THORNEY OPPORTUNITIES LTD — M&A Activity 2017

May 14, 2017

THORNEY OPPORTUNITIES LTD ACN 080 167 264

ASX Announcement: 15 May 2017

ASX Code: TOP

TOP UPDATE: FAIRFAX MEDIA LIMITED (FXJ)

This morning FXJ announced it had received a revised proposal from the TPG Consortium to acquire 100% of the shares in FXJ at a price of A$1.20 per share.

As TOP shareholders are aware, TOP has a shareholding in FXJ and for some time has been calling on the FXJ Board and management to move quickly to demonstrate how shareholder value would be enhanced.

TOP is closely reviewing the revised proposal and will update shareholders as further information becomes available.

Please direct enquiries to:

Craig Smith Company Secretary T: + 61 3 9921 7116

Level 39, 55 Collins Street, Melbourne Vic 3000 Telephone + 61 3 9921 7116 Facsimile + 61 3 9921 7100