NEW YORK, February 2, 2004 - Castle Harlan Inc., the New York private-equity investment firm, reported today it had received two awards for its role in the acquisition of Austar United Communications, Inc., the leading provider of satellite pay television in non-urban Eastern Australia.

Mergers & Acquisitions Advisor, an industry newsletter, honored the transaction as the 2003 Middle Market International Cross-Border Deal of the Year and as the 2003 Middle Market Media and Telecommunications Deal of the Year. The awards were presented to Howard Morgan, a Castle Harlan managing director, at a black-tie dinner in December by Maria Bartiromo, the prominent CNBC television personality.

In a series of transactions first announced last April, Castle Harlan Partners IV, a US$1.163 billion private-equity investment fund raised by Castle Harlan, Inc., co-invested in Austar with CHAMP 1 Funds, a A$500 million private-equity investment fund raised by Castle Harlan and its Sydney-based affiliate, Castle Harlan Australian Mezzanine Partners (CHAMP). The acquisition price was approximately A$0.16 per share; the stock closed on the Australian Stock Exchange today at A$.075..

Austar has exclusive pay television rights in all but the major Australian cities and sparsely settled Western Australia. The company has more than 427,000 subscribers and today reported revenues of A$323.9 million and earnings before interest, taxes, depreciation and amortization (EBITDA) of A$56.5 million for the year ended December 31, 2003. Compared to 2002, EBITDA increased A$33.9 million, or 149 percent.

Founded in 1987, Castle Harlan invests primarily in private-equity buyouts of middle-market companies in North America and Europe. Castle Harlan's team of 10 managing directors, including its founders, has completed more than 60 acquisitions with a total value in excess of $7 billion. The firm's roots date back to the start of the institutionalized private-equity business in the late 1960's.

Castle Harlan also invests in Australia, New Zealand and the broader Australasian region through its Sydney-based affiliate, CHAMP, which is one of Australia's oldest and largest private equity firms.

Among the companies in Castle Harlan's portfolio are Associated Packaging Technologies, the country's leading manufacturer of CPET containers for the frozen food industry; Morton's Restaurant Group, owner of the Morton's of Chicago steakhouses; and Advanced Accessory Systems, the largest manufacturer of automotive roof racks and tow systems in North America and Europe.

SYDNEY, April 22, 2003 -- Australian private-equity investment firm Castle Harlan Australian Mezzanine Partners Pty. Ltd. (CHAMP) announced today that the CHAMP I funds have completed the acquisition of a majority interest in Austar United Communications Limited (Austar) (ASX:AUN.AX), in line with a plan announced last December. CHAMP also said it will initiate an offer to acquire all remaining publicly held Austar shares in early May.

Austar is the only provider of satellite pay TV in non-urban eastern Australia and the second largest provider in all of Australia, with more than 400,000 subscribers. Austar has exclusive pay television rights in all but the major Australian cities (i.e., Sydney, Melbourne, Adelaide, Brisbane and Perth) and the sparsely settled state of Western Australia. For the year ended December 31, 2002, Austar reported revenues of approximately A$320 million and earnings before interest, taxes, depreciation and amortization of approximately A$23 million.

The CHAMP I funds paid US$34.5 million to the bondholder creditors of United Australia Pacific, Inc. (UAP), as part of a Chapter 11 Plan of Reorganization filed in U.S. Bankruptcy Court in New York last December. In return, CHAMP has assumed UAP's majority interest in United Austar, Inc. (UAI), a Colorado company that beneficially owns 80.7 percent of Austar. UnitedGlobalCom Inc. (UGC) is the other shareholder in UAI. UGC separately owns an additional 0.6% of Austar.

In accordance with requirements of the Australian Securities and Investment Commission (ASIC), CHAMP will begin a follow-on offer to acquire Austar's remaining publicly held shares in early May , when offering documents are mailed to shareholders. CHAMP is offering 16 cents per Austar share, which is slightly higher than the effective price paid for UAP's Austar shares of 15.5 cents per share. The offer will remain open for 30 days.

Four CHAMP representatives will join the Austar board, and John Porter will continue as Austar's chief executive officer.

As also previously announced, after completion of the follow-on offer for the outstanding public shares, CHAMP and UGC intend to fully underwrite an Austar equity rights issue of A$63.5 million, also expected to be priced at 16 cents per share. Austar will use the proceeds for working capital in support of its continuing operations and some debt reduction.

CHAMP manages and advises more than A$750 million in private-equity capital in several funds available for investment in leveraged buyouts, growth and development opportunities and venture capital in Australia, New Zealand and the broader Australasian region. The CHAMP I Funds have more than A$500 million of committed capital for investment in larger buyouts.

CHAMP is one of Australia's oldest and most successful private-equity firms. It is 50 percent owned by Castle Harlan, Inc., the New York merchant bank, and 50 percent by the founders of CHAMP's predecessor firm.

