Investor Presentation

Paul Godfrey - President & CEODouglas Lamb - Executive Vice President & CFOgJuly, 2011

Forward-Looking StatementsThis presentation includes information intended or deemed to be “forward-looking information” including in respect of the Company’sThis presentation includes information intended or deemed to be forward-looking information including in respect of the Company s digital first strategy and initiatives and expected incremental annual revenue as a result thereof, and transformation projects and related annual savings as a result thereof. By their nature, forward-looking information and statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include, but are not limited to, competition from other newspapers and alternative forms of media; the effect of economic conditions on advertising revenue; the ability of the Company to build out its digital media and online businesses; the continuation of current print and online newspaper readership and circulation levels; the realization of anticipated cost savings; possible damage to the reputation of the Company’s brands or trademarks; possible labour disruptions; possible environmental liabilities, litigation and pension plan obligations; fluctuations in foreign exchange rates and the prices of newsprint and other commodities; and challenges related to operating as a stand-alone entity. A full description of these and other risks and uncertainties are set forth in the Company’s Non-offering Prospectus dated June 7, 2011 under the section “Risk factors”, which can be found on SEDAR at www.sedar.com and which section is incorporated by reference herein. Although the Company bases such information and statements on assumptions believed to be reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry in which the Company operates may differ materially from any such information and statements in thisand developments in the industry in which the Company operates may differ materially from any such information and statements in this presentation. Given these risks and uncertainties, undue reliance should not be placed on any forward-looking information or forward-looking statements, which speak only as of the date of such information or statements. The Company does not undertake, and specifically declines, any obligation to update such information or statements or to publicly announce the results of any revisions to any such information or statements.

Non-GAAP MeasuresThe financial statements of Postmedia and the Limited Partnership have been prepared in accordance with Canadian Generally Accepted Accounting Principles (“GAAP”). In certain aspects US Generally Accepted Accounting Principles as applied in the UnitedStates (“US GAAP”) differs from Canadian GAAP. See “Differences between Canadian and US GAAP.

This discussion also makes reference to free cash flow and to operating profit before amortization, restructuring and other items, which are non-GAAP financial measures, to assist in assessing our financial performance. Non-GAAP financial measures do not have any standard meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companiesstandard meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. For a reconciliation of operating profit before amortization, restructuring and other items, see “Reconciliation of Non-GAAP Financial Measures” in the Management’s Discussion and Analysis which can be found on SEDAR at www.sedar.com..

Unless otherwise noted, all references to “$” are to Canadian dollars.

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Postmedia Network

• Newspaper brands that reach as far back as 1778

• Daily newspapers weekly community publications magazines• Daily newspapers, weekly community publications, magazines

• Multiplatform content delivery – web, smartphone, tablet

• 50+ destination websites – news, sports, entertainment, business

• National News Service – approximately 1,000 journalists

• Editorial services operation – pagination, sports agate, comics

• Media monitoring B2B subscription service• Media monitoring B2B subscription service

• Print and digital sales representation

• Flyer distribution operations

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• Largest publisher of English-language paid daily newspapers by circulation in

Postmedia Network – Key Company HighlightsLargest publisher of English language paid daily newspapers by circulation in Canada with marquee brands

• Postmedia’s metro daily newspapers are #1 English-language dailies in terms of reach and revenue in each of the markets they serve

Leading English news source in its key markets

Large and growing • Extensive portfolio of premium digital media and online assets

Significant cost-savings opportunities

• Multiple cost reduction initiatives successfully completed in 2009 and 2010• On-track to implement additional cost-saving opportunities in 2011

digital media and online business

Extensive portfolio of premium digital media and online assets• Number of unique visitors to metro newspaper websites continues to grow

Strong free cash flow • Attractive margins and reduced capital expenditures drive strong free cash flow• Enhanced stability through geographically diverse revenue base

(1)

Positioned for future growth

• Continued focus on online revenue growth and Digital First strategy• Cost initiatives position Postmedia to drive growth in profitability with economic

recovery

St t t f i d i d t tStrong, well-respected management team

• Strong management team of experienced industry veterans• Board of Directors with extensive experience in the media sector

(1) Represents a non-GAAP financial measure. Postmedia believes this measure is beneficial from the perspective of assessing the Company’s financial performance. However, non-GAAP financial measures do not have any standard definition prescribed under GAAP and as such may not be comparable to similar measures used by other companies

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financial measures do not have any standard definition prescribed under GAAP and as such may not be comparable to similar measures used by other companies.

Well-Established and Trusted Brands

• Postmedia’s newspaper brands are woven into the fabric of the communities they servePostmedia s newspaper brands are woven into the fabric of the communities they serve, some for over a century

• 10 daily metropolitan newspapers, which are each #1 in the markets they serve» Brands include the Calgary Herald, Montreal Gazette and Vancouver Sun

• The National Post one of Canada’s two daily national newspapers focused on key urbanThe National Post, one of Canada s two daily national newspapers, focused on key urban markets

• 26 community mastheads, serving areas of BC and Southwestern Ontario

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Postmedia Network – A brief history

July 13 , 2010 Newly formed Postmedia Network completes acquisition of Canwest Publishing print and online assets

September 22 , 2010 Record high online audiences in first month of operation – 7.9 million UVs

September 30 , 2010 College Printers facility in B.C. closed – reduction of 91 FTEs

October 30 2010 Reduction of 261 FTEs through voluntary & involuntary departuresOctober 30 , 2010 Reduction of 261 FTEs through voluntary & involuntary departures

October 31, 2010 Subscriber/customer service call centre outsourced to Dominican Republic – reduction of 126 FTEs

December 2, 2010 Launch of SwarmJam – group buying website

December 7, 2010 iPad apps launched for 10 metro dailies

December 23 2010 National Post reader app launched for iPad iPhone and iPod touchDecember 23 , 2010 National Post reader app launched for iPad, iPhone and iPod touch

January 20 , 2011 Financial Post Magazine comes to iPad

January 27, 2011 SwarmJam comes to Winnipeg

February 1, 2011 Digital Advisory Board Announced

March 15, 2011 Postmedia Network Files Preliminary Non-Offering Prospectus

April 4, 2011 Postmedia Network Canada Corp. Announces Repricing of Term Loan Facility

April 26, 2011 Postmedia Network Launches 11 Newspaper Apps for BlackBerry PlayBook

June 1, 2011 Christie Blatchford Appointed National Columnist

June 14, 2011 Postmedia Network Begins Trading on the TSX

July 12, 2011 Wayne Parrish Named Chief Transformation & Revenue Officer

July 20. 2011 First Canadian Publisher to launch Apps on HP TouchPad

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Our Reach

• Along with our properties, Postmedia provides sales representation for other newspapers, community publications and online brands

5.3 MillionWeekly Readers

(NADbank 2010)

7.4 Million Monthly UV’s(comScore avg.

March- May 2011)

3.2 MillionWeekly Readers

(ComBase 08/09 & internal estimates)

851,000 Monthly Readers

(PMB 2011S)

1.7 MillionMonthly UV’s

(Omniture May 2011)

Note: numbers above represent Postmedia Network audiences and third party properties represented through advertising sales agreements

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Industry and CompetitionIndustry and Competition

Canada/US Media Penetration TrendsIn Canada newspaper penetration has remained relatively constant whereas• In Canada, newspaper penetration has remained relatively constant, whereas U.S. newspaper penetration has declined

• Competing media (radio/magazine/mobile phone) has lower penetration in Canada compared to the U.S.

Media Penetration Trends

Canada US

Medium 2000 2005 2009 2000 2005 2009Television 97.9% 97.8% 96.5% 93.0% 94.0% 94.0%

Radio 89.2% 87.6% 76.3% 83.0% 84.0% 81.0%

Magazine 81.0% 79.0% 76.3% 91.0% 90.0% 89.0%

I t t 30 1% 55 1% 71 2% / 61 9% 68 9%Internet 30.1% 55.1% 71.2% n/a 61.9% 68.9%Newspaper 67.7% 67.0% 66.5% 69.0% 66.0% 60.0%

Mobile Phones 26.4% 46.5% 63.8% 38.0% 63.0% 93.9%

Source: eMarketer, Global Media Intelligence Report: North America, September 2010.

