Ms. Madison Downey reports

INDIGO RECEIVES FINAL COURT APPROVAL FOR ARRANGEMENT WITH TRILOGY

Indigo Books & Music Inc. has obtained a final order from the Ontario Superior Court of Justice (commercial list), approving the previously announced plan of arrangement in accordance with the Business Corporations Act (Ontario). Pursuant to the terms of the arrangement, Trilogy Investments LP will acquire the approximately 39.4 per cent of the issued and outstanding common shares of Indigo Books that TILP, Trilogy Retail Holdings Inc., and their respective affiliates and joint actors do not currently own for $2.50 per share in cash.

Receipt of the final order follows Indigo Books' special meeting of shareholders, held on May 27, 2024, where the arrangement was overwhelmingly approved by over 95 per cent of the votes cast by shareholders of Indigo Books and by a significant majority of minority shareholders of Indigo Books. The arrangement is expected to be effected on or about May 31, 2024, subject to the satisfaction of customary closing conditions.

Following completion of the arrangement, it is anticipated that the common shares of Indigo Books will be delisted from the Toronto Stock Exchange. Trilogy also intends to cause Indigo Books to apply to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate Indigo Books' public reporting requirements, following completion of the arrangement.

About Indigo Books & Music Inc.

Indigo Books is a publicly traded Canadian company listed on the Toronto Stock Exchange. Indigo Books is Canada's leading book and lifestyle retailer. The company operates retail stores in all 10 provinces and one territory in Canada, and also has retail operations in the United States through a wholly owned subsidiary, operating one retail store in Short Hills, N.J. Retail operations are seamlessly integrated with the company's digital channels, including the Indigo Books website and the mobile applications, which are extensions of the physical stores and offer customers an expanded assortment of book titles, along with a meaningfully curated assortment of general merchandise. Indigo Books believes in real books, in living life fully and generously, and in being kind to one other, and stories -- big and little -- connect people.

The company supports a separate registered charity, called the Indigo Love of Reading Foundation, which is committed to addressing educational inequality and, more specifically, the literacy crisis in Canada. The foundation provides resources, including new books and learning materials, training, and year-round curation support, to help ensure teachers, education staff, school administrators and other key stakeholders have the tools they need to promote literacy in their communities. With the support of the company, its customers, employees and suppliers, the foundation has committed over $35.0-million to more than one million students across Canada since 2004.

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