E! (formerly Star! TV)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305417330 E! (formerly Star! TV) Bell Media Inc. BCE Inc. Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 13,721,312 12,534,812 -8.65 13,624,182 8.69 13,388,515 -1.73 11,801,861 -11.85 -3.7
DTH revenue 5,575,221 5,540,242 -0.63 3,723,306 -32.80 3,402,754 -8.61 3,153,245 -7.33 -13.3
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 6,270,611 9,049,855 44.32 11,223,517 24.02 13,979,104 24.55 14,217,359 1.70 22.7
Other revenue 0 0 n/a 18,662 n/a 17,877 -4.21 176,290 886.13
Total Revenue 25,567,144 27,124,909 6.09 28,589,667 5.40 30,788,250 7.69 29,348,755 -4.68 3.5

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 13,493,493 16,433,955 21.79 13,850,838 -15.72 13,772,555 -0.57 17,955,291 30.37 7.4
Technical 906,380 1,179,221 30.10 1,209,998 2.61 1,223,936 1.15 1,165,296 -4.79 6.5
Sales and Promotion 833,147 885,839 6.32 1,077,348 21.62 1,901,553 76.50 1,567,831 -17.55 17.1
Administration and General 1,378,980 1,979,917 43.58 2,512,399 26.89 1,994,248 -20.62 2,085,017 4.55 10.9
Total Expenses 16,612,000 20,478,932 23.28 18,650,583 -8.93 18,892,292 1.30 22,773,435 20.54 8.2

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 8,955,144 6,645,977 9,939,084 11,895,958 6,575,320
Depreciation 1,486,659 1,873,224 26.00 728,215 -61.13 540,507 -25.78 546,183 1.05 -22.2
P.B.I.T. 7,468,485 4,772,753 9,210,869 11,355,451 6,029,137
Interest Expense 0 -141,297 n/a 283,463 -300.62 308,266 8.75 518,134 68.08
Adjustments - Gain (Loss) -734,485 -795,656 8.33 -1,943,457 144.26 -2,128,382 9.52 -1,919,099 -9.83
Pre-tax Profit 6,734,000 4,118,394 6,983,949 8,918,803 3,591,904

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 5,393,990 262,828 -95.13 158,177 -39.82 823,472 420.60 3,988,277 384.32 -7.3
Script & concept 0 0 n/a 0 n/a 222,836 n/a 34,977 -84.30 n/a
Filler Programming + Program Production 4,299,316 10,566,973 145.78 7,561,341 -28.44 5,199,825 -31.23 5,349,172 2.87 5.6
Investment in Programming 0 650 n/a 0 -100.00 0 n/a 0 n/a n/a
Total Canadian Programming 9,693,306 10,830,451 11.73 7,719,518 -28.72 6,246,133 -19.09 9,372,426 50.05 -0.8
Canadian Programming/Revenue (%) 37.91 39.93 27.00 20.29 31.93

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 3,569,451 8,626,176 141.67 7,596,381 -11.94 7,412,125 -2.43 7,352,618 -0.80 19.8
Total Staff Count 30 81 170.00 71 -12.35 65 -8.45 69.11 6.32
Avg Remuneration 118,982 106,496 -10.49 106,991 0.47 114,033 6.58 106,390 -6.70 -2.8

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 6,199,108 6,460,210 4.21 6,880,039 6.50 7,114,520 3.41 7,136,382 0.31 3.6

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 35.0 24.5 34.8 38.6 22.4
P.B.I.T. Margin 29.2 17.6 32.2 36.9 20.5
Pre-tax Margin 26.3 15.2 24.4 29.0 12.2
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