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Quarterly Revenue Trends• Compared to their U.S. counterparts, Canadian newspapers experienced moreCompared to their U.S. counterparts, Canadian newspapers experienced more

moderate revenue declines during the downturn and have seen positive revenue growth in the last four quarters

• From Q4 ’07 to Q4 ’10, aggregate U.S. newspaper revenues faced a cumulative drop of ~30%, whereas aggregate Canadian newspaper revenues fell by ~5%

11.0%15.0%

over the same period

Canadian & U.S. Newspaper YoY Revenue Growth

5.8% 6.4%

(2.0%)

1.6%1.8%

3.7% 2.6%

(2 0%) (1 6%)(5.0%)

5.0%

ven

ue G

row

th

(10.4%)(3.4%) (9.9%)

(13.5%)(7.6%)

(10.9%)(11.9%)

(14.9%)

(21.9%) (21.6%) (20 8%)

(12.1%)

(5.0%)

(2.0%) (1.6%) (3.0%)

(15.0%)

(5.0%)

Avera

ge R

ev

(21.9%) ( ) (20.8%)(25.0%)Q1 '08A Q2 '08A Q3 '08A Q4 '08A Q1 '09A Q2 '09A Q3 '09A Q4 '09A Q1 '10A Q2 '10A Q3 '10A Q4 '10A

Canadian Newspapers U.S. Newspapers

Source: Company filings. Note: Canadian Newspapers consist of reported newspaper segments of Quebecor, FP Newspapers, Glacier Media and Torstar (Star and Metroland). U.S. Newspapers consist of reported newspaper segments of Gannett, The New York Times, McClatchy, Lee Enterprises, The Washington Post and Media General.

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The Postmedia Network Advantage Postmedia daily newspapers reach 4 5 million Canadian Adults each week over• Postmedia daily newspapers reach 4.5 million Canadian Adults each week – over one million more readers than any other daily newspaper network!

W kl R d hi * Ad lt 18+

4.5 Million

3.4 Million

Weekly Readership* – Adults 18+

2.5 Million 2.5 Million 2.2 Million1.6 Million

Toronto Star Network: Toronto Star, KW Record, Guelph Mercury and Hamilton SpectatorySun Media: Calgary Sun, Edmonton Sun, Winnipeg Sun, Toronto Sun and Ottawa Sun Metro Network: Metro - Vancouver, Calgary, Edmonton, Toronto, Ottawa and Halifax 24 Hours Network: 24 Hours - Vancouver, Calgary, Edmonton, Toronto and Ottawa

*For comparative purposes, Networks based on English language readership. Weekly Readership = 6/7 day cumulative (cume) Postmedia, Sun Media, TorStar, Globe and Mail; 5-day cume Metro and 24 HoursSource: NADbank 2010. Base: Postmedia Network owned properties (32 National Post markets + Sask/Reg), Sun Media (5 markets + 15 markets for

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p p ( g), (Toronto Sun), Torstar (19 markets), Globe and Mail (48 markets), Metro (6 markets), 24 Hours (5 markets).

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Postmedia Network Online Audience

• Includes Postmedia owned and represented properties• Ranks fifth overall in the news and information category

Category Change Unique ChangeCategory Rank

Change Rank News and Information (cateogry)

qVisitors (000s)

Change Uvs (000s)

1 +3 The Weather Network Meteomedia 9,167 1,217

2 -1 Canoe 8,484 -268

3 +2 CBC-Radio Canada Sites 8 388 1 3423 +2 CBC Radio Canada Sites 8,388 1,342

4 -1 New York Times Digital 8,183 -98

5 +1 Postmedia Network (5) 7,420 391

6 na Yahoo! News Network (1) 7,151 na

7 flat Torstar Digital (3) 6 271 9917 flat Torstar Digital ( ) 6,271 991

8 flat CNN Network (2) 5,687 1,606

9 -7 CTVglobemedia (4) 4,058 -4,623

10 na HPMG News (6) 4,028 na

1 Prior to August 2010 only Yahoo! New s w as reported in the category. Yahoo! New s Netw ork now includes Yahoo! New s, Sports, Finance, and omg!2 CNN w as renamed CNN Netw ork in May 20103 Wagjag.com w as added to Torstar Digital in November 2010 w ith 1,582,000 Unique Visitors4 CTVglobemedia no longer includes The Globe and Mail (and related sites) starting January 20115 As if April 2011 Postmedia Netw ork no longer includes Shaw Media sites. Note: All Shaw Media Uvs have been manually removed for this chart6 HPMG -- Huffington Post Media Group as of May 2011 includes AOL-related sites

