64 OVERVIEW OF BUSINESSES RADIO BROADCASTING SPECIALTY PROGRAMMING Through selective acquisitions, Corus’ radio broadcasting business currently includes stations in high-growth urban centres in British Columbia, Alberta, Manitoba, Ontario and Quebec, and is the largest radio operator in terms of revenue and audi- ence tuning in Canada. Corus’ radio stations are rated number one or two in the prime demographic for their relevant markets.  Corus’ near-term strategy is focused on strengthening the Company’s position in the major metropolitan markets in Canada. With the planned acquisition of the six Metromedia radio stations in Quebec, Corus will have stations in Canada’s three largest markets: Toronto, Montreal and Vancouver. In addition, Corus’ clustering strategy will provide advertisers with a seamless link between the key markets from London to Kingston, Ontario, and between Edmonton, Red Deer and Calgary, Alberta. Corus will pursue acquisition opportunities in these markets to expand its audience reach, subject to CRTC limits on ownership.  Corus’ specialty programming business comprises interests in a number of the most successful specialty channels and pay-television services in Canada. THIS HAS BEEN A YEAR OF UNPRECEDENTED GROWTH AND EXPANSION FOR THE CORUS RADIO COMPANY. AS THE LARGEST RADIO OPERATOR BY REVENUE IN CANADA, WE LOOK FORWARD TO OUR CONTINUED CONSOLIDATION, EXPANSION AND REVENUE GROWTH, WITH A WELL BALANCED TEAM OF PLAYERS. J. TERRY STRAIN, PRESIDENT, CORUS RADIO