Treatment Of News Corporation Ltd. Shares In The S&P ADR Index

News Corporation (ADR) (AUSTRALIA, NYSE: NWS, CUSIP: 652487703, Sedol: 2630063) and News Corporation (DP) (ADR) (AUSTRALIA, NYSE: NWSa, CUSIP 652487802, Sedol: 2617680) will change its domicile from Australia to the United States, effective November 3, 2004. Holders of ADRs will be required to exchange their depositary receipts for common and preferred shares, respectively. As per the announcement “Standard & Poor’s Announces Transition Period For News Corporation Ltd.” from August 6, 2004, both common and preferred shares will remain in the S&P ADR Index for the time being. Further treatment of these shares in the S&P ADR Index will be announced at a future time.

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