposes of this clause (i), &#147;cash&#148; shall include any cash proceeds
received from the sale of securities received in an Asset Sale as long as at
the time of such Asset Sale, Publishing or its Restricted Subsidiary, as
applicable, has entered into a legally binding agreement for the sale of such
securities and such securities are sold within 90&nbsp;days of such Asset Sale; and
<I>provided </I>further that, this clause (i)&nbsp;shall not apply to (x)&nbsp;Newspaper
Businesses received by Publishing or a Restricted Subsidiary from the
transferee as consideration for an Asset Sale (an <B>&#147;Asset
Swap&#148;</B>) so long as,
immediately before and immediately after giving effect to such transaction on a
pro forma basis, Publishing could Incur $1.00 of additional Indebtedness (other
than Permitted Indebtedness) under the provisions of Section&nbsp;10.08, (y)&nbsp;a CST
Real Estate Transaction or (z)&nbsp;a Permitted Real Estate Sale) and (ii)
Publishing or such Restricted Subsidiary receives consideration at the time of
such Asset Sale at least equal to the fair market value of the shares or assets
sold (as determined by the Board of Directors of Publishing and evidenced by a
Board Resolution). The value of any properties or assets (other than cash)
received pursuant to an Asset Sale shall be determined by the Board of
Directors of Publishing and evidenced by a Board Resolution; <I>provided</I>, that if
the value of the asset which is the subject of the Asset Sale is in excess of
$25,000,000, the value of the properties or assets received shall be determined
by an independent nationally recognized investment banking firm or firm
experienced in the appraisal or similar review of similar types of assets
(<I>provided</I>, that for purposes of this sentence, any CST Real Estate Transaction
(other than pursuant to an agreement in effect on the date of this Indenture)
shall be deemed to involve an asset whose value exceeds $25,000,000).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Publishing will, and will cause its Restricted Subsidiaries to, apply
100% of the Net Cash Proceeds of any Asset Sale.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <I>first</I>, (A)&nbsp;to the extent Publishing elects (or is required under
the terms of such Indebtedness), to the permanent repayment of any Pari
Passu Indebtedness outstanding as of the date of the Asset Sale as
permitted or required by the terms thereof, (B)&nbsp;to the extent Publishing
elects, to the reinvestment by Publishing or such Restricted Subsidiary
in properties and assets that (as determined by the Board of Directors)
replace the properties and assets that were the subject of the Asset Sale
or in properties and assets that will be used in the businesses of
Publishing or its Restricted Subsidiaries existing on the date of this
Indenture or in businesses reasonably related thereto, or (C)&nbsp;to the
extent Publishing elects, to the making of an offer to purchase (an
<B>&#147;Offer&#148;</B>), out of such amount of the Net Cash Proceeds as Publishing shall
determine to allocate for such purpose (the <B>&#147;Allocated
Proceeds&#148;</B>), a
principal amount of Notes equal to the Notes Amount (as defined in clause
(c)&nbsp;below) and (to the extent so required by the terms of the debt
instrument governing such Indebtedness) a principal amount of Pari Passu
Indebtedness equal to the Pari Passu Amount (as defined in clause (c)
below), any such Offer pursuant to this clause (b)(i)(C) to be conducted
in accordance with the procedures set forth in clause (c)&nbsp;below
(substituting the term &#147;Allocated Proceeds&#148; in place of any reference
therein to <B>&#147;Excess Proceeds&#148;</B>) and in this Indenture (with any
Deficiency (as defined in clause (c)&nbsp;below) occurring after such Offer to
be excluded from the calculation of</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">76</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">Excess Proceeds and treated the same
as a Deficiency occurring after an Offer made using Excess Proceeds), any
such application pursuant to clauses (A), (B)&nbsp;and (C)&nbsp;to be made within
12&nbsp;months of receipt of such Net Cash Proceeds;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <I>second</I>, to the extent of the balance of such Net Cash Proceeds
after application in accordance with clause (i)&nbsp;above, to make an Offer
to purchase Notes pursuant to and subject to the conditions set forth
below; <I>provided </I>however, that if Publishing elects (or is required by the
terms of any Pari Passu Indebtedness), such Offer may be made ratably to
purchase the Notes and any Pari Passu Indebtedness of Publishing (any Net
Cash Proceeds from Asset Sales (excluding any Deficiency resulting from
an Offer made using Allocated Proceeds pursuant to clause (b)(i)(C)) that
are not applied as provided in clause (i)&nbsp;above shall constitute <B>&#147;Excess
Proceeds&#148;</B>); and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <I>third</I>, to the extent of the balance of any Excess Proceeds
after application in accordance with clauses (i)&nbsp;and (ii)&nbsp;above, for any
general corporate purpose permitted pursuant to the terms of this
Indenture;</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2"><I>provided</I>, however, that in connection with any prepayment, repayment or
purchase of Indebtedness pursuant to clauses (i)(A), (i)(C) and (ii)&nbsp;above,
Publishing or such Restricted Subsidiary will retire such Indebtedness and will
cause the related loan commitment (if any) to be permanently reduced in an
amount equal to the principal amount so prepaid, repaid or purchased.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;When the aggregate amount of Excess Proceeds equals or exceeds
$10,000,000, Publishing shall apply the Excess Proceeds to the repayment of the
Notes and any Pari Passu Indebtedness required to be repurchased under the
instrument governing such Pari Passu Indebtedness as follows: (i)&nbsp;Publishing
shall make an offer to purchase (an <B>&#147;Offer&#148;</B>) from all Holders in accordance
with the procedures set forth in this Indenture in the maximum principal amount
(expressed as a multiple of $1,000) of Notes that may be purchased out of an
amount (the <B>&#147;Note Amount&#148;</B>) equal to the product of such Excess Proceeds
multiplied by a fraction, the numerator of which is the outstanding principal
amount of the Notes, and the denominator of which is the sum of the outstanding
principal amount of the Notes and such Pari Passu Indebtedness (subject to
proration in the event such amount is less than the aggregate Offered Price (as
defined herein) of all Notes tendered) and (ii)&nbsp;to the extent required by such
Pari Passu Indebtedness to permanently reduce the principal amount of such Pari
Passu Indebtedness, Publishing shall make an offer to purchase or otherwise
repurchase or redeem Pari Passu Indebtedness (a <B>&#147;Pari Passu Offer&#148;</B>) in an
amount (the <B>&#147;Pari Passu Debt Amount&#148;)</B> equal to the excess of the Excess
Proceeds over the Note Amount; <I>provided</I>, that in no event shall the Pari Passu
Debt Amount exceed the principal amount of such Pari Passu Indebtedness plus
the amount of any premium required to be paid to repurchase such Pari Passu
Indebtedness. The offer price shall be payable in cash in an amount equal to
100&#176;% of the principal amount of the Notes plus accrued and unpaid interest, if
any, to the date (the <B>&#147;Purchase Date&#148;</B>) such Offer is consummated (the <B>&#147;Offered
Price&#148;</B>), in accordance with the procedures set forth below. To the extent that
the aggregate Offered Price of the Notes tendered pursuant to the Offer is less
than the Note Amount relating thereto or the aggregate amount of Pari Passu
Indebtedness that is
purchased is less than the Pari Passu Debt Amount (the amount of such
shortfall, if any, constituting a <B>&#147;Deficiency&#148;</B>), Publishing may use such
Deficiency for any purpose not otherwise
</FONT>
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<P align="left"><FONT size="2">prohibited by this Indenture. Upon
completion of the purchase of all Notes tendered pursuant to an Offer and
repurchase of the Pari Passu Indebtedness pursuant to a Pari Passu Offer, the
amount of Excess Proceeds, if any, shall be reset at zero.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Whenever the aggregate amount of Excess Proceeds received by
Publishing exceeds $10,000,000, such Excess Proceeds shall, prior to the
purchase of Notes or any Pari Passu Indebtedness described in paragraph (c)
above, be set aside by Publishing in a separate account pending (i)&nbsp;deposit
with the depository or a Paying Agent of the amount required to purchase the
Notes or Pari Passu Indebtedness tendered in an Offer or a Pari Passu Offer and
(ii)&nbsp;delivery by Publishing of the Offered Price to the holders of the Notes or
Pari Passu Indebtedness tendered in an Offer or a Pari Passu Offer. Such
Excess Proceeds may be invested in Temporary Cash Investments; <I>provided</I>, that
the maturity date of any such investment made after the amount of Excess
Proceeds equals or exceeds $10,000,000 shall not be later than the Purchase
Date. Publishing shall be entitled to any interest or dividends accrued,
earned or paid on such Temporary Cash Investments; <I>provided</I>, that Publishing
shall not be entitled to such interest and shall not withdraw such interest
from the separate account, if an Event of Default has occurred and is
continuing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If Publishing becomes obligated to make an Offer pursuant to paragraph
(c)&nbsp;above, the Notes shall be purchased by Publishing, at the option of the
Holders thereof, in whole or in part in integral multiples of $1,000, on a date
that is not earlier than 30&nbsp;days and not later than 60&nbsp;days from the date the
notice is given to Holders, or such later date as may be necessary for
Publishing to comply with the requirements under the Exchange Act, subject to
proration in the event the Note Amount is less than the aggregate Offered Price
of all Notes tendered.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Publishing shall comply with the applicable tender offer rules,
including Rule&nbsp;14e-1 under the Exchange Act, and any other applicable
securities laws or regulations in connection with an Offer.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Publishing shall not, and shall not permit any Subsidiary to, create
or permit to exist or become effective any restriction (other than restrictions
existing under (i)&nbsp;Indebtedness as in effect on the Issue Date as such
Indebtedness may be refinanced from time to time or (ii)&nbsp;the Senior Credit
Facility; <I>provided</I>, in each case, that such restrictions are no less favorable
to the Holders than those existing on the date of this Indenture) that would
expressly impair the ability of Publishing to make an Offer to purchase the
Notes or, if such Offer is made, to pay for the Notes tendered for purchase.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Within 30&nbsp;days after the date on which the amount of Excess Proceeds
equals or exceeds $10,000,000, Publishing shall send by first-class mail,
postage prepaid, to the Trustee and to each Holder of the Notes, at such
Holder&#146;s address appearing in the Note Register, a notice stating or including:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;that the Holder of such Notes has the right to require
Publishing to repurchase, subject to proration, part or all of such
Holder&#146;s Notes at the Offered Price;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Purchase Date;</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">78</FONT>



