CLAXSON INTERACTIVE GROUP, INC.
 UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
 (In Thousands of U.S. dollars, except per share data)
 
 Pro Forma
  Consolidated Combined
 
 
 
 Three Three Three
 Months Months Months
 Ended  Ended Ended
 March 31, March 31, March 31,
 2002 2001 2001
 
 NET REVENUES:
 Subscriber-based fees $9,736 $15,084  $15,646
 Advertising 7,346 9,160 10,866
 Other 3,042 2,110 2,047
 
 Total net revenues 20,124 26,354 28,559
 
 
 OPERATING EXPENSES:
 Product, content
 and technology 9,043 11,468 16,154
 Marketing and sales 4,153 4,305 9,585
 Corporate and administration 4,445 5,112 12,343
 Depreciation and amortization 3,845 5,965 6,839
 Merger, restructuring
 and severance 701 -- 2,411
 
 
 Total operating expenses 22,187 26,850 47,332
 
 
 OPERATING LOSS (2,063) (496) (18,773)
 
 OTHER INCOME (EXPENSE), NET (4,038) (4,048) (3,638)
 
 FOREIGN CURRENCY EXCHANGE LOSS (46,827) --
 
 SHARE OF LOSS FROM UNCONSOLIDATED
  AFFILIATES (2,102) (1,132) (1,799)
 
 BENEFIT (PROVISION) FOR
 NON-U.S. INCOME TAXES (328) (518) (563)
 
 MINORITY INTEREST 36 20 20
 
 DISCONTINUED OPERATIONS (108) --- (7,179)
 
 NET LOSS $ (55,430) $(6,174) $ (31,932)
 
 NET LOSS PER COMMON SHARE
 (Basic and diluted) $(2.99) $(0.33) $(1.72)
 
 NUMBER OF SHARES USED IN PER SHARE
 CALCULATIONS
 (Basic and diluted) 18,539 18,539 18,539
 
 
 
 
 
 CLAXSON INTERACTIVE GROUP, INC.
 UNAUDITED CONSOLIDATED BALANCE SHEET
 (In Thousands of U.S. dollars)
 
 
 As of
 March
 31,
 2002
 
 ASSETS
 
 CURRENT ASSETS:
 Cash, cash equivalents
 and investments $ 11,073
 Accounts receivable, net 36,516
 Other current assets 13,481
 
 Total current assets 61,070
 
 PROPERTY AND EQUIPMENT, net 25,209
 
 PROGRAMMING RIGHTS, net 3,666
 
 INVESTMENTS IN UNCONSOLIDATED
 SUBSIDIARIES 2,687
 
 INVESTMENTS IN DEBT AND EQUITY
 SECURITIES 8,008
 
 GOODWILL 112,716
 
 BROADCAST LICENSES  22,146
 
 INTANGIBLE AND OTHER ASSETS, net 1,664
 
 TOTAL ASSETS $237,166
 
 
 LIABILITIES AND SHAREHOLDERS' EQUITY
 
 CURRENT LIABILITIES:
 Accounts payable, accrued and
 other liabilities $ 46,472
 Current portion of programming
 rights obligations 7,614
 
 Current portion of long-term debt 97,079
 
 Total current liabilities  151,165
 
 LONG-TERM DEBT 18,444
 
 OTHER LONG-TERM LIABILITIES 5,691
 
 SHAREHOLDERS' EQUITY 61,866
 
 TOTAL LIABILITIES AND SHAREHOLDERS'
  EQUITY $237,166
 
 
 
 
 
 CLAXSON INTERACTIVE GROUP, INC.
 UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS INFORMATION
 BUSINESS LINE PERFORMANCE HIGHLIGHTS
  (In Thousands of U.S. dollars)
 
 
 Pay Internet & Claxson
 Television Broadband Broadcast Corporate (1) Total
 
 
 For the Three
 Months Ended
 March 31, 2002:
 
 NET REVENUES $12,979 $86 $7,043 $16 $ 20,124
 
 OPERATING
 INCOME
 (LOSS) $2,844 $(3,343) $(1,156) $(408) $(2,063)
 
 
 For the Three
 Months Ended
 March 31, 2001:
 
 NET REVENUES $19,645 $1,706 $7,208 $-- $ 28,559
 
 OPERATING
 INCOME (LOSS) $ 613 $(14,986) $110 $ (4,510) $(18,773)
 
 
 (1) Represents Claxson's corporate expenses not allocated to any
 business unit.