<PAGE>

                                      MOORE

                               CORPORATION LIMITED

                                Interim Report

                                TO SHAREHOLDERS
                              FOR THE THREE MONTHS
                              ENDED MARCH 31, 2000

www.moore.com


                           MOORE-Registered Trademark-

<PAGE>


CORPORATE
      VISION

      Moore Corporation Limited will be a high-growth, technology-based leader
in the management and communication of customer information, thereby creating
value for customers, employees and shareholders.

MESSAGE FROM
      THE CEO

      While the first quarter results were unsatisfactory, I have confidence in
the strategic direction we are taking. The loss is attributable to the
performance of the Corporation's Forms and Labels division, due in part to
customers purchasing product in December 1999 in anticipation of Y2K problems.
We are addressing the financial situation by improving our processes and
expanding our product and service offerings. I am pleased with the financial
performance of the remaining Moore divisions.

      A key component of our growth strategy is becoming a leader in delivering
digital information services. In the first quarter we announced alliances with
Noosh Inc. and Impress to provide Internet-based e-commerce solutions for our
customers to order, track and fulfill commercial printing. This is consistent
with our December announcement of an alliance with Commerce One to automate
e-procurement for our customers.


FINANCIAL
      HIGHLIGHTS

FOR THE THREE MONTHS

ENDED MARCH 31, 2000

<TABLE>
<CAPTION>

                                     2000            1999
<S>                               <C>               <C>

Sales                             $    577          $    609
Income (loss)                           (9)               14
   from operations
Net earnings (loss)                     (9)               10
Per common share
   Net earnings                   $  (0.10)         $   0.11
   Dividends                      $   0.05          $   0.05
Average shares                      88,457            88,457
   outstanding (thousands)
</TABLE>

EXPRESSED IN UNITED STATES CURRENCY AND, EXCEPT PER SHARE AMOUNTS, IN MILLIONS
OF DOLLARS.

                                      2

<PAGE>

LETTER TO
      SHAREHOLDERS

OPERATING RESULTS DISCUSSION

      Highlights of the consolidated results reported for the first quarter of
2000 and 1999 are shown in the accompanying consolidated statement of earnings
on pages 8 and 9 of this interim report.

      In order to provide a more meaningful comparison of the first quarter 2000
(Q1-2000) results to first quarter 1999 (Q1-1999) results, the Corporation has
identified transactions that affect the two quarters in a disproportionate
manner. These are divestitures, Year 2000 costs and other one-time transactions.
These items have been removed from the operating results of the affected quarter
as follows:

-  The Q1-1999 operating results of the Data Management Services business unit
   sold in December 1999 with sales of $19.2 million and operating income of
   $0.5 million.
-  The Q1-1999 Year 2000 costs of $5.3 million.
-  The Q1-2000 restructuring expenses of $1.5 million incurred as a result of
   the change in accounting policy explained in notes 1 and 4 on pages 13 and 18
   of this interim report.

      All further discussions will be based on the Corporation's operating
results net of the above mentioned items.

<TABLE>
<CAPTION>
---------------------------------------------------------------------
                                       Presented net of above
                                             noted items
---------------------------------------------------------------------

FOR THE THREE MONTHS ENDED MARCH 31        2000      1999
<S>                                    <C>         <C>
Sales:
   Moore North America                 $   360.3   $   388.2
   CCS United States                       131.5       121.7
   Latin America                            43.9        38.0
   Europe                                   41.2        41.8

---------------------------------------------------------------------
                                       $   576.9   $   589.7
---------------------------------------------------------------------

Income (loss) from operations:
   Moore North America                 $   (21.0)  $     3.8
   CCS United States                        11.8        14.8
   Latin America                             1.5        (0.7)
   Europe                                    0.2         0.7
   General corporate                        (0.2)       (0.3)

---------------------------------------------------------------------
                                            (7.7)       18.3
---------------------------------------------------------------------

NET EARNINGS (LOSS)                    $    (7.9)  $    12.4
---------------------------------------------------------------------
NET EARNINGS (LOSS)
   PER COMMON SHARE                    $    (0.09) $     0.14
---------------------------------------------------------------------
</TABLE>

EXPRESSED IN UNITED STATES CURRENCY AND, EXCEPT PER SHARE AMOUNTS, IN MILLIONS
OF DOLLARS.