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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;the instructions a Holder of such Notes must follow in order to
have its Notes purchased in accordance with paragraph (c)&nbsp;of this
Section; and</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (A)&nbsp;the most recently filed Annual Report on Form&nbsp;10-K
(including audited consolidated financial statements) of Publishing, the
most recent subsequently filed Quarterly Report on Form&nbsp;10-Q, as
applicable, and any Current Report on Form&nbsp;8-K of Publishing filed
subsequent to such Quarterly Report, other than Current Reports
describing Asset Sales otherwise described in the offering materials (or
corresponding successor reports) (or in the event Publishing is not
required to prepare any of the foregoing Forms, the comparable
information required pursuant to Section&nbsp;10.17), (B)&nbsp;a description of
material developments in Publishing&#146;s business subsequent to the date of
the latest of such Reports, (C)&nbsp;if material, appropriate pro forma
financial information, and (D)&nbsp;such other information, if any, concerning
the business of Publishing and its Restricted Subsidiaries which
Publishing in good faith believes will enable such Holders to make an
informed investment decision regarding the Offer;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;the Offered Price;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;the names and addresses of the Paying Agent and the offices or
agencies referred to in Section&nbsp;10.02;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;that Notes must be surrendered at least three Business Days
prior to the Purchase Date to the Paying Agent or to an office or agency
referred to in Section&nbsp;10.02 to collect payment;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;that any Notes not tendered will continue to accrue interest
and that unless Publishing defaults in the payment of the purchase price,
any Note accepted for payment pursuant to the offer shall cease to accrue
interest on and after the Purchase Date; and</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;the procedures for withdrawing a tender.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp; Holders electing to have the Notes purchased hereunder will be
required to surrender such Notes at the address specified in the notice at
least three Business Days prior to the Purchase Date. Holders will be entitled
to withdraw their election to have their Notes purchased pursuant to this
Section if Publishing receives, not later than three Business Days prior to the
Purchase Date, a telegram, telex, facsimile transmission or letter setting
forth (1)&nbsp;the name of the Holder, (2)&nbsp;the certificate number of the Note in
respect of which such notice of withdrawal is being submitted, (3)&nbsp;the
principal amount of the Note (which shall be $1,000 or an integral multiple
thereof) delivered for purchase by the Holder as to which his election is to be
withdrawn, (4)&nbsp;a statement that such Holder is withdrawing such Holder&#146;s
election to have such principal amount of such Note purchased, and (5)&nbsp;the
principal amount, if any, of such Note (which shall be $1,000 or an integral
multiple thereof) that remains subject to the original notice of the Offer and
that has been or will be delivered for purchase by Publishing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp; Publishing shall (i)&nbsp;not later than the Purchase Date, accept for
payment Notes or portions thereof tendered pursuant to the Offer, (ii)&nbsp;not
later than 11:00&nbsp;a.m. (New York time) on the Purchase Date, deposit with the
Trustee or with a Paying Agent an amount of money in same day funds (or New
York Clearing House funds if such deposit is made prior to the
</FONT>
<P align="center"><FONT size="2">79</FONT>
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<P align="left"><FONT size="2">Purchase Date) sufficient to pay the aggregate Offered Price of all the
Notes or portions thereof which are to be purchased on that date and (iii)&nbsp;not
later than 11:00&nbsp;a.m. (New York time) on the Purchase Date, deliver to the
Paying Agent an Officers&#146; Certificate stating the Notes or portions thereof
have been accepted for payment by Publishing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee and the Paying Agent shall return to Publishing any cash that
remains unclaimed, together with interest, if any, thereon, held by them for
the payment of the Offered Price; <I>provided</I>, however, that, (x)&nbsp;to the extent
that the aggregate amount of cash deposited by Publishing with the Trustee or a
Paying Agent in respect of an Offer exceeds the aggregate Offered Price of the
Notes or portions thereof to be purchased, then the Trustee or a Paying Agent
shall hold such excess for Publishing and (y)&nbsp;unless otherwise directed by
Publishing in writing, promptly after the Business Day following the Purchase
Date the Trustee or a Paying Agent shall return any such excess to Publishing
together with interest or dividends, if any, thereon.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp; Notes to be purchased shall, on the Purchase Date, become due and
payable at the Offered Price and from and after such date (unless Publishing
shall default in the payment of the Offered Price) such Notes shall cease to
bear interest. The Offered Price shall be paid to such Holder promptly
following the later of the Purchase Date and the time of delivery of such Note
to the relevant Paying Agent at the office of such Paying Agent by the Holder
thereof in the manner required. Upon surrender of any such Note for purchase
in accordance with the foregoing provisions, such Note shall be paid by
Publishing at the Offered Price; <I>provided</I>, however, that installments of
interest whose Stated Maturity is on or prior to the Purchase Date shall be
payable to the Holders of such Notes, or one or more Predecessor Notes,
registered as such on the relevant Regular Record Dates according to the terms
and the provisions of Section&nbsp;3.08; <I>provided</I>, further that Notes to be
purchased are subject to proration in the event the Excess Proceeds are less
than the aggregate Offered Price of all Notes tendered for purchase, with such
adjustments as may be deemed appropriate by the Trustee so that only Notes in
denominations of $1,000 or integral multiples thereof shall be purchased. If
any Note tendered for purchase in accordance with the terms of this Section
shall not be so paid upon surrender thereof by deposit of funds with the
Trustee or a Paying Agent in accordance with paragraph (j)&nbsp;above, the principal
thereof (and premium, if any, thereon) shall, until paid, bear interest from
the Purchase Date at the rate borne by such Note. Any Note that is to be
purchased only in part shall be surrendered to a Paying Agent in accordance
with the terms of this Section at the office of such Paying Agent (with, if
Publishing or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to Publishing and the Trustee duly
executed by, the Holder thereof or such Holder&#146;s attorney duly authorized in
writing), and Publishing shall execute and pursuant to a Publishing Order the
Trustee shall authenticate and deliver to the Holder of such Note, without
service charge, one or more new Notes of any authorized denomination as
requested by such Holder in an aggregate principal amount equal to, and in
exchange for, the portion of the principal amount of the Note so surrendered
that is not purchased.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.14. <B>Purchase of Notes upon a Change of Control.</B> (a)&nbsp;If a
Change of Control shall occur at any time, each Holder with respect to Notes
shall have the right to require that Publishing purchase such Holder&#146;s Notes,
pursuant to an offer described in subsection (b)&nbsp;of this Section (a <B>&#147;Change of
Control Offer&#148;</B>), in whole or in part in integral multiples of $1,000, at a
purchase price (the <B>&#147;Change of Control Purchase Price&#148;</B>) in cash in an
</FONT>
<P align="center"><FONT size="2">80</FONT>
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<P align="left"><FONT size="2">amount
equal to 101% of the principal amount of such Notes, plus accrued and unpaid
interest, if any, to the date of purchase (the <B>&#147;Change of Control Purchase
Date&#148;</B>), in accordance with the procedures set forth in paragraphs (b), (c), (d)
and (e)&nbsp;of this Section.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; Within 30&nbsp;days following any Change of Control, Publishing shall
notify the Trustee thereof and give written notice (a <B>&#147;Change of Control
Purchase Notice&#148;</B>) of such Change of Control to each Holder by first-class mail,
postage prepaid, to the Trustee and to each Holder at his address appearing in
the Note Register, stating or including:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. that a Change of Control has occurred, the date of such event,
and that such Holder has the right to require Publishing to repurchase
such Holder&#146;s Notes at the Change of Control Purchase Price;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. the circumstances and relevant facts regarding such Change of
Control (including but not limited to information with respect to pro
forma historical income, cash flow and capitalization after giving effect
to such Change of Control, if any);</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. that the Change of Control Offer is being made pursuant to
Section&nbsp;10.14(a) and that all Notes properly tendered pursuant to the
Change of Control Offer will be accepted for payment at the Change of
Control Offer Purchase Price;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. the Change of Control Purchase Date, which shall be a Business
Day no earlier than 30&nbsp;days nor later than 60&nbsp;days from the date such
notice is mailed or such later date as may be necessary for Publishing to
comply with the requirements under the Exchange Act;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. (i)&nbsp;the most recently filed Annual Report on Form&nbsp;10-K (including
audited consolidated financial statements) of Publishing, the most recent
subsequently filed Quarterly Report on Form&nbsp;10-Q, as applicable, and any
Current Report on Form&nbsp;8-K of Publishing filed subsequent to such
Quarterly Report (or in the event Publishing is not required to prepare
any of the foregoing Forms, the comparable information required to be
prepared by Publishing pursuant to Section&nbsp;10.17), (ii)&nbsp;a description of
material developments in Publishing&#146;s business subsequent to the date of
the latest of such reports and (iii)&nbsp;such other information, if any,
concerning the business of Publishing and its Restricted Subsidiaries
which Publishing in good faith believes will enable such Holders to make
an informed investment decision regarding the Change of Control Offer;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. the Change of Control Purchase Price;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. the names and addresses of the Paying Agent and the offices or
agencies referred to in Section&nbsp;10.02;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. that Notes must be surrendered at least three Business Days prior
to the Change of Control Purchase Date to the Paying Agent at the Office
of the Paying Agent or to an office or agency referred to in Section
10.02 to collect payment;</FONT></TD>
</TR>

