OVERVIEW 2017-Q3Evolving with Canadians

January, 2018

Confidential Document

STUDY SCOPE – 2017 Q310 Provinces / 5 Regions / 45 Markets

• 43,325 Canadians aged 12+

(MM) = Major Markets (LM) = Local Markets

• 42,768 Canadians aged 18+

# Market Smpl # Market Smpl # Market Smpl # Provinces1 Toronto (MM) 4,859 18 Sault Ste. Marie (LM) 253 35 Prince George (LM) 240 1 Alberta

2 Ottawa / Gatineau (MM) 2,824 19 North Bay (LM) 258 36 Winnipeg (MM) 1,172 2 British Columbia

3 Hamilton (MM) 1,082 20 Cornwall (LM) 256 37 Brandon (LM) 252 3 Manitoba

4 Kitchener (MM) 984 21 Timmins (LM) 257 38 Saint John (LM) 244 4 New Brunswick

5 London (MM) 993 22 Owen Sound (LM) 251 39 St. John's (MM) 508 5 Newfoundland and Labrador

6 St. Catharines / Niagara (MM) 525 23 Montréal (MM) 5,216 40 Halifax (MM) 863 6 Nova Scotia

7 Windsor (MM) 861 24 Québec City (MM) 1,169 41 Cape Breton (LM) 257 7 Ontario

8 Guelph (LM) 551 25 Sherbrooke (MM) 255 42 Summerside (LM) 249 8 Prince Edward Island

9 Barrie (MM) 288 26 Saguenay (MM) 248 43 Charlottetown (LM) 247 9 Quebec

10 Kingston (LM) 255 27 Trois-Rivières (MM) 242 44 Saskatoon (MM) 880 10 Saskatchewan

11 Thunder Bay (LM) 258 28 Granby (LM) 253 45 Regina (MM) 886

12 Sudbury (LM) 254 29 Calgary (MM) 2,345 # Regions13 Brantford (LM) 254 30 Edmonton (MM) 2,332 1 Atlantic

14 Peterborough (LM) 247 31 Lethbridge (LM) 250 2 British Columbia

15 Chatham (LM) 238 32 Medicine Hat (LM) 248 3 Ontario

16 Belleville (LM) 245 33 Vancouver (MM) 3,735 4 Prairies

17 Sarnia (LM) 253 34 Victoria (MM) 859 5 Quebec

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MAGAZINES (66)• Air Canada enRoute • Reader's Digest • RICARDO Magazine• AMA Insider Magazine • Report on Business • Sélection du Reader’s Digest• Best Health • Starweek (Print) • Star Système• CAA Magazine • Style at Home • Summum• CAA Manitoba • The Hockey News • TV Hebdo• CAA Saskatchewan • Today’s Bride • Urbania• CAA Alberta/Man/Sask • Today's Parent • Vivre Mieux• Canada's History • Toronto Life• Canadian Geographic • Vancouver Magazine• CANADIAN HOUSE & HOME • Westcoast Homes & Design• Canadian Living • Western Living• Chatelaine • Zoomer Magazine• Cineplex Magazine • 5 ingrédients - 15 minutes• Cottage Life • 7 Jours• ELLE CANADA • Bel Âge magazine• FASHION Magazine • CAA Québec/Touring (Fr/En)• Financial Post Magazine • Châtelaine (Fr)• FOOD & DRINK • Clin d'oeil• Good Times (Print) • Cool!• Hello! Canada • Coup de pouce• Live Better • Dernière Heure• Maclean's • Échos Vedettes• NOW • ELLE QUÉBEC• Ontario OUT OF DOORS • La Semaine• Our Canada • L'actualité• Outdoor Canada • Le Magazine Cineplex• ParentsCanada • Les Affaires/Les Affaires Plus• People • Les Idées de Ma Maison• Professionally Speaking • Magazine Espaces

