Form 604 Corporations Law Section 671B

Notice of change of interests of substantial holder

FXJ To:Company Name/Scheme The Secretary John Fairfax Holdings Limited Level 19 201 Sussex Street SYDNEY NSW 2000 Ph: (02) 9282 3046 Fax: (02) 9282 3065

ACN 008 663 161 ACN/ARSN 1. Details of substantial Limited Group (ACN 004 044 937) being comprised of the bodies holder corporate listed in Annexure A and which includes: Name National Australia Trustees Limited ACN 007 350 405 (0.029%) ACN (if applicable) MLC Limited ACN 000 000 402 (0.046%) MLC Investments Limited ACN 002 641 661 (5.955%) National Australia Asset Management Limited ACN 062 806 884 (0.013%); National Australia Financial Management Limited ACN 000 176 116 (0.125%)

gives notice of a change in relevant interests

There was a change in the interests of the substantial holder on 23/06/2006

The previous notice was given to the company on 21/04/2004

The previous notice was dated 21/04/2004

2. Previous and present The total number of votes attached to all voting shares in the company or voting interests in voting power: the scheme that the substantial holder or an associate had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities Previous Notice Present Notice

Person’s votes Voting power Person’s votes Voting power Ordinary 45,815,082 5.124% 57,915,868 6.167% 3. Changes in relevant interests Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change Person whose Nature of change Consideration Class and Person’s votes relevant interest given in relation number of affected changed to change securities affected

21/04/2004 to MLC Limited Share purchase $4.38 Ordinary 23/06/2006 59,320 59,320

21/04/2004 to MLC Investments Share purchase $3.31 to $4.60 Ordinary 23/06/2006 Limited 19,807,897 19,807,897

Share sale $3.20 to $4.60 Ordinary 7,576,960 7,576,960

21/04/2004 to National Asset Share purchase $3.71 to $4.25 Ordinary 23/06/2006 Management Limited 13,000 13,000

21/04/2004 to Share sale $3.66 to $4.41 Ordinary 23/06/2006 48,931 48,931

21/04/2004 to National Australia Share purchase $3.71 to $4.44 Ordinary 23/06/2006 Financial 259,526 259,526 Management Limited Share sale $3.70 Ordinary 25,000 25,000

21/04/2004 to National Australia Share purchase $3.88 Ordinary 23/06/2006 Trustees Limited 61,619 61,619

Share sale $4.02 Ordinary 190,068 190,068 4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant Registered holder Person entitled to Nature of relevant Class and Person’s interest of securities be registered as interest number of votes holder securities

MLC Limited Westpac Custodian Power to control voting Ordinary Nominees Limited and/or disposal of 429,242 429,242 (ACN 002 861 565) shares

MLC Investments Westpac Custodian Power to control voting Ordinary Limited Nominees Limited and/or disposal of 55,776,053 55,776,053 shares

RBC Global Power to control voting Ordinary Services Australia and/or disposal of 125,185 125,185 Nominees Pty shares Limited (MasterKey Custom Superannuation Fund A/C) (ACN 097 125 123)

RBC Global Power to control voting Ordinary Services Australia and/or disposal of 14,266 14,266 Nominees Pty shares Limited (HML Superannuation Fund)

National Australia National Nominees Power to control voting Ordinary Asset Management Limited and/or disposal of 122,415 122,415 Limited (ACN 004 278 899) shares

National Australia National Nominees Power to control voting Ordinary Financial Management Limited and/or disposal of 1,178,088 1,178,088 Limited (ACN 004 278 899) shares

National Australia Unknown Power to control voting Ordinary Trustees Limited and/or disposal of 270,619 270,619 shares

Grand Total 57,915,868 5. Changes in association The persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, the substantial holder in relation to voting interests in the company or scheme are as follows: Name and ACN/ARSN (if applicable) Nature of Association No change

6. Addresses The addresses of persons named in this form are as follows: Name Address MLC Limited Ground Floor 105-153 Miller Street NORTH SYDNEY NSW 2060 MLC Investments Limited Ground Floor 105-153 Miller Street NORTH SYDNEY NSW 2060 National Australia Bank Level 13 Limited 140 William Street MELBOURNE VIC 3000 National Australia Trustees Level 13 Limited 140 William Street MELBOURNE VIC 3000 National Australia Asset Ground Floor Management Limited 105-153 Miller Street SYDNEY NSW 2000 National Australia Financial Ground Floor Management Limited 105-153 Miller Street SYDNEY NSW 2000 RBC Global Services Level 18 Australia Nominees Pty 56 Pitt Street Limited SYDNEY NSW 2000 National Nominees Limited Level 13 140 William Street MELBOURNE VIC 3000 Westpac Custodian Level 9 Nominees Limited 50 Pitt Street SYDNEY NSW 2000

