Transcontinental reports continued good performance in second quarter and maintains focus on its development



    
    - Growth of 2% in revenues; excluding the foreign exchange rate impact,
      growth of 5%.
    - Decrease of 2% in adjusted operating income before amortization;
      excluding the foreign exchange rate impact, growth of 5%.
    - Increase of 11% in net income; on a per-share basis, net income rose
      from $0.40 to $0.46, a 15% increase.
    - Increase of 2% in adjusted net income before unusual items; on a
      per-share basis, adjusted net income grew 5%, from $0.41 to $0.43, but
      growth of 15% excluding the foreign exchange rate impact.
    - Signing of exclusive six-year contract, valued at $35 - $40 million a
      year, to print Rogers Communications' magazines starting in February
      2009; this is all new business for Transcontinental.
    - In digital, acquisitions of ThinData, a Canadian leader in permission-
      based email marketing, and Acquizition.biz, the most important
      marketplace in Canada for buying and selling businesses; launch of
      recipefeast.com, the English version of the highly successful site
      recettes.qc.ca.; and introduction of mobile technology to the site
      thehockeynews.com.
    - Announcement of investments totalling $80 million in two printing
      plants in the Montreal area.
    - Closure of the Halifax Daily News and launch of the free Metro daily in
      Halifax, in partnership with Metro International and Torstar.
    - Extra $150 million added to the Corporation's bank credit facility,
      increasing it to $550 million.
    - DBRS maintains its BBB (high) rating and improves the trend for the
      Corporation's Senior Unsecured Debentures.

    MONTREAL, June 12 /CNW Telbec/ - Transcontinental posted another good
performance in the second quarter ended April 30, 2008, despite the negative
impact of the foreign exchange rate. The Corporation kept its focus on growth
by continuing to invest in new technologies and developing its digital media
while making strategic acquisitions. Transcontinental should thus continue to
profit from its integrated marketing service offering for existing and new
customers. The Corporation is in an excellent financial position for further
growth, with a net funded debt to total capitalization ratio of 34% at
April 30, 2008. Unless there is a sudden rise in the Canadian dollar, the
negative impact of the foreign exchange rate should diminish over the course
of the fiscal year since the Canadian dollar achieved parity with the U.S.
dollar in the third quarter of 2007, before exceeding it in the fourth
quarter.
    "We are reaping the rewards of our investments in new technologies and our
company-wide continuous improvement efforts," said François Olivier, President
and Chief Executive Officer of Transcontinental. "We have again succeeded in
offsetting the negative impact of the exchange rate, and have done so despite
the tougher conditions in the media and print industries. Our solid balance
sheet and significant cash flows from operations put us in an excellent
position to serve our customers by developing growth platforms to meet their
new marketing requirements, as illustrated by the integration of ThinData, the
Canadian leader in permission-based email marketing, into our service
offering. We are also looking for acquisitions in targeted niches across North
America."

    Financial Highlights

    In the second quarter of 2008, Transcontinental recorded consolidated
revenues of $595.1 million, compared to $584.7 million in the same quarter in
2007, an increase of 2%. Adjusted operating income before amortization was
down 2%, from $92.8 million to $90.7 million. Excluding the exchange rate
fluctuations between the Canadian dollar and its U.S. and Mexican
counterparts, which had a negative impact of $19.3 million on revenues and
$6.5 million on adjusted operating income before amortization, growth would
have been 5% in revenues and adjusted operating income before amortization.
The acquisition of PLM Group, the fourth largest printer in Canada, as well as
a series of other smaller but strategic acquisitions in 2007 and 2008, as well
as higher sales in certain segments, more than offset lower demand in other
segments and additional investments in the Media sector.
    Net income grew by 11%, from $34 million for the second quarter of 2007 to
$37.7 million in 2008; on a per-share basis, net income rose 15%, from $0.40
to $0.46. Adjusted net income, which does not take into account unusual items
arising from asset impairment, restructuring costs and unusual adjustments to
income taxes, was up 2%, from $34.4 million to $34.9 million; on a per-share
basis, adjusted net income rose 5%, from $0.41 to $0.43. This higher
percentage reflects the positive impact of the Corporation's normal course
issuer bid. Excluding the foreign exchange rate impact, adjusted net income
would have been $0.47 per share, up 15% over the second quarter of 2007.
    In the first six months of fiscal 2008, consolidated revenue rose 3%, from
$1.16 billion to $1.19 billion, while adjusted operating income before
amortization increased 3%, from $168.5 million to $173.1 million. Excluding
the foreign exchange rate impact, which reduced revenues by $40.3 million and
adjusted operating income before amortization by $11.8 million, growth would
have been 6% and 10%, respectively.
    Net income rose 32%, from $54.2 million in the first half of 2007 to $71.8
million in 2008. This increase is mainly due to a decrease in the tax rate, an
increase in adjusted operating income before amortization and a favourable
change in unusual items. On a per-share basis, net income increased 38%, from
$0.63 to $0.87. Adjusted net income, which does not take into account unusual
items arising from asset impairment, restructuring costs and unusual
adjustments to income taxes, rose 6%, from $59.5 million to $63.3 million. On
a per-share basis, adjusted net income rose 10%, from $0.70 to $0.77.
    Excluding the adverse effect of the exchange rate in the first half of
2008, earnings per share would have been $0.84, up 20% over the first half of
2007. This measure provides a good indicator of the Corporation's operating
performance in the first half of the year.
    For more detailed financial information, please see Management's
Discussion and Analysis for the Second Quarter Ended April 30, 2008 at
www.transcontinental.com, under "Investors."

    Operating Highlights

    The main operating highlights for the second quarter of 2008 are as
follows.

    -  Transcontinental signed an exclusive six-year contract to print all of
       Rogers' magazines, which number more than 70 and include Châtelaine,
       Maclean's, L'actualité and Canadian Business. This contract, which
       takes effect on February 1, 2009 and is valued at $35 to $40 million a
       year, is new business for Transcontinental. It will make
       Transcontinental Canada's biggest catalogue and magazine printer.
    -  On March 11, Transcontinental acquired ThinData Inc., the Canadian
       leader in permission-based email marketing. ThinData's services fit in
       perfectly with Transcontinental's strategy to increase its integrated
       marketing services, including the expansion of its capabilities in
       premedia, database management and analysis, direct marketing and
       cybermarketing, so that the Corporation can offer unique business
       solutions to its customers and its media assets.
    -  The digital and interactive front saw several other strategic
       developments, including the acquisition of the most important
       marketplace in Canada for buying and selling businesses,
       Acquizition.biz, a site that also makes it easier to find strategic or
       financial partners; the launch of recipefeast.com, the English-
       language counterpart of the highly popular site recettes.qc.ca, which
       receives more than a million visitors a month; and the introduction of
       mobile technology (cell phone, BlackBerry and Apple iPhone) to the
       popular thehockeynews.com site, which receives close to
       400,000 visitors a month and has a readership of over two million for
       its print publication.
    -  On February 11, Transcontinental stopped publishing the Halifax Daily
       News and on February 14 launched a Metro free daily paper in
       partnership with Metro International S.A. and Torstar Corporation.
       Management considers this type of publication to be more suited to the
       Halifax market.
    -  In February, Transcontinental announced two investment projects
       totalling $80 million in the Montreal area. The first, for
       $60 million, is to expand the Transcontinental Transmag newspaper
       printing plant and buy state-of-the-art technology so that customers,
       including Transcontinental Media (which prints about 40 of its
       newspapers at the plant), can put colour on every page of their
       publications, a key requirement for growth in the newspaper industry.
       The second investment, of $20 million, will be used to buy the latest
       equipment for Transcontinental Interweb Montreal on Montreal's South
       Shore, which prints catalogues and magazines.

    Reconciliation of Non-GAAP Financial Measures

    Financial data have been prepared in conformity with Canadian Generally
Accepted Accounting Principles (GAAP). However, certain measures used in this
press release do not have any standardized meaning under GAAP and could be
calculated differently by other companies. The Corporation believes that
certain non-GAAP financial measures, when presented in conjunction with
comparable GAAP financial measures, are useful to investors and other readers
because that information is an appropriate measure for evaluating the
Corporation's operating performance. Internally, the Corporation uses this
non-GAAP financial information as an indicator of business performance, and
evaluates management's effectiveness with specific reference to these
indicators. These measures should be considered in addition to, not as a
substitute for or superior to, measures of financial performance prepared in
accordance with GAAP.

    The following table reconciles GAAP financial measures to non-GAAP
financial measures.

