CanWest announces exchange offer for Hollinger Participation Trust Notes WINNIPEG, Oct. 7 /PRNewswire-FirstCall/ -- CanWest Media Inc. ("CanWest"), a wholly-owned subsidiary of CanWest Global Communications Corp. today announced that an affiliate of CanWest has commenced an offer to exchange a new series of 8% Senior Subordinated Notes due 2014 (the "New Notes") for any and all of the outstanding 12 1/8% Senior Notes due 2010 (the "Trust Notes") issued by Hollinger Participation Trust (the "Trust"). The New Notes will, following settlement of the exchange offer and related transactions, be obligations of CanWest, ranking equally in right of payment with CanWest's existing and future senior subordinated unsecured debt. The exchange offer will expire at 5:00 p.m., New York City time, on November 15, 2004 (subject to extension). Tenders of Trust Notes may be withdrawn at any time prior to 5:00 p.m., New York City time, on November 5, 2004 (subject to extension). The exchange offer will be settled on the third business day following the expiration date or as soon as practicable thereafter. In the exchange offer, holders of Trust Notes are being offered US$1,200 principal amount of New Notes for each US$1,000 principal amount of Trust Notes validly tendered and accepted for exchange. US$30 principal amount of the New Notes offered for each US$1,000 principal amount of Trust Notes exchanged constitutes an early tender payment that will only be paid with respect to Trust Notes validly tendered prior to October 29, 2004 (subject to extension). No additional payment will be made in respect of any accrued and unpaid interest on the Trust Notes accepted for exchange. Holders of Trust Notes that tender in the exchange offer will be required to grant consents and instructions authorizing certain amendments to the trust agreement governing the Trust Notes and to the indenture governing the Fixed Rate Subordinated Debentures due 2010 of 3815668 Canada Inc. (in which the Trust holds a participation interest). As a result of these instructions and consents, it is anticipated that immediately following the completion of the exchange offer, if successful, the Trust will be wound up and liquidated and holders of Trust Notes that have not been tendered and accepted in the exchange offer will receive a final cash distribution from the Trust equal to the par value of their Trust Notes plus accrued interest. In addition, concurrently with the exchange offer, CanWest intends to offer additional New Notes in a placement for cash pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "U.S. Securities Act"). CanWest intends to enter into a purchase agreement for the cash offering shortly following the deadline for withdrawal of tenders in the exchange offer and to settle the cash offering on the same day as the exchange offer. Consummation of the exchange offer is subject to a number of conditions, including the receipt of valid and unrevoked tenders and consents representing more than 66 2/3% in aggregate outstanding principal amount of the Trust Notes. In addition, the successful completion of the cash offering and obtaining all necessary waivers and/or consents under existing credit facilities to permit the issuance of the New Notes are conditions to settlement of the exchange offer. The offering of the New Notes in the exchange offer is only made, and copies of the exchange offer documents will only be made available to, holders of Trust Notes that have certified certain matters including their status as "qualified institutional buyers" or non "U.S. persons", as such terms are defined in accordance with Rule 144A and Regulation S under the U.S. Securities Act, and, if resident in Canada, as to certain matters confirming their eligibility to acquire New Notes in accordance with an exemption from the registration and prospectus requirements of applicable Canadian provincial or territorial securities laws. Copies of the certification and the offering documents can be obtained from the information agent, Global Bondholder Services Corporation, at 866-470-3900 or 212-430-3774. The New Notes have not been and will not be registered under the U.S. Securities Act or any state securities laws. Therefore, the New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and any applicable state securities laws. The New Notes have not been and will not be qualified for sale under the securities laws of any province or territory of Canada. Therefore, any transfer or resale of the New Notes in Canada, or to, from or for the account of any person resident in Canada, will be subject to restrictions under applicable Canadian provincial or territorial securities laws. This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities. The exchange offer is being made only pursuant to an offering memorandum and consent solicitation statement and a related letter of transmittal and consent, and only to such persons and in such jurisdictions as is permitted under applicable law. CanWest Global Communications Corp. (NYSE: CWG; TSX: CGS.S and CGS.A; http://www.canwestglobal.com/) is an international media company. CanWest, Canada's largest publisher of daily newspapers, owns, operates and/or holds substantial interests in newspapers, conventional television, out-of-home advertising, specialty cable channels, radio networks and web sites in Canada, New Zealand, Australia, and the Republic of Ireland. DATASOURCE: CanWest Global Communications Corp. CONTACT: Geoffrey Elliot, Vice President, Corporate Affairs, Tel: (204) 956-2025, Fax: (204) 947-9841, or John Maguire, Chief Financial Officer, Tel: (204) 956-2025, Fax: (204) 947-9841,

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