Document:

Lettr Agreement, dated march 21, 2011

 Exhibit 10.9 
 Aldermanbury Investments Limited 
 125 London Wall 

London EC2Y 5AJ 
 United Kingdom 

To:  
 Liberty Global Europe
Holding B.V.  
 Boeingavenue 53 
 1119 PE Schiphol-Rijk 
 The Netherlands 

Date: As of 21 March 2011 
 Dear Sirs,

 Letter Agreement 

This letter (this “Letter”), when countersigned by you, shall bind Aldermanbury Investments Limited (“AIL”) and Liberty
Global Europe Holding B.V. (“Liberty”) to the obligations described herein. This Letter is executed in relation to and as part of the contingent purchase by AIL of all of the shares in Kabel in the nominal amount of EUR 25,500,
as set out in the SPA. Terms used in this letter shall have the meaning ascribed to such terms in Clause 2 or the introduction of this letter. 
  

	1	Background and General Obligations of the Parties 

  

	 	(a)	Liberty (as guarantor) and UPC Germany HoldCo 2 GmbH (“UPC”) (as purchaser) are about to enter into the SPA under which, contingent upon Liberty
obtaining Antitrust Clearance, UPC would acquire the Kabel Shares from Seller. 

  

	 	(b)	Should Liberty notify AIL that Antitrust Clearance (i) cannot be obtained or (ii) has not been obtained by 31 December 2011, AIL shall, subject to and in
accordance with the provisions of Section 4.5 of the SPA and the Commitment Letter, automatically step into the SPA in lieu of UPC and accordingly acquire the Kabel Shares from Seller pursuant to the provisions of the SPA.

  

	 	(c)	Prior to the signing of the SPA between the Seller, Liberty and UPC, AIL shall sign the Commitment Letter between AIL, Liberty and UPC. 

 

	 	(d)	AIL shall hold the Kabel Shares on a temporary basis with a view to reselling them to a Third Party Purchaser pursuant to Clause 6 of this Letter. It is understood that
AIL will not resell or otherwise transfer the Kabel Shares or any shares or interests in, or assets of, any member of the Kabel Group to Liberty or any of its Affiliates. 

  
  

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	 	(e)	The Parties have entered into the Total Return Swap, which provides that Cash Settlement shall apply pursuant to the terms thereof. 

 

	 	(f)	It is the intention of AIL that it will sell the Kabel Shares to a Third Party Purchaser within 12 months of the AIL Step-in Date. 

 

	 	(g)	Liberty shall have no rights (as a shareholder, manager or otherwise) with respect to the holding of the Kabel Shares and the conduct of business or the resale of Kabel
or the Kabel Group. The foregoing shall not be deemed to limit the provision of Clause 6. 

  

	 	(h)	Neither Liberty nor any of its Affiliates shall have any capability of exercising influence over Kabel or the Kabel Group; in particular (without limitation):

  

	 	(i)	neither Liberty nor any of its Affiliates shall have a right to use all or part of the assets of Kabel or the Kabel Group nor shall Liberty nor any of its Affiliates
have the right to exercise control or influence over Kabel or the Kabel Group nor shall they have any right to influence the running or management of Kabel or the Kabel Group; 

 

	 	(ii)	neither Liberty nor any of its Affiliates shall have the right to appoint any members of the Board of Directors of Kabel or the Kabel Group; 

 

	 	(iii)	neither Liberty nor any of its Affiliates shall have any right to appoint any management of Kabel or the Kabel Group; and 

 

	 	(iv)	neither Liberty nor any of its Affiliates shall have any right of consultation with respect to the AIL Kabel Acquisition or any Disposal. 

 

	 	(i)	Between the time of closing of the SPA and a Disposal of the Kabel Shares by AIL, AIL will own Kabel, but shall not have an active role in the management or operation
of Kabel or the Kabel Group, in particular it shall not determine or influence the competitive behaviour of Kabel or the Kabel Group. 

  

	 	(j)	AIL represents that on the date of this Letter, it is an indirect wholly-owned subsidiary of J.P. Morgan Chase & Co Inc. and that its business activity mainly
concerns making investments in a broad range of financial assets including debt securities, equity securities, fund units, with the intention to sell such investments onwards. 

 

	 	(k)	The intention of AIL is to, at the time of closing of the SPA and the AIL Kabel Acquisition, hold Kabel and the Kabel Group for sale in accordance with Section 3
para. 5 of the EU Merger Regulation and Section 37 para. 3 of the German Competition Act and any other applicable corresponding rules. 

  

	 	(l)	It is understood that Liberty will inform as soon as reasonably practical the European and, if required, the German merger control authorities of the concept and
contents of the Transaction Documents. 

  

	 	(m)	After execution of the Transaction Documents by all parties thereto, Liberty shall disclose the content of the Transaction Documents to its auditors and the Authority.

  

	 	(n)	 Nothing in this Letter shall constitute a partnership or joint venture between (1) AIL or any of its Affiliates and Indemnified Persons and
(2) Liberty for any purposes. AIL is not acting as trustee or agent for Liberty and nothing in this Letter shall be deemed to create a trust or agency relationship. AIL shall retain complete

  
  

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independent shareholder control over Kabel until such time as a Disposal and, for the avoidance of doubt, nothing in this Letter shall be construed as conferring on Liberty any right or
entitlement, directly or indirectly, to exercise any control or decisive influence over Kabel. 

  

	2	Definitions 

  

	2.1	In this Letter: 

“Affiliate” has the meaning given to it in the Total Return Swap; for the avoidance of doubt, UPC is an Affiliate of
Liberty. 
 “AIL Indemnified Person” means AIL and its Affiliates and its (and its Affiliates’) directors,
officers, employees and consultants and each other person, if any, controlling AIL or any of its Affiliates and including (without limitation) any director, executive or officer of Kabel or any of its subsidiaries who is an employee of, or nominated
by any other AIL Indemnified Person. 
 “AIL Interest” means AIL’s and/or any of its Affiliates’
direct or indirect interest in Kabel. 
 “AIL Kabel Acquisition” means the acquisition of the Kabel Shares from
the Seller by AIL pursuant to the SPA. 
 “AIL Step-in Date” means the date when AIL assumes UPC’s rights
and obligations under the SPA in accordance with the Commitment Letter and Section 4.5 of the SPA. 
 “Antitrust
Clearance” has the meaning given to it in the SPA. 
 “Asset Realisation” has the meaning given in
Clause 7 (Asset Realisation / Kabel Liquidation). 
 “Authority” means the European Union and German
Competition Authorities. 
 “Business Day” has the meaning given to it in the Total Return Swap under the
heading “Equity Amounts”. 
 “Cash Settlement” has the meaning given to it in the Total Return Swap.

 “Claim” shall have the meaning given to it in Clause 10.1 (Indemnity). 