      Sales in Q1-2000 of $576.9 million decreased by 2.2% over Q1-1999 sales of
$589.7 million.

-  Forms sales in Q1-2000 of $384.9 million decreased by $25.1 million or 6.1%
   compared to $410.0 million in Q1-1999. Included in the Forms sales are Labels
   and Label Systems of $114.9 million in Q1-2000 compared to $113.5 million in
   Q1-1999.
-  CCS sales in Q1-2000 of $192.0 million increased by 6.8% from $179.7 million
   in Q1-1999.

      Loss from operations in Q1-2000 was $7.7 million compared to income from
operations in Q1-1999 of $18.3 million.

-  Forms operating loss in Q1-2000 of $20.8 million increased from an operating
   loss of $0.3 million in Q1-1999.
-  CCS operating income in Q1-2000 of $13.1 million decreased by $5.5 million
   from $18.6 million in Q1-1999.

      Net loss in Q1-2000 was $7.9 million or $0.09 loss per share compared
to net earnings of $12.4 million or $0.14 per share in Q1-1999.

                                      3

<PAGE>

      Cash outflow from operations for the Q1-2000 period was $30.4 million
compared to $7.0 million for the Q1-1999 period. Cash resources decreased
from $25.1 million at December 31, 1999 to bank indebtedness of $0.5 million
at March 31, 2000. The cash was used to fund operating losses, capital
expenditures of $19.3 million and is partially offset by the $24.0 million of
cash proceeds received from the sale of the Lake Forest facility.

      The Corporation is currently conducting an internal review of its
Enterprise Resource Planning (ERP) system with the objective of maximizing
benefit realization in the most timely manner possible. The Corporation
continues to expect transaction and other costs to be reduced in line with our
original expectations once the ERP system is fully implemented. As part of this
review process, the Corporation has decided to postpone deployment of a
component of its ERP for its US-based manufacturing facilities because, at
present, incremental costs are not offset by sufficient tangible benefits.

      As the ERP review is completed over the next six months, decisions may be
made to change other deployment plans or processes, which could result in a
material reduction to the carrying value of the ERP asset. The Corporation's
objective is to realize significant benefits at the lowest possible annual
incremental operating cost structure. As previously disclosed, we expect that
these benefits will start to be realized in 2001.

MOORE NORTH AMERICA

      North American sales in Q1-2000 have decreased by $27.9 million compared
to Q1-1999. The decrease is attributable to the higher than expected revenue
shift resulting from customers building up forms inventories in December 1999 in
anticipation of potential Year 2000 problems, the Corporation's strategy to exit
low margin accounts and delays in implementing certain major contracts.

      Operating loss in Q1-2000 was $21.0 million compared to operating income
of $3.8 million in Q1-1999. The revenue shortfall, coupled with the incremental
costs associated with maintaining redundant Information Technology (IT) systems
as the Corporation implements the enterprise-wide information system and the
investment necessary to launch the Forms businesses' digital and Internet
strategies have resulted in the Q1-2000 operating losses.

CCS UNITED STATES

      CCS US sales in Q1-2000 of $131.5 million have increased by $9.8 million
compared to Q1-1999 sales of $121.7 million. This is credited to increased
volumes in Response Marketing Services (RMS) and Phoenix Group (Phoenix)
businesses. The legislative changes contained in the "Deceptive Mail Prevention
and Enforcement Act" has continued to affect the sweepstakes industry; however,
RMS has actively pursued new opportunities to replace these lost volumes and is
starting to show positive operating results. These increases are partially
offset by the exiting of several unprofitable accounts in the loyalty card
market segment reducing Q1-2000 sales by $2.8 million in the Business
Communication Services business.

      Operating income has decreased by $3.0 million compared
to Q1-1999. Operating income has been affected by the ramp up costs associated
with new product line ventures that have yet to generate positive operating
results, incremental costs associated with maintaining redundant IT systems as
the ERP system is implemented and strategic investments to reposition certain
product and service offerings.

LATIN AMERICA

      Segment sales and operating income have improved by $5.9 million and $2.2
million, respectively, compared to Q1-1999. The improvements were a direct
result of higher volumes in Mexico and Brazil and the implementation of more
reliable and efficient label presses. Future efforts will be directed towards
building on the

                                      4

<PAGE>

achieved sales improvement and continuing the implementation of cost control
measures.