Source: comScore Inc., Total Canada, All Locations, Average Unique Visitors Mar/Apr/May 2011 vs. Mar/Apr/May 2010

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Company OverviewCompany Overview

Leading Market Share Driven by Strong Brands

• Well-established brands are a part of local communities –some for more than a century

• Postmedia’s metro dailyPublication Market

Market Position (1)

Local Market Share(1)

Vancouver 1 100% (4)

Trusted Brands Across Canada

• Postmedia s metro daily newspaper brands maintain the leading share among English-language newspapers in their respective markets

Vancouver 2 (2) 100% (4)

Montreal 1 (3) 100%

Ottawa 1 74%respective markets

• 24/7 newsrooms provide unique, award winning content across multiple delivery

Ottawa 1 74%

Edmonton 1 70%

Calgary 1 74%

p ychannels

• The National Post, one of Canada’s two daily national

f k

Windsor 1 100%

Victoria 1 100%

Saskatoon 1 100%

newspapers, focuses on key urban markets

Regina 1 100%

Source: CNA 2010 Circulation Data Report. (1) As measured by paid daily circulation among English-language newspapers.(2) Second to The Vancouver Sun, which is also operated by the Company.(3) Number one English-language newspaper; number three overall among paid dailies.(4) Includes The Vancouver Sun and The Province.

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Postmedia Network Online AudiencePostmedia Network owns and operates• Postmedia Network owns and operates over 50 destination websites and has exclusive advertising representation agreements with many high-profile third-party websites (eg CBC divine caparty websites (eg. CBC, divine.ca, GasBuddy.com)

• Combined audience of owned and represented websites puts Postmediarepresented websites puts Postmedia Network #5 in the News and Information category by comScore, with 7.4 Million monthly unique visitors

• Of the total Postmedia Network online audience, 5.2 Million of those unique visitors go to our newspaper websites

Source: comScore, Inc., Total Canada, All Locations; Average UVs  Mar/Apr/May 2011

• Collectively, Postmedia Newspapers rank #1 in the Newspapers category

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Strategic PrioritiesDigital First• Accelerate new product development, developing new products that drive audience

growth, increase community engagement and grow revenue• Integrate print and digital resources and eliminate historic print-only silosIntegrate print and digital resources and eliminate historic print only silos• Shift investment priority to digital

Business Transformation• Develop new internal work processes• Consolidate operations where possible• Outsource operations where appropriate

Repayment of Debt• Optional and principal repayments totaling more than $74 million since completing

t ti i J l 2010transaction in July 2010.• Debt repayment remains a top priority.

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Digital First Focus

Revenue sharingWherever wheneverWherever, whenever

Exclusive Canadian partner

Journalists with video cameras Exclusive ad repping agreements

B2B Media monitoring, competitive intelligence, licensing

pp g g

Postmedia Network is successfully executing on key digital initiatives today

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Digital First Strategic ImperativesBuild on success to date to accelerate development of new products that drive• Build on success to date to accelerate development of new products that drive audience growth, increase community engagement and grow revenue

– Postmedia Business Ventures– iPad AppsiPad Apps– BlackBerry PlayBook Apps– Mobile

• Align print and digital, eliminating historical silos– Community newsroom initiatives– Shift newsroom culture from once-a-day print deadlines to multiple platform,

24/7 content development– New tools and training including video cameras for journalists– Transforming the sales force – all reps selling print and digital products

• Shift investment priorities from legacy assets to digital growth areas

Expect strategic initiatives to drive digital revenue to 20% of total revenue within four years

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Creating Community NewsroomsTraditional Newsroom Interactive Community Newsroomy

Community newsrooms build audience participation and increase inventory lowering the overall cost of content and driving audience growth

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Business Transformation Program

Wayne ParrishChief Transformation Officer

Core Transformation Team

CEOWeekly Meetings

Transformation Working Group Transformation CommitteeBi-weekly Meetings

Board of DirectorsQuarterly Meetings

• Includes Local Transformation Leads from every division

T f ti L d li i ith bli h i• Transformation Leads liaise with publishers, senior management and staff of all levels to identify challenges, clear hurdles, provide interactive, two-way communication and evangelize entire process

Designed to transform Postmedia into a flexible, nimble, aggressive media company, focused on delivering its content seamlessly across print and digital platforms

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Restructuring Update

• Restructuring efforts continue however largest reductions have now been completed.

