INM Repositions for Expansion Opportunities

The transaction was undertaken by an underwritten overnight placement of APNGs by JBWere Limited to a range of institutional and retail investors. Independent had acquired its original holding of APNGs - which have paid an interest coupon of 7.25% - to facilitate the acquisition of Wilson & Horton by APN in November 2001. At that time, Independent agreed to a 6-month 'lock-in' hold period, which has since expired.

Following today's transaction, Independent will continue to be APN's largest shareholder at 44% and has further confirmed that it is not selling, nor is currently intending to sell any APN Ordinary shares.

The sale of these Convertible Notes does not affect Independent's equity holding position in APN; in that, APN News & Media is an integral part of Independent's world-wide operations, accounting - as it does - for approximately 50% of both its revenues and profits. As such, Independent remains wholly committed to APN and the Australian market.

Independent's decision to dispose of its holding of APN Convertible Notes will assist in the ongoing expansion of Independent's world-wide operations, particularly in the UK and Ireland. Critically, the resultant enhanced capital structure will further ensure Independent's fullest participation in APN's future developments in Australasia.

APN continues to perform well as outlined in APN's recent trading statement/ press release of 13th November 2002.

For further information, please contact:-

Gavin O'Reilly, Chief Operating Officer +353-1-4663200

Donal Buggy, Chief Financial Officer +353-1-4663200

Jim Milton, Murry Consultants +353-1-498-0345