# EDGAR Filing Document

**Accession Number:** 0001869858
**File Stem:** 0001869858-23-000015
**Filing Date:** 2023-2
**Character Count:** 2002054
**Document Hash:** a08981f040166f58cd747c515cb9631d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001869858-23-000015.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001869858-23-000015

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 270

**CONFORMED PERIOD OF REPORT**: 20220930

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIGNA Sports United N.V.
- **CENTRAL INDEX KEY:** 0001869858
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41156
- **FILM NUMBER:** 23592719

**BUSINESS ADDRESS:**
- **STREET 1:** KANTSTRABE 164, UPPER WEST
- **CITY:** BERLIN
- **STATE:** 2M
- **ZIP:** 10623
- **BUSINESS PHONE:** 49-30-700-108-900

**MAIL ADDRESS:**
- **STREET 1:** KANTSTRABE 164, UPPER WEST
- **CITY:** BERLIN
- **STATE:** 2M
- **ZIP:** 10623

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIGNA Sports United B.V.
- **DATE OF NAME CHANGE:** 20210628

?xml version="1.0" ? ssu-20220930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

____________________________

**FORM 20-F**

____________________________

**(Mark One)**

☐&nbsp;&nbsp;&nbsp;&nbsp;**REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

**☒&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended September 30, 2022**

**OR**

☐&nbsp;&nbsp;&nbsp;&nbsp;**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☐&nbsp;&nbsp;&nbsp;&nbsp;**SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission file number: 001-41156**

___________________________

**SIGNA Sports United N.V.**

**(Exact name of Registrant as specified in its charter)**

&nbsp;&nbsp;&nbsp;&nbsp;___________________________

**The Netherlands**

**(Jurisdiction of incorporation or organization)**

**Kantstraße 164, Upper West**

**10623 Berlin, Federal Republic of Germany**

**Tel: +49 (30) 700,108,900**

**(Address of principal executive offices)**

**Stephan Zoll**

**+49 175 2905060**

**s.zoll@signa-sportsunited.com**

**Kantstraße 164, Upper West**

**10623 Berlin, Federal Republic of Germany**

**(Name, Telephone,E-mail and/or Facsimile number and Address of Company Contact Person)**

**Securities registered or to be registered, pursuant to Section 12(b) of the Act.**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| **Ordinary shares, nominal value €0.12 per share** | **SSU** | **The New York Stock Exchange** |
| **Warrants to purchase ordinary shares** | **SSU-WT** | **The New York Stock Exchange** |

---

____________________________

**Securities registered or to be registered pursuant to Section 12(g) of the Act: None**

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None**

____________________________

Indicate the number of outstanding shares of each of the issuer's classes of capital stock or common stock as of the close of business covered by the annual report. Ordinary shares, nominal value €0.12 per share: 387,577,387

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Emerging growth company | ☒ |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If "Other" has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2of the Exchange Act). Yes ☐ No ☒

------

---

| | | |
|:---|:---|:---|
| Auditor Firm ID: | Auditor Name: | Auditor Location: |
| **1021** | **KPMG AG Wirtschaftsprüfungsgesellschaft** | **Düsseldorf, Germany** |

---

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| <u>[PRESENTATION OF FINANCIAL AND OTHER INFORMATION](#i9559578996e046f78c63b20262409230_7)</u> | [iii](#i9559578996e046f78c63b20262409230_7) |
| <u>[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i9559578996e046f78c63b20262409230_10)</u> | [iv](#i9559578996e046f78c63b20262409230_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#i9559578996e046f78c63b20262409230_13)</u> | [v](#i9559578996e046f78c63b20262409230_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[A. Directors and Senior Management](#i9559578996e046f78c63b20262409230_16)</u> | [v](#i9559578996e046f78c63b20262409230_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[B. Advisers](#i9559578996e046f78c63b20262409230_19)</u> | [v](#i9559578996e046f78c63b20262409230_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[C. Auditors](#i9559578996e046f78c63b20262409230_22)</u> | [v](#i9559578996e046f78c63b20262409230_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE](#i9559578996e046f78c63b20262409230_25)</u> | [1](#i9559578996e046f78c63b20262409230_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[A. Offer statistics](#i9559578996e046f78c63b20262409230_28)</u> | [1](#i9559578996e046f78c63b20262409230_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[B. Method and expected timetable](#i9559578996e046f78c63b20262409230_31)</u> | [1](#i9559578996e046f78c63b20262409230_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 3. KEY INFORMATION](#i9559578996e046f78c63b20262409230_34)</u> | [1](#i9559578996e046f78c63b20262409230_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[A. \[Reserved\]](#i9559578996e046f78c63b20262409230_37)</u> | [1](#i9559578996e046f78c63b20262409230_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[B. Capitalization and indebtedness](#i9559578996e046f78c63b20262409230_40)</u> | [1](#i9559578996e046f78c63b20262409230_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[C. Reasons for the offer and use of proceeds](#i9559578996e046f78c63b20262409230_43)</u> | [1](#i9559578996e046f78c63b20262409230_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[D. Risk Factors](#i9559578996e046f78c63b20262409230_46)</u> | [1](#i9559578996e046f78c63b20262409230_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 4. INFORMATION ON THE COMPANY](#i9559578996e046f78c63b20262409230_49)</u> | [34](#i9559578996e046f78c63b20262409230_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[A. History and Development of the Company](#i9559578996e046f78c63b20262409230_52)</u> | [34](#i9559578996e046f78c63b20262409230_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[B. Business Overview](#i9559578996e046f78c63b20262409230_55)</u> | [34](#i9559578996e046f78c63b20262409230_55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[C. Organizational Structure](#i9559578996e046f78c63b20262409230_58)</u> | [47](#i9559578996e046f78c63b20262409230_58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[D. Property, plants and equipment](#i9559578996e046f78c63b20262409230_61)</u> | [47](#i9559578996e046f78c63b20262409230_61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#i9559578996e046f78c63b20262409230_67)</u> | [48](#i9559578996e046f78c63b20262409230_67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Overview](#i9559578996e046f78c63b20262409230_1011)</u> | [48](#i9559578996e046f78c63b20262409230_1011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[A. Operating Results](#i9559578996e046f78c63b20262409230_70)</u> | [54](#i9559578996e046f78c63b20262409230_70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[B. Liquidity and Capital Resources](#i9559578996e046f78c63b20262409230_73)</u> | [59](#i9559578996e046f78c63b20262409230_73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[C. Research and development, patents and licenses, etc.](#i9559578996e046f78c63b20262409230_76)</u> | [62](#i9559578996e046f78c63b20262409230_76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[D. Trend information](#i9559578996e046f78c63b20262409230_79)</u> | [62](#i9559578996e046f78c63b20262409230_79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[E. Critical Accounting Estimates](#i9559578996e046f78c63b20262409230_82)</u> | [62](#i9559578996e046f78c63b20262409230_82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#i9559578996e046f78c63b20262409230_85)</u> | [62](#i9559578996e046f78c63b20262409230_85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[A. Directors and Senior Management](#i9559578996e046f78c63b20262409230_88)</u> | [62](#i9559578996e046f78c63b20262409230_88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[B. Compensation](#i9559578996e046f78c63b20262409230_91)</u> | [65](#i9559578996e046f78c63b20262409230_91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[C. Board practices](#i9559578996e046f78c63b20262409230_94)</u> | [67](#i9559578996e046f78c63b20262409230_94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[D. Employees](#i9559578996e046f78c63b20262409230_97)</u> | [69](#i9559578996e046f78c63b20262409230_97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[E. Share ownership](#i9559578996e046f78c63b20262409230_100)</u> | [69](#i9559578996e046f78c63b20262409230_100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#i9559578996e046f78c63b20262409230_103)</u> | [69](#i9559578996e046f78c63b20262409230_103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[A. Major Shareholders](#i9559578996e046f78c63b20262409230_106)</u> | [69](#i9559578996e046f78c63b20262409230_106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[B. Related Party Transactions](#i9559578996e046f78c63b20262409230_109)</u> | [71](#i9559578996e046f78c63b20262409230_109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[C. Interests of Experts and Counsel](#i9559578996e046f78c63b20262409230_112)</u> | [74](#i9559578996e046f78c63b20262409230_112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 8 FINANCIAL INFORMATION](#i9559578996e046f78c63b20262409230_115)</u> | [74](#i9559578996e046f78c63b20262409230_115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[A. Consolidated Statements and Other Financial Information](#i9559578996e046f78c63b20262409230_118)</u> | [74](#i9559578996e046f78c63b20262409230_118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[B. Significant Changes](#i9559578996e046f78c63b20262409230_121)</u> | [75](#i9559578996e046f78c63b20262409230_121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 9 THE OFFER AND LISTING](#i9559578996e046f78c63b20262409230_124)</u> | [75](#i9559578996e046f78c63b20262409230_124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[A. Offer and listing details](#i9559578996e046f78c63b20262409230_127)</u> | [75](#i9559578996e046f78c63b20262409230_127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[B. Plan of Distribution](#i9559578996e046f78c63b20262409230_130)</u> | [75](#i9559578996e046f78c63b20262409230_130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[C. Markets](#i9559578996e046f78c63b20262409230_133)</u> | [75](#i9559578996e046f78c63b20262409230_133) |

---

i

------

**<u>[**Table of Contents**](#i9559578996e046f78c63b20262409230_4)</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[D. Selling shareholders](#i9559578996e046f78c63b20262409230_136)</u> | [75](#i9559578996e046f78c63b20262409230_136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[E. Dilution](#i9559578996e046f78c63b20262409230_139)</u> | [75](#i9559578996e046f78c63b20262409230_139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[F. Expenses of the issue](#i9559578996e046f78c63b20262409230_142)</u> | [75](#i9559578996e046f78c63b20262409230_142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 10 ADDITIONAL INFORMATION](#i9559578996e046f78c63b20262409230_145)</u> | [75](#i9559578996e046f78c63b20262409230_145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[A. Share capital](#i9559578996e046f78c63b20262409230_148)</u> | [75](#i9559578996e046f78c63b20262409230_148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[B. Memorandum and articles of association](#i9559578996e046f78c63b20262409230_151)</u> | [75](#i9559578996e046f78c63b20262409230_151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[C. Material contracts](#i9559578996e046f78c63b20262409230_154)</u> | [82](#i9559578996e046f78c63b20262409230_154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[D. Exchange controls](#i9559578996e046f78c63b20262409230_157)</u> | [86](#i9559578996e046f78c63b20262409230_157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[E. Taxation](#i9559578996e046f78c63b20262409230_160)</u> | [86](#i9559578996e046f78c63b20262409230_160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[F. Dividends and paying agents](#i9559578996e046f78c63b20262409230_163)</u> | [104](#i9559578996e046f78c63b20262409230_163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[G. Statement by experts](#i9559578996e046f78c63b20262409230_166)</u> | [104](#i9559578996e046f78c63b20262409230_166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[H. Documents on display](#i9559578996e046f78c63b20262409230_169)</u> | [104](#i9559578996e046f78c63b20262409230_169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[I. Subsidiary Information.](#i9559578996e046f78c63b20262409230_172)</u> | [104](#i9559578996e046f78c63b20262409230_172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 11 QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK](#i9559578996e046f78c63b20262409230_175)</u> | [104](#i9559578996e046f78c63b20262409230_175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 12 DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#i9559578996e046f78c63b20262409230_178)</u> | [105](#i9559578996e046f78c63b20262409230_178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[A. Debt Securities](#i9559578996e046f78c63b20262409230_181)</u> | [105](#i9559578996e046f78c63b20262409230_181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[B. Warrants and Rights](#i9559578996e046f78c63b20262409230_184)</u> | [105](#i9559578996e046f78c63b20262409230_184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[C. Other Securities](#i9559578996e046f78c63b20262409230_187)</u> | [105](#i9559578996e046f78c63b20262409230_187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[D. American Depositary Shares](#i9559578996e046f78c63b20262409230_190)</u> | [105](#i9559578996e046f78c63b20262409230_190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 13 DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#i9559578996e046f78c63b20262409230_196)</u> | [105](#i9559578996e046f78c63b20262409230_196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#i9559578996e046f78c63b20262409230_199)</u> | [105](#i9559578996e046f78c63b20262409230_199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 15 CONTROLS AND PROCEDURES](#i9559578996e046f78c63b20262409230_202)</u> | [105](#i9559578996e046f78c63b20262409230_202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 16A AUDIT COMMITTEE FINANCIAL EXPERT](#i9559578996e046f78c63b20262409230_208)</u> | [107](#i9559578996e046f78c63b20262409230_208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 16B CODE OF ETHICS](#i9559578996e046f78c63b20262409230_211)</u> | [107](#i9559578996e046f78c63b20262409230_211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 16C PRINCIPAL ACCOUNTANT FEES AND SERVICES](#i9559578996e046f78c63b20262409230_214)</u> | [107](#i9559578996e046f78c63b20262409230_214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 16D EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#i9559578996e046f78c63b20262409230_217)</u> | [108](#i9559578996e046f78c63b20262409230_217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 16E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#i9559578996e046f78c63b20262409230_220)</u> | [108](#i9559578996e046f78c63b20262409230_220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 16F CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT](#i9559578996e046f78c63b20262409230_223)</u> | [108](#i9559578996e046f78c63b20262409230_220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 16G CORPORATE GOVERNANCE](#i9559578996e046f78c63b20262409230_226)</u> | [108](#i9559578996e046f78c63b20262409230_220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 16](#i9559578996e046f78c63b20262409230_229)[H](#i9559578996e046f78c63b20262409230_229)[MINE SAFETY DISCLOSURE](#i9559578996e046f78c63b20262409230_229)</u> | [108](#i9559578996e046f78c63b20262409230_220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 16I DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENT INSPECTIONS](#i9559578996e046f78c63b20262409230_232)</u> | [108](#i9559578996e046f78c63b20262409230_220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 17 FINANCIAL STATEMENTS](#i9559578996e046f78c63b20262409230_235)</u> | [108](#i9559578996e046f78c63b20262409230_235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 18 FINANCIAL STATEMENTS](#i9559578996e046f78c63b20262409230_238)</u> | [108](#i9559578996e046f78c63b20262409230_238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 19 EXHIBITS](#i9559578996e046f78c63b20262409230_241)</u> | [109](#i9559578996e046f78c63b20262409230_241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[SIGNATURES](#i9559578996e046f78c63b20262409230_244)</u> | [112](#i9559578996e046f78c63b20262409230_244) |

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**<u>[**Table of Contents**](#i9559578996e046f78c63b20262409230_4)</u>**

**PRESENTATION OF FINANCIAL AND OTHER INFORMATION**

As described below and more fully in "Item 4. Information on the Company — A. History and Development of the Company", SIGNA Sports United N.V. became the parent of SIGNA Sports United GmbH effective December 14, 2021. Financial and other information for periods preceding this date refer to SIGNA Sports United GmbH together with its subsidiaries. References to the "Company," "we," "our," or "us" generally refer to SIGNA Sports United N.V. and, as the case may be and the context so indicates, SIGNA Sports United GmbH together with its subsidiaries, (ii) references to "SSU" refer solely to SIGNA Sports United GmbH, a German limited liability company (*Gesellschaft mit beschränkter Haftung*), including, as the case may be, its consolidated subsidiaries, and (iii) references to "Wiggle" or "Wiggle Group" refer to Mapil Topco Limited. SIGNA Sports United N.V. is a Dutch public limited liability company (*naamloze vennootschap*) incorporated as a Dutch private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*) on May 19, 2021. SIGNA Sports United N.V. was converted into a Dutch public limited liability company and became the holding company of SSU, an online sports specialty retailer focused on the product categories bike, tennis/racket sports, outdoor and team sport, on December 14, 2021. SIGNA Sports United N.V. has its business address and executive offices at Kantstraße 164, Upper West, 10623 Berlin, Federal Republic of Germany.

**Trademarks, Service Marks**

The SSU logo and other trademarks or service marks owned by us appearing in this annual report (the "Annual Report") are the property of the Company. Solely for convenience, some of the trademarks, service marks, logos and trade names referred to in this Annual Report are presented without the® and TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. This Annual Report contains additional trademarks, service marks and trade names of others, including the trademarks, trade names and logos of the recently acquired Wiggle Group. All trademarks, service marks and trade names appearing in this Annual Report are, to our knowledge, the property of their respective owners. We do not intend to use or display of other companies' trademarks, service marks, copyrights or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

**Financial Information**

The terms "dollar," "USD" or "$" refer to the U.S. dollar and the term "euro," "EUR" or "€" refer to the euro, unless otherwise indicated. The exchange rate used for conversion between U.S. dollars and euros is based on the ECB euro reference exchange rate published by the European Central Bank.

SSU's consolidated financial statements are presented in euros and have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). None of the consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). We have made rounding adjustments to some of the figures included in this Annual Report. Accordingly, any numerical discrepancies in any table between totals and sums of the amounts listed are due to rounding.

**Market and Industry Data**

This Annual Report contains industry, market and competitive position data that are based on general and industry publications, surveys and studies conducted by third parties, some of which may not be publicly available, and our own internal estimates and research. Third-party publications, surveys and studies generally state that they have obtained information from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. These data involve a number of assumptions and limitations and contain projections and estimates of the future performance of the industries in which we operate that are subject to a high degree of uncertainty. We caution you not to give undue weight to such projections, assumptions and estimates.

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Certain statements made in this Annual Report, including the description of the transactions, agreements and other information contained herein and the exhibits hereto, as well as information incorporated by reference herein are not historical facts but are "forward-looking statements" for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "*believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," "suggests," "targets," "projects," "forecast"* and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future results and benefits of the Company following the Business Combination, future opportunities for the Company, future planned products and services, business strategy and plans, objectives of management for future operations of the Company, market size and growth opportunities, competitive position, technological and market trends, and other statements that are not historical facts. These statements are based on the current expectations of the Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which are all subject to change due to various factors including, without limitation, changes in general economic conditions as a result of the war in Ukraine, significant inflation, higher financing costs, an increase in energy costs, a negative consumer sentiment and COVID-19. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this Annual Report, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results.

Forward-looking statements appear in a number of places in this Annual Report and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under "Item 3. Key Information — D. Risk Factors." The forward-looking statements in this Annual Report may include, without limitations, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future financial condition and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to remain in compliance with financial covenants under our financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to extend, renew or refinance our existing debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our liquidity and losses from operations and projected cash flows and related impact on our ability to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our growth, expansion and acquisition prospects and strategies, the success of such strategies, and the benefits we believe can be derived from such strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to effectively manage our inventory and inventory reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairments of our goodwill or other intangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in consumer spending patterns and overall levels of consumer spending;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to further upgrade our information technology systems and infrastructure, including our accounting processes and functions, and other risks associated with the systems that operate our online retail operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to continue to remedy weaknesses in our internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs as a result of operating as a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our assumptions regarding interest rates and inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes affecting currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continuing business disruptions arising from the on-going war in Ukraine and in the aftermath of the coronavirus pandemic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial condition and ability to obtain financing in the future to implement our business strategy and fund capital expenditures, acquisitions and other general corporate activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimated future capital expenditures needed to preserve our capital base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in general economic conditions in the Federal Republic of Germany ("Germany"), and the European Union and the Unites States of America, including changes in the unemployment rate, the level of energy and consumer prices, wage levels, etc.;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the further development of online sports markets, in particular the levels of acceptance of internet retailing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our behavior on mobile devices and our ability to attract mobile internet traffic and convert such traffic into purchases of our goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to offer our customers an inspirational and attractive online purchasing experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• demographic changes, in particular with respect to Germany;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our competitive environment and in our competition level;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of accidents, terrorist attacks, natural disasters, fires, environmental damage, or systemic delivery failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to attract and retain qualified personnel, consultants and collaborators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations relating to dividend payments and forecasts of our ability to make such payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors discussed in "Item 3. Key Information — D. Risk Factors" in this Annual Report.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in "Item 3. Key Information—D. Risk Factors" in this Annual Report. Accordingly, you should not rely on these forward-looking statements, which speak only as of the date of this Annual Report. We undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this Annual Report or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of this Annual Report.

In addition, statements such as "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Annual Report. And while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and you are cautioned not to rely unduly on these statements.

Although we believe the expectations reflected in the forward-looking statements were reasonable at the time made, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should carefully consider the cautionary statements contained or referred to in this section in connection with the forward-looking statements contained in this Annual Report and any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf.

**PART I**

**ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS**

**A.&nbsp;&nbsp;&nbsp;&nbsp;Directors and Senior Management**

Not applicable.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Advisers**

Not applicable.

**C.&nbsp;&nbsp;&nbsp;&nbsp;Auditors**

Not applicable.

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**ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE**

**A.&nbsp;&nbsp;&nbsp;&nbsp;Offer statistics**

Not applicable.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Method and expected timetable**

Not applicable**.**

**ITEM 3. KEY INFORMATION**

**A.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]**

**B.&nbsp;&nbsp;&nbsp;&nbsp;Capitalization and indebtedness**

Not applicable.

**C.&nbsp;&nbsp;&nbsp;&nbsp;Reasons for the offer and use of proceeds**

Not applicable.

**D.&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors** 

**Risk Factors Summary**

Our business faces significant risks and uncertainties. You should carefully consider all of the information set forth in this Annual Report and in other documents we file with or furnish to the SEC, including the following risk factors, before deciding to invest in or to maintain an investment in our securities. Our business, as well as our reputation, financial condition, results of operations and share price, could be materially adversely affected by any of these risks, as well as other risks and uncertainties not currently known to us or not currently considered material. These risks include, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have incurred significant operating losses since our inception, and we foresee that we will not achieve profitability in the near to medium future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely to a significant extent on related party financings from our core shareholder to support the continued growth of our business, and in the future may not be able to raise needed capital on economically acceptable terms, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to comply with covenants under our financing arrangements could result in the acceleration of our debt repayment obligations and an inability to borrow under our revolving credit agreements and therefore fund our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The implementation of our comprehensive operational alignment program in response to our significant operating losses and to improve our cash, liquidity and financial position may not deliver the intended results within the contemplated timeframe, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect our revenue to continue to decline in the current fiscal year, and potentially also in the year after.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are aware of material control and accounting weaknesses in our current finance organization. If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which is likely to negatively affect our business and the market price of our Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management team has limited experience managing a public company, in particular with operational and financial restructuring challenges, and related publicly traded company reporting, control, compliance and going concern requirements could continue to divert significant resources from the day-to-day management of our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operating results have been, and could in the future be, adversely affected if we are unable to accurately forecast our future results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have been unable, and may be unable in the future, to manage our own inventory levels effectively resulting in liquidity challenges, lower margins, write-offs of inventories and / or reputational issues with customers and suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is to a significant extent subject to local seasonal revenue fluctuations which may further adversely affect our ability to accurately forecast and manage resources efficiently.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We regularly pursue acquisitions, any of which could result in significant additional expenses, failure to achieve anticipated benefits, or failure to be properly integrated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our consolidated goodwill has been materially impaired in the past, and our goodwill or other intangible assets may become impaired in the future, which has resulted and could result in the future in material non-cash charges to our results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our growth strategy includes entering new geographic markets and pursuing new business opportunities, developing new websites or apps, or offering new products, sales formats or services, and the related investments may not yield the targeted results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to maintain or increase our net revenue per active customer. If our efforts to increase customer loyalty and repeat purchasing as well as maintain high levels of customer engagement are not successful, our growth prospects and net revenue will be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business depends on search engines to attract a substantial portion of the customers who visit our sites. An increase in the cost of or in our reliance on search engine marketing or any decrease in the effectiveness of our search engine marketing could materially adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business depends on strong brands, which we might not be able to maintain or enhance and we may be subject to negative publicity, which could harm our business, financial condition, cash flows, results of operations and prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are involved in and may pursue strategic relationships. We may have limited control over such relationships, and these relationships may not provide the anticipated benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on third party suppliers for the products we sell and any deterioration in those business relationships or continuing supply chain disruptions may materially and adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We depend on third-party service providers for the fulfillment and distribution of our products to end customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to the risk of security breaches, including cyber-attacks, and unauthorized use of one or more of our websites, databases, online security systems or computerized logistics management systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sports retail industry in our markets is very competitive and our ability to compete depends on a large variety of factors both within and beyond our control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negative developments in global and local economic conditions, including the effect of post COVID-19 pandemic or if new strains continue to develop as well as severe supply chain interruptions, could continue to adversely impact consumer spending in the sports retail industry as well as our results of operations and prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business may be materially adversely affected by any negative impact on the global economy and capital markets resulting from Russia's invasion of Ukraine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our supply chain and overall business may be materially adversely affected by any impositions or increase of tariffs as well as international trade regulations, resulting from any conflict escalation between China and Taiwan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to various regulations applying to e-commerce and tech businesses generally, including but not limited to regulations governing cyber security, data protection, consumer protection, product safety and trademarks, and future regulations might impose additional requirements and other obligations on our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the use of "cookie" tracking technologies is further restricted, regulated, or blocked, or if changes in technology cause cookies to become less reliable or acceptable as a means of tracking consumer behavior, the amount or accuracy of Internet user information we collect would decrease, which could harm our business and operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Product recalls, product liability claims and breaches of corporate social responsibility could harm our reputation and business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price and trading volume of our Ordinary Shares and Public Warrants may be volatile and could decline significantly.

**Risks Related to Our Business Activities**

***We have incurred significant operating losses since our inception, and we foresee that we will not achieve profitability in the near to medium future.***

We have not yet generated any consolidated net profit since our inception. In the fiscal year ended September 30, 2022, SSU's group wide loss amounted to €565.7 million, €46.0 million in the fiscal year ended September 30, 2021 and €25.6 million in the fiscal year ended September 30, 2020. These losses are to a significant extent attributable to the costs associated with building and growing SSU's business such as marketing expenses, geographic expansion and investments to further developing SSU's platform and for the fiscal year ended September 30, 2022 to one-off expenses related to the share listing and the Business Combination pursuant to the Business Combination Agreement, dated June 10, 2021, by and among Yucaipa Acquisition Corporation ("Yucaipa"), SSU, the Company (formerly known as SIGNA Sports United B.V.), Olympics I Merger Sub, LLC ("Merger Sub") and SIGNA International Sports Holding GmbH ("SISH") (the

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"Yucaipa Merger"). Our business plan is premised on our ability to benefit from the expected growth of, and increasing e-commerce penetration in, our regional markets. If our markets experience disruptive political or economic events or otherwise fail to grow, or if local governments restrain us from continuing to do business as SSU has done in the past or at all, our growth prospects may not materialize, which may negatively affect our profitability or may even force us to cease operating in certain regions. Even in a stable political and economic environment, we must invest significant resources into further integrating our businesses which we acquired during the past several years as well as for organic growth opportunities such as building relationships with sports brands, enhancing the customer experience, driving market campaigns to gain new and retain existing customers, improving and expanding our technology and fulfillment infrastructure and other areas in order to capitalize on any potential growth opportunities. These investments may prove more expensive than anticipated and may not yield the desired results. There can be no assurance that we will be able to achieve or maintain profitability in the future. Continued losses would have a material adverse effect on our business, financial condition, results of operations and prospects.

***We rely to a significant extent on related party financings from our core shareholder to support the continued growth of our business, and in the future may not be able to raise needed capital on economically acceptable terms, or at all.***

Since our inception, we have had negative operating cash flows and relied on external financing. The uncertain and volatile economic environment across our key regions, combined with significant funding needs and a loss-making business, have in the past limited and may in the future continue to reduce our options for raising additional capital, be it in the form of equity or debt financing. This uncertain and volatile environment may also negatively impact the accuracy of our budgeting and financial forecasting. As a consequence, we may not be able to correctly anticipate our capital requirements. Please also refer to "Our operating results have been, and could in the future be, adversely affected if we are unable to accurately forecast our future results of operations." If we are not able to raise the required capital on economically acceptable terms, or at all, or fail to accurately project and anticipate our capital needs, we might have insufficient funds to meet our obligations and/or may be forced to limit or even scale back our operations, which may adversely affect our growth, business and market share and could ultimately lead to our inability to operate as a going concern or, ultimately, to insolvency.

While we raised significant capital in the Business Combination, we will require additional capital to finance our operations or the future growth of our business. We have been unable to raise any additional external third party financing following the Business Combination, and all of our additional funding needs were secured by one of our affiliates. SIGNA Holding GmbH ("SIGNA Holding") provided us with two revolving credit facilities in the amount of €50.0 million each on May 3, 2022 and July 25, 2022 (the "SIGNA Holding RCF I" and "SIGNA Holding RCF II", respectively, and together, the "SIGNA Holding RCFs"). In addition, we have issued a €100.0 million convertible bond to SIGNA Holding with a closing date on October 4, 2022 (the "Initial Convertible Bonds"), which was subsequently sold and transferred to our affiliate SIGNA European Invest Holding AG. Furthermore, on February 6, 2023, we received a commitment from SIGNA Holding to provide us with an equity-linked funding of an additional €130.0 million (the "SIGNA Holding Equity Commitment Letter"). The SIGNA Holding Equity Commitment Letter provides the Company with the right to issue and sell (put right) additional convertible bonds to SIGNA Holding in one or more tranches until and including September 30, 2024 for an aggregate additional principal amount of €130.0 million of newly issued convertible bonds (the "Additional Convertible Bonds", and together with the Initial Convertible Bonds, the "Convertible Bonds"), at the same terms and conditions as the Initial Convertible Bonds, in one or more tranches until and including September 30, 2024 for an aggregate additional principal amount of €130.0 million of newly issued convertible bonds. The SIGNA Holding Equity Commitment Letter was required to address our very precarious liquidity situation since the beginning of our fiscal year ending September 30, 2023 fiscal year and to provide the Company with a going-concern perspective until mid-February 2024. Simultaneously with signing the SIGNA Holding Equity Commitment Letter, we entered into an amendment agreement to the SIGNA Holding RCF I with SIGNA Holding on February 6, 2023 (the "SIGNA Holding RCF I Amendment"). The purpose of the SIGNA Holding RCF I Amendment is to provide us with a bridge financing in the amount of up to €50.0 million until the respective tranches under the Additional Convertible Bonds have been issued and settled. Any amounts drawn under the additional €50.0 million in funding available to us under the amended SIGNA Holding RCF I will be repaid by issuing Additional Convertible Bonds in accordance with the terms and conditions of the SIGNA Holding Equity Commitment Letter to SIGNA Holding. If we choose to raise additional capital by issuing new shares, our ability to place such shares at attractive prices, or at all, depends on the condition of equity capital markets in general, the price of our shares in particular, and such share price may be subject to considerable fluctuation. In addition, the very low liquidity of our shares since the Business Combination (as defined below) may make it very difficult to raise capital from the capital markets whether by issuing new shares or equity-linked financial instruments, and we may therefore continue to depend on our affiliates in the future and not be able to effectively access such open markets until the liquidity of our shares increases significantly.

An inability to obtain capital on economically acceptable terms, or at all, could have a material adverse effect on the implementation of our business strategy, financial condition, results of operations and prospects.

***Our failure to comply with covenants under our financing arrangements could result in the acceleration of our debt repayment obligations and an inability to borrow under our revolving credit agreements and therefore fund our operations.***

The financing agreements between us and our lenders contain certain financial and other covenants, including covenants relating to net leverage, minimum adjusted EBITDA and minimum liquidity. Failure to maintain compliance with any of these covenants can result in the acceleration of our outstanding debt in its entirety, and may adversely affect our ability to obtain financing that may be necessary to effectively operate our business, grow the business going forward or to continue operating as a going concern.

