#1tc SWITCH TO SUSTAINABLE LOW MOISTURE PARTSKIM MOZZARELLA STRING CHEESE tc. 100% RECYCLABLE PACKAGE www.tc.tc/packs Transcontinental Inc. Investor Relations Presentation June 2023 FETCH FETCHING#2tc Notes to readers In this document, unless otherwise indicated, all financial data are prepared in accordance with International Financial Reporting Standards (IFRS) and the term "dollars" as well as the symbol "$" designate Canadian dollars. In this document, we also use non-IFRS financial measures for which a complete definition and a reconciliation to financial information in accordance with IFRS is presented in Note 3 "Segmented Information" to unaudited interim condensed consolidated financial statements for fiscal year ended October 30, 2022. These measures should be considered as a complement to financial performance measures in accordance with IFRS. They do not substitute and are not superior to them. Forward-looking information Our public communications often contain oral or written forward-looking statements which are based on the expectations of management and inherently subject to a certain number of risks and uncertainties, known and unknown. By their very nature, forward-looking statements are derived from both general and specific assumptions. The Corporation cautions against undue reliance on such statements since actual results or events may differ materially from the expectations expressed or implied in them. Forward-looking statements may include observations concerning the Corporation's objectives, strategy, anticipated financial results and business outlook. The Corporation's future performance may also be affected by a number of factors, many of which are beyond the Corporation's will or control. These factors include, but are not limited to, the impact of digital product development and adoption on the demand for retailer-related services and printed products, the global economic environment, including inflation and recession risks and disruptions in the supply chain, the Corporation's ability to generate organic growth in highly competitive industries, the Corporation's ability to complete acquisitions and properly integrate them, the inability to maintain or improve operational efficiency and avoid disruptions that could affect its ability to meet deadlines, raw materials, transportation and consumed energy costs, availability of raw materials, the impact of a pandemic, an epidemic or an outbreak of an infectious disease on the Corporation's operations, operating results and financial position, cybersecurity and data protection, recruiting and retaining qualified personnel, the political and social environment as well as regulatory and legislative changes, in particular with regard to the environment or door-to-door distribution and use of plastic, changes in consumption habits related, in particular, to issues involving sustainable development and the use of certain products or services such as door-to-door distribution, loss of a major customer, customer consolidation, structural changes in the industries in which the Corporation operates, the safety and quality of its packaging products used in the food industry, the impact of economic cycles on product demand, data confidentiality, the protection of its intellectual property rights, bad debts from certain customers, import and export controls, exchange rate fluctuations, interest rates and availability of capital at a reasonable cost, litigation and respect of privacy, the impact of major market fluctuations on the solvency of defined benefit pension plans, taxation, including changes in tax legislation that could adversely affect profitability, disputes with tax authorities or amendments to statutory rates in force, and results of impairment tests on the value of assets. The main risks, uncertainties and factors that could influence actual results are described in the Management's Discussion and Analysis for the year ended October 30, 