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 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 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 arises after the date thereof or otherwise.

2 INVESTOR DAY NOVEMBER 30, 2011

TECHNOLOGY IN ACTION

Vision: To be globally recognized as Canada’s most influential entertainment company CORUS QUAY IS COMPLETE!

• All Toronto staff and services are now operating from Corus Quay

• Major capital investment peaked in fiscal 2010 and 2011 • More than 99% of building costs paid by end of fiscal 2011 • Construction and fit-out costs 6% below budget at approximately 95 million

• Technology upg rade cy cle is comp lete and behind us now

We have shifted our focus to maximizing the effectiveness of our state-of- the-art facility and our technology – enabling new sources of synergy, process cost savings, new products and new service revenues

4 CORUS QUAY: INNOVATION IN ACTION

Caitlin O'Donovan We asked a cross-section of Radio and Television Director, TV Interactive Dan Vogler senior managers four questions: Technical Director, Interactive Karen Phillips VP, Network Program Operations Vic Torossian 1. What does innovation in action mean to Manager, Business Systems you? Glen Pollock Director, Operations, Production and AV Andrea Gabourie 2. How has Corus Quay affected your work? Director, Live Action Production JliEdJulie Edward s VP, Facilities and Admin Neal Bilow 3. How has new technology affected your Director, Digital Asset work? Management Systems Robyn Stevenson Project Manager, Non Linear Bruce Cowan 4. What are you excited about? Director of Engineering Mike Reid Director, IT Operations Dave FhFarough VP, Brands, Programming & Content, Corus Radio Elliott Hurst CEO, Supernova 5 OUR INVESTMENT IN TECHNOLOGY CREATES OPERATIONAL EFFICIENCIES

• IT-based infrastructure for broadcast and operations are in place • LildilLower capital and operational costs – wihCith Cana dian partners

• Automation is paying dividends in efficiency and consistency • Inbound and outbound digital content delivery

• Increased capacity with minimal additional operational costs • In fiscal 2011, Corus added nine HD signals, three new networks and increased the delivery of non-linear materials by five times • The partner of choice for origination and broadcast services

6 NEW MEDIA: THREE FOCUSED SEGMENTS

• New Media encompasses our view of the changes occurring across the media landscape, enabled by technology

• New Media has become a core activity with three primary areas of focus

Build audiences for broadcast services Increase engagement and ad effectiveness through social media and ENGAGEMENT targeted advertising Provide proprietary research on audiences and effective advertising

Support our distribution partners with new media products, enabling off-air consumption and “TV Everywhere” DISTRIBUTION Distribute content directly through websites and applications on multiple platforms Leverage our proprietary content library and unlock the value of the Nelvana assets

License and build games, applications and e-books that reflect our PRODUCTS brands and our intellectual property

7 THE IMPACT OF OVER -THE-TOP

• Over-the-top (OTT) may be more additive than disruptive • Pay television remains relevant to consumers and studios • Movie Central continues to grow; moderate subscriber losses are economic rather than systemic • In the U.S., over-the-top services are finding their place in the overall value chain

• OTT servi ces h ave reach ed th e ti ppi ng poi nt Broadband penetration > 75% Internet video is now on television So ftware and new d ev ices have ma de it access ible for the average consumer Simple pricing models vs. bundled cable bills

8 TELEVISION VALUE CHAIN

TV PREMIERE BDU: VOD, SVOD, BBOD, MOD [Broadcast trigger] TRANSACTIONAL: DTO/DTR PRE- WEB/ONLINE PROMOTION [Netflix, Consoles]

Timeline: 2-4 weeks Next day/Month 1 Month 2 Month 3 Month 4 Month 5 prior

iTunes TV: Other: Example: Nelvana Kids Content

9 OVER-THE-TOP HAS A PLACE IN THE VALUE CHAIN

• Content windowing, long used to control the progression of content through viewing platforms and audiences, is changing but remains relevant across the value chain • Other forms of “new” distribution such as premium TV, specialty TV, home video and download-to-own, have found their niche in the content value chain • These distribution innovations have increased overall consumption of content and created value for content owners, broadcasters and distributors • Studios and content owners clearly prefer this system to preserve value and maximize revenue • Global over-the-top deals, while attractive in theory, will ultimately devalue content as a “one-size-fits-all” model doesn’t work with niche content

TV: Other:

10 RESPONDING TO OVER-THE-TOP

• Corus aggregates and curates content for consumers within well defined brands • Contrast the brand implications – which one captures a niche demographic more effectively?