We have been in breach of covenants under the revolving credit facility entered into on May 5, 2021, among SSU and its subsidiaries Internetstores Holding GmbH and internetstores GmbH as borrowers and guarantors and SIGNA Sport Online GmbH, Dolphin France SAS and Tennis-Point GmbH as guarantors entered into a €100.0 million revolving facility agreement with Landesbank Baden-Württemberg and other financial institutions as lenders, as subsequently amended, (the "LBBW RCF") in the past which required covenant waivers from the lenders under the LBBW RCF. On January 26, 2023, we received waivers from the lenders under the LBBW RCF waiving the

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requirement to comply with the net leverage covenant through the period ending June 2024 and the minimum adjusted EBITDA covenant for the testing period ending on September 30, 2023 and maintaining the available liquidity covenant at €30 million for each testing date after March 31, 2023.

We may again be in breach of covenants or other contractual obligations contained in external financing agreements which we enter into in the future, which could trigger an event of default that may trigger immediate repayment of obligations or may lead to the seizure of collateral posted by us, all of which may adversely affect our business. Additional debt financing from independent third parties may also in the future not be easily available to us. Even if additional debt financing were available, such financing may require us to grant security in favor of the relevant lenders or impose other restrictions on our business and financial position. Moreover, if we raise additional capital through debt financing on unfavorable terms, this could adversely affect our operational flexibility and profitability. Such restrictions may adversely affect our operations and limit our ability to grow our business as intended.

***The implementation of our comprehensive operational alignment program in response to our significant operating losses and to improve our cash, liquidity and financial position may not deliver the intended results within the contemplated timeframe, or at all.***

In response to our significant recent operating losses and materially adverse effects on our liquidity position, we are working to develop and implement a comprehensive operational initiative to improve our operating performance and our cash, liquidity and financial situation and prospects. This operational alignment program includes measures to increase pricing and delivery thresholds; reduce assortment ranges; increase working capital efficiency; focus on own-brand development and cross-selling; reduce or exit brand marketing, non-profitable partnerships and offline activities; delay or cancel non-core capital investments; merge or exit business lines; reduce operational headcount and overhead to reflect an anticipated lower revenue base; and reconfigure our group organization, improve internal control systems and processes and accelerate the overall integration of our previously acquired operating businesses. If we cannot meet our cash flow and capital needs from these actions, we may be required to take additional steps such as further modifying our business strategy, delaying or cancelling contemplated capital expenditures and / or generally scaling back our business footprint and growth ambitions.

There can be no assurance that our plan to improve our operating performance and cash, liquidity and financial position will be successful or that we will be able to obtain additional financing on commercially reasonable terms, or at all. As a result, our liquidity and ability to timely pay our obligations when due could be adversely affected. In addition, any equity financing or equity linked securities that we may be required to issue in connection with any financing may be substantially dilutive to existing shareholders. Furthermore, our vendors may resist renegotiation or lengthening of payment and other terms through legal action or otherwise. If we are not able to timely, successfully or efficiently implement the strategies that we are pursuing to improve our operating performance and financial position, obtain alternative sources of capital or otherwise meet our liquidity needs, this may have a materially adverse impact on our business operations and prospects.

***We expect our revenue to continue to decline in the current fiscal year, and potentially also in the year after.***

SSU experienced significant growth in the past, with revenue increasing from €413.3 million in the fiscal year ended September 30, 2018 to €1,062.8 million in the fiscal year ended September 30, 2022, corresponding to a compound annual growth rate ("*CAGR*") of 26.6%. Likewise, the number of site visits increased from 178.7 million in the fiscal year ended September 30, 2018 to 293.2 million in the fiscal year ended September 30, 2022, corresponding to a CAGR of 13.2%. The main contributor to this growth was as a result of inorganic growth through mergers and acquisition activities. However, there can be no assurance that we will be able to sustain these historic growth levels, or that we will continue to experience significant above-market growth or any growth at all. We currently anticipate minimal to negative growth rates in the near future due to reduced mergers and acquisitions activities, risks of recession, rising interest rates, inflation, increased shipping and air freight costs and declining customer discretionary spending in Europe and the United States. We anticipate declining growth rates over time, especially in our first-party e-commerce business, as we achieve higher market penetration rates in all markets in which we operate. As a consequence of this, our business performance will become increasingly dependent on our ability to achieve economies of scale by, among other things, using our operating leverage, increasing our fulfillment efficiencies and reducing marketing costs in relation to our revenue and to expand into adjacent business models and new strategies to maintain growth.

We have made and are continuing to make investments in optimizing and localizing our overall customer experience, our fulfillment and technology infrastructure and the development of mobile applications. However, there is no assurance that these efforts will be sufficient to grow our revenue or business in total or in relation to the costs we incur. In particular, there is no certainty that our revenue growth continues to be supported by an increasing shift from offline to online retail in the markets in which we operate (particularly in our bike vertical), which has been significantly driven by the COVID-19 pandemic and that our new services and offerings leveraging our platform capabilities for industry partners and other market participants will be successful and will lead to complementary growth. In addition, our revenue has been adversely impacted by supply chain disruption, which began in early 2021 and has had a significant negative impact on our ability to service the increased consumer demand for our products.

Although we expect our supply chain disruption to normalize, we cannot predict with certainty if and when the supply chain disruption will resolve and how demand for our products will develop in the light of a potential energy cost driven recession and inflation within the markets we operate in. If our efforts and strategies should prove to be unsuccessful, our revenue growth slows or if our revenue declines, this could have a material adverse effect on our business, financial condition, results of operations and prospects.

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***We are aware of material control and accounting weaknesses in our current finance organization. If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which is likely to negatively affect our business and the market price of our Ordinary Shares.***

As a public company, we are required to report, among other things, control deficiencies that constitute a "material weakness" or changes in internal controls that, or that are reasonably likely to, materially affect internal controls over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim consolidated financial statements will not be prevented or detected on a timely basis. Effective internal control over financial reporting is necessary for us to provide reliable financial reports and prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in our implementation could cause us to fail to meet our reporting obligations. In addition, any testing conducted by us, or any testing conducted by our independent registered public accounting firm, may reveal deficiencies in our internal control over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to our financial statements or identify other areas for further attention or improvement. Ineffective internal controls could also cause investors to lose confidence in our reported financial information, which is likely to negatively affect our business and the market price of our Ordinary Shares. In connection with the audit of SSU's consolidated financial statements for the fiscal years ended September 30, 2019 and 2020, SSU identified material weaknesses in SSU's internal controls related to (i) the adequate number of individuals within its accounting and financial reporting function with sufficient training in IFRS and SEC reporting standards, (ii) the design and maintenance of formal and effective controls over certain general information technology controls for IT systems and (iii) control activities that are responsive to the identified fraud risks, including the risk of bias and management override of controls. In August 2021, SSU determined that due to such material weaknesses certain amounts included in the net cash flow from operating activities, net cash flow from investing activities and in the net cash flow from financing activities were misclassified. As a consequence, the 2020 net cash outflow from operating activities was overstated and the net cash outflow from investing activities was understated. In 2019, the net cash outflow from operating activities was overstated, the net cash outflow from investing activities was understated and the net cash inflow from financing activities was understated. The errors have been corrected by restating each of the affected cash flow statement line items in SSU's consolidated financial statements for the fiscal years ended September 30, 2020 and 2019 and the affected cash flow items in SSU's unaudited interim condensed consolidated financial statements as of and for the six-month period, respectively.

In the fiscal year ended September 30, 2021, SSU identified material weaknesses in SSU's internal controls related to (i) the design and maintenance of effective entity level controls to identify business risks relevant to financial reporting objectives, estimate the significance of the risks, assess the likelihood of their occurrence and determine actions to address those risks, (ii) the adequate number of individuals within its accounting and financial reporting function with sufficient training in IFRS and SEC reporting standards, (iii) the design and maintenance of formal and effective controls over certain general information technology controls for IT systems, (iv) the design and maintenance of effective controls to ensure the completeness of accounts payable and vendor accruals, (v) the design and maintenance of effective controls to ensure that revenue was recorded in the correct accounting period and (vi) the design and maintenance of effective controls to ensure the appropriateness of the estimate of the recoverable amount of goodwill and indefinite-lived intangible assets.

During the fiscal year ended September 30, 2022, we have taken measures to partially remedy such material weaknesses. However, the following material weaknesses existed as of September 30, 2022: (i) the adequate number of individuals within the accounting and financial reporting function with sufficient training in IFRS and SEC reporting standards, (ii) the design and maintenance of formal and effective controls over certain general information technology controls for IT systems, (iii) the design and maintenance of effective controls to ensure the appropriateness of the estimate of the recoverable amount of goodwill and indefinite-lived intangible assets, (iv) the design and maintenance of month end close and journal entries process controls (v) the ability of our business to timely and appropriately communicate unexpected or new transactions to the finance function and the lack of timely and appropriate assessment of the related accounting implications of these transactions, and (vi) the design and maintenance of effective process monitoring system at our newly acquired subsidiary WCRC. These material weaknesses will remain until the necessary controls have been fully implemented and are operating effectively.

Notwithstanding the actions already taken, management's attention may be diverted from other business concerns and we may be required to hire and train additional employees or engage outside consultants to comply with these requirements and additional Sarbanes-Oxley Act requirements applicable to us in the future, which would increase costs and expenses. Any compliance failure could harm our reputation and have a material adverse effect on our business, financial condition, results of operations and prospects. For further information please refer to the risk factors entitled "*Our management team has limited experience managing a public company, and publicly traded company reporting and compliance requirements could divert resources from the day-to-day management of our business.*"

We will be required to disclose changes made in our internal controls and procedures and our management will be required to assess the effectiveness of these controls annually. As long as we are an "emerging growth company" under the JOBS Act, an independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act. An independent assessment of the effectiveness of our internal controls could detect problems that our management's assessment might not. Undetected material weaknesses in our internal controls could lead to financial statements restatements and require us to incur the expense of remediation. The Company currently expects that it may no longer qualify as an "emerging growth company" under the JOBS Act as of the end of the fiscal year 2023 and that the exemptions now applicable to it will then no longer be available.

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***Our management team has limited experience managing a public company, in particular with operational and financial restructuring challenges, and related publicly traded company reporting, control, compliance and going concern requirements could continue to divert significant resources from the day-to-day management of our business.***

Our management team has limited experience managing a publicly traded company, in particular with the current operational and financial restructuring challenges of SSU, and complying with the increasingly complex laws pertaining to such situations and US-listed public companies generally. These obligations require substantial attention from our management team and are likely to continue to divert their attention away from the day-to-day management of our business.

We may be required to hire and train additional employees or engage outside consultants to meet such challenges and comply with these and additional Sarbanes-Oxley Act requirements applicable to us in the future, which would increase costs and expenses. Any related compliance failure, litigation or going concern issue could harm our reputation and have a material adverse effect on our business, financial condition, results of operations and prospects. Compliance with all applicable laws, rules and regulations, including necessary interactions with external auditors and legal counsel, will increase our legal and financial compliance costs and may make some activities more time-consuming than they were previously. For example, our accounting, controlling, legal or other corporate administrative functions may not be capable of responding to these additional requirements without difficulties and inefficiencies that may cause us to incur significant additional expenditures and/or expose us to legal, regulatory or civil costs or penalties. Any non-compliance could result in significant fines or other penalties. To secure compliance it may become necessary to hire further employees or purchase outside services which may in turn interfere with our lean organizational set-up, increase our costs and expenses, and may therefore have a material adverse effect on the operation of our business as well as on our financial condition.

***Our operating results have been, and could in the future be, adversely affected if we are unable to accurately forecast our future results of operations.***

From time to time, we may release earnings guidance, financial goals or other forward-looking statements in our earnings releases, earnings conference calls or otherwise regarding our future performance that represent our management's estimates as of the date of the release. Some or all of the assumptions of any future guidance or financial goals that we furnish may not materialize or may vary significantly from actual future results. For example, our ability to meet our cash flow positive targets is subject to a number of assumptions and uncertainties, including, without limitation, our ability to reduce costs and achieve positive gross margins; our ability to meet certain revenue and operating expense targets, which may be subject to factors beyond our control; and our ability to monetize inventory and manage working capital.

Our ability to accurately forecast our future results of operations is limited and subject to a number of risks and uncertainties. Our historical revenue growth should not be considered indicative of our future performance and our revenue growth could slow or our revenue could decline for a number of reasons, including slowing demand for our products, increasing competition from our market competitors and new market entrants, and a decrease in the growth of our overall market. If our assumptions regarding these risks and uncertainties and our future revenue growth are incorrect or change, or if we do not address these risks successfully, our operating and financial results could differ materially from our expectations, and our business could suffer.

***We have been unable, and may be unable in the future, to manage our own inventory levels effectively resulting in liquidity challenges, lower margins, write-offs of inventories and/ or reputational issues with customers and suppliers.***

We operate in the sports retail industry, which is highly sensitive to changes in consumer preference, fluctuations in sports trends and weather patterns. Consumer preferences regarding sports design, quality, sustainability and price tend to change rapidly and accurately forecasting the selection and required quantities of such products in future periods is difficult. Accelerated through sentiments on social media, the popularity of products can change significantly between the time products are ordered and the date of sale. In addition, the lead times we must incur in taking delivery of merchandise from many of our suppliers pose challenges by increasing, in some cases significantly, the time it takes us to respond to changes in product trends, consumer demand and market prices. As a result, we face the risk of not having the appropriate selection or the required quantities of products in order to satisfy customer demand, in which case our reputation might suffer. A sudden loss of customers may additionally result in increased costs of maintaining inventory and the risk of losses on excess inventory.

In addition, we have in the last year misjudged, and may misjudge in the future, the demand for our product offering due to changing customer preferences, which led to inventory levels which materially adversely affected our liquidity position and profitability margin. In the last several months we also discovered several errors in one of our material subsidiaries' internal financial reporting as a result of non-fully automated accounting control procedures and systems, which further negatively contributed to our distressed liquidity situation. We therefore have faced, and may continue to face, the risk of carrying excess inventory which we are unable to sell during the relevant selling seasons, or only by offering significant discounts. In addition, significant discounting may damage both our relationship with suppliers whose products we sell at discounts as well as our own brands. We generally do not have the right to return unsold products to our brand partners. As a result, our loss contingencies may include liabilities for contracts that we cannot cancel, reschedule or adjust with suppliers or partners. In addition, we may deem it necessary or advisable to renegotiate agreements with our supply partners in order to scale our inventory with demand. Disputes with our supply partners regarding our agreements could result in litigation, which could result in adverse judgments, settlements or other litigation-related costs as well as disruption to our supply chain and require management's attention.

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If we continue to fail to anticipate and respond in a timely manner to changing consumer preferences, to establish fully automated accounting control procedures also at our material subsidiaries and to adjust our purchases and inventory accordingly, this may result in reputational harm and damaged customer relationships, lost sales, sales at lower than anticipated margins and/or write-offs on inventories, any of which would have a material adverse effect on our business, financial condition and results of operations.

***Our business is to a significant extent subject to local seasonal revenue fluctuations which may further adversely affect our ability to accurately forecast and manage resources efficiently.***

Our business has historically been, and will in all likelihood continue to be, seasonal. For example, most sports we sell equipment for are played in spring/summer, leading to significantly lower sales during winter times than during spring/summer. As a result of this seasonality of our business, any factor that negatively affects our business during the warmer months in any given year can have a disproportionate adverse effect on our revenue for such year. These factors include unfavorable economic conditions in the markets in which we operate at the relevant time and adverse weather conditions such as unusually long winters or short summers. In addition, any negative effects of weak seasons or weak sales of seasonal merchandise are likely to be exacerbated by industry-wide price reductions designed to clear out excess merchandise before or at the end of the relevant season. We might be unable to forecast accurately or synchronize our procurement cycles to coincide properly with seasonal variations in sales volumes. If our business growth slows or ceases, these seasonal fluctuations could become more important to our results of operations. Seasonal variations could also cause our inventories, working capital requirements and cash flows to vary from quarter to quarter. In addition, any negative effects of weak seasons or weak sales of seasonal merchandise are likely to be exacerbated by industry-wide price reductions designed to clear out excess merchandise before or at the end of the relevant season. We might be unable to forecast accurately or synchronize our procurement cycles to coincide properly with seasonal variations in sales volumes. If our business growth slows or ceases, these seasonal fluctuations could become more important to our results of operations. Seasonal variations could also cause our inventories, working capital requirements and cash flows to fluctuate from quarter to quarter. Any failure to adapt to these seasonal changes in a timely manner, may have a material adverse effect on our financial condition and results of operations for the relevant period.

***We regularly pursue acquisitions, any of which could result in significant additional expenses, failure to achieve anticipated benefits, or failure to be properly integrated.***

As part of our business strategy, we regularly engage in acquisitions of other companies, businesses or assets. Acquisitions involve numerous risks, any of which could harm our business, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in integrating the technologies, operations, existing contracts and personnel of acquired businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in supporting, retaining and transitioning customers or suppliers of an acquired company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversion of financial and management resources from existing operations or alternative acquisition opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to realize the anticipated benefits or synergies of a transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to identify all of the problems, liabilities or other shortcomings or challenges of an acquired company or technology, including issues related to intellectual property, regulatory compliance, accounting practices or employee or customer issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks of entering new product categories or markets in which we have limited or no experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential loss of key employees, customers and suppliers from either our current business or an acquired company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to generate sufficient net revenue, profits and/or financial benefits to offset acquisition costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional costs or equity dilution associated with funding the acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential write-offs or impairment charges relating to acquired businesses.

If, in the context of any future acquisition, we fail to properly assess the merits of the acquisition target, incur costs that later prove to be unjustified, fail to integrate the acquisition into our business properly and in a cost-efficient manner, or incur liabilities that prove to be larger than anticipated, it could have a material adverse effect on our business, financial condition and results of operations. Failure to provide our customers with an inspiring personalized online sports experience and to adapt to the fast-changing landscape (including, but not limited to social media platforms, sports brands, associations and clubs) could limit our growth and prevent us from achieving or maintaining profitability.

***Our consolidated goodwill has been materially impaired in the past, and our goodwill or other intangible assets may become impaired in the future, which has resulted and could result in the future in material non-cash charges to our results of operations.***

We have accumulated a substantial amount of goodwill and other intangible assets resulting from the Business Combinations, which remain subject to impairment. In our fiscal year ended September 30, 2022, we recognized €243.7 million of impairment charge to goodwill at our material subsidiary TopCo Limited ("Wiggle Group") in connection with a write-down of intangible assets. We have been required and will be required in the future under the guiding principles of IFRS to perform at least annually, or whenever events or changes

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in circumstances triggering events indicate a potential impairment to the carrying value as defined by IFRS. Accordingly, we evaluate our goodwill for impairment based on the recoverable value, being the higher of fair value less costs to sell and value in use, of the cash generating units to which goodwill has been allocated. Estimated fair values could change if there are changes in the consolidated company's capital structure, cost of debt, interest rates, capital expenditure levels, operating cash flows or market capitalization. Impairments of goodwill or other intangible assets have resulted in the past fiscal year, and could result in the future, in material non-cash charges to the consolidated company's results of operations which may have a material adverse effect on our business operations, financial condition and prospects.

***If we are unable to manage our growth effectively, this could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.***

While we have taken steps to further enable the scalability of our business, our underlying businesses continue to operate, to a large degree, as separate entities. One of our primary operational targets is to create a more integrated e-commerce and technology platform across our businesses as well as integrated back-office functions to enable us to realize revenue and cost-saving synergies. If we experience growth at similar or higher levels than currently envisaged, we may be required to further upscale our technical IT-platform as well as expand and improve our fulfillment infrastructure, enterprise resource planning, logistics, customer service and related functions beyond what is currently planned to further support the growth and harmonization of our e-commerce and technology platform. Our existing teams may not be adequately staffed to handle an increase in the workload and we might not be able to recruit appropriate qualified personnel, especially in IT, on an adequate scale. Please also refer to: *"We may be unable to attract, train, motivate and retain suitably qualified personnel and to maintain good relationships with our workforce."* In addition, our workforce management may prove insufficient for our expanding business and growth plans. Our continued growth strategy therefore depends on our ability to hire new and qualified personnel in the near future and there is no guarantee that we will be able to hire the required number of employees with the adequate qualifications to expand our business in a timely manner and on acceptable terms.

Continued growth may also require us to expand and improve our operational, IT, financial, accounting, compliance and management controls and reporting systems and to make significant capital expenditures in offline sites and facilities, which may not always be possible or prove lengthy or costly. If we are unable to successfully handle future growth, we may be required to take steps to slow down our growth, which may adversely affect our business and competitive position.

If we experience significant future growth, we may also have to expand our relationships with various suppliers and other third parties we do business with and to expend time and effort to integrate new suppliers and other third parties into our operations. The expansion of our business could exceed the capacities of certain of our suppliers and third parties willing to do business with us and if they are unable to keep up with our growth, our operations could be adversely affected.

In addition, an expansion of our e-commerce and technology platform, in particular our IT-infrastructure, as well as our relationships with a growing number of third parties and a growing workforce will make our operations more complex and challenging. There is no guarantee that we will be able to meet such challenges and the risk of disruptions and compliance violations may increase.

An inability to manage future growth efficiently could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.

***Our growth strategy includes entering new geographic markets and pursuing new business opportunities, developing new websites or apps, or offering new products, sales formats or services, and the related investments may not yield the targeted results.***

As part of our growth strategy we continuously search for opportunities to expand into new geographic markets, such as recently into the United Kingdom and the United States of America ("United States" or "U.S.") as a result of the acquisition of Midwest Sports, Wiggle and Tennis Express as well as the launch of three new online shops for the US bike market.. While we have experience with entering into new markets, we need to tailor our offering to the specific circumstances of every new geography which results in significant investments. However, we may not be able to reach our strategic goals for these new markets or these markets may prove less attractive than anticipated. If we launch but fail to generate satisfactory returns from any such initiative, it could have a material adverse effect on our business, financial condition, results of operations and prospects.

If we choose to enter into new markets, expand our offering to include other types of products, or develop any new businesses, own sports brands, apps, websites, promotions, sales formats or services we believe would be compatible with, adjacent to, or complementary to our existing business, there can be no guarantee that any such endeavor will succeed. As a result, we may need to terminate, cancel, close, sell or wind-up parts of our business. Any such initiative that is not favorably received by consumers and/or suppliers, especially in the case of a termination, could damage our reputation and brand, and any expansion or alteration of our operations could require significant additional expenses and divert management and other resources, which could in turn negatively affect our results of operations. In addition, the entrance into new markets will result in a more complex regulatory and compliance environment and any failure to comply with such rules may negatively affect our results of operations.

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***We may not be able to maintain or increase our net revenue per active customer. If our efforts to increase customer loyalty and repeat purchasing as well as maintain high levels of customer engagement are not successful, our growth prospects and net revenue will be adversely affected.***

Our ability to grow our business depends on our ability to retain our existing customer base and generate increased net revenue and repeat purchases from this customer base and maintain high levels of customer engagement. To do this, we must continue to provide our customers and potential customers with a convenient, and efficient shopping experience whilst maintaining a high-quality and diverse portfolio of products and services. If we fail to increase net revenue per active customer, generate repeat purchases or maintain high levels of customer engagement, our growth prospects, operating results and financial condition could be adversely affected.

***We may be subject to negative publicity, including adverse information and negative publicity related to our affiliates or persons associated with us or any one of our affiliates.***

Customers value readily available information concerning online retailers and often act on such information without further investigation or authentication or regard to its accuracy. Social media and websites immediately publish posts from users, often without filters or checks on the accuracy of the content posted. Allegations against us may be posted on social media, in internet chat rooms or on blogs or websites or other channels by anyone on an anonymous basis and any negative publicity may be accelerated through social media or other channels due to its immediacy and accessibility as a means of communication. In addition, we may be the target of harassment or other detrimental conduct by third parties, including from our competitors. Our reputation may be negatively affected as a result of the public dissemination of allegations or demeaning statements about our business, the business of our affiliates or persons associated with us or one of our affiliates, even if these allegations or statements are unfounded and we may be required to spend significant time and money to address such allegations. Such negative publicity, even if factually incorrect or based on isolated incidents, could damage our reputation, diminish the value of our brands, undermine the trust and credibility we have established and have a negative impact on our ability to attract new or retain existing customers. Inaccurate adverse information may harm our business and we may not be able to redress or correct inaccurate posts in a timely manner, or at all.

Our business may become the subject of negative media coverage and public attention, including regarding our business, the business of our affiliates or persons associated with us or one of our affiliates, which may develop strong dynamics and adversely affect our business. Third parties may communicate complaints to regulatory agencies and we may be subject to government or regulatory investigation as a result of such complaints. There is no assurance that we will be able to conclusively refute such allegations in a timely manner, or at all.

In addition, since many of our products are supplied by third-party suppliers, we may also receive negative publicity in case of inappropriate actions of our suppliers (*e.g.*, violations of product safety regulation, environmental standards, labor laws or a use of child and slave labor). While we target to delist any products or suppliers who fail to meet our contractually agreed performance standards, there is no guarantee that we will be able to address any such concerns in a timely manner, or at all.

Any negative publicity and complaints could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.

***Our business depends on search engines to attract a substantial portion of the customers who visit our sites. An increase in the cost of or in our reliance on search engine marketing or any decrease in the effectiveness of our search engine marketing could materially adversely affect our business.***

A portion of our business is generated by customers clicking on search results displayed by search engines, such as Google, Yahoo or Bing. These search engines typically provide two types of results: algorithmic and purchased listings. Algorithmic listings cannot be purchased and instead are determined and displayed solely by a set of formulas designed by the search engine provider. Purchased listings can be purchased by companies and other entities in order to attract users to their sites. We rely on both algorithmic and purchased listings to attract a substantial portion of the customers that we serve. The cost of purchased search listing advertising may increase as demand for such advertising channels grows, and further increases may have a negative impact on our ability to maintain or increase profitability. Furthermore, search engines revise their algorithms from time to time in an attempt to optimize their search result listings and to maximize the advertising revenue generated by those listings. Innovations at search engines and online retailers, such as the Google "Buy" button or voice assistance, such as Amazon Alexa, may no longer channel customers to our websites in order to purchase products, which may result in reduced site traffic, fewer repeat customers and fewer overall orders. Search engines may also place websites on a "blacklist" or remove them from their indices for example due to poor search engine optimization. We cannot guarantee that a removal of any of our websites by Google, Yahoo, Bing or another search engine will not happen in the future or that we will be able to adapt to changes in search engine providers' algorithms in a timely manner.

If the search engines on which we rely for site traffic remove any of our websites from their indices or otherwise modify their algorithms such that our websites have less favorable placement or do not appear among search results, our business would be adversely affected. Such circumstances may result in fewer customers clicking through to our sites, requiring us to resort to other more costly resources to attempt to replace that traffic, and this may reduce our net sales and could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.

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In addition, a part of our marketing strategy is to pay for a prominent display on search engines' results pages. In order to place these listings with a search engine, we frequently place bids on key words at a certain cost per click that we pay to the search engine. Under the bidding system, the order in which websites appear in a search engine's paid search results is determined by a combination of the price bid by the website and the historical and expected rate at which consumers click through to the website. Bids on generic search terms (such as "bike") typically cost more than bids on branded search terms (such as "Tennis-Point"). The click-through rate is, in turn, influenced by the strength of the website's brand and the popularity of the website. As the importance of online advertising increases and competition to be ranked higher in purchased listings intensifies, the cost of search engine marketing generally increases. Any increase in the cost of or in our reliance on search engine marketing, or any decrease in the effectiveness of our search engine marketing, could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.

***Our business depends on the continued penetration of the internet and the development and maintenance of internet infrastructure by third parties.***

The delivery of our products and services depends on the ability of third-party internet service companies to provide internet access and maintain reliable networks with the necessary speeds, data capacity and security. Changes in access fees to users may materially adversely affect the ability or willingness of users to access our content. A departure from "net neutrality" (the principle that all forms of internet traffic (*i.e.*, video, telephony and text) are subject to equal treatment in transmission speed and quality) in the markets in which we operate, for example, could result in increased costs to our business. These factors are out of our control and the manifestation of any of them could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.

In addition, increasing traffic or user numbers may result in a decline in internet (including mobile internet) performance or reliability. Internet outages or delays could also materially adversely affect our ability to provide services to our customers, which could in turn have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.

***Our investments to increase brand awareness, to generate website and mobile traffic and to build or retain a loyal customer base may not be effective.***

Maintaining and enhancing the awareness of our brands, acquiring new customers, and increasing the number of customer visits to our website and apps, the number of orders and the basket size per order is critical to our success and profitability.

We have made significant investments related to brand awareness, customer acquisition and customer loyalty, and we expect to continue to spend significant amounts to attract new and retain existing customers. For example, we have incurred and will continue to incur significant expenses in marketing through a broad range of media to attract website and app traffic, to increase customer loyalty and repeat purchases in order to increase revenue and maintain our brand awareness and recognition. These expenses include cost of marketing relating primarily to search engine advertising, costs for TV commercials and costs for price comparison websites. Our decisions regarding investments in customer acquisition substantially depend upon our analysis of the conversion rates and customer lifetime value to customer acquisition cost ratios as well as first order profitability generated from customers we acquired in earlier periods. There can be no assurance that our assumptions regarding required customer acquisition investment and resulting net revenue from such customers, including those relating to the effectiveness of our marketing expenditures, will prove to be correct or that our marketing efforts and other promotional activities will achieve what we consider to be an optimal mix of advertising and marketing at a cost we consider to be economically viable. Furthermore, we cannot guarantee that certain methods of advertising that we currently utilize will not become less effective, be prohibited or otherwise be unavailable to us in the future. Our online partners might be unable to deliver the anticipated number of customer visits or impressions, or visitors that are attracted to our websites by such campaigns might not make purchases as anticipated by us.

If we are unable to attract sufficient brand awareness, website or app traffic, translate a sufficient number of website visitors or app users into purchasers with sufficiently large basket sizes, build and maintain a loyal customer base, increase repeat purchases from customers, or do any of the foregoing on a cost-effective basis, our future growth could be limited or our revenue could even decline. The occurrence of any of these events, alone or in combination, could have a material adverse effect on our business, financial condition and results of operations.

***Our business depends on strong brands, which we might not be able to maintain or enhance. Any such inability could harm our business, financial condition, cash flows, results of operations and prospects.***

The recognition and reputation of our brands, in particular "Tennis-Point"<sup>TM</sup>, "TennisPro"<sup>TM</sup>, "Tennis Express"<sup>TM</sup>, "fahrrad.de"<sup>TM</sup>, "Bikester"<sup>TM</sup>, "Brügelmann"<sup>TM</sup>, "Probikeshop"<sup>TM</sup>, "Wiggle"<sup>TM</sup>, "Chain-Reaction-Cycles"<sup>TM</sup>, "Addnature"<sup>TM</sup>, and "Campz"<sup>TM</sup>, among customers and suppliers are critical for the growth and continued success of our business as well as for our competitiveness in our target product categories and markets. Maintaining leading brands is particularly important in the multi-brand sports e-commerce industry, and competition among online retailers typically favors the market participants with the strongest brands. While less well-known brands may also be able to operate profitably, the market participant with the strongest brand typically captures a very large market share. In this regard, we depend on our multi-brand strategy, where each individual brand is well known though not necessarily maintaining a leading market position in respect of such brand. Therefore, any developments, such as the legal dispute concerning the use of our brand "Tennis-Point"<sup>TM</sup> in the United States could materially adversely affect our business. Please also refer to *"Third parties might accuse us of infringing their intellectual property rights".*

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As competition in the sports e-commerce markets intensifies, we anticipate that maintaining and enhancing our brands will become increasingly difficult and expensive, and investments to increase the value of our brands may not be successful. Many factors, some of which are beyond our control, are important for maintaining and enhancing our brands, including our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compile an attractive sports and sports-related product offering sold at attractive prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase brand awareness through marketing and brand promotion activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preserve and improve our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase purchase frequency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain and improve customer satisfaction through dedicated customer services tailored to meet customers' specific needs (from pre-sale advice to after-sales services);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attractively present and market these products as part of an inspiring and convenient shopping experience, in particular products marketed under our proprietary labels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain, monitor and improve our relationships with suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• manage new and existing technologies and sales channels, including our apps; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain and improve the efficiency, reliability and quality of our delivery and fulfillment processes to ensure comparably short delivery times.