</TABLE>
<P align="center"><FONT size="2">81</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. that the Change of Control Purchase Price for any Note which has
been properly tendered and not withdrawn will be paid promptly following
the Change of Control Purchase Date;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. the procedures for withdrawing a tender of Notes and Change of
Control Purchase Notice;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. that any Note not tendered will continue to accrue interest; and</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. that, unless Publishing defaults in the payment of the Change of
Control Purchase Price, any Note accepted for payment pursuant to the
Change of Control Offer shall cease to accrue interest after the Change
of Control Purchase Date.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Upon receipt by Publishing of the proper tender of Notes, each Holder
of a Note in respect of which such proper tender was made shall (unless the
tender of such Note is properly withdrawn) thereafter be entitled to receive
solely the Change of Control Purchase Price with respect to such Note. Upon
surrender of any such Note for purchase in accordance with the foregoing
provisions, such Note shall be paid by Publishing at the Change of Control
Purchase Price; <I>provided</I>, however, that installments of interest whose Stated
Maturity is on or prior to the Change of Control Purchase Date shall be payable
to the Holders of such Notes, or one or more Predecessor Notes, registered as
such on the relevant Regular Record Dates according to the terms and the
provisions of Section&nbsp;3.08. If any Note tendered for purchase in accordance
with the provisions of this Section shall not be so paid upon surrender thereof
by deposit of funds with the Paying Agent in accordance with paragraph (d)
below, the principal thereof (and premium, if any, thereon) shall, until paid,
bear interest from the Change of Control Purchase Date at the rate borne by
such Note. Holders electing to have such Notes purchased will be required to
surrender such Notes to the Paying Agent at the address specified in the notice
at least three Business Days prior to the Change of Control Purchase Date. Any
such Notes that are to be purchased only in part shall be surrendered to a
Paying Agent in accordance with the provisions of this Section at the office of
such Paying Agent (with, if Publishing or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to
Publishing and the Trustee duly executed by, the Holder thereof or such
Holder&#146;s attorney duly authorized in writing), and Publishing shall execute and
pursuant to a Publishing Order the Trustee shall authenticate and deliver to
the Holder of such Note, without service charge, one or more new Notes of any
authorized denomination as requested by such Holder in an aggregate principal
amount equal to, and in exchange for, the portion of the principal amount of
the Note so surrendered that is not purchased.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; Publishing shall (i)&nbsp;not later than the Change of Control Purchase
Date, accept for payment of Notes or portion thereof tendered pursuant to the
Change of Control Offer, (ii)&nbsp;not later than 11:00&nbsp;a.m. (New York time) on the
Change of Control Purchase Date, deposit with the Paying Agent an amount of
cash sufficient to pay the aggregate Change of Control Purchase Price of all
the Notes or portions thereof which are to be purchased as of the Change of
Control Purchase Date and (iii)&nbsp;not later than 11:00&nbsp;a.m. (New York time) on
the Change of Control Purchase Date, deliver to the Paying Agent an Officers&#146;
Certificate stating the Notes or portions thereof accepted for payment by
Publishing. The Paying Agent shall promptly mail or deliver to Holders of
Notes so accepted payment in an amount equal to the Change of Control Purchase
</FONT>
<P align="center"><FONT size="2">82</FONT>
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<P align="left"><FONT size="2">Price of the Notes purchased from each such Holder. Any Notes not so
accepted shall be promptly mailed or delivered by the Paying Agent at
Publishing&#146;s expense to the Holder thereof. Publishing will publicly announce
the results of the Change of Control Offer on the Change of Control Purchase
Date. For purposes of this Section, Publishing shall choose a Paying Agent
which shall not be Publishing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp; A tender made in response to a Change of Control Purchase Notice may
be withdrawn before or after delivery by the Holder to the Paying Agent at the
office of the Paying Agent of the Notes to which such Change of Control
Purchase Notice relates, by means of a written notice of withdrawal delivered
by the Holder to the Paying Agent at the office of the Paying Agent or to the
office or agency referred to in Section&nbsp;10.02 to which the related Change of
Control Purchase Notice was delivered not later than three Business Days prior
to the Change of Control Purchase Date specifying as applicable:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;the name of the Holder;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;the certificate number of the Note in respect of which such
notice of withdrawal is being submitted;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;the principal amount of the Note (which shall be $1,000 or an
integral multiple thereof) delivered for purchase by the Holder as to
which such notice of withdrawal is being submitted;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;a statement that such Holder is withdrawing such Holder&#146;s
election to have such principal amount of such Note purchased; and</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;the principal amount, if any, of such Note (which shall be
$1,000 or an integral multiple thereof) that remains subject to the
original Change of Control Purchase Notice and that has been or will be
delivered for purchase by Publishing.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp; As provided in the Notes, the Trustee and the Paying Agent shall
return to Publishing any cash that remains unclaimed, together with interest or
dividends, if any, thereon, held by either of them for the payment of the
Change of Control Purchase Price; <I>provided</I>, however, that, (x)&nbsp;to the extent
that the aggregate amount of cash deposited by Publishing pursuant to clause
(ii)&nbsp;of paragraph (d)&nbsp;above exceeds the aggregate Change of Control Purchase
Price of the Notes or portions thereof to be purchased, then the Trustee or the
Paying Agent shall hold such excess for Publishing and (y)&nbsp;unless otherwise
directed by Publishing in writing, promptly after the Business Day following
the Change of Control Purchase Date, the Trustee or the Paying Agent shall
return any such excess to Publishing together with interest, if any, thereon.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp; Publishing shall comply with the applicable tender offer rules,
including Rule&nbsp;14e-1 under the Exchange Act, and any other applicable
securities laws or regulations in connection with a Change of Control Offer.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp; Notwithstanding the occurrence of a Change of Control, Publishing
shall not be obligated to repurchase the Notes pursuant to a Change of Control
Offer, or otherwise comply
</FONT>
<P align="center"><FONT size="2">83</FONT>
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<P align="left"><FONT size="2">with this Section, if Publishing has elected to redeem all of the Notes in
accordance with Article&nbsp;XI.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing shall not, and shall not permit any Subsidiary to, create or
permit to exist or become effective any restriction (other than restrictions
existing under (i)&nbsp;Indebtedness as in effect on the date of this Indenture as
such Indebtedness may be refinanced from time to time or (ii)&nbsp;the Senior Credit
Facility, <I>provided</I>, in each case, that such restrictions are no less favorable
to the Holders than those existing on the date of this Indenture) that would
expressly impair the ability of Publishing to make a Change of Control Offer to
purchase the Notes or, if such Change of Control Offer is made, to pay for the
Notes tendered for purchase.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.15. <B>Limitation on Issuance and Sale of Capital Stock of
Restricted Subsidiaries.</B> Publishing will not permit:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; any Restricted Subsidiary to issue any Capital Stock (other than to
Publishing or any Restricted Subsidiary); or
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; any Person (other than Publishing or a Restricted Subsidiary) to
acquire any Capital Stock of any Restricted Subsidiary from Publishing or any
Restricted Subsidiary,
</FONT>
<P align="left"><FONT size="2">except if, immediately after giving effect to such issuance or sale, such
Restricted Subsidiary would continue to be a Restricted Subsidiary or if,
immediately after giving effect to such issuance or sale, such Restricted
Subsidiary would no longer be a Restricted Subsidiary and Publishing&#146;s
Investment in such Person after giving effect to such issuance or sale would
have been permitted to be made under Section&nbsp;10.09 as if made on the date of
such issuance or sale (and such Investment shall be deemed to be an Investment
made for the purposes of such covenant). The proceeds of any issuance or sale
of such Capital Stock permitted hereby will be treated as Net Cash Proceeds
from an Asset Sale and must be applied in accordance with the provisions of
Section&nbsp;10.13.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.16. <B>Limitation on Dividends and Other Payment Restrictions
Affecting Restricted Subsidiaries.</B> Publishing will not, and will not permit
any of its Restricted Subsidiaries to, directly or indirectly, create or
otherwise cause or suffer to exist or become effective any encumbrance or
restriction on the ability of any Restricted Subsidiary to (a)&nbsp;pay dividends or
make any other distribution on its Capital Stock to Publishing or any other
Restricted Subsidiary, (b)&nbsp;pay any Indebtedness owed to Publishing or any other
Restricted Subsidiary, (c)&nbsp;make any Investment in Publishing or (d)&nbsp;transfer
any of its properties or assets to Publishing or any Restricted Subsidiary,
except (i)&nbsp;any encumbrance or restriction pursuant to or in connection with the
Senior Credit Facility as in effect on the date of this Indenture or any other
agreement in effect on the date of this Indenture, (ii)&nbsp;any encumbrance or
restriction, with respect to a Restricted Subsidiary that is not a Restricted
Subsidiary of Publishing on the date of this Indenture, in existence at the
time such Person becomes a Restricted Subsidiary of Publishing and not Incurred
in connection with, or in contemplation of, such Person becoming a Restricted
Subsidiary, (iii)&nbsp;any encumbrance or restriction pursuant to or in connection
with documents
