Gerald W. Schwartz enter into a non-binding proposal to acquire remaining 39.36% stake in Indigo Books & Music Inc. (TSX: IDG) for CAD 24.5 million on February 1, 2024. Gerald will acquire remaining stake in CAD 2.25 per share in cash. The Board will review the Proposal to determine the course of action that it believes is in the best interest of the Company.

The Board has established a special committee of independent directors (the ?Special Committee?) that will evaluate the Proposal and any viable alternatives that may be available to the Company and make recommendations to the Board. The Special Committee will supervise the preparation of a formal valuation by an independent valuator regarding the Proposal. The Company expects that the transaction contemplated by the Proposal or any similar transaction would be subject to Multilateral Instrument 61-101 ?

Protection of Minority Security Holders in Special Transactions, which would require that the Company obtain approval of a majority of minority shareholders of the Company (being shareholders not affiliated with Trilogy). The transaction contemplated by the Proposal would be subject to shareholder approval and other conditions customary for a transaction of this type.