Transcontinental Investor Presentation — December 2021

Document content

Fourth Quarter and Fiscal Year 2021 results

Earnings call presentation

François Olivier, President and Chief Executive Officer

Peter Brues , President and Chief Executive Officer *

Donald LeCavalier, Chief Financial Officer

Yan Lapointe, Director, Investor Relations

* Will assume the position on December 10, 2021, following the retirement of François Olivier2

Inthisdocument, unless otherwise indicated, allfinancial data areprepared inaccordance with International Financial Reporting

Standards (IFRS) andtheterm ‘’dollars’’ aswellasthesymbol ‘’$’’designate Canadian dollars .Inthisdocument, wealso usenon-IFRS

financial measures forwhich acomplete definition ispresented below and forwhich areconciliation tofinancial information in

accordance with IFRS ispresented attheendofthispresentation andinNote 3"Segmented Information" totheannual consolidated

financial statements fortheyear ended October 31,2021 .These measures should beconsidered asacomplement tofinancial

performance measures inaccordance withIFRS .They donotsubstitute andarenotsuperior tothem .

Terms used Definitions

EBIT Operating earnings

Adjusted operating earnings

before depreciation and amortization (Adjusted EBITDA)Operating earnings before depreciation and amortization as well as restructuring and other costs (gains) and impairment of assets

Adjusted EBITDA margin Adjusted operating earnings before depreciation and amortization divided by revenues

Adjusted net earnings attributable to shareholders of the Corporation per share (Adjusted EPS)Net earnings attributable to shareholders of the Corporation before restructuring and other costs (gains), amortization of intangible assets arising from business combinations and impairment of

assets, net of related income taxes as well as the adjustment on additional income taxes in other

jurisdictions resulting from a prior year and the tax impact of an internal reorganization.

Net indebtednessTotal of long-term debt, of current portion of long-term debt, of lease liabilities and of current portion

of lease liabilities, less cash

Net indebtedness ratioNet indebtedness divided by the last 12 months’ adjusted operating earnings before depreciation and amortization3

Forward- looking information

Our public communications often contain oral orwritten forward- looking statements which arebased ontheexpectations of

management andinherently subject toacertain number ofrisks anduncertainties, known andunknown. Bytheir very nature,

forward- looking statements arederived from both general and specific assumptions .The Corporation cautions against undue