existing or securing any Permitted Subsidiary Indebtedness that is not
materially more restrictive than the terms of any such restrictions existing on
the date of this Indenture or the date such Subsidiary becomes a Restricted
Subsidiary, as determined in good faith by an
</FONT>
<P align="center"><FONT size="2">84</FONT>
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<P align="left"><FONT size="2">officer of Publishing, (iv)
customary provisions restricting subletting or assignment of any lease
governing a leasehold interest of Publishing or any Restricted Subsidiary and
(v)&nbsp;any encumbrance or restriction existing under any amendments,
modifications, restatements, renewals, supplements, replacements or
refinancings of the agreements containing the encumbrances or restrictions in
the foregoing clauses (i), (ii)&nbsp;and (iii); <I>provided</I>, that the terms and
conditions of any such encumbrances or restrictions, taken as a whole, are not
materially less favorable to the Holders than those under or pursuant to the
agreement evidencing the Indebtedness so extended, renewed, refinanced or
replaced.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.17. <B>Provision of Financial Statements.</B> Whether or not Hollinger
International is subject to Section&nbsp;13(a) or 15(d) of the Exchange Act,
Hollinger International will, to the extent permitted under the Exchange Act,
file with the Commission the annual reports, quarterly reports and other
documents that it would have been required to file with the Commission pursuant
to such Sections&nbsp;13(a) or 15(d), including any information relating to
Publishing as may be required by Regulation&nbsp;S-X under the Exchange Act or by
the Commission, if it were so subject, such documents to be filed with the
Commission on or prior to the respective dates (the <B>&#147;Required Filing Dates&#148;</B>) by
which it would have been required so to file such documents if it were so
subject. Hollinger International will in any event (x)&nbsp;within 15&nbsp;days of such
Required Filing Date (i)&nbsp;transmit by mail to all Holders, as their names and
addresses appear in the Note Register, without cost to such Holders and (ii)
file with the Trustee copies of the annual reports, quarterly reports and other
documents which Publishing would have been required to file with the Commission
pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act if Hollinger
International were subject to such Sections and (y)&nbsp;if filing such documents by
Hollinger International with the Commission is not permitted under the Exchange
Act, promptly upon written request and payment of the reasonable cost of
duplication and delivery, supply copies of such documents to any prospective
holder of Notes at Publishing&#146;s cost.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.18. <B>Statement by Officers as to Default.</B> (a)&nbsp;Publishing will
deliver to the Trustee, on or before a date not more than 45&nbsp;days after the end
of each fiscal quarter and not more than 90&nbsp;days after the end of each fiscal
year of Publishing ending after the date hereof, a written statement signed by
two executive officers of Publishing, one of whom shall be the principal
executive officer, principal financial officer or principal accounting officer
of Publishing, stating whether or not, after a review of the activities of
Publishing during such year or such quarter and of Publishing&#146;s performance
under this Indenture, to the best knowledge, based on such review, of the
signers thereof, Publishing has fulfilled all its obligations and is in
compliance with all conditions and covenants under this Indenture throughout
such year or quarter, as the case may be, and, if there has been a Default,
specifying each Default and the nature and status thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; When any Default or Event of Default has occurred and is continuing,
or if the Trustee or any Holder or the trustee for or the holder of any other
evidence of Indebtedness of
Publishing or any Restricted Subsidiary gives any notice or takes any
other action with respect to a claimed default, Publishing shall deliver to the
Trustee by registered or certified mail or by telegram, telex or facsimile
transmission followed by hard copy an Officers&#146; Certificate specifying such
Default, Event of Default, notice or other action, the status thereof and what
action Publishing is taking or proposes to take with respect thereto, within
five Business Days of its occurrence.
</FONT>
<P align="center"><FONT size="2">85</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.19. <B>Waiver of Certain Covenants.</B> Publishing may omit in any
particular instance to comply with any covenant or condition set forth in
Sections&nbsp;10.05 through 10.13 and Sections&nbsp;10.15 through 10.18 if, before or
after the time for such compliance, the Holders of not less than a majority in
aggregate principal amount of the Notes at the time Outstanding waive such
compliance in such instance with such covenant or condition, but no such waiver
shall extend to or affect such covenant or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the
obligations of Publishing and the duties of the Trustee in respect of any such
covenant or condition shall remain in full force and effect.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.20. <B>Limitation on the Designation of Unrestricted Subsidiaries.</B>
(a)&nbsp;The Board of Directors may designate any Restricted Subsidiary as an
Unrestricted Subsidiary if (i)&nbsp;such action is in compliance with Section&nbsp;10.09
of this Indenture and (ii)&nbsp;such action complies with the definition of
&#147;Unrestricted Subsidiaries&#148;.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; The Board of Directors may designate any Unrestricted Subsidiary as a
Restricted Subsidiary if immediately after giving effect to such action (and
treating any Acquired Indebtedness as having been Incurred at the time of such
action), Publishing could have Incurred at least $1.00 of additional
Indebtedness (other than Permitted Indebtedness) pursuant to Section&nbsp;10.08 of
this Indenture.
</FONT>
<P align="center"><FONT size="2">ARTICLE XI
</FONT>
<P align="center"><FONT size="2"><B>Redemption of Notes</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.01. <B>Right of Redemption.</B> The Notes may be redeemed, at the
election of Publishing, as a whole or in part, at any time on or after December
15, 2006, subject to the conditions and at the Redemption Prices specified in
the form of Note or in the indenture supplemental hereto with respect to the
Notes as provided in Exhibit&nbsp;A, together with accrued and unpaid interest, if
any, to the Redemption Date (subject to the right of Holders of record of the
Notes on relevant Regular Record Dates and Special Record Dates to receive
interest due on relevant Interest Payment Dates) to the extent that this
Article does not conflict with the terms of the form of Note.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.02. <B>Applicability of Article.</B> Redemption of Notes at the election of Publishing or otherwise, as
permitted or required by any provision of this Indenture, shall be made in
accordance with such provision and this Article.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.03. <B>Election to Redeem; Notice to Trustee.</B> The election of
Publishing to redeem any Notes pursuant to Section&nbsp;11.01 shall be evidenced by
a Publishing Order and an Officers&#146; Certificate. In case of any redemption at
the election of Publishing, Publishing shall, not less than 30 nor more than 60
days prior to the Redemption Date fixed by Publishing (unless a shorter notice
period shall be satisfactory to the Trustee), notify the Trustee in writing of
such Redemption Date and of the principal amount of the Notes to be redeemed.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.04. <B>Selection by Trustee of Notes to be Redeemed.</B> (a)&nbsp;If less
than all the Notes are to be redeemed, the portions of the Notes to be redeemed
shall be selected not
</FONT>
<P align="center"><FONT size="2">86</FONT>
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<P align="left"><FONT size="2">more than 60&nbsp;days prior to the Redemption Date by the
Trustee (or such shorter period as the Trustee may agree upon), from the
Outstanding Notes not previously called for redemption, by lot or such other
method as the Trustee shall deem fair and reasonable, and the amounts to be
redeemed may be equal to $1,000 or any integral multiple thereof, unless
otherwise provided in the terms of the Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; The Trustee shall promptly notify Publishing and the Note Registrar in
writing of the Notes selected for redemption and, in the case of Notes selected
for partial redemption, the principal amount thereof to be redeemed.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to redemption of Notes shall relate, in the
case of any Note redeemed or to be redeemed only in part, to the portion of the
principal amount of such Note which has been or is to be redeemed.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.05. <B>Notice of Redemption.</B> (a)&nbsp;Notice of redemption shall be
given by first-class mail, postage prepaid, mailed not less than 30 nor more
than 60&nbsp;days prior to the Redemption Date, to each Holder of Notes to be
redeemed, at his address appearing in the Note Register. All notices of
redemption shall state:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Redemption Date;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Redemption Price;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;if less than all the Outstanding Notes are to be redeemed,
the identification of the particular Notes to be redeemed;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;in the case of a Note to be redeemed in part, the principal
amount of such Note to be redeemed and that after the Redemption Date
upon surrender of such Note, a
new Note or Notes in the aggregate principal amount equal to the
unredeemed portion thereof will be issued;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;that Notes called for redemption must be surrendered to the
Paying Agent to collect the Redemption Price;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;that on the Redemption Date the Redemption Price will become
due and payable upon each such Note or portion thereof to be redeemed,
and that (unless Publishing shall default in payment of the Redemption
Price) interest thereon shall cease to accrue on and after said date;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;the place or places where such Notes are to be surrendered for
payment of the Redemption Price; and</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;the CUSIP number, if any, relating to such Notes.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; Notice of redemption of Notes to be redeemed at the election of
Publishing shall be given by Publishing or at Publishing&#146;s written request, by
the Trustee in the name and at the expense of Publishing. If Publishing elects
