APN Capital Raise and Radio Acquisition

INM STATEMENT RE: APN CAPITAL RAISE AND RADIO ACQUISITION

Ticker: (Bloomberg) INM.ID/ INM.LN and (Reuters) INME.I/ INME.L

Dublin/London - 19th February 2014, APN News & Media Limited ['APN'], in which Independent News & Media PLC ['INM'] has a 28.95% shareholding, today announced the launch of a AUS$132m equity issue to finance the acquisition of the remaining 50% of its Australian and New Zealand radio assets.

Having recently concluded a substantial restructuring and strengthening of its balance sheet, including a significant equity issue, INM's priority objective at this time is to retain the operational flexibility necessary to reposition its operations for an improvement in Ireland's evolving media market.

Accordingly, and given APN's capital raise timetable and the fact that INM's participation would require a further significant capital raise from its shareholders, INM will not be participating in APN's proposed equity issue. This will result in INM's stake in APN being reduced to c. 18.61%.

INM is fully supportive of APN's strategy - the acquisition of the remaining 50% of its radio assets and the related capital raise - and remains fully committed to retaining its strategic stake in an enlarged APN.

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