FINANCIAL HIGHLIGHTS OPERATING RESULTS ($000) 2004 2003 Operating revenue $1,541,849 $1,488,309 EBITDA (1) 266,109 275,875 Operating profit 209,228 220,071 Net Income 112,703 123,515 Cash from operating activities 178,598 162,976 OPERATING RESULTS Operating profit – 13.6% 14.8% percentage of revenue Cash from operating activities – 23.2% 23.5% percentage of average shareholders’ equity PER CLASS A AND CLASS B SHARES Net Income $1.42 $1.59 Dividends $0.70 $0.64 Price range high/low $31.75/20.65 $30.00/23.10 FINANCIAL POSITION ($000) Long-term debt $317,829 $387,800 Shareholders’ equity $793,661 $745,055 The Annual Meeting of shareholders will be held Wed., May 4, 2005 at the Metro Toronto Convention Centre, 255 Front Street West, Toronto beginning at 10 a.m. It will also be webcast live on Torstar Media Group Television with interactive capabilities. OPERATING PROFIT  ($MILLIONS) OPERATING REVENUE  ($MILLIONS) INCOME FROM CONTINUING  OPERATIONS PER SHARE EBITDA  (1) 00 01 02 03 04 1,445 1,423 1,475 1,488 1,542 00 01 02 03 04 173 143 212 220 209 00 01 02 03 04 1.12 0.04 1.64 1.59 1.42 00 01 02 03 04 229 200 269 276 266 (1) Operating profit before depreciation and amortization. See note 4 on page 26.