Hollinger Inc.

Hollinger Inc.

March 18, 2005 17:25 ET

Hollinger Receives OSC Notice of Hearing and Replies


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: HOLLINGER INC.

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

MARCH 18, 2005 - 17:25 ET

Hollinger Receives OSC Notice of Hearing and Replies

TORONTO, ONTARIO--(CCNMatthews - March 18, 2005) - Hollinger Inc.
(TSX:HLG.C)(TSX:HLG.PR.B) announced today that it has received a Notice
of Hearing and Statement of Allegations issued by the Staff of the
Ontario Securities Commission (the "Commission") to commence an
administrative proceeding against Hollinger and others. As previously
announced on March 11, 2005, the Commission has been considering these
administrative proceedings for some time.

The allegations in the Notice relate only to the period between 1998 and
2002, except for those that relate to Hollinger's inability to file
financial statements as a result of the ongoing difficulties in gaining
access to current financial information.

Even though most of the allegations in the Notice occurred prior to the
changes to the management and board of Hollinger, the new directors of
Hollinger do not believe that Hollinger has committed any breach of
Ontario securities law. Hollinger also does not believe that it has
acted contrary to the public interest. Most importantly, because of the
many changes and improvements that have been put into place over the
last year at Hollinger, including implementing a comprehensive reform of
corporate governance practices, its new management and directors are
highly confident that there is little or no chance that Hollinger's
conduct in the future will be a cause for concern.

Gordon W. Walker Q.C., Chairman of the Board of Directors and member of
the Independent Committee, said "The independent directors of Hollinger
intend to vigorously defend the interests of Hollinger and its public
minority shareholders at this hearing. We have been cooperating with all
of the regulatory agencies involved with these matters throughout and we
intend to continue to do so."

Hollinger immediately filed a Reply with the Secretary of the Commission
disputing Staff's allegations made in the Notice of Hearing. Copies of
Hollinger's Reply can be obtained from the Commission.

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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