Fairfax Investor Day Briefing

7/28/2019 Fairfax Investor Day Briefing

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FAIRFAX MEDIA LIMITEDINVESTOR DAY 2013

SYDNEY, 6 June, 2013: Fairfax Media Limited [ASX:FXJ] is holding an Investor Day inSydney today. The event will be webcast (fxj.com.au to register) and the presentation packis lodged with the ASX. Chief Executive Officer, Greg Hywood, will make the followingintroductory comments:

Good morning everyone and welcome to the Fairfax Media Investor Day.

Its great to have so many of our investors with us here in Sydney today and many moreof you joining via webcast. Id also like to welcome the many analysts that cover Fairfax.

We have a full program today. You will hear from senior management from our newlycreated Australian Publishing Media division, from Fairfax Radio, Stayz and Domain. Weare focused on delivering detail and transparency in relation to our activities.

Throughout the day, we will be discussing what we are doing at Fairfax to lead the changein the media sector, to transform our business and deliver strong returns to shareholders.

Were leading the change because Fairfax is a media company that fully understands thecomplexity of the issues that we are facing.

Youve heard me say before that Fairfax will never be about using the profits of good

businesses to cross-subsidise poor performing assets. We have been very clear that we willnot produce unprofitable newspapers and we stand by that.


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So what are we doing to make our business lean? A fundamental initiative is theconsolidation of our core publishing activities into our new Australian Publishing Mediadivision. The formation of APM allows us to reduce duplication through a more orderedgrouping of our businesses and activities, and to drive additional revenue by leveraging ourcore business news, business media, lifestyle and community media.

We are becoming more agile by breaking out our digital businesses into freestanding unitsthat have the support, resources and most importantly the autonomy needed to deliver

on their potential.

Our presenters today will be talking in detail about the new structure, what it means for ouroperations, and how the structure empowers them to lead the change in the media sector.

One important outcome of the restructure is that it will allow us to deliver an additional$60 million in savings by the end of September, this September, over and above the$251 million that we have previously set out.

The savings will come from reducing duplication right across our business, but with anemphasis on minimising the impact on content and sales.

We expect that the majority of the charges associated with implementing these changes willbe accommodated within our existing provision.

On top of the $60 million, we have commenced a product review a step-by-step review ofwhat we produce, what we do ourselves and what we can do differently to deliver even

more savings. This is a major exercise Fairfax publishes 431 publications and 337websites, we have 7 radio stations and almost 100 apps. We will provide an update on theprogress of this review with the full-year result in August


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Garry Linnell, Director of News Media, will explain how weve restructured our newsrooms

to deliver timely content to our audiences across the day.Ed Harrison, our Group Sales Director, will be talking about revenue opportunities availablethrough better use of data. Ed will talk about the investment we are making in terms ofboth systems and human resources to deliver advertisers greater insight into ouraudience, and more tailored, higher value, advertising opportunities.

We can also see new revenue opportunities in Content Marketing meaning greater use ofour content in third party environments, including provision of content for third-party

websites.

Youll also hear from our newly-appointed Director of Life Media, Melina Cruickshank, whowill talk about how were monetising our extensive portfolio of lifestyle-related assets.

We are leveraging our mastheads and powerful brands in the growing business of Events.Already we have $23 million of events-related revenue and we see opportunities to expandthese activities further.

Brett Clegg, Director of Business Media, will touch on the recent brand extensions that hehas led in the business media portfolio.

Adam Lang, Managing Director of Fairfax Radio Network, will provide an update on theperformance turnaround thats underway in our radio business.

When it comes to digital transactions Stayz and RSVP are both market-leadingbusinesses generating strong margins, and youll hear from the Stayz General Manager,

Anton Stanish later this morning.

We have a proven track record of growing smaller digital businesses In the future we will


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Were expecting to report a second half FY13 EBITDA in the range of $129-$135 million.

I will now ask Allen Williams who recently returned to Sydney to head up the AustralianPublishing Media division after four years leading our New Zealand business to providesome insights into the structure of his new division, and the revenue and cost initiatives thatare currently underway.

ENDS

Contacts:

Brad HatchManager of Communications

+61 2 9282 2168


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9.30am Introduction & Commentary Greg Hywood

Australian Publishing Media Advertising Sales News Media Life Media Business Media

Allen WilliamsEd HarrisonGarry LinnellMelina CruickshankBrett Clegg

Morning break

11.45am Fairfax Radio Network Adam Lang

The Stayz Group Anton Stanish

Domain Greg Hywood & Tony Blamey

Lunch break

1.20pm Q&A Greg Hywood

David HousegoAllen Williams

2.00pm Close

Agenda


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Leading the change

Fairfax is a leading multi-platform media business

We have integrated our print and digital resources

We are taking the necessary action to transition from alegacy print business to a media company that prospersin a competitive market

We are simplifying our business, making it lean and agile

Our Fairfax of the Future program has delivered$155 million of annualised savings to date, on trackto deliver our target of $251 million by June 2015


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Organisational structure

AustralianPublishing

Media

AustralianCommunity

Media

NewsMedia

BusinessMedia

Life Media

Business Planning & Analysis

FairfaxRadio

FairfaxNew

Zealand

Domain

DigitalVentures

Corporateand

SupportServices

Stayz RSVP Other

Product Development

Marketing

Sales

CEO and Managing Director

Fairfax Media

+220 publications


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Additional cost savings

Our organisational restructure has driven $60 millionin savings (additional to the Fairfax of the Future target),

which we expect to deliver by September 2013

This now commits us to savings of $311 million by FY15

A product review is expected to deliver even more savings

We are variabilising our cost base with the objective toreduce the cost inflator below the inflation rate


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Presenters

Greg HywoodChief Executive and

Managing Director

Allen WilliamsManaging Director

Australian Publishing Media

Ed HarrisonGroup Sales Director


Garry LinnellDirector, News Media


Melina CruickshankDirector, Life Media


Brett CleggDirector, Business Media


Anton StanishGeneral ManagerThe Stayz Group

Adam LangManaging DirectorFairfax Radio Network

Tony BlameyGeneral ManagerDomain

David HousegoChief Financial Officer


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Current trading

Consistent with our previous guidance, in the current half overall group revenues continue to runat 9-10% down against last year

