ANNUAL INFORMATION FORM FINANCIAL YEAR ENDED DECEMBER 31, 2014 MARCH 31, 2015 TABLE OF CONTENTS Page ITEM 1 — THE CORPORATION ................................................................................................................. 1 1.1 THE SUBSIDIARIES ............................................................................................................. 2 ITEM 2 — THE BUSINESS ......................................................................................................................... 3 2.1 TELECOMMUNICATIONS .................................................................................................... 3 2.1.1 Business Overview .................................................................................................... 3 2.1.2 Products and Services ............................................................................................... 4 2.1.3 Customer Statistics Summary ................................................................................... 7 2.1.4 Industry Overview ...................................................................................................... 7 2.1.5 Pricing of Products and Services ............................................................................... 8 2.1.6 Network Technology .................................................................................................. 9 2.1.7 Marketing and Customer Services ........................................................................... 10 2.1.8 Programming ........................................................................................................... 12 2.1.9 Competition .............................................................................................................. 12 2.1.10 Retail Sector ............................................................................................................ 14 2.2 MEDIA ................................................................................................................................. 14 2.2.1 Broadcasting ............................................................................................................ 15 2.2.2 Magazine Publishing ................................................................................................ 16 2.2.3 Book Distribution and Publishing ............................................................................. 17 2.2.4 Newspaper Publishing ............................................................................................. 17 2.2.5 Canadian Newspaper Publishing Industry Overview ............................................... 18 2.2.6 Advertising and Circulation ...................................................................................... 18 2.2.7 Newspaper Operations ............................................................................................ 19 2.2.8 Distribution Network ................................................................................................. 24 2.2.9 Commercial Printing ................................................................................................. 25 2.2.10 Seasonality and Cyclicality ...................................................................................... 25 2.2.11 Raw Materials .......................................................................................................... 25 2.2.12 Other Operations ..................................................................................................... 26 2.3 SPORTS AND ENTERTAINMENT ...................................................................................... 26 2.3.1 Québec City Arena ................................................................................................... 26 2.3.2 QMJHL Hockey Teams ............................................................................................ 26 2.3.3 Events Production and Management ....................................................................... 26 2.3.4 Music Distribution ..................................................................................................... 27 2.3.5 Competition .............................................................................................................. 27 2.4 INTELLECTUAL PROPERTY ............................................................................................. 27 2.5 INSURANCE ........................................................................................................................ 28 2.6 EMPLOYEES ....................................................................................................................... 28 2.7 ENVIRONMENT .................................................................................................................. 29 ITEM 3 — HIGHLIGHTS ............................................................................................................................ 30 3.1 RECENT DEVELOPMENTS ............................................................................................... 30 3.2 HIGHLIGHTS FOR 2014 ..................................................................................................... 31 3.2.1 Quebecor ................................................................................................................. 31 3.2.2 Quebecor Media ...................................................................................................... 31 3.2.3 Telecommunications ................................................................................................ 32 3.2.4 Media ....................................................................................................................... 32 3.2.5 Sports and Entertainment ........................................................................................ 33 3.3 HIGHLIGHTS FOR 2013 ..................................................................................................... 34 3.3.1 Quebecor ................................................................................................................. 34 3.3.2 Quebecor Media ...................................................................................................... 34 3.3.3 Telecommunications ................................................................................................ 34 ii 3.3.4 Media ....................................................................................................................... 35 3.3.5 Sports and Entertainment ........................................................................................ 35 3.4 HIGHLIGHTS FOR 2012 ..................................................................................................... 35 3.4.1 Quebecor ................................................................................................................. 35 3.4.2 Quebecor Media ...................................................................................................... 35 3.4.3 Telecommunications ................................................................................................ 36 3.4.4 Media ....................................................................................................................... 36 3.4.5 Sports and Entertainment ........................................................................................ 36 ITEM 4 — DIRECTORS AND OFFICERS ................................................................................................. 36 4.1 DIRECTORS ........................................................................................................................ 36 4.2 EXECUTIVE OFFICERS ..................................................................................................... 39 ITEM 5 — AUDIT COMMITTEE ................................................................................................................ 39 5.1 MANDATE OF THE AUDIT COMMITTEE .......................................................................... 39 5.2 COMPOSITION OF THE AUDIT COMMITTEE .................................................................. 40 5.3 RELEVANT EDUCATION AND EXPERIENCE .................................................................. 40 5.4 RELIANCE ON CERTAIN EXEMPTIONS ........................................................................... 41 5.5 PRE-APPROVAL POLICY .................................................................................................. 41 5.6 EXTERNAL AUDITOR SERVICE FEES ............................................................................. 42 ITEM 6 — LEGAL PROCEEDINGS .......................................................................................................... 42 ITEM 7 — RISK FACTORS ....................................................................................................................... 42 ITEM 8 — DESCRIPTION OF CAPITAL STRUCTURE ........................................................................... 43 8.1 CAPITAL STRUCTURE ...................................................................................................... 43 8.2 AUTHORIZED SHARE CAPITAL ........................................................................................ 43 8.3 ISSUED AND OUTSTANDING SHARE CAPITAL .............................................................. 44 8.4 DIVIDENDS ......................................................................................................................... 44 8.5 MARKET FOR SECURITIES .............................................................................................