Credit SuisseGlobal Leveraged Finance Conference

March 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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Mark D’Souza Vice President, Finance

Jean-François Pruneau Treasurer

Management Attendee

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.

54.7%

Inc.

45.3%

45% Economic 99% Voting100%

2005 Revenue : $2,703

2005 EBITDA : 734

2005 Revenue: $1,002

2005 EBITDA: 382

2005 Revenue: $916

2005 EBITDA: 222

2005 Revenue: $401

2005 EBITDA: 53

2005 Revenue: $487

2005 EBITDA: 75

#1 Pay television operator in Quebec; #3 cable operator in Canada; #1 video store

chain in Quebec

Largest newspaper publisher in Quebec;

second largest in Canada

100%

($ in millions)

Book Retailing

New MediaBusiness Telecom

Other

Largest French language broadcaster and magazine publisher in Quebec and in

North America

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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 Positions

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).

National Presence

#2 Newspaper publisher

Leading content-focused national and local Internet portals

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

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Cable 52.1% Newspapers

30.3%

Leisure and Entertainment

3.7%

Broadcasting 7.2%

Cable37.1%

Other & Inter-Segment

0.9%Broadcasting

14.9%

Leisure andEntertainment

9.4%

Newspapers33.9%

Corporate & Other

2.4%

Business Telecommunications

3.8%

Business Telecommunications

4.3%

2005 EBITDA2005 Revenue

Revenues = $2.7 billion EBITDA = $734 million

QMI Diversified Financial Profile

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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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.

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

Free Cash Flow+

Additional Debt

Leverage (Debt / EBITDA)

Current 2.57x

Leverage (Debt / EBITDA)

Current 2.94x No debt

45% économic99% voting100% 100%

Editions QMI

(1) (2)

58% économic58% voting

Leverage (Debt / EBITDA)

Current 2.23x No debt(3)

QMI Financing Strategy

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Overview of Refinancing Plan – January 2006With 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

Reasonable leverage

Pro forma QMI leverage of 4.7x at Dec. 31, 2005 down from over 7x at YE ’01

Reduce interest expense

Consolidated interest savings estimated at $80M, including the impact of the July 2005 partial tender

Enhance liquidity Increase size of revolving credit facility from $75M to $100M

364 day (renewable) Revolver replaced with 5 year Revolver

Enhance flexibility Covenant package reflecting improved credit profile

Increased ability to pay dividends

Optimize debt portfolio

Extended maturities to 2011 - 2016

Material portion of prepayable debt (without penalty)

Balanced mix of floating rate and fixed rate debt

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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

195 Community Newspapers andSpecialty Publications

8 Paid Urban Dailies

3 Free Commuter Dailies

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Strong and Established Newspaper Franchise

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

Urban Daily PublicationsAvg. Daily Circulation

Weekly Readership

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.

(average daily circulation and weekly readership in 000’s)

Market Position

Year Founded

13

Sun Media’s 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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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.

Demonstrated Financial Performance

$202

$183

$198

$219$225 $228

$222

150

165

180

195

210

225

240

255

$270

1999 2000 2001 2002 2003 2004 2005

$ m

illio

ns

CAGR = 3.3%

$803

$826$815

$832$846

$888

$916

750

775

800

825

850

875

900

925

$950

1999 2000 2001 2002 2003 2004 2005

$ m

illio

ns

Reported EBITDA

Note: Excludes discontinued operations. Note: Excludes discontinued operations.

CAGR = 2.2%

Reported Revenue

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Sun Media has continued to deliver industry leading margins despite increased costs from new free dailies and higher raw material costs

Maintained Strong Margins

* As of January 31, 2006. ** As of November 31, 2005. Notes: Torstar & CanWest - Newspaper segment.

GTC - Media segment.

Sun Media EBITDA Margin Peer Comparison (LTM)

26.2%

27.2%27.2%26.6%

24.5%24.4%

22.8%

14%

16%

18%

20%

22%

24%

26%

28%

30%

1999 2000 2001 2002 2003 2004 2005

EB

ITD

A M

arg

in

26.2%

20.2%

17.5%

16.3%

13%

16%

19%

22%

25%

28%

Torstar GTC* CanWest** Sun Media

Pu

blis

hin

g E

BIT

DA

Ma

rgin

24,3%

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35.8%

34.7%

36.3% 36.3%36.8%

38.7%

30%

32%

34%

36%

38%

40%

2000 2001 2002 2003 2004 2005

Strong and Growing Market Share

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

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

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

24 Hours Toronto has a pick-up rate of 98%

24 heures has a circulation that is 10% higher than Metro’s

Confirms Sun Media’s strategy and will translate into robust long-term return on its current investment

24 Hours Toronto

24 heuresMontreal

24 HoursVancouver

Circulation 249,900 136,700 128,600

Readership (Daily) 308K 153K 28% vs. 18%by Metro

Exclusive Readership 46% 35% N/A

Readership (Adult 18-49) 80% 80% 64%

Readership (Female) 56% 49% 61%

(1)

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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

Cable TV

- 638K HSD subs as of Dec. 31

- Fastest growing cable Internet provider in Canada during LTM

- Highest speed in its market

Internet

- 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

Telephony

- Will operate under a MVNO strategy (“white label”) utilizing Rogers Wireless’ network

- Expected to be launched in H1-2006

- Will complete Vidéotron bundling offer

Wireless

Quadruple Play

Vidéotron continues to lead the industry in new service deployment.

