Fairfax Media Limited | A.B.N. 15 008 663 161 | 1 Darling Island Road, Pyrmont, NSW, 2009 | www.fairfaxmedia.com.au

INVESTOR BRIEFING ON DOMAIN GROUP

SYDNEY, 31 March 2015: Fairfax Media Limited [ASX:FXJ] Chief Executive Officer Greg Hywood is hosting an investor briefing focused on the Domain Group from 2:30pm–5:00pm (AEDT) today. The briefing is being held due to increasing interest in the Domain business and a high level of investor requests to meet with management. The briefing features presentations from Domain CEO Antony Catalano and his senior management team to provide an update to the market on the progress of Domain as a leading real estate, media and services business. The briefing will be live webcast and available for replay afterwards at: http://webcasting.brrmedia.com/broadcast/136154 Presentation slides are attached. The presentation contains updated FY15 H2 revenue trends for the Domain Group for the period of 1 January 2015 to 22 March 2015 (versus same period in the prior year):

56% increase in Domain Group revenue for continuing operations, including the effect of consolidating the MMP acquisition;

34% increase in digital revenue for continuing operations; and

26% increase in Domain.com.au revenue.

– ENDS –

Contact:

Brad Hatch Director of Communications

+61 2 9282 2168

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Acquisition

Investment

$150m+

Digital Revenue

Growth

+77%

Agent Subscriber

Growth

+33%

Mobile App

Downloads

+97%

Employee

Numbers

+216%

Total

Audience

4 million

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2.30pm Welcome Greg Hywood

Group Overview & Agent Ownership Model Antony Catalano

Agents & Listings Tony Blamey

Product Development Damon Pezaro

Short Break

3.45pm Content & Audience Melina Cruickshank

Media & Developers Simon Kent

Commercial Real Estate Paul Kitchin

Q&A Greg Hywood

5.00pm Close

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Greg Hywood Chief Executive and

Managing Director,

Fairfax Media

Antony Catalano Chief Executive Officer,

Domain Group

Tony Blamey Chief Commercial Officer,

Domain Group

Melina Cruickshank Group Director,

Content & Audience

Domain Group

Damon Pezaro Chief Product Officer,

Domain Group

Simon Kent Group Director, Domain Media

Domain Group

Paul Kitchin General Manager,

Commercial Real Estate

Domain Group

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Group Overview

// Antony Catalano, CEO, Domain Group

& Agent Ownership Model

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Significant progress in the past year

▪ Substantial investment – more than 100 new people hired

▪ Strengthened management team

▪ Established dedicated operational and support functions

▪ Integration of Property Data Solutions (PDS)

▪ Acquired Allhomes

▪ Purchased remaining 50% of MMP Holdings

▪ 20% increase in agent subscribers, to more than 10,000

▪ 15% increase in listings

▪ 32% increase in mobile app downloads, to 3.5 million

▪ 32% increase in average daily UBs

Note: Agents, listings and mobile app downloads data is March 2015 versus March 2014. Growth in average daily UBs for February 2015 versus prior year, from Nielsen Online Market Intelligence.

Operational

Investment

Key Business

Drivers

Corporate

Development

▪ Progressing national roll-out, now in final stages Agent Ownership

Model

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Strong earnings trajectory, with further upside through

national expansion

Domain Group Financials ($m) FY13 H1 EBITDA of $23.7m. FY15 H1 EBITDA of

$40.2m (excluding one-off costs of $2.4m)

Majority of revenue comes from Sydney, Melbourne

and Canberra – significant upside in other cities and all

regional areas

Allhomes and MMP acquisitions to have full-year

impact in FY16

Domain Group FY15 H2 trading to 22 March 2015

(versus same period in the prior year):

• 56% increase in Group revenue for continuing operations,

including the effect of the MMP acquisition

• 34% increase in digital revenue for continuing operations

• 26% increase in Domain.com.au revenue

Note: Reported financials, including the effect of acquisitions. FY13 H1 has been restated to include Commercial Real Estate digital, Commercial Real Estate print commission and Regional (digital).

