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SPORT MEDIA GROUP PLC modeFinance Edificio A AREA Science Park, Padriciano 99 34149 Trieste ITALY Tel: +39 040 3755337 Fax: +39 040 3756741 mail: info@modefinance.com web: www.modefinance.com

C

Fundamental Credit Rating:

Company name Identification number Country ZIP code and city Address Phone Web site Email Legal form Account Incorporation date NACE 2 Sector Listed Status

SPORT MEDIA GROUP PLC GB03769328 United Kingdom M60 4BT - MANCHESTER 19, Great Ancoats Street +44 20 8507 6920 www.sportmediagroup.co.uk info@sportmediagroup.co.uk Public company, AIM Consolidated 1999 6190 - Other telecommunications activities Listed Active

mF Credit limit

Not eligible for credit on the base of the available informations

31/12/2009

31/07/2008

31/07/2007

34,779

37,291

16,839

Creditworthiness scale Turnover (the) Extremely strong(AAA) Very strong(AA) Good(A) Adequate(BBB) Sufficient(BB) Weak(B)

Rating Probability of default Confidence Level

C 62.00% 100%

B 7.10% 100%

AA 0.30% 100%

Leverage ratio

-67.33

0.79

0.53

Total asset/Total liabilties

0.99

2.26

2.90

Current ratio

0.23

0.51

2.54

Quick ratio

0.22

0.51

2.52

Solvency ratios

High danger(CCC) Pathological(CC) Extremely pathological(C) Non return(D) Not available

Liquidity ratios

Profitability and economic equilibrium ratios Return on investement ROI (%)

-98.30

-40.44

72.82

Return on equity ROE (%)

-6,311.22

-73.19

75.75

Asset turnover

1.10

0.66

1.56

Interest paid weight

-0.06

-0.02

0.00

Gross Profit/Operating revenue

0.17

0.45

0.62

-16.83

-58.32

2.6E03

Interest Coverage ratios EBIT interest coverage ratio

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Sector Analysis Company

Healthy

Balanced

Vulnerable

Risky

-67.33 0.99

0.35 3.80

1.22 1.78

1.66 1.31

-2.47 0.78

0.23 0.22

2.67 2.55

1.33 1.24

1.15 1.04

0.62 0.56

-98.30 -6,311.22 1.10 -0.06 0.17

13.23 14.91 1.20 0.00 0.46

5.57 6.34 1.08 0.10 0.33

-3.58 -23.11 1.09 -0.02 0.28

-17.39 -89.80 1.20 -0.08 0.28

-16.83

269.50

7.15

-3.48

-7.07

1 37 63 -25 C

8 52 19 47 1,648 A

7 53 28 35 2,343 BBB

11 49 29 37 1,043 B

9 38 41 -2 283 CC

Solvency ratios Leverage ratio Total asset/Total liabilties

Liquidity ratios Current ratio Quick ratio

Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%) Asset turnover Interest paid weight Gross Profit/Operating revenue

Interest Coverage ratios EBIT interest coverage ratio

Cash Conversion Cycle (days) Days Sales Of Inventory (DIO) Days Sales Outstanding (DSO) Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)

Numer of analyzed companies (Average) Rating

The sector has been chosen according to: international companies in the sector NACE 2 6190 with financial data of year 2009.

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Sector Analysis - Graphs

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Balance Sheet BALANCE SHEET (th e) Accounting practice Exchange rate GBP - EUR Total assets Fixed assets Intangible fixed assets Tangible fixed assets Other fixed assets Current assets Stocks Debtors Other current assets Cash & cash equivalent Shareholders funds Capital Other shareholders funds Total liabilities Non current liabilities Long term debt Other non-current liabilities Current liabilities Loans Creditors Other current liabilities Total shareh. funds & liab.

31/12/2009 IFRS 1.12418 22,222 18,052 15,860 183 2,009 4,170 100 2,522 1,548 301 -335 278 -613 22,557 4,405 0 4,405 18,152 0 4,239 13,913 22,222

31/07/2008 IFRS 1.26866 56,208 46,759 45,847 363 549 9,449 129 7,939 1,380 677 31,370 307 31,063 24,838 6,447 0 6,447 18,390 0 3,621 14,770 56,208

31/07/2007 IFRS 1.48194 10,818 1,735 1,544 187 4 9,083 52 6,209 2,822 2,525 7,090 142 6,947 3,729 147 0 147 3,582 0 1,507 2,075 10,818

NET DEBT (th e) Short term debts Long term debt Cash & cash equivalent Net debt

31/12/2009 0 0 301 -301

31/07/2008 0 0 677 -677

31/07/2007 0 0 2,525 -2,525

Working capital Net Current Assets

31/12/2009 -1,618 -13,983

31/07/2008 4,448 -8,941

31/07/2007 4,754 5,501

Days Sales Of Inventory (DIO) Days Sales Outstanding (DSO) Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)

