Investor Presentaiton

tc. 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

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