Hollinger Inc.

Hollinger Inc.

March 24, 2005 23:00 ET

Hollinger Inc.: Press Release




MARCH 24, 2005 - 23:00 ET

Hollinger Inc.: Press Release

TORONTO, ONTARIO--(CCNMatthews - March 24, 2005) - Hollinger Inc.
("Hollinger") (TSX: HLG.C)(TSX:HLG.PR.B) announced today that, in
connection with the proposed share consolidation going private
transaction (the "Going Private Transaction") involving Hollinger, it
will, on Tuesday, March 29, 2005, be seeking an order of the Ontario
Superior Court of Justice approving the formation of the CCPR Trust (as
such term is defined in Hollinger's management proxy circular (the
"Circular") dated March 4, 2005 for use at the special meeting of
shareholders (the "Special Meeting") to be held on Thursday, March 31,
2005). The issuance of such Court order is a condition to the completion
of the Going Private Transaction.

Catalyst Fund General Partner I Inc. has brought a motion before the
Ontario Superior Court of Justice, to be heard on the same day, seeking
to enjoin the holding of the Special Meeting.

Hollinger wishes to confirm that, in the event that the Going Private
Transaction is effected, the Independent Privatization Committee of the
Board will remain in place to supervise and direct the independent
valuator conducting the updated valuation referred to in the Circular
until its completion and former holders of Hollinger's retractable
common shares are paid any additional amount per share.

Company 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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