Signature name Brendan T Case Capacity Associate Company Secretary for and on behalf of National Australia Bank Limited

signature date / / Annexure A

This is Annexure A of three pages referred to in the Form 604 Notice of change of interests of substantial holder signed by me and dated / /

Brendan T Case Associate Company Secretary

National Australia Bank Limited Group National Capital Holdings 1 LLC

National Equities Limited ACN 094 484 625 Ltd National Australia Management Services Ltd. (In Liquidation) National Australia Group (NZ) Limited MLC Asia Ltd

BNZ International Australia Limited MLC Corporate Services Asia Pte Limited BNZ Securities Australia Limited PT MLC Investment (Indonesia) Ltd Partown Pty Limited National Corporate Investment Services Limited MLC Funds Management Limited (In Liquidation) Limited GWM Adviser Services Limited BNZ Corporation Limited Godfrey Pembroke Limited Interchange and Settlement Limited (12.6%) National Asset Management Limited Quill Financing Limited (76%) (In liquidation) NAM NT Rail Pty Limited Peterel Financing Limited (99%) (In liquidation) National Australia Financial Planning Pty Limited (In Liquidation) BNZ Capital Guaranteed Growth Fund Limited National Australia Superannuation Pty. Ltd. Loyalty New Zealand Limited (25%) NAFM Investments Pty. Ltd. (In Liquidation) Mondex New Zealand Limited (20%) JANA Investment Advisers Pty Limited Visa New Zealand Limited (23%) Superannuation for Australian Corporate Employees Pty Ltd (In Liquidation) BNZ Funding Limited Wealth Management & Community Fund Pty Ltd (Not yet established) BNZ International (Hong Kong) Limited MLC Holdings Limited BNZ Investments Limited Your Prosperity Limited BNZ Equipment Limited MLC Investments Limited BNZ International Limited MLC Computer Pty Limited (in Liquidation) BNZ International Funding Limited Apogee Financial Planning Limited Amber Liquid Investments Limited Australian Eagle Life Ltd (In Liquidation) BNZI Securities (No 1) Limited BNZI Securities (No 2) Limited MLC Limited BNZ Property Investments Limited ThreeSixty Limited (In Liquidation) BNZ Branch Properties Limited Heritage Management Limited (In Liquidation) BNZ Properties (Auckland) Limited Limited BNZ Properties Limited PLUMFS Limited (In Liquidation) Flamingo Holdings Incorporated (In liquidation) PFS Nominees Pty Ltd Maroro Leasing Limited (In liquidation) FlexiPlan Australia Limited (In Liquidation) New Zealand Card Services Limited Medfin Australia Pty Limited Screen Holdings No. 3 Limited MLC Properties Pty Limited Screen Holdings No. 4 Limited MLC Nominees Pty Ltd Screen Holdings No. 5 Limited (In liquidation) Messenia Pty Limited (In Liquidation) Screen Holdings No. 6 Limited (In liquidation) Fortuitous Assets Ltd Sophisticated Assets Ltd Custom Fleet (NZ) Limited Eight Star Group Ltd BNZ Fleet Limited Stable Markets Holdings Ltd Custom Service Leasing (New Zealand) Limited HKMLC Insurance Holdings Ltd (55%) Custom Fleet Leasing (NZ) Ltd MLC (Hong Kong) Ltd Fleetlease (New Zealand) Limited MLC Trustees (Hong Kong) Ltd National Australia Limited (In liquidation) SMMR (Thailand) Co. Ltd (49%) Electronic Transaction Services Ltd (25%) Tun Charoen Ltd (51%) PT MLC Life Indonesia (50%) National Americas Investment, Inc. MSRA Holdings, Inc. MLC Lifetime Company Limited National Americas Capital Investment LLC CFG Nominees Pty Ltd (In liquidation) Capita Properties Pty Ltd National Australia Capital Markets, LLC Tropical Breeze, Inc (In liquidation) National Australia Capital Markets (Japan) Co Ltd Cameron Close Pty Ltd (In Liquidation)

