INVESTOR DAY Built for Growth September 29, 2010

INVESTOR DAY Built for Growth

September 29, 2010 SfSafe HbHarbour Discl osure

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 stttatemen ts. Although Corus blibelieves that the expecttitations reflect ed insuch fdforward-lkilooking stttatemen tsare 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. TECHNOLOGY UPDATE Built for Growth

Investor Day 2010 EtiSExecutive Summary

Corus Quay – Spring 2010 Toronto’s smartest building A dynamic workplace built for sustained growth Built to serve our customers and partners

Revolutionary broadcast infrastructure supporting traditional and new media

A cultural focus on measurement, reengineering and business transformation

Positioned for the emerging new media marketplace

ALA Lan dmark kY Year for Tech nol ogy and dI Innovati on at tC Corus PtiCQPresenting Corus Quay

Occupancy in May 2010 Radio on air September 2010 – Television to follow East Bayfront district continues to develop with new tenants, parks and amenities Toront o’ s S mart est B uildi ng

Targeting LEED® Gold

Flexible, reliable, best in class infrastructure

Technology to support our work and our staff

Central waterfront location with good transit access AWA Work p lace f or T eamwork and dI Innovati on

Open working environment encourages circulation, communication, collaboration

More than 200 meeting spaces, from formal to casual, spread throug hou t the bu ilding

Technology to support teamwork and continuous learning Flexible, IT Based Radio and Television BdtIfttBroadcast Infrastructure

Successful integration and cutover in September to Wheatstone- based IP systems for radio broadcast

Broadcast cutover in October to IT, file-based automation and playout Siemens Canada/Siemens UK working with international vendors to finalize integration of new broadcast systems Most advanced broadcast centre in the world ThlTechnology F ocused on our C Ctustomers

For Cable and Satellite distribution partners … More HD signals, more non-linear assets Efficient formatting, packaging and delivery Strong brand synergy driving customer value

For Television viewers … Greater value in HD and non-linear packages

For advertisers … Better integration across media

For Radio listeners … Reliable digital infrastructure integrated with new media offerings ThlTechnology F ocused on G rowth

Scalable infrastructure Available capacity to triple our broadcast output New channels at low capital cost; all channels now HD capable with integrated non-linear capability

Digital, file-based infrastructure optimizes margin on non-linear activities Packaging and delivery of digital assets automated and centralized with brands Digital catalogue unlocks revenue potential Content Publishing rather than linear broadcasting

Integrated business management systems Better oversight and control of our programming investments Centralized programming to promote synergy and sharing

Technology protects and grows our margins A Cultural Focus on Measurement, RiiReengineering and dBiTfti Business Transformation

Shared Services approach to infrastructure and operations SlblScalable lblabour tthlblthlto match scalable technology Focus on broadcast operations, television production (live action and animation), content management, infrastructure Best in class services and competitive pricing, measured by external providers

Competitive advantage from two year broadcast operations study New systems, new workflows Significant investment in automation Aligned with non-linear and interactive requirements

Strategic planning aligned with business transformation What’s Next? Technology BdCQBeyond Corus Quay

Construction is over, but our business and market transformation continues

Technology is driving new customer and consumer behaviours Data mobility shows a steeper growth curve than the internet Smartphone and tablet applications offer a real business model Social networking is mainstream and integrated with advertising

Corus will explore opportunities in the new media space, but will remain a great partner to our clients and customers

The impact of new media is gggrowing, but linear television still commands both attention and revenue Corus Quay is Built for NMdiNew Media

An infrastructure built around digital files, not video signals Best in class networking and storage Highest quality asset creation, acquisition and storage Integrated asset management, desktop browse and edit capabilities Rights management for broadcast and distribution Automated format changes and packaging flexibility

Shared Services approach drives efficiencies Asset sharing between broadcast, production, new media Centralized technical and creative expertise Cost sharing and rationalization across divisions, departments and brands

Corus Quay promotes synergy and collaboration New adjacencies create new opportunities, e. g. Radio and Television New media infrastructure is easily consolidated and shared New Media is a Growing Part of our Core BdtAtiitiBroadcast Activities

