Max Front Row

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
535417712 Max Front Row Saskatchewan Telecommunications Saskatchewan Telecommunications Video-on-Demand 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 2,477,795 2,419,772 -2.34 2,541,512 5.03 2,304,903 -9.31 2,217,556 -3.79 -2.7
DTH revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 2,477,795 2,419,772 -2.34 2,541,512 5.03 2,304,903 -9.31 2,217,556 -3.79 -2.7

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 3,247,430 3,193,622 -1.66 3,743,185 17.21 4,509,942 20.48 3,147,562 -30.21 -0.8
Technical 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Sales and Promotion 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Administration and General 208,108 151,636 -27.14 222,749 46.90 211,322 -5.13 202,825 -4.02 -0.6
Total Expenses 3,455,538 3,345,258 -3.19 3,965,934 18.55 4,721,264 19.05 3,350,387 -29.04 -0.8

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income -977,743 -925,486 -1,424,422 -2,416,361 -1,132,831
Depreciation 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
P.B.I.T. -977,743 -925,486 -1,424,422 -2,416,361 -1,132,831
Interest Expense 0 0 n/a 0 n/a 0 n/a 0 n/a
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 0 n/a 0 n/a
Pre-tax Profit -977,743 -925,486 -1,424,422 -2,416,361 -1,132,831

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 158,465 120,398 -24.02 104,323 -13.35 104,604 0.27 82,731 -20.91 -15.0
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 0 n/a 0 n/a n/a
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 158,465 120,398 -24.02 104,323 -13.35 104,604 0.27 82,731 -20.91 -15.0
Canadian Programming/Revenue (%) 6.40 4.98 4.10 4.54 3.73

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 84,218 30,647 -63.61 95,674 212.18 96,077 0.42 91,948 -4.30 2.2
Total Staff Count 1 1 0.00 1 0.00 1 0.00 1 0.00
Avg Remuneration 84,218 30,647 -63.61 95,674 212.18 96,077 0.42 91,948 -4.30 2.2

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin -39.5 -38.2 -56.0 -104.8 -51.1
P.B.I.T. Margin -39.5 -38.2 -56.0 -104.8 -51.1
Pre-tax Margin -39.5 -38.2 -56.0 -104.8 -51.1
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