to give notice of redemption, it shall provide the
</FONT>
<P align="center"><FONT size="2">87</FONT>
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<P align="left"><FONT size="2">Trustee with a certificate
stating that such notice has been given in compliance with the requirements of
this Section.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Such notice if mailed in the manner herein provided shall be
conclusively presumed to have been given, whether or not the Holder receives
such notice. In any case, failure to give such notice by mail or any defect in
the notice to the Holder of any Note designated for redemption as a whole or in
part shall not affect the validity of the proceedings for the redemption of any
other Note.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.06. <B>Deposit of Redemption Price.</B> Prior to 11:00&nbsp;a.m., New York
City time, on any Redemption Date, Publishing shall irrevocably deposit with
the Trustee or with a Paying Agent an amount of money in same day funds
sufficient to pay the Redemption Price of, and, except if the Redemption Date
shall be an Interest Payment Date, accrued interest on, all the Notes or
portions thereof which are to be redeemed on that date. The Trustee or the
Paying Agent shall hold in trust for, and return to, Publishing promptly after
the Business Day following the Redemption Date any interest or dividends, if
any, earned on amounts deposited with the Trustee or the Paying Agent remaining
after the payment of the aggregate Redemption Price for all Notes to be
redeemed; <I>provided </I>that neither the Trustee nor the Paying Agent shall be under
any obligation to place or invest such funds in an interest bearing account.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.07. <B>Notes Payable on Redemption Date.</B> (a)&nbsp;Notice of redemption
having been given as aforesaid, the Notes so to be redeemed shall, on the
Redemption Date, become due and payable at the Redemption Price therein
specified and from and after such date (unless Publishing shall not have
deposited funds in accordance with Section&nbsp;11.06 in respect of the payment of
the Redemption Price and accrued interest) such Notes shall cease to bear
interest. Upon surrender
of any such Note for redemption in accordance with said notice, such Note
shall be paid by Publishing at the Redemption Price together with accrued
interest to the Redemption Date; <I>provided</I>, however, that installments of
interest whose Stated Maturity is on or prior to the Redemption Date shall be
payable to the Holders of such Notes, or one or more Predecessor Notes,
registered as such on the relevant Regular Record Dates according to the terms
and the provisions of Section&nbsp;3.08.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; If any Note called for redemption shall not be so paid upon surrender
thereof for redemption, by deposit or segregation of funds in accordance with
Section&nbsp;11.06, the principal and premium, if any, shall, until paid, bear
interest from the Redemption Date at the rate then borne by such Note.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.08. <B>Notes Redeemed or Purchased in Part.</B> Any Note which is to
be redeemed or purchased only in part shall be surrendered to the Paying Agent
at the office or agency maintained for such purpose pursuant to Section&nbsp;10.02
(with, if Publishing, the Note Registrar or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to
Publishing, the Note Registrar or the Trustee as the case may be, duly executed
by the Holder thereof or such Holder&#146;s attorney duly authorized in writing),
and Publishing shall execute, and pursuant to a Publishing Order the Trustee
shall authenticate and deliver to the Holder of such Note without service
charge, a new Note or Notes, of any authorized denomination as requested by
such Holder in aggregate principal amount equal to,
</FONT>
<P align="center"><FONT size="2">88</FONT>
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<P align="left"><FONT size="2">and in exchange for, the
unredeemed portion of the principal of the Note so surrendered that is not
redeemed or purchased.
</FONT>
<P align="center"><FONT size="2">ARTICLE XII
</FONT>
<P align="center"><FONT size="2"><B>Satisfaction and Discharge</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.01. <B>Satisfaction and Discharge of Indenture.</B> This Indenture
shall cease to be of further effect (except as to surviving rights of
registration of transfer or exchange of the Notes herein expressly provided
for) and the Trustee, on demand of and at the expense of Publishing, shall
execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; either:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;all the Notes theretofore authenticated and delivered
(other than (x)&nbsp;lost, stolen or destroyed Notes which have been
replaced or paid as provided in Section&nbsp;3.07 and (y)&nbsp;Notes for
whose payment United States dollars have theretofore been
irrevocably deposited in trust by Publishing and thereafter repaid
to Publishing or discharged from such trust, as provided in Section
10.03) have been delivered to the Trustee for cancellation; or</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;all Notes not theretofore delivered to the Trustee for
cancellation</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;have become due and payable, or</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;will become due and payable at their Stated Maturity
within one year, or</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;are to be called for redemption within one year
under arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at
the expense, of Publishing,</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">and Publishing has irrevocably deposited or caused to be
deposited with the Trustee as trust funds in trust an amount
sufficient to pay and discharge the entire indebtedness on
the Notes not theretofore delivered to the Trustee for
cancellation, including principal of, premium, if any, and
accrued interest on the Notes at such Maturity, Stated
Maturity or Redemption Date;</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; Publishing has paid all other sums payable hereunder by Publishing;
and
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Publishing has delivered to the Trustee an Officers&#146; Certificate and
an Opinion of Counsel each to the effect that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have
been complied with and that such satisfaction and discharge will not result in
a breach or violation of, or constitute a default under, this Indenture.
</FONT>
<P align="center"><FONT size="2">89</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of Publishing to the Trustee under Section&nbsp;6.07 and, if United
States dollars shall have been deposited with the Trustee pursuant to subclause
(ii)&nbsp;of Subsection (a)&nbsp;of this Section, the obligations of the Trustee under
Section&nbsp;12.02 and the last paragraph of Section&nbsp;10.03 shall survive.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.02. <B>Application of Trust Money.</B> Subject to the provisions of
the last paragraph of Section&nbsp;10.03, all United States dollars deposited with
the Trustee pursuant to Section&nbsp;12.01 shall be held in trust and applied by it,
in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent as the Trustee may
determine, to the Persons entitled thereto, of the principal of, premium, if
any, and interest on the Notes for whose payment such United States dollars
have been deposited with the Trustee.
</FONT>
<P align="center"><FONT size="2">ARTICLE XIII
</FONT>
<P align="center"><FONT size="2"><B>Guarantee</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.01. <B>Hollinger International Guarantee.</B> For value received,
Hollinger International, in accordance with this Article&nbsp;XIII, hereby
absolutely, unconditionally and irrevocably guarantees to the Trustee and the
Holders, as
if Hollinger International were the principal debtor, the punctual payment
and performance when due of all Indenture Obligations (which for purposes of
this Guarantee shall also be deemed to include all commissions, fees, charges,
costs and other expenses (including reasonable legal fees and disbursements of
one counsel) arising out of or incurred by the Trustee or the Holders in
connection with the enforcement of this Guarantee).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.02. <B>Continuing Guarantee; No Right of Set-Off; Independent
Obligation.</B> (a)&nbsp;This Guarantee shall be a continuing guarantee of the payment
and performance of all Indenture Obligations and shall remain in full force and
effect until the payment in full of all of the Indenture Obligations and shall
apply to and secure any ultimate balance due or remaining unpaid to the Trustee
(including the fees and expenses of its agents and counsel) or the Holders; and
this Guarantee shall not be considered as wholly or partially satisfied by the
payment or liquidation at any time or from time to time of any sum of money for
the time being due or remaining unpaid to the Trustee or the Holders.
Hollinger International covenants and agrees to comply with all obligations,
covenants, agreements and provisions applicable to it in this Indenture
including those set forth in Article&nbsp;VIII and Section&nbsp;10.17. Without limiting
the generality of the foregoing, Hollinger International&#146;s liability shall
extend to all amounts which constitute part of the Indenture Obligations and
would be owed by Publishing under this Indenture and the Notes but for the fact
that they are unenforceable, reduced, limited, impaired, suspended or not
allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving Publishing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; Hollinger International hereby guarantees that the Indenture
Obligations will be paid to the Trustee without set-off or counterclaim or
other reduction whatsoever (whether for taxes, withholding or otherwise) in
lawful currency of the United States of America.
</FONT>
<P align="center"><FONT size="2">90</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Hollinger International guarantees that the Indenture Obligations
shall be paid strictly in accordance with their terms regardless of any law,
regulation or order now or hereafter in effect in any jurisdiction affecting
any of such terms or the rights of the holders of the Notes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; Hollinger International&#146;s liability to pay or perform or cause the
performance of the Indenture Obligations under this Guarantee shall arise
forthwith after demand for payment or performance by the Trustee has been given
to Hollinger International in the manner prescribed in Section&nbsp;1.06 hereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp; Except as provided herein, the provisions of this Article&nbsp;XIII cover
all agreements between the parties hereto relative to this Guarantee and none
of the parties shall be bound by any representation, warranty or promise made
by any Person relative thereto which is not embodied herein; and it is
