Completion of Sale and Debt Repayment

Independent News & Media PLC ("INM" or "the Company")

COMPLETION OF TRANCHE 2 DISPOSAL OF APN SHARES AND REPAYMENT OF DEBT

Dublin/London 27 May, 2015: Independent News & Media PLC (INM ID, INM LN) announces that the second tranche of the sale of the Group's remaining shareholding in APN News & Media (comprising 104,859,000 APN Shares at a sale price of A$0.88 per APN Share) has now completed.

The Group has also, in accordance with its previously stated intentions, applied substantially all of the net proceeds of the sale to the repayment of debt, thereby releasing INM from restrictions on its activities (in terms of financial covenants, capital expenditure, acquisitions, share issuance, share buybacks, dividends and distributions) that prevailed under the terms of the debt facilities put in place in 2013.

Defined terms used in this announcement have the same meaning as in the circular issued in connection with the sale dated 2 April, 2015.

ENDS

Contacts:

Independent News & Media PLC

Michael Doorly

Company Secretary

Tel: +353 (0)1 466 3200