Transcontinental Reports Improved Profitability in Fourth Quarter

Financing Activities

In a general context of tight credit, Transcontinental successfully completed, primarily in the second half of fiscal 2009, several refinancing and financing arrangements. These agreements, totalling $888 million, are as follows:

• a private placement of $100 million in unsecured debentures underwritten by the Solidarity Fund QFL, a development capital fund based in Quebec;