• Magazine Véro

• The Calgary Sun• The Chatham Daily News• The Chronicle Herald• The Chronicle Journal• The Daily Press• The Edmonton Sun• The Globe And Mail• The Guardian• The Hamilton Spectator• The Journal Pioneer• The Kingston Whig-Standard• The Lethbridge Herald• The London Free Press• The Ottawa Sun• The Owen Sound Sun Times• The Peterborough Examiner• The Province• The Sarnia Observer• The Sault Star• The Standard• The StarPhoenix• The Sudbury Star• The Telegram• The Toronto Sun• The Tribune• The Vancouver Sun• The Windsor Star• The Winnipeg Sun• Times Colonist

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NEWSPAPERS (69)• Cape Breton Post• Edmonton Journal• Leader-Post (Regina)• Medicine Hat News• Metro Calgary• Metro Edmonton• Metro Halifax• Metro Toronto• Metro Vancouver• Montreal Gazette• National Post• Niagara Falls Review• North Bay Nugget• Ottawa Citizen• Prince George Citizen• Standard-Freeholder• The Belleville Intelligencer• The Brandon Sun• The Brantford Expositor• The Calgary Herald

• Toronto Star• Waterloo Region Record• Winnipeg Free Press• 24 Heures• La Presse• La Tribune• La Voix de l’Est• Le Devoir• Le Droit• Le Journal de Montréal• Le Journal de Québec• Le Nouvelliste• Le Quotidien• Le Soleil• Métro (Montréal)

TITLES REPORTED

COMMUNITY TITLES• North Shore News• Richmond News• Tri-City News• Vancouver Courier• Business in Vancouver

Note on titles previously measured in print, now measured as digital only: Canadian Business, Flare, MoneySense and Sportsnet are no longer reported as magazines under “Readership Specific”. Past month Digital Audience for these titles will be listed under “Websites/Apps”.

Organic changes (distribution, frequency, platform, circulation)

Changes in reader behaviour

1

READERSHIP CHANGES FROM 2016-Q4 TO 2017-Q3 ARE A FUNCTION OF TWO FACTORS:

+

4

2

MAGAZINE BRANDS66 Consumer Magazine Brands Reported:

• Overall, total Print/Digital magazine readership levels remain relatively consistent.

• Three quarters of Canadian adults read magazines, higher in Ontario and Quebec.

• Print remains the dominant platform. 62% of Canadian readers are reading print only, and 8% reading digital only. 30% of readers are cross-platform. 38% are reading on digital platforms.

• Readership on mobile devices inches higher with each quarter.

• Millennials and GenXers have a greater preference for reading on digital devices, while readers of all ages engage with Magazine Brands.

• On average, two thirds of printed Magazine readers read an issue on 3+ occasions.

5

48% 47% 45% 47%

23% 23% 24% 23%

5% 6% 7% 6%

2016 Q4 2017 Q1 2017 Q2 2017 Q3

Digital Only

Both

Print Only

Any Magazine, Print/Digital AIR (18+)

6Source: Vividata 2016 Q4-2017 Q3 Readership and Product DatabaseBase: Respondents aged 18+, Any Magazine – Print/Digital AIR (Unduplicated)

Reach of Magazine Brands has remained consistent over the past 12 months.

76% 76% 76% 76%

Across Canada, Magazine Brands reach 3 of 4 adults.

Source: Vividata 2017 Q3 Readership and Product Database Base: Respondents aged 18+, Any Magazine – Print/Digital AIR

73%

British Columbia

74%

Prairies

78%

Ontario77%

Québec

72%

Atlantic

Any Magazine, Print/Digital AIR (18+)

7

CONFIDENTIAL

62%19%

5%

6%5%

1%2%

Print Only

Print & Computer & Mobile

Print & Computer Only

Print & Mobile Only

Computer & Mobile Only

Computer Only

Mobile Only

Any Magazine, Composition of Print/Digital AIR (18+)

Source: Vividata 2017 Q3 Readership and Product DatabaseBase: Respondents aged 18+, Any Magazine – Print AIR/Past Month Digital Readers (Unduplicated)

While 62% of Magazine readers are reading exclusively via Print, 19% read Print in combination with more than one digital device.

