EFTA01997190

To: [email protected][[email protected]]; Jeffrey [email protected]] From: David Stem Sent: Fri 3/9/2012 11:26:07 AM Subject: Deal EDM Deal: David, These are super confidential numbers / info. Proposed Transaction: • Endemol, equity owned by Goldman & Berlusconi & Cyrte, defaulted on debt, equity worthless • Total debt €1.8bn outstanding • EV approx. €1.1bn; 6.4x — 6.1x FYE 2012 EBITDA of O.70ml' - €180mil (2011 €164mi1) • Cyrte (institutional fund set up by Endemol founder John de Mol, now only minor holding in Cyrte) buying senior debt - (Debt acquisition only possible on inter-creditor basis) o Holds 22% of senior • Loan to value 20% o Secured / Buying additional 18% of senior from Barclays • With 40% negative control o In negotiations to buy additional 27% for full control • Held by banks, Goldman, Apollo • Depending on negotiations (ongoing) €100mil — 200mi1 price tag • INVESTOR to join forces with Cyrte, inject €100mil - €200mi1 to buy up to control level (67%) • Follow on consolidation acquisitions lined up in industry • Exit in 2 — 3 years http://www.endemol.com/ EFTA_R1_00492346 EFTA01997190