    -------------------------------------------------------------------------
                                   Three months ended       Six months ended
    (in millions of dollars,            April 30                April 30
    except per share amounts)       2008        2007        2008        2007
    -------------------------------------------------------------------------
    Net income                 $    37.7   $    34.0   $    71.8   $    54.2
    Non-controlling interest           -           -         0.3         0.3
    Income taxes                     9.0        16.0        11.4        23.5
    Discount on sale of
     accounts receivable             2.1         2.7         5.2         5.9
    Financial expenses               7.1         8.9        15.6        15.9
    Impairment of assets and
     restructuring costs             2.4         0.6         4.3         7.8
    Amortization                    32.4        30.6        64.5        60.9
    -------------------------------------------------------------------------
    Adjusted operating income
     before amortization       $    90.7   $    92.8   $   173.1   $   168.5
    -------------------------------------------------------------------------
    Net income                 $    37.7   $    34.0   $    71.8   $    54.2
    Impairment of assets
     and restructuring
     costs (after tax)               1.7         0.4         3.0         5.3
    Unusual adjustments
     to income taxes                (4.5)          -       (11.5)          -
    -------------------------------------------------------------------------
    Adjusted net income             34.9        34.4        63.3        59.5
    -------------------------------------------------------------------------
    Average number of
     shares outstanding             81.8        85.4        82.7        85.6
    -------------------------------------------------------------------------
    Adjusted earnings
     per share                 $    0.43   $    0.41   $    0.77   $    0.70
    -------------------------------------------------------------------------
    Cash flow related
     to operating activities   $    23.3   $    24.4   $    56.3   $    22.5
    Changes in non-cash
     operating items               (54.2)      (52.6)      (89.7)     (116.4)
    -------------------------------------------------------------------------
    Cash flow from operating
     activities before
     changes in non-cash
     operating items           $    77.5   $    77.0   $   146.0   $   138.9
    -------------------------------------------------------------------------
    Long-term debt                                     $   643.7   $   503.3
    Current portion of
     long-term debt                                         14.4        10.5
    Cash and cash equivalents                              (32.0)      (44.1)
    -------------------------------------------------------------------------
    Net indebtedness                                   $   626.1   $   469.7
    -------------------------------------------------------------------------

    Environment

    Transcontinental plans to continue exercising its leadership in
sustainable development in its own way: by mobilizing its employees and taking
concrete action. Achievements in the second quarter include FSC (Forest
Stewardship Council) certifications for nine plants in Canada and the United
States. This certification indicates that a product is environmentally and
socially responsible, and 18 of our facilities are now FSC certified.
Furthermore, since February 20, Publi-Sac has been manufactured using
biodegradable plastic. For this, the Distribution Group management chose the
oxo-biodegradable technology developed by EPI, a Vancouver firm that has
pioneered innovative environmental technologies. Lastly, Transcontinental and
its Métro daily paper have agreed to be the official sponsors of Montreal's
National Environment Show, the largest event of its kind in Quebec, which will
be held in the Old Port of Montreal from June 13 - 15, 2008.
    Further recognition: in March, Jantzi Social Index(R) (JSI), a
market-capitalization socially weighted common stock index consisting of 60
Canadian companies that pass a set of broadly based environmental and social
rating criteria, announced that Transcontinental remains a member of its
select group of companies. Transcontinental has been on the index since March
2004.

    Corporate Affairs

    On May 14, Transcontinental received an additional commitment of
$150 million from its banking syndicate for a period of 364 days. This
arrangement brings the Corporation's credit facility to $550 million and gives
management greater flexibility to pursue its growth strategy. In addition, due
to the Corporation's sound financial position and operating performance,
rating agency DBRS has maintained Transcontinental's BBB (high) rating and
improved the trend for its Senior Unsecured Debentures.
    On May 23, Transcontinental announced the appointment of François R. Roy
to the Corporation's board of directors. Mr. Roy has in-depth experience as a
senior financial executive in the media, print and marketing sectors which
will provide unique insight and perspective that will help Transcontinental's
growth. Mr. Roy has a long history of involvement in the Montreal arts
community. He is currently Vice Principal, Administration and Finance, at
McGill University.
    Transcontinental's senior executives continue to stand out in Canadian
society and its business community. After receiving the Order of Canada in
2007, Rémi Marcoux, the executive chairman of the board and founder of
Transcontinental, was recently named an Officer of the National Order of
Quebec, the most prestigious distinction awarded by the Quebec government. In
addition, Isabelle Marcoux, vice chair of the board of Transcontinental and
vice president of Corporate development, was elected to the board of Rogers
Communications, a major communications and media coporation. In 2007, she was
named one of Canada's "Top 40 Under 40."

    Dividend

    At its June 12, 2008 meeting, the Corporation's Board of Directors
declared a quarterly dividend of $0.08 per share on Class A Subordinate Voting
Shares and Class B shares. These dividends are payable on July 25, 2008 to
shareholders of record at the close of business on July 7, 2008. On an annual
basis, this represents a dividend of $0.32 per share.

    Additional Information

    Upon releasing its quarterly results, Transcontinental will hold a
conference call for the financial community today at 4:15 p.m. (ET). Media may
hear the call in listen-only mode or tune in to the simultaneous audio
broadcast on Transcontinental's website, which will be archived for 30 days.
For Media requests for information or interviews, please contact Nessa
Prendergast, director, media relations, at 514 954-2809.

    About Transcontinental

    The largest printer in Canada and sixth-largest in North America,
Transcontinental is also the country's leading publisher of consumer magazines
and French-language educational resources, and its second-largest community
newspaper publisher. Transcontinental distinguishes itself by creating
strategic partnerships that integrate the company into its customers' value
chain, notably through its unique newspaper printing outsourcing model and its
value-added services. From mass to highly personalized marketing, the company
offers its clients integrated solutions which include a continent-leading
direct marketing offering, a diverse digital platform and a door-to-door
advertising material distribution network. Transcontinental is a company whose
values, including respect, innovation and integrity, are central to its
operation.
    Transcontinental (TSX: TCL.A, TCL.B) has more than 15,000 employees in
Canada, the United States and Mexico, and reported revenues of C$2.3 billion
in 2007. For more information about the Corporation, please visit
www.transcontinental.com.

    Note: This press release contains certain forward-looking statements
concerning the future performance of the Corporation. Such statements, based
on the current expectations of management, inherently involve numerous risks
and uncertainties, known and unknown. We caution that all forward-looking
information is inherently uncertain and actual results may differ materially
from the assumptions, estimates or expectations reflected or contained in the
forward-looking information, and that actual future performance will be
affected by a number of factors, many of which are beyond the Corporation's
control, including, but not limited to, the economic situation, exchange rate,
energy costs, increased competition and the Corporation's capacity to
implement its strategic plan and cost-reduction program and make and integrate
acquisitions into its activities. The risks, uncertainties and other factors
that could influence actual results are described in the Corporation's
Management's Discussion and Analysis and the Annual Information Form.

    The forward-looking information in this release is based on current
expectations and information available as of June 12, 2008. The Corporation's
management disclaims any intention or obligation to update or revise any
forward-looking statements unless otherwise required by the Securities
Authorities.


                                            CONSOLIDATED STATEMENTS OF INCOME
                                                                    unaudited

    (in millions of
     dollars, except          Three months ended         Six months ended
     per share data)               April 30                  April 30
    -------------------------------------------------------------------------
                               2008         2007         2008         2007
    -------------------------------------------------------------------------

    Revenues              $   595.1    $   584.7    $ 1,191.1    $ 1,156.9
    Operating costs           432.9        425.4        875.8        856.8
    Selling, general and
     administrative
     expenses                  71.5         66.5        142.2        131.6
    -------------------------------------------------------------------------

    Operating income
     before amortization,
     impairment of assets
     and restructuring
     costs                     90.7         92.8        173.1        168.5
    Amortization (Note 4)      32.4         30.6         64.5         60.9
    Impairment of assets
     and restructuring
     costs (Note 5)             2.4          0.6          4.3          7.8
    -------------------------------------------------------------------------

    Operating income           55.9         61.6        104.3         99.8
    Financial expenses
     (Note 6)                   7.1          8.9         15.6         15.9
    Discount on sale of
     accounts receivable
     (Note 9)                   2.1          2.7          5.2          5.9
    -------------------------------------------------------------------------

    Income before income
     taxes and non-
     controlling interest      46.7         50.0         83.5         78.0
    Income taxes (Note 7)       9.0         16.0         11.4         23.5
    Non-controlling
     interest                     -            -          0.3          0.3
    -------------------------------------------------------------------------
    Net income            $    37.7    $    34.0    $    71.8    $    54.2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Per share (basic)
     (Note 10)
    Net income            $    0.46    $    0.40    $    0.87    $    0.63
    -------------------------------------------------------------------------
    Per share (diluted)
     (Note 10)
    Net income            $    0.46    $    0.40    $    0.87    $    0.63
    -------------------------------------------------------------------------


    Average number of
     shares outstanding
     (in millions)             81.8         85.4         82.7         85.6
    -------------------------------------------------------------------------

    The notes are an integral part of the consolidated financial statements.