“Closing” means the earlier of (i) settlement of the Total Return Swap by way of Cash Settlement in accordance with
the terms thereof and (ii) termination of the Total Return Swap. 
 “Commitment Letter” means the
commitment letter to be issued by AIL to UPC in the form as attached hereto as Schedule 1. 
 “Disposal” means
completion of the sale or disposal of Kabel by AIL (or its Affiliate(s)) whether by a sale of the Kabel Shares pursuant to Clause 6 (Sale to a Third Party Purchaser), by way of Asset Realisation or Kabel Liquidation pursuant to Clause 7
(Asset Realisation / Kabel Liquidation), sale or disposal of the AIL Interest or through any combination of means, and whether through one or more transactions. 
 “Equity Amount” has the meaning given to it in the Total Return Swap. 
 “Indemnified Person” means each AIL Indemnified Person. 

  
  

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 “Kabel” means Kronen tausend650 GmbH (to be renamed “Musketeer
GmbH”), a limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany and registered with the commercial register (Handelsregister) maintained at the local court (Amtsgericht)
of Charlottenburg under registration number HR B 131058 and having its corporate seat (Sitz) in Heidelberg, Germany. 
 “Kabel Articles of Association” means the articles of association of Kabel as amended from time to time in accordance with the Kabel Articles of Association, a translation of which is set
out in Schedule 2 (Form of Articles of Association of Kabel). 
 “Kabel Business Plan” has the meaning
given to that term in Clause 5.4 of this Letter. 
 “Kabel Group” means Kabel and each of its subsidiaries from
time to time. 
 “Kabel Shares” means all of the shares in Kabel in the aggregate nominal amount of
EUR [25,500]. 
 “Liberty Group” means Liberty and its Affiliates. 

“Liberty Obligation” means any representation, warranty, covenant or undertaking by Liberty, including to indemnify or to
pay any amount under or in respect of the Transaction Documents. 
 “Liquidation” means any one or more of the
following: 
  

	 	(a)	an order is made, petition presented or meeting convened for the winding up or for the appointment of any provisional liquidator (or equivalent in the relevant
jurisdiction) or in relation to any other process whereby the business of the relevant entity is terminated and the assets of the relevant entity concerned are distributed amongst the creditors and/or shareholders or other contributors of the
relevant entity; 

  

	 	(b)	a legal proceeding or other procedure is taken by any person with a view to the appointment of an administrator (or equivalent in the relevant jurisdiction) with
respect to the relevant entity, whether out of court or otherwise; 

  

	 	(c)	a receiver (including any administrative receiver, or the equivalent to a receiver or administrative receiver in the relevant jurisdiction) is appointed in respect of
the whole or any part of any of the property, assets and/or undertaking of the relevant entity or such an order is made (including, in any relevant jurisdiction, any other order by which, during the period it is in force, the affairs, business and
assets of the relevant entity concerned are managed by a person appointed for the purpose by a court, governmental agency or similar body); or 

  

	 	(d)	the relevant entity takes any step with a view to a suspension of payments, a moratorium of any indebtedness or has made any voluntary arrangement with any of its
creditors. 

 “Loss” and “Losses” have the meaning given to these terms in Clause
10.1 of this Letter. 
 “Party” means a party to this Letter. 

“Seller” means Oskar Rakso S.à r.l. 
 “SPA” means the Sale and Purchase Agreement by and between Seller, UPC Liberty (as guarantor) and Liberty Global Holding B.V. (as secondary guarantor) to be entered into on or around
21 March 2011 pursuant to which Seller agrees to sell and UPC agrees to purchase, the Kabel Share, subject to the obtaining of Antitrust Clearance in accordance with the provisions of the SPA 

  
  

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 “Taxes” includes, without limitation, all present and future taxes,
withholdings, deductions, assessments, levies, imposts, duties, fees, charges or surcharges, in each case of any nature whatsoever and howsoever termed and wheresoever and howsoever arising, imposed, withheld, deducted, levied, assessed, asserted,
charged or demanded at any time by any law of or any competent authority of any jurisdiction, together with all interest thereon and penalties, fines or similar liabilities in respect thereof or other additions thereto and tax and taxation shall be
construed accordingly. 
 “Third Party Consideration” means the aggregate cash consideration realised, directly
or indirectly, by AIL or its Affiliates in the event of a Disposal, an Asset Realisation or a Kabel Liquidation pursuant to Clauses 6 or 7, as applicable, net of AIL’s (or any of its Affiliates’) properly documented reasonable brokerage
costs and any incurred, or if not yet incurred, AIL’s (or any of its Affiliates’) reasonable estimate of withholding tax, stamp duty, notarial fees, and any other taxes payable on such consideration or any tax which would have been payable
on such consideration but for the use or set-off of any relief, loss or credit less any output VAT by AIL (or any of its Affiliates), as relevant, due in relation to the Disposal, Asset Realisation or Kabel Liquidation or any other properly
documented reasonable costs or out-of-pocket expenses incurred or payable in connection with such Disposal, Asset Realisation or Kabel Liquidation to the extent such amounts have not already been reimbursed by Liberty as expenses. 

“Third Party Purchaser” means any third party purchaser of the AIL Interest other than Liberty or any member of the
Liberty Group. 
 “Total Return Swap“ means the share swap transaction evidenced by a confirmation dated on or
about the date of this Letter between AIL and Liberty. 
 “Transaction” means the AIL Kabel Acquisition, the
direct or indirect ownership of Kabel by AIL and/or its Affiliate(s), the funding of the AIL Kabel Acquisition, and any Disposal including, without limitation, the operation of the Kabel Group’s business (whether on, prior to, or subsequent to
the date of this Letter). 
 “Transaction Documents” means: 

 

	 	(a)	this Letter; 

  

	 	(b)	the Kabel Articles of Association; 

  

	 	(c)	the Total Return Swap; and 

  

	 	(d)	the SPA together with any related or ancillary documents, 

 and any other documents designated as such by mutual written agreement between the Parties. 
 “VAT” means value added tax (or analogous tax) in any jurisdiction applicable to the transactions contemplated by the Transaction Documents. 

 

	2.2	Clause headings are inserted for convenience of reference only and shall be ignored in the interpretation of this Letter. In this Letter, unless the context
otherwise requires, references to Clauses and to Schedules are to be construed as references to the clauses of, and schedules to, this Letter. 

  
  

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	2.3	Words importing the plural shall include the singular and vice versa. 

 

	2.4	References to a person shall be construed as references to an individual, firm, company, corporation, unincorporated body of persons or any state or agency
thereof. 

  

	2.5	A reference to € is to euros. 

  

	2.6	References to any Letter or document, including this Letter, shall be deemed also to refer to such Letter or document as from time to time amended, varied,
supplemented, novated or replaced, other than in the case of the Kabel Business Plan, which shall be deemed to be a reference to such document in the form it is in at the date of this Letter. 

 

	2.7	The obligations of AIL under this Letter are several. Neither Party is responsible for the obligations of the other Party. 

 

	2.8	References to a “law” or “regulation” includes any law, statute, byelaw, order, delegated legislation, regulation, rule,
official directive, request or guideline (whether or not having the force of law) of any governmental, local, regional, national intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or
organisation. 

  

	2.9	For the purposes of this Letter only and for the period commencing from the AIL Step-in Date until the Closing, references herein to an Affiliate of AIL shall be
construed so as to include Kabel. 

