ARN MEDIA LIMITED — Capital/Financing Update 2016

May 31, 2016

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

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

APN SUCCESSFULLY COMPLETES RETAIL ENTITLEMENT OFFER

Sydney, 1 June 2016 ‐ APN News & Media Limited (ASX, NZX: APN) ( APN ) today announces the successful completion of the retail component of its fully underwritten accelerated renounceable entitlement offer with retail entitlements trading ( Retail Entitlement Offer ) of new APN ordinary shares ( New Shares ). Under the Retail Entitlement Offer, eligible shareholders were entitled to acquire 1 New Share for every 3 existing APN shares held on the Retail Entitlement Offer record date ( Entitlement ).

Completion of the Retail Entitlement Offer represents the second stage of APN's approximately A$180 million equity raising, announced on Wednesday, 11 May 2016. The institutional component of the entitlement offer (including the institutional shortfall bookbuild) closed on Thursday, 12 May 2016, as announced by APN on ASX and NZX on Friday, 13 May 2016.

Summary of the Retail Entitlement Offer

• A$14.4 million in applications under the Retail Entitlement Offer were received.

• 69% of available retail Entitlements were taken up under the Retail Entitlement Offer.

• Approximately 12.4 million retail Entitlements will be offered under the Retail Shortfall Bookbuild (defined below) expected to commence on Wednesday, 1 June 2016.

Retail Shortfall Bookbuild

Approximately 12.4 million retail Entitlements, representing Entitlements not taken up by eligible retail shareholders and the Entitlements of ineligible retail shareholders, will be offered for sale for the benefit of those shareholders through a bookbuild process ( Retail Shortfall Bookbuild ). The Retail Shortfall Bookbuild will be completed prior to market open on Monday, 6 June 2016.

The settlement date for New Shares to be issued under the Retail Entitlement Offer and the Retail Shortfall Bookbuild is expected to be Monday, 6 June 2016. New Shares under the Retail Entitlement Offer are expected to be issued on Tuesday, 7 June 2016 and commence trading on ASX and NZX on Wednesday, 8 June 2016.

Shareholder Enquiries

Retail shareholders who have questions relating to the Retail Entitlement Offer should speak with their broker or adviser and / or call the APN Shareholder Information Line on:

• 1300 365 969 (from within Australia);

• 0800 729 276 (from within New Zealand); or

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 +61 1300 365 969 (from outside Australia and New Zealand,

between 8.30am to 5.30pm (Sydney time) Monday to Friday through to Thursday, 9 June 2016 (inclusive).

Ends.

For further information:

Peter Brookes, Citadel‐MAGNUS, +61 407 911 389, pbrookes@citadelmagnus.com

Helen McCombie, Citadel‐MAGNUS, +61 411 756 248, hmccombie@citadelmagnus.com

Not for distribution or release in the United States

This announcement is for information purposes only and is not a prospectus, disclosure document, product disclosure statement or other offering document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission). This announcement is not and should not be considered an offer or an invitation to acquire Entitlements or New Shares or any other financial products.

This announcement may not be released or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or in any other jurisdiction in which such an offer would be illegal. The Entitlements and the New Shares have not been, and will not be, registered under the US Securities Act of 1933, as amended (the US Securities Act ) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the Entitlements or the New Shares may not be granted to, taken up by, or offered or sold, directly or indirectly, to any person in the United States, or any person acting for the account or benefit of a person in the United States, except pursuant to a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and any other applicable state securities laws. The distribution of this announcement in other jurisdictions outside Australia may also be restricted by law and any such restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.

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