Spreadsheet: be1e0b21-2c7f-44df-8f31-f30399b74c9a
Sheet: Sheet1

Unnamed: 0 | Revised: May 31, 2012 | Unnamed: 2 | Unnamed: 3 | Unnamed: 4 | Unnamed: 5 | Unnamed: 6 | [NAME] | Unnamed: 8 | Unnamed: 9 | Unnamed: 10 | Unnamed: 11 | Unnamed: 12 | Unnamed: 13 | Unnamed: 14 | Unnamed: 15 | Unnamed: 16 | Unnamed: 17 | Unnamed: 18 | Unnamed: 19 | Unnamed: 20 | Unnamed: 21 | Unnamed: 22 | Unnamed: 23 | Unnamed: 24
 | Enter the changes in decimals
 |  |  | 2011 - Q4 | 2012 - Q1 | 2012 - Q2 | 2012 - Q3 | 2012 - Q4 | 2013 - Q1 | 2013 - Q2 | 2013 - Q3 | 2013 - Q4 | 2014 - Q1 | 2014 - Q2 | 2014 - Q3 | 2014 - Q4 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020
 | Online - quarterly change (+/-) |  |  |  | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15
 | Print    - quarterly change (+/-) |  |  |  | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.15 | -0.15 | 0 | 0 | 0 | 0
 |  |  |  | Current
 |  | Debt | 2011 - Q4 | 2012 - Q1 | 2012 - Q2 | 2012 - Q3 | 2012 - Q4 | 2013 - Q1 | 2013 - Q2 | 2013 - Q3 | 2013 - Q4 | 2014 - Q1 | 2014 - Q2 | 2014 - Q3 | 2014 - Q4 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Later
 | EBITDA
 | Online revenues |  | 90 | 85.9 | 87.83275 | 89.808986875 | 91.8296890796875 | 93.89585708398046 | 96.00851386837002 | 98.16870543040834 | 100.3775013025925 | 102.6359950819008 | 104.9453049712436 | 107.3065743330966 | 109.7209722555913 | 438.8838890223651 | 504.7164723757198 | 580.4239432320777 | 667.4875347168893 | 767.6106649244226 | 882.752264663086
 | Revenue growth |  |  |  | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.0225 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15
 | EBITDA  rate |  | 0.394 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4
 | Online EBITDA |  | 35.46 | 34.36000000000001 | 35.13310000000001 | 35.92359475 | 36.731875631875 | 37.55834283359219 | 38.40340554734801 | 39.26748217216334 | 40.15100052103701 | 41.05439803276034 | 41.97812198849745 | 42.92262973323864 | 43.88838890223651 | 175.553555608946 | 201.8865889502879 | 232.1695772928311 | 266.9950138867557 | 307.0442659697691 | 353.1009058652344
 | Print revenues |  | 223.3 | 203.2 | 194.2592 | 185.7117952 | 177.5404762112 | 169.7286952579072 | 162.2606326665593 | 155.1211648292307 | 148.2958335767445 | 141.7708168993677 | 135.5329009557956 | 129.5694533137406 | 123.868397367936 | 495.4735894717439 | 421.1525510509823 | 421.1525510509823 | 421.1525510509823 | 421.1525510509823 | 421.1525510509823
 | Revenue decline |  |  |  | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.044 | -0.15 | -0.15 | 0 | 0 | 0 | 0
 | EBITDA  rate |  | 0.5 | 0.55 | 0.55 | 0.545 | 0.54 | 0.54 | 0.535 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | <<<   Note declining margins
 | Print EBITDA |  | 111.65 | 111.76 | 106.84256 | 101.212928384 | 95.871857154048 | 91.65349543926989 | 86.80943847660922 | 82.21421735949225 | 78.59679179567458 | 75.1385329566649 | 71.83243750657165 | 68.6718102562825 | 65.65025060500606 | 262.6010024200243 | 223.2108520570206 | 223.2108520570206 | 223.2108520570206 | 223.2108520570206 | 223.2108520570206
 | Total revenues |  | 313.3 | 289.1 | 282.09195 | 275.520782075 | 269.3701652908875 | 263.6245523418876 | 258.2691465349293 | 253.289870259639 | 248.673334879337 | 244.4068119812686 | 240.4782059270392 | 236.8760276468371 | 233.5893696235272 | 934.3574784941089 | 925.8690234267021 | 1001.57649428306 | 1088.640085767872 | 1188.763215975405 | 1303.904815714068
A | EBITDA Total |  | 147.11 | 146.12 | 141.97566 | 137.136523134 | 132.603732785923 | 129.2118382728621 | 125.2128440239572 | 121.4816995316556 | 118.7477923167116 | 116.1929309894252 | 113.8105594950691 | 111.5944399895211 | 109.5386395072426 | 438.1545580289703 | 425.0974410073086 | 455.3804293498517 | 490.2058659437764 | 530.2551180267897 | 576.3117579222551
