2009 Investor Day Presentation

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Investor Day Seizing Opportunity

September 29, 2009 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 things, our objectives, goals, strategies, intentions, plans, 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 actual results may differ materially from those expressed or implied in such statements. Important factors 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 cable 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 communications industries and technological developments therein; changes in laws 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 arises after the date thereof or otherwise. Investor Day Corus Television

September 29, 2009 Seizing Opportunity

Successful year in TV!

1. Strategic initiatives 2. Growth 3. Cost control Strategic Initiatives

. Strengthened competitive position with Women . Successful integration of Nelvana with TV . Significant co-view revenues on YTV Growth

. HBO and Movie Central . New networks – CosmoTV, VIVA, TELETOON Retro . Kids merchandise - Bakugan Cost Control

Extraordinary focus on efficiency

. Process and system redesign . General restraint . Program acquisition synergies Positive Signs

. Customer confidence is building

. Movie Central subscribers

. Revenue diversity at Corus Kids

. Portable People Meters: . Specialty viewing from 53% to 60% . Corus Women +28% . Corus Kids +55%

Source: BBM Canada 8/31/09 – 9/13/09 Investor Day Corus Kids

September 29, 2009 Agenda

. Corus Kids networks – growing airtime revenues

. Corus Kids portfolio – seizing opportunities PPM Better Captures Kids Viewing Behaviour…

… and Corus Kids sees early benefit in the Kids 2-11 demo AMAs (000s) AMAs

Source: BBM– PPM Currency Data – ‘09/10 Wks 1-2 (PPM) compared to ‘08/09 Wks 1-2 (Mark II) – Average Minute Audience (000s) Corus Kids Networks Account for All Purchasable Ratings

Share of Purchasable Kids 2-11 Ratings – Total Canada Winter/Spring 2009

FOX CTV 0.1% 0.1% YTV 53%

TELETOON 47%

Source: BBM Nielsen Media Research – Total Canada: Winter/Spring 2009 (January 5, 2009 – May 24, 2009 – 20 weeks). Share for each broadcaster calculated from total weekly kid ratings in kid-targeted programs PPM Reveals Co-Viewing to be Significantly Larger than Previously Reported

... more in line with our own market research into parental viewing behaviour AMAs (000s)AMAs

Source: BBM– PPM Currency Data – ‘09/10 Wks 1-2 (PPM) compared to ‘08/09 Wks 1-2 (Mark II) – Average Minute Audience (000s) TV is Second to Eating Dinner as the Most Common Daily Family Activity

“How often does your family do the following things on a daily basis?”

90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Eat dinner as a Watch TV Cook a meal Play a video Go to the park Play a board Rent a movie Go away for family together together game game the weekend

Source: YTV Observer Research Report, Summer 2009; Decode Research Recall DOUBLED When Co-Viewing

Source: YTV Observer Research Report, Summer 2009; Decode Research Implications for Growing Airtime Revenues

. Kids market . Food advertising remains under pressure . Toy and Entertainment categories are growing

. Family Co-View market . Aggressively telling our story to agencies and clients . New category development

. Expect modest growth in airtime revenues on Corus Kids networks Introducing Nickelodeon

. America’s #1 kids network is coming to Canada

. Launching Monday, November 2, 2009 to 2.4 million households

. Launching Nickelodeon enables us to offer exclusive programming on Nick, allowing YTV to expand its family offering while keeping the Nick ratings’ drivers 4 p.m. to 6 p.m. 8 p.m. to 10 p.m.

“We are FAMILY programming” “We are KIDS programming” Ages 2-5 Ages 4-7 “We are PRESCHOOL programming” “You’re a BIG KID now” The Corus Kids Portfolio of the Future

Target: Kids 2-5 Trusted and Safe

Target: Families Target: Kids 6-11 Variety of Comedy 24/7! Family-Friendly Programming

Target: Kids of all Ages Thinking Beyond Our Networks For Growth

Corus Kids has successfully diversified our revenue base

F’08 F’09 Bakugan is a Hit!

. Toy and Property of the Year!

