E-MAIL LETTER TO JOHN ALLEN HONDERICH (TORSTAR)February 16, 2018 Mr. John Allen Honderich Chair of the Board and Chair of Torstar Voting Trust Torstar Inc. One Yonge Street, Toronto, Canada M5E 1E6 Mr. Honderich: In reference to your recent interview with the Globe & Mail, acknowledging that Torstar is fighting for survival and the February 15, 2018 article TORSTAR CHAIR MAKES CASE FOR GOVERNMENT FUNDING, please be informed that you are quite late in assessing this reality. Torstar's class-B shares have been sinking since the Harlequin's sale in 2014 and have a 52-weeks HIGH/LOW of $1.90-$1.20. There is no buyer/suitor openly coming forward and the company is unable to achieve a turnaround. The major shareholder, Fairfax Financial Holdings Ltd. is just waiting, killing time, until the opportunity arises to snap up further class-B shares at the cheapest possible price, whether through a restructuring or in the event of a Torstar filing under the Companies' Creditors Arrangement Act (CCAA). Torstar has two options to avoid dying, either to be at the mercy of a Fairfax low-ball takeover offer or to initate talks immediately with TC Transcontinental President and Chief Executive Officer, Franois Olivier, in order to come up with a feasible merger under which Torstar shareholders would receive TCL.A shares and be part of TC Media. Your seeking of government funding is, by all means, rejected. As Heritage Minister Mlanie Joly pointed out, government would not "bail out industry models that are no longer viable", which is the case with Torstar. Torstar and others dont deserve to be feeded with taxpayers' money only to be kept artificially in life. You agree that "we have very little time left". "More cuts will be coming, guarantee". "We're very, very close to the end". Come out, Mr. Honderich, once and for all, and take the proactive steps required to enhance shareholders value. What is going on with Mr. John Boynton, the company's President and CEO? I am forwarding to your attention some troublesome postings (WWW.STOCKHOUSE.COM) of Torstar shareholders, who are fed up with your poor record. *** February 15, 2018 What happens in the next month should prove critical Well, forget about any of my previous thoughts of support levels. Frankly, I feel TS.B wants to test the old lows of 2017 - and probably should! THE reason why there was a bounce from last years lows was because FFH bought a large block of stock at $1.25 and everyone got giddy thinking the company would go private, in short order. Notice that there is NO support of the stock at this time and only a relatively small volume of sell orders has knocked the price down over the past 6 trading sessions. Absent also is any buying from insiders. Honerich crying to the Globe and Mail about how desparate TS.B is does not help matters and you are correct by saying that this is probably posturing in advance of the federal budget - but it does not help the stock in the short term. All eyes are on Q4 earnings, which are suggested to be in the + category. If not, the stock WILL test old lows or lower, in my opinion. If there is no good news in the federal budget and poor Q4 numbers the A shareholders SHOULD realize that FFH is the ONLY way out and they SHOULD accommodate selling a majority share to FFH. Also, what if FFH gets tired of all this and decides to sell in the open market. Let's not go there. The annual shareholders meeting should be fun. Can't wait. February 15, 2018 RE:Today's Globe and Mail article regarding Torstar The way I see this mascarade, Honderich play the poor baby in the pages of Globe and Mail just for political reasons. Next federal budget is on 27th, and in order to get what asked, they need to show a ugly picture, that's it! Next day, 28th there's Q4 earning, with a big menu!! Regional deal with postmedia, relief package from Melanie Joly and VerticalScope revenu. Don't agree for FFH, Watsa will make money from is last buy and at this level having a vote dosen't really matter in my view. February 15, 2018 Today's Globe and Mail article regarding Torstar Not a pretty picture in the interview with Honderich . I really have a problem when management appears to be throwing in the towel . Just the opposite attitude to the wonderful Canadian athletes at the Olympics . It appears from the article that The Globe and Mail will be the last newspaper chain . If Honderich thinks that Facebook and Google are so wonderful , then when not put our remaining 50 million in these stocks . I have said it before , but just a reminder to everyone is to never buy a stock again where you have NO vote . Even Fairfax with 40 % of the "B" shares can't do much . Such a shame ! February 15, 2018 RE:RE:RE:Honderich Interview Good comments Mediawatcher. I used to be a regular on this board but not so much now as I sold out awhile ago. Would like to buy back in as price cheap so check in periocially but no good reason to buy. If I was a major shareholder like Honderich I would be so gratefull that Watsa has my back and has bought so many shares. If Fairfax unloads this goes under a dollar as market could not absorb that many shares. Honderich comments do not inspire confidence. The government can not save anyone. Been a digital subscriber to Globe now for about a year and good product. I suspect the one with deepest pockets in Canada Thompson family will end up with Star and integrate it into the Globe but dont see Globe paying up for the Star. They dont have to as pretty well every move Star makes is the wrong move. This will likely just keep drifting lower. New CEO/CFO etc do not insprie confidence either and Watsa will likely lose on this one. Similiar situation like Fairholme Funds (Berkowitz) investment in Sears. He kept increasing until he finally walked away. Sears Canada was 100 percent loss as went bankrupt and he is still unloading Sears Holdings every week pushing stock price ever lower. The billionaires like Berkowitz or Watsa do not get every investment right. February 14, 2018 RE:RE:Honderich Interview That interview should leave everyone a bit speechless for a host of reasons. Here is the chairman of Torstar who has presided over unprecedented and massive shareholder value destruction shutting down the journalism internship program at the Toronto Star in a naked attempt to extort money out of the federal government. Suggesting that 1% of the CBCs subsidy would pay for half the Stars editorial budget is shameful. Free enterprise should not be beholding to government and furthermore aligning yourself with Mr. Godfrey is total and complete hypocrisy. Employees should be both angry and embarrassed this played out in the pages of The Globe and Mail. Throwing kudos to David Thomson and the Desmarais and ignoring the investment made by FFH is a slap in the face to Prem Watsa. The suggestion Honderich has scoured the country for a Jeff Bezos is also insulting to the intelligence of every Torstar investor and employee. Is everyone oblivious to the intentions of FFH because no one buys 41% of your B shares in a company fighting for survival for investment purposes. The Voting Trust should hear from employees whove had enough of this charade. If things are as difficult and distressing that they require the shutdown of the internship program maybe they should fund the program out of their dividends and board fees. Honderich and the Voting Trust can stay true to the Atkinson Principles in a principled manner without asking taxpayers to pay the tab. Finally, this is the kind of investor relations work that brings the shares to $1.52. You just cant make this kind of incompetence up. February 14, 2018 RE:Honderich Interview Guess Mr. Honderich does not consider Watsa/Fairfax as Torstar's saviour , according to his answer to the last question in the interview?? ***