THE JIM PATTISON BROADCAST GROUP ANNOUNCES THE PURCHASE OF SIX VANCOUVER ISLAND RADIO STATIONS FROM ISLAND RADIO LTD.

Jim Pattison Broadcast Group Release

The Jim Pattison Broadcast Group and Island Radio Ltd. today jointly announced that Island Radio Ltd. of Nanaimo, BC has agreed to sell its six radio stations (and related assets) to the Jim Pattison Broadcast Group. The stations involved in the transaction include:

• CHWF FM - 106.9 "The Wolf" FM in Nanaimo, BC, playing the best of Classic Rock and New Rock;
• CKWV FM - 102.3 "The Wave" FM in Nanaimo, BC, which plays Hot Adult Contemporary Music from the 80's, 90's and Today;
• CIBH FM - 88.5 "The Beach" FM in Parksville/Qualicum Beach, BC, offering Adult Contemporary music from the 70's through Today;
• CHPQ FM - 99.9 "The Lounge" FM in Parksville/Qualicum Beach, B.C., which plays the Greatest Pop Standards of the Past 50 Years;
• CKLR FM - 97.3 "The Eagle" FM in Courtenay/Comox/Campbell River, BC, offering a variety of hit music from Classic Hits to Today’s Best Music; and
• CJAV FM - 93.3 "The Peak" FM in Port Alberni, BC, playing Classic Hits – the Best of the 70's, 80's, 90's and Now.

"We are just delighted that we are being given the opportunity to join forces with the Island Radio team. Island Radio's stations are definitely the leaders in their communities in the Central, North and West Regions of Vancouver Island, and their addition will significantly strengthen our Group", said Rick Arnish, President of the Jim Pattison Broadcast Group. "We have been interested in expanding to Vancouver Island for many years and look forward to building upon the legacy created by the current owners of Island Radio (previously known as Central Island Broadcasting Ltd.) over the past 10 years."

Rick Arnish also stated, "The Jim Pattison Broadcast Group is one of Canada's Top 10 radio groups with over 11.5 million hours tuned to multiple format choices and the Island Radio acquisition will complement the existing Pattison broadcast properties located in western Canada."

Speaking on behalf of Island Radio's shareholders and management, Paul Larsen said, "It was very important to Island Radio's owners that our employees would have an opportunity to continue to develop their broadcasting careers in a company with a dynamic work ethic, a record of promoting people from within and a dedication to serving the markets in which it operates. The Jim Pattison Broadcast Group is a perfect fit for us. This transaction will keep our radio stations British Columbia owned and operated and position all of our stations for exciting, continuing growth."

Paul Larsen will continue to lead the Island Radio team and all of Island Radio's staff members will be offered positions with the Jim Pattison Broadcast Group.

The sale is subject to approval from the Canadian Radio-television & Telecommunications Commission (CRTC), for which an application will be submitted shortly.

Island Radio Ltd. is the leading radio broadcasting company on Vancouver Island, operating six radio stations in the central and western regions of Vancouver Island.

The Jim Pattison Broadcast Group, with headquarters in Kamloops, BC, is the industry's largest private, western-based broadcast group, currently operating twenty radio and three television stations in Alberta and British Columbia. Pattison Broadcasting is a proud division of The Jim Pattison Group, a diversified group of operating businesses, based in Vancouver, which has grown to become the third largest privately-held company in Canada.

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