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Torstar Announces David P. Holland To Succeed Robert J. Steacy as CFO

Press release from the issuing company

TORONTO--Dec. 15, 2004-- Torstar Corporation today announced that David P. Holland will succeed Robert J. Steacy as Executive Vice-President and Chief Financial Officer of Torstar Corporation. Bob Steacy announced in July his intention to retire from the company. The transition will occur at the time of Torstar's Annual General Meeting in May 2005. At present, Mr. Holland is Senior Vice-President and Chief Financial Officer of Harlequin Enterprises Ltd. "We are absolutely delighted to welcome David as Torstar's next CFO," said J. Robert S. Prichard, Torstar's President and Chief Executive Officer. "He is a highly respected financial executive who is superbly qualified for this role. He has achieved broad experience in all Torstar divisions over his 18 years with the company and he knows both our newspaper and book publishing businesses well. In addition, he has worked at the corporate centre in tax and finance." "David will be a very able successor for Bob, who has provided remarkable service to Torstar for over 25 years, including more than 15 years as Torstar's most senior financial officer," continued Prichard. "We are enormously grateful for Bob's many contributions which have advanced Torstar's financial results and strengths so substantially." "Torstar is committed to a seamless transition in the financial function. David will begin working with Bob on February 1, 2005. This will give Bob and David an extended period to work together on the transition before Bob's retirement, building on their long-standing relationship which has developed from their working together for over 18 years." "I am delighted and honoured to accept this new role and responsibility at Torstar," said David Holland. "I will strive to maintain the same high level of integrity and transparency in Torstar's financial reporting that Bob has so ably established. I look forward to contributing to Torstar's continued success." Mr. Holland joined Torstar Corporation in 1986, after serving as a Chartered Accountant with Ernst & Young (Clarkson Gordon) for six years. His broad experience base includes public accounting, income tax, acquisitions, corporate financial reporting and divisional CFO experience. Mr. Holland joined Torstar's book publishing division as CFO in 2001, where he gained leadership experience spanning the 95 international markets where Harlequin does business. He has served the newspaper business in numerous senior financial roles including Director of Finance for Torstar, Vice-President of Finance for the Toronto Star, Vice-President of Finance for Torstar Daily Newspaper Group and Vice-President and Chief Financial Officer, Torstar Media Group. Mr. Holland earned his Chartered Accountant designation in 1982. He also has a Bachelor of Commerce degree from Queen's University. Mr. Holland has served as Chairman of the Community Business Resource Centre and Chair of the Property & Finance Committee of St. Martin de Porres. He is married and has three children.

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