 | Percent |  | 0.4695499521225663 | 0.5054306468350053 | 0.5032956807168728 | 0.4977356775093279 | 0.4922732725160073 | 0.4901358281124389 | 0.4848153397487723 | 0.4796153095547357 | 0.4775252335532123 | 0.4754079071999446 | 0.4732676670483774 | 0.4711090484677468 | 0.4689367486362264 | 0.4689367486362264 | 0.459133452196073 | 0.454663654697506 | 0.450291948966779 | 0.4460561286729455 | 0.4419891321642559
 | CASH PAYOUTS
 | Interest expense
 | Credit Facility - NRT |  | 3.325 | 2.07 | 1.7825 | 1.495 | 1.2075 | 0.92
 | Credit Facility -   RT |  |  | 2.629 | 2.629 | 2.629 | 2.629 | 1.3145 |  |  |  | 1.65 | 1.65 | 1.65 | 1.65
 | Commercial paper | PAID
 | Debentures  2017- 6.25% |  | 2.875 | 2.875 | 2.875 | 2.875 | 2.875 | 2.875 | 2.875 | 2.875 | 0.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | [NAME] Notes
 | July 2013 - 6.50% |  | 2.1125 | 2.1125 | 2.1125 | 2.1125 | 2.1125 | 2.1125 | 2.1125
 | Dec 2013 - 6.85% |  | 2.140625 | 2.140625 | 2.140625 | 2.140625 | 2.140625 | 2.140625 | 2.140625 | 2.140625 | 2.140625
 | Apr 2014 - 5.71% |  | 3.640125 | 3.640125 | 3.640125 | 3.640125 | 3.640125 | 3.640125 | 3.640125 | 3.640125 | 3.640125 | 3.640125
 | Feb 2015 - 7.30% |  | 2.5185 | 2.5185 | 2.5185 | 2.5185 | 2.5185 | 2.5185 | 2.5185 | 2.5185 | 2.5185 | 2.5185 | 2.5185 | 2.5185 | 2.5185 | 1.5
 | Feb 2016 - 5.25% |  | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 16.8 | 2.8
 | Nov 2019 - 5.85% |  | 1.769625 | 1.769625 | 1.769625 | 1.769625 | 1.769625 | 1.769625 | 1.769625 | 1.769625 | 1.769625 | 1.769625 | 1.769625 | 1.769625 | 1.769625 | 7.0785 | 7.0785 | 7.0785 | 7.0785 | 6.37065
 | Mar 2020 - 7.75% |  | 5.8125 | 5.8125 | 5.8125 | 5.8125 | 5.8125 | 5.8125 | 5.8125 | 5.8125 | 5.8125 | 5.8125 | 5.8125 | 5.8125 | 5.8125 | 23.25 | 23.25 | 23.25 | 23.25 | 23.25 | 5.8125
 | Feb 2036 - 6.25% |  | 0.265625 | 0.265625 | 0.265625 | 0.265625 | 0.265625 | 0.265625 | 0.265625 | 0.265625 | 0.265625 | 0.265625 | 0.265625 | 0.265625 | 0.265625 | 1.0625 | 1.0625 | 1.0625 | 1.0625 | 1.0625 | 1.0625
 | Interest adj (timing) |  | 6.900000000000002 | 2.899999999999999
new | Other finance charges |  |  | 1.9
 | Income Taxes |  | 27.3 | 29.8 | 31.73333333333333 | 31.73333333333333 | 31.73333333333333 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 140 | 140 | 140 | 140 | 140 | 140
 | CAPEX |  | 14.7 | 8.2 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 50 | 50 | 50 | 50 | 50 | 50
new | Pension top-up |  | 0 | 13.036 | 0 | 0 | 0 | 13 | 0 | 0 | 0 | 13 | 0 | 0 | 0 | 13 | 13 | 0 | 0 | 0 | 0
new | Change in operating assets/liabilities |  |  | 47.93599999999999
 | Net inc/(loss)-disc Ops |  | 2.9 | 0
 | Balancing adjustment |  | 0.5
 | Dividends | Preferred | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
B | Total payouts |  | 90.9595 | 133.8055 | 73.97933333333333 | 73.69183333333334 | 73.40433333333334 | 88.069 | 72.8345 | 70.72200000000001 | 68.747 | 80.356375 | 63.71625 | 63.71625 | 63.71625 | 252.691 | 237.191 | 221.391 | 221.391 | 220.68315 | 196.875
 | Cash on hand - opening |  | 52
 | Cash from asset sales |  | 72
C | Excess cash for period | (A - B) | 180.1505 | 12.31450000000004 | 67.9963266666667 | 63.44468980066668 | 59.19939945258966 | 41.14283827286208 | 52.37834402395721 | 50.75969953165558 | 50.00079231671158 | 35.83655598942524 | 50.0943094950691 | 47.87818998952113 | 45.82238950724258 | 185.4635580289703 | 187.9064410073086 | 233.9894293498517 | 268.8148659437763 | 309.5719680267896 | 379.4367579222551
