CANWESTBMObcstSept15

BMO Nesbitt Burns : 

BMO Nesbitt Burns Investor Conference Sept. 15 2004 Broadcasting Forum Leonard Asper, Pres. & CEO

Safe Harbour: 

Safe Harbour Certain statements in this presentation may constitute forward-looking statements. Such statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those expressed or implied. It is not the practice of the Company to communicate revisions to forward-looking statements. Nevertheless, should subsequent events prove such statements to be materially inaccurate, the Company may, solely at its discretion, choose to issue a news release explaining the reasons for the difference. TRADING SYMBOLS: NYSE: CWG; TSX: CGS.S, CGS.A

Significant YTD accomplishments: 

Significant YTD accomplishments Combined Q3 EBITDA up 8% to $177 million on 4% revenue growth Q3 Net earnings of $55 million, up 335% from previous year NZ IPO netted approx $257 million cash proceeds to CanWest Sale of Uster TV shares for approx. $144 million cash Refinancing senior debt cuts interest costs by $4.5 million Outstanding results from Network TEN and New Zealand Global’s strong Spring ratings: Positive viewer response to new reality, sitcom and drama shows including The Apprentice, Average Joe, Two and a Half Men, Las Vegas, and Amish in the City Q3 Newspaper EBITDA grew 4% in stable ad markets Completed roll-out of E-newspapers to strong subscriber interest Outstanding launch of The Beat 91.5 FM (Kitchener) in February ’04. Now in 2nd place in nine station market (18-34), 4th overall

CanWest strategy - macro : 

CanWest strategy - macro Recognize the supremacy of the consumer Re-aggregate fragmenting audiences Expand into English-speaking and growth markets internationally Expand into 5 media in each market: Television – Conventional and Specialty Print Radio Out-of-Home Online

CanWest strategy – micro : 

CanWest strategy – micro Continue to diversify revenue sources Grow subscription and content sales Generate more of our own content Newspapers – large scale content generators Television – Train 48, RONA Dream Home, Wild Card, Australian Idol Re-purpose content across platforms Newspaper and television news sharing External sale of newspaper content Books, CDs, DVDs, and videos VOD

Diversifying revenue base : 

Diversifying revenue base In 1999, Canadian conventional TV accounted for 51% of revenues

Diversifying revenue worldwide : 

Diversifying revenue worldwide By 2003 Canadian TV accounted for 27% of total revenues

Diversifying revenue by category : 

Diversifying revenue by category

Television well positioned for Fall 04 : 

Ratings momentum from the spring Strong returning programs Fear Factor, Survivor, The Apprentice, Without a Trace, Will & Grace, Simpsons, Raymond, 24, Malcolm in the Middle, That 70s Show Strong new programs added to fall line-up Joey, LAX, Arrested Development, The Jury, The Practice: Fleet Street, The Billionaire; Queer Eye for the Straight Guy; The Next Great Champ Television well positioned for Fall 04

Ratings momentum built through year: 

Ratings momentum built through year

Global recorded highest growth: 

Global recorded highest growth

Program ranker puts CanWest ahead: 

Program ranker puts CanWest ahead

Top returning comedies : 

Top returning comedies

Top returning reality shows : 

Top returning reality shows

New shows attracting interest: 

New shows attracting interest

Specialty TV and Canadian radio: 

Specialty TV and Canadian radio Prime TV in over 5 million homes Digital specialties, more than 3.2 million subscribers Audience and advertiser base ahead of expectations Can launch new services with small additional investment Applications filed for new services and added flexibility Radio small but growing The Beat FM, Kitchener 2nd in target demo 18-34, 4th in total audience

Developments in Canadian broadcasting: 

Developments in Canadian broadcasting Applications for radio licences in Ottawa and Halifax pending Disaffiliation from CBC in Red Deer and Kelowna, expansion of the CH schedule Application for changes to licence of CH in Montreal

TEN Group continues strong performance : 

TEN Group continues strong performance Strengthening lead among target demo of 16-39 year olds 5 of top 10 shows Top program overall - Australian Idol Strong showing through Olympics Securing second place among 25-54 year olds Now in second place among all viewers EYE Corp. showing strength – double digit revenue and EBITDA growth

CanWest MediaWorks New Zealand : 

CanWest MediaWorks New Zealand IPO complete end of July CanWest received $NZ300 million Investor demand has remained strong since the launch

Growth opportunities: International : 

New Zealand Launching new radio services Developing new ad and subscription based TV services for satellite distribution Ireland Radio acquisitions and applications being considered in Ireland and United Kingdom Continuing to scan U.S. market for opportunities Keeping an eye on emerging market opportunities Growth opportunities: International

Opportunities in Canada : 

Opportunities in Canada Regulatory Outlook Needs to be reoriented to reflect: Revenue imbalance Conventional needs to be treated the same as specialty with respect to carriage fees Advertising needs to be deregulated Viewing Trends Conventional still able aggregate BIG audiences Build our specialty portfolio Continue leveraging our strengths CanWest can offer the mass audiences through conventional and the targeted audiences through specialty and publications

Performance Summary – all properties: 

Performance Summary – all properties

BMO Nesbitt Burns : 

BMO Nesbitt Burns Investor Conference Sept. 15 2004 Broadcasting Forum