• Corus has some significant advantages in this competitive environment • Unlike others, Corus owns content – more than 4,000 episodes in the Nelvana library alone • Unlike others, Corus already sells content into the over-the-top market as a hedge against rising content costs • Unlike others, Corus can innovate with its fully owned global rights 11 CONCLUSIONS & SUMMARY

• The investment cyyycle for Corus Quay and new technolo gy infrastructure is complete • We are leveraging this investment to open new markets, to reduce costs and to create enhanced value for our customers • Our New Media strategy balances the current ecosystem against future opportunities, building our brands while allowing us to innovate • We understand the OTT market and are well positioned to respond and continue our growth

Technology remains a key driver of our business strategy

12

10 REASONS: CORUS RADIO

1. Virtually all of our Radio licences have been renewed for the long or medium term

2. The Copyright Act amendments in Bill C-11 will reduce tariff lia bility for our RdiRadio properties whileenhihancing piracy protection for Nelvana products

3. CRTC approval of a change in our Winnipeg jazz radio format to a more popular music genre is expected

4. CRTC to examine the radio MLO (Multiple Licence Ownership) limits soon, establishing the potential for unlocking new value in our AM licences

14 10 REASONS: CORUS TELEVISION

5. Our Television licences have all been renewed for five years

6. TV group-based licensing decision will allow us to be strategic in our Canadian Content spending

7. Telelatino has favourable BDU linkage rules, at a time when the Hispanic population is growing quickly

15 10 REASONS: POLICY CHANGES

8. Foreign ownership relaxation is on the Government’s agenda, which will serve to increase investor interest in Canadian media companies

9. Based on two big wins by Corus, the Supreme Court of Canada has expanded the flexibility of broadcasters in the area of libel law, reducing the potential for liability and expanding our ability to report on matters of public interest

10. National and provincial government ppyolicy focus is shifting from incremental regulation to fostering quality and competitiveness. In this regard, a new Chair and four other new CRTC Commissioners will be appointed in 2012

16

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 18 CORUS RADIO BRAND PORTFOLIO

19 CORUS RADIO

On Air

On-Site Online

Growth Through Innovation and a Focus on our Audiences 20 CORUS RADIO

ViblIVariables Impac tiLting Loca lMktl Markets

• At any point in time, some stations may be in transition while others continue to success fu lly de liver so lid grow th an d marg ins • New market entrants • A re-format by a direct competitor • Macro changes in the music environment and listener tastes • The recent launch of PPM and the recalibration of market ratings

21 CYCLICAL NATURE OF GDP AND RADIO

10.0% 1998 2003 8.0%

6.0% 200010 4.0%

2.0%

0.0% Growth %% ‐2.0%

‐4.0% GDP Radio

‐6.0% Source: World Bank, CRTC ‐8.0%

Radio Industry Revenue Mirrors GDP 22 PORTFOLIO MANAGEMENT

NFMNew FMs Hig h G rowth / M argi n • Growing FM’s High

Revenue Growth Transition/Small Markets High Margin • Stations in transition • FM market leaders

Low • Small non -metro markets • AM market leaders • Secondary AM stations

Low High Audience Share 23 CASE STUDY ON EXECUTION TORONTO MARKET

24 MUSIC VARIABLE REVIEW 102.1 THE EDGE VS. Q107

• Potential for Classic Rock, Modern Rock and Alternative Rock formats

• Musical “lanes” Q107 and 102.1 the Edge could dominate

• Distinctive positioning for the rock brands from each other

• Oppgpytimal music mix to ensure demographics are stacked effectively

Demographic Skew

Successfully Increase Market Share Adults 18 - 54 25 CASE STUDY: 102.1 THE EDGE

OBJECTIVE

Grow 102. 1 the Edge ratings Audience Share Growth without impacting Q107 12 Successfully “stack” brands A18-54 10 to maximize audience share

8 A25-54 Strengthen the brand position 6 of both FM’s via music offering 4

2 PPM 0 Fall 2008 Fall 2009 Fall 2010

26 A WINNER INSIDE THE PORTFOLIO: 102.1 THE EDGE

Revenue Growth Revenue grow th o f 48% Strong contribution to margin Sustainable brand delivering ppedctaberedictable f utuecasuture cash fl ow Significant Adult 18-54 audience growth Dominant combined partner to 2009 2010 2011 2012e Q107 and T oront o revenue stream

