Update on Strategic Review

10 October 2017

Johnston Press plc (the "Company" or "Johnston Press")

Strategic Review Update - Ad Hoc Committee of bondholders

On 29 March 2017, the Board of Johnston Press announced that it had commenced a strategic review to assess the financing options available to the Johnston Press group in relation to its £220 million 8.625% senior secured notes due for repayment on 1 June 2019. On 2 August 2017, the Board of Johnston Press announced that, following a period of initial consultations with the largest shareholders and bondholders, it would focus on discussions with the Pension Trustees. Those discussions are progressing.

In order to progress the strategic review further, the Board of Johnston Press announces that it is approaching its largest bondholders regarding the potential formation of an ad hoc committee of bondholders (the "AHC"). Further announcements regarding the strategic review will be made when appropriate.

Ashley Highfield, CEO of Johnston Press, said,

"We are making good progress on our strategic review and this is an important step in moving things forward, in discussion with all our stakeholders."

Any bondholder that requires further information should contact Rothschild, whose contact details are provided below.

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