Employee Presentation Results for the First Quarter of 2014

Table of Contents Highlights Financial Results – TC Transcontinental Financial Results (Q1 2013) – TC Transcontinental Printing Financial Results – TC Media Financial Results Stock Price and Indebtedness Outlook 2

F IRST Q UARTER 2014 H IGHLIGHTS 3

Highlights TC Transcontinental concluded a definitive agreement to acquire the assets of Capri Packaging, a division of Schreiber Foods, Inc., for US$133.0 million, subject to approval by U.S. regulators. The Corporation also signed a 10-year supply contract with the seller, Schreiber Foods, Inc. This acquisition will allow the Corporation to apply its manufacturing expertise to pursue its transformation in the flexible packaging industry in order to generate growth. TC Transcontinental announced that it has entered into a definitive agreement, subject to regulatory approval, under which it will acquire all Quebec community newspapers and associated web properties from Sun Media Corporation, a subsidiary of Quebecor Media Inc. An agreement was also announced for the printing of some of their magazines and direct marketing materials. TC Transcontinental reached an agreement with Gesca Ltd to amend the terms and conditions of the contract to print La Presse newspaper. TC Transcontinental received a one-time cash payment of $31.0 million to compensate for price reductions on future services and increased flexibility. The february 11 th, 2014, TC Transcontinental Printing announced the sale of the assets of Rastar, based in Utah, USA, a subsidiary which specializes in personalized print products. Rastar will be acquired by Digibell, Inc. The Corporation amended the terms of its $50 million unsecured debenture with the Solidarity Fund QFL to extend the maturity date by six years, with an interest rate of 4.011% payable every six months. The Corporation's board of directors approved an increase of 10.3% to the dividend per participating share which will become $0.64 on an annualized basis. 4

F INANCIAL RESULTS 5

Financial Results – Q1 The stability of profits between Q and Q can be explained principally by various factors such as our cost reduction initiatives, a reduction in head office expenses and the favourable effect due to an appreciation of the US dollar compared to the Canadian dollar. These elements were offset by lower revenues from our existing operations, notably due to difficult market conditions with respect to advertising spending in both local and national markets, which affected both our operating sectors. The net income applicable to participating shares in the first quarter of 2014 is $17.2 million. This amount is principally due to an increase of the profit before depreciation and a decrease of the financial costs. The adjusted net income applicable to participating shares stayed stable at $26.4 million. 6 Revenues decreased by $26.3M or by 5.0 %. Profit stability.

Financial Results – Q1 Revenues decreased by $18.1M, or by 4.7 %. -Decrease in our marketing product and magazine printing activities due to difficult market conditions. -Change in the format and type of paper used by certain clients. Profit increased by $2.8M, or by 6.1 %. +Cost reduction initiatives with respect to raw materials through renegotiation of supply contracts. +Favourable effect related to the appreciation of the US dollar with respect of the Canadian dollar. -Decrease in organic revenues 7

Benchmarking – Print Sector EBITDA % – 12 last months 8

Financial Results – Q1 Decrease in Revenues by $10.4M, or by 6.3 %. -Decrease in magazine and newspaper publishing revenues as well as our interactive offering due to weak local and national advertising market. +Acquisition of Groupe Modulo.. Decrease in Profit by $5.5M. -The decline in the national and local advertising market affected profits +Increase of the contribution of our acquisitions as mentioned above +Strategic alliance concluded with Zone3. 9

Benchmarking – Medias sector EBITDA % – 12 last months 10 Yellow Media Ltd. Glacier Media

S TOCK P RICE AND I NDEBTEDNESS 11

Stock Price and Indebtedness Appreciation in Stock Price Net Debt Level at the lowest since 2000 Increase of 38.5% since January Level of debt has continued to decrease in Q Print Investments of more than $700 M in the Print sector

O UTLOOK 13

Outlook Acquisitions Definitive agreement to acquire the assets of Capri Packaging, subject to regulatory approval. Acquisition of all Quebec community newspapers from Sun Media Corporation, a subsidiary of Quebecor Media, subject to regulatory approval. New agreements within the Print sector, offset by a decrease in volume within our magazine and marketing products printing activities. Postmedia Network (Calgary Herald and Vancouver Sun). Quebecor Media (magazines and marketing products). The media sector will continue to be affected by difficult market conditions. Focus on developing new products. Continued efforts to improve profitability. The signature of new flyer distribution agreements should have a positive impact on our revenues and operating earnings as of the second quarter. 14