Investor Relations
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30th Oct 2009

Extension of Financial Standstill Agreed to 23 Dec 09

Dublin – 30th October 2009: Independent News & Media PLC ('INM') and Independent News & Media (Finance) Limited (Issuer of the 5.75% €200 million guaranteed Bonds) announce that the financial standstill entered into with their principal Banks and the Ad Hoc Committee of Bondholders for the period to 30th October 2009 has been extended. The financial standstill period will now run until 23rd December 2009 (or any earlier date of termination as may occur under the terms of the standstill agreement).

The extension of the standstill period will facilitate the implementation of the financial restructuring of INM (the ‘Restructuring’). The INM group has sufficient funding in place to meet all working capital requirements during the standstill period. Implementation of the standstill required agreement from in excess of 75% of the Bondholders by value and 84.75% of the Bondholders by value have now so agreed. Further documentation and information on the timetable for implementation of the Restructuring will be issued in due course.

ENDS

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“Independent News & Media has always understood that beyond being a very successful company in the financial sense, it has broader social responsibilities to all those communities where it operates. This is demonstrated by over 200 projects and charities which the company has underwritten and supported and can be seen from the work that INM has done in education, particularly the work they’ve done in health education in South Africa in relation to HIV and AIDS.”

Baroness Margaret Jay, Non-Executive Director
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