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IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE ) ) ) ) Plaintiff, ) ) v. ) ) CONRAD M. BLACK, JOHN A. BOULTBEE, ) PETER Y. ATKINSON, and MARK S. ) KIPNIS, ) ) Defendants. ) SUN-TIMES MEDIA GROUP, INC., f/k/a Hollinger International Inc., a Delaware corporation,

C.A. No. 3518-VCS

OPINION Date Submitted: May 23, 2008 Date Decided: July 30, 2008 David C. McBride, Esquire, William D. Johnston, Esquire, Michael W. McDermott, Esquire, Kristen Salvatore DePalma, Esquire, YOUNG CONAWAY STARGATT & TAYLOR, LLP, Wilmington, Delaware; Daniel J. Kramer, Esquire, Robert N. Kravitz, Esquire, PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP, New York, New York, Attorneys for Plaintiff. David A. Jenkins, Esquire, Joelle E. Polesky, Esquire, SMITH KATZENSTEIN & FURLOW LLP, Wilmington, Delaware, Attorneys for Defendant Conrad M. Black. David S. Eagle, Esquire, KLEHR, HARRISON, HARVEY, BRANZBURG & ELLERS LLP, Wilmington, Delaware, Attorney for Defendant John A. Boultbee. J. Travis Laster, Esquire, John M. Seaman, Esquire, ABRAMS & LASTER LLP, Wilmington, Delaware, Attorneys for Defendant Peter Y. Atkinson. Gregory V. Varallo, Esquire, RICHARDS, LAYTON & FINGER, P.A., Wilmington, Delaware, Attorney for Defendant Mark S. Kipnis. STRINE, Vice Chancellor.

I. Introduction Plaintiff Sun-Times Mirror Group, formerly known as Hollinger International Inc.,1 brought this action seeking to foreclose its obligation to provide advancement to defendants Conrad M. Black, John A. Boultbee, Peter Y. Atkinson, and Mark S. Kipnis. The crux of this dispute is the meaning of the words "the final disposition of such action, suit or proceeding" in the Sun-Times bylaws and

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Delaware Law