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Domain Group is a real estate media and services

business

Digital & Print Media Property Data CRM

Truly multiplatform media business

Strong and trusted brands

Broad market reach with quality audience

High-growth digital businesses

Trusted data source

Increasing breadth &

depth of data

Data increasingly

important to the consumer

offering

Clear market leader (three

times the size of its nearest

competitor)

Strategically valuable asset

– point of data entry for

thousands of agents For

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Our purpose and values

is the real estate network

that connects people and property,

empowering them with the most trusted source of information and tools

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Our priorities

Build platform to

compete nationally

Differentiate and

monetise

Disrupt the market

Grow new revenues

Acquire all agents and listings

Differentiate our consumer and agent experience

Grow audience & leads

Roll out the agent ownership model nationally

Grow Media & Developers revenues

Transform our Commercial Real Estate business For

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Metro Media Publishing agent ownership model

April 2010: MMP founded with four leading real estate groups

in Melbourne

• Weekly Review – glossy lifestyle magazine with local content and

real estate advertising (9 titles now published)

July 2012: merger with Fairfax Community Newspapers in

Victoria (FCN Vic) to create 50:50 JV

November 2012: digital agent ownership model launched

through Review Property

January 2015: Fairfax acquired remaining 50% of MMP

• Foundation agent shareholders retain economic interests

in magazine subsidiary businesses and Review Property

• Review Property now owned 50% by Domain Group and 50% by

~400 Victorian real estate agencies

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MMP earnings have scaled significantly

MMP Revenue ($m)

MMP EBITDA ($m)

MMP profitable from day one due to disruptive business model

and commitment of founding agents

Merger with FCN Vic in FY13 H1. Stepchange in earnings

once synergies realised

Merger with the Star News Group in western Melbourne in

FY14 H2

Recent revenue growth driven by Review Property – around

25% of FY15 earnings expected to come from digital

Note: Reported financials, including the effect of acquisitions. MMP earnings consolidated from 22 January 2015.

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National roll-out of digital agent ownership model

pioneered by Review Property

Domain Group retains 100% ownership of the existing

Domain.com.au business

New State-based entities owned 50% by Domain

Group and 50% by participating agencies

Shares allocated to agencies over 3 years, based on

their relative spend on Premium Plus listings

Expressions of interest by more than 2,200 agencies

Current status:

• NSW, QLD, SA, VIC and WA live

• NT goes live 1 July

• Market consultation in the ACT and TAS

Domain Group

NSW ACT

NT QLD

Review

Property (VIC)

TAS

SA

WA

50%

Ownership Structure

of new State Co’s

Agents

50%

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Economics of the agent ownership model

Premium Plus

revenues

(with allocated costs)

New State Co’s

Agents Domain

Subscriptions and

other depth product

revenues

50%

50% 50%

100% 50%

▪ The agent ownership model relates only

to the Premium Plus depth product

▪ Domain effectively retains 75% of

Premium Plus revenues

▪ All other existing Domain revenues

unaffected

▪ State Co’s allocated costs on a share of

revenue basis - no dilution of Domain

margin

▪ In Melbourne the agent ownership model

has grown the market and allowed

Domain to take revenue market share

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▪ Deepens our partnership with real

estate agents

▪ Accelerates revenue growth in

depth listings, providing additional

funds for investment in product

development and marketing

▪ Makes Domain the logical industry

partner

▪ Increased competition

among property portals

▪ Product innovation

resulting from

collaboration between

Domain and the real

estate industry

Property vendors

Agent ownership model brings benefits to all stakeholders

Agents

▪ Greater input into development

of consumer and agent products

▪ Protects their business by reducing

the threat of a monopoly provider

▪ Identical Premium Plus rates

for all agencies in the same area

▪ Allows agents to share in the

value they create in the real

estate marketing process

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Agents & Listings

// Tony Blamey, Chief Commercial Officer, Domain Group

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Investment in sales has grown agent subscribers

to more than 10,000

Accelerated growth driven by:

• Investment in additional sales resources nationally

• Exited reseller agreement in QLD and other markets,

with improved performance from direct sales

Agent subscribers up 20% in March 2015, to

92% market penetration

• Full market penetration in the ACT, NSW and TAS

• Small number of agents to acquire in NT, SA and WA

• Main gaps in regional QLD and regional VIC,

with sales campaigns underway

Note: for the ACT this is Allhomes subscribers

Domain.com.au subscribers

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Total listings (sales and rentals, thousands)

Expanded subscriber base provides more listings

Total listings up 15% year-on-year in March 2015

Listings strategically important

• Key to consumer experience

• Support growth of consumer audience and

increase search engine optimisation opportunities

• More listings increase opportunity for upsell

to depth products

Note: for the ACT this is Allhomes listings

Source: Domain.com.au, Allhomes, APM PriceFinder

Agent growth provides strategically important

listings growth

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Domain’s depth product hierarchy encourages

upsell to premium listings

Depth product portfolio services wide range of

customer needs

Premium Plus, Domain’s flagship listing product,

recently redesigned

• High impact hero images on desktop

• Optimised for mobile devices

Depth products priced to value using a zoned

approach based on geography, e.g.

