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1
Citigroup 14th Annual High Yield/ Leveraged
Finance ConferenceMarch 6 - 9, 2005 - Vail,
Colorado
2
Safe Harbor Act

• Except for historical information contained
  herein, certain statements in this document may
  constitute forward-looking statements made
  pursuant to the safe harbour provisions of the
  Private Securities Litigation Reform Act of 1995.
  Forward-looking statements are subject to known
  and unknown risks and uncertainties that could
  cause Quebecor Medias actual results to differ
  materially from those set forth in the
  forward-looking statements. These risks include
  changes in customer demand for Quebecor Medias
  products, changes in equipment costs and
  availability, 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 December 31,
  2004

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Management Attendees

• Jacques Mallette Executive Vice President
  and Chief Financial Officer
• Mark DSouza Vice President and Treasurer

4
Corporate Structure

• Leading Canadian multi-platform media company

(C in millions)
54.7
45.3
Inc.
2004 Revenue 2,462 2004 EBITDA 697
40 Economic 99 Voting
100
100
Other
1 Pay television operator in Quebec 3 in
Canada 1 video store chain in Quebec
Largest newspaper publisher in Quebec second
largest in Canada
Book RetailingNew MediaBusiness Telecom
Largest French language broadcaster and magazine
publisher in Quebec and in North America
2004 Revenue 872 2004 EBITDA
341
2004 Revenue 888 2004 EBITDA
228
2004 Revenue 407 2004 EBITDA
52
2004 Revenue 358 2004 EBITDA
81
Note Segmented revenues include inter-company
revenues. Segmented EBITDA excludes head office.
5
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 High
speed Internet service provider 1 Television
broadcaster 1 Magazine publisher 1 Video store
chain 1 Music producer/distributor/retailer 1
Internet portal
National Presence
2 Newspaper publisher Leading content-focused
national and local Internet portals
Sources BBM Survey (Sep 1 Nov 30, 2004)
NADbank 2003 PMB 2004 comscore (Media Metrix
December 2004) CARD (Infopresse Annual Media
Guide) IMS (Media Mix)
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Quebecor Media A Unique Platform in a
Unique Market

• Exclusive Internet and VOD content
• Point of sale advertising and sales of CDs
  and DVDs in retail stores
• Videotron Telecom (VTL) handled
• telephone voting

Produced, distributed and retailed 4 spin-off
multiple platinum (Canada) CDs
Published several special issue magazines and
increased circulation of its entertainment
magazines
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Nationwide Presence and Strategically Clustered

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

8 Paid Urban Dailies 2 Free Commuter Dailies
(Mtl / Tor)
192 Community Newspapers andSpecialty
Publications
Community Newspapers and Specialty Publications
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Demonstrated Financial Performance

• EBITDA has been growing at a 4.5 CAGR pace (5.6
  excluding the impact of the recent start-up of
  two free dailies)

(C MM) EBITDA
(C MM) Revenue
CAGR 4.5
Excludes discontinued operations.
10
Maintained Strong Margins

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

Peer Comparison (LTM 12/31/04)
EBITDA Margin
Publishing EBITDA Margin
As of Oct 31, 2004 As of Nov 30, 2004
N.B Torstar, GTC, Canwest newspaper ops.
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Strong Advertising Market Share Trends
Urban Dailies ROP Linage
Market Share
Market share vs competing broadsheets
Source CNA December 2004 report
12
Launch of Free Dailies

• 24 Hours / 24 Heures Remarkable
  market reception
• Circulation of 217,700 and 113,000 in Toronto and
  Montreal respectively
• Readership
• 24 hours 259,100 every day, 504,000 each week
• 24 heures 152,400 every day, 256,800 each week
• 79 of readers are in the key age range of 18-49
• Malefemale split is 4357
• 24 hours has a pick-up rate of 98
• 24 heures has a circulation that is 10 higher
  than Metros
• This market reception confirms our strategy and
  will translate into robust long term return on
  our current investment

Source CCAB for the six months ending September
2004 NADbank 2004 Spring
Supplementary Study Montreal CMA, Toronto CMA.
13
Continuing Focus on Profit Improvement Programs

• Expenses
• Newsprint (formats / waste)
• Labour (headcount / cost control)
• Benchmarking programs
• Increasing automation (data entry processes)

