Report on ONO Midco, SAU and its subsidiaries as of December 31 ...

INFORMATION ON THE COMPANY
SUMMARY CORPORATE AND FINANCING STRUCTURE
The chart below depicts a summary of our corporate and financing structure as of December 31, 2011 and after giving
effect to the offering of the February 2012 Senior Secured Notes and the use of the gross proceeds therefrom. For further
information, see “Shareholders and Beneficial Owners” and “Description of Other Indebtedness”.
(1) Nara Cable Funding has used the gross proceeds of the offerings of the Senior Secured Notes to make senior secured loans to Cableuropa pursuant to the Senior
Secured Notes Tranches of the Senior Facility.
(2) The total size of the Senior Facility is €3.5 billion and includes the €700 million Senior Secured Notes Tranche, the €300 million Senior Secured Notes Tranche and the
$1 billion Senior Secured Notes Tranche. The box figure represents the amount drawn under the Senior Bank Facility as of December 31, 2011 (€3,136 million of
borrowings in nominal value), which implies €364 million of undrawn availability thereunder. The borrowings under the Senior Facility are senior obligations of
Cableuropa and secured by, among other things, first-ranking pledges over Cableuropa’s shares and certain other subordinated creditors. See “Description of Other
Indebtedness – Senior Facility”.
(3) The Senior Secured Notes Tranche will be automatically refinanced on the final maturity date of the Senior Facility (December 31, 2013) through a Forward Start
Agreement (as defined herein) pursuant to which the maturity of the Senior Secured Notes Tranche will be extended to a date equal to the maturity date of the Senior
Secured Notes.
(4) As of December 31, 2011, Cableuropa had other credit facilities and State Subsidies of €3 million and €12 million respectively. Cash and cash equivalents of €185
million in addition to the debt instruments shown above.
8