MuchVibe

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305426521 MuchVibe 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 424,343 374,538 -11.74 311,246 -16.90 307,870 -1.08 277,936 -9.72 -10.0
DTH revenue 315,712 267,657 -15.22 459,055 71.51 490,957 6.95 392,274 -20.10 5.6
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue -4 0 -100.00 0 n/a 0 n/a 0 n/a -100.0
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 740,051 642,195 -13.22 770,301 19.95 798,827 3.70 670,210 -16.10 -2.5

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 100,349 93,724 -6.60 89,674 -4.32 73,366 -18.19 52,831 -27.99 -14.8
Technical 17,222 14,439 -16.16 15,516 7.46 14,979 -3.46 12,124 -19.06 -8.4
Sales and Promotion 11,288 13,555 20.08 9,054 -33.21 3,503 -61.31 718 -79.50 -49.8
Administration and General 107,452 101,933 -5.14 77,509 -23.96 84,755 9.35 93,309 10.09 -3.5
Total Expenses 236,311 223,651 -5.36 191,753 -14.26 176,603 -7.90 158,982 -9.98 -9.4

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 503,740 418,544 578,548 622,224 511,228
Depreciation 99,755 113,515 13.79 78,474 -30.87 10,982 -86.01 9,556 -12.98 -44.4
P.B.I.T. 403,985 305,029 500,074 611,242 501,672
Interest Expense 0 0 n/a 0 n/a 0 n/a 0 n/a
Adjustments - Gain (Loss) -21,254 -18,838 -11.37 -52,397 178.15 -54,903 4.78 -42,917 -21.83
Pre-tax Profit 382,731 286,191 447,677 556,339 458,755

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 64,169 n/a 61,060 -4.85 45,376 -25.69 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 64,169 n/a 61,060 -4.85 45,376 -25.69 n/a
Canadian Programming/Revenue (%) 0.00 0.00 8.33 7.64 6.77

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 59,678 49,304 -17.38 13,353 -72.92 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 59,678 49,304 -17.38 13,353 -72.92 n/a n/a n/a n/a n/a

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 539,801 481,876 -10.73 481,876 0.00 394,362 -18.16 350,592 -11.10 -10.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 68.1 65.2 75.1 77.9 76.3
P.B.I.T. Margin 54.6 47.5 64.9 76.5 74.9
Pre-tax Margin 51.7 44.6 58.1 69.6 68.4
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