Independent News & Media : 38.5a

Ap24

FORM 38.5(a)

IRISH TAKEOVER PANEL

DISCLOSURE UNDER RULE 38.5(a) OF THE IRISH TAKEOVER PANELACT, 1997, TAKEOVER RULES, 2013

DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITH RECOGNISED INTERMEDIARY STATUS AND DEALING IN A CLIENT-SERVING CAPACITY

1. KEY INFORMATION

Name of exempt principal trader	J.P. Morgan Securities plc
Company dealt in	Independent News & Media plc
Class of relevant security to which the dealings being disclosed relate (Note 1)	Ordinary Shares
Date of dealing	17 May 2019

2. DEALINGS (Note 2)

(a) Purchases and sales

Total number of relevant securities acquired	Highest price paid (Note 3)	Lowest price paid (Note 3)
58	0.1025 EUR	0.1025 EUR

Total number of securities disposed	Highest price received (Note 3)	Lowest price received (Note 3)
25,889	0.1025 EUR	0.1025 EUR

(b) Derivatives transactions (other than options transactions)

Product name, e.g. CFD	Nature of transaction (Note 4)	Number of relevant securities (Note 5)	Price per unit (EUR) (Note 3)
Equity Swaps	Long	25,831	0.1025

(c) Options transactions in respect of existing relevant securities

(i) Writing, selling, purchasing or varying

Product name, e.g. call option	Writing, selling, purchasing, varying etc.	Number of securities to which the option relates (Note 5)	Exercise price	Type, e.g. American, European etc.	Expiry date	Option money paid/received per unit (Note 3)

(ii) Exercising

Product name, e.g. call option	Number of securities	Exercise price per unit (Note 3)