Mr. Andrew Sutherland reports

INDIGO ANNOUNCES RETIREMENT OF HEATHER REISMAN AND DIRECTOR CHANGES

Heather Reisman will be retiring and stepping down as executive chair and as a director of Indigo Books & Music Inc., effective Aug. 22, 2023.

"The time has come for me to retire from an active role at Indigo," said Heather Reisman, executive chair, Indigo. "Deciding when it is time to move on is one of the toughest decisions a founder must make, but I know this is the right moment for me. I firmly believe the Indigo family, spanning from coast to coast, is the best in the business and the company has a bright future. Building Indigo over the past 25 years has been the adventure of a lifetime. As I embark on this new chapter, I will be rooting for the company every step of the way."

In addition, Frank Clegg, Howard Grosfield, Anne Marie O'Donovan and Dr. Chika Stacy Oriuwa have all stepped down as directors of Indigo. In the case of Dr. Oriuwa, she indicated that she was resigning as a director because of her loss of confidence in board leadership and because of mistreatment. Indigo wishes the departing directors well and thanks each of them for their contributions during their tenure on the board.

About Indigo Books & Music Inc.

Indigo is a publicly traded Canadian company listed on the Toronto Stock Exchange. Indigo is Canada's leading book and lifestyle retailer, offering a curated assortment of books, gifts, baby, kids, wellness and lifestyle products, that support their customers every day and at key life stages by simplifying their journey to live with intention.