ANNOUNCEMENT – INDEPENDENT PRINT LTD

Independent Print Limited acquires Independent and Independent on Sunday

LONDON, March 25--Independent Print Limited, a company owned by the Lebedev family, has agreed to acquire and Independent on Sunday newspapers in a deal that will safeguard the future of the business.

The agreement provides a commitment by the Lebedev family to invest in the newspapers, which are currently loss-making, and inject new energy and impetus into them.

The purchase of the Independent newspapers follows the Lebedevs’ acquisition last year of a 75% shareholding in the London . Since then the Evening Standard’s circulation has risen from 250,000 to 600,000 and it is now read by 1.4 million Londoners daily, substantially increasing its commercial revenues. last month became Chairman of Evening Standard Ltd.

Completion of the transaction is expected to take place in May 2010 following employee consultation and receipt of the relevant regulatory approval.

In addition to the London Evening Standard, The Lebedevs also co-own, with President , , one of 's few pro-democracy newspapers. The paper has a reputation for independence and high-quality journalism. , whose fearless reports from Chechnya resulted in her assassination in 2006, worked for Novaya Gazeta.

Alexander Lebedev said: "I invest in institutions which contribute to democracy and transparency and, at the heart of that, are newspapers which report independently and campaign for the truth to be revealed. I am a supporter of in-depth investigative reporting and campaigns which promote transparency and seek to fight international corruption. These are things the Independent has always done well and will, I hope, continue to do."

Alexander Lebedev also announced that he and President Mikhail Gorbachev plan to establish Novaya Independent Media Foundation (NIMF), a not for profit organisation which will finance global media projects. “In particular, we are talking about Novaya Gazeta in Russia, The Independent and The London Evening Standard in the UK. We hope that other philanthropists will also be interested in maintaining quality journalism to protect freedom of speech and encourage investigative reporting to promote greater transparency in society.”

Evgeny Lebedev, who will be the Chairman of the new company, said: "It is a great privilege to be able to work with two iconic and respected newspapers with its team of brilliant journalists, and to be part of a plan for the long-term survival of the papers. I wish to ensure their sense of independent and free-spirited reporting continues to thrive. I believe strongly in the value and purpose of serious newspapers."

Alexander and Evgeny Lebedev both paid tribute to the support and commitment that the O'Reilly family have given to the Independent over many years. Alexander Lebedev, who will be a board director of Independent Print Ltd, said: "Tony O'Reilly and his family have been stalwart, innovative and courageous investors who have allowed an important paper to provide some of the most authoritative and remarkable journalism which has rightly won respect and admiration worldwide." ANNOUNCEMENT – INDEPENDENT PRINT LTD

Further Information:

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