                              CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                                                    unaudited


    (in millions of           Three months ended         Six months ended
     dollars)                      April 30                  April 30
    -------------------------------------------------------------------------
                               2008         2007         2008         2007
                                       (restated                 (restated
                                          Note 2)                   Note 2)
    -------------------------------------------------------------------------

    Net income            $    37.7    $    34.0    $    71.8    $    54.2
    Other comprehensive
     income (loss):
    Unrealized net change
     in fair value of
     derivatives
     designated as cash
     flow hedges, net of
     income taxes of
     $0.6 million and
     ($0.8) million for
     the three-month and
     six-month periods
     ended April 30, 2008
     ($2.1 million and
     $0.6 million for the
     same periods in 2007)      1.8          4.2         (1.0)         1.2
    Reclassification
     adjustment for net
     gains on derivatives
     designated as cash
     flow hedges in prior
     periods transferred
     to net income in the
     current period, net
     of income taxes of
     $1.1 million and
     $1.9 million for the
     three-month and six-
     month periods ended
     April 30, 2008
     ($0.4 million and
     $1.0 million for the
     same periods in 2007)     (2.8)        (1.0)        (4.2)        (2.2)
    -------------------------------------------------------------------------
    Net change in fair
     value of derivatives
     designated as cash
     flow hedges               (1.0)         3.2         (5.2)        (1.0)

    Unrealized net gains
     (losses) on
     translation of
     financial statements
     of self-sustaining
     foreign operations         3.5         (5.1)         7.5         (1.6)
    -------------------------------------------------------------------------
    Other comprehensive
     income (loss)              2.5         (1.9)         2.3         (2.6)
    -------------------------------------------------------------------------
    Comprehensive income  $    40.2    $    32.1    $    74.1    $    51.6
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                 CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
                                                                    unaudited

                                                         Six months ended
    (in millions of dollars)                                  April 30
    -------------------------------------------------------------------------
                                                         2008         2007
                                                                 (restated
                                                                    Note 2)
    -------------------------------------------------------------------------

    Balance, beginning of period, as previously
     reported                                       $   806.4    $   769.0
    Adjustments to opening retained earnings
     (Note 2)                                               -        (19.9)
    -------------------------------------------------------------------------
                                                        806.4        749.1
    Financial Instruments - Recognition and
     Measurement                                            -         (0.2)
    -------------------------------------------------------------------------
    Restated balance, beginning of period               806.4        748.9
    Net income                                           71.8         54.2
    -------------------------------------------------------------------------
                                                        878.2        803.1
    Premium on redemption of shares (Note 10)           (29.8)       (11.4)
    Dividends on shares                                 (12.4)       (11.6)
    -------------------------------------------------------------------------
    Balance, end of period                            $ 836.0      $ 780.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The notes are an integral part of the consolidated financial statements.


                                                  CONSOLIDATED BALANCE SHEETS
                                                                    unaudited

    (in millions of dollars)
    -------------------------------------------------------------------------
                                                        As at        As at
                                                     April 30,  October 31,
                                                         2008         2007
    -------------------------------------------------------------------------

    Current assets
      Cash and cash equivalents                     $    32.0    $    48.5
      Accounts receivable (Note 9)                      212.5        196.9
      Income taxes receivable                            22.5         28.8
      Inventories                                        92.4         91.0
      Prepaid expenses and other current assets          15.1         18.4
      Future income tax assets                           13.1         16.6
    -------------------------------------------------------------------------
                                                        387.6        400.2

    Property, plant and equipment                       785.2        739.7
    Goodwill                                            962.8        934.6
    Intangible assets                                   166.6        172.5
    Future income tax assets                             75.5         64.6
    Other assets                                         96.3         90.3
    -------------------------------------------------------------------------
                                                    $ 2,474.0    $ 2,401.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Current liabilities
      Accounts payable and accrued liabilities      $   341.4    $   400.5
      Income taxes payable                               46.5         59.8
      Deferred subscription revenues and deposits        50.7         52.9
      Future income tax liabilities                       2.0          4.8
      Current portion of long-term debt                  14.4         14.2
    -------------------------------------------------------------------------
                                                        455.0        532.2

    Long-term debt                                      643.7        523.3
    Future income tax liabilities                       105.9        108.4
    Other liabilities                                    73.3         58.2
    -------------------------------------------------------------------------
                                                      1,277.9      1,222.1
    -------------------------------------------------------------------------

    Non-controlling interest                              0.3          2.2
    -------------------------------------------------------------------------

    Commitments (Note 17)

    Shareholders' equity
      Share capital (Note 10)                           380.4        395.1
      Contributed surplus (Note 12)                      10.2          9.2

      Retained earnings                                 836.0        806.4
      Accumulated other comprehensive loss
      (Note 13)                                         (30.8)       (33.1)
    -------------------------------------------------------------------------
                                                        805.2        773.3
    -------------------------------------------------------------------------
                                                      1,195.8      1,177.6
    -------------------------------------------------------------------------
                                                    $ 2,474.0    $ 2,401.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The notes are an integral part of the consolidated financial statements.


                                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                   unaudited

    (in millions of           Three months ended         Six months ended
     dollars)                      April 30                  April 30
    -------------------------------------------------------------------------
                               2008         2007         2008         2007
    -------------------------------------------------------------------------

    Operating activities
      Net income          $    37.7    $    34.0    $    71.8    $    54.2
      Items not affecting
       cash and cash
       equivalents
        Amortization
         (Note 4)              35.9         35.9         74.9         70.4
        Impairment of assets
        (Note 5)                  -            -          1.9          3.5
        Loss (gain) on
         disposal of
         assets                 0.4            -          0.4         (0.2)
        Future income taxes    (0.1)         3.6         (8.9)         3.9
        Non-controlling
         interest                 -            -          0.3          0.3
        Net change in accrued
         pension benefit asset
         and liability          2.7          2.5          5.7          5.2
      Stock-based compensation
       (Notes 11 and 12)        0.9          0.6          1.8          1.2
      Other                       -          0.4         (1.9)         0.4
    -------------------------------------------------------------------------
      Cash flow from operating
       activities before
       changes in non-cash
       operating items         77.5         77.0        146.0        138.9
      Changes in non-cash
       operating items        (54.2)       (52.6)       (89.7)      (116.4)
    -------------------------------------------------------------------------
      Cash flow related to
       operating activities    23.3         24.4         56.3         22.5
    -------------------------------------------------------------------------

    Investing activities
      Business acquisitions
       (Note 14)              (13.9)        (0.2)       (16.9)       (10.2)
      Acquisitions of
       property, plant and
       equipment              (60.2)       (32.8)       (91.5)       (54.8)
      Disposals of property,
       plant and equipment      0.5          0.9          0.5          1.0
      Increase in other
       assets                  (7.5)        (8.3)       (13.0)       (13.5)
    -------------------------------------------------------------------------
      Cash flow used in
       investing activities   (81.1)       (40.4)      (120.9)       (77.5)
    -------------------------------------------------------------------------

    Financing activities
      Reimbursement of
       long-term debt          (1.6)        (0.7)        (3.2)        (2.8)
      Increase in revolving
       term credit facility    96.6         39.5        105.0         39.5
      Dividends on shares      (6.6)        (6.0)       (12.4)       (11.6)
      Redemption of shares
       (Note 10)              (34.0)        (5.1)       (44.9)       (15.1)
      Issuance of shares
       (Note 10)                0.4          0.4          0.4          0.4
      Other                     1.2            -          0.9         (0.5)
    -------------------------------------------------------------------------
      Cash flow related to
       financing activities    56.0         28.1         45.8          9.9
    -------------------------------------------------------------------------
    Effect of exchange
     rate changes on cash
     and cash equivalents
     denominated in
     foreign currencies         0.6         (0.2)         2.3         (0.1)
    -------------------------------------------------------------------------

    (Decrease) increase
     in cash and cash
     equivalents               (1.2)        11.9        (16.5)       (45.2)
    Cash and cash
     equivalents at
     beginning of period       33.2         32.2         48.5         89.3
    Cash and cash
     equivalents at end
     of period            $    32.0    $    44.1    $    32.0    $    44.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Additional
     information
      Interest paid       $     4.8    $     1.4    $    16.8    $    14.0
      Income taxes paid        12.9         18.3         28.2         45.0
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The notes are an integral part of the consolidated financial statements.


                               NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                                                    unaudited
                                        Periods ended April 30, 2008 and 2007
    -------------------------------------------------------------------------

    The interim financial statements should be read in conjunction with the
    most recent annual consolidated financial statements.

    1. Significant accounting policies

    These interim consolidated financial statements have been prepared in
accordance with Canadian generally accepted accounting principles ("GAAP"),
using the same accounting policies as outlined in Note 1 and Note 3 to the
consolidated financial statements for the year ended October 31, 2007, except
for the changes in accounting policies disclosed in Note 3. The operating
results for the interim periods are not necessarily indicative of full-year
results due to the seasonality of certain operations of the Corporation.
Results of both media and printing operations are significantly influenced by
the advertising market, which is stronger in the second and fourth quarters.
The fall is also the strongest period for book printing and for our business
segment of educational resources publishing.

