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ASTRAL MEDIA by dfsdf224s



             FISCAL 2010


          DECEMBER 9, 2010
             2:30 PM ET

                           Check against delivery



     Good afternoon ladies and gentlemen and thank you for joining us
     here and via webcast.

     I am delighted to welcome you to L’Astral, a venue that well
     embodies the close collaboration between Astral and the Canadian
     music, film and television industries.

     Offering a venue such as L’Astral to local and international talents
     reflects our commitment to ensure an important financial support
     to Canadian culture. Each year, we invest over $170 million in
     support of our culture and over $30 million in support of other
     important causes through visibility on our various advertising

     Being active supporters of our communities and culture is an
     integral part of Astral’s values and of our raison d’être.

     Let’s now look at the key highlights of our performance in Fiscal

Our performance in Fiscal 2010

     It was another record year for Astral, our 14th consecutive year of
     profitable growth, an accomplishment of which we are very proud.

     Revenues reached a new high at $961 million, a 6% increase,
     while EBITDA grew 5% to reach $309 million, also a high mark.

     Excluding both favourable and unfavourable non-recurring items in
     Fiscal 2010 and 2009, net earnings and earnings per share grew
     13% and 12% respectively.

     This performance and our financial discipline also enabled us to
     generate a healthy $125 million of free cash flow, of which $105
     million went to debt repayment, allowing us to maintain a very
     strong balance sheet.

     During the past year we continued to outperform the industry in
     each of our business sectors and to grow our financial results. This
     was achieved despite marked sluggishness in the business and
     advertising markets.

     In the second half of Fiscal 2010, we saw signs of recovery in the
     Canadian advertising markets which were experienced across each
     of our business segments. They enter Fiscal 2011 with momentum
     which we hope will carry through the year in which we expect to
     surpass the one billion dollar mark in revenues.

     Before I move on to our plans for the future, let’s briefly look at
     the performance and operational highlights of each of our three
     business units.

Segmented highlights – Our Team


     In Fiscal 2010, our Television Group continued to deliver balanced
     revenue growth. Advertising revenues were up 11% for the year
     while subscription revenues grew 6%, fuelled by a 5% increase in
     the number of Pay-television subscribers for The Movie Network
     and Super Écran. Pay-television subscribers reached a record
     1.848 million.

     I can think of no better people than my colleagues Pierre Roy,
     President of Les Chaînes Télé Astral and MusiquePlus; and John
     Riley, President of Astral Television Networks and Astral Télé
     Réseaux, to tell you how our TV team is turning the latest trends
     in consumer viewing and advertiser needs into key competitive


     It indeed has been an exciting year for our TV Group, marked by
     the launch of Playhouse Disney télé and the addition of our pay
     and specialty services on the popular online and on-demand
     platforms of our distribution partners Bell, Rogers and Vidéotron.
     These initiatives are deeply rooted in our continued commitment
     to offer our consumers maximum viewing flexibility and provide
     unique value for our advertisers.


        Let’s now turn to our Radio Group and to its President, Jacques


        And to build on Jacques comments, several initiatives supporting
        the on-line presence were announced recently:
           o A few days following our year-end, all our radio websites
              were migrated to a new platform, thus providing our 83
              radio stations a more real and dynamic online presence;
           o And just a few days ago, we announced our intention to
              launch world-class, mobile streaming applications designed
              to enhance and extend the radio listener experience into the
              handheld space for all our stations. These new applications,
              to be launched in early 2011, will be compatible with
              BlackBerry, iPhone, iPad, iPod and Android-enabled PDAs.

        Our Radio Group will be fully equipped to offer an optimized radio
        and interactive advertising platform, something that we expect will
        help us continue to outperform our peers in the market.


        In Fiscal 2010, our Outdoor group became Astral Out-of-Home, to
        better reflect our broader advertising portfolio in this sector.

        Our offering comprises four product lines and nearly 8,000
        advertising faces. I will ask my colleague Luc Sabbatini, President
        of Astral Out-of-Home, to outline the key operational highlights of
        our performance this year.


        At Astral, we are very excited about our new outdoor Digital
        Network. Subsequent to the end of Fiscal 2010, we announced the
        addition of 9 new digital faces in Toronto. Our national Digital
        outdoor advertising network now totals 32 faces and it is a prized
        advertising platform by advertisers. Our new Toronto faces will be
        up and running in January 2011.

Long-term growth

     Now some thoughts on our future…

     While we always remain on the lookout for strategic acquisitions
     that are accretive for the Company, our long-term growth strategy
     hinges on our continued focus on organic growth. And, the single
     most important driver of internal growth for Astral will be its
     ability to work as one company.

     In line with this one-company approach, I am delighted to
     announce the appointment of Jacques Parisien to the new position
     of Executive Vice-President and Chief Operating Officer.

     In his new role, Jacques will spearhead the deployment our "one-
     company" strategy and will be tasked to drive more efficient
     coordination and greater collaboration across all business units
     with the objective of better leveraging our assets and generating
     internal growth.

     He will lead the presidents of each of our business units in their
     efforts to better use the Company’s depth and operational

     With a one-company focus, we will better capitalize on advantages
     of scale and be able to maximize advertising revenues in the most
     effective and competitive ways supported by the breadth of our
     portfolio of media assets.

Rebranding as foundation of future growth

     As we look to the future and plan for growth around the combined
     scope and reach of our media assets, one can now see how our
     new Astral brand identity, launched late last Spring, sets the tone
     for our one-company growth vision.


New corporate offices in Montréal

     Coinciding with the corporate rebranding was the move of nearly
     400 employees of our executive offices and of our French-
     language TV division to the renamed Maison Astral building, in the
     heart of downtown Montréal, on McGill College Avenue.

    In the coming months, employees from of Out-of-Home division
    will also be moving to their new home in La Maison Astral, while
    our Radio Group will bring together the operations of our five
    French and English Montréal stations in our existing facility on
    René-Lévesque Boulevard.


    As you have heard throughout my remarks, the pursuit of
    performance is at the core of who we are and it has paved the
    way for today’s important announcement. At its meeting held
    earlier this morning, Astral’s Board of Directors approved a
    significant 50% increase of our annual dividend to $0.75 per

    Our Board has also authorized the renewal of our normal course
    issuer bid, allowing us to repurchase up to 5% of our outstanding
    shares over the next twelve months.

    Going forward, we will continue to abide by the same principles
    that have guided our cash-usage philosophy: that is to continue
    returning value to our shareholders while maintaining a healthy
    balance sheet.


    In closing, I wish to thank each of our 2,800 employees in over 50
    markets across Canada for their hard work and dedication, and for
    being so dynamically involved in the communities where they
    work and live.

    I can assure you they all share our excitement about Astral’s
    future and are driven by our commitment to continue growing our
    Company through creativity and innovation.

    I would be remiss if I did not thank each member of our Board of
    Directors for their commitment, vision and wisdom.

    I thank you once again for your attendance, but before I turn the
    podium back to our Chairman, allow us to showcase the incredible
    breadth and depth of Astral’s TV offering.

    Have a great day. Thank you.



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