• Reductions achieved by variety of initiatives including: outsourcing, centralization voluntary and involuntary buyoutscentralization, voluntary and involuntary buyouts.

• Transformation initiatives implemented to May 31, 2011 are expected to yield net annualized cost savings in the range of $45 to $47 million.

• Associated cost savings to be realized in fiscal 2011 expected to be in• Associated cost savings to be realized in fiscal 2011 expected to be in range of $34 million(1).

• Recorded expenses relating to restructuring and other items of $51 million since completion of transaction in July.y

Notes:(1) Fiscal 2011 cost savings will be partially offset by other cost increases due to increased stock-based compensation, reduction of net cost recoveries

from formerly affiliated Canwest companies and other normal course inflationary increases.

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Financial OverviewFinancial Overview

Recent Revenue Performance

$1,100

$1,300

LTM Consolidated Revenue (C$ millions)

$700

$900

$1,100

$100

$300

$500

Q1 F09 Q2 F09 Q3 F09 Q4 F09 Q1 F10 Q2 F10 Q3 F10 Q4 F10 Q1 F11 Q2 F11 Q3 F11

• LTM revenue has stabilized since Q2 Fiscal 2010.• Priority is to accelerate growth in digital revenue.

Note: The above chart is based on the LTM operating results of Canwest Limited Partnership for the periods ended Q1-F09 to Q3-F10. The LTM operating results for the period ended Q4-F10 are based on the combined operating results of Canwest LimitedPartnership from September 1, 2010 to July 12, 2010 and Postmedia Network Canada Corp. from July 13, 2010 to August 31, 2010. The LTM operating results for the period ended Q1-F11 are based on the operating results of Canwest Limited Partnership from December 1, 2009 to July 12, 2010 and of Postmedia Network Canada Corp. from July 13, 2010 to November 30, 2010. The LTM operating results for the period ended Q2-F11 are based on the operating results of Canwest Limited

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Partnership from March 1, 2010 to July 12, 2010 and of Postmedia Network Canada Corp. from July 13, 2010 to February 28,2011.

Operating Profit Trends

$250

$300

LTM Operating Profit before Amortization and Restructuring(1) (C$ millions)

$150

$200

$250

$0

$50

$100

• Operating profit rebound due to stabilizing revenue and impact of cost reduction initiatives

• Strong focus on cost reduction continues

Q1 F09 Q2 F09 Q3 F09 Q4 F09 Q1 F10 Q2 F10 Q3 F10 Q4 F10 Q1 F11 Q2 F11 Q3 F11(2) (2)

g

(1) Represents a non-GAAP financial measure. Postmedia believes this measure is beneficial from the perspective of assessing the Company’s financial performance. However, non-GAAP financial measures do not have any standard definition prescribed under GAAP and as such may not be comparable to similar measures used by other companies.

Note: The above chart is based on the LTM operating results of Canwest Limited Partnership for the periods ended Q1-F09 to Q3-F10. The LTM operating results for the period ended Q4-F10 are based on the combined operating results of Canwest LimitedPartnership from September 1, 2010 to July 12, 2010 and Postmedia Network Canada Corp. from July 13, 2010 to August 31, 2010. The LTM operating results for the period ended Q1-F11 are based on the operating results of Canwest Limited Partnership from December 1, 2009 to July 12, 2010 and of Postmedia Network Canada Corp. from July 13, 2010 to November 30, 2010. The LTM operating results for the period ended Q2-F11 are based on the operating results of Canwest Limited Partnership from March 1, 2010 to July 12, 2010 and of Postmedia Network Canada Corp. from July 13, 2010 to February 28, 2011. The LTM operating results for the period ended Q3-F11 are based on the operating results of Canwest Limited Partnership from June 1, 2010 to July 12, 2010 and of Postmedia Network Canada Corp. from July 13, 2010 to May 31, 2011.

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(2) A reconciliation to the most closely comparable GAAP measure is available in the section “Reconciliation of Non-GAAP Financial Measures” in the MD&A posted on the Company’s website.

