Prospectus excerpt:  The holders of Cumulative 5-Year Rate Reset First Preferred Shares, Series D (the "Series D Preferred Shares") of Transcontinental Inc. (the "Corporation") will be entitled to fixed cumulative preferential cash dividends, as and when declared by the board of directors of the Corporation (the "Board of Directors"), payable quarterly on the 15th day of each of January, April, July and October at an annual rate of $1.6875 per Series D Preferred Share for the initial five-year period ending on and including October 15, 2014 (the "Initial Fixed Rate Period"). The initial dividend, if declared, will be payable on January 15, 2010 and will be $0.4854 per Series D Preferred Share, based on the anticipated closing of this offering on October 2, 2009.

For each five-year period after the Initial Fixed Rate Period (each, a "Subsequent Fixed Rate Period"), the holders of the Series D Preferred Shares will be entitled to fixed cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the 15th day of each of January, April, July and October in an amount per share per annum determined by multiplying the Annual Fixed Dividend Rate (as defined herein) applicable to such Subsequent Fixed Rate Period by $25.00. The Corporation will determine on the 30th day prior to the first day of a Subsequent Fixed Rate Period, the annual fixed dividend rate applicable to that Subsequent Fixed Rate Period (the "Annual Fixed Dividend Rate"). Written notice of the Annual Fixed Dividend Rate for the upcoming Subsequent Fixed Rate Period will be provided by the Corporation to the registered holders on the 30th day prior to the first day of a Subsequent Fixed Rate Period. The Annual Fixed Dividend Rate will be equal to the sum of the 5-Year Government of Canada Bond Yield (as defined herein) on the 30th day prior to the first day of a Subsequent Fixed Rate Period plus 4.16%. See "Details of the Offering".