1. Equity Research Randal Rudniski, CFA 416-352-4588 randal.rudniski@csfb.com Printing Market Discussion for Primex Conference

2. Equity Research Page 2 Media Advertising Profile

3. Equity Research Page 3 Media Advertising Profile

4. Equity Research Page 4 Media Advertising Profile

5. Equity Research Page 5 Media Advertising Profile Supply Issues Have Created Opposite Impacts For Television and Printing Companies

6. Equity Research Page 6 Printing Market Profile—Industrial Capacity

7. Equity Research Page 7 Printing Market Profile--Capacity Utilization

8. Equity Research Page 8 Printing Market Profile—Magazine Ad Pages

9. Equity Research Page 9 Printing Market Profile—Commercial Printing Shipments

10. Equity Research Page 10 CSFB Print Demand Projection Real Print Demand = 2.2 x (y/y Δ in Real GDP) – 0.7 x (y/y Δ in Input Costs) CSFB 2003 Real GDP Growth Forecast: 2.5% Scenarios: Paper price y/y Δ Real Print Demand 0% 5.5% 5% 2.0% 10% -1.5%

11. Equity Research Page 11 Printing Market Profile—Coated Paper Price

12. Equity Research Page 12 Summary Difficult environment remains ahead for 2003 Cyclical rather than structural issues predominate Consolidation imperative