Press Release: May 28, 1999

WR HAMBRECHT + Co. SIGNS EQUITY AGREEMENT WITH NEWS CORPORATION’S "EPARTNERS"

News Corp.’s investment arm makes its first move by investing in company founded by financial services leader Bill Hambrecht

San Francisco, CA, May 28, 1999—WR Hambrecht + Co, an entrepreneurial investment bank founded by industry leader Bill Hambrecht, today announced that epartners, the new investment vehicle of News Corporation, has made an investment in WR Hambrecht + Co The equity agreement with epartners represents a minority interest in WR Hambrecht + Co.

"The internet revolution is fundamentally a worldwide communication revolution; there is no company more knowledgeable about global information and communication than News Corp.; we are fortunate to have their new vehicle, epartners, select us as one of the founding strategic investments," said Bill Hambrecht, CEO of WR Hambrecht + Co. "This relationship brings together two companies with innovative approaches to doing business in the information economy."

"This alliance with WR Hambrecht + Co marks epartners’ first entrepreneurial investment for News Corporation," said Mark Booth, CEO of epartners. "We are impressed with the WR Hambrecht + Co strategy of leveraging technology to create a truly open marketplace, and look forward to being a part of its future success."

As a growth company, WR Hambrecht + Co looks for strategic capital to fund its ongoing business objectives. epartners’ investment will help WR Hambrecht + Co pursue a wide variety of growth and new business objectives to which it is committed.

In February 1999, WR Hambrecht + Co launched its OpenIPO system, an auction-based method of taking companies public on the Internet, and has quickly moved to the forefront of technology-driven investment banking companies. The company offers businesses a way to generate capital more efficiently through technology by creating a level playing field; offers individuals greater access to the IPO process through its OpenIPO system; and, has introduced transparency among its investors by giving all investors — individuals and institutions — equal weight.

epartners

epartners, was formed by News Corp. in April 1999 to function as an investment vehicle for News Corp., enabling the company to make strategic minority investments and take equity stakes in entrepreneurial opportunities. epartners will have offices in both London and Silicon Valley. The CEO of epartners is Mark Booth who will shortly be stepping down as CEO of British Sky Broadcasting Limited.

News Corporation

The News Corporation Limited (NYSE: NWS, NWS.A; ASX: NCP, NCPDP; LSE: NEWCP) is one of the world’s largest media companies. The company’s global operations include the production and distribution of motion pictures and television programming; television, satellite and cable broadcasting; the publication of newspapers, magazines, books; the production and distribution of promotional and advertising products and services; the development of digital broadcasting; the development of conditional access and subscriber management systems; and the creation and distribution of popular on-line programming.