Corus has a strong internet presence across brands and divisions Television and Radio sites each drive more than 2M unique visitors per month Websites are powerful marketing tools, providing support for our fans and communities, and generating revenue through advertising

Our integrated approach maximizes reach and impact, providing value to our clients and partners Custom production and linkage with traditional campaigns Acknowledged expertise leads to representation relationships with other branded web sites in Canada

Our Canadian focus is partnership; our International focus is on wider opportunities in the digital content marketplace New Media is an Opportunity to Explore New AhdNMktApproaches and New Markets

Custom Smartphone/Tablet applications to support Kids and Radio brands

Evolving relationships with new media companies that align with our brands and customers CliConclusion – CQCorus Quay

A new waterfront home for Corus Entertainment

A smart building, designed with our employees and customers in midind

A new Radio and Television broadcast infrastructure, built for growth

A cultural focus on business transformation

Technology to support and grow new media

Corus Quay: Bu ilt f or G rowth CORUS RADIO Built for Growth

Investor Day 2010 The St rength of R a dio

Radio is an evergreen business

Cost effective to purchase

Measurable

NiliiNot capital intensive

Generates great cash flow

Radio’s strength is its enduring local content GDP and C anadi an R adi o Ad verti si ng $ s

12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% GDP Growth -2.0% Radio Advertising Growth -40%4.0% -6.0% -8.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 DllDollars b y D emo

Top 10 demos represent the majjyority of revenues. Since 2005, the top 10 demos have represented a growing share of total spending and now represent more than 90% of all revenues. Much of this growth is represented by the Adult 25-54 demo which now accounts for more than half of all spending.

2005 2006 2007 2008 2009 2010 YTD 2011 2010 STLY A25-54 44.7% 47.6% 43.7% 46.6% 44.8% 50.1% 51.4% 51.4% F25-54 8.6% 9.5% 12.3% 13.8% 15.9% 12.9% 13.4% 15.3% A18-49 13.4% 10.6% 12.0% 10.2% 11.3% 10.6% 14.2% 10.1% A35-54 1.4% 1.3% 2.2% 3.8% 3.1% 3.9% 2.6% 1.5% A18-34 3.9% 2.8% 2.4% 2.8% 3.3% 3.9% 2.1% 2.9% A25-49 3.9% 3.0% 3.1% 2.4% 3.2% 3.5% 3.2% 3.5% M25-54 2.3% 2.7% 2.6% 1.4% 2.6% 2.4% 1.2% 1.8% A18+ 1.6% 3.9% 1.8% 2.3% 2.5% 2.2% 1.4% 1.5% F25-49 1.2% 0.8% 1.2% 1.4% 0.8% 1.1% 1.5% 2.4% A35-64 11%1.1% 12%1.2% 23%2.3% 16%1.6% 18%1.8% 10%1.0% 13%1.3% 18%1.8% TOTAL 82.1% 83.4% 83.6% 86.3% 89.3% 91.6% 92.3% 92.2%

Source: CBS Database Format Diversity and Share of Hours Tuned bGby Gend er

Format Diversity Share of Hours Tuned by Gender

Format # of Stations Female Classic Hits 9 46% News/Talk 9 AC 6 AOR/Mainstream Rock 5 Classic Rock 4 Hot AC 2 CHR 3 Gold/Oldies 2 Male Country 2 54% Mainstream Top 40/CHR 2 Modern/alt. Rock 2 Corus stations across Canada deliver Jazz 1 Sports 1 a balanced gender profile Top 5 Broadcaster Gender Profile - Hours Tuned 12+ Corus programs 13 distinct radio A12+ CORUS ROGERS NEWCAP ASTRAL CHUM station formats on 48 stations Male %5453524846 across Canada Female % 46 47 48 52 54

Source: BBM Radio Station Guide; BBM Total Hours Tuned All Measured Stations; Diary Markets: Fall 2009, PPM Markets: R03 2010 CORUS INVESTOR DAY 2010 September 29, 2010 Economic Trends

1. By almost every measure, Canada has experienced a healthier recovery than the U.S., most notably on the jobs front. (1)