• NSW from $200 to $1,400 on Premium Plus

• VIC from $200 to $1,250 on Premium Plus

Top Spot

Premium Plus

Elite Priority Placement

Standard Priority Placement

Elite Subscription

Standard Subscription For

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8x Victoria

4x NSW

Leads per listing Premium Plus + eBrochure vs

Standard and Elite listing

Top Spot

Premium

Plus

Elite Priority

Placement

Standard Priority

Placement

Elite Subscription

Standard Subscription

Source: Domain Database. Data refers to all residential properties listed in those States on domain.com.au for auction and private sale. Listings have an advertising start date in 2014 and end

date not ongoing as at 31/12/14.

5x National

Premium Plus provides five times more leads per listing F

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Depth products underpinning revenue growth

46% increase in depth product revenues

• Growth in agents leading to increased depth sales

• Agent ownership model encourages greater uptake of

depth products – Premium Plus revenue up 90% year-

on-year in Victoria, versus 55% nationally

• Significant growth from regional areas

Sustainable dual pricing model – subscriptions and

depth products

• Subscriptions reduce volatility and allow for bundling of

other products and services

• 9% increase in subscription revenues due to growth

in customer base and upsell to Elite packages

• 68:32 split between depth and subscriber revenue

Domain.com.au monthly revenues ($)

Note: Split between depth and subscriber revenue for FY15 to end February 2015. Growth rates for FY15 to end February 2015

versus prior year.

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Allhomes acquisition provided market leadership

in the ACT

Allhomes the clear market leader in the ACT

• Reaches 100% of ACT buyers

• Nine out of 10 buyers in the ACT first see the

property they buy on Allhomes

• Canberra Times print section rebranded to Allhomes

Dual brand strategy implemented

• Allhomes & Domain sold as a combined digital listing

bundle in the ACT

• Reciprocal listings between Allhomes and Domain

expands market reach

Opportunities for revenue growth

• Residential depth products

• Media & Developers

• Commercial

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Print remains a valuable part of the marketing mix

Print has a key role alongside digital

• Combined print & digital campaigns have a

greater likelihood of sale, sell faster and achieve

higher sale prices than digital only

• Print reinforces marketing activities and

promotes agent brand

• Community newspapers more resilient,

particularly under agent ownership model

Ongoing scope for innovation with print

• Pop-up print products in new markets

to promote the Domain brand

• Ongoing efficiencies in production and

distribution

Source: Research by CoreLogic Media Maximiser January 2015, based on 850,000 properties listed for sale over last two years to November 2014.

Property Sale Success Rate by Campaign Type (%)

Sydney Melbourne Brisbane Adelaide Perth

Uplift in sale

price achieved 5.1% 3.1% 5.8% 5.7% 8.7%

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Product Development

// Damon Pezaro, Chief Product Officer, Domain Group

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Investment in

Core Product

Further Development of

Leading Mobile Apps

Leveraging Data in

New Products

Investing to transform Domain’s

digital products

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▪ Substantial investment in Product & Technology capabilities

and core products

▪ Creation of best-in-class user experience across all platforms

▪ Relentless focus on product innovation and bringing new

releases to market as quickly as possible

3 Product updates

daily

Investment in core product

Investment in

Core Product

Further

Development

of Leading

Mobile Apps

Leveraging

Data in New

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▪ Continued investment and development of mobile apps

▪ Strongly positioned to capitalise on migration of audiences to

native apps

▪ Leadership position through superior user experience and

first-to-market innovation

#1 rated apps with

25,000+ reviews

Further development of leading mobile apps

Investment in

Core Product

Further

Development

of Leading

Mobile Apps

Leveraging

Data in New

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▪ Focus on differentiation of consumer experience

▪ Leveraging the data assets across Domain Group as part

of our consumer offering

▪ Strengthening Domain’s position in the market and

accelerating audience growth

Leveraging data in new products

Investment in

Core Product

Further

Development

of Leading

Mobile Apps

Leveraging

Data in New

Products

Major new

launch

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New homepage F

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Old shortlist F

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New shortlist

1,210,792 properties shortlisted across mobile and tablet products in February 2015

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▪ Constant innovation with mobile technology to meet

consumer needs

▪ Push notifications to iOS and Android platforms for property

alerts, price and status changes

▪ Domain first to market

Evolving into a high-value service across mobile platforms

Another

Australian

1st

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Improved registration and personalisation for consumers

40% growth in membership registrations in the past year

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School catchment zones – an Australian first

50% of iPhone users and 33% of Android users

already engage with school data since launch in December 2014

Another

Australian

1st

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New depth product portfolio launched in January 2015

▪ Optimised to provide greater

differentiation across desktop and

mobile platforms

▪ In-page carousel for quicker

access to photos

▪ Driving greater consumer

engagement and leads

Larger hero images to

capture consumers’

attention

Improved agency and

agent branding

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Enhanced property profiles

Another

Australian

1st

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Personalised and branded agent profiles

▪ Pre-populated profile with

agent information

▪ Includes current listings and

past sales

▪ Offers scope to add customer

testimonials, agent biography,

video profile and social media links

▪ More than 42,000 active profiles

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Targeting more buyers with new Premium eBrochures

▪ Targets potential buyers actively seeking

property in the selected area

▪ Optimised for mobile, improving the user

experience and driving more enquiries

▪ Strong branding to promote agency

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New developers product

4x more projects

listed per month

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New mobile site

▪ Visits up 65% year-on-year in February

2015

▪ Enquiries up 126% from mobile site year-

on-year

Source: Visits and enquiries data from Google Analytics

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Apps constantly improved to remain best-in-class

▪ Highest rated iOS app for property

category

▪ New iPad and iPhone app to be launched

next month to strengthen our mobile

leadership position

▪ Completely redeveloped Android App

▪ More than 85 releases to the app over the past

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▪ Highest rated property app with 4+ star rating For

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▪ Finger-search

▪ Push-notifications

▪ Geo-location services

• Property alerts

• Travel times and nearby places

▪ Integration with wearable technology

• Android Wear

• Apple Watch App to be released next month

▪ App Indexing by Google

• Allows Google to Index Domain’s Android App property

pages just as it does for a website

▪ School Data

Leading the way with app innovation F

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90% of active users launch the

Domain app more than 4x

per week

~20% of active users use the app

continuously every week

for a period of 12 weeks

7 visits per user per week

for the iPhone app

8 visits per user per week

for the Android app

3.5 million app downloads

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Incredibly loyal and engaged audience on mobile apps F

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Announcing the launch of Domain HomePriceGuide

▪ Quickly search 13 million+ properties in

Australia for:

• Estimated property value

• Full property history (past sales & listing history)

• Similar surrounding properties

▪ Introduce “Claim my Home”

• Monitor your home’s value over time

• Connect with a local agent

• Update your data to improve accuracy of property

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• Track surrounding sales and listings For

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Empowering consumers with quality data and insights

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▪ We have a deep understanding of our customers

and the market

▪ Two very clear trends emerging:

• Transparency: “The Democratisation of Data”

• Immediacy: Consumers expect access to information

when and where needed and for free

▪ This offering will supercharge Australia’s best

property app through the integration of APM

PriceFinder data into Domain

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Content

& Audience // Melina Cruickshank, Group Director, Content & Audience,

Domain Group

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Growing quality audience is fundamental to our strategy

▪ Provides more value to agents and

developers listing on our site

▪ Drives listings revenue growth

▪ Creates scope to monetise consumers

through media & lead generation services

▪ Offers greater insight into consumer

needs to support product development

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Content & Audience vision

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Reinvigorate the Domain brand

Transform the Domain newsroom

Feed national ongoing demand for

property and lifestyle content

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Our journalism differentiates Domain in the marketplace

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▪ Independent journalism combined with broad

and deep relationships with agents and industry

experts

▪ Fulfilling consumer demand by providing market

insights and leading debate in the market

▪ Tapping into the large-scale Fairfax audiences

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Domain reaches 4 million people each month

Source: emmaTM conducted by Ipsos MediaCT for the 12 months ending November 2014, people 14+ only.

2.7m total net Digital Audience

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1.9m in Print

Note: Total audience of 4 million is unique people across all platforms each month.

