Bank of America2007 Credit Conference

Orlando, FloridaDecember 2-4, 2007

/2

This presentation contains forward-looking statements, which are subject to known and unknown risks and uncertainties that could cause Quebecor Media Inc.’s (“Quebecor Media”, “QMI” or the “Company”) 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.

Unless noted otherwise, all dollars are expressed in Canadian dollars.

LTM results are for the twelve months ended September 30, 2007.

Forward Looking Statements

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Management

Pierre Karl Péladeau Chief Executive Officer, Quebecor Media Inc.

Jean-François Pruneau Treasurer,Quebecor Media Inc.

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Key Highlights

Strong Brand Names with Leading Market Positions

Differentiated Bundled Product Offerings

Proven Track Record of Managing Growth

Stable and Diversified Cash Flow Generation

Experienced Management Team

/5

Corporate Structure

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

(C$ in millions)

54.7%

Inc.

45.3%

45% Economic 99% Voting

100%

LTM Revenue : (1) $3,449

LTM EBITDA : (1) 964

LTM Revenue: $1,488

LTM EBITDA: 607

LTM Revenue: $932

LTM EBITDA: 203

LTM Revenue: $411

LTM EBITDA: 56LTM Revenue: $483

LTM EBITDA: 42

#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%

Book Retailing

New Media

Largest French language broadcaster and magazine publisher in Quebec and in

North America

LTM Revenue: $228

LTM EBITDA: 55

Leading publisher of community newspapers

in Ontario

100%

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Quebecor Media: Tremendous shift in Value Perception

Quebecor Media’s premium portfolio of properties now accounts for more than 95% of Quebecor Inc.’s value

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

QWI’s weight

% o

f Q

I va

lue

-40%

-20%

0%

20%

40%

60%

80%

100%

QMI’s weight

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Leading Market Positions

Set of leading media properties in Quebec and national presence allows Quebecor Media to maximize its reach

National Presence

#1 Newspaper publisher

Leading content-focused national and local Internet portals

Leading Market Position in Quebec

#1 Newspaper publisher

#1 Cable operator

#1 Television broadcaster

#1 Magazine publisher

#1 Video store chain

#1 French-music producer/distributor

#1 French-language book publisher/distributor

#1 Employment and career portal

/8

QMI Diversified Financial Profile

Cable 63.0%

Newspapers 26.8%

Leisure and Entertainment

2.8%Broadcasting

5.8%Corporate

& Other1.6%

LTM EBITDA (1)LTM Revenue (1)

Revenues (1) = $3.4 billion

Cable 43.1%

Newspapers 33.6%

Leisure and Entertainment

9.6%Broadcasting 11.9%

Other & Intersegment

1.8%

(1) Pro Forma for Osprey Media acquisition.

EBITDA (1) = $964 million

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Strategic Focus

Execute residential and mobile telephony strategy

Integrate Osprey Media and maximize synergies

Implement integrated Internet and multimedia strategy

Improve productivity

Generate Free Cash Flow

Target accretive acquisitions in core business segments

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Recent Refinancing

On October 5, 2007, QMI issued US$700M of 7 ¾% Senior Unsecured Notes maturing in 2016 at a price of 93.75% of par (Yield of 8.81%)

• Continued to opportunistically access capital markets• Five times oversubscribed on original issue size • Upsized from US$450M

Proceeds were used to:• Repay the bridge facility in respect of the acquisition of Osprey• Repay the Sun Media Term Loan B and related cross-currency hedging

agreements

Concurrent amendments of Osprey and Sun Media’s credit facilities to enhance liquidity:

• Extends Sun Media's Revolver and Term Loan C maturities to 2012• Enhance Osprey and Sun Media’s ability to upstream funds to Parent

– Improving liquidity to service holdco debt

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Leading Canadian Cable Operator

- 1,616K basic subs (720K digital subs) as of Sept 30

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

- Superior offering including VOD and SVOD

Cable TV

- 899K cable modem subs as of Sept 30

- 19.2% cable Internet subscriber growth during LTM

- Highest speed in its market

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

Internet

- 574K subs as of Sept 30

- Achieved penetration of 35.5% of basic subs

- Strong lift effect for other services

- Hybrid VoIP telephony service

Telephony

- Launched in Q3-2006- Completed Videotron

bundling offer- ARPU above initial

projections- Operates under a

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

Wireless

Quadruple Play

Videotron continues to lead the industry in new service deployment.