EUROPE

      Sales in Europe have decreased by $0.6 million from Q1-1999 amounts of
$41.8 million. The decrease is primarily a result of unfavorable foreign
exchange fluctuations, a decision by a major customer to postpone certain
programs and partially offset by increased volumes in the Colleagues business
unit.

      Operating income in Q1-2000 decreased by $0.5 million when compared to
Q1-1999. Europe is continuing to exit low profit generating accounts and is
implementing specific cost containment measures, as well as completing
manufacturing rationalization activities in France.

ECONOMIC VALUE ADDED(R) (EVA)

       As a result of the financial results in the first quarter, Moore did not
meet its EVA improvement target for the first quarter of 2000.

ESTIMATED OUTLOOK

      The Corporation believes that overall continued weakness in the
paper-based forms industry in the second quarter will continue to be compounded
by the costs associated with Moore North America's initiatives to improve sales
processes, expand product and service offerings and deploy digital and Internet
strategies. Consequently, the Corporation expects that its revenue, operating
loss and loss per share in the second quarter will be consistent with the first
quarter.

      In response to the first quarter and expected second quarter results, a
$30 million cost reduction program to reduce administrative costs has been
launched. Management expects these strategic and cost reduction initiatives will
begin to contribute to results in the second half of the year. The majority of
the remaining Moore divisions performed at expected levels and are expected to
continue to meet targets. Based on these expectations for a stronger second
half, management believes that normalized revenue will increase by up to 5% in
2000 and that normalized operating income (utilizing a 1999 base of $91 million)
will be at approximately the same level as last year.

MANAGEMENT CHANGES

      On January 11, 2000 John V. Laurie joined Moore as Vice President and
Treasurer.

      On March 21, 2000 Gary W. Ampulski, formerly President of Moore's Business
Communication Services unit, was promoted to President, Moore North America and
Bruce D'Angelo, was named President, Moore's Business Communication Services
unit.

      On May 1, 2000, Thomas T. McKiernan, after 39 years of service with Moore,
is retiring as Executive Vice President. We thank him for his many contributions
to Moore.

DIVIDEND

      On April 27, 2000 the Board of Directors declared a quarterly dividend
of 5(cent) per common share payable in United States funds on July 5, 2000 to
shareholders of record on June 2, 2000.


/s/ Tom Kierans                                      /s/ Ed Tyler
----------------------                               ----------------------
THOMAS E. KIERANS                                    W. ED TYLER
Chairman of the Board                                President and Chief
                                                     Executive Officer

April 27, 2000

                                      5

<PAGE>

                          CONSOLIDATED BALANCE SHEET
                     EXPRESSED IN UNITED STATES CURRENCY
                           IN THOUSANDS OF DOLLARS

<TABLE>
<CAPTION>
                                                                                  March 31         December 31
                                                                                    2000               1999
                                                                                -----------        -----------
   <S>                                                                           <C>               <C>

   ASSETS
   Current assets:
   Cash and short-term securities                                                $   44,833        $   38,179
   Accounts receivable                                                              427,704           477,083
   Inventories:
     Raw material                                                                    44,611            42,653
     Work in process                                                                 15,497            15,918
     Finished goods                                                                 124,194           120,095
   Prepaid expenses                                                                  32,080            23,930
   Deferred income taxes                                                             38,247            33,002
                                                                                -----------       -----------
   Total current assets                                                             727,166           750,860
                                                                                -----------       -----------
   Property, plant and equipment:
   Cost                                                                           1,177,468         1,199,822
   Less: Accumulated depreciation                                                   740,470           741,014
                                                                                -----------       -----------
                                                                                    436,998           458,808
                                                                                -----------       -----------
   Goodwill                                                                         157,680           156,867
   Deferred income taxes and other assets                                           570,066           263,758
                                                                                -----------       -----------
   Total assets                                                                  $1,891,910        $1,630,293
                                                                                -----------       -----------

