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Investor Presentation BMO Nesbitt Burns Media
Telecom ConferenceTorontoSeptember 13, 2005
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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 June 30,
  2005
  

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Management Attendees

• Pierre Francoeur President and Chief Operating
  Officer (QMI) and President and Chief Executive
  Officer (SUN)
  
• Mark DSouza Vice President and Treasurer (QI /
  QMI)

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Corporate Structure
35.9 ()
54.7
Caisse de Dépôt et Placement du Québec
Public
45.3
64.1

• One of the worlds largest commercial printers
• Operating in 17 countries
• LTM revenues of 8.4 billion
• () Including 12,500,000 Subordinate Voting
  Shares
  
• pursuant to exchangeable debentures issued
  by
  
• Quebecor Inc. in February 2001.

• 3rd 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 web integration
• LTM revenues of 2.6 billion

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Managing Principles at Quebecor

• Be market leaders in each of our businesses
• Quebecor World (IQW), one of the worlds
  largest commercial printers
  
• Quebecor Media (QMI), leading Canadian assets
  (Videotron, Sun Media, TVA, etc.)
  
• Driving growth at reasonable cost
• Entrepreneurial management focusing on revenue
  growth under a controlled cost base
  
• Rigorous balance sheet management
• Increase leverage for sound investment
  opportunities
  
• In the long run, prudent balance sheet management
  
  
• Generate Free Cash Flow

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Leading Market Positions

• Quebecor Media can reach 60 of English Canadians
  in Major Canadian Markets and 95 of French
  Canadians in Quebec on a weekly basis

Leading Market Position in Quebec
1 Newspaper publisher 1 Cable operator 1 Hig
h speed Internet service provider
1 Television broadcaster 1 Magazine publisher
1 Video store chain 1 Music producer/distributo
r/retailer 1 Internet portal
National Presence
2 Newspaper publisher Leading content-focused na
tional and local Internet portals
Sources BBM Survey (Sep 1 Nov 30, 2004)
NADbank 2003 PMB 2004 comscore (Media Metrix D
ecember 2004) CARD (Infopresse Annual Media Guid
e) IMS (Media Mix)
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QMI Strategic Focus

• Generate Free Cash Flow
• Execute Residential Telephony Strategy
• Target Accretive Acquisitions in Core Business
  Segments
  
• Optimize Capital Structure

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Driving Free Cash Flow Growth

• New Products
• Residential Telephony
• Video on Demand
• 24 Hours (Montreal, Toronto, Vancourer)
• Sun TV (formerly Toronto 1) Channel
• Specialty Channels (Argent, Mystère)
• On-Line Music

• Cross Selling
• Created dedicated QMI position to enhance
  cross selling opportunities (VP, Advertising
  Convergence)
  
• Exploit content on all media platforms

• Cost Reduction
• New Technology
• Headcount Reduction
• Re-Financing
• Tax Planning

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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
194 Community Newspapers andSpecialty
Publications
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Sun Media Recent Developments

• In December 2004, Sun Media swapped its 29.9
  interest in CP24 (and paid 2.8M cash), for a 25
  interest in Sun TV. The transaction was valued at
  10.8M and Sun Media recorded a net gain of 8.0M
  on the disposal of CP24
• In March 2005, Sun Media launched a third edition
  of 24 Hours, its free commuter daily newspaper in
  Vancouver, in a 50/50 joint venture with a
  wholly-owned subsidiary of The Pattison Group
• In 2005, Sun Media acquired five weekly community
  newspapers in Ontario and Alberta and swapped its
  Beauport (Quebec City Region) community weekly
  for Transcontinal's St-Sauveur (Laurentians
  Region) community weekly
• In August 2005, QMI announced two major
  investments in Montreal and Toronto for a total
  of 220M to build two new state-of-the-art
  printing facilities for the Journal the Montreal,
  Toronto Sun and London Free Press

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Sun Media Key Priorities

• Defend Sun franchise vs. new free dailies (Dose,
  Metro) other paid dailies
  
• Reducing cover price at some locations
• Expanding 24 Hours franchise
• Increasing bulk and sample copies
• Expanding home delivery
• Develop new revenue streams (to offset National
  advertising revenue decline)
  
• New printed and web based products (find a
  rental/find a car)
  
• Leverage community newspaper network to gain
  market share of inserts/flyers
  
• Expansion of web based business (classified,
  banners, daily newspapers etc.)
  