2. The stronger job market has supported consumer confidence and spending this year. (2)

3. Overall GDP growth has slowed in Canada but will have continued growth of 2.5% in 2011. (2)

4. Net worth is at a record high. (3)

5. Personal expenditure growth of 3% expected in the second half (4) of 2010 and 3.1% for 2011.

Source: 1. BMO Capital Markets Economics —Sept 17/10; 2. BMO Focus Recovery –One Year After —Sept 10/10; 3. Economic Research 2010 —Sept 17/10; 4. BMO Capital Outlook –Sept 17/10 Economic Trends

United States Low U.S. consumer confidence is reflected in continued spending restraint as consumers continue to reduce overall shopping trips and spending even with better prices and increased promotion support. Canada Consumers are still focused on value, shopping more at discount retailers and buying more on promotion. National brands are a key driver of promotions which are currently outperforming private labels.

$ Millions 2005 2006 2007 2008 2009 2010 Est. (CAD) Radio 1,316 1,390 1,468 1,558 1,469 1,494

% Change 8.9% 5.6% 5.6% 6.1% ‐5.7% 1.7%

SOM 13.3% 13.1% 13.2% 13.4% 13.5%

RADIO revenues have shown much stronger growth in the second half of fiscal 2010

March April May June July August Last Half Fiscal 2010 2010 2010 2010 2010 2010 2009/2010 Radio % Change ‐10.4% 9.6% 11.8% 9.4% 2.9% 6.5% 4.9%

Source: McCay, Duff & Co., TRAM Fiscal ‘10, September‐August 2010, Total Revenue based on 18 markets across Canada Media Revenue Trends

($ millions) 2005 2006 2007 2008 2009 Radio % Change 8.9% 5.6% 5.6% 6.1% ‐5.7% SOM 13.3% 13.1% 13.2% 13.4% 13.5% Television* % Change 1.7% 7.5% 1.8% 2.8% ‐8.6% SOM 30.4% 30.5% 29.6% 29.1% 28.6% Daily Newspapers % Change 1.8% ‐0.9% ‐2.4% ‐3.2% ‐18.4% SOM 26.8% 24.8% 23.0% 21.4% 18.7% General Magazines % Change 2.8% 2.6% 5.3% ‐3.6% ‐14.7% SOM 6.7% 6.4% 6.4% 5.9% 5.4% Out‐of‐Home % Change 13.5% 7.6% 14.1% 9.7% ‐10.2% SOM 3.5% 3.5% 3.8% 4.0% 3.8% Community Newspapers/Trade Publications/Other Print** % Change 3.4% 4.0% 2.0% 1.4% ‐2.5% SOM 13.7% 13.3% 12.9% 12.5% 13.1% Internet % Change 54.4% 60.1% 37.9% 29.1% 13.7% SOM 5.7% 8.5% 11.1% 13.7% 16.8% Total Major Media in $ % Change 5.4% 7.2% 5.0% 4.5% ‐6.9% Total Advertising % Change 4.9% 6.6% 4.3% 3.8% ‐7.6% RADIO increased their share of major media (SOM) spending to 13.5%. RADIO performed better than most other major media including television, daily newspapers and magazines.

*Includes private conventional, public/non‐commercial and specialty TV. **Estimates only for community newspaper/trade/other print, yellow pages and catalogue/direct mail. Note: Broadcast figures based on broadcast calendar (Sept ‐ Aug). All other figures based on calendar year.

Sources: Radio/TV ‐ CRTC; Daily Newspapers ‐ CNA (online newspaper revenue not included in total to avoid double counting revenue reported by IAB for Internet); General Magazines ‐ Magazines Canada; Outdoor ‐ Estimate of net revenue based on NMR data; Direct Mail ‐ Canada Post; Internet –IAB, Yellow Pages ‐ Estimate based on last report by TeleDirect (1999) CPP Trends — 2005 to 2010

MARKET NAME Fiscal 2005 Fiscal 2006 Fiscal 2007 Fiscal 2008 Fiscal 2009 Fiscal 2010

