Zalando SE — Call Transcript 2016

Mar 1, 2016

EUROPE'S LEADING ONLINE FASHION DESTINATION

Q4 / Full-Year 2015 Earnings Call 1 March 2016

1

Results and Business Highlights FY2015

ACHIEVED OUTSTANDING REVENUE GROWTH AT SOLID PROFITABILITY

(1) Excluding equity-settled stock based compensation costs ("SBC") of €17.9m in FY2015.

(2) Excludes changes in restricted cash (€35.3m) and investments into short-term deposits with maturity of more than 3 and less than 12 months of €155m.

(1) Source: Horizont

2

(2) Includes kids, underwear, sports women, maternity, petite and plus sizes.

ADVANCED BRAND RELATIONS TO THE NEXT LEVEL

Strengthening partnerships

• Joint campaigns with Topshop and Calvin Klein
• Brand Solutions scaling to 1,100 brand stores

Strong partnerships, e.g., with the likes of Adidas

Advertising business gaining momentum

Technology Operations

• ~1,000 tech employees (>50% growth)
• 2 international tech hubs (Dublin + Helsinki)

• M&A supporting the platform (Metrigo, Anatwine, nugg.ad)

• Commenced operations at satellite #1 in Stradella, Italy

• Completed cornerstone ceremony at hub #3 in Lahr, South-West Germany
• Accelerate planning of additional hub #4

Financial update Q4 2015 and FY2015

STRONG REVENUE GROWTH SIGNIFICANTLY ABOVE TARGET CORRIDOR

(1) Segment "Others" includes revenues from Zalando Lounge, as well as two outlet stores in Berlin and Frankfurt and others.

STRONG CUSTOMER KPIS DRIVE REVENUE GROWTH

(in m)

(1) Defined as the transactional revenue (incl. VAT and transactional volume of Partner Program) after cancellations or returns divided by the number of orders.

(2) GMV (gross merchandise volume) per active customer = average orders per active customer (LTM in #) x average basket size after returns (in €).

Alltime high

SOLID PROFITABILITY DESPITE GROWTH INVESTMENTS

(1) Excluding equity-settled stock based compensation costs ("SBC") of €5.2m and €17.9m in Q4/15 and FY15, respectively.

ALL COST LINES DEVELOPED ACCORDING TO INTERNAL PLAN

Costs and margins (FY and Q4)

(excl. SBC in percent of revenue¹ )

		FY			Q4
	2014	2015	Delta	2014	2015	Delta
Cost of sales	(56.5%)	(54.7%)	(1.8pp)	(52.6%)	(53.7%)	1.0pp
Gross profit	43.5% 45.3%		1.8pp	47.4%	46.3%	(1.0pp)	 Mostly FX (USD / GBP)
Fulfillment costs	(22.3%)	(25.8%)	3.5pp	(20.1%)	(23.3%)	3.3pp	 Continued customer proposition and
Marketing costs	(13.2%)	(11.7%)	(1.4pp)	(13.9%)	(11.1%)	(2.8pp)	platform invest
Administrative expenses & Other	(4.4%)	(4.1%)	(0.3pp)	(3.5%)	(3.6%)	0.1pp
EBIT	3.7%	3.6%	(0.1pp)	9.9%	8.3%	(1.6pp)

(1) Excluding equity-settled stock based compensation costs ("SBC").

FOCUS ON OPERATIONAL CAPITAL EFFICIENCY

(1) Excludes payments for acquisitions of €16.8m in FY2015.

(2) Q4/14 capex for PP&E of €1.6m net of subsidies of €6.3m. Percentage excludes subsidies.

LIQUIDITY INCREASED BY €50M

Cash flow development (Q4) (in €m)

1 080 ,	78	(21)	(6)	1 131 ,	(155)	976
Q3/15 Liquidity1	Operating CF Free cash flow: +€57m	Investing CF2	Other changes3	Q4/15 Liquidity1	Short-term deposits	Cash & Cash Equivalents Q4/15

(1) Both Q3/15 and Q4/15 liquidity include investments into short-term deposits with maturity of more than 3 and less than 12 months of €155m.