  

	3	Total Return Swap 

  

	3.1	The Parties acknowledge that the Total Return Swap is Cash Settled only pursuant to the terms thereof. 

 

	3.2	AIL shall not, to the extent permitted by law, take any initiative to remove or replace any of the directors of Kabel. 

 

	3.3	The Total Return Swap will be Cash Settled within twelve months of the AIL Step-in Date in accordance with its terms. 

 

	4	Expenses 

  

	    	Liberty shall, within 30 days of receipt of an invoice from AIL, pay AIL an amount equal to any and all costs, taxes, claims and expenses of any kind whatsoever
suffered or incurred by AIL (or any of its Affiliates), as determined by AIL (or any of its Affiliates) from time to time under or in connection with the Transaction Documents (including without limitation incidental to, or in connection with,
entering into, performing or enforcing the Transaction and the Transaction Documents or in connection with any Disposal or other transaction, arrangement or matter contemplated in any of the Transaction Documents) and shall make payment of such
amounts into an account as directed in writing by AIL, provided that (i) such invoice properly specifies and documents such costs, taxes, claims and expenses and (ii) AIL shall use reasonable endeavours to incur and account for such costs
and expenses in the most tax efficient manner. 

  

	5	Preservation of the business of Kabel 

  

	5.1	The Parties acknowledge and accept that the provisions of this Clause 5 are designed to preserve the value of the business of Kabel. 

  
  

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	5.2	Liberty acknowledges and accepts that: 

  

	 	(a)	neither AIL, nor any other AIL Indemnified Person has any expertise in the management, ownership or operation of companies carrying on the business of Kabel or the
Kabel Group; and 

  

	 	(b)	AIL will own (and certain of the AIL Indemnified Persons will act as directors and officers of) Kabel from the AIL Step-in Date until Closing but, to the maximum extent
permitted by applicable law, AIL or any other AIL Indemnified Person will not at any time have an active role in the management or operation of Kabel , in particular they will not exercise any voting rights with a view to determining or influencing
the competitive behaviour of Kabel, in accordance with Section 3 para. 5 of the EU Merger Regulation and Section 37 para. 3 of the German Competition Act and other applicable corresponding laws. They will act only as passive equity owners
relying on existing Kabel management and any replacement management to manage and run the business. 

  

	5.3	AIL shall refrain from exercising any right as a shareholder in Kabel to approve any change to the Kabel Business Plan. 

 

	5.4	It is AIL’s expectation that Kabel’s management and board will operate the business of Kabel in accordance with Kabel's business plan and budget (as
set out in the documents annexed hereto in Schedule 3 (Kabel Business Plan) (the “Kabel Business Plan”). To the extent permitted by law, AIL shall not exercise any voting rights with a view to determining or influencing the
competitive behaviour of Kabel. Liberty acknowledges that none of AIL or any other AIL Indemnified Person shall have any responsibility or liability (i) to ensure that Kabel operates its businesses in accordance with the Kabel Business Plan or
its constitutional documents or (ii) for the manner in which Kabel conducts its business in any way. Without prejudice to the generality of Clause 10 (Indemnity) it is agreed that none of AIL or any other AIL Indemnified Person shall
have any liability in relation to any actions taken by Kabel or its management. 

  

	5.5	Liberty acknowledges AIL is neither responsible for nor has been involved in any tax structuring or tax planning in respect of the Transaction and will not be
responsible for the efficiency or implementation of any tax structuring or tax planning of the Transaction. 

  

	6	Sale to a Third Party Purchaser 

  

	6.1	Subject to the provisions of this Clause 6, AIL shall have sole discretion to structure the Disposal to a Third Party Purchaser provided that, notwithstanding
the definition of “Disposal”, any Disposal pursuant to this Clause 6 shall be a Disposal of all (and not part only) of the Kabel Shares. 

  

	6.2	Subject to the provisions of Clauses 6 and 7, from and after the AIL Step-in Date, AIL shall use its reasonable endeavours to effect in a timely fashion an
orderly competitive sales process to effect a Disposal to a Third Party Purchaser for such consideration and on such terms and conditions as AIL may determine. 

 

	6.3	Following any Disposal, payments shall be made by AIL and/or Liberty (as relevant) in accordance with a Cash Settlement pursuant to the terms of the Total Return
Swap. 

  
  

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	7	Asset Realisation / Kabel Liquidation 

  

	7.1	In the event that AIL, having used its reasonable endeavours, has not sold or otherwise disposed of the AIL Interest to a Third Party Purchaser in accordance
with Clause 6 (Sale to a Third Party Purchaser) for a Third Party Consideration in respect of such sale or disposal that is greater than €1 by the Termination Date (as defined in the Total Return Swap), AIL may realise all of the AIL
Interest for such consideration and on such terms and conditions as AIL may determine in its absolute discretion (an “Asset Realisation”). 

 

	7.2	Pursuant to an Asset Realisation, any or all of Kabel and/or any of its subsidiaries may be made subject to Liquidation (a “Kabel Liquidation”).

  

	7.3	If, following the Cash Settlement Payment Date, AIL receives any Third Party Consideration following an Asset Realisation or Kabel Liquidation, provided that all
amounts payable by Liberty under this Letter and under the Total Return Swap have been paid irrevocably in full to AIL, AIL shall transfer to Liberty the amounts, if any, received by it in respect of such Asset Realisation or Kabel Liquidation, net
of liabilities, losses, claims, expenditure, costs, charges, fees, expenses or any other items (with, in each case, any related VAT). 

  

	8	Tax 

  

	8.1	All sums payable under this Letter shall be paid free and clear of all deductions or withholdings whatsoever save only as may be required by law.

  

	8.2	If any deduction or withholding is required by law from any payment in respect of a Liberty Obligation then the party making the payment shall be obliged to pay
the other party such additional sum as will, after such deduction or withholding has been made, leave the other party with the same amount as it would have been entitled to receive in the absence of any such requirement to make a deduction or
withholding. 

  

	8.3	If any tax, revenue or fiscal authority brings into charge to tax (or would have brought into charge to tax but for the use or set-off of any relief, loss or
credit) any sum in respect of a Liberty Obligation under this Letter, then the amount so payable shall be grossed up by such amount as will ensure that, after payment of the tax so charged (or that would have been charged but for such use or
set-off), there will be left a sum equal to the amount that would otherwise have been payable had the sum in question not been so charged to tax. 

