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Forward Looking Statements TORSTAR CORPORATION 2012 ANNUAL INFORMATION FORM March 22, 2012 TABLE OF CONTENTS FORWARD LOOKING STATEMENTS ....................................................................................................................................... 1 I. CORPORATE STRUCTURE .......................................................................................................................................... 3 A. Name, Address and Incorporation .......................................................................................................................... 3 B. Subsidiaries ............................................................................................................................................................ 3 II. GENERAL DEVELOPMENT OF THE BUSINESS ....................................................................................................... 3 A. Media ..................................................................................................................................................................... 3 B. Book Publishing ..................................................................................................................................................... 6 III. DESCRIPTION OF THE BUSINESS .............................................................................................................................. 6 A. General Summary................................................................................................................................................... 6 1. Media .............................................................................................................................................................. 6 2. Book Publishing .............................................................................................................................................. 7 B. Principal Activities ................................................................................................................................................. 8 1. Media .............................................................................................................................................................. 8 (a) Star Media Group ................................................................................................................................. 8 (b) Metroland Media Group ......................................................................................................................13 2. Book Publishing .............................................................................................................................................17 (a) Editorial Developments .......................................................................................................................17 (b) North America .....................................................................................................................................18 (c) Overseas .............................................................................................................................................19 3. Investments in Associated Businesses ...........................................................................................................19 4. Portfolio Investments .....................................................................................................................................20 C. Employees of Torstar... .........................................................................................................................................20 D. Properties of Torstar ..............................................................................................................................................20 E. Intangible Properties .............................................................................................................................................20 F. Environmental Matters ..........................................................................................................................................21 G. Cycles ....................................................................................................................................................................21 H. Competitive Conditions ........................................................................................................................................21 I. Foreign Operations ................................................................................................................................................21 IV. RISK FACTORS .............................................................................................................................................................22 V. DIVIDENDS ....................................................................................................................................................................22 VI. DESCRIPTION OF CAPITAL STRUCTURE ...............................................................................................................22 VII. MARKET FOR SECURITIES .......................................................................................................................................24 VIII. DIRECTORS AND OFFICERS .....................................................................................................................................25 A. Directors ................................................................................................................................................................25 B. Officers..................................................................................................................................................................26 C. Shareholdings of Directors and Officers ...............................................................................................................27 D. Committees ...........................................................................................................................................................27 E. Audit Committee ...................................................................................................................................................28 F. Cease Trade Orders, Bankruptcies, Penalties or Sanctions ...................................................................................29 G. Conflicts of Interest ...............................................................................................................................................30 IX. LEGAL PROCEEDINGS ................................................................................................................................................30 X. INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ...............................................30 XI. TRANSFER AGENT AND REGISTRAR ......................................................................................................................31 XII. MATERIAL CONTRACTS ............................................................................................................................................31 XIII. INTERESTS OF EXPERTS ...........................................................................................................................................31 XIV. ADDITIONAL INFORMATION ....................................................................................................................................31 APPENDIX “A” - AUDIT COMMITTEE TERMS OF REFERENCE ........................................................................................32 i TORSTAR CORPORATION Certain statements in this Annual Information Form (“AIF”) and in the Corporation’s oral and written public communications may constitute forward-looking statements that reflect management’s expectations regarding the Corporation’s future growth, financial performance and business prospects and opportunities as of the date of this AIF. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “forecast”, “expect”, “intend”, “would”, “could”, “if”, “may” and similar expressions. All such statements are made pursuant to the “safe harbour” provisions of applicable Canadian securities legislation. These statements reflect current expectations of management regarding future events and operating performance, and speak only as of the date of this AIF. In addition, forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. By their very nature, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that management’s assumptions may not be accurate and that actual results, performance or achievements may differ significantly from such predictions, forecasts, conclusions or projections expressed or implied by such forward-looking statements. We caution readers not to place undue reliance on the forward-looking statements in this AIF as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, outlooks,
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