1. Australasias most diversified media organisation International Roadshow Information PackSeptember 2008

2. 2 Australasias most diversified media organisation Fairfax Media Limited Specialist Publications Australian Printing Operations New Zealand Publications Fairfax Radio Network TV Production and Distribution Online Australian Metropolitan Publications Australian Regional and Community Publications An excellent portfolio of broad based media assets evolving with changes in consumer behaviour and positioned for growth

3. 3 Combination of diversification, growth and business improvements strategies have resulted in a broader profit base Other FY03 EBITDA FY00 EBITDA Aust Metropolitan Publications FY08 EBITDA Australian Metropolitan Publications Specialist Media Australian Printing New Zealand Publications TV Production & Distribution Online -Fairfax Digital -Trade Me NZ Radio Network Australian Regional & Community Publications

4. 4 A mix of media assets that will deliver good long term year on year growth % EBITDA Contribution FY2008 Ad Cycle Volatility Longer Term Profit Growth Outlook Australian Regional & Community24%Low to MediumMedium Specialist Publications10%MediumStrong Australian Printing9%Low to MediumMedium New Zealand Publications19%Low to MediumMedium Fairfax Radio & TV Production4%Medium Online14%LowVery Strong Australian Metropolitan Publishing20%HighLow

5. 5 Underlying FY08 Results Underlying Results (excluding significant items) RevenueEBITDA 2008 A$m % change 2008 A$m 2007* A$m % change Australian Regional & Community Publications5.5%205.5190.57.8% Sydney and Melbourne Metropolitan Publications(2.8)%174.1191.1(8.9)% Australian Printing(1.0)%73.170.63.5% Subtotal1,644.50.9%452.7452.20.1% Specialist Publications**327.75.9%86.074.815.0% Online**246.933.0%114.481.141.1% New Zealand Publishing**508.70.8%164.1162.60.9% Fairfax Radio Network81.4(2.1)%19.718.18.8% TV Production and Distribution**108.5(11.3)%16.614.911.4% Corporate & Other-(22.3)(26.2)14.9% Total2,917.72.9%831.2777.56.9% Constant currency basis7.8% *2007 pro-forma includes the twelve month results of Rural Press to 1 July 2007 and the results of Southern Cross and Southern Star for the eight months to 1 July 2007. Significant items have been excluded **Business segments with offshore earnings

6. 6 Strong cost management discipline Amounts * First Wave FY2006 to FY2007 Structural permanent cost reductions across multiple business units and corporate $53 million Second Wave FY2008 to FY2009 Synergy benefits from merger with Rural Press Synergy benefits from acquisition of Southern Cross Broadcasting $45 million $ 8 million Third Wave FY2009 to FY2010 Further business improvement and cost reduction initiatives: - Office relocation savings - Corporate - Australian publishing and printing - New Zealand publishing $55 million TOTAL $161 million * Exclude savings on contracted newsprint price reductions

7. 7 Fairfax Medias businesses are diverse As at 29 June 2008: Approximately 24% of EBITDA Products Over 250 daily, weekly and monthly publications throughout Australia Economic Characteristics Vast majority of publications located in single newspaper cities and towns Attract a diverse range of advertising revenues Proven resilience through economic cycles Structural Outlook Good long term growth Bundling on national classified internet platforms provide market stability AUSTRALIAN REGIONAL AND COMMUNITY PUBLICATIONS

8. 8 Fairfax Medias businesses are diverse As at 29 June 2008: Approximately 14% of EBITDA Products Largest fully owned online network in Australasia # 1 news sites in Australia and New Zealand # 1 auctions, motors and real estate site in New Zealand # 2 employment, real estate and motors sites in Australia # 1 dating and holiday rentals sites in Australia Numerous niche websites Economic Characteristics Growth strongly correlated to the structural changes occurring in the media and advertising sectors Markets not expected to be effected to any large degree by fluctuations in the advertising cycles Structural Outlook Very strong growth ONLINE

9. 9 Internet growth: Fairfax has built the leading online news network and digital marketplace in the region Key SectorsBusinesses and brandsCompetitive Position Online news Australia - #1 news sites NZ - #1 site Business news and information; personal finance Australia - #1 subscription site and emerging free business news and personal finance sites Real Estate Australia - #2 site NZ (via Trade Me) - #1 site Employment Australia - #2 site NZ (via Trade Me) - #2 site Automotive Australia - #2 site NZ (via Trade Me) - #1 site Auctions and e-commerce NZ - #1 site Dating Australia - #1 site NZ (via Trade Me) - #2 site Travel Australia - #1 holiday rentals site NZ – recently launched accommodation site Financial Services Australia – #2 funds management lead generation business Special Interest

