#1allegro Creating a platform for growth in CEE and beyond allegro + MALL GROUP 4 November 2021 11:44 allegro a Czego szukasz? O Vods 60% Domiagrod Supermarket KATEGORIE Odbierz 5 Monet na pierwsze zakupy w aplikacji Allegro. Kolejne 5 monet otrzymasz po zakupie. Promocja dotyczy nowych użytkowników aplikacji ODBIERZ MONETY Polecanie się opłaca! Poznaj Allegro Polecam PROMOCIA WAZNA SZKO BLIS Darmowe Super cenal Teraz w niższej dostawy dla 1. cenie Mam wszyst a Sak Koszyk 9 W E A S D Z X C T control option command Poland Czech Republic Slovakia Slovenia Croatia Hungary C O P " فا 3 delete#2Accelerating Allegro's vision to build an international e-commerce leader Allegro's organic international expansion already underway MALL WE DO acquisition - a step change to fuel international expansion * MALL #2 MALL #1 Emerging player Powers our international flywheel One internationalized scalable tech platform Cross-country processes for payments and DEX Export-ready offers by merchants and international sellers Best-in-class UX and mobile app Provides a fast-growing 3P marketplace which Allegro is able to accelerate Improves execution speed versus organic route Brings customer base, quality logistics assets and talent pool Acquisition of Mall Group powers Allegro's international expansion and brings us closer to our vision of Allegro as an international player in CEE and beyond | 2#3Transaction highlights $ Transaction summary • Acquisition perimeter Valuation S Financing Closing conditions • Allegro to acquire 100% of Mall Group a.s. ("Mall Group") and WE | DO CZ s.r.o. ("WE | DO") from selling shareholders PPF, EC Investments and Rockaway Capital1 Comprises the e-commerce and logistics businesses and brands of Mall Group based in Czech Republic, Slovakia, Hungary, Slovenia, Croatia and Poland In FYE Mar-21, Mall Group achieved GMV of €915m (PLN 4.2bn), gross margin of 14%² and breakeven EBITDA³ Enterprise Value of €925m (+ an up to €50m price adjustment) 4,5 or PLN 4.3bn for 100% of Mall Group shares on a cash and debt free basis 。 This equates to ~1.0x6 LTM Mar-21 GMV and ~7.2x6 LTM Mar-21 Gross Profit Equity Value of €881m (or PLN 4.1bn) after an adjustment of €44m for debt and debt-like items • 53.7% of equity value paid via cash consideration of €474m (or PLN 2.2bn) to be financed with cash in hand and new debt 46.3% of equity value settled via stock consideration of €407m (or PLN 1.9bn) • • • o Share volume to be issued is fixed based on 3M VWAP of PLN 55.98; volume to be issued capped at 33.6m shares o Allegro shares issued to sellers are subject to a 12-months lock-up period o Allegro has discretion to pay all or part of stock consideration in cash instead of issuing shares Allegro pro-forma leverage post-transaction expected to be <3.0x9 as of the end of H1 2022 Further details concerning transaction structure and financing included in appendix Closing subject to merger control / regulatory approvals • Closing expected in H1 2022 Note: Financials converted from EUR to PLN at EUR1 = PLN4.6208 as of 29-Oct-2021; Mall Group businesses Mall Pay, Mall TV and Vivantis, as well as Košik are excluded from the transaction perimeter 1. SPA has been concluded by and between Allegro.eu and Allegro.pl as the buyers and the following entities as the sellers: (i) EC Investments a.s. (owning 40% of the shares in Mall Group a.s.), (ii) BONAK a.s. (owning 40% of the shares in Mall Group a.s.), entity belonging to the PPF capital group, (iii) Rockaway e commerce a.s. (owning 20% of the shares in Mall Group a.s.), and (vi) Titancoin International a.s. (owning 100% of the ownership interest in WE | DO CZ s.r.o.), entity belonging to EC Investments (40% of shares), PPF capital group (40% of shares) and Rockaway capital group (20% of shares) 2. As % of GMV 3. Mall Group EBITDA FYE Mar-21 of PLN 14m (FYE Mar-21 EBITDA incl. WE | DO of PLN 3m). Mall Group (target perimeter) and WE | DO financials based on management accounts as per IFRS 4. Total of €975m equivalent to PLN 4,505m converted from EUR to PLN at EUR1 = PLN4.6208 as of 29-Oct-2021 5. Variable price adjustment payment is conditioned on Mall Group delivering on its budget for FYE Mar-22 6. Based on Enterprise Value (incl. transaction costs) 7. Representing 3.3% of Allegro.eu total issued capital 8. For details please refer to Current Report 9. Leverage defined as Net debt/ PF LTM EBITDA | 3#4Mall Group is a leading e-commerce platform in the CEE