   LIABILITIES
   Current liabilities:
   Bank loans                                                                    $   45,331        $   13,086
   Accounts payable and accruals                                                    436,986           533,010
   Deferred income taxes                                                                524                 -
   Short-term debt                                                                   64,067            40,140
   Dividends payable                                                                  4,423             4,423
   Income taxes                                                                      14,424            31,805
                                                                                -----------       -----------
   Total current liabilities                                                        565,755           622,464
   Long-term debt                                                                   205,233           201,686
   Deferred income taxes and liabilities                                            411,380           118,888
   Minority interests                                                                15,288            14,581
                                                                                -----------       -----------
   Total liabilities                                                              1,197,656           957,619
                                                                                -----------       -----------

   SHAREHOLDERS' EQUITY
   Common shares                                                                    310,881           310,881
   Unrealized foreign currency translation adjustments                             (119,106)         (118,256)
   Retained earnings                                                                502,479           480,049
                                                                                -----------       -----------
                                                                                    694,254           672,674
                                                                                -----------       -----------
   Total liabilities and shareholders' equity                                    $1,891,910        $1,630,293
                                                                                -----------       -----------
</TABLE>
                                      6 & 7

<PAGE>

                        CONSOLIDATED STATEMENT OF EARNINGS
                     EXPRESSED IN UNITED STATES CURRENCY AND,
                EXCEPT EARNINGS PER SHARE, IN THOUSANDS OF DOLLARS

<TABLE>
<CAPTION>
                                                                                           Three months ended
                                                                                                     March 31
                                                                                            2000         1999
                                                                                       ---------   ----------
   <S>                                                                                 <C>         <C>

   Sales                                                                               $ 576,864   $  608,928
                                                                                       ---------   ----------
   Cost of sales                                                                         404,082      413,445
   Selling, general and administrative expenses                                          147,650      148,812
                                                                                       ---------   ----------
   Provision for restructuring costs                                                       1,532            -
   Capital asset amortization                                                             27,378       27,327
                                                                                       ---------   ----------
   Research and development expense                                                        5,436        5,796
                                                                                       ---------   ----------
                                                                                         586,078      595,380
                                                                                       ---------   ----------
   Income (loss) from operations                                                          (9,214)      13,548
   Investment and other income                                                                 8        2,377
                                                                                       ---------   ----------
   Interest expense                                                                        5,775        4,835
                                                                                       ---------   ----------
                                                                                         (14,981)      11,090
                                                                                       ---------   ----------
   Income taxes                                                                           (6,445)       1,268
   Minority interests                                                                        349          143
                                                                                       ---------   ----------
   Net earnings (loss)                                                                 $  (8,885)    $  9,679
                                                                                       ---------   ----------
   Earnings (loss) per share                                                           $   (0.10)    $   0.11
                                                                                       ---------   ----------
</TABLE>

                              CONSOLIDATED STATEMENT OF RETAINED EARNINGS
                                 EXPRESSED IN UNITED STATES CURRENCY
                                       IN THOUSANDS OF DOLLARS

<TABLE>
<CAPTION>

                                                                              Three months ended    Year ended
                                                                                        March 31   December 31
                                                                                            2000          1999
                                                                                     -----------    ----------
   <S>                                                                        <C>                   <C>

   Balance, beginning                                                                $   480,049    $  405,142
   Change in accounting policy:
                                                                                     -----------    ----------
     Income taxes (note 1)                                                                 2,443            -
     Employee future benefits (note 1)                                                    33,295            -
                                                                                     -----------    ----------
   Balance, beginning restated                                                           515,787       405,142

   Net earnings (loss)                                                                    (8,885)       92,599
   Dividends 20(cent)per share                                                             4,423        17,692
                                                                                     -----------    ----------
   Balance, ending                                                                   $   502,479   $   480,049
                                                                                     -----------    ----------
</TABLE>

                                      8 & 9


<PAGE>

                       CONSOLIDATED STATEMENT OF CASH FLOWS
                        EXPRESSED IN UNITED STATES CURRENCY
                              IN THOUSANDS OF DOLLARS

<TABLE>
<CAPTION>

                                                                                  Three months ended March 31
                                                                                     2000              1999
                                                                                 ----------         ---------
   <S>                                                                           <C>                <C>
   OPERATING ACTIVITIES
   Net earnings (loss)                                                           $   (8,885)        $   9,679
   Items not affecting cash resources                                                34,371            29,836
   Increase in working capital other
     than cash resources                                                            (55,853)          (46,522)
                                                                                 ----------         ---------
   Total                                                                         $  (30,367)        $  (7,007)
                                                                                 ----------         ---------