Across our current reporting segments, Metro Media and Regionals are down around 11%,New Zealand is down 4%, and Broadcasting is running at about 10% above last year

Domains digital business is up 16%

We are expecting to report a second half FY13 EBITDA in the range of $129 million to $135 million


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Our new combined Australian publishing division

Australian Publishing Media consists of:

News Media, Business Media and Life Mediaincludes metro newspapers, online news sites,classifieds (excluding Domain) that werepreviously part of the former Metro Mediadivision and the former Financial Review Group

Australian Community Media includes allregional, agricultural and NSW communitymastheads


AustralianCommunity

Media

NewsMedia

Business

Media

Life Media

Sales, Marketing, Product Development,Business Planning & Analysis


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Leading the change

Structuring for revenue and efficiency gains:

- Simpler, integrated structure

- Lower costs and greater efficiency

- Product review

Strong metro print presence and digital innovation:

- Focus on growing online audiences

- Print yield growth and managed circulation decline- Digital subscriptions for The Sydney Morning Herald

and The Age to be introduced on 2 July 2013

Leveraging local reach in Australian Community Media:

- Extending digital presence

- Lower costs and greater efficiency

- New revenue streams from local relationships


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Product review to focus on high-impact opportunities

Product review assessment criteria

Core

Size

Profitability

Growth

Strong alignment to our core mastheads Leading audience and traffic position versus competitors

Contributes substantially to group revenues and/or fixed cost absorption

Contributes substantially to overall group profits Operates with high profit margins to ensure adequate capital returns

Expected to generate high levels of growth


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-

-

Metro circulation strategy

Weekly circulation revenue(% change versus same month in previous year)

Weekly yield per copy(% change versus same month in previous year)

Weekly circulation volume(% change versus same month in previous year)

-25

-20

-15

-10

-5

0

Apr12

Aug12

Dec11

Aug11

Dec12

Apr13

-10

0

10

20

30

40

50

Apr13

Dec12

Aug12

Apr12

Dec11

Aug11

Apr13

Dec12

Aug12

Apr12

Dec11

Aug11

SMH

The Age

Removal of low-value print circulation resulting in reduced print volumes, higher yield andcirculation revenue growth

Fairfax held readership share versus News Ltd

15

10

5

0

-5

-10

-15


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Digital subscriptions for SMH and The Age

Successful international test launch in March 2013

Domestic metered model active from 2 July 2013 for:

Website (desktop, tablet browser, smartphone):

30 free articles per month

Deliberately porous

Meter applies to articles only

Meter does not apply to other assets including Daily Life , Good Food, Essential Baby,Essential Kids, Brisbane Times, Canberra Times, WA Today, Domain and Drive

iPad and Android apps:

- Freemium model

- Free sections include Front Page, Editor's Choice, Daily Life, Good Food, Photos, Videos,Domain and Drive


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Pricing and bundling

$15

$21.99

Bundles

+ $25+

$25+ + +

+ $44++

1 Web-only desktop andm-site

Standaloneapp

All digital

Digital +Weekend

Digital +Full Week

2

3

4

5

Products Monthly price

+


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Web user journey


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Comparison of Fairfaxs meter configuration

Unrestricted access

Registration benefit

Meter limit

Pricing

Website access

All digital

+ Sunday print

Weekend print

+ 7-day Print

Launch

20

DT:60, HS:40

DT:80, HS:60

Weekly

$17.30

$19.50

$23.80

$39

16 May 2013

30

Personalisation

SMH & AGE:30

Monthly

$15

$25

N/A

$25

$44

2 July 2013

Flexibility to adjust meter to drive registrationand paid digital subscriptions

At 30 articles, only heaviest of users reach themeter limit

Monthly most common digital pricing cycle andeasier for subscribers

Entry-level price more friendly for web-natives

All-digital price premium reflects valueconsumers place on SMH/The Age iPad apps

Not offered initially to reduce complexityof bundles

Offered at existing print package price

Offered at existing print package price

The Daily Telegraph& Herald Sun

The Sydney MorningHerald & The Age


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Large digital audience across SMH and The Age

Desktop Tablet Mobile

3.7millionunduplicated

unique audience1

1.2milliontablet downloads2

456thousandaverage daily

unique browsers3


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530

Core regional/agricultural markets contribute83% of revenue

FY12 regional/agricultural revenue ranked by size (A$m)

Newcastle and Illawarra contribute just 17% of combined regional and agricultural revenue

Our traditional regional and agricultural publishing titles remain more defensive

Newcastle& Illawarra

Total FY12Revenue

75 SmallerMarkets

50 MiddleMarkets

Top 28Markets

8917%

Other

112%

30958%

89

17%

326%


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Local businesses underpin regional revenue

Regional advertising revenue by typeFY09 - H1 FY13 (% of total)

14% 14% 15%14% 13%

5% 5% 5% 5%5%

11%

FY12FY11 H1 FY13

100%

FY09

14%

FY10

13%

10%

13%

11%

43%

16%

13%

8%

0%

40%

16%

1%

41%

15%

2%

40%

15%

3%

40%

14%

13%

11%

3%

Employment

Motors

Real Estate

General Classifieds

National

Local/Retail

Digital

Advertising contributes about 76% of total regional revenue with local/retail the biggest category

Local sales presence in key regional markets

Weaker employment advertising revenue in all regional markets year-to-date, with the decline 50%higher than the average in markets with mining-related activity


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Regional/agricultural circulation strategy

Managed print circulation reduction in three daily titles (Illawarra, Maitland, Launceston) Pursuing higher yield strategy across the majority of markets

Circulation revenue FY13 YTD(% change versus comparable period)

Average yield per copy FY13 YTD(% change versus comparable period)

Average circulation volume FY13 YTD(% change versus comparable period)

Regional

Ags.

Dailies (15) 3.3%

Tri-Weeklies (16) 6.0%

Bi-Weeklies (20) 4.7%

Weeklies (50) 1.6%

Weeklies (6) 3.0%Monthlies (4) 0.2%

Dailies (15) -7.3%

Tri-Weeklies (16) -7.5%Bi-Weeklies (20) -5.5%

Weeklies (50) -4.7%

Weeklies (6) -4.2%

Monthlies (4) -5.2%

Regional

Ags.

