March 2011

PRODUCT FREQUENCY/CIRCULATION
National Post Avg
Print: Sat Mon-Fri Mon Tues Wed Thurs Fri
AVERAGE PAID CIRCULATION 143,217 139,897 138,527 140,074 140,010 139,657 141,024
AVERAGE NON-PAID CIRCULATION 3,386 3,639 3,585 3,608 3,658 3,662 3,677
TOTAL AVERAGE PRINT CIRCULATION 146,603 143,536 142,112 143,682 143,668 143,319 144,701
Electronic Editions:
AVERAGE PAID CIRCULATION 2,178 23,503 23,415 23,396 23,420 23,910 23,376
TOTAL AVERAGE CIRCULATION 148,781 167,039 165,527 167,078 167,088 167,229 168,077
Subject to Audit for 3 months ended December 31, 2010.

PRODUCT KEY NUMBERS MEASURED TIMING

Print:
Financial Post Magazine
AVERAGE TOTAL CIRCULATION 166,375 per issue 6 months ended December 31, 2010
Subject to Audit
Digital:
nationalpost.com (avg. page views) 10,290,000 monthly 3 months ended February 2011
financialpost.com (avg. page views) 3,956,000 monthly 3 months ended February 2011
FP Network:
Print:
Avg. Sat 915,953 daily 6 months ended September 30, 2010
Avg. M-F 866,634 daily 6 months ended September 30, 2010
Subject to Audit
Digital: Financialpost.com Network (avg. page views) 9,148,000 monthly 3 months ended February 2011
Social Media:
Twitter (followers) 103,498 total As of March 17, 2011
Facebook (People like this) 7,805 total As of March 17, 2011
foursquare (followers) 45,343 total As of March 17, 2011
Tumblr (followers) 3,741 total As of March 17, 2011
Newsletters (avg. net deliveries):
NP Top Stories 5,498 per issue Month of February 2011
FP Top Stories 3,482 per issue Month of February 2011
FP Summary 1,586 per issue Month of February 2011
FP Marketing 3,701 per issue Month of February 2011
FP Small Business 760 per issue Month of February 2011
Mobile:
m.nationalpost.com (total page views) 768,965 monthly Month of February 2011
m.financialpost.com (total page views) 259,897 monthly Month of February 2011
Apps:
National Post (downloads) 109,884 to date 12/20/2010 thru 02/21/2011
Tablets, smartphones and other mobile devices
Financial Post Magazine (downloads) 5,622 to date 01/10/2011 thru 02/21/2011
Tablets

01-5564-0
Print: National Post
Built on the history and reputation of the Financial Post,
the National Post newspaper is the brand’s flagship print product.
With national and Toronto editions published Monday to
Saturday.

PRODUCT FREQUENCY/CIRCULATION
Avg
Print: Sat Mon-Fri Mon Tues Wed Thurs Fri
National Post
AVERAGE PAID CIRCULATION 143,217 139,897 138,527 140,074 140,010 139,657 141,024
AVERAGE NON-PAID CIRCULATION 3,386 3,639 3,585 3,608 3,658 3,662 3,677
TOTAL AVERAGE PRINT CIRCULATION 146,603 143,536 142,112 143,682 143,668 143,319 144,701
Subject to Audit for 3 months ended December 31, 2010.

National Post
Electronic Edition
A full-featured digital version of the National Post print
package with all the stories, photos and artwork intact.
The interface lets you flip through the pages just
like a newspaper, or conduct custom
searches and share articles with friends.

PRODUCT FREQUENCY/CIRCULATION
Avg
Electronic Edition: Sat Mon-Fri Mon Tues Wed Thurs Fri
National Post
AVERAGE PAID CIRCULATION 2,178 23,503 23,415 23,396 23,420 23,910 23,376
Subject to Audit for 3 months ended December 31, 2010.

National Post, Toronto, ON Page #2

NATIONAL POST

Print: Financial Post Magazine

A business-focused publication targeting top managers,
executives, entrepreneurs, investors and other members of
Canada’s business elite. It features popular annual themed
issues like CEO of the Year and the FP500.

PRODUCT KEY NUMBERS MEASURED TIMING

Print:
Financial Post Magazine
AVERAGE TOTAL CIRCULATION 166,375 per issue 6 months ended December 31, 2010
Subject to Audit

Digital: nationalpost.com
& financialpost.com
These digital destinations bring the Post’s tradition of
reporting and design online. The websites include
breaking news, feature stories, specialty resources and
social sharing tools.

