CABLE VISION

PREMISAS MACROECONOMICAS 1,997 1,998 1,999 2,000 2,001

Escenario Heterodoxo
Tasa de inflación promedio:
ok Internacional 2.30% 2.30% 2.50% 2.80% 2.80%
ok Venezuela 50.00% 35.80% 25.10% 21.50% 16.90%
Tasa de inflación semestral Vzla. 22.47% 16.53% 11.85% 10.23% 8.12%
ok Tasa de inflación Venezuela puntual 37.60% 29.90% 23.20% 19.50% 14.90%
Tasa de interes pasiva promedio:
ok En Venezuela 35.10% 19.70% 16.60% 13.60%
Tasa pasiva semestral 16.23% 9.41% 7.98% 6.58%
Tasa de interes activa promedio:
ok En Venezuela 46.50% 31.90% 26.00% 20.30%
Tasa activa semestral 21.04% 14.85% 12.25% 9.68%
ok Tipo de Cambio Promedio (Bs./US$) 490.10 547.60 611.90 720.90 824.80
ok Tipo de Cambio Cierre (Bs./US$) 504.30 564.50 1,024.90 780.30 843.20
Tasa devaluación promedio 11.73% 11.74% 17.81% 14.41%
Tasa devaluación cierre 11.94% 81.56% -23.87% 8.06%

FUENTE: Reporte Metroeconómica Proyecciones 1998-2003

(*) Value Line 12/06/98

CABLE VISION
PREMISAS MACROECONOMICAS 1,997 1,998 1,999 2,000 2,001
Escenario Ortodoxo
Tasa de inflación promedio:
ok Internacional 2.30% 2.30% 2.50% 2.80% 2.80%
ok Venezuela 50.00% 37.80% 49.00% 33.10% 20.80%
Tasa de inflación semestral Vzla. 22.47% 17.39% 22.07% 15.37% 9.91%
ok Tasa de inflación Venezuela puntual 37.60% 38.00% 50.00% 25.40% 17.80%
Tasa de interes pasiva promedio:
ok En Venezuela 37.80% 40.80% 21.60% 15.90%
Tasa pasiva semestral 17.39% 18.66% 10.27% 7.66%
Tasa de interes activa promedio:
ok En Venezuela 50.60% 59.20% 33.20% 22.30%
Tasa activa semestral 22.72% 26.17% 15.41% 10.59%
ok Tipo de Cambio Promedio (Bs./US$) 490.10 564.50 939.40 1,132.80 1,238.40
ok Tipo de Cambio Cierre (Bs./US$) 504.30 635.60 1,024.90 1,176.50 1,272.80
Tasa devaluación promedio 15.18% 66.41% 20.59% 9.32%
Tasa devaluación cierre 26.04% 61.25% 14.79% 8.19%

FUENTE: Reporte Metroeconómica Proyecciones 1998-2003

(*) Value Line 12/06/98
 2,002 2,003 2,004 2,005 2,006 2,007 2,008 2,009

2.80% 2.80% 2.80% 2.80% 2.80% 2.80% 2.80% 2.80%

12.50% 9.80% 9.80% 9.80% 9.80% 9.80% 9.80% 9.80%
6.07% 4.79% 4.79% 4.79% 4.79% 4.79% 4.79% 4.79%
11.20% 9.40% 9.40% 9.40% 9.40% 9.40% 9.40% 9.40%

10.90% 9.60% 9.60% 9.60% 9.60% 9.60% 9.60% 9.60%

5.31% 4.69% 4.69% 4.69% 4.69% 4.69% 4.69% 4.69%

16.40% 14.80% 14.80% 14.80% 14.80% 14.80% 14.80% 14.80%

7.89% 7.14% 7.14% 7.14% 7.14% 7.14% 7.14% 7.14%
884.10 925.50 984.50 1,047.27 1,114.03 1,185.05 1,260.60 1,340.97
894.00 941.00 997.77 1,057.96 1,121.79 1,189.47 1,261.23 1,337.31
7.19% 4.68% 6.38% 6.38% 6.38% 6.38% 6.38% 6.38%
6.02% 5.26% 6.03% 6.03% 6.03% 6.03% 6.03% 6.03%

2,002 2,003 2,004 2,005 2,006 2,007

2.80% 2.80% 2.80% 2.80% 2.80% 2.80%

14.70% 10.10% 10.10% 10.10% 10.10% 10.10%
7.10% 4.93% 4.93% 4.93% 4.93% 4.93%
12.20% 8.80% 8.80% 8.80% 8.80% 8.80%

11.10% 8.20% 8.20% 8.20% 8.20% 8.20%

5.40% 4.02% 4.02% 4.02% 4.02% 4.02%

16.80% 13.70% 13.70% 13.70% 13.70% 13.70%

8.07% 6.63% 6.63% 6.63% 6.63% 6.63%
1,292.80 1,323.60 1,411.36 1,504.94 1,604.72 1,711.12
1,313.80 1,344.10 1,418.22 1,496.43 1,578.96 1,666.03
4.39% 2.38% 6.63% 6.63% 6.63% 6.63%
3.22% 2.31% 5.51% 5.51% 5.51% 5.51%
CABLE VISION
INCOME STATEMENT
(expressed in thousands of US Dollars) 1999 2000 2001 2002 2003 2,004