(2) Includes investments in fixed, intangible assets and payments for acquisitions; excludes changes in restricted cash (-€4.2m).

(3) Includes changes in restricted cash (€-4.2m), financing cash flow (€-1.8m) and effect of exchange rate on cash and cash equivalents (€0.4m).

Outlook

OUR STRATEGY CONTINUES IN FY2016 AND BEYOND

• Online fashion in Europe is a long-term highly attractive growth opportunity
• Key focus on further penetration and market share gains
• Execution through focus on customer proposition and multi-year platform strategy

Source: Euromonitor International, Jan-2016 (2015 values based on actuals and estimates; fixed exchange rates; data for Europe (excl. Russia) incl. apparel and footwear, bags and luggage, jewellery and watches; all market figures inclusive of sales tax). Company information for Zalando figure.

PLATFORM STRATEGY BROADENS BUSINESS SCOPE

• Existing core wholesale business with evolving customer proposition
• Additional business pillars like partner program models and offline integration
• Additional services like advertising, fulfillment, styling

INITIATE	BUILD	IMPACT
2015	2016 - 2017	2018 +
 Lay foundation for platform  Commence work on first select projects	 Develop "speedboat" initiatives in parallel  Some will win the race	 Platform initiatives become more material to business mix

STRATEGIC INVESTMENTS SUPPORT MULTI-YEAR STRONG GROWTH CORRIDOR

GUIDANCE FY2016: REVENUE

Guidance 2016

REVENUE GROWTH AT UPPER END OF TARGET CORRIDOR OF 20% – 25%

Outgrow online market by factor of ~2 – 3x

Key driver customer experience (active customer and share of wallet growth)

Platform initiatives with early small contributions

GUIDANCE FY2016: EBIT

Guidance 2016

ADJ. EBIT MARGIN¹ : 3.0% – 4.5%

Growth under the condition of solid profitability

Continued investments in customer proposition and platform initiatives

Underlying operating leverage continues

(1) Adjusted EBIT margin excludes stock-based compensation of 0.4%.

(2) Excludes investments into M&A.

GUIDANCE FY2016: FREE CASH FLOW

Guidance 2016

NEUTRAL WORKING CAPITAL + ~€200M CAPEX2

Roughly neutral net working capital at year-end

Capex of ~€200m² (shift from 2015, accelerated build-out of warehouses & capitalization of software developments)

(1) Adjusted EBIT margin excludes stock-based compensation of 0.4%.

(2) Excludes investments into M&A.

GUIDANCE FY2016

Guidance 2016

REVENUE GROWTH AT UPPER END OF TARGET CORRIDOR OF 20% – 25%

ADJ. EBIT MARGIN¹ : 3.0% – 4.5%

NEUTRAL WORKING CAPITAL + ~€200M CAPEX²

Profitable growth focus continues in 2016

(1) Adjusted EBIT margin excludes stock-based compensation of 0.4%.

(2) Excludes investments into M&A.

EFFECT OF DEFERRED TAXES ON FINANCIAL STATEMENTS

(1) Mainly relates to NOLs from trade tax of €180m multiplied with 15% tax rate and from corporate tax of €194m multiplied with 15% tax rate in FY 2015.

(2) Temporary differences arise for example from asset retirement obligation or intangible assets.

(3) Including equity-settled stock based compensation costs ("SBC") of €18m in FY 2015.

ISSUED SHARE CAPITAL

Share information (as of 31-Dec-15)

Type of Shares	Ordinary bearer shares with no-par value (Stückaktien)
Stock Exchange	Frankfurt Stock Exchange
Market Segment	Regulated Market (Prime Standard)
Index Listings	MDAX (2.5% share1)
Total Number of Shares Outstanding	247,059,518
Issued Share Capital	€247,059,518

Stock option programs (as of 31-Dec-15)

