#1tc SWITCH TO SUSTAINABLE LOW MOISTURE PARTSKIM MOZZARELLA STRING CHEESE tc. 100% RECYCLABLE PACKAGE www.tc.tc/packs Transcontinental Inc. Investor Relations Presentation January 2024 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 is presented below and for which a reconciliation to financial information in accordance with IFRS is presented at the end of this presentation and in Note 3 "Segmented Information" to the audited annual consolidated financial statements for the year ended October 29, 2023. 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 as well as regulations or legislation regarding door-to-door distribution on the printing and distribution of paper flyers, inflation and recession risks, economic conditions and geopolitical uncertainty, environmental risks as well as adoption of new regulations or amendments and changes to consumption habits, the risk of an operational disruption that could be harmful to its ability to meet deadlines, the worldwide outbreak of a disease, a virus or any other contagious disease could have an adverse impact on the Corporation's operations, the ability to generate organic long-term growth and face competition, a significant increase in the cost of raw materials, the availability of those materials and energy consumption could have an adverse impact on the Corporation's activities, the ability to complete acquisitions and properly integrate them, cybersecurity, data protection, warehousing and usage, the impact of digital product development and adoption on the demand for printed products other than flyers, the failure of patents, trademarks and confidentiality agreements to protect intellectual property, a difficulty to attract and retain employees in the main operating sectors, the safety and quality of packaging products used in the food industry, bad debts from certain customers, import and export controls, duties, tariffs or taxes, exchange rate fluctuations, increase in market interest rates with respect to our financial instruments as well as availability of capital at a reasonable cost, the legal risks related to its activities and the compliance of its activities with applicable regulations, the impact of major market fluctuations on the solvency of defined benefit pensions plans, changes in tax legislation and disputes with tax authorities or amendments to statutory tax rates in force, the impact of impairment tests on the value of assets and a conflict of interest between the controlling shareholder and other shareholders. 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 29, 2023 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 December 12, 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 December 12, 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 EMPLOYEES Total Incident Rate (TIR) - 61% 2.8 1.8 1.5 1.3 1.1 2019 2020 2021 2022 2023 Performing root cause analysis of each incident in order to eliminate all injury and provide a safe workspace for our employees ➤ 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 economic cycles 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 (dividend yield at 6.7% as of January 11, 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) 지금 $2.9B 2023 Revenues ~8,000 Employees 40 Production facilities 6 tc In this document, unless otherwise indicated, all financial data are prepared in accordance with International Financial Reporting Standards (IFRS) and the term "dollars" as well as the symbol "$" designate Canadian dollars. ● TRANSCONTINENTAL#7tc · LEADER IN OUR MARKETS Revenue composition by sector¹ $2.9B Revenues (FY2023) 1. As a percentage of revenues (excluding inter-segment eliminations). tc. TRANSCONTINENTAL PACKAGING A leader in flexible packaging in North America 57% tc TRANSCONTINENTAL PRINTING 39% Canada's largest printer, and one of the largest in North America tc MEDIA The leading Canadian French-language educational publishing group 4% 7 tc ● TRANSCONTINENTAL#8tc. 2017-2023 PERFORMANCE HIGHLIGHTS (in millions of $) ■Packaging Revenues 3,039 Printing 2,956 2,941 Other 2,624 2,574 2,643 405 2,007 EBITDA 537 512 458 451 449 400 2017 2018 2019 2020 2021 2022 2023 2017 2018 2019 2020 2021 2022 2023 Adjusted EBITDA1 Consolidated Cash Flow from Operating Activities 499 476 459 465 472 447 447 432 427 397 2017 2018 2019 2020 2021 2022 2023 324 313 ill 315 221 2017 2018 2019 2020 2021 2022 2023 ~$2.5B cash flows from operating activities generated since FY2017 (average of $358M/year) 1 Non-IFRS financial measure. 