We present a quantum multi-modal treatment describing Electromagnetically Induced Transparency (EIT) as a mechanism for storing continuous variable quantum information in light fields. Taking into account the atomic noise and decoherences of realistic experiments, we model numerically the propagation, storage, and readout of signals contained in the sideband amplitude and phase quadratures of a light pulse. An analytical treatment of the effects predicted by this more sophisticated model is then presented. Finally, we use quantum information benchmarks to examine the properties of the EIT-based memory and show the parameters needed to operate beyond the quantum limit.
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