Program	# Options outstanding	Strike price
Various	99,110	1.00
Stock Option Program 2011	2,730,200	5.65
Stock Option Program 2013	9,817,500	15.63
Stock Option Program 2014 – Tranche pre IPO	5,200,209	17.72
Stock Option Program 2014 – Tranche Mar 2015	644,145	22.79
Stock Option Program 2014 – Tranche May 2015	371,800	25.03
Stock Option Program 2014 – Tranche Aug 2015	193,500	29.92
Stock Option Program 2014 – Tranche Nov 2015	58,900	30.48
Total	19,115,364

INCOME STATEMENT

€m	FY/13	FY/14	Q1/15	Q2/15	Q3/15	Q4/15	FY/15
Revenue	1,762.0	2,214.0	643.6	733.0	713.1	868.5	2,958.2
% growth	52.1%	25.7%	28.5%	34.1%	42.2%	30.5%	33.6%
Cost of Sales	(1,047.0)	(1,255.3)	(353.5)	(378.5)	(424.7)	(467.3)	(1,624.0)
Gross Profit	715.1	958.7	290.1	354.5	288.4	401.2	1,334.1
% margin	40.6%	43.3%	45.1%	48.4%	40.4%	46.2%	45.1%
Selling and Distribution Costs	(733.5)	(793.8)	(236.8)	(297.4)	(282.9)	(301.8)	(1,118.9)
Administrative Expenses	(105.1)	(109.1)	(29.1)	(31.7)	(34.2)	(34.0)	(129.0)
Other Operating Income	12.5	12.2	3.0	2.2	1.5	3.5	10.2
Other Operating Expenses	(2.9)	(5.8)	(2.0)	(2.0)	(0.7)	(2.3)	(7.0)
EBIT	(113.9)	62.1	25.1	25.7	(27.8)	66.6	89.6
% margin	(6.5%)	2.8%	3.9%	3.5%	(3.9%)	7.7%	3.0%
Net Financial Result	(3.3)	(4.5)	5.4	(0.9)	(6.3)	(1.2)	(3.0)
EBT	(117.3)	57.7	30.6	24.8	(34.1)	65.4	86.6
% margin	(6.7%)	2.6%	4.7%	3.4%	(4.8%)	7.5%	2.9%
Income and Other Tax	0.7	(10.5)	(6.3)	(1.8)	5.6	37.3	34.9
Net Income	(116.6)	47.2	24.3	23.0	(28.5)	102.7	121.5
% margin	(6.6%)	2.1%	3.8%	3.1%	4.0%	11.8%	4.1%
Depreciation & Amortization	14.9	25.8	7.5	8.0	8.7	10.0	34.2
EBITDA	(99.0)	88.0	32.6	33.7	(19.1)	76.6	123.8
% margin	(5.6%)	4.0%	5.1%	4.6%	(2.7%)	8.8%	4.2%
Share Based Compensation (SBC)	5.3	19.8	4.0	4.4	4.3	5.2	17.9
Adj. EBIT (adj. for SBC)	(108.6)	82.0	29.1	30.2	(23.5)	71.8	107.5
% margin	(6.2%)	3.7%	4.5%	4.1%	(3.3%)	8.3%	3.6%
Adj. EBITDA (adj. for SBC)	(93.7)	107.8	36.6	38.1	(14.8)	81.8	141.7
% margin	(5.3%)	4.9%	5.7%	5.2%	(2.1%)	9.4%	4.8%

SHARE BASED COMPENSATION

€m	FY/13	FY/14	Q1/15	Q2/15	Q3/15	Q4/15	FY/15
Per Income Statement Line Item
Cost of Sales	0.5	4.4	1.0	1.1	1.1	1.3	4.5
Selling and Distribution Costs	2.1	9.6	2.0	2.2	2.2	2.6	9.0
Administrative Expenses	2.7	5.8	1.0	1.1	1.1	1.3	4.5
Share Based Compensation	5.3	19.8	4.0	4.4	4.3	5.2	17.9
As % of revenue	FY/13	FY/14	Q1/15	Q2/15	Q3/15	Q4/15	FY/15
Per Income Statement Line Item
Cost of Sales	0.0%	0.2%	0.2%	0.2%	0.2%	0.1%	0.2%
Selling and Distribution Costs	0.1%	0.4%	0.3%	0.3%	0.3%	0.3%	0.3%
Administrative Expenses	0.2%	0.3%	0.2%	0.2%	0.2%	0.1%	0.2%