    2. Restatement

    In the context of the preparation of its consolidated financial statements
for the year ended October 31, 2007, the Corporation's management identified
two accounting errors in prior years' financial statements relating to the
amortization of property, plant and equipment and income taxes.

    Amortization of property, plant and equipment

    For the six-month period ended April 30, 2007, opening retained earnings
and accumulated other comprehensive loss have been reduced by $10.1 million
and $1.5 million, respectively. For the three-month and six-month periods
ended April 30, 2007, comprehensive income has been increased by $0.5 million
and $0.3 million, respectively.

    Income taxes

    For the six-month period ended April 30, 2007, opening retained earnings
have been reduced by $9.8 million.

    3. Changes in accounting policies

    a) Financial Instruments - Disclosures

     On November 1, 2007, the Corporation adopted Section 3862, Financial
Instruments - Disclosures, replacing Section 3861 - Financial Instruments -
Disclosure and Presentation. This Section describes the required disclosures
related to the significance of financial instruments on the entity's financial
position and performance and the nature and extent of risks arising from
financial instruments to which the entity is exposed and how the entity
manages those risks. This Section complements the principles of recognition,
measurement and presentation of financial instruments of Sections 3855,
Financial Instruments - Recognition and Measurement, 3863, Financial
Instruments - Presentation and 3865, Hedges.
     The adoption of this Section implied that the Corporation now presents
sensitivity analysis regarding foreign exchange risk, interest rate risk,
commodity prices risk and stock-based compensation costs risk. Comparative
information about the nature and extent of risks arising from financial
instruments is not required in the year Section 3862 is adopted.

    b) Financial Instruments - Presentation

       On November 1, 2007, the Corporation adopted Section 3863, Financial
       Instruments - Presentation, replacing Section 3861 - Financial
       Instruments - Disclosure and Presentation. This Section establishes
       standards for presentation of financial instruments and non-financial
       derivatives.
       The adoption of this Section did not have a significant impact on the
       consolidated financial statements.

    c) Capital Disclosures

     On November 1, 2007, the Corporation adopted Section 1535, Capital
Disclosures. This Section establishes standards for disclosing information
about an entity's capital and how it is managed to enable users of financial
statements to evaluate the entity's objectives, policies and procedures for
managing capital.
     The adoption of this Section implied that information on capital
management is now included in the notes to the consolidated financial
statements. This information is included in Note 16, Capital management.

    d) Accounting changes

     On November 1, 2007, the Corporation adopted the revised version of
Section 1506 of the CICA Handbook, Accounting changes. This Section
establishes criteria for changing accounting policies and treatment and
disclosure of changes in accounting policies, changes in accounting estimates
and correction of errors.
     The adoption of this Section implied that the Corporation makes voluntary
changes in accounting policy only if they result in the financial statements
providing reliable and more relevant information. Changes in accounting policy
made by the Corporation are applied retrospectively unless doing so is
impracticable or the change in accounting policy is made on the initial
application of a primary source of GAAP in accordance with specific
transitional provisions in that primary source. A change in accounting
estimate is generally recognized prospectively and material prior period
errors are corrected retrospectively.

    4. Amortization

                              Three months ended         Six months ended
    (in millions of                April 30                  April 30
     dollars)                  2008         2007         2008         2007
    -------------------------------------------------------------------------
    Property, plant and
     equipment            $    29.8    $    28.3    $    59.2    $    56.3
    Intangible assets           2.0          1.6          3.9          3.2
    Deferred charges            0.6          0.7          1.4          1.4
    -------------------------------------------------------------------------
                               32.4         30.6         64.5         60.9
    Deferred charges,
     presented in
     revenues, operating
     costs and financial
     expenses                   3.5          5.3         10.4          9.5
    -------------------------------------------------------------------------
                          $    35.9    $    35.9    $    74.9    $    70.4
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    5. Impairment of assets and restructuring costs

    The following tables summarize the impairment of assets and restructuring
    costs:

                               Three months ended April 30
    -------------------------------------------------------------------------
    (in millions
     of dollars)                                2008
    -------------------------------------------------------------------------
                          Liability                              Liability
                              as at                                  as at
                         January 31      Charged                  April 30
                               2008    to income         Paid         2008

    (a) Newspaper
         operations
        Media
        Workforce
         reduction costs  $       -    $     1.4    $     1.3    $     0.1
        Transfer of
         printing
         equipment and
         other costs              -          0.6          0.6            -
        Printing Products
         and Services
        Workforce
         reduction costs          -          0.3          0.3            -
    -------------------------------------------------------------------------
                          $       -    $     2.3    $     2.2    $     0.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (b) Commercial
         printing
        Printing Products
         and Services
        Workforce
         reduction costs  $     0.9    $       -    $     0.1    $     0.8
        Transfer of
         printing
         equipment and
         other costs              -            -            -            -
        Marketing Products
         and Services
        Workforce reduction
         costs                  0.2            -          0.2            -
        Transfer of
         printing equipment
         and other costs          -          0.1          0.1            -
    -------------------------------------------------------------------------
                          $     1.1    $     0.1    $     0.4    $     0.8
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (c) Toronto printing
         operations
        Workforce
         reduction costs  $     0.5    $       -    $     0.1    $     0.4
        Transfer of
         printing
         equipment and
         other costs              -            -            -            -
    -------------------------------------------------------------------------
                                0.5            -          0.1          0.4
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
        Total             $     1.6    $     2.4    $     2.7    $     1.3
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                                Three months ended April 30
    -------------------------------------------------------------------------
                                                               2007
    -------------------------------------------------------------------------
                                                      Charged
                                                    to income         Paid

    (a) Newspaper
         operations
        Media
        Workforce
         reduction costs                            $       -    $       -
        Transfer of
         printing
         equipment and
         other costs                                        -            -
        Printing Products
         and Services
        Workforce
         reduction costs                                    -            -
    -------------------------------------------------------------------------
                                                    $       -    $       -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (b) Commercial
         printing
        Printing Products
         and Services
        Workforce
         reduction costs                            $       -    $     0.2
        Transfer of
         printing
         equipment and
         other costs                                      0.6          0.6
        Marketing Products
         and Services
        Workforce reduction
         costs                                              -          0.5
        Transfer of
         printing equipment
         and other costs                                    -            -
    -------------------------------------------------------------------------
                                                    $     0.6     $    1.3
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (c) Toronto printing
         operations
        Workforce
         reduction costs                            $       -    $     0.4
        Transfer of
         printing
         equipment and
         other costs                                        -            -
    -------------------------------------------------------------------------
                                                            -          0.4
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
        Total                                       $     0.6    $     1.7
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                  Six months ended April 30
    -------------------------------------------------------------------------
    (in millions of dollars)           Total                     2008
    -------------------------------------------------------------------------
                                                       Liability
                                                           as at
                                 Charged              October 31     Charged
                               to income  Forecasted        2007   to income
    -------------------------------------------------------------------------

    (a) Newspaper operations
        Media
        Workforce reduction
         costs                     $ 1.4       $ 1.4         $ -       $ 1.4
        Transfer of printing
         equipment and other
         costs                       0.6         0.9           -         0.6
        Printing Products and
         Services
        Workforce reduction
         costs                       0.3         0.3           -         0.3
    -------------------------------------------------------------------------
                                     2.3         2.6           -         2.3
        Media
        Impairment of assets         1.9         1.9         n/a         1.9
    -------------------------------------------------------------------------
                                   $ 4.2       $ 4.5         $ -       $ 4.2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (b) Commercial printing
        Printing Products and
        Services
        Workforce reduction
         costs                     $ 1.8       $ 1.8       $ 1.1         $ -
        Transfer of printing
         equipment and other
         costs                       1.4         1.7           -           -
        Marketing Products and
         Services
        Workforce reduction
         costs                       1.6         1.6         0.3           -
        Transfer of printing
         equipment and other
         costs                       0.7         0.8           -         0.1
    -------------------------------------------------------------------------
                                     5.5         5.9         1.4         0.1
        Printing Products and
         Services
        Impairment of assets         0.3         0.3         n/a           -
        Marketing Products and
         Services
        Impairment of assets         3.3         3.3         n/a           -
    -------------------------------------------------------------------------
                                   $ 9.1       $ 9.5       $ 1.4       $ 0.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (c) Toronto printing
         operations
        Workforce reduction
         costs                     $ 3.0       $ 3.0       $ 0.6         $ -
        Transfer of printing
         equipment and other
         costs                       1.0         1.0           -           -
    -------------------------------------------------------------------------
                                     4.0         4.0         0.6           -
    Impairment of assets             0.2         0.2         n/a           -
    -------------------------------------------------------------------------
                                   $ 4.2       $ 4.2       $ 0.6         $ -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (d) Book printing
         operations
        Workforce reduction
         costs                     $ 1.3       $ 1.3         $ -         $ -
        Transfer of printing
         equipment and other
         costs                       3.9         3.9           -           -
    -------------------------------------------------------------------------
                                     5.2         5.2           -           -
        Impairment of assets         1.6         1.6         n/a           -
    -------------------------------------------------------------------------
                                   $ 6.8       $ 6.8         $ -         $ -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Total                                                  $ 2.0       $ 4.3
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                   Six months ended April 30
    -------------------------------------------------------------------------
    (in millions of dollars)            2008                      2007
    -------------------------------------------------------------------------
                                           Liability
                                               as at
                                            April 30     Charged
                                    Paid        2008   to income        Paid
    -------------------------------------------------------------------------