Toronto, ON * 136.35 158.71 171.66 181.27 172.03 224.51

Vancouver, BC * 93.54 94.17 96.07 99.54 98.05 112.08

Calgary, AB * 55.5 58.53 62.71 65.05 67.84 82.06

Edmonton, AB * 41.85 44.96 46.44 51.32 53.62 73.43

Montreal, QC ((g)Anglo) ** 41.48 41.92 47.62 56.78 60.72 69.18

Montreal, QC (Franco) ** 65.71 69.31 73.35 77.22 86.05 124.45

Quebec City, QC 22.54 22.43 22.41 22.21 22.52 25.04

HilHamilton, ON 28.45 28.77 29.5 30.23 31.14 30.51

Winnipeg, MB 27.5 28.19 29.7 31.12 31.4 30.39

Kitchener‐Waterloo, ON 28.33 28.35 28.96 29.87 30.41 30.08

London, ON 20.85 21.53 22.15 22.85 22.73 22.44

PPM Measured Markets * First PPM measurement released December 10, 2009 ** First PPM measurement release for Montreal Franco/Anglo December 10, 2008

Source: CBS MarketWatch Top 10 Categories in Canada Share of Total Revenue Trend 2005 to 2010

Category 2005 Share 2006 Share 2007 Share 2008 Share 2009 Share 2010 Share

Retail 18.4% 18.2% 16.9% 17.7% 20.2% 21.0%

Automotive 16.3% 15.0% 12.2% 11.2% 11.8% 15.8%

Restaurants 5.0% 5.0% 6.7% 8.3% 9.9% 10.7%

Telecommunications 94%9.4% 90%9.0% 11.2% 90%9.0% 84%8.4% 81%8.1% Financial Services & Insurance 7.0% 7.7% 8.7% 9.1% 8.5% 7.1%

Government 5.2% 6.7% 5.4% 7.0% 6.1% 6.8%

Beverages ‐ Alcoholic 6.8% 6.0% 6.9% 6.0% 2.8% 3.1%

Lotteries/Gaming 2.2% 2.8% 2.9% 3.4% 3.6% 3.1%

Associations & Groups 32%3.2% 33%3.3% 27%2.7% 28%2.8% 38%3.8% 28%2.8%

Media 0.7% 1.2% 2.2% 1.8% 2.4% 2.7%

Source: CBS Database –Share of total CBS billings for the September – August fiscal year.

So… Wh at D oes All This M ean ?

We expect the Canadian Radio market will grow in the 3% – 5% range in F’11 We believe we are competitively positioned in terms of formats, ratings and demographic appeal. As a result, we should be able to perform at least in line with market growth. Q1 F’11 is very strong; visibility until December suggests continued momentum Costs will be below revenue growth which we expect to result in good leverage But… we have some costs that you need to consider: New copypygright fees were not included in Q1 ,Q, Q2, ,Q Q3 of F’10 Cost containment measures including pension hiatus, unpaid days and no salary increases were in place in F’10 CORUS TELEVISION Built for Growth

Investor Day 2010 CTliiCorus Television – OGOur Growth thAd Agenda

Corus Kids

Premium TV

Women’s Specialty EbdWthCEverybody Watches Corus

Source: BBM Canada TV Meter – 11/30/09-3/28/10 – M-Su 2a-2a – Canada minus Quebec Franco – Average Monthly Reach (1 min. qualifier) % of UE They C an’t S eem t o G et E nough

Adult viewing hours are up 79% on Corus

79% 80%

69% 70% A25-54 W25-54 60%

50%

se vs YA 40% aa

30% 27%

% Incre 21% 20% 14% 15% 10%

0% CORUS (12)* CTVGLOBEMEDIA CANWEST SPEC (19)* SPEC (29)*

CANADIAN SPECIALTY VIEWING HOURS

Sources: BBM/NMR, BBM Canada TV Meter, excludes Olympic period * Numbers in brackets refer to number of specialty networks owned by company Our Share is Up… andCd our Compe tit’ShiDtitors’ Share is Down

***

CANADIAN SPECIALTY SHARE ADULTS 25-54

Sources: BBM/NMR, BBM Canada TV Meter, excludes Olympic period * Numbers in brackets refer to number of specialty networks owned by company CKidCorus Kids

