MuchLoud

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305426539 MuchLoud Bell Media Inc. BCE Inc. Specialty (category B service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 400,833 359,322 -10.36 355,441 -1.08 332,973 -6.32 357,092 7.24 -2.9
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 400,833 359,322 -10.36 355,441 -1.08 332,973 -6.32 357,092 7.24 -2.9

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 71,792 65,703 -8.48 57,763 -12.08 39,394 -31.80 27,546 -30.08 -21.3
Technical 8,515 8,079 -5.12 7,160 -11.38 6,244 -12.79 6,460 3.46 -6.7
Sales and Promotion 7,525 9,573 27.22 5,728 -40.17 1,774 -69.03 383 -78.41 -52.5
Administration and General 93,428 83,548 -10.57 62,006 -25.78 66,164 6.71 78,803 19.10 -4.2
Total Expenses 181,260 166,903 -7.92 132,657 -20.52 113,576 -14.38 113,192 -0.34 -11.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 219,573 192,419 222,784 219,397 243,900
Depreciation 107,535 126,737 17.86 110,909 -12.49 4,577 -95.87 5,091 11.23 -53.4
P.B.I.T. 112,038 65,682 111,875 214,820 238,809
Interest Expense 0 0 n/a 0 n/a 0 n/a 0 n/a
Adjustments - Gain (Loss) -11,512 -10,540 -8.44 -24,178 129.39 -22,885 -5.35 -22,867 -0.08
Pre-tax Profit 100,526 55,142 87,697 191,935 215,942

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
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 36,515 n/a 30,556 -16.32 23,167 -24.18 n/a
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 0 0 n/a 36,515 n/a 30,556 -16.32 23,167 -24.18 n/a
Canadian Programming/Revenue (%) 0.00 0.00 10.27 9.18 6.49

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 62,136 49,304 -20.65 13,128 -73.37 0 -100.00 0 n/a -100.0
Total Staff Count 1 1 0.00 1 0.00 0 -100.00 0 n/a
Avg Remuneration 62,136 49,304 -20.65 13,128 -73.37 n/a n/a n/a n/a n/a

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 167,883 164,724 -1.88 149,292 -9.37 135,392 -9.31 120,480 -11.01 -8.0

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 54.8 53.6 62.7 65.9 68.3
P.B.I.T. Margin 28.0 18.3 31.5 64.5 66.9
Pre-tax Margin 25.1 15.3 24.7 57.6 60.5
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