   INVESTING ACTIVITIES
   Expenditure for property, plant and equipment                                 $  (19,335)       $  (14,215)
   Sale of property, plant and equipment                                             24,377             2,203
   Acquisition of businesses                                                         (1,267)           (4,828)
   Software expenditures                                                            (12,395)          (14,874)
   Other                                                                             (4,129)           (7,749)
                                                                                 ----------         ---------
   Total                                                                         $  (12,749)       $  (39,463)
                                                                                 ----------         ---------
   FINANCING ACTIVITIES
   Dividends                                                                     $   (4,423)       $   (4,423)
   Addition to debt                                                                  40,401           200,091
   Reduction in debt                                                                (16,333)         (202,210)
   Other                                                                             (2,270)                -
                                                                                 ----------         ---------
   Total                                                                         $   17,375        $   (6,542)
                                                                                 ----------         ---------
                                                                                 ----------         ---------
   Decrease in cash resources before
     unrealized exchange adjustments                                             $  (25,741)       $  (53,012)
   Unrealized exchange adjustments                                                      150                53
                                                                                 ----------         ---------
   Decrease in cash resources                                                       (25,591)          (52,959)
   Cash resources at beginning of year(1)                                            25,093           130,971
                                                                                 ----------         ---------
   Cash resources at end of period(1)                                            $     (498)       $   78,012
                                                                                 ----------         ---------
   (1) Cash resources are defined as cash and short-term securities less bank
   loans.


   OTHER CASH FLOW DISCLOSURES

   Interest paid                                                                 $    5,979        $    4,441
   Income taxes paid                                                             $    1,200        $    5,741
                                                                                 ----------         ---------
</TABLE>

                                      10 & 11
<PAGE>

NOTES

EXPRESSED IN UNITED STATES CURRENCY AND, EXCEPT PER SHARE AMOUNTS, IN THOUSANDS
OF DOLLARS

1.    CHANGES IN ACCOUNTING POLICIES

      CICA SECTION 3465 ACCOUNTING FOR INCOME TAXES

               Effective January 1, 2000, the Corporation changed its method of
      accounting for income taxes from the tax allocation basis (deferral
      method), which related income taxes to the accounting income for the year,
      to the liability method of tax allocation as required by the Canadian
      Institute of Chartered Accountants' Section 3465. The liability method
      records future tax assets and liabilities which reflect the net tax
      effects of temporary differences between carrying amounts for financial
      reporting purposes and the amounts used for tax purposes.

               The cumulative effect of this change, as of January 1, 2000,
      excluding the effect of the change in accounting policy for Employee
      Future Benefits noted on page 13 of this interim report, resulted in the
      following:

      -  an increase in current assets of $7,704,

      -  an increase in long term assets of $62,138,

      -  an increase in current liabilities of $672,

      -  an increase in long term liabilities by $66,727 and

      -  an increase in opening retained earnings of $2,443.

               As permitted under the new standard, prior year financial
      statements were not restated; however, the effect was applied
      retroactively as an adjustment to opening retained earnings.

               No provision has been made for taxes on undistributed earnings of
      subsidiaries not currently available for paying dividends as such earnings
      have been reinvested in the business.

               The new Canadian standard, as described above, has eliminated all
      current differences with United States GAAP, SFAS No. 109.


                                       12
<PAGE>

      CICA SECTION 3461 EMPLOYEE FUTURE BENEFITS

               Effective January 1, 2000, the Corporation changed its method of
      accounting for post retirement benefits other than pensions. Under past
      Canadian standards, the Corporation recognized the cost of these benefits
      as an expense when paid. The new standard requires that the expected costs
      of the employees' post retirement benefits be expensed during the years
      that the employees render services to the Corporation. In addition, the
      new standard changes the accounting for recognition of involuntary
      termination benefits. For accrual purposes, the new standard requires that
      benefit arrangements are communicated to employees in sufficient detail to
      enable them to determine the type and amount of benefits they will receive
      when their employment is terminated. Past Canadian standards did not
      require this condition and included in the Corporation's 1998
      restructuring charge were special termination benefits not yet
      communicated to employees.

