Outdoor Life Network (OLN)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305417314 Outdoor Life Network (OLN) Rogers Broadcasting Limited Rogers Communications Inc. Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 8,246,902 6,865,594 -16.75 6,531,687 -4.86 7,158,267 9.59 7,213,013 0.76 -3.3
DTH revenue 2,434,224 2,539,113 4.31 2,291,986 -9.73 2,956,619 29.00 3,068,094 3.77 6.0
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 7,460,091 12,332,026 65.31 11,287,743 -8.47 12,401,589 9.87 9,595,061 -22.63 6.5
Other revenue 105,000 192,150 83.00 25,964 -86.49 2,333 -91.01 70,908 >999±
Total Revenue 18,246,217 21,928,883 20.18 20,137,380 -8.17 22,518,808 11.83 19,947,076 -11.42 2.3

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 8,331,429 9,571,974 14.89 10,858,022 13.44 11,313,325 4.19 14,006,518 23.81 13.9
Technical 516,960 547,335 5.88 559,300 2.19 606,600 8.46 485,888 -19.90 -1.5
Sales and Promotion 398,003 1,389,848 249.21 545,786 -60.73 446,365 -18.22 292,078 -34.57 -7.4
Administration and General 1,316,490 1,472,432 11.85 1,431,741 -2.76 1,498,967 4.70 1,153,728 -23.03 -3.3
Total Expenses 10,562,882 12,981,589 22.90 13,394,849 3.18 13,865,257 3.51 15,938,212 14.95 10.8

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 7,683,335 8,947,294 6,742,531 8,653,551 4,008,864
Depreciation 0 0 n/a 11,492 n/a 0 -100.00 0 n/a n/a
P.B.I.T. 7,683,335 8,947,294 6,731,039 8,653,551 4,008,864
Interest Expense 0 0 n/a 2,412 n/a 0 -100.00 0 n/a
Adjustments - Gain (Loss) -554,357 -2,725,589 391.67 0 -100.00 0 n/a 0 n/a
Pre-tax Profit 7,128,978 6,221,705 6,728,627 8,653,551 4,008,864

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 6,159,303 6,091,985 -1.09 5,833,548 -4.24 6,502,329 11.46 7,712,146 18.61 5.8
Script & concept 0 0 n/a 0 n/a 315,017 n/a 309,475 -1.76 n/a
Filler Programming + Program Production 593,508 937,841 58.02 1,442,560 53.82 1,432,763 -0.68 1,544,581 7.80 27.0
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 6,752,811 7,029,826 4.10 7,276,108 3.50 8,250,109 13.39 9,566,202 15.95 9.1
Canadian Programming/Revenue (%) 37.01 32.06 36.13 36.64 47.96

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 1,230,053 2,979,399 142.22 1,977,660 -33.62 1,787,407 -9.62 1,455,031 -18.60 4.3
Total Staff Count 9 19 111.11 21 10.53 20 -4.76 13.8 -31.00
Avg Remuneration 136,673 156,810 14.73 94,174 -39.94 89,370 -5.10 105,437 17.98 -6.3

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 6,193,847 5,870,341 -5.22 5,452,026 -7.13 5,429,000 -0.42 5,194,000 -4.33 -4.3

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 42.1 40.8 33.5 38.4 20.1
P.B.I.T. Margin 42.1 40.8 33.4 38.4 20.1
Pre-tax Margin 39.1 28.4 33.4 38.4 20.1
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