• Launch of weekly regional editions of urban
  dailies
  
• Substantial increase in color capacity from the
  new Montreal and Toronto printing facilities

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Sun Media Key Priorities

• Pursue cost reduction opportunities aggressively
• Centralization of Customer Service Call Centers
  (Kanata, Ontario)
  
• Investment in new information systems
  (circulation and classified)
  
• Investment in new presses, splicers, inserters
  (to reduce waste and labour costs)
  
• QMI investments in new state-of-the-art printing
  facilities in Montreal and Toronto (220M)
  

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Demonstrated Financial Performance

• EBITDA has been growing at a 3.9 CAGR pace (5.1
  excluding the impact of the recent start-up of
  free dailies)

EBITDA
REVENUE
CAGR 3.9
Excludes discontinued operations.
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Maintained Strong Margins

• Despite the launch of three free dailies,
  stringent focus on costs has allowed Sun Media to
  consistently deliver industry leading margins

EBITDA Margin
Peer Comparison (LTM 06/30/05)
Publishing EBITDA Margin
As of Apr 30, 2005 As of May 31, 2005 N.B
Torstar, GTC, Canwest newspaper ops.
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Launch of Free Dailies

• Remarkable market reception

Source NADbank 2004 CCAB, March 2005 Dist
ribution Estimate
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Leading Canadian Cable Operator

• 1,459 K basic subs as of August 31
• 411 K digital subs
• Fastest growing digital TV provider in Canada
  (cable or satellite) during LTM
  
• Superior offering including VOD and SVOD

• 572 K HSD subs as of August 31
• Fastest growing cable Internet provider in Canada
  during LTM
  
• Highest speed in its market

• Launch in H1-2005
• Hybrid VoIP telephony service
• 75,300 subscribers as of August 31
• Integration of Vidéotron Telecom Ltée (VTL) on
  January 1st, 2006
  
• Strong lift effect

• Initiative currently under study
• Would pursue under a MNVO strategy (white
  label)
  
• Would complete Vidéotron bundling offer

Cable TV
Internet
Telephony
Wireless
Quadruple Play
"Triple Play" Bundle
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Vidéotron Key Priorities
Cost Control
Disciplined Growth

• Reduce costs and improve operating efficiency and
  productivity
  
• Vidéotron / VTL merger 3M in savings being
  implemented
  
• Strict control of programming costs
• Strict control of growth driven cost expansion
• Maximize marketing synergies within the QMI group
  of companies
  

• Maximize customer service through delivery of
  best experience
  
• Superior, high-quality products
• Exclusive entertainment content
• One-stop-shop
• Telephony THE TRIPLE PLAY BUNDLE
• Launch valued added services (a)
• Maintain and upgrade advanced broadband network
• Increasing Internet penetration
• Preferred supplier at retail level

Note (a) Value added services include unified me
ssaging, video-conferencing and world-wide VoIP
connection.

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Basic Cable Subscriber Base

• Positive trend 6 consecutive quarters of net
  adds on an LTM basis

Net Change (LTM) in Cable TV Customers (000s)
2005
2004
2002
2003
Source Vidéotron
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Digital Services Subscriber Growth

• Fastest growing Cable DTV and HSD service
  provider
  
• Bells recent anti-piracy measures (new smart
  cards) should help maintain the momentum for
  Vidéotrons digital services

