PUBLISHING & BROADCASTING LIMITED(PBL)

name changed to Consolidated Media Holdings Limited

we understand that the split of Publishing and Broadcasting Limited (PBL) into two separately listed companies, Consolidated Media Holdings Limited (CMJ) and Crown Limited (CWN), took place by way of two Schemes of Arrangement - under the first (the PBL scheme), CWN acquired all of the PBL shares for the consideration of 1 CWN share and $3 cash for each PBL share (unless shareholders chose "maximum shares" (1.17055145 CWN shares) or "maximum cash" ($15.06249587 and 0.31424128 CWN shares) as consideration ) - under the second (the Demerger Scheme), the new CWN shareholders received one share in CMJ for every one share they had in CWN as an in specie distribution in satisfaction of a reduction of share capital by CWN - broadly the tax consequences are: scrip for scrip rollover is available in respect of the non-cash consideration received by the PBL shareholders, cash received is to be treated as capital proceeds (a relevant capital gain or loss may arise), Section 45B of the 1936 Act will not operate in respect of the Demerger Scheme to include any amount in the assessable income of Crown Shareholders and demerger rollover relief is not available in respect of the Demerger Scheme (it should be noted that PBL had earlier sold 75% of its traditional media assets to private equity firm CVC Asia Pacific, receiving more than $5 billion in net cash)

we understand that on or about this date the company undertook, proposed to undertake or was the subject of the following corporate action: - splits its businesses into two publicly listed companies: Crown and Consolidated Media Holdings - this corporate event may appear elsewhere in this company record

we understand that on or about this date the company demerged eCorp Limited

name changed from Nine Network Australia Limited