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Credit SuisseGlobal Leveraged Finance
ConferenceMarch 28-30, 2006 - Phoenix, Arizona
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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, Finance
• Jean-François Pruneau Treasurer

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Quebecor Media Overview

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Key Highlights

• Strong Brand Names with Leading Market Positions
• Differentiated Bundled Product Offerings
• Significant Barriers to Entry
• Stable and Diversified Cash Flow Generation
• Experienced Management Team

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Corporate Structure
Notes Segmented revenues include inter-company
revenues. Segmented EBITDA excludes head
office. Vidéotron Telecom was merged with
Vidéotron Ltée on 1/1/06.
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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 Diversified Financial Profile
2005 EBITDA
2005 Revenue
Business Telecommunications3.8
Business Telecommunications4.3
Newspapers33.9
Cable 52.1
Cable37.1
Newspapers 30.3
Leisure and Entertainment 3.7
Broadcasting 7.2
Leisure andEntertainment9.4
Other Inter-Segment0.9
Corporate Other2.4
Broadcasting14.9
Revenues 2.7 billion
EBITDA 734 million
Note Cable excludes Vidéotron Telecom, which was
merged with Vidéotron Ltée on 1/1/06.
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QMI Strategic Focus

• Execute Residential and Mobile Telephony
  Strategy
• Generate Free Cash Flow
• Implement integrated on-line strategy
• Improve Productivity
• Target Accretive Acquisitions in Core Business
  Segments

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QMI Financing Strategy

• Free Cash Flow and conservative leverage at the
  subsidiary level minimize debt at the holding
  level

45 économic 99 voting
58 économic 58 voting
100
100
Editions QMI
Leverage (Debt / EBITDA) Current 2.57x
Leverage (Debt / EBITDA) Current 2.94x
Leverage (Debt / EBITDA) Current 2.23x
No debt
No debt
(1)
(2)
(3)
Free Cash Flow Additional Debt
Notes (1) Debt / EBITDA according to the
Vidéotron credit agreement. (2) Debt / EBITDA
according to the Sun Media credit agreement. (3)
Debt / EBITDA according to the TVA credit
agreement.
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Overview of Refinancing Plan January 2006

• 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
195 Community Newspapers andSpecialty
Publications
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Strong and Established Newspaper Franchise
(average daily circulation and weekly readership
in 000s)
Urban Daily Publications
Avg. Daily Circulation
Weekly Readership
Market Position
Year Founded
Le Journal de Montréal 1 272.7
1,238.9 1964 The Toronto Sun 2 199.0
1,910.4 (a) 1971 Le Journal de
Québec 1 103.4 357.0 1967 The London Free
Press 1 86.8 248.0 1849 The Edmonton Sun 2
73.2 380.0 1978 The Calgary Sun 2 66.4 362.4
1980 The Winnipeg Sun 2 41.8 250.7 1980 The
Ottawa Sun 2 50.3 264.8 1988 Total 893.6
5,012.2
Note Circulation data from Sun Media as of
December 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 January 31, 2006. As of November 31,
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
(1)

• 24 Hours Toronto has a pick-up rate of 98
• 24 heures has a circulation that is 10 higher
  than Metros
• 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. (1) Internal
statistics as of December 31, 2005
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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

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Online Strategy

• Consumers are increasingly relying on Internet
  as a primary source of information,
  contributing to the negative trend in circulation
• Sun Media is implementing a more formal online
  strategy to compensate
• for lower circulation
• Six Urban Daily websites redesigned in 2005 to
  reflect vibrant tabloid personality of Urban
  Dailies
• In Q4-2005, unique visitors and page views grew
  30
• 2M of online retail advertising revenues in
  H2-2005, a new revenue stream at Sun Media
• 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

• 1,506K 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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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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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.