• Revenue
• Increasing ad rates
• Increasing newspaper prices
• New clients
• New products (Free dailies)
• Leveraging press sites

• Investment
• 2.6 million invested in new press (Leduc)
• Computer to Plate
• Press room distribution equipment
• Urban circulation system
• Classified systems
• 4.6 million in annualized savings

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Leading Canadian Cable Operator

• Cable TV
• 1,453 basic subs as of December 31, 2004
• 334 K digital subs
• Fastest growing digital TV provider in Canada
  (cable or satellite) over the LTM and last three
  years
• Superior offering including VOD and SVOD

• Internet
• 503 K subs as of December 31, 2004
• Fastest growing cable Internet provider in Canada
  over the LTM and last two years
• Highest speed in its market

• Telephony
• Launched on
• January 24, 2005
• First Canadian cable company to market
• Hybrid VOIP telephony service
• Strong market reception

Source Company reports. Based on LTM ended Dec
31, 2004 except for Shaw and Cogeco which are as
at Nov 30, 2004.
16
Improving Customer Base
Net Change (LTM) in Cable TV Customers (000s)
Source Vidéotron
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Growing ARPU

• 9.3 CAGR during the last 3 years

Gross Total ARPU
CAGR 9.3
2002
2004
2001
2003
Source Vidéotron (ARPU is gross of programming
credits and excludes accounting changes relating
to installation revenues starting Q2-04)
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Residential Telephony Strategy

• Progressive commercial launch, using a
  combination of Videotrons existing IP network
  and VTLs circuit switched network
• Soft switches will be introduced to offer VoIP
  value added services
• Rationale for Pricing
• Specific market environment
• Cost structure (VTL is a CLEC)
• Aggressive penetration strategy
• Thorough market analysis
• Infrastructure and Capex build-up will be on a
  sequential / incremental basis tied to commercial
  demand
• Fixed Capex of C80M over the next four years
• COA of C250, including modem and installation

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Improved Quality of Service Drives Churn Down
Note Figures presented are monthly averages on
a last twelve months (LTM) basis
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QMI Financial Review
21
QMI Diversified Financial Profile
LTM Revenue
LTM EBITDA
Newspapers35.2
Cable34.5
Cable 48.9
Newspapers 32.7
Other6.5
Leisure andEntertainment9.6
Leisure and Entertainment 3.3
Other3.6
Broadcasting 11.5
Broadcasting14.2
697 Million
2.5 Billion
Notes Segmented revenue percentages include
inter-company revenues.
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QMI 2004 Financial Performance
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Delivering on Key Objectives Leverage

• Almost C1 billion in debt reduction over the
  last two years

(C in millions)
Debt As of
Debt As of
Debt As of
LTM EBITDA /
Interest
12/31/04
12/31/03
12/31/02
Quebecor Media (Holdco)
1,140.7
1,820.1
1,293.8
6.69x
Vidéotron
888.9
1,119.6
886.7
5.57x
Sun Media
484.3
551.7
515.1
34.9
TVA
24.4
51.2
(c)
Additional Amount Payable (VTL)
101.4
68.7
254.2
(d)
186.0
Other Debt
190.3
13.7
Total Quebecor Media
2.27x
2,836.2
3,015.6
3,773.9

• As per respective Credit Agreements
• Debt / proportionate EBITDA (restricted
  subsidiaries)
• Redeemable preferred shares held by the Carlyle
  Group
• Including FX differential liability of
  derivatives instruments. Net of prepayments of
  derivative obligations.

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Delivering on Key Objectives Free Cash Flow
Growth
QMI Consolidated

• QMIs intense focus on profitable growth and cost
  containment has resulted in significant
  improvements in EBITDA and Free Cash Flow which
  will continue to drive leverage reduction in the
  future

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
25
Delivering on Key Objectives Financial
Flexibility

• Debt maturities well staggered over the next ten
  years

QMI Consolidated Debt Maturity Profile
Note US debt converted at exchange rates under
hedging agreements.
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QMI Key Priorities

• Continue to improve Free Cash Flow generation by
• Launching new products and services
• Cross selling using our multiple media platform
• Investing in cost reducing technologies
• Execute residential telephony strategy
• Increase market share penetration with triple
  play bundle
• Targeting strategic acquisitions in core business
  segments
• Jumbo Video acquisition
• Ant Farm acquisition
• Netgraphe privatization
• Toronto One acquisition