NOTE TO DAVID HOLLANDMarch 17, 2016 Mr. David Holland President & Chief Executive Officer Torstar Corporation (416) 814-2774; dholland@torstar.ca Mr. Holland: I am writing as a company shareholder, frankly not only at a loss with my investment, but totally puzzled by the stock price (TS.B) such ludicrous low value. It is a real shame to try to understand such shares selloffs. Although financial results are under pressure, this company doesn't deserve at all to pay a dividend to shareholders, for heaven sake. Book-value is way above the current share price and it is not acceptable that nothing is being done to have Torstar merged or outright sold to a company like ''Transcontinental'' for example. It would be absolutely insane to see the stock falling to $1.00 or even becoming a penny-stock. There is a limit to absurdity, Mr. Holland. I urge you and the Board to take legitimate actions and the required leadership to have Torstar Corporation look at all strategic alternatives. Thank you. Luc Proulx Minority shareholder LPROEXP@HOTMAIL.COM