PRODUCT KEY NUMBERS MEASURED TIMING

Digital:
nationalpost.com (avg. page views) 10,290,000 monthly 3 months ended February 2011
financialpost.com (avg. page views) 3,956,000 monthly 3 months ended February 2011
(See notes #1)

National Post, Toronto, ON Page #3

FP Network:
By taking advantage of the Postmedia Network of major metro
daily newspaper print editions and websites, Financial Post
content can be extended into local markets across the country
reaching more readers. Financial Post powers a significant
portion of content on the business pages of these sites, with
clearly branded sections focusing on national and international
business news, small business and personal finance.

PRODUCT KEY NUMBERS MEASURED TIMING

FP Network:
Print:
Avg. Sat 915,953 daily 6 months ended September 30, 2010
Avg. M-F 866,634 daily 6 months ended September 30, 2010
Subject to Audit
(See notes #2)
Digital:
Financialpost.com Network (avg. page views) 9,148,000 monthly 3 months ended February 2011
(See notes #1)

National Post, Toronto, ON Page #4

NATIONAL POST
Social Media: Twitter, Facebook,
foursquare, Tumblr
Social media channels are a crucial part of the relationship
between National Post and Financial Post and its audience.
These channels not only expose users to the Post’s other digital
properties, but serve as content streams in and of themselves.

PRODUCT KEY NUMBERS MEASURED TIMING

Social Media:
Twitter (followers) 103,498 total As of March 17, 2011
Facebook (People like this) 7,805 total As of March 17, 2011
foursquare (followers) 45,343 total As of March 17, 2011
Tumblr (followers) 3,741 total As of March 17, 2011
(See notes #3)

Newsletters: NP Top Stories,

FP Top Stories, FP Summary,
FP Marketing, FP Small Business
Registered users can subscribe to a multitude of National Post and
Financial Post e-mail newsletter products, providing a regularly
delivered overview of the top news in key categories, with live
links and integrated navigation.

PRODUCT KEY NUMBERS MEASURED TIMING

Newsletters (avg. net deliveries):
NP Top Stories 5,498 per issue Month of February 2011
FP Top Stories 3,482 per issue Month of February 2011
FP Summary 1,586 per issue Month of February 2011
FP Marketing 3,701 per issue Month of February 2011
FP Small Business 760 per issue Month of February 2011
(See notes #4)

National Post, Toronto, ON Page #5

NATIONAL POST
Mobile: m.nationalpost.com &
m.financialpost.com
For readers who access National Post and Financial Post mobile
websites via enabled devices such as smartphone, these website
products are offered in a format optimized for the smaller screen.
Featuring a full site search and surfacing a multitude of content,
this has been one of the The Post’s fastest growing products and is
the entry point for most users who employ the 2D-barcode
program to reach the digital presence from the newspaper product.

PRODUCT KEY NUMBERS MEASURED TIMING

m.nationalpost.com (total page views) 768,965 monthly Month of February 2011
m.financialpost.com (total page views) 259,897 monthly Month of February 2011
(See notes #5)

Apps: National Post &

Financial Post Magazine
National Post app is the flagship app product, available as a single
download product for tablets, smartphones and other mobile
devices. Updated live throughout the day, it provides a best-of
look at National Post and Financial Post in a native-app design.
The Financial Post Magazine app, also available for download,
takes the offline magazine product and makes it tablet-friendly,
with added features such as video to enhance the experience.

PRODUCT KEY NUMBERS MEASURED TIMING

National Post (downloads) 109,884 to date 12/20/2010 thru 02/21/2011
Tablets, smartphones and other mobile devices
Financial Post Magazine (downloads) 5,622 to date 01/10/2011 thru 02/21/2011
Tablets
(See notes #6)

National Post, Toronto, ON Page #6

NATIONAL POST
Notes #1 (Digital- nationalpost.com and financialpost.com)

