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Investor Presentation RBC Capital Markets
Whistler, British-ColumbiaFebruary 21-23, 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 December 31,
  2005

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Management Attendee

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

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Corporate Structure
26.3
54.7
Caisse de Dépôt et Placement du Québec
Public
45.3
73.7

• One of the worlds largest commercial printers
• Operating in 17 countries
• 2005 revenues of 7.6 billion
• () Excluding 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
• 2005 revenues of 2.7 billion

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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 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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QMI Strategic Focus

• Execute Residential and Mobile Telephony
  Strategy
• Generate Free Cash Flow
• Improve Productivity
• Continue to Optimize Capital Structure
• Target Accretive Acquisitions in Core Business
  Segments

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Driving Free Cash Flow Growth

• New Products
• Residential Telephony / Wireless
• Video on Demand
• 24 Hours (Montreal, Toronto, Vancourer)
• Sun TV (formerly Toronto 1) Channel
• Specialty Channels (Argent, Mystère, Prise 2)
• On-Line Music

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

• Cost Reduction
• New Technology
• Headcount Reduction
• Refinancing
• Tax Planning

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Optimizing QMIs Capital Structure

• With the recent refinancing of its high yielding
  Notes, QMI continued to take advantage of
  favourable 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
196 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 1 274.1
1,238.9 1964 The Toronto Sun 2 202.0
1,904.9 (a) 1971 Le Journal de
Québec 1 103.0 357.0 1967 The London Free
Press 1 86.8 248.0 1849 The Edmonton Sun 2
72.7 380.0 1978 The Calgary Sun 2 66.8 362.4
1980 The Winnipeg Sun 2 42.0 250.7 1980 The
Ottawa Sun 2 50.7 264.8 1988 Total 898.1
5,006.7
Note Circulation data from Sun Media as of
September 2005. Readership based on NADbank
7-day cumulative data. (a) Based on total
readership, whereas figures for other newspapers
reflect local market 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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Demonstrated Financial Performance
Reported revenue and EBITDA have grown at a CAGR
of 2.2 and 3.3 (4.3 excluding the impact of
the recent start-up of free dailies),
respectively, since 1999.
Reported EBITDA
Reported Revenue
CAGR 3.3
CAGR 2.2
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)
24,3
As of October 31, 2005. As of November 31,
2005. As of September 30, 2005. Notes
Torstar CanWest - Newspaper segment. GTC -
Media segment.
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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. Market share
vs. competing broadsheets (including The Globe
and Mail). (1) In terms of weekly paid
circulation.
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Strong Market Reception for Free Dailies

• 24 Hours Toronto has a pick-up rate of 98
• 24 heures has a circulation that is 11 higher
  than Metros
• 24 Hours Vancouver has the highest trial and
  past-week readership of all new free Vancouver
  daily papers
• Confirms Sun Medias strategy and will translate
  into robust long-term return on its current
  investment

Source NADbank 2004 Study Montreal CMA,
Toronto CMA. Leger Marketing Study, Vancouver,
October 2005, Sample 1,000 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 10 lines to 6 lines of Man Roland
  presses
• Reduce websize 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
• Targeted implementation
• Toronto January 2007
• Montreal April 2007 (partial implementation
  Summer 06)

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Leading Canadian Cable Operator

• 1,506K basic subs (475K digital subs) as of Dec.
  31
• Fastest growing digital TV provider in Canada
  (cable or satellite) during LTM
• Superior offering including VOD and SVOD

• 638K HSD subs as of Dec. 31
• Fastest growing cable Internet provider in Canada
  during LTM
• Highest speed in its market

• Launched in H1-2005
• Hybrid VoIP telephony service
• 163K subs as of Dec. 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 H1-2006
• Will complete Vidéotron bundling offer

Cable TV
Internet
Telephony
Wireless
Quadruple Play
Vidéotron 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 17.5
CAGR 8.7
Note Excludes Vidéotron Telecom, which was
merged with Vidéotron Ltée on 1/1/06.
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Continued Momentum in Q4 2005 Subscriber Results

• Basic cable 34,500 net additions largest
  quarterly net growth in five years
• Digital cable 50,000 net additions largest
  quarterly increase since service was launched in
  1999
• High speed Internet 50,300 net additions
  largest quarterly increase since service was
  launched in 1998
• VoIP telephony 67,000 net additions

