MTV2 (formerly Razer)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
405424037 MTV2 (formerly Razer) Bell Media Inc. BCE Inc. Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 1,970,899 1,826,368 -7.33 1,961,686 7.41 2,006,405 2.28 2,048,564 2.10 1.0
DTH revenue 2,526,531 2,488,102 -1.52 2,552,731 2.60 2,718,536 6.50 2,906,568 6.92 3.6
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 241,068 312,387 29.58 169,307 -45.80 54,938 -67.55 122,920 123.74 -15.5
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 4,738,498 4,626,857 -2.36 4,683,724 1.23 4,779,879 2.05 5,078,052 6.24 1.8

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 3,665,362 3,801,365 3.71 1,849,412 -51.35 2,098,135 13.45 2,400,135 14.39 -10.0
Technical 566,040 513,027 -9.37 493,407 -3.82 521,071 5.61 500,865 -3.88 -3.0
Sales and Promotion 79,462 84,268 6.05 71,578 -15.06 36,520 -48.98 13,424 -63.24 -35.9
Administration and General 253,595 315,661 24.47 241,818 -23.39 248,194 2.64 245,627 -1.03 -0.8
Total Expenses 4,564,459 4,714,321 3.28 2,656,215 -43.66 2,903,920 9.33 3,160,051 8.82 -8.8

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 174,039 -87,464 2,027,509 1,875,959 1,918,001
Depreciation 330,512 370,824 12.20 169,585 -54.27 73,013 -56.95 79,702 9.16 -29.9
P.B.I.T. -156,473 -458,288 1,857,924 1,802,946 1,838,299
Interest Expense 261,998 410,061 56.51 358,547 -12.56 319,711 -10.83 273,677 -14.40
Adjustments - Gain (Loss) -146,798 -135,720 -7.55 -318,596 134.75 -328,518 3.11 -331,956 1.05
Pre-tax Profit -565,269 -1,004,069 1,180,781 1,154,717 1,232,666

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 19,653 22,533 14.65 0 -100.00 0 n/a 530,195 n/a 127.9
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 2,125,005 2,246,248 5.71 548,666 -75.57 513,954 -6.33 0 -100.00 -100.0
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 2,144,658 2,268,781 5.79 548,666 -75.82 513,954 -6.33 530,195 3.16 -29.5
Canadian Programming/Revenue (%) 45.26 49.04 11.71 10.75 10.44

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 135,179 104,758 -22.50 60,226 -42.51 13,546 -77.51 0 -100.00 -100.0
Total Staff Count 1 1 0.00 1 0.00 0.25 -75.00 0 -100.00
Avg Remuneration 135,179 104,758 -22.50 60,226 -42.51 54,184 -10.03 n/a n/a n/a

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 883,774 803,195 -9.12 869,496 8.25 962,471 10.69 1,020,623 6.04 3.7

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 3.7 -1.9 43.3 39.2 37.8
P.B.I.T. Margin -3.3 -9.9 39.7 37.7 36.2
Pre-tax Margin -11.9 -21.7 25.2 24.2 24.3
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