Holding constant the results on the remaining stations in the portfolio, one station in a large market has the potential to deliver half of the expected growth in EBITDA

Leverage of Larger Stations in the Top 5 Markets is Significant 27 CASE STUDY: VANCOUVER FM TURNAROUND

Classic Rock 101 and 99.3 The FOX • Similar execution to Toronto FM’s • Research completed with direct intelligence on the brand strengths of both stations • Currently in the marketing/promotion stage of development

• Upside potential $6 million in revenue over the next 24 months • Projected strong contribution to margin as an FM station

28 CASE STUDY: VANCOUVER FM TURNAROUND

MARKETING STRATEGY

• Use social media to keep stations top-of-mind by creating an evolving “story” in which audience can check back in as the day progresses • Constantly communicate with audience both on and off the air • Broaden reach to Vancouver’s ethnically diverse population • Build a stronger Facebook community with “like” link capability • Increase Y ouT ub e ch annel reac h for promo tion parti ci pa tion an d content sharing • Promote the streaming radio player for access beyond conventional FM receivers • Monitor blogsphere for insight into the stations’ discussion forums and comments on content

Drive Deeper Listener Engagement Using Social Networking Tools 29 CASE STUDY: VANCOUVER FM TURNAROUND

• As of July 2011, there were 881,200 Facebook users A18-54 who live within a 40 km radius of Vancouver • 460,920 between the ages of 35-54 • Average of 130 fri en ds • They create an average of 90 pieces of content each month • Connected to 80 community pages, groups, events, etc.

Harness Listeners’ use of Social Media to Expand Reach 30 CASE STUDY: VANCOUVER FM TURNAROUND

By tying the social network activities to the real time broadcast, our stations seek to reach out to listeners and drive tuning on an in-the- moment basis.

Corus Drives Higher Listener Engagement Through the use of Social Media 31 EXTENDING REACH OF FMS IN THE PORTFOLIO

• Conventional marketing and advertising, while still important, needs to be integrated with social media • Extends reach • Provides a platform for higher listener engagement

• Content created on and off the air is becoming increasingly important for differentiation and station development • Extends the brand on the web • Provides on-demand content linked back to the station

32 CORUS RADIO BRAND PORTFOLIO

33 AM NEWS TALK SHARE INDEX

35.0%

30.0% 256 157 154 25.0%

20.0% 130 152 Audience Share 15.0% Revenue Share 10.0%

5.0%

0.0% Toronto Vancouver Calgary Edmonton Winnipeg

Source: BBM Spring 2011 - PPM and Diary share of tuning Adults 18-54, Revenue TRAM / Corus estimates

34 AM NEWS TALK: STRONG LOCAL CONTENT

• Vancouver • Calgary • Edmonton • Winnipeg • Toronto • London • Hamilton

• Broader advertiser base • Higher composition of direct retail vs. transactional agency • Robust feature availability

News Talk Tends to be Less Sensitive to Cyclical Downturns 35 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 36 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

37 DEVELOPMENT OF INNOVATIVE DIGITAL OPPORTUNITIES FOR RADIO

Exciting Platforms and Opportunities for a Local Medium 38 DEVELOPMENT OPPORTUNITIES: ENGAGEMENT ON THE WEB

39 DEVELOPMENT OPPORTUNITIES: NEW REVENUE SOURCES ON THE WEB

40 CORUS RADIO: STREAMING AUDIO GROWTH

Streaming Growth 2002 ‐ 2011

Hours of streaming (000’s) 6000

5000 FM AM 4000 FM 64% 3000 AM 36%

2000

1000

0 Sep 2002 Sep 2006 Sep 2010

Streamed Audio Signal is the Regular On-Air Feed Encoded for PPM Recognition 41 DEVELOPMENT OPPORTUNITIES: ROBUST AUDIO PLAYERS

Continuous Expansion of Access to Stations is Driving Audience Growth 42 PPM RATED TUNING: MOBILE APPS

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

Mobile Apps will Continue to Expand Access to our Stations 43 DIGITAL DEVELOPMENT FOR RADIO

REVENUE GROWTH

An emerging new revenue stream for radio brands A significant platform to enable development of custom solutions, which deepens our advertiser relationship