In addition, we may be required in the future to invest in one specific brand or customer category to the detriment of our other brands or customer categories, which may weaken such brand or category.

Any failure to offer high-quality products, an inspiring and convenient shopping experience and excellent customer service tailored to meet customers' specific needs could damage our reputation and brands and result in the loss of revenues, which could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.

***Our business is complemented by our private label brands, which we might not be able to maintain or enhance, and unfavorable customer feedback or negative publicity could adversely affect our private label brands.***

Our business is complemented by private label brands, including, Vitus, Nukeproof, dhb, Serious, Ortler, Fixie Inc., Prime Components, Red Cycling, Votec, Tennis-Point, Axant and Campz. The strong awareness of our private label brands contributes to higher organic traffic on our websites and lower marketing costs, as a high percentage of our website traffic is generated by direct visits or related to customer relationship management, social media or search engine optimization channels. We also typically achieve a higher gross margin when selling our private label brands to consumers vs selling third-party brands. Maintaining and enhancing our private label brands is therefore crucial for the expansion and retention of our base of customers, suppliers and brands as well as for the improvement of our financial results. However, our private label brands may be adversely affected if their public image or reputation is tarnished by customer complaints or negative publicity about product quality, delivery times, return processes, customer support or other services. Any failure to maintain or enhance our private label brands and thus to expend and retain our loyal customer base, could have a material adverse effect on our business, financial condition, results of operations, and prospects.

***Failure to provide our customers with a customized and an inspiring sports online experience could limit our growth and prevent us from achieving or maintaining sustainable profitability.***

We believe that the foundation of our success as a sports online retailer is to provide our customers with a highly inspiring and engaging sports online experience from a wide selection of brands. If we should fail to offer the sports products and brands in demand by our clients, if we are unable to present such products on our websites in an inspiring and attractive way and at competitive prices, if customization of online experience offered by us fails to be inspiring and yet being expensive, or if customers regard our fulfillment capabilities, in particular delivery, returns and payment, as not entirely convenient, we may be unable to win new customers, may lose existing customers or may be faced with reduced volumes of purchases on our websites, any of which would have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.

***Any failure to anticipate and respond in a timely manner to sports trends and consumer preferences could result in a loss of customers and business.***

Our ability to sell a sufficient number of products at satisfactory price levels depends on our ability to predict and respond to sports trends and changing customer preferences in a timely manner. We operate in the sports retail industry, which is highly sensitive to changes in customer preference, fluctuations in sports trends and seasonal weather patterns. Customer preferences regarding sports design, quality and price tend to change rapidly and new trends, such as focus on sustainability, may continue to gain importance. Thus, accurately forecasting the selection and required quantities of such products is difficult. In addition, we must take into account the time it takes us to respond to changes in trends, as we incur lead times for the delivery of merchandise from our suppliers. As such, a potential increase in lead times, *e.g.*, due to disruptions in the supply chain, may result in us not having the appropriate selection or the required quantities of products in order to satisfy customer demand. While there has been an increase in demand for more sustainable and environmental-friendly

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sports products due to ever more present public awareness regarding climate change and the environmental impact of sports, this may not result in customers' willingness to pay higher prices, for example. We typically enter into agreements to purchase our merchandise in advance of the applicable selling season and any failure to anticipate and respond in a timely manner to sports trends and customer preferences could result in lost sales, a loss of customers or unfavorable margin structures when selling lower demanded products, which would have a material adverse effect on our business, financial condition, write-offs on inventory and results of operation.

***We may miss or may not be able to adapt to the latest trends in communication with our customers through social media or other channels.***

We heavily rely on social media to communicate with our customers. Changes to the terms and conditions of the relevant providers could limit our ability to communicate through social media. These services may also change their algorithms or interfaces even without notifying us, which may reduce our visibility or increase our costs.

We also use newsletters in the form of emails and other messaging services in order to promote our brands, inform customers of our product offering and/or the status of their transactions. Changes in how webmail services organize and prioritize emails could reduce the number of customers opening our emails. For example, several service providers organize incoming emails into categories. Such tools and features could result in our emails and other messages being shown as "spam" or as lower-priority messages to our customers, which could reduce the likelihood of customers opening or responding positively to them. Actions by third parties to block, impose restrictions on, or charge for the delivery of, emails, app push notifications and other messages, as well as legal or regulatory changes limiting our right to send such messages or imposing additional requirements on our ability to conduct email marketing or send other messages, could impair our ability to communicate with our customers.

If we are unable to communicate through social media, via emails, app push notifications or other messages with our customers, if our messages are delayed, or if customers do not receive or view them, we will no longer be able to use this marketing channel. This could impair our marketing efforts, or make them more expensive if we feel the need to increase spending on paid marketing channels to compensate for the loss of free marketing, and, as a result, our business could be adversely affected. In addition, any malfunction of our communication services could result in erroneous messages being sent and customers no longer wanting to receive any messages from us. Furthermore, our process to obtain consent from the visitors to our websites to receive newsletters, app push notifications and other messages from us and to allow us to use their data may be seen as insufficient or invalid. As a result, such individuals or third parties may accuse us of sending unsolicited advertisements and other messages which could result in claims against us.

The way our customers communicate online is constantly evolving. Keeping up with these developments is key for us to effectively present our brand, labels and products to our customers. However, we may not be able to identify new trends in communication or to adapt to these trends. An inability to communicate through social media, app push notifications, emails or other messaging services could have a material adverse effect on our business, financial condition, results of operations and prospects.

***We are involved in and may pursue strategic relationships. We may have limited control over such relationships, and these relationships may not provide the anticipated benefits.***

We have partnered with numerous third parties, *inter alia* by acquiring shares in their businesses or by entering into cooperation agreements, including a number of operative cooperations across our group of companies and may pursue and enter into additional strategic relationships in the future. Current and future strategic relationships involve risks, including but not limited to maintaining good working relationships with the other party, inconsistency of economic or business interests, the other party's failure to fund its share of capital for operations or to fulfill its other commitments — including providing accurate and timely accounting and financial information to us — loss of key personnel, actions taken by our strategic partners that may not be compliant with applicable rules, regulations and laws, reputational concerns regarding our partners or our leadership that may be imputed to us, bankruptcy and related bankruptcy proceedings requiring us to assume all risks and capital requirements related to the relationship. Further, these relationships may not deliver the benefits that were originally anticipated, all of which could have a material adverse effect on our business strategy and results of operations.

***We rely on third party suppliers for the products we sell and any deterioration in those business relationships or continuing supply chain disruptions may materially and adversely affect our business.***

We source the products we sell (including our private brand label products) from a significant number of suppliers. Our continued growth resulting from increased demand for the products we sell will require us to increase our ability to source commercial-quality products on reasonable terms.

Our suppliers (including those manufacturing our private label products) may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cease selling merchandise on terms acceptable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fail to deliver goods that meet consumer demands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• encounter financial difficulties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terminate our relationships and enter into agreements with our competitors on more favorable terms;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have economic or business interests or goals that are inconsistent with ours and take actions contrary to our instructions, requests or objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decide to initiate their own e-commerce operations, thereby directly competing with us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be unable or unwilling to fulfill their obligations, including their obligations to meet our production deadlines, quality standards and product specifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fail to expand their production capacities to meet our growing demands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• encounter raw material or labor shortages or increases in raw material or labor costs, labor disputes or boycotts which may impact our costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be affected by natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• encounter trade restrictions or disruptions, currency fluctuations or adverse changes in general economic and political conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• encounter disruptions, including the current COVID-19 related supply chain disruption; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in other activities or employment practices that may harm our reputation.

In addition, a considerable reduction in payment terms from our suppliers, which may further decrease in the future, has, *inter alia*, led to additional short- and medium- term liquidity needs. Any disruptions in our relationships with suppliers or our failure to resolve disputes with or complaints from our suppliers in a timely manner or a further reduction in payment terms could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.

In addition, certain of our businesses have a high level of turnover with a select number of suppliers. For instance, a significant portion of our sales in our team sport segments related to products of Adidas and Nike. If any significant supplier chooses not to sell their products to us or limit our access to their products, this could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.

***Our brands and other suppliers could discontinue selling to us on financially viable terms, fail to supply us with high quality, compliant and sufficient merchandise, or fail to comply with applicable laws or regulations.***

We source our proprietary brand products from numerous domestic and international manufacturers, distributors and resellers with whom we typically do not agree on long-term supply agreements. These suppliers are subject to various risks, such as changes in raw material costs, labor disputes, boycotts, natural disasters, trade restrictions or disruptions, currency fluctuations, reductions in available credit from banks, factors or other financial institutions, increased global container shipping rates, increased air freight and adverse changes in general economic and political conditions as well as supply chain interruptions, *e.g.*, caused by various macroeconomic factors that could limit their ability to provide us with high-quality and compliant merchandise on a timely basis and in accordance with agreed-upon terms or may fail to re-negotiate new supply agreements with our suppliers on favorable terms. In this respect, we may be unable to fully pass on price increases for bicycles to our customers which could have a negative impact on our profitability.

We could also become subject to adverse legal or regulatory actions if our suppliers provide us with or have us sell from third-party stock products that do not comply with applicable laws or regulations, including laws and regulations relating to product safety, embargoes, environmental protection, and standards relating to employment and factory conditions. While we have taken steps to prevent non-compliance of our brand partners and suppliers with applicable laws and regulations, there can be no assurance that these steps effectively prevent non-compliance in all circumstances. If sports brand partners or suppliers do not observe these regulations, we may be unable to sell or otherwise handle the relevant products. If we fail to detect any deficiencies in the products sold or handled by us before such products are shipped to customers, we may have to recall such products. In the event of any failure by sports brand partners or suppliers to meet our quality standards or the quality standards of our customers, we could incur additional costs, our brand and reputation may be damaged by negative publicity due to such deficiencies, we or our management may face administrative fines, claims related to product liability or criminal charges and we may lose current or potential customers, all of which could have a material adverse effect on our business, financial condition, results of operations and prospects.

We source our private label brand products from a large number of different manufacturers, including manufacturers across multiple continents (including Asia), where there is a relatively higher risk that agreed-upon working conditions are not respected at all times. In addition, manufacturers may use materials that are not suitable for the relevant products and could potentially even harm consumers of our own private label brand products. While we regularly check the working conditions in most of these factories and the quality of our own private label brand products, there can be no guarantee that our checks effectively uncover all deficiencies. We may also become liable for violation of national or European legislation regarding the monitoring of our supply chains in the future (for further details please refer to "*We are subject to various regulations applying to e-commerce and tech businesses generally, including but not limited to regulations governing cyber security, data protection, consumer protection, product safety and trademarks, and future regulations might impose additional requirements and other obligations on our business.*"). Any deficiencies may result in negative publicity and may materially harm our reputation and business. In addition, some of our manufacturers require that we prepay orders for merchandise, which exposes us to the risk of fraud. Furthermore, we may lose these prepayments if the relevant manufacturer enters bankruptcy proceedings.

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***We are subject to standardized contractual terms and conditions imposed by our suppliers that regularly include restrictive clauses, which, for example, prohibit us from selling our products in or into certain regions and markets or on certain platforms.***

When we enter arrangements or contracts with our suppliers, we may have to agree to their respective standardized contractual terms and conditions, which are generally not further negotiable. Such standardized contracts often include various restrictive clauses, such as, territorially restricting or other similar clauses prohibiting us from selling our products in or into certain regions and markets or on-selling products through channels other than our own websites. At the same time, such standardized contracts typically do not impose comparable restrictions on our suppliers that would prevent those suppliers from selling the relevant products to our competitors or any other third party. Any breach of such restricting clauses, both intentional or inadvertent, might lead to the termination of the respective contract by the supplier concerned, expose us to substantial liability or contractual fines, and could result in material litigation against us. Even if our contractors falsely accuse us of having violated such clauses and assert corresponding claims against us, defending such claims might be expensive and time-consuming and may divert our management's attention away from the day-to-day management of our business. Besides that, there would be no guarantee that the defense against such claims would ultimately be successful.

The agreements concluded with our suppliers typically do not provide a fixed price for the purchase of products by us. As a result, we may be subject to price fluctuations based on changes in our suppliers' businesses, cost structures, foreign exchange rates or other factors. Most of these standardized contracts do not incorporate any obligations or standards for our suppliers regarding ethical business conduct, corporate responsibility or legal compliance in general. There is no guarantee that our suppliers conduct their business according to our own ethical business principles or ideas of corporate responsibility and any non-compliance by any of our suppliers with such principles or applicable laws and regulations could significantly damage our reputation, business and/or expose us to claims by third parties. For further details on recent supply chain legislation, please also refer to "*We are subject to various regulations applying to e-commerce and tech businesses generally, including but not limited to regulations governing cyber security, data protection, consumer protection, product safety and trademarks, and future regulations might impose additional requirements and other obligations on our business.*"

Furthermore, we are already subject to numerous contracts incorporating such restricting or other similar clauses and may enter into additional contracts or may be subjected to similar arrangements in the future involving such or similarly restricting clauses, particularly if and to the extent we geographically expand our business operations. For example, based on such restricting clauses, we are already prohibited from selling certain of our products sourced from selected brand partners or suppliers in or into markets outside of Germany, the European Economic Area or the US. Certain other brand partners impose restrictions or certain requirements for the presentation of their products on our websites or our marketing activities. Any such contractual restriction may significantly limit our ability and potential to conduct or grow our business operations, particularly if we enter into further contracts containing such non-compete, territorially restricting or similar clauses in the future.

***Many of our suppliers rely on credit insurance to protect their receivables, and any changes to, or too slow adjustments or withdrawals of, such credit insurance might lead suppliers to seek to reduce their credit exposure to us.***

We are aware that many of our third-party suppliers have traditionally obtained credit insurance to protect their receivables against the risk of bad debt, insolvency or protracted default of their buyers, including us. Credit levels available to us from our suppliers remain dependent on the general economic environment and our financial position. If such availability decreases, or if requests concerning an increase in credit levels are not met in a timely manner, and if such suppliers are unwilling or unable to take credit risk themselves or find alternative credit sources, they might choose to reduce their credit exposure to us, which efforts might include attempts to change their credit terms or refusing to contract with us. Any such actions could have a material adverse effect on our cash position, lead to an increase in our indebtedness or have a negative impact on our product offering and, thus, on revenue, which could have a material adverse effect on our business, financial condition, results of operations and prospects.

***Changes in customer return rates might increase our costs and harm our business.***

We have established return policies specific to our various local markets and verticals that permit our customers to return products within designated timeframes ranging from 30 to 100 days following delivery.

Granting return rights is an important element for converting app and website visitors into customers, providing our customers with the certainty that they will only be required to pay for those products that they want to keep.

We might experience a significant increase in returns — for example, due to customer dissatisfaction with our products or customer service, changes in customer behavior or the abuse of our liberal return policy by persons not actually willing to purchase our products. In this case there is no guarantee that we will be able to utilize returned goods in a cost-efficient manner — for example, by reselling them on our websites, selling them at third-party outlets or returning them to our suppliers. We incur costs associated with returned goods — for example, costs associated with return processing and delivery — but may not receive revenue from returns or proceeds from sales of returned goods may not cover all costs incurred. Thus, any increase in returns would increase our costs with no corresponding increase in revenue.

Continued growth, in particular in case of an increase in market place sales, is likely to increase the absolute number of returns, which may force us to allocate additional resources to the handling of such returns and may further complicate our operations. Even though products that have not passed through our fulfillment centers, but are delivered via drop-shipping, contain a return label for that drop-

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shipping partner, we cannot guarantee that some packages are wrongly labeled and returned to us, which may require us to store such products for a certain amount of time and initiate the further return to our partner. Furthermore, any modification of our return policies may result in customer dissatisfaction or an increase in the number of returns, which could adversely affect our business.

***The broad variety of payment methods we accept exposes us to operational, regulatory and fraud risks.***

We currently accept a number of different payment methods tailored to meet our customers' payment preferences. These payment methods include, among others, invoicing, credit and debit cards, PayPal, direct deposit, online bank transfer, direct debit, checks and gift cards. Due to the complexity of the broad variety of payment methods we accept, we face the risk of operational failures in our checkout process, which could adversely affect our conversion rate (*i.e*., the percentage of people visiting our websites that actually place an order) and customer satisfaction. There is also the risk that, in connection with the methods of payment we offer, we may become subject to additional regulations, compliance requirements, and various types of fraud or cyber-attacks.

For certain payment methods, including credit and debit cards, we pay bank interchange and other fees. These fees may increase over time, increasing our operating costs and decreasing our profitability. We are also subject to operating rules and certification requirements of payment scheme associations, including the Payment Card Industry Data Security Standard and rules governing electronic funds transfers. Amendments to these rules or the introduction of new laws or requirements regarding any payment method we accept could result in increasing compliance costs, higher transaction fees, and the possible loss of or restrictions to our ability to accept credit or debit cards or other types of payment.

We generally rely on third parties to provide payment processing services. We also rely on third-party payment processors, and encryption and authentication technology licensed from third parties, to securely transmit customers' personal information. If these companies become unwilling or unable to provide these services, or increase their fees, such as bank and intermediary fees for credit card payments, our operations may be disrupted and our operating costs could increase.

Furthermore, we face risks relating to customer claims that purchases or payments were not properly authorized or were transmitted in error, as well as risks that customers have insufficient funds and the risk of fraud. While fraud risks are mostly covered through our contracts with payment processing services, any failure to avoid or limit losses from fraudulent transactions could damage our reputation and result in increased legal expenses and fees.

The materialization of any of the risks described above could have a material adverse effect on our business, financial condition, results of operations and prospects.

***We depend on third-party service providers for the fulfillment and distribution of our products to end customers.***

We depend on third-party logistics providers for the fulfillment and distribution of the products that our customers order online. Therefore, we have only limited control over the handling of our goods in the course of the fulfillment process, the timing of deliveries and the security of our products while they are being transported. There may be shipping delays due to, among other things, inclement weather, natural disasters, strikes, terrorism or restrictions related to the COVID-19 pandemic. We also face the risk that our products may be damaged or lost in transit — for example, in the course of sourcing from overseas. If these third-party providers terminate their contracts with us, we may not be able to find suitable alternatives on commercially acceptable terms, which could disrupt our services or increase our costs. Additionally, there can be no assurance that customers will not expect or demand faster delivery times than we can ensure in the future. If the products we sell are not delivered in a timely manner or are damaged or lost in transit, if we are not able to provide adequate customer support, or if our competitors are able to deliver the same or equivalent products faster or more conveniently, our customers could become dissatisfied and cease buying on our websites.

In some of our markets, it may be difficult to replace the logistics providers with whom we cooperate due to a lack of alternative offerings at comparable price and/or service quality and we may not be able to substitute such third-party services with our own last-mile delivery service. Changes in shipping terms and costs, for example due to higher fuel or energy costs, or the inability or refusal of third-party logistics providers to deliver our products in a safe and timely manner could harm our reputation and have an adverse effect on our business. Additionally, any deterioration in the financial condition of any third-party service provider could have an adverse impact on the quality of our logistics processes and distribution costs. If third-party logistics providers were to increase their shipping costs and we continue to offer free delivery and returns, the increased shipping costs could have a material adverse effect on our business and financial condition.

***Any failure to successfully address our changing fulfillment and logistics capacity requirements could severely affect our business and prospects.***

The functioning of our online business depends to a large extent on our customers receiving the ordered goods in a timely and convenient manner and their ability to return them without any difficulties. To keep our customers satisfied we rely on a multi-national logistics infrastructure, consisting of both own, hybrid and third-party logistics infrastructure set-ups, including inbound receipt of items for sale, storage systems, packaging, outbound freight, and the receipt, screening and handling of returns. These processes are complex and depend on sophisticated know-how and computerized systems. We are therefore constantly monitoring and sourcing our fulfillment

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services and logistics capacity to keep up with those requirements and match our continued growth. It is, however, not certain that we will be able to find suitable service providers on commercially acceptable terms to support any future expansion plans. We might also need to increase our capital expenditures more than anticipated in order to increase the capacity of our own logistics infrastructure while at the same time, in other regions we may be forced to deal with excess capacities. Any failure in the required sourcing of fulfillment and logistics infrastructure as our business expands could materially impact our growth strategy.

If we continue to add new businesses or categories with different logistical requirements, or change the mix in products that we sell, our logistics capacities will become increasingly complex and operating them will become even more challenging. Operational difficulties could result in shipping delays and customer dissatisfaction or cause our logistics costs to become high and uncompetitive. Any failure to successfully address such challenges in a cost-effective and timely manner could severely disrupt our business and harm our reputation.

***Our sourcing and logistics costs are subject to movements in the prices for raw materials and fuel as well as other factors beyond our control, and we may not be able to pass on price increases by our third-party services providers to our customers.***

Our sourcing and logistics costs depend on the development of prices for certain raw materials, in particular cotton and other textile raw materials, as well as fuel. In addition, our sourcing costs are also influenced by the capacity utilization rates at our suppliers, quantities demanded from our suppliers, and product specification. As a result, our costs of materials can vary materially in the short-term and, in cases of supply shortages, can increase significantly. We are typically impacted by increases in the prices of raw materials and fuel price as well as carrier-charge increases, as our suppliers and third-party service providers attempt to pass along these increases to us. Although we may attempt to pass on cost increases to our customers by increasing selling prices via regular price reviews, we may not always be able to do so. Moreover, any price increases could adversely affect our sales or reduce our profitability. During periods of declining input or fuel prices, customer demand may also require that we sell our products at lower prices or may restrict our ability to increase prices, in spite of the fact that we may use goods that were purchased at higher prices or that we are forced to incur higher shipping costs, thereby negatively impacting our margins. The volatility in our sourcing and logistics costs and our limited ability to pass them on to customers may adversely affect our business and financial condition.

***Dissatisfaction with our customer service could negatively affect our customer retention and the further implementation of our growth strategy.***

A satisfied and loyal customer base is crucial to our continued growth. A strong customer service is required to ensure that customer complaints are dealt with in a timely manner and to the customer's satisfaction. Except with respect to our offline stores, we do not typically have direct face-to-face contact with customers which is afforded through offline retail, the way we directly interact with customers through our customer service team is crucial to maintaining continuous customer relationships. We respond to customer requests and inquiries through e-mail, chat functions, social media and our partly toll-free hotlines. Any actual or perceived failure or unsatisfactory response by our customer service could negatively affect customer satisfaction and loyalty. Our inability to retain customers due to a lack of satisfactory customer service could have a material adverse effect on the further implementation of our growth strategy.

***Our business is subject to operational and accident risks which may not be fully covered by our insurance.***

We are exposed to risks related to the health and safety of our employees and contractors as well as other workplace safety risks. For example, our distribution activities involve specific risks such as fire, falls from height, objects falling from storage shelving and during movement, or traffic movements which could result in damage to equipment, damage to the property of third parties and personal injury or death. Accidents or other incidents that occur at any of our shops or distribution facilities or involve our personnel or operations could result in claims for damages against us and could damage our reputation. If staff and contractors get injured during the course of their duties we may, among other things, face fines and penalties from regulators as well as damage to our reputation.

We are also exposed to risks due to external factors beyond our control, including, but not limited to, accidents, vandalism, natural hazards, acts of terrorism, damage and loss caused by fire, power failures or other events, that could potentially lead to personal injuries, damage to third-party property or the environment or the interruption of our business operations. Accidents or other incidents that occur at our offices and workshops, or involve our personnel or operations could result in claims for damages against us and could damage our reputation. Although we maintain insurance against such losses to a level and at a cost we deem appropriate, our insurance policies are subject to exclusions and limitations, and we cannot guarantee that all material events of damage or loss will be fully or adequately covered by an applicable insurance policy. As a result, the amount of any costs, including fines or damages that we might incur in such circumstances, could substantially exceed any insurance we have to cover such losses. In addition, our insurance providers could raise their costs or become insolvent. The occurrence of any of these events, alone or in combination, could have a material adverse effect on our business, financial condition, results of operations and prospects.

***Any failure to operate, maintain, integrate and scale our network and mobile infrastructure could result in customer dissatisfaction, loss of revenues or subject us to claims for damages.***

As an online sports retailer, we are dependent on the smooth functioning of our information technology systems, especially our internet and mobile infrastructure, which are critical to our business and inherently subject to various operating risks. For example, our offering is founded on our marketing platform specifically designed for the sourcing, presentation, curation, marketing and fulfillment of sports products. In addition, a key element of our strategy is to generate a high volume of traffic on, and use of, our websites and mobile

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domains to analyze a broad range of customer data, tracking individual journeys and ensuring efficient spending of our marketing resources. Our reputation and ability to acquire, retain and serve our customers are dependent upon the reliable performance of our websites, mobile domains and their underlying network infrastructure. As our customer base and the amount of information shared on our websites continue to grow, we will require additional network capacity and computing power. In addition, we need to maintain reliable internet and mobile networks with the necessary speed, data capacity and security, as well as ensuring timely development of complementary products.

The operation of our technology systems is expensive and complex and could result in operational failures. In addition, we are exposed to the risk of our technology systems being undersized and functionally maladjusted. In the event that our customer base or the amount of traffic on our websites grows more quickly than anticipated, we may be required to incur significant additional costs to enhance the underlying network infrastructure. Inadequate performance of our technology systems, whether due to system failures, power outages, lack of firewall protection, denial-of-service and credential stuffing attacks (attempts of which we experience regularly), computer viruses, physical or electronic break-ins, undetected errors, design faults or other unexpected events or causes, could affect the security or availability of websites, prevent customers from accessing our websites and result in limited capacity, reduced demand, processing delays and loss of customers. Past internal and external audits have revealed deficiencies in the technology systems of certain of our verticals. There can be no assurance that our remediation measures are effective. Moreover, future audits could reveal similar or other deficiencies in our technology systems. Any actual or perceived failure to maintain the performance, reliability, security and availability of our products and technology systems to the satisfaction of our customers and certain regulators could harm our reputation, disrupt our business or decrease our ability to attract and retain customers.

We use cloud services for storing and maintaining customer data as well as for the provision of our IT-infrastructure. An interruption or breakdown of our technology systems and IT-infrastructure due to power outages, fire, natural disasters, acts of terrorism, vandalism or sabotage, actions of third-party providers or any other unanticipated reason cannot be ruled out completely. If our cloud service partners fail, we may experience downtime on websites which could reduce the attractiveness of our websites to customers. Failure in our IT-infrastructure could also result in unfavorable media coverage, damage our reputation, and/or result in regulatory inquiries or other proceedings.

***A failure to adopt and apply technological advances in a timely manner could limit our growth and prevent us from maintaining profitability.***

The internet and e-commerce ecosystems are characterized by rapid technological development. New advances in technology can increase competitive pressure. Our success therefore depends, for example, on our ability to improve our current technological capabilities and capacities, including machine learning algorithms and big data infrastructure and to develop new online features and apps for a variety of platforms in a timely manner in order to remain competitive. Any failure to adopt and apply new technological advances in a timely manner could decrease the attractiveness of our websites and mobile domains to customers and thus adversely affect our growth and our revenue.

***Customer growth and activity on mobile devices depends upon effective use of mobile operating systems, networks and standards that we do not control.***

Purchases using mobile devices by customers generally, and by our customers specifically, have increased significantly, and we expect this trend to continue. In the fiscal year ended September 30, 2022, approximately 67% of page views were generated via mobile app, tablet and mobile phone. To optimize the mobile shopping experience, we are dependent on our customers' ability to access our sites from an internet browser on their mobile device. With the continued release of new mobile devices and operating systems, we face difficulties predicting the problems we may encounter in developing apps for these alternative devices and operating systems, and we may need to devote significant resources to the creation, support and maintenance of such applications. In addition, our future growth and our results of operations could suffer if we experience difficulties in the future when offering our merchandise on mobile devices. We are further dependent on the interoperability of our sites with popular mobile operating systems that we do not control, such as iOS and Android, and any changes in such systems that degrade the functionality of our sites or give preferential treatment to competitive products could adversely affect the usage of our sites on mobile devices. In the event that it is more difficult for our customers to access and use our sites on their mobile devices, or if our customers choose not to access or to use our sites on their mobile devices or to use mobile products that do not offer access to our sites, our customer growth could be harmed and our business, financial condition and results of operations may be materially and adversely affected.

Furthermore, we continually upgrade existing technologies and business applications, and we may be required to implement new technologies or business applications in the future. The implementation of upgrades and changes requires significant investments. The timing, effectiveness and costs associated with the successful implementation of any upgrades or changes to our systems and infrastructure could have adverse effects on our results of operations.

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***We are exposed to the risk of security breaches, including cyber-attacks, and unauthorized use of one or more of our websites, databases, online security systems or computerized logistics management systems.***

We operate apps, websites, networks and other data systems through which we collect, maintain, transmit and store information about our customers, suppliers and others, including credit card or other financial information and personal information, as well as other confidential and proprietary information, including information related to intellectual property. We also employ third-party service providers that store, process and transmit proprietary, personal and confidential information on our behalf. Furthermore, we rely on encryption and authentication technology licensed from third parties in an effort to securely transmit confidential and sensitive information, including credit card details. While we take extensive steps to protect the security, integrity and confidentiality of sensitive and confidential information (*e.g.*, password policies and firewalls), our security practices may be insufficient and third parties may breach our systems (*e.g.*, through Trojans, spyware, ransomware or other malware attacks, or breaches by our employees or third party service providers), which may result in unauthorized use or disclosure of information. Such attacks might lead to blackmailing attempts, forcing us to pay substantial amounts to release our captured data or resulting in the unauthorized release of such data.

Given that techniques used in these attacks change frequently and often are not recognized until launched against a target, it may be impossible to properly secure our systems. In addition, technical advances or a continued expansion and increased complexity of our IT-infrastructure could increase the likelihood of security breaches.

Advances in computer capabilities, new technological discoveries or other developments could increase the frequency or likelihood of security breaches. In addition, security breaches can also occur as a result of non-technical issues, including intentional or inadvertent breaches by our employees or by persons with whom we have commercial relationships. Any compromise or breach of our security measures, or those of our third-party service providers, could violate applicable privacy, data security and other laws, and cause significant legal and financial risks, adverse publicity or a loss of confidence in our security measures. We cannot be certain that our insurance coverage concerning other risks will be adequate for liabilities that we might actually incur or that such insurance will continue to be available to us on economically reasonable terms, or at all. Additionally, we may need to devote significant resources to protect against security breaches or to address problems caused by breaches, which may require us to divert resources from the growth and expansion of our business. The materialization of any of the foregoing risks could have a material adverse effect on our business, financial condition, results of operations and prospects as well as our reputation as a software enterprise.

***Our business may be harmed if we are unable to secure licenses for third-party technologies on which we rely.***

We rely on licenses to utilize certain technology provided by third parties, such as database technology, our e-commerce and technology platform, operating systems for our servers and other computers and components for our servers .e.g. Salesforce Commerce Cloud. These third-party technology licenses may cease to be available to us on commercially reasonable terms, or at all. If we are unable to obtain licenses for, or otherwise make use of this technology, we would need to obtain substitute technology, which may not be available. If substitute technology is available, it may be of lower quality or have lower performance standards or may only be available at a greater cost, any of which could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.

