SAFE HARBOUR DISCLOSURE FORWARD-LOOKING STATEMENTS

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2 SAFE HARBOUR DISCLOSURE FORWARD-LOOKING STATEMENTS 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 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 arise after the date thereof or otherwise.

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4 Tom Peddie Executive Vice President and Chief Financial Officer Corus Entertainment Investor Day 2014 Wednesday, January 29, 2014

5 Creating Value for Shareholders 1. Strong balance sheet ü Completed refinancing Feb/Mar 2013 Issued Cdn $550M 4.25% Senior Unsecured Guaranteed Notes due 2020 Annual interest costs reduced by almost $15M 2. Focus on returning cash to shareholders with a strong dividend yield of 4%+ ü Dividend increased 6.9% to $1.09 per Class B Share in fiscal Excellent Free Cash Flow ü Delivered $154M in Free Cash Flow in fiscal Disciplined use of leverage for acquisitions

6 Returning Cash to Shareholders With a Strong Dividend Yield of 4%+ Annual Dividend Payout History For the fiscal years ended August 31 ($CDN per Class B Share, Split Adjusted) Year CAGR 12.1% E Dividend as % of Free Cash Flow

7 Corus Delivers Strong Free Cash Flow Consistently positive Free Cash Flow driven by strong underlying performance Free Cash Flow totaled $154M in fiscal 2013 Annual capital expenditures of $15M - $20M per year, with no significant capital investment on the horizon Opera1ng and Free Cash Flow Millions ($CDN) Free Cash Flow Per Share ($CDN) Fiscal Year 2015E (Guidance) * Free Cash Flow normalized for business combinations, fiscals adjusted for continuing operations

8 Strong Balance Sheet and Credit Rating Net Debt and Leverage Interest on Long- Term Debt ($M) $33 $29 $37 $45 $39 $33 $38 Including pending amendment, unused lines of credit = $250M - $500M Largely fixed rate financing to 2020 at 4.25% DBRS Issuer Credit rating: BBB(low) S&P Corporate Credit rating: BB+

9 Acquisition Impact on Corus: TELETOON, Historia and Séries+ Standalone ($M) Acquisitions (2) ($M) Synergies ($M) Proforma ($M) % Change Fiscal 2013 Revenue (1) % Fiscal 2013 EBITDA (1) % Adjusted Earnings per Share % $330M 2015E Segment Profit CAGR Scenarios $340M $350M $360M Proforma ~2% CAGR ~3% CAGR ~4% CAGR A great transaction for Corus shareholders (1) Results not restated for IFRS 11 Joint Arrangements (2) Net acquisition multiple of 8x

10 Corus Delivered Exceptional 3 Year Performance Corus: 3 Year Total Shareholder Return = 13% CAGR (1) S&P/TSX Composite Index S&P/TSX Consumer Discretionary Index Corus (CJR.B) Return on $100 invested August 31, 2010 $ (1) Assumes reinvestment of dividends

11 Potential Share Value Free Cash Flow = Increased Shareholder Value Free Cash Flow of $170M using Free Cash Flow multiples of 14x to 18x would equate to a CJR.B share price of $28 to $36 Share Price $28 $32 $36 14x 16x 18x Free Cash Flow Multiple

12 Financial Guidance: Fiscal 2015 Consolidated EBITDA $340 million to $360 million Free Cash Flow $170 million +

13 Doug Murphy Executive Vice President and Chief Operating Officer Corus Entertainment Investor Day 2014 Wednesday, January 29, 2014

14 All Corus Brands Reel

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16 Corus TV Owns the Podium WOMEN 2 of the top 3 networks FAMILIES (CO-VIEW) 2 of the top 3 networks KIDS 2 of the top 3 networks MILLENNIALS 2 of the top 6 networks Source: BBM Canada TV Meter, August 26, 2013 to January 5, 2014 (19 wks), Kids = K2-11, Women = W25-54, Families = A18+ with children under 12, Millennials = A Ranking based on Commercial Canadian English Specialty and Digital Networks 16

17 Compelling and Exclusive Content 17

18 Canada s Brand Steward 18

19 Aligned and Focused on Growth ü ü Best-in-class margins and strong Free Cash Flow Experienced management team Canada s only pure play media and entertainment company Photo: Richard Johnson 19

20 How Will Corus Grow? 20

21 Our Building Blocks for Growth 21

22 YTV Merry 6mas Reel

23 The Corus Advantage Works 23

24 Canada s Mini Baby Boom Population Highest increase (11%) in the number of children aged 4 and under in 50 years! Source(s): Statistics Canada, CANSIM table , Births, Catalogue no. 84F0210X and Selected Historical Statistics, Canada, , Catalogue no X Occasional. 24

25 All Roads Lead to Corus Kids 25

26 Growing Kids Advertising The entertainment and toy categories return to solid growth on Corus networks! Our category-specific research and insights create advertiser value 26

27 Co-View Works! 24% 24% 22% Solo View Recall Co-View Recall 15% 21% 13% 21% 20% 19% 19% 19% 18% 16% 16% 13% 13% 12% 10% 10% 10% 10% 10% 10% 9% 12% 11% 9% 11% 8% 3% 5% 6% 4% 5% 5% 8% 8% 6% 3% 3% 6% 6% 2% 2% 3% 1% 1% 1% Source: DECODE Research, Oct 2011, English Canada Moms with Kids

28 Co-View Keeps Growing! Ad Revenue 13% CAGR F09 F10 F11 F12 F13 28

29 Integration of TELETOON is Complete Systems Headcount People/Facility Integration: January 16, 2014 Business/Broadcast Systems: January 27, 2014 Programming ü Revenue and Expense Synergies Complete 29