               The cumulative effect of this change, as of January 1, 2000,
resulted in the following:

      -  an increase of assets by $231,946,

      -  an increase in liabilities by $198,651 and

      -  an increase in opening retained earnings by $33,295.

               As permitted under the new standard, prior year financial
      statements were not restated; however, the effect was applied
      retroactively as an adjustment to opening retained earnings.

               The transitional rules for implementing this new Canadian
      standard have resulted in a United States GAAP reporting difference. In
      implementing the new Canadian standard, the retained earnings effect
      included the cumulative effect of the unamortized past service costs,
      actuarial gains and losses and other transition amounts. Under United
      States GAAP these amounts will continue to be amortized into income over
      the expected average remaining service life of the employee group.


                                       13
<PAGE>

2.    UNITED STATES GAAP

<TABLE>
<CAPTION>
                                                                                           Three months ended
                                                                                                     March 31

                                                                                           2000          1999
                                                                                     ----------     ---------
<S>                                                                                  <C>            <C>
   Net earnings (loss) as reported                                                     $ (8,885)    $   9,679
   Decreased pension expense                                                              1,691           891
   Decreased post retirement benefits                                                     3,719           746
   Reengineering costs                                                                     (800)         (495)
   Reduced (increased) termination liabilities                                                -        (8,980)
   Reduced income taxes (1)                                                              (1,823)        4,038
                                                                                     ----------     ---------
   Net earnings (loss) as determined under U.S. GAAP                                   $ (6,098)    $   5,879
                                                                                     ----------     ---------
   Earnings (loss) per share:
     Basic earnings (loss) per share                                                   $  (0.07)    $    0.07
     Diluted earnings (loss) per share                                                 $  (0.07)    $    0.07
     Average shares outstanding (in thousands)                                           88,457        88,457
                                                                                     ----------     ---------
   Comprehensive income:
     Net earnings (loss) as determined under U.S. GAAP                                 $ (6,098)    $   5,879
     Other comprehensive income (loss):
        Foreign currency translation adjustment                                            (850)      (12,470)
        Unrealized gains on available-for-sale securities                                 5,763             -
                                                                                     ----------     ---------
   Total comprehensive loss                                                            $ (1,185)   $   (6,591)
                                                                                     ----------     ---------
   (1) SFAS No. 109 income tax adjustments                                             $      -    $      942
                                                                                     ----------     ---------
</TABLE>

<TABLE>
<CAPTION>
                                                               MARCH 31, 2000            December 31, 1999
   Balance sheet items:                                  AS REPORTED    U.S.GAAP    As reported     U.S.GAAP
<S>                                                      <C>            <C>         <C>             <C>
                                                         -----------    ---------   -----------     ---------
   Net pension liability (asset)                           $(256,570)   $ (29,697)    $ (22,323)    $ (30,140)
   Other assets - computer software                         (146,925)     (98,838)     (139,032)      (91,745)
   Post retirement benefit cost liability                    233,869      422,709             -       426,511
   Deferred income taxes asset - long term                   (48,203)    (210,640)      (33,002)     (260,635)
   Deferred income taxes liability - long term               106,493       75,760        24,439        91,736
   Accounts payable and accruals                             436,986      430,986       533,010       459,045
   Unrealized foreign currency translation adjustments      (119,106)     (83,922)     (118,256)      (83,072)
   Retained earnings                                         502,479      202,664       480,049       213,185
                                                         -----------    ---------   -----------     ---------
</TABLE>

                                                                 14 & 15
<PAGE>

NOTES (CONT'D)