Also, because we often depend upon the successful operation of third-party products in conjunction with our software, any errors in these third-party products, which may be outside of our control, may prevent the implementation or impair the functionality of our software and internet-based services, or delay the introduction of new services.

***Ineffective protection of confidential information might materially weaken our market position.***

Our key employees, directors and officers have access to sensitive confidential information relating to our business, especially relating to the functioning of our websites and apps, our proprietary machine learning algorithms and big data infrastructure. While we have confidentiality agreements and technical measures in place we cannot assure that third parties or the general public never gain access to such information. Any ineffective protection of such information relating to our business might materially weaken our market position and thus adversely affect our business and operations.

***We may be unable to attract, train, motivate and retain suitably qualified personnel and to maintain good relationships with our workforce.***

The competence and commitment of our employees are important factors for our successful development and management of opportunities and risks. Therefore, our success is largely dependent on our ability to attract, train, motivate and retain highly qualified individuals, while building our corporate culture. A lack of qualified and motivated personnel could impair our development and growth, increase our costs and harm our reputation. We face competition for qualified personnel, for example those in information technology positions. Any loss of qualified personnel, high employee turnover, or persistent difficulties in filling job vacancies with suitable applicants could have a material adverse effect on our ability to compete effectively in our business and considerable expertise could be lost by us or access thereto gained by our competitors. In addition, to attract or retain qualified personnel, we might have to offer competitive compensation packages and other benefits which could lead to higher personnel costs. Any failure to attract, train, motivate or retain skilled personnel at reasonable costs could result in a material adverse effect on our business, financial condition and our reputation.

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Personnel expenses represent a significant cost factor for our business. Although none of our own employees, except for some of our employees at our subsidiary Addnature AB, are currently subject to any collective bargaining agreement, there can be no assurance that labor disputes, work stoppages, strikes or similar actions will not occur in the future which might urge us to adopt or negotiate a collective bargaining agreement. Any material disagreements between us and our employees could disrupt our operations, lead to a loss in revenue and customers and increase our operating costs. In addition, there is no guarantee that collective bargaining would be possible on terms that are satisfactory to us. If our operations are affected over a longer period of time by labor disputes or if we are forced to enter into a collective bargaining agreement at unfavorable terms, this could have a material adverse effect on our business, financial condition and our reputation.

**Risks Related to the Industry in which We Operate**

***The sports retail industry in our markets is very competitive and our ability to compete depends on a large variety of factors both within and beyond our control.***

The sports retail industry is fragmented and characterized by intense competition. Each of our regional brands faces increasing competitive pressure both online and offline and from local and international players, impacting their ability to grow, sustain profitability and retain and grow market share. The diverse group of sports retailers with which we compete includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pure-play online sports retailers with business models similar to ours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general e-commerce retailers, direct to customers and marketplaces attempting to increase their presence across a range of product categories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offline-focused, vertically-integrated local retailers and brands, as well as international companies seeking to enter our geographic markets, who are expanding their own online and offline market share using their own websites and apps; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offline stores and mail order retailers focused on or including sports that use their brand, customer reach and fulfillment infrastructure to expand their online sports market shares.

Some of our current and potential future competitors have longer operating histories, greater financial resources, a larger customer base and wider reach or better economies of scale than we do. New market entrants may appear and some of our current smaller competitors may be acquired by, receive investment from or enter into strategic relationships with, well-established and well-funded companies or investors who would enhance their competitive positions, potentially leading to reduced sales, lower profitability, and loss of market share for us. Moreover, as has happened in several of our regions in the past, competitors may significantly discount their prices on merchandise also offered by us. Such intensive price competition could negatively affect our ability to generate revenues as well as our profitability. Additionally, individual, strong competitors could expand their market presence in our current or future geographies and thus create a market controlling position for themselves, which could make it more difficult for us to expand our own market position.

In addition, some of our brand partners and suppliers are producers or distributors of sports products that sell their products directly to end-customers independent of any partnership with us. We could experience additional competitive pressure if such suppliers initiate or successfully expand their own online retail operations, as they have access to their merchandise at lower costs and can therefore sell such merchandise at lower prices while maintaining higher margins on their revenue than we can. We also face competition from the grey market, *i.e.*, sports product imports that have not been authorized by the brand owner. In addition, as a result of the challenges presented by COVID-19, some sports retailers and brands that previously have not used e-commerce channels to market their products have established their own online presence or sell their goods in cooperation with our existing competitors, which have created new or strengthened existing competition. The increase in competition could result in more aggressive pricing strategies leading to a decline or loss of revenues.

We believe these factors make our industry especially competitive, with the potential for increased competition in the future. As a result, we believe that our ability to compete will depend on factors both within and beyond our control, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to offer a convenient, efficient and reliable shopping experience for our customers in our regions and to adapt to evolving or local consumer preferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the development, brand recognition and reputation of our brands, relative to those of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the growth, size and composition of our customer base and our ability to increase the number of repeat purchases from active customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the composition of and the quality of relationship with our supplier base, and its subsequent impact on the selection and price of products we feature on our sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the perception of our technical and operational capabilities, *e.g.* , our websites, tools and apps as attractive distribution channels and service partners for our brand partners and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to create and expand proprietary brands that are recognized for high quality and generate attractive margins for us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to expand our product offering into new product categories and into new geographies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to create efficient and cost-effective advertising and marketing efforts to acquire new customers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to develop and manage new and existing technologies and sales channels in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to collect, consolidate and leverage our data in order to improve our various operational processes and to drive new business models both for consumers and our brand partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the efficiency, reliability and service quality of our fulfillment operations, including fulfillment center activities, distribution, payment and customer service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the legal framework on e-commerce and related legislation governing liability, obligations and supervisory oversight; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to offer convenient payment methods for every customer.

Any failure to properly address these factors and to successfully compete against current or future competitors could negatively affect our ability to attract and retain customers as well as brand partners and to achieve growth and sustainable profitability, which could, in turn, have a material adverse effect on our business, financial condition, results of operations and prospects.

***Negative developments in global and local economic conditions, including the after-effect of the COVID-19 pandemic or if new strains continue to develop as well as severe supply chain interruptions, could continue to adversely impact consumer spending in the sports retail industry as well as our results of operations and prospects.***

Purchases of our customers are discretionary, and therefore dependent upon the level of customer spending, particularly among affluent customers. As a result, our performance depends on global and regional economic conditions, which, however, have shown significant volatility in recent years due to government measures taken as a result of the COVID-19 pandemic. It can be expected that some of the pandemic related counter-measures such as lock downs or restrictions could continue to dampen economic prospects in Europe in the short-term. While the COVID-19 crisis contributed to growth in the sports retail industry in the past two years, following the end of government support programs a continued economic downturn in one or more of our markets may result in higher levels of unemployment or other negative macroeconomic developments that can as a consequence materially negatively affect consumer confidence and discretionary consumer spending, including purchases of sports products.

In addition, adverse economic developments in the countries in which we generate our revenue could adversely affect the collection of accounts receivable from our customers due to deterioration in credit quality and increase our inventory risk. There is also a risk of increased taxes, for the purpose of addressing the extraordinary levels of public spending and public debt related to the COVID-19 pandemic, in some or all of the European countries in which we sell our merchandise. Tax increases that lead to increases in the sales prices of our products or the prices of services we purchase or offer or reduce the income available for consumption could also weaken demand for our sports products.

Furthermore, there is no guarantee that our markets will continue to grow at rates experienced in the recent past, or at all. Based on recent geopolitical and macroeconomic developments, we believe the size of our markets could decline, in particular due to risks of recession, inflation and declining customer spending in Europe and the United States. There is no certainty that our growth continues to be supported by an increasing shift from offline to online retail in the markets in which we operate (particularly in our bike vertical). There is no guarantee that the growth in demand, which has been significantly driven by the COVID-19 pandemic, will continue in light of a potential decline in consumer spending. Additionally, we have been adversely impacted by COVID-19 related supply chain disruption, which began in early 2021 and has had a significant negative impact on our ability to service the increased consumer demand for our products and, therefore, our revenues. We cannot predict with certainty if and when the supply chain disruption will resolve and how demand for our products will develop. Consequently, we may not be able to recoup the investments made in these markets and may be forced to close, or decide to divest, our operations in selected markets, which could have an adverse material effect on the implementation of our expansion strategy and our results of operations and prospects.

***Our business may be materially adversely affected by any negative impact on the global economy and capital markets resulting from Russia's invasion of Ukraine.***

Global markets are experiencing volatility and disruption following the escalation of geopolitical tensions and the full-scale military invasion of Ukraine by Russian troops, which began on February 24, 2022. Although the length and impact of the military conflict is highly unpredictable, the war in Ukraine could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions.

Additionally, Russia's prior annexation of Crimea, recognition of two separatist republics in the Donetsk and Luhansk regions of Ukraine and subsequent military interventions in Ukraine have led to sanctions and other penalties being levied by the United States, the European Union and other countries against Russia, Belarus, the Crimea Region of Ukraine, the so-called Donetsk People's Republic, and the so-called Luhansk People's Republic, including agreements to remove certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication ("SWIFT") payment system and expansive bans on imports and exports of products to and from Russia. Additional potential sanctions and penalties have also been proposed and/or threatened. Russian military actions and the resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets, potentially making it more difficult for us to obtain additional funds. Even though we are continuing to monitor the situation in Ukraine and globally and are assessing its potential impact on our business, the extent and duration of the military action, sanctions and

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resulting market disruptions are impossible to predict and could be substantial. Any such disruptions may also magnify the impact of other risks described in this document. All of this could lead to lower than previously expected sales and/or rising costs, which, in turn, could have a negative effect on our results of operations.

Global economic conditions are uncertain and volatile, due in part to the on-going war in Ukraine and the impacts of COVID-19 and related restrictions and mitigation measures, the potential impacts of increasing inflation, the potential impacts of geopolitical uncertainties, and any potential sanctions, restrictions or responses to those conditions. As global economic conditions continue to be volatile or economic uncertainty remains, trends in consumer discretionary spending also remain unpredictable and subject to reductions due to credit constraints and uncertainties about the future. Unfavorable economic conditions may lead consumers to delay or reduce purchases of our products. Consumer demand for our products may not reach our targets, or may decline, when there is an economic downturn or economic uncertainty in our key markets. Our sensitivity to economic cycles and any related fluctuation in consumer demand may have a material adverse effect on our financial condition.

Furthermore, the war in Ukraine has contributed to higher energy/electricity prices, which in turn may negatively impact our business and operations. As such, any adverse change to commodity and/or electricity prices may affect our suppliers' production costs, our product pricing and earnings.

***Our supply chain and overall business may be materially adversely affected by any impositions or increase of tariffs as well as international trade regulations, resulting from any conflict escalation between China and Taiwan.***

Geopolitical conflicts between China and Taiwan have threatened to destabilize global trade relationships and disrupt a supply chain already strained due to the Russia-Ukraine conflict and repercussions of the COVID-19 pandemic.

Taiwan is the largest producer of electronic chips, which are supplied to almost all industries, including our industry especially in the production of e-bikes. TSMC (Taiwan Semiconductor Manufacturing Company) is the largest foundry in the world and holds around 65 percent of the global production of chips. In addition, a large part of our bike frames are produced in China and Taiwan. Any potential conflict with China could result in changing regulatory requirements, trade policies, tariffs, export controls, import duties and economic disruptions that could impact our operating strategies, product demand, and access to global markets. Most importantly, it could completely disrupt the production of e-bike frames and jeopardize the supply chain of TSMC causing a major shortage of electronic chips required for the production of e-bikes which would severely impact our ability to produce or sell e-bikes thus materially adversely impacting our business and financial results.

**Regulatory, Legal and Tax Risks**

***We are subject to various regulations applying to e-commerce and tech businesses generally, including but not limited to regulations governing cyber security, data protection, consumer protection, product safety and trademarks, and future regulations might impose additional requirements and other obligations on our business.***

We are subject to a variety of laws and regulations applicable to e-commerce and tech businesses, as well as laws and regulations of broader application that apply to us and to public companies in general. These laws and regulations include, among other things, cyber security, data protection, consumer protection, product safety, trademarks and internet domains, human rights and environmental topics (including the collection and disposal of electrical waste and electronic equipment), antitrust, pricing, content, copyrights, the design and operation of websites, social media and other communication, advertising practices, electronic contracts, credit card processing procedures, the provision of online payment services, unencumbered internet access to our services, textile labeling, packaging as well as taxation, tariffs and anti-bribery.

These laws and regulations evolve continuously and at a rapid pace and can differ across the jurisdictions in which we operate. Existing and future regulations and laws may particularly impede the growth and availability of the internet and online services which in turn could impede the ability to grow our business, or otherwise adversely affect our business by increasing costs and administrative burdens.

Given the broad variety of rules and their evolving nature, there can be no assurance that we have complied or will comply fully with all applicable laws and regulations. Any actual or alleged failure by us to comply with applicable laws or regulations could damage our reputation, could lead to a loss of revenue and may give rise to civil liability, administrative orders, fines or criminal charges. Legal or enforcement actions brought against us could damage our reputation and result in substantial legal expenses. Changes in laws or regulations could cause us to incur substantial costs, require us to change business practices, and could inhibit the effective implementation of our growth strategy.

In addition, the legislative and regulatory bodies, or self-regulatory organizations in jurisdictions in which we operate, may expand the scope of applicable laws or regulations, enact new laws or regulations in areas that are relevant to our business. For example, the European Commission's Digital Single Market (DSM) initiative is expected to result in additional rules on e-commerce or data protection, information security and privacy. Furthermore, on June 11, 2021, the German federal parliament (*Bundestag*) adopted the so-called Supply Chain Act (*Lieferkettensorgfaltspflichtgesetz*), under which companies will have to carefully document their whole value chains, review their suppliers and prove that they are making efforts to comply with applicable standards and will make companies responsible for counteracting human rights violations in the production of their economic goods or economic goods supplied to them, which will apply to

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us as of January 1, 2024. In addition, on February 23, 2022, the European Commission adopted a proposal for a directive on corporate sustainability due diligence. The directive aims at committing companies to manage social and environmental impacts throughout their supply chain, The proposal imposes due diligence duties to identify, prevent, end or mitigate adverse impacts of their activities on human rights and on the environment. The approval of the EU Parliament and the EU Council of Ministers is required to pass the directive; a final decision is therefore not to be expected before 2023.

On September 14, 2022, the European Commission issued its legislative proposal to ban the marketing of goods made with forced labor on the EU market. The objective is the effective prohibition of both imported goods and goods made in the European Union, while using forced labor, including child labor. The proposal covers all products, namely those made in the EU for domestic consumption and exports, and imported goods, without targeting specific companies or industries. The regulation is closely linked to the CSDD. The approval of the EU Parliament and the EU Council of Ministers is required to pass the regulation. An agreement on the final text of the proposed regulation is expected in late 2023, at the earliest.

On November 28, 2022, the EU Council of Ministers gave its final approval to the corporate sustainability reporting directive ("CSRD"). The CSRD strengthens the existing rules on non-financial reporting introduced in the Accounting Directive by the 2014 non-financial reporting directive ("NFRD"). The CSRD introduces more detailed reporting requirements and ensures that large companies, all companies listed on regulated markets and listed SMEs are required to report on sustainability matters such as environmental rights, social rights, human rights and governance factors. The application of the CSRD will take place in four stages from 2025 until 2029.

In the Netherlands, several legislative proposals with regard to mandatory human rights and environmental due diligence requirements were initiated by the Dutch parliament in the past years. The Dutch government has recently started working on a legislative proposal imposing such due diligence requirements, which is intended to be implemented swiftly. The responsible minister indicated that the legislation will be broader and more stringent than the legislation in neighboring countries (Germany, France, UK). The exact requirements will vary depending on the size of the company and type of sector (high risk or not). For all companies there will be a general duty of care to act with due diligence. For larger companies there will be mandatory due diligence requirements following the six step due diligence process as included in the OECD Guidelines.

Finally, the Dutch government is working on legislation regarding international corporate social responsibility. The CSDD will serve as a basis and guidance for this legislation. The Dutch Minister for Foreign Trade and Development Cooperation has indicated that the national legislative proposal shall be more stringent than the current CSDD. A legislative proposal is expected to be submitted to the Dutch House or Representatives in 2023.

Any (perceived) compliance failure with existing laws and regulations as well as new or expanded rules could result in damage to our reputation and a loss of revenues as well as liability, fines, charges and other sanctions, remedial measures or consequences.

***Non-compliance with data protection laws could result in liability and reputational harm to our business, and adverse changes in the applicable legal framework could increase our costs of operations.***

As part of our business we process sensitive customer data (including banking/payment information, names and addresses) and therefore must comply with the applicable data protection and privacy laws. We are currently particularly subject to German and European laws and regulations on privacy, information security and data protection, the most relevant of which relate to the collection, protection and use of personal and business data, including Regulation (EU) 2016/679 of the European Parliament and of the Council of April 27, 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data ("General Data Protection Regulation"), but also to other legal frameworks like the UK Data Protection Act or the California Consumer Privacy Act. The costs of complying with the General Data Protection Regulation are high and continue to increase, particularly in the context of ensuring that adequate data protection and data transfer mechanisms are in place. Any failure to comply with privacy, data protection and information security laws could result in potentially significant regulatory and/or governmental investigations and/or actions, litigation, fines, sanctions and damage to our reputation.

Privacy related regulation could interfere with our strategy to collect and use personal information as part of our data driven approach. For example, the use of "cookies" and similar (tracking) technologies, especially for behavioral advertising as well as other tracking and analytics purposes, requires any user's explicit prior consent. Certain details as to how to validly obtain prior consent of the users are still open and there can be no assurance that further restrictions in obtaining prior consent, if widely adopted, will not result in a significant reduction in the effectiveness of the use of cookies and other methods of online tracking. Data protection laws and rules also impose certain standards of protection and safeguarding on our ability to collect and use personal information relating to customers and potential customers. This particularly applies to profiling, *e.g.*, any form of automated processing of personal data intended to evaluate certain personal aspects relating to a natural person or to analyze or predict such person's economic situation, location, health, consumer preferences, or other relevant behavior. Such restrictions may impede our ability to offer more curated and personalized content to our customers.

Any unauthorized access or disclosure of personal data may constitute a personal data breach under the General Data Protection Regulation. Unauthorized data access or disclosure could occur through cyber security breaches as a result of human error, external hacking, malware infection, malicious or accidental user activity, internal security breaches, and physical security breaches due to unauthorized personnel gaining physical access. In the event of such a personal data breach, we could be required to notify applicable

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government authorities and/or potential victims on very short notice and could face continued governmental investigations, fines and private claims for compensation from individuals whose personal data was involved. Violations of the General Data Protection Regulation may result in monetary penalties in the higher of up to €20.0 million or 4% of our worldwide turnover of the preceding fiscal year.

Furthermore, on July 16, 2020, the European Court of Justice issued its decision in Data Protection Commissioner v. Facebook Ireland Limited and Maximilian Schrems, which invalidated the EU-U.S. Privacy Shield framework for data transfers from countries of the European Union to the United States. This decision has greatly increased the legal requirements imposed on data exporters for transfers of personal data from EU-countries to non-EU countries, which are deemed to have an inadequate data protection level compared to the standards imposed in the European Economic Area (including, amongst others, the United States). Ensuring compliance with changing and/or stricter standards requires resources to continuously review and, as necessary, replace, amend or supplement the international data transfer mechanisms which we currently rely on, including corporate binding rules, standard contractual clauses and adequate data processing agreements with our business partners. The resulting mechanisms and procedures may increase the expenses associated with our overall compliance with personal data protection requirements or even require us to discontinue using certain tools that are relevant to our business. Any non-compliance could result in potentially significant regulatory and/or governmental investigations and/or actions, litigation, fines, sanctions and damage to our reputation.

Changes in the economic or political framework may lead to further changes in these and/or other regulations governing data protection or changed interpretation of existing laws as well as the enactment of stricter laws and regulations governing data protection, which could increase our costs of operations due to increased compliance measures.

***If the use of "cookie" tracking technologies is further restricted, regulated, or blocked, or if changes in technology cause cookies to become less reliable or acceptable as a means of tracking consumer behavior, the amount or accuracy of Internet user information we collect would decrease, which could harm our business and operating results.***

Federal, state and international governmental authorities continue to evaluate the privacy implications inherent in the use of proprietary or third-party "cookies" and other methods of online tracking for behavioral advertising. analytics and other purposes. Many governments have enacted, have considered or are considering legislation or regulations that could significantly restrict the ability of companies and individuals to engage in these activities, such as by regulating the level of consumer notice and consent required before a company can employ cookies or other electronic tracking tools or the use of data gathered with such tools. Additionally, some providers of consumer devices and web browsers have implemented, or announced plans to implement, means to make it easier for Internet users to prevent the placement of cookies, to block other tracking technologies or to require new permissions from users for certain activities, which

could if widely adopted significantly reduce the effectiveness of such practices and technologies. We may have to develop alternative systems, which may be less effective, to analyze our customers' behavior and preferences, customize their online experience, or efficiently market to them if customers block cookies or regulations introduce additional barriers to collecting cookie data. The regulation of the use of cookies and other current online tracking and advertising practices or a loss in our ability to make effective use of services that employ such technologies could increase our costs of operations and limit our ability to acquire new customers on cost-effective terms and consequently, materially adversely affect our business, financial condition and operating results.

***We sell products to customers that are located in various jurisdictions and intend to further increase our geographic reach, which requires us to comply with various, and sometimes conflicting legal and regulatory requirements.***

As we sell products to customers that are located in various jurisdictions, we are subject to different laws and regulations of the relevant countries. While a certain number of relevant regulations have been harmonized throughout the European Union, currently or main markets, many of these laws and regulations are complex and difficult to interpret, also due to deviating practices and interpretation of local authorities and courts. Moreover, as we plan to further expand our international operations to target customers in additional countries, we will become subject to additional laws and regulatory regimes. The legal and regulatory frameworks governing our business and operations may become increasingly uncertain due to quickly changing laws, contradictory interpretation of laws and regulations, administrative bypassing of legal frameworks or a lack of market precedents upon which we can rely.

Our international business is subject to laws and regulations in many areas, including cyber security, data protection, consumer protection, product safety, trademarks and internet domains, human rights and environmental topics, antitrust, pricing, content, copyrights, the design and operation of websites, social media and other communication, advertising practices, electronic contracts, credit card processing procedures, the provision of online payment services, textile labeling, packaging as well as taxation, tariffs, international sanctions and anti-bribery. These various laws and regulations often evolve and sometimes conflict with each other. Furthermore, operating in foreign jurisdictions entails an inherent risk of misinterpreting and wrongly implementing foreign laws and regulations. While we are not aware of any material breach by us of any applicable laws and regulations, we cannot rule out that we have not been in full compliance with these laws and regulations in the past. Additionally, some of the tax systems into which we sell our products are very complex and there is no guarantee that the relevant tax authorities agree with the positions we have taken or the tax optimization structures and measures we have used to minimize legal risks, administrative burdens and tax rates. In other countries, changes in the political or legal climate may impact our use of local currency and local banking. Similarly, we may be bound by extended waiting periods and complex and costly administrative approval processes and registration.

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As these laws continue to evolve and as we expand into new jurisdictions, our compliance efforts will become more complex and expensive and the risk of non-compliance will increase. Violations of applicable laws and regulations may harm our reputation and result in legal action, criminal and civil sanctions, or administrative fines and penalties against us or members of our governing bodies and our employees. Such violations may also result in damage claims by third parties or other adverse legal consequences, including class action lawsuits and enforcement actions by national and international regulators resulting in the limitation or prohibition of business operations. There is no guarantee that we can successfully manage or avoid any of the legal risks to which we are exposed, and non-compliance with the legal and regulatory frameworks that govern our operations, whether intentional or not, may have material adverse effects on our businesses, including causing us to cease our operations entirely.

***Product recalls, product liability claims and breaches of corporate social responsibility could harm our reputation and business.***

There is a risk that the goods we sell may cause property damage or injury to our customers, particularly in our bike business. While we believe that our operations comply in all material respects with all applicable product safety and consumer protection laws and regulations, the sale of defective products might result in product recalls, product liability claims and/or administrative fines or criminal charges. Even if an event causing a product recall proves to be unfounded or if a product liability claim against us is unsuccessful, the negative publicity surrounding any assertion that products sold by us caused injury or damage, or any allegation that the goods sold by us were defective, could adversely affect our reputation with both existing and potential customers as well as our corporate and brand image, particularly with a view to our own brands. We also face risks associated with environmental, animal-rights and sustainability concerns. For example, any negative publicity campaigns concerning low-priced, short-lived sports items may negatively affect our reputation or our sales. Similarly, negative publicity associated with the sale of sports items manufactured using animal-sourced products may negatively affect our reputation or our sales. We are further exposed to risks in relation to possible breaches of corporate social responsibility, including ethical sourcing, working conditions, child labor and responsible recruitment, which may harm our reputation and prospects. For example, if improper working conditions are found or alleged to exist at one or more of the factories in which the sports products we sell are manufactured, or if there is a major injury or loss-of-life incident in such factories, we could face negative publicity that could damage our reputation and the perception of the brands we sell, including our own brands, and we may be required to pay fines, face enhanced scrutiny by regulators or be subjected to other adverse legal consequences. Deficiencies in the area of corporate social responsibility may also negatively affect our recruiting efforts or disrupt our business.

The materialization of any of the foregoing risks, alone or in combination, could have a material adverse effect on our business, financial condition, results of operations and prospects.

***Our inability to acquire, use or maintain our local trademarks and domain names for our sites could substantially harm our business, financial condition and results of operations.***

We are the registrant of various trademarks as well as the trademarks of our websites in numerous jurisdictions and have also registered various internet domain names containing *e.g.,* our brand names for our websites combined with the relevant top level domain in those jurisdictions in which we are active, *e.g.*, *inter alia* but not limited to, "fahrrad.de", "tennis-point", "bikester", "probikeshop", "campz" "Wiggle", "Chain-Reaction-Cycles", and "Outfitter" for our websites in those jurisdictions in which we are active (for example, "tennis-point.de" in Germany). Domain names are generally regulated by internet regulatory bodies and are also subject to trademark laws and other related laws of each country. If we do not have or cannot obtain or maintain on reasonable terms the ability to use our core trademarks or a major private label brand in a particular country, or to use or register our domain names, we could be forced either to incur significant additional expenses to market our products within that country, including the development of a new brand and the creation of new promotional materials and packaging, or to elect not to sell products in that country.

Any of our trademarks and domain names, from time to time, may become the subject matter of litigation. Currently, our trademark "Tennis-Point" is subject to a dispute for cease-and-desist and deletion in the United States and the opposing party has filed a motion for preliminary injunction to that effect, which was however refused by the competent court. In turn, we have filed a motion for declaratory judgment that the use of our trademark Tennis-Point in the US does not violate the opposing party's trademark rights. In case of a negative outcome, we therefore might not be able to use our trademark Tennis-Point, our domain Tennis-Point.com and the respective company name in the US in the future, however we do not believe this would have a material adverse effect on our business, financial condition or results of operations.

Furthermore, the regulations governing domain names and laws protecting marks and similar proprietary rights could change in ways that block or interfere with our ability to use relevant domains or our current brands. In addition, we might not be able to prevent third parties from registering, using or retaining domain names that interfere with our consumer communications or infringe or otherwise decrease the value of our marks, domain names and other proprietary rights. Regulatory bodies may establish additional generic or country-code top-level domains or may allow modifications of the requirements for registering, holding or using domain names. As a result, we might not be able to register, use or maintain the domain names that utilize our brand names in all of the countries in which we currently conduct business or intend to conduct business in the future, which, alone or in combination with the above risks, could have a material adverse effect on the further implementation and expansion of our business.

The realization of any of such risks, alone or in combination, could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.

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***We might be unable to adequately protect other intellectual property rights.***

We believe our customer data, copyrights, trade secrets, proprietary technology and similar intellectual property are critical to our success, and we rely on trade secret protection, agreements and other methods with our employees and others to protect our proprietary rights. In addition, we have developed, and we anticipate that we will continue to develop, a substantial number of programs, processes and other know-how on a proprietary basis (but partly based on open source codes) that are of key importance to the successful functioning of our business.

We might be required to spend significant resources to monitor and protect our intellectual property rights. We may not be able to discover or determine the extent of any infringement, misappropriation or other violation of our intellectual property rights and other proprietary rights. We may initiate claims or litigation against others for infringement, misappropriation or violation of our intellectual property rights or proprietary rights or to establish the validity of such rights. Despite our efforts, we may be unable to prevent third parties from infringing upon, misappropriating or otherwise violating our intellectual property rights and other proprietary rights. Any litigation, whether or not it is resolved in our favor, could result in significant expense to us and divert the efforts of our technical and management personnel, which could have a material adverse effect on our business and financial condition.

***Third parties might accuse us of infringing their intellectual property rights.***

Thee-commerce sports industry, as well as the sports industry in general, is characterized by vigorous protection for and pursuit of intellectual property rights. We might be subject to litigation and disputes related to our intellectual property rights and technology in the future, as well as disputes related to intellectual property and product offerings of third-party suppliers featured by us. The costs of defending against such actions can be high, and there is no guarantee that such defenses will be successful. In addition, as our business expands and the number of competitors in our market increases, infringement claims against us could increase in number and significance. As an example, our trademark "Tennis-Point" is currently subject to a dispute for cease-and-desist and deletion in the United States. and the opposing party has filed a motion for preliminary injunction to that effect, which was however refused by the competent court. In turn, we have filed a motion for declaratory judgment that the use of our trademark Tennis-Point in the US does not violate the opposing party's trademark rights. In case of a negative outcome, we therefore might not be able to use our trademark Tennis-Point, our domain Tennis-Point.com and the respective company name in the US in the future. We also have received in the past, and we will receive in the future, claims from third parties that certain items posted on, or sold through one of our websites violate third-party marks, copyrights, trade names or other intellectual property rights. Such claims, whether or not successful, could result in significant expenses, redirect management attention and could have a material adverse effect on our business and financial condition.

Legal claims regarding intellectual property rights are subject to inherent uncertainties due to the complex issues involved, and we cannot be certain that we will be successful in defending ourselves against such claims. Many potential litigants have the ability to dedicate substantially greater resources than we do to the enforcement of intellectual property rights and defense of claims that may be brought against them. If successful, a claimant could secure a judgment against us for substantial damages or prevent us from conducting our business as we have historically done so or may desire to do so in the future. We could also be required to seek additional licenses or pay royalties for the use of the intellectual property we need to conduct our business, which might not be available on commercially acceptable terms or at all. Alternatively, we may be forced to develop non-infringing technology or intellectual property on a proprietary basis, which could be expensive and/or unsuccessful.

***The control and prevention mechanisms of our compliance structure might not be sufficient to adequately protect us from all legal or financial risks.***

To protect us against legal risks and other potential harm, we established several compliance guidelines, including a code of ethics for employees as well as anti-corruption and anti-bribery guidelines and a group-wide guideline on data protection. These codes, guidelines and policies and the oversight of our internal compliance and legal departments might not be sufficient to prevent all unauthorized practices, legal infringements, corruption and fraud — especially regarding purchasing practices — or other adverse consequences of non-compliance within our organization or by or on behalf of our employees. Any compliance failure could harm our reputation and have a material adverse effect on our business, financial condition, results of operations and prospects.

As a result, we are exposed to the risk that our employees or other authorized persons could make payments or grant hidden benefits in violation of anti-corruption laws and regulations, especially in response to demands or attempts at extortion. In addition, our current internal controls, prevention (such as our anti-corruption policy) and training programs may prove to be insufficient. Our employees or authorized persons may have been or could be engaged in activities for which we could be held liable.