8tc ● TRANSCONTINENTAL#9OTATO EEICH tc. TRANSCONTINENTAL PACKAGING 9 |#10OUR TC PACKAGING NETWORK tc 지금 이 الامم Rest of the Canada 8% World 19% 3 CANADA Revenues by Geographic Region* 17 UNITED STATES United States 73% FY23 Revenue: $1.7B 1 MEXICO Adj EBITDA: $230M 27 plants 3,800 employees *based on plant locations 1 GUATEMALA 1 UNITED KINGDOM 5 plants in Latin America 1 COLOMBIA NEW ZEALAND 1 2 ECUADOR 10 | tc ● TRANSCONTINENTAL#11tc. DIVERSE PORTFOLIO OF PRODUCTS AND CUSTOMERS Broad Array of Flexible Packaging Products Shrink Bags and Forming Films A Diverse End-Markets Consumer PORK SPARERIBS SPORK PORK B Barrier Shrink Bags Forming films Films and Lamination Shrink Films Co-Jack Form, Fill and Seal Plastic Bags and Pouches CHOW GUTOKS Fish Sticks Flat Bottom Frozen Fruit Bags and Packaging KE - Dairy Agriculture Beverage Protein Banana Treebags Banana Packaging Outdoor Films and Wraps Pet Food Industrial Sillage/Waste Wrap Greenhouse Films Advanced Coating 11 | tc ● TRANSCONTINENTAL#12Matter tc. TRANSCONTINENTAL PRINTING 12 |#13tc⚫A STATE-OF-THE-ART NATIONAL PRINTING NETWORK 지금 The largest printer in Canada. TC Transcontinental Printing offers innovative print solutions for flyers, in-store marketing products (ISM), newspapers, magazines and 4-colour books. $1.2B 2023 Revenues • Anjou • ผ้า ) ~3,500 Employees 13 Production facilities QUÉBEC: 5 plants • Beauceville Boucherville • LaSalle . Saint-Hyacinthe ONTARIO: 5 plants • . • Aurora Brampton Owen Sound • Paris • Vaughan ALBERTA: 1 plant • Calgary BRITISH COLUMBIA: 1 plant • Vancouver NOVA SCOTIA : 1 plant • Halifax CANADA 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, as well as innovative digital educational products; distribution of specialized books. année 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 Priorities People & Culture Cultivate a positive and inclusive work environment for our people Gil Transformation Further solidify our leading position in Packaging Diversification Continue to diversify our offering and customer base ■ Sustain profitable organic growth ■ Optimize our return on assets ■ Deleverage our balance sheet ■ Commercialize our sustainable products KI Performance Respect Our Values Innovation TITY Teamwork 18 | tc ● TRANSCONTINENTAL#19tc · STRONG CASH FLOW SUPPORTING GROWTH M&A $2.2 Billion since 2014 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 education. Robust Cash flow from Operation $340M 10-year average (2014-2023) Capex - 30% Share Buybacks -2% Dividend -20% 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 TRANSFORMED PORTFOLIO TOWARDS ACTIVITIES WITH FAVOURABLE LONG-TERM OUTLOOK 2017 2020 2023 Traditional segments Growth segments 67% 30% $2.0B $2.6B 65% 5% 33% Segments divested 26% $2.9B 74% • Using strong cash flows from traditional segments to transform company by investing in activities with favourable outlook • Leadership position in most verticals driven by deep customer relationships and long-term profitable growth outlook • Solid balance sheet and investment grade credit rating providing flexibility for future investments 21 | tc ● TRANSCONTINENTAL Note: Growth segments include the Packaging Sector, the Media Sector, and the In-Store Marketing (ISM), Book, and Premedia activities#22tc. DYNAMICALLY ADAPTING PRINT PORTFOLIO TO GROWTH MARKETS Revenues by product/market in the Printing Segment News/ Mag/ Comm 36% 2017 ISM/ Book/ Premedia 13% $1.5 B Flyers/ Distr. 51% 2020 2023 News/Mag/ Comm 26% ISM/ Book/ Premedia 24% News/Mag/ Comm 26% ISM/ Book/ Premedia 33% $1.1 B $1.2 B Flyers/ Distr. 50% Flyers/ Distr. 41% A growing portion of the portfolio is composed of market segments with favourable opportunities. This includes strong growth in the in-store marketing activities where revenues grew from less than $50M in FY2017 to close to $200M in FY2023. Flyers continue to generate significant revenues due to unmatched reach and return on investment for retailers. The deployment of raddar™ will also reduce risks for the printed flyers. • Print's portfolio today is more resilient with lower exposure to Newspapers, Magazines and Commercial printing while continuing to generate strong free cash flow. 22 tc ● TRANSCONTINENTAL#23DEMONSTRATED ABILITY TO DELEVERAGE RAPIDLY USING tc. SOLID FREE CASH FLOW Net debt¹ (in millions of $) Reduction in net $618 million debt from FY2018 to FY2023 1,421 1,169 944 803 ~$200 million debt increase in FY2022 779 734 2018 2019 2020 2021 2022 2023 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 6.7% Vs. a Dividend yield of ~3.2% for the TSX composite index Payout Ratio² -38% Dividend Supported by Strong Cash Flow Generation and Profitability اشا Growth 9.4% Average Annual Dividend Growth Rate (1993-2023) Dividend yield calculated as at January 11th 2024 Payout ratio (average 5 years) = Dividends per Share / Adj. Earnings per Share 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. FLEXIBLE PACKAGING HAS A LOWER ENVIRONMENTAL IMPACT Coffee Package Comparison དཔེÚོག sadoy ORGANIC COFFEE 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#30VIEVERTE: 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 30 | tc ● TRANSCONTINENTAL#31tc. 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 31 | tc ● TRANSCONTINENTAL#32tc.⚫ 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 32 | tc ● TRANSCONTINENTAL#33tc. 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 33 | tc ● TRANSCONTINENTAL#34tc. 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 34 | tc ⚫TRANSCONTINENTAL#35tc. 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. 35 | tc ● TRANSCONTINENTAL