Hibu PLC : Restructuring Update

For Immediate Release                                                                                   17 October, 2013

hibu plc
("hibu" or the "Group")

Restructuring update

As hibu moves into the next phase of its restructuring the Board of hibu plc announces the appointment of an operational Chief Restructuring Officer.

Simon Freakley, Chief Executive Officer of Zolfo Cooper LLP, has completed his role as financial Chief Restructuring Officer. Mr Freakley was engaged in December 2012 to support hibu's financial restructuring and to assist with stakeholder management, working alongside the management team.

Having successfully supported the Board through the negotiation of the restructuring with hibu's lenders, the company is now entering the implementation phase of this proposal and so Mr Freakley's role is now complete.

The implementation phase has now begun and an operational Chief Restructuring Officer, David Eckert, has been appointed to work with the company to execute its business plan. Mr Freakley will work with Mr Eckert to ensure a smooth handover.

Mr Eckert specialises in revitalising companies. Over the past 30 years, he has served as CEO of international companies in a wide range of industries, was VP and Partner of consultants Bain & Company, and has been a member or chair of numerous public and private boards of directors. He is an economics and engineering graduate of Northwestern University, with highest distinction, and earned an MBA from the Harvard Business School, where he was a Baker Scholar and a Loeb Rhoades Fellow.

Commenting on this new phase of hibu's restructuring, Mr Freakley said:

"I am delighted that a restructuring plan has now been agreed with the Co-ordinating Committee of hibu's lenders. I look forward to working with the new operational CRO during the handover process and would like to take this opportunity to thank the Board and the management team for working with me over the last nine months. I wish the Group all the very best for the future."

Mr Eckert commented:

"I am excited to be working with all the talented people at hibu. I look forward to helping the company build on its position as an industry leader to create a secure and successful future."

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 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 twelve months to 31 March 2013, hibu had one million SME customers and total revenues of £1.3 billion.

For further information about hibu, visit corporate.hibu.com.

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