Employee Presentation Results for the Second Quarter of 2014

Table of Contents Highlights Financial Results – TC Transcontinental Financial Results (Q2 2014) – TC Transcontinental Printing Financial Results – TC Media Financial Results Stock Price and Indebtedness Outlook 2

S ECOND Q UARTER 2014 H IGHLIGHTS 3

Highlights On May 3, 2014, TC Transcontinental completed the acquisition of the assets of Capri Packaging, a producer of flexible packaging. 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. Under the terms of the agreement with the Competition Bureau, TC Transcontinental must put up for sale, for a period of 60 days, 34 of the 154 weekly papers in its portfolio, including some that are part of the transaction with Sun Media Corporation. Most of the newspapers to be sold were launched over the past few years. On February 17, 2014, 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 single cash payment of $31.0 million to compensate for price reductions on future services and greater flexibility. 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

F INANCIAL RESULTS 5

Financial Results – Q2 The increase in profits between Q and Q can be explained principally by our cost optimization initiatives in the Print sector, the sale of the assets of Rastar, new distribution contracts and the reduction of our cost structure in the Media sector. 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, as well as a decrease in the print volume within our marketing products operations. The net income applicable to participating shares in the second quarter of 2014 increased to $34.7 million, compared to $25,3 million in the second quarter of This improvement is due to lower restructuring and other costs, an increase in adjusted operating earnings and lower financial expenses, partially offset by the increase in income taxes. The adjusted net income applicable to participating shares increased to $36,8 million in the second quarter of 2014, compared to $32,6 million in the second quarter of Revenues decreased by $19.6M or by 3.8 %. Profit increased by $4.3M or by 7.9%.

Financial Results – Q2 Revenues decreased by $16.1M, or by 4.4 %. -Decrease in our marketing product, newspaper, and magazine printing activities due to difficult market conditions. -Sale of the assets of Rastar +New contracts for the printing of magazines and newspapers =Retail print volume has remained stable. Profit increased by $4.7M, or by 8.5 %. +Cost reduction initiatives with respect to raw materials through renegotiation of supply contracts. +Sale of the assets of Rastar -Decrease in organic revenues due to above-mentioned items 7

Benchmarking – Print Sector EBITDA % – 12 last months 8

Financial Results – Q2 Decrease in Revenues by $7.9M, or by 4.5 %. -Decrease in magazine and newspaper publishing revenues as well as our interactive offering due to weak local and national advertising market. +Strong increase in distribution revenues principally due to new contracts Increase in Profit by $0.6M, or by 9,2%. +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 at the lowest since 2000 Increase of 23.75% since April Level of debt has continued to decrease in Q Investments of more than $700 M in the Print sector

O UTLOOK 13

Outlook Acquisitions Closure of the transaction to acquire the assets of Capri Packaging in order to start a new growth vector in flexible packaging. Acquisition of all Quebec community newspapers from Sun Media Corporation, a subsidiary of Quebecor Media, integration of these newspapers within our local offering. 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 and The Gazette). Quebecor Media (magazines and marketing products). 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