Corus Kids networks deliver growth in audience and revenue

Nelvana Enterprises’ growth reaches beyond our networks PhblRtifKidiCdPurchasable Ratings for Kids in Canada

Source: BBM Canada - Total Canada; WinSpr10 (Jan 4/10 – May 30/10 – 21 weeks) - Share for each broadcaster calculated from total weekly ratings in kid-targeted programs YTV has 10 of the Top 20 Shows for Kids 2 -11

Sources: BBM/NMR, BBM Canada TV Meter Kids 2 -11 Au dience G rowth

45 +40% 40 40

00) 00) 35

00 +23% 30 28 28

25 23 e Audience ( e Audience tt 20

10 verage Minu verage AA 5

0 YTV TELETOON BY '08/09 BY 09/10

Sources: BBM/NMR, BBM Canada TV Meter Co-Viewi ng St rat egy D ri ves G rowth

Time with the kids is Mom’s top priority at home 96% of Moms say they enjoy watching TV with their child 92% of parents reported having co-viewed in past two days

Advertiser benefits Increased likelihood that ads will be watched Significantly higher ad recall Positive impact on brand perceptions YTV Ad ult A udi ence G rowth

Sources: BBM/NMR, BBM Canada TV Meter YTV C o-View R evenue G rowth

$18,000

$16,000 +31% 0) $14,000 00

$12,000

$10,000 Revenue ($0 Revenue

Ad $8,000

$6,000

$4, 000

$2,000

$- F'09 F'10 M-Su 6p-2a Nelvana Enterprises Nelvana Enterprises: GiBGrowing Beyond our N Ntketworks

Building our boys action business Beyblade: Metal Fusion Bakugan

Broadening our preschool portfolio Investing in Nelvana Library: Babar, Franklin Partnering with best in class preschool partners

International channel ventures qubo KidsCo BkBakugan

Bakugan is the #2 boys action property 50% of boys aged 5-12 own a Bakugan Activision game for Nintendo DS was #1 title for Holiday 2009 in U.S.

Tremendous brand momentum for balance of 2010 New Activision title, McDonald’s Happy Meal

Explosive European Growth in 2010 Tied as #1 in France for Action Properties BbldBeyblade: MtlFMetal Fusi on

The next big boys action property for Nelvana #1 boys action property in Japan following re-launch in 2009

Global toy rollout by Hasbro in Fall 2010 Early Canadian launch very promising

Broadcast secured in all major territories PhlPreschool – BbBabar

Babar and the Adventures of Badou – Sold everywhere! • U.S. – Disney France – TF1 Lat America – Discovery Kids • Germany – KI.KA UK – CiTV Canada – YTV Playtime

France rolls out merchandising program first in Spring 2011

Merchandise and home video partner discussions underway in other major markets PhlPreschool – FkliFranklin

New Franklin CG series in production Coincides with Franklin’s 25th Anniversary in 2011

Kids Can Press leverages 25th Anniversary Re-issue of top 10 original bestselling Franklin titles

Reignite worldwide merchandising program France Canada Others Par tner ing with th e B est …

Partnering with best in class content partners for new preschool properties

Leveraging our Corus Advantage as an integrated producer, bdtbroadcaster and dditibtt distributor to secure ownershi hiitip positions

Presenting… Mike the Knight from HIT Entertainment and Nelvana Studio …andGd Growi ng with our A udi ence

The future demands live action Co-view programming is a priority for broadcasters the world over

Corus Kids, partnering with best in class live action talent, announces… Life with Boys Mr. Young Hardy Boys qubo

Nelvana’s programming constitutes a majority of the schedule

ION Media Networks leading qubo management and distribution carriage charge

qubo is available in 42 million U.S. homes – up 5% over last year KidsC o

Launched in Australia this year in addition to the Asia Pacific, Western Europe and Central Eastern Europe feeds 92 countries 18 languages 12.7 million paying subscribers

Subscriber growth of 58% over last year PiTVPremium TV – Experi ence M ore i n 2011