31/12/2009 1 37 63 -25

31/07/2008 1 78 35 44

31/07/2007 1 135 33 103

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Income Statement INCOME STATEMENT (th e) Accounting practice Exchange rate GBP - EUR Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized Operating revenue / turnover Total operating costs Costs growth (%) Service costs Material costs Costs of employees EBITDA Depreciation EBIT Financial P/L Financial revenue Financial expenses Interest paid P/L before tax Extr. and other P/L Extr. and other revenue Extr. and other expenses P/L before tax + Extr. and other P/L Taxation P/L for period

31/12/2009 IFRS 1.12418 34,779 -6.7 0

31/07/2008 IFRS 1.26866 37,291 121.5 0

31/07/2007 IFRS 1.48194 16,839 0

34,779 65,766 20 8,167 -3,967 27,020 -30,987 -1,799 43 1,841 1,841 -32,786 15 -32,771 -2,819 -29,952

37,291 60,151 271 5,738 4,972 27,832 -22,860 -261 131 392 392 -23,121 -82 -23,204 -242 -22,961

16,839 9,123 984 8,123 406 7,716 159 162 3 3 7,875 -64 7,811 2,441 5,371

Costs of Good Sold Gross Profit Other Operating Expenses

31/12/2009 28,809 5,969 36,956

31/07/2008 20,419 16,872 39,732

31/07/2007 6,463 10,377 2,660

Cash flow Added value

31/12/2009 -2,932 9,896

31/07/2008 4,870 11,243

31/07/2007 5,777 4,323

Number of employees

31/12/2009 119

31/07/2008 119

31/07/2007 21

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Evolutions and trends

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Qualitative information

Full overview

Interactive World Public Limited Company, with its head office located in London, United Kingdom, is an AIM(Alternative Investment Market) quoted company which sells digital media content through mobile telephones via the internet to mobile customers of major United Kingdom mobile network operators and users of leading United Kingdom internet key search engines. The company intends to continue to build relationships with major mobile telephone network operators. Interactive World was incorporated in 1999 and was formerly known as Interactive World Limited. The company is the United Kingdom’s leading commercial gateway between mobile phone users and content owners. The company does not create its own content but has a number of relationships with content providers, including a five year exclusive relationship with Sport Newspapers Limited. Its model is attractive to content providers as it enables them to sell their content through mobile telephones. Through commercial arrangements, Interactive World Public Limited Company has created portals to deliver content to more than 4,000 different types of mobile phone devices in the United Kingdom. The company’s purpose built ’Mob Wizard’ delivers industry - beating search and content, analytics and profiling and portal and content products for its clients and partners. Interactive World is a member of Mobile Data Association (MDA), the non - profit global association for vendors and users of mobile data and their advisors.

History

Formerly known as Interactive World Limited.

Primary business line

An AIM(Alternative Investment Market) quoted company which sells digital media content through mobile telephones via the internet to mobile customers of major United Kingdom mobile network operators and users of leading United Kingdom internet key search engines.

Secondary business line

Not available.

Main activity

Retail.

Secondary activity

Not available.

Main products and services

Not available.

Size estimate

The United Kingdom’s leading commercial gateway between mobile phone users and content owners.

Strategy, organization and policy

Not available.

Strategic alliances

Not available.

Membership of a network

Mobile Data Association (MDA).

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Main brand names

Not available.

Main domestic country

United Kingdom.

Main foreign countries or regions

Not available.

Main production sites

Not available.

Main distribution sites

Not available.

Main sales representation sites

Not available.

Main customers

Not available.

Auditor/Advisor/Bank type Auditor Auditor Banker Law Firm Brand Name Advisor Registrar

HORWARTH CLARK WHITEHILL LLP EDWARDS CHARTERED ACCOUNTANTS NATIONAL WESTMINSTER BANK PLC FINERS STEPHENS INNOCENT DANIEL STEWART & COMPANY PLC CAPITA REGISTRARS

Board Mr Mr Mr Mr Mr Mr Mr Mr

David John Bailey Simon Patrick Hume Kendall William Martin Robinson Andrew Fickling Andrew Peter Fletcher John Malcolm Maddock Nigel Edwin Blythe - Tinker Robert Neil Johnson

function Non Executive Chairman Chairman Non - Executive Deputy Chairman Executive Director Executive Director Non - Executive Director Member, Remuneration Committee Executive Director

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date of birth 13/01/1949 15/08/1953 17/05/1958 16/08/1972 26/05/1965 30/07/1942 18/08/1950 04/11/1955

nationality United Kingdom

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Sharehoders (the first twenty shareholders ordered by Direct %) HBOS PLC Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

GB 8.42 15.14

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

24,832 1,164,716 2008/07

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

121,941 1,004,001 103,432 2009/12

DALTON STRATEGIC PARTNERSHIP LLP via its funds Rating: BBB Country ISO code GB Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % Number of Employees Total % 13.17 Information date

8 25 2010/06

INSIGHT INVESTMENT MANAGEMENT (GLOBAL) LIMITED Rating: Country ISO code GB Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % Number of Employees Total % 12.34 Information date

230 107 2008/07

BANK OF NEW YORK MELLON CORPORATION via its funds Rating: Country ISO code US Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % Number of Employees Total % 11.07 Information date

