EFTA01989436.pdf

To: jeevacationtagmail.com[[email protected]]; Jeffrey [email protected]] From: David Stern Sent: Thur 3/22/2012 2:14:07 PM Subject: Endemol Interesting? Two Emails from my friend dealing with Cyrte: 19 March Checked with Frank Botman, CEO Cyrtc. They're working together with Apollo to get to 60% plus of the Endemol debt. They secured the additional 18% from Barclays and are now looking to buy another 20% with support from third party investor. 9 March 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 HE 2012 EBITDA of €170mil - €180mil (2011 €164mi1) • Cyrte (institutional fund set up by Endemol founder John de Mol, now only minor holing in Cyrte) buying senior debt 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 EFTA_R1_00481665 EFTA01989436