Dailies (15) -4.2%Tri-Weeklies (16) -1.9%

Bi-Weeklies (20) -1.1%

Weeklies (50) -3.2%

Weeklies (6) -1.3%

Monthlies (4) -5.1%

Region

al

Ags.

Di it l th t iti i A t li


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Digital growth opportunities in AustralianCommunity Media

Increased digital footprintand audience

More than 2 million UBs and 25 million

page impressions in April 2013 50% increase in page views per visit

since October 2012

Digital-focused editorial

Approximately 60 FTE digital journalistsembedded in local newsrooms

Implementing multi-platform approach by

all editorial staff

Partnering with Domain Align with Domain national strategy to

grow online audience

Local specialist digital Domain sales staffwork collaboratively with print staff

Upside for SMEdigital services

Exploring a range of opportunities for small tomedium enterprises e.g. marketing services

Leveraging our local sales network andrelationships

Source Nielsen


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Leading the change

Strong innovation and performance inchallenging market:

- Leading sales team

- Success in winning revenue market share

- Capability in digital ad development

Responding to advertising trends andadvertiser demands:

- Solution selling across platforms and products

- Integrating advertisers with unique tailoredcontent

- Increasing yields through data and technology

- Delivering innovative advertising on mobileand tablet


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We have the leading media sales team

Media Insights: ranking of sales representation1

No.1 in newspapers No.2 in digital (behind Microsoft)

AdNews Media Benchmarks by Roy Morgan2

Winner Media Company of the Year

No.1 in professionalism

No.1 in leadership

No.2 in innovation (behind Google)

Source: 1) Media i, Nov 2012, 1,209 media agency professionals; 2) Roy Morgan, May 2013, 1,277 respondents, media agency professionals and marketeers

St k t h f


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Strong revenue market share performanceagainst News Ltd

45%

48%47%

44%

47% 47%47%

44%

42%

47% 47%

45%

46%

43%

46%45%

44% 45%

44%

40%40%

44%

46%

42%

35%

37%

39%

41%

43%

45%

47%

49%

51%

53%

55%

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

May 12-Apr 13

May 11-Apr 12

RelativeMarketShare

Source: SMI, April 2013. Includes metro Sydney and Melbourne newspapers, NIMs and digital


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0

100

200

300

400

500

600

700

800

900

0

20

40

60

80

100

120

2009 2010 2011 2012

RevenueforTotalDigital

DisplayMarket($m)

RevenuebyNetwork($m)

Fairfax Media News Limited Mi9 Yahoo!7 MCN Total Digital Display Ad Market

Fairfax achieves digital growth against competitors

Source: SMI, April 2013

Ad prod ct inno ation and in estment


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Ad product innovation and investment

drives digital success

- Standard

Display

- DirectResponse adplatform (DRx)

- BehaviouralTargeting

- Custom

- Video pre roll- Smartphone- Tablet- eDM

Establish CustomSolutions team

Reject ad networks,builds DR in-house

Enhances DR with

third party inventory

Launch video & leadadoption of standards

Tablet launch with strongadvertiser support

Fast follower ofYahoo!7 intargeting

Fairfaxdigitalrevenues($m)

FY07 FY08 FY09 FY10 FY11 FY12 FY13E


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Fairfaxs sales team is ready for the future

1. Creating a centralised national sales team

2. Improving sales capability through new partnerships

3. Delivering integrated advertising solutions across all platforms

4. Optimising the use of data

5. Innovating in mobile and tablet

6. Leveraging the new newspaper audience measurement methodology

N t li d l t b i ffi i d


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New centralised sales team brings efficiency andbroadens capability in cross-platform selling

Plus: increased use of outsourcing to drive further efficiency, acquire newcapabilities and improve customer service (e.g. TeleTech/Revana)


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Fairfax is delivering integrated solutions

Technology


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Content


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Events & Awards


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Fairfax is securing yield growth from use of data

Current use of data-driven advertising: Online subscription and behavioural data

Packages of targeted audiences

Driving yields higher

The next phase:

Investment in data systems and capabilities Creation of a single view of customer through:

Newspaper subscription data

Advertising interaction data

Content consumption data

Option to leverage third-party data


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Partnering with ad customers in mobile and tablet

New industry-wide measurement methodology will give


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New industry-wide measurement methodology will give

newspaper advertisers better data and define engagement

Dynamic Faster delivery of data

More frequent data releases

Rich Detailed sectional readership by brand

Sophisticated engagement metrics

Broad Comprehensive coverage of Fairfax mastheads

Captures audiences across print, web, mobile and tablet platforms

Credible Move to online surveys

Industry-standard measures for cross-platform data

Rolling out progressively from Q1 FY14


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Leading the change

Producing unique, compelling content andsetting the news agenda

Restructuring newsrooms to digital-facing andaudience-led operations

Greater sharing, variabilising costs, avoidingduplication

Moving SMH and The Age to compact size


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Once something has been observed, nearly everyone says

approximately the same thing...

I believe the news industry is finding that it will not be able to

sustain producing highly similar articles.

Krishna Bharat, creator of Google News


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Quality and quantity

Kate McClymont

In 2012/13, The Sydney Morning Heraldand The Age wonseven Walkley awards and seven Quill awards, including

the Grant Hattam prize for investigative journalism

Nick McKenzie and Richard Baker


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Leading the news agenda

Our newsrooms operate 24x7 following the sun


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Our newsrooms operate 24x7, following the sun,and aligned to audience needs

5:00am 11:00am 1:00pm7:00am 3:00pm 9:00pm 3:00am1:00am11:00pm9:00am 5:00pm 7:00pm

Newsdesk

Topic

planning

Print

platforms

6:30am:Newsdesk briefing

AM NewsDirectors plan for

morning peakonline

11:30am(Tuesdays)All-in weekly

meeting.Week aheadplanned out

3pm:Newsdesk

briefing(National)

Health check onprogress

3:15pm:Newsdesk

briefing (Local).Health check on

progress

9:30pm:Newsdesk briefing.Plan 2nd Edition if

required. Prepare fornext day handover

9:30am:Newsdesk briefing

(National)Daily top stories

discussed

10am:Newsdesk

briefing (local)