10. 10 Fairfax Medias businesses are diverse As at 29 June 2008: Approximately 20% of EBITDA Products Two daily metropolitan broadsheets, The Sydney Morning Herald and The Age (Melbourne) Numerous newspaper inserted high quality magazines Economic Characteristics Competitive markets Strongly correlated to advertising cycle Traditionally dependant upon high margin lineage classifieds. Revenue model changing –Increase in display classifieds i.e. local Domains which are more sustainable –Greater flexibility in advertising positioning Key supplier of content throughout the company Structural Outlook Low growth AUSTRALIAN METROPOLITAN PUBLICATIONS

11. 11 Fairfax Medias businesses are diverse As at 29 June 2008: Approximately 9% of EBITDA Products 17 printing plants located throughout Australia Economic Characteristics Prints all the newspaper products of the company Uses excess capacity for external printing customers Low cost operator in the market Customer base provides stable earnings Structural Outlook Significant portion of revenues underwritten by internal printing requirements AUSTRALIAN PRINTING

12. 12 Fairfax Medias businesses are diverse As at 29 June 2008: Approximately 10% of EBITDA Made up of two distinct niche media businesses: SPECIALIST MEDIA Products National daily financial publication the Australian Financial Review plus numerous newspaper inserts and over the counter business and lifestyle magazines Business website afr.com.au Economic Characteristics Powerful market position Market demand linked to the business and share market cycles Structural Outlook Strong connection to niche audiences ensuring continued relevance and revenue growth Fairfax Business Media Agricultural Media Products Largest agricultural publisher in Australia with 63 agricultural publications in Australia, New Zealand and USA Leading agri website www.farmonline.com.au Economic Characteristics Powerful market position Market closely related to agricultural cycles Recent rains will generate advertising demand Structural Outlook Strong connection to niche audiences ensuring continued relevance and revenue growth

13. 13 Fairfax Medias businesses are diverse As at 29 June 2008: Approximately 19% of EBITDA Products Nine regional daily and two Sunday national newspapers Over 50 community newspapers Over 21 magazine titles Economic Characteristics Vast majority of publications located in single newspaper cities and towns Diverse range of advertising revenues Publications linked to local economic conditions Structural Outlook Good medium to long term revenue growth NEW ZEALAND PUBLICATIONS

14. 14 Fairfax Medias businesses are diverse As at 29 June 2008: Approximately 2% of EBITDA FAIRFAX RADIO NETWORK Products Four talk back and three metropolitan music stations 22 licences in South Australia and Queensland Economic Characteristics Good positions in local radio markets Market closely linked to local economic conditions Provides promotional benefits in Sydney and Melbourne, assists national reach into the Brisbane and Perth markets Structural Outlook Good medium to long term revenue growth

15. 15 Fairfax Medias businesses are diverse As at 29 June 2008: Approximately 2% of EBITDA TV PRODUCTION and DISTRIBUTION (currently being sold) Products Australias largest independent television production and distribution group Economic Characteristics Continued drive by media companies for quality TV production content Structural Outlook Good forward revenue momentum on recent production and distribution successes

16. 16 Debt Structure Ratios all well within covenant limits Average interest rate of 8.23% on net debt (exc SPS) No refinancing exposure for at least 18 months A$475 million in undrawn facilities Net debt to EBITDA 2.9x EBITDA to Interest Expense 4.5x Ratios At 29 June 2008

17. 17 Debt Structure: Maturity Committed Facility Maturity Profile (inc SPS) 0 250 500 750 1,000 20092010201120122013201420152016201720182019 AUD $m's Staple Preference Security (SPS) Eurobond Issue US Private Placement III A$ Bank Syndication (8 Banks) CBA A$200m Bank Facility NZD Redeemable Preference Shares Chullora Financing ASB NZD Facility Domestic MTN A$200m US Private Placement II

18. 18 Debt Structure: Sources of Debt Source of Committed Debt Facilities Chullora Financing 4% US Private Placement II 10% ASB NZ$ Facility 1% A$ Domestic MTN 6% NZD Redeemable Preference Share 5% CBA Bank Facility 6% US Private Placement III 9% Eurobond Issue 16% Staple Preference Security (SPS) 9% A$ Bank Syndication (8 Banks) 34%