specifically acknowledged and agreed that this Guarantee has been delivered by
Hollinger International free of any conditions whatsoever and that no
representations, warranties or promises have been made to Hollinger
International affecting its liabilities hereunder, and that the Trustee shall
not be bound by any representations, warranties or promises now or at any time
hereafter made by Publishing to Hollinger International.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.03. <B>Guarantee Absolute.</B> The obligations of Hollinger International hereunder are independent of
the obligations of Publishing under the Notes and this Indenture and a separate
action or actions may be brought and prosecuted against Hollinger International
whether or not an action or proceeding is brought against Publishing and
whether or not Publishing is joined in any such action or proceeding. The
liability of Hollinger International hereunder is irrevocable, absolute and
unconditional and (to the extent permitted by law) the liability and
obligations of Hollinger International hereunder shall not be released,
discharged, mitigated, waived, impaired or affected in whole or in part by:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; any defect or lack of validity or enforceability in respect of any
Indebtedness or other obligation of Publishing or any other Person under this
Indenture or the Notes, or any agreement or instrument relating to any of the
foregoing;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; any grants of time, renewals, extensions, indulgences, releases,
discharges or modifications which the Trustee or the Holders may extend to, or
make with, Publishing, Hollinger International or any other Person, or any
change in the time, manner or place of payment of, or in any other term of, all
or any of the Indenture Obligations, or any other amendment or waiver of, or
any consent to or departure from, this Indenture or the Notes, including any
increase or decrease in the Indenture Obligations;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; the taking of security from Publishing, Hollinger International or any
other Person, and the release, discharge or alteration of, or other dealing
with, such security;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; the occurrence of any change in the laws, rules, regulations or
ordinances of any jurisdiction by any present or future action of any
governmental authority or court amending, varying, reducing or otherwise
affecting, or purporting to amend, vary, reduce or otherwise affect, any of the
Indenture Obligations and the obligations of Hollinger International hereunder;
</FONT>
<P align="center"><FONT size="2">91</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp; the abstention from taking security from Publishing, Hollinger
International or any other Person or from perfecting, continuing to keep
perfected or taking advantage of any security;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp; any loss, diminution of value or lack of enforceability of any
security received from Publishing, Hollinger International or any other Person,
and including any other guarantees received by the Trustee;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp; any other dealings with Publishing, Hollinger International or any
other Person, or with any security;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp; the Trustee&#146;s or the Holders&#146; acceptance of or entering into any
composition with Publishing or Hollinger International;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp; the application by the Holders or the Trustee of all monies at any
time and from time to time received from Publishing, Hollinger International or
any other Person on account of any indebtedness and liabilities owing by
Publishing or Hollinger International to the Trustee or the Holders, in such
manner as the Trustee or the Holders deem best and the changing of such
application in whole or in part and at any time or from time to time, or any
manner of
application of collateral, or proceeds thereof, to all or any of the
Indenture Obligations, or the manner of sale of any Collateral;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp; the release or discharge of Publishing or Hollinger International or
of any other Guarantor of the Notes or of any Person liable directly as surety
or otherwise by operation of law or otherwise for the Notes, other than an
express release in writing given by the Trustee, on behalf of the Holders, of
the liability and obligations of Hollinger International hereunder;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp; any change in the name, business, capital structure or governing
instrument of Publishing or Hollinger International or any refinancing or
restructuring of any of the Indenture Obligations;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp; the sale of Publishing&#146;s or Hollinger International&#146;s business or any
part thereof;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp; subject to Section&nbsp;13.14, any merger or consolidation, arrangement or
reorganization of Publishing, Hollinger International, any Person resulting
from the merger or consolidation of Publishing or Hollinger International with
any other Person or any other successor to such Person or merged or
consolidated Person or any other change in the corporate existence, structure
or ownership of Publishing or Hollinger International;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp; the insolvency, bankruptcy, liquidation, winding-up, dissolution,
receivership or distribution of the assets of Publishing or its assets or any
resulting discharge of any obligations of Publishing (whether voluntary or
involuntary) or of Hollinger International or the loss of corporate existence;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp; subject to Section&nbsp;13.14, any arrangement or plan of reorganization
affecting Publishing or Hollinger International;
</FONT>
<P align="center"><FONT size="2">92</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp; any other circumstance (including any statute of limitations) that
might otherwise constitute a defense available to, or discharge of, Publishing
or Hollinger International; or
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp; any modification, compromise, settlement or release by the Trustee, or
by operation of law or otherwise, of the Indenture Obligations or the liability
of Publishing or any other obligor under the Notes, or of any Collateral, in
whole or in part, and any refusal of payment by the Trustee, in whole or in
part, from any other obligor or other guarantor in connection with any of the
Indenture Obligations, whether or not with notice to, or further assent by, or
any reservation of rights against, Hollinger International.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.04. <B>Right to Demand Full Performance.</B> In the event of any
demand for payment or performance by the Trustee from Hollinger International
hereunder, the Trustee or the Holders shall have the right to demand their full
claim and to receive all dividends or other payments in respect thereof until
the Indenture Obligations shall have been paid in full, and Hollinger
International shall continue to be liable hereunder for any balance which may
be owing to the Trustee (including the fees and expenses of its agent and
counsel) or the Holders by Publishing under this Indenture and the Notes. The
retention by the Trustee or the Holders of any security, prior to the
realization by the Trustee or the Holders of their rights to such security upon
foreclosure thereon, shall not, as between the Trustee and Hollinger
International, be considered as a purchase of such security, or as payment,
satisfaction or reduction of the Indenture Obligations due to the Trustee or
the Holders by Publishing or any part thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.05. <B>Waivers.</B> (a)&nbsp;Hollinger International hereby expressly
waives (to the extent permitted by law) notice of the acceptance of this
Guarantee and notice of the existence, renewal, extension or the
nonperformance, nonpayment, or nonobservance on the part of Publishing of any
of the terms, covenants, conditions and provisions of this Indenture or the
Notes or any other notice whatsoever to or upon Publishing or Hollinger
International with respect to the Indenture Obligations. Hollinger
International hereby acknowledges communication to it of the terms of this
Indenture and the Notes and all of the provisions therein contained and
consents to and approves the same. Hollinger International hereby expressly
waives (to the extent permitted by law) diligence, presentment, protest and
demand for payment.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; Without prejudice to any of the rights or recourses which the Trustee
or the Holders may have against Publishing, Hollinger International hereby
expressly waives (to the extent permitted by law) any right to require the
Trustee or the Holders to:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;initiate or exhaust any rights, remedies or recourse
against Publishing, Hollinger International or any other Person;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;value, realize upon, or dispose of any security of
Publishing or any other Person held by the Trustee or the Holders;
or</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;initiate or exhaust any other remedy which the Trustee
or the Holders may have in law or equity;</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">before requiring or becoming entitled to demand payment from Hollinger
International under this Guarantee.
</FONT>
<P align="center"><FONT size="2">93</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.06. <B>Hollinger International Remains Obligated in Event
Publishing Is No Longer Obligated to Discharge Indenture
Obligations.</B> It is
the express intention of the Trustee and Hollinger International that if for
any reason Publishing has no legal existence, is or becomes under no legal
obligation to discharge the Indenture Obligations owing to the Trustee or the
Holders by Publishing or if any of the Indenture Obligations owing by
Publishing to the Trustee or the Holders becomes irrecoverable from Publishing
by operation of law or for any reason whatsoever, this Guarantee and the
covenants, agreements and obligations of Hollinger International contained in
this Article&nbsp;XIII shall nevertheless be binding upon Hollinger International,
as principal debtor, until such time as all such Indenture Obligations have
been paid in full to the Trustee and all Indenture Obligations owing to the
Trustee or the Holders by Publishing have been discharged, or such earlier time
as Section&nbsp;4.02 shall apply to the Notes and Hollinger International shall be
responsible for the payment thereof to the Trustee or the Holders upon demand.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.07. <B>Waiver of Rights.</B> Hollinger International agrees (to the
extent permitted by law) that it hereby waives and will not in any manner
whatsoever claim or take the benefit or advantage of, any rights of
