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THE HISTORY OF HOLLINGER INC.

The original Hollinger Gold Mine, near Timmins, Ontario, was discovered in 1909 by prospector Benny Hollinger. It was once the richest gold producer in the Western Hemisphere, with total production of $400 million, even at one-tenth of today’s gold prices.

The Hollinger Gold Mine was incorporated in 1910 and went through several versions of that name. In 1978 Conrad Black, on gaining control of Argus Corporation Limited, acquired a control block of Hollinger Mines and the company eventually became Hollinger Argus Limited. On September 17, 1985 Hollinger Argus Limited amalgamated with Argcen Holdings Inc. (formerly Dominion Stores Limited) and Labmin Resources Limited (formerly Labrador Mining and Exploration Company Limited) to form HOLLINGER INC., the present day company. After 1985 the company gradually acquired newspapers and divested itself of all other holdings except certain real estate properties of Argcen.

Hollinger's principal asset is its approximately 70.1% voting and 19.7% equity interest in Sun-Times Media Group Inc. (formerly Hollinger International Inc.), a newspaper publisher with assets which include the Chicago Sun-Times and a large number of community newspapers in the Chicago area. Hollinger also owns a portfolio of commercial real estate in Canada. Further information can be obtained at www.hollingerinc.com.