MSDW MASTER FILE

1
November 1999
2
The Fairfax Approach

• Major, exciting new opportunities
• Strong linkages to our core competencies
• Considerable uncertainty

3
F2 Strategy

• Sensible portfolio of potential winners
• Build off our strengths
• unparalleled news, information and brands
• quality users and customers
• extensive classified databases and transaction
  platforms
• strong deal flow
• Flexible portfolio approach

4
F2s Evolution
Major Site Launches
CitySearch Canberra
Personal Investor
My Career
CitySearch Melbourne
Shares
Domain
Rugby Heaven
Sydney Morning Herald
Fairfax_at_Market
Footy 99/98
Sold
Drive
IT Jobs
IT News
BRW
The Age
CitySearch Sydney
Melbourne Today
Walkabout
Australian Financial Review
Trading Room
Money Manager
Jan-95
Jul-95
Feb-96
Aug-96
Mar-97
Sep-97
Apr-98
Nov-98
May-99
Sept-99
5
F2s Current Structure
100
100
100
81
100
Business Development
Finance
100
6
Leading Australian Online Position
Australian Publisher Web Site Activity
Monthly Visits to F2s Network of Sites
Source www.consult, based on pageview estimates
for July 1999 and excluding Hotmail and
Yahoomail. Note (1) This group comprises
the White PagesTM, Yellow Pages? and
altavista.yellowpages.com.au sites.
7

• Mastheads and Sport
• Portal
• Supersites
• Number One in Classifieds and Local News
• Extend local Portals
• Expand Supersites
• e-commerce and broadband enable

Today
Competitive Ranking
The Future
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Fairfax Online - Number One Classified Reach
Classified Web Site Audience Reach
Source www.consult, July 1999 based on 2.1
million regular Australian Internet user
universe. Note (1) Fairfax includes
market.fairfax.com.au and drive.com.au.
11
Fairfax Online - Key Business Opportunities

• Automotive
• Employment
• Real Estate
• Other

12
-

• 3 local and leisure lifestyle sites
• 16 directories, relaunched as print and
  Internet
• Leading global partner - TMCS
• Leader in local, leisure and lifestyle sites
• Number two in directories
• e-commerce enable SMEs for B2C
• Develop national online salesforce
• Further expansion and brand integration

Today
Competitive Ranking
The Future
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• Online auction site
• C2C and B2C
• Classified Ventures Partnership
• Number one (game has just begun)
• Build volume
• e-commerce enable CitySearch customers (B2C)
• Expand use as e-commerce platform for F2

Today
Competitive Ranking
The Future
15

• Online Auction sites (www.top100)
• Over 50,000 registered users
• Over 7m worth of Australian items currently
  listed

Site Rankings(1)
of Visits(1)
Source www.top100.com.au. Notes (1) Week ending
7 November 1999. (2) Excludes eBay Inc., traffic
by Australians.
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Business Development

• Expand finance via transactions
• New business with revenue focus
• F2 in deal flow
• Flexible portfolio approach
• Broadband enable
• Cable
• Datacasting

18
Board and Management
F2 Board
F2 Management

• Fred Hilmer
• Chairman of F2 and CEO of JFH
• Nigel Dews
• Chief Executive, F2
• Mark Bayliss
• CFO, JFH
• Jonathon Pinshaw
• Mark Burrows
• David Shein

• Dean Gingell
• Managing Director, Fairfax Online
• Rob Mallick
• Managing Director, CitySearch Australia
• Martin Hoffman
• Managing Director, SOLD.com.au
• Jonathan Pinshaw
• Executive Chairman, Big Colour Pages
• Nick Leeder
• Director, Corporate Development
• Moya Dodd
• Director, Broadband Development
• Alasdair Smith
• Group Financial Controller

19
F2 - Profit Loss (30/6/99)
Big Colour Pages(1)
FOL SOLD
m
CitySearch
F 2



Trading Revenue 8.0 17.0 5.3 30.3 Costs 17.7 20.6
14.8 53.1 EBITDA (9.7) (3.6) (9.5) (22.8) Deprecia
tion 0.3 0.6 0.8 1.7 EBIT (10.0) (4.2) (10.3) (24.
5)
Source 1999 Annual Report - John Fairfax
Holdings Limited Note (1) Since acquisition in
November 1998.