2022, and in the latest Annual Information Form. Unless otherwise indicated by the Corporation, forward-looking statements do not take into account the potential impact of non-recurring or other unusual items, nor of disposals, business combinations, mergers or acquisitions which may be announced or entered into after the date of June 7, 2023. The forward-looking statements in this presentation are made pursuant to the "safe harbour" provisions of applicable Canadian securities legislation. The forward-looking statements in this presentation are based on current expectations and information available as at June 7, 2023. Such forward-looking information may also be found in other documents filed with Canadian securities regulators or in other communications. The Corporation's management disclaims any intention or obligation to update or revise these statements unless otherwise required by the securities authorities. 2 tc | TRANSCONTINENTAL#3tc. tc. Company Overview • Our Strategy Corporate Social Responsibility 3|tc TRANSCONTINENTAL#4tc.SAFETY WE ARE COMMITTED TO PROVIDE A SAFE WORKSPACE FOR OUR COWORKERS Total Incident Rate (TIR) Our shared values 2.8 1.8 - 54% 1.5 1.3 2019 2020 2021 2022 Respect Лолололо Teamwork Performance Innovation ➤ Performing root cause analysis of each incident in order to eliminate all injury and provide a safe workspace for our coworkers Significant improvement towards our zero-injury vision = Note: TIR (Number of recordable incidents X 200,000) / Employee total hours worked 4 tc ● TRANSCONTINENTAL#5tc · RESILIENT INVESTMENT CASE: LONG TERM VISION & INCOME GENERATION ☑ Diversified operations in flexible packaging, printing and education Leadership position in most of our verticals driven by deep customer relationships Leading commitment to sustainability and a circular economy Resilience during recession with ability to transfer higher costs from raw materials and inflation to customers Strong and reliable cash flow and investment grade credit rating providing flexibility for future investments Disciplined M&A strategy with track record of successful integrations, prudent balance sheet management, and post- acquisition deleveraging Attractive dividend yield and track record of dividend growth (yield at 6.1% as of June 16, 2023) 5 tc ● TRANSCONTINENTAL#6tc⚫ TC TRANSCONTINENTAL AT A GLANCE • Family-controlled business founded in 1976 • Solid financial position and investment grade credit rating • Track record of pursuing our activities responsibly recognized by stakeholders (Sustainalytics, MSCI, Corporate Knights) یر 지금 $3.0B 2022 Revenues MMM-8,000 Employees 41 Production facilities 6 tc In this document, unless otherwise indicated, all financial data are prepared in accordance with International Financial Reporting Standards (IFRS) and the term "dollars" as well as the symbol "$" designate Canadian dollars. ● TRANSCONTINENTAL#7tc · LEADER IN OUR MARKETS Revenue composition by sector¹ tc. TRANSCONTINENTAL PACKAGING A leader in flexible packaging in North America $3.0B Revenues (FY2022) tc 1. As a percentage of revenues (excluding inter-segment eliminations). TRANSCONTINENTAL PRINTING Canada's largest printer, and one of the largest in North America tc MEDIA The leading Canadian French-language educational publishing group 56% 40% 4% 7 tc ● TRANSCONTINENTAL#8tc. 2017-2022 PERFORMANCE HIGHLIGHTS (in millions of $) ■Packaging Printing Other 2,007 Revenues 3,039 2,956 2,624 2,643 2,574 405 EBITDA 537 512 458 451 449 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Adjusted EBITDA1 499 476 459 465 447 397 411 Consolidated Cash Flow from Operating Activities² 539 471 482 453 435 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 ~$2.8B cash flows from operating activities² generated since FY2017 1 Non-IFRS financial measure. (average of $465M/year) 2 Before changes in non-cash operating items and income taxes paid 2022 8tc ● TRANSCONTINENTAL#9OTATO EEICH tc. TRANSCONTINENTAL PACKAGING 9 |#10tc OUR TC PACKAGING NETWORK 4 CANADA 지금 이 لامه Rest of the World 13% Canada 9% Revenues by Geographic Region* United States 78% FY22 Revenue: $1.7B Adj EBITDA: $205M 28 plants 4,000 employees *based on plant locations 17 UNITED STATES 1 MEXICO 1 GUATEMALA 1 UNITED KINGDOM 5 plants in Latin America 1 COLOMBIA NEW ZEALAND 1 2 ECUADOR 10 | tc ● TRANSCONTINENTAL#11DIVERSE PORTFOLIO OF PRODUCTS AND CUSTOMERS tc. Broad Array of Flexible Packaging Products Diverse End-Markets Shrink Bags and Thermoforming Films Vacuum Shrink Bags Vacuum Frozen Bags Films and Lamination COVERIS Co-Jack Vide SARGENTO Shrink Films Form, Fill and Seal Plastic Bags and Pouches Flat Bottom CUCTIONS Fish Sticks Frozen Multi-wall Paper and Composite Bags/Sacks QUIKRET Holcim Paste Valve (Paper) Of Roy Pinch/WPP (Comp) Fruit Bags and Packaging A 金 E Consumer Dairy Agriculture Beverage Protein Pet Food Ан Industrial Banana Treebags Banana Packaging BBB Outdoor Films and Wraps Sillage/Waste Wrap Greenhouse Films Advanced Coating 11 | tc ● TRANSCONTINENTAL#12Matter tc. TRANSCONTINENTAL PRINTING 12 |#13tc. OFFERING A STATE-OF-THE-ART NATIONAL PRINTING NETWORK The largest printer in Canada. TC Transcontinental Printing offers innovative print solutions for flyers, in-store marketing products, newspapers, magazines and 4-colour books. RE FY22 Revenue: $1.2B Adj. EBITDA: $228M 2 ~3,700 employees 13 printing plants 1 British Columbia CANADA 1 Alberta 5 Quebec 1 Nova Scotia 5 Ontario 13 | tc ● TRANSCONTINENTAL#14tc. PRINTING: CORE SERVICES AND PRODUCTS 1. Comprehensive Service and Product Offerings for Retailer's Marketing Strategy and Customer Experience Cycle Premedia IGA Flyers Distribution SOLEIL Catalogues 2. Printing Books 3. Niche/ Specialty Products RAMONE Vinyls Newspapers Magazines DVDs & CDs Promotional Pop Customized displays Permanent Signage Direct Mail 14 | tc ● TRANSCONTINENTAL#15L tc. MEDIA 15 |#16tc PROVIDING A RANGE OF MULTIPLATFORM PRODUCTS & SERVICES BOOKS AND EDUCATIONAL GROUP Publishing of educational, supplemental and trade books publishing, as well as innovative digital educational products; distribution of specialized books. année Pris pratique gériatrie dane en ligne Terminus FONDEMENTS GENERAUX- ALA TRACE L'ANALYSE DU DOCUMENTAIRE Mémoire MODULO MATHEMATIONES SEXUALITÉS La lecture et l'écriture CHENELIERE EDUCATION CAR ACT ERE Beauchemin MODULO CHENELIERE EDUCATION EDISEM ERPI scolab Somabec⚫⚫ DIFFUSEUR & DISTRIBUTEUR CONSTRUCTO GROUP Publication of strategic information for the construction sector in Québec, through its print and digital media. SANTÉ ET SÉCURITÉ UN CHANGER SANS ECLABOUSSURE LEADERS CONSTRUCTION UNE REPUTATION EN BETON constructo.ca emplois Bâti pour la construction 16|tc L'AVISEUR ● TRANSCONTINENTAL#17tc. tc Company Overview • Our Strategy Corporate Social Responsibility 17 | tc TRANSCONTINENTAL#18tc . OUR LONG-TERM PLAN People & Culture Cultivate a positive and inclusive work environment for our people Kil Transformation Further solidify our leading position in Packaging Diversification Continue to diversify our offering and customer base Performance Respect Our Values Priorities ■ Sustain profitable organic growth ■ Optimize our return on assets Deleverage our balance sheet ■ Pursue our sustainability agenda Innovation TITY Teamwork 18 | tc ● TRANSCONTINENTAL#19tc · STRONG CASH FLOW SUPPORTING GROWTH M&A > $2 Billion since 2013 Our strategy is to use our strong and consistent cash flow generated from our traditional printing segment to grow our leadership positions in our growth segments: flexible packaging, in-store-marketing and media/education. Robust Cash flow from Operation $334M Average 2013-2022 Capex -25% Share Buybacks -2% Dividend -25% 19 | tc ● TRANSCONTINENTAL#20tc⚫ ACQUISITIONS TO TRANSITION TO GROWING MARKETS Packaging Acquisitions Capri 2014 2013 MODULO ULTRA FLEX 2015 FLEXSTAR PACKAGING INC robbie fantastic flexibles 2016 COVERIS AMERICAS MULTIFILM Packaging Corporation 2018 flexipak TH → TRILEX Enviroplast. 