Allegro.eu: Announcement of Intention to Float on the Warsaw Stock Exchange

Poznan, Poland (ots/PRNewswire) - NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

This announcement is an advertisement and not a prospectus for the purposes of Regulation (EU) 2017/1129 (the "Prospectus Regulation") and does not an offer of securities for sale or subscription in any jurisdiction, including in or into the United States, Australia, Canada, Japan or South Africa.

Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. Any offer to acquire shares pursuant to the proposed offering (the "Offering") will be made, and any investor should make their investment decision solely on the basis of the information that is contained in the prospectus (the "Prospectus") expected to be published by Allegro.eu, a public limited liability company (société anonyme) formed and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 4, rue Albert Borschette, L-1246 Luxembourg, Grand Duchy of Luxembourg and registered with the R.C.S. Luxembourg under number B 214830 (the "Company", or the "Issuer") in due course in connection with the admission of its ordinary shares ("Shares") to trading on the Warsaw Stock Exchange ("Admission"). A copy of the Prospectus will, following publication, be available from the Company's website at www.allegro.eu/ipo, subject to applicable securities regulations.

Risk is inherent in each investment decision. Investing in Shares is connected with a number of risks including, but not limited to, the financial risk resulting from a decline in the price of Shares or the limitation of their liquidity. With all investment decisions it is necessary to define future profit and assess the risk connected with it. Investing in shares implies the risk of losing part or all the invested funds, and even the necessity of incurring additional costs.

Nieodl?czn? cz?sci? ka?dej inwestycji jest ryzyko. Inwestowanie w Akcje wi??e si? z szeregiem ryzyk, w tym z ryzykiem finansowym zwi?zanym mi?dzy innymi ze spadkiem kursu Akcji lub ograniczeniem ich plynnosci. Podj?cie ka?dej decyzji inwestycyjnej wi??e si? mi?dzy innymi z koniecznosci? okreslenia przyszlego dochodu oraz oceny ryzyka z nim zwi?zanego. Inwestowanie w akcje wi??e si? z ryzykiem utraty cz?sci lub calosci zainwestowanych srodków, a nawet koniecznosci? poniesienia dodatkowych kosztów.

14 September 2020

Allegro.eu

Announcement of Intention to Float on the Warsaw Stock Exchange

Allegro.eu ("Allegro" and, together with its subsidiaries, the "Group"), Poland's number one commerce platform and the most recognized e-commerce brand in the country with a customer base of approximately 12.3 million active buyers and approximately 117,000 merchants, today announces its intention to undertake an initial public offering via a placing to institutional and retail investors. Allegro intends to apply for listing and admission of the Group's ordinary shares on the main market of the Warsaw Stock Exchange.

Commenting on today's announcement, François Nuyts, Chief Executive Officer, said:

"I am delighted to announce Allegro's intention to float on the Warsaw Stock Exchange. Allegro is a unique success storyshaped over 20 years, from local start-up to a European e-commerce champion. Alongside 12.3 million active buyers and 117,000 merchants, we are leading the digital transformation of Poland's economy and improving the everyday lives of millions of Poles and thousands of SMEs.

Allegro has demonstrated exceptional growth, profitability and cash generation at scale over time. We have seen an acceleration of growth over the last three years thanks to our ongoing strategic initiatives and investments, with annual GMV and net revenue reaching approximately 25% and over 30% growth, respectively, in 2019, and GMV and net revenue growth each over 50% in the first half of 2020. Adjusted EBITDA saw a similar trend, growing at 20% in 2019 and 28% in the first half of 2020 with margins in excess of 45%. Today marks a new phase in Allegro's growth journey as we invest in innovation; bring even more customers to our platform; invest in our people; and create the best possible experience for our buyers and merchants. We are proud to offer institutions and individuals the chance to take part - and we intend for every Allegro employee to become an owner of the company too."

About Allegro

Allegro is the number one commerce platform in Poland and has delivered strong revenue growth, profitability and cash flow at scale. The Group operates the leading online marketplace in Poland, Allegro.pl, and the leading price comparison platform in Poland, Ceneo.pl. The Group targets the retail market in Poland, which had an estimated size of PLN 621 billion (USD 156 billion) in 2019, and the Group's gross merchandise value ("GMV") accounted for approximately 3% of this market, which is forecasted to grow to PLN 724 billion (USD 182 billion) by 2024. As the most recognized e-commerce brand and the largest non-food retailer by GMV in Poland, Allegro.pl is also one of the world's top ten e-commerce websites and among the top 100 websites in the world by visits per month[1].