region... Highly popular brands across the region MALL Leading horizontal e-commerce sites in Czech Republic, Slovakia, Hungary, and Croatia Wide geographic coverage GMV by country² (%) Hungary Croatia 3% 4% U Slovakia Poland 2% 11% Slovenia 13% CZC.CZ Specialist consumer online electronics retailer in Czech Republic mimovrste Slovenia's most popular¹ #1 e-commerce portal Czech Republic 67% Deep 1P expertise and an emerging 3P marketplace GMV, PLNM WE DO Courier last mile infrastructure and operations, including access to 1,100+ pick up points and lockers Notes: Financials converted from EUR to PLN at EUR1 = PLN4.6208 as of 29-Oct-2021; Mall Group businesses Mall Pay, Mall TV and Vivantis, as well as Košik are excluded from the transaction perimeter 1. Rankings based on number of visits in LTM to Jan-21 based on SimilarWeb's own category definition of 'e-commerce and shopping', excluding: bazos.sk, modrykonik.sk, nehnutelnosti.sk 2. Year-on-year growth, as per unaudited management accounts for the period Apr-Sep 2021 Source: Company information 18.5% 11.5% 3,012 2% 98% 4,228 8% 92% 1,341 1,665 10% 3% 97% 90% FYE Mar-19 FYE Mar-21 YTD Sep-202 YTD Sep-222 3P 1P ☐ 2-year CAGR | 4#5. . . and brings to Allegro a number of attributes with high strategic value 000 Large TAM opportunity Extensive 1P expertise Fast-growing 3P marketplace PLN 541bn TAM² 32m population PLN 3.9bn GMV through 1P -150k 3k merchants 1P SKUS ~5m offers5 000 :DO MALL GROUP Access to critical fulfilment and last- mile infrastructure and operations Access to 1k+ 194k m2 pick-up points and logistics footprint4 lockers 3 warehouses Experienced cross- Established consumer Strong domain traffic Large anchor customer base country team 2 central offices 2,700 FTES brands 53% spontaneous awareness³ 350m visits1 Notes: All data as of Mar-21 1. Customers with a purchase done in the last 12 months, as of Mar-21 2. TAM converted from local currency to PLN using the average FX rate during the period of 2020 3. Spontaneous awareness of Mall brand in Czech Republic 4. Post Vivantis carve-out 5. Estimate based on the sum of product variants per each country Source: Company information; Retail TAM sourced from Euromonitor, which excludes sales of motor vehicles, motorcycles and vehicle parts, fuel, foodservice, rental and hire, wholesale industries and C2C 4.7m unique active customers¹ | 5#6The combination will create a true pan-CEE commerce platform For customers Enlarged, joint merchant and selection pool across CEE Broadest selection • Lowest prices • Greatest convenience . ↓m First-class customer and user experience Customers Traffic Merchants For merchants allegro MALL GROUP International platform Enlarged market opportunity Seamless Innovative merchant merchant experience solutions • "List once, sell everywhere" Enable cross-border trade Selection Powered by an integrated, best-in-class platform | 6#7Strategic rationale for the acquisition allegro + MALL GROUP 01 | Nearly doubles Allegro's TAM in highly attractive countries 02 | Scattered competitive landscape provides opportunity to create best-in-class consumer proposition 03 | Leverage Allegro's large merchant base to turbocharge Mall's 3P marketplace 04 | Instant access to massive customer base with significant upside for wallet share expansion 05 | Access to critical cross-border fulfilment and last mile infrastructure and operations 06 | Strong cultural alignment and opportunity to bolster the team with further international talent 07 | Enhanced scale with an enlarged footprint provides amplified platform growth opportunities PLN 1,139bn Combined retail TAM #1-2 Combined positions in 4/6 markets1 ~135k Combined merchants >25X Difference between Allegro and Mall's GMV/customer 194k m² Logistics footprint +7,200 Combined FTEs ~18m Combined number of customers 1. Based on e-commerce segment share (% of GMV 2020) as defined by Euromonitor Source: Company information; Retail TAM sourced from Euromonitor, which excludes sales of motor vehicles, motorcycles and vehicle parts, fuel, foodservice, rental and hire, wholesale industries and C2C | 7#81 Nearly doubles Allegro's addressable market... allegro Retail and e-commerce segment overview, PLNbn 38m people PLN 762bn 2024E Retail market PLN 598bn 2020 Retail market MALL GROUP Retail and e-commerce segment overview, PLNbn 32m people PLN 712bn 2024E Retail market PLN 541bn 2020 Retail market PLN 139bn 2024E e-commerce segment PLN 87bn 