TORSTAR CORPORATION INFORMATION CIRCULAR MARCH 9, 2020 TORSTAR CORPORATION Information Circular TABLE OF CONTENTS Page SOLICITATION OF PROXIES .................................................................................................................................................................................................. 1 Who is Entitled to Vote ............................................................................................................................................................................................................... 1 How to Vote ................................................................................................................................................................................................................................ 1 Attendance in Person ................................................................................................................................................................................................................... 1 Appointment of Proxies ............................................................................................................................................................................................................... 1 Exercise of Discretion by Proxies ................................................................................................................................................................................................ 1 Amendments, Variations or New Matters Brought before the Meeting ....................................................................................................................................... 2 Revocation of Proxies ................................................................................................................................................................................................................. 2 Voting by Non-Registered Shareholders ..................................................................................................................................................................................... 2 How Will the Votes be Counted .................................................................................................................................................................................................. 2 Notice and Access ....................................................................................................................................................................................................................... 2 VOTING SHARES AND THE VOTING TRUST ...................................................................................................................................................................... 3 Voting Shares .............................................................................................................................................................................................................................. 3 Principal Holders of Voting Shares ............................................................................................................................................................................................. 3 The Voting Trust ......................................................................................................................................................................................................................... 3 BUSINESS OF THE MEETING................................................................................................................................................................................................. 5 Financial Statements.................................................................................................................................................................................................................... 5 Election of Directors ................................................................................................................................................................................................................... 5 Appointment of Auditors ............................................................................................................................................................................................................. 5 ELECTION OF DIRECTORS .................................................................................................................................................................................................... 6 Majority Voting in Director Elections ......................................................................................................................................................................................... 6 Proposed Nominees ..................................................................................................................................................................................................................... 6 ADDITIONAL DISCLOSURE RELATING TO DIRECTORS ................................................................................................................................................. 9 Common Directorships ................................................................................................................................................................................................................ 9 Cease Trade Orders, Bankruptcies, Penalties or Sanctions ........................................................................................................................................................ 10 Summary of 2019 Board and Committee Meetings and Attendance of Directors ..................................................................................................................... 10 DIRECTOR COMPENSATION ............................................................................................................................................................................................... 10 EXECUTIVE COMPENSATION ............................................................................................................................................................................................. 13 COMPENSATION DISCUSSION & ANALYSIS ................................................................................................................................................................... 13 Human Resources & Compensation Committee ........................................................................................................................................................................ 13 Risk Management ...................................................................................................................................................................................................................... 14 Objectives of the Executive Compensation Program ................................................................................................................................................................. 14 Named Executive Officers ........................................................................................................................................................................................................ 15 2019 Compensation Program .................................................................................................................................................................................................... 15 Compensation Review Process for Named Executive Officers ................................................................................................................................................. 15 Elements of 2019 Executive Compensation Program ................................................................................................................................................................ 17 Base Salary ................................................................................................................................................................................................................................ 19 Annual Incentives ...................................................................................................................................................................................................................... 19 Longer-term Incentives ............................................................................................................................................................................................................. 22 Deferred Share Unit Plan........................................................................................................................................................................................................... 24 Share Ownership Requirements ................................................................................................................................................................................................ 24 Share Performance Graph .......................................................................................................................................................................................................... 24 SUMMARY COMPENSATION TABLE ................................................................................................................................................................................