CIBC World Markets7th Annual Eastern

Institutional Investor Conference

September 22 - 24, 2008Montreal, Quebec

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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 June 30, 2008

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Management

Pierre Karl Péladeau President and Chief Executive Officer

Louis Morin Vice President and Chief Financial Officer

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Corporate Structure

Notes: Segmented revenues include inter-company revenues. Segmented EBITDA excludes head office. (1) Pro Forma the Osprey Media acquisition.

(2) Osprey Media and Sun Media are 100% owned separately by Quebecor Media.

(C$ in millions)

54.7%

Inc.

45.3%

51% Economic99% Voting

100%

LTM Revenue : (1) $3,638

LTM EBITDA : (1) 1,078

LTM Revenue: $1,700

LTM EBITDA: 726

LTM Revenue: $433

LTM EBITDA: 68LTM Revenue: $443

LTM EBITDA: 28

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

chain in Quebec

Largest newspaper publisher in Quebec and

Canada (2)

100%

Book Retailing

New Media

Largest French language broadcaster and magazine publisher in Quebec and in

North America

25%

LTM Revenue: $1,160

LTM EBITDA: 258

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-40%

-20%

0%

20%

40%

60%

80%

100%

Sep-0

1

Dec-01

Mar

-02

Jun-

02

Sep-0

2

Dec-02

Mar

-03

Jun-

03

Sep-0

3

Dec-03

Mar

-04

Jun-

04

Sep-0

4

Dec-04

Mar

-05

Jun-

05

Sep-0

5

Dec-05

Mar

-06

Jun-

06

Sep-0

6

Dec-06

Mar

-07

Jun-

07

Sep-0

7

Dec-07

Mar

-08

Jun-

08

Quebecor Inc.’s Value Drivers

Quebecor Inc. is well positioned for growth with the totality of its value being derived from Quebecor Media

Notes: Assuming 100% of holding company discount attributed to QMI value

QMI’s share of QI’s enterprise value

% o

f Q

I va

lue

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QMI Diversified Financial Profile

Cable 67.3%

Newspapers 24.0%

Leisure and Entertainment

1.9%

Broad casting

6.3%

Corporate & Other

0.5%

LTM EBITDA (1)LTM Revenue (1)

Revenues (1) = $3.6 billion

Cable 46.7%

Newspapers 31.9%

Leisure and Entertainment

8.5%Broadcasting

11.9%

Other & Intersegment

1.0%

(1) Pro Forma for the Osprey Media acquisition.

EBITDA (1) = $1,078 million

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Leading Canadian Cable Operator

- 1,660K basic subs (831K digital subs) as of Jun 30

- Fastest growing digital TV provider in Canada (cable or satellite) during LTM

- Superior offering including VOD and SVOD

Cable TV

- 989K cable modem subs as of Jun 30

- 15.8% cable Internet subscriber growth during LTM

- Highest speed in its market (50Mbps service available)

- Currently testing wideband technology (speeds up to 100Mbps)

Internet

- 743K subs as of Jun 30

- Achieved penetration of 44.7% of basic subs

- Strong lift effect for other services

- Hybrid VoIP telephony service

Telephony

- 55K lines as of Jun 30- Completed Videotron

bundling offer- ARPU above initial

projections- Operates under a

MVNO strategy (“white label”) utilizing Rogers wireless’ network

- Just acquired 40MHz of AWS licenses in Quebec

Wireless

Quadruple Play

Vidéotron continues to lead the industry in new service deployment

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$938$863

$1,080

$1,310

$1,553

$1,700

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

$1,800

2003 2004 2005 2006 2007 LTM

$ m

illio

ns

$364

$292

$414

$513

$643

$726

200

250

300

350

400

450

500

550

600

650

700

$750

2003 2004 2005 2006 2007 LTM

$ m

illio

ns

Robust new service deployment and focus on customer service have led to strong financial performance

Strong Financial Performance

Reported EBITDA

Note: Pro Forma Vidéotron Telecom.

