Independent News & Media Regulatory News (INM)

INDEPENDENT NEWS AND MEDIA PLC

Proposed Capital Reduction,

Cancellation of Authorised Deferred Shares

and

Notice of Extraordinary General Meeting

Ticker: (Bloomberg) INM.ID/INM.LN and (Reuters) INME.I/INME.L

Dublin/London, 10 November 2016: Independent News & Media PLC ("INM" or the "Company") is pleased to announce the proposed restructuring of its balance sheet, by way of a capital reduction ("Capital Reduction") and cancellation of authorised Deferred Shares.

The proposals are subject to the passing of two special resolutions by Shareholders at an extraordinary general meeting of the Company, to be held at the O'Callaghan Alexander Hotel, 41 - 47 Fenian Street, Dublin 2, Ireland at 2.00 p.m. on 5 December, 2016 (the "EGM").

If approved by Shareholders, and subsequently confirmed by the High Court, the Capital Reduction will result in the cancellation or partial cancellation of certain reserve balances of the Company and will eliminate the existing deficit on the Company's profit and loss account, providing the Company with a strengthened balance sheet and solid financial foundation for its future.

As there are no longer any Deferred Shares in issue, the Board also proposes to take the opportunity to remove from the Constitution all references to Deferred Shares and to reduce the authorised (but unissued) share capital of the Company by cancelling the now obsolete class of Deferred Shares.

The Circular (including the notice of EGM) will be shortly available on the Company's website, http://www.inmplc.com/investor-relations/.

Copies of the Circular (including the notice of EGM) have been submitted to the Irish Stock Exchange and the National Storage Mechanism (http://www.hemscott.com/nsm.do) from where it may also be obtained.

Capitalised terms used but not otherwise defined in this announcement will have the same meanings given to them within the Circular.

For further information, contact:

Ends