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Two strong value propositions to grow audience

Journalism

Mobile

Tapping into the global trend for mobile

consumption as a utility and allowing

instant access to audiences at scale

Digital-first professional newsroom

with the most connected property

journalists in Australia

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Mobile is changing audience behaviour, interaction

models and the way content is discovered

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Domain reaches a large and growing digital audience

Domain average daily Unique Browsers (‘000)

▪ Average daily UBs of 383k in February

2015, up 32% year on year

Source: Nielsen Online Market Intelligence (Home & Fashion suite). Unique browsers for desktop and mobile site only (excludes mobile apps)

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Mobile app downloads have reached 3.5 million

Mobile app downloads (m)

Note: Total app downloads for Domain, Allhomes and Review Property combined.

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Marketing activities focused on

acquiring new mobile app users

3.5m mobile app downloads at end

March, up 32% year on year

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Source: Average monthly visits for domain.com.au, allhomes.com.au and commercialrealestate.com.au combined. Data for Main Sites from Nielsen Online Market Intelligence Home &

Fashion Suite (including international traffic to sites). Mobile Sites and Apps visits combined. Mobile Sites data from Nielsen Online Market Intelligence Domestic Report Suite (September

2013 to February 2014) and Home and Fashion Suite (September 2014 to February 2015). Mobile Apps data from Google Analytics ( including international traffic to Apps)

Average monthly site visits by platform (m)

▪ Visits to mobile sites and apps in the six

months to February 2015 up 42% versus

prior year

▪ Mobile now accounts for 55% of visits

▪ Mobile app users start more sessions,

have higher engagement and make more

enquiries than the average for our total

digital audience

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New strategy is driving growth in visits across mobile

and desktop

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63% of leads came via mobile in February 2015

Proportion of leads delivered via mobile (%)

Mobile is connecting

consumers and agents

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New initiatives to grow

audience further in 2015

We are investing further to grow

Domain’s audience through:

Social media

Advertising and sponsorship

Brand promotion linked to agent

ownership model roll-out

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Reaching a new generation via social and video F

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Engaging the sharing generation to grow global reach F

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Video is key to our proposition to consumers and agents F

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Meeting overseas demand

Video about an overseas buyer who purchased a Hawthorn property

in Melbourne via Skype was viewed more than 36,000 times

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Brand marketing via outdoor F

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Official Property Partner for ‘The Block’ F

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Expanding our brand footprint to support the agent

ownership model rollout in South Australia…

Major Sponsor of The Adelaide Crows

▪ Multi-year platinum sponsorship

▪ 70,000 Crows members in Adelaide

▪ 600,000 followers

▪ New CEO, coach and captain for 2015

▪ Significant hospitality arrangement for

Domain to host agents

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…and Domain Stadium in Western Australia

Western Australia – Naming Rights

Sponsorship Domain Stadium

▪ 45,000 capacity

▪ Complete rebrand of signage

throughout stadium

▪ Stadium also hosts concerts

and events

▪ Significant hospitality

arrangement for Domain

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Media

// Simon Kent, Group Director, Domain Media, Domain Group

& Developers

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Overview of Domain Media & Developers

Note: Growth figures are year-on-year revenue growth for FY15 to end February 2015. Media includes lead generation services booked through agencies. Developers is digital revenues only

+23% YoY revenue growth

+83% YoY revenue growth

+81% YoY revenue growth

Media

Advertising solutions for media

agencies and brands

Lead Generation

Providing high quality leads

to home loan providers

Developers

Advertising solutions for builders,

developers and project marketers

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Setting the platform for further growth

Established dedicated sales function within Domain

Invested in agency team and digital specialists

Improved inventory management to deliver strong

yield growth

Core focus areas

Finance sector contributes the majority of

advertising revenues as a result of continued

investment in relationships

New opportunities in other property-related

categories (e.g. home improvement, telecoms)

NAB content partnership Westpac Neighbourhoods

partnership

Commonwealth Bank Mortgage Calculator

+23% YoY revenue growth

Growth

Note: Growth figure is year-on-year revenue growth for FY15 to end February 2015. Media includes lead generation services booked through agencies

Investing to capitalise on significant opportunity in Media F

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Premium Projects driving Developers digital

revenue growth

Premium Projects Setting the platform for further growth

Investment in sales team nationally

New Premium Projects product underpinning

digital growth

Realising opportunities in a growing market

200,000 residential dwellings approved in

2014, driven by investor demand

Increasing international buyer activities as well

as a shift in investor activity towards high-rise

lifestyle developments

+83% YoY revenue growth

Growth

Note: Growth figure is year-on-year revenue growth for FY15 to end February 2015. Developers is digital revenues only

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Lead generation offering in home loans expanding into

new services

Current lead generation offering

Setting the platform for further growth

Existing partnerships provide material lead

generation revenues in home loans

Growing revenues through more qualified leads

Realising opportunities in an untapped market

Significant room for growth in finance category

Expanding our lead generation offering to other

services e.g. utilities, telecoms and insurance

+81% YoY revenue growth

Growth

• “Can I afford

this property?”

