Pay and Specialty - Cottage Life (formerly Bold)

Individual Pay, Pay-per-view, Video-on-demand and Specialty Services - Financial Summary 2011-2015

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
405423948 Cottage Life (formerly Bold) Blue Ant Television Ltd. Blue Ant Media Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 1,473,616 1,672,534 13.50 1,640,141 -1.94 1,587,616 -3.20 1,587,366 -0.02 1.9
DTH revenue 2,508,560 2,356,900 -6.05 2,342,618 -0.61 2,325,501 -0.73 2,253,251 -3.11 -2.7
Local advertising revenue 0 0 0 0 0
National advertising revenue 56,444 61,115 8.28 18,108 -70.37 780,806 >999± 1,004,362 28.63 105.4
Other revenue 0 0 0 0 0
Total Revenue 4,038,620 4,090,549 1.29 4,000,867 -2.19 4,693,923 17.32 4,844,979 3.22 4.7

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 3,334,188 1,527,962 -54.17 1,418,722 -7.15 1,082,256 -23.72 2,515,885 132.47 -6.8
Technical 826,246 724,538 -12.31 621,187 -14.26 810,250 30.44 783,000 -3.36 -1.3
Sales and Promotion 256,345 486,262 89.69 325,648 -33.03 785,394 141.18 441,751 -43.75 14.6
Administration and General 27,716 34,157 23.24 700,136 >999± 1,322,590 88.90 1,320,000 -0.20 162.7
Total Expenses 4,444,495 2,772,919 -37.61 3,065,693 10.56 4,000,490 30.49 5,060,636 26.50 3.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -405,875 1,317,630 935,174 693,433 -215,657
Depreciation 0 0 0 0 0
P.B.I.T. -405,875 1,317,630 935,174 693,433 -215,657
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit -405,875 1,317,630 935,174 693,433 -215,657

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 954,785 685,448 -28.21 345,859 -49.54 520,868 50.60 1,504,508 188.85 12.0
Script & concept 0 0 0 0 0
Filler Programming + Program Production 1,105,678 391,338 -64.61 93,253 -76.17 455,229 388.17 747,750 64.26 -9.3
Investment in Programming 855,099 8,775 -98.97 414,273 >999± 0 -100.00 0 -100.0
Total Canadian Programming 2,915,562 1,085,561 -62.77 853,385 -21.39 976,097 14.38 2,252,258 130.74 -6.3
Canadian Programming/Revenue (%) 72.19 26.54 21.33 20.79 46.49

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 709,727 671,322 -5.41 323,949 -51.74 0 -100.00 0 -100.0
Average Staff Count 8 7.5 -6.25 4.38 -41.60 0 -100.00 0
Avg Remuneration ($) 88,716 89,510 0.89 73,961 -17.37

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 2,662,024 2,635,696 -0.99 2,565,383 -2.67 2,509,466 -2.18 2,389,188 -4.79 -2.7

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin -10.0 32.2 23.4 14.8 -4.5
P.B.I.T. Margin -10.0 32.2 23.4 14.8 -4.5
Pre-tax Margin -10.0 32.2 23.4 14.8 -4.5

CAGR = Compound Annual Growth Rate

DTH = Direct-to-Home

SMATV = Satellite Master Atenna Television

P.B.I.T. = Profit Before Interest and Tax

Var = Variation

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