. Second season (New Vestroia) launched Spring 2009 in North America

. First season (Bakugan Battle Brawlers) now launching in over 40 international markets

. Third season (Gundalian Invaders) set for 2010 and MMOG greenlit Growth Opportunities – The Backyardigans

. The Backyardigans airs in 44 countries worldwide . #1 preschool show in Canada airing on Treehouse . #2 preschool show in U.S. on Nick Jr.*

. 175% growth in merchandise licensing revenues

*Ratings for Q2, 2009 BEYBLADE – Let it Rip Again!

. BEYBLADE: Metal Fusion

. Nelvana/Hasbro partnership

. Fall 2010 launch Babar – Long Live the King!

. 26 CGI episodes of Babar and the Adventures of Badou in production

. Featured property at MIPCOM, Toy Fair and Licensing Expo

. Very active discussions regarding feature film and a Broadway stage show qubo

. Nelvana’s programming constitutes a majority of the schedule

. qubo is available in more than 40 million homes KidsCo

. Western Europe was launched this year in addition to the Asia Pacific, Central and Eastern European feeds . 58 countries . 15 languages . 8 million paying subscribers Summary

. Corus Kids portfolio of businesses are positioned for growth

. Growth in kids advertising sales . Kid audiences grow . Family co-view . Launching Nickelodeon

. Diversity in revenue base creates option value . Bakugan . Beyblade launch . Babar . International channels Investor Day Pay and Specialty Television

September 29, 2009 Opportunities for Growth in Pay TV Pay TV Performance is Strong

+ 7% 1000 953 950 891 900 883 850 821

Subscribers (000s) Subscribers 800 750 2006 2007 2008 2009 (E) Pay TV is an Excellent Consumer Value Proposition

. HBO has been a hit – Exclusivity . Free On Demand now part of Movie Central offering – Retention . Commercial-free movies – Quality . HD adoption and digital roll-out continues – Commitment Outstanding 2010 Programming

Exclusive Series . World War II drama miniseries from HBO . Produced by Steven Spielberg and Tom Hanks . Based on the memoirs of two U.S. marines . U.S. Marine Corps in Pacific Theater Upside Remains for Movie Central as Digital and HD Growth Continues

3.0

2.5

2.0

(millions) 1.5

1.0

Western Digital Subscribers Subscribers Digital Western 0.5

0.0 Digital Subs 2007 2008 2009 HD Subs (est)

Source: Corus Estimate F’10 Opportunities to Grow Subscribers

Marketing Advertising Free Preview Direct Mail Advertising & DM Summer Retention: Premieres

Awareness Outdoor, Radio, Print, TV

Boxing

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Q1 Q2 Q3 Q4 Summary

. HBO has driven interest in Pay TV

. New and returning series are outstanding

. Marketing initiatives will drive uptake

. On Demand improves subscriber retention Women’s Specialty Positioned for Growth Corus Has a Strong Women’s Portfolio

W EXPERTS

18-34 25-54 35-64 W Holds a Unique Position in Women’s TV

. First run movies . Experts at marketing to women . Integrated sales CANADA

41 Growth Opportunities

Build the Women’s demo by adding new channels and repositioning existing brands + +

Grow overall share of Women 25-54 audience Our New Channels Are Making Progress

Cosmo Ad Revenue 2.5 2.0 1.5 1.0

0.5 Millions $) (CDN Millions 0.0 F08 F09

. 3.9 million households . Ranks #7 among Women 18-34, Digital* . Lipstick Jungle, Men in Trees, The Fashion Show . New website

*Source: BBM Nielsen Media Research – 51 weeks August, 2008 New Channels Are Making Progress cont’d.

Viva Ad Revenue

2.5 2.0 1.5 1.0 0.5 Millions $) (CDN Millions 0.0 F08 F09 . 5.7 million households . Tripled audience share Women 25-54* . Cold Case, The Closer, Movie events . Marketing push

*Source: BBM Nielsen Media Research W Movies

. Launch in 2010

. Female-targeted theatrical and made-for-TV movies

. Women love movies . 4 of the top 5 digital-ranked networks for women include movie blocks

