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 John Fairfax Holdings Limited
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CEO David Kirk Announces Editorial Board and Group Executive Editor

8 June 2006

Dear Colleagues

Following the departure of Mark Scott some adjustments to our organisation will assist us to meet the challenges that lie ahead.

Editorial Board

I have decided to establish an Editorial Board to support the cooperation and development of our metropolitan newspapers, our magazines and our online news and information business.

The Board will be chaired by me, will meet monthly and will comprise the following people:

Alan Oakley Editor, Sydney Morning Herald

Philip McLean Editor, The Sun-Herald

Andrew Jaspan Editor, The Age

Peter Fray Editor, The Sunday Age

Lisa Hudson Publisher, Fairfax General Magazines

Mike Van Niekerk Editor-in-Chief, Fairfax Digital

Jack Matthews CEO, Fairfax Digital

Don Churchill Managing Director, Fairfax Victoria

James Hooke Managing Director, Fairfax NSW

Karim Temsamani, Commercial and Group Magazine Director

Bruce Wolpe Director, Corporate Affairs

The Board will be a vehicle to debate, discuss and agree on key initiatives to maintain and improve the performance of our editorial products. The Board will agree overall strategy for the development of our newspapers, including changes that will need to be made to maintain relevance, impact, circulation growth and commercial success in a digital world.

In addition the Board will be responsible for ensuring alignment between NSW and Victoria on editorial direction where this makes sense and likewise alignment between print and digital.

The Editorial Board will not cut across the accountabilities of the State Managing Directors for the profit and loss performance of their businesses. Rather, the Board will assist them by improving clarity and alignment around the projects that will be prioritised to deliver improved performance.

Group Executive Editor

In order to facilitate the effectiveness of the Board and provide day-to-day support to the business at the interfaces between Sydney and Melbourne, between digital and print and between commercial and editorial, I am appointing Philip McLean to the newly created position of Group Executive Editor. Phil will continue as Editor of the Sun-Herald. In his role as Group Executive Editor Phil will report to me.

To support the continued close working relationship between print and online editorial, Mike Van Niekerk who formerly reported to Mark Scott, will now report to Phil McLean.

Other reporting line changes

Karim Temsamani, will now report to me in his role as Director, General Magazines and continue to report to James Hooke on agency and Group sales. Dean Leith, GM Information Services, will report to Phil McLean, and Peter Lynch, Executive Editor, Editorial and Business Development, will report through James Hooke.

I am excited about these changes. We have much to do to maintain and strengthen our mastheads in print and online and to align the organisation to implement the changes necessary to assure their value to our readers, the communities we serve, our advertisers and to our shareholders. I am sure the changes announced today will do much to help us achieve these goals.

David Kirk

Chief Executive Officer