SEGMENTS

€ m	FY/13	FY/14	Q1/15	Q2/15	Q3/15	Q4/15	FY/15
Revenue	1,762.0	2,214.0	643.6	733.0	713.1	868.5	2,958.2
DACH	1,056.1	1,234.0	347.1	411.0	371.2	450.7	1,580.1
Rest of Europe	630.2	862.6	265.0	285.3	300.8	360.5	1,211.6
Other	75.7	117.4	31.5	36.6	41.1	57.3	166.5
As % of total	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
DACH	59.9%	55.7%	53.9%	56.1%	52.1%	51.9%	53.4%
Rest of Europe	35.8%	39.0%	41.2%	38.9%	42.2%	41.5%	41.0%
Other	4.3%	5.3%	4.9%	5.0%	5.8%	6.6%	5.6%
EBIT	(113.9)	62.1	25.1	25.7	(27.8)	66.6	89.6
DACH	5.3	72.3	30.2	11.9	(5.1)	55.3	92.2
Rest of Europe	(100.8)	(18.6)	(6.3)	9.7	(23.4)	9.8	(10.2)
Other	(18.4)	8.4	1.2	4.1	0.6	1.5	7.5
% margin	(6.5%)	2.8%	3.9%	3.5%	(3.9%)	7.7%	3.0%
DACH	0.5%	5.9%	8.7%	2.9%	(1.4%)	12.3%	5.8%
Rest of Europe	(16.0%)	(2.2%)	(2.4%)	3.4%	(7.8%)	2.7%	(0.8%)
Other	(24.3%)	7.2%	3.9%	11.3%	1.6%	2.7%	4.5%
Adjusted EBIT	(108.6)	82.0	29.1	30.2	(23.5)	71.8	107.5
DACH	8.2	83.0	32.3	14.4	(2.8)	57.9	101.9
Rest of Europe	(99.1)	(11.6)	(4.7)	11.3	(21.7)	11.8	(3.3)
Other	(17.8)	10.5	1.4	4.4	1.0	2.1	8.9
% adjusted margin	(6.2%)	3.7%	4.5%	4.1%	(3.3%)	8.3%	3.6%
DACH	0.8%	6.7%	9.3%	3.5%	(0.8%)	12.8%	6.4%
Rest of Europe	(15.7%)	(1.3%)	(1.8%)	4.0%	(7.2%)	3.3%	(0.3%)
Other	(23.5%)	9.0%	4.5%	12.0%	2.5%	3.6%	5.3%

BALANCE SHEET

		Q4/14		Q4/15
€m	Q4/14	(% of total assets)	Q4/15	(% of total assets)
Total Non-Current Assets	194.0	10.9%	253.1	12.0%
Thereof: Property, Plant and Equipment	111.0	6.2%	128.2	6.1%
Other Financial Assets	49.4	2.8%	25.0	1.2%
Non-Financial Assets	3.7	0.2%	3.5	0.2%
Other Non-Current Assets	29.9	1.7%	96.3	4.5%
Total Current Assets	1,591.6	89.1%	1,863.5	88.0%
Thereof: Inventories	348.4	19.5%	493.5	23.3%
Trade and Other Receivables	140.1	7.8%	149.7	7.1%
Other Assets1	52.1	2.9%	244.0	11.5%
Cash and Cash Equivalents1	1,051.0	58.9%	976.2	46.1%
Total Assets	1,785.5	100.0%	2,116.5	100.0%
Total Equity	1,126.7	63.1%	1,271.4	60.1%
Thereof: Issued Capital	244.8	13.7%	247.0	11.7%
Capital Reserves	1,120.4	62.7%	1,140.9	53.9%
Retained earnings	0.9	0.1%	1.4	0.1%
Accumulated Loss	(239.4)	(13.4%)	(118.0)	(5.6%)
Total Non-Current Liabilities	30.9	1.7%	31.3	1.5%
Thereof: Financial Liabilities	17.6	1.0%	14.4	0.7%
Other Non-Current Liabilities	13.3	0.7%	16.9	0.8%
Total Current Liabilities	627.9	35.2%	813.8	38.5%
Thereof: Trade Payables and Similar Obligations	492.1	27.6%	645.8	30.5%
Other Current Liabilities	135.9	7.6%	168.0	7.9%
Total Equity & Liabilities	1,785.5	100.0%	2,116.5	100.0%
Net Working Capital	(3.6)	(0.2%)	(2.6)	(0.1%)