2020 e-commerce segment PLN 100bn 2024E e-commerce segment PLN 56bn 2020 e-commerce segment Note: 2020 financials for Mall Group's markets converted from local currency to PLN using the average FX rate during the period of 2020; 2024 financials converted from EUR to PLN at EUR1 = PLN4.6208 as of 29-Oct-2021 Source: Retail market and e-commerce segment sourced from Euromonitor, which excludes sales of motor vehicles, motorcycles and vehicle parts, fuel, foodservice, rental and hire, wholesale industries and C2C; Population sourced from Eurostat | 8#91. in countries with highly attractive fundamentals and superior growth potential Strong track record of GDP growth 2011-191 Real GDP CAGR growth, % Outsized growth in consumer spending 2021-25E disposable income growth, % Significant online penetration headroom² 2020, % 3.5% 2.6% 1.5% European Union 27% 25% 7.0% 21% 5.5% >2x 4.5% 15% 10% European Union **** | 9 Notes: Real GDP and disposable income growth for Mall Group' countries aggregated using average figures of each country 1.2020 growth rate of (2.7%) in Poland, (6.9%) in the EU and (5.7%) in Mall Group's countries 2. Data for Mall Group' countries is a weighted average (combined size of e-commerce segment divided by combined retail market). Online penetration for Czech Republic in 2020 is 17.0% Source: Real GDP growth sourced from Eurostat; Disposable income growth sourced from Euromonitor; Online penetration defined as share of e-commerce segment out of total retail market, sourced from Euromonitor, which excludes sales of motor vehicles, motorcycles and vehicle parts, fuel, foodservice, rental and hire, wholesale industries and C2C#102 Competitive landscape with no large incumbent positions... E-commerce segment share % of GMV 2020 #1 #2 #3 Czech Republic alza.cz 16% MALL 9%1 HP Tronic 4% རྒྱ Slovakia alza.cz -10%2 MALL 5% Nay 4% • Scattered segment Slovenia MALL 24% Amazon4 Hungary Emag 11% Ebay 11% 9%3 Media Markt 4% Tesco Croatia Alibaba Group 25% Ekupi 3% 11% Amazon 4 10% 1. Includes Internet Mall as and CZC.cz 2. Although not ranked first by Euromonitor, Alza.cz estimated segment share is based on traffic share analysis vs. Mall Group, industry insights and multiple press articles regarding the Slovakian segment shares 3. Includes Extreme Digital 4. No dedicated country-specific operations and website, export sales Source: Euromonitor shares in each country • Clear opportunity to create a pan- CEE commerce platform | 10#112" ... gives the Allegro and Mall Group combination a clear competitive edge Selection Price Convenience Mall Group's markets today • Selection dispersed among multiple players. Limited number of international sellers Developing 3P marketplaces • Prices often above those in Poland • Large price variances among merchants • Room for better delivery promises Opportunities to improve customer experiences Combined proposition allegro + MALL GROUP U • True 3P marketplace platform: 228m active offers from ~135k combined merchants • >80% 2 products at lowest price ⚫ Best-in-class Allegro marketplace UX and combined DX • Streamlined app experience • Smart! subscription and loyalty benefits 1. As of Mar-21 2 Defined as % of monitored products found on Allegro, measured for the 135k most popular products as of March 2021 Source: Company information | 11#123 Allegro can improve the customer value proposition by turbo-charging Mall Group's 3P marketplace... Allegro will bring the power of its platform to all of Mall Group's brands... ... MALL.CZ MALL.HR MALL.PL CZC.CZ MALL.SK MALL.HU mimovrste 1. As of Mar-21 allegro platform and Allegro's marketplace expertise will be deployed across Mall Group's countries Access to Allegro's 132k+ merchants with 228m offers¹ Significant acceleration on- boarding of local merchants Unified 3P delivery experience Smart! loyalty programme roll-out pay. Allegro Pay deployment Allegro marketing and advertising playbook Larger merchant and selection pool Greater selection and competitive pricing Enhanced customer experience Boost customer engagement Amplified share of customer wallets Enhance conversion and improve margin Combined R&D capabilities »Accelerated development Merchant sourcing International seller tools Smart! playbook SMART Retail basics Advertising Proprietary FinTech B2B platform in selected countries Multi-language / localisation Fulfilment Significant acceleration of Mall Group's marketplace | 12#133 ... with the potential