Morgan Stanley Investment Management Inc. announcement regarding holdings in Torstar Corporation



    TORONTO, April 10 /CNW/ - Morgan Stanley Investment Management Inc.
("MSIM") announced today that on or about April 29, 2005, MSIM together with
certain affiliated entities acquired, as passive investments in the ordinary
course of business, ownership or control over greater than 10% of the issued
and outstanding Class B non-voting shares ("Class B Shares") of Torstar
Corporation ("Torstar" or the "Issuer") (TSX:TS.B).
    In connection with its holdings in Torstar, MSIM and its affiliated
entities have, to date, inadvertently failed to make necessary filings as
required under applicable Canadian securities laws, and are currently taking
steps to fulfill their filing requirements. MSIM and its affiliated entities
will be filing an Early Warning Report as prescribed under applicable Canadian
securities laws in connection with this release.
    As of April 6, 2007, MSIM, and certain of its investment advisory
affiliates, hold 7,232,729 Class B Shares representing approximately 10.55% of
the outstanding Class B Shares of Torstar, over which they have control but
not beneficial ownership. Certain of MSIM's non-investment advisory affiliates
hold 25,291 Class B Shares representing approximately 0.04% of the outstanding
Class B Shares of Torstar, over which they have ownership and control. The
aggregate holdings of 7,258,020 Class B Shares represent approximately 10.59%
of the outstanding Class B Shares of Torstar. The foregoing calculations are
based on 68,564,397 Class B Shares issued and outstanding as at April 6, 2007.
    MSIM, and its affiliated entities, have acquired Class B Shares of
Torstar through secondary market trading on the Toronto Stock Exchange,
certain European exchanges, and through the U.S. over-the-counter market. All
Class B Shares of the Issuer acquired by MSIM and its affiliated entities have
been acquired in the ordinary course of business as passive investments only
and not for the purposes of influencing management control of the Issuer.
    MSIM and its investment advisory affiliates provide asset management
services to clients, generally on a discretionary basis. In the ordinary
course of its advisory business, MSIM and its affiliated investment advisory
entities exercise control and direction over securities held in client
accounts.
    Affiliated entities of MSIM having holdings included in this release are
Morgan Stanley Investment Management Limited, Morgan Stanley Investment
Management Inc., Morgan Stanley Asset & Investment Trust Management Company
Limited, Morgan Stanley & Co. International Limited, and Morgan Stanley & Co.
Incorporated.





For further information:

For further information: and to obtain a copy of the Early Warning
Report in connection with this release please contact Erica Platt, Corporate
Communications, at (212) 762-6848. The report will also be available at
www.sedar.com. Morgan Stanley Investment Management Inc., 1221 Avenue of the
Americas, New York, NY 10020

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