Despite Difficult Economy, Transcontinental Improves Profitability

* Excluding the effects of the rationalization of direct mail operations in the United States, revenues in the Printing sector were down slightly and profitability was basically stable. The third quarter was marked by the startup of printing of the San Francisco Chronicle, which took place as scheduled. The new printing plant in Fremont, California where the daily paper is being printed is one of the first in North America to be built to the standards of Leadership in Energy and Environmental Design (LEED). We also gained customers in the flyer and newspaper printing operations, including two leading groups of weekly papers in the Quebec City area: Le Canada français and L’Avantage.