to accelerate margin accretion for Mall Group's business Turbo-charge Mall Group's 3P revenue trajectory... MALL 3P today » MALL 3P in the future 3k1 merchants 0'19'007 2 ~5m² offers Marketplace network effect 132%1 3P GMV LTM growth Accelerated growth Margin accretion 1. As of Mar-21 2. Estimate based on the sum of product variants per each country ... and optimising the existing 1P business outside of Poland Enhance the 1P portfolio with high margin categories >>> S Jointly improve 1P cost base including fulfilment delivery and marketing costs Shift 1P pricing strategy to a hybrid approach to enhance competitiveness Build additional revenue streams including advertising and financial services | 13#144 Access to a large and attractive customer base... Mall Group is an established traffic generator... ● ● ● LTM visits¹, m fueling a large and growing customer base... ... accounting for a strong share of the online population Active customers², m 350m 3.3 2.9 MALL GROUP Countries # customers², m % of online population³ SI 0.5 +17% 4.7 3.9 CZ 2.6 SK 0.9 HR 0.2 9% Mar-18 Mar-19 Mar-20 Mar-21 HU 0.3 6% Czech Republic Slovakia Slovenia Croatia Hungary Poland PL 13.2 allegro CAGR 1. Sum of traffic per site, as of LTM Mar-21 2. Number of customers with a purchase done in the LTM, as of Mar-21 3. Online population based on data from Eurostat defined as number of people with at least one online purchase in the LTM Source: World Bank, Eurostat 40% 33% 26% 50% | 14#154 ... with significant upside potential for wallet share expansion Selection mix¹ GMV / customer, PLNK 3.07 228m offers³ 4% 5% 5% Others4 Clear opportunity to 6% increase order frequency through greater diversity Supermarket 11% of selection and customer loyalty initiatives Sport and Leisure 14% Kids Fashion, Health 5m offers² 21% 10% and Beauty 5% 8% Automotive 0.86 46% Electronics 33% Home and Garden5 31% MALL GROUP allegro MALL GROUP allegro 1. Charts not to scale 2. Estimate based on the sum of product variants per each country; not entirely like-for-like vs. Allegro offers figure due to different business model utilized by each party; selection mix based on SKUs split 3. Offers figure and category split as at Mar-21 4. Includes "Books and Media" and "Collectibles and Arts" Source: Company information 5. Includes "Household" and "Household Appliances" in the case of Mall Group 6. LTM Mar-21 7. LTM Jun-21 Key wallet share expansion levers Diversity of selection to unlock order frequency Price defect reduction First-class user experience to drive repeat business Smart! loyalty SMART program to increase frequency | 15#165 | 16 Access to critical cross-border fulfilment and last mile infrastructure and operations Strategically located Mall's warehouses and distribution centres High value last mile capabilities of WE | DO WE DO WE DO DORUCIME 2 warehouses in Czech Republic 1 central distribution centre in Slovenia 2.3m 866 products stored 194k m2 footprint² warehouse employees¹ +100k m2 with planning permission WE DO deliver WE DO DORUČIME 684 5934 www.web.cz WHO BOX WE DO DORUČIME ⚫ 9 integrated last-mile distribution partners • Access to 1,100 pick-up points and lockers. Network of couriers across Mall's footprint in Czech Republic Note: Warehouses are used for storing goods, distribution centers are used as depots along international transfers 1. As of Feb 2021, reflecting warehouses in CZ and SI (excluding Vivantis) including the RMA (returns management) 2. Post Vivantis carve-out#17Strong cultural alignment and opportunity to bolster the team with further international talent Adds mission critical talent and expertise Deep retail and delivery expertise to complement Allegro's know-how Significant engineering talent to bolster Allegro development capabilities Valuable commercial skills and local market expertise Long experience managing a pool of international talent 2,700 FTEs across divisions and geographies of Mall Group & WE | DO Alignment of company cultures International network of talent Growth-oriented Innovation-driven Teamwork-led Complementary corporate DNA Enhanced access to talent On-the-ground expertise Greater cultural diversity Expanded career path opportunities | 17#187 Amplified platform for growth opportunities ... °° B2B Further Adjacent international verticals expansion Consumer FinTech Advertising DEX International sellers inbound Smart! Benefit from Retail Basics underlying market growth Accelerate the