November 30, 2011 SAFE HARBOUR DISCLOSURE

To the extent any statements made in this presentation contain information that is not historical; these statements are forward-looking statements within the meaning of applicable securities laws. These forward- looking statements related to, among other thingg,s, our objj,ectives, gg,oals, strategg,ies, intentions, pp,lans, estimates and outlook and can generally be identified by the use of the words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Although Corus believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements and actltual resultsmay differ matillterially from those expressed or ilidimplied insuch stttatement s. IttImportant ftfactors that could cause actual results to differ materially from these expectations include, among other things: our ability to attract and retain advertising revenues; audience acceptance of our television programs and specialty and pay networks; our ability to recoup production costs, the availability of tax credits and the existence of co-production treaties; our ability to compete in any of the industries in which we do business; the opportunities (or lack thereof) that may be presented to and pursued by us; conditions in the entertainment, information and commu nications indu stries and technological dev elopments therein; changes in law s or regulations or the interpretation or application of those laws and regulations; our ability to integrate and realize anticipated benefits from our acquisitions and to effectively manage our growth; our ability to successfully defend ourselves against litigation matters arising out of the ordinary course of business; and changes in accounting standards. Additional information about these factors and about the material assumptions underlying such forward-looking statements may be found in our Annual Information Form. Corus cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Corus, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise required by applicable securities laws, we disclaim any intention or obligation to publicly update or revise any forward-looking statements whether as a result of new information, events or circumstances that arise after the date thereof or otherwise.

2 FINANCIAL PRIORITIES: FISCAL 2011 ACCOMPLISHMENTS

Maintained Strong Balance Sheet, Credit Rating Increased

• Year end leverage at 1.9x • Unused lines of credit = access to $400M - $600M of capital • Fixed rate financing in place for 6 years at 7. 25% • Credit Ratings: DBRS=BBB, S&P=BB+ (increased from BB in Jan’11)

Net Debt: Sept. 1, 1999 – Aug 31, 2011

800

DN ) 600 CC 400 200

Million ($ 0

Fiscal Year 3 FINANCIAL PRIORITIES: FISCAL 2011 ACCOMPLISHMENTS

Return to Dividend Growth

• Significant 45% dividend increase in F’11 • Annual dividend increased in Q1 and Q3, ending the year at $0.87/Class B Share vs. $0.60/Class B Share in the prior year • CAGR since 2003 introduction of dividend = 70% • Dividend paid monthly • Div iden d y ie ld o f 4. 3% a t year en d F’11 • Rated #5 on the S&P/TSX Dividend Aristocrats Index • Ranked as one of Canada’s top dividend stocks by CPMS Morningstar • Dividend Reinvestment Plan with 2% discount offers opportunity for greater compound growth • Implemented a Normal Course Issuer Bid for the potential repurchase of

up to 3.9 million Class B Shares from June 16, 2011 to June 15, 2012 4 FINANCIAL PRIORITIES: FISCAL 2011 ACCOMPLISHMENTS

Drive Top-Line Revenue Growth

• Delivered strong top-line revenue growth for the year • Consolidated revenues up 8% • Television consolidated revenues up 9%, with specialty advertising revenues up 11%, subscriber revenues up 6% and international merchandising revenues up 66% • Radio consolidated revenues up 2%

Improve Operating Margins

• Overall Radio margins improved to 30% • Net income up 18% from prior year • Cost reduction program initiated in FF10’10 was successful, delivering expected annual savings of $15M 5 FISCAL 2011: AN EXCEPTIONAL YEAR

Fiscal 2011 Guidance: EBITDA $285M - $295M Free Cash Flow $100M+

• Achieved stated EBITDA guidance range of $285M - $295M • Delivered outstanding consolidated double digit growth of 12% • Television segment profit was up 14% • Radio achieved seggpment profit mar gin of 30%

• Very strong adjusted Free Cash Flow of approximately $125M(1), exceeding guidance of $100M+

• Share Price: August 31, 2011 $20.36 (+5%) August 31, 2010 $19.47

(1) Adjusted for one-time gains from real estate and other investments 6 CORUS HISTORICAL FINANCIAL PERFORMANCE

900 800 700 600 ) NN 500 ($CD

400 300 illion

M 200 100 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Revenue EBITDA *Fiscals 2010 and 2011 adjusted for continuing operations

Since 1999, Corus has grown Revenue at a CAGR of 15% and EBITDA at a CAGR of 16% 7 STOCK PERFORMANCE VS. PEERS

