2009 Waiver Approval

28 September 2012

Update on restructuring process

On 18 September 2012, hibu plc ("the Group") announced that it had approached its lenders under its 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 of six lenders 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.

The Group is pleased to announce that the necessary lender majority for these waivers and amendments has now been obtained.

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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