19. 19 Fairfax Media has superior operating fundamentals and is better positioned than international peers Australian publishers have superior operating fundamentals and are better positioned to respond to changing consumer behaviour than US/UK publishers for 3 key reasons: Differences in market structure Industry adaptiveness and circulation stability Superior online positions

20. 20 Differences in the structure of the Australian media market Structural issues and long-term growth outlook … Australian regional media market characteristics are fundamentally different from the US/UK and provide Fairfax with greater protection against structural change Australias sparse population distribution has created highly concentrated but disparate and uniquely defined urban markets served by a limited number of dominant newspaper titles Ownership of the Australian newspaper market is highly concentrated In comparison, key segments of the US and UK newspaper markets are highly competitive with fragmented ownership

21. 21 Australias population and major urban areas are much more sparsely dispersed than either the US or UK Population20.4 m301 m60.8 m Population Density2.7 people / km 2 33.3 people / km 2 254 people / km 2 AustraliaUnited StatesUnited Kingdom Source: CIA fact book, CIESIN (Columbia University), ABS, UN Persons per km 2 Australia is a large country with a small population and low density Majority of population lives either in large cities or small population areas Urban areas are sparsely dispersed, but predominantly near the coast The US has a large population and much greater population density than Australia US population is also distributed among very large cities or small population areas Urban areas are much less dispersed than in Australia, esp. on the Eastern seaboard The UK has a large population living in a very small land area Only 2 large cities; majority of population lives in regional cities Result has been very high density and concentration of urban areas Structural issues and long-term growth outlook …

22. 22 Population20.4 m301 m (15x)60.8 m (3x) National Dailies # of titles2 3 (1.5x)10 (5x) Avg. Circ per title110,0001,821,000 (16x)1,130,000 (10x) Metro / Regional Dailies # of titles461,434 (31x)94 (2x) Avg. Circ per title60,000 33,000 (0.5x)50,000 (0.8x) US and UK newspaper markets are much more fragmented, competitive and less concentrated than Australian markets AustraliaUS ( size vs AUS) UK ( size vs AUS) Newspaper revenue concentration Ownership of the Australian newspaper market is much more concentrated than in the US or UK Share of total newspaper advertising revenue for top 5 newspaper companies by market: Australia: 75% (approx) US: 25% (approx) UK: 55% (approx) Source: IBIS Australian Newspaper Report (2008), Adage, Zenith, World press trends 2007, Annual reports, Analyst reports, internal estimates Structural issues and long-term growth outlook … Number of titles by market Most newspaper markets in Australia are single daily newspaper markets By comparison, the UK is dominated by 10 large national dailies and many metro/regional markets in the US are served by multiple daily newspapers or small circulation titles

23. 23 Industry Adaptiveness and Circulation Stability Fairfax newspapers continue to retain high levels of utility for both consumers and advertisers Fairfax has better adapted its newspaper products to meet changing consumer and advertiser needs Circulations for key Fairfax titles remain stable

24. 24 Fairfax has better adapted its newspaper products Consumer and Advertiser need: Fairfax MediaUS peersUK peers Printed page quality High use of colour with ongoing product developments Limited use of colourModest use of colour Timing of editions All major metropolitan newspapers published in the morning Some newspapers still published in the afternoon/evening, which are more susceptible to the threat of online readership Many newspapers are still published in the afternoon/evening, which are more susceptible to the threat of online readership Print classified product strategies Development and promotion of classified display environment in the front of the book has created an effective environment for advertisers Development of geographically segmented products (e.g., local Domains) has provided lower cost, more targeted solutions for advertisers Limited use of classified display environment General lack of classified product innovation Less time to respond to classified challenge with new print products Limited use of classified display environment General lack of classified product innovation Structural issues and long-term growth outlook … Fairfax has better adapted its newspaper products to meet changing consumer and advertiser needs: Greater use of colour relative to US and UK peers Development of classified display environment and geographically segmented products for advertisers Source: Based on internal qualitative review of a sample of newspapers from each market

25. 25 Fairfax has better adapted its newspaper products New launches & revitalisation of existing magazines New section launchesMigration of lineage to display

26. 26 Fairfax newspaper circulations remain stable

27. 27 Superior Online Positions Fairfax has established stronger online positions vs. its US/UK peers A far superior online news position relative to its overseas peers Created national classified brands (e.g. Domain, MyCareer) that more effectively compete against online entrants than their overseas peers As a result, Fairfax has captured a much greater share of online classifieds and display revenues