Radio’s Hyper-local Focus Ensures Strong Unique Positioning in a Digital World 44 DEEPER ENGAGEMENT VIA NEW MEDIA CONTENT

Brand extensions in the social media environment Strengthens the station image and encouraggges tuning back to the station either on air or through the web stream

Provides Deeper Engagement with Listeners Through Web Content 45 DEEPER ENGAGEMENT: SOCIAL NETWORKING PLATFORMS

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

MyCommunity.com Developing the space More robust social networking capability Facebook sign-in Branded under the Corus station 46 46 RADIO’S STRENGTHS

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

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

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

Short Term Downturns are Cyclical 47 WHAT OUR CLIENTS SAY

48 FINALLY - OPPORTUNITIES … IF

If the Leafs were to win the Stanley Cup 49 OPPORTUNITIES … IF

4 complete series of 7 games Potenti a lly $1 m illion in revenue 50% increase in ratings in the playoff window

If the Leafs were to win the Stanley Cup 50 INVESTOR DAY NOVEMBER 30, 2011

Corus Television

Vision: To be globally recognized as Canada’s most influential entertainment company CORUS KIDS: THE “THREE THIRDS”

• In 2009, we introduced the notion of the “three thirds” at Corus Kids

52 CORUS TV: THE OVERALL TV PORTFOLIO

• Corus Television is diversified, international and growing • Unique among Canadian media investment alternatives

53 CORUS TV: A HISTORY OF STRONG PERFORMANCE

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

54 CORUS TV BUILDS GREAT BRANDS

• Corus Television has consistently demonstrated an ability to grow our brand portfolio • Indigenous brands: YTV, W Network, Movie Central • Brand stewards: HBO, Nickelodeon, OWN, ABC Spark

Corus Has Launched More Brands than the Entire Canadian Media Industry Combined 55 THREE VERTICALS DRIVE PORTFOLIO GROWTH

KIDS FAMILY WOMEN

56 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 57 CORUS WOMEN’S PORTFOLIO: 10 YEARS OF GROWTH

10 Years of Audience Revenue and Earnings Growth 58 W NETWORK

• Our powerhouse brand in the Women’s vertical • Weekday prime +16% vs . year ago¹

• Strength in Movies • #1 on Saturday nights with audiences amongst movie competitive set² • Successful addition of Sunday night movie block – audience growth +106% vs. year ago³

• W Movies a sold-out complement to W Network • Q1 audience +20% vs. year ago4

Sources: 1 Nielsen Media Research BBM NMR, Weeks 1-11, W 25-54 AMA, M-F 6p-12a 2 Nielsen Media Research BBM NMR, Weeks 1-8, W 25-54 AMA, M-F 6p-12a 3 Nielsen Media Research BBM NMR, Weeks 1-8, W25-54 AMA, Sa 6p-12a 4 Nielsen Media Research BBM NMR, Weeks 1-11, W 25-54, 24-hour AMA

W Network Will Provide Continued Profit Growth 59 W 2.0 STRATEGY: BUILDING AND REFRESHING

• W 2.0 strategy will drive future growth: big characters, high stakes, compelling stories

60 COSMOTV: PROFITABILITY ACHIEVED IN JUST THREE YEARS

• CosmoTV generated $10M in revenue in Fiscal 2011

• Significant audience growth • Digital ranking jumped to #3 vs. #6 a year ago (W18-49)¹ • Q1 2011 audience growth has increased +13% vs. year ago²

• Successfully monetized audience growth: Q1 2011 ad revenue +83% vs. year ago

• Clear ly de fine dbd bran d, s trong programm ing sc he du le an dbd broa ddiitlditibtid digital distribution sets stage for continued growth

Sources: ¹ Nielsen Media Research BBM NMR, Weeks 1-11, W 18-49 AMA, 2a-2a ² Nielsen Media Research BBM NMR, Weeks 1-11, W 18-49 AMA, 2a-2a

CosmoTV: A Case Study in Launching Brands

61 COSMOTV: BEST AMONG OUR PEER GROUP

CosmoTV Peer Group Comparison: Segment Profit

3.0 3.0

2.0 1.3 101.0 1.1

‐ 0.2 Year 1Year 2Year 3Year 4Year 5 (1.0) (0.8)

ment Profit ($M) (2.0) gg

Se (2.8) (3.0) (3.1)

