MUSIMAX

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
205417399 MUSIMAX MusiquePlus inc. Boivin, Pierre (Trustee/fiduciaire) Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 5,002,744 4,930,564 -1.44 5,155,194 4.56 5,304,379 2.89 5,060,138 -4.60 0.3
DTH revenue 1,781,099 1,984,024 11.39 1,816,410 -8.45 2,056,686 13.23 1,424,966 -30.72 -5.4
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 2,299,614 2,775,014 20.67 2,527,697 -8.91 2,261,393 -10.54 2,109,059 -6.74 -2.1
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 9,083,457 9,689,602 6.67 9,499,301 -1.96 9,622,458 1.30 8,594,163 -10.69 -1.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 6,092,986 6,861,902 12.62 7,116,932 3.72 6,980,913 -1.91 6,813,604 -2.40 2.8
Technical 579,034 519,652 -10.26 514,044 -1.08 537,678 4.60 534,997 -0.50 -2.0
Sales and Promotion 361,880 470,290 29.96 356,539 -24.19 303,905 -14.76 347,087 14.21 -1.0
Administration and General 1,403,186 1,437,339 2.43 1,455,105 1.24 1,532,019 5.29 1,207,061 -21.21 -3.7
Total Expenses 8,437,086 9,289,183 10.10 9,442,620 1.65 9,354,515 -0.93 8,902,749 -4.83 1.4

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 646,371 400,419 56,681 267,943 -308,586
Depreciation 190,233 210,335 10.57 178,567 -15.10 164,588 -7.83 159,700 -2.97 -4.3
P.B.I.T. 456,138 190,084 -121,886 103,355 -468,286
Interest Expense 0 0 n/a 0 n/a 0 n/a 0 n/a
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 0 n/a 0 n/a
Pre-tax Profit 456,138 190,084 -121,886 103,355 -468,286

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 2,824,391 2,901,505 2.73 2,287,723 -21.15 2,697,123 17.90 2,112,968 -21.66 -7.0
Script & concept 462,348 454,176 -1.77 484,476 6.67 474,960 -1.96 481,128 1.30 1.0
Filler Programming + Program Production 1,870,584 2,242,165 19.86 2,986,137 33.18 2,619,123 -12.29 2,820,123 7.67 10.8
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 5,157,323 5,597,846 8.54 5,758,336 2.87 5,791,206 0.57 5,414,219 -6.51 1.2
Canadian Programming/Revenue (%) 56.78 57.77 60.62 60.18 63.00

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 4,595,208 4,634,999 0.87 4,845,530 4.54 4,652,892 -3.98 4,307,696 -7.42 -1.6
Total Staff Count 72 62 -13.89 60 -3.23 56 -6.67 55 -1.79
Avg Remuneration 63,822 74,758 17.13 80,759 8.03 83,087 2.88 78,322 -5.74 5.3

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 2,107,655 2,071,372 -1.72 1,949,084 -5.90 1,826,706 -6.28 2,114,360 15.75 0.1

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 7.1 4.1 0.6 2.8 -3.6
P.B.I.T. Margin 5.0 2.0 -1.3 1.1 -5.4
Pre-tax Margin 5.0 2.0 -1.3 1.1 -5.4
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