  

	9	Representations, warranties and undertakings 

  

	9.1	Liberty hereby represents and warrants to AIL that as at the date of this Letter: 

 

	 	(a)	it is a corporation, duly incorporated and validly existing under the laws of its jurisdiction of incorporation; 

 

	 	(b)	it and each of its subsidiaries has the power to own its assets and carry on its business as it is being conducted; 

 

	 	(c)	all authorisations required or desirable: 

  

	 	(i)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in this Letter and any other Transaction Document to which it is a party; and

  
  

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	 	(ii)	to make this Letter and any other Transaction Document to which it is a party admissible in evidence in its jurisdiction of incorporation, 

have been obtained or effected and are in full force and effect and any conditions thereto have been complied with; 

 

	 	(d)	Liberty has the right, power and authority to enter into and has taken all necessary action to authorise its entry into, performance and delivery of, this Letter and
each other Transaction Document to which it is a party and to perform its obligations thereunder (in each case without any consent, approval or notice of any person, governmental agency or body); 

 

	 	(e)	none of the events contemplated by this Letter or the other Transaction Documents would or might constitute an event of default or potential event of default in, or
otherwise be a breach of, any agreement relating to borrowing or indebtedness in the nature of borrowing which has been entered into by a member of the Liberty Group in a manner which is prejudicial to AIL or its Affiliates' rights under this Letter
or any other Transaction Documents, neither would it be a breach of any borrowing restriction contained in the constitutional documents of any member of the Liberty Group; 

 

	 	(f)	the entry into and performance by Liberty of this Letter and any other Transaction Document to which it is a party does not infringe Liberty's constitutional documents,
has been duly authorised and complies and will comply in all respects with all relevant laws of applicable to it and any agreement or instrument binding upon it or any of its subsidiaries’ assets; 

 

	 	(g)	Liberty has sought and will continue to seek periodically and will follow advice (and will continue to do so) from its auditors and legal advisers in relation to its
financial reporting and any other disclosure or regulatory obligations to its stakeholders or creditors during any period that AIL or its Affiliates own Kabel; and 

 

	 	(h)	the obligations of Liberty under this Letter and the Transaction Documents to which it is a party constitute legal, valid and binding obligations on Liberty which are
enforceable by AIL in the English Courts in accordance with their respective terms. 

  

	9.2	Liberty undertakes to AIL that it will, as soon as practicable after becoming aware of the same, give notice to AIL of any breach by it of any representation or
warranty given by it under Clause 9.1. 

  

	9.3	Liberty undertakes to provide AIL without undue delay with any notification issued by Liberty or Seller pursuant to Section 8.3 of the SPA.

  

	9.4	Liberty and AIL shall each provide (or cause to be provided to) each other Party in a timely manner such information as is reasonably necessary to enable that
Party to comply with its obligations in relation to the filing of the tax returns relating to AIL, Kabel or any member of the Kabel Group. Liberty undertakes to AIL that it shall not make (or cause the making of) any elections, claims, notifications
or filings (except as required by law) with any tax authority with respect to tax matters relating to any period up to and including the date of Closing with respect to AIL, Kabel or any member of the Kabel Group without the prior written consent of
AIL. In addition, AIL agrees to notify Liberty of any elections, claims, notifications or filings which AIL considers in its sole discretion to be material. 

  
  

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	9.5	Liberty warrants that it does not have any control or rights, whether through any contract or any other means, over the affairs of Kabel or the Kabel Group.

  

	9.6	AIL hereby warrants to Liberty that as at the date of this Letter: 

  

	 	(a)	it is duly organised and validly existing under the law of its jurisdiction of incorporation; 

 

	 	(b)	all authorisations required or desirable: 

  

	 	(i)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in this Letter and any other Transaction Document to which it is a party with
Liberty; and 

  

	 	(ii)	to make this Letter and any other Transaction Document to which it is a party with Liberty admissible in evidence in its jurisdiction of incorporation,

 have been obtained or effected and are in full force and effect and any conditions thereto have been complied
with; 
  

	 	(c)	it has the right, power and authority to enter into this Letter any other Transaction Documents to which it is a party with Liberty and has taken all necessary action
to authorise its entry into, performance and delivery thereof, and to perform its obligations thereunder (in each case without any consent, approval or notice of any person, governmental agency or body); 

 

	 	(d)	the entry into and performance by it of this Letter and any other Transaction Documents to which it is a party with Liberty does not infringe its constitutional
documents, has been duly authorised and complies and will comply in all respects with all relevant laws applicable to it and any agreement or instrument binding upon it or any of its subsidiary’s assets; and 

 

	 	(e)	the obligations of AIL under this Letter and the other Transaction Documents to which it is a party constitute legal, valid and binding obligations on AIL which are
enforceable by Liberty in the English Courts in accordance with their respective terms, 

 provided that, in each
case, AIL does not give any warranty as to the need for, or compliance with, any notification to or consent, approval or other authorisation from the Authority or any other competition or anti-trust authority. 

 

	9.7	AIL undertakes to Liberty that from the date of this letter until Closing it will, as soon as practicable after becoming aware of the same, give notice to
Liberty of any breach by it of any representation or warranty given by it under this Clause 9. 

  

	9.8	Liberty agrees that any failure by AIL to comply with its obligations under this Letter shall be without prejudice to: 

 

	 	(a)	any Liberty Obligation; or 

  

	 	(b)	any other obligation or liability that Liberty may have to any other Indemnified Person otherwise than under this Letter, 

which shall in each case continue in full force and effect. 

  
  

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	10	Indemnity 

  

	10.1	Subject to Clause 10.3, Liberty hereby agrees with each Indemnified Person to indemnify and hold harmless on demand on an after-tax basis each Indemnified Person
against all or any claims (whether or not successful, compromised or settled), actions, liabilities, demands, enquiries, investigations, proceedings (including, without limitation, regulatory proceedings) or judgments (each a
“Claim”) asserted or established against it in any jurisdiction by any person whatsoever and against all losses, liabilities, damages, demands, costs, charges or expenses (including all legal fees) and tax (save to the extent
incurred as a consequence of internal restructuring or internal tax planning implemented after the date of this Agreement for purposes not related in any way to this Transaction by AIL (or its Affiliates)), interest or penalties (each a
“Loss” and together “Losses”) which that Indemnified Person suffers or incurs or may suffer or incur (including, but not limited to, all Losses suffered or incurred in investigating, preparing for or disputing or
defending any Claim and/or in successfully establishing its right to be indemnified pursuant to this Clause 10 and/or in seeking advice regarding any Claim or in any way related to or in connection with this indemnity) if the Claim or Loss arises,
directly or indirectly, out of or is attributable to or connected with or related to anything done or omitted to be done by any person (including that Indemnified Person) or otherwise in connection with the Transaction whether foreseeable or not or
the Transaction Documents; provided that each Indemnified Person shall promptly repay to Liberty any amount paid by Liberty hereunder in respect of any Loss or Claim that is subsequently recovered by such Indemnified Person. For the avoidance of
doubt, nothing stipulated in this Clause 10.1 shall be interpreted to create any obligation for any Indemnified Person to recover such amounts. 

