MuchMusic

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
314600545 MuchMusic 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 9,762,860 9,828,999 0.68 9,643,912 -1.88 10,001,784 3.71 14,497,378 44.95 10.4
DTH revenue 4,284,460 4,302,107 0.41 4,171,984 -3.02 4,052,269 -2.87 3,795,013 -6.35 -3.0
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 28,117,120 29,936,543 6.47 23,548,003 -21.34 21,451,036 -8.91 17,980,975 -16.18 -10.6
Other revenue 29,935 1,778,235 >999± 2,856,347 60.63 2,168,910 -24.07 1,089,649 -49.76
Total Revenue 42,194,375 45,845,884 8.65 40,220,246 -12.27 37,673,999 -6.33 37,363,015 -0.83 -3.0

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 23,945,721 21,979,479 -8.21 27,754,547 26.27 29,040,186 4.63 27,859,983 -4.06 3.9
Technical 1,344,639 1,422,191 5.77 1,173,149 -17.51 1,096,991 -6.49 1,077,755 -1.75 -5.4
Sales and Promotion 5,094,914 3,974,876 -21.98 3,813,391 -4.06 4,716,677 23.69 3,327,644 -29.45 -10.1
Administration and General 5,258,474 5,019,384 -4.55 4,089,845 -18.52 4,315,919 5.53 4,989,369 15.60 -1.3
Total Expenses 35,643,748 32,395,930 -9.11 36,830,932 13.69 39,169,773 6.35 37,254,751 -4.89 1.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 6,550,627 13,449,954 3,389,314 -1,495,774 108,264
Depreciation 2,815,535 3,827,311 35.94 1,610,344 -57.92 746,434 -53.65 751,584 0.69 -28.1
P.B.I.T. 3,735,092 9,622,643 1,778,970 -2,242,208 -643,320
Interest Expense 55,904 0 -100.00 152 n/a 707 365.13 -6,294 -990.24
Adjustments - Gain (Loss) 1,457,647 -848,914 -158.24 -2,254,658 165.59 -1,594,812 -29.27 -2,274,230 42.60
Pre-tax Profit 5,136,835 8,773,729 -475,840 -3,837,727 -2,911,256

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 476,726 938,749 96.92 849,455 -9.51 1,556,806 83.27 211,467 -86.42 -18.4
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 18,606,798 15,694,078 -15.65 16,531,850 5.34 16,320,162 -1.28 15,294,276 -6.29 -4.8
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 19,083,524 16,632,827 -12.84 17,381,305 4.50 17,876,968 2.85 15,505,743 -13.26 -5.1
Canadian Programming/Revenue (%) 45.23 36.28 43.22 47.45 41.50

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 8,433,302 6,181,646 -26.70 6,261,453 1.29 6,608,785 5.55 4,087,723 -38.15 -16.6
Total Staff Count 110 84 -23.64 74 -11.90 75 1.35 56.73 -24.36
Avg Remuneration 76,666 73,591 -4.01 84,614 14.98 88,117 4.14 72,056 -18.23 -1.5

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 8,369,739 8,411,528 0.50 9,308,782 10.67 9,248,193 -0.65 9,239,706 -0.09 2.5

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 15.5 29.3 8.4 -4.0 0.3
P.B.I.T. Margin 8.9 21.0 4.4 -6.0 -1.7
Pre-tax Margin 12.2 19.1 -1.2 -10.2 -7.8
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