Strong Cash FlowLTM Operating Profit before Amortization and Restructuring(1) less Capital

$200

$250

LTM Operating Profit before Amortization and Restructuring(1) less Capital Expenditures (C$ millions)

$100

$150

$200

$0

$50

$ 00

• Attractive margins and relatively low capital expenditures drive strong operating cash flow

• Top priority for free cash flow(1) is debt reduction

Q1 F09 Q2 F09 Q3 F09 Q4 F09 Q1 F10 Q2 F10 Q3 F10 Q4 F10 Q1 F11 Q2 F11 Q3 F11

• Top priority for free cash flow( ) is debt reduction

(1) Represents a non-GAAP financial measure. Postmedia believes this measure is beneficial from the perspective of assessing the Company’s financial performance. However, non-GAAP financial measures do not have any standard definition prescribed under GAAP and as such may not be comparable to similar measures used by other companies

Note: The above chart is based on the LTM operating results of Canwest Limited Partnership for the periods ended Q1-F09 to Q3-F10. The LTM operating results for the period ended Q4-F10 are based on the combined operating results of Canwest LimitedPartnership from September 1, 2010 to July 12, 2010 and Postmedia Network Canada Corp. from July 13, 2010 to August 31, 2010. The LTM operating results for the period ended Q1-F11 are based on the operating results of Canwest Limited Partnership from December 1, 2009 to July 12, 2010 and of Postmedia Network Canada Corp. from July 13, 2010 to November 30,2010. The LTM operating results for the period ended Q2-F11 are based on the operating results of Canwest Limited Partnership from March 1, 2010 to July 12, 2010 and of Postmedia Network Canada Corp. from July 13, 2010 to February 28,2011. The LTM operating results for the period ended Q3-F11 are based on the operating results of Canwest Limited Partnership from June 1, 2010 to July 12, 2010 and of Postmedia Network Canada Corp. from July 13, 2010 to May 31,2011.

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under GAAP and as such may not be comparable to similar measures used by other companies.

Credit Facilities

C l t d fi i f t l f ilit A il 4 2011• Completed refinancing of term loan facility on April 4, 2011.• Credit facilities at May 31, 2011:

– C$60 million revolver.US$348 illi 1st li t f ilit t LIBOR (1 25% fl ) l 5%– US$348 million 1st lien term facility at LIBOR (1.25% floor) plus 5%.

– US$275 million 12.5% second lien notes.• Currency swaps covering US$191.3 million of term loan and US$275

million notes at exchange rate of US$1:C$1 035million notes at exchange rate of US$1:C$1.035.• On June 20, 2011 we entered into an additional US$50.0 million

currency swap related to the term loan at an exchange rate of US$1:0.9845.$

• Debt repayments total C$74 million for period from July 13, 2010 to May 31, 2011.

• Debt repayment remains high priority for free cash flow.

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Liquidity and Maintenance Covenants

• Cash of $31 million at May 31, 2011.• Revolver remains undrawn.• Covenants revised effective April 4, 2011 upon completion of term loan p p p

refinancing:

Maintenance Covenant Actual at May 31, 2011

Permitted by Term Loan Credit Agreementy ,up to

Nov 29, 20121after

Nov 29, 20121

Consolidated Interest Coverage Ratio 2.88 > 2.00 > 2.00

g

Consolidated Total Leverage Ratio 3.13 < 4.50 < 4.00

Consolidated First Lien Indebtedness Leverage Ratio 1.73 < 3.00 < 2.50

Note 1 - Financial maintenance covenants as set out in first amendment to Term Loan Credit Agreement which became effective April 4, 2011.

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Q3 Fiscal 2011 Results

• Revenue decline in Q3 Fiscal 2011 of 4.1% vs. Q3 Fiscal 2010.

• Approximately 29% of revenue decline in Q3 Fiscal 2011 is• Approximately 29% of revenue decline in Q3 Fiscal 2011 is related to loss of Globe & Mail commercial printing contract.

• Cost reductions tracking ahead of plan.

• Operating profit in Q3 Fiscal 2011 before restructuring and amortization showed slight improvement to prior year.

• Optional U S term loan repayment in third quarter of US$14 5• Optional U.S. term loan repayment in third quarter of US$14.5 million.

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