National Geographic Channel

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305424294 National Geographic Channel NGC Channel Inc. Shaw Communications Inc. Specialty (category B service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 7,395,164 8,261,596 11.72 7,861,161 -4.85 8,879,756 12.96 9,132,062 2.84 5.4
DTH revenue 3,158,146 3,201,751 1.38 3,533,198 10.35 4,655,095 31.75 4,801,280 3.14 11.0
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 5,441,234 8,469,653 55.66 11,222,074 32.50 12,010,234 7.02 13,434,211 11.86 25.4
Other revenue 0 0 n/a 0 n/a 1 n/a 0 -100.00
Total Revenue 15,994,544 19,933,000 24.62 22,616,433 13.46 25,545,086 12.95 27,367,553 7.13 14.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 3,006,425 3,070,153 2.12 3,285,240 7.01 3,719,241 13.21 4,460,045 19.92 10.4
Technical 734,365 698,961 -4.82 730,957 4.58 706,709 -3.32 578,268 -18.17 -5.8
Sales and Promotion 344,901 353,114 2.38 800,696 126.75 1,073,972 34.13 246,414 -77.06 -8.1
Administration and General 3,471,015 3,670,450 5.75 3,658,999 -0.31 3,591,628 -1.84 3,719,636 3.56 1.7
Total Expenses 7,556,706 7,792,678 3.12 8,475,892 8.77 9,091,550 7.26 9,004,363 -0.96 4.5

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 8,437,838 12,140,322 14,140,541 16,453,536 18,363,190
Depreciation 1,612 0 -100.00 -5,981 n/a 0 -100.00 0 n/a -100.0
P.B.I.T. 8,436,226 12,140,322 14,146,522 16,453,536 18,363,190
Interest Expense 2,124 -11,492 -641.05 0 -100.00 -13,114 n/a -21,856 66.66
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 0 n/a 0 n/a
Pre-tax Profit 8,434,102 12,151,814 14,146,522 16,466,650 18,385,046

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 822,664 352,476 -57.15 383,422 8.78 544,562 42.03 971,875 78.47 4.3
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 432,669 483,058 11.65 561,595 16.26 572,940 2.02 574,377 0.25 7.3
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 1,255,333 835,534 -33.44 945,017 13.10 1,117,502 18.25 1,546,252 38.37 5.4
Canadian Programming/Revenue (%) 7.85 4.19 4.18 4.37 5.65

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 823,016 900,968 9.47 1,327,814 47.38 1,208,924 -8.95 1,159,777 -4.07 9.0
Total Staff Count 10 12 20.00 16 33.33 14 -12.50 13 -7.14
Avg Remuneration 82,302 75,081 -8.77 82,988 10.53 86,352 4.05 89,214 3.31 2.0

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 5,651,761 6,360,612 12.54 6,480,322 1.88 7,125,246 9.95 5,615,325 -21.19 -0.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 52.8 60.9 62.5 64.4 67.1
P.B.I.T. Margin 52.7 60.9 62.5 64.4 67.1
Pre-tax Margin 52.7 61.0 62.5 64.5 67.2
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