Ann: Business Update - Brazil, page-130

I think it is important to understand here is that the rights for the broadcast of all the 250 channels in Brazil are with CCSTV and SOL.

TV2 provides the platform, technology and know how for the OTT streaming services. TV2 has mutual beneficial agreements with CCSTV and SOL to provide content through their OTT platform.

TV2 enables CCSTV and SOL to reach a wider audience and on more devices in a cost efficient way.

SOL and CCSTV are utilising their existing rights to broadcast in a more efficient way through TV2.

Now where it is up and running it will be difficult to compete with the offering in Brazil.

I suspect that this model will be replicated across Latin and Central America very quickly if successful.

I trust SOL and CCSTV knowing the Brazilian market well enough to make this a successful venture.

K