    (a) Newspaper operations
        Media
        Workforce reduction
         costs                     $ 1.3       $ 0.1         $ -         $ -
        Transfer of printing
         equipment and other
         costs                       0.6           -           -           -
        Printing Products and
         Services
        Workforce reduction
         costs                       0.3           -           -           -
    -------------------------------------------------------------------------
                                     2.2         0.1           -           -
        Media
        Impairment of assets         n/a         n/a           -         n/a
    -------------------------------------------------------------------------
                                   $ 2.2       $ 0.1         $ -         $ -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (b) Commercial printing
        Printing Products and
        Services
        Workforce reduction
         costs                     $ 0.3       $ 0.8       $ 1.8 $       0.3
        Transfer of printing
         equipment and other
         costs                         -           -         0.7         0.7
        Marketing Products and
         Services
        Workforce reduction
         costs                       0.3           -         1.3         0.8
        Transfer of printing
         equipment and other
         costs                       0.1           -           -           -
    -------------------------------------------------------------------------
                                     0.7         0.8         3.8         1.8
        Printing Products and
         Services
        Impairment of assets         n/a         n/a         0.2         n/a
        Marketing Products and
         Services
        Impairment of assets         n/a         n/a         3.3         n/a
    -------------------------------------------------------------------------
                                   $ 0.7       $ 0.8       $ 7.3       $ 1.8
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (c) Toronto printing
         operations
        Workforce reduction
         costs                     $ 0.2       $ 0.4         $ -       $ 0.8
        Transfer of printing
         equipment and other
         costs                         -           -         0.4         0.4
    -------------------------------------------------------------------------
                                     0.2         0.4         0.4         1.2
    Impairment of assets             n/a         n/a           -         n/a
    -------------------------------------------------------------------------
                                   $ 0.2       $ 0.4       $ 0.4       $ 1.2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (d) Book printing
         operations
        Workforce reduction
         costs                       $ -         $ -         $ -         $ -
        Transfer of printing
         equipment and other
         costs                         -           -         0.1         0.1
    -------------------------------------------------------------------------
                                       -           -         0.1         0.1
        Impairment of assets         n/a         n/a           -         n/a
    -------------------------------------------------------------------------
                                     $ -         $ -       $ 0.1       $ 0.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Total                          $ 3.1       $ 1.3       $ 7.8       $ 3.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    a) On December 13, 2007, Bill C-28 received third reading in the House of
       Commons. Accordingly, the federal corporate income tax rate reductions
       announced in the October 30, 2007 Economic Statement became
       substantively enacted for the purpose of preparing the consolidated
       financial statements in accordance with Canadian GAAP. This decrease
       in federal tax rate reduced both the income tax expense and net future
       income tax liabilities by $7.0 million during the first quarter of
       fiscal 2008.

    b) During the second quarter of fiscal 2008, the Corporation entered into
       an agreement with the tax authorities and settled its obligation
       regarding Bill 15 enacted in June 2006 for an amount of $3.9 million.
       An amount of $8.4 million had been provided for in the third quarter
       of fiscal 2006 with regards to this obligation. A decrease of
       $4.5 million in current income tax expense has therefore been recorded
       to reflect this settlement.

    8. Employee future benefits

    Pension plans

    The Corporation offers various contributory and non-contributory defined
benefit pension plans and defined contribution pension plans to its employees
and those of its participating subsidiaries. The cost related to those plans
is as follows:

                              Three months ended         Six months ended
                                    April 30                  April 30
    (in millions of dollars)   2008         2007         2008         2007
    -------------------------------------------------------------------------
    Pension plans
      Defined benefit
       pension plans      $     5.7   $      5.0   $     11.7      $  11.2
      Defined
      contribution
       pension plans            0.7          0.8          1.5          1.6
    -------------------------------------------------------------------------
                          $     6.4   $      5.8   $     13.2      $  12.8
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    9. Accounts receivable

    As at April 30, 2008, $273 million of accounts receivable ($273 million as
at October 31, 2007) had been sold under the accounts receivable
securitization program, of which $37 million ($37 million as at October 31,
2007) was kept by the Corporation as retained interest, resulting in a net
consideration of $236 million, including C$202 million and US$33 million
($236 million as at October 31, 2007, including C$209 million and
US$29 million) which represents the maximum net consideration the Corporation
could have obtained on those dates in accordance with the program terms and
conditions. The retained interest is recorded in the Corporation's accounts
receivable at the lower of cost and fair market value. Under the program, the
Corporation recognized an aggregate discount on sale of accounts receivable of
$2.1 million and $5.2 million for the three-month and six-month periods ended
April 30, 2008 ($2.7 million and $5.9 million for the same periods in 2007).

    10. Share capital

    Earnings per share

    The table below shows the calculation of basic and diluted earnings per
    share:

                              Three months ended          Six months ended
                                        April 30                  April 30
                               2008         2007         2008         2007
    -------------------------------------------------------------------------
    Numerator
     (in millions
     of dollars)
      Net income            $  37.7      $  34.0      $  71.8      $  54.2
    -------------------------------------------------------------------------
    Denominator
     (in millions)
      Weighted average
       number of shares
       outstanding -
       basic                   81.8         85.4         82.7         85.6
      Dilutive effect of
       stock options and
       warrants                 0.1          0.1          0.1          0.2
    -------------------------------------------------------------------------
      Weighted average
       number of shares
       outstanding -
       diluted                 81.9         85.5         82.8         85.8
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic earnings
     per share              $  0.46      $  0.40      $  0.87      $  0.63
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Diluted earnings
     per share              $  0.46      $  0.40      $  0.87      $  0.63
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Stock options presented below were considered to be anti-dilutive in the
    calculation of the diluted earnings per share since their exercise price
    was greater than the average stock price during those periods.

                              Three months ended          Six months ended
                                    April 30                  April 30
                               2008         2007         2008         2007
    -------------------------------------------------------------------------
    Stock options         1,387,495      629,420    1,519,340      638,340
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    During the first quarter of 2008, the 350,000 warrants giving right to
    acquire Class A Subordinate Voting Shares expired.

    Exercise of stock options

    When officers and senior executives exercise their stock options, the
amounts received from them are credited to share capital. For stock options
granted since November 1, 2002, the amount previously accounted for as an
increase to contributed surplus is also transferred to share capital. For the
three-month and six-month periods ended April 30, 2008, the amounts received
were both $0.4 million, and no amount was transferred from contributed surplus
to share capital for the same periods. For the three-month and six-month
periods ended April 30, 2007, the amounts received were both $0.4 million, and
$0.1 million was transferred from contributed surplus to share capital for the
same periods.

    Redemption of shares

    The Corporation was authorized to purchase for cancellation on the open
market, between December 20, 2007 and December 19, 2008, up to 3,333,994 of
its Class A Subordinate Voting Shares, representing 5% of the 66,679,889
issued and outstanding Class A Subordinate Voting Shares as at December 10,
2007, and up to 845,271 of its Class B Shares, representing 5% of the
16,905,432 issued and outstanding Class B Shares as at December 10, 2007.
    The Corporation was authorized to purchase for cancellation on the open
market, between November 21, 2006 and November 20, 2007, up to 3,448,698 of
its Class A Subordinate Voting Shares, representing 5% of the 68,973,966
issued and outstanding Class A Subordinate Voting Shares as at November 7,
2006, and up to 852,907 of its Class B Shares, representing 5% of the
17,058,145 issued and outstanding Class B Shares as at November 7, 2006.
    Purchases were made in the normal course of business at market prices
through the facilities of the Toronto Stock Exchange in accordance with the
requirements of the exchange.