National Australia Bank Capital LLC National Wealth Management Holdings Limited National Australia Financial Management Limited National Australia Funding, (Delaware) Inc. National Wealth Management International Holdings Limited National Wealth Management Europe Holdings Limited National Mortgage Securities Inc National Europe Holdings (Wealth Management) Limited National Wealth Management Europe Services Limited NAB Gold LLC National Australia Insurance Services Limited MLC Savings Limited NAB Iron LLC MLC Trust Management Company Limited Clydesdale Bank Insurance Brokers Limited Clydesdale Bank (Head Office) Nominees Ltd Northern Bank Insurance Services Ltd. Clydesdale Bank (London) Nominees Limited Yorkshire Bank Financial Services Limited Clydesdale Bank (Piccadilly) Nominees Limited MLC UK Nominees Limited North of Scotland Bank Limited

Wealth Management Mauritius Holdings Limited Clydesdale Bank Custodian Nominees Limited

PT Telur Emas Perkasa Yorkshire Bank Retail Services Ltd. PT Indonesia Emas Perkasa Storecard Ltd. PT Telur Emas Indonesia Yorkshire Bank Finance Ltd. National Wealth Management New Zealand Holdings Limited Yorkshire Bank Equipment Leasing Ltd. BNZ Investment Management Limited Yorkshire Bank Commercial Leasing Ltd BNZ Life Insurance Limited Allerton House Properties Limited BNZ Nominees Limited YB Lease Ltd. Yorlease Ltd National Australia Bank Finance Ireland Limited Northern and General Finance Ltd. Clydesdale Trustee & Custodial Services (Ireland) Ltd (In liquidation) Yorkshire Bank Home Loans Ltd. Clydesdale Corporate Investment Services (Ireland) Ltd (In liquidation) Yorkshire Bank Nominees Ltd. Clydesdale Ireland Securities Nominees Limited (In liquidation) Brunswick Collection Services Ltd Yorbank Nominees Ltd. National Australia Group Europe Limited YB Trust Company Ltd. Clydesdale Custodian Nominees Limited NAGE Trustee Company Limited Scottish Agricultural Securities Corporation PLC (33%) National Australia Bank Pension Trustee (UK) Limited Yorkshire Bank Investments Ltd. National Americas Holdings Ltd Yorkshire Bank PLC National Capital Investments Limited Machill Investments Limited (90%) Tokenhouse Investments Limited Yorkshire BIHK Limited National Australia Group Optimal Investments Limited North British Finance Group Ltd Amber Liquid (UK) Investments Limited Eden Vehicle Rentals Ltd. MSRA UK Limited National Europe Holdings Limited EVR Limited

National Australia Group Europe Services Ltd National Australia Capital Securities (Jersey) Limited National Australia (Asset Finance) Limited National Australia Capital Securities (UK) PLC National Australia Finance (Commercial Leasing) Limited Guidestar Financial Limited National Australia Finance (Equipment Leasing) Limited NAF Trustee Limited National Australia Finance (Leasing) Limited The Deep in Hull Limited of S National Australia Corporate Services Limited National Australia Finance(Vessel Leasing) Limited National Australia Finance(Vessel Leasing No 1) Limited Nautilius Insurance (Europe) Ltd National Australia Finance(Vessel Leasing No 2) Limited Nautilus Insurance Pte. Ltd. National Australia Finance(Vessel Leasing No 3) Limited National Australia Finance(Infrastructure Leasing No 1) Limited Young Street Limited Custom Fleet Limited National Australia Capital Funding (UK) Plc Fairhalsen Collections Ltd National Australia UK Pension Trustee Ltd National Australia Group Services Limited National Australia Group CIF Trustee Ltd Custom Lease Pty. Limited (In liquidation) National Australia Group SSP Trustee Ltd Custom Service Leasing Limited Hegira Limited Mora Property Development Co Limited (20% NBL) Laura Pty. Limited (In liquidation) Kensington Hotel (Belfast) Limited (20% NBL) Lavallette Pty. Limited (In liquidation) NSW Housing No. 1 Pty. Limited National Australia Group Europe Investments Ltd Omnibus Leasing (1978) Limited (In liquidation) NAGEO B.V. Rail Leasing Limited (In Liquidation) Angara Company Limited River Boyne Pty. Limited Ariodante Limited River Embley Pty. Limited PFA Limited Zermatt Limited (In liquidation) PMJI Inc Fleet Systems Pty. Limited (In liquidation) Starfish Company Limited Custom Fleet (Australia) Limited National Australia Group Europe Finance B.V. NBA Properties Limited NAB Investments Limited National Australia Group Europe Asset Investments Limited CBC Holdings Limited National Australia Europe Asset Holdings Limited CBC Properties Limited NBA Properties (Qld.) Limited National Europe Holdings (GB) Ltd NBA Properties (Vic.) Limited National Australia Bank (GB) Limited IMD Management Ltd (In Liquidation) CB House Purchase Limited CB Nominees Limited CB Trustee Nominees Limited Other companies