(1) Other assets includes investments into short-term deposits of €155m, which are not listed under Cash and Cash Equivalents due to their maturity of more than 3 but less than 12 months. 29

CASH FLOW STATEMENT

€m	Q1/15 YTD	Q2/15 YTD	Q3/15 YTD	Q4/15 YTD	Q4/15
Net Income	24.3	47.3	18.8	121.5	102.7
Non-Cash Expenses from Share-Based Payments	4.0	8.4	12.7	17.9	5.2
Cash Settlement of Claims from Share-Based Payments	(2.0)	(2.3)	(2.3)	(2.3)	0.0
Depreciation	7.5	15.5	24.2	34.2	10.0
Income Taxes	6.3	8.1	2.4	(34.9)	(37.3)
Change in Provisions	(0.4)	(0.3)	(0.3)	(0.5)	(0.2)
Other Non-Cash Income	(0.9)	(2.5)	(0.7)	(1.0)	(0.3)
Change in Inventories and Receivables	(155.4)	(110.8)	(256.0)	(154.2)	101.8
Change in Trade Liabilities	117.5	78.2	266.3	154.9	(111.4)
Change in Other Assets/Other Liabilities	(12.6)	(18.3)	(23.6)	(16.2)	7.4
Cash Flow from Operating Activities	(11.8)	23.3	41.6	119.4	77.8
Payments for Investments in Fixed and Intangible Assets	(8.4)	(19.3)	(39.1)	(60.0)	(20.8)
Payments for Acquisitions	0.0	(12.2)	(16.8)	(16.8)	0.0
Cash Paid for Investments in Term Deposits	(90.0)	(110.0)	(155.0)	(155.0)	0.0
Change in Restricted Cash	15.8	33.5	39.5	35.3	(4.2)
Cash Flow from Investing Activities	(82.6)	(108.0)	(171.4)	(196.5)	(25.1)
Payments Received from Capital Increases	1.5	5.5	5.7	6.4	0.8
Cash Repayments of Loans	(0.8)	(1.6)	(2.4)	(3.2)	(0.8)
Repurchase of treasury shares	0.0	0.0	0.0	(1.7)	(1.7)
Cash Flow from Financing Activities	0.7	3.9	3.2	1.5	(1.8)
Change in Cash & Cash Equivalents	(93.7)	(80.8)	(126.6)	(75.7)	51.0
Effects of Exchange Rate on Cash & Cash Equivalents	3.6	3.4	0.5	0.9	0.4

KPI DEVELOPMENT

	Q1/14	Q2/14	Q3/14	Q4/14	2014	Q1/15	Q2/15	Q3/15	Q4/15	2015
Site Visits (m)1	331.8	322.7	321.7	387.6	1,363.8	392.8	411.8	393.9	457.9	1,656.4
Mobile Visit Share (in % of Site Visits)2	36.2%	40.7%	43.3%	47.9%	42.3%	52.6%	56.6%	58.8%	59.9%	57.1%
Active Customers (m) 3	13.5	13.7	14.1	14.7	14.7	15.4	16.4	17.2	17.9	17.9
Number of Orders (m) 4	9.7	10.4	9.7	11.6	41.4	12.0	14.0	13.8	15.4	55.3
Average Order per Active Customer	2.74x	2.77x	2.81x	2.82x	2.82x	2.84x	2.89x	3.00x	3.08x	3.08x
Average Basket Size (in €) 5	63.9	65.7	64.4	71.7	66.6	68.0	67.4	63.3	72.1	67.8
Fulfillment Cost Ratio (in % of revenue) 6	24%	23%	23%	20%	22%	25%	28%	27%	23%	26%
Marketing Cost Ratio (in % of revenue) 7	14%	13%	11%	14%	13%	12%	12%	12%	11%	12%

(1) Site Visits defined as the number of series of page requests from the same uniquely identified client at Zalando, including website, m.site and apps in the measurement period. A visit is considered ended when no requests have been recorded in more than 30 minutes.