Capitalizing on Corus Quay

Aggressive marketing campaigns CitliiCapitalizing on C orus Q uay

High Definition Early deployment of Movie Central/HBO Canada Launching MC2, YTV, W Movies and Sundance

More Video on Demand Nick, W Network, Sundance

Launching Broadband VOD Shaw, Rogers and Bell AiMktiCiAggressive Marketing Campaigns

Movie Central Q1 Campaign Subscribe and get 3 months free! Fall is a critical (and historically successful) acquisition period Ongoing digital deployment offers opportunity Outstanding programming slate: HBO and Showtime series Addition of Disney titles to Movie Central

Movie Central Q2 HD Campaign Target new HD TV owners Post holiday Pre-Superbowl and Academy Awards W’RtiGthWomen’s Ratings Growth 160% growth in ratings

25 2

20 2

15 dience (000) uu

10 19 20 19 15 rage Minute A

ee 5 10 Av

0 F'02 F'04 F'06 F'08 F'10

W Movies* VIVA Cosmo W Network

Sources: 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 = 3/1/10-8/29/10 Growth of CosmoTV

Programming and scheduling delivers growth Sex and the City series Movie blocks Red Hot Reality Mondays

Ranked #6 against W18-34

W18-49 audience up 87% VIVA an d W M ovi es

VIVA Strength of Crime in Prime block The Closer , Cold Case, Missing W25-54 audience up 19%

W Movies Launched March 1, 2010 Strong audience performance, growing 300% post rebrand W Network – Winning Insights

Corus knows Women – Continual research offers key insights Women watch differently throughout the day Evening viewing tends to be social – this requires compromise Compromise requires different programming WNW Ne twor k – AWiA Winni ng S ch ed ul e

Rags to Red Carpet WNW Ne twor k – Still G rowi ng

+16%

Source: BBM Canada TV Meter - Weeks 1-52 – Women 25-54 – Mon-Sun 2a-2a – Total Canada – Average Minute Audience WNW Ne twor k – 10 New Shows !

Commissioning focus… On all aspects of the home genre (design, renovation, finance) With new recognizable male hosts More dual hosting Competitive element

Weekend night scheduling leverages insights Friday night is “Date Night” Saturday night “First Run Movies” LhiBIGBdLaunching BIG Brands Announcing…. The O prah Wi nf rey N et work

Launching Spring 2011 Corus TV is Built for Growth REGULATION & LEGISLATION Removing Barriers to Growth

Investor Day 2010 ACA Crow de dAd Agen da

Digital Migration Channel Carriage Policy Key changes Television Group Licensing The issues The timetable Copyright Radio tariffs Bill C-32 Digit a l Migrati on f or BDU s

In 2006 -2007, CRTC provid ed th e fi rst road map f or movi ng from analog to digital distribution including:

When BDUs could move channels to digital Impact on carriage rights, linkage and pricing, etc. The O ct ob er 30 , 2008 P oli cy: M ore Ch anges

The large basic tier was maintained. BDUs could continue to sell the big basic package Ad sales policy was preserved no sales of local avails August 31, 2011 digital migration date established for HD and carriage rules Analog, Category 1 and Category 2 replaced by Categories A and B PkiIlitifDiitlMitiPackaging Implications of Digital Migration

Cable will have increased packaging flexibility Mix of US / Canadian services Mix of legacy analog specialties and diginets BUT Sunk cost investment in big digital tiers Tough to unwind – choice can be bad for business TditifToo disruptive for consumer Insufficient margin gain to induce change Key US services are resistant to theme pack carriage Additional choice will be offered in parallel and phased in over time The carriage regime won’t change overnight and Corus is well positioned. Carriage agreements in place and strong brands. The G roup Li censi ng P oli cy 2010

Group strategic use of CPE and removal of the escalator provisions CanCon reductions Flatt er obli gati ons and removal of old COL s LPIF maintained No local avails sales by BDUs Broadcasters stay in the process on VOD program acquisition and VOD ad sales GLiiTitblGroup Licensing Timetable

