METROLAND Metroland Printing, Publishing & Distributing is Ontario’s leading community newspaper publisher. We have a proud track record of profit and growth. In 2004, we delivered on our strategy by: Metroland publishes 67 community newspapers in 116 editions circulating more than four million copies in southern Ontario each week. We are one of the largest and most sophisticated distributors of advertising circulars in the country, distributing almost 2.3 billion pieces in 2004, up 14 per cent from 2003. Our strategic goal is to achieve double- digit annual profit growth through organic growth in new products and innovation, through new lines in adjacent businesses (like community directories, coupon envelopes and vertical publications), through acquisitions and start-ups and by investing in people, technology and infrastructure to support rapid expansion.  In 2004, excluding an investment in the successful April launch of Niagara This Week, Canada’s largest community newspaper, Metroland achieved its goal of double-digit profit growth for the third consecutive year.  Traffic to Metroland’s newspaper websites continues to grow as additional readers turn to the Web for news. Counts of average monthly unique visitors and average monthly page views are each up more than 59 per cent. Metroland jointly owns Metro, one of Toronto’s free commuter dailies, and Sing Tao, Canada’s largest Chinese daily newspaper. Both publications performed extremely well in 2004. With weekday circulation of 230,000, Metro is the second largest daily newspaper in Toronto. Sing Tao operates in Toronto, Vancouver and Calgary. • Completing the installation of the new KBA Colora press at our Tempo printing plant on time and on budget. This represents the largest single capital investment in Metroland’s history and positions us for further growth in 2005 and beyond.  • Earning a combined 160 industry awards for editorial excellence from the Ontario Community Newspaper Association, the Canadian Community Newspaper Association, and the Suburban Newspapers of America;  • Creating a multitude of new products including Centre of The City magazine, Dream Homes magazine, The Moment newspaper, Vacancy magazine, and Metroland Bonus Pak coupon envelopes; • Making a number of acquisitions, the largest being the Grimsby Lincoln News, The Port Perry Star and Oakville Today . Other important acquisitions include World of Wheels magazine, Canadian Auto World, Flyer Network distributors, Port Colborne Leader, Scott’s Fort Erie Shopper Thorold News, Gold Book directories, Heart of the Country craft shows, Awesome Productions trade shows and an interest in Action Pak coupon envelopes; Ta nS AGARA is We Sennen 11 TORSTAR 2004