regulatory regime would be illegal, void or unenforceable, none of the Joint 
Global Coordinators, the Sponsors nor any of their respective affiliates nor 
  any of its or their respective directors, officers, employees, advisers or 
      agents accepts any responsibility or liability whatsoever and makes no 
    representation or warranty, express or implied, for the contents of this 
announcement, including its accuracy, fairness, sufficiency, completeness or 
 verification or for any other statement made or purported to be made by it, 
or on its behalf, in connection with the Company or the Offering and nothing 
           in this announcement is, or shall be relied upon as, a promise or 
   representation in this respect, whether as to the past or future. Each of 
 the Joint Global Coordinators, the Sponsors and their respective affiliates 
    and its and their respective directors, officers, employees, advisers or 
 agents accordingly disclaims to the fullest extent permitted by law all and 
     any responsibility and liability whether direct or indirect, arising in 
tort, contract or otherwise which it might otherwise have in respect of this 
   announcement or any such statement. Furthermore, each of the Joint Global 
  Coordinators, Sponsors and/or their affiliates provides various investment 
    banking, commercial banking and financial advisory services from time to 
                                                        time to the Company. 
 
Each of the Joint Global Coordinators and Sponsors is acting exclusively for 
  the Company in connection with the Offering and they are acting for no one 
  else. The Joint Global Coordinators and Sponsors will not regard any other 
 person as their respective clients in relation to the Offering or any other 
matter in this announcement and will not be responsible to anyone other than 
      the Company for providing the protections afforded to their respective 
 clients, nor for providing advice in relation to the Offering, the contents 
        of this announcement or any transaction, arrangement or other matter 
                                                         referred to herein. 
 
  In connection with the Offering, each of the Joint Global Coordinators and 
 any of their respective affiliates, may take up a portion of the Securities 
     as a principal position and in that capacity may retain, subscribe for, 
   purchase, sell, offer to sell or otherwise deal for their own accounts in 
  such Securities and other securities of the Company or related investments 
    in connection with the Offering or otherwise. Accordingly, references in 
      this announcement to the Securities being issued, offered, subscribed, 
      acquired, placed or otherwise dealt in should be read as including any 
  issue, offer, subscription, acquisition, placing or dealing by each of the 
  Joint Global Coordinators and any of their affiliates in such capacity. In 
  addition, certain of the Joint Global Coordinators or their affiliates may 
   enter into financing arrangements (including swaps, warrants or contracts 
   for difference) with investors in connection with which such Joint Global 
   Coordinators (or their affiliates) may from time to time acquire, hold or 
dispose of Securities. None of the Joint Global Coordinators or any of their 
         affiliates intends to disclose the extent of any such investment or 
      transactions otherwise than in accordance with any legal or regulatory 
                                                        obligation to do so. 
 
        No person has been authorised to give any information or to make any 
     representations other than those contained in this announcement and the 
  Prospectus published or the international offering circular issued, by the 
  Company in connection with the Offering, as the case may be (together with 
          any amendments or supplements thereto) and, if given or made, such 
         information or representations must not be relied on as having been 
   authorised by the Company, the Joint Global Coordinators, the Sponsors or 
                                         any of their respective affiliates. 
 
                                                  Forward-Looking Statements 
 
 Certain statements included in this announcement are forward-looking. These 
    statements can be identified by the fact that they do not relate only to 
         historical or current facts. By their nature, they involve risk and 
uncertainties because they relate to events and depend on circumstances that 
 will occur in the future. Actual results could differ materially from those 
      expressed or implied by such forward-looking statements. The potential 
reasons for such differences include market fluctuations, the development of 
world market fluctuations, the development of world market commodity prices, 
    the development of exchange rates or fundamental changes in the economic 
 environment. The Company does not intend or assume any obligation to update 
  any forward-looking statement to reflect events or circumstances after the 
       date of this announcement. The potential reasons for such differences 
  include market fluctuations, the development of world market fluctuations, 
        the development of world market commodity prices, the development of 
      exchange rates or fundamental changes in the economic environment. The 
              Company does not intend or assume any obligation to update any 
 forward-looking statement to reflect events or circumstances after the date 
                                                       of this announcement. 
 
Forward-looking statements often use words such as "expects", "may", "will", 
           "could", "should", "intends", "plans", "predicts", "envisages" or 
      "anticipates" or other words of similar meaning. They include, without 
   limitation, any and all projections relating to the results of operations 
and financial conditions of the Company and its subsidiary undertakings from 
      time to time (the 'Group'), as well as plans and objectives for future 
 operations, expected future revenues, financing plans, expected expenditure 
        and divestments relating to the Group and discussions of the Group's 
business plan. All forward-looking statements in this announcement are based 
    upon information known to the Group on the date of this announcement and 
speak as of the date of this announcement. Other than in accordance with its 
  legal or regulatory obligations, the Group does not undertake to update or 
      revise any forward-looking statement to reflect any changes in events, 
           conditions or circumstances on which any such statement is based. 
 
            Actual results may differ from those expressed or implied in the 
forward-looking statements in this announcement as a result of any number of 
known and unknown risks, uncertainties and other factors, including, but not 
limited to, the effects of the COVID-19 pandemic and uncertainties about its 
         impact and duration, many of which are difficult to predict and are 
generally beyond the control of the Group, and it is not reasonably possible 
         to itemise each item. Accordingly, readers of this announcement are 
cautioned against relying on forward-looking statements. All forward-looking 
  statements made on or after the date of this announcement and attributable 
     to the Company are expressly qualified in their entirety by the primary 
        risks set out in that section. Many of these risks are, and will be, 
      exacerbated by the COVID-19 pandemic and any further disruption to the 
           travel and leisure industry and economic environment as a result. 
 
                                                 Information to Distributors 
 
    Solely for the purposes of the product governance requirements contained 
 within: (a) EU Directive 2014/65/EU on markets in financial instruments, as 
 amended (MiFID II); (b) Articles 9 and 10 of Commission Delegated Directive 
   (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures 
   (together, the MiFID II Product Governance Requirements), and disclaiming 
all and any liability, whether arising in tort, contract or otherwise, which 
any "manufacturer" (for the purposes of the Product Governance Requirements) 
  may otherwise have with respect thereto, the Securities the subject of the 
         Offering have been subject to a product approval process, which has 
      determined that such Securities are: (i) compatible with an end target 
           market of retail investors and investors who meet the criteria of 
  professional clients and eligible counterparties, each as defined in MiFID 
 II; and (ii) eligible for distribution through all distribution channels as 
   are permitted by MiFID II (the Target Market Assessment). Notwithstanding 
  the Target Market Assessment, distributors should note that: (i) the price 
 of the Securities may decline and investors could lose all or part of their 
   investment; (ii) the Securities offer no guaranteed income and no capital 
    protection; and (iii) an investment in the Securities is compatible only 
   with investors who do not need a guaranteed income or capital protection, 
  who (either alone or in conjunction with an appropriate financial or other 
          adviser) are capable of evaluating the merits and risks of such an 
  investment and who have sufficient resources to be able to bear any losses 
that may result therefrom. The Target Market Assessment is without prejudice 
         to the requirements of any contractual, legal or regulatory selling 
    restrictions in relation to the Offering. Furthermore, it is noted that, 
 notwithstanding the Target Market Assessment, the Joint Global Coordinators 
   will only procure investors who meet the criteria of professional clients 
                                                and eligible counterparties. 
 
           For the avoidance of doubt, the Target Market Assessment does not

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January 11, 2021 07:03 ET (12:03 GMT)