    During the three-month and six-month periods ended April 30, 2008 and
2007, the following purchases have been made:

                                                                     consi-
                                       Number of     Weighted     deration
                                          shares      average (in millions
                                       purchased        price   of dollars)

                                               Three months ended April 30
    -------------------------------------------------------------------------
                                                         2008
    -------------------------------------------------------------------------

    Class A                            1,984,300 $      17.10 $       33.9
    Class B                                4,000 $      15.93          0.1
    -------------------------------------------------------------------------
                                                              $       34.0
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Book value                                                $       11.1
    Premium paid                                                      22.9
    -------------------------------------------------------------------------
                                                              $       34.0
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                                                     Total
                                                                     consi-
                                        Number of    Weighted     deration
                                           shares     average (in millions
                                        purchased       price   of dollars)

                                               Three months ended April 30
    -------------------------------------------------------------------------
                                                         2007

    Class A                               192,000  $    21.71 $        4.2
    Class B                                42,300  $    21.85          0.9
    -------------------------------------------------------------------------
                                                              $        5.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Book value                                                $        1.1

    Premium paid                                                       4.0
    -------------------------------------------------------------------------
                                                              $        5.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                 Six months ended April 30
    -------------------------------------------------------------------------
                                                         2008
    -------------------------------------------------------------------------
    Class A                            2,702,600 $      16.56   $     44.7
    Class B                                8,000 $      18.34          0.2
    -------------------------------------------------------------------------
                                                                $     44.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Book value                                                  $     15.1
    Premium paid                                                      29.8
    -------------------------------------------------------------------------
                                                                $     44.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                 Six months ended April 30
    -------------------------------------------------------------------------
                                                          2007
    -------------------------------------------------------------------------
    Class A                               659,000  $     21.36  $      14.1

    Class B                                47,600  $     21.78          1.0
    -------------------------------------------------------------------------
                                                                $      15.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Book value                                                  $       3.7
    Premium paid                                                       11.4
    -------------------------------------------------------------------------
                                                                $      15.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    11. Stock-based compensation plans

    Share unit plan

    The Corporation offers a share unit plan to its senior executives under
which deferred share units ("DSU") and restricted share units ("RSU") are
granted.
    For the three-month period ended April 30, 2008, 6,345 RSU were granted
(none in 2007). For the six-month period ended April 30, 2008, 194,850 RSU
were granted (138,310 DSU and 30,788 RSU in 2007).
    As at April 30, 2008, 116,598 DSU and 221,357 RSU were outstanding
(171,712 DSU and 26,507 RSU in 2007). The expenses recorded in the
consolidated statements of income for the three-month periods ended April 30,
2008 and 2007 were $0.5 million and $0.3 million, respectively. For the
six-month periods ended April 30, 2008 and 2007, the expenses recorded in the
consolidated statements of income were $0.8 million and $0.4 million,
respectively.  No amount has been paid under the plan for the three-month and
six-month periods ended April 30, 2008 and 2007.

    Stock option plan

    As at April 30, 2008, 1,842,541 stock options were outstanding, of which
1,235,871 could be exercised.
    No stock options were granted for the three-month periods ended April 30,
2008 and 2007. For the six-month periods ended April 30, 2008 and 2007,
159,700 and 160,100 stock options were granted with a weighted average
exercise price of $15.51 and $20.90, respectively.
    The table below summarizes the assumptions used to calculate the weighted 
average fair value of stock options granted on the date of the grant using the
Black-Scholes model for the six-month periods ended April 30:


                                                         2008         2007
    -------------------------------------------------------------------------
    Fair value of stock options                       $  4.04      $  5.16

    Assumptions:
      Dividend rate                                       1.2  %       1.1  %
      Expected volatility                                26.0  %      22.6  %
      Risk-free interest rate                            3.65  %      3.96  %
      Expected life                                   5 years      5 years
    -------------------------------------------------------------------------

    12. Contributed surplus
                                                         Six months ended
                                                              April 30
    (in millions of dollars)                             2008         2007
    -------------------------------------------------------------------------
    Balance, beginning of period                      $   9.2       $  6.9
    Compensation costs relating to stock
     option plan (Notes 10 and 11)                        1.0          1.1
    -------------------------------------------------------------------------
    Balance, end of period                            $  10.2       $  8.0
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    13. Accumulated other comprehensive loss

                                         Foreign               Accumulated
                                        Currency         Cash    Other Com-
                                     Translation         Flow   prehensive
    (in millions of dollars)          Adjustment       Hedges         Loss
    -------------------------------------------------------------------------
    Balance as at November 1, 2007     $   (42.3)     $   9.2    $   (33.1)
    Net change in unrealized
     gains/losses, net of
     income taxes                            7.5         (5.2)         2.3
    -------------------------------------------------------------------------
    Balance as at April 30, 2008       $   (34.8)     $   4.0    $   (30.8)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Balance as at November 1, 2006,
     as previously reported            $       -      $     -    $       -

      Unrealized losses, net of
       income taxes (restated)             (26.0)           -        (26.0)
      Financial instruments -
       Recognition and measurement             -          3.8          3.8
    -------------------------------------------------------------------------
    Restated balance as at
     November 1, 2006                      (26.0)         3.8        (22.2)
      Net change in unrealized
       gains/losses, net of
       income taxes (restated)              (1.6)        (1.0)        (2.6)
    -------------------------------------------------------------------------
    Balance as at April 30, 2007       $   (27.6)     $   2.8    $   (24.8)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    As at April 30, 2008, the amounts expected to be reclassified to net
    income are as follows:

                               2008         2009         2010        Total
    -------------------------------------------------------------------------
    Gains on
     derivatives
     designated as
     cash flow hedges       $   3.5      $   2.2      $   0.1      $   5.8
    Income taxes               (1.1)        (0.7)           -         (1.8)
    -------------------------------------------------------------------------
                            $   2.4      $   1.5      $   0.1      $   4.0
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    14. Business acquisitions

    During the six-month period ended April 30, 2008, the Corporation made the
following acquisitions:

                                                                    Date of
    Operating sector     Acquisition                            acquisition
    -------------------------------------------------------------------------
    Marketing Products
    and Services
                         90% of the shares of ThinData Inc.,
                         Canada's leading permission-based
                         email marketing services firm        March 11, 2008
    Media
                         Assets of L'Autre Voix, weekly
                         newspaper in the eastern Quebec
                         City region                       December 21, 2007

                         Assets of Corriere Italiano,
                         weekly newspaper serving the
                         Italian community in Montreal
                         area                              December 20, 2007

                         Assets of The Springhill-
                         Parrsboro Record, weekly
                         newspaper in Nova Scotia          November 23, 2007
    -------------------------------------------------------------------------


    14. Business acquisitions (continued)

    (in millions of dollars)
    -------------------------------------------------------------------------
    Assets acquired
      Working capital                                               $  1.5
      Property, plant and equipment                                    0.5
      Goodwill (tax basis of $1.5 million)                            15.6
      Other assets                                                     0.2
    -------------------------------------------------------------------------
                                                                    $ 17.8
    -------------------------------------------------------------------------

    Liabilities assumed
      Deferred revenues                                             $  0.4
      Long-term debt                                                   0.5
    -------------------------------------------------------------------------
                                                                       0.9
    -------------------------------------------------------------------------
                                                                    $ 16.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Consideration
      Cash paid                                                     $ 16.4
      Cash in acquired operations                                     (1.4)
      Short-term liabilities                                           0.4
      Long-term liabilities (bearing no interest)                      1.5
    -------------------------------------------------------------------------
                                                                    $ 16.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    During the first quarter of 2008, the Corporation acquired an additional
2% of the shares of PLM Group Ltd, for a total cash consideration of
$1.9 million. The Corporation now owns 100% of the shares of PLM Group Ltd.
    The purchase price allocation of all acquisitions is preliminary and could
change once the valuation of the assets acquired is concluded and the final
determination of the costs related to the acquisitions has been made.

    15. Financial instruments

    Credit risk

    The Corporation is exposed to credit risk with respect to trade
receivables and derivative financial instruments.
    The Corporation analyzes and reviews the financial health of its current
customers on an ongoing basis and applies rigorous evaluation procedures to
all new customers. A specific credit limit is established for each customer
and reviewed periodically by the Corporation.
    The Corporation is protected against any concentration of credit risk
through its products, clientele and geographic diversity. As at April 30,
2008, no single customer accounts for more than 5% of its consolidated
accounts receivable, and the Corporation's 20 largest customers account for
less than 20% of its consolidated accounts receivable. As at April 30, 2008,
the maximum credit risk exposure for receivables corresponds to their carrying
value. The Corporation also has a credit insurance policy covering most of its
major customers, for a maximum amount of $27 million. The policy contains the
usual clauses and limits regarding the amounts that can be claimed by event
and year of coverage. The Corporation did not file any claim against this
credit insurance policy for the six-month period ended April 30, 2008.
    In addition, the Corporation has concluded long-term contracts with most
of its major customers. These contracts contain cost-escalation clauses
equivalent to those required by the Corporation's suppliers. The Corporation
determines past due receivables by considering the type of clients, historical
payment terms and in which sector the clients conduct business. On a quarterly
basis, allowance for doubtful accounts and past due receivables are reviewed
by management. The Corporation records impairment only on receivables for
which the recoverability is not reasonably certain.
    The Corporation is exposed to credit risk arising from derivative
financial instruments if a counterparty fails to meet its obligations;
however, it does not foresee such an occurrence since it deals only with
recognized financial institutions with superior credit ratings. As at
April 30, 2008, the maximum exposure to credit risk is $5.8 million, which
represents the carrying value of the financial instruments.