8

9

Print as a % of total audience Digital as a % of total audience

Print Dominates

More DigitalVariation

Mag

azin

e Ti

tles

Source: Vividata 2017 Q3 Readership and Product DatabaseBase: Respondents aged 18+, Print AIR/Past Month Digital Readers

Platform readership of Magazine Brands varies by title.

10

Print only Both Digital Only

Millenials & GenXers have greater digital reading than Boomers & Greatest Gen. While readers of all ages engage with Magazine Brands.

70%

74%

80%

85%

Source: Vividata 2017 Q3 Readership and Product DatabaseBase: Respondents aged 18+, Any Magazine – Print AIR/Past Month Digital Readers (Unduplicated)

Any Magazine, Reach of Print/Digital AIR (18+)

% of Adult Population:

Millennials (1982-2001) 29%

GenXers(1965-1981) 29%

Boomers (1945-1965) 35%

Greatest Gen(Earlier-1945) 8%

41%

21%

39%

28%22%

30%

10%15%

11%5%

11%

18%

Smartphone Tablet Computer

Millennials(1982-2001)

GenXers(1965-1981)

Baby Boomers(1945-1965)

Greatest Gen(1945-Earlier)

Any Magazine, Reach by Digital Device (18+)

Millennials & GenXers are more likely to read a Magazine’sdigital content, with more reading via a smartphone or computer.

Source: Vividata 2017 Q3 Readership and Product Database Base: Respondents aged 18+, Any Magazine – Devices used to access digital content

37%

55%59%

36%

23%

15%

40%47% 47%

32%

18%13%

44% 43%

29% 30%

12%17%

Directly to Website Via Search Engines Via Links-SocialMedia

Via Links-OthrWebsites

Via an App Some Other Way

Millennial Readers (1982-2001) GenXers (1945-1965) Boomer Readers (1945-1965)

Any Magazine, Reach of Digital Readers (18+)

12Source: Vividata 2017 Q3 Readership and Product Database Base: Respondents aged 18+, Any Magazine – Digital Readers (Includes Duplication)Note: “Directly to website” = Subscription Including Digital Edition + Typing Website Address + Via Bookmark/Favorite/Homepage

Boomers predominantly access Digital Magazines directly & via search, while Millennials access via search & social media.

On average, two thirds of printed Magazinereaders read an issue on 3+ occasions.

Source: Vividata 2017 Q3 Readership and Product Database Base: Respondents aged 18+, Average Magazine – Print AIR; (Includes Duplication)Question: How many times do you usually read or look through a typical print issue of this publication?

55%

43%

64%57%

44%

62%

48%38%

73%

1 Occasion 2 Occasions 3+ Occasions

Total Canada English Canada French Canada

Average Magazine, Print AIR (18+)

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NEWSPAPER BRANDS64 Daily Newspaper Brands Reported:

• In the major markets, 76% of Canadians read a newspaper each week, relatively consistent with past quarters.

• Reading behaviour is changing. Daily print readership is down in line with circulation trends, and this has been slightly offset by an increase in digital reading.

• 44% of newspaper readers read print only, while 48% now read on a mobile device.

• Newspaper readers are more active on digital during the weekdays, while print is strongly preferred on the weekends.

• Younger generations have greater digital reading than elder generations, while cross-platform readership is consistent for all generations.

• Digital readers often access a newspaper’s digital content daily or a few times a week.

14

36% 35% 34% 33%

29% 30% 30% 29%

13% 13% 13% 14%

2016 Q4 2017 Q1 2017 Q2 2017 Q3

Digital Only

Both

Print Only

Any Newspaper, Weekly Print/Digital Reach (Major Markets, 18+)

15

Exclusive print readership of Newspaper Brands has dropped slightly, while exclusive digital grew marginally.

Source: Vividata 2016 Q4-2017 Q3 Readership and Product DatabaseBase: Respondents aged 18+ in 18 Major Markets, All Newspapers – Weekly Print/Digital Reach

78% 78% 77% 76%

On a weekly basis, Newspaper Brands continue to reach 3 out of 4 adults across Canada.