Since the final closing of the CHAMP I funds in mid-2000, its Australian acquisitions have included Australian Pacific Paper Products, a leading Australian maker of diapers and adult incontinence products; Penrice Soda Products, the only Australian manufacturer of soda ash and sodium bicarbonate; Bradken, Australia's leading manufacturer of ground-engaging tools used by the mining and construction sectors and also Australia's largest producer of bogey systems for railway freight cars; and Sheridan Australia, the leading Australian manufacturer, designer and marketer of bed and bath linens.

Castle Harlan was founded in 1987 by John K. Castle, former president and chief executive officer of Donaldson, Lufkin & Jenrette, the investment banking firm, and Leonard M. Harlan, founder and former chairman of The Harlan Company, a real estate investment and advisory firm.

Since its inception, Castle Harlan has completed acquisitions exceeding US$5 billion. It is currently in the final stages of raising its fourth investment fund, targeted at more than US$1.0 billion.

SYDNEY, December 22, 2002 -- Australian private-equity investment firm Castle Harlan Australian Mezzanine Partners Pty. Ltd. (CHAMP) announced that it is sponsoring, on behalf of the CHAMP I funds, a plan of reorganization for United Australia Pacific, Inc. (UAP), which was filed Saturday in U.S. Bankruptcy Court in New York. If approved, the plan would make CHAMP beneficially the largest shareholder in publicly traded Austar United Communications Ltd. (Austar) (ASX:AUN.AX).

Austar is the only provider of satellite pay TV in non-urban Australia, with more than 400,000 subscribers, and has exclusive pay television rights in all but the major Australian cities (i.e. excluding Sydney, Melbourne, Adelaide, Brisbane and Perth, in addition to all of the sparsely settled state of Western Australia). Austar reported A$241.0 million in revenue for the nine months ended September 30, 2002.

Under the plan, CHAMP is offering US$34.5 million (approximately A$61 million) for UAP's majority interest in United Austar, Inc. (a Colorado company that beneficially owns 80.7 percent of Austar). The offer represents approximately seven percent of the face value of UAP's outstanding bonds.

The plan has been recommended by the UAP secured creditors' committee. It is expected that a creditors' vote on the plan will occur in late February 2003. The plan's acceptance is subject to approval by Australia's Foreign Investment Review Board and by Austar's bank lenders.

"Assuming the UAP plan is approved, CHAMP and UnitedGlobalCom, Inc. (Nasdaq: UCOMA), a publicly traded U.S. firm and the other major beneficial shareholder in Austar, will then together beneficially own 80.7 percent of Austar. The balance of Austar will still be owned by the public," CHAMP Chairman Bill Ferris said.

Following acceptance of the UAP plan of reorganization, CHAMP will appoint representatives to the Austar board. John Porter will continue as Austar's chief executive officer.

As a condition of its approval for the transaction, the Australian Securities and Investments Commission has required that, following approval of the UAP plan, probably in early March 2003, CHAMP make a follow-on offer for the remainder of Austar that is publicly owned. The follow-on offer price will be equivalent to the price CHAMP will have paid to UAP bondholders for the Austar shares they control. At today's exchange rate, that price would be A$0.17 per share.

After completion of the follow-on offer to shareholders, CHAMP and UnitedGlobalCom will fully underwrite an Austar equity rights issue of A$63.5 million, also priced at the follow-on price referred to above. Austar will use the proceeds for working capital.

CHAMP manages and advises more than A$830 million in private-equity capital in several funds available for investment in LBO's, growth and development opportunities and venture capital in Australia, New Zealand and the broader Australasian region. The CHAMP I Funds have approximately A$550 million for investment in larger buyouts.

CHAMP is one of Australia's oldest and most successful private-equity firms. It is 50 percent owned by Castle Harlan, Inc., the New York merchant bank, and 50 percent by the founders of CHAMP's predecessor firm.

Since the final closing of the CHAMP I Funds in mid-2000, its Australian acquisitions have included Australian Pacific Paper Products, a leading Australian maker of diapers and adult incontinence products; Penrice Soda Products, the only Australian manufacturer of soda ash and sodium bicarbonate; Sheridan Australia, the leading Australian manufacturer, designer and marketer of bed and bath linens; and Bradken, Australia's leading manufacturer of ground-engaging tools used by the mining and construction sectors and also Australia's largest producer of bogey systems for railway freight cars.

Castle Harlan was founded in 1987 by John K. Castle, former president and chief executive officer of Donaldson, Lufkin & Jenrette, the investment banking firm, and Leonard M. Harlan, founder and former chairman of The Harlan Company.

Since its inception, Castle Harlan has completed acquisitions exceeding US$5 billion. It is currently raising its fourth investment fund, targeted at US$1.25 billion.