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Discussion Materials Discussion Materials July 2013 Confidential Presentation Table of Contents Agenda 1. Update on Barclays 2. Liberty Global Update 3. Chellomedia Positioning 4. Detailed Asset Overview 5. Strategic Alternatives 6. Potential Buyers 7. Sector Valuation ________________________________________________________________________________________ Appendices Update on Barclays Global TMT – A Top Ranked Investment Banking Team Landmark transactions executed across all products, sectors and regions Equities Global TMT Advisory $199bn across 186 deals Michael Dell & has made an have agreed to acquire has agreed to sell $153 million $16 billion $766 million unsolicited offer for HOME Initial Public to Initial Public Offering Initial Public Offering Offering Joint Bookrunning $46.7 billion total value $24.4 billion Exclusive Financial Lead Left Bookrunner Lead Manager TMT Joint Bookrunner Exclusive Financial Advisor Financial Advisor Advisor to Google May 2012 October 2012 December 2012 2012 Pending Pending Pending Over 80 industry bankers has agreed to be Credit Services Has agreed to divest its acquired by has agreed to be acquired by $1.1 billion $299.5 million 99.05% stake in $225 million Hellas Sat to Common Stock Initial Public Offering Registered Block PIPE Offering Trade 4 main offices and 8 points of presence $9.5 billion $1.0 billion Joint Exclusive worldwide €208 million Transaction value Exclusive Financial Advisor to Joint Bookrunner Quarterback Placement Agent Financial Advisor to OTE Financial Advisor CSC February 2012 October 10,2012 December 2012 February 2012 Pending December 3,2012 Top 4 across Equity, Debt and M&A in the Debt U.S. for 2010-2012 Debt $3.65 billion Senior Secured €750 million €1.5 billion US$700m FXD due2016 Credit Facilities £1.1bn / $1.0bnSr. Sec. Notes €1.25 billion £250m / $535m Senior Notes US$900m FRN due 2016 $1.015 billion 5 yr Senior Dual Tranche Senior $4.5 billion Senior Unsecured Notes £600m / $2.8bn TLB US$1,400m due 2018 Senior Notes Unsecured Notes Unsecured Notes $500 million £375m TLA and £250m RCF US$1,600m due 2023 €250 million Senior Notes Multi-year Senior Unsecured Notes US$1,400m due 2043 Joint Arranger & Joint Bookrunner Joint Bookrunner Active Joint Bookrunner Senior Notes Joint Bookrunner Joint Bookrunner and MLA Joint Bookrunner Joint Bookrunner March 2012 September 5, 2012 June 2012 Joint Bookrunner February 2013 2013 January 2012 February 2012 November 2, 2012 $1.85 billion $2.6 billion $8 billion $2.5 billion Senior Unsecured Credit Facilitates Amendment $700 million $1 billion and Re-pricing $600 million $2.25 billion Financing Package RCF Senior Unsecured Whole Business 5 / 10 / 30-year Senior Notes 12 yr Senior Subordinated Credit Facility Collared Joint Lead Arranger, Joint Lead Arranger, Securitization Notes Lead Left Arranger, Lead Left Bookrunner and Documentation Bookrunner and Syndication Accelerated Share Active Joint-Lead Arranger and Bookrunner , Administrative Agent Agent Repurchase Bookrunner Joint Bookrunner Sole Structuring Advisor / Sole Joint Bookrunner Agent Sole Counterparty Bookrunner December 2012 September 28, 2012 October 5, 2012 November 2012 August 2012 October 4, 2012 August 27,2012 November 2012 ___________________________ Source: Mergermarket, Bloomberg, Dealogic. 1 Leading Global Media Franchise M&A Transactions $150 million $1.8 billion growth equity investment €633m Undisclosed for a 50% stake in has agreed to has agreed to acquire $2.9 billion £525 million €400 million has agreed to acquire a merge with 12.65% stake in 50% rollover equity has agreed to has agreed to has agreed to acquire stake between Founders acquire a stake in acquire and Sole Financial Advisor Sole Financial Advisor Financial Advisor Financial Advisor Financial Advisor Financial Advisor Financial Advisor March 2013 August 2012 July 2012 May 2012 December 2011 October 2011 October 2011 NOOH Investments T ELECI N CO $5.8 billion €1.1 billion Undisclosed $1.2 billion $400 million $1.8 billion $425 million has agreed to sell its has agreed to acquire has agreed to has agreed to be has agreed to be has agreed to be 20% stake in has agreed to merge with purchase 79% of Liberty Acquisitions Holding acquired by acquired by acquired by to (a special purpose vehicle) and a 22% stake in Russia Exclusive M&A Advisor Road show Coordinator Financial Advisor to Financial Advisor Financial Advisor Financial Advisor Financial Advisor to Vivendi Advisor to Liberty Telecinco September 2011 July 2011 July 2011 May 2011 January 2011 December 2010 December 2010 Capital Markets Transactions $530 million $259 million $1.0 billion €1.0 billion $1.0 billion Senior Unsecured Notes €700 million Senior Notes Senior Secured Senior €500 million Registered Block Trade Eurobond Issue