Independent News & Media Regulatory News (INM)

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

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: Independent News & Media Plc (IE00B59HWB19)

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):

3. Details of person subject to the notification obligation:

Name: UBS Investment Bank, UBS Group AG

City and country of registered office (if applicable):

Zurich, Switzerland

4. Full name of shareholder(s) (if different from 3.):

UBS AG London Branch, UBS Limited

5. Date on which the threshold was crossed or reached:

24 January 2017

6. Date on which issuer notified:

26 January 2017

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

5%

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 issuer

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

5.23%

0.61%

5.84%

1,386,547,375

Position of previous notification (if applicable)

4.56%

0.52%

5.08%

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

A: Voting rights attached to shares

Class/type ofshares

ISIN code (if possible)

Number of voting rights

% of voting rights

Direct

Indirect

Direct

Indirect

IE00B59HWB19

72,514,549

5.23%

SUBTOTAL A

72,514,549

5.23%

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

Type of financial instrument

Expirationdatex

Exercise/Conversion Period

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

% of voting rights

Right to recall shares delivered as collateral

-

At any time

8,483,463

0.61%

SUBTOTAL B.1

8,483,463

0.61%

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

Type of financial instrument

Expirationdate

Exercise/Conversion Period

Physical or cash settlement

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):

[ ] 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.

[x] 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 entity:

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

UBS Group AG

UBS AG

UBS AG London Branch

5.23%

0.53%

5.76%

UBS Group AG

UBS AG

UBS Limited

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

12. Additional information: