Ms. Katya Andresen reports

CRICKET MEDIA PROVIDES UPDATE ON DEBT RESTRUCTURING

In connection with Cricket Media Group Ltd.'s debt restructuring as described in its news release dated April 6, 2015, Cricket Media Inc., a wholly owned subsidiary of the company, has entered into a loan and security agreement with National Capital Bank of Washington, pursuant to which CMI has borrowed the principal amount of $1,425,000 (U.S.) for the purpose of refinancing indebtedness previously owed to NCBW by ePals Foundation Inc., an entity which CMI controls, pursuant to a commercial line of credit with NCBW. Interest on the outstanding principal balance of the NCBW indebtedness accrues at a rate of 5 per cent per annum, and CMI will make monthly payments of principal and interest of approximately $27,000 (U.S.). The loan matures on June 30, 2020, whereupon all amounts owing to NCBW thereunder are due and payable. The company is continuing with the overall implementation of its debt restructuring.

In connection with the refinancing, Miles Gilburne and Nina Zolt, each a director of the company, have provided a personal guarantee to NCBW in respect of the NCBW indebtedness, and CMI has entered into a reimbursement agreement with the guarantors pursuant to which CMI has agreed to reimburse the guarantors for amounts that may be paid by the guarantors to NCBW in connection with such guarantee. The NCBW indebtedness ranks junior to all existing indebtedness of the company and its subsidiaries, other than an aggregate of $3,353,000 (U.S.) that is owed to entities controlled by the guarantors pursuant to the company's 10-per-cent secured convertible debentures issued pursuant to a trust indenture dated March 20, 2013, which amount ranks pari passu with the NCBW indebtedness.

The company also announces that the terms of a revolving loan facility provided by ZG Ventures LLC in favour of CMI have been amended to extend the repayment date of all outstanding principal and interest from June 30, 2015, to Sept. 30, 2015. Pursuant to the loan facility, CMI is entitled to borrow up to a maximum of $3.5-million (U.S.) from ZG Ventures.

Pursuant to Multilateral Instrument 61-101 (protection of minority securityholders in special transactions), the entering into of the reimbursement agreement and the extension to the revolving loan facility each constitute a related-party transaction for the company. For these transactions, the company is relying on the exemption from the formal valuation requirements of MI 61-101 contained in Section 5.5 (b) of MI 61-101 on the basis that no securities of the company are listed on a specified market set out in such section, and the company is relying on the exemption from the minority shareholder approval requirements of MI 61-101 contained in Section 5.7 (1) (e) of MI 61-101 on the basis of meeting the financial hardship exemption requirements.

We seek Safe Harbor.