30 Complementary Scheduling Maximizes Audiences 30

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32 Leveraging our Strategic Partnerships 32

33 Content Pipeline Focused on Boys Action and Preschool 33

34 Mysticons Promo

35 We re Excited About MYSTICONS Boys Action Property Production 2014 Broadcast 2015 Retail

36 Little Charmers Promo

37 We re Excited About LITTLE CHARMERS Girls Preschool Property Production 2014 Broadcast 2015 Retail

38 Trucktown Promo

39 We re Excited About TRUCKTOWN Boys Preschool Property Renowned author Jon Scieszka Production 2014 Broadcast 2015 Retail

40 Digital Marketplace Unlocks Substantial Value in Nelvana Library Nelvana Digital Revenues $20M $14M $9.0M $3.8M $0.1M $1.4M E 2013A 2015E 40

41 Our Building Blocks for Growth 41

42 W Network / Family Reel

43 Another Year of Growth 35 Average Minute Audience (000s) % Growth Compared to F12 0 F02 F04 F06 F08 F10 F12 F13 W Network Cosmo TV OWN W Movies Source: BBM Canada TV Meter - Broadcast weeks 1-52(53), Total Canada, Women 25-54, M-Su 2a-2a, Average Minute Audience (000s). 43

44 Room to Grow! Share of Revenue 4% 60% 36% Specialty Networks Conventional Stations Corus Networks Revenue based on TSS , English Canada Only 44

45 W Network Originals Deliver Audiences Mon-Thurs 8p-11p W25-54 AMA (000s) +24% Average Minute Audience (000s) Canadian Originals F12 F13 Source: BBM Canada TV Meter; Total Canada, 2013/14, 2012/13, weeks

46 Increasing Content Ownership in Women & Family ü Original Programming Drives Ratings ü Focus on Unscripted Reality Series ü Ownership Creates International Option Value ü Complete Control of All Rights 46

47 Tessa and Scott Promo Tori and Dean Promo

48 W Network Ratings Gains Ring the Cash Register One Ratings Share Point is $20M in Revenue 48

49 OWN Delivers Gold! Total Average Minute Audience (000s) F12 F13 +30% +34% Ad Revenue +13% 0 Total Day (6a-6p) Prime (6p-12a) Source: BBM Canada TV Meter, W25-34.Total Canada 2013/14, 2012/13, weeks

50 W Movies Adds Audience and Revenue Total Average Minute Audience (000s) F12 F13 +33% +45% Ad Revenue +38% 0 Total Day (6a-6p) Prime (6p-12a) Source: BBM Canada TV Meter, W25-34.Total Canada 2013/14, 2012/13, weeks

51 ABC Spark Promo

52 ABC Spark is a Hit with Millennials 14 F12 F13 +69% Total Average Minute Audience (000s) % Ad Revenue +100% 0 Total Day (6a-6p) Prime (6p-12a) Source: BBM Canada TV Meter, A18-49, Total Canada 2013/14, 2012/13, weeks

53 Our Building Blocks for Growth 53

54 The Golden Age of Content on Pay TV 54

55 Movie Central Promo

56 Pay TV Service is a Strong Value Proposition More than 1,000 Hours of HD On-Demand Content, Anywhere, Anytime, On Any Device! 56

57 Pay Audiences Have an Insatiable Appetite for Content Canadians who watch the most TV will watch even more up 10% from 2009 Source: Deloitte Technology, Media & Telecommunications Predictions 2014, English-Speaking Canadians 57

58 Encore On-Demand Promo Movie Central On-Demand Promo

59 Pay TV Will Grow ü Collaboration with Bell on The Movie Network ü Packaging and Bundling Innovation ü The Best Exclusive Content 59

60 Our Building Blocks for Growth 60

61 Radio is Important to Corus TALK CLASSIC ROCK HOT AC/WOMEN COUNTRY MODERN ROCK GREATEST HITS 61

62 Radio Has Significant Operating Leverage Revenue Growth 2% 3% 4% 5% 6% Expense Growth 1% 4% 8% 11% 14% 18% 2% 2% 5% 9% 12% 15% 3% 0% 3% 6% 10% 13% 4% (3%) 1% 4% 7% 11% 62

63 Major Markets Offer Best Opportunity to Realize Operating Leverage 15 $ Millions Share Points Share point increases deliver substantial revenue growth 63

64 Q107 TV Spot Property Brothers Radio Spot

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66 Born to Rock Promo

67 Our Building Blocks for Growth 67

68 Historia / Séries+ Reel

69 Corus Enters Quebec with a Portfolio of Strong Brands 69

70 Historia, Séries+ and TELETOON are Top Performers in Quebec Share of French Specialty Audience ( ) 1 Corus 21.3% Bell 40.1% Québecor 18.4% SRC/CBC 8.4% Other 11.8% Historia & Séries+ +7% Revenue EBITDA +12% 1 Source: BBM TV Meter. Based on audience share of all French-language specialty channels for viewers aged

71 Quebec is a Unique Market Full of Potential 71

72 Corus Will Continue to Grow Corus Kids Women & Family Pay TV TELETOON integration and leveraging of Corus Advantage to launch new global kids properties Driving ratings through more original owned content with global appeal Targeted programs to acquire and retain subscribers Radio Focused on delivering ratings and building presence in Ottawa Corus Média Strong foundation for growth in the Quebec TV market Corus 2015 EBITDA Guidance $340M $360M Free Cash Flow $170M 72

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