2020 artisan complete limited TM H.S. CROCKER Dedication Desire Determination Plasticultura Banaplast Puma 2022 de Punto SOMABEC Diffuseur & Distributeur 2017 2019 holland & crosby 2021 BGi RETAIL ERPI scolab Media and ISM Acquisitions Invested >$2B to build a leading North American flexible packaging platform Invested $200M to strengthen Media/Education and ISM growth market 20 | tc ● TRANSCONTINENTAL#21tc. SUCCESSFULLY TRANSFORM PORTFOLIO TOWARDS ACTIVITIES WITH FAVOURABLE LONG-TERM OUTLOOK Traditional segments 2017 Growth segments 30% $2.0B 65% 5% 27% Segments divested Growth 30% Segments 2022 73% $3.0B 73% Future >$4B >80% Using strong cash flows from traditional segments to transform the company Long-term profitable growth outlook Solid balance sheet providing opportunities to accelerate growth through capital investments and acquisitions Note: Growth segments include the Packaging Sector, the Media Sector, and the In-Store Marketing (ISM), Book, and Premedia activities 21 | tc ● TRANSCONTINENTAL#22tc. DYNAMICALLY ADAPTING PRINT PORTFOLIO TO GROWTH MARKETS Revenues by product/ market in the Printing Segment News/ Mag/ Comm 2017 ISM/ Book/ Premedia 13% 36% $1.5B Flyers/ Distr. 51% 2022 News/Mag/ Comm 25% ISM/ Book/ Premedia 32% Traditional markets $1.2 B Flyers/ Distr. 43% Future Growth markets Future ➤ A growing portion of the portfolio is composed of market segments with favourable growth opportunities. FY2022 revenues from these markets >30%. Flyers continue to generate significant revenues due to unmatched reach and return on investment for retailers. Print's portfolio today is more resilient with lower exposure to Newspapers, Magazines and Commercial printing while continuing to generate strong free cash flow. We aim to be the last man standing on the newspaper segment and capture additional volume as there are still some publishers, but they are not economically efficient to print for themselves. Note: Revenue segmentation for FY2016 based on manufacturing revenues. 22 | tc ● TRANSCONTINENTAL#23DEMONSTRATED ABILITY TO DELEVERAGE RAPIDLY USING tc. SOLID FREE CASH FLOW Net debt¹ (in millions of $) Reduction in net $477 million debt from FY2018 to FY2022 1,421 1,169 944 779 734 2018 2019 2020 2021 2022 ~ $200 million debt increase in 2022 mainly due to acquisitions & working capital S&P and DBRS both recently reaffirmed TC's Investment Grade Rating 1. Long-term debt minus cash. Excluding the impact of IFRS 16 (lease liabilities). 23 | tc ● TRANSCONTINENTAL#24tc⚫ RETURNING CAPITAL TO SHAREHOLDERS Dividend yield¹ 6.1% Vs. a Dividend Yield of 3.2% for the TSX composite index انا Growth 9.8% Average Annual Dividend Growth Rate (1993-2022) Dividend yield calculated as at June 16th 2023 Payout ratio (average 5 years) = Dividends per Share /Earnings per Share Payout Ratio² ~51% Dividend Supported by Strong Cash Flow Generation and Profitability ཥ Track Record 30 Years Distributing a Quarterly Dividend Since 1993 24 | tc ● TRANSCONTINENTAL#25tc. tc. Company Overview • Our Strategy Corporate Social Responsibility 25 | tc TRANSCONTINENTAL#26tc⚫ FLEXIBLE PACKAGING PLAYS A KEY ROLE IN SUSTAINABILITY Lower environmental impact Lower energy consumptions, Greenhouse emissions Food Waste Reduction Extended shelf life Barrier properties Protects the Product & Reduces container breakage Less Waste Fewer Trucks for Transport Optimizes transportation with light weight & flat shape & Water usage Flexible plastic packaging protects and extends shelf life with significantly less waste, energy use, and global warming potential#27tc. LOWER ENVIRONMENTAL IMPACT Coffee Package Comparison sadoy ORGANIC COFFEE Úོད༽ dark blend MATIJ Storm ULE FRAN Sed eam Unladend Water Consumption STAND-UP FLEXIBLE POUCH Greenhouse Gas Emissions STAND-UP FLEXIBLE POUCH Fossil Fuel Consumption Source: Flexible Packaging Association STAND-UP FLEXIBLE POUCH 16x less than 8x less than 5x less than STEEL CAN STEEL CAN STEEL CAN 27 | tc ● TRANSCONTINENTAL#28tc. FLEXIBLE PACKAGING REDUCES FOOD WASTE When shelf life increase, food waste decreases GRAPES GREEN BEANS BROCCOLI 7 DAYS 70 DAYS 7 DAYS 19 DAYS CHEESE 6 DAYS 20 DAYS STEAK Without Flexible Packaging With Flexible Packaging 3 DAYS 1/3 of all food produced is disposed of before it is consumed RULE OF THUMB: Packaging accounts for about 10% of carbon footprint of product Food Waste Consumes 21% 19% of all fresh water of all fertilizer 18% 21% of landfill volume 190 DA DAYS 280 DAYS of cropland 20 DAYS 85% Occurs downstream at consumer facing businesses and homes 28 | tc ● TRANSCONTINENTAL#29tc. FEWER TRUCKS FOR TRANSPORT Guess how many trucks you would need to transport the same volume of rigid containers? ONE TRUCKLOAD OF FLAT POUCHES OFTEN EQUALS BETWEEN 15-25 truckloads of empty rigid containers empty rigid containers empty rigid containers empty rigid containers Flat Pouches empty rigid containers empty rigid containers empty rigid containers empty rigid containers empty rigid containers empty rigid containers பபு DO empty rigid containers 000 E empty rigid containers empty rigid containers 000 0 empty rigid containers empty rigid containers empty rigid containers 00 000 T Source: AWT Labels and Packaging, 2016 29 | tc ● TRANSCONTINENTAL#30INTEGRATING THE RECYCLING OF PLASTIC tc IN OUR PRODUCTION CHAIN CERTIFIED RECYCLED CONTENT CERTIFIED RECYCLING PROGRAM Virgin Resin Extrusion Converting Printing Household and Flexible Packaging End Products Consumer Products Recycled Plastic PCR & PIR vieVERTe PCR Recycling Transformation of plastic waste Sorting Our Circular Vision Sources of Recovered Plastics Plastic waste diverted from landfills 3rd Product Recovery 1 RECYCLED CONTENT POST-CONSUMER Retailers & Brand Owners Consumers Food Products Industrial & Agricultural Products Our recycling activities allow us to offer our customers sustainable packaging products made from recycled plastic, accelerating their development through consistent, stable and high-quality supply. • We convert plastic waste recovered from commercial, industrial and agricultural sources into 100% post- consumer recycled resin (PCR), tested and certified by SCS Global Services, endorsed by the Association of Plastics Recyclers (APR). 30 | tc ● TRANSCONTINENTAL#31VIEVERTE: OUR GROWING SUSTAINABLE PACKAGING LINE tc. 100% Recycled Ready Barrier Recycled Ready Compostable PCR Shrink Films Perfedt Pairing Colby Jack vieVERTe RECYCLE READY ➤ Low barrier outer bag/pouch Lamination-two layer Approved by How2Recycle for in-store drop off ➤ Seal-ability, machinability, and durability mild cheddar vieVERTe RECYCLE READY First to commercialize barrier structure barrier Lamination two-layer, reverse print ➤ Received How2Recycle approval Moister and oxygen barrier requirements met Maintains machine speeds Available with up to 15% PCR content by weight in sealant lamination layer raurison Bag COMPOSTE Bag Compostable Bag table Bag COMP vieVERTe COMPOSTABLE Leader in packaging films for compostable ➤ Custom engineered with customer collaboration BPI certified INDUSTRIAL COMPOSTABLE ➤ Developing film technology for HOME COMPOSTABLE Know how on ASTM 6400 testing requirements ➤ Strong relationships throughout the industry: composters, BPI, forums, universities, suppliers SPRIN PRINC SPR SPRING WATER Integritite RECYCLE READY ➤Use of post-industrial recycled (PIR), post-consumer recycled (PCR) and FDA approved Maintains machine speeds > Up to 50% PCR content by weight ➤ Recycle Ready 31 | tc ● TRANSCONTINENTAL#32tc. PURSUING OUR BUSINESS ACTIVITIES RESPONSIBLY OUR EFFORTS ARE BEING RECOGNIZED BY STAKEHOLDERS. UN GLOBAL MSCI BEST 50 CORPORATE CITIZENS Rated "A" by MSCI ESG Ratings for the last 6 years Corporate Knights: Ranked 16th on the list of the 100 most sustainable corporations in the world in 2021 MIJSI JANTZI SOCIAL INDEX Included in the Top 50 of the JantziⓇ Social Index in Canada COMPACT NEW PLASTICS ECONOMY Global Commitment CDP DRIVING SUSTAINABLE ECONOMIES Signatory of the United Nations Global Compact and of the Ellen MacArthur Foundation's New Plastics Economy Global Commitment Committed to disclosure in the Carbon Disclosure Project since 2010 32 | tc ● TRANSCONTINENTAL#33tc.