(4.0) (3.8) (4.5) (5.0) (()5.2) Diva Comedy Gold DejaView Mystery Cosmo (6.0)

Sources: CRTC, Company

CosmoTV has Reached Profitability Faster than any Channel in its Peer Group 62 OWN: OPRAH’S NEW HOME

• OWN is the only place to watch Oprah • Oprah’s Lifeclass (improved ratings vs. same timeslot last year +317%) ¹ • Highly anticipated launch of Oprah’s NtChtNext Chapter – January 1, 2012 • The Oprah Winfrey Show library

• Advertisers also leveraging the strength of Oprah • Q1 ad revenue +138% vs. year ago • Premium priced service • Charter sponsor strategy continues to pay dividends through long term deals

Source: ¹ Nielsen Media Research BBM NMR, Oct 10-Nov 11, 2011, W-25-54 AMA vs. M-F 8-9.pm VIVA Fall 2010 AMA

63 OWN: OPRAH’S NEW HOME

• Exciting new content debuting continually throughout the year • The Rosie Show • Our America with Lisa Ling Season 2 • Oprah’s Next Chapter – Steven Tyler • Oprah’s Master Class Season 2 • America’s Money Class – Suzie Orman

• Canadian content commissions consistently deliver audiences • Devil You Know • Psychic Inv estigators • Launching Million Dollar Neighbourhood - Jan. 22, 2012

64 OWN’S EXTENSIVE USE OF SOCIAL MEDIA: DELIVERING LOYAL AUDIENCES

• Oprah fosters a sense of community with her fans by leveraging social media to drive engagement and loyalty: • Oprah is an active Twitter user – 8.2M followers • Oprah has a personal Facebook page – 6.4M fans

• Oprah fans are highly engaged on social media, specifically Facebook: • Fans respond to posts as if they are speaking directly to Oprah • Fan community is highly active during Oprah’s live chats and “live event” show premieres • Fans are easily converted to OWN newsletter subscribers • e. g. Shania T wain contest produ ced a 94% conv ersion rate

Facebook Postings:

“Congratulations Oprah! They really got it right. Thank you for all of the POSITIVE you bring us all. I LUV OWN.”

“Thank you for your Lifeclass, it’s changing my life ☺.”

“Hey Oprah thank you so much! I had forgotten how I loved to help others and that I do make a difference! Sometimes we forget that we do matter! We have to love ourselves before we can help others.”

OWN Delivers an Engaged Audience for our Advertisers 65 THREE VERTICALS DRIVE PORTFOLIO GROWTH

KIDS FAMILY WOMEN

66 CORUS DRIVES SALES THROUGH CONSUMER INSIGHTS

Core verticals all supported with branded consumer insight initiatives that drive meaningful connections for both advertisers and our networks

Focused on kids/tweens: • Their lives • The val ue o f co-viiiewing • Their role within the household

Focused on moms: • Parenting priorities • Relationship with kids and spouse • Categories where they are or expect to be active

Focused on women: • Lifestyle priorities • Consumer habits and patterns

67 YTV CONTINUES TO BE A LEADING NETWORK FOR MOMS

Source: BBM Canada TV Meter - Mon-Sun 24 hour

YTV has been a Top 3 Canadian Specialty Service for 9 Straight Quarters 68 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 69 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 70 CANCON DRIVING RATINGS ON YTV

Number of Canadian and Nelvana Properties That Appear in YTV’s Top 20 Properties for Each Broadcast Year

Source: BBM Canada TV Meter

Corus Kids Delivers Audiences and ROI with Nelvana Properties 71 THE CORUS ADVANTAGE IS GROWING

• Corus Advantage strategically benefits Corus Kids networks and Nelvana Enterppy,pgrises internationally, providing: • Financing advantage • Canadian broadcaster synergy advantage • Ratings advantage

72 DISCIPLINED MANAGEMENT OF THE CONTENT PIPELINE

73 NELVANA: THE CREATIVE PIPELINE WHAT’S NEXT?

74 BEYBLADE SUCCESS STORY

• Now over 120 Million Beyblade tops sold worldwide • Will have launched in over 60 countries by 2012 • Over 200 licensing and retail partners on board • Online multiplatform game drives toy sales and TV ratings • Beyblade World Championship set for March 2012 in Toronto at Corus Quay • Partnership with Hasbro and d-rights/TakaraTOMY to create an evergreen franchise

