EPT Disclosure

FORM 38.5

(Rule 38.5 of the City Code on Takeovers and Mergers)
1. KEY INFORMATION

+-------------------------------------------------------------------+
| Name of exempt principal trader | ALTIUM CAPITAL LIMITED |

|-----------------------------------------+-------------------------|
| Company dealt in | SHED MEDIA PLC |

|-----------------------------------------+-------------------------| | Class of relevant security to which the | ORDINARY SHARES OF 0.1P |
| dealings being disclosed relate (Note | |
| 1) | |

|-----------------------------------------+-------------------------|
| Date of dealing | 3 NOVEMBER 2009 |

+-------------------------------------------------------------------+

2. DEALINGS (Note 2)
(a) Purchases and sales

+-------------------------------------------------------------------+
| Total number of | Highest price paid | Lowest price paid |
| securities purchased | (Note 3) | (Note 3) |
| | | |

|--------------------------+--------------------+-------------------|
| 500 | £0.83 | £0.83 |

+-------------------------------------------------------------------+

+-------------------------------------------------------------------+
| Total number of | Highest price | Lowest price paid received |
| securities sold | received (Note 3) | (Note 3) |
| | | |

|-----------------+-------------------+-----------------------------|
| NIL | - | - |

+-------------------------------------------------------------------+

(b) Derivatives transactions (other than options)

+-------------------------------------------------------------------+
| Product | Long/short (Note | Number of securities | Price per |
| name, | 4) | (Note 5) | unit (Note |
| e.g. CFD | | | 3) |

|----------+------------------+------------------------+------------|
| | | | |
| | | | |

+-------------------------------------------------------------------+

(c) Options transactions in respect of existing securities
(i) Writing, selling, purchasing or varying

+------------------------------------------------------------------------------------+
|Product |Writing, |Number of |Exercise|Type, e.g.|Expiry|Option money |
|name, |selling, |securities to which|price |American, |date |paid/received |
|e.g. call|purchasing, |the option relates | |European | |per unit (Note|
|option |varying etc.|(Note 5) | |etc. | |3) |
| | | | | | | |

|---------+------------+-------------------+--------+----------+------+--------------|
| | | | | | | |

+------------------------------------------------------------------------------------+

(ii) Exercising

+-------------------------------------------------------------------+
| Product name, e.g. | Number of securities | Exercise price per |
| call option | | unit (Note 3) |
| | | |

|--------------------+----------------------+-----------------------|
| | | |
| | | |

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3. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

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| Full details of any agreement, arrangement or understanding |
| between the person disclosing and any other person relating to |
| the voting rights of any relevant securities under any option |
| referred to on this form or relating to the voting rights or |
| future acquisition or disposal of any relevant securities to |

| which any derivative referred to on this form is referenced. If |
| none, this should be stated. |

|-------------------------------------------------------------------|
| |
| |
| |

+-------------------------------------------------------------------+

+------------------------------------------------------------------+
| Date of disclosure | 3 NOVEMBER 2009 |

|----------------------------------------------+-------------------|
| Contact name | STEVE DAVEY |

|----------------------------------------------+-------------------|
| Telephone number | 020 7484 4046 |

|----------------------------------------------+-------------------|
| Name of offeree/offeror with which connected | SHED MEDIA PLC |

|----------------------------------------------+-------------------|
| Nature of connection (Note 6) | CONNECTED ADVISER |

+------------------------------------------------------------------+

Notes

The Notes on Form 38.5 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk

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