Hollinger Inc.

Hollinger Inc.

March 29, 2005 15:15 ET

Hollinger Inc. Commences Action Against Ravelston And Black Entities And Certain Former Directors


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: HOLLINGER INC.

TSX SYMBOL: HLG.C
TSX SYMBOL: HLG.PR.B

MARCH 29, 2005 - 15:15 ET

Hollinger Inc. Commences Action Against Ravelston And
Black Entities And Certain Former Directors

TORONTO, ONTARIO--(CCNMatthews - March 29, 2005) - Hollinger Inc.
(TSX:HLG.C)(TSX:HLG.PR.B) announced today that it has issued a Statement
of Claim in the Ontario Superior Court of Justice to commence a legal
action against The Ravelston Corporation Limited, Ravelston Management
Inc., Moffatt Management Inc. and Black-Amiel Management Inc. as well as
former directors and officers Conrad M. Black, F. David Radler, Jack A.
Boultbee and Peter Y. Atkinson.

The Claims:

Claims made are for monetary damages from all defendants jointly and
severally in the amount of $550 million as well as reimbursement of
certain amounts owing to Hollinger by the Ravelston defendants in the
amount of approximately $86 million plus accrued interest and costs.

The monetary damages include management fees and non-competition
payments misappropriated to Ravelston and the individual defendants
during a period since 1998, as well as reimbursement of fees and costs
including those related to the current inspection by Ernst & Young Inc.
and the now withdrawn going private transaction. Other bases of the
claims include diversion of corporate opportunities, breach of fiduciary
duties and oppression.

Background:

Hollinger's principal asset is its interest in Hollinger International
Inc. which is a newspaper publisher, the assets of which include the
Chicago Sun-Times, a large number of community newspapers in the Chicago
area and a portfolio of news media investments. Hollinger also owns a
portfolio of revenue-producing and other commercial real estate in
Canada, including its head office building located at 10 Toronto Street,
Toronto, Ontario.


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