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$938

$863

$1,080

$1,310

$1,488

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

2003 2004 2005 2006 LTM

$ m

illio

ns

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

Strong Financial Performance

$364

$290

$413

$513

$607

200

250

300

350

400

450

500

550

600

650

2003 2004 2005 2006 LTM

$ m

illio

ns

Reported EBITDA

Note: Pro Forma Vidéotron Telecom.

Reported Revenue

CAGR = 21.8%

CAGR = 15.6%

/142003

94%

96%

98%

100%

102%

104%

106%

108%

110%

112%

114%

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

Ba

sis

cu

sto

me

rs a

s p

erc

en

t o

f b

as

e p

eri

od

(%

)

Videotron

Rogers

Shaw

Cogeco

Growing Basic Cable Customer Base

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

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

Number of Basic Cable Customers

Launch of Telephony

2004 2005 2006 2007

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50%

100%

150%

200%

250%

300%

350%

400%

450%

500%

550%

600%

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

Su

bs

cri

be

rs a

s p

erc

en

t o

f b

as

e p

eri

od

(%

) Videotron

Rogers

Shaw

Cogeco

2002 2003 2004 2005 2006 2007

Videotron C

AGR = 38%

75%

100%

125%

150%

175%

200%

225%

250%

275%

300%

325%

350%

375%

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

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 = 26%

Cable Modem 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.

2002 2003 2004 2005 2006 2007

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31%

26%

36%

40%42%

48%

28%29%

22% 22%

0%

10%

20%

30%

40%

50%

Cablevision Rogers Insight Videotron ShawComcast Charter Cogeco (1) Mediacom

Significant Potential for Increased Penetration

38%

45%

54%

57%61%

83%

45%

50%

41%

34%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Internet Penetration of Homes PassedDigital Penetration of Basic Subscribers

Videotron – Current (09/30/07)

Videotron – 1 year ago (09/30/06)

Videotron – Current (09/30/07)

Videotron – 1 year ago (09/30/06)

Source: Company reports and press releases. Data reflects most recent public filing(1) Represents Canadian operations.

Cablevision Rogers Insight Comcast MediacomShaw Videotron Cogeco (1) Charter

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Strong Residential Telephony Momentum

As of September 30, 2007, the service was available to 98% of Videotron’s service area

Penetration of basic cable subs Lift Effect

Rollout

60+% lift experienced (more than one new product) in Q3 ’07

34% new customers in Q3 ’07

• 97% taking more than 1 product

• 68% taking all three

35.5%

31.8%

28.4%

25.3%

2.9%1.0%

6.5%

10.8%

14.9%

18.6%

22.2%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2005 2006 2007

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New product launches, strong demand and focus on customer service has allowed Videotron to exhibit a 10.8% CAGR in its ARPU since 2001

Net Total ARPU

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

Growing ARPU

30

35

40

45

50

55

60

65

70

$75

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

AR

PU

01-04 CAGR = 7.0%

2001 2002 2003 2004 2005 2006

05-L

Qtr CAGR =

16.1%

2007

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3G Project

Videotron will participate in the upcoming AWS auction if the following conditions are met :

1. Set aside spectrum for new players

2. Mandatory tower sharing

3. Mandatory roaming and regulated roaming pricing

Investments expected to reach 500 M$ over three years

Benefits expected:

• Increased flexibility to:– Provide new services

– Offer better packages

– Establish pricing strategies

• Ability to leverage content

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

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Nationwide Presence and Strategically Clustered

255 Community Newspapers andSpecialty Publications

197 Sun Media58 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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Acquisition of Osprey Media

The Transaction Acquired Osprey Media Income Fund at a cash price of C$8.45 per unit

• Valued Osprey Media at approximately C$573 million (including debt)

Osprey Media Income Fund Leading publisher of community newspapers in Ontario, Canada Strong portfolio of 53 daily and non-daily newspapers publications, together

with shopping guides, magazines and other publications

LTM revenue and EBITDA of $228 million and $55 million, respectively

Strategic Rationale

Creates the #1 newspaper publisher in Canada (based on circulation) and increases QMI’s scale in the population-dense Ontario market

Operating efficiencies through sharing of management, production, printing, best practices and distribution

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Strong and Established Newspaper Franchise

Urban Daily PublicationsAvg. Daily

Circulation (2)

Weekly Readership (3)

Notes: (1) Based on paid circulation data published by the Audit Bureau of Circulations in September 2006 with respect to non-national newspapers in each market.(2) Circulation data (Mon-Fri) ABC Fas-Fax 6 mos ending September 2007;Toronto, Calgary, Edmonton Suns 6 mos ending March 31/07 (3) Source: NADbank 2006 study; 7-day CUME readership, Adults 18+

