H2 (formerly The Cave, Men TV)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
205424055 H2 (formerly The Cave, Men TV) Men TV General Partnership Shaw Communications Inc. Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 1,328,653 1,592,768 19.88 2,194,785 37.80 3,038,263 38.43 3,896,878 28.26 30.9
DTH revenue 3,040,317 2,723,514 -10.42 2,494,045 -8.43 1,933,948 -22.46 1,667,539 -13.78 -13.9
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 372,182 440,078 18.24 238,540 -45.80 1,573,364 559.58 2,529,976 60.80 61.5
Other revenue 0 862 n/a 765 -11.25 0 -100.00 0 n/a
Total Revenue 4,741,152 4,757,222 0.34 4,928,135 3.59 6,545,575 32.82 8,094,393 23.66 14.3

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 2,734,323 3,009,409 10.06 4,958,284 64.76 2,161,740 -56.40 2,075,169 -4.00 -6.7
Technical 1,213,612 1,183,277 -2.50 952,961 -19.46 815,077 -14.47 767,551 -5.83 -10.8
Sales and Promotion 228,663 312,180 36.52 211,931 -32.11 339,740 60.31 172,692 -49.17 -6.8
Administration and General 478,061 465,774 -2.57 291,623 -37.39 1,548,134 430.87 1,806,090 16.66 39.4
Total Expenses 4,654,659 4,970,640 6.79 6,414,799 29.05 4,864,691 -24.16 4,821,502 -0.89 0.9

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 86,493 -213,418 -1,486,664 1,680,884 3,272,891
Depreciation 0 0 n/a 0 n/a 13,238 n/a 19,513 47.40 n/a
P.B.I.T. 86,493 -213,418 -1,486,664 1,667,646 3,253,378
Interest Expense 7,702 3,039 -60.54 0 -100.00 -160 n/a 0 -100.00
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 0 n/a 0 n/a
Pre-tax Profit 78,791 -216,457 -1,486,664 1,667,806 3,253,378

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 1,882,389 2,035,753 8.15 3,946,246 93.85 72,351 -98.17 26,156 -63.85 -65.7
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 0 0 n/a 0 n/a 538,325 n/a 525,957 -2.30 n/a
Investment in Programming 0 16,667 n/a 0 -100.00 0 n/a 0 n/a n/a
Total Canadian Programming 1,882,389 2,052,420 9.03 3,946,246 92.27 610,676 -84.53 552,113 -9.59 -26.4
Canadian Programming/Revenue (%) 39.70 43.14 80.08 9.33 6.82

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 49,967 0 -100.00 0 n/a 1,528,956 n/a 1,321,682 -13.56 126.8
Total Staff Count 0 0 n/a 0 n/a 17 n/a 15 -11.76
Avg Remuneration n/a n/a n/a n/a n/a 89,939 n/a 88,112 -2.03 n/a

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 818,044 906,563 10.82 969,484 6.94 3,093,204 219.06 2,954,240 -4.49 37.9

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 1.8 -4.5 -30.2 25.7 40.4
P.B.I.T. Margin 1.8 -4.5 -30.2 25.5 40.2
Pre-tax Margin 1.7 -4.6 -30.2 25.5 40.2
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