Local top

stories

discussed

6am:AM News Director starts& calls in Topic Editors if

required for breakingnews

9am:Topic Editors beginday and prepare for

briefing

2pm (Mondays):Topic Editors hold

weekly topic meetingswith teams

5pm:Topic Editor planning the

next day coverage

Digital

platforms

9am:Print Platform Editorsarrive & prepare for

briefing

10:45am:Print layout

meeting. Early

page planning

4pm:Print layout meeting.Page 1 and page 3

drafted

5pm:Paper productiontakes precedence

7pm:Produc ion and copyfit continues for print

9pm:First edition off

10:30pm:2nd Edition off

11pm:WA steps in for

overnight productionand breaking news

3am-5am:Overnight newsdesk

until morning shiftbegins

5:00am 11:00am 1:00pm7:00am 3:00pm 9:00pm 3:00am1:00am11:00pm9:00am 5:00pm 7:00pm

5am:Homepage Editor& Breaking News

Reporters start & updatetablet for 6am

8am:Website updated for morning

peak. Social media and audienceanalytics monitor trends

12pm:Midday peak has been

planned and website updated.Afternoon reads being

developed

3pm:Tablet uploaded for

evening peak

12pm:Web and Tablet

upload (may ceaseover time)

1pm (Tue)11:30am (Thurs):Weekend planning

meeting

Audie

nce

Firs

t

N t t


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Magazine editors

Vertical generalmanagers

(food, travel)

National editorWAtoday

Brisbane TimesSMH EIC

(all platforms)

AGE EIC(all platforms)

CanberraTimes EIC

(all platforms)

Sunday Ageeditor

Tablet editorAge (M- F) edi tor

News director

Deputy newsdirectors

Online editor

Mobile editorSocial media

editorHomepage

editors

LOCAL TOPIC EDITORS

Reporters (cross titles and platform)

Illustrative Local EIC Model (Melbourne)

National photoeditor

National videoeditor

Nationalgraphics design

editor

National head ofproduction

Local photoeditors

Local videoeditors

Pooledphotographers

Pooledvideographers

Deputyproduction

editors

Pooled producers

Pooled graphicsartists

Pooled Presentation Pooled Production

Production

NATIONAL TOPIC EDITORS

Saturday Ageeditor

Presentation

Newsroom structure

Aus tr ali anPublishing CEO

News media director

Social mediaeditor

Engaging ith digital a diences


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How our journalists are building digital audiences around newsand events throughout the day

Engaging with digital audiences

D li i i ifi t j i di it l fi t bli hi


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Delivering significant jump in digital-first publishing

About 25 per cent more articles are being published on digital platforms first intra-day comparedwith the newsroom under the old large-print/smaller-digital operating structure

Average daily articles published by time of day

Pre versus post digital first

This includes all stories published online excluding wires

S i l di di t d th


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Social media: audience engagement and growth

Twitter growth Facebook growth

O li th titi k t


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Online the competitive market

Source: Nielsen Market Intelligence: Australia (May 2012 - April 2013) Average Daily Unique Browsers.

0

100

200

300

400

500

600

700

May2012

Jun2012

Jul2012

Aug2012

Sep2012

Oct2012

Nov2012

Dec2012

Jan2013

Feb2013

Mar2013

Apr2013

UniqueBrowsers('000s)

Average Daily UBs (28 day rolling average)

smh.com.au

ninemsn 9 NE S

news.com.autheage.com.au

Yahoo!7 News

theaustralian.com.au

brisbanetimes.com.au

WAtoday.com.au

canberratimes.com.au

News

M bil l d hi


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4848

Mobile leadership

0

50

100

150

200

250

300

May2012

Jun2012

Jul2012

Aug2012

Sept2012

Oct2012

Nov2012

Dec2012

Jan2013

Feb2013

Mar2013

Apr2013

AverageUniqueMobileBrowsers('000s)

Average Unique Mobile Browsers (May 2012-April 2013)

The Sydney Morning HeraldNews.com.au

The Age

Herald Sun

The Telegraph

Source: Nielsen Market Intelligence: Australia - Mobile Content Total Traffic (May 2012 - April 2013) Average Daily Unique Browsers

SMH/Th A t t h i


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4949

SMH/The Age content sharing

Q alit compact


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5050

Quality compact


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Life Media sites reach 5.4 million unique users


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5252

qper month

And 1 1 million print readers per week


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5353

And 1.1 million print readers per week

High quality contributors across 9 brands


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5454

High-quality contributors across 9 brands

Key lifestyle category leadership


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5555

Key lifestyle category leadership

#1parenting publisher

#1womens site

#2fashion website

#2travel publisher

#4food website


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5656

Fairfaxs new lifestyleand opinion site

Daily Life is now Australias fastest growing


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5757

Daily Life is now Australia s fastest growingsite for women

Monthly unique Audience (000s)

1,000

900

800

700

600

500

400

300

0

100

200

Sep2012

Aug2012

Jul2012

Jun2012

May2012

Apr2012

Mar2012

Nov2012

Dec2012

Jan2013

Feb2013

Mar2013

Apr2013

Oct2012


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5858

Category leaderin parenting

Fairfax has continued to grow membership


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5959

Fairfax has continued to grow membership

150,000

200,000

250,000

300,000

0

100,000

50,000

20092008 2010 20132011 2012

Membership base

Essential Baby has evolved as a business


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Essential Baby has evolved as a business

FY08 FY09 FY10 FY11 FY12 FY13

$

REVENUE EBITDA

Revenue CAGR: 37%EBITDA CAGR: 48%

Acquired

Acquired

Launched

Essential Parenting is consistently the market


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leader across the Parenting Network

Monthly Unique Audience (000s)

Source: Nielsen Online Ratings April 2013

900

1,000

800

700

500

400

300

200

100

0

600

Apr2012

Jun2012

Oct2011

Oct2012

Aug2012

Dec2011

Feb2012

Feb2013

Apr2013

Dec2012

Fairfax ParentingNetwork

Kids Spot

Baby Centre

Baby Hub


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6262

Is a leading fashionand music site

The Vine is a leading fashion and music site


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6363

in Australia

Monthly Unique Audience (000s)

Source: Nielsen Online Ratings April 2013

100

200

0

600

400

500

300

Oct2012

Aug2012

Jun2012

Dec2012

Oct2011

Apr2013

Dec2011

Feb2012

Apr2012

Feb2013

With outstanding audience engagement


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With outstanding audience engagement

