Transcontinental Investor Presentation — December 2022

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EARNINGS CALL PRESENTATION

Peter Brues, President and Chief Executive Officer

Donald LeCavalier, Chief Financial Officer

Yan Lapointe, Director, Investor Relations & Treasury

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 attheend ofthispresentation andinNote 3"Segmented Information" toannual consolidated

financial statements fortheyear ended October 30th,2022 .These measures should beconsidered asacomplement tofinancial

performance measures inaccordance withIFRS .They donotsubstitute andarenotsuperior tothem .

Terms used Definitions

Adjusted operating earnings

before depreciation and amortization (Adjusted EBITDA)Operating earnings before depreciation and amortization as well as restructuring and other costs

(revenues) and impairment of assets

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 (revenues), 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

reliance onsuch statements since actual results orevents may differ materially from theexpectations expressed orimplied in

them .Forward -looking statements may include observations concerning theCorporation's objectives, strategy, anticipated

financial results andbusiness outlook .TheCorporation's future performance may also beaffected byanumber offactors, many