PRESS RELEASE TORSTAR CORPORATION REPORTS FIRST QUARTER RESULTS

PRESS RELEASE TORSTAR CORPORATION REPORTS FIRST QUARTER RESULTS TORONTO, ONTARIO April 30, 2008, 6:30 a.m. Torstar Corporation today reported financial results for the first quarter ended March 31, 2008. Highlights for the quarter: EBITDA (operating profit before restructuring provisions, interest, taxes, depreciation and amortization see Non-GAAP measures ) was down $12.1 million or 25.1% in the quarter from $48.3 million to $36.2 million. Revenue of $351.7 million was down $25.7 million or 6.8% from $377.4 million. (Revenue was down $14.9 million or 3.9% excluding the impact of foreign exchange.) A $20.8 million ($13.8 million or $0.17 per share, after tax) restructuring provision was recorded in the first quarter of 2008. Annual savings are expected to be $12.0 million. Torstar reported a net loss of $3.5 million ($0.04 per share) compared with net income of $15.7 million ($0.20 per share) in 2007. Net income before restructuring provisions was $10.3 million ($0.13 per share). Net debt was $639.4 million at March 31, 2008, up $19.1 million from $620.3 million at December 31, 2007. This was a difficult quarter for our newspaper businesses as both revenue and earnings were down. The earnings decline was magnified by a substantial restructuring charge in the newspaper division. In contrast, Harlequin delivered a solid quarter and is on track for a good year, said Robert Prichard, Torstar s President and Chief Executive Officer. Our newspaper division faced soft revenue trends, particularly in national advertising, which negatively affected the daily and community newspapers. In Metroland Media Group, we have experienced more positive trends in April and we continue to expect Metroland to deliver growth year over year despite the relatively slow start to the year. In the Star Media Group we are taking aggressive steps to reduce costs in the face of the soft revenue outlook. Digital revenues continue to grow strongly with growth in excess of 30 percent. Harlequin s outlook is positive. We expect modest growth this year (excluding foreign exchange) unless there is a major economic slowdown in the U.S. retail environment. The slight decline in Harlequin s first quarter earnings was relative to an exceptional quarter a year ago. Harlequin is also experiencing accelerating progress with its digital media strategy which will contribute to earnings growth in 2008 and beyond. 1

The following chart provides a continuity of earnings per share from 2007 to 2008: Net income per share 2007 $0.20 Changes Operations (0.09) Restructuring provisions (0.17) Income from associated businesses (0.02) Non-cash foreign exchange 0.02 One-time tax expense adjustments 0.02 Net loss per share 2008 ($0.04) OPERATING RESULTS FIRST QUARTER 2008 Overall Performance Total revenue was $351.7 million in the first quarter of 2008, down $25.7 million from $377.4 million in the first quarter of 2007. Newspapers and Digital revenue decreased $11.1 million to $241.9 million as the newspapers were negatively affected by the weakness in the Ontario economy and the calendar. Easter weekend was in the first quarter of 2008 and in the second quarter of 2007. Reported Book Publishing revenue was $109.7 million in the first quarter, down $14.8 million from $124.5 million in the same period last year. The decrease included $10.8 million from the unfavourable impact of foreign exchange rates and also reflected the strength of the publishing schedule in the first quarter of 2007. Operating profit, including a $20.8 million restructuring provision, was $1.4 million in the first quarter of 2008, down $33.0 million from $34.4 million in 2007. Excluding the restructuring provision, operating profit was $22.2 million in the first quarter. Newspapers and Digital Segment operating profit was $10.6 million in the first quarter, down $9.3 million from $19.9 million in 2007. Book Publishing operating profit was $16.2 million in the first quarter of 2008, down $2.9 million from $19.1 million in 2007 including a decrease of $2.3 million from the unfavourable impact of foreign exchange rates. Corporate costs were $4.6 million in the first quarter of 2008, down $0.1 million from the first quarter of 2007. In the first quarter of 2008, a restructuring provision of $20.8 million was recorded related to a combination of voluntary and non-voluntary staff reductions in the newspapers. The restructurings will result in a net reduction of 160 employees with expected annual savings of $12.0 million. Earnings before restructuring provisions, interest, taxes, depreciation and amortization ( EBITDA see Non-GAAP measures), was $36.2 million in the first quarter of 2008, down $12.1 million from $48.3 million in 2007. 2