3.    SEGMENTED INFORMATION

<TABLE>
<CAPTION>

   For the three months                          Moore           CCS        Latin
   ended March 31                            North America  United States  America      Europe       Consolidated
-----------------------                      -------------  -------------  --------     --------     ------------
<S>                                          <C>            <C>            <C>          <C>          <C>
   2000
   Total revenue                               $ 364,129      $131,749     $43,850      $ 41,238     $  580,966
   Intersegment revenue                           (3,820)         (282)          -             -         (4,102)
                                             -------------  -------------  --------     --------     ------------
   Sales to customers outside the enterprise   $ 360,309      $131,467     $43,850      $ 41,238     $  576,864
                                             -------------  -------------  --------     --------     ------------
   Segment operating profit (loss)             $ (22,187)     $ 11,553     $ 1,430      $    193     $   (9,011)
                                             -------------  -------------  --------     --------
   General corporate expenses                                                                              (203)
                                                                                                     ------------
   Loss from operations                                                                              $   (9,214)
                                                                                                     ------------
   Segment assets                              $1,258,692     $165,874     $95,381      $130,068     $1,650,015
                                             -------------  -------------  --------     --------
   Corporate assets including investments                                                               241,895
                                                                                                     ------------
   Total assets                                                                                      $1,891,910
                                                                                                     ------------
   Provisions for restructuring costs          $   1,222      $    218     $    48      $     44     $    1,532
                                             -------------  -------------  --------     --------     ------------
   Capital asset amortization                  $  16,414      $  7,252     $ 1,621      $  2,091     $   27,378
                                             -------------  -------------  --------     --------     ------------
   Capital expenditures                        $   9,855      $  5,300     $ 1,342      $  2,838     $   19,335
                                             -------------  -------------  --------     --------     ------------

   1999
   Total revenue                               $ 394,811      $141,033     $37,954      $ 41,786     $ 615,584
   Intersegment revenue                           (6,569)          (87)          -             -        (6,656)
                                             -------------  -------------  --------     --------     ------------
   Sales to customers outside the enterprise   $ 388,242      $140,946     $ 37,954     $ 41,786     $ 608,928
                                             -------------  -------------  --------     --------     ------------
   Segment operating profit (loss)             $  (1,491)     $ 15,349     $   (731)    $    673     $  13,800
                                             -------------  -------------  --------     --------
   General corporate expenses                                                                             (252)
                                                                                                     ------------
   Income from operations                                                                            $  13,548
                                                                                                     ------------
   Segment assets                              $ 790,170      $290,458     $95,848      $139,998     $1,316,474
                                             -------------  -------------  --------     --------
   Corporate assets including investments                                                               351,268
                                                                                                     ------------
   Total assets                                                                                      $1,667,742
                                                                                                     ------------
   Capital asset amortization                  $  14,709      $  8,717     $ 1,503      $  2,398     $   27,327
                                             -------------  -------------  --------     --------     ------------
   Capital expenditures                        $   6,449      $  4,422     $ 1,433      $  1,911     $   14,215
                                             -------------  -------------  --------     --------     ------------
</TABLE>

                                                                 16 & 17
<PAGE>

4.    PROVISION FOR RESTRUCTURING COSTS

               In 1998, the Corporation incurred a pre-tax charge of $615
      million, $531 million after tax, related to a restructuring plan directed
      at reducing costs and restoring profitability to the Forms business, and
      increasing profitability of the Customer Communication Services
      businesses. The key restructuring actions include the integration of North
      American operations, the disposal of non-strategic assets, and exiting of
      certain unprofitable products.

               In the fourth quarter of 1999, the Corporation reversed $68
      million of charges, $48 million after tax, under the 1998 restructuring
      plan. The reversal was primarily the result of: the favourable settlement
      of liabilities for obligations and future payments related to the
      disposition of the European and Australasia Forms businesses; negotiated
      costs to exit customer contracts and lease agreements under several
      actions were lower than originally planned; the decision to sell rather
      than restructure the Moore Data Management Services business; and the
      decision to not fully implement certain restructuring actions under the
      plan, including the sale of certain North American businesses.

               As a result of CICA Section 3461 - Employee Future Benefits (note
      1 on page 13 of this interim report), $68 million of termination
      liabilities, $46 million after tax, accrued under the 1998 restructuring
      program were reversed into retained earnings. In the current period, $1.5
      million of these termination liabilities were communicated to employees
      and were charged to current earnings.

               Included in the balance sheet at March 31, 2000 are accounts
      payable and accruals of $60.8 million and deferred income taxes and
      liabilities of $23.4 million related to the restructuring program. The
      carrying value of remaining assets held for disposal as at March 31, 2000
      is $9.4 million. Included in the Corporation's results of operations for
      the three months ended March 31 are sales of $10.5 million (1999 - $10.1
      million) and income from operations of $0.6 million (1999 - $0.2 million
      loss) from businesses to be exited under the restructuring program.

