Independent News & Media : Form 38.5a INM plc - Davy

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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&E Davy t/a Davy
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	22nd 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)
63,000	€0.1025	€0.1025

Total number of securities disposed	Highest price received (Note 3)	Lowest price received (Note 3)
424,950	€0.103	€0.1025

(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 (Note 3)

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(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)

3. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.

Date of disclosure	23rd May 2019
Contact name	Matthew Donnelly
Telephone number	[phone]
Name of offeree/offeror with which connected	Independent News & Media plc
Nature of connection (Note 6)	Concert party to offeree