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    Letter to Shareholders

    Document date: Fri 09 May 2003 Published: Fri 09 May 2003 18:50:44
    Document No: 204169 Document part: A
    Market Flag: N
    Classification: Letter to Shareholders

    HOMEX - Melbourne

    The Board of Media World Communications ("MWC") is delighted to
    announce that the group took an important step forward in its plans
    to provide a commercial video on demand service ("VOD").

    Last night in Melbourne, the Company concluded extensive negotiations
    on existing agreements and signed new agreements with The World of
    Adams Platform Pty Ltd ("WAP"), owners of the AP technology, under
    which certain aspects of the arrangements between our groups have
    been reorganised.

    The new arrangements include an extension of term of the Australian
    licence, options for ongoing exclusivity in Australia, commitments
    for technical support of our service including development
    milestones, options for exclusive licences in new territories, and
    options to acquire equity in worldwide broadcast systems licensing.

    As a result, our AP Licence for Australia has been extended from
    Internet broadcasting to encompass all platforms (eg: Internet,
    cable, satellite, wireless) to all devices (eg TVs, personal
    computers, PDA, mobile phones etc), and to broader content
    categories, lifting restrictions on adult content and interactive

    Underpinning these new arrangements will be a comprehensive programme
    of system development support and services to be provided by APtv Pty
    Ltd (APtv), a broadcasting joint venture between WAP and Thirdspace
    Living PLC (whose major shareholders include Alcatel, Oracle and
    Concurrent Computer Systems). (

    "Currently in Japan, for Softbank - Yahoo!, Thirdspace is deploying
    the largest video-ondemand roll out in the world, capable of scaling
    to over 1 million." (

    APtv has been established to develop AP technology applications to
    support VOD, multichannel subscription TV, and interactive gaming,
    and will also sell its products and services to telecommunications
    and media companies in USA, Europe and Asia.

    The Board is pleased to be working with APtv, whom we believe is an
    ideal entity to support our VOD rollout in Australia, and future
    licensed territories. We have also secured options to acquire up to a
    10% interest in APtv.

    To reflect these changed circumstances we have modified our plan for
    the next 2 years to incorporate

    * A deployment strategy for our VOD service initially to a set top
    box for output to a television monitor, then to other devices as
    appropriate systems are developed by APtv; and

    * The phased commencement of VOD operations in each of our exclusive
    territories, initially in Australia and then in Singapore, New
    Zealand and Hong Kong (subject to the exercise of the option for each

    It remains our intention to establish strategic alliances with a
    number of parties and, to that end, negotiations have been continuing
    under non-disclosure agreements.

    With the new arrangements now in place, the Board believes a more
    robust business and technical framework has been established, paving
    the way to now bring strategic partner negotiations to fruition and
    as a consequence, to more expediently deliver our commercial VOD

    While this has taken longer than expected we believe we have
    positioned ourselves in the most strategic way, enabling our Company
    to reap the benefits of our use of this disruptive and powerful

    We appreciate the continued support and interest of our Shareholders
    and we intend providing further news about these and other matters,
    including our ASX re-listing, in the coming weeks.

    W T Marshall J Tatoulis

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