Independent Expert Endorses Southern Cross and Seven West Media Merger as Fair Deal

• Kroll Australia concludes merger is fair and reasonable for Southern Cross shareholders
• Merger structured as a 'merger of equals' with 50.1% Southern Cross and 49.9% Seven ownership
• Combined group to generate $25-30 million in annual pre-tax cost synergies within 18-24 months
• Pro forma combined revenue approximately $1.8 billion with enhanced scale and diversification