Private English-language groups and certain other services: CTV, CanWest, Rogers, Corus, TLN, and CJBN-TV Kenora Hearing Spring 2011 Private French-language groups and certain other services: TVA, Astral, etc. Early Fall 2011 CBC / Radio Canada Late Fall 2011 All other Conventional, Specialty (Teletoon group) and Pay TV, etc. Spring 2012 The R egul at ory C al end ar

September 2010: Shaw/CanWest hearing September – October 2010: Bell files with CRTC on CTV deal October 2010: CanWest decision and closing November 1, 2010: Corus files renewal applications November – December 2010: Deficiency period January – February 2011: Bell/CTV hearing March – April 2011: Bell/CTV decision and closing March – April 2011: Corus group licence renewal hearing (3 weeks) June – July 2011: CRTC issues Corus renewal decisions

August 31, 2011: Digital migration rules commence The K ey I ssues

What is the impact of digital migration and how does this change the regulatory bargain?

CRTC is assuminggg not much change

The large groups (CTV, CanWest, Rogers, Astral and Corus) are working together on an approach to convince CRTC that we need changes on CPE, Cancon and other flexibility Copyright Tariffs for Radio

Higher tariffs could be relaxed through legislation RdiTRadio Tariff s

One song on a file/disc/record has seven collecting societies attached to it Right s b y C oll ecti ve

SOCAN: Broadcast of music for composers and publishers – 80 years old ReSound: Broadcast of performers’ performances and sound recordings – 7 years old CMRRA/SODRAQ (CSI): Copying of the music – 7 years old AVLA/SOPROQ: Copying of the mechanical discs/files etc. – NEW Atit1CArtist1: Copy ing o fthf the per formance – NEW

These new tariffs have increased our music liability Bill C -32 – CihtAtAdtCopyright Act Amendments

The Bill amends the law to allow for ephemeral recording or “transfer of medium” which would remove the CCR, AVLA and Artist1 liabilities Other amendments that protect rights owners from infringement It provides consumers with some usage opportunities that reflect the realities of new technology The Broadcast Industry believes that the Bill should be passed

Passage of the Bill could reduce our music liability by approximately one-third Summary

The licence renewal process and the changes in carriage rules will roll out in parallel The Industry is working together to achieve a more flexible regime of licence conditions Our TV strategy is built to withstand the digital migration rule changes and to seize any opportunities they allow Bill C-32 establishes an opportunity to roll back the radio cost increases by a material amount FINANCIAL OVERVIEW Built for Growth

Investor Day 2010 Financi al P ri oriti es R ecap: Fi scal 2010

Maintain Focus on Shareholder Value

• Maintain Strong Balance Sheet

• Renew Bank Credit Lines for Intense Focus on Improved Flexibility Total Shareholder Return • MitiMaintain Fi rm C ommit ment to Dividend Financial Priorities: Fiscal 2010 Progress Repor t

Strong Balance Sheet maintained Year end leverage at 2.6x Dividend maintained at $0.60 per share Dividend yield of 3.1% at year end F’10

5 year dividend CAGR = 43%

Dividend Reinvestment Plan offers 2% discount

$500M / 7 year Bond issue at 7.25% Ratings → DBRS: BBB, S&P: BB Largest non-investment grade issue in Canada Financial Priorities: Fiscal 2010 Progress Repor t Con t’d

Delivered EBITDA in line with Management’s expectations and guidance of $255M - $270M

Very strong adjusted Free Cash Flow of approximately $60M, above guidance of $10M - $20M

Share Price: August 31, 2010 $19.47 (+30%) ($CDN) August 31, 2009 $14.97 Financial Priorities – Fiscal 2010 Progress Repor t Con t’d

Acquired 2 specialty channels for $40M. Rebranded and launch ed as W M ovi es and S und ance Ch annel on M arch 1 , 2010 . W Movies increased number of subscribers by 98% Sundance Channel increased number of subscribers by 45%

Reached agreement with Cogeco to divest Quebec Radio for $80M CRTC Hearing – September 28-29, 2010

Completed the consolidation of Toronto operations into Corus Quay

Initiated a cost reduction program in Q4’10 to capture annual savings of $15M IlImplement tdttted to protect margi ns and as an off ffttthihset to costs which are due to return from F’09 - F’10 cost containment measures Financi al S ummary