    Past due accounts receivable
                                                                     As at
                                                                  April 30,
    (in millions of dollars)                                          2008
    -------------------------------------------------------------------------
    Not past due                                                 $   163.7
    Past due 1-60 days                                                15.3
    Past due 61-90 days                                                3.9
    Past due more than 90 days                                        10.5
    -------------------------------------------------------------------------
                                                                     193.4

    Allowance for doubtful accounts                                  (10.7)

    Other receivables                                                 29.8
    -------------------------------------------------------------------------
                                                                 $   212.5
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Allowance for doubtful accounts

    (in millions of dollars)
    -------------------------------------------------------------------------
    Balance as at November 1, 2007                               $    10.1
    Bad debt expense                                                   2.1
    Amounts written off, net of recoveries                            (1.5)
    -------------------------------------------------------------------------
    Balance as at April 30, 2008                                 $    10.7
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Based on the historical payment trend of the customers, the Corporation
    believes that this allowance for doubtful accounts is sufficient to cover
    the risk of default.

    Liquidity risk

    The Corporation has contractual obligations and financial liabilities,
thus, is exposed to liquidity risk.
    The Corporation believes that future cash flows generated by operations
and access to additional liquidity through capital and banking markets will be
adequate to meet its financial obligations.

    Interest rate risk

    The Corporation is exposed to market risks related to interest-rate
fluctuations. In order to mitigate this risk, the Corporation aims to maintain
an adequate balance of fixed versus floating rate debt or protect the variable
portion by the use of derivative financial instruments. As at April 30, 2008,
the floating rate portion of the Corporation's long-term debt represented 61%
of the total while the fixed rate portion represented 39%.
    The Corporation is also exposed to interest rate fluctuations through its
securitization program, since the discount on the sale of accounts receivable
is based on the rate of the commercial paper issued by the trust. The trust
generally issues its commercial paper on a monthly basis.
    The Corporation believes that interest rates for the Canadian and U.S.
economies are not likely to continue their downward trend in 2008 and
evaluates different possibilities to reduce its exposure in the coming months.
    For the three-month and six-month periods ended April 30, 2008, all things
being equal, an hypothetical increase of 0.5% in interest rates would have had
the following impact on net income and on other comprehensive income:

                              Three months ended          Six months ended
    (in millions of dollars)      April 30, 2008            April 30, 2008
    -------------------------------------------------------------------------
                                       Other com-                Other com-
                                Net   prehensive          Net   prehensive
                             income       income       income       income
    -------------------------------------------------------------------------
    Interest rates         $   (0.5)      $  n/a     $   (1.0)      $  n/a
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    An hypothetical decrease of 0.5% in interest rates would have had an
opposite impact on net income and other comprehensive income.

    Foreign exchange risk

    The Corporation has operations in the United States and Mexico, exports
its products to the United States and purchases machinery and equipment in
U.S. dollars, Swiss Francs, and Euros. In addition, as at April 30, 2008, the
Corporation has long-term debt in U.S. dollars for a total amount of
US$292.1 million (US$227.9 million as at October 31, 2007) . The Corporation
is therefore exposed to foreign exchange risk.
    To mitigate the foreign exchange risk related to its exports to the United
States, the Corporation enters into foreign exchange forward contracts. As at
April 30, 2008, the Corporation entered into foreign exchange forward
contracts to sell US$78 million, (US$87.3 million as at October 31, 2007) of
which US$24 million, US$51 million and US$3 million will be sold in 2008, 2009
and 2010, respectively. The terms of these forward contracts range from one
month to 19 months, with rates varying from 1.0087 to 1.1643. The Corporation
was also party to a collar of US$2 million (US$6 million as at October 31,
2007). The terms of this collar contract is two months, with a floor rate of
1.04 and a cap rate of 1.0885. Hedging relationships were effective and in
accordance with the risk management objectives and strategies throughout the
second quarter of fiscal 2008.
    During the second quarter of fiscal 2008, to mitigate the foreign exchange
risk related to purchases of machinery and equipment in Swiss francs, the
Corporation entered into foreign exchange forward contracts. As at April 30,
2008, the Corporation entered into foreign exchange forward contracts to
purchase in 2008 1.9 million Swiss francs (none in 2007). The terms of these
forward contracts range from one month to three months, with rates varying
from 0.927 to 0.9286. Hedging relationships were effective and in accordance
with the risk management objectives and strategies throughout the second
quarter of fiscal 2008.
    For the three-month and six-month periods ended April 30, 2008, all things
being equal, an hypothetical strengthening of 5.0% of the U.S. dollar, Swiss
franc and Mexican peso against the Canadian dollar would have had the
following impact on net income and on other comprehensive income:


                              Three months ended          Six months ended
    (in millions of dollars)      April 30, 2008            April 30, 2008
    -------------------------------------------------------------------------
                                       Other com-                Other com-
                                Net   prehensive          Net   prehensive
                             income       income       income       income
    -------------------------------------------------------------------------
    U.S. dollar               $ 1.6       $ (2.9)       $ 5.1       $ (2.9)
    Swiss franc               $ n/a       $ (0.1)       $ n/a       $ (0.1)
    Mexican peso              $   -       $  n/a        $ 0.1       $  n/a
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    An hypothetical weakening of 5.0% of the U.S. dollar, Swiss franc and
Mexican peso against the Canadian dollar would have had an opposite impact on
net income and other comprehensive income.

    Commodity prices risk

    The Corporation is exposed to a financial risk related to fluctuations in
natural gas prices and manages it in order to minimize the impact on the
Corporation's results and financial position. The Corporation entered into
commodity swap agreements to manage a portion of its natural gas price
fluctuation exposure and is now committed to exchange, on a monthly basis, the
difference between a fixed price and a floating natural gas price index
calculated by reference to the notional amounts. Under this program, 43% of
the expected natural gas consumption is hedged for the next three fiscal
years. Hedging relationships were effective and in accordance with the risk
management objectives and strategies of the Corporation throughout the second
quarter of fiscal 2008.
    As at April 30, 2008, the Corporation had purchased commodity swap
agreements for 581,000 Gigajoules (533,000 Gigajoules as at October 31, 2007),
of which 201,000, 300,000 and 80,000 Gigajoules will mature in 2008, 2009 and
2010, respectively. The terms of theses commodity swap agreements range from
one month to 27 months, with prices varying from $7.38 to $8.93 per Gigajoule.
    For the three-month and six-month periods ended April 30, 2008, all things
being equal, an hypothetical strengthening of 25.0% of gas prices would have
had the following impact on net income and on other comprehensive income:


                              Three months ended          Six months ended
    (in millions of dollars)      April 30, 2008            April 30, 2008
    -------------------------------------------------------------------------
                                       Other com-                Other com-
                                Net   prehensive          Net   prehensive
                             income       income       income       income
    -------------------------------------------------------------------------
    Gas prices               $ (0.2)       $ 0.6       $ (0.3)       $ 0.6
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    An hypothetical weakening of 25.0% of gas prices would have had an
opposite impact on net income and other comprehensive income.

    Stock-based compensation costs risk

    The Corporation is exposed to a financial risk related to stock-based
compensation costs. Potential fluctuations in its Class A Subordinate Voting
Share price would have an impact on the charge related to its share unit plan
as described in Note 11. During the first quarter of fiscal 2007, the
Corporation entered into a total return swap agreement with a financial
institution in order to minimize this financial risk. The Corporation now
receives or pays, on a quarterly basis, the difference between the fixed share
price of the total return swap and the Class A Subordinate Voting Share price,
less any amount previously received or paid. During the second quarter of
fiscal 2008, the Corporation modified the total return swap to increase the
total number of share units covered by the total return swap. As at April 30,
2008, the total return swap agreement covered 154,000 Class A Subordinate
Voting Shares at an average fixed price of $16.54.  The remaining term of this
total return swap agreement is 45 months, with an option to terminate it
before its maturity date without any costs.

    The fair value of the swap agreement as at April 30, 2008, for a total
amount of $0.1 million, is recorded in the Corporation's consolidated balance
sheet with changes in fair value recognized in net income.
    For the three-month and six-month periods ended April 30, 2008, all things
being equal, an hypothetical strengthening or weakening of 5.0% of the Class A
Subordinate Voting Share price would have had a negligible impact on net
income.

    Fair value

    The book value of certain financial instruments maturing in the short-term
approximates their fair value. These financial instruments include accounts
receivable, accounts payable and accrued liabilities. The table below shows
the fair value and the book value of other financial instruments.
    The fair value of long-term debt is determined essentially by discounting
cash flows, based on actual loan rates for long-term debt with similar
characteristics, or quoted market prices. The fair value of derivative
financial instruments is approximately the amounts for which the financial
instruments could be settled between consenting parties, based on current
market data for similar instruments. As estimates must be used to determine
fair value, they must not be interpreted as being realizable in the event of
an immediate settlement of the instruments.

    (in millions              April 30, 2008           October 31, 2007
     of dollars)         Fair value   Book value   Fair value   Book value
    -------------------------------------------------------------------------
    Long-term debt        $   660.8    $   658.1     $   539.5   $   537.5
    Foreign exchange
     forward contracts
     and collars          $     5.1    $     5.1     $    14.3   $    14.3
    Commodity swap
     agreements           $     0.7    $     0.7     $    (0.6)  $    (0.6)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    16. Capital management

    The Corporation's primary objectives in managing capital are:

    - Optimize leverage position by targeting a 35% to 50% net
      indebtedness/total capitalization ratio;
    - Maintain an investment grade credit rating;
    - Preserve its financial flexibility in order to benefit from potential
      opportunities as they arise.

    The Corporation manages the capital structure and makes adjustments to it
in light of changes in economic conditions and the risk characteristics of the
underlying assets.
    The Corporation monitors capital on the basis of net indebtedness/total
capitalization ratio. For calculation purposes, net indebtedness refers to
long term debt, current portion of long term debt plus bank overdraft, less
cash and cash equivalents.  Total capitalization comprises net indebtedness as
just described and shareholders' equity.
    As at April 30, 2008, the net indebtedness/total capitalization ratio was
34%. As at October 31, 2007, the net indebtedness/total capitalization ratio
was 29%. The variation of this ratio was mainly the result of the increase in
net indebtedness related to the purchase of property, plant and equipment and
the redemption of shares.  Capital management objectives, policies and
procedures were unchanged since the last period.
    For the six-month periods ended April 30, 2008, the Corporation has not
been in default under any of its obligations regarding the term revolving
credit facility, the securitization program and other financial obligations.

    17. Commitments

    Machinery and equipment

    The Corporation is committed to acquire machinery and equipment. As at
April 30, 2008, these commitments represented $98.9 million, including
US$70.2 million, CHF2.0 million, (euro)3.2 million and C$20.6 million. Minimum
payments required in 2008 and 2009 are the equivalent of $53.2 million and
$45.7 million, respectively.


    18. Segmented information

    Comparative figures of Printing Products and Services and Marketing
Products and Services sectors have been reclassified to reflect the transfer
of the Boucherville plant from the Commercial Products Group, in the Printing
Products and Services sector, to the Catalogue and Magazine Group, in the
Marketing Products and Services sector as of November 1, 2007.
    Sales between sectors of the Corporation are measured at fair value.
Transactions, other than sales, are measured at carrying value.

                              Three months ended         Six months ended
                                    April 30                 April 30
    -------------------------------------------------------------------------
    (in millions
     of dollars)               2008         2007         2008         2007
    -------------------------------------------------------------------------

    Revenues
      Printing Products
       and Services         $ 150.5      $ 160.1    $   300.6    $   321.5
      Marketing Products
       and Services           310.1        291.9        628.6        579.6
      Media                   158.2        155.5        305.2        298.1
      Other activities
       and unallocated
       amounts                  4.0          4.3          8.3          7.8
      Inter-segment sales
        Printing Products
         and Services         (13.2)       (13.3)       (26.1)       (26.2)
        Marketing Products
         and Services          (9.7)        (9.7)       (15.9)       (16.4)
        Media                  (4.8)        (4.1)        (9.6)        (7.5)
    -------------------------------------------------------------------------
    Total inter-segment
     sales                    (27.7)       (27.1)       (51.6)       (50.1)
    -------------------------------------------------------------------------
                            $ 595.1      $ 584.7    $ 1,191.1    $ 1,156.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Operating income
     before amortization,
     impairment of assets
     and restructuring
     costs
      Printing Products
       and Services         $  28.8      $  30.2      $  56.1      $  59.5
      Marketing Products
       and Services            38.5         36.5         79.8         69.2
      Media                    29.8         30.8         49.8         50.5
      Other activities
       and unallocated
       amounts                 (6.4)        (4.7)       (12.6)       (10.7)
    -------------------------------------------------------------------------
                            $  90.7      $  92.8      $ 173.1      $ 168.5
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Operating income
      Printing Products
       and Services         $  19.5      $  21.0      $  38.2      $  39.9
      Marketing Products
       and Services            20.4         19.8         43.5         31.0
      Media                    23.8         26.9         38.0         42.3
      Other activities and
       unallocated amounts     (7.8)        (6.1)       (15.4)       (13.4)
    -------------------------------------------------------------------------
                            $  55.9      $  61.6      $ 104.3      $  99.8
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Acquisitions of
     property, plant
     and equipment (1)
      Printing Products
       and Services         $  47.6      $  13.5      $  73.8      $  16.2
      Marketing Products
       and Services            13.1         15.1         18.7         36.5
      Media                     2.7          1.9          4.2          2.9
      Other activities and
       unallocated amounts      1.0          1.7          1.4          2.7
    -------------------------------------------------------------------------
                            $  64.4      $  32.2      $  98.1      $  58.3
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Amortization of
     property, plant
     and equipment,
     intangible assets
     and deferred charges
      Printing Products
       and Services         $   9.0       $  8.8      $  17.6      $  17.3
      Marketing Products
       and Services            18.0         16.4         36.2         33.0
      Media                     4.0          4.0          8.0          7.9
      Other activities and
       unallocated amounts      1.4          1.4          2.7          2.7
    -------------------------------------------------------------------------
                            $  32.4       $ 30.6      $  64.5      $  60.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) These amounts represent total expenditures for additions to property,
        plant and equipment, whether they are paid or not.


                                                        As at        As at
                                                     April 30,  October 31,
    (in millions of dollars)                             2008         2007
    -------------------------------------------------------------------------
    Assets
      Printing Products and Services                $   578.5    $   512.4
      Marketing Products and Services                   985.4        995.0
      Media                                             797.6        773.4
      Other activities and unallocated amounts          112.5        121.1
    -------------------------------------------------------------------------
                                                    $ 2,474.0    $ 2,401.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Goodwill
      Printing Products and Services                $    93.5    $    93.3
      Marketing Products and Services                   362.4        336.8
      Media                                             506.0        504.3
      Other activities and unallocated amounts            0.9          0.2
    -------------------------------------------------------------------------
                                                    $   962.8    $   934.6
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    19. Subsequent events

    Redemption of shares

    The Corporation purchased 191,500 of its Class A Subordinate Voting Shares
at a weighted average price of $19.80 for a total consideration of
$3.8 million between May 1, 2008 and June 11, 2008 in accordance with its
Normal Course Issuer Bid as described in Note 10.

    Revolving credit

    On May 14, 2008, the Corporation amended its credit agreement to provide
an additional tranche ("Tranche B") to the current revolving credit facility.
Tranche B amounts to $150 million, for a total amount of revolving credit
facility of $550 million. Tranche B is available for a 364-day period. The
applicable interest rate on Tranche B is based on the credit rating assigned
by Standard & Poor's Ratings Services. Depending on the form of borrowing
chosen by the Corporation for Tranche B, the interest rate applicable is,
either bank prime rate, bankers' acceptance rate + 0.575% or LIBOR + 0.575%,
based on the current credit rating. Facility fees of 0.225% are applicable on
Tranche B, whether it is drawn or not. The other terms and conditions of
Tranche B are as disclosed in Note 14 of the latest annual consolidated
financial statements.

    20. Effect of new accounting standards not yet implemented

    a) Inventories

    In March 2007, the CICA issued Section 3031, Inventories, replacing
Section 3030, Inventories. This Section applies to interim and annual
financial statements for fiscal years beginning on or after January 1, 2008.
The Section prescribes the accounting treatment for inventories such as
measurement of inventories at the lower of cost and net realizable value. It
provides guidance on the determination of cost and its subsequent recognition
as an expense, including any write-downs to net realizable value and reversal
of previous write-downs of inventories arising from an increase in net
realizable value. It also provides guidance on the cost methodologies that are
used to assign costs to inventories and it describes the required disclosures
on the carrying amount of inventories, the amount of inventories recognized as
an expense and the amount of write-downs or reversal of write-downs of
inventories.

    b) General standards of financial statement presentation

    In June 2007, Section 1400, General standards of financial statement
presentation, has been amended to include requirements to assess and disclose
an entity's ability to continue as a going concern. The new requirements are
effective for interim and annual financial statements relating to fiscal years
beginning on or after January 1, 2008.

    c) Goodwill and intangible assets

    In February 2008, the CICA issued Section 3064, Goodwill and intangible
assets, which supersedes Section 3062, Goodwill and other intangible assets
and Section 3450, Research and development costs. This Section applies to
interim and annual financial statements for fiscal years beginning on or after
October 1, 2008. The Section establishes standards for the recognition,
measurement and disclosure of goodwill and intangible assets.

    The Corporation is currently evaluating the impact of the adoption of the
above standards on the consolidated financial statements.

    21. Comparative figures

    Certain prior period figures have been reclassified to conform with the
current period presentation.
    




For further information:

For further information: Media: Nessa Prendergast, Director, Media
Relations, Transcontinental Inc., (514) 954 2809,
nessa.prendergast@transcontinental.ca, www.transcontinental.com; Financial
Community: Benoît Huard, Vice President and Chief Financial Officer,
Transcontinental Inc., (514) 954-4162, benoit.huard@transcontinental.ca

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