Some laws and regulations promulgated against corruption and money laundering may require us to implement certain controls, procedures and internal regulations in order to ensure that the operations of a given entity do not involve corruption, illegal payments, extortion or money-laundering. The great diversity and complexity of these local laws and regulations and the expansive nature of the business conducted by us in various countries and markets create a risk that we may be deemed liable for violations of local laws and regulations. Any violation or breach of these laws and regulations could affect our overall reputation and, depending on the case, expose us to administrative or judicial proceedings, which could result in criminal and civil judgments, including a possible prohibition on maintaining business relationships with suppliers, sports brands or customers in certain countries, which could have material adverse effects on the implementation of our business strategy as well as on our financial condition.

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***Changes in tax treatment of companies engaged in e-commerce in the jurisdictions in which we operate could adversely affect the commercial use of our sites and our financial results.***

Our business is subject to the general tax environments in the countries in which we operate. Changes in tax legislation or case law, especially with regards to transnational e-commerce activities, — which might be applied retroactively — could increase our tax burden. Since 2017, the G20/OECD Inclusive Framework has been working on addressing the tax challenges arising from the digitalization of the economy and has proposed a two-pillar tax approach with pillar one referring to the re-allocation of taxing rights, addressing issues such as where tax should be paid and on what basis (*i.e.*, where sustained and significant business is conducted, regardless of a physical presence), and pillar two ensuring a minimum tax to be paid by multinational enterprises. An agreement on the approach presented or the implementation of such approach by the participating countries could have material adverse effects for us as a digital and multinational enterprise with regards to our tax obligations.

Changes in tax treatment of companies engaged in e-commerce in the jurisdictions in which we operate could adversely affect the commercial use of our sites and our financial results. For example, some jurisdictions in which we operate our business (*e.g.*, Italy) have introduced new local taxes on transnational e-commerce activities ("digital services taxes" or "DST"). These DST generally aim at securing taxation rights of the jurisdiction for the revenues/profits generated by the transnational e-commerce activities with customers who are resident in this specific jurisdiction. We have established a process to assess on a regular (*i.e.*, quarterly) basis whether or not our revenues/profits are subject to these DST. For 2022, it was concluded that there should be no such DST liability but there is a general risk that new local DST will be introduced or that the existing DST will be applied differently with the result that this could adversely affect our tax liability. We cannot predict the effect of current attempts to impose sales, income or other taxes one-commerce. New or revised taxes —*e.g.*, sales taxes, value-added tax ("VAT") and similar taxes — would likely increase the cost of doing business online and decrease the attractiveness of advertising and selling products over the internet. New taxes could also lead to significant increases in internal costs necessary to capture data and collect and remit taxes.

Additionally, tax laws may be interpreted differently by the competent tax authorities and courts, and their interpretations may change at any time, which could lead to an increase of our tax burden. Accordingly, we may face unfounded tax claims in such countries. Moreover, legislators and tax authorities may change territoriality rules or their interpretation for the application of VAT on cross-border services, which may lead to significant additional payments for past and future periods. In addition, court decisions are sometimes ignored by competent tax authorities or overruled by higher courts, which could lead to higher legal and tax advisory costs and create significant uncertainty. New taxes or reporting obligations (*e.g.*, on the basis of the draft Platforms Tax Transparency Act (*Plattformen-Steuertransparenzgesetz*) as currently discussed in the legislative process on the basis of a government draft law

(*Regierungsentwurf*) dated September 19, 2022) could also result in additional costs necessary to collect the data required to assess these taxes and to remit them to the relevant tax authorities or to comply with these reporting obligations. Besides this, the documentation obligations under applicable VAT and VAT-related laws are considerable. Therefore, it cannot be ruled out that we may not fully comply, or, as the case may be, may have not fully complied with applicable tax laws and regulations throughout all phases of their development.

Taxes actually assessed in future tax audits for periods not yet covered by our last tax audit may exceed the taxes already paid by us. As a result, we may be required to make significant additional tax payments with respect to previous periods. Furthermore, the competent tax authorities could revise their original tax assessments (for example, with respect to the recognition of invoiced value added taxes). Any tax assessments that deviate from our expectations could lead to an increase in our tax burden. In addition, we may be required to pay interest on these additional taxes as well as late filing penalties. Furthermore, we have carried out reorganizations of the Group structure, and there is a risk that any such restructuring could attract additional tax scrutiny or result in unexpected or expected tax leakage despite our best efforts to avoid such negative tax consequences (*e.g.*, obtain tax advisory services by reputable consultants who confirmed the tax neutrality of the group structure reorganizations).

Any of these events occurring could, alone or in combination, have a material adverse effect on our business, financial condition, results of operations and prospects.

**Risks Related to Ownership of our Ordinary Shares**

***We are a Dutch public company. The rights of our shareholders and the duties of our directors are governed by (i) Dutch law, (ii) the Articles of Association and (iii) internal rules and policies adopted by the Board, and might differ in some important respects from the rights of shareholders and the duties of members of a board of directors of a U.S. company.***

We are a public limited liability company (*naamloze vennootschap*) under Dutch law. Our corporate affairs are governed by the Articles of Association, the rules of the Board, our other internal rules and policies and by Dutch law. There can be no assurance that Dutch law will not change in the future or that it will serve to protect shareholders in a similar fashion afforded under corporate law principles in the United States, which could adversely affect the rights of our shareholders.

The rights of shareholders and the responsibilities of our directors may be different from the rights and obligations of shareholders and directors in companies governed by the laws of the United States. In particular, pursuant to Dutch law our directors are required to act in the interest of the company and its business, and should be guided by promoting the sustainable success of its business, with an aim to creating long-term value, taking into account the interests of our employees, clients, shareholders and other stakeholders of the company, such as creditors and suppliers, as a whole and not only those of our shareholders in all cases with due observation of the principles of

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reasonableness and fairness. It is possible that some of these parties will have interests that are different from, or in addition to, your interests as a shareholder.

***We are organized and existing under the laws of the Netherlands, and, as such, the rights of our shareholders and the civil liability of our directors and executive officers will be governed in certain respects by the laws of the Netherlands.***

We are organized and existing under the laws of the Netherlands, and, as such, the rights of our shareholders and the civil liability of our directors and executive officers will be governed in certain respects by the laws of the Netherlands. The ability of our shareholders in certain countries other than the Netherlands to bring an action against us, our directors and executive officers may be limited under applicable law.

As a result, it may not be possible for shareholders to effect service of process within the United States upon us or our directors and executive officers or to enforce judgments against us or them in U.S. courts, including judgments predicated upon the civil liability provisions of the federal securities laws of the United States. In addition, it is not clear whether a Dutch court would impose civil liability on us or any of our directors and executive officers in an original action based solely upon the federal securities laws of the United States brought in a court of competent jurisdiction in the Netherlands.

As of the date of this Annual Report, there is no treaty in effect between the United States and the Netherlands providing for the reciprocal recognition and enforcement of judgments, other than arbitration awards, in civil and commercial matters. It is noted that, on today's date, the Hague Convention on Choice of Court Agreements of 30 June 2005 has entered into force for the Netherlands, but has not entered into force for the United States. The Hague Convention of 2 July 2019 on the Recognition and Enforcement of Foreign Judgements in Civil or Commercial Matters has not entered into force for either the Netherlands or the United States. Accordingly, a judgment rendered by a court in the United States, whether or not predicated solely upon U.S. securities laws, would not automatically be recognized and enforced by the competent Dutch courts. However, if a person has obtained a judgment rendered by a court in the United States that is enforceable in the United States and files a claim with the competent Dutch court, the Dutch court will in principle give binding effect to such judgment if (i) the jurisdiction of the U.S. court was based on a ground of jurisdiction that is generally acceptable according to international standards, (ii) the judgment by the U.S. court was rendered in legal proceedings that comply with the Dutch standards of proper administration of justice including sufficient safeguards (*behoorlijke rechtspleging*), (iii) binding effect of such U.S. judgment is not contrary to Dutch public order (*openbare orde*) and (iv) the judgment by the U.S. court is not incompatible with a decision rendered between the same parties by a Dutch court, or with a previous decision rendered between the same parties by a foreign court in a dispute that concerns the same subject and is based on the same cause, provided that the previous decision qualifies for recognition in the Netherlands. Even if such a U.S. judgement is given binding effect, a claim based thereon may, however, still be rejected if the U.S. judgment is not or no longer formally enforceable. Dutch courts may deny the recognition and enforcement of punitive damages or other awards. Moreover, a Dutch court may reduce the amount of damages granted by a U.S. court and recognize damages only to the extent that they are necessary to compensate actual losses or damages. Enforcement and recognition of judgements of U.S. courts in the Netherlands are solely governed by the provisions of the Dutch Code of Civil Procedure (*Wetboek van Burgerlijke Rechtsvordering*).

Based on the lack of a treaty as described above, U.S. investors may not be able to enforce against us or our directors, representatives or certain experts named herein who are residents of the Netherlands or countries other than the United States any judgments obtained in U.S. courts in civil and commercial matters, including judgments under the U.S. federal securities laws.

Under the Articles of Association, and certain other contractual arrangements between us and our directors, we indemnify and hold our directors harmless against all claims and suits brought against them, subject to limited exceptions. There is doubt, however, as to whether U.S. courts would enforce such indemnity provisions in an action brought against one of our directors in the United States under U.S. securities laws.

***We do not anticipate paying dividends on our Ordinary Shares.***

We have never paid or declared any cash dividends in the past, and we do not anticipate paying any cash dividends in the foreseeable future. We intend to retain all available funds and any future earnings to fund the further development and expansion of our business. Under Dutch law, we may only pay dividends and other distributions from the Company's reserves to the extent its shareholders' equity (*eigen vermogen*) exceeds the sum of its paid-in and called-up share capital plus the reserves the Company must maintain under Dutch law or the Articles of Association and (if it concerns a distribution of profits) after adoption of its statutory annual accounts by the General Meeting from which it appears that such dividend distribution is allowed. Subject to those restrictions, any future determination to pay dividends or other distributions from the Company's reserves will be at the discretion of the Board and will depend upon a number of factors, including our results of operations, earnings, cash flow, financial condition, future prospects, contractual restrictions, capital investment requirements, restrictions imposed by applicable law and other factors the Board deems relevant. See "Item 8 Financial Information — B. Dividends and Dividend Policy."

Under the Articles of Association, the Board may decide that all or part of the profits shown in our adopted statutory annual accounts will be added to our reserves. After reservation of any such profits, any remaining profits will be at the disposal of the General Meeting at the proposal of the Board for distribution on the Ordinary Shares, subject to applicable restrictions of Dutch law. The Board is permitted, subject to certain requirements and applicable restrictions of Dutch law, to declare interim dividends without the approval of the General

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Meeting. Dividends and other distributions shall be made payable no later than a date determined by the Board. Claims to dividends and other distributions not made within five years from the date that such dividends or distributions became payable will lapse and any such amounts will be considered to have been forfeited to us (*verjaring*).

We may reclaim any distributions, whether interim or not interim, made in contravention of certain restrictions of Dutch law from shareholders that knew or should have known that such distribution was not permissible. In addition, on the basis of Dutch case law, if after a distribution we are not able to pay its due and collectable debts, then its shareholders or directors who at the time of the distribution knew or reasonably should have foreseen that result may be liable to our creditors.

Since we are a holding company, our ability to pay dividends will be dependent upon the financial condition, liquidity and results of operations of, and our receipt of dividends, loans or other funds from, our subsidiaries, including SSU. Our subsidiaries are separate and distinct legal entities and have no obligation to make funds available to us. In addition, there are various statutory, regulatory and contractual limitations and business considerations on the extent, if any, to which our subsidiaries may pay dividends, make loans or otherwise provide funds to us.

***SIGNA International Sports Holding GmbH ("SISH") owns a significant portion of our Ordinary Shares and is represented on the Board. In addition, SISH holds nomination rights for directors of the Board and one of our director nominees was designated by Yucaipa Acquisition Manager, LLC, a Delaware limited liability company ("Yucaipa Sponsor"). Yucaipa Sponsor and SISH may have interests that differ from those of other shareholders.***

As of the date of this Annual Report, SISH owns 167,667,249 Ordinary Shares, representing approximately 47.75% of the outstanding Ordinary Shares less the Earn-out Shares (as defined below) and including 14,574,934 Ordinary Shares underlying the Initial Convertible Bonds assuming full conversion of the Initial Convertible Bonds issued to SIGNA Holding, subsequently sold and transferred to our affiliate SIGNA European Invest Holding AG, in accordance with the terms and conditions of the Initial Convertible Bonds at the initial conversion price and assuming that all PIK interest is outstanding and conversion to occur on the last day of the conversion period, with 161,691,626 Ordinary Shares being held directly by SISH, representing approximately 46.05% of the outstanding Ordinary Shares less the Earn-out Shares (as defined below) and including 14,574,934 Ordinary Shares underlying the Initial Convertible Bonds assuming full conversion of the Initial Convertible Bonds issued to SIGNA Holding, subsequently sold and transferred to our affiliate SIGNA European Invest Holding AG, in accordance with the terms and conditions of the Initial Convertible Bonds at the initial conversion price and assuming that all PIK interest is outstanding and conversion to occur on the last day of the conversion period and 5,975,668 Ordinary Shares being held by SISH Beteiligung GmbH & Co. KG, a German limited liability partnership (Kommanditgesellschaft) wholly owned and controlled by SISH, representing approximately 1.70% of the outstanding Ordinary Shares less the Earn-out Shares (as defined below) and including 14,574,934 Ordinary Shares underlying the Initial Convertible Bonds assuming full conversion of the Initial Convertible Bonds issued to SIGNA Holding, subsequently sold and transferred to our affiliate SIGNA European Invest Holding AG, in accordance with the terms and conditions of the Initial Convertible Bonds at the initial conversion price and assuming that all PIK interest is outstanding and conversion to occur on the last day of the conversion period. For as long as SISH, alone or together with its affiliates, holds at least 10% (but less than 20%) of our issued share capital, it will be allowed to make a binding nomination for one Director, for as long as SISH, alone or together with its affiliates, holds at least 20% (but less than 30%) or our issued share capital, it will be allowed to make a binding nomination for two Directors and for as long as SISH, alone or together with its affiliates, holds at least 30% of our issued share capital, it will be allowed to make a binding nomination for three Directors. The incumbent directors on the Board nominated by SISH have been appointed for four years and will serve an initial term as directors of the Board until 2025. In addition, one of our director nominees was designated by Yucaipa Sponsor. As a result, Yucaipa Sponsor and SISH may be able to significantly influence the outcome of matters submitted for director action, subject to obligation of the Board to act in the interest of all of our stakeholders, and for shareholder action, including the designation and appointment of the Board (and committees thereof) and approval of significant corporate transactions, including business combinations, consolidations and mergers. The influence of Yucaipa Sponsor and SISH over our Board could have the effect of delaying or preventing a change in control or otherwise discouraging a potential acquirer from attempting to obtain control of our company, which could cause the market price of our Ordinary Shares to decline or prevent our shareholders from realizing a premium over the market price for our Ordinary Shares. Additionally, Yucaipa Sponsor is controlled by Ronald W. Burkle, who is in the business of making investments in companies and who may from time to time acquire and hold interests in businesses that compete directly or indirectly with us or that supply us with goods and services. Mr. Burkle may also pursue acquisition opportunities that may be complementary to (or competitive with) our business, and as a result those acquisition opportunities may not be available to us. Prospective investors in our Ordinary Shares should consider that the interests of Yucaipa Sponsor and SISH, as well as the interests of certain other former SSU equity holders who own a significant portion of our Ordinary Shares, may differ from their interests in material respects. Please also refer to "*We rely to a significant extent on related party financings from our core shareholder to support the continued growth of our business, and in the future may not be able to raise needed capital on economically acceptable terms, or at all.*"

***Provisions of the Articles of Association or Dutch corporate law might deter acquisition bids for our company that our shareholders might consider to be favorable and prevent, delay or frustrate any attempt to replace or remove the Board at the time of such acquisition bid.***

Under Dutch law, various protective measures are possible and permissible within the boundaries set by Dutch law and Dutch case law.

In this respect, certain provisions of the Articles of Association may make it more difficult for a third-party to acquire control of the Company or effect a change in the composition of the Board. These include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a provision that Directors are appointed by the General Meeting (i) until SISH, alone or together with its affiliates, no longer holds at least 10% of our issued share capital, with respect to one, two or three Directors (depending on the size of the shareholding that SISH holds together with its affiliates), on the basis of a binding nomination prepared by SISH and (ii) for all other Directors on the basis of a binding nomination prepared by the Board, provided any that such nomination can only be overruled by a two-thirds majority of votes cast representing more than half of our issued share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a provision that Directors may only be dismissed by the General Meeting by a two-thirds majority of votes cast representing more than half of our issued share capital, unless the dismissal is proposed by (i) the Board or (ii) during the period when SISH is allowed to make a binding nomination as discussed above, with respect to a SISH nominated Director, at the proposal of SISH, in which case a simple majority of the votes cast would be sufficient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a provision allowing, among other matters, the former chairperson of the Board or our former Chief Executive Officer (in each case, during the period when SISH is allowed to make a binding nomination as discussed above, together with a person designated by SISH for that purpose if the former chairperson or Chief Executive Officer, as applicable, was not a SISH nominated Director) to manage our affairs if all of the Directors are dismissed and to appoint others to be charged with our affairs, including the preparation of a binding nomination for Directors as discussed above, until new Directors are appointed by the General Meeting on the basis of such binding nomination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a requirement that certain matters, including an amendment of the Articles of Association, may only be resolved upon by the General Meeting with a majority of at least 75% of the votes cast during the period when SISH is allowed to make a binding nomination as discussed above and in each case at the proposal of the Board.

Dutch law also allows for staggered multi-year terms of the Directors, as a result of which only part of the Directors may be subject to appointment or re-appointment in any given year. Our initial Directors have been appointed with staggered term periods ranging from two to up to four years.

In addition, in accordance with the Dutch Corporate Governance Code (the "DCGC"), shareholders who have the right to put an item on the agenda for the General Meeting or to request the convening of a General Meeting shall not exercise such rights until after they have consulted the Board. If exercising such rights may result in a change in our strategy (for example, through the dismissal of Directors), the Board must be given the opportunity to invoke a reasonable period of up to 180 days to respond to the shareholders' intentions. If invoked, the Board must use such response period for further deliberation and constructive consultation, in any event with the shareholder(s) concerned and exploring alternatives. At the end of the response time, the Board shall report on this consultation and the exploration of alternatives to the General Meeting. The response period may be invoked only once for any given General Meeting and shall not apply (i) in respect of a matter for which a response period has been previously invoked or (ii) if a shareholder holds at least 75% of our issued share capital as a consequence of a successful public bid. The response period may also be invoked in response to shareholders or others with meeting rights under Dutch law requesting that a general meeting be convened, as described in "*Description of Securities*."

Moreover, the Board can invoke a cooling-off period of up to 250 days when shareholders, using their right to have items added to the agenda for a General Meeting or their right to request a general meeting, propose an agenda item for our General Meeting to dismiss, suspend or appoint one or more Directors (or to amend any provision in the Articles of Association dealing with those matters) or when a public offer for our company is made or announced without our support, provided, in each case, that the Board believes that such proposal or offer materially conflicts with the interests of our company and its business. During a cooling-off period, the General Meeting cannot dismiss, suspend or appoint Directors (or amend the provisions in the Articles of Association dealing with those matters) except at the proposal of the Board. During a cooling-off period, the Board must gather all relevant information necessary for a careful decision-making process and at least consult with shareholders representing 3% or more of our issued share capital at the time the cooling-off period was invoked, as well as with our Dutch works council (if we or, under certain circumstances, any of our subsidiaries would have one). Formal statements expressed by these stakeholders during such consultations must be published on our website to the extent these stakeholders have approved that publication. Ultimately one week following the last day of the cooling-off period, the Board must publish a report in respect of its policy and conduct of affairs during the cooling-off period on our website. This report must remain available for inspection by shareholders and others with meeting rights under Dutch law at our office and must be tabled for discussion at the next General Meeting. Shareholders representing at least 3% of our issued share capital may request the Enterprise Chamber of the Amsterdam Court of Appeal (the "Enterprise Chamber" (*Ondernemingskamer*)), for early termination of the cooling-off period. The Enterprise Chamber must rule in favor of the request if the shareholders can demonstrate that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board, in light of the circumstances at hand when the cooling-off period was invoked, could not reasonably have concluded that the relevant proposal or hostile offer constituted a material conflict with the interests of our company and its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board cannot reasonably believe that a continuation of the cooling-off period would contribute to careful policy-making; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other defensive measures, having the same purpose, nature and scope as the cooling-off period, have been activated during the cooling-off period and have not since been terminated or suspended within a reasonable period at the relevant shareholders' request (i.e., no 'stacking' of defensive measures).

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***The market price and trading volume of our Ordinary Shares and Public Warrants may be volatile and could decline significantly which could have a further negative impact for our shareholders considering the currently low level of trading volumes of Our Ordinary shares.***

Our Ordinary Shares and Public Warrants trade under the symbols "SSU" and "SSU-WT," respectively, and have from time to time experienced significant price and volume fluctuations. Since the Business Combination and as of the date of this Annual Report, the trading volume in our Ordinary Shares has been and is extremely low due to the very low free float rate. As a result, the trading volume in our Ordinary Shares and Public Warrants is subject to significant fluctuation resulting in significant price variations even if only a small number of Ordinary Shares is traded. If the market price of our Ordinary Shares and Public Warrants declines significantly, you may be unable to resell your securities at or above the market price. We cannot assure you that the market price of the Ordinary Shares and Public Warrants will not fluctuate widely or decline significantly in the future in response to a number of factors, including, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the realization of any of the risk factors presented in this Annual Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated differences in our estimates, or in the estimates of analysts, for our revenues, results of operations, liquidity or financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions and departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to comply with the requirements of the New York Stock Exchange (NYSE);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to comply with the Sarbanes-Oxley Act or other laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future issuances, sales or resales, or anticipated issuances, sales or resales, of Ordinary Shares (including the Ordinary Shares issued as part of the Transaction, to which no lock-up restrictions apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• publication of research reports about the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance and market valuations of other similar companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broad disruptions in the financial markets, including sudden disruptions in the credit markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• material and adverse impact of the Ukraine war and the COVID-19 pandemic on the markets and the broader global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speculation in the press or investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual, potential or perceived control, accounting or reporting problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting principles, policies and guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ongoing very low free float rate for the Ordinary Shares.

In the past, securities class-action litigation has often been instituted against companies following periods of volatility in the market price of their shares. This type of litigation could result in substantial costs and divert our management's attention and resources, which could have a material adverse effect on the Company.

***If securities or industry analysts publish inaccurate or unfavorable research or cease publishing research about our company, its share price and trading volume could decline significantly.***

The market for our Ordinary Shares will depend in part on the research and reports that securities or industry analysts publish about us or our business. In the event securities or industry analysts downgrade their opinions about our Ordinary Shares, publish inaccurate or unfavorable research about us, or cease publishing about us regularly, demand for our Ordinary Shares could decrease, which might cause our share price and trading volume to decline significantly. Consequently, investors may not be in a position to sell their Ordinary Shares quickly and/or at or above the market price.

***Our Public Warrants may never be in the money, and they may expire worthless.***

The exercise price for the Public Warrants is $11.50 per Ordinary Share. The Public Warrants may never be in the money prior to their expiration, and as such, the Public Warrants may expire worthless.

***Our Shareholders may not be able to exercise pre-emption rights and, as a result, may experience substantial dilution upon future issuances of our Ordinary Shares or rights to subscribe for our Ordinary Shares.***

In the event of an issue of our Ordinary Shares or a grant of rights to subscribe for our Ordinary Shares, subject to certain exceptions, each holder of our Ordinary Shares will have a pro rata pre-emption right in proportion to the aggregate nominal value of such holder's Ordinary Shares. These pre-emption rights may be restricted or excluded by a resolution of the General Meeting or by another corporate body designated by the General Meeting. The Board is authorized for a period of five years to issue shares or grant rights to subscribe for shares up to our authorized share capital from time to time (which is approximately five times the currently issued share capital of the Company) and to limit or exclude pre-emption rights in connection therewith. Accordingly, holders of our Ordinary Shares may not have

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any pre-emptive rights in connection with, and may be diluted by, an issue of new shares and it may be more difficult for a shareholder to obtain control over the General Meeting. This could cause existing shareholders to experience substantial dilution of their interest in us.

***We are not obligated to, and do not, comply with all best practice provisions of the Dutch Corporate Governance Code (DCGC).***

We are subject to the DCGC. The DCGC contains principles and best practice provisions on corporate governance that regulate relations between the Board and the General Meeting and matters in respect of financial reporting, auditors, disclosure, compliance and enforcement standards. The DCGC is based on a "comply or explain" principle. Accordingly, companies must disclose in their statutory annual reports whether they comply with the provisions of the DCGC. If a company subject to the DCGC does not comply with those provisions, that company would be required to give the reasons for such non-compliance. We will not comply with all best practice provisions of the DCGC. This may affect your rights as a shareholder and you may not have the same level of protection as a shareholder in a Dutch company that fully complies with the DCGC.

***The JOBS Act permits "emerging growth companies" like us to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies.***

We currently qualify as an "emerging growth company" as defined in Section 2(a)(19) of the Securities Act, as modified by the JOBS Act. As such, we take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies for as long as we continue to be an emerging growth company, including the exemption from the auditor attestation requirements with respect to internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act. As a result, our shareholders may not have access to certain information they deem important.

We cannot predict if investors will find our Ordinary Shares less attractive because we rely on these exemptions. If some investors find our Ordinary Shares less attractive as a result, there may be a less active trading market and share price for our Ordinary Shares may be more volatile. The Company currently expects that it will no longer qualify as an emerging growth company under the JOBS Act as of the end of the fiscal year 2023 and that the exemptions now applicable to it will then no longer be available. The Company might fail to comply with the additional reporting requirements that will apply to the Company upon the lapse of its status as an "emerging growth company".

***As a foreign private issuer and as permitted by the listing requirements of NYSE, we follow certain home country governance practices rather than the corporate governance requirements of NYSE.***

We are a foreign private issuer. As a result, in accordance with the listing requirements of NYSE we will rely on home country governance requirements and certain exemptions thereunder rather than relying on the corporate governance requirements of NYSE. In accordance with Dutch law and generally accepted business practices, the Articles of Association do not provide quorum requirements generally applicable to general meetings. To this extent, our practice varies from the requirement of NYSE Listed Company Manual §310.00, which requires an issuer to provide in its bylaws for a generally applicable quorum, and that such quorum required for any meeting of the holders of common stock should be sufficiently high to insure a representative vote. Although we must provide our shareholders with an agenda and other relevant documents for the General Meeting, Dutch law does not have a regulatory regime for the solicitation of proxies and the solicitation of proxies is not a generally accepted business practice in the Netherlands, thus our practice will vary from the requirement of NYSE Listed Company Manual §402.04(A). As permitted by the listing requirements of NYSE, we have also opted out of the requirements of NYSE Listed Company Manual §303A.05(a)), which requires, among other things, an issuer to have a compensation committee that consists entirely of independent directors, NYSE Listed Company Manual §303A.04(a), which requires independent director oversight of director nominations, and NYSE Listed Company Manual §303A.01, which requires an issuer to have a majority of independent directors on its board. We will also rely on the phase-in rules of the SEC and NYSE with respect to the independence of our audit committee. These rules require that a majority of Directors must be independent and all members of our audit committee must meet the independence standard for audit committee members within one year of our listing on NYSE. In addition, we have opted out of shareholder approval requirements, as included in the NYSE Listing Rules, for the issuance of securities in connection with certain events such as the acquisition of shares or assets of another company, the establishment of or amendments to equity-based compensation plans for employees, a change of control of our company and certain private placements. To this extent, our practice varies from the requirements of NYSE Listed Company Manual § 312.03, which generally requires an issuer to obtain shareholder approval for the issuance of securities in connection with such events. Accordingly, you may not have the same protections afforded to shareholders of companies that are subject to these NYSE requirements.

***We may fail to meet the NYSE's listing criteria and the NYSE may not continue to list our securities on its exchange, which could limit the ability of investors to make transactions in our securities and subject us to additional trading restrictions.***

If we fail to continue to meet the listing requirements of the NYSE, our securities may be delisted, and we could face significant material adverse consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited availability of market quotations for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited amount of news and analyst coverage for us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreased ability to issue additional securities or obtain additional financing in the future.

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***Our and SSU's tax positions could be adversely affected by the future application and interpretation of applicable tax laws by tax authorities.***

The tax treatment of us and our respective affiliates depends in some instances on determinations of fact and interpretations of complex provisions of applicable tax law for which no clear precedent or authority may be available. Relevant tax rules are consistently under review by persons involved in the legislative process and taxing authorities, which may result in revised interpretations of established concepts, statutory changes, new reporting obligations, revisions to regulations and other modifications and interpretations. The present tax treatment of us and our respective affiliates may be modified by administrative, legislative or judicial interpretation at any time, and any such action may apply on a retroactive or retrospective basis. Our and our respective affiliates' effective tax rates could be adversely affected by changes in the relevant tax, accounting and other laws, regulations, principles and interpretations. Tax laws are dynamic and subject to change as new laws are passed and new interpretations of the law are issued or applied. We and our respective affiliates continue to assess the impact of such changes in tax laws and interpretations on their businesses and may determine that changes to their structure, practice, tax positions or the manner in which they conduct their businesses are necessary in light of such changes and developments in the tax laws of the jurisdictions in which we and our respective affiliates operate. Such changes may nevertheless be ineffective in avoiding an increase in tax liability, which could adversely affect the financial conditions, results of operations and cash flows.

The original treatment of a tax-relevant matter in a tax return, tax assessment or otherwise could later be found incorrect and as a result, we and our respective affiliates may be subject to additional taxes, interest, penalty payments and/or social security payments. Such reassessments may be due to an interpretation or view of laws and/or facts by tax authorities in a manner that deviates from our and our respective affiliates' view and may emerge as a result of tax audits or other review actions by the relevant financial or tax authorities. We and our respective affiliates are subject to tax audits by the respective tax authorities on a regular basis. As a result of future tax audits or other reviews by the tax authorities, additional taxes could be imposed that exceed the provisions reflected in previous financial statements. This could lead to an increase in our and/or our respective affiliates tax obligations, either as a result of the relevant tax payment being assessed directly against them or as a result of becoming liable for the relevant tax as a secondary obligor due to the primary obligor's failure to pay. Consequently, we and/or our respective affiliates may have to engage in tax litigation to defend or achieve results reflected in prior estimates, declarations or assessments which may be time-consuming and expensive.

Furthermore, current tax losses and tax loss carry-forwards existing with SSU or its German affiliates forfeit if, within a period of five years, more than 50% of the subscribed capital, membership rights, participation rights or voting rights of the respective company are transferred directly or indirectly to an acquirer or to persons closely associated with such an acquirer or a group of several acquirers with aligned interest, or if a comparable situation exists. By exception, tax losses and tax loss carry-forwards do not forfeit upon a harmful transfer of shares or any other comparable instrument as described, if, *inter alia*, to the extent such losses and loss carry forwards do not exceed the total taxable hidden reserves of the business assets of SSU or its German affiliates existing in Germany at the time of the harmful event. Various aspects of this loss forfeiture rule are unclear as of today and not yet determined by case law.

