Employee Presentation Results for the Third Quarter of 2014

Table of Contents Highlights Financial Results – TC Transcontinental Financial Results (Q3 2014) – TC Transcontinental Printing and TC Transcontinental Packaging Financial Results – TC Media Financial Results Stock Price and Indebtedness Outlook 2

T HIRD Q UARTER 2014 H IGHLIGHTS 3

Highlights On May 3, 2014, TC Transcontinental completed the acquisition of the assets of Capri Packaging, a supplier of flexible packaging solutions. On June 1, 2014, TC Transcontinental completed the acquisition of all the weekly papers in Quebec and their related Web properties owned by Sun Media Corporation, a subsidiary of Quebecor Media, after receiving approval pursuant to the Competition Act (Canada) from the regulatory authorities. In accordance with that agreement, TC Transcontinental had to offer for sale, for a period of 60 days, 33 of the 154 weekly newspapers in its portfolio, including some that were part of the transaction with Sun Media Corporation. Among the 33 newspapers offered for sale, 14 are to be sold. Of this number, three will continue to be published as weekly newspapers and 11 will now be published online only. Further to these transactions, TC Transcontinental is reorganizing its portfolio of weekly newspapers in Quebec. On May 5, 2014, TC Transcontinental announced that it had signed a multi-year agreement with Postmedia Network Inc. to print The Gazette newspaper. On May 8, 2014, TC Transcontinental completed a private financing agreement for an amount of $250 million of 3.897% senior unsecured notes due in On September 11, 2014, TC Transcontinental announced that is exercising its right to redeem all outstanding Cumulative Rate Reset First Preferred Shares, Series D, on October 15, 2014, for a total of $100 million. This amount will be funded from our revolving credit facility. 4

F INANCIAL RESULTS 5

Financial Results – Q3 The increase in profits between Q and Q can be explained principally by our acquisition of Capri Packaging and the sale of the assets of Rastar, new distribution contracts, our cost optimization initiatives in the Print sector and the reduction of our cost structure in the Media sector. These elements were partially offset by difficult market conditions with respect to advertising spending in both local and national markets. The net income applicable to participating shares in the third quarter of 2014 increased to $44.2 million, compared to $30,1 million in the third quarter of This improvement stems primarily from lower income taxes due to the net increase in the carrying amount of deferred income tax assets, and improved operating earnings. The adjusted net income applicable to participating shares increased to $33,4 million in the third quarter of 2014, compared to $37,6 million in the third quarter of Revenues increased by $9.3M or by 1.9 %. Profit increased by $5.8M or by 11.0%.

Financial Results – Q3 Revenues increased by $8.2M, or by 2.4 %. +Acquisition of Capri Packaging +New contracts for the printing of magazines and newspapers +Positive exchange rate impact. -Decrease in our existing marketing product, newspaper, and magazine printing activities due to difficult market conditions. -Sale of the assets of Rastar Profit increased by $0.6M, or by 1.2 %. +Acquisition of Capri Packaging +Cost optimization initiatives with respect to raw materials through renegotiation of supply contracts. +Sale of the assets of Rastar -Decrease in existing revenues due to above-mentioned items 7

Benchmarking – Print Sector EBITDA % – 12 last months 8

Financial Results – Q3 Increase in Revenues by $2.2M, or by 1.3 %. +Acquisition of the weekly newspapers from QMI +Strong increase in distribution revenues principally due to new contracts -Decrease in magazine and newspaper publishing revenues due to weak local and national advertising market. Increase in Profit by $4.3M, or by 55,1%. +Strong contribution from the above-mentioned distribution volume. +Cost-reduction initiatives -The weak national and local advertising market continued to impact our adjusted operating income 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 increased to finance acquisitions Increase of 29.43% since June Level of debt has increased in Q in order to finance our acquisitions. Investments of more than $700 M in the Print sector

O UTLOOK 13

Outlook Integration of Acquisitions Integration of Capri Packaging, first step in the implementation of our new growth vector in flexible packaging. Integration of all Quebec community newspapers previously owned by Sun Media Corporation, a subsidiary of Quebecor Media, within our local offering. New agreements within the Print sector, offset by a decrease in volume within our magazine and marketing product printing activities. Postmedia Network (Calgary Herald, Vancouver Sun and The Gazette). Quebecor Media (magazines and marketing products). Contract renewal with DC Comics. The media sector will continue to be affected by difficult market conditions. Continue to focus on developing new products. Continued efforts to improve profitability. The signature of new flyer distribution agreements should continue to have a positive impact on our revenues and operating earnings during the third quarter. 14