Stock Performance vs. Peers as at August 31, 2011

CAGR - 5YR Company CAGR - 1 YR CAGR - 5 YR (incl. Dividends) Corus 46%4.6% 11%1.1% 39%3.9% Canadian Peers (CDN $) Astral -5.1% -2.0% -0.6% TtTorstar 53%5.3% -12.6% -87%8.7% TVA -9.8% -6.7% -5.0% U.S. Comparables (US $) EMMIS -50.7% -42.6% -42.6% Entercom 11.1% -24.8% -24.8% Time Warner 5.6% -8.7% -6.5% Disney 4.7% 2.8% 3.7%

8 FINANCIAL PRIORITIES: FISCAL 2012

Innovation in Action

• Maintain Strong Balance Sheet and Credit Rating

• Dividend Growth to Continue

• Drive Top-Line Revenue Growth

• Grow Through Innovation

9 FINANCIAL GUIDANCE: FISCAL 2012

Consolidated EBITDA $300 million to $310 million

Free Cash Flow $125 million +

10

CORUS RADIO PORTFOLIO

Growth through innovation and a focus on our audiences on a portfolio of stations

• Execution and Management of our portfolio of 37 stations • FM Music / AM News Talk • Opportunities for growth in fiscal 2012

• Digital Technology and New Media • Deepened consumer insight and listener trends • Streaming and the growth of mobile computing

On Air, Online, On-Site 12 RADIO MARGIN IMPROVEMENT

Corus Radio Margins 2001 - 2011

F’08 32.0% F’11 30.0% • FF07’07 CRTC Part 2 licence 28.0% fee 26.0% • F’08 Acquisition of 2 CanWest Stations 24.0% • F’09 Recession F’07 Recession 22.0% • F’11 Quebec Asset Sale

20.0% F01 F02 F03 F04 F05 F06 F07 F08 F09 F10 F11

Margins Continue to Improve as Expenses are Managed Effectively 13 RADIO OPPORTUNITIES: FISCAL 2012

• Winn ipeg FM license approva l • Change from smooth jazz to a more mainstream format • Effective sales and management team • Strong margi n per formance i n th e c lus ter

• Copyright Bill C-11 • Po ten tial f or $1 .5 milli on to $1. 8 m illion in cos t sav ings

• Strong cluster ratings • Toronto, London, Kitchener • Calgary, Edmonton

14 CORUS RADIO: STREAMING AUDIO GROWTH

Streaming Growth 2002 ‐ 2011

Hours of streaming (000’s) 6000

5000 FM AM 4000 9 FM 64% 3000 9 AM 36%

2000

1000

0 Sep 2002 Sep 2006 Sep 2010

Streamed Audio Signal is the Regular On-Air Feed Encoded for PPM Recognition 15 PPM RATED TUNING: MOBILE APPS

9 Just under 400,000 downloads since firs t in tro duce d January 2009 9 Contributing to 7 million hours of streamed tuning monthly to Corus stations 9 Audio stream is the regular air feed encoded for PPM recognition

Mobile Apps will Continue to Expand Access to our Stations 16 DEEPER ENGAGEMENT: SOCIAL NETWORKING PLATFORMS

Supernova.com 9 Artist development platform 9 Engaging music community at large 9 Canadian talent development 9 Ties back to station brand

MyCommunity.com 9 Developing the space 9 More robust social networking capability 9 Facebook sign-in 9 Branded under the Corus station 17 17 RADIO’S STRENGTHS

9 Differentiated medium from traditional media choices Hyper Local 9 A daily part of listener media consumption Content 9 Reflects local community values

9 Demographic and geographic targeted medium Positive Attributes Short-term spot market sensitive regarding price and availability for Advertisers 9 9 Inexpensive, quick and timely to produce

9 Consistent cash flow Strong Financial Predictable growth Fundamentals 9 9 Exceptional leverage on incremental revenue

Short Term Downturns are Cyclical 18 INVESTOR DAY NOVEMBER 30, 2011

Corus Television

Vision: To be globally recognized as Canada’s most influential entertainment company CORUS TV: A HISTORY OF STRONG PERFORMANCE

• Corus Television – a powerful portfolio of media assets with an impressive track record of delivering results

20 THREE VERTICALS DRIVE PORTFOLIO GROWTH

KIDS FAMILY WOMEN

21 CORUS WOMEN’S PORTFOLIO: GROWING OUR AUDIENCES

Source: Nielsen Media Research, BBM NMR, BBM Canada - Broadcast weeks 1-52(53), W25-54, Average Minute Audience - M-Su 6a-6a/2a-2a. *W Movies effective 3/1/10 22 KIDS VERTICAL: GROWING STRONGER EVERY DAY

• Corus Kids portfolio offers unassailable reach • YTV, Nickelodeon, Treehouse , TELETOON , TELETOON Retro • YTV.com #1 in Kids reach¹ • Nickelodeon growth anticipated to continue in the coming year • Advertising and subscription revenue • YTV ratings up 10% since Fall Schedule Launch² • Integrated campaigns with key children’s advertisers

