IMPORTANT INFORMATION FOR SHAREHOLDERS

Share Capital Consolidation plan approved at General Meeting

Johnston Press' plans for a Share Capital Reorganisation, announced on 24th October, were approved at a general meeting of shareholders on 12 November 2014.

The Share Capital Reorganisation reduced the number of Johnston Press ordinaryshares in issue by a factor of 50 (being the consolidation ratio) and also resulted in a proportionate increase in the share price.  As a result, for every 50 Johnston Press ordinary shares which a shareholder previously held, they will hold one new ordinary share following the Share Capital Reorganisation. These changes took effect from 13 November 2014.

As is customary in relation to a share consolidation exercise, the process generated fractional entitlements to the new ordinary shares. As such, any individual shareholding not exactly divisible by 50 generated fractional entitlements which were aggregated and sold in the market on behalf of such shareholders in accordance with the Company’s articles of association.

For further information, please refer to the circular published by the Company on 24 October 2014.

If you hold Johnston Press shares then our registrars (or the broker or nominee that holds shares for you) will contact you to advise you of your new holding.Shareholders who hold their ordinary shares in certificated form will receive new share certificates for the new ordinary shares (at which point, all share certificates previously issued will no longer be valid and should be destroyed) and CREST holders will have their CREST accounts adjusted to reflect their entitlement to the new ordinary shares.

If you have any questions regarding your shareholding, please contact Computershare Registrars on 0870 707 1097 (+44 870 707 1097) if calling from outside the United Kingdom.  Please note that they cannot give you financial advice.  If you have any questions regarding the impact of the Share CapitalReorganisation, you are recommended to seek your own financial advice from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000 if you are a resident of the United Kingdom or, if not, from another appropriately authorised independent financial adviser.