Monthly Page Audience (000s)

Source: Nielsen Online Market Intelligence

8,000

12,000

0

6,000

4,000

18,000

16,000

14,000

10,000

2,000

Mar13

Jan13

Feb13

Apr13

Jan12

Apr12

Feb12

Mar12

May12

Jun12

Jul12

Aug12

Sep12

Oct12

Nov12

Dec12


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Business Media portfolio


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Business Media portfolio

Premium Finance Wealth and GeneralBusiness

Content strengths: business, finance,markets, economy, management, politics,

policy, arts, culture, travel and lifestyle

Content strengths: Investment advice,personal finance, business,

entrepreneurship/leadership and technology

Content and data strengths: categoryspecific, national reach and cross-platform

offering

Decision makers (governmentand business), c-suite,

institutional investors, high networth individuals and senior

management

Commercial Real Estateand Employment

Competent to sophisticatedinvestors, self-managed super fundtrustees, retirees, aspirationals and

small business operators

Industry specialists, professional

advisers, property and career seekers

Business Media consolidates business audiences and platforms of the former Financial ReviewGroup and business-related areas of the former Metro Media and Marketplaces divisions

Leading the change


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Leading the change

Meeting audience demand:

- Digital-first newsroom

- Increased number of digital products and platforms

Centralised sales and product focus:

- Integrated advertising solutions

- Highly responsive sales culture and innovation

- Brand extension to diversify revenues and capture

new audiences:

- Events and conferences

- Broadcast

Print to digital:

- Driving digital subscriptions

- Product development and innovation

- Variabilising and reducing costs

Transformation 2012-2013


72/130

6868

Transformation 2012 2013

Source: * Nielsen Online Ratings, April 2013. For afr.com only; * *Google Analytics, April 2013, for afr.com and m-site

Digital advertising revenue


73/130

6969

Digital advertising revenue

Former Financial Review Group digital advertisingrevenue performance YoY (% change)

The momentum in digital is gaining pace

More ad inventory options to leverage adoubling in the number of ad clients on afr.com

Prudent yield management to protectpremium pricing

New products, in particular iPad apps for AFR,

BRW and Smart Investor

Expanded online only editorial offering forpremium brands and columns including StreetTalk, Markets Today, Digital Life and Chanticleer

Increased video content including First Personseries and digital rights to Financial Review

Sunday (a joint venture television show withthe Nine Network)

-10.3

16.7 19.9

73.0

FY10 FY11 FY12 FY13 (YTD)

Note: Charts represent digital trends only

Award winning quality journalism


74/130

7070

Award winning quality journalism

Walkley Awards For Journalistic Excellence Newspaper Feature Writing Daily Life/Feature Photography

Citi Journalism Awards Top Award for Excellence and General Business Category Winner Financial Markets Category Winner Personal Finance Category

Microsoft IT Journalism Awards Gold Lizzie for Best Journalist, Best News Journalistand Best Technology

Industry Journalist Best Telecommunications Journalist Best Business Coverage

Universities Australia Higher Education Media Awards Higher Education Journalist of the Year

Published in AFR Weekend, Dec 8-9, 2012

Published in AFR Weekend February 11-12, 2012

Advertising market share gains


75/130

7171

d e t s g a et s a e ga s

The Financial Reviews share of SMI revenue vs. keycompetitor, The Australian, increased 12% points in

April 2013 to 57% (its highest monthly SMI revenueshare in four years)

Total newspaper revenue for SMI agencies fell 20%YoY in April 2013 but the Financial Review buckedthe trend and showed strong gains of 61% despitetough market conditions

Monthly unique browsers to afr.com were 853,343 inApril 2013, an 80% increase YoY

Engagement continues to rise as afr.com recordedits ninth consecutive page views increase in April2013. The site had the highest page views in thecompetitive set, with 2.9 million in April 2013, an

increase of 21% YoY

Financial Review versusThe Australian

% share SMI Revenue April2013 versus April 2012

Source: SMI. April 2012, April 2013; Competitive set includes The Australian and Business Spectator websites; Nielsen April 2013, Google Analytics

Driving digital subscriptions


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7272

g g p

Changes in reader habits and the fragmentation of media consumption has made digitalsubscription revenue a key focus. Were improving our products, pricing and distribution

PRODUCTS

AFR iPad launched May 2012 BRW iPad app and redesigned website launched February 2013 AFR mobile site relaunched April 2013 Smart Investor iPad app and revamped website to launch 27 June 2013 AFR Android app to launch in Q1/Q2 FY14

PRICING

Digital access for desktop, mobile and tablet included in print subscription. New corporate rate card introduces a unique digital pass product that gives

unlimited access to AFR, BRW and Smart Investor for a single price New retail offer gives 50% discount ($28.30 per month) to new digital subscribers

who agree to a 12 month contract. Terms and conditions similar to telco or Pay TVagreements which offer sharp discount but apply penalties for early exit

DISTRIBUTION

AFR and BRW digital subscriptions launched in Qantas Frequent Flyerstore in March 2013

Qantas Loyalty store makes payments to Business Media for subscriptionsredeemed for reward points (approximately 8 million Australians aremembers of Qantas Frequent Flyer program)

Digital subscription revenue


77/130

7373

0

5

10

15

20

25

30

Jan10

Mar10

May10

Jul10

Sep10

Nov10

Jan11

Mar11

May11

Jul11

Sep11

Nov11

Jan12

Mar12

May12

Jul12

Sep12

Nov12

Jan13

Mar13

May13

Thousands

April 2013:AFR m-site re-launch

g p

As print circulation continues to decline (~7% YoY), expanding the base of digital subscriptions has beencritical in maintaining revenues

The strategic decision to lower the digital only price point for subscription by almost half and to include

digital access with print subscriptions in FY12 has meant a short term sacrifice in ARPU but has allowedan expansion in paid audience that will provide a more secure platform for the future

Dec 2011:Price reductionDigital subscription price reduced.Print subscribers rewarded with digitalaccess.

