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## SUMMARY OF QUARTERLY RESULTS 

(In thousands of dollars except for per share amounts) 

<img src='content_image/37132.jpg'>

The summary of quarterly results illustrates the cyclical nature of revenues and operating profit in the Newspaper Segment. The fourth quarter is generally the strongest for the daily newspapers. The weekly and community newspapers tend to have a more even performance during the year. 

Unusual income and losses have impacted the level of net income in several quarters. In 2003, the first and second quarters had unusual income of $2.1 million and $5.0 million respectively and the fourth quarter had an unusual loss of $7.8 million. In 2004, the third quarter had an unusual loss of $12.3 million. 

## SUBSEQUENT EVENTS 

On January 14, 2005, Torstar completed the sale of the land and building that had been previously been occupied by The Record in Kitchener for proceeds of $5.8 million. Torstar will report an unusual gain of $1.3 million in the first quarter of 2005. 

## OTHER 

At January 31, 2005, Torstar had 9,918,475 Class A voting shares and 68,255,928 Class B non-voting shares outstanding. More information on Torstar share capital is provided in Note 8 of the consolidated financial statements. 

At January 31, 2005, Torstar had 5,580,493 options to purchase Class B non-voting shares outstanding to executives and non-executive directors. More information on Torstar’s stock option plan is provided in Note 9 of the consolidated financial statements. 

Additional information relating to Torstar including the Annual Information Form is available on SEDAR at www.sedar.com. 

Dated: February 23, 2005. 