(2) Mobile is defined as tablets, mobile site and apps.

(3) Active Customers defined as the number of customers placing at least one order in the last twelve months in the measurement period irrespective of cancellations or returns.

(4) Number of Orders defined as the number of customer orders placed in the measurement period irrespective of cancellations or returns. An order is counted on the day the customer places the order. Orders placed and orders delivered may differ due to orders that are in transit at the end of the measurement period or have been cancelled.

(5) Average Basket Size defined as the transactional revenue (incl. VAT and transactional volume of Partner Program) after cancellations or returns divided by the number of orders.

(6) Fulfillment Cost Ratio defined as fulfillment cost as a proportion of revenue in the measurement period. Fulfillment costs mainly include logistics, content creation, service and payment expenses, as well as allocated overhead. costs. Fulfillment costs therefore comprises all selling and distribution costs, except for marketing costs. All numbers shown excluding equity-settled SBC costs.

(7) Marketing Cost Ratio defined as marketing cost as a proportion of revenue in the measurement period. Marketing cost mainly consists of advertising expenses including search engine marketing, television, online display and other marketing channels as well as allocated overhead cost. All numbers shown excluding equity-settled SBC costs.

FINANCIAL CALENDAR 2016

		March 2016						May 2016				August 2016						November 2016
M	T	W	T	F		M	T	W	T	F		M	T	W	T	F		M	T	W	T	F
	1	2	3	4		2	3	4	5	6		1	2	3	4	5			1	2	3	4
7	8	9	10	11		9	10	11	12	13		8	9	10	11	12		7	8	9	10	11
14	15	16	17	18		16	17	18	19	20		15	16	17	18	19		14	15	16	17	18
21	22	23	24	25		23	24	25	26	27		22	23	24	25	26		21	22	23	24	25
28	29	30	31			30	31					29						28	29	30
Date									Action
	Monday, 7-Mar										Jefferies German	Digital Conference, New				York
	Wednesday, 9-Mar										UBS Global Consumer Conference,				Boston
					Tuesday/Wednesday, 22-23 Mar						Capital Markets					Day, Berlin (Warehouse tour Erfurt	on 23-Mar)
	Apr-20161										Q1/2016 Trading Update
	Thursday, 12-May									Q1/2016	Results
	Tuesday,	17-May									Citi European Internet, E-Commerce and Digital Media Conference, London
	Tuesday, 31-May								Annual		General Meeting 2016, Berlin
	Wednesday, 8-June										Deutsche Bank, dbAccess		-				German, Swiss & Austrian Conference, Berlin
	Thursday, 11-Aug									Q2/2016	Results
	Thursday, 10-Nov									Q3/2016	Results

(1) Date will be pre-announced a few weeks in advance via press release.

DISCLAIMER

These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of Zalando SE (together with its subsidiaries, the "Company") in any jurisdiction. The distribution of this presentation may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes," "expects," "predicts," "intends," "projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are uncertain and subject to risks. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in general economic conditions, in particular economic conditions in Germany, changes affecting interest rate levels, changes in competition levels, changes in laws and regulations, environmental damages, the potential impact of legal proceedings and actions and the Group's ability to achieve operational synergies from past or future acquisitions. The Company does not guarantee that the assumptions underlying the forward-looking statements in this presentation are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or any obligation to update the statements in this presentation to reflect subsequent events. The forward-looking statements in this presentation are made only as of the date hereof. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients thereof shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. Consequently, the Companydoes not undertake any obligation to review, update or confirm investors' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation.

This presentation contains summary information only and does not purport to be comprehensive and is not intended to be (and should not be used as) the basis of any analysis or other evaluation. In addition, the information in this presentation is subject to change. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein.