Odyssey (formerly OTN)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305417413 Odyssey (formerly OTN) Odyssey Television Network Inc. Maniatakos, Peter Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 745,910 780,105 4.58 1,101,694 41.22 1,123,864 2.01 1,041,453 -7.33 8.7
DTH revenue 869,800 919,798 5.75 885,737 -3.70 902,996 1.95 1,151,069 27.47 7.3
Local advertising revenue 99,840 114,295 14.48 122,350 7.05 136,278 11.38 138,177 1.39 8.5
National advertising revenue 0 0 n/a 0 n/a 5,897 n/a 91,285 >999± n/a
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 1,715,550 1,814,198 5.75 2,109,781 16.29 2,169,035 2.81 2,421,984 11.66 9.0

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 1,011,716 1,115,863 10.29 1,289,472 15.56 1,401,708 8.70 1,605,107 14.51 12.2
Technical 122,194 118,382 -3.12 131,643 11.20 115,700 -12.11 153,937 33.05 5.9
Sales and Promotion 18,006 12,753 -29.17 8,993 -29.48 19,135 112.78 58,080 203.53 34.0
Administration and General 69,291 76,882 10.96 149,543 94.51 59,051 -60.51 81,080 37.31 4.0
Total Expenses 1,221,207 1,323,880 8.41 1,579,651 19.32 1,595,594 1.01 1,898,204 18.97 11.7

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 494,343 490,318 530,130 573,441 523,780
Depreciation 40,112 32,873 -18.05 32,110 -2.32 24,333 -24.22 32,726 34.49 -5.0
P.B.I.T. 454,231 457,445 498,020 549,108 491,054
Interest Expense 2,991 1,165 -61.05 12,294 955.28 5,157 -58.05 5,622 9.02
Adjustments - Gain (Loss) 0 0 n/a 5,234 n/a -4,833 -192.34 0 -100.00
Pre-tax Profit 451,240 456,280 490,960 539,118 485,432

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 50,000 50,000 0.00 50,000 0.00 50,000 0.00 50,000 0.00 0.0
Filler Programming + Program Production 564,466 626,896 11.06 762,279 21.60 762,183 -0.01 884,739 16.08 11.9
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 614,466 676,896 10.16 812,279 20.00 812,183 -0.01 934,739 15.09 11.1
Canadian Programming/Revenue (%) 35.82 37.31 38.50 37.44 38.59

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 453,487 586,527 29.34 742,039 26.51 400,503 -46.03 502,939 25.58 2.6
Total Staff Count 9 10 11.11 10 0.00 10 0.00 10 0.00
Avg Remuneration 50,387 58,653 16.40 74,204 26.51 40,050 -46.03 50,294 25.58 -0.1

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 18,255 20,158 10.42 22,083 9.55 22,520 1.98 24,148 7.23 7.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 28.8 27.0 25.1 26.4 21.6
P.B.I.T. Margin 26.5 25.2 23.6 25.3 20.3
Pre-tax Margin 26.3 25.2 23.3 24.9 20.0
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