  

	10.2	Without limiting in any way anything in Clause 10.1, the indemnity and agreement to hold harmless in Clause 10.1 includes any Claim or Loss suffered or incurred
by any Indemnified Person: 

  

	 	(i)	arising as a result of that person acting as a director or officer of Kabel or any member of the Kabel Group; 

 

	 	(ii)	arising as a result of any Disposal or any attempted Disposal (including, without limitation, any Third Party Purchase or any Asset Realisation or Kabel Liquidation) or
representation, warranty or undertaking given in connection with any Disposal; 

  

	 	(iii)	arising as a result of any Claims made or Losses incurred under or in respect of the SPA or any related or ancillary documents including, without limitation, claims for
breach of warranty or failure to complete; 

  

	 	(iv)	any Loss or Claim arising directly or indirectly from non-compliance with any competition laws (including approvals and notifications) caused by implementing or
entering into the Transactions or Transaction Documents; or 

  

	 	(v)	arising as a result of any Claims made or Losses incurred under or in respect of any debt instruments issued by Kabel Group any related or ancillary documents
including, without limitation, claims for breach of warranty or failure to complete; or 

  

	 	(vi)	arising by reference to Clause 14 of the SPA 

  

	10.3	The indemnity and agreement to hold harmless in Clause 10.1 (as further provided for in Clause 10.2) shall not apply to any claim against or suffered or incurred
by AIL or any other AIL Indemnified Person as a result of the fraud or wilful misconduct of AIL or any other AIL Indemnified Person. 

  
  

11 

	10.4	No AIL Indemnified Person shall have the right to take any action pursuant to this Letter without the consent of AIL. 

 

	10.5	Notwithstanding Clause 10.4, the Parties hereto may enter into any agreement or arrangement varying or amending any of the terms of this Letter or compromising
or settling any claim under this Letter (including in respect of such rights) without reference to the interest of, or the consent of, the Indemnified Persons not party to this Letter. 

 

	10.6	The provisions of this Clause 10 will remain in full force and effect notwithstanding the completion of all matters and arrangements referred to in or
contemplated by this Letter. 

  

	11	Confidentiality 

 Each
Party acknowledges that the Transaction Documents are confidential and no Party shall, except as otherwise stipulated in this Letter or without the prior written consent of each of the other Parties, disclose or make any public announcement in
respect of the Transaction or the Transaction Documents or their contents to any other person except: 
  

	 	(a)	as required by law or by any applicable governmental or other regulatory authority or by any applicable stock exchange; 

 

	 	(b)	to its officers, employees or professional advisers for the purposes of the Transaction who have been made aware of, and agree to be bound by, the obligations under
this paragraph or are in any event subject to confidentiality obligations as a matter of law or professional practice; 

  

	 	(c)	in relation to any submission to the Authority; and 

  

	 	(d)	any matter or document that is or becomes in the public domain other than as a result of any breach of this Letter. 

 

	12	Notices 

  

	12.1	Any request or notice to be made or given hereunder shall be effective if sent by facsimile, personally delivered or recorded delivery: 

 

	 	(a)	in the case of a notice or request sent to AIL addressed to AIL at the following address: 

Aldermanbury Investments Limited 
 125 London Wall 
 London EC2Y 5AJ 

Attention: Maarten Petermann and Claire Isaac 
 Facsimile: +44 207 325 7227, marked for the urgent attention of Maarten Petermann and Claire Isaac 
  

	 	(b)	in the case of a notice request sent to Liberty addressed to Liberty at the following address: 

Liberty Global Holding B.V. 
 Boeingavenue 53 
 1119 PE Schiphol-Rijk 

The Netherlands 

Facsimile: +31 20 778 9871, marked for the urgent attention of General Counsel 

  
  

12 

	12.2	Any communication or document made or delivered by one person to another under or in connection with this Letter will only be effective:

  

	 	(a)	if by way of fax, when received in legible form; or 

  

	 	(b)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to
it at that address, and if it is expressly marked for the attention of the department or officer identified in Clause 12.1. 

  

	12.3	Either party may, at any time change its address for service of notice by giving notice thereof to the other party, which shall take effect five
(5) Business Days after receipt of such notice. 

  

	13	General 

  

	13.1	Third Party Rights 

Unless expressly provided to the contrary in this Letter, a person who is not a Party has no right under the Contracts (Rights of Third
Parties) Act 1999 to enforce or to enjoy the benefit of any of its terms. Notwithstanding any term of this Letter, the consent of any person who is not a Party is not required to rescind or vary this Letter at any time. 

 

	13.2	Counterparts 

 This Letter
may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Letter. 
  

	13.3	Rights Cumulative 

 The
rights of the Parties under this Letter are cumulative, may be exercised as often as it is considered appropriate and are in addition to such Parties’ rights under general law. The rights of the Parties hereunder shall not be capable of being
waived or varied otherwise than by an express waiver or variation in writing; and in particular any failure to exercise or any delay in exercising any of such rights shall not operate as a waiver or variation of that or any other such right; any
defective or partial exercise of any of such rights shall not preclude any other or further exercise of that or any other such right; and no act or course of conduct or negotiation on the part of such Party or on its behalf shall in any way preclude
such Party from exercising any such right or constitute a suspension or any variation of any such right. 
  

	13.4	Waivers 

  

	 	(a)	No failure or delay by any Party in exercising any right or remedy provided by law under or pursuant to this Letter shall impair such rights or remedy or operate or be
construed as a waiver or variation of it or preclude its exercise at any subsequent time and no single partial exercise of any such right or remedy shall preclude any other or further exercise of it or the exercise of any other right or remedy.

  

	 	(b)	Any waiver and any consent by any Party under this Letter must be in writing and may be given subject to any conditions thought fit by such Party. Any waiver or consent
shall be effective only in the instance and for the purposes for which it is given. 

  
  

13 

	13.5	Invalidity 

 If any of the
provisions of this Letter becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. 

 

	13.6	Variations 

 The
provisions of this Letter shall not be varied otherwise than by an instrument in writing executed by or on behalf of all Parties. 
  

	13.7	Entire Agreement 

 This
Letter and the Total Return Swap set out the entire understanding between the parties in respect of the subject matter of this Letter. It is agreed that: 
  

	 	(a)	no Party has entered into this Letter in reliance upon any representation, warranty or undertaking of the other Party which is not expressly set out or referred to in
this Letter or the Total Return Swap; and 

  

	 	(b)	(except for breach of an express warranty under this Letter) no Party shall have any claim or remedy under this Letter in respect of misrepresentation (whether
negligent or otherwise, and whether made prior to or in this Letter or untrue statement made by the other Party), 

provided that this Clause shall not exclude any liability for fraudulent misrepresentations. 

 

	13.8	No Double Counting 

 Each
of the Parties agrees that where, pursuant to any particular provision of this Letter or the Total Return Swap, it has received and retained payment in full in respect of any amount in accordance with the terms of either such agreement, it shall not
make a second claim in respect of such amount, notwithstanding that it may be expressed to be entitled to make a claim pursuant to one or more other provisions of either such agreement. 

 

	13.9	Successors in Title and Assignment 

  

	(a)	This Letter shall be binding upon and inure to the benefit of each of the Parties hereto and their successors and assigns. 

 

	(b)	Subject to Clause 13.9(c), no Party shall be entitled to assign the benefit of this Letter without the prior written consent of the other Parties. AIL agrees to use
reasonable endeavours to comply with a request by Liberty to assign the benefit of this letter to a member of the Liberty Group provided that: 

  

	 	(i)	AIL is satisfied that the obligations of Liberty under the Transaction Documents shall remain in full force and effect; 

 

	 	(ii)	all costs and expenses incurred in complying with Liberty’s request are for the account of Liberty; and 

 

	 	(iii)	AIL shall not take any steps which in the opinion of AIL might be prejudicial to it. 