Page Views
source: comScore Unified Measurement
Page Views: is defined as a page that has been fully loaded into a browser. In a general sense, a page consists of an HTML file plus all of the images/objects requested by
the HTML. Page Views are also counted in online services (e.g. AOL and MSN Explorer) and applications, as long as the content is loaded into a page.
Monthly Totals (Page Views) December 2010 January 2011 February 2011
nationalpost.com 10,309,000 10,841,000 9,720,000
financialpost.com 3,617,000 4,217,000 4,035,000
financialpost.com Network 6,950,000 10,938,000 9,555,000
Domains (URL Patterns) included in the total Page Views:
nationalpost.com: *.nationalpost.com*, *.nationalpost.com/m/*, *.network.nationalpost.com*, www.nationalpost.com
financialpost.com: *.canada.com/nationalpost/financialpost*, *.canada.com/nationalpost/fp100*, *.canada.com/nationalpost/news/entrepreneur*,*.canada.com/
nationalpost/news/working*, *.canada.com/nationalpost/npb*, *.canada.com/topics/finance*, *.communities.canada.com/nationalpost/blogs/tradingdesk*,
*.financialpost.com*, *.financialpost.stockgroup.com*, *.fp100.ca*, *.fpstockchallenge.com*, *.fptradingdesk.com*, *.nationalpostbusiness.com*, *.portfolio.canada.com*,
*.stockgroup.canada.com*
financialpost.com Network: *.business.financialpost.com*, *.calgaryherald.com/business/*, *.canada.com/business*, *.canada.com/nationalpost/financialpost*,
*.canada.com/nationalpost/fp100*, *.canada.com/nationalpost/news/entrepreneur*, .canada.com/nationalpost/news/working*, *.canada.com/nationalpost/npb*,
*.canada.com/topics/finance*, *.communities.canada.com/nationalpost/blogs/tradingdesk*, *.edmontonjournal.com/business/*, *.financialpost.com*,
*.financialpost1.stockgroup.com*, *.fp100.ca*, *.fpstockchallenge.com*, *.fptradingdesk.com*, *.leaderpost.com/business/*, *.montrealgazette.com/business/*,
*.nationalpostbusiness.com*, *.ottawacitizen.com/business/*, *.portfolio.canada.com*, *.stockgroup.canada.com*, *.theprovince.com/business/*, *.thestarphoenix.com/
business/*, *.timescolonist.com/business/*, *.vancouversun.com/business/*, *.windsorstar.com/business/*, communities.canada.com/nationalpost/blogs/tradingdesk*,
financialpost1*, portfolio.canada.com*, stockgroup.canada.com*, www.cbc.ca/fp/story*.html, financialpost.com

Notes #2 FP Network

Print

This represents the average of the following metropolitan newspapers containing the Financial Post Market pages. In addition, Financial Post editorial pages may have
appeared. Financial Post Market appeared Tues-Sat. Circulation represents the six months ending September 30, 2010 print and NIE electronic distribution.
Avg. Sat Avg M-F
The Vancouver Sun 196,732 165,455
Times-Colonist 59,439 61,266
Calgary Herald 121,518 129,692
Edmonton Journal 106,374 103,841
Leader Post 47,399 44,930
The Star Phoenix 54,761 51,365
Ottawa Citizen 117,579 116,044
The Windsor Star 62,299 58,209
The Gazette 149,852 135,832
TOTAL 915,953 866,634
Digital - See Notes #1

National Post, Toronto, ON Page #7

Notes #3 (Social Media)

Twitter followers as of March 17, 2011 Facebook “People like this” as of March 17, 2011
(feed) (URL) followers (site) (URL) People like this
Jonathan Chevreau http://twitter.com/jonchevreau 34,533 Financial Post http://www.facebook.com/FinancialPost 1,800
National Post http://twitter.com/nationalpost 22,638 FP Entrepreneur http://www.facebook.com/FPEntrepreneur 110
Bruce Arthur http://twitter.com/bruce_arthur 7,635 National Post http://www.facebook.com/NationalPost 5,895
Shinan Govani http://twitter.com/shinangovani 7,322
The Afterword http://twitter.com/npbooks 5,928
Financial Post http://twitter.com/financialpost 4,512 foursquare followers as of March 17, 2011
NP Politics http://twitter.com/nppolitics 3,891 (site) (URL) followers
Posted Toronto http://twitter.com/postedtoronto 3,696 National Post http://foursquare.com/nationalpost 45,343
The Ampersand http://twitter.com/nparts 2,766
Steve Murray http://twitter.com/npsteve 1,970 tumblr followers as of March 17, 2011
The Appetizer http://twitter.com/theappetizer 1,707 (site) (URL) followers
National Post Sports http://twitter.com/npsport 1,409 National Post http://nationalpost.tumblr.com/ 3,741
NP Hall Monitor http://twitter.com/NPHallMonitor 1,133
Full Comment http://twitter.com/fullcomment 981
FP Investing http://twitter.com/fpinvesting 980
Legal Post http://twitter.com/legalpost 679
FP Tech Desk http://twitter.com/fptechdesk 560
FP Entrepreneur http://twitter.com/fpentrepreneur 280
Kelly McParland http://twitter.com/KellyMcParland 242
Holy Post http://twitter.com/holypost 219
FP Comment http://twitter.com/fpcomment 162
Charlie Lewis http://twitter.com/holycharlie/ 144
National Post Style http://twitter.com/npstyle 111