               Approximately 4,026 employees have left the Corporation as a
      result of restructuring actions implemented to date, representing 2,600
      due to divestitures and 1,426 from other restructuring activities.

5.    CAPITALIZED SOFTWARE

               The Corporation's capitalized software costs, on a consolidated
      basis, as at March 31, 2000 is $147 million. The Corporation is currently
      conducting an internal review of its Enterprise Resource Planning (ERP)
      system with the objective of maximizing benefit realization in the most
      timely manner possible. As part or this review process, the Corporation
      has decided to postpone deployment of a component of its ERP for its
      US-based manufacturing facilities. As the ERP review is completed over the
      next six months, decisions may be made to change other deployment plans or
      processes, which could result in a material reduction to the carrying
      value of the ERP asset that cannot be readily determined at this time.

6.    COMPARATIVE CONSOLIDATED FINANCIAL STATEMENTS

               Comparative figures have been restated where appropriate to
conform to the current presentation.

                                       18
<PAGE>

CORPORATE INFORMATION

SHAREHOLDER ACCOUNT INQUIRIES

                Montreal Trust Company of Canada operates a telephone inquiry
      line that can be reached by dialing toll-free 1-800-663-9097 or (416)
      981-9633. Correspondence should be addressed to: Moore Corporation
      Limited, c/o Montreal Trust Company of Canada, 8th Floor, 150 Front Street
      West, Toronto, Ontario M2J 2N1. Shareholders can also e-mail Montreal
      Trust at faq@montreal trust.com or visit their web page at www.montreal
      trust.com.

DIVIDENDS

               Shareholders are reminded of the flexibility available on payment
      of the Corporation's dividends. While the Corporation's dividends are
      declared payable in United States funds, registered shareholders have the
      option of receiving dividends in equivalent Canadian funds, or
      participating in the Dividend Reinvestment and Share Purchase Plan. The
      Dividend Reinvestment Option allows shareholders to reinvest dividends
      automatically in additional shares of the Corporation. The Share Purchase
      Option provides shareholders a means to purchase shares by making cash
      payments. Further information regarding these options is available from
      Montreal Trust Company of Canada, or the Corporation.

INVESTOR RELATIONS

               Institutional and individual investors seeking financial
      information about the Corporation are invited to contact John Laurie, Vice
      President and Treasurer at the Corporate Office.

MANAGEMENT'S STATEMENT

               The financial information included in this report is unaudited,
      but in the opinion of management it reflects all adjustments that are
      necessary for a fair presentation of the financial position, results of
      operations and changes in cash flows for the interim periods.

FORWARD LOOKING STATEMENT

         This interim report contains statements relating to future results of
the Corporation (including certain anticipated, planned, forecasted, expected,
targeted, believed and estimated results and the Corporation's outlook
concerning future results) that are "forward-looking statements" as defined in
the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned
not to place undue reliance on these forward-looking statements and any such
forward-looking statements are qualified in their entirety by reference to the
following cautionary statements. All forward-looking statements speak only as of
the date hereof and are based on current expectations and involve a number of
assumptions, risks and uncertainties that could cause the actual results to
differ materially from such forward-looking statements. Factors that could cause
such material differences include, without limitation, the following: the
successful completion of the restructuring program announced in 1998 within the
time frame anticipated to execute the respective restructuring actions and
achieving the associated benefits, the successful implementation of the cost
reduction program that commenced in the final quarter of 2000, the successful
implementation of the ERP system within anticipated time frames and achieving
associated benefits, the effects of paper price fluctuations on the
Corporation's Forms operations, successful execution of key strategies
(including the digital and Internet strategies), the rate of migration from
paper-based forms to digital formats, maintenance of growth rates in Customer
Communication Services businesses, the impact of currency fluctuations in the
countries in which the Corporation operates, general economic and other factors
beyond the Corporation's control, and other assumptions, risks and uncertainties
described from time to time in the Corporation's periodic filings with
Securities Regulators.


                                       19
<PAGE>

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Moore Corporation Limited
1 First Canadian Place
P.O. Box 78
Toronto, Ontario
M5X 1G5

Internet: http://www.moore.com
Tel: (416) 364-2600
Fax: (416) 364-1667

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