Bragg Communications Incorporated, Halifax

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
535424840 Bragg Communications Incorporated, Halifax Bragg Communications Incorporated Tidnish Holdings Limited Video-on-Demand 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 3,577,616 5,236,193 46.36 6,294,988 20.22 5,854,604 -7.00 5,213,860 -10.94 9.9
DTH revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
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 3,577,616 5,236,193 46.36 6,294,988 20.22 5,854,604 -7.00 5,213,860 -10.94 9.9

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 2,636,316 3,600,355 36.57 4,557,985 26.60 4,145,491 -9.05 4,514,403 8.90 14.4
Technical 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Sales and Promotion 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Administration and General 0 0 n/a 0 n/a 0 n/a 10,518 n/a n/a
Total Expenses 2,636,316 3,600,355 36.57 4,557,985 26.60 4,145,491 -9.05 4,524,921 9.15 14.5

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 941,300 1,635,838 1,737,003 1,709,113 688,939
Depreciation 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
P.B.I.T. 941,300 1,635,838 1,737,003 1,709,113 688,939
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 941,300 1,635,838 1,737,003 1,709,113 688,939

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 2,636,316 3,600,355 36.57 4,557,985 26.60 4,145,491 -9.05 4,514,403 8.90 14.4
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 2,636,316 3,600,355 36.57 4,557,985 26.60 4,145,491 -9.05 4,514,403 8.90 14.4
Canadian Programming/Revenue (%) 73.69 68.76 72.41 70.81 86.58

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Staff Count 0 0 n/a 0 n/a 0 n/a 0 n/a
Avg Remuneration n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 26.3 31.2 27.6 29.2 13.2
P.B.I.T. Margin 26.3 31.2 27.6 29.2 13.2
Pre-tax Margin 26.3 31.2 27.6 29.2 13.2
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