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | O/S | Annual
 | Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Debt | Interest
D | Credit Facility NRT 4.4% | 250 | 45 | 25 | 25 | 25 | 25 | 105 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 180 | 7.92
D | Credit Facility  RT  4.4% | 16 | 16 | -239 |  |  |  | 239 |  |  |  | -150 |  |  | 150 |  |  |  |  |  |  |  | 239 | 10.516
D | Commercial paper | 35 | 35 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | Other |  |  | 0.3
D | Debentures  2017- 6.25% | 184 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 184 |  |  |  |  | 184 | 11.5
D | [NAME] Notes
D | July 2013 - 6.50% | 130 |  |  |  |  |  |  |  | 130 |  |  |  |  |  |  |  |  |  |  |  |  | 130 | 8.450000000000001
D | Dec 2013 - 6.85% | 125 |  |  |  |  |  |  |  |  | 125 |  |  |  |  |  |  |  |  |  |  |  | 125 | 8.5625
D | Apr 2014 - 5.71% | 255 |  |  |  |  |  |  |  |  |  |  | 255 |  |  |  |  |  |  |  |  |  | 255 | 14.5605
D | Feb 2015 - 7.30% | 138 |  |  |  |  |  |  |  |  |  |  |  |  |  | 138 |  |  |  |  |  |  | 138 | 10.074
D | Feb 2016 - 5.25% | 320 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 320 |  |  |  |  |  | 320 | 16.8
D | Nov 2019 - 5.85% | 121 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 121 |  |  | 121 | 7.0785
D | Mar 2020 - 7.75% | 300 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 300 |  | 300 | 23.25
D | Feb 2036 - 6.25% | 17 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17 |  | 17 | 1.0625
 | total opening debt | 1891
E | Cash flow for period | (C - D) | 84.15050000000002 | 226.0145 | 42.9963266666667 | 38.44468980066668 | 34.19939945258966 | -302.8571617271379 | 52.37834402395721 | -79.24030046834442 | -74.99920768328842 | 185.8365559894252 | -204.9056905049309 | 47.87818998952113 | -104.1776104927574 | 47.46355802897031 | -132.0935589926914 | 49.98942934985175 | 268.8148659437763 | 188.5719680267896 | 62.43675792225508 |  | 2009 | 119.774
F | Accumulated flow |  | 84.15050000000002 | 310.1650000000001 | 353.1613266666668 | 391.6060164673335 | 425.8054159199231 | 122.9482541927852 | 175.3265982167424 | 96.086297748398 | 21.08709006510958 | 206.9236460545348 | 2.017955549603897 | 49.89614553912503 | -54.28146495363239 | -6.817906924662083 | -138.9114659173535 | -88.92203656750175 | 179.8928293762746 | 368.4647974030643 | 430.9015553253194
 | Accumulated unpaid dividends - C & D's |  |  | 5.584875
 | (The accumulated flow is the sum of the periods to date, displaying the available cash to meet critical debt payments.)
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Adjustments for ratios
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Cash |  | Q4 | -84
 |  |  |  | Preferred shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | LOC | -239
 |  |  | series | $ | Shares | Dividends |  |  |  |  |  |  |  |  |  |  |  |  |  | convertible debentures |  |  | -184
 |  | A | 1 | 251.1 | 10.045872 | 10.625 |  |  |  |  |  |  |  |  |  |  |  |  |  | net debt |  |  | 1502
 |  | B | 2 | 151.6 | 6.062128 | 7.5
 |  | C | 3 | 203 | 8.1209 | 13.7025
 |  | D | 5 | 123 | 4.91992 | 8.487 |  |  |  |  |  |  |  |  |  |  |  | (point 9.7 - total consolidated debt NOT to exceed 3.5 times extrapolated 12-month EBITDA) | Test period | EBITDA | 588.8 | <3.5 | 2.550951086956522
 |  |  | 7 | 2.9 | 0.383333 | 0.15
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6-month finance charges >>> | 59.887
 |  |  | Annual | 731.6 | 29.532153 | 40.4645 |  |  |  |  |  |  |  |  |  |  |  | (point 9.8 - 6 month EBITDA to exceed 3.5 times test period finance charges) | Test period | EBITDA | 288.0956600000001 |  | > 3.5 | 4.810654399118341