Clydesdale Bank Asset Finance Limited ARDB Limited CGF No. 3 Limited CGF No. 6 Limited CGF No. 9 Limited Australian Banks' Export Re-finance Corporation Limited CGF No. 12 Limited BOACT Pty Ltd Commercial Nominees Pty. Limited Clydesdale Bank Pension Trustee Limited Erstfeld Pty Limited (In Liquidation) Clydesdale Europe Finance Limited (75%) HICAPS Pty Limited Warren Collections Limited National Australia Corporate Advisory Limited (In liquidation) Alice Corporation Pty Ltd (61.53%NAB) NAB Finance (Ireland) Ltd Harkay Limited National Capital Guaranteed Fund Limited (In liquidation) (49%) Matrix Film Investment One Pty Limited

Guidestar Financial Group Limited Diba Investments Limited Pinnacle Holdings NZ Ltd Vilexton Pty Limited (In Liquidation) Rycee 1 Pty Ltd (85%) National Australia Finance (Asia) Limited Rycee 2 Pty Ltd (85%) National Australia Finance (Hong Kong) Plc Rycee 3 Pty Ltd (85%) Deesam Pty Ltd (85%) National Australia Investment Capital Limited Portsmouth Investments Company Pty Ltd (20%) National Australia Investment Brokers Limited Rycee 6 Pty Ltd (85%) National Australia Managers Limited National Australia Merchant Bank (Singapore) Limited National Australia Overseas Holding (Singapore) Private Limited Loyalty Pacific Pty Ltd (50% NAB; 50% Coles Myer) National Australia Securities Limited FBP Awards Fund Pty Ltd (50% NAB; 50% Coles Myer) National Australia Trustees Limited Relationship Services Pty Limited Bourke Street Nominees Pty. Limited National Australia Underwriters Limited National Infrastructure Investment No.1 Pty Ltd Loyalty Pacific (Hong Kong) Ltd (50% RSPL) National Infrastructure Investment No.2 Pty Ltd C.B.C. Investments Limited (In liquidation) National Infrastructure Investment No.3 Pty Ltd C.B.C. Investments Services Limited (In liquidation) Asibond Pty Limited Custom Credit Holdings Limited (In liquidation) Valewin Pty Limited Custom Credit Corporation Limited (In liquidation) Elly Investments Pty Ltd Carrington Confirmers Pty. Limited (In liquidation) Rosie Investments Pty Ltd (85%) Australian Equity Corporation Limited (In liquidation) National Nominees Limited First National Limited (In liquidation) National Nominees (London) Limited First National Finance Limited (In liquidation) National Margin Services Pty Ltd National Funding Holdings Pty Ltd NMS Nominees Pty Ltd Mockey 1 Pty Ltd National Markets Group Limited Mockey 2 Pty Ltd Australian Market Automated Quotation (Ausmaq) System Limited Mockey 3 Pty Ltd Ausmaq (NZ) Limited Mockey 4 Pty Ltd National OnLine Trading Limited Mockey 5 Pty Ltd National OnLine Trading Nominees Pty Ltd Antares Capital Partners Pty Limited National Australia Travel Limited (In Liquidation) O2-e Limited Tasovac Pty Ltd National eProcurement Ltd National Global MBS Manager Pty Ltd National eProcurement Australia Pty Ltd Custom Lease Pty Ltd (In Liquidation) National eProcurement UK Ltd Groundsel Limited (In Liquidation) National Australia Leasing (Qld) Pty Ltd (In Liquidation) NBA Leasing Pty. Limited Vipro Pty Ltd (NAB 33.3%) VPL Securities Pty Limited