Johnston Press plc. Interim unaudited results for the 26 week period ended 1 July Strong i performance and further digital revenue growth

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1 Johnston Press plc Interim unaudited results for the 26 week period ended Strong i performance and further digital revenue growth Johnston Press plc, (LSE: JPR), announces its results for the 26 week period ended. Whilst the wider publishing industry continues to experience sharp declines, the Group is pleased to report that strong growth in digital revenues and the i newspaper combined to offset print decline in the business (excluding classifieds). The Board remains confident in the outlook for the rest of. Financial Highlights (adjusted including the i newspaper) 1 Revenue grew by 4.6 during the period (excluding classifieds) 2 Digital advertising revenues were up 14.8 (excluding classifieds) 3 Print and digital advertising revenues combined were flat for the period (excluding classifieds) 4 The i newspaper delivered strong performance: H1 revenue of 14.5m (up 28.6 in the comparable 12 week period post acquisition) and EBITDA of 3.7m 6 (up 42 to proforma) Transactional media sales centre (telesales) revenues were up 1 to 10.3m 5 Operating costs reduced 7.3 before full period effect of the i newspaper The Group delivered Adjusted EBITDA of 19.7m As of, the Group had total cash of 28.8m, with net debt 7 down 8.7 in the period. Financial Highlights - Statutory Total revenues declined by 9.5m to 103.3m, of which 5.4m related to the sale of the Midlands titles. Excluding the Midlands titles revenues fell 4 Operating profit of 4.9m compares to a H1 16 loss of 211.7m m Continuing Operations - Adjusted Continuing Operations Statutory* 26 weeks ended: Total Revenues (3.1) (8.4) Revenues (including the i newspaper, excluding classifieds) n/a n/a - Operating profit/(loss) (16.8) 4.9 (211.7) - EBITDA - Group (inc i newspaper) (13.7) n/a n/a - EBITDA - i newspaper n/a n/a - Profit/(loss) before tax (31.4) (10.2) (184.0) 94.4 Net Debt (8.7) *Statutory results include the Midlands titles disposed of on 17 January which contributed revenue of 0.3m (H m) Strategic Headlines 1 Business Trends Improving Stronger digital revenue performance combined with 6 months of i newspaper revenues has outweighed other declines enabling the Group to grow revenues by 4.6 (excluding classifieds) 2

2 Advertising revenues were flat for the period (print and digital combined excluding classifieds) 4 having experienced heavy declines during. Digital Audience & Revenue Growth Digital advertising revenues up year on year (YoY), with growth accelerating through the period, driven by growing audiences and stronger yields both locally and nationally (via the 1XL network), as demand for trusted, quality, targetable news increases Digital audiences grew 15 to a record high of 26.5m unique users a month, and with increased engagement, page views were up 20 to over 110m average page views per month. Success of the i newspaper 6 Acquired on 10 April, increased contribution from the newspaper, with circulation revenue increase from 4.4m to 11.0m and advertising revenues from 0.8m to 3.0m 6 The i newspaper delivered 3.7m EBITDA for the 6 months, compared to 2.6m pro-forma 6 month EBITDA at acquisition (up 42) In the comparable 12 weeks period post acquisition (from 10 April to end of each half year), total i newspaper revenue increased Operational Performance m Continuing Operations - Adjusted Continuing Operations Statutory* 26 weeks ended: Revenues (inc i, ) Circulation revenue (inc i newspaper) Print and digital advertising (5.3) Print advertising (4.9) (10.5) Digital advertising Classified revenues (28.9) (36.0) Total advertising revenue (combined print and digital) (11.8) (18.2) Total Group revenues (3.1) (8.4) *Statutory results include the Midlands titles disposed of on 17 January which contributed revenue of 0.3m (H m) Operational Highlights - Publishing & Sales strategy execution Our focus on the larger titles that have significant print and digital reach in their geographies and communities has resulted in strong profit contributions led by the Nationals, i.e. The Scotsman, The Newsletter (Northern Ireland) and The Yorkshire Post, and by the Big City Dailies such as The Sheffield Star and the Portsmouth News The Media Sales Centre (transactional revenues including central digital display, BMDs & Public Notices), which now accounts for 20 of advertising revenues, was in growth during the period, as a result of the ongoing sales transformation programme In January, the Group sold 13 titles in the Midlands for a total consideration of 17m

