John Fairfax Holdings Limited
ACN 008 663 161

Mr John Greaves, Finance Director, John Fairfax Holdings Limited, has announced his resignation from the Company in order to pursue his interests in telecommunications and other activities. Mr Greaves is non-executive chairman and director of One.Tel Limited.

Commenting on the announcement, Fairfax Chief Executive, Mr Fred Hilmer, said, "John has been outstanding for our Company and its shareholders. All of us here wish him well in his future endeavours. I am sure he will enjoy further success in the future."

Mr Greaves, who has been with Fairfax for three years, said, "I had a choice. My continuing involvement as Finance Director and as a Board member of Fairfax, in the context of my investment and shareholders relations in One.Tel, could be perceived, at some future point, as a conflict of interest. While no such conflict exists today, the Fairfax Board has acknowledged that, in the interest of all parties concerned, I needed to make a decision on my principal business involvement in the coming years.

"I have chosen to retain my flexibility and my involvement in One.Tel, a company I helped establish in 1995.

"I am very proud of the job I have done at Fairfax, and the contributions I have made to where Fairfax is today as a leader in Australia’s media industry."

Note:

John Fairfax [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 1998, the Company had revenues of over $1.1 billion. Fairfax is Australia’s leading content provider on the Internet, with more than 20 million page views per month, and 100,000 site visits per day.

Fairfax > Corporate Affairs & Media Releases > Announcements > GREAVES