reimbursement, exoneration, contribution, indemnity or subrogation (whether
contractual, under Section&nbsp;509 of Title Eleven of the United States Code, under
common law or otherwise) or any similar rights or &#147;claims&#148; (as such term is
defined under Title Eleven of the United States Code), against Publishing or
any Restricted Subsidiary arising from the existence of, or performance by,
Hollinger International under this Guarantee.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.08. <B>Guarantee Is in Addition to Other Security.</B> This Guarantee
shall be in addition to and not in substitution for any other guarantees or
other security which the Trustee may now or hereafter hold in respect of the
Indenture Obligations owing to the Trustee or the Holders by Publishing and
(except as may be required by law) the Trustee shall be under no obligation to
marshal in favor of Hollinger International any other guarantees or other
security or any moneys or other assets which the Trustee may be entitled to
receive or upon which the Trustee or the Holders may have a claim.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.09. <B>Release of Security Interests.</B> Without limiting the
generality of the foregoing and except as otherwise provided in this Indenture,
Hollinger International hereby consents and agrees, to the fullest extent
permitted by applicable law, that the rights of the Trustee hereunder, and the
liability of Hollinger International hereunder, shall not be affected by any
and all releases for any purpose of any Collateral, if any, from the Liens and
security interests created by any document relating thereto and that this
Guarantee shall continue to be effective or be reinstated, as the case may be,
if at any time any payment of any of the Indenture Obligations is rescinded or
must otherwise be returned by the Trustee upon the insolvency, bankruptcy or
reorganization of Publishing or otherwise, all as though such payment had not
been made.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.10. <B>No Bar to Further Actions.</B> Except as provided by law, no
action or proceeding brought or instituted under Article&nbsp;XIII and this
Guarantee and no recovery or judgment in pursuance thereof shall be a bar or
defense to any further action or proceeding which may be brought under Article
XIII and this Guarantee by reason of any further default or defaults under
Article&nbsp;XIII and this Guarantee or in the payment of any of the Indenture
Obligations owing by Publishing.
</FONT>
<P align="center"><FONT size="2">94</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.11. <B>Failure to Exercise Rights Shall Not Operate as a Waiver; No
Suspension of Remedies.</B> (a)&nbsp;No failure to exercise and no delay in
exercising, on the part of the Trustee or the Holders, any right, power,
privilege or remedy under this Article&nbsp;XIII and this Guarantee shall operate as
a waiver thereof, nor shall any single or partial exercise of any rights,
power, privilege or remedy preclude any other or further exercise thereof, or
the exercise of any other rights, powers, privileges or remedies. The rights
and
remedies herein provided for are cumulative and not exclusive of any
rights or remedies provided in law or equity.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; Nothing contained in this Article&nbsp;XIII shall limit the right of the
Trustee or the Holders to take any action to accelerate the maturity of the
Notes pursuant to Article&nbsp;V or to pursue any rights or remedies hereunder or
under applicable law.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.12. <B>Trustee&#146;s Duties; Notice to Trustee.</B> (a)&nbsp;Any provision in
this Article&nbsp;XIII or elsewhere in this Indenture allowing the Trustee to
request any information or to take any action authorized by, or on behalf of
Hollinger International, shall be permissive and shall not be obligatory on the
Trustee except as the Holders may direct in accordance with the provisions of
this Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; The Trustee shall not be required to inquire into the existence,
powers or capacities of Publishing, Hollinger International or the officers,
directors or agents acting or purporting to act on their respective behalf.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Notwithstanding the provisions of this Article&nbsp;XIII or any other
provision of this Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts which would prohibit the making of any payment to or
by the Trustee in respect of the Notes, unless and until the Trustee shall have
received written notice thereof from Hollinger International; and, prior to the
receipt of any such written notice, the Trustee, subject to the provisions of
Section&nbsp;6.01, shall be entitled in all respects to assume that no such facts
exist; <I>provided</I>, however, that if the Responsible Officer of the Trustee shall
not have received any such notice from Hollinger International at least three
Business Days prior to the date upon which by the terms hereof any money may
become payable for any purpose (including, without limitation, the payment of
the principal of, premium, if any, or interest on any Note), then, anything
herein contained to the contrary notwithstanding, the Trustee shall have full
power and authority to receive such money and to apply the same to the purpose
for which such money was received and shall not be affected by any notice to
the contrary which may be received by it within three Business Days prior to
such date; nor shall the Trustee be charged with knowledge of the curing of any
such default or the elimination of the act or condition preventing any such
payment unless and until the Responsible Officer of the Trustee shall have
received an Officers&#146; Certificate to such effect.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; In the case at any time any Paying Agent other than the Trustee shall
have been appointed by Publishing and be then acting hereunder, the term
<B>&#147;Trustee&#148;</B> as used in this Article&nbsp;XIII shall in such case (unless the context
otherwise requires) be construed as extending to and including such Paying
Agent within its meaning as fully for all intents and purposes as if such
Paying Agent were named in this Article&nbsp;XIII in addition to or in place of the
Trustee; <I>provided</I>, however, that this Section shall not apply to Publishing or
any Affiliate of Publishing if Publishing or such Affiliate acts as Paying
Agent.
</FONT>
<P align="center"><FONT size="2">95</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.13. <B>Successors and Assigns.</B> All terms, agreements and
conditions of this Article&nbsp;XIII shall extend to and be binding upon Hollinger
International and its successors and permitted assigns and shall enure to
the benefit of and may be enforced by the Trustee and its successors and
assigns; <I>provided</I>, however, that Hollinger International may not assign any of
its rights or obligations hereunder other than in accordance with Article&nbsp;VIII.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.14. <B>Release of Guarantee.</B> Concurrently with the payment in full
of all of the Indenture Obligations, Hollinger International shall be released
from and relieved of its obligations under this Article&nbsp;XIII. Upon the
delivery by Publishing to the Trustee of an Officers&#146; Certificate and, if
requested by the Trustee, an Opinion of Counsel to the effect that the
transaction giving rise to the release of this Guarantee was made by Publishing
in accordance with the provisions of this Indenture and the Notes, the Trustee
shall execute any documents reasonably required in order to evidence the
release of Hollinger International from its obligations under this Guarantee.
If any of the Indenture Obligations are revived and reinstated after the
termination of this Guarantee, then all of the obligations of Hollinger
International under this Guarantee shall be revived and reinstated as if this
Guarantee had not been terminated until such time as the Indenture Obligations
are paid in full, and Hollinger International shall enter into an amendment to
this Guarantee, reasonably satisfactory to the Trustee, evidencing such revival
and reinstatement.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Guarantee shall terminate (a)&nbsp;upon a merger or consolidation of
Hollinger International with Publishing, in accordance with Article&nbsp;VIII or (b)
if after giving effect to a transaction or transactions permitted to be
consummated pursuant to Article&nbsp;VIII, Hollinger International no longer owns
any Capital Stock of Publishing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.15. <B>Execution of Guarantee.</B> To evidence the Guarantee,
Hollinger International hereby agrees to execute a guarantee substantially in
the form set forth in Exhibit&nbsp;A, to be endorsed on each Note authenticated and
delivered by the Trustee and that this Indenture shall be executed on behalf of
Hollinger International by its Chairman of the Board, its President or one of
its Vice Presidents, under its corporate seal reproduced thereon attested by
its Secretary or one of its Assistant Secretaries. The signature of any of
these officers on the Notes may be manual or facsimile.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.16. <B>Payment Permitted by Hollinger International if No Default.</B>
Nothing contained in this Article, elsewhere in this Indenture or in any of the
Notes shall prevent Hollinger International from making payments at any time of
principal of, premium, if any, or interest on the Notes.
</FONT>
<P align="center"><FONT size="2">* * * *
</FONT>
<P align="center"><FONT size="2">96</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed, all as of the day and year first above written.
</FONT>
<P>&nbsp;
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">HOLLINGER INTERNATIONAL<BR>
PUBLISHING INC.</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">By</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">&nbsp;</FONT><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Attest:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&nbsp;<BR>
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Title:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">HOLLINGER INTERNATIONAL INC., solely<BR>
in its capacity as Guarantor</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">By</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">&nbsp;</FONT><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Attest:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&nbsp;<BR>
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Title:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">WACHOVIA TRUST COMPANY, NATIONAL<BR>
ASSOCIATION, not in its individual<BR>
capacity, but solely as Trustee hereunder</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">By</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">&nbsp;</FONT><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">97</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2">SCHEDULE 1
</FONT>

