Independent News & Media Regulatory News (INM)

Independent News & Media PLC

Ticker: (Bloomberg) INM.ID/INM.LN and (Reuters) INME.I/INME.L

Completion of the Restructuring and Ordinary Shares in Issue

Dublin/London -23 December, 2013: Independent News & Media PLC ("INM" or "the Company") confirms that the Group's Restructuring is now complete, INM having applied the €40 million net proceeds from its recently completed capital raise to debt reduction and having issued 152,517,988 New Ordinary Shares to its Lenders. Core debt has reduced to approximately €118 million (with other facilities and credit lines of approximately €10 million(1)).

Following the issue of 152,517,988 New Ordinary Shares to INM's Lenders on 18 December 2013, there are now a total of 1,386,547,375 Ordinary Shares in issue (excluding 5,597,077 Ordinary Shares in treasury).

Commenting on the completion of the Restructuring, Vincent Crowley, Chief Executive stated:

"INM has been transformed by a restructuring process that has extended well beyond strengthening our balance sheet. Over the past eighteen months we have realigned our staff and editorial resources to produce market-leading products in formats that appeal to consumers and advertisers, across all platforms.

Successful completion of our Restructuring provides the financial and operational flexibility to reposition INM for an improvement in Ireland's evolving media market. On behalf of the Board of INM, I wish to thank all stakeholders who contributed to this very positive outcome and in particular, our staff, shareholders, lenders and advisers".

For further information, please contact:

All capitalised/defined terms in this announcement have the same meaning as those contained in the Prospectus published by the Company on 21 November, 2013.

Notes

(1) The Group has an additional €10 million of escrow-related debt, offset by €10 million cash placed in escrow, to cover future potential warranty claims relating to the sale of Independent News & Media (South Africa) Limited.

ENDS