May 2012:AFR iPad app launch

Financial Review paid digital subscriptions

26,707Paid digitalsubscribers

up 52% YoY(May 2013)

Note: Paid subscript ions include all print and digital bundles and digital only subscr iptions held directly with Fairfax

Commercial Real Estate


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7474

Commercial Real Estate is a major advertisingcategory for Fairfax worth ~$35m

The new Business Media structure bringstogether the category for the first time andrepresents a key opportunity to strengthen ourposition against online market leader RealCommercial (REA Group)

Fairfax has moved to create a fully integratedonline listings, print advertising and dataoffering to the industry

BENEFITS

A fully integrated offeringacross platforms

National presence andpremium audience

Single point of contactfor sales

Leading value foronline listings

Employment


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7575

p y

Fairfax Employment Network (FEN) allows advertisers to execute innovative high-impact recruitmentcampaigns across more than 280 Fairfax-owned and partner websites

Advertising solutionsacross all platforms

National presence andpremium audiences

Single point of contactfor sales

Brand extensions


80/130

7676

Editorially led

Direct audience connection

Strong brand affiliation

Custom advertiser solution

Multi-platform presence

Events and broadcast


81/130

7777

Benefit Events Broadcast

Drives incremental

advertising revenue

Sold as integrated

package which

helps underpin

print and digital

spend

Captures share of

clients TV ad

budgets

Develops different

dimension for brand

awareness

Effective in

securing earned

media

Branded programs

deliver equivalent

value to television

marketing

campaignWidens

engagement touch

point for audiences

High engagement

from face to face

event

Creates valuable

content for print,

digital and video

Strengthens

relationship with

consumer

Additional platform

for ad sales

Develops capability

within businessbeyond traditional

editorial and sales

competencies

Revenue stream

from ticket sales Assists in

developing

partnership model

in advertising

Catalyst for

developing keymultimedia and

online video

capability in

editorial


82/130


83/130

Leading the change


84/130

8080

Aiming to be the No. 1 information andentertainment radio network in Australia

Ensuring our stations function at theirhighest potential

Leveraging the power of our radionetwork

Plugging into Fairfax Media

Driving engagement with employees,audiences and advertisers

Strengthening our future

Digital Radio

Market share growth reflects new strategy


85/130

8181

Fairfax Radios share of Metropolitan Commercial Radio Advertising Revenue

Note: FRN revenue for 4 cap cities vs CRA Advertising revenue for 5 cap citiesSource: Deloitte, Fairfax Radio Network supplied number to Deloitte, excludes regional, commissions, production and syndication

13.0%

13.5%

14.0%

14.5%

15.0%

15.5%

16.0%

Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12

New strategyimplemented

Radio holds market share in the face of change


86/130

8282

In the past decade advertising has been shifting from traditional media to online, but radios

share of total advertising has been relatively stable (from 9% in 2002 to 8% in 2012)

Radios share of total advertising spend (8%) is well below its share of consumer time

spent on media (19%)

$7.7 billion $12.4 billion

Total Australian Advertising 2002 Total Australian Advertising 2012

Source: CEASA, IAB, Citi Research. Note total advertising excludes classified directories

Powerful network of stations


87/130

8383

Environments are key


88/130

8484

Plugging into Fairfax


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8585

Leveraging Fairfaxs online and print content, journalism and audiences

- A Sydney Morning with Paul Murray broadcasts on 2UE 954 from

The Sydney Morning Heralds newsroom from 8:30-11:30am Monday-Friday Cross-platform advertising campaigns across radio, online and print

The Influencers


90/130

8686

35-44 45-54 55-64

Fairfax Radio targets a powerful group The Influencers aged 35 to 64 with

highly-relevant, quality content and advertising

More than 8 million Australians are aged 35 to 64

This demographic accounts for 56 cents of every dollar spent in Australia

Our broadcast talent spans our target demographic

Content andAdvertising

Source: ABS

Radio is a long-standing social medium


91/130

8787

Online Mobile Facebook Twitter

Talk and music for The Influencers


92/130

8888

Fairfax Radio outperforms in The Influencers demographic of Australians aged 35 to 64

Fairfax Radio has great talent and content to grow audiences in our target demographic

2

4

6

8

10

12

14

16

18

Ratingsshare

%

Ratings surveys

2UE 10+2UE 35-64

3AW 10+

3AW 35-64

4BC 10+

4BC 35-64

6PR 10+

6PR 35-64 2

4

6

8

10

12

14

16

18

Ratingsshare

Ratings surveys

96fm 10+

96fm 35-64

MAGIC 10+

MAGIC 35-64

4BH 10+

4BH 35-64

News/Talk stations Music stations

Source: Nielsen Radio Advisor, Monday to Sunday, 5:30am to midnight (station share 10+ demographic and 35-64 demographic)

Strengthening our future


93/130

8989

Fairfax Radio is implementing a clearly defined strategy

We are pursuing excellence in our broadcasting We are gaining advertising market share

