HIBU.L Regulatory News (HIBU)

For Immediate Release 18 September, 2012

hibu plc

Update on restructuring process

On 5 September 2012, hibu plc (the "Group") announced that it had formally constituted a co-ordinating committee of six lenders.

As the next stage in the process of addressing the Group's capital structure, the Group today announces that it has approached its lenders under the facilities agreement dated 30 November 2009 (as amended) with a request for certain waivers and amendments in relation to the agreement. The principal purpose of the waivers is to enable the Group to commence formal negotiations with the co-ordinating committee on the terms of a financial restructuring. The principal purpose of the proposed amendments is to amend the basis on which the Group's leverage ratio is next tested as a prudent measure to avoid a possible breach of the leverage covenant as at 30 September 2012. Instead of testing the leverage ratio by reference to the 12 months to 30 September 2012, the leverage ratio would be tested by reference to the 12 month period to 30 November 2012 applying the same ratio as is currently applicable for the period to 30 September 2012.

The waivers and amendments require the approval of lenders holding two thirds of the debt under the 2009 facilities agreement and lenders are being asked to vote by 27 September 2012.

Ends

About hibu

hibu helps communities thrive by facilitating millions of connections each year between consumers who want to find products and services locally and the merchants who provide them.

hibu helps consumers find local businesses and shop in new, innovative ways. Its dedicated online hibu markets provide comprehensive, convenient access to local goods and services. hibu helps merchants compete in the digital world with a broad range of marketing and commerce solutions delivered online and through hibu's direct sales teams. Building on its heritage as a premier directories provider, hibu continues to offer a full range of print- and distribution-based marketing services.

hibu operates in the UK, US, Spain, Argentina, Chile, Peru and US Hispanic markets. In the year ended 31 March 2012, hibu had 1.2 million SME customers and total revenues of £1.6 billion.

For further information about hibu, visit hibu.com.

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