As we intend to operate in various countries and tax jurisdictions, the application of tax laws can be subject to diverging and sometimes conflicting interpretations by taxing authorities of these jurisdictions. Generally, if two or more affiliated companies are located in different countries, the tax laws or regulations of each country will typically require that transfer prices be the same as those between unrelated companies dealing at arms' length and that appropriate documentation is maintained to support the transfer prices. In addition, existing transfer pricing documentation may be considered to be insufficient by the relevant tax authorities which may also result in penalties and additional tax payments. It is not uncommon for taxing authorities in different countries to have conflicting views, for instance, with respect to, among other things, the manner in which the arm's length standard is applied for transfer pricing purposes, or with respect to the valuation of intellectual property. If taxing authorities in any of these countries were to successfully challenge SSU's transfer prices as not reflecting arm's length transactions, they could require SSU to adjust its transfer prices and thereby reallocate its income to reflect these revised transfer prices, which could result in a higher tax liability to SSU. In addition, if the country from which the income is reallocated does not agree with the reallocation, both countries could tax the same income, potentially resulting in double taxation. If taxing authorities were to allocate income to a higher tax jurisdiction, subject SSU's income to double taxation or assess interest and penalties, it would increase SSU's tax liability, which could adversely affect its financial condition, results of operations and cash flows. Furthermore, with a view that we are a Dutch corporation with effective place of management in Germany, Dutch and German tax authorities may have deviating views as to their respective entitlement under tax assets and income.

***We may become taxable in a jurisdiction other than Germany and this may increase the aggregate tax burden on us.***

Since our incorporation we have had, on a continuous basis, our place of "effective management" in Germany. We will therefore qualify as a tax resident of Germany on the basis of German domestic law. As an entity incorporated under Dutch law, however, we also qualify as a tax resident of the Netherlands for Dutch corporate income tax, Dutch dividend withholding tax and Dutch withholding tax purposes on the basis of Dutch domestic law. However, based on our current management structure and the current tax laws of the United States, Germany and the Netherlands, as well as applicable income tax treaties, and current interpretations thereof, we should qualify solely as a tax resident of Germany for the purposes of the 2012 Convention between the Federal Republic of Germany and the Kingdom of the Netherlands for the avoidance of double taxation with respect to taxes on income (the "double tax treaty between Germany and the Netherlands") due to the "effective management" tie-breaker included in Article 4(3) of the double tax treaty between Germany and the Netherlands and the current reservation made by Germany under the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the "MLI"), with respect to the tie-breaker provision included in Article 4(3) of the double tax treaty between Germany and the Netherlands (the "MLI tie-breaker reservation").

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The test of "effective management" is largely a question of fact and degree based on all the circumstances, rather than a question of law. Nevertheless, the relevant case law and OECD guidance suggest that we are likely to be regarded as having become a German tax resident from incorporation and remaining so if, as our company intends, (i) most meetings of our executive officers, who manage the day-to-day business of the Company, are prepared and held in Germany (and none will be held in the Netherlands) with a majority of executive officers present in Germany for those meetings; (ii) at those meetings there are full discussions of, and decisions are made regarding, the key strategic issues affecting our company and its subsidiaries; (iii) those meetings are properly minuted; (iv) a majority of our executive officers, together with supporting staff, are based in Germany; and (v) our company has permanent staffed office premises in Germany. We may, however, become subject to limited income tax liability in other countries with regard to the income generated in the respective other country, for example, due to the existence of a permanent establishment or a permanent representative in such other country.

The applicable tax laws or interpretations thereof may change, including the MLI tie-breaker reservation. Furthermore, whether we have our place of effective management in Germany and are as such tax resident in Germany is largely a question of fact and degree based on all the circumstances, rather than a question of law, which facts and degree may also change. Changes to applicable laws or interpretations thereof, changes to applicable facts and circumstances (for example, a change of directors or the place where board meetings take place), or changes to applicable income tax treaties, including a change to the MLI tie-breaker reservation, may result in us becoming (also) a tax resident of the Netherlands or another jurisdiction. As a consequence, our overall effective income tax rate and income tax expense could materially increase, which could have a material adverse effect on our business, results of operations, financial condition and prospects, which could cause our share price and trading volume to decline. Furthermore, the tax laws of Germany, in particular, the respective German implementation rules of the Council Directive (EU) 2016/1164 of 12 July 2016 (so-called *Anti-Tax Avoidance Directive*), may lead to additional German taxes irrespective of whether our place of effective management is in Germany or the Netherlands. In addition, dividends distributed by us, if any, may become subject to dividend withholding tax in more than one jurisdiction. The double taxation of income and the double withholding tax on dividends may be reduced or avoided entirely under the double tax treaty between Germany and the Netherlands or under a double tax treaty between the Netherlands and the respective other country. See also "*— If we do pay dividends, we may need to withhold tax on such dividends payable to holders of Ordinary Shares in both Germany and the Netherlands*" below.

***If we do pay dividends, we may need to withhold tax on such dividends payable to holders of Ordinary Shares in both Germany and the Netherlands.***

We do not intend to pay any dividends to holders of Ordinary Shares. See "— *We do not anticipate paying dividends on our Ordinary Shares*." However, if we do pay dividends, we may need to withhold tax on such dividends both in Germany and the Netherlands.

As an entity incorporated under Dutch law, any dividends distributed by us are subject to Dutch dividend withholding tax on the basis of Dutch domestic law. However, on the basis of the double tax treaty between Germany and the Netherlands currently in effect, the Netherlands will be restricted in imposing these taxes if we are also a tax resident of Germany and our effective management is located in Germany (the "withholding tax restriction"). See also "— *We may become taxable in a jurisdiction other than Germany and this may increase the aggregate tax burden on us*" above. The withholding tax restriction does, however, not apply, and Dutch dividend withholding tax is still required to be withheld from dividends, if and when paid to Dutch resident holders of our Ordinary Shares and non-Dutch resident holders of our Ordinary Shares that have a permanent establishment in the Netherlands to which their Ordinary Shares are attributable. As a result, upon a payment of dividends, we will be required to identify our shareholders in order to assess whether there are Dutch residents or non-Dutch residents with a permanent establishment in the Netherlands to which the Ordinary Shares are attributable in respect of which Dutch dividend withholding tax has to be withheld. Such identification may not always be possible in practice. If the identity of our shareholders cannot be determined, withholding of both German and Dutch dividend withholding tax may occur upon a payment of dividends.

Furthermore, the withholding tax restriction referred to above is based on the current MLI tie-breaker reservation. If Germany changes its MLI tie-breaker reservation, we will not be entitled to any benefits of the double tax treaty between Germany and the Netherlands, including the withholding tax restriction, as long as Germany and the Netherlands do not reach an agreement on our tax residency for purposes of the double tax treaty between Germany and the Netherlands, and, as a result, any dividends distributed by us during the period no such agreement has been reached between Germany and the Netherlands, may be subject to dividend withholding tax both in Germany and the Netherlands.

***We may be or may become a passive foreign investment company (PFIC), which could result in adverse U.S. federal income tax consequences to U.S. Holders.***

If we or any of our subsidiaries is a PFIC for any taxable year, or portion thereof, that is included in the holding period of a U.S. Holder (as defined in the section of this registration statement captioned "*Taxation*"), such U.S. Holder may be subject to certain adverse U.S. federal income tax consequences and may be subject to additional reporting requirements. We and our subsidiaries are not currently expected to be treated as PFICs for U.S. federal income tax purposes for the taxable year of the Business Combination or for foreseeable future taxable years. However, this conclusion is a factual determination that must be made annually at the close of each taxable year and, thus, is subject to change. Accordingly, there can be no assurance that we or any of our subsidiaries will not be treated as a PFIC for any taxable year. Moreover, we do not expect to provide a PFIC annual information statement for 2022 or future taxable years. U.S. Holders are urged to consult their tax advisors regarding the possible application of the PFIC rules to holders of our Ordinary Shares and Public Warrants.

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**ITEM 4. INFORMATION ON THE COMPANY**

**A.&nbsp;&nbsp;&nbsp;&nbsp;History and Development of the Company**

We were incorporated as a Dutch private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*) under the name SIGNA Sports United B.V. on May 19, 2021 solely for the purpose of effectuating the business combination (the "Business Combination") between us, Yucaipa Acquisition Corporation, a Cayman Islands exempted company ("Yucaipa"), SIGNA Sports United GmbH, a German limited liability company, Olympics I Merger Sub, a Cayman Islands limited liability company ("Merger Sub"), and SIGNA International Sports Holding GmbH, a German limited liability company ("SISH"). Upon the closing of the Business Combination on December 14 , 2021, we converted into a Dutch public limited liability company (*naamloze vennootschap*) and changed our name to SIGNA Sports United N.V. The Business Combination also included the acquisition of Mapil TopCo Limited and Chain Reaction Cycles Retail Limited ("CRC") (together with its subsidiaries, the "Wiggle Group") by SSU. Our ordinary shares were admitted to trading and listed on the NYSE on December 15, 2021.

Prior to the Business Combination, we did not conduct any material activities other than those incident to our formation and certain matters related to the Business Combination, such as the making of certain required securities law filings and the establishment of subsidiaries to effect the Business Combination. Upon the closing of the Business Combination, SSU became the direct, wholly owned subsidiary of the Company, and holds all material assets and conducts all business activities and operations of the Company.

We are registered in the Commercial Register of the Chamber of Commerce (*Kamer van Koophandel*) in the Netherlands under number 82838194. We have our corporate seat in Amsterdam, the Netherlands and the mailing address of our principal executive office is at Kantstraße 164, Upper West, 10623 Berlin, Federal Republic of Germany.

The SEC maintains a website at <u>http://www.sec.gov</u> that contains reports and other information that the Company files with or furnishes electronically to the SEC.

The website address of the Company is <u>https://signa-sportsunited.com/</u>. The information contained on the website does not form a part of, and is not incorporated by reference into, this Annual Report.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Business Overview** 

**Overview**

SIGNA Sports United is a specialist online sports retail company based in Berlin, Germany. The Company has operations spanning Europe, the UK and the US. We own companies and brands in various sports categories including bike, tennis, outdoor and team sports. We listed on the New York Stock Exchange (NYSE) on December 15, 2021, after executing our organic and inorganic growth strategy since 2018 to compile a market-leading collection of e-commerce and sports brands assets. Today, we serve over 6.7 million customers worldwide by selling equipment and apparel mainly through more than 50 online webshops, collaborating with more than 500 physical shops.

We define our relevant market as the global sports retail market in which we offer a broad range of sports products, including hard goods such as equipment, parts and accessories and soft goods such as functional wear and clothing. Our products range across multiple verticals, including cycling, outdoor, racket sports, team sports, swimming, running or fitness. Sales through our owned webshops drive most of our revenue, supplemented with online marketplaces and our offline stores.

Our growth strategy is defined by a 3-pillar approach to increase the scale of the Group and improve the financial profile. Within this strategy, we are focused on increasing market share within our existing markets, in particular by selling more of our proprietary Brand portfolio, and extending into adjacent categories or markets. The second pillar is to continue building scale through M&A by acquiring online retailers and brands in our categories. Thirdly, we are leveraging the strength of our core retail business to extend into third-party business models with attractive financial profiles.

We have not yet generated any consolidated net profit since our inception, have had negative operating cash flows and relied on external financing. Since our NYSE listing in December 2021 we have been unable to raise any external third party financing, and all of our funding needs were secured by an affiliate of our largest shareholder, SIGNA International Sports Holding GmbH. While we experienced significant growth in the past, we currently anticipate minimal to negative growth rates in the near future due to reduced mergers and acquisitions activities, risks of recession, rising interest rates, inflation and other headwinds in Europe and the United States. In addition, we have in the last year experienced internal accounting controls issues at one of our material subsidiaries and misjudged the demand for our product offering due to changing customer preferences, which has led to excess inventory resulting in liquidity challenges and an adverse impact on our profitability margin. In response to our operating losses and materially adverse effects on our liquidity position, we are currently working to develop and implement a comprehensive operational initiative to improve our operating performance and our cash, liquidity and financial situation and prospects. This operational alignment program includes measures to increase pricing and delivery thresholds; reduce assortment ranges; increase working capital efficiency; focus on own-brand development and cross-selling;

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reduce or exit brand marketing, non-profitable partnerships and offline activities; delay or cancel non-core capital investments; merge or exit business lines; reduce operational headcount and overhead to reflect an anticipated lower revenue base; and reconfigure our group organization, improve internal control systems and processes and accelerate the overall integration of our previously acquired operating businesses.

Our geographic footprint has evolved to serve customers across the globe. Our products are sold through numerous online webshops as well as selected physical locations to customers primarily located in Europe, the UK and the US, with 293.2 million website visits on SSU-owned websites (the fiscal year 2021: 262.9 million) and 8.7 million net orders (i.e. orders after cancellations and returns; the fiscal year 2021: 6.8 million) via SSU sales channels in the fiscal year ended September 30, 2022.

Over the past four years, we have significantly expanded our global customer base and net sales.

![ssu-20220930_g1.jpg](ssu-20220930_g1.jpg)

![ssu-20220930_g2.jpg](ssu-20220930_g2.jpg)

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![ssu-20220930_g3.jpg](ssu-20220930_g3.jpg)

We grew our active customers by 39.6% to 6.7 million in the fiscal year 2022 compared to the fiscal year 2021 (4.8 million). We reported net revenue for the fiscal year ended September 30, 2022, of €1,062.8 million representing a growth of 30.6% from the fiscal year 2021: €813.7 million.

**Industry & Growth**

We operate primarily within the online sports retail industry, focusing on providing a specialist proposition to our customers with a broad product offering supported by expert advice, recommendations and tailored services. Our specialist approach focuses on several key businesses: bike & outdoor, tennis and team sports. Bike & outdoor is our largest business, with approximately 71.8% of SSU's net revenues, followed by tennis and team sports, with approximately 24.4% and 3.8% of SSU's net revenues, respectively, in the fiscal year ending September 30, 2022. Similarly, in the prior fiscal year ended, bike & outdoor represented approximately 74.6% of SSU's net revenues, followed by tennis and team sports with about 20.3% and 5.1% net revenue share, respectively.

***Long-term trends*** - The sports industry represents one of the largest consumer industries, with a total global market size that exceeded $1.1 trillion (*Source: Company information*) in 2020, of which the online and offline international sports retail market is approximately $475 billion (*Source: Company information*). It is expected that the offline and online global sports retail market will grow to $670 billion by 2025 due to numerous structural megatrends that are likely to serve as growth tailwinds for the industry (*Source: Company information*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Health / Longevity - Consumers across the globe are placing an increased emphasis on health and longevity, and sport is a primary tool for supporting their health goals, increasing the global demand for sports equipment and apparel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Sustainability- Green initiatives and sustainability concerns continue to grow in importance for consumers and governments alike. As consumer preferences shift and government incentives continue to be rolled out, demand for bike and bike apparel as a means of offsetting the carbon emissions of automobile transport is likely to continue and drive additional adoption, particularly in the e-bike category

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.E-commerce penetration- Comparable to similar categories such as fashion, sports e-commerce remains under penetrated as a percentage of total sports retail sales relative to other categories such as consumer electronics or toys. As online offerings continue to improve and consumer preferences continue to favor the experience of shopping online, we anticipate the share of e-commerce sales to grow steadily in the coming years.

***Opportunity*** - The fragmented sports retail market presents us with a unique consolidation opportunity to build a globally scaled specialist online sports retail company. The majority of our online competition is regional and lacks the infrastructure or access to capital to replicate our strategy.

We believe we are well positioned as the market consolidates to leverage our scale, expertise, and infrastructure to benefit from the expected growth of the online sports market.

**Why a Specialist Approach**

We believe sports consumers can be best served with a specialist proposition rather than a one-size-fits-all generalist retail model. In contrast to other consumer markets such as electronics, fashion, or fast-moving consumer goods, which are characterized by more homogenous customer preferences across product categories (e.g., customer behavior in fashion markets differ more across gender than across product categories like shirts, trousers, and jackets), sports customer preferences vary significantly across product categories. For example, tennis racket orders require customized stringing, advice from coaches can be an essential part of the purchase decision, and professional players are important influencers.

A study conducted by SSU in January 2021 (based on a survey completed by more than 16,000 consumers from Germany, France, the UK and the US) has shown that specialist online sports retailers are more likely to be the preferred shopping destination for equipment-intensive sports such as biking, tennis, golf, horse-back riding or winter sports compared to general online retailers. According to the study, two-thirds of consumers prefer to purchase at online sports specialists for equipment-heavy sports. Additionally, consumers spend

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more per order when shopping with online sports specialists, translating into more favorable unit economics (source: company information).

As a specialist sports retailer, we can offer several critical benefits to our customers that create a structural advantage over the offline or generalist offering:

***Broad Assortment of Specialist Products*-** wider range of products enabling direct comparison and convenience.

***Product Content and User Experience*-** includes filters that allow easy product browsing, scheduled product advisory over chat and phone, and sizing recommendation engines.

***Value Added Services*-** includes premium delivery with certified mechanics, access to a network of offline partner shops, and product specific financing and insurance options.

***Customization***– includes personalized team jersey printing and customized racket stringing to obtain optimal tension.

**Our Sites and Brands**

Our online specialist sports shops offer a wide variety of products from third-party brands and our own brands. Our focus on supplementing our product offering with detailed product descriptions, customer reviews and access to expert advice has resulted in high customer satisfaction and a steadily growing customer base.

To best serve our customers, our suite of webshops each has a distinct brand identity offering a broad assortment of products tailored to a specific customer segment or focus sport.

***Bike***: fahrrad.de, Bikester, Wiggle, Chain Reaction, Probikeshop and Brügelmann

***Tennis***: Tennis-Point, Tennis-Point (US) (formerly Midwest Sport), Tennis Express, Tennis PRO, CenterCourt, Tennis Peters, Padel-Point and Running-point

***Outdoor***: Addnature and Campz

***Team sports***: Outfitter and BallSide

Across our sites, we also feature the products of our own brands. We sell our own brands directly through our retail webshops and direct to consumers through branded websites. We distribute some of our full-bike brands wholesale to offline independent bike dealers which grows brand recognition.

***Hard Goods***: Nukeproof, Vitus, Serious, Ortler, Fixie Inc, Vermont and Red Cycling Products

***Soft Goods***: DHB, Föhn, Quiet Please and Outfitter Ocean Fabrics

**Sales Channels**

***Online and Mobile***- Our sales occur predominantly through our own online and mobile channels and in specific categories (primarily team sports) through third-party marketplaces such as Zalando. Sales through online and mobile channels account for almost all of our sales. In the year ended September 30, 2022, online sales were 878.5 million or 83%of total sales. Similarly, online sales were 692.4 million or 85% of total sales in the previous twelve months ended September 30, 2021.

***Physical Stores*** – As part of our omnichannel retail strategy, we operate physical locations to further connect with consumers and broaden the reach of our brands.

Bike - We have more than 10 physical bike stores across Europe and the U.K. In addition, our online shops are connected with more than 500 local bike stores that offer click-and-collect, repair and order services.

Tennis - We have more than 50 shops and/or franchise stores across Europe, the United States of America, the U.K. and Asia.

Outdoor- We currently operate a store in the city center of Stockholm (Sweden).

Team sports- In Germany, we operate a flagship store which serves as an anchor point for the local soccer community and a retail outlet store.

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***Business-to-business (B2B)***- We currently maintain business-to-business ("B2B") customers primarily through our associations with sports clubs/associations across our verticals, distributing our full-bike brands to independent bike dealers, and our Retail Media Sales ("RMS") business which allows brands to run targeted ad campaigns and shop-in-shop functionality on our webshops.

**Our Growth Strategy**

We have outlined a three-pillar strategy to strengthen our market-leading position in our core markets and expand our business into additional growth areas and business models.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.Drive Share***

Owned Brands- Increase the revenue share stemming from our Owned Brand portfolio

Geographic expansion- Expand into geographic markets with attractive characteristics (e.g. U.S.)

New Categories- Leverage existing infrastructure to grow into adjacent categories (e.g. running)

Omnichannel Strategy- Connect with consumers through flagship retail locations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.Inorganic***

M&A – build scale by continuing to acquire specialist online sports retailers and brands in our categories

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.Expand into third-party business models***

Retail media sales – Leverage customer reach to sell advertising (e.g. brand marketing on webshops, paid promotions etc.)

Marketplace – Enable suppliers to list products directly on our websites, with SSU earning a commission on sales. The benefits include greater working capital efficiency, breadth of assortment and improved product depth

**Competition** 

We are a leading scaled e-commerce sports specialist focusing primarily on bike, tennis, outdoor and team sports markets. These markets are highly competitive, fragmented and rapidly changing. Our competition includes offline generalist sporting goods retailers, specialty offline sporting goods retailers, online specialist sports retailers, online generalist retailers and marketplaces, and sporting goods brands in the Europe region, the U.K., and the U.S. including:

***Offline generalist sporting goods retailers***: Decathlon, DICK's Sporting Goods, INTERSPORT, SportScheck, Sports Direct, JD Sports Fashion Plc.

***Specialty offline sporting goods retailers***: Independent retailers, Halfords, Rose Bikes,

***Online specialist sports retailers***: Backcountry.com, Bike24, Bike-discount, and Sports Warehouse

***Online generalist retailers and marketplaces***: Amazon, eBay, Zalando

***Sporting goods brands***: Nike, Adidas, Canyon, Specialized, Brompton Bikes

We have identified the primary competitive factors in our relevant market: a wide selection of products, customer service, quality, convenience, price, browsing ease, advice, and fulfillment speed.

Our broad assortment, user experience, product content and advisory, value added services and fulfillment infrastructure, allows us to provide our customers high quality customer service at attractive price points, and timely fulfillment. The combination of these capabilities is what provides us with a sustainable competitive advantage.

**Seasonality**

Our businesses are seasonal in nature, and we generate the majority of our sales and operating income during the third and fourth fiscal quarter that includes the summer holiday season. As a result, our overall profitability is heavily impacted by our third and fourth quarter operating results. Our sales and marketing expenses as a percentage of sales are lowest in the third and fourth quarter due to higher existing customer purchases during the summer holiday season which have lower marketing costs as a percent of total sales. Additionally, in preparation for the summer holiday sales season, our businesses significantly increase inventory levels. Weather conditions during this time of the year may also have an impact on our business. Due to our geographic footprint, the impact of weather conditions is partially

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mitigated by the fact that we reach customers throughout the entire European continent which is rarely affected by low-pressure weather conditions as a whole. In addition, sports events can have a particular effect on sales. For instance, the success of major tennis stars can significantly boost sales in our tennis businesses.

**Marketing**

Our marketing strategy is divided into paid and non-paid methods aimed at bringing new and repeat customers to our webshops.

***Paid marketing*-** generally includes search engine advertising (promotion of website through visible ads on a search engine screen), display marketing (promotion of website through visible ads on third-party websites and blogs), paid partnership with federations and associations, traditional TV advertising, paid social media, and content marketing.

***Non-paid marketing*-** generally includes search engine optimization (promotion of website within a search engine's results), non-paid social media, email and content marketing.

On acquiring customer or potential customer contact details we employ customer relationship management activities to maintain customer loyalty and drive repeat orders including personalized email marketing and customer retargeting. We track and manage the efficacy of our paid and total marketing spend to ensure efficient return on investment.

**Logistics**

Handling and shipping sports goods can be complex as the products include items with differing characteristics and sizes. While a substantial share of the products is easy to transport (e.g. apparel, accessories, balls), tennis rackets are fragile items that require a fair amount of customization (e.g. stringing, grip adjustment) before being shipped. Full- bikes are large and complex items of high value that often require customized and complex assembly (e.g. e-bikes) and sometimes two- man handling delivery.

While we strive for integration amongst our businesses, we retain a product-specific approach when and where required. Some facilities like our distribution center in Großostheim (Germany), are handling similar items across different verticals to realize economies of scale, while other facilities, like the distribution center in Holdorf (Germany), are focusing on specific product categories, in this case, full-bike assembly and outbound logistics.

We use three different set-ups for our logistics centers. The logistics centers can be internal, i.e., own logistics hub operated at business units levels, external, i.e., logistics fully outsourced to external parties, or hybrid, i.e., based on the in-built model, where the assembly line is owned by us but located at an outsourced warehouse operated by an integrated partner under our supervision. This approach ensures flexibility with respect to handling specific customer needs and seasonality of certain product groups.

We have implemented various degrees of automation at selected warehouses (e.g. AutoStore at Herzebrock-Clarholz), resulting in reduced labor costs, increased speed and accuracy of product fulfillment.

We are continuously optimizing our fulfilment network and global supply-chain set-up. For example, we entered a long-term third party logistics service contract with a third-party contractor that will provide us with additional warehouse capacities mainly to cover the European markets for the Bike and Outdoor verticals but also allows flexibility to onboard further categories as required. Our current logistical footprint exhibits good cost ratios and sets us up for significantly increased capacity with limited future investment requirements.

**IT Infrastructure**

We have adopted a technology-forward and data-driven approach to all aspects of our operations. At the heart of this approach, is an IT infrastructure set-up that puts highest emphasis on security and reliability. Recruiting and retaining technology talent is therefore of high importance. We also strive to achieve cross-fertilization of best practices across segments with the aim of allowing scalability of our IT infrastructure while preserving agility.

We are currently in the process of further harmonizing our IT platform on the basis of a group wide IT blueprint allowing us to quickly develop new features and implement them across the group. Legacy tools are replaced by group-wide uniform IT solutions. This will allow for an overall more efficient IT architecture, with the ability to exploit potential synergies across all webshops whenever possible. The IT architecture will be comprised of different modules and services that only need to be developed once but can be utilized across all online shops, ensuring full scalability of the business. This has been implemented already with customer facing applications like Salesforce Commerce Cloud throughout a large portion of the webshops in our group.

Our platform is engineered to build and leverage data to provide a personalized experience to our customers. We collect insights from our customers' interactions through algorithms and through traditional information retrieval techniques, such as "cookies". These insights include information on customer activity, behavior, demographics and purchasing history, which we use to improve the shopping experience of our customers, customize our offerings, increase the conversion rate, purchase frequency and average order value, continuously optimize the efficiency of our business operations and to initiate targeted marketing activities across various channels. We

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have also implemented a broad array of services and systems for pricing, site management, product searching, customer interaction, transaction processing, and order fulfillment functions, notably through the use of smart data. These services and systems use a combination of our own technologies and commercially available, licensed technologies.

We are committed to leverage our investments in our IT infrastructure to further enable and accelerate our buy-and-build strategy to create synergy.

**Patents, licenses, industrial, commercial or financial contracts**

We rely on licenses to utilize certain technology provided by third parties, such as database technology, our e-commerce and technology platform, operating systems for our servers and other computers and components for our servers. These third-party technology licenses may cease to be available to us on commercially reasonable terms, or at all and we would need to obtain substitute technology, which may not be available.

We also depend upon the successful operation of third-party products in conjunction with our software and any errors in these third-party products, which may be outside of our control, may prevent the implementation or impair the functionality of our software and internet-based services, or delay the introduction of new services. See Item 3. Key Information — D. Risk Factors "*Our business may be harmed if we are unable to secure licenses for third-party technologies on which we rely.*"

For a summary of the contracts that are material to the Company's business or profitability, see Item 10. — C.*Material Contracts*.

**Competitive position**

For the basis of any statements regarding our competitive position see "*Market and Industry Data*" and "*Cautionary Note Regarding Forward Looking Statements.*"

**Government Regulation**

We sell products through various online webshops as well as selected physical locations mainly to customers in the European Union, Switzerland, Norway, the UK and the US. Therefore, our business is subject to various regulatory requirements under European law and regulations of the EEA, the applicable national laws of the European countries in which we operate as well as the laws of Switzerland, Norway, the UK and the US (including the local laws of the federal states in the US).

While the relevant laws and regulations are typically of a national scope, within the European Union, a considerable degree of regulatory harmonization exists in a number of areas relevant to our business. The European Union has created a common regulatory framework that applies in all member states of the European Union and comprises directives and regulations. Directives only become effective once they are transposed into national law in the respective member state of the European Union and the implementation of directives may vary between member states. Regulations, however, do not require implementation into national law and apply directly and uniformly in all member states of the European Union. In addition, Switzerland, Norway and the UK have enacted national regulatory frameworks that are somewhat similar to the framework applicable in the European Union in certain areas (*e.g.*, regarding data and consumer protection).

The following description provides an overview of selected regulations applicable to our business.

***Data Protection and Data Privacy in the European Union***

The collection, processing and other use of personal data is extensively regulated by European and national legislation. At the EU level, Regulation (EU) 2016/679 of the European Parliament and of the Council of April 27, 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (the "General Data Protection Regulation") entered into force on May 25, 2018. In Germany, our most important jurisdiction in the European Union in terms of revenue, the General Data Protection Regulation is supplemented and modified by the German Federal Data Protection Act (*Bundesdatenschutzgesetz* (the "Data Protection Act")), which was last amended with effect from November 26, 2019.

In general, European data protection and data privacy laws regulate when and how personal data may be collected, for which purposes it may be processed, for how long such data may be stored and to whom and how it may be transferred. The General Data Protection Regulation contains strict requirements for obtaining the consent of data subjects (*i.e.*, the persons to whom personal data relates) to the use and processing of their personal data. Such consent may be withdrawn at any time and without cause, preventing the continued use of the affected data. In addition, a transfer of personal data to entities outside the EEA is subject to specific requirements.

The General Data Protection Regulation also requires organizational measures such as the installation of a data protection officer (*Datenschutzbeauftragter*) who, inter alia, monitors compliance with the General Data Protection Regulation. In addition, it may require so-called privacy impact assessments, at least in cases where the data processing is likely to result in a high risk to the rights and freedoms of individuals.

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In addition to the General Data Protection Regulation and the Data Protection Act, various sector-specific statutes set forth specific rules which apply to certain industries or businesses and prevail over the general provisions of the Data Protection Act. Generally, online retailers based in Germany have to comply with the specific requirements of the German Tele Media Act (*Telemediengesetz* (the "Tele Media Act")), which is based on the European Directive 2007/65/EC of December 11, 2007 and takes into consideration particular aspects of online communication and may deviate from the Data Protection Act. For example, the Tele Media Act provides for additional information obligations which are stricter than the general requirements of the Data Protection Act (e.g., a requirement to include an imprint on websites and apps). Similar provisions apply in other countries of the European Union based on the before-mentioned directive.

The following selected areas of data protection and data privacy are of particular relevance to our business:

***Individual Rights of Data Subjects***

Under the General Data Protection Regulation data subjects, inter alia, have a right to require information about what data has been recorded with respect to them, how their data is being processed, the right to data portability as well as the right to restrict certain processing of their data. Furthermore, the General Data Protection Regulation establishes a "right to be forgotten". Therefore, data subjects may require online retailers that data relating to such data subjects is deleted when there is a problem with the underlying legality of the processing or where the data subjects have withdrawn their consent to the use and storage of such data.

***Web Analysis***

Web analysis technologies such as cookies or tracking tools (e.g., Google Analytics) enable us to utilize traffic to our websites and apps to personalize our offering and marketing efforts to better match the interests of our customers. Even though some web analysis tools allow for the anonymization of data (e.g., by collecting only a part of the users' IP addresses) and do not allow for a subsequent allocation of such data to individual users, the use of such tools may still be subject to data privacy laws when the relevant information collected is only pseudonymized (e.g. through the allocation of customer or user IDs to certain users).

Based on a decision by the European Court of Justice on October 1, 2019, the use of cookies that are not mandatory for the proper functioning of the relevant website requires a clear affirmative act of the user and that a pre-activated checkbox does not fulfil this requirement. This decision was confirmed by the Federal Court of Germany (Bundesgerichtshof), on May 28, 2020 under German law. Currently, certain details as to how to validly obtain prior consent of the users are still open and there can be no assurance that further restrictions in obtaining prior consent, if widely adopted, will not result in a significant reduction in the effectiveness of the use of cookies and other methods of online tracking. This uncertainty in relation to the exact implementation of future consent requirements and the exact implementation of tighter legislative restrictions may lead to lower opt-in rates for the application of our cookies and other methods of online tracking.