We see opportunity to capitalise on the transition to Digital Radio


94/130

Our vision


95/130

9191

Market-leading: Performance Products

Support

www.stayz.com.au/58877 Dreamers Eco Apartments Mt Beauty, VIC

We have created a new way

for holiday house owners tomake money from what waspreviously a passive asset

To be at the heart of every holiday rental experience

Our background


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9292

2.4 millionWebsite visits per month

Key facts1

Stayz humble beginnings in theshed of an entrepreneurial

holiday rental owner

Stayz acquired by FairfaxMedia, giving Stayz the

strength to leverage the #1Media Network in Australia

Stayz Group formed,following acquisition of

RentAHome andTakeABreak, solidifying us

as the #1 holiday rentalgroup in Australia

Acquired YesBookIt,offering the leading office

management solution forHoliday Rental property

agents

Key milestones

1.4 millionOnline Newsletter subscribers

20052001-2002 2011 2012

4.5 millionHoliday enquiries

Source: 1) Fairfax April 2013. 2) Hitwise April 2013. 3) Fairfax 2012

1 2 3

Our core offering


97/130

9393

For Guests For Property Owners

Our listings


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9494

The Stayz Group has circa 48,000 unique listingsacross three consumer portals

The Holiday Rentals industry ecosystem


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9595

Guests

Aggregators,MetaSearch

Portals

Distributor

ChannelManagers

PMS,Hubs

Owners/Agents of

Homes

ServicedApartments

Consumers

GooglePlaces

Agents

ATDW

Trip-Advisor

ReservationManager,

BookNow

StayzAirbnbHome

AwayR T O Wotif

Source: Fairfax indicative and simplified, key online participants only

Bookitnow

Owners

R T O

Hubs, TrustAccounts

YesBookIt

Channel Managers

TAB

RAH

The Australian accommodation market


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9696

AU accommodation market1

$12 billion in 2012

AU onlineaccommodation market$3.1 billion in 2012

Accommodation market size12012F, Australia, in AU$ TTV

Accommodation market trend1

2005-2015, Australia, in billion AU$ TTV

2005

2006

2007

2008

2009

2010

2013F

2014F

2015F

9.2

Total

Online

Offline

9.910.5 11.0 10.9

11.3 11.612.0

12.412.9

13.4

08-12

2%

-2%

12-15

20%

4%

1%

11%

CAGR

Source: 1) 2005-2010 Euromonitor International from official sources, 2011-2015 Euromonitor International Estimates. Includes campsites, chalets, guest houses, hostels,hotels, motels, private accommodation, self-catering apartments and other travel accommodation. Excludes corporate-managed accommodation booked online

2011F

2012F

Holiday Rentals market size


101/130

9797

Houses listed onStayz Group sites

Other rentedhouses

Not currently rented

Holiday Houses

220,000 500,000

48,000

37,000-45,000

120,000 400,000

Holiday houses in Australia (2012)

120,000+ holiday houses not currently rented.Owner reasons why:

Flexibility for personal use

No financial need

More time & effort than worth

No one would want to rent

Expense of marketing

100,000 holiday houses currently rented7,000-10,000

Stayz Group penetration of Holiday Houses:

80%+ of houses for rent in online market places

48%+ of total houses for rent

10%+ of total houses

Houses listed onother online marketplaces

Source: Stayz

Competitive advantage in listings and audience


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9898

Australian listings (April 2013)Thousands of entire homes

Monthly visits (April 2013)In millions

-

5

10

15

20

25

30

35

40

45

50

StayzGroup

Stayz HomeAway Airbnb Wotif

Agent managedPrivate owners

-

0.5

1.0

1.5

2.0

2.5

Stayz HomeAway Airbnb

Note: Stayz Group represents de-duplicated view of Stayz + RAH + TAB; Stayz represents Stayz.com.au site aloneSources: Fairfax; Hitwise; HomeAway, Airbnb, Wotif websites

StayzGroup

Ensuring Demand keeps pace with Supply


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9999

Demand versus Supply in Stayz

- 10,000 20,000 30,000 40,000

Supply(# listings per year)

2008

2009

2010

2011

2012

Demand

(a

verageenqu

iry-n

ightsperyear,perproperty

)

Network effect

Everybody wins

Pattern and relationship is consistentacross brands (Stayz, Take A Break,Rent a Home)

Also consistent with globalcompetitor commentary

Source: HomeAway Owners Conference 2013 (Morgan Stanley analyst update note)

Competitive Commission Rate position


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100100

Price growth enablers

Wotif is increasing to 12%commission by 2014

HomeAway addressable takerate is 10%

OTAs typically target 10%-25%commissions, suggestingpotentially room for price growthon selected properties, or source

of competitive advantage

Estimated commission rates (2013)Per cent of TTV

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Stayz RAH TAB Airbnb HomeAway Wot if

Listing fee

Booking feeHomeAway

addressable

take rate

WTF currently 11%,

2014 moving to 12%

Note: Stayz represents private owner listing only. Stayz, RAH and TAB excludes priority and enhanced productsSource: Fairfax. Airbnb. HomeAway 2012 Investor Presentation. Wotif company announcements

Market-leading Customer satisfaction


105/130

101101

Guest satisfactionNet promoter score, 2013

Owner and Agent satisfactionNet promoter score, 2013

34

17

-67

-31

-11

Stayz Airbnb HomeAway Wotif TripAdvisor

14

-2

-29

2#N/A

Stayz Airbnb HomeAway Wotif TripAdvisor

Source: 2013 Customer Satisfaction Survey conducted by Insync for Fairfax Marketplaces brands

Exploring International guest opportunities


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102102

Inbound volume distributionPer cent of nights booked, FY12

2.3%

1.3%

1.1%

0.9%

0.6%

0.1%

0.1%

0.0%

0.7%

United Kingdom

New Zealand

Asia / Pacific

Europe

United States

China

Japan

India

RoW

7%nights bookedfrom overseas

Exploring International guest opportunities


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103103

TripAdvisor partnership live since Dec 2012

12,000+ Stayz Australian properties are currentlylive on TripAdvisor worldwide

230,000+ International TripAdvisor propertiesare currently live on Stayz

Wego partnership live since Dec 2012

Circa 10,000 Stayz properties are currentlylive on Wego worldwide

Recent partnership developments

Holiday Houses partnership live since Feb 2013

10,000+ Stayz properties are currently live onHoliday Houses in NZ

7,400+ Holiday Houses NZ properties arecurrently live on Stayz

Stayz financials


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104104

Stayz financials (FY08-FY12)Millions of dollars

2.0 2.2 2.74.3 5.61.0 1.0

1.7

2.7

4.5

2.8

5.5

7.8

9.3

13.0

FY08 FY09 FY10 FY11 FY12

CAGR(2010-12)

64%

30%

5.9

8.7

12.1

16.3

23.1

EBITDA

Other costs

GroupRevenue

38%

Marketing

44%

Mar-2011:TakeABreak and

RentAHome Acquisition

H1FY13 Trading

In challenging environment,revenue growth above markettrend, in low-mid teens

Steady EBITDA contribution,entirely due to investing in

marketing and staff

Setting a solid base for futurerevenue and EBITDA growth

Our focus to be at the heart ofevery holiday rental experience


109/130

105105

y y p

1. Growing listings

Cross sell listings among Stayz Group,

target rented houses not currently onStayz, and houses not currentlyavailable for rent

Streamline new listing process

2. Better customer experience

Deliver the best user experience

Optimize search positioning,information

Path to a closed system

3. Better trade experience

Ensure reliability and volume delivery

Improve Owner and Agent Adminportals

www.stayz.com.au/22293 Ocean Farm Gerringong, NSW


110/130

Fairfax Media had exposure to $335m of realestate advertising & services in FY12


111/130

107107

Fairfax Medias exposure to real estate advertising & services in FY12 ($m)

