TreeHouse TV

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305417281 TreeHouse TV YTV Canada, Inc. Corus Entertainment Inc. Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 8,609,077 8,857,651 2.89 8,886,139 0.32 8,444,959 -4.96 7,613,682 -9.84 -3.0
DTH revenue 2,390,429 2,518,645 5.36 2,673,420 6.15 2,922,293 9.31 3,054,795 4.53 6.3
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 496,039 463,683 -6.52 189,175 -59.20 487,889 157.90 338,423 -30.64 -9.1
Other revenue 2,907,472 2,712,128 -6.72 2,505,776 -7.61 2,643,551 5.50 2,335,549 -11.65
Total Revenue 14,403,017 14,552,107 1.04 14,254,510 -2.05 14,498,692 1.71 13,342,449 -7.97 -1.9

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 4,525,056 5,302,772 17.19 5,969,145 12.57 6,284,716 5.29 6,399,333 1.82 9.1
Technical 494,170 486,214 -1.61 427,795 -12.02 391,809 -8.41 371,290 -5.24 -6.9
Sales and Promotion 782,820 1,153,209 47.31 1,188,333 3.05 644,020 -45.80 94,535 -85.32 -41.1
Administration and General 3,029,193 2,821,427 -6.86 2,663,136 -5.61 2,235,620 -16.05 1,522,790 -31.89 -15.8
Total Expenses 8,831,239 9,763,622 10.56 10,248,409 4.97 9,556,165 -6.75 8,387,948 -12.22 -1.3

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 5,571,778 4,788,485 4,006,101 4,942,527 4,954,501
Depreciation 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
P.B.I.T. 5,571,778 4,788,485 4,006,101 4,942,527 4,954,501
Interest Expense 237,731 277,799 16.85 256,607 -7.63 160,573 -37.42 149,212 -7.08
Adjustments - Gain (Loss) 1,798,211 2,141,335 19.08 2,059,682 -3.81 2,334,955 13.36 2,433,417 4.22
Pre-tax Profit 7,132,258 6,652,021 5,809,176 7,116,909 7,238,706

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 3,449,576 3,936,891 14.13 4,141,566 5.20 4,207,189 1.58 4,606,336 9.49 7.5
Script & concept 109,824 86,416 -21.31 188,406 118.02 238,684 26.69 237,360 -0.55 21.3
Filler Programming + Program Production 169,098 174,928 3.45 376,881 115.45 482,942 28.14 355,472 -26.39 20.4
Investment in Programming -73,268 5,000 -106.82 89,350 >999± 18,164 -79.67 8,950 -50.73 #ERROR
Total Canadian Programming 3,655,230 4,203,235 14.99 4,796,203 14.11 4,946,979 3.14 5,208,118 5.28 9.3
Canadian Programming/Revenue (%) 25.38 28.88 33.65 34.12 39.03

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 1,261,886 1,465,560 16.14 1,302,609 -11.12 1,233,592 -5.30 556,916 -54.85 -18.5
Total Staff Count 13 23 76.92 25 8.70 22 -12.00 15 -31.82
Avg Remuneration 97,068 63,720 -34.36 52,104 -18.23 56,072 7.62 37,128 -33.79 -21.4

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 8,516,337 8,579,846 0.75 8,673,063 1.09 8,637,702 -0.41 8,364,860 -3.16 -0.5

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 38.7 32.9 28.1 34.1 37.1
P.B.I.T. Margin 38.7 32.9 28.1 34.1 37.1
Pre-tax Margin 49.5 45.7 40.8 49.1 54.3
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