flywheel and improve on « Retail Basics >> Incubate and maximise future levers While selectively pursuing attractive M&A opportunities to speed up or acquire incremental competence | 18#197 ... with enhanced scale and enlarged customer footprint 4 5 allegro + MALL GROUP = allegro+MALL GROUP (pro forma) TAM1 (PLNbn), Dec-20 598 541 1,139 Number of visits (m), LTM 5,152 350 5,502 Active buyers² (m), LTM 13 5 18 GMV (PLNbn), LTM 39.1 4.2 43.3 Revenue (PLNbn), LTM 4.7 3.5 8.2 Monetisation / Gross margin 11.4% 14.2% 11.7% (% GMV), LTM EBITDA (PLNbn), LTM 2.0 ~break-even³ 2.0 Notes: Financials converted from EUR to PLN at EUR1 = PLN4.6208 as of 29-Oct-21 1. Retail TAM sourced from Euromonitor, which excludes sales of motor vehicles, motorcycles and vehicle parts, fuel, foodservice, rental and hire, wholesale industries and C2C including Poland for Allegro and Czech Republic, Croatia, Hungary, Slovenia, Slovakia for Mall Group 2. Customers who made a purchase over the last 12 months as of Jun-21 for Allegro and as of Sep-21 for Mall Group 3. Mall Group EBITDA FYE Mar-21 of PLN 14m (FYE Mar-21 EBITDA incl. WE | DO of PLN 3m). Mall Group (target perimeter) and WE | DO financials based on management accounts as per IFRS 4. LTM as of Jun-21, unless stated otherwise 5. LTM as of Mar-21, unless stated otherwise 6. Allegro's monetisation margin defined as Marketplace revenue, advertising revenue, price comparison revenue and retail revenue minus COGS. Mall Group's gross margin defined as marketplace revenue, advertising revenue and retail revenue minus COGS Source: Company information | 19#20Allegro's mid term ambitions to transform and grow Mall Group (2022-2025) Marketplace transformation GMV MALL GROUP (2022-2025) 3P GMV share rising from 10% in Sep-21 to at least 2/3rd of GMV Revenue Adjusted EBITDA Capex and FCF Transaction costs Mid-term growth at -30% CAGR, accelerated by the deployment of Allegro's marketplace across Mall Group's markets Single-digit mid-term CAGR, driven by shift towards growing 3P take-rate and advertising revenue while 1P operations are relatively stable 2 years of investment in retail basics and marketplace transformation; climbing towards 2.5-3.0% of GMV thereafter PLN ~300m p.a. capex driving FCF-negative profile over the first 2 years; Capex stabilizing at 1-2% of GMV and FCF turning positive in outer years PLN ~52m³ transaction costs expected at closing 1. As announced on 4 March 2021 2. After Delivery Experience roll-out 3. Of which PLN 8m accrued to H1 2021 Source: Company information | 20#21Accelerating Allegro's vision to build an international e-commerce leader allegro + MALL GROUP 01 | Nearly doubles our TAM 02 | Creates #1 consumer proposition 03 | Turbocharges Mall's 3P marketplace 04 | Wallet share expansion 05 | Access to fulfilment and last mile infrastructure 06 | Strong cultural alignment 07 | Platform for future growth | 21#22Appendix#23Mall Group key financials1 FYE Mar-19 GMV (PLNm) GMV growth (%) 3,012 FYE Mar-20 3,372 FYE Mar-21 9% 12% 4,228 25% • 1P GMV (PLNm) 2,944 3,227 3,892 YTD4 GMV 1-year growth at (1%) YTD4 GMV 2-year CAGR at 12% GMV growth (%) 8% 10% 21% 11.5% •3P GMV (PLNm) 68 145 336 1,341 GMV growth (%) 63% 113% 132% 1,665 10% 3% Revenue (PLNm) 2,543 2,834 3,542 97% 90% • Revenue growth (%) n.a. 11% 25% YTD 204 YTD 224 Gross profit2 (PLNm) 389 442 600 3P 1P Gross profit (% GMV) 13% 13% 14% 2-year CAGR Adj. EBITDA (PLNm) -155 -102 14 Adj. EBITDA margin (% GMV) -5% -3% 0% • Capex (% GMV) -3% -2% -2% OpFCF³ (% GMV) -8% -5% -1% Notes: Financials converted from EUR to PLN at EUR1 = PLN4.6208 as of 29-Oct-21 1. Mall Group (target perimeter) financials based on management accounts as per IFRS 2. Defined as Revenue - COGS 3. Defined as EBITDA - Capex 4. YTD defined as Apr-Sep, as per unaudited management accounts Source: Company information | 23#24Transaction structure Funding consideration MALL GROUP WE DO EV €925m Equity value €881m Price adjustment €0-50m Debt and debt-like items €44m Existing shareholders Cash PPF EC Investments rockaway (40% ownership) €352m (40% ownership) €352m (20% ownership) €176m €231m Stock / additional cash €121m Net debt / LTM EBITDA 1.8x <3.0x €231m €11m €474m Pre transaction Dec-21 Pro-forma Jun-22 €121m €165m €407m €925m PLN 4,274m • Settled with either: issued capital at PLN 55.98 (€12.11) 33.6m shares representing 3.3% of Allegro.eu total In cash at Allegro's option Note: Financials converted from EUR to PLN