Heith Mackay-Cruise Resigns as CEO

MEDIA RELEASE WEDNESDAY 18TH APRIL 2007

Heith Mackay-Cruise Resigns as Chief Executive Officer of ACP Media New Zealand

PBL Media Pty Limited today announced the resignation of Heith Mackay-Cruise from his position of Chief Executive Officer, ACP Media in New Zealand.

Mackay-Cruise has accepted a position as Chief Executive of a global private education provider.

PBL Media Chief Executive Officer, Ian Law said: “Heith Mackay-Cruise has made a significant contribution to ACP Magazines and we wish him well in his new endeavors."

Mackay-Cruise will be departing his position at the end of May 2007.

Mr Law said an announcement regarding Heith Mackay-Cruise’s replacement will be made in due course. In the interim the executive group in New Zealand will report directly to John Rowsthorne, General Manager, Operations, PBL Media.

ENDS

About PBL Media

In 2007 Publishing and Broadcasting Limited (PBL) and CVC Partners established PBL Media – Australia’s largest and first fully diversified media group consisting of the Nine Network, ACP Magazines and several of its interests in online ventures, including its 50% interest in ninemsn and a majority shareholding in carsales.com.au.

PBL and private equity funds managed by CVC each hold a 50% economic interest in PBL Media, which continues to be operated by PBL management.

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