TRANSFORMED PORTFOLIO TOWARDS ACTIVITIES WITH FAVOURABLE LONG-TERM OUTLOOK

tc. 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

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