Argus And Ravelston File Action To Protect Tender Offer Made To All Shareholders Of Hollinger Inc.

Business Editors

TORONTO--(BUSINESS WIRE)--Jan. 19, 2004

Seek Injunction to Prevent Interference

with Press Holdings International Bid

Argus Corporation Limited (TSX:AR.PR.A)(TSX:AR.PR.D)(TSX:AR.PR.B) and Ravelston Corporation Limited announced today that they have initiated a Notice of Action in the Superior Court of Justice in Ontario to protect their agreement with Press Holdings International Limited to tender their shares of Hollinger Inc. (TSX: LLGC, HLG.PR.B, HLG.PR.C) to a take-over bid to be made to all shareholders of Hollinger Inc. The Notice of Action seeks a declaration from the Court that the agreement is effective, valid and binding.

Argus and Ravelston also are seeking injunctions to prevent Hollinger International Inc., (NYSE:HLR), Graham W. Savage, Gordon A. Paris, Raymond G.H. Seitz, Richard R. Burt, James R. Thompson and Richard Breeden from interfering with the continuation and completion of the take-over bid.

Lord Black, Chairman and CEO of Argus and Ravelston said, "The offer by Press Holdings International will provide substantial value to all shareholders of Hollinger Inc. as well as benefiting Hollinger International by allowing the company's fine media properties to move forward without further distractions or financial uncertainty. As a result, we are taking appropriate legal action to prevent any interference whatsoever with the completion of this transaction."

"As outlined in my letter to the Hollinger International Board yesterday, I offered Mr. Paris and Mr. Breeden the opportunity for Hollinger International to match, with a purchase through preferred shares, any bona fide offer for control of Hollinger Inc. They, however, declined that offer," Lord Black said.

"My letter to the Board also detailed some of the evidence my attorneys have uncovered, including certain Board committee minutes and other documents, which clearly contradict representations made to me in November regarding the approval of non-compete payments made to me. Since I relied on those representations in agreeing to the November 15 restructuring proposal, therefore that proposal clearly was never valid," Lord Black added.