(Public) CWC merger analysis

	A	B	C	D	E	F	G	H	J	K	L
1		LBTYA	LBTYK	LILA	LILAK	LON:CWC	LON:CWC	GBPUSD
2		31.14	30.03	20.7	20.45	0	0	1.37561
3						GBP	USD
4	Choice 1
5	• a number of New Liberty Global Class A Ordinary Shares as determined by the Exchange Ratio, such number not to be lower than 0.007921 and not to exceed 0.008301; and • a number of New Liberty Global Class C Ordinary Shares as determined by the Exchange Ratio, such number not to be lower than 0.019391 and not to exceed 0.020321.
6
7	LBTYA	0.007921	to	0.008301	=	0.24665994	to	0.25849314
8	LBTYK	0.019391	to	0.020321	=	0.58231173	to	0.61023963
9	Special Dividend - 3 pence					0.0412683		0.0412683
10					Subtotal	0.87023997	to	0.91000107
11					Discount	#DIV/0!	Discount	#DIV/0!
12
13	If the Exchange Ratio were calculated as at 13 November 2015 (being the last practicable date prior to the date of this announcement), under the Recommended Offer CWC Shareholders would be entitled to 0.008301 New Liberty Global Class A Ordinary Shares and 0.020321 New Liberty Global Class C Ordinary Shares for each CWC Share held by them.
14	LBTYA	0.008301			=	0.25849314
15	LBTYK	0.020321			=	0.61023963
16	Special Dividend - 3 pence					0.0412683
17						0.91000107
18
19	Choice 2 - Recommended offer, LiLaC option
20	Like 1, except you get some LiLaC shares instead of Liberty Global???
21
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25
26	Choice 3 - First Dual Share Alternative - CHLLC / Malone
27	LBTYA	0.005593			=	0.17416602
28	LBTYK	0.013693			=	0.41120079		Percentage of stock in LiLaC
29	LILA	0.002343			=	0.0485001		22.08%
30	LILAK	0.005739			=	0.11736255		Value of LiLac stock (USD)
31	Special Dividend - 3 pence					0.0412683		0.16586265
32						0.79249776
33					Discount	#DIV/0!
34
35	Choice 4 - Second Dual Share Alternative - Clearwater / John Risley and Brendan Paddick (CWC CEO)
36
37	a number of New Liberty Global Class A Ordinary Shares as determined by the Alternative Exchange Ratio, such number not to be lower than 0.004601 and not to exceed 0.005716;
38	• a number of New Liberty Global Class C Ordinary Shares as determined by the Alternative Exchange Ratio, such number not to be lower than 0.011265 and not to exceed 0.013993.
39	• 0.002343 New LiLAC Class A Ordinary Shares; and
40	• 0.005739 New LiLAC Class C Ordinary Shares,
41
42	Assuming no valid elections were made for the LiLAC Alternative, if the Alternative Exchange Ratio were calculated as at 13 November 2015 (being the last business day prior to the release of this announcement), under the Second Dual Share Alternative CWC Shareholders would be entitled to
43	0.004601 New Liberty Global Class A Ordinary Shares and
44	0.011265 New Liberty Global Class C Ordinary Shares for each CWC Share held.
45
46	LBTYA	0.004601	to	0.005716	=	0.14327514		0.17799624
47	LBTYK	0.011265	to	0.013993	=	0.33828795		0.42020979	Percentage of stock in LiLaC
48	LILA	0.002343			=	0.0485001		0.0485001	25.62%	to	21.71%
49	LILAK	0.005739			=	0.11736255		0.11736255	Value of LiLac stock (USD)
50	Special Dividend - 3 pence					0.0412683		0.0412683	0.16586265		0.16586265
51						0.68869404		0.80533698
52					Discount	#DIV/0!	to	#DIV/0!
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