Market Position (1)

Year Founded

A majority of Sun Media’s and Osprey’s community newspapers hold a #1 market position in their markets

Le Journal de Montréal 1 257.0 1,197.2 1964

The Toronto Sun 2 179.3 1,768.5 1971

Le Journal de Québec 1 104.5 338.3 1967

The London Free Press 1 82.3 252.6 1849

The Edmonton Sun 2 66.1 371.0 1978

The Calgary Sun 2 59.2 371.9 1980

The Ottawa Sun 2 50.3 239.3 1988

The Winnipeg Sun 2 39.0 236.5 1980

Total 837.7 4,775

(in 000’s)

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Robust Market Share

38.2%

35.8%

34.7%

36.3% 36.3%36.8%

38.7%39.2%

30%

32%

34%

36%

38%

40%

2000 2001 2002 2003 2004 2005 2006 YTDQ3-07

Market Share*

QMI has become the largest newspaper publisher in Canada following the acquisition of Osprey Media

All urban daily newspapers rank first or second in their markets (1)

Urban Dailies ROP Linage

Notes: CNA December reports from 2000 to 2006 and September 2007.* Market share (paid dailies) vs. competing broadsheets (including The Globe and Mail).

(1) In terms of weekly paid circulation.

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Solid Market Reception for Free Dailies

Source : NADbank 2006 Study; Montreal CMA, Toronto CMA, Vancouver CMA.CCAB for the six months ending March 2007 (Mtl), September 2006 (Toronto and Vancouver).* As per internal sources.

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

24 hours reaches 763,600 adults 18+ in Canada's three largest markets

24 hours Toronto and 24 heures Montréal showed a higher growth than Metro in the latest NADbank study

24 hours Vancouver is a strong #1 in both readership and circulation amongst free dailies

Free dailies enhance bundled advertising offering

24 hours 24 heures 24 hours 24 hours 24 hours 24 hoursToronto Montreal Vancouver Ottawa Edmonton Calgary

Circulation 241,077 147,656 112,120 70,600* 47,800* 48,400*

Readership (Daily) 345,700 207,500 210,400

Exclusive Readership 54% 32% 67%

Readership (Adult 18-49) 76% 78% 72%

Readership (Female) 52% 54% 50%

Recent Launches

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

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

Maintained Strong Margins

14%

16%

18%

20%

22%

24%

26%

28%

30%

1999 2000 2001 2002 2003 2004 2005 2006 LTM

Sun Media Impact of Free Dailies Osprey

24.0%

19.7%

17.4%

15.4%

22.3%

13%

16%

19%

22%

25%

28%

Torstar * GTC ** CanWest***

Osprey SunMedia

Pu

blis

hin

g E

BIT

DA

Mar

gin

* As of September, 2007; ** As of July 30, 2007; *** As of August 31, 2007. Notes: Torstar - Star Media and Metroland Media segments

GTC - Media segment.CanWest - Newspaper segment

Sun Media and Osprey EBITDA Margins Peer Comparison (LTM)

24.3%

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Leading Market Share

Tele-Quebec 3%

TQS 11%

TVA 29%

Other 6%

Specialty Channels

38%

Radio-Canada

(CBC) 13%

French-language TV Market Share Financial performance

Consistently delivering strong market share despite increased fragmentation

Source: Audimétrie BBM; Monday - Sunday, 2 years + August 27 – October 21, 2007

Revenues ($ million) 9M-2007 9M-2006 YoY (%)

Television 222.3 213.3 4.2%Publishing 59.9 57.7 3.9%Distribution 13.1 8.9 47.3%Other & Inter-Segment (3.9) (6.5) n.m.

Total 291.4 273.4 6.6%

EBITDA ($ million) 9M-2007 9M-2006 YoY (%)Television 30.7 23.9 28.5%Publishing 6.2 1.1 492%Distribution (0.2) (1.2) n.m.Other & Inter-Segment (0.2) (0.6) n.m.

Total 36.6 23.2 57.7%

Other Businesses

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Other Businesses

Leisure & Entertainment Revenue: $332EBITDA: $27

Continued growth in textbook and retail sales 9-month operating income increased by 80% on a year-over-

year basis

Internet / Portals Revenue: $70EBITDA: $9

Continued strong performance of general and special-interest portals

• Jobboom.com passed the 2-million member mark Focus on enriching content and launching value-added

services• Investments in Web 2.0• Petitmonde.com acquisition in Q3-07• Jan. 2007 content deal with Rogers Publishing Ltd.

