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Investor Presentation RBC Capital Markets Whistler, British-Columbia February 21-23, 2006

Investor Presentation RBC Capital Markets Whistler, British-Columbia February 21-23, 2006. Forward Looking Statements.

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Investor Presentation RBC Capital Markets Whistler, British-Columbia February 21-23, 2006

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  1. Investor PresentationRBC Capital Markets Whistler, British-ColumbiaFebruary 21-23, 2006

  2. 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

  3. Management Attendee • Mark D’Souza Vice President and Treasurer - QI • Vice President, Finance - QMI

  4. Corporate Structure 26.3% * 54.7% Caisse de Dépôt et Placement du Québec Public 73.7% 45.3% • One of the world’s 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

  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)

  6. 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

  7. 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

  8. Optimizing QMI’s 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

  9. 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

  10. Strong and Established Newspaper Franchise (in 000’s) Market Position Avg. Daily Circulation Weekly Readership Year Founded Urban Daily Publications • 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 Media’s community newspapers are often the only general circulation newspapers published in their respective markets – the majority hold a #1 market position 13

  11. 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 Revenue Reported EBITDA CAGR = 3.3% CAGR = 2.2% Note: Excludes discontinued operations. Note: Excludes discontinued operations.

  12. 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.

  13. 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.

  14. 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 Metro’s • 24 Hours Vancouver has the highest trial and past-week readership of all new free Vancouver daily papers • Confirms Sun Media’s 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.

  15. 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)

  16. 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.

  17. Strong Financial Performance • Robust new service deployment has led to strong financial performance. Reported Revenue Reported EBITDA CAGR = 17.5% CAGR = 8.7% Note: Excludes Vidéotron Telecom, which was merged with Vidéotron Ltée on 1/1/06.

  18. 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 Vidéotron’s positive momentum and highlight success of bundling strategy.

  19. 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 (000’s) 53.6 2005 2004 2003 2002

  20. Digital Services Subscriber Growth • Vidéotron is the fastest growing Canadian cable digital TV and HSD service provider • Cable telephony launch and Bell’s recent anti-piracy measures (new smart cards) have been followed by increased momentum for Vidéotron’s digital services Digital Customers High-Speed Internet Customers Vidéotron CAGR = 44% Vidéotron CAGR = 28% 2005 2005 2004 2004 2002 2003 2002 2003 Source: Vidéotron and Company Reports.

  21. Significant Potential for Increased Penetration Digital Penetration of Basic Subscribers Internet Penetration of Homes Passed 40% 70% 36% 36% Vidéotron – Current (9/30/05) 61% Vidéotron – Current (9/30/05) Vidéotron – 1 year ago (9/30/04) Vidéotron – 1 year ago (9/30/04) 35% 60% 32% 30% 47% 50% 46% 24% 25% 39% 37% 40% 20% 33% 19% 31% 18% 20% 17% 29% 28% 16% 30% 20% 15% 20% 10% 21% 10% 5% 0% 0% Cablevision Comcast Rogers Cogeco Shaw Charter Insight Mediacom Vidéotron Shaw Rogers Comcast Insight Charter Cablevision Vidéotron Cogeco Mediacom Source: Company reports. Note: All data as at September 30, 2005, except Shaw and Cogeco which are as at August 31, 2005.

  22. Strong Residential Telephony Momentum • 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. Telephony Subscribers Roll-out Progress

  23. Growing ARPU Vidéotron has realized a strong 8.6% CAGR in its ARPU since 2001. Net Total ARPU CAGR = 8.6% 2005 2002 2004 2003 2001 Source: Vidéotron (ARPU excludes accounting changes relating to installation revenues starting Q2-04).

  24. Bundling Results in Lower Churn Monthly Churn (a) 2004 2005 (a) Figures presented are monthly averages.

  25. Other Businesses Overview

  26. Other Businesses Divisions / Companies Key 2005 Stats ($ mm) Commentary

  27. 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.

  28. Canoe: Blossoming in a Growing Market • Quebec’s 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 • QMI’s value should benefit from Canoe’s impressive growth Note: Excluding Progisia

  29. Financial Highlights

  30. QMI – Financial Performance

  31. Free Cash Flow Growth QMI Consolidated Free Cash Flow • QMI’s 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.

  32. Vidéotron – Profitability Despite the success of IPT and intensive network upgrades, Vidéotron’s 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

  33. 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: • C$100M Revolving Credit Facility due 2011 • C$125M Term Loan A due 2011 • US$350M Term Loan B due 2013 • The new 7 3/4% QMI Senior Notes mature in 2016 • QMI expects interest savings of approximately C$80M per year

  34. 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

  35. QMI – Increasing Shareholder Value Quebecor Media’s portfolio of premium properties generates approximately 80% of Quebecor Inc’s value * Average EBITDA multiples used by sell side analysts.

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