<P align="center"><FONT size="2"><B>PERMITTED INDEBTEDNESS</B>
</FONT>

<P align="center"><FONT size="2">98</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="right"><FONT size="2">EXHIBIT A
</FONT>

<P align="center"><FONT size="2"><B>FORM OF NOTE</B>
</FONT>

<P align="center"><FONT size="2">99</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="right"><FONT size="2"><B>EXHIBIT B</B>
</FONT>

<P align="center"><FONT size="2"><B>FORM OF TRANSFER CERTIFICATE FOR TRANSFER TO QIB</B>
</FONT>

<P align="right"><FONT size="2"><B>&#091;Date&#093;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

<P align="left"><FONT size="2">Wachovia Trust Company, National Association<BR>
Corporate Trust Administration<BR>
920 King Street, Suite&nbsp;102<BR>
Wilmington, DE 19801
</FONT>
<P align="center"><FONT size="2"><B>Re: 9% Senior Notes due 2010 (the &#147;Notes&#148;) of<BR>
Hollinger International Publishing Inc. (the &#147;Company&#148;)</B>
</FONT>
<P align="left"><FONT size="2">Ladies and Gentlemen:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to the Indenture, dated as of December&nbsp;23, 2002
(as amended and supplemented from time to time, the &#147;Indenture&#148;), among the
Company, Hollinger International Inc. and Wachovia Trust Company, National
Association, as Trustee. Capitalized terms used but not defined herein shall
have the meanings given them in the Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This letter relates to the transfer of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate principal
amount of Notes &#091;in the case of a transfer of an interest in a Regulation&nbsp;S
Global Note: which represents an interest in a Regulation&nbsp;S Global Note
beneficially owned&#093; by the undersigned (the &#147;Transferor&#148;), to effect the
transfer of such Notes in exchange for an equivalent beneficial interest in the
Rule&nbsp;144A Global Note.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with such request, and with respect to such Notes, the
Transferor does hereby certify that such Notes are being transferred in
accordance with Rule&nbsp;144A under the Securities Act of 1933, as amended (&#147;Rule
144A&#148;), to a transferee that the Transferor reasonably believes is purchasing
the Notes for its own account or an account with respect to which the
transferee exercises sole investment discretion, and the transferee, as well as
any such account, is a &#147;qualified institutional buyer&#148; within the meaning of
Rule&nbsp;144A, in a transaction meeting the requirements of Rule&nbsp;144A and in
accordance with applicable securities laws of any state of the United States or
any other jurisdiction.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You and the Company are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">Very truly yours,</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">&#091;Name of Transferor&#093;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade width="60%"><FONT size="2">
Authorized Signature</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">100</FONT>



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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2"><B>EXHIBIT C</B>
</FONT>

<P align="center"><FONT size="2"><B>FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH<BR>
TRANSFERS PURSUANT TO REGULATION S</B>
</FONT>

<P align="right"><FONT size="2"><B>&#091;Date&#093;</B>
</FONT>

<P align="left"><FONT size="2">Wachovia Trust Company, National Association<BR>
Corporate Trust Administration<BR>
920 King Street, Suite&nbsp;102<BR>
Wilmington, DE 19801
</FONT>
<P align="center"><FONT size="2"><B>Re: 9% Senior Notes Due 2010 (the &#147;Notes&#148;) of<BR>
Hollinger International Publishing Inc. (the &#147;Company&#148;)</B>
</FONT>

<P align="left"><FONT size="2">Ladies and Gentlemen:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to the Indenture, dated as of December&nbsp;23, 2002
(as amended and supplemented from time to time, the &#147;Indenture&#148;), among the
Company, Hollinger International Inc. and Wachovia Trust Company, National
Association, as Trustee. Capitalized terms used but not defined herein shall
have the meanings given them in the Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the proposed sale of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate principal
amount of the Notes &#091;in the case of a transfer of an interest in a Rule&nbsp;144A
Global Note: which represents an interest in a Rule&nbsp;144A Global Note
beneficially owned&#093; by the undersigned (the &#147;Transferor&#148;), we confirm that such
sale has been effected pursuant to and in accordance with Regulation&nbsp;S under
the Securities Act of 1933, as amended (&#147;Regulation&nbsp;S&#148;), and, accordingly, we
represent that:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the offer of the Notes was not made to a person in the United
States;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;either (i)&nbsp;at the time the buy order was originated, the
transferee was outside the United States or we and any person acting on
our behalf reasonably believed that the transferee was outside the United
States or (ii)&nbsp;the transaction was executed in, on or through the
facilities of a designated off-shore securities market and neither we nor
any person acting on our behalf knows that the transaction has been
pre-arranged with a buyer in the United States;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;no directed selling efforts have been made in the United States
in contravention of the requirements of Rule&nbsp;903(b) or Rule&nbsp;904(b) of
Regulation&nbsp;S, as applicable;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act; and</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;we are the beneficial owner of the principal amount of Notes
being transferred.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, if the sale is made during a Distribution Compliance Period
and the provisions of Rule&nbsp;904(b)(1) or Rule&nbsp;904(b)(2) of Regulation&nbsp;S are
applicable thereto, we confirm that such sale has been made in accordance with
the applicable provisions of Rule&nbsp;904(b)(1) or Rule&nbsp;904(b)(2), as the case may
be.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You and the Company are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. Terms used in this letter have the
meanings set forth in Regulation&nbsp;S.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">
Very truly yours,</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">
&#091;Name of Transferor&#093;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><FONT size="2"><HR size="1"></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><FONT size="2">Authorized Signature</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">2</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="right"><FONT size="2"><B>EXHIBIT D</B>
</FONT>

<P align="center"><FONT size="2"><B>FORM OF RULE 144 CERTIFICATION</B>

</FONT>

<P align="right"><FONT size="2"><B>&#091;Date&#093;</B>
</FONT>

<P align="left"><FONT size="2">Wachovia Trust Company, National Association<BR>
Corporate Trust Administration<BR>
920 King Street, Suite&nbsp;102<BR>
Wilmington, DE 19801
</FONT>
<P align="center"><FONT size="2"><B>Re: 9% Senior Notes Due 2010 (the &#147;Notes&#148;) of<BR>
Hollinger International Publishing Inc. (the &#147;Company&#148;)</B>
</FONT>

<P align="left"><FONT size="2">Ladies and Gentlemen:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to the Indenture, dated as of December&nbsp;23, 2002
(as amended and supplemented from time to time, the &#147;Indenture&#148;), among the
Company, Hollinger International Inc. and Wachovia Trust Company, National
Association, as Trustee. Capitalized terms used but not defined herein shall
have the meanings given them in the Indenture.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the proposed sale of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate principal
amount of the Notes &#091;in the case of a transfer of an interest in a Rule&nbsp;144A
Global Note: which represents an interest in a Rule&nbsp;144A Global Note
beneficially owned&#093; by the undersigned (the &#147;Transferor&#148;), we confirm that such
sale has been effected pursuant to and in accordance with Rule&nbsp;144 under the
Securities Act.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You and the Company are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">
Very truly yours,</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">
&#091;Name of Transferor&#093;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><FONT size="2"><HR size="1"></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><FONT size="2">Authorized Signature</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2"></FONT>



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