Update on Refinancing Discussions

Independent news & media plc

update on refinancing discussions

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

 25 March, 2013 Dublin/London: Independent News & Media PLC ("INM" and/or the "Company") notes the recent media coverage in relation to its refinancing discussions.

INM continues to be in constructive discussions with its banking syndicate in relation to the refinancing and restructuring of its facilities and, while it is confident that an agreed position will be reached, terms have not yet been finalised. In pursuing these discussions and the proposed disposal of INM SA (details of which were announced on 17 February, 2013) INM has sought to enable achievement of deleveraging of the INM Group while balancing the respective interests of all stakeholders (lenders, employees and shareholders) and the need for consensus in the context of implementation.

INM will provide further information in relation to the outcome of discussions with its lenders as soon as possible.

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Pat Walsh Vincent Crowley

Murray Consultants Limited Group Chief Executive

Independent News & Media plc

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