MEDIA ‘08 Digital Media Innovation Conference FAIRFAX MEDIA HAS SUCCESSFULLY INTEGRATED THE BUSINESS ACROSS DIVERSE MEDIA PLATFORMS David Kirk, Chief Executive Officer 7 March 2008

DIVERSIFICATION AND GROWTH STRATEGIES ARE DELIVERING RESULTS H1 FY08 EBITDA Aust Metro Publishing Other FY03 EBITDA FY07 EBITDA Aust Metro Publishing Specialist Pub’s NZ Pub’s Online Aust Printing Broadcasting Aust Metro Publishing Specialist Pub’s Aust Printing NZ Pub’s Broadcasting and TV/Film Production* Online Aust Regional & Community Aust Regional & Community * Includes only 2 months of Southern Cross and Southern Star trading for the period

FROM METRO PUBLISHER TO LEADING MULTI-MEDIA COMPANY Unrivalled capability in digital content origination and aggregation Powerful multimedia brands extending audience reach Distributing and promoting content across multiple platforms Proven new media revenue models Driving sustained earnings per share growth Strongly positioned for changing technologies and media consumption habits

Unrivalled capability in digital content origination and aggregation

Powerful multimedia brands extending audience reach

Distributing and promoting content across multiple platforms

Proven new media revenue models

THE FUNDAMENTAL DRIVERS OF SUCCESS FOR A MEDIA COMPANY – WHATEVER THE MEDIUM! Compelling content creation, every minute, every hour, every day Innovative, creative advertising and content sales Reader, viewer, listener, community – audience - connection and management Production and distribution excellence People development, leadership and support

Compelling content creation, every minute, every hour, every day

Innovative, creative advertising and content sales

Reader, viewer, listener, community – audience - connection and management

Production and distribution excellence

People development, leadership and support