 

	(c)	AIL shall be entitled to assign its obligations and benefit under this Letter to any of its Affiliates provided that (i) there has been a transfer of the Kabel
Shares by AIL to such Affiliate and (ii) if as a result of an assignment, other than where such assignment is in the opinion of AIL reasonably required by it in order to be able to continue to enforce its rights or perform its obligations under
this Agreement, any additional tax liability is incurred, such additional amounts shall only be payable by Liberty under this Letter to the extent such tax would have otherwise have been payable by AIL (or its Affiliates) if no such assignment had
been made. 

  
  

14 

	13.10	Provisions to Remain in Full Force and Effect 

 The representations, warranties, indemnities and undertakings set out in this Letter shall remain in full force and effect notwithstanding the completion of all matters and arrangements referred to in or
contemplated by this Letter. 
  

	14	VAT 

 Notwithstanding any
other provision in this Letter, all sums payable by Liberty under this Letter are exclusive of any VAT chargeable on any supply to which such sums relate and an amount equal to such VAT as is required by law to be charged shall be paid by the Party
making such payment. 
  

	15	Governing Law and Jurisdiction 

  

	15.1	Governing Law 

 This
Letter shall be governed by, and shall be construed in accordance with, English law. 
  

	15.2	Jurisdiction 

  

	 	(a)	All Parties agree that the courts of England are (subject to paragraph (b) below) to have exclusive jurisdiction to settle any disputes (including claims for
set-off and counterclaims) which may arise out of or in connection with this Letter and for such purposes irrevocably submit to the jurisdiction of the English courts. 

 

	 	(b)	The agreement contained in paragraph (a) above is included for the benefit of AIL. Accordingly, notwithstanding the exclusive agreement in paragraph
(a) above, AIL shall retain the right to bring proceedings in any other jurisdiction and, if AIL is involved as defendant in proceedings in a jurisdiction other than England concerning acts or omissions relating to or arising from or in
connection with AIL’s involvement in Kabel, AIL can join Liberty to those proceedings where AIL considers it reasonable to do so and Liberty irrevocably submits to any such jurisdiction. To the extent allowed by law AIL may take concurrent
proceedings in any number of jurisdictions. 

  

	 	(c)	Each of AIL and Liberty irrevocably consents to service of process or any other document in connection with proceedings in any court by facsimile transmission, personal
service, delivery at any address specified in this Letter or any other usual address, mail or in any other manner permitted by English law, the law of the place of service or the law of jurisdiction where proceedings are instituted.

  

	15.3	Process Agent 

 Liberty
shall at all times maintain an agent for service of process and any other documents in proceedings in England or any other proceedings in connection with this Letter. Such agent shall be Liberty Global Europe Limited currently of Michelin House, 81
Fulham Road, London SW3 6RD, United Kingdom and any claim form, judgment or other notice of legal process shall be sufficiently served on Liberty if delivered to such agent at its address for the time being. Liberty irrevocably undertakes not to
revoke the authority of this agent and 

  
  

15 

 
if, for any reason, AIL requests Liberty to do so it shall promptly appoint another such agent with an address in England and advise AIL. If, following such a request, Liberty fails to appoint
another agent, AIL shall be entitled to appoint one on behalf of Liberty at the expense of Liberty. If for any reason, Liberty requests AIL to appoint an agent for service of process or any other documents in proceedings in England or any other
proceedings in connection with this Letter, they shall immediately do so and advise Liberty. If, following such a request, AIL fails to appoint an agent, Liberty shall be entitled to appoint one on behalf of AIL. On the date hereof and each further
appointment of a process agent, Liberty shall deliver to AIL a signed acknowledgement of the relevant process agent's acceptance of appointment substantially in the form annexed hereto in Schedule 4 (Form of Process Agent Letter). 

  
  

16 

 List of Omitted Schedules 
 The follow schedules to the Letter Agreement, dated March 21, 2011, between Liberty Global Europe Holding BV and Aldermanbury Investments Limited, have been omitted from this filing: 

Schedule 1: Commitment letter to be issued by AIL 
 Schedule 2: Form of Articles of Association of Kabel 
 Schedule 3: Kabel Business
Plan 
 Schedule 4: Form of Process Agent Letter 

  
  

17 

 Please acknowledge your agreement to the above by signing and returning this Letter to us.

 Maarten P. Petermann 
 as
Attorney for 
 Aldermanbury Investments Limited 
 and on behalf of J.P. Morgan Securities Ltd. as agent for Aldermanbury Investments Limited 
  

			
	By:    	 	 Authorized Signatory

		 	 Name:

Title:

 We acknowledge and
agree to the above. 
 Authorized Signatory 

 
 For and on behalf of Liberty Global
Europe Holding B.V. 

  
  

18Confirmation of a Cash Settled Share Swap Transaction

 Exhibit 10.10 
 Confirmation of a Cash Settled Share Swap Transaction 
  

 
 As of 21 March, 2011

 Transaction 
 Liberty Global Europe Holding B.V.  
 Boeingavenue 53 

1119 PE Schiphol-Rijk 
 The Netherlands

 Attention: General Counsel 
  

 
 Dear Sirs, 

The purpose of this letter agreement (this ‘Confirmation’) is to confirm the terms and conditions of the Transaction arranged
by J.P. Morgan Securities Limited on behalf of Aldermanbury Investments Limited (‘AIL’) and entered into between AIL and Liberty Global Europe Holding B.V (the ‘Counterparty’) on the Trade Date specified below (the
‘Transaction’). This Confirmation constitutes a ‘Confirmation’ as referred to in the ISDA Master Agreement specified below, and supersedes all or any prior written or oral agreements in relation to the Transaction. 

The definitions and provisions contained in the 2006 ISDA Definitions (the ‘ISDA Definitions’) and in the 2002 ISDA Equity
Derivatives Definitions (the ‘Equity Definitions’, and together with the ISDA Definitions, the ‘Definitions’), in each case as published by the International Swaps and Derivatives Association, Inc., (‘ISDA’) are
incorporated into this Confirmation. In the event of any inconsistency between the ISDA Definitions and the Equity Definitions, the Equity Definitions shall govern. In the event of any inconsistency between the Definitions and this Confirmation,
this Confirmation shall govern. In the event of any inconsistency between this Confirmation and the Letter Agreement (as defined below), the Letter Agreement shall govern. 
 1. This Confirmation, together with the Letter Agreement, evidences a complete and binding agreement between you and us as to the terms of the Transaction to which this Confirmation relates. In addition
you and we agree to use all reasonable efforts promptly to negotiate, execute and deliver an agreement in the form of the ISDA 2002 Master Agreement excluding Section 6 thereof (the ‘ISDA Form’), with such modifications as you and we
will in good faith agree. Upon the execution by you and us of such an agreement, this Confirmation and the Letter Agreement will supplement, form a part of, and be subject to that agreement. All provisions contained or incorporated by reference in
that agreement upon its execution will govern this Confirmation except as expressly modified below. Until we execute and deliver that agreement, this Confirmation, together with all other documents referring to the ISDA Form (each a
‘Confirmation’) confirming transactions (each a ‘Transaction’) entered into 

 
between us (notwithstanding anything to the contrary in a Confirmation), shall supplement, form a part of, and be subject to an agreement in the form of the ISDA Form as if we had executed an
agreement in such form (but without any Schedule) on the Trade Date of the first such Transaction between us. In the event of any inconsistency between the provisions of that agreement and this Confirmation, this Confirmation shall prevail for the
purposes of this Transaction. In the event of any inconsistency between the provisions of that agreement and the Letter Agreement, the Letter Agreement shall prevail for the purposes of this Transaction. 

2. The terms of the particular Transaction to which this Confirmation relates are as follows: 
 General Terms 
  

			
	Trade Date:	 	21 March, 2011
		
	Effective Date:	 	With respect to ‘Fixed Amounts payable by the Counterparty’, the Trade Date. With respect to all other obligations hereunder, the AIL Step-in Date.
		
	AIL Step-in Date:	 	The date when AIL assumes UPC Germany HoldCo 2 GmbH’s rights and obligations under the Sale and Purchase Agreement in accordance with the Commitment Letter and Section 4.5
of the Sale and Purchase Agreement
		
	Termination Date:	 	The earlier to occur of (i) the Cash Settlement Payment Date and (ii) the date on which Antitrust Clearance is granted
		
	Shares:	 	The Kabel Shares (as defined in the Letter Agreement) issued by Kronen tausend650 GmbH (the ‘Issuer’)
		
	Sale and Purchase Agreement:	 	The SPA (as defined in the Letter Agreement)
		
	Letter Agreement:	 	The letter agreement between AIL and Counterparty dated 21 March 2011.
		
	Antitrust Clearance:	 	as defined in the Letter Agreement

  
 2 

 Equity Amounts: 
  

			
	Equity Amount Payer:	 	AIL
		
	Equity Amount Receiver:	 	Counterparty
		
	Number of Shares:	 	25,001
		
	Equity Notional Amount:	 	An amount equal to the Number of Shares multiplied by the Initial Price
		
	Type of Return:	 	Price Return
		
	Initial Price:	 	The Purchase Price as defined in Clause 6.1 of the SPA plus any additional amounts payable by AIL to satisfy its obligation to purchase the Shares pursuant to the SPA divided by
the Number of Shares
		
	Final Price:	 	The price per Share, net of all brokerage or underwriting costs and any stamp duty or tax costs (if any), determined by dividing the consideration received in accordance with
Clause 6.2 of the Letter Agreement by the Number of Shares or by dividing the proceeds of the Asset Realisation determined in accordance with Clause 7.1 of the Letter Agreement by the Number of Shares, provided that if AIL is unable to effect a
Disposal under and in accordance with Clause 6.2 of the Letter Agreement and AIL is unable to effect an Asset Realisation under and in accordance with Clause 7.1 of the Letter Agreement, in each case prior to the Scheduled Valuation Date, the Final
Price shall be deemed to be zero
		
	Valuation Date:	 	The earlier of:
		
		 	 (i)     an Accelerated Valuation Date, if applicable; or

		
		 	 (ii)    the Scheduled Valuation Date

		
	Accelerated Valuation Date:	 	The date on which AIL has (i) completed the sale of the Shares and has received the proceeds of such sale pursuant to Clause 6.2 of the Letter Agreement or (ii) effected an Asset
Realisation and has received the proceeds thereof pursuant to Clause 7.1 of the Letter Agreement

  
 3 

			
	Scheduled Valuation Date:	 	The date falling one year after the AIL Step-in Date
		
	Business Days:	 	TARGET Settlement Days

 Fixed Amounts payable by the
Counterparty: 
  

			
	Fixed Amount Payer:	 	The Counterparty
		
	Notional Amount:	 	The Equity Notional Amount
		
	Payment Dates:	 	The last Business Day of each calendar month and the Termination Date
		
	Fixed Rate:	 	(i) 15 (fifteen) basis points for the period starting from (and including) the Trade Date to (but excluding) the AIL Step-in Date, (ii) 60 (sixty) basis points for the first
three calendar months following the AIL Step-in Date (subject to a cap on the Fixed Amount of EUR 350,000 per calendar month during such period), (iii) 40 (forty) basis points for the subsequent three calendar months (subject to a cap on the Fixed
Amount of EUR 235,000 per calendar month during such period) and (iv) 30 (thirty) basis points for the period thereafter up to (but excluding) the Termination Date (subject to a cap on the Fixed Amount of EUR 175,000 per calendar month during such
period)
		
	Fixed Rate Day Count Fraction:	 	Act/360
		
	Business Days:	 	TARGET Settlement Days and London

 Additional Amount
payable by Counterparty: 
  

			
	Additional Amount payable by Counterparty:	 	On the Trade Date, Counterparty shall pay to AIL the Additional Amount
		
	Additional Amount:	 	USD 2,500,000

  
 4 

 Initial Exchange Amount payable by Counterparty: 

 

			
	Initial Exchange Amount Payer:	 	Counterparty
		
	Initial Exchange Amount:	 	An amount equal to the aggregate of the Equity Notional Amount and any additional amounts payable by AIL to satisfy its obligation to purchase the Shares under the Sale and
Purchase Agreement
		
	Initial Exchange Amount Payment Date:	 	The AIL Step-in Date or, if earlier, the date referred to under (i) below
		
	Initial Escrow Amount:	 	EUR1,160,000,000
		
	Escrow Agreement:	 	The Escrow Agreement between Counterparty, AIL and the Escrow Agent dated 21 March 2011
		
	Escrow Account:	 	The escrow account established in the name of Counterparty under the Escrow Agreement
		
	Escrow Agent:	 	JPMorgan Chase Bank, N.A., London branch
		
	Security Deed:	 	The Security Deed between Counterparty as Chargor and AIL as Chargee dated 21 March 2011.

 Counterparty shall deposit the Initial Escrow Amount in the Escrow Account on the Trade Date. The funds standing to the credit of the Escrow Account shall be released as set out below under (i),
(ii) and/or (iii) and in accordance with the terms and conditions of the Escrow Agreement: 
  

	 	(i)	On the date on which Counterparty informs AIL that the Closing Condition as set forth in clause 8.1.2 of the SPA has been satisfied together with evidence thereof,
Counterparty shall notify the Escrow Agent in the form specified in the Escrow Agreement requesting a transfer of (i) an amount equal to the Initial Exchange Amount standing to the credit of the Escrow Account to AIL (which amount when received
by AIL shall be applied in satisfaction of Counterparty's obligation to pay AIL the Initial Exchange Amount) and (ii) the balance between the Initial Escrow Amount and the Initial Exchange Amount to the Counterparty, and AIL shall instruct the
Escrow Agent to effect such release from the Escrow Account, all subject to and in accordance with the terms of the Escrow Agreement. 

  
 5 

	 	(ii)	On the date on which Counterparty informs AIL that Antitrust Clearance is granted, evidenced by a copy of the decision Counterparty shall notify the Escrow Agent in the
form specified in the Escrow Agreement requesting a release of an amount equal to the balance standing to the credit of the Escrow Account and AIL shall instruct the Escrow Agent to effect such release from the Escrow Account to Counterparty, all
subject to and in accordance with the terms of the Escrow Agreement. 

  

	 	(iii)	On the date on which Counterparty receives notification from the Seller (as defined in the SPA) under clause 5.2 of the SPA, and informs AIL thereof, evidenced by a
copy of the notification, Counterparty shall notify the Escrow Agent in the form specified in the Escrow Agreement requesting a release of an amount of EUR100,000,000 and AIL shall instruct the Escrow Agent to effect such release from the Escrow
Account to Counterparty, all subject to and in accordance with the terms of the Escrow Agreement. 

 The
obligations of Counterparty in respect of this Transaction are secured by the Security Deed pursuant to which the Counterparty has inter alia charged all of its rights, title and interest in or in respect of the Escrow Account. Each of the
Escrow Agreement and the Security Deed is a Credit Support Document for the purposes of the ISDA Form and each agreement referred to in paragraph 1 of this Confirmation. 
 Final Exchange Amount payable by AIL: 
  

			
	Final Exchange Amount payable by AIL:	 	On the Termination Date, AIL shall pay to Counterparty the Final Exchange Amount
		
	Final Exchange Amount:	 	An amount equal to the Initial Exchange Amount

Settlement Terms: 
  

			
	Settlement Currency:	 	EUR
		
	Cash Settlement:	 	Applicable
		
	Cash Settlement Payment Date:	 	Three Business Days after the Valuation Date

Adjustments: 
  

			
	Method of Adjustment:	 	Calculation Agent Adjustment

  
 6 

 Extraordinary Events: 
 Consequences of Merger Events: 
  

			
	 (a)    Share-for-Share:
	 	Alternative Obligation
		
	 (b)    Share-for-Other:
	 	Cancellation and Payment (Calculation Agent Determination)
		
	 (c)    Share-for-Combined:
	 	Component Adjustment
		
	Tender Offer:	 	Applicable
		
	Consequences of Tender Offers:	 	
		
	 (a)    Share-for-Share:
	 	Modified Calculation Agent Adjustment
		
	 (b)    Share-for-Other:
	 	Modified Calculation Agent Adjustment
		
	 (c)    Share-for-Combined:
	 	Modified Calculation Agent Adjustment
		
	Composition of Combined Consideration:	 	Not Applicable
		
	Nationalisation or Insolvency:	 	Cancellation and Payment (Calculation Agent Determination)
		
	Additional Disruption Events:	 	
		
	 (a)    Change in Law:
	 	Not Applicable
		
	 (b)    Failure to Deliver:
	 	Not Applicable
		
	 (c)    Insolvency Filing:
	 	Applicable
		
	 (d)    Hedging Disruption:
	 	Not Applicable
		
	 (e)    Loss of Stock Borrow:
	 	Not Applicable
		
	 (f)     Increased Cost of Stock Borrow:
	 	Not Applicable
		
	 (g)    Increased Cost of Hedging:
	 	Not Applicable
		
	Determining Party:	 	AIL

  

	3.	Calculation Agent: AIL 

  

	4.	Accounts Details: 

Account for payments to AIL: 

  
 7 

 EUR 
 Account Name; JPMORGAN CHASE BANK, N.A. 
 Account/IBAN number 24047501

 Beneficiary Bank SWIFT Code JPMSGB2LAIL 
 Correspondent Bank Name 45246 
 Correspondent Bank SWIFT Code CHASGB2LXXX

 USD 

Account Name: JP Morgan Securities Ltd 
 Account/IBAN number 006710024047502 
 Beneficiary Bank Name JP Morgan
Securities Ltd 
 Beneficiary Bank SWIFT Code JPMSGB2LAIL 

Correspondent Bank Name JPMORGAN CHASE BANK, N.A. 
 Correspondent Bank SWIFT Code CHASGB2LXXX 
 Account for payments to Counterparty:

 Account Name: Liberty Global Europe Holding BV 
 Account Number: 253168600 
 IBAN: NL49FTSB0235168600 

SWIFT: FTSBNL2R 

Bank: ABN AMRO Bank Rotterdam 
  

	5.	Offices and Contact Details for the Purpose of Giving Notice: 

  

	 	(1)	The Office of AIL for the Transaction is: 

 Aldermanbury Investments Limited 
 125 London Wall, 

London EC2Y 5AJ 

United Kingdom 

Attention: Maarten Petermann and Claire Isaac 
 Facsimile: +44 207 325 7227, marked for the urgent attention of Maarten Petermann and Claire Isaac 
  

	 	(2)	The Office of Counterparty for the Transaction is: 

  
 8 

 Boeingavenue 53, 1119 PE, Schiphol-Rijk, The Netherlands 

Facsimile: +31 20 778 9871, marked for the urgent attention of General Counsel 

 

	6.	Other Provisions 

  

			
	Non-Reliance:	 	Applicable
		
	 Agreements and Acknowledgements

Regarding Hedging Activities:
	 	Applicable
		
	Additional Acknowledgements:	 	Applicable

 Each party makes the following
representation, which representation will be deemed repeated at all times until termination of all obligations in respect of this Transaction: 
 It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority of any Relevant Jurisdiction to make any deduction or withholding for or on account of
any Tax from any payment to be made by it or to the other party under this Transaction. In making this representation, it may rely on the satisfaction of the agreement that, so long as either party has or may have any obligation under this
Transaction, it will deliver to the other party or to such government or taxing authority as the other party reasonably direct and upon reasonable demand by such other party, any form or document that may be required or reasonably requested in
writing in order to allow such other party to make a payment under this Transaction without any deduction or withholding for or on account of any Tax (so long as the completion, execution or submission of such form or document would not materially
prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any
reasonably required certification and in each case as soon as reasonably practicable. 
 Time of dealing: The time of
dealing will be confirmed by AIL upon written request. 
 Retail Client: Each party represents that it is not a retail
client as defined in the Rules of the Financial Services Authority. 
 Transfer: Neither party may transfer any or all of
its rights or obligations under this Transaction without the prior written consent of the non-transferring party. Any purported transfer that is not in compliance with this provision shall be void. 

Governing Law: English law 

  
 9 

 Process agent: On the date hereof and each further appointment of a process agent,
Counterparty shall deliver to AIL a signed acknowledgement of the relevant process agent’s acceptance of appointment substantially in the form annexed. 
 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing this Confirmation in the space provided below and returning it to J.P.MORGAN SECURITIES LTD. 

Yours sincerely, 
  

			
	 Maarten P. Petermann

 

	 as Attorney for
  

Aldermanbury Investments Limited
  

	and on behalf of J.P. Morgan Securities Ltd. as agent for Aldermanbury Investments Limited
		
	By:    	 	 AUTHORIZED SIGNATORY

		 	Name:
		 	Title:

  

			
	Confirmed as of the date first above written:
	
	Liberty Global Europe Holding B.V.
		
	By:    	 	 AUTHORIZED SIGNATORY

		 	 Name:

Title:

  
 10

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