Ms. Heather Reisman reports

INDIGO ANNOUNCES KEY APPOINTMENTS

Indigo Books & Music Inc. has made a number of leadership appointments as part of a drive to strengthen its brand focus, and propel the company toward growth and profitability.

Leading these changes is the appointment of Indigo's founder, Heather Reisman, as the chief executive officer. Ms. Reisman has also been appointed to the board of directors. Supporting Ms. Reisman, Craig Loudon, Indigo's chief financial officer, has been appointed chief operating officer. In his new role, he will continue to act as the chief financial officer, and lead the finance team and function.

"We are incredibly grateful that Heather has agreed to return to the helm of Indigo and as a member of the board, and that Craig has agreed to take on the key role of COO. More than ever, Heather's unique experience is needed as we work to bring Indigo back to profitable growth," said Markus Dohle, chair of the board's human resources, compensation and governance committee. "We know Heather's deep understanding of the Indigo brand as the country's leading voice on books and reading, and her commitment to the business, combined with a very special and dedicated organization, will put the company on the right trajectory."

"There is a clear path for Indigo to regain its momentum," said Ms. Reisman. "I love this company and its mission. Even more, I care deeply about our people, who have given so much to build this incredible company over more than two and a half decades. I know that together we will return Indigo to growth and profitability. I'm thrilled for both Indigo and for Craig Loudon about his promotion to COO. Craig has not only the institutional knowledge and experience to support me and our entire team in his new role, he has also been a trusted partner for our employees, our suppliers and our shareholders for a long time."

Indigo's board is also pleased to announce the appointment of Mr. Dohle as chair of the board of directors and the addition of Eileen Naughton to the board.

Mr. Dohle, a pre-eminent leader in the global publishing industry, recently capped off a 15-year term as chief executive officer of Penguin Random House, the world's largest trade book publisher. He joined the Indigo board in June, 2023. "I'm honoured to serve Indigo, its leadership team and its thousands of employees in this important next phase," said Mr. Dohle. "With these changes, the collective support of the Indigo board and the support of the company's majority shareholder, we are positioning the company to re-emerge as a strong force in Canadian culture and business."

"Markus brings unique knowledge of our industry and real passion for our business. We are very fortunate to have him as our chair and I know I will personally benefit from his guidance and engagement, as will our entire organization," said Ms. Reisman.

Most recently, Ms. Naughton was chief people officer at Google Inc. In addition to her deep expertise in people management, technology and operations, she brings a wealth of media and publishing experience, having held, prior to her 15-year career at Google/Alphabet, several executive positions at Time Warner, including president of Time Magazine. "Indigo is delighted to have Eileen join our board and contribute to our joint efforts to evolve Indigo's culture, talent and people strategies," said Mr. Dohle.

About Indigo Books & Music Inc.

Indigo is a publicly traded Canadian company listed on the Toronto Stock Exchange (IDG). Indigo is Canada's leading book and lifestyle retailer, offering a curated assortment of books, gifts, and home, wellness, fashion, paper, baby and kids products that support customers by simplifying their journey to living with intention. 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 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 believes in real books, in living life fully and generously, in being kind to each other, and that 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-million to more than one million students across Canada since 2004.

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