Q4 2005 subscriber results continue Vidéotrons
positive momentum and highlight success of
bundling strategy.
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Growing Basic Cable Subscriber Base
Vidéotron has realized eight consecutive quarters
of positive net adds on an LTM basis (net adds of
34,500 subscribers in Q4 05, the largest
quarterly increase in the last five years) and
improved momentum since the launch of telephony
service.
Net Change (LTM) in Cable TV Subscribers (000s)
53.6
2005
2004
2002
2003
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Digital Services Subscriber Growth

• Vidéotron is the fastest growing Canadian cable
  digital TV and HSD service provider
• Cable telephony launch and Bells recent
  anti-piracy measures (new smart cards) have been
  followed by increased momentum for Vidéotrons
  digital services

High-Speed Internet Customers
Digital Customers
Vidéotron CAGR 44
Vidéotron CAGR 28
2005
2005
2004
2002
2003
2004
2002
2003
Source Vidéotron and Company Reports.
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Significant Potential for Increased Penetration
Internet Penetration of Homes Passed
Digital Penetration of Basic Subscribers
70
40
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36
61
Vidéotron Current (9/30/05)
Vidéotron Current (9/30/05)
Vidéotron 1 year ago (9/30/04)
Vidéotron 1 year ago (9/30/04)
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60
32
30
47
50
46
24
25
39
37
40
20
33
19
31
18
20
17
29
28
16
30
15
20
20
10
21
10
5
0
0
Shaw Rogers Comcast
Insight Charter
Cablevision Vidéotron Cogeco
Mediacom
Cablevision Comcast
Rogers Cogeco Shaw
Charter
Insight Mediacom Vidéotron
Source Company reports. Note All data as at
September 30, 2005, except Shaw and Cogeco which
are as at August 31, 2005.
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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 Q4 05
• 25 new customers in Q4 05
• 98 taking more than 1 product
• 68 taking all three
• (1) Includes some areas of North Shore.

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Growing ARPU
Vidéotron has realized a strong 8.6 CAGR in its
ARPU since 2001.
Net Total ARPU
CAGR 8.6
2005
2002
2003
2004
2001
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)
2004
2005
(a) Figures presented are monthly averages.
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Other Businesses Overview

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Other Businesses
Divisions / Companies
Key 2005 Stats ( mm)
Commentary
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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 19 of top 20
shows in Fall 2005 season
Industry leading margins

• As at November 31, 2005
• Note TVA is excluding Sun TV

Source Audimétrie BBM Monday - Sunday, 6am to
2am. 2 years August 29th to December 4th 2005.
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Canoe Blossoming in a Growing Market

• Quebecs leading Internet portals
• General and special interests (Jobboom,
  Réseaucontact, Autonet, Canoe)
• In September 2005, launched Micasa.ca, a portal
  devoted to real estate
• In the first month of operations, Micasa.ca was
  the 1 real-estate site in Québec with over 536K
  unique visitors and 5.4M page views (Source
  ComScore MediaMetrix)
• Canoe is well positioned to take full advantage
  of the Internet
• QMIs value should benefit from Canoes
  impressive growth

Note Excluding Progisia
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Financial Highlights

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QMI Financial Performance
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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 QMI and Vidéotron are
  expected to impact Free Cash Flow in the
  short-run significant growth is expected in the
  future

Vidéotron Free Cash Flow
Sun Media Free Cash Flow
Note Free Cash Flow is defined as EBITDA, less
interest expense, less cash taxes, less Capex.
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Vidéotron Profitability
Despite the success of IPT and intensive network
upgrades, Vidéotrons profitability is amongst
the best in the industry
Note All figures are LTM and reflect most recent
public filings. Source Company reports (1)
Metrics for Rogers Cable, including management
fees (2) Metrics for Shaw Communications,
excluding Star Choice and Satellite (3) Metrics
for Cogeco Cable
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QMI - Refinancing Highlights

• On January 17, 2006, QMI refinanced its 11 1/8
  Senior Notes and 13 3/4 Senior Discount Notes
  with a mix of new holdco credit facilities, new 7
  3/4 QMI Senior Notes and distributions from
  subsidiaries Vidéotron and Sun Média
• The new QMI credit facilities are composed of
• C100M Revolving Credit Facility due 2011
• C125M Term Loan A due 2011
• US350M Term Loan B due 2013
• The new 7 3/4 QMI Senior Notes mature in 2016
• QMI expects interest savings of approximately
  C80M per year

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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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QMI Increasing Shareholder Value
Quebecor Medias portfolio of premium properties
generates approximately 80 of Quebecor Incs
value
Average EBITDA multiples used by sell side
analysts.