Notes of 20% stake from Notes and Tender Offer Senior Secured Notes Joint Bookrunner and Lead Left Bookrunner / Joint Global Coordinator Joint Active Bookrunner Lead Left Bookrunner Joint Placement Agent Joint Dealer Manager Sole Arranger Lead Dealer Manager & Joint Bookrunner May 2013 May 2013 May 2013 April 2013 March 2013 March 2013 March 2013 $2.6 billion $11.6 billion €500 million $2.95 billion Acquisition Financing for $600 million Acquisition Financing to Senior Secured Senior Unsecured $1.0 billion Senior Unsecured $16.0 billion acquire 100% of Notes Notes Senior Credit Facility Notes Initial Public Offering In Association with Sale by Joint Global Lead Arranger / Coordinator / Joint Lead Arranger and Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Active Joint Bookrunner Joint Bookrunner Joint Bookrunner February 2013 January 2013 January 2013 November 2012 August 2012 August 2012 April 2012 2 Long Track Record as Advisor in the Broadcasting Sector Barclays (1) advised on all the relevant Broadcasting transactions over the last 15 years Strategic Buyer Private Equity Fund Private Equity Firm Strategic potential acquisition of potential acquisition of potential acquisition of potential acquisition of $2.9 billion potential acquisition of has agreed to acquire a stake in potential acquisition of Nordic digital asset Advisor Advisor Advisor Advisor Advisor Advisor Financial Advisor Ongoing Withdrawn Withdrawn Withdrawn Withdrawn Withdrawn November 2012 $412 million $5.8 billion Sale of 15.43% stake for has agreed to sell $1.2 billion has agreed to acquire has agreed to sell its has agreed to acquire an implied post-money 20% stake in has agreed to merge with valuation Liberty Acquisitions Holding of $762m to (a special purpose vehicle) to to Undisclosed Road show Coordinator Joint Corporate Broker Exclusive Financial Joint Financial Advisor & NT$6bn (US$199m) Advisor to Liberty and Exclusive Fairness Opinion to Lionsgate Exclusive Financial Advisor to Vivendi Sole Financial Advisor Financial Advisor Advisor Sole Financial Advisor August 2012 June 2012 January 2012 May 2010 and May 2011 February 2011 January 2011 December 2010 $975 million T ELECI N CO Has agreed to acquire EV of €490 million has $1.0bn a 30.6% stake in has acquired €1.1 billion agreed to sell Capital Increase $250 million have agreed to a strategic has agreed to acquire has agreed to acquire a joint venture in 45.6 million new “N” shares stake in At ZAR 163 per share and a 22% stake in to for raising howstuffworks For $242m ZAR7.4 billion EV €490m (EV $1.8bn) Exclusive Financial €3.3bn Exclusive Financial Financial Advisor to Financial Advisor to Advisor to Discover Financial Advisor to Advisor to Scripps Telecinco Naspers Time Warner Financial Advisor Communications Exclusive Financial Advisor August 2008 December 2010 December 2009 May 2009 March 2008 October 2007 July 2007 and and Have agreed with Have agreed with €675,000,000 sale of Has acquired minority has formed a strategic on its sale of and buyback of 25.1% Minority Stake from stakes of alliance with to merge their French GLOBAL FINANCE Germany access business to to a consortium comprising to exchange Lagardère’s 34% Pay-TV GroupeBruxellesLambert and interest in CanalSatellite Activities to create and €525m in cash for a 20% Canal+ France involving an investment in interest in Canal+ France of $1.5 billion €2.6bn Financial Advisor to €4.5bn NETMED Advisor Financial Advisor Financial Advisor TimeWarner and AOL Advisor Financial Advisor Financial Advisor May 2007 January 2007 January 2007 September 2006 July 2006 July 2006 January 2002 ___________________________ 1. Includes transactions executed by team members at prior institutions. 3 European Media Equities Team #1 Rated #1 by Institutional Investor and Extel Survey Coverage Universe at previous firm Julien Roch – Media Research France United Kingdom Julien Roch is a Managing Director within Equity Research at Barclays. Based in Paris, he heads the European Media Equity Research team Mr. Roch joined Barclays in September 2009. He has extensive experience analysing the media sector. Previously he has worked at Merrill Lynch for six years where the team achieved No1 rankings in both the Institutional Investor survey and the Extel survey. Prior to this he worked for eight years at Lehman Brothers Nick Dempsey – Media Research Nick Dempsey is responsible for coverage of B2B and Consumer Publishing, as well Daily Mail and General Trust plc as Satellite Services, in the Barclays European Media equity research team. He has ten years of experience in the media sector Prior to Barclays, he was at Merrill Lynch for 4 years covering consumer publishing in a team that achieved over the period No1 rankings in both the Institutional Netherlands
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