. Movies have been the #1 driver of audience growth on W

. W Network brand is associated with ‘Great Movies for Women’ Summary

. Upside potential for CosmoTV and VIVA

. DUSK will contribute to growth in Women’s demo

. W has programming flexibility and marketing and sales expertise

. W Movies channel will provide further growth opportunities Investor Day Government and Regulatory

September 29, 2009 Key Issues

. TV Licencing and Policy . Renewal of licences . Changing our COL’s . Changes in overall policy re: CPE and production . Securing new licences . Fee for carriage

. Copyright Reform . Ephemeral exemption . Greater certainty in copyright usage and the tariff process

. Corus Big Six Tentative Schedule – TV Policy and Renewals

Timing Event November 16, 2009 Policy Hearing December 2009 FFC Hearing February - March 2010 with Section 15 Report Policy Release September 2010 Renewal Hearing December 2010 - January 2011 Decision Release September 2011 Digital Migration

Likely will see interim administrative licence extension to August 31, 2011 Investor Day Technology Update

September 29, 2009 Executive Summary

. Corus Quay prepares for occupancy in Spring 2010 . Workflow and process re-engineering will transform Corus’ broadcast, content and corporate operations . Corus is well-positioned to participate in the evolving digital marketplace

Corus Quay

Data Centre

Rooftop Screening Room Why is Technology Important to Corus?

. Technology is a key competitive advantage for Corus

. Technology and product innovation continues to drive consumer behaviour

. Ownership and control of content is critical in a rapidly evolving digital landscape Corus Quay

. Anchor location in Toronto’s East Bayfront revitalization . Consolidated Corus operations in Toronto . A flexible technology platform to support current and future business, driving innovation and transformation . An effective, collaborative working environment aligned with our Core Values . The timing and environment is right to maintain our momentum

Corus Quay is an essential part of our growth strategy Construction Update

. Base building complete by the end of the year; tenant fit-out ongoing

. Corus access to data centre(s) in November

. Major vendors selected for interior details A Culture of Technical Innovation and Business Transformation

. Ongoing process review and re-engineering across all Corus operations . Central management of digital assets maximizes value and opportunity . Enhanced management, integration and deployment of corporate business data The Time is Right for Investment

. Maturing IT infrastructure allows for integrated broadcast systems

. Technology vendors are anxious to partner on large, innovative projects

. Highly competitive construction market results in excellent trade pricing

. Wide range of vendor and independent financing available

Corus Quay is on budget and on schedule for occupancy in Spring 2010 A Focus on Broadcast Technology

. Siemens Canada/Siemens UK selected as deployment and integration partner for Corus Quay broadcast operations

. Detailed design and implementation plan in progress

. Key areas of focus for the Target Operating Model: . Content centric . File-based . Automation and federation . Reduced complexity – fewer systems . Scheduling and service planning, integration with business systems . Asset and rights management Corus is Poised for Growth

. Corus Quay consolidates operations with state-of-the-art technical infrastructure

. Significant capacity for expansion in linear and non-linear operations to support organic growth and acquisitions

. A showcase facility and working environment to attract and retain the best talent

. Our three year capital plan is easily managed within our projected operating cash flow

Corus Quay will be internationally regarded as a state-of-the-art broadcast and production facility as well as an ideal collaborative workspace Summary and Conclusion

. Technology is a key competitive advantage for Corus

. Corus Quay will offer new capacity, new capability and is a platform for growth and expansion

. Process transformation will improve margins, open new markets and enable Corus to participate in transaction-based revenue streams

. Corus Quay is on budget and on schedule for occupancy in Spring 2010 Investor Day Session Break

September 29, 2009 Investor Day Radio Panel

September 29, 2009 Investor Day Financial Overview

September 29, 2009 Safe Harbour Disclosure

Maintain Focus on Shareholder Value

Strong Balance Sheet Intense Focus on Sustain Dividend Total Shareholder Return Repurchase Shares Financial Priorities – Fiscal 2009 Progress Report