at EUR1 = PLN4.6208 as at 29-Oct-21. Part of the EUR/PLN exposure will be hedged at signing SPA has been concluded by and between Allegro.eu and Allegro.pl as the buyers and the following entities as the sellers: (i) EC Investments a.s. (owning 40% of the shares in Mall Group a.s.), (ii) BONAK a.s. (owning 40% of the shares in Mall Group a.s.), entity belonging to the PPF capital group, (iii) Rockaway e commerce a.s. (owning 20% of the shares in Mall Group a.s.), and (vi) Titancoin International a.s. (owning 100% of the ownership interest in WE | DO CZ s.r.o.), entity belonging to EC Investments (40% of shares), PPF capital group (40% of shares) and Rockaway capital group (20% of shares) Source: Company information |24#25Disclaimer This presentation ("Presentation") has been prepared by Allegro.eu, a public limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 1, rue Hildegard von Bingen, L - 1282 Luxembourg, Grand Duchy of Luxembourg and being registered with the Luxembourg Register of Trade and Companies (Registre de Commerce et des Sociétés, Luxembourg) under number B 214830 ("Allegro.eu"), and its subsidiaries (together the "Allegro Group"). Copying, mailing, distribution or delivery of this Presentation to any person in some jurisdictions may be subject to certain legal restrictions, and persons who may or have received this Presentation should familiarize themselves with any such restrictions and abide by them. Failure to observe such restrictions may be deemed an infringement of applicable laws. This Presentation was prepared for information purposes only and is neither a purchase or sale offer, nor a solicitation of an offer to purchase or sell any securities or financial instruments or an invitation to participate in any commercial venture. This Presentation is neither an offer nor an invitation to purchase or subscribe for any securities in any jurisdiction and no statements contained herein nor the fact of its distribution may serve as a basis for any agreement, commitment or investment decision, or may be relied upon in connection with any agreement, commitment or investment decision. This Presentation contains neither a complete nor a comprehensive financial or commercial analysis of Allegro Group, nor does it present its position or prospects in a complete or comprehensive manner. Allegro Group has prepared the Presentation with due care, however certain inconsistencies or omissions might have appeared in it. No warranties or representations can be made as to the comprehensiveness or reliability of the information contained in this Presentation. Neither Allegro Group nor its directors, managers, advisers or representatives of such persons shall bear any liability that might arise in connection with any use of this Presentation. Furthermore, no information contained herein constitutes an obligation or representation of Allegro Group, its managers or directors, its shareholders, subsidiary undertakings, advisers or representatives of such persons. The Presentation may and does contain forward-looking statements. Examples of these forward looking statements include, but are not limited to statements of plans, objectives or goals and statements of assumptions underlying those statements. Words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "probability", "risk", and other similar words are intended to identify forward looking statements but are not the exclusive means of identifying those statements. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that such predictions, forecasts, projections and other forward looking statements will not be achieved. A number of important factors could cause Allegro Group actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements. Past performance of Allegro Group cannot be relied on as a guide to future performance. Forward looking statements speak only as at the date of this presentation. Any forward looking statements in this Presentation must not be understood as Allegro Group's assurances or projections concerning future expected results of Allegro Group. The Presentation is not and shall not be understood as a forecast of future results of Allegro Group and as a consequence, no undue reliance shall be placed on any forward-looking statement contained in this Presentation. Allegro.eu expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward looking statements, except as required by applicable law or regulation. | 25