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Investor Presentation June 2006
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Forward Looking Statements

• This presentation contains forward-looking
  statements, which are subject to known and
  unknown risks and uncertainties that could cause
  the Company's actual results to differ materially
  from those set forth in the forward-looking
  statements. These risks include changes in
  customer demand for the Company's products,
  changes in raw material and equipment costs and
  availability, seasonal fluctuations in customer
  orders, pricing actions by competitors, and
  general changes in the economic environment.
• Currency
• Unless noted otherwise, all dollars are expressed
  in Canadian dollars.
• LTM Results are for the period ended March 31,
  2006

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Management Attendee

• Mark DSouza Vice President and Treasurer -
  QI
• Vice President, Finance - QMI
• Jean-François Pruneau Treasurer - QMI

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Corporate Structure
26.2
54.7
Caisse de Dépôt et Placement du Québec
Public
45.3
73.8

• One of the worlds largest commercial printers
• Operating in 17 countries
• LTM revenues of 7.4 billion
• () Excluding 12,500,000 Subordinate Voting
  Shares
• pursuant to exchangeable debentures issued by
• Quebecor Inc. in February 2001.

• One of the largest media company in Canada and
  the largest in Quebec
• Leading market positions in cable, newspaper
  publishing, broadcasting, leisure and
  entertainment retail products, books and magazine
  publishing, Internet and Interactive technologies
  communications
• LTM revenues of 2.8 billion

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Leading Market Positions

• Set of dominant media properties in Quebec and
  national presence allows Quebecor Media to
  maximize its reach

Leading Market Position in Quebec
1 Newspaper publisher 1 Cable operator 1
Television broadcaster 1 Magazine publisher 1
Video store chain 1 French-music
producer/distributor 1 French-language book
publisher/distributor 1 Employment and career
portal
National Presence
2 Newspaper publisher Leading content-focused
national and local Internet portals
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QMI Strategic Focus

• Execute residential and mobile telephony
  strategy
• Generate Free Cash Flow
• Implement integrated Internet strategy
• Improve productivity
• Target accretive acquisitions in core business
  segments

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Integrated Interactive Media Strategy

• Digitalization of content and high-speed
  connectivity allows the Web to
• become a new media interface
• New generations of consumers want interactive
  content
• Advertising revenues slowly but surely migrating
  to Internet
• QMI is being proactive
• Appointed a Vice-President, Interactive Media
• Increasing Internet initiatives on an integrated
  basis
• QMI is well positioned
• Network High Speed Internet at Videotron
• Content Sun Medias newspapers, TVAs TV and
  magazine content, Archambaults music content,
  SuperClub Videotrons and TVA films video
  content
• Integrator of content Canoe

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Optimizing QMIs Capital Structure

• QMI continues to take advantage of favorable
  credit momentum and market conditions to meet its
  capital structure objectives.

Objectives
Refinancing Impact
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Nationwide Presence and Strategically Clustered

• Nationwide presence covering key markets offers
  national advertising and distribution solutions
• Clustering provides significant cost efficiencies
  and opportunities for bundled advertising packages

8 Paid Urban Dailies 3 Free Commuter Dailies
199 Community Newspapers andSpecialty
Publications
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Strong and Established Newspaper Franchise
(in 000s)
Urban Daily Publications
Avg. Daily Circulation
Weekly Readership
Market Position
Year Founded
Le Journal de Montréal 1 268.9
1,189.7 1964 The Toronto Sun 2 182.0
1,806.6 (a) 1971 Le Journal de
Québec 1 103.5 342.4 1967 The London Free
Press 1 87.6 262.2 1849 The Edmonton Sun 2
70.2 381.6 1978 The Calgary Sun 2 62.7
381.2 1980 The Ottawa Sun 2 50.9 276.0
1988 The Winnipeg Sun 2 39.5 226.2
1980 Total 865.3 4,865.9
Note Circulation data ABC Fas-Fax period ending
March 2006 period ending September 2005.
Readership based on 2005 NADbank Study 7-day
cumulative data. (a) Based on total readership,
whereas figures for other newspapers reflect
local market (CMA) only.

