tanding • 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 Ba