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Solid First Half Result For Canwest Mediaworks

Monday, 3 April 2006

Solid First Half Result For Canwest Mediaworks

Four and half cents per share interim dividend to be paid to shareholders on 15 May 2006

AUCKLAND – CanWest MediaWorks (NZ) today reported its financial results for the six month period ended 28 February 2006. Revenues were $129.5 million, a 4% increase on the corresponding period last year. Earnings before interest, income tax, depreciation and amortisation (EBITDA) were $34.0 million.

This is a 10% decrease on the corresponding period last year, however, as flagged by the Company in October 2005 and again in December 2005, the reduction was anticipated due largely to a different spread of local programming costs across the fiscal year for TVWorks. This is expected to reverse over the second half of the financial year, such that EBITDA for the full financial year should finish above last year’s result, on the assumption that the New Zealand advertising market conditions remain as we expect.

The Company announced that an interim dividend of 4.5 cents per share will be paid on 15 May 2006 to shareholders of record on 5 May 2006. The interim dividend will carry full imputation credits. This is a 12.5% increase on the four cents per share interim dividend paid last year, due to improved cash flows from operations.

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