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2019 Annual Information Form

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2019 Annual Information Form TORSTAR CORPORATION 2019 ANNUAL INFORMATION FORM March 20, 2019 TABLE OF CONTENTS FORWARD LOOKING STATEMENTS ....................................................................................................................................... 1 I. CORPORATE STRUCTURE .......................................................................................................................................... 4 A. Name, Address and Incorporation .......................................................................................................................... 4 B. Subsidiaries ............................................................................................................................................................ 4 II. GENERAL DEVELOPMENT OF THE BUSINESS ....................................................................................................... 4 III. DESCRIPTION OF THE BUSINESS .............................................................................................................................. 6 A. General Summary................................................................................................................................................... 6 B. Principal Activities ................................................................................................................................................. 7 1. Daily Brands ................................................................................................................................................... 7 2. Community Brands ........................................................................................................................................13 3. Digital Ventures .............................................................................................................................................15 4. Investments in Associated Businesses ...........................................................................................................16 5. Portfolio Investments .....................................................................................................................................16 C. Employees of Torstar... .........................................................................................................................................16 D. Properties of Torstar ..............................................................................................................................................17 E. Intangible Properties .............................................................................................................................................17 F. Environmental Matters ..........................................................................................................................................17 G. Cycles ....................................................................................................................................................................18 H. Competitive Conditions ........................................................................................................................................18 IV. RISK FACTORS .............................................................................................................................................................19 V. DIVIDENDS ....................................................................................................................................................................19 VI. DESCRIPTION OF CAPITAL STRUCTURE ...............................................................................................................20 VII. MARKET FOR SECURITIES .......................................................................................................................................22 VIII. DIRECTORS AND OFFICERS .....................................................................................................................................22 A. Directors ................................................................................................................................................................22 B. Officers..................................................................................................................................................................24 C. Shareholdings of Directors and Officers ...............................................................................................................24 D. Committees ...........................................................................................................................................................25 E. Audit Committee ...................................................................................................................................................25 F. Cease Trade Orders, Bankruptcies, Penalties or Sanctions ...................................................................................27 G. Conflicts of Interest ...............................................................................................................................................27 IX. LEGAL PROCEEDINGS ................................................................................................................................................27 X. INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ...............................................28 XI. TRANSFER AGENT AND REGISTRAR ......................................................................................................................28 XII. MATERIAL CONTRACTS ............................................................................................................................................28 XIII. INTERESTS OF EXPERTS ...........................................................................................................................................30 XIV. ADDITIONAL INFORMATION ....................................................................................................................................30 APPENDIX “A” - AUDIT COMMITTEE TERMS OF REFERENCE ........................................................................................31 i TORSTAR CORPORATION Forward-Looking Statements 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”, “estimate”, “assume”, “predict”, “intend”, “would”, “could”, “if”, “may” and similar expressions. This AIF includes, among others, forward-looking statements in Section II of this AIF (General Development of the Business), Section III.A of this AIF (General Summary), Section III.B.1(b)(i) of this AIF (Advertising), Section III.B.1(b)(ii) of this AIF (Subscriptions and Distribution), Section III.B.1(d) of this AIF (Other Dailies), Section III.E of this AIF (Intangible Properties), Section III.F of this AIF (Environmental Matters), Section III.H of this AIF (Competitive Conditions), Section IV of this AIF (Risk Factors), Section V of this AIF (Dividends), Section IX of this AIF (Legal Proceedings), and Section XII of this AIF (Material Contracts). 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. The Corporation cautions 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, expectations, goals, estimates or intentions expressed in the forward-looking statements. These factors include, but are not limited to: • the Corporation’s ability to operate in highly competitive changing industries; • the Corporation’s ability to compete with digital media, other newspapers and other forms of media; • the Corporation’s ability to respond to the shift to digital media and the shift by advertisers to other digital platforms; • the Corporation’s ability to attract, grow and retain its digital audience and profitably develop its digital platforms; • the Corporation’s ability to charge for news content used by search, social media and technology companies; • the Corporation’s ability to attract
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