Financial Highlights The Year in Review

“Safe Harbor” Disclosure Certain statements included in this presentation constitute “forward- looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of Such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Such factors include, among others, the following: the impact of conditions in the entertainment, information and communications industries; risks associated with the economic, political and regulatory policies of local governments and laws and policies of Canada; the potential impact of increased competition in the Company’s markets; and other factors which are described in the Company’s filings with the Securities and Exchange Commission.

Our operating performance was great… our share performance was not

Overview of the market 2002 was a tumultuous year economic impact of the events of Sept. 11 th capital markets impacted by an erosion of investor confidence – Enron, Worldcom Global ad recession – especially in Europe Sector uncertainty fuelled by Vivendi and TW/AOL

Response to conditions Aggressive three-point plan Reduce our debt by $100 - $150 million Accelerate our pace to achieve consolidated EBITDA margins of 30% Focus on rationalizing our core assets

We delivered on the plan… Reduced debt from $800 million in Q1 to $630 million at year-end Improved our industry leading operating margins in television and radio Significantly reduced headcount and restructured our operations for improved efficiency and effectiveness Disposed of non-core assets such as Klutz, The Comedy Network and Viewer’s Choice while adding strategic assets such as W and Locomotion

…in difficult market conditions for content Worst market conditions in 30 years Supply of product was at an all-time high Demand dropped with a reduction in the number of buyers Revenue per episode dropped 30%

Despite record levels of new productions Despite a strengthened competitive position Despite improved EBITDA for our production, distribution and merchandising divisions Nelvana write-down

Market Focus Negative reaction to Nelvana - Share price down by 30% Positive reaction to debt issue - Notes continue to trade at a premium

Corus share price performance vs. Cdn. peers Aug vs Corus Alliance CHUMAstral

Corus share price performance vs. U.S. peers Aug vs CorusDisney AOL Time Warner ViacomClear ChannelEmmis

Operating performance review Revenue$284 million+24% EBITDA$90 million+22% Margin31.6% Our television assets once again delivered excellent results

Television peer comparison CORUSASTRALCHUM EBITDA$90m$89m$27m MARGIN31.6%27.9%7.5% Television margins are superior to CHUM and Astral Source: Annual Reports

Television peer comparison CORUSASTRALCHUM REVENUE+24%+19%+22% EBITDA+22%+32%-16% Television also measures up on revenue and EBITDA growth Source: Annual Reports

Television achievements Relaunched WTN as W –Audience numbers up 50% Relaunched Pay TV business –Subscribers up 22% Launched 5 digital channels Acquired a 50% interest in Locomotion Increased our interest in Telelatino to 50.5%

Operating performance Revenue$211 million+10% EBITDA$53 million+10% Margin25% The consolidation and relaunch of our Radio stations are also delivering improved results

Radio peer comparison CORUSROGERSASTRALCHUMEMMIS* CLEAR CHANNEL* EBITDA$53m$34M$8m$11m$114m$1.6b MARGIN25%21%17%10%44%41% Our radio margins are superior to both CHUM and Astral but not as good as some of the U.S. companies *U.S. dollars Source: Annual Reports/Public Documents

Radio peer comparison CORUSASTRALCHUMEMMIS* CLEAR CHANNEL* REVENUE+10%+2.7%+3.0%+7.1%+42.4% EBITDA+10%-3.2%-28.0%+6.6%+29.6 Radio also performed well on revenue and EBITDA growth Source: Annual Reports/Public Documents

Radio achievements Reduced annual operating costs Focus on cost control Consolidation of management –Established MBO and strategic plan process for performance based management –System wide programming and market evaluation –Rationalized assets –Created Corus Sales University

Difficult year for Content… $350m write-down over the year Revenue per episode dropped 30% Collapse of the German market Consolidation of Canadian book retailers

…but some successes Positive outlook for merchandising –Beyblade and Rescue Heroes Increase in episode production Lower cost of production Maintained strong U.S. presence –24 series on air in the States 30% increase in library sales Disposition of Klutz on favourable terms

Impressive three-year growth $,’000’s * Excluding film investment write-down of $40 million CAGR Revenue – 59% EBITDA – 47%