2008 2007 Newspapers and Digital $23,328 $32,689 Book Publishing 17,417 20,329 Corporate (4,538) (4,672) EBITDA, excluding restructuring provisions $36,207 $48,346 Interest expense was $7.8 million in the first quarter of 2008, down $0.9 million from $8.7 million in the first quarter of 2007. The decrease reflected lower average debt levels and slightly lower effective interest rates in the quarter. The average net debt (long-term debt and bank overdraft net of cash and cash equivalents) was $629.8 million in the first quarter of 2008, down from $687.5 million in the first quarter of 2007. Torstar s effective interest rate was 5.0% in the first quarter of 2008 and 5.1% in 2007. Net debt was $639.4 million at March 31, 2008, up $19.1 million from $620.3 million at December 31, 2007. Torstar reported a non-cash foreign exchange gain of $0.8 million in the first quarter of 2008. This gain arose from the translation of foreign-currency denominated assets and liabilities into Canadian dollars. The amount of the gain or loss in any period will vary depending on the movement in relative value of the Canadian dollar and on whether Torstar has a net asset or net liability position in the foreign currency. Torstar reported a loss from associated businesses of $1.2 million in the first quarter of 2008 compared with income of $0.5 million in the first quarter of 2007. The first quarter of 2008 included a loss of $0.5 million from Torstar s investment in CTVgm compared with income of $0.6 million last year. The $1.1 million decline from 2007 was primarily as a result of the Writers Guild of America strike having a negative impact on CTVgm s conventional television advertising revenues and an adjustment to CTVgm s future income tax assets for a reduction in Canadian federal income tax rates. Torstar s loss from Black Press was $0.9 million in the first quarter of 2008 compared with a loss of $0.1 million in 2007. The larger first quarter loss in 2008 reflected the negative impact of financial derivatives being marked to market, not a change in the underlying business performance. Torstar s effective tax rate was 49.6% in the first quarter of 2008 compared with 39.8% in the first quarter of 2007. The first quarter of both years included onetime adjustments to tax expense. In 2008, the adjustment was a recovery of prior year taxes of $1.3 million. In 2007, tax expense was increased by $0.5 million due to changes in foreign tax rates. Excluding these adjustments, Torstar s effective tax rate was 30.6% in the first quarter of 2008 and 37.9% in the first quarter of 2007. The lower effective tax rate in 2008 was the result of lower statutory tax rates and the mix of income in the quarter. The full-year 2008 tax rate is expected to be approximately 33%. 3

Torstar reported a net loss of $3.5 million ($0.04 per share) in the first quarter of 2008, compared with net income of $15.7 million ($0.20 per share) in the first quarter of 2007. Net income before restructuring provisions was $10.3 million ($0.13 per share) in the first quarter of 2008. The average number of shares outstanding was 78.7 million in the first quarter of 2008 and 78.4 million in 2007. Transit TV In early 2008, Torstar announced a strategic sales relationship with IdeaCast Inc., (a U.S. provider of custom television content and advertising to health clubs) and a letter of intent giving IdeaCast an option to acquire Transit TV in the second quarter of 2008. In April 2008, IdeaCast provided notice it does not intend to exercise its option to acquire Transit TV within the option period. At the same time IdeaCast proposed extending the sales relationship and Torstar is currently in the process of finalizing the terms of this extension. Torstar s carrying value in Transit TV s net assets at March 31, 2008 was approximately $18.5 million. OUTLOOK The economic outlook in both Canada and the U.S. continues to cause uncertainty for Torstar s businesses in 2008. In the first quarter the newspapers experienced revenue declines which appear to have been related to the economy as well as the calendar. The community newspapers are experiencing positive trends in April but the daily newspapers continue to face revenue challenges. It is expected that in the latter half of the year, newsprint pricing will be higher than in the last six months of 2007. In response to these revenue and cost challenges, the newspapers undertook a restructuring during the first quarter of 2008. The combination of voluntary and non-voluntary staff reductions will result in a net reduction of 160 positions with savings expected to be $12.0 million annually. These savings will begin to be realized over the next three quarters with $6.0 million expected to be realized in 2008. As expected, Harlequin s earnings in the first quarter (excluding foreign exchange) were slightly below the first quarter of 2007 due to the strong publishing schedule a year ago. We continue to expect modest growth from Harlequin for the year unless there is a major economic slowdown in the U.S. retail environment. The uncertainty in the U.S. economy does not appear to have affected Harlequin s U.S. sales in the first quarter. However, if the U.S. economy softens further it could have a negative impact on the remainder of the year. Harlequin will begin to realize revenue and operating profit in the second quarter of 2008 related to an agreement signed in the first quarter with SoftBank Creative Corp. (one of the largest providers of cell phone services in Japan) to provide digital manga (comics) content. 4