74%

72%

78%Vancouver

Edmonton

Regina

Toronto

Winnipeg

77%

Calgary

75%

Montreal

81%76%

Ottawa/Gatineau

Québec City

82%

Halifax

90%

73%

Victoria

70%

74%

London

73%

Hamilton

71%

Source: Vividata 2017 Q3 Readership and Product Database Base: Respondents aged 18+, Average Weekly Print/Digital

St. John’s

Any Newspaper, Weekly Print/Digital Reach (18+)

16

CONFIDENTIAL

44%

22%

10%

10%

6%6%2%

Print Only

Print & Computer & Mobile

Print & Mobile Only

Computer & Mobile Only

Mobile Only

Print & Computer Only

Computer Only

Source: Vividata 2017 Q3 Readership and Product Database Base: Respondents aged 18+, 18 Major Markets, Any Newspaper - Average Weekly Print/Digital Readers (Unduplicated)

Any Newspaper, Composition of Weekly Print/Digital Readers (Major Markets, 18+)

48% of Newspaper Brand readers now access newspaper content on a mobile device; a slight increase from 2016-Q4.

17

Mobile: 48%

18

Print as a % of total audience Digital as a % of total audience

Print Dominates

More DigitalVariation

New

spap

er T

itle

sSource: Vividata 2017 Q3 Readership and Product DatabaseBase: Respondents aged 18+, Top 18 Markets, Weekly Print/Digital Readers

Platform readership of Newspaper Brands varies by title.

54%

41%

24%

31%

22%

28%

Weekend

Weekday

Print Only Both Digital Only

19

Weekday and Weekend AIR Readers (Major Markets, 18+)

Source: Vividata 2017 Q3 Readership and Product Database Base: Respondents aged 18+, 18 Major Markets, Any Newspaper - Average Weekly Print/Digital Readers (Unduplicated)

Newspaper Brand readers are more active on digital during the weekdays, and print dominates the weekends.

20

Print Only Both Digital Only

Millenials & GenXers have greater digital reading than Boomers & Greatest Gen. Cross-platform readership is consistent for all generations.

71%

74%

81%

86%

Any Newspaper, Reach of Print/Digital AIR (Major Markets, 18+)

% of Adult Population:

Millennials (1982-2001) 29%

GenXers(1965-1981) 29%

Boomers (1945-1965) 35%

Greatest Gen(Earlier-1945) 8%

Source: Vividata 2017 Q3 Readership and Product DatabaseBase: Respondents aged 18+ in 18 Major Markets, All Newspapers – Weekly Print/Digital Reach

26%

52%

27%

7%

35%

51%

22%5%

41%46%

18%5%

Once a Day or More A Few Times a Week Once a Week A Few Times a Month orLess Often

Millennial Readers (1982-2001) GenXers (1965-1981) Boomer Readers (1945-1965)

Any Newspaper, How Often Digital Readers Access (Major Markets, 18+)

21Source: Vividata 2017 Q3 Readership and Product Database Base: Respondents aged 18+ in 18 Major Markets, Any Newspaper – How Often Accessed Digital (Includes duplication)

Readers of all generations often access Newspaper digitalcontent daily or a few times a week.

39%

54%

63%

33%26%

8%

46% 46% 44%

26% 27%

8%

56%

40%

26%22%

29%

8%

Directly to Website Via Search Engines Via Links-Social Media Via Links-OthrWebsites Via an App Some Other Way

Millennial Readers (1982-2001) GenXers (1965-1981) Boomer Readers (1945-1965)

Any Newspaper, Reach of Weekly Digital Readers (Major Markets, 18+)

22Source: Vividata 2017 Q3 Readership and Product Database Base: Respondents aged 18+, 18 Major Markets - Any Newspaper – Digital Readers within Past Week (Includes duplication)Note: “Directly to website” = Subscription Including Digital Access + Typing Website Address + Via Bookmark/Favorite/Homepage

Boomers are more likely to access a newspaper’s digital content directly, while Millennials predominantly navigate via social media.