• Sun Medias community newspapers are often the
  only general circulation newspapers published in
  their respective markets the majority hold a 1
  market position

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Strong and Growing Market Share

• Sun Media is the second largest newspaper
  publisher in Canada, with a 21.0 national market
  share (1)
• All urban daily newspapers rank first or second
  in their markets (1)

Urban Dailies ROP Linage
Market Share
Notes CNA December reports from 2000 to 2005
and March 2006 Market share vs. competing
broadsheets (including The Globe and Mail). (1)
In terms of weekly paid circulation.
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Demonstrated Financial Performance
Robust financial performance despite erosion of
circulation and launches of Free Dailies (3.8
EBITDA CAGR 1999 - LTM excluding the impact of
Free Dailies).
Reported EBITDA
Reported Revenue
Note Excludes discontinued operations.
Note Excludes discontinued operations.
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Maintained Strong Margins

• Sun Media has continued to deliver industry
  leading margins despite increased costs from new
  free dailies and higher raw material costs

Sun Media EBITDA Margin
Peer Comparison (LTM)
23.6
As of January 31, 2006. As of February 28,
2006. As of March 31, 2006 Notes
Torstar CanWest - Newspaper segment. GTC -
Media segment.
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Strong Market Reception for Free Dailies

• 24 Hours have a higher circulation than Metro in
  each of Canadas top 3 markets
• 24 Hours in Toronto and Montreal showed a higher
  growth than Metro in the latest NADbank study
• Vancouver 24 Hours is a strong 1 in both
  readership and circulation amongst free dailies
• Confirms Sun Medias strategy and will translate
  into robust long-term return on its current
  investment

Source NADbank 2005 Study Montreal CMA,
Toronto CMA. NADbank 2005 Supplementary Study,
Vancouver CMA CCAB for the six months ending
March 2005. Distribution estimates.
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New Press Projects

• Total investment for QMI and Quebecor World of
  220 million
• Reduce current 13 lines to 6 lines of Man Roland
  presses
• Reduce paper width from 22 ¾ to 21 ½
• New Ferag mailroom equipment
• Located in Mirabel, Quebec and Islington, Ontario
• Provide for additional colour revenues
• Toronto Increase colour capacity from 48 pages
  to 64 pages (with a maximum of 96 pages)
• Montreal Increase colour capacity from 48 pages
  to 96 pages (with a maximum of 128 pages)
• Substantial operating savings expected
• Labour force reduction, increase productivity,
  reduction in newsprint consumption
• Targeted start-up
• Toronto July 2007
• Montreal April 2007 (partial implementation
  Summer 06)

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Circulation Strategies

• Sun Media is implementing various initiatives in
  order to stimulate circulation and increase
  revenues
• Install additional boxes and dealer racks
• Increase telemarketing to attract new customers
  and lengthen subscription terms
• Invest in content and format ("star" columnists)
• Reduce cover price in specific markets (25 in
  Ottawa and 50 in Toronto)
• Introduce 7-day home delivery for Toronto Sun
• Appointed Kin-Man Lee, former VP and Chief
  Financial Officer of Sun Media, as Publisher of
  Toronto Sun and Executive VP of Sun Media

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Online Strategy

• Consumers are increasingly relying on Internet
  as a primary source of information
• Sun Medias online strategy includes redesign of
  Urban Dailies websites
• Six Urban Daily websites redesigned in 2005 to
  reflect vibrant tabloid personality of Urban
  Dailies
• In Q1-2006, unique visitors continued to grow
  sequentially
• Online retail advertising revenues, a new revenue
  stream at Sun Media, more than doubled in Q1-2006
• Priorities for 2006
• Improve sites functionality to increase traffic
  (videos, blogs, e-mail alerts, etc.)
• Protect and grow the classified franchise by
  integrating three verticals (Jobs, Cars, and Real
  Estate)

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Leading Canadian Cable Operator

• 1,520K basic subs (512K digital subs) as of March
  31
• Fastest growing basic and digital TV provider in
  Canada (cable or satellite) during LTM
• Superior offering including VOD and SVOD

• 682K cable modem subs as of March 31
• Fastest growing cable Internet provider in Canada
  during LTM
• Highest speed in its market
• On February 20, 2006, launched a premium service
  at 16Mbps

• Launched in H1-2005
• Hybrid VoIP telephony service
• 227K subs as of March 31
• Integration of Vidéotron Telecom on January 1st,
  2006
• Strong lift effect for other services

• Will operate under a MVNO strategy (white
  label) utilizing Rogers Wireless network
• Expected to be launched in H2-2006
• Will complete Vidéotron bundling offer

Cable TV
Internet
Telephony
Wireless
Quadruple Play
Videotron continues to lead the industry in new
service deployment.
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Strong Financial Performance

• Robust new service deployment has led to strong
  financial performance.

