John Fairfax Holdings Limited
ACN 008 663 161

SYDNEY, April 16, 1999 -- John Fairfax Holdings Limited [ASX:FXJ] launched its inaugural Medium Term Note issue with a A$125 million, 3 year fixed rate transaction announced today. The deal is being marketed in a range of 58 to 61 basis points over 3 year swap. Issuance will be via Fairfax’s A$500 million Combined Promissory Note and Medium Term Note Program established in November 1998, arranged by Westpac Banking Corporation with Standard & Poor’s continuing to rate the Company ‘BBB+’ for long term credit.

The transaction will be Lead Managed by Westpac Banking Corporation who will be joined by Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia, Deutsche Bank AG and National Australia Bank Limited as Co-Managers.

In announcing the issue, Mr John Greaves, Finance Director, John Fairfax Holdings Limited said, "We are confident that Fairfax’s strong corporate position, combined with its solid financial performance and strong investment grade credit rating from Standard & Poor’s will result in a successful debut issue."

Mr Greaves said that, on establishment of its Capital Markets programme in late December 1998, Fairfax concluded that an issue into the domestic bond market would diversify its funding base and further enhance the reputation of Fairfax as a supporter of the domestic capital markets. Stage one of the programme been successful with the issuance of Fairfax denominated Promissory Notes performing solidly in the short term A-2 credit rating range.

Mr Tim Smith, Group Treasury Manager, John Fairfax Holdings Limited, said, "In response to strong investor interest at a series of roads shows held in Melbourne and Sydney last week, we remain convinced that the time is right for a high profile BBB+ corporate to tap the market for medium term funding."

Funds generated through the public issue will be used to repay existing bank debt, with total issuance under the Combined Promissory Note and Medium Term Note Program totalling A$325m post issue.

Mr David Willis, Group Executive, Westpac Institutional Bank stated, "The Fairfax Group has very strong brand recognition being a high profile Australian icon. This is a significant transaction, generated from strong investor demand for issuance from "true corporate" domestic name. We are confident that investors will welcome and support their entry into the market."

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Further Information:

John Fairfax Holdings Limited

Mr Timothy Smith, Group Treasury Manager - Phone: 61 2 9282 3632

Westpac Institutional and International Banking Group

Mr Peter Bloomfield, Senior Manager, Debt Securities - Phone: 61 2 9284 8173

16 April, 1999

John Fairfax Holdings [ASX:FXJ] is Australia’s leading publishing group. Its mastheads include The Sydney Morning Herald, The Australian Financial Review, The Age, The Sun Herald and BRW. In addition, the Company publishes financial and consumer magazines, and provides online services. In 1998, the Company had revenues of over $1.1 billion. Fairfax is Australia’s leading content provider on the Internet, with more than 20 million page views per month, and 100,000 site visits per day.