Foreign currency will continue to be a factor in Harlequin s reported earnings during 2008. If the Canadian dollar remains at its current level relative to the U.S. dollar and overseas currencies through the rest of the year, it is anticipated that there would be a negative year over year foreign exchange impact of approximately $3.5 million on Harlequin s full-year 2008 reported results (with $2.3 million already realized in the first quarter). OTHER On April 29, 2008, Torstar declared a quarterly dividend of 18.5 cents per share on its Class A share and Class B non-voting shares, payable on June 30, 2008, to shareholders of record at the close of business on June 12, 2008. Torstar advises that, for the purposes of the Income Tax Act, Canada and for any relevant provincial tax legislation, this dividend is designated as an eligible dividend. ADDITIONAL INFORMATION For additional information, please refer to Torstar s consolidated financial statements and interim management s discussion and analysis ( MD&A ) for the period ended March 31, 2008. The MD&A has been attached to this press release. The MD&A and the consolidated financial statements will be filed today with Sedar and are available on Torstar s corporate website www.torstar.com. CONFERENCE CALL Torstar has scheduled a conference call for April 30, 2008 at 8:00 a.m. to discuss its first quarter results. The dial-in number is 1-800-732-5617. A live broadcast of the conference call will be available over the Internet on the Investor Relations (Conference Calls) page on Torstar s website www.torstar.com. A recording of the conference call will be available for 9 days by calling 416-626-4100 or 1-800- 558-5253 and entering reservation number 21380927. An online archive of the broadcast will be available within one hour of the completion of the call and will be accessible by visiting the Investor Relations (Conference Calls) page on Torstar s website www.torstar.com. INVESTOR DAY Torstar has scheduled its annual Investor Day for June 24, 2008. For further information please contact David Holland, Executive Vice-President and Chief Financial Officer, Torstar Corporation. (416) 869-4031. About Torstar Corporation Torstar Corporation is a broadly based media company listed on the Toronto Stock Exchange (TS.B). Its businesses include the Star Media Group led by the Toronto Star, Canada s largest daily newspaper and digital properties including thestar.com, toronto.com, LiveDeal.ca, Workopolis, and Olive Canada Network; Metroland Media Group, publishers of community and daily newspapers in Ontario; and Harlequin Enterprises, a leading global publisher of books for women. 5