28. 28 Australian publishers have far superior online news positions than their US/UK peers Source: Netratings, Comscore, internal analysis Other Newsprint Media Pure-play online Australia Online News Approx million UBs/ month Australia Fairfax has online news leadership in Australia and has expanded its news brand online Six of the top 7 online news sites are owned by newspaper publishers Ninemsns #2 position derived from traffic to hotmail email Newspapers have also succeeded in building super- regional online news sites US Online news is dominated by cable TV players (e.g., CNN, MSNBC) and online news aggregators (e.g., Yahoo! and AOL) New York Times is the only newspaper publisher in the top 5 online news sites Cable TV and news aggregators outperformed newspapers online by developing national online news platforms and brands UK Online news in the UK is dominated by the BBC Newspapers (e.g., the Sun, the Guardian) and online news aggregators (e.g., Google, Yahoo!) battle for the distant #2 position Newspapers have generally been unsuccessful in expanding their brand and audience online Structural issues and long-term growth outlook … 0 1 2 3 4 5 Fairfax - SMH Ninemsn Fairfax- Age news.com.au Herald Sun Daily Telegraph The Australian Fairfax Media

29. 29 Fairfax has outperformed international publishers in successfully extending its newspaper brands to online Monthly UBs / Avg Circulation Source: WAN world press trends 2007, Net ratings, internal analysis The ratio of online unique browsers to daily print circulation is a proxy for measuring a publishers success in translating its print news brand to online Fairfax has been much more successful than its domestic competitors and international peers Structural issues and long-term growth outlook … Avg. 9.3 Avg. 6.8 Avg. 1.7 Ratio of Newspapers monthly online UBs vs daily circulation 0 5 10 15 20 25 Fairfax - SMH Fairfax - Age Herald Sun Daily Telegraph NYT Washington Post USA Today WSJ LA Times Guardian Daily Telegraph Sun The Times Daily Mail

30. 30 US/UK publishers have failed to capture national online real estate positions, while Fairfax has a strong #2 position Other Newsprint Media Pure-play online players / Industry bodies and agencies Real estate classifieds example Australia Limited market scale has resulted in only 2 viable players (both owned by publishers) Fairfax established Domain as a national brand enabling: extension across markets bundling with print to build strong integrated positions in regional areas US Realtor.com, owned by national real estate agents group, dominates followed by online aggregators and pure-plays No newspaper publisher is in the top 10 national real estate sites Newspaper sites are regionally focused and have had to partner to achieve a national presence UK Rightmove.co.uk, owned by real estate franchises, dominates with rest of market highly fragmented Very competitive newspaper markets impeded newspapers building strong real estate sites Newspapers have started to develop online positions through acquisition of standalone players Structural issues and long-term growth outlook … Fairfax Media Source: Netratings, Comscore, internal analysis

31. 31 Fairfax has an equal #2 position in online employment, while US/UK publishers captured #1 and #2 positions respectively by forming JVs Other Newsprint Media Pure-play online players / Industry bodies and agencies Employment classifieds example Australia Two of the top 3 employment sites were built by publishers Fairfaxs MyCareer is #2 by revenue and profit MyCareer established as a national brand enabling: extension across markets integration with print in regional markets US 3 sites dominate: CareerBuilder #1, Monster and HotJobs Careerbuilder, a Gannett / Tribune / McClatchy JV, was acquired in 2000 and has since partnered with other newspapers to gain scale Monster and HotJobs have responded by forming their own newspaper partnerships UK The governments online job board dominates with the rest of the market fragmented Fish4Jobs (#2), a JV by UK regional publishers, is the only newspaper site in the top 5 CareerBuilders UK business has outperformed local newspaper sites Structural issues and long-term growth outlook … Fairfax (MyCareer) Fairfax Media Source: Netratings, Comscore, internal analysis

32. 32 Fairfax has captured a much greater share of online classifieds and display revenues Fairfax has capitalised on its strong online positions to capture a much greater share of total online classifieds and display revenues vs. its US/UK peers Fairfax has extended its strong position in newspaper publishing into online and captured key market positions in online news and classifieds As with the newspaper market, the online market is also much more concentrated in Australia - the top 5 newspaper publishers are estimated to capture 40-45% of total online classifieds and display market revenues By comparison, in the US and UK, the top 5 newspaper publishers capture a much smaller proportion of total online classifieds and display market revenues Source: IBIS Australian Newspaper Report (2008), Adage, Zenith, Annual reports, Analyst reports, internal estimates

33. 33 REVENUEEBITDA NPATEARNINGS PER SHARE $ Am Fairfax Media recent financial history (Excluding significant items) cents