– question on

Property

Details Page to

create

conversion

funnel

• Finance partner

forms displayed

on share of voice

rotation

• User nominates

requirements &

timeframe for

purchase

• Leads delivered

to finance

partner who

seeks to convert

into new home

loans

• Cost per lead

model for

Domain

Audience Targeting

Qualification

Delivery

Note: Growth figure is for year-on-year revenue growth for FY15 to end February 2015

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75 75 75

Commercial

// Paul Kitchin, General Manager, Commercial Real Estate

Real Estate

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76 76 76

Digital Advertising Print Advertising Digital Display Advertising

A complete multi-platform offering under one brand F

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77 77 77

Market shifting to digital with print remaining an

important part of the marketing mix

The commercial real estate advertising market is worth around $100m and is relatively stable

Digital represents more than

50% of the market

Print remains an effective

medium for brand building

and lead generation

Commercial real estate industry

Example key players Market segments

Large diversified property groups

International brands with

national office representation

National commercial brands

State based commercial brands

Franchise or independent agency,

primary focus is residential

GPT, Dexus Property Group,

Grocon, Stockland

CBRE, Colliers International,

Jones Lang LaSalle, Knight Frank,

Savills

Burgess Rawson, Chesterton's,

LJ Hooker Commercial,

Ray White Commercial

Brock (SA), Deans Property (NSW),

Fitzroy’s (VIC),

Wright Property(QLD)

Barry Plant, Harcourt's,

Hocking Stuart, LJ Hooker,

Ray White

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78 78 78

Significant investment in new desktop site

• New homepage and auction centre

• Responsive layout with improved search

• Integration with CommercialGuru, Singapore-

based commercial site

New iPhone app

• Traditional and map based search,

unique to the market

• 4.5 stars and more than 100 new downloads per

day

Significant investment in product driving digital growth

Digital revenue up 32% YoY in FY15

to end February 2015 For

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79 79 79

Focus on growing audience and driving

revenue opportunities

Harnessing our internal networks and partnerships to drive listings and traffic growth

Promoting content to grow audience engagement

• Leveraging strong reputation in editorial content

• Providing comprehensive content including news, advice,

research and data

• Search and content working together to maximise

audience growth

Continue existing momentum in traffic growth and enquiries

• Average daily UBs up 27% in 2014

• Email enquiries up 21% in 2014

Note: Average daily UBs from Nielsen Online Market Intelligence

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80 80 80

Advertising campaign to grow awareness of new website

and iPhone app…

Three key messages in market:

Advertising opportunities

Start searching today

Download our iPhone app

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81 81 81

…and online across Fairfax network of digital mastheads F

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82 82

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Summary information

This presentation contains summary information about Fairfax Media Limited and its activities current as at 31 March 2015. The information in this presentation is of a general

background nature and does not purport to be complete. It should be read in conjunction with Fairfax Media Limited other periodic and continuous disclosure announcements

which are available at www.fairfaxmedia.com.au.

Not financial product advice

This presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire Fairfax Media Limited securities and has been

prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the

appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to

their jurisdiction. Statements made in this presentation are made as at the date of the presentation unless otherwise stated.

Past performance

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Future performance

This presentation contains certain “forward-looking statements”. The words “expect”, “should”, “could”, “may”, “predict”, “plan” and other similar expressions are intended to

identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking

statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements

about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, guidance on future earnings

and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or

achievements may vary materially for many projections because events and actual circumstances frequently do not occur as forecast and these differences can be material. This

presentation contains such statements that are subject to risk factors associated with the industries in which Fairfax Media Limited operates which may materially impact on future

performance. Investors should form their own views as to these matters and any assumptions on which any forward-looking statements are based. Fairfax Media Limited

assumes no obligation to update or revise such information to reflect any change in expectations or assumptions. The inclusion of forward-looking statements in this presentation

should not be regarded as a representation, warranty of guarantee with respect to its accuracy or the accuracy of the underlying assumptions or that Fairfax Media Limited will

achieve, or is likely to achieve, any particular results.

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