Sold Progisia on June 30, 2007, a non-strategic division

Interactive Technologies and Communications

Revenue: $82EBITDA: $6

Continued growth due to business development in the Canadian, European and Asian markets more than offset the decline in the US

Q3-07 revenue growth of 11% mainly due to internal growth

Divisions / Companies Key LTM Stats ($ mm) Commentary

Financial Highlights

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QMI – Financial Performance

Revenues ($ million) 9M-2007 9M-2006 YoY (%) LTM FY2006 FY2005

Cable(1) 1,125.3 946.6 18.9% 1,488.2 1,309.5 1,080.3

Newspapers(2) 721.6 681.5 5.9% 968.3 928.2 915.6Broadcasting 291.4 273.4 6.6% 411.3 393.3 401.4Leisure and Entertainment 226.4 210.7 7.5% 331.5 315.8 255.4Interactive Tech & Commonications 61.9 53.9 14.8% 81.9 73.9 65.1

Internet/Portals(3) 34.6 30.0 15.3% 46.2 41.6 35.2

Other & Inter-Segment(3) (60.2) (41.7) n.m. (84.4) (65.9) (57.6)

Total 2,401.0 2,154.4 11.4% 3,243.0 2,996.4 2,695.4

EBITDA ($ million) 9M-2007 9M-2006 YoY (%) LTM FY2006 FY2005

Cable(1) 467.0 372.7 25.3% 606.8 512.5 413.3

Newspapers(2) 149.3 144.1 3.6% 212.8 207.6 222.2Broadcasting 36.6 23.2 57.8% 55.5 42.1 53.0Leisure and Entertainment 16.7 9.3 79.6% 26.7 19.3 27.0Interactive Tech & Commonications 2.8 4.2 -33.3% 6.1 7.5 3.9

Internet/Portals(3) 4.1 8.6 -52.3% 5.6 10.1 9.0

Other & Inter-Segment(3) 0.2 (0.8) n.m. 1.5 0.5 3.7

Total 676.7 561.3 20.6% 915.0 799.6 732.1

Total, ex-non wholly-owned subs.(4) 637.3 533.9 19.4% 853.4 750.0 675.2

(1) Including Videotron Telecom

(2) Including Osprey Media since August 3, 2007

(3) Excluding Progisia

(4) TVA and Nurun

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90%

100%

110%

120%

130%

140%

150%

160%

170%

180%

190%

200%

210%

220%

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

EB

ITD

A a

s p

erc

en

t o

f b

as

e p

eri

od

(%

)

Videotron

Rogers

Shaw

Cogeco

Videotron - High Growth Profile

Adjusted LTM EBITDA growth

Videotron's high growth profile remains a significant driver in the value of QMI

Source: Company reportsNotes: EBITDA for Videotron, including Videotron Telecom and excluding video stores and La Sette EBITDA for Rogers Cable, including management fees and excluding video stores EBITDA for Shaw Communications, excluding Star Choice and Satellite EBITDA for Canadian operations of Cogeco Cable only

2003 2004 2005 2006 2007

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Cash Flow Generation

$150

$180

$212 $211 $210

$149

$92

$101$40

$58

0

50

100

150

200

$250

2001 2002 2003 2004 2005 2006 LTM

$ m

illio

ns

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; recovery underway

QMI and its wholly-owned subsidiaries do not expect to pay income taxes before 2009, enhancing QMI’s cash flow profile

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

Cable (EBITDA – Capex)* Newspapers (EBITDA – Capex)

QMI Consolidated Free Cash Flow

$129

$188

$219$193

$208

$285

$157

0

50

100

150

200

250

$300

2001 2002 2003 2004 2005 2006 LTM

$ m

illio

ns

Average = $ 135

$45

$146

$192

$119

$148

$290

$120

0

50

100

150

200

250

$300

2001 2002 2003 2004 2005 2006 LTM

$ m

illio

ns

/35

Solid EBITDA growth and repayment of debt from free cash flow has allowed significant improvement of leverage statistics Osprey Media acquisition had no material impact

QMI Consolidated Leverage Ratio

6.9x

5.5x5.2x

4.5x 4.4x 4.1x 4.0x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

2001 2002 2003 2004 2005 2006 Q3-07 *

Leverage

Note: Debt including swap’s fair market value, as per Credit Agreement.* Q3-2007 pro forma 12 months of contribution from Osprey

Bank of America2007 Credit Conference

Orlando, FloridaDecember 2-4, 2007