Net Sales 0 23,823 52,919 92,086 138,090 200,473

Cost of Goods Sold 0 7,593 15,560 24,940 35,917 46,482
Gross Profit (Loss) 0 16,230 37,359 67,146 102,173 153,991

Cost of Goods Sold / Net Sales (%) #DIV/0! 31.87% 29.40% 27.08% 26.01% 23.19%

Operative Expenses

Depreciation and Amortization 0 2,435 2,212 1,811 1,237 -333

Staff Expenses 0 2,369 2,467 2,501 2,565 2,212
Sales Expenses 0 936 1,663 2,555 3,272 4,660
Other Expenses - Outsourcing Preview Chan 0 12 12 12 12 12
Promotion Expenses 0 0 0 0 0 0
Venevision Expenses 0 0 0 0 0 0
Programming Expenses 0 269 278 293 304 316
Installation Expenses 0 78 81 85 89 92
Administrative Expenses 0 721 3,823 13,210 34,734 68,252
Severance Payment 0 0 0 0 0 0
Allowance for Doubtfull Account Expenses 0 88 255 203 203 425

Total Operative Expenses 0 6,908 10,792 20,671 42,415 75,637

EBITDA 0 11,756 28,779 48,286 60,994 78,021

EBITDA / Net Sales (%) #DIV/0! 49.35% 54.38% 52.44% 44.17% 38.92%

Other Income (Expense)

Financial Income 0 0 670 2,975 6,215 9,381

Financial Expense 0 -1,460 -368 -257 -151 -113
Credit Card Commission 0 -133 -280 -425 -565 -868
Realized Deferred Credit 0 50 50 50 50 50
Other Income (Expense) 0 509 526 553 575 598

Total Other Income (Expense) 0 -1,034 598 2,897 6,125 9,048

Net Income (Loss) before Taxes 0 10,722 29,376 51,183 67,119 87,069

Conatel Taxes 0 153 336 518 693 1,081

Income Taxes 0 3,971 10,147 16,589 21,474 27,549
Business Assets Taxes 0 0 0 0 0 0

Net Income (Loss) after Taxes 0 6,598 18,893 34,077 44,952 58,439

Net Income after taxes / Net Sales (%) #DIV/0! 27.70% 35.70% 37.01% 32.55% 29.15%

Translation Adjustment 0 -4,104 -2,809 -3,608 -3,993 -4,534

Net Income (Loss) after Translation Adjus 0 2,493 16,084 30,469 40,959 53,905
CABLEVISION
COMBINED INCOME STATEMENT
(expressed in Thousands of US Dollars) 1999 2000 2001 2002 2003 2004

Net Sales 0 51,513 144,203 254,419 363,183 465,391

Cost of Goods Sold 0 18,115 42,945 68,770 89,940 110,062
Gross Profit (Loss) 0 33,398 101,258 185,649 273,243 355,329

Cost of Goods Sold / Net Sales (%) #DIV/0! 35.17% 29.78% 27.03% 24.76% 23.65%

Operative Expenses 0 15,245 40,601 77,745 127,927 177,849

EBITDA 0 18,152 60,657 107,904 145,316 177,480
 1,999 2,000 2,001 2,002 2,003 2,004 2,005 2,006 2,007 2,008 2,009
267.38
242.90

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CABLEVISION
OPERATIVE INCOME DETAIL
(expressed in thousands of US Dollars) 1999 2000 2001 2002 2003

Ingresos por afiliación (instalación) 135 1,290 1,408 1,320 1,332

Ingresos por mensualidad 3,349 15,338 33,626 51,779 69,306
Publicidad en revista (patrocinantes) 0 1,017 1,052 1,106 1,150

Net Income 3,484 22,323 45,443 71,179 93,303

CABLEVISION (Wireless High Speed Internet)

OPERATIVE INCOME DETAIL
(expressed in US Dollars) 1999 2000 2001 2002 2003

Net Sales 1,500 7,476 20,907 44,787

CABLEVISION (Wireless Voice Over IP)

OPERATIVE INCOME DETAIL
(expressed in US Dollars) 1999 2000 2001 2002 2003

Net Sales 26,190 83,808 141,426 180,306

CABLEVISION
OPERATIVE INCOME - COMBINED
(expressed in thousands of US Dollars) 1999 2000 2001 2002 2003

Net Sales 3,484 23,849 53,003 92,228 138,270

1999 2000 2001 2002 2003

Average Inflation Rate:
International 2.50% 2.80% 2.80% 2.80% 2.80%
Venezuela 25.10% 21.50% 16.90% 12.50% 9.80%
Average Inflation Rate Accumulated:
International 5.37% 8.32% 11.35% 14.47%
Venezuela 52.00% 77.68% 99.89% 119.48%
Average Year-end Devaluation Rate (BS/US$)
Venezuela 11.74% 17.81% 14.41% 7.19% 4.68%
Venezuela Accumulated 31.65% 50.62% 61.45% 69.01%