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Robust new service deployment has led to strong financial performance.

Strong Financial Performance

$275

$236

$341

$382

150

200

250

300

350

400

$450

2002 2003 2004 2005

$ m

illio

ns

CAGR = 17.5%

$781$805

$872

$1,002

700

750

800

850

900

950

$1,000

1,050

2002 2003 2004 2005

$ m

illio

ns

Reported EBITDA

Note: Excludes Vidéotron Telecom, which was merged with Vidéotron Ltée on 1/1/06.

CAGR = 8.7%

Reported Revenue

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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 Vidéotron’s positive momentumand highlight success of bundling strategy.

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2005

Growing Basic Cable Subscriber Base

2002 2003 2004

Net Change (LTM) in Cable TV Subscribers (000’s)

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.

53.6

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High-Speed Internet CustomersDigital Customers

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

75%

100%

125%

150%

175%

200%

225%

250%

275%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Su

bs

cri

be

rs a

s p

erc

en

t o

f b

as

e p

eri

od

(%

) Vidéotron

Rogers

Shaw

Cogeco

Source: Vidéotron and Company Reports.

75%

125%

175%

225%

275%

325%

375%

425%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Su

bsc

rib

ers

as p

erce

nt o

f bas

e p

erio

d (%

) Vidéotron

Rogers

Shaw

Cogeco

Vidéotron C

AGR = 44%

20042002 2003 2005

Vidéotron C

AGR = 28%

20042002 2003 2005

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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.

6.114.9

22.830.0

41.8

55.4

96.0

117.5

145.1

163.0

73.5

2.8

0

20

40

60

80

100

120

140

160

180

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Su

bs

cri

be

rs (

'00

0)

Telephony Subscribers Roll-out Progress

Territory Launch DateNumber of

Homes (‘000s)

South Shore January 24 300

Laval March 29 145

West Island May 30 90

Quebec City July 11 268

Rest of Montreal August 17 825

North Shore (1) November 24 57

Total Dec. 31, 2005 1,685

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30

35

40

45

50

$55

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

AR

PU

Vidéotron has realized a strong 8.6% CAGR in its ARPU since 2001.

Net Total ARPU

Source: Vidéotron (ARPU excludes accounting changes relating to installation revenues starting Q2-04).

Growing ARPU

CAGR = 8.6%

2002 2003 20042001 2005

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Bundling Results in Lower Churn

(a) Figures presented are monthly averages.

2004 2005

Monthly Churn (a)

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

Jan

Feb Mar Apr

May Ju

n Jul

AugSep

tOct

Nov Dec Jan

Feb Mar Apr

May Ju

n Jul

AugSep

tOct

Nov Dec

Internet Only

Cable Only

2 Prod. Bundled (Cable + Int)

3 Prod. Bundled Clients

Other Businesses Overview

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TVA - Leading Margins and Market Share

4%

14%

19%22%

0%

5%

10%

15%

20%

25%

CogecoInc.*

CanWest* Chum* TVA

Bro

adca

stin

g E

BIT

DA

Mar

gin

(%

)

Industry leading margins

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

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

Source: Audimétrie BBM; Monday - Sunday, 6am to 2am. 2 years +August 29th to December 4th 2005.

Radio-Canada (CBC)15%

TQS13%

Tele-Quebec

3%

Specialty Channels

31%

Other8%

TVA31%

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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

Canoe: Blossoming in a Growing Market

-4

-2

0

2

4

6

8

10

2002 2003 2004 2005

-20%-15%-10%-5%0%5%10%15%20%25%30%EBITDA (in $M)

Margin (%)

Note: Excluding Progisia

Financial Highlights

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QMI – Financial Performance

Revenues ($ million) 2005 2004 YoY (%)

Cable 1,002.0 871.6 15.0%Newspapers 915.6 888.1 3.1%Broadcasting 401.4 358.0 12.1%Leisure and Entertainment 255.4 241.7 5.7%Business Telecom 102.1 78.6 29.9%Interactive Tech & Comm 65.1 51.9 25.4%Internet/Portals 50.0 34.5 44.9%Other & Inter-Segment (88.7) (62.0) 43.1%

Total 2,702.9 2,462.4 9.8%

EBITDA ($ million) 2005 2004 YoY (%)

Cable 382.0 341.2 12.0%Newspapers 222.2 227.8 -2.5%Broadcasting 53.0 80.5 -34.2%Leisure and Entertainment 27.0 22.7 18.9%Business Telecom 31.3 22.6 38.5%Interactive Tech & Comm 3.9 2.3 69.6%Internet/Portals 10.5 4.5 133.3%Other & Corporate Expenses 3.7 (4.4) -184.1%

Total 733.6 697.2 5.2%

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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

$45

$120

$146

$192

$124

0

50

100

150

200

$250

2001 2002 2003 2004 2005

$ m

illio

ns

Free Cash Flow Growth

Note: Free Cash Flow is defined as EBITDA, less interest expense, less cash taxes, less Capex.

Vidéotron Free Cash Flow Sun Media Free Cash Flow

$163$164$165$171$136

$13$29

$6

0

50

100

150

200

$250

2001 2002 2003 2004 2005

$ m

illio

ns

$42$63

$107

$157

$127

0

40

80

120

160

$200

2001 2002 2003 2004 2005

$ m

illio

ns

QMI Consolidated Free Cash Flow