John Fairfax Holdings Limited
ACN 008 663 161

Fairfax Business Publications Gains Segment Leaders, MIS Australia and Five Other Titles

SYDNEY, 9 December, 1999 – John Fairfax Holdings Limited [ASX:FXJ] today announced that it had acquired the Strategic Publishing Group ("SPG"), a publisher of specialist IT and financial management magazines in Australia and Asia, including leading titles MIS Australia and CFO Australia.

Mr Fred Hilmer, Chief Executive Officer of Fairfax, said:

"This is a significant acquisition of a leading publishing group in key segments linked strategically to our growth in financial publications in Australia and Asia. This gives Fairfax new reach and is consistent with Fairfax Business Publications' goals of being a leading source of business and financial news in the region. We are delighted with the acquisition."

Mr Michael Gill, Publisher and Editor-in-Chief of Fairfax Business Publications, which publishes The Australian Financial Review and BRW, said:

"MIS Australia is highly regarded by IT executives, with the strongest readership in its class, and is a market leader in monthly IT magazines. As a whole, the SPG group of magazines and research products is growing quickly in authority, prominence and reach.

"What made the deal compelling for us was SPG’s growth in key markets in Asia, with excellent future prospects. The publications in Singapore, MIS Asia and Business Online, together with those on the Indian subcontinent, provide a suite of IT business publications of exceptional vitality in high growth markets. There is further growth opportunity beyond Asia in SPG’s dynamic market niche. SPG’s online activities add further value to Fairfax.

"SPG therefore expands the breadth and scope of our business, giving Fairfax Business Publications increased stature and reach.

"In financial terms, SPG has achieved consistent revenue growth from all its products, and is profitable."

Mr Alistair Gordon, Managing Director of SPG, said:

"There are three compelling reasons why this is a great deal for both parties. The first is that Fairfax, like Strategic, is an editorially driven company. Their focus matches ours – very high quality publications that are market segment leaders.

"Second, the staff and management at Strategic want to grow at an even more accelerated rate than we have been. With Fairfax’s financial backing, we can set even more ambitious targets for the next three years, and that’s our plan.

"Thirdly, there are significant synergies between the two companies, and Strategic in particular will gain many strategic advantages being part of the larger group. Our readers and advertisers can look forward with great confidence to Strategic doing an even better job for them in the years to come.

"I am looking forward to taking Strategic to the next level and beyond as part of Fairfax."

Mr Gordon will remain as head of the SPG publications, and no staff changes are contemplated.

Completion of the transaction is expected to take place in early January, 2000. Terms of the agreement have not been disclosed. Mr Hilmer said the acquisition will be funded out of Fairfax's existing cash flow and will yield additional revenues for the company in this financial year.

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For further information, please contact:
Michael Gill, Publisher/Editor-in-Chief, FBP - Tel: (02) 9282 2822

For more information about Strategic Publishing Group:
www.strategicpublishing.com

Note to editors

Fairfax Business Publications ("FBP"), an operating unit within John Fairfax Holdings Limited, is comprised of The Australian Financial Review and BRW Media, which includes BRW, Personal Investor and Shares magazines. FBP also develops editorial products for the Internet.

Strategic Publishing Group was established in 1992 by Alistair Gordon and Graeme Philipson. SPG has six titles currently, MIS Australia, MIS Asia, MIS NZ (50% owned), MIS South Asia (India, Sri Lanka and Pakistan) CFO Australia, and Business Online (Singapore based). It operates a significant research business across Asia Pacific. It also operates two web sites: MISweb.com and Businessonlineasia.com.

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 1999, the Company had revenues of over $1.1 billion.

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