Independent News & Media Regulatory News (INM)

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the Central Bank of Ireland)i

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

Independent News and Media PLC

LEI - 635400B2XEYYR6B7R551

2. Reason for the notification (please tick the appropriate box or boxes):

[X] An acquisition or disposal of voting rights

[ ] An acquisition or disposal of financial instruments

[ ] An event changing the breakdown of voting rights

[ ] Other (please specify)iii: We increased our voting rights by reducing our financial instrument exposure

3. Details of person subject to the notification obligationiv :

Name:Duke University

City and country of registered office (if applicable):Durham, North Carolina, United States

4. Full name of shareholder(s) (if different from 3.)v: Blackwell Partners LLC - Series A

5. Date on which the threshold was crossed or reachedvi: 26th November 2018

6. Date on which issuer notified: 28th November 2018

7. Threshold(s) that is/are crossed or reached: 4%

8. Total positions of person(s) subject to the notification obligation:

% of voting rights attached to shares (total of 9.A)

% of voting rights through financial instruments(total of 9.B.1 + 9.B.2)

Total of both in % (9.A + 9.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

4.36%

4.36%

1,386,547,375

Position of previous notification (if applicable)

n/a

n/a

9. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii:

A: Voting rights attached to shares

Class/type ofshares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

Indirect

Direct

Indirect

IE00B59HWB19

60,472,970

4.36%

SUBTOTAL A

60,472,970

4.36%

B 1: Financial Instruments according to Regulation 17(1)(a) of the Regulations

Type of financial instrument

Expirationdatex

Exercise/Conversion Periodxi

Number of voting rights that may be acquired if the instrument is exercised/converted.

% of voting rights

SUBTOTAL B.1

B 2: Financial Instruments with similar economic effect according to Regulation 17(1)(b) of the Regulations

Type of financial instrument

Expirationdatex

Exercise/Conversion Period xi

Physical or cash settlementxii

Number of voting rights

% of voting rights

SUBTOTAL B.2

10. Information in relation to the person subject to the notification obligation (please tick the applicable box):

[ X ] Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.xiii

Full chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv:

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Duke University

Gothic Corporation

Blackwell Partners LLC - Series A

4.36%

4.36%

11. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]

12. Additional informationxvi: Shares are held via (1) Farringdon I - SICAV, (2) Blackwell Partners Series A. Farringdon Capital Management is the delegated investment advisor controlled 100% by Bram Cornelisse that can exercise the voting rights of the above two vehicles.