MerchantsontheGroup'se-commercemarketplacesellacrossavarietyofcategoriescoveringelectronics,homeandgarden;sportsandleisure;kids;automotive;fashionandshoes;healthandbeauty;books,media,collectiblesandart;andsupermarket.TheAllegro.plmarketplaceplatformfacilitatesthesaleofnewproductsprimarilyonbehalfofmerchantsthroughabusiness-to-customermodelandattractsvisitsfromanaverageof20millioninternetuserspermonth,whichisequivalentto76%ofallinternetusersinPoland.TheGroup'se-commercemarketplacehasauserbaseofapproximately12.3millionactivebuyerswhoconnectwithapproximately117,000merchants,whichresultedinanaverageof32millionmonthlytransactionsinthetwelvemonthsendedJune30,2020.TheGroup'se-commercemarketplacegeneratedGMVofPLN28.4billion(USD7.1billion)forthetwelvemonthsendedJune30,2020.ReasonsfortheOfferingTheGroupbelievestheOfferingisalogicalandsignificantnextstepfortheGroupinitsdevelopment.ItalsobelievestheOfferingwillstrengthentheGroup'sfinancialpositionbyenablingittorepaypartofitsoutstandingdebt,supporttheGroup'sgrowthplansbyincreasingitspublicprofileandbrandawareness,andcreateanewlong-termshareholderbasefortheGroup,includingemployees,aswellasliquidityforitsexistingandfutureshareholders.CompetitiveStrengthsTheGroupbelievesitssuccessisattributabletothefollowingkeystrengths:Allegroisthego-tocommerceplatforminalarge,resilientandunder-penetratedretailmarketPlatform[2]:

Market[3]:

TheGroup'ssuperiorvaluepropositionbenefitsfromthe"flywheel"effect,underpinnedbyanunparalleledfocuson"retailbasics".

Forbuyers:

Formerchants:

Allegro'scontinuousplatforminnovation,includingafocusondeliveryandtheSMART!loyaltyprogram,drivesimprovinguserexperienceforbuyersandmerchants

Allegroprovidesauniquecombinationofgrowth,profitabilityandcashconversionatscale

Allegro'sdistinctivebuyerandmerchant-centriccultureisnurturedbyitshighlyexperiencedmanagementteam

FuturestrategyAllegro'sstrategyistoofferbuyersandmerchantscontinuouslyimproving,unparalleledvalue.TheGroupwillseektoachievethisthroughacombinationofafocuson"retailbasics"relatingtoitsplatforminPoland,supportedbycomplementarystrategicinitiativesandpotentiallysupplementedbyinternationalexpansion.Theseinitiativesinclude:

RecentTradingTherehasbeennosignificantchangeinthefinancialortradingpositionoftheGroupsinceJune30,2020.However,theGrouphascontinuedtonotestrongGMVgrowthof48%and51%inJulyandAugust,respectively,basedontheGroup'sinternalmanagementaccounts.Factorsincludecontinuedstrongadditionaldemandassociatedwithincreasede-commercepenetrationresultingfromchangedbuyerbehaviorfollowingtheCOVID-19pandemiclockdown.OfferingHighlightsShouldtheGroupproceedwiththeIPO,itisexpectedtohavethefollowingfeatures:

TheGrouphasengagedGoldmanSachsInternationalandMorganStanley&Co.Internationalplc,asglobalcoordinatorsandjointbookrunners;BarclaysBankPLC,BofASecuritiesEuropeSA,CitigroupGlobalMarketsLimitedandDomMaklerskiBankuHandlowegoS.A.,asjointbookrunners;SantanderBankPolskaS.AandBMPKOBPasjointbookrunnersandco-offeringagentsinPolandinconnectionwithitsoffertoretailinvestors;andBankPolskaKasaOpiekiSpólkaAkcyjna,CréditAgricoleCorporateandInvestmentBank,ErsteGroupBankAG,PekaoInvestmentBankingS.A.andRaiffeisenCentrobankAG,asco-leadmanagers,intheeventtheIPOproceeds.Lazard&Co.,Limited("Lazard")isactingasFinancialAdvisertotheGroupTheIssuerwillbesubmittingaprospectustotheLuxembourgFinancialSupervisoryAuthority(CommissiondeSurveillanceduSecteurFinancier)("CSSF").TheprospectushasbeenpreparedinaccordancewiththeProspectusRegulationandtheLuxembourgProspectusLaw,aswellaswiththeActonPublicOfferingandotherapplicablelegislationgoverningthepublicofferingofsecuritiesinPoland.WhentheProspectusisapprovedbytheCSSFitwillbepublishedontheLuxembourgStockExchange'swebsite(www.bourse.lu),andonceitsapprovalhasbeennotifiedbytheCSSFtothePolishFinancialSupervisionAuthority(KomisjaNadzoruFinansowego),it(togetherwithitssummarytranslatedintoPolish)willbepublishedontheIssuer'swebsite,forinformationpurposes,andtheco-offeringagents'websites.EnquiriesForadditionalinformation,pleasecontact:

Media:FTIConsulting(London)
EdwardBridges,MattDixon,AdamDavidson,MikeCoombes
+44(0)2037271017|allegro@fticonsulting.com
NBSCommunications(Warsaw)
AnnaKrajewska,PiotrWojtaszek,KrzysztofWoch
+48228267418|allegro@nbs.com.pl
Allegro
PawelKlimiuk-CommunicationDirector
+48664412000
GoldmanSachsInternational(GlobalCoordinatorandJointBookrunner)
RichardCormack,ClifMarriott,AlexGarner,JohnWilkinson
+44(0)2077741000
MorganStanley(GlobalCoordinatorandJointBookrunner)
HenrikGobel,EnriquePerezHernandez,BobbyShoraka,StefanKrueger
+44(0)2074258000
Lazard(FinancialAdviser)
CharlieForeman,NickFowler,BozidarDjelic
+44(0)2071872000

FinancialHighlights

YearendedDecember31,SixmonthsendedJuneTwelvemonths30,endedJune30,
201720182019201920202020
UnauditedUnaudited
ActiveBuyers9.310.411.410.912.312.3
(millions)(1)
LTMGMVperActive1,7111,7411,9851,8562,2952,295
Buyer(PLN)(2)
GMV(PLNin15,966.718,185.422,801.410,361.616,006.628,445.6
millions)(3)
TakeRate(%)(4)8.08.99.39.39.19.1
Adj.EBITDA(PLNin952.81,114.81,338.1631.4808.01,514.7
millions)(5)
Adj.EBITDA/Net57.356.451.654.145.647.4
Revenue(%)
Adj.EBITDA/GMV6.06.15.96.15.05.3
(%)

(1)"ActiveBuyers"represents,asoftheendofaperiod,eachuniqueemailaddressconnectedwithabuyerthathasmadeapurchaseonAllegro.pl(excludingeBilet)intheprecedingtwelvemonths.

(2)"LTMGMVperActiveBuyer"representsGMVfortheprecedingtwelvemonthsasoftheendofaperiod(excludingeBilet'sticketssales)dividedbythenumberofactivebuyersattheendofsuchperiod.

(3)"GMV"meansgrossmerchandisevalue,whichrepresentsthetotalgrossvalueofgoodsandticketssoldontheplatformsallegro.pl,allegrolokalnie.plandebilet.pl(includingvalueaddedtaxes).

(4)"TakeRate"representstheratioofmarketplacerevenuedividedbyGMVafterdeductingtheGMVgeneratedby1Pretailsales(grossedupforVAT).

(5)"AdjustedEBITDA"representsoperatingprofitbeforeamortizationanddepreciationfurtheradjustedtoexcludetransactioncosts,monitoringcosts,marketstrategypreparationcosts,employeerestructuringcosts,regulatoryproceedingcosts,grouprestructuringcosts,donationstovariouspublicbenefitorganizations,bonusesforemployeesandfundsspentonsanitaryprotectionofemployeesandmanagementinvestmentopportunities.