Fiscal 2009 One of the only media companies which did not produce a decline in EBITDA vs. prior year

Fiscal 2010 We have built the Company to grow Stock Per formance

Stock Performance as at August 31, 2010 CAGR - 5YR Company CAGR - 1 YR CAGR - 5 YR (incl. Dividends) Corus 30.1% % 338%.8% 6.3% Canadian Peers (CDN $) Astral 14.4% 2.4% 3.6% Torstar 48.2% -18.0% 0% -13.1% TVA 6.8% -10.1% -8.6% U.S. Comparables (US $) EMMIS 133.3% 3% -42.2% -42.2% Entercom 12.5% -30.3% -30.3% Time Warner 15.3% -4.1% -1.9% Disney 25.0% 5.5% 66%6.6% Fiscal 2011 an d Beyon d – Bu ilt f or G rowth

Strong Balance Sheet with leverage at 2.6x Unused lines of credit = access to $400M - $600M of capital Fixed rate financing in place for 7 years @ 7.25%

NtDbtNet Debt: Sep. 1, 1999 – Aug. 31, 2010

800 700 $) 600 500 400 300 illion (CDN

MM 200 100 0

Fiscal Year Fiscal 2011: ARA Ret urn t o St rong F ree C ash hFl Flow

Capital build-out of Corus QQyuay almost comp lete Fiscal 2011 Free Cash Flow will exceed $100M Opportunity for increased dividends/share buybacks Opera ting an d Free Cas h Flow: 2006 – 2011E

200 Free Cash Flow $) Operating Cash Flow 150

100 llion (CDN Mi 50

0 2006 2007 2008 2009 2010E 2011E Fiscal Year

* Free cash flow normalized for business combinations CitldDCapital and Depreci itiation

Major capital expenditures almost complete → on time, on budget Corus Quay: Infrastructure and leaseholds $60M Technology investment $50M Lower capital expenditures for the next three years Capital Expenditures and Depreciation

120 CAPEX 100 Depreciation 80 CDN $) 60 40

Million ( 20 -

Fiscal Year Television: A Bus iness Which i s B uilt t o G row

Excellent margins Signifi cant upsid e on ad verti si ng as economy recovers Leverage to ad revenues = 52% Advertising sweet spots Strong and growing subscriber base Merchandising = third revenue stream Bakugan, Beyblade relaunch, Babar relaunch TV EBITDA G rowth % - 2011

Revenue Growth 4% 5% 6% 7% 8% 9%

2% 7% 10% 12% 15% 17% 12%

3% 6% 8% 11% 13% 16% 11%

4% 4% 7% 9% 12% 14% 9% e Growth ss 5% 2% 5% 8% 10% 13% 8% Expen 6% 1% 3% 6% 9% 11% 6% Television: The P ower of L everage – Financi al & T ech ni cal

Corus Quay has the capacity for significant acquisitions No technical upgrades required - from 23 signals up to 60 signals Fixed costs are in place

For Illustrative Purposes: Television

Corus Corus Street Acquisition Proforma Consensus 2010 2010

Revenue 577 100 677

Expense 351 50 401

EBITDA 226 50 276

Margin % 39% 50% 41% Radio: A Bus iness Which i s B uilt t o G row

Improved Margins Margins without Quebec are 30% (vs. 25% with Quebec) Increased Cash Flow

Radio EBITDA Growth % - 2011

Revenue Growth 2% 3% 4% 5% 6%

1% 5% 9% 13% 17% 21% rowth

GG 2% 2% 6% 10% 14% 18%

3% -1% 3% 7% 11% 15% Expense 4% -4% 0% 4% 8% 12% Financial Priorities: Fiscal 2011 - Bu ilt t o G row

Maintain Strong Balance Sheet and Credit Rating

Return to Dividend Growth

Drive Top-Line Revenue Growth

Improve Operating Margins Financial Guidance: Fiscal 2011

Consolidated EBITDA $285 to $295 million

Free Cash Flow $100 million + ItInvestor Day 2010

Q&A Session