MuchMoreRetro

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305426597 MuchMoreRetro 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 626,653 744,860 18.86 823,633 10.58 792,241 -3.81 745,083 -5.95 4.4
DTH revenue 420 0 -100.00 0 n/a 0 n/a 0 n/a -100.0
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 627,073 744,860 18.78 823,633 10.58 792,241 -3.81 745,083 -5.95 4.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 116,047 102,338 -11.81 92,538 -9.58 75,188 -18.75 61,727 -17.90 -14.6
Technical 16,971 16,747 -1.32 16,591 -0.93 14,856 -10.46 13,479 -9.27 -5.6
Sales and Promotion 10,159 12,769 25.69 8,164 -36.06 3,164 -61.24 799 -74.75 -47.0
Administration and General 102,640 102,794 0.15 81,274 -20.94 87,440 7.59 98,853 13.05 -0.9
Total Expenses 245,817 234,648 -4.54 198,567 -15.38 180,648 -9.02 174,858 -3.21 -8.2

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 381,256 510,212 625,066 611,593 570,225
Depreciation 66,584 76,317 14.62 45,285 -40.66 10,891 -75.95 10,623 -2.46 -36.8
P.B.I.T. 314,672 433,895 579,781 600,702 559,602
Interest Expense 0 0 n/a 0 n/a 0 n/a 0 n/a
Adjustments - Gain (Loss) -22,943 -21,849 -4.77 -56,025 156.42 -54,450 -2.81 -47,712 -12.37
Pre-tax Profit 291,729 412,046 523,756 546,252 511,890

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 70,268 n/a 61,718 -12.17 53,087 -13.98 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 70,268 n/a 61,718 -12.17 53,087 -13.98 n/a
Canadian Programming/Revenue (%) 0.00 0.00 8.53 7.79 7.12

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 239,733 267,103 11.42 273,684 2.46 256,684 -6.21 251,534 -2.01 1.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 60.8 68.5 75.9 77.2 76.5
P.B.I.T. Margin 50.2 58.3 70.4 75.8 75.1
Pre-tax Margin 46.5 55.3 63.6 69.0 68.7
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