⚫ SIGNATORY OF THE UNITED NATIONS GLOBAL COMPACT Since 2020 we have aligned our CSR objectives with those of the United Nations Sustainable Development Goals (SDGs). Of the 17 goals established that are part of the 2030 Agenda for Sustainable Development, we are contributing to 9 of them. SUSTAINABLE DEVELOPMENT 5 GOALS 7 AFFORDABLE AND CLEAN ENERGY 8 DECENT WORK AND ECONOMIC GROWTH GENDER EQUALITY 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE UN GLOBAL COMPACT 10 REDUCED INEQUALITIES 12 RESPONSIBLE CONSUMPTION AND PRODUCTION 15 ON LAND LIFE Q 33 | tc ● TRANSCONTINENTAL#34tc. 2025 CORPORATE SOCIAL RESPONSIBILITY PLAN GREENER GROWTH INCLUSIVE AND SAFE ENVIRONMENT INNOVATIVE AND SUSTAINABLE PRODUCTS Waste Management Recover 100% of non-hazardous operational waste Greenhouse Gas Emissions ➤ Reduce greenhouse gas emissions by 10% ➤ Publish a longer-term GHG reduction roadmap aligned with the SBTi by the end of 2023 Health & Security Reduce our Incident Frequency Rate each year by 3% as we pursue our goal of << zero injury » Diversity & Inclusion Maintain female representation on the Board, at Executive Committee level and in management positions with a proportion target of 35% Governance & Responsible Business Practices Paper Procurement ➤ Achieve a 100% paper sourcing from third- party certified/recycled sources Circular Economy Plastic Reach an average usage rate of post- consumer recycled content of 10% for all plastic packaging in our product portfolio Aim for 100% of our plastic packaging to be reusable, recyclable or compostable Responsible Procurement Data Security Food Safety & Roadmap Ethics & Compliance Risk Management 34 | tc ● TRANSCONTINENTAL#35tc. 2022 CORPORATE SOCIAL RESPONSIBILITY PROGRESS REPORT Pillar GREENER GROWTH 2025 Target 2022 Result Progress Pillar INNOVATIVE AND SUSTAINABLE PRODUCTS 2025 Target 2022 Result Progress Waste management Recover all non-hazardous operational waste 100% 93% Paper procurement Greenhouse gas emissions Reduce our greenhouse gas emissions in absolute terms 10% 0.8% Sourcing paper from third-party certified or recycled sources 5 100% 99% Publish a longer-term GHG reduction roadmap aligned with the Science Based Targets initiative (SBT) by the end of 2023 SBTI commitment Ongoing Circular economy for plastic Aim for all our plastic packaging to be reusable, recyclable or compostable 100% 48% INCLUSIVE AND SAFE ENVIRONMENT Health and safety Reduce our Total Incident Rate (TIR) each year as we pursue our goal of "no injuries* 2 3% 23% Achieve an average usage rate of post-consumer recycled content by weight for all plastic packaging in our product portfolio 10% 1% Diversity and Maintain female representation on 35% 42% inclusion the Board of Directors Increase the proportion of women 35% 36% UNITED WITH OUR COMMUNITIES at Executive Management Committee level 3 Local commitment Increase the proportion of women 35% 33% in management positions Invest in our communities near our sites through our employee engagement program $ for Doers Ongoing Increase the ethnic diversity of front-line supervisors Foster a culture of inclusion through True Colors, our initiative dedicated to the LGBTQ+ ↑ Ongoing Donations Ongoing Provide a cumulative sum to our communities in the form of donations and sponsorships $5M $1.3M community and its allies Talent Ensure that all critical positions have an identified successor (1-3 years) Achieved On track 100% Ongoing Requires further action 35 | tc ⚫TRANSCONTINENTAL#36tc. Contact information Yan Lapointe Director, Investor Relations & Treasury Transcontinental Inc. 1 Place Ville Marie, Suite 3240 Montréal (QC) H3B 0G1 Telephone: 514 954-3574 [email protected] tc. 36 | tc ● TRANSCONTINENTAL