. Dividend maintained at $0.60 per share . Dividend Yield of 4.0% at year end F’09 . Launched Dividend Reinvestment Plan . Will offer 2% discount to participants commencing Nov. 1, 2009 . NCIB discontinued in Q2’09 to save cash for acquisitions . Delivered EBITDA in line with Management’s expectations . Margin erosion contained in tough economic environment via prudent cost containment measures and focus on operational efficiencies . Very strong Free Cash Flow of approximately $95M, above guidance of $70M - $90M . Investments to drive growth in Pay and Specialty TV . Share Price: August 31, 2008 $19.53 ($CDN) August 31, 2009 $14.97 (-23%) Cost Containment Measures – Fiscal 2009

. Reduced overall Radio costs to 2006 levels . Reorganized Montreal Radio operations to drive cost efficiencies . Implemented hiring freeze (captured approximately 100 positions to date) . Reduced G&A expense . Cuts to travel, conferences, entertainment and other administrative expenses . Focused on cost reductions and margin protection while protecting on-air product . Implemented temporary reductions to compensation and benefits expense including: . 5% reduction in base pay of Management Committee . No STIP payments to Management Committee for F’09 . Voluntary pay reductions accepted by on-air talent and some unionized employees . Unpaid days and pension hiatus for non-unionized employees in F’09 and F’10 Investing in Programming and Controlling G&A Expense

Television Program Rights Amortization and Radio Programming Salaries & Benefits and G&A Expense Growth Other G&A Expense Growth (2007 to 2009) (2007 to 2009)

$000s $000s CAGR 180,000 160,000 CAGR

160,000 7% 140,000 -2%

140,000 120,000

120,000 1% 100,000

100,000 80,000

80,000 60,000 4%

60,000 40,000 2007 2008 2009 2007 2008 2009

Program Rights Amortization G&A Other G&A Expense (1) Programming Salaries & Benefits

(1) Other G&A expense is total G&A less programming salaries and benefits. Investing in Future Growth

. Launched HBO Canada in October 2008 . Key contributor to restoration of Pay TV growth . Pay subs increased by 7% in F’09 . VIVA to drive further growth in Women’s portfolio . Rebranded from CLT and launched in November 2008 to target Boomer Women 35-64 . Complements W Network (targets Women 25-54) and Cosmopolitan TV (targets Women 18-34), extending our reach to Women of all ages . Increased ad revenues by 63% in F’09 . Investment in SexTV and Drive-In Classics acquisition will drive further growth in our Pay and Women’s portfolio . Channels to be rebranded to broaden audience reach and are expected to launch in F’10 . SCREAM rebranded to DUSK to broaden audience reach . Divested non-core asset; Max Trax . Reorganized Radio operations to realize efficiencies Capital Structure

. Current leverage 2.6x

. Comfort zone 3.0x - 3.5x

. Maximum leverage for acquisition 4.0x

Maintain Focus on Delivering Long Term Shareholder Value Net Debt

Sept. 1, 1999 – Aug. 31, 2009 800 700 600 500 400 300

Million (CDN Million(CDN $) 200 100 0

Fiscal Year Net Debt to EBITDA

Corus has a Strong Balance Sheet Sept. 1, 1999 – Aug. 31, 2009

Operating and Free Cash Flow (2005 to 2009E) Million (CDN (CDN $) Million

Fiscal Year

* Free cash flow normalized for business combinations Stock Performance

CAGR Company Sept. 1, 2003 Aug. 31, 2009 Sept.’03 to Aug.’09 Corus 11.95 14.97 4.6% Canadian Peers (CDN $) Astral 25.14 31.65 4.7% CanWest 10.67 0.14 -58.0% Torstar 26.35 6.41 -24.6% U.S. Comparables (US $) EMMIS 21.42 0.66 -50.1% Entercom 50.33 4.89 -37.3% Time Warner 36.25 27.91 -5.1% Disney 20.23 26.04 5.2% Real Estate

. Toronto Facilities Consolidation at Corus Quay . Spring 2010 occupancy . Financial terms below market rates . New state-of-the-art facility will drive innovation and productivity . Capital Investment

Fiscal Year Financial Priorities – Fiscal 2010

. Maintain Strong Balance Sheet

. Renew Bank Credit Lines for Improved Flexibility

. Maintain Firm Commitment to Dividends Financial Guidance – Fiscal 2010

Consolidated EBITDA $255 to $270 million

Free Cash Flow $10 to $20 million Investor Day Q&A Session

September 29, 2009