Astral Media 2006 Annual Report

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED AUGUST 31, 2006 AND 2005

Astral Media Inc. ("Astral" or the "Company") is incorporated under the Canada Business Corporations Act and its shares are traded on the Toronto Stock Exchange. Its activities consist primarily of specialty, pay and pay-per-view television broadcasting, radio broadcasting and outdoor advertising.

Note 1 ACCOUNTING POLICIES	Note 11 OTHER NON-CURRENT LIABILITIES
Note 2 BUSINESS ACQUISITION SUBSEQUENT TO YEAR-END	Note 12 CAPITAL STOCK
Note 3 RADIO ASSET EXCHANGE TRANSACTION	Note 13 INTEREST
Note 4 DISCONTINUED OPERATIONS AND ASSETS HELD FOR DISPOSAL	Note 14 INCOME TAXES
Note 5 JOINT VENTURES	Note 15 CONSOLIDATED STATEMENTS OF CASH FLOWS
Note 6 SHORT-TERM INVESTMENTS	Note 16 COMMITMENTS AND CONTINGENCIES
Note 7 OTHER NON-CURRENT ASSETS	Note 17 EMPLOYEE FUTURE BENEFITS
Note 8 PROPERTY, PLANT AND EQUIPMENT	Note 18 BUSINESS SEGMENTS
Note 9 BROADCAST LICENCES	Note 19 GUARANTEES
Note 10 CREDIT FACILITIES	Note 20 FINANCIAL INSTRUMENTS