Reported Revenue

CAGR = 22%

CAGR = 16%

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94%

96%

98%

100%

102%

104%

106%

108%

110%

112%

114%

116%

118%

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

Bas

is c

ust

om

ers

as p

erce

nt

of

bas

e p

erio

d (

%)

Videotron

Rogers

Shaw

Cogeco

2003

Growing Basic Cable Customer Base

Videotron exhibits the highest growth in the industry in terms of basic cable customers

Videotron has realized 12 consecutive quarters of positive net adds and improved momentum since the launch of its telephony service

Number of Basic Cable Customers

Launch of Telephony

2004 2005 2006 2007 2008

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2008 20082003 200420022002 2003

0%

100%

200%

300%

400%

500%

600%

700%

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1

Su

bs

cri

be

rs a

s p

erc

en

t o

f b

as

e p

eri

od

(%

) Videotron

Rogers

Shaw

Cogeco

2004 2005 2006 2007

Videotro

n CAGR = 36%

Cable Internet CustomersCable Digital TV Customers

Digital Services Subscriber Growth

Videotron is the fastest growing Canadian cable digital TV and cable modem Internet service provider

Source: Videotron and company reports.

50%

100%

150%

200%

250%

300%

350%

400%

450%

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1

Su

bs

cri

be

rs a

s p

erc

en

t o

f b

as

e p

eri

od

(%

) Videotron

Rogers

Shaw

Cogeco

Videotron C

AGR = 25%

2005 2006 2007

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20082005

Strong Residential Telephony Momentum

In the first half of 2008, VL added 106,600 subscribers to its telephony service

• 238,500 adds in 2007 (record)

• 234,900 in 2006

• 160,800 in 2005 (launch year)

Penetration of basic cable subs Lift Effect

Record 2007, Promising 2008

57% lift experienced (more than one new product) in Q2-2008

37% new customers in Q2-2008

• 96% taking more than 1 product

• 66% taking all three

39%42%

45%

36%

32%

28%25%

3%1%

7%

11%

15%

19%22%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

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

2006 2007

Vidéotron has positioned itself as a major player in Canadian Telecom since its launch of VoIP in 2005

Advanced Wireless Services

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Canadian wireless operators exhibit world leading EBITDA margins

Canada's penetration of wireless service lags compared to other countries

Quebec’s penetration is below the Canadian average

Market Potential

Auction Rules favored new entrants:• 40 MHz (on a total of 105 MHz) of

spectrum set aside for new entrants• Mandated roaming and tower

sharing at commercial rates gives entrants network build out flexibility

QMI acquired all of the set aside spectrum in the province of Quebec, except for 20 MHz in the Outaouais region, thus preventing any other new entrant

http://ospreymedialp.com/corporate/Default.asp?section=home

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Nationwide Presence and Strategically Clustered

249 Community Newspapers andSpecialty Publications

190 Sun Media59 Osprey

8 Paid Urban Dailies +7 Free Commuter Dailies

Nationwide presence covering key markets offers national advertising and distribution solutions Clustering provides significant cost efficiencies and opportunities for bundled advertising packages Acquisition of Osprey Media creates the #1 newspaper publisher in Canada and provides a strong fit

with Sun Media – Osprey Media’s community newspaper focus and limited geographic overlap increases stability and diversification of Sun Media asset portfolio

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14%

16%

18%

20%

22%

24%

26%

28%

30%

1999 2000 2001 2002 2003 2004 2005 2006 2007 LTM

Sun Media Impact of Free Dailies

Sun Media and Osprey have continued to deliver industry leading margins despite increased costs from new free dailies (at Sun)

Synergies and new presses in Mirabel and Islington should provide additional cost savings

Maintained Strong Margins

Osprey

24.2%

21.6%

18.2%

15.0%

21.8%

13%

16%

19%

22%

25%

28%

Torstar * GTC ** CanWest***

Osprey SunMedia

Pu

blis

hin

g E

BIT

DA

Mar

gin

* As of Jun 30, 2008; ** As of Apr 30, 2008; *** As of May 31, 2008. Notes: Sun Media – Newspaper segment excluding Osprey

