Equity Funding Condition Fulfilled

For release Thursday 24 April 2003

Equity Funding Condition Fulfilled

Independent Newspapers Limited (“INL”) has been notified by John Fairfax Holdings Limited (“Fairfax”) that Fairfax has fulfilled the equity funding contractual condition in the Heads of Agreement for the acquisition of INL’s New Zealand publishing business.

Independent Newspapers Limited is New Zealand’s largest media company, publishing nine daily newspapers in New Zealand and one in Australia, plus New Zealand’s two Sunday newspapers and the news and information website www.stuff.co.nz. In addition INL publishes a range of other weeklies and national magazines, including TV Guide and NZ House & Garden, operates New Zealand’s largest magazine distribution business and publishes over 60 community newspaper titles in New Zealand and Australia. INL also holds a 66% interest in Sky Network Television Limited, New Zealand’s pre-eminent pay television service. INL had total assets as of 31December 2002 of approximately $NZ2.1B and total annual revenues of approximately $NZ454M for the six months ended 31 December 2002.

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