Reported EBITDA
Reported Revenue
CAGR 16.0
CAGR 9.5
Note Pro Forma Videotron Telecom
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Continued Momentum in Q1 2006 Subscriber Results
Q1 2006 subscriber results continue Videotrons
positive momentum and highlight success of
bundling strategy.
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Growing Basic Cable Subscriber Base
Vidéotron has realized nine consecutive quarters
of positive net adds on an LTM basis (net adds of
13,900 subscribers in Q1 06) and improved
momentum since the launch of telephony service.
Net Change (LTM) in Cable TV Subscribers (000s)
65.0
IP telephony was launched in Q1-2005
2002
2003
2004
2005
2006
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Digital Services Subscriber Growth

• Videotron is the fastest growing Canadian cable
  digital TV and cable modem Internet service
  provider
• Cable telephony launch and Bells recent
  anti-piracy measures have been followed by
  increased momentum for Videotrons digital
  services

Cable Modem Internet Customers
Cable Digital TV Customers
Videotron CAGR 28
Videotron CAGR 43
2002
2003
2004
2005
2002
2003
2004
2006
2005
2006
Source Videotron and Company Reports.
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Significant Potential for Increased Penetration
Internet Penetration of Homes Passed
Digital Penetration of Basic Subscribers
Videotron Current (3/31/06)
Videotron Current (3/31/06)
Videotron 1 year ago (3/31/05)
Videotron 1 year ago (3/31/05)
Cablevision Rogers Cogeco
Insight Mediacom Shaw Videotron
Comcast Charter
Cablevision Comcast
Rogers Mediacom Shaw
Charter Insight Cogeco
Videotron
Source Company reports and press releases. Data
reflects most recent public filing.
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Strong Residential Telephony Momentum
Telephony Subscribers
Roll-out Progress

• Strong consumer reception
• 47 lift experienced (more than one new product)
  in Q1 06
• 24 new customers in Q1 06
• 97 taking more than 1 product
• 67 taking all three
• (1) Includes some areas of North Shore.

2005
2006
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Growing ARPU
Videotron has recorded a 9.0 CAGR in its ARPU
since 2001.
Net Total ARPU
CAGR 9.0
2001
2002
2003
2004
2005
2006
Source Vidéotron (ARPU excludes accounting
changes relating to installation revenues
starting Q2-04).
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Bundling Results in Lower Churn
Monthly Churn (a)
2005
2004
2006
(a) Figures presented are monthly averages.
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TVA - Leading Margins and Market Share
Peer Comparison (LTM)
French-language TV Market Share
Consistently delivering strong market share
despite increased fragmentation 8 of top 10
shows in Spring 2006 season
Industry leading margins
As at Febrary 28, 2006 Note TVA excludes Sun TV
Source Audimétrie BBM Monday - Sunday, 6am to
2am. 2 years
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TVA Financial Performance
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Protecting Leadership Position

• Fragmentation of viewership is transforming
  fundamental principles
• To reach viewers, need to be on different
  platforms
• TVA is investing in Specialty Channels

• Humour, Tapis Rouge and Télé-services to come
• TVA s specialty channels posted a 28 Y-o-Y
  increase in profitability in Q1-2006
• TVA is selling content to Videotron for its
  Video-on-Demand service
• A new revenue opportunity for TVA
• TVAs ultimate objective is to become a leading
  multimedia content provider

TVAs ownership in MenTV and Mystery is 51 and
50, respectively
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Other Businesses Overview

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Other Businesses
Divisions / Companies
Key LTM Stats ( mm)
Commentary
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Canoe Key Piece of QMIs Internet Strategy

• Quebecs leading Internet portals
• General and special interests (Canoe, Jobboom,
  Réseau Contact, Autonet, Micasa)
• Monthly reach of 31 in Canada (Source ComScore
  Media Metrix)
• 6.5 million unique visitors in March 2006 (5.8
  million in March 2005)
• 691 million page views in March 2006 (655 million
  in March 2005)
• QMIs value should benefit from Canoes
  impressive growth

Note Excluding Progisia
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Financial Highlights

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QMI Financial Performance
Including Videotron Telecom
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Free Cash Flow Growth
QMI Consolidated Free Cash Flow

• QMIs intense focus on profitable growth and cost
  containment has resulted in significant
  improvements in EBITDA and Free Cash Flow
• Current capex programs at Newspapers and Cable
  are expected to impact Free Cash Flow in the
  short-run significant growth is expected in the
  future

Cable Free Cash Flow
Newspapers Free Cash Flow
Note Free Cash Flow is defined as EBITDA, less
interest expense, less cash taxes, less Capex.
Includes Videotron Telecom, with the
exception of 2001
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Videotron - High Growth Cable Company
New product launches and focus on customer
service are driving profitability
Growth in Adjusted LTM EBITDA
2003
2004
2005
2006
Source Company reports Notes EBITDA for
Videotron, including Videotron Telecom and
excluding video stores EBITDA for
Rogers Cable, including management fees and
excluding video stores EBITDA for
Shaw Communications, excluding Star Choice and
Satellite EBITDA for Cogeco Cable
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Favorable Tax Position

• QMI and its wholly-owned subsidiaries currently
  sit on a very favorable tax position
• As a result, QMI and its wholly-owned
  subsidiaries do not expect to pay income taxes
  before the end of 2007
• This enhances QMI's Free Cash Flow profile/outlook