Twitter followers:
Twitter is a real-time short messaging service that works over multiple networks and devices. Followers are registered users of Twitter who receive one of the National Post's
or Financial Post's associated “tweets” on their personal twitter account pages. (A “tweet” consists of a text message of 140 characters or less) The number represented in
this report is the total followers of the “tweets” and may contain individuals subscribing to multiple feeds.
Facebook: People like this
Facebook is a social networking website that is operated and privately owned by Facebook Inc. The number of “likes” as of March 17, 2011 are the number of individual
Facebook profiles that have signed onto Facebook pages created and maintained by The National Post and/or Financial Post. “likes” may allow content from these Facebook
Pages to be displayed on their personal News Feed tab. There may be duplication of users between the accounts reported.
foursquare followers:
foursquare is a location-based mobile and web based platform. By “checking in” via a smartphone app or SMS, users share their location with friends while collecting points
and virtual badges. Foursquare Pages are your custom homepage on foursquare, the epicenter of all brand engagement. Your fans can “follow” the Page, allowing them to
see Tips, Stories and Breaking News Alerts from the National Post.
Tumblr followers:
tumblr is a microblogging platform that allows users to post text, images, videos, links, quotes and audio to their tumblelog, a short-form blog. Users can follow other users
and allow entries from the National Post Page Appear on their personal Tumblr pages.

National Post, Toronto, ON Page #8

 Notes #4 (Newsletters)

The newsletters are topic specific products that are opt-in and distributed via email to subscribers. This figure represents an average number of delivers for the month of
February.
issues Gross Sends Undeliverable Net Delivery
NP Top Stories 28 5,526 (28) 5,498
FP Top Stories 28 3,513 (31) 3,482
FP Summary 24 1,595 (9) 1,586
FP Marketing 5 3,826 (125) 3,701
FP Small Business 4 769 (9) 760
Net Deliveries: The Newsletters from a given mailing that reached the subscribers email delivery server with a positive status code response received in return. Calculated
by subtracting undelivered messages from sent messages.
Gross Sends: The total number of messages deployed for any mailing less tester addresses and invalid email addresses.
Undeliverables: Messages that did not reach a subscriber due to any of several reasons, including invalid or expired email address, temporary server problems or
unsubscribe actions. (Includes both hard and soft bounces.)

Notes #5 (Mobile)
Mobile Page Views
source: Adobe SiteCatalyst, powered by Omniture
Page Impressions/Views: The combination of one or more files presented to a viewer as a single document as a result of a single request received by the server. In effect,
one request by a valid user should result in one Page Impression/ View being reported. The counted page impression may not necessarily be in focus or visible in the user's
browser.

Notes #6 (Apps)
The figures reported represent the total number of unique accounts that downloaded the National Post and/or the Financial Post app from each respective launch date thru
February 21, 2011. The National Post launched the app for tablets, smartphones and other mobile devices on December 20, 2010. The Financial Post launched the app on
January 10, 2011.

ADVERTISING CONTACT:
If you have any questions regarding this report, contact: Yuri Machado, VP Advertising
ABC’s Canadian Office Telephone (416) 442-2053 - FAX (416) 847-4799
Telephone (416) 962-5840 - FAX (416) 962-5844 1450 Don Mills Road, Suite 300
151 Bloor St. West, Suite 850 Toronto, ON M3B 3R5
Toronto, ON M5S 1S4
email: ymachado@nationalpost.com

To Members of the Audit Bureau of Circulations:

Data annotated as 'subject to audit' represents items reported on the most recent ABC member's Publisher's Statement and will be
verified at the next scheduled audit period.
Other data has been examined in accordance with the Bureau's Bylaws and Rules, and included such tests and other audit procedures
as we considered necessary under the circumstances.
In our opinion, the other data items contained in this report are fairly stated in all respects material to the totals reported.

Audit Bureau of Circulations

NATIONAL POST, published by The National Post Inc., 300-1450 Don Mills Road, Don Mills, ON M3B 3R5 National Post, Toronto, ON
Page #9 - #225416 - 18301 - 744
March 2011 01-5564-0
Copyright © 2011 Audit Bureau of Circulations. All rights reserved.
151 Bloor Street West, Ste. 850, Toronto, ONNational
M5S 1S4Post,
- (416) 962-5840
Toronto, - FAX:#9
ON Page (416) 962-5844 - www.accessabc.ca