13,848 247,259 48,000 2010/02

SCOTTISH WIDOWS INVESTMENT PARTNERSHIP LIMITED Rating: A Country ISO code GB Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % 10.87 Number of Employees Total % Information date

174 176 2010/04

AXA via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

FR 14.25

LLOYDS BANKING GROUP PLC via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

GB 8.19

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

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39,069 1,552,308 104,230 2010/02

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CLERICAL MEDICAL MANAGED FUNDS LIMITED Rating: Country ISO code GB Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % 6.18 Number of Employees Total % Information date

-2,713 16,610 2010/04

CREDIT SUISSE SECURITIES (EUROPE) LTD Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

GB 4.86 -

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

3,794 270,018 4,512 2008/03

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

321 160 4 2008/03

GB 3.48 -

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

379 5,252 705 2007/04

GB 3.33 -

Rating: BBB Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

22 68 76 2009/05

GARTMORE INVESTMENT LIMITED Rating: A Country ISO code NACE Rev. 2, Core code Direct % Total %

GB 4.31

MF GLOBAL UK LIMITED Rating: Country ISO code NACE Rev. 2, Core code Direct % Total % SPREADEX LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %

ROYAL LONDON MUTUAL INSURANCE SOCIETY LTD via Rating: Country ISO code GB NACE Rev. 2, Core code Direct % Total % 3.21

its funds Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

1,780 49,749 2,768 2009/05

BRITISH COAL STAFF SUPERANNUATION SCHEME Rating: Country ISO code GB Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % 3.10 Number of Employees Total % Information date

2008/04

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MINEWORKER’S PENSION SCHEME PLC Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

3.10 -

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

2008/04

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

39,069 1,552,308 104,230 2010/08

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

2007/04

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

2008/07

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

25 50 133 2010/09

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

0 41 2008/11

LLOYDS BANKING GROUP PLC Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

GB 1.90 -

JOHNSON ROB Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

1.19 -

BAILEY DAVID Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

?0.84 -

HARGREAVE HALE LIMITED via its funds Rating: BB Country ISO code NACE Rev. 2, Core code Direct % Total %

GB 0.39

BLUEHONE AIM VCT2 PLC Rating: A Country ISO code NACE Rev. 2, Core code Direct % Total %

GB 0.20 -

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Subsidiaries (the first twenty subsidiaries ordered by Direct %) FLIP MEDIA LIMITED Rating: C Country ISO code NACE Rev. 2, Core code Direct % Total %

GB WO WO

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

2 0 11 2010/06

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

51 15 132 2011/03

Rating: CC GB Operating revenue (MIL $) Total Assets (MIL $) >50.00 Number of Employees >50.00 Information date

2 0 3 2010/10

SPORT NEWSPAPERS LIMITED Rating: BB Country ISO code NACE Rev. 2, Core code Direct % Total %

GB WO WO

STRICTLY BROADBAND LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %

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MORE rating guide General vision A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company s strength and weakness thanks to sophisticated data mining tools and taking into account the analysts knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company as: profitability, liquidity, solvency, interest coverage and efficiency.

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Rating scale Rating class

Rating Macro class

The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent economic and financial flow and fund equilibrium.

AAA

AA

Healthy

A

BBB Balanced BB

B Vulnerable CCC

D

The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from ’AAA’ is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events. A company rated ’BB’ is more vulnerable than companies rated ’BBB’. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions. The company presents vulnerable signals with regard to its fundamentals. Adverse business, financial, or economic conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. A company rated ’CCC’ has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency. The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase.

CC

C

Assessment

Risky

The company shows considerable pathological situations. The company’s capacity to meet its financial commitments is very low. The company has not any longer the capacity to meet its financial commitments.

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Fundamental Credit Rating Ratios Solvency ratios Leverage ratio Assets to debt Financial ratios Fixed Assets coverage ratio Liquidity ratios Current ratio Quick ratio

Measures the level of total liabilities of the company in comparison with equity. Indicates company s solvency. The company shows a level of deficit when the value of this ratio is under one unit. Only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital. The current ratio measures whether a company has sufficient short-term assets to cover its short-term liabilities. The quick ratio compares current liabilities only to those assets that can be readily turned into cash.

Profitability and economic ratios Return on Investement(ROI) It measures the profitability of company investments without regard to the way the Return on Equity(ROE) Asset turnover Profit margin Interest coverage ratio Interest Paid coverage

investment is financed. It measures the profitability of the equity. It indicates the investments turnover with regard to sales. The level assumed from the ratio depends on the sector in which the company operates. It indicates the profitability of the sales. Indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.

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mF Credit Limit mF Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit: • Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector;; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings). The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention at the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.

Probability of default and Confidence Level In addition to the MORE rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level: P Available Inf ormation Conf idence = P T otal Inf ormation The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.

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NOTES The present analysis was based on the company available financial statements as provided by Bureau Van Dijk Electronic Publishing - ORBIS database (lack of both Notes to financial statements and Report on operations).

DISCLAIMER All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.

Contacts Company Products Where Info web Phone

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Sport Media Group