TD Investment Update We remain strongly of the view that CJR.B shares are heavily undervalued and we maintain our ACTION LIST BUY rating. Please refer to our recent detailed report (LINK) on the massive disconnect between relatively stable results and a plummeting EV/EBITDA valuation in recent years. We believe that our target multiple of 5.75x EBITDA could be conservative (well below most comps shown in Exhibit 4, and significantly below the 9-10x multiple that Corus traded at prior to the Let's Talk TV CRTC rules in 2015), but we will hold off on reviewing it until we see some signs of improved momentum for the stock.