Domain includes:

Domain metro digital and print

Australian Property Monitors (APM)

Commerce Australia (CA)

Regional is:

Primarily print revenues

Growing online and operationally nowmore aligned with Domain

Other includes FCN NSW, Ags and

Commercial Real Estate

MMP is a 50% unconsolidated JV

141

48

65

81

0

50

100

150

200

250

300

350

MMP

Other

Regional

Domain

335

Note: Total revenue for MMP, including Fairfaxs former FCN Victoria business. Includes some non-real estate advertisingThe JV with MMP was not completed until the start of FY13 and is not consolidated for revenue reporting data shown for presentational purposes only

Domain is a diverse real estate media &services business


112/130

108108

Digital Domain.com.au (desktop,

smartphone and tablet)

Metro Print Sydney Morning Herald The Age The Canberra Times

Community PrintPublications

Joint venture with MMP,

including Fairfaxs formerFCN Victoria business

Property Data

APM is the leading provider ofautomated propertyvaluations to the retail banks

Property data subscriptions

for real estate professionalsCustomerRelationshipManagement

Commerce Australia is theleading web-based CRMprovider to real estate agents

Domain financial overview FY12 actuals


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109109

Domain FY12 actuals ($m)

74.3

22.1

66.4

22.5

0

20

40

60

80

100

120

140

160

Revenue EBITDA

Digital

Print

EBITDA margin of 32%

Digital EBITDA margin of 34%

Print EBITDA margin of 30%

Digital includes:

Domain (exc. Regional)

APM

CA

Print includes:

Sydney Morning Herald

The Age

The Canberra Times

140.7

44.6

Note: 1) Management estimates. Unaudited figures


114/130

The metro print product has been repositionedand is distributed to more valuable audiences


115/130

111111

SMH and Age print insert repositionedas a magazine style liftout

Plus distribution in the AFR

SMH and Age print liftout available onlinethrough an iPad app from May 2013

Whats driving Domains digital growth?


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112112

Market-leading position in affluent suburbs of Sydney and Melbourne

Building national coverage

Increasing demand for Depth products

Mobile products that consumers want

Delivering for real estate agents

Domain has gained digital listings marketleadership in many valuable Sydney suburbs


117/130

113113

Domains relative market share of digital listings in Sydney1

November 2010 to April 2011 November 2012 to April 2013

1.0

0.9 < 1.0

0.8 < 0.9

0.7 < 0.8

0.5 < 0.7< 0.5

Key:

Note: 1) Relative market share versus competitors. Sale listings only. Monthly average using APM data;Source: Australian Property Monitors (APM); ABS postcode boundaries


118/130

Domain has over 7,500 agent subscribers approximately 76% market penetration


119/130

115115

Domain agent subscribers and market penetration

50%

55%

60%

65%

70%

75%

80%

5,000

5,500

6,000

6,500

7,000

7,500

8,000

Ju

l-1

1

Aug-1

1

Sep-1

1

Oc

t-1

1

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-1

2

Apr-1

2

May-1

2

Jun-1

2

Ju

l-1

2

Aug-1

2

Sep-1

2

Oc

t-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-1

3

Apr-1

3

May-1

3

Domain.com.au agentsubscribers (LHS)

Market penetration (RHS)

Source: Domain.com.au; Australian Property Monitors (APM) data

Depth products are driving growth in digital yieldand revenues


120/130

116116

Revenue from Domain digital subscriptions and depth products

J

ul-11

Aug-1

1

Sep-1

1

O

ct-11

N

ov-1

1

D

ec-1

1

Jan-1

2

Fe

b-1

2

M

ar-

12

A

pr-

12

May-1

2

Jun-1

2

J

ul-12

Aug-1

2

Sep-1

2

O

ct-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

M

ar-

13

A

pr-

13

Subscriptions Depth Products

Premium Plus and Elitelistings introduced in

July 2012

Elite PriorityPlacement

EliteSubscription

PremiumPlus

$

Domains digital revenue is currently New SouthWales and Victoria centric


121/130

117117

Geographic breakdown of Domains digital revenue in H1 FY13

89%

11%

NSW & VIC

Other States &Territories

Focus on growing digital

revenues in NSW and VIC

Markets of significant size

Ability to leverage our print

footprint to offer bundles

Note: 1) Revenue from Domain digital subscriptions and depth products only (excludes display advertising, APM and CA)

Mobile apps are about to reach 2.0m downloads.New downloads increased 75% YoY in Q3 FY13


122/130

118118

Domain mobile app total cumulative downloads

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Thousand

s

Note: 1) Domain mobile app downloads for Android, iPhone, iPad and WP7

Mobile comprises 53% of total visits and is nowthe preferred platform for consumers


123/130

119119

Domain visits across mobile and desktop platforms

0%

10%

20%

30%

40%

50%

60%

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

Mobile visits (LHS)

Desktop visits (LHS)

Mobile visits as aproportion of total visits(RHS)

Note: 1) Mobile visits for M-site, Android app, iPhone app, iPad app and WP7 app;Source: Google Analytics

Growth in leads per listing is accelerating in H2


124/130

120120

Leads per digital listing

July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun

FY13 YTD

FY12

Up 37% YoY inApril 2013

Note: 1) Sale listings only

Domains mobile apps have won several highprofile awards


125/130

121121

Apples Top 25 Free

iPad Apps of all time

2012 and 2013

iPad and iPhone App

Store Best of 2012

Winner AIMIA

Best Classifieds

iPhone app 2011

iPad app 2012

2011 Apple Rewind Best

Lifestyle iPad App

Winner Australian

Mobile Awards 2011:

Best conversion of

audience to mobile

Digital product innovation is providingcompetitive differentiation


126/130

122122

Highly rated mobile apps Integration of APM data into Domain

Finger Search for precise search on iPad

4* rating 4.5* rating 3* rating

Note: 1) Current version, May 2013

Growth opportunities


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123123

Domain:

Digital yield growth from depth products

Regional markets

New property developments

Lead generation for financial services and utilities companies

APM:

Property data subscriber growth in NSW and VIC

Automated valuations for mortgage insurers and second tier banks

Commerce Australia:

Continued growth from franchise agencies Independent agencies


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Fairfax Investor Day Briefing

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Transcript of Fairfax Investor Day Briefing