Non-GAAP Measures Management uses both operating profit, as presented in the consolidated statements of income, and EBITDA as measures to assess the performance of the reporting units and business segments. EBITDA is a measure that is also used by many of Torstar s shareholders, creditors, other stakeholders and analysts as a proxy for the amount of cash generated by the reporting unit or segment. EBITDA is not the actual cash provided by operating activities and is not a recognized measure of financial performance under GAAP. Torstar calculates EBITDA as the reporting unit or segment s operating profit before restructuring provisions, interest, unusual items, taxes, depreciation and amortization of intangible assets. Torstar s method of calculating EBITDA may differ from other companies and accordingly, may not be comparable to measures used by other companies. Forward-looking statements Certain statements in this press release and in the Company s oral and written public communications may constitute forward-looking statements that reflect management s expectations regarding the Company s future growth, results of operations, performance and business prospects and opportunities as of the date of this press release. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as anticipate, believe, plan, forecast, expect, intend, would, could, if, may and similar expressions. All such statements are made pursuant to the safe harbour provisions of applicable Canadian securities legislation. These statements reflect current expectations of management regarding future events and operating performance, and speak only as of the date of this press release. The Company does not intend, and disclaims any obligation to, update any forward-looking statements, whether written or oral, or whether as a result of new information or otherwise. By their very nature, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that management s assumptions may not be accurate and that actual results, performance or achievements may differ significantly from such predictions, forecasts, conclusions or projections expressed or implied by such forward-looking statements. We caution readers to not place undue reliance on the forward-looking statements in this press release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, outlooks, expectations, goals, estimates or intentions expressed in the forward-looking statements. In addition, forward-looking statements are provided for the purpose of providing information about management s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. These factors include, but are not limited to: general economic conditions in the principal markets in which the Company operates, the Company s ability to operate in highly competitive industries, the Company s ability to compete with other forms of media, the Company s ability to attract advertisers, cyclical and seasonal variations in the Company s revenues, newsprint costs, labour disruptions, foreign exchange fluctuations, restrictions imposed on existing credit facilities, litigation, and uncertainties associated with critical accounting estimates. We caution that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results. For more information, please see the discussion of risks affecting Torstar and its businesses in Torstar s 2007 Management s Discussion & Analysis as well as the discussion in the Company s current Annual Information Form. Copies of both documents are available at www.sedar.com and on Torstar s corporate website www.torstar.com. In addition, a number of assumptions, including those assumptions specifically identified throughout this press release, were applied in making the forward-looking statements set forth in this press release. Some of the key assumptions include, without limitation, assumptions 6

regarding the performance of the North American economy; tax laws in the countries in which we operate; continued availability of printing operations; continued availability of financing on appropriate terms; exchange rates; market competition; and successful development of new products. There is a risk that some or all of these assumptions may prove to be incorrect. Torstar s new releases are available on the Internet at www.torstar.com. For more information please contact: D. Holland Executive Vice-President and Chief Financial Officer Torstar Corporation (416) 869-4031 7

T o r s t a r C o r p o r a t i o n C o n s o l i d a t e d B a l a n c e S h e e t s (Dollars in Thousands) (Unaudited) March 31 December 31 2008 2007 Assets Current: Cash and cash equivalents $36,799 $34,096 Receivables 238,147 263,779 Inventories 32,850 31,807 Prepaid expenses 64,043 61,325 Prepaid and recoverable income taxes 11,976 3,097 Future income tax assets 21,545 19,010 Total current assets 405,360 413,114 Property, plant and equipment (net) 321,435 330,391 Investment in associated businesses 432,754 434,294 Goodwill (net) 564,593 562,120 Other assets 184,173 182,948 Future income tax assets 41,747 37,970 Total assets $1,950,062 $1,960,837 Liabilities and Shareholders' Equity Current: Bank overdraft $4,455 $3,616 Accounts payable and accrued liabilities 198,839 208,217 Income taxes payable 11,643 17,065 Total current liabilities 214,937 228,898 Long-term debt 671,702 650,798 Other liabilities 94,353 89,678 Future income tax liabilities 71,312 73,702 Shareholders' equity: Share capital 388,292 388,036 Contributed surplus 10,629 9,929 Retained earnings 517,233 535,242 Accumulated other comprehensive loss (18,396) (15,446) Total shareholders' equity 897,758 917,761 Total liabilities and shareholders' equity $1,950,062 $1,960,837

T o r s t a r C o r p o r a t i o n C o n s o l i d a t e d S t a t e m e n t s o f I n c o m e (Dollars in Thousands) (Unaudited) Three months ended March 31 2008 2007 Operating revenue Newspapers and digital $241,931 $252,986 Book publishing 109,719 124,456 $351,650 $377,442 Operating profit Newspapers and digital $10,571 $19,948 Book publishing 16,197 19,123 Corporate (4,555) (4,686) Restructuring provisions (20,817) 1,396 34,385 Interest (7,810) (8,734) Foreign exchange 794 (15) (Loss) income of associated businesses (1,237) 501 Income (loss) before taxes (6,857) 26,137 Income and other taxes 3,400 (10,400) Net income (loss) ($3,457) $15,737 Earnings (loss) per Class A and Class B share: Net income (loss) - Basic ($0.04) $0.20 Net income (loss) - Diluted ($0.04) $0.20