Summary: +GAAP Results: Revenue of $431 million (+2%) and EPS of $0.29 (+$0.23) +Adjusted Results (at constant currency): Revenue +2% to $431 million, EBITDA +42% to $82 million, and EPS +124% to $0.42 +Research Publishing & Platforms (at constant currency): Revenue +6% and Adjusted EBITDA +19% +Shareholder Return: Wiley among select group with 27 consecutive years of annual dividend increases

FY24 first quarter service performance scores covering October 1 through November 17, included: *First-Class Mail: 87.7 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 3.3 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.3 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Periodicals: 84.5 percent of Periodicals delivered on time against the USPS service standard, a decrease of 1.5 percentage points from the fiscal fourth quarter.

Highlights for the second quarter: • Ended the second quarter of 2017 with $48.4 million of cash and cash equivalents and $9.1 million of restricted cash; Torstar has no bank indebtedness. • Our net loss attributable to equity shareholders was $7.0 million ($0.09 per share) in the second quarter of 2017. This compares to a net loss of $23.9 million ($0.30 per share) in the second quarter of 2016. • Adjusted loss per share was $0.03 in the second quarter of 2017, an improvement of $0.10 from adjusted loss per share of $0.13 in the second quarter of 2016. Adjusted loss per share in 2017 and 2016 included $0.24 and $0.50 per share effects of amortization and depreciation. • Our segmented operating loss was $8.1 million in the second quarter of 2017 which included $19.2 million of non-cash amortization and depreciation expense as well as $6.2 million of restructuring and other charges. Click Read More below for additional details.