Bell TV On Demand and Vu! (formerly Bell)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
205421499 Bell TV On Demand and Vu! (formerly Bell) Bell ExpressVu Limited Partnership BCE Inc. Pay-per-view Direct-to-Home 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
DTH revenue 57,881,467 56,318,752 -2.70 48,440,828 -13.99 36,801,401 -24.03 36,555,302 -0.67 -10.9
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 57,881,467 56,318,752 -2.70 48,440,828 -13.99 36,801,401 -24.03 36,555,302 -0.67 -10.9

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 37,975,464 38,003,024 0.07 32,527,661 -14.41 25,219,000 -22.47 25,602,813 1.52 -9.4
Technical 4,693,095 5,865,092 24.97 5,465,755 -6.81 3,301,382 -39.60 3,263,177 -1.16 -8.7
Sales and Promotion 1,216,943 970,326 -20.27 1,076,421 10.93 462,565 -57.03 473,217 2.30 -21.0
Administration and General 5,809,228 7,075,523 21.80 7,511,810 6.17 5,487,839 -26.94 5,034,775 -8.26 -3.5
Total Expenses 49,694,730 51,913,965 4.47 46,581,647 -10.27 34,470,786 -26.00 34,373,982 -0.28 -8.8

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 8,186,737 4,404,787 1,859,181 2,330,615 2,181,320
Depreciation 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
P.B.I.T. 8,186,737 4,404,787 1,859,181 2,330,615 2,181,320
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 8,186,737 4,404,787 1,859,181 2,330,615 2,181,320

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 2,147,345 1,476,729 -31.23 958,686 -35.08 704,622 -26.50 1,028,964 46.03 -16.8
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 0 874,115 n/a 524,130 -40.04 500,942 -4.42 639,545 27.67 n/a
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 2,147,345 2,350,844 9.48 1,482,816 -36.92 1,205,564 -18.70 1,668,509 38.40 -6.1
Canadian Programming/Revenue (%) 3.71 4.17 3.06 3.28 4.56

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 2,159,979 2,008,358 -7.02 2,498,477 24.40 2,600,483 4.08 2,701,523 3.89 5.8
Total Staff Count 20 21 5.00 23 9.52 25 8.70 25.99 3.96
Avg Remuneration 107,999 95,636 -11.45 108,629 13.59 104,019 -4.24 103,945 -0.07 -1.0

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 1,956,280 1,968,540 0.63 0 -100.00 0 n/a 0 n/a -100.0

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 14.1 7.8 3.8 6.3 6.0
P.B.I.T. Margin 14.1 7.8 3.8 6.3 6.0
Pre-tax Margin 14.1 7.8 3.8 6.3 6.0
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