Dublin/London – 26th January 2009: Independent News & Media PLC (“INM” or the “Group”) has noted the significant and unwarranted decline in INM’s share price and believes that the current market capitalisation does not fairly reflect the true value of the underlying assets, the current trading performance and the inherent profitability and cash generative nature of the Group’s operations. This is underscored by the international diversity of the Group’s publishing, online, radio and outdoor operations across Australia, Hong Kong, India, Indonesia, Ireland, New Zealand, South Africa and the United Kingdom.