3 Strategic Review On 29 March we announced that the Group had commenced a strategic review, working with our advisers Rothschild and Ashurst LLP, to assess the financing options open to the Group in relation to the 220 million senior secured notes which become due for repayment on 1 June As a key part of the strategic review process, the Board has engaged with its major stakeholders, including shareholders, holders of senior secured notes, Pension Trustees and the Pensions Regulator. After a period of initial consultations with the largest shareholders and bondholders we are currently focused on discussions with the Pension Trustees. The Board is pleased by the continued support of the major stakeholders during the review process. Current trading Trading conditions across the industry continue to be difficult, especially in classified advertising. Encouragingly, whilst print advertising revenues will continue to decline, we are seeing the monetisation of our growing digital audience gain momentum which combined with the transformation of our products (including targeted advertising and sponsored content) in has seen digital display advertising up 25 YoY across June and July. Digital as a proportion of local display revenue has now reached nearly 30. The continuing improvements in trading trend seen in the i newspaper in H1 are expected to continue in H2 as advertisers seek out a quality, impartial, concise, daily national news provider. Ashley Highfield, Chief Executive Officer, commented, In the context of the broader industry trading environment where print classifieds in particular are in continued significant structural decline, we are focused on creating a business for the future. Our core business provides advertising and digital marketing solutions to companies, large and small, around our trusted, quality, brands that have significant reach into their communities. This is a business which we have long believed needed to transform, but once done, could return to growth. Thus, since 2012 we have been making the necessary and at times painful s to transform Johnston Press into a truly cross-platform business. Whilst trading remains challenging, the business has responded and, as a result of our substantial efforts and clear strategic focus, I am very pleased to announce that we have posted revenue growth in the business (excluding classifieds) of 4.6 during the half. Digital revenues (excluding classifieds) have outweighed the declines of print advertising revenues, helped by an editorial focus that has resulted in digital audiences at a record high, and by a fantastic performance from the i newspaper which has achieved significantly enhanced performance during the sixteen months since acquisition. The Group delivered Adjusted EBITDA of 19.7m in the first six months, in line with the Board s expectations. Having implemented the next phase of planned cost reduction initiatives aligned to the Group s wider publishing strategy, the Board remains confident in the outlook for the rest of. Notes 1 The results are presented on a continuing adjusted basis which exclude the following items: mark-to-market gain on the Group s bonds, impairment of intangible and tangible assets, restructuring costs, items related to the defined benefit pension plan, share based payment costs, trading and write downs relating to the closure of titles and digital operations, one-off legal costs and disposal gains. It includes the results from the acquisition of the i newspaper from April and excludes the results of the Isle of Man operations disposed in August. The statutory continuing operations also include the results from the Midlands titles disposed of 17 January. For additional information refer to the Non-GAAP measures included as supplementary information for the financial statements. We focus on revenue figures excluding classifieds in order to provide relevant information on those aspects of the business which are anticipated to have the greatest potential for future growth

4 2 Including classifieds, total revenue decline narrowed to Including classifieds, digital revenues grew 2.5, with gaining momentum during the period 4 Including classifieds, total advertising revenues declined by Classified and other advertising for the period is 17.3m, down 29 for the period. Classified and other advertising includes property, motors, jobs and other advertising including features, entertainment and other classifieds 5 Transactional revenues in the MSC include BMD s (births, marriages and deaths), public notices and central digital display 6 includes 26 weeks of the i newspaper revenues versus 12 weeks in the period to 7 Adjusted net debt is stated excluding fair value mark to market valuation adjustments on the Bonds- refer to Note 12 of the financial statements for additional information. Statutory and adjusted basis In the Management Report, performance is stated on an adjusted basis to provide a more meaningful comparison of the Group's performance taking account of the closure of businesses and other non-trading items. The adjusted results aim to demonstrate the performance of the Group without the volatility created by non-recurring items, restructuring charges in respect of cost reduction measures and accounting items such as the impairment of intangible assets, pension finance and administrative expenses, the impact of fair value s on the value of the Bonds. A reconciliation between the statutory and the adjusted results is provided under Non-GAAP measures within this financial information. Forward-looking statements The report contains forward looking statements. Although the Group believes that the expectation reflected in these forward- looking statements are reasonable, it can give no assurance that the expectations will prove to have been correct. Due to the inherent uncertainties, including both economic and business risk factors underlying such forward looking information, actual results may differ materially from those expressed or implied by these forward looking statements. The Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. Market abuse regulation This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. For more information, contact: Johnston Press plc Ashley Highfield, CEO David King, CFO Panmure Gordon Dominic Morley Charles Leigh-Pemberton Liberum Neil Patel Powerscourt Juliet Callaghan John Elliott Johnston Press will host a presentation for institutional investors and analysts this morning at 9.30am (GMT). The presentation will be webcast through our partner Northcote. and a conference call facility will also be available. To dial into the conference call, participants should dial No password is required.

5 Johnston Press Legal Entity Identifier: JFIBCR4LGUA242 About Johnston Press Johnston Press is a leading multimedia business with a vibrant mix of news brands that reach national, regional and local audiences. We provide news and information services to local and regional communities through our extensive portfolio of hundreds of publications and websites. Sharing information and opinion remains at the heart of what we do and our titles, which include iconic publications such as the i newspaper, The Scotsman, The Yorkshire Post and News Letter in Northern Ireland are read via traditional print, online platforms and mobile devices by 37.8 million people every month. We are experts in combining national reach with local targeting and are better equipped than ever to help advertisers tell their stories, too, through our trusted platforms.