ARN MEDIA LIMITED — Capital/Financing Update 2009

Nov 1, 2009

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M A R K E T A N N O U N C E M E N T

Notice pursuant to ASX Listing Rule 3.11.2

SYDNEY, 2 November 2009 – Following completion of the Pro-Rata Entitlement Offer (which was finalised on 22 June 2009), APN News & Media Limited (ASX, NZX: APN) hereby confirms the following changes to the exercise prices of its unlisted options in accordance with ASX Listing Rule 6.22.2 and pursuant to ASX Listing Rule 3.11.2:

Grant date of options	Old Exercise Price	New Exercise Price
29 April 2004	$3.85	$3.82
30 September 2004	$4.53	$4.50
2 May 2006	$5.02	$4.99
2 June 2008	$3.96	$3.93

These changes will take effect on 9 November 2009.

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For further information: Peter Brookes – Citadel Communications 0407 911 389

-------------------------------------------------------------------------------------------------------------------------------------------------About APN

APN News & Media Limited [ASX, NZX:APN] is the largest media company in New Zealand, where it owns The New Zealand Herald, the country’s largest newspaper. APN is the largest radio and outdoor advertising operator in Australasia as well as one of Australia’s leading regional publishers. In Asia, the Company has market leading Outdoor positions in Hong Kong, Malaysia and Indonesia. APN is a leader in online in both New Zealand and in Queensland and has been listed on the Australian Stock Exchange since 1992, and on the New Zealand Stock Exchange since June 2004.

APN News & Media Limited ABN 95 008 637 643 Level 4, 100 William Street Sydney NSW 2011 Australia

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