Torstar - Star Media and Metroland Media segmentsGTC - Media segmentCanWest - Newspaper segment

Sun Media and Osprey EBITDA Margins Peer Comparison (LTM)

23.7%

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2008

0

10

20

30

40

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

$ m

illi

on

s

LTM Revenues

Strong Growth from Free Dailies 24 Hours/heures Toronto, Montréal, Vancouver combined, showed a 5.2%

growth in total readership (1)

Combined Revenues of Toronto, Montreal and Vancouver Free Dailies

2005

Creating a well-respected national free-daily newspaper brand with the recent launches of Ottawa, Edmonton and Calgary

Combined Revenues of Ottawa, Calgary and Edmonton Free Dailies

0

12

34

56

7

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

$ m

illi

on

s

LTM Revenues

2006 2007

20082005 2006 2007

(1) 2007 NADbank versus 2006 NADbank studies

.

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Leading Market Share

Tele-Quebec 4%

TQS 7%

TVA 26%

Other 7%

Specialty Channels

44%Radio-Canada

(CBC) 12%

French-language TV Market Share Financial performance

Consistently delivering strong market share despite increased fragmentation

Source: Audimétrie BBM; Monday - Sunday, 2 years + April 28 – August 3, 2008

Revenues ($ million) 6M-2008 6M-2007 YoY (%)

Television 169.9 155.1 9.5%Publishing 39.9 38.6 3.4%Distribution 9.4 9.0 4.4%Other & Inter-Segment (1.7) (2.9) n.m.

Total 217.5 199.8 8.9%

EBITDA ($ million) 6M-2008 6M-2007 YoY (%)Television 27.3 23.0 18.7%Publishing 5.0 3.3 51.5%Distribution 0.6 (1.5) n.m.Other & Inter-Segment 0.1 - n.m.

Total 33.1 24.8 33.5%

Financial Highlights

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Steady Growth of QMI

$697

$612

$734

$803

$964

$1,075

500

600

700

800

900

1,000

$1,100

2003 2004 2005 2006 2007 LTM

$ m

illio

ns

CAGR = 13%

$2,298

$2,462

$2,703

$3,011

$3,366

$3,619

2,000

2,250

2,500

2,750

3,000

3,250

3,500

$3,750

2003 2004 2005 2006 2007 LTM

$ m

illio

ns

EBITDA

CAGR = 11%

Revenues

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QMI Consolidated Free Cash Flow

$45

$146

$192

$119$148

$255 $254

$120

0

50

100

150

200

250

300

$350

2001 2002 2003 2004 2005 2006 2007 LTM

$ m

illio

ns

Cash Flow Generation

Videotron’s strong operating results translated into strong free cash flow

QMI’s intense focus on profitable growth, cost containment and opportunistic refinancings has resulted in improvements in EBITDA and Free Cash Flow

Press investment projects at Newspapers impacted free cash flow in 2005 and 2006

Note: Free Cash Flow is defined as EBITDA, less cash interest expense, less current taxes, less Capex. (1) Includes Vidéotron Telecom, with the exception of 2001.

Videotron Free Cash Flow (1)

$42

$103

$159

$130 $129

$232

$259

$70

0

50

100

150

200

250

$300

2001 2002 2003 2004 2005 2006 2007 LTM

$ m

illio

ns

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Solid EBITDA growth and repayment of debt from free cash flow has allowed significant improvement of leverage statistics

QMI Consolidated Leverage Ratio

6.9x

5.5x 5.2x4.5x 4.3x 4.1x

3.6x 3.8x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

2001 2002 2003 2004 2005 2006 2007 Q2-2008

De-Leverage

Note: Debt including swap’s fair market value, as per Credit Agreement. (1) Pro forma 12 months of contribution from Osprey

(1)

(1)