It fades in cold temperatures, but I still find it readable as long as I'm not out too long. I've used it in temperatures below -20 C for ten minutes or so. It definitely fades, but I can still read it.
I was standing on an outdoor subway platform for about 20 minutes this morning (it was around -11), and it was still functional.
I don't know if it would get progressively worse if I read in the cold for longer than that ... but then again, if I'm reading in the cold for a half hour or more, I might have other things to worry about.
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