Sources: ¹ YTV.com #1 Broadcaster Kids site, comScore, Jan 2011-Oct 2011 ² BBM Canada, Oct-Nov 6, 2011 ratings compared to Sept 2011 ratings, K6-11 and K2-11

Corus Kids is the First Pick Amongst Advertisers 23 CO-VIEWING: ANOTHER CORUS INNOVATION

• Corus research insights substantiated by PPM rollout • Parents and kids watch TV together… and it’s increasing

Co-Viewing will Continue to Drive Revenues 24 INTERNATIONAL CHANNEL VENTURES

• KidsCo provides Corus a significant foothold in the international marketplace • 98 countries • 18 languages • 12.7 million subscribers • Leverages Nelvana library • qubo provides Corus an impressive foothold in the U.S. marketplace • 42 million homes • English and Spanish • NBCU Saturday morning block reaches 215,000 Kids 2-11 • Leverages Nelvana library • Discussions are active on the next iteration of these promising channel ventures • Corus increases equity • Simplification of partnerships

International Kids Channel Ventures Provide Significant Option Value 25 PREMIUM TV – THE BEST PROPOSITION

• Exclusive content and subscriber insights • Supply and depth of exclusive Hollywood blockbusters • Exclusive HBO and Showtime output deals • New technologies roll out • TV Everywhere • On-Demand • HD deployment • Aggressive Marketing Campaigns • Q1 O n-DdFiQ2HDCiDemand Freeview, Q2 HD Campaign – AiitiAcquisition • NEW – Value Proposition Campaign – Retention • A united Premium Television ecosystem • BDUs and Premium TV operators focused on growth • Over-The-Top impact negligible • Series success: Game of Thrones Season 1 – best performing HBO series since The Sopranos. Season 2 premiering in 2012.

Pay TV Remains the Best Customer Proposition 26 TELELATINO: ANOTHER GROWTH OPPORTUNITY

• Spanish language and Latino culture are influencing mainstream North American culture • Nearly 1.8 million Canadians live in households where Spanish is spoken • Telelatino is widely distributed in 6 million homes • Telelatino has launched 100% Spanish 24-hour channels – a general interest Spanish superstation called TLN en Español as well as a kids service called Teleniños • Telelatino plans to test this opportunity and, if successful over time, reposition its flagship channel with an intoxicating new schedule of English language Latino- inspired general entertainment programming to target this exciting growth opportunity

27 10 THINGS YOU GOTTA LOVE ABOUT CORUS TELEVISION

1. We are a growing portfolio of media assets diversified by geography and line of business and we have an unequalled track record of revenue and profit growth 2. More new brands in the last five years than the rest of the industry combined 3. Women’s vertical is highly attractive to our audiences and our advertisers 4. Co-viewing leverages our consumer insights into incremental revenue opportunities 5. Corus Kids is competitively advantaged, diversified, international and growing

28 10 THINGS YOU GOTTA LOVE ABOUT CORUS TELEVISION

6. Digital revenue and profit opportunities are emerging rapidly, with online video streaming and expected growth in our applications business 7. International children’s channel ventures offer future option value 8. Pay TV is a superior consumer proposition, with exclusive content and a renewed commitment to growth on behalf of our affiliate partners 9. Hispanic population growth in Canada and the appeal of Latino culture represents a huge opportunity for Telelatino 10. Corus will launch ABC Spark in March 2012 – the perfect addition to our portfolio of services built on the highly successful ABC Family brand, the fastest growing network W18-49 in the U.S.

29 INTRODUCING

30 ABC SPARK

• Launching in Spring 2012, ABC Spark is a multiplatform offering for the millennial generation

• ABC S park b uild s on th e success o f top-ratdUSted U.S. ca bldble dar ling - ABC Fam ily • The only U.S. cable network with 8 consecutive years of growth (total viewers)¹ • A top 10 cable network in all key demos and top 5 in key female demos²

• ABC Spark will be powered by: • Hit ABC Family original and exclusive programs such as The Secret Life of the American Teenager, Switched at Birth and Jane by Design • Strong movie offering • Industry leading ABC Family stunt strategy: Campus Crush (back-to-school), 13 Days of Halloween and 25 Days of Christmas

• A highly differentiated brand , ABC Spark is: • Quality and compelling entertainment for the millennial generation • Authentic storytelling told with optimism, heart and humour • Innovative technology that drives deeper viewer engagement

Sources: ¹Nielsen Company, M-Sun 8-11pm, Live+SD (000s), growth each season from 2002-03 through 2010-11 among P2+ 31 ²Nielsen Company, C3 (000s), M-Sun 8-11 pm, 2010-2011, Broadcast Season 9/27/10-9/25/11