The use of cookies, which is currently regulated by, inter alia, the General Data Protection Regulation and the German Telecommunications Telemedia Data Protection Act (TTDSG), may be restricted further by a new European regulation concerning the respect for private life and the protection of personal data in electronic communications. This legislation provides for an opt-in regime pursuant to which the use of cookies requires a clear affirmative act establishing a freely given, specific, informed and unambiguous indication of the respective user in the relevant website or app. In February 2021, the Council of the European Union submitted a revised version of the draft regulation to the European Parliament to initiate the so called trialogue negotiations and further advance the legislative process.

***Profiling***

The General Data Protection Regulation imposes various restrictions on profiling. Profiling can be defined as any form of automated processing of personal data intended to evaluate certain personal aspects relating to a natural person or to analyze or predict such person's performance at work, economic situation, location, health, personal preferences, reliability or behavior. Such restrictions impede the ability of online retailers to establish a centralized data strategy with group-wide consolidation of customer data and to offer more curated and personalized content which may require an analysis that could be considered profiling.

***Email Advertisements***

Subject to certain exceptions, email advertisements (e.g., newsletters) may only be sent to recipients who have given their explicit prior consent to receiving such communication. In Germany, case law demands that in certain cases consent must be obtained by way of a so-called double-opt-in procedure. This procedure requires that recipients give their consent twice (i.e., once by filling out an online registration form, a second time by confirming their email address after they have registered).

When obtaining the relevant consents, the respective sender has to clearly inform the recipients on the scope and consequences of their consent. For example, a declaration of consent may not be hidden in general terms and conditions but must be clearly highlighted. Consent may be withdrawn at any time without cause.

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As an exception from the consent requirement, personalized product recommendations may be sent to customers by email without their explicit prior consent provided, inter alia, that such recommendations only relate to products identical or similar to those previously purchased by the respective customer and that the customer has been duly informed about his right to object to receiving such recommendations.

***Social Plugins***

Online retailers use social plugins (*e.g.*, Facebook's "Like" or "Share" buttons) to promote their websites and apps through social media and to communicate with their customers and followers. However, the use of social plugins may infringe data privacy laws depending on the technical design of the relevant plugin. Therefore, some German data protection authorities recommend the use of a two-click-solution pursuant to which users must first activate the relevant social plugins before being able to actually click on the relevant buttons. This two-click-solution is aimed at ensuring that no personal data is collected through social plugins without the consent of the relevant user and assumes that consent is not already given by activating social plugins with the first click.

***Payment Processes***

Directive (EU) 2015/2366 of the European Parliament and of the Council of November 25, 2015 on payment services in the internal market covers, inter alia, online-based payment services, provides for a uniform regulation of payments via Internet and mobile phones and increased customer protection and requirements for user authentication.

***Consequences of Non-Compliance***

Under the General Data Protection Regulation, any non-compliance with the relevant regulations may result in severe fines. Depending on the relevant infringement, fines of up to the higher of 4% of the annual worldwide turnover for the last fiscal year or €20.0 million may be imposed. In addition, the General Data Protection Regulation grants individual data subjects the right to claim damages for violations of their rights under the General Data Protection Regulation.

***Cybersecurity***

We are also required to comply with various cybersecurity requirements. In particular, the General Data Protection Regulation and the Data Protection Act stipulate that entities that collect and process personal data (*e.g.*, most online retailers including our company) must implement certain technical and organizational measures to ensure that such data is processed and stored safely, remains confidential and can be restored and accessed again after interruptions. These measures may include physical security against unauthorized access and manipulation (*e.g.*, secure storage and transportation of physical data carriers), password security, authorization concepts, logging of subsequent changes of data, separation of data that has been collected for different purposes, reasonable encryption as well as protection against accidental loss, destruction or damage of data. Furthermore, the effectiveness of such measures must be tested regularly.

In addition, online retailers must ensure that appropriate compliance measures cover the detection and control of IT-related risks. In Germany, the German Act to Increase the Security of Information Technology Systems (*Gesetz zur Erhöhung der Sicherheit informationstechnischer Systeme*) amended the Tele Media Act in 2015. German law requires operators of websites and apps to protect their IT-infrastructure, particularly any data they collect and store, against outside attacks in accordance with the current standards of technology (*Stand der Technik*).

Directive (EU) 2016/1148 of the European Parliament and of the Council of July 6, 2016 concerning measures for a high common level of security of network and information systems (the "NIS Directive"), which was implemented in Germany on June 23, 2017, provides for additional requirements in order to protect the integrity of network and information systems. The NIS Directive, inter alia, requires digital service providers (e.g., online marketplaces) to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• carefully review their existing network security mechanisms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implement state of the art security measures aimed at ensuring a level of security appropriate to the risk of the respective provider; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish proper notification measures to promptly notify the competent authority of any incident which has a substantial impact on the services offered in the European Union.

Furthermore, the General Data Protection Regulation generally requires us to inform the competent supervisory authority of any breaches of personal data stored or processed by us within 72 hours of becoming aware of such breach. Where the relevant breach is likely to result in a high risk to the rights and freedoms of the affected data subjects, we are also required to inform these data subjects of such breach without undue delay.

***Consumer Protection***

As we are an online sports e-commerce platform, our products must comply with various consumer protection laws. Throughout the European Union, consumer protection is extensively regulated on the basis of various directives and regulations, in particular:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Council Directive 93/13/EEC of April 5, 1993 on unfair terms in consumer contracts, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directive 1999/44/EC of the European Parliament and of the Council of May 25, 1999 on certain aspects of the sale of consumer goods and associated guarantees, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directive 2000/31/EC of the European Parliament and of the Council of June 8, 2000 on certain legal aspects of information society services, in particular electronic commerce, in the internal market, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directive 2005/29/EC of the European Parliament and of the Council of May 11, 2005 concerning unfair business-to-consumer commercial practices in the internal market, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directive 2011/83/EU of the European Parliament and of the Council of October 25, 2011 on consumer rights (the "Consumer Rights Directive"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulation 2018/302/EU of the European Parliament and of the Council of February 18, 2018 on addressing unjustified geo-blocking (the "Geo-blocking Regulation").

The aforementioned European directives on consumer protection and the national laws implementing or complementing these directives impose extensive duties and responsibilities on our company described in more detail in the following.

***Information Requirements***

Online retailers are subject to extensive and formalized information requirements. For example, they have to provide potential customers with detailed and accurate information on the main characteristics of their products, price and payment details and on statutory withdrawal rights (see "Withdrawal Rights" below). Online retailers have to observe these requirements when designing and structuring their websites and apps as well as their ordering, payment and fulfillment processes.

As a result of changing legislation, online retailers are regularly required to adapt their offering and processes. For example, the Consumer Rights Directive requires online retailers to ensure that during the order process consumers explicitly acknowledge that their order implies an obligation to pay. If placing an order requires activating a button or a similar function, such button must be labeled "order with obligation to pay" or similarly labeled, and the retailer must ensure that consumers are made aware of certain key information relating to the purchase directly before placing orders by activating such button.

***Warranty Rights***

Online retailers are responsible for the conformity of their products with the agreed condition and liable to consumers for any lack thereof at the time of delivery. In case of product defects, consumers may require the relevant retailer to repair or replace the relevant products free of charge. Consumers may even request the removal of the originally delivered products and the reassembly or installation of the replacement products at the seller's expense.

***Withdrawal Rights***

Consumers have the right to withdraw from online purchases without cause within 14 days from the day on which the consumer comes into possession of the relevant products. Certain online retailers may voluntarily extend such period for the exercise of withdrawal rights. Online retailers are required to inform consumers of their statutory withdrawal rights and failure to do so results in an extension of the withdrawal period by twelve months, unless the online retailer subsequently informs the customers of their withdrawal rights. In such case, the withdrawal period ends 14 days after the subsequent information. Consumers must exercise their withdrawal rights by explicitly declaring their withdrawal (e.g., in writing, per email or phone). A return of the relevant products without a clear statement indicating the intention to withdraw from the contract does not constitute a valid declaration of withdrawal.

Following a valid exercise of the statutory withdrawal right, the consumer is required to return the relevant products within 14 days. During the same period, the retailer is required to reimburse the purchase price, including shipping costs, if any. However, the retailer is not required to reimburse the consumer for any additional costs, if the consumer has expressly opted for a more expensive type of delivery (e.g., express delivery). The consumer generally has to bear the expenses for the return, unless the retailer has agreed to bear them or failed to properly inform the consumer that he will have to bear such expenses in case of a withdrawal. In addition, the consumer is also required to compensate the seller for any loss in the value of the returned products, unless (i) such loss was caused by the customary handling of the products in order to examine their condition, features and functionalities or (ii) the seller has failed to properly inform the customer of his statutory withdrawal rights.

***Advertising***

Advertising efforts (e.g., promotional games, newsletters and personalized product recommendations) are heavily regulated, in particular if distributed via email or telephone. Advertisements may not be misleading, harassing, coercing or unreasonably or otherwise unduly influence consumers. These criteria leave wide room for interpretation, resulting in significant uncertainty as to how competent authorities will apply them.

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***Anti-discrimination/Geo-blocking***

On December 3, 2018, the Geo-blocking Regulation entered into force. Under the Geo-blocking Regulation, traders have an obligation to treat EU customers in the same manner when they are in the same situation, regardless of their nationality, place of residence or place of establishment. Customers from another EU member state must have the same access and possibility to acquire goods and services as local customers and must be allowed to access different national channels. The Geo-blocking Regulation covers situations which include both online and offline sales of goods and services as well as cases where these two channels are integrated (omni-channel).

While traders are free to choose the range of payment means they accept, they should not discriminate against customers within the EU by refusing transactions or applying different conditions of payment based on the customers' nationality, place of residence or establishment or in relation to the location of the payment account, the establishment of the payment service provider or the place of issue of the payment instrument. Differential treatment is prohibited if payments are made by means of electronic transactions by credit transfer, direct debit or a card-based payment instrument within the same brand and category, authentication requirements are fulfilled and the payments are in a currency that the trader accepts. Traders are also free to limit the number of shipping destinations within the EU, to the extent customers do have the possibility to obtain delivery of their products by other means.

The Geo-blocking Regulation does not contain any rules on the enforcement of non-compliance with these obligations. Each member state must designate one or more bodies for its adequate and effective enforcement. In Germany, the Federal Network Agency (Bundesnetzagentur) is responsible for the enforcement of the Geo-blocking Regulation. It may, e.g., issue orders and impose fines on German traders who contravene the regulation.

***Consequences of Non-Compliance***

Failure to comply with provisions on consumer protection may give rise to civil liability, administrative orders or fines and may even result in the invalidity of the affected agreements with the relevant purchasers.

***Product Safety***

***Requirement to ensure Product Safety***

Online retailers marketing their products in the European Union have to act with due care to help ensure that their products are safe. To this end, Directive 2001/95/EC of the European Parliament and of the Council of December 3, 2001 on general product safety, as amended (the "Product Safety Directive"), which has been implemented in Germany by the German Act on Product Safety (*Produktsicherheitsgesetz*) as well as various governmental regulations (*Rechtsverordnungen*) on the safety of specific products and product groups, imposes various obligations on manufacturers and retailers.

Under the Product Safety Directive, retailers are required to act with due care to ensure compliance of their products with the applicable safety requirements, in particular by not marketing products, if they know, or should have presumed, that such products do not comply with such safety requirements. The Product Safety Directive applies to all products which are intended for consumers, or likely to be used by consumers even if not intended for them, whether new, used or reconditioned. However, the Product Safety Directive does not apply to secondhand products supplied as antiques or as products that need to be repaired or reconditioned prior to being used, if the retailer clearly informs the consumer of this condition.

In addition, retailers are generally required to participate in the monitoring of the safety of their products, especially by passing on information with respect to product risks, by keeping and providing the documentation necessary for tracing the origins of their products, and by cooperating with manufacturers and competent governmental authorities to mitigate risks from defective products. Retailers may also become subject to the even more extensive regulations relating to producers under the Product Safety Directive, for example if they modify their products in a way that affects the safety of such products.

Depending on the nature of the products we offer, in particular the individual materials used in the manufacture of such products, certain products may be subject to additional regulations, including the German Act on Food, Feed and Consumer Products (*Lebensmittel, Bedarfsgegenstände-und Futtermittelgesetzbuch*) and the German Consumer Goods Ordinance (*Bedarfsgegenständeverordnung*). These regulations are primarily aimed at protecting the health of consumers that come into contact with certain products and grant extensive powers to the competent governmental authorities in order to supervise the compliance of retailers with their legal duties.

***Consequences of Non-Compliance***

A violation of European or national product safety laws and related regulations may be sanctioned with fines and in severe cases even with criminal sanctions. The German Product Liability Act (*Produkthaftungsgesetz* (the "Product Liability Act")) provides for an additional liability regime with respect to products that cause injury or death of a natural person or damage to property and such liability generally applies irrespective of fault (*verschuldensunabhängig*). Under the Product Liability Act, retailers are generally considered manufacturers with respect to establishing their product liability obligations. The Product Liability Act provides for a liability limit (*Haftungshöchstbetrag*) in an amount of €85.0 million. In addition, in case of damage to property, owners of such property are required to bear damages in an amount of €500.00 themselves.

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***Textile Labeling***

Retailers who make textile products available within the European Union also have to comply with various requirements with respect to the use of textile fiber names as well as labeling and marking of the composition of textile products.

On the EU level, these aspects are governed by the Regulation (EU) No 1007/2011 of the European Parliament and of the Council of September 27, 2011 on textile fiber names and related labeling and marking of the fiber composition of textile products (the "Regulation on Textile Labeling"). It contains rules concerning the use of textile fiber names, the composition of multi-fibers, the content and form of labeling as well as the monitoring of the implementation of the respective requirements including market surveillance checks by the competent authorities.

In Germany the Act on Textile Labeling (*Textilkennzeichnungsgesetz*) has to be observed. Its provisions and duties are almost identical to the Regulation on Textile Labeling, but it also provides for penalties for the violation of the legal duties of the retailer and/or the importer of textile products.

The Regulation on Textile Labeling does not apply to the labeling of certain types of footwear or of footwear in general. However, the Directive 94/11/EC of European Parliament and Council on the approximation of the laws, regulations and administrative provisions of the Member States relating to labeling of the materials used in the main components of footwear for sale to the consumer, as amended, which regulates the information on the composition of footwear that must be conveyed by means of labeling, and the German Consumer Goods Ordinance (*Bedarfsgegenständeverordnung*) have to be observed. Certain types of footwear and footwear in general have to be labeled by the manufacturer or the retailer making the products available on the European Union market. The ordinance contains rules about the content and form of labeling and also provides for penalties for the violation of these duties.

***Packaging***

According to the German Packaging Act (*Verpackungsgesetz*) producers and distributors, including online retailers such as our company, are obligated to register and participate in a disposal and recycling system. Packaging items that require registration and licensing under the law are sales packaging (*Verkaufsverpackungen*) and secondary packaging or outer packaging (*Umverpackungen*). Authorities may impose fines up to €200,000 on producers and retailers, including importers, who offer the packaging without proper registration.

***Trademarks***

The registration and protection of trademarks is regulated by international, European and national legislation:

On an international level, trademark registration and protection are, inter alia, governed by the Madrid Agreement Concerning the International Registration of Marks of April 14, 1891, as last amended on September 28, 1979 (the "MMA"), the Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks of June 27, 1989, as last amended on November 12, 2007 (the "PMMA"), and the Paris Convention for the Protection of Industrial Property of March 20, 1883, as last amended on September 28, 1979.

On the European level, trademarks are governed by Directive (EU) 2015/2436 of the European Parliament and of the Council of December 16, 2015 to approximate the laws of the Member States relating to trademarks and, with respect to a union-wide trademark registration and protection regime, by Regulation (EU) 2017/1001 of June 14, 2017 on the European Union trade mark.

In Germany, trademarks are governed by the German Federal Trademark Act (*Markengesetz*).

Trademarks may be registered with the respective national trademark authority (e.g., the German Patent and Trade Mark Office (*Deutsches Patent- and Markenamt*)), as well as with the European Union Intellectual Property Office (the "EUIPO") for union-wide registration, and, following either national or union-wide registration, via the World Intellectual Property Organization in countries which are parties to the MMA or PMMA for10-yearperiods. Such registrations may be renewed repeatedly. Upon receiving an application, the EUIPO will examine whether there are grounds for refusal of granting the trademark registration (e.g., due to earlier, identical or similar trademarks registered in a member state of the European Union or a lack of distinctive character of the relevant trademark). Furthermore, proprietors of earlier trademarks may oppose the application for registration within three months of the publication of the application (e.g., if the new trademark and the products or services sold thereunder are identical or similar to their trademark and the products or services sold thereunder). Upon registration of a European trademark, the proprietor is entitled to prohibit any third party from using such trademark commercially without their prior consent. In addition, national trademark laws of the member states of the European Union stipulate that the proprietor of a European trademark is entitled to, inter alia, receive compensation for damages arising from the illegal use of his trademark.

***Internet Domains***

The reservation, transfer and renewal of generic top-level Internet domains (*e.g.*, ".com") and country code top-level Internet domains (e.g., ".de") are administered by the Internet Corporation for Assigned Names and Numbers ("ICANN"), which is a US-based non-profit organization. The reservation, transfer and renewal of country code top-level Internet domains are administered by certain registrars which are accredited by ICANN. In Germany, Internet domains ending with ".de" are administered by DENIC eG ("DENIC"), a German non-

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profit organization. Reservations of country-code top-level Internet domains are made by DENIC depending on who is the first applicant for the relevant domain.

If a domain infringes on trademarks or name rights, the proprietor of the relevant trademarks or name rights can under certain conditions file an injunction to prevent the registration or use of such domain. Such a proprietor may also be entitled to compensation for damages arising from infringements on such rights. Furthermore, specific dispute resolution proceedings are available for disputes over domains, including with respect to infringements of trademark or name rights. For example, the Uniform Domain-Name Dispute Resolution Policy of the ICANN applies to disputes over the abusive reservation and use of domains for generic and certain national top-level domains.

In Germany, DENIC refers to the German courts for any disputes arising from the reservation and use of national domains. German courts may, inter alia, approve requests for the cancellation of domains, but not for the transfer of the disputed domains. However, if an entry on the disputed domain has been made with DENIC, such domain is transferred automatically to the claimant upon cancellation of the relevant domain by the courts. In addition, holders of domains who are also proprietors of trademarks corresponding to such domains can under certain conditions defend their domains vis-a-vis third parties against abusive reservation or use on the grounds of trademark protection.

***Human rights and environmental concerns***

On June 11, 2021 the German federal parliament (Bundestag) adopted the so-called Supply Chain Act (*Lieferkettensorgfaltspflichtgesetz*), under which companies will have to carefully document their whole value chains, review their suppliers and prove that they are making efforts to comply with the required standards. The Supply Chain Act (*Lieferkettensorgfaltspflichtgesetz*) will make companies responsible for counteracting human rights violations in the production of their economic goods and provides for severe fines which may be imposed upon a defaulting company and imposes an obligation on companies to install a comprehensive risk management and compliance system to prevent violations. The law will come into force in 2023 and will be applicable to us as of January 1, 2024. Violations can be sanctioned with a fine of up to 2% of the annual consolidated revenues.

In addition, on February 23, 2022, the European Commission adopted a proposal for a directive on corporate sustainability due diligence. The directive aims at committing companies to manage social and environmental impacts throughout their supply chain, The proposal imposes due diligence duties to identify, prevent, end or mitigate adverse impacts of their activities on human rights and on the environment. The approval of the EU Parliament and the EU Council of Ministers is required to pass the directive; a final decision is therefore not to be expected before 2023.

On September 14, 2022, the European Commission issued its legislative proposal to ban the marketing of goods made with forced labor on the EU market. The objective is the effective prohibition of both imported goods and goods made in the European Union, while using forced labor, including child labor. The proposal covers all products, namely those made in the EU for domestic consumption and exports, and imported goods, without targeting specific companies or industries. The regulation is closely linked to the CSDD. The approval of the EU Parliament and the EU Council of Ministers is required to pass the regulation. An agreement on the final text of the proposed regulation is expected in late 2023, at the earliest.

On November 28, 2022, the EU Council of Ministers gave its final approval to the corporate sustainability reporting directive ("CSRD"). The CSRD strengthens the existing rules on non-financial reporting introduced in the Accounting Directive by the 2014 non-financial reporting directive ("NFRD"). The CSRD introduces more detailed reporting requirements and ensures that large companies, all companies listed on regulated markets and listed SMEs are required to report on sustainability matters such as environmental rights, social rights, human rights and governance factors. The application of the CSRD will take place in four stages from 2025 until 2029.

***E-Commerce laws in the US***

Our business operations in the US is subject to US federal and state laws and regulations applicable to all US e-commerce businesses. The main laws and regulations cover areas, among others, such as personal privacy and data security, consumer protection, processing of payments or sales and other taxes; other laws define and regulate unfair and deceptive trade practices. Certain applicable privacy laws and regulations require us to provide customers with our policies on sharing information with third parties, and advance notice of any changes to these policies. Related laws may govern the manner in which we store or transfer sensitive information or impose obligations on us in the event of a security breach or inadvertent disclosure of such information. Under applicable US federal and state laws and regulations addressing privacy and data security, we must provide notice to consumers of our policies with respect to the collection and use of personal information, and our sharing of personal information with third parties, and notice of any changes to our data handling practices.

In some instances, we may be obligated to give customers the right to prevent sharing of their personal information with third parties. Under applicable federal and state laws, we also are required to adhere to a number of requirements when sending commercial email to consumers, including identifying advertising and promotional emails as such, ensuring that subject lines are not deceptive, giving consumers an opportunity to opt-out of further communications and clearly disclosing our name and physical address in each commercial email. Regulation of privacy and data security matters is an evolving area, with new laws and regulations enacted frequently. For example, California enacted legislation that went into effect on January 1, 2020 that, among other things, requires new disclosures to California

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consumers, and affords such consumers new abilities to opt out of certain sales of personal information. In addition, under applicable federal and state unfair competition laws, including the California Consumer Legal Remedies Act, and U.S. Federal Trade Commission, or "FTC", regulations, we must, and our network of influencers may be required to, accurately identify product offerings, not make misleading claims on our websites or in advertising, and use qualifying disclosures where and when appropriate. The growth and demand for e-commerce could result in more stringent domestic and foreign consumer protection laws that impose additional compliance burdens on companies that transact substantial business on the internet. New legislation or regulation, the application of laws from jurisdictions whose laws do not currently apply to our US business, or the application of existing laws and regulations to the internet and e-commerce generally could result in significant additional taxes on our US business. Further, we could be subject to fines or other payments for any past failures to comply with these requirements.

**C.&nbsp;&nbsp;&nbsp;&nbsp;Organizational Structure**

Upon the closing of the Business Combination, SSU became a direct, wholly-owned subsidiary of the Company and SSU's subsidiaries became the Company's indirect subsidiaries.

For a list of SSU's significant subsidiaries see Note 16.1 on page F-67et seq. of SSU's consolidated financial statements filed as part of this Annual Report.

**D.&nbsp;&nbsp;&nbsp;&nbsp;Property, plants and equipment**

We do not own any real property.

Below is a list of our material leased property as of the date of this Annual Report, including the type of property, our business area, location and approximate square meterage.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Type of property | Business | Location | Square Meterage | Owned/Leased |
| Office | Internetstores GmbH | Stuttgart, Germany | 1670 | leased |
| Office & Warehouse | Publikat GmbH & OUTFITTER Teamsport GmbH | Großostheim, Germany | 20335 | leased |
| Office & Warehouse | Tennis-Point GmbH | Herzebrock-Clarholz, Germany | 19065 | leased |
| Office & Warehouse | Tennispro Distribution SAS | Entzheim, France | 10745 | leased |
| Warehouse | Internetstores GmbH | Esslingen, Germany\* | 8554 | leased |
| Warehouse | Internetstores GmbH | Untertürkheim, Germany | 7568 | leased |
| Warehouse | Internetstores GmbH | Holdorf, Germany | 14079 | leased |
| Warehouse | Internetstores GmbH | Gehrde, Germany | 11400 | leased |
| Warehouse | Wiggle Limited | Wolverhampton, UK | 30129 | leased |
| Office & Warehouse | Chain Reaction Cycles Limited | Belfast, UK | 1942 | leased |

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\*The facility in Esslingen will be shut down by April 2023.

Lease agreements for our premises are generally long-term leases with terms between 3 and 10 years.

As of the date of this Annual Report, the Company is not aware of any environmental issues that may affect the utilization of any of the premises described above and has no intention to engage in the construction, expansion or improvement of any real estate or facilities.

**Intellectual Property**

As of the date of this Annual Report, we own well known trademarks (including "SIGNA Sports United", "fahrrad.de", "Brügelmann", "CAMPZ", "Addnature", "Bikester", "Probikeshop", "Wiggle", Chain Reaction Cycles, "Tennis-Point", "Running Point", "TennisPro", "Tennis Express", "Tennis-Point (US)/ Midwest Sport", "CenterCourt", "Outfitter", and "Ballside") as well as related tradenames and logos. We also have an extensive portfolio of domain names. We believe that our trademarks and our respective domains adopted for the different countries are of value to our business. Our private label brand products and other branding material are also featured on our websites and in our marketing.

**Insurance**

We maintain insurance against various risks related to the ordinary operations of our businesses, including general business interruption insurance and third-party liability, employer's liability, property damage, cyber liability, liabilities for acts of terror, transportation damage and directors' and officers' liability insurance. We believe that the types and amounts of insurance coverage that we

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maintain are consistent with customary industry standards. However, no assurances can be given that this coverage will be sufficient to cover the cost of defense or damages in the event of a significant claim.

**ITEM 4A. UNRESOLVED STAFF COMMENTS**

None.

**ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS**

*You should read the following discussion and analysis of SSU's financial condition and results of operations in conjunction with the audited financial statements of SSU and the related notes thereto included elsewhere in this Annual Report. In addition to SSU's historical financial information, the following discussion contains forward-looking statements that reflect SSU's and our plans, estimates and opinions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences or cause our actual results or the timing of selected events to differ materially from those anticipated in these forward-looking statements include those set forth under "Cautionary Note Regarding Forward Looking Statements" and elsewhere in this Annual Report.*

**Overview**

Our group comprises dedicated market leading online sports specialist webshops in the growing product categories bike, tennis/racket sports, outdoor and teamsports. As a group, we consider ourselves to be the global number one online sports specialty retailer measured by revenue. We define our relevant market as the global sports retail market in which competition comes from a highly diversified group of competitors, *i.e.*, traditional offline sports retailers, specialist offline sports retailers, e-commerce generalists and online sports specialists as well as some leading sporting goods brands. Among this group of competitors, online sports specialist retailers carry a broad range of sports products including hardlines such as equipment, parts and accessories, and softlines such as functional wear and clothing, from only one or more sports product categories such as cycling, outdoor, racquet sports, teamsports, swimming, running or fitness, focusing on sports retailing mainly via online channels and generating the vast majority of sales through online channels, e.g., own websites and marketplaces.

We sell products to customers through various online webshops as well as selected physical locations mainly to customers in the European Union as well as in Switzerland, Norway, the UK and the US, with approximately 293.2 million visits to SSU's websites and approximately 8.7 million net orders in the fiscal year ended September 30, 2022 and approximately 262.9\* million visits to SSU's websites and approximately 6.8\* million net orders in the fiscal year ended September 30, 2021. (\*Re-presented as a result of discontinued operations. Refer to Note 11- Discontinued Operations)

Our primary source of revenue is the sale of merchandise, in particular, full bikes and bike spare parts, tennis rackets and accessories, outdoor gear, footwear and other sports products, through the websites of our various web shop brands. The business model in our core first party e-commerce business focuses on four key pillars to inspire, guide, serve and engage our customers. We believe this focus on delivering a superior customer sports shopping experience compared to both online generalists and physical sports store retailers distinguishes us and will drive higher traffic, conversion rates and build brand affinity resulting in an increased loyal customer base which promotes revenue retention growth.

Our own brands, including, Vitus, Nukeproof, DHB, Serious, Ortler, Fixie Inc., Prime Components, Red Cycling contributes a higher gross margin versus selling third-party brands. We intend to further invest in the growth of our own brands across our websites.

Our platform is designed to enhance the success of our suppliers by allowing them to leverage our technological expertise and functionalities. We plan to increase the usage of our platform by our suppliers through adding marketplace functionalities which will allow our suppliers to easily display their full product catalog as well as highlight and promote their selected products to customers on our sites.

We have not yet generated any consolidated net profit since our inception, have had negative operating cash flows and relied on external financing. Since our NYSE listing in December 2021 we have been unable to raise any external third party financing, and all of our funding needs were secured by an affiliate of our largest shareholder, SIGNA International Sports Holding GmbH. While we experienced significant growth in the past, we currently anticipate minimal to negative growth rates in the near future due to reduced mergers and acquisitions activities, risks of recession, rising interest rates, inflation and other headwinds in Europe and the United States. In addition, we have in the last year experienced internal accounting controls issues at one of our material subsidiaries and misjudged the demand for our product offering due to changing customer preferences, which has led to excess inventory resulting in liquidity challenges and an adverse impact on our profitability margin. In response to our operating losses and materially adverse effects on our liquidity position, we are currently working to develop and implement a comprehensive operational initiative to improve our operating performance and our cash, liquidity and financial situation and prospects. This operational alignment program includes measures to increase pricing and delivery thresholds; reduce assortment ranges; increase working capital efficiency; focus on own-brand development and cross-selling; reduce or exit brand marketing, non-profitable partnerships and offline activities; delay or cancel non-core capital investments; merge or

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exit business lines; reduce operational headcount and overhead to reflect an anticipated lower revenue base; and reconfigure our group organization, improve internal control systems and processes and accelerate the overall integration of our previously acquired operating businesses.

**Business combinations**

On December 14, 2021, we closed the acquisition of 100% of Mapil TopCo Limited, Portsmouth/UK ("Wiggle" or "the Wiggle Group"), a UK headquartered online cycling and multisport specialist that is intended to strengthen our activities in the Bike & Outdoor business segment and to extend our internationalization strategy.

On January 1, 2022, we acquired 66.66 % of the issued shares in Tennis Express LLC, Houston, Texas/USA ("Tennis Express"), a full-service tennis specialty retailer that is intended to strengthen the activities in the Tennis business segment and to extend our internationalization strategy.

See note 15 "Business combinations" for further information in regard to the acquisition of Wiggle Group and Tennis Express.

**Capital Reorganization**

On December 14, 2021, we closed our previously announced Business Combination pursuant to the Business Combination Agreement, dated June 10, 2021, by and among Yucaipa, SSU, the Company (formerly known as SIGNA Sports United B.V.), Merger Sub and SISH (the "Yucaipa Merger").

As part of the transaction, former shareholders of Yucaipa (public shareholders, sponsors and directors) received 12,584,315 shares of the Company and 17,433,333 warrants ("SSU Warrants") to purchase ordinary shares of the Company. In exchange, the Company received the net assets held by Yucaipa, which had a fair value of €7.3 million upon closing of the transaction on December 14, 2021. The net assets included €24.9 million of cash and cash equivalents held in Yucaipa trust account, current liabilities of €5.7 million and €10.6 million deferred underwriting commissions.

The Company raised an additional €402.7 million in net equity proceeds through a private placement of ordinary shares with existing shareholders of SSU, Yucaipa and other new investors ("PIPE Financing"). The PIPE Financing is treated as a capital contribution, which resulted in increases of €11.6 million and €391.1 million to share capital and capital reserve, respectively.