High-Speed Internet Customers
Digital Customers
VL CAGR 27
2005
2005
Source Vidéotron and Company Reports
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Substantial Potential for Increased Penetration
Digital Penetration of Basic Subscribers
Internet Penetration of Homes Passed
Shaw Rogers Vidéotron
Comcast Mediacom Cablevision
Cox Cogeco Charter
Cablevision Comcast Rogers
Cogeco Vidéotron
Charter Cox Mediacom
Shaw
Source Company reports. Data reflects most
recent public filing.
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Residential Telephony Subscribers
Roll-out Progress
Telephony Subscribers (000s)

• Exceptional consumer reception
• Strong lift experienced (more than one new
  product)
  
• Significant new customer penetration

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Taking Care of Business and Customers

• Improved Quality of Service and Bundling Lead to
  Lower Churn

Call Answer Rate vs. Cable TV Churn
Monthly Churn (a)
2001
2002
2004
2003
2004
2005
2005

• Notes
• Figures presented are monthly averages on a last
  twelve months (LTM) basis.
  
• Source Vidéotron.

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Growing ARPU

• 9.2 CAGR during the last 3 years

Gross Total ARPU
CAGR 9.2
2005
2002
2003
2004
2001
Source Vidéotron (ARPU gross of programming
credits and excludes accounting changes relating
to installation revenues starting
Q2-04).
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VOD Additional Opportunity to Increase ARPU

• Agreements with two major studios has improved
  content to the library
  
• Time Warner
• Universal

Quarterly Paid VOD Orders (000's)
(000S)
Source Vidéotron.
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TVA Recent Developments

• In December 2004, TVA paid 32.4M for a 75
  interest in Toronto 1 (renamed Sun TV), a
  television station in Toronto
  
• In December 2004, TVA launched Mystère, a French
  language digital specialty channel focusing on
  mystery and science-fiction programming content
  
• In January 2005, TVA launched Argent, an all
  business news digital specialty channel,
  leveraging the brand of the already successful
  Journal de Montreal Argent Business Supplement
  and Canoe Webfin/Argent Business Portal
• In July 2005, TVA repurchased 3,45M Class B
  shares for an aggregate consideration of 75.9M

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TVA Key Priorities

• Maintain leading market share (and 25 of top 30
  shows)
  
• Implement new programming strategy at Sun TV
  (formerly Toronto 1)
  
• Increase revenues
• Rate increases on star products
• Increase market penetration of home shopping
  network
  
• Increase derivative products revenue streams
• Cost Control
• Digitize newsrooms in regional stations
• Leverage new collective agreement to improve cost
  efficiency
  
• Optimize utilization of studios and production
  capacity
  
• Implement new integrated inventory / invoicing
  management information system
  
• Launch additional digital TV channels (at least
  two)

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TVA Leading Margins and Market Share
Peer Comparison (LTM)
French-language TV Market Share
Industry leading margins
Consistently delivering strong market share
despite increased fragmentation 24 of top 30 s
hows in Spring 2005 season
Source Audimétrie BBM Monday - Sunday, 6am to
2am. 2 years
As at May 31, 2005
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Financial Highlights

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QMI Financial Performance
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QMI A Free Cash Flow Powerhouse
QMI Consolidated

• QMIs intense focus on profitable growth and
  cost containment has resulted in significant
  improvements in EBITDA and Free Cash Flow

Vidéotron
Sun Media
Note Free Cash Flow is defined as EBITDA less
interest expense less cash taxes less Capex
Sun Media FCF shows benefit of recovering
taxes from prior years
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Accounting Practice Discrepancies

• Different accounting practices amongst Canadian
  cable companies make EBITDA comparisons
  difficult
  
• Vidéotron and Rogers Subscriber subsidies are
  expensed
  
• Shaw and Cogeco Subscriber subsidies are
  capitalized
  
• EBITDA must be adjusted to reflect these
  differences and eliminate bias on valuation
  metrics
  
• On a comparable basis, Vidéotrons valuation is
  lower than Cogeco and Shaw, despite favorable
  growth and free cash flow profile

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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

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Refinancing Opportunities

• As of July 15, 2006, QMI will have the option to
  refinance its Senior Notes and Senior Discount
  Notes
  
• This should generate substantial interest
  savings, further driving free cash flow growth