Ms. Heather Reisman reports

INDIGO CONFIRMS FULL LEADERSHIP TEAM AND LOOKS FORWARD WITH OPTIMISM TO 2024

As the company prepares to turn the final pages on 2023 and start a fresh chapter in 2024, Indigo Books & Music Inc. has highlighted the leadership in place to help drive the organization's mission to inspire reading and enrich lives in all of Canada. Together, with its more than 5,000 employees from coast to coast, the company looks forward to adding a little joy to its customers' lives each time they interact with the company.

At the board level, Markus Dohle, the former global chief executive officer of Penguin Random House, serves as chair of the board. Eileen Naughton, former chief people officer at Google and a member of Indigo's board, now serves as chair of the human resources, compensation and governance committee. Donald Lewtas, a former managing director at Onex Corp., continues to serve as chair of the company's audit committee.

At the executive level, Indigo is led by Heather Reisman, chief executive officer, who continues to drive the company forward with the same passion for book lovers, writers and publishers as she did when she founded Indigo 26 years ago. She is joined by an experienced and dedicated leadership team with deep commitment to Indigo. The team was recently further strengthened with the addition of Iain Kennedy, who, until recently, was chief technology officer at Canadian Tire. Further information on Indigo's board members and executive team can be found on Indigo's website.

Finally, at a recent event focused on the future vision of Indigo, Ms. Reisman was asked a question about what Indigo has done to address past board resignations and the allegations of mistreatment by a former board member. The company had already spoken on these matters in its press release dated June 7, 2023. As the press release confirms, the concerns raised by the former board member, Dr. Oriuwa, as her reasons for resigning were brought to the attention of Indigo's board at the time of her resignation. Indigo and Ms. Reisman have not and will not comment further on these matters.

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, home, wellness, fashion, paper, and 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 application, 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.