Both the Yucaipa Merger and PIPE Financing closed on December 14, 2021. Upon consummation of the transactions, the Company became a publicly traded corporation at the New York Stock Exchange under the ticker SSU ("Company Listing"). The SSU Warrants are traded under the ticker SSU.WS. The Company incurred incremental transaction costs directly attributable to the issuance of new shares to Yucaipa shareholders and the PIPE Financing of €5.9 million, which it netted against the equity proceeds as a reduction in capital reserve.

**Factors Affecting Our Performance**

We believe that our performance and future success depend on several factors which have affected SSU's performance in the periods for which financial information is presented in this Annual Report and which will continue to affect our future performance. These factors present significant opportunities for us but also pose risks and challenges, including those discussed in the section of this Annual Report titled "*Risk Factors*." These factors include:

***Growth of the sports market***

The sports retail market and in-particular the sports verticals that we operate in have benefited from favorable growth trends over the recent years. Our ability to continue growing will be dependent in part on the continued growth of the sports retail market

***Continued shift to e-commerce***

Sports retail has steadily shifted online over recent years as measured by the percentage of total sports retail sales that have been transacted through online channels. The shift to online channels in conjunction with the broader growth in the sports retail market has resulted in significant online sports retail growth ahead of the total sports retail market. This continued shift has been attributed to consumers valuing the larger assortment online and associated convenience. Should the percentage of sports retail transactions occurring online not continue to increase, our ability to grow revenues would be largely dependent on the attractiveness of our customer proposition in combination with the effectiveness of our marketing efforts versus our competitors.

***Seasonality***

Our businesses are seasonal in nature, and we generate the majority of our sales and operating income during the third and fourth fiscal quarter that includes the summer holiday season. As a result, our overall profitability is heavily impacted by our third and fourth quarter operating results. Our sales and marketing expenses as a percentage of sales are lowest in the third and fourth quarter due to higher

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existing customer purchases during the summer holiday season which have lower marketing costs as a percent of total sales. Additionally, in preparation for the summer holiday sales season, our businesses significantly increase inventory levels.

Additionally, weather conditions during this time of the year may also have an impact on our business. Due to our geographic footprint, the impact of weather conditions is partially mitigated by the fact that we reach customers throughout the entire European continent which is rarely affected by low-pressure weather conditions as a whole. *See "Item 3. Key Information — D. Risk Factors — Risks Related to Our Business Activities—Our business is partly subject to local seasonal revenue fluctuations which may make it difficult to predict our future performance."*

***Supply Chain Shortage***

The global supply chain disruption, which began in 2020 due to the COVID-19 pandemic, as well as the subsequent global components shortage has had a significant negative impact on our ability to service the increased consumer demand for our products (especially in the full-bike and e-bike category), and therefore, our revenues. Although we expect to continue to grow the market for our products once supply chain disruption as well as the global components situation normalizes, we cannot predict with certainty if and when the supply chain disruption will resolve and whether demand for our products will increase as currently anticipated.

***Russia-Ukraine War***

With Russia's invasion of Ukraine, the geopolitical situation around the world intensified on February 24, 2022. The ongoing conflict in Eastern Europe and the imposed sanctions have led to significant global economic uncertainty followed by rising commodity prices and increased raw materials costs.

So far, the Russia-Ukraine war has not had a material impact on the Company's supply chain as it does not have any supply relationships with companies in this region. Nevertheless, the war has indirectly contributed to widespread macro-economic uncertainty around the world, and especially in Europe where high inflationary pressures coupled with an European energy crisis has resulted in rising energy prices for both companies and private households, increased cost of production and increased cost of materials. Consequently, this resulted in a deterioration of consumer sentiment and spending which impacted our revenue, cost of materials and adjusted EBITDA during the year.

The uncertainties about the future development of the war and its impact on the global economy remain and uncertainties in the global economy could have further adverse impacts on the Group and its supply chain, future sales, profitability as well as the Group's assets.

***COVID-19***

The global community continues to face certain challenges regarding developments in connection with COVID-19. Nevertheless, increased vaccination rates around the world has resulted in widespread relaxation of COVID-19 related societal restrictions such as lockdowns in many countries. Whilst we expect a return to pre-pandemic consumer spending which is expected to be lower than during the pandemic, other macroeconomic factors such as increased inflation rates, supply chain constraints, global and geopolitical developments have also directly and indirectly impacted our results of operations which makes the impact from COVID-19 difficult to isolate and quantify.

***Inflation impact on Discretionary spending***

We believe a large number of the products we offer are discretionary items rather than necessities. As a result, our operating results are sensitive to changes in macroeconomic conditions that impact consumer spending, including discretionary spending.

The ongoing Russia- Ukraine conflict and change in consumer spending behavior post COVID-19 pandemic has had an adverse impact on inflation. Global inflationary pressures on cost of materials, energy, shipping, carriers and airfreight combined with higher unemployment rates, stagnant wage growth and general uncertainty regarding the overall future economic environment has contributed to a decline in overall consumer confidence and discretionary spending.

As a result, overall growth in net revenue whilst increased from the prior fiscal year due to business acquisitions, failed to meet forecasted revenue. The uncertainties of when the macroeconomic conditions will improve could have further adverse impact on the Group and its future operating performance.

***Discontinued operations***

We discontinued our Stylefile business during the fourth quarter of 2022. Prior to the discontinuation, "Athleisure" within our "Teamsports and Athleisure" segment was composed almost entirely of the Stylefile business. Moving forward, the segment will only consist of teamsports and will be referred to as the "Teamsports" segment. Our decision to discontinue Stylefile was driven largely by its historical performance and expected business forecasts in the absence of further capital investments and opportunity costs. The discontinuation of Stylefile will provide us with the opportunity to redirect our focus and resources towards expanding and improving other segments within the Group.

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**Going Concern**

As an emerging growth online sports retail company, we are still in progress towards reaching break-even in our business and achieving positive operating cash flows. The future development of our operational business is subject to a number of risks, including the failure to maintain or grow our revenue or business, the inability to raise needed equity or debt financing on economically acceptable terms, the failure to efficiently manage our inventory levels taking into account market conditions and customer preferences, further delays in implementing reliable and fully automated internal accounting control procedures and systems at all of our material subsidiaries, the risks associated with expanding into new geographic markets and negative developments in global and local economic conditions within our markets as well as the capital markets generally. Our success and ultimately the attainment of profitable operations with positive operating cash flows depends on future uncertain events which include, among other things, obtaining adequate financing to fund our net working capital requirements, meet debt service requirements, and continue to expand the business through merger and acquisition activities until we can generate sufficient revenues to support our operating cash requirements.

We have incurred operating losses since our inception. For the year ended September 30, 2022, we incurred a net loss from continuing operations of €565.7 million of which €580.0 million is related to loss from operations, resulting in an operating cash outflow of €190.5 million driven mainly by a build-up of inventories and expenses relating to the Company Listing. As of September 30, 2022, the Company had generated an accumulated deficit of €758.3 million, and had a net equity position of €617.3 million. Furthermore, we have financial covenants relating to quarterly minimum liquidity requirements of €30.0 million and minimum yearly adjusted EBITDA requirements of €20.0 million which will be effective as of September 30, 2023.

Nevertheless, we believe our cash and cash equivalents will be sufficient to fund our planned operating cash requirements for at least the next twelve months from the date of issuance of these financial statements. As of September 30, 2022, we had cash and cash equivalents of €43.0 million. On September 28, 2022, we entered into the Subscription Agreement with our affiliate SIGNA Holding to issue €100.0 million aggregate principal amount of Initial Convertible Bonds to SIGNA Holding with a closing date on October 4, 2022. The Initial Convertible Bonds mature on October 4, 2028 and are divided into bonds in bearer form with a principal amount of €1.0 million each. The Initial Convertible Bonds bear Quarterly Interest as well as PIK Interest. Interest is payable from October 4, 2022, at a rate of three-month EURIBOR plus 4% per annum (which will increase to 5% per annum and 6% per annum on October 4, 2026 and October 4, 2027 respectively). PIK Interest accrues from October 4, 2022 at a rate of 7% per annum (which will increase to 8% per annum and 9% per annum on October 4, 2026 and October 4, 2027, respectively) as if it were payable quarterly in arrears on each interest payment date. Bondholders may convert the Initial Convertible Bonds at any time into fully paid ordinary shares of the Company with a nominal value of €0.12 each. The initial conversion price for the Initial Convertible Bonds is €10.3686 (Initial Convertible Bonds). Bondholders have the right to increase the principal amount of the Initial Convertible Bonds by an additional aggregate principal amount of up to €200.0 million as of closing of the convertible bond issuance and until and including September 30, 2023 in one or more tranches with minimum denominations of €1.0 million (Upsize option). In December 2022 the Initial Convertible Bonds were sold and transferred to our affiliate SIGNA European Invest Holding AG, another affiliate of SISH. Subsequently, on February 6, 2023, we received commitments from our affiliate SIGNA Holding to provide us with an equity-linked funding of an additional €130.0 million. The SIGNA Holding Equity Commitment Letter provides the Company with the right to issue and sell (put right) Additional Convertible Bonds to SIGNA Holding, at the same terms and conditions as the Initial Convertible Bonds, in one or more tranches until and including September 30, 2024 for an aggregate additional principal amount of €130.0 million of newly issued convertible bonds. Any subsequent exercise of the put right pursuant to the SIGNA Holding Equity Commitment Letter will reduce Euro for Euro, the available amount under the 'Upsize Option' granted by SSU to SIGNA Holding in connection with the issuance of the 'Initial Convertible Bonds'. The SIGNA Holding Equity Commitment Letter was required to address our very precarious liquidity situation since the beginning of our fiscal year ending September 30, 2023 fiscal year and to provide the Company with sufficient liquidity until mid-February 2024. Simultaneously with signing the SIGNA Holding Equity Commitment Letter, we entered into an amendment agreement to the SIGNA Holding RCF I with SIGNA Holding on February 6, 2023 (the "SIGNA Holding RCF I Amendment"). The purpose of the SIGNA Holding RCF I Amendment is to provide us with a bridge financing in the amount of up to €50.0 million until the respective tranches under the Additional Convertible Bonds have been issued and settled. Any amounts drawn under the additional €50.0 million in funding available to us under the amended SIGNA Holding RCF I will be repaid by issuing Additional Convertible Bonds in accordance with the terms and conditions of the SIGNA Holding Equity Commitment Letter to SIGNA Holding. In addition, on January 26, 2023, we received waivers from the lenders under the LBBW RCF waiving the requirement to comply with the net leverage covenant through the period ending June 2024 and the minimum adjusted EBITDA covenant for the testing period ending on September 30, 2023 and maintaining the available liquidity covenant at €30.0 million for each testing date after March 31, 2023. Furthermore, we plan to refocus on our core markets where we have infrastructure and strong competitive positions, adjust our commercial and operating models to focus on efficiency and deliver transaction synergies such as procurement synergies and cross selling of own brands.

The proceeds from the Initial Convertible Bonds, any Additional Convertible Bonds issued to SIGNA Holding in the future and the SIGNA Holding RCFs and the LBBW RCF are utilized to fund our working capital needs, capital expenditures and general corporate purposes.

**Key Operating Performance Metrics**

We measure certain performance metrics comprising site visits, conversion rate, number of net orders, active customers and net average order value. All these performance metrics are, to the extent applicable, measured on a net basis, *i.e.*, after value added taxes, returns and cancellations.

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The key performance metrics shown in the table below are only derived from sales generated through online shops of entities owned by SSU as of the date of this Annual Report and do not include revenue generated through sales partners (*e.g.* Zalando) or revenue from physical stores (offline sales). The key performance metrics shown in the table below represent aggregated information for the relevant entities and do not distinguish between pre- and post-acquisition of the relevant entities.

Our key performance metrics are used by management to monitor the underlying performance of our operations and the performance of our sites. The key performance measures should be viewed as a supplement and not a substitute for our financial performance as shown in SSU's financial statements included in this Annual Report. The key performance metrics are also not meant to be predictive of future results. Since not all companies calculate these measures in an identical manner, our presentation may not be consistent with similar metrics used by other companies. Therefore, undue reliance should not be placed on such data.

The following table provides information for SSU for the twelve-month periods ended September 30, 2022, 2021 and 2020.

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| | | | |
|:---|:---|:---|:---|
| | **For the fiscal year ended September 30,** | **For the fiscal year ended September 30,** | **For the fiscal year ended September 30,** |
| | **2022** | **2021** <sup>6</sup> | **2020** <sup>7</sup> |
| | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Site Visits<sup>1</sup> (in millions) | 293.2 | 262.9 | 232.2 |
| Net Conversion Rate<sup>2</sup> (in %) | 3.0 | 2.6 | 2.2 |
| Number of Net Orders<sup>3</sup> (in thousands) | 8690 | 6780 | 5150 |
| Net Average Order Value<sup>4</sup> (in €) | 101.1 | 102.1 | 103.4 |
| Active Customers<sup>5</sup> (in millions) | 6.7 | 4.8 | 3.6 |

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1. Defined as number of visits including mobile and website. Cut off at 30 minutes of inactivity and at date change. Not cut off at channel change during session.

2. Defined as total net orders (post cancellations and returns) divided by total visits.

3. Defined as orders post cancellations and returns.

4. Defined as total online revenue (excluding sales partners) divided by net orders (post value added taxes, cancellations and returns).

5. Defined as customers with one or more purchases within the last 12 months, irrespective of cancellations or returns.

6. Does not include Wiggle Group and Tennis Express. However, includes 5 months of Tennis-Point (US) (formerly Midwest Sports). In addition, the comparative numbers have been re-presented as a result of discontinued operations. Refer to Note 11- Discontinued Operations

7. Does not include Tennis-Point (US) (formerly Midwest Sports), Wiggle Group and Tennis Express. In addition, the comparative numbers have been re-presented as a result of discontinued operations. Refer to Note 11- Discontinued Operations

The following tables show the development of SSU's key performance metrics (excluding sales partners and offline sales) from October 1, 2019 to September 30, 2022 on a quarterly basis:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sep 30, 2022** | **Jun 30, 2022** | **Mar 31, 2022** | **Dec 31, 2022** | **Sep 30, 2021** <sup>5</sup> | **Jun 30, 2021** <sup>5</sup> | **Mar 31, 2021** <sup>6</sup> | **Dec 31, 2021** <sup>6</sup> | **Sep 30, 2020** <sup>6</sup> | **Jun 30, 2020** <sup>6</sup> | **Mar 31, 2020** <sup>6</sup> | **Dec 31, 2019** <sup>6</sup> |
| | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Site Visits<sup>1</sup> (in millions) | 79.2 | 82.1 | 76.6 | 55.2 | 72.8 | 70.1 | 59.3 | 60.8 | 70.1 | 73.4 | 44.6 | 44.2 |
| Site Visits (year-over-year growth in %) | 8.8 | 17.2 | 29.2 | -9.2 | 3.8 | -4.5 | 33.1 | 37.5 | 25.1 | 34.3 | 12.3 | 22.1 |
| Net Conversion Rate<sup>2</sup> (in %) | 3.1 | 3.1 | 2.7 | 2.8 | 2.8 | 2.8 | 2.2 | 2.3 | 2.4 | 2.1 | 2.1 | 2.2 |
| Change in Net Conversion Rate (in basis points) | 31.0 | 32.6 | 49.6 | 43.1 | 44.4 | 66.8 | 15.0 | 13.4 | 20.5 | 4.1 | 21.9 | -2.9 |
| Number of Net Orders<sup>3</sup> (in thousands) | 2489 | 2574 | 2099 | 1528 | 2062 | 1967 | 1331 | 1420 | 1675 | 1569 | 933 | 974 |
| Number of Net Orders (year-over-year growth in %) | 20.7 | 30.9 | 57.7 | 7.6 | 23.1 | 25.4 | 42.7 | 45.8 | 36.9 | 36.9 | 25.4 | 20.6 |
| Net Average Order Value<sup>4</sup> (in €) | 102.1 | 101.6 | 102.9 | 96.1 | 95.6 | 105.9 | 107.9 | 100.9 | 101.0 | 114.8 | 96.8 | 95.3 |
| Net Average Order Value (year-over-year growth in %) | 6.74 | -4.10 | -4.70 | -4.70 | -5.30 | -7.80 | 11.60 | 5.90 | -0.20 | 6.10 | -1.40 | 3.10 |

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(1) Defined as number of visits including mobile and website. Cut off at 30 minutes of inactivity and at date change. Not cut off at channel change during session.

(2) Defined as total net orders (post cancellations and returns) divided by total visits.

(3) Defined as orders post cancellations and returns.

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(4) Defined as total online revenue (excluding sales partners) divided by net orders (post cancellations and returns).

(5) Includes 3 months and 2 months of Tennis-Point (US)/ Midwest Sports (formerly Midwest Sports) in the periods ended September 30, 2021 and June 30, 2021, respectively. Wiggle Group and Tennis Express are not included. In addition, the comparative numbers have been re-presented as a result of discontinued operations.. Refer to Note 11- Discontinued Operations.

(6) Does not include Tennis-Point (US)/ Midwest Sports (formerly Midwest Sports), Wiggle Group and Tennis Express. In addition, the comparative numbers have been re-presented as a result of discontinued operations. Refer to Note 11- Discontinued Operations

Site visits refer to the number of visitors to each of SSU's sites. Site visits are a useful indicator to understand SSU's sites overall reach within the market. Site visits have increased to 293.2 million in the fiscal year ended September 30, 2022 from 262.9 million in the fiscal year ended September 30, 2021, showing continued year-over-year growth. The increase in site visits in the fiscal year ended September 30, 2022 is primarily attributable to the acquisition of Wiggle Group and Tennis Express in the current financial year as well as the acquisition of Midwest in the second half of the previous financial year (M&A activities). For further information, please refer to note 15 "Business combinations".

Net conversion rate refers to the rate at which a site visit results in an order. Net conversion rate is a useful indicator to understand how effective SSU's sites are at converting visits into orders. Net conversion rates are calculated by taking total site visits for the relevant period and dividing by the total number of net orders. Net conversion rates have increased to 3.0% in the fiscal year ended September 30, 2022 from 2.6% in the fiscal year ended September 30, 2021. The increase in conversion rates in the fiscal year ended September 30, 2022 compared to the previous year is primarily attributable to the shift of traffic to higher conversion categories like parts, accessories and clothing due to the lack of full-bike availability and increases in the ratio of paid traffic.

The number of net orders is defined as the total number of orders minus cancellations and returns. The number of net orders is a useful indicator to understand the ability of our sites to monetize their products. The number of net orders has increased to 8,690 thousand in the fiscal year ended September 30, 2022 from 6,780 thousand in the fiscal year ended September 30, 2021. The increase in the number of net orders in the fiscal year ended September 30, 2022 is primarily attributable to M&A activities.

The net average order value is calculated by dividing net revenue by net orders. Net average order value is a useful indicator as a further measure of monetization. Net average order value has decreased to €101.1 in the fiscal year ended September 30, 2022 from €102.1 in the fiscal year ended September 30, 2021. The decrease is mainly driven by the mix in order values. Whilst overall orders increased, high average value orders decreased. This, coupled with promotional activities which further reduced sales values led to a decrease in net average order values.

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**A.Operating Results**

The following summarizes the more significant factors impacting SSU's operating results for the fiscal year ended September 30, 2022 and the fiscal year ended September 30, 2021 as well as SSU's liquidity in fiscal years 2022 and 2021. For the discussion of SSU's 2021 and 2020 results, please refer to "Item 5. Operating and financial review and prospects" included in our annual and transition report as a foreign private issuer on Form 20-F (File No. 001-41156) filed with the SEC on February 4, 2022.

**Operating Results and Operating Metrics of the Group**

***Fiscal Year Ended September 30, 2022 compared to Fiscal Year Ended September 30, 2021***

The following table summarizes SSU's consolidated statements of operations for each period presented both on an actual basis and as a percentage of net revenues for the periods indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the fiscal year ended September 30,** | **For the fiscal year ended September 30,** | **For the fiscal year ended September 30,** | **For the fiscal year ended September 30,** | **For the fiscal year ended September 30,** | **For the fiscal year ended September 30,** |
| | **2022** | **2022** | **2021\*** | **2021\*** | **2020\*** | **2020\*** |
| | **in € <br>million** | **% of<br>net<br>revenues** | **in € million** | **% of<br>net<br>revenues** | **in € million** | **% of<br>net<br>revenues** |
| | **(audited)** | **(audited)** | **(audited)** | **(audited)** | **(audited)** | **(audited)** |
| **Revenue** | **1062.8** |  | **813.7** |  | **644.4** |  |
| Own work capitalized | 5.5 | 0.5% | 3.4 | 0.4% | 3.0 | 0.5% |
| Other operating income | 5.2 | 0.5% | 5.4 | 0.7% | 0.5 | 0.1% |
| Cost of materials | (700.3) | (65.9)% | (500.2) | (61.5)% | (414.9) | (64.4)% |
| Personnel expenses | (163.3) | (15.4)% | (89.0) | (10.9)% | (66.5) | (10.3)% |
| *Expenses for logistics and packaging* | *(121.9)* | (11.5)% | *(81.0)* | (10.0)% | *(61.8)* | (9.6)% |
| *Marketing expenses* | *(89.2)* | (8.4)% | *(62.7)* | (7.7)% | *(41.7)* | (6.5)% |
| *IT & Other expenses* | *(148.2)* | (13.9)% | *(90.9)* | (11.2)% | *(53.3)* | (8.3)% |
| *Share listing expense* | (121.9) | (11.5)% |  | —% |  | —% |
| Other operating expenses | (481.1) | (45.3)% | (234.5) | (28.8)% | (156.8) | (24.3)% |
| Depreciation and amortization | (53.9) | (5.1)% | (28.5) | (3.5)% | (24.5) | (3.8)% |
| Impairment loss | (254.9) | (24.0)% | (0.6) | (0.1)% | (0.1) | —% |
| **Operating result** | **(580.0)** | **(54.6)%** | **(30.3)** | **(3.7)%** | **(14.8)** | **(2.3)%** |
| Finance income | 36.6 | 3.4% | 4.8 | 0.6% | 0.9 | 0.1% |
| Finance costs | (21.3) | (2.0)% | (9.4) | (1.2)% | (7.9) | (1.2)% |
| Result from investments accounted for at equity | (1.2) | (0.1)% | (1.3) | (0.2)% | (0.7) | (0.1)% |
| **Earnings before tax (EBT) from continuing operations** | **(565.9)** | **(53.2)%** | **(36.2)** | **(4.4)%** | **(22.6)** | **(3.5)%** |
| Income tax benefit (expense) | 26.6 | 2.5% | (1.6) | (0.2)% | 1.9 | 0.3% |
| Loss for the period from continuing operations | (539.3) | (50.7)% | (37.7) | (4.6)% | (20.7) | (3.2)% |
| Net loss from discontinued operations, net of tax | (26.4) | (2.5)% | (8.3) | (1.0)% | (5.0) | (0.8)% |
| **Loss for the period** | **(565.7)** | **(53.2)%** | **(46.0)** | **(5.7)%** | **(25.6)** | **(4.0)%** |
| of which attributable to non-controlling interests |  | —% |  | —% | (0.9) | (0.1)% |
| of which attributable to the owners of SSU | (565.7) | (53.2)% | (46.0) | (5.7)% | (24.8) | (3.8)% |
| **Loss per share** |  |  |  |  |  |  |
| Continuing operations | (1.7) |  | (0.2) |  | (0.1) |  |
| Loss attributable to the owners of SIGNA Sports United | (1.8) |  | (0.2) |  | (0.1) |  |

---

\* The comparative numbers have been re-presented as a result of discontinued operations. Refer to Note 11- Discontinued Operations.

***Revenue***

Revenue includes revenue from the sale of merchandise net of deduction of sales tax, returns, prepayments, customer discounts and rebates.

For the fiscal year ended September 30, 2022, revenues were €1,062.8 million, an increase of 30.6% or €249.1 million, compared to €813.7 million in the fiscal year ended September 30, 2021. The increase in overall revenue and overall active customers was driven primarily from inorganic growth due to M&A activities

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Whilst inorganic growth through M&A activities have increased overall revenue and active customers, organic growth within our businesses was negative. The negative organic growth was primarily driven by a reduction in worldwide demand due to inflationary pressures affecting consumer confidence and discretionary spending; increase in cross border shipping and airfreight costs which has reduced our competitiveness internationally; and overall competitor pressures from the reduction of overall consumer demand which resulted in aggressive pricing strategies that reduced average selling prices.

The performance of our bike and outdoor business was negatively affected by competitor pressures due to oversupply of lower-end inventories coupled with a decline in general demand. This resulted in additional marketing and inventory management strategies such as discounts and promotional events. Similarly, a shortage of products at the high end of the assortment range due to ongoing supply chain issues contributed to a loss in revenues.

Our Tennis and Teamsport businesses are also facing increased competitor pressures driven by an oversupply in the market resulting in more aggressive pricing. In addition, a high fraction of planned goods were delivered late which resulted in loss of revenues.

***Cost of material***

Cost of material mainly consisted of cost for merchandise.

For the fiscal year ended September 30, 2022, cost of material was €700.3 million, an increase of 40.0%, or €200.1 million, compared to €500.2 million in the fiscal year ended September 30, 2021. The increase in overall cost of material was driven mainly by higher order volumes through M&A activities

Whilst overall absolute cost of material increased due to M&A activities, the ratio as a percentage to revenue increased due to overall worldwide inflationary pressures on raw materials, energy, and shipping, which increased the cost of production and ultimately the cost of materials.

***Personnel expenses***

Personnel expenses consisted of wages and salaries, social security contributions, share based compensation expenses and other personnel expenses.

For the fiscal year ended September 30, 2022, personnel expenses were €163.3 million, an increase of 83.4%, or €74.2 million, compared to €89.0 million in the fiscal year ended September 30, 2021. Personnel expenses mainly consisted of wages and salaries. The increase in personnel expenses is primarily driven by the increased number of employees of newly acquired businesses. The average number of employees in the fiscal year ended September 30, 2022 was 3,623 compared to the 2,492 in the previous fiscal year. This increase is driven by M&A activities.

Additionally, many new hires were made during the year to support the Company's investment in strategic growth areas and transition to be a public and Sarbanes-Oxley compliant company. Furthermore, we incurred share-based compensation expenses of €17.1 million in the current fiscal year which included a one- off only bonus in the amount of €15.7 million which was awarded to all employees as part of the Yucaipa Merger compared to €2.7 million in the previous fiscal year to key management personnel as part of the Yucaipa Merger.

***Other operating expenses***

Other operating expenses mainly consisted of expenses for logistics and packaging (relating primarily to outbound shipping costs, return shipping costs and packaging material), marketing expenses (relating primarily to search engine advertising (Google), brand marketing), IT expenses, charges for payment services and share listing expenses..

For the fiscal year ended September 30, 2022, SSU's expenses for logistics and packaging were €121.9 million, an increase of 50.5%, or €40.9 million, compared to €81.0 million in the fiscal year ended September 30, 2021. The increase in overall expenses for logistics and packaging is driven by M&A activities. Whilst overall absolute logistics and packaging costs increased due to M&A activities, the ratio as a percentage to revenue increased due to higher costs for shipping, carriers, and air freight as well as dual running costs due to the introduction of the new logistic hub in Hockenheim.

For the fiscal year ended September 30, 2022, SSU's marketing expenses were €89.2 million, an increase of 42.2%, or €26.5 million, compared to €62.7 million in the fiscal year ended September 30, 2021. Whilst overall absolute marketing expenses increased due to M&A activities, the ratio as a percentage to revenue increased due to a higher share of paid traffic in order to drive sales. Nevertheless the effectiveness of advertising and marketing was reduced due to the increased costs of advertising and marketing.

For the fiscal year ended September 30, 2022, SSU's IT & Other expenses were €148.2 million, an increase of 63.1%, or €57.3 million, compared to €90.9 million in the fiscal year ended September 30, 2021. The increase in IT & Other expenses resulted from increased fees from payment service providers in the amount of €7.3 million driven by the increase in net number of orders, increased legal and consulting expenses in the amount of €32.6 million that were mainly driven by the Yucaipa Merger, PIPE Financing and public listing,

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increased expenses for the maintenance of our IT structures as well as the integration of IT structures from our newly acquired businesses in the amount of €5.5 million and increased insurance expenses associated with being a public company in the amount of €8.2 million driven mainly by additional Directors and Officers (D&O) coverage during the fiscal year ended September 30, 2022 as compared to the fiscal year ended September 30, 2021.

For the fiscal year ended September 30, 2022, SSU incurred a one-time non-cash expense of €121.9 million as a result of the Yucaipa merger. This cost has been recorded as share listing expenses in accordance with IFRS 2. None were recorded in the fiscal year ended September 30, 2021. The share listing expense relates to the excess of the fair value of the equity instruments issued over the fair value of the identified net assets contributed through the Yucaipa Merger, in the amount of €121.9 million in the current fiscal year as part of the public listing process. (Refer to Note 6.7 Share listing expense and change in fair value of warrant liabilities)

***Depreciation, amortization***

Depreciation, amortization and impairment comprises depreciation and amortization of tangible and intangible assets.

For the fiscal year ended September 30, 2022, depreciation and amortization was €53.9 million, an increase of 89.4%, or €25.5 million, compared to €28.5 million in the fiscal year ended September 30, 2021. The increase in depreciation and amortization relates to M&A activities that occurred in the year.

***Impairment***

For the fiscal year ended September 30, 2022, we recognized total impairments of €254.9 million, an increase of €254.3 million, compared to €0.6 million in the fiscal year ended September 30, 2021. The increase in impairment expense was driven mainly by impairment charges to goodwill of €243.7 million in relation to our subsidiary TopCo Limited ("Wiggle Group") and another impairment charge of €4.8 million in relation to our discontinued operation (Refer Note 11. Discontinued operations). (No goodwill impairment in the previous fiscal year).

The acquisition of the Wiggle Group (Refer Note 15. Business combinations) was based on a sale and purchase agreement signed in January 2021. At the time of announcement, The purchase price of the Wiggle Group was supported based on valuation analysis that considered the sizeable synergy potential on a group level as well as the continuation of favorable macroeconomic and industry trends that were observed in 2021 such as elevated discretionary spending, continued e-commerce penetration and no major supply chain disruptions.

Subsequently, in performing our annual impairment assessment of goodwill in accordance to the principles of IAS 36, we prepared our financial budgets and cash flow projections as of September 30, 2022 taking into consideration the meaningful downturn in macroeconomic conditions and consumer sentiment that was driven by sharply elevated inflation in our core markets as well as tightening monetary conditions. Consequently, the decrease in revenues during the fiscal year ended September 30, 2022 as well as uncertainty around the timing of recovery, increased time required to realize synergies, supply chain constraints and subsequent market oversupply, as well as increased discount rates resulted in an impairment of €243.7 million.

Additionally, we recognized impairment expense of €7.6 million which related to other intangible assets and domains in the amount of €5.6 million, €1.9 million, respectively compared to a combined impairment of less than €0.2 million in the previous fiscal year.

***Finance income and costs***

Finance income includes interest income, foreign currency exchange gains and other financial income. Finance costs include interest expense on financial liabilities measured at amortized cost and other financing costs and foreign currency exchange losses.

For the fiscal year ended September 30, 2022, SSU's finance income was €36.6 million, an increase of €31.9 million compared to €4.8 million in the fiscal year ended September 30, 2021. The increase is driven by the revaluation of warrants and Midwest put options as of September 30, 2022. The revaluation of warrants which include market- based performance conditions resulted in finance income of €16.4 million (No revaluation impact in the previous fiscal year). Similarly, