Employee Presentation Results for the First Quarter of 2015

2 TABLE OF CONTENTS Table of Contents First Quarter Highlights 2.Financial Results > TC Transcontinental Financial Results > TC Transcontinental Printing and TC Transcontinental Packaging Financial Results > TC Media Financial Results 3.Stock Price and Indebtedness 4.Objectives and Outlook

3 Quarter Highlights 1

2015 First Quarter Highlights FIRST QUARTER HIGHLIGHTS Excellent financial performance for TC Transcontinental during the 2015 first quarter. On november 13, 2014, TC Transcontinental Printing received an honourable mention in the “Large Manufacturing Company” category at the “Quebec Quality Awards”, the highest distinction awarded by the Quebec government through the Ministry of the Economy, Innovation and Exports. On November 17, 2014, TC Transcontinental signed a definitive agreement to sell all its consumer magazines in Montreal and Toronto to TVA Group Inc. for $55.5 million. On March 2, 2015, the Competition Bureau of Canada authorized this transaction. The sale is expected to close in April On December 9, 2014, TC Transcontinental extended its credit facility of $400 millions, until February The net indebtedness ratio remained stable in the first quarter of 2015, at 1.24x as at January 31, TC Transcontinental’s recent entry into the packaging industry has not gone unnoticed. In fact, it is the subject of an interesting article in the latest issue of Canadian Packaging. (the article is directly available on the intranet : Flexible Outlook)Flexible Outlook

5 Financial Results 2

Financial Results – Q1 6 FINANCIAL RESULTS – Q % %

Financial Results – Q1 7 FINANCIAL RESULTS – Q1 Revenues increased by $0.2M. +Acquisition of Capri Packaging. +New contracts for the printing of magazines, newspapers and books. +Positive exchange rate impact. -Our existing operations decreased as a result of the print media transformation, which mostly affected our marketing-products printing activities. -Transitional slowdown in our flyer printing activities in the United States and, to a lesser extent, in Canada. -Sale of the assets of Rastar. Increase in Profit by $5.5M, or by 11.4 %. +Acquisition of Capri Packaging. +Cost reduction initiatives. +Positive exchange rate impact. -Decrease in existing revenues due to above-mentioned items -Sale of the assets of Rastar. + $0.2M+ $5.5M

Benchmarking – Print & Packaging Sector EBITDA Variation % – quarter 8 FINANCIAL RESULTS – Q1

Financial Results – Q1 9 FINANCIAL RESULTS – Q1 Increase in Revenues by $4,8M, or by 3,1%. +Acquisition of the Quebec weekly newspapers from QMI. +Increase in distribution revenues principally due to new contracts. -Decrease in magazine and newspaper publishing revenues due to a reduction in advertising spending. Increase in Profit by $8.1M. +Contribution from the above-mentioned distribution volume. +Acquisitions, disposals and closures. +Cost-reduction initiatives. -Decrease in the revenues as mentioned above. + $4.8M+ $8.1M

Benchmarking – Medias sector EBITDA Variation % – quarter 10 FINANCIAL RESULTS – Q1

11 Stock Price and Indebtedness 3

12 STOCK PRICE AND INDEBTEDNESS Increase of % since february Increased Stock Price Level of debt has increased in 2014 in order to finance our acquisitions. Net Debt Level increased slightly to finance acquisitions Investments of more than $700 M in the Print sector

13 Objectives and Outlook 4

14 OBJECTIVES AND OUTLOOK Maximize Print Maximize the use of our state of the art print platform. Impact of the new agreements to print newspapers and magazines, announced in Continue to develop the point-of-purchase materials for retailers. Seek out new print business, primarily from newspaper editors. Grow the Packaging Division Increase our market share in flexible packaging for dairy products through both acquisitions and internal growth. Serve other segments in this industry as well. Strengthen the Media Offering and Build Digital Continue to strengthen our digital offering in the Media Sector. Focus efforts on the local advertising market, interactive marketing solutions, professional and business information as well as educational content. Continue to generate synergies linked to our two recent transactions with Québécor Inc. and its subsidiaries. Continued challenging conditions with respect to advertising revenues.