75 NELVANA IN FRANCE: A BIG OPPORTUNITY

• Strategic brand relationships forged with key broadcasters • TF1 – Babar and the Adventures of Badou, Franklin and Friends • Gulli – Beyblade, Bakugan

Regional Hits can be Very Lucrative 76 NELVANA: DIGITAL VIDEO “LIFT OFF”

• Video streaming is unlocking more value in the Nelvana library • Kids category performs very well • Everyone wants Kids programming • Video growth trajectory +50%

77 CORUS TV: LAUNCHING OUR APPLICATIONS BUSINESS

• Applications focused on great Nelvana and Kids Can Press brands: Max & Ruby , Beyblade , Franklin , Scaredy Squirrel, Sidekick • Video Player Applications • Treehouse • Franklin’s 25th Anniversary • Gaming Applications • Property driven – 17 apps launching by end of 2012 • E-BkBooks • Leveraging Kids Can Press assets • 14 e-books on five platforms currently – 60 to launch in F’12 • Provides new revenue streams on all major devices such as iPhone/iPad, Kobo, RIM Playbook, Xbox Live, Kindle Fire • All three of these initiatives can be financed through Canadian benefits and tax credits

Targeting $2M EBITDA from Corus Applications in the Next 12 Months 78 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 79 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 80 CORUS TV – AFFILIATE UPDATE

• 2011 was a transformational year for affiliates • Vertical integration • Digital migration • Digital migration implications • Cor us’ str on g br an ds r eson ate wi th our audi en ces • Vertical integration implications • Corus applies key account business development practices to grow our businesses together • Heightened focus on costs by vertically integrated BDUs • Revenue growth driven by premium television and strong commercial brands

81 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

82 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

83 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.

84 INTRODUCING

85 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+ 86 ²Nielsen Company, C3 (000s), M-Sun 8-11 pm, 2010-2011, Broadcast Season 9/27/10-9/25/11 ABC SPARK

• The millennial generation is the largest demographic bubble in U.S. and Canadian history • Nearly 10 million millennials in Canada – more than 30% of the population and growing • Mov ing through a num ber o f life st ages th at mak e th em val uabl e consumers • Tech savvy “super-subscribers” are multiplatform consumers and curators of cool

• ABC Spark will capitalize on millennial appeal to drive traditional 18-49 audiences • Delivering the younger end of key female demos, ABC Spark is a strong addition to the Corus portfolio • Lives within Corus Kids and Family vertical to leverage “environment” fit

• Corus will leverage our demonstrated best practices to drive ABC Spark awareness • Nested blocks on YTV, W Network and CMT to create anticipation for ABC Spark launch • Heavy cross-promotion on targeted Corus Entertainment networks

87

IFRS: WHAT WILL BE DIFFERENT IN Q1

The Way We Look • Reportable segments will be Radio, Television and Corporate, but with less segmentation • There will be a significant increase in financial note disclosure • Full set of IFRS accounting policies • Transition to IFRS section • First time adoption – list of IFRS 1 exemptions used by Corus • Reconciliation of Canadian GAAP to IFRS • In Q1’12, selected year end Aug. 31, 2011 financial notes will be restated for IFRS • Balance Sheet presentation – Q1’12 • Three year disclosure – Nov. 30, 2011, Aug. 31, 2011, Sept. 1, 2010

89 IFRS: WHAT ARE THE KEY CHANGES

• Business Combinations/Acquisitions • IFRS 1 election – we will not restate for acquisitions done prior to Sept. 1, 2010 • Net assets expressed at full fair value • Transaction and restructuring costs will be immediately expensed • CRTC benefits will be immediately expensed • Broadcast Licenses • Previously recorded amortization (prior to fiscal 2002) reversed • Carrying value of Broadcast Licenses and Retained Earnings on Sept. 1, 2010 are idincreased • Methodology for annual impairment testing has changed • Cumulative Translation Differences (CTA) • IFRS 1 e lec tion – will rese t CTA ba lance to zero a t Sep t. 1, 2010 • Program Rights • Amortization method altered for certain networks • Stock Options • Acceleration of expense recognition – Retained Earnings adjustment at Sept. 1, 2010 90 IFRS: WHAT IS THE FINANCIAL IMPACT

Corus has met with broadcaster peers on potential industry issues and concluded that:

• No significant impact to EBITDA or Net Income is anticipated under Corus’ conversion to IFRS

91 FINANCIAL PRIORITIES RECAP: FISCAL 2011

Built for Growth

• Maintain Stronggg Balance Sheet and Credit Rating • Return to Dividend Growth • DiDrive Top-Line R evenue Growth • Improve Operating Margins

Intense Focus on Total Shareholder Return

92 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 93 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 94 CORUS DIVIDEND HISTORY

Initial Semi‐ Annual Increase to Dividend of Quarterly Dividend $0.0125 of $0.05 then $0.1075

Corus has increase d its annua l div iden d from $0. 025 per s hare, w hen it was introduced in Dec. 2003 on a semi-annual basis, to $0.87 based on the monthly dividend of $0.0725 announced in July 2011 – a CAGR of 70% 95

NB: All Dividend rates adjusted for share split effective Feb 2008 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 96 STOCK PERFORMANCE: 2006 -2011

Return on $100 invested at Aug. 31, 2006, assuming the reinvestment of dividends

Corus Entertainment vs. S&P/TSX Index Returns: Aug. 31, 2006 – Aug. 31, 2011

150

130

$ 110

90

70

Corus (CJR.B)

S&P/TSX Composite Index

S&P/TSX Consumer Discretionary Index

97 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%

98 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% 99 CORUS CONSISTENTLY MEETS OR EXCEEDS STATED PERFORMANCE OBJECTIVES

EBITDA : Actual vs. Guidance Range Free Cash Flow : Actual vs. Guidance Range

300 140

)) 120 280 100 ($CDN

($CDN) 260 80

Million 60

Million 240 40 220 20 200 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

High End Low End Actual High End Low End Actual

*2009 EBITDA Guidance adjusted mid-year due to recession *2010 Free Cash Flow Guidance was lower due to Corus Quay construction

100 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 101 FISCAL 2012: PROJECTING STRONG FREE CASH FLOW

• Capital build-out of Corus Quay is now complete • Fiscal 2012 free cas h flow is expecte d to excee d $125 M • Opportunity for increased dividends/share buybacks

OtidFChFlOperating and Free Cash Flow: 2007 – 2011

Free Cash Flow $) 200 Operating Cash Flow 150 ($CDN)

100 lion (CDN llion l l Mi Mi 50

0 2007 2008 2009 2010 2011 Fiscal Year * Free cash flow normalized for business combinations, Fiscals 2010 – 2011 adjusted for continuing operations 102 TOP 10 THINGS YOU GOTTA LOVE

1. Financial guidance is provided and we achieve our goals 2. DdiidifhflDemonstrated commitment to growing and returning free cash flow to our shareholders, mainly in the form of increased dividends 3. Our significant capital investment is behind us • Lower future CAPEX with completion of Corus Quay

4. Corus has the financial capacity to pursue opportunistic acquisitions

5. We have the revenue diversity to weather economic uncertainty and to benefit from the anticipated economic recovery

6. Corus has successfullyyyg launched 5 new channels in 3 years through internally generated cash, with another exciting launch, ABC Spark, planned for 2012 • New networks: OWN, CosmoTV, WMovies, Nickelodeon, Sundance Channe l, con tr ibu ting s ign ifican tly to grow th an d s treng then ing our position in 3 key verticals – Kids, Women and Family 103 TOP 10 THINGS YOU GOTTA LOVE

7. International ventures will continue to add value and cash flow • Strong pipeline of Kids brands will provide ongoing opportunities for international merchandising growth • New, revenue generating international content distribution opportiti(tunities (Kids Co, qubo) ari s ing from pro lific grow th in emerg ing platforms 8. Strong portfolio of digital rights, including Oprah, Nickelodeon, games, still to be exploited and new opportunities to leverage Nelvana’s deep library of 4,000+ episodes arising from broadband market 9. Investments such as Toonboom and Supernova allow “early window” opportunity to exploit/gain access to new technology, knowledge and/or expand our audiences 10.Our Radio business is a great generator of cash flow in any economic environment and we are competitively positioned in our local markets from a format, ratings and demographics perspective

104 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

105 FINANCIAL GUIDANCE: FISCAL 2012

Consolidated EBITDA $300million to $310 million

Free Cash Flow $125 million + Investor Day 2011

Q&A Session

107