BoardofDirectors
ThefollowingindividualswouldbethedirectorsoftheboardofAllegroasofthelistingdate.
DarrenHustonDarrenHustonistheChairmanoftheIssuer.Mr.HustonjoinedtheGroupasExecutiveChairmaninJanuary2017andwasfirstappointedasamemberoftheIssuer'sBoardonMay12,2017.Previously,Mr.HustonwasCEOofBooking.comandGroupCEOofthePricelineGroupandhehasalsoheldvariousroleswithMicrosoft(includingasCEOofMicrosoftJapan),StarbucksandMcKinsey&Company.Mr.HustonisalsotheCEOandFounderofBlackPinesCapitalPartners.Mr.Hustonhasover25yearsofmanagerialandleadershipexperience.HeholdsanMBAdegreefromHarvardUniversityandanMAinEconomicsfromtheUniversityofBritishColumbia.
FrançoisNuytsFrançoisNuytsistheCEOoftheGroup.Mr.NuytsjoinedtheGroupasCEOinAugust2018andwasappointedasamemberoftheIssuer'sBoardonSeptember1,2020.Mr.NuytsisalsoamemberofthemanagementboardofAllegroandamemberofthemanagementboardofCeneo.Previously,Mr.NuytsheldvariousmanagementroleswithAmazonacrossWesternEurope(England,France,SpainandItaly)wherehewasapartofitsrapidexpansion.Mr.Nuytshasover20yearsofexperienceinmanagementandstrategyconsulting,includingroleswithAccentureandKellogg's.Mr.NuytsholdsanMBAdegreefromBabsonCollegeMA.
JonathanEastickJonEastickistheCFOoftheGroup.Mr.EastickjoinedtheGroupasCFOinFebruary2018andwasappointedasamemberoftheIssuer'sBoardonSeptember1,2020.Mr.EastickisalsoamemberofthemanagementboardofAllegroandamemberofthemanagementboardofCeneo.Previously,hewasadirectoratErnst&Young.Mr.Eastickhasover25yearsofexperienceinfinanceandmanagementincluding,over16yearsofexperienceinCFOrolesatNetia,PolskaTelefoniaCyfrowaandLucentTechnologiesPoland.Mr.EastickholdsaBachelorofScienceinInternationalTradeandDevelopmentEconomicsfromLondonSchoolofEconomicsandPoliticalScienceandisaBritishCharteredAccountant.
DavidBarkerDavidBarkerledCinven'sinvestmentinAllegroandhasbeenamemberoftheboardsoftheAllegroandCeneooperatingcompaniessince2017.HewasappointedamemberoftheIssuer'sBoardonSeptember1,2020.Mr.BarkerjoinedCinvenin1996andisapartnerandamemberoftheInvestmentCommitteeatCinven.HehasbeeninvolvedinmanyofCinven'stechnology,mediaandtelecominvestments.Mr.BarkerholdsaBAdegreefromCambridgeUniversity.
RichardSandersRichardSandersledPermira'sinvestmentinAllegroandhasbeenamemberoftheboardsoftheAllegroandCeneooperatingcompaniessince2017.HewasappointedamemberoftheIssuer'sBoardonSeptember1,2020.Mr.SandersjoinedPermirain1999andisapartnerandamemberoftheInvestmentCommittee.AtPermira,Mr.SandersistheCo-HeadofTechnologyandhasextensiveexperienceinthesector.Mr.SandersholdsanMAdegreefromOxfordUniversityandanMBAdegree
fromStanfordUniversity.

PawelPadusinski
PawelPadusinskiledMidEuropaPartners'investmentinAllegroandhasbeenamemberoftheboardsoftheAllegroandCeneooperatingcompaniessince2017.HewasappointedamemberoftheIssuer'sBoardonSeptember1,2020.Mr.PadusinskiisapartnerandtheheadoftheWarsawofficeatMidEuropaPartnerswherehehasworkedsince2005.PriortojoiningMidEuropaPartners,Mr.PadusinskiworkedinthecorporatefinancedepartmentatPricewaterhouseCoopersLLPinWarsaw.Mr.PadusinskiholdsanM.Sc.inFinance&BankingandStrategicManagementfromtheWarsawSchoolofEconomics.
NancyCruickshankNancyCruickshankwasappointedamemberoftheIssuer'sBoardonSeptember1,2020.Ms.CruickshankiscurrentlySVPChiefDigitalOfficeratCarlsberg,havingheldaNEDpositionwiththecompanyfor18monthspriortojoiningtheexecutiveteam.Ms.CruickshankisalsoontheboardofBangoPlc,OnMobileGlobalLtd.andFlutterEntertainmentPlc.Afterasix-yearterm,Ms.CruickshankwillstepdownfromtheOnMobileboardbytheendof2020bymutualagreementwiththatboard'schairman.Previously,shewasCEO&FounderofMyShowcase,afreshandcontemporarybeautyretailerenabledbysmarttechnology.Ms.Cruickshankhasworkedinthedigitalindustryforalmost20years,includinglaunchingCondeNastonlinein1996,overseeingTelegraphMediaGroup'sdigitalbusinessanddevelopingthefashionandbeautymarketleader,Handbag.combetween2001-2006,leadingtoasuccessfulsaletoHearstCorporationin2006.Ms.Cruickshankholdsa
BachelorofHistoryfromtheUniversityofLeeds.
CarlaSmits-NustelingCarlaSmits-NustelingwasappointedamemberoftheIssuer'sBoardonSeptember1,2020.Ms.Smits-NustelingiscurrentlyChairwomanoftheBoardofTele2AB,Non-ExecutiveDirectorandAuditChairofNokiaCorporation,Non-ExecutiveDirectorandAuditChairofASMLandlayjudgeoftheEnterpriseCourtoftheAmsterdamCourtofAppeal.Ms.Smits-NustelingwillstepdownfromtheASMLboardonApril29,2021whenhersecondtermexpiresandonNovember20,2020,shewilljointheBoardofStichtingContinuiteitAholdDelhaize,afoundationorganizedunderthelawsoftheNetherlandstosafeguardtheinterestsofKoninklijkeAholdDelhaizeN.V.Previously,Ms.Smits-NustelingwasCFOandmemberoftheBoardofManagementofRoyalKPNN.V.andsheheldseveralfinanceandbusinessrelatedpositionsatRoyalKPNN.V.andPostNL.Ms.Smits-NustelingholdsaMaster'sdegreeinBusinessEconomicsfromtheErasmusUniversityofRotterdamandanExecutiveMasterofFinance
andControldegreefromtheVUUniversityofAmsterdam.

IMPORTANTNOTICE
ThecontentsofthisannouncementhavebeenpreparedbyandarethesoleresponsibilityoftheCompany.Theinformationcontainedinthisannouncementisforbackgroundpurposesonlyanddoesnotpurporttobefullorcomplete.Noreliancemaybeplacedbyanypersonforanypurposeontheinformationcontainedinthisannouncementoritsaccuracy,fairnessorcompleteness.Thisannouncementisnotforpublicationordistribution,directlyorindirectly,inorintotheUnitedStates(includingitsterritoriesandpossessions,anystateoftheUnitedStatesandtheDistrictofColumbia),Australia,Canada,JapanorSouthAfricaoranyotherjurisdictionwheretodosowouldconstituteaviolationoftherelevantlawsofsuchjurisdiction.Thedistributionofthisannouncementmayberestrictedbylawincertainjurisdictionsandpersonsintowhosepossessionanydocumentorotherinformationreferredtohereincomesshouldinformthemselvesaboutandobserveanysuchrestriction.Anyfailuretocomplywiththeserestrictionsmayconstituteaviolationofthesecuritieslawsofanysuchjurisdiction.TheSharesreferredtohereinmaynotbeofferedorsoldintheUnitedStatesunlessregisteredundertheUSSecuritiesActof1933,asamended(the"U.S.SecuritiesAct")orofferedinatransactionexemptfrom,ornotsubjectto,theregistrationrequirementsoftheSecuritiesActandincompliancewithapplicablestatelaw.TheofferandsaleofSharesreferredtohereinhasnotbeenandwillnotberegisteredundertheSecuritiesActorundertheapplicablesecuritieslawsofAustralia,Canada,JapanorSouthAfrica.Subjecttocertainexceptions,theSharesreferredtohereinmaynotbeofferedorsoldinAustralia,Canada,JapanorSouthAfricaorto,orfortheaccountorbenefitof,anynational,residentorcitizenofAustralia,Canada,JapanorSouthAfrica.TherewillbenopublicofferofSharesintheUnitedStatesoranyotherjurisdictionotherthanPoland.AnySharessoldintheUnitedStateswillbesoldonlytoqualifiedinstitutionalbuyers(asdefinedinRule144AundertheSecuritiesAct)inrelianceonRule144A.Thiscommunicationisonlyaddressedto,anddirectedat,personsinmemberstatesoftheEuropeanEconomicAreaandtheUnitedKingdomwhoare"qualifiedinvestors"withinthemeaningofArticle2(e)oftheProspectusRegulation("QualifiedInvestors").Inaddition,intheUnitedKingdom,thiscommunicationisbeingdistributedonlyto,andisdirectedonlyat,QualifiedInvestors(i)whohaveprofessionalexperienceinmattersrelatingtoinvestmentswhofallwithinthedefinitionof"investmentprofessional"inArticle19(5)oftheFinancialServicesandMarketsAct2000(FinancialPromotion)Order2005,asamended(the"Order"),or(ii)whoarehighnetworthcompanies,unincorporatedassociationsandpartnershipsandtrusteesofhighvaluetrustsasdescribedinArticle49(2)oftheOrder,and(iii)otherpersonstowhomitmayotherwiselawfullybecommunicated(allsuchpersonstogetherbeingreferredtoas"relevantpersons").Anyinvestmentorinvestmentactivitytowhichthiscommunicationrelatesisavailableonlytoandwillonlybeengagedinwithsuchpersons.Thiscommunicationmustnotbeactedonorreliedon(i)intheUnitedKingdom,bypersonswhoarenotrelevantpersons,and(ii)inanymemberstateoftheEuropeanEconomicArea,bypersonswhoarenotQualifiedInvestors.Thisannouncementdoesnotconstituteanofferorinvitationforthesale,issuanceorsubscriptionforanySharesinanyjurisdiction,nordoesitpurporttogivelegal,taxorfinancialadvice.Nothingcontainedhereinshallformthebasisoforberelieduponinconnectionwith,oractasaninducementtoenterinto,anyinvestmentactivity.AnysubscriptionorpurchaseofSharesintheproposedOfferingshouldbemadesolelyonthebasisoftheinformationcontainedinthefinalProspectustobeissuedbytheCompanyinconnectionwiththeOffering.Theinformationinthisannouncementissubjecttochange.TheOfferingtimetable,includingdateofAdmission,maybeinfluencedbyarangeofcircumstancessuchasmarketconditions.ThereisnoguaranteethatAdmissionwilloccurandyoushouldnotbaseyourfinancialdecisionsonCompany'sintentionsinrelationtoAdmissionatthisstage.Acquiringinvestmentstowhichthisannouncementrelatesmayexposeaninvestortoasignificantriskoflosingallorpartoftheamountinvested.Personsconsideringmakingsuchinvestmentsshouldconsultanauthorizedpersonspecializinginadvisingonsuchinvestments.ThisannouncementdoesnotconstitutearecommendationconcerningtheOffering.Thevalueofsharescandecreaseaswellasincrease.PotentialinvestorsshouldconsultaprofessionaladvisorastothesuitabilityoftheOfferingforthepersonconcerned.Thisannouncementmayincludestatementsthatare,ormaybedeemedtobe,"forward-lookingstatements".Theseforward-lookingstatementsmaybeidentifiedbytheuseofforward-lookingterminology,includingtheterms"believes","estimates","plans","targets","projects","anticipates","expects","intends","may","will"or"should"or,ineachcase,theirnegativeorothervariationsorcomparableterminology,orbydiscussionsofstrategy,plans,objectives,outlook,goals,futureeventsorintentions.Theseforward-lookingstatementsincludeallmattersthatarenothistoricalfactsandinvolvepredictions.Forward-lookingstatementsmayandoftendodiffermateriallyfromactualresults.Anyforward-lookingstatementsreflecttheCompany'scurrentviewwithrespecttofutureeventsandaresubjecttorisksrelatingtofutureeventsandotherrisks,uncertaintiesandassumptionsrelatingtotheCompany'sbusiness,resultsofoperations,financialposition,liquidity,prospects,growthorstrategies.Forward-lookingstatementsspeakonlyasofthedateofthisannouncementandcannotberelieduponasaguidetofutureperformance.EachofGoldmanSachsInternational,MorganStanley&Co.Internationalplc,BarclaysBankPLC,BofASecuritiesEuropeSA,CitigroupGlobalMarketsLimited,DomMaklerskiBankuHandlowegoS.A.,PowszechnaKasaOszcz?dnosciBankPolskiS.A.Oddzial-BiuroMaklerskiewWarszawie,SantanderBankPolskaS.A.-SantanderBiuroMaklerski,BankPolskaKasaOpiekiSpólkaAkcyjna,CréditAgricoleCorporateandInvestmentBank,ErsteGroupBankAG,PekaoInvestmentBankingS.A.andRaiffeisenCentrobankAG(together,the"Managers"),LazardandtheCompany,andtheirrespectiveaffiliatesexpresslydisclaimsanyobligationorundertakingtoupdate,revieworreviseanyforward-lookingstatementcontainedinthisannouncementwhetherasaresultofnewinformation,futuredevelopmentsorotherwise.TheManagersandLazardareactingexclusivelyfortheCompanyandnooneelseinconnectionwiththeOffering.TheywillnotregardanyotherpersonastheirrespectiveclientsinrelationtotheOfferingandwillnotberesponsibletoanyoneotherthantheCompanyforprovidingtheprotectionsaffordedtotheirrespectiveclients,norforprovidingadviceinrelationtotheOffering,thecontentsofthisannouncementoranytransaction,arrangementorothermatterreferredto
herein.InconnectionwiththeOfferingoftheShares,eachoftheManagersandanyoftheiraffiliates,maytakeupaportionoftheSharesintheOfferingasaprincipalpositionandinthatcapacitymayretain,purchase,selloroffertosellfortheirownaccountssuchSharesandothersecuritiesoftheCompanyorrelatedinvestmentsinconnectionwiththeOfferingorotherwise.Accordingly,referencesintheProspectus,oncepublished,totheSharesbeingissued,offered,subscribed,acquired,placedorotherwisedealtinshouldbereadasincludinganyissueorofferto,orsubscription,acquisition,placingordealingby,eachoftheManagersandanyoftheiraffiliatesactinginsuchcapacity.Inaddition,certainoftheManagersortheiraffiliatesmayenterintofinancingarrangements(includingswapsorcontractsfordifferences)withinvestorsinconnectionwithwhichtheyortheiraffiliatesmayfromtimetotimeacquire,holdordisposeofShares.NoneoftheManagersnoranyoftheirrespectiveaffiliatesintendstodisclosetheextentofanysuchinvestmentortransactionsotherwisethaninaccordancewithanylegalorregulatoryobligationstodoso.InconnectionwiththeOffering,astabilizationmanager(oritsagents)actingonbehalfofitselfandtheManagersmaytotheextentpermittedby,andincompliancewith,applicablelawsandregulations(inparticular,CommissionRegulation(EC)No.596/2014andCommissionDelegatedRegulation(EC)No.1052/2016),over-allotsharesoreffecttransactionsonoroffaregulatedmarket,withaviewtosupportingthemarketpriceoftheSharesatalevelhigherthanthatwhichmightotherwiseprevailintheopenmarket.SuchtransactionsmaycommenceonorafterthedateofcommencementoftradingoftheSharesontheWarsawStockExchangeandwillendnolaterthan30calendardaysthereafter.Thereisnoassurancethatsuchtransactionswillbeundertakenand,ifcommenced,theymaybediscontinuedatanytime.Thereshallbenoobligationonthestabilizingmanagertoenterintosuchtransactions.Allsuchstabilizationshallbeconductedinaccordancewithapplicable
lawsandregulations.NoneoftheManagers,Lazardoranyoftheirrespectiveaffiliatesoritsortheirrespectivedirectors,officers,employees,advisersoragentsacceptsanyresponsibilityorliabilitywhatsoeverforormakesanyrepresentationorwarranty,expressorimplied,astothetruth,accuracyorcompletenessoftheinformationinthisannouncement(orwhetheranyinformationhasbeenomittedfromtheannouncement)oranyotherinformationrelatingtotheCompany,itssubsidiariesorassociatedcompaniesorthesellingshareholders,whetherwritten,oralorinavisualorelectronicform,andhowsoevertransmittedormadeavailableorforanylosshowsoeverarisingfromanyuseof,orrelianceupon,thisannouncementoritscontentsorotherwisearisinginconnectiontherewith.Unlessotherwiseindicated,market,industryandcompetitivepositiondataareestimates(andaccordingly,approximate)andshouldbetreatedwithcaution.Suchinformationhasnotbeenauditedorindependentlyverified,andtheCompanyhasnotascertainedtheunderlyingeconomicassumptionsreliedupontherein.Forthereader'sconvenience,atranslationofcertainzlotyamountsintoU.S.dollarshasbeenpresentedinthisannouncement.TheaverageexchangeratefortheU.S.dollarconveniencetranslationsisPLN3.9806perUSD1.00,whichwastheNationalBankofPolandexchangerateperU.S.dollarasofJune30,2020.SuchtranslationsshouldnotbeviewedasarepresentationthatsuchzlotyamountsactuallyrepresentsuchU.S.dollaramounts,orcouldbeorcouldhavebeenconverted
intoU.S.dollarsattherateindicatedoratanyotherrate.Certaindatainthisannouncement,includingfinancial,statistical,andoperatinginformationhasbeenrounded.Asaresultoftherounding,thetotalsofdatapresentedinthisannouncementmayvaryslightlyfromtheactualarithmetictotalsofsuchdata.Percentagesintablesmayhavebeenroundedandaccordinglymaynotaddupto100%.Fortheavoidanceofdoubt,thecontentsoftheCompany'swebsitearenotincorporatedinto,anddonotformpartof,thisannouncement.

InformationtoDistributors
Solelyforthepurposesoftheproductgovernancerequirementscontainedwithin:(a)EUDirective2014/65/EUonmarketsinfinancialinstruments,asamended("MiFIDII");(b)Articles9and10ofCommissionDelegatedDirective(EU)2017/593supplementingMiFIDII;and(c)localimplementingmeasures(together,the"MiFIDIIProductGovernanceRequirements"),anddisclaimingallandanyliability,whetherarisingintort,contractorotherwise,whichany"manufacturer"(forthepurposesoftheMiFIDIIProductGovernanceRequirements)mayotherwisehavewithrespectthereto,theShareshavebeensubjecttoaproductapprovalprocess,whichhasdeterminedthatsuchSharesare:(i)compatiblewithanendtargetmarketofretailinvestorsandinvestorswhomeetthecriteriaofprofessionalclientsandeligiblecounterparties,eachasdefinedinMiFIDII;and(ii)eligiblefordistributionthroughalldistributionchannelsasarepermittedbyMiFIDII(the"TargetMarketAssessment").NotwithstandingtheTargetMarketAssessment,distributorsshouldnotethat:thepriceoftheSharesmaydeclineandinvestorscouldloseallorpartoftheirinvestment;theSharesoffernoguaranteedincomeandnocapitalprotection;andaninvestmentintheSharesiscompatibleonlywithinvestorswhodonotneedaguaranteedincomeorcapitalprotection,who(eitheraloneorinconjunctionwithanappropriatefinancialorotheradviser)arecapableofevaluatingthemeritsandrisksofsuchaninvestmentandwhohavesufficientresourcestobeabletobearanylossesthatmayresulttherefrom.TheTargetMarketAssessmentiswithoutprejudicetotherequirementsofanycontractual,legalorregulatorysellingrestrictionsinrelationtotheOffer.Furthermore,itisnotedthat,notwithstandingtheTargetMarketAssessment,theManagerswillonlyprocureinvestorswhomeetthe
criteriaofprofessionalclientsandeligiblecounterparties.Fortheavoidanceofdoubt,theTargetMarketAssessmentdoesnotconstitute:(a)anassessmentofsuitabilityorappropriatenessforthepurposesofMiFIDII;or(b)arecommendationtoanyinvestororgroupofinvestorstoinvestin,orpurchase,ortakeanyotheractionwhatsoeverwithrespecttotheShares.EachdistributorisresponsibleforundertakingitsowntargetmarketassessmentinrespectoftheSharesanddeterminingappropriatedistributionchannels.
[1] Source: SimilarWeb

[2] Source: OC&C

[3] Sources: OC&C, Euromonitor, OECD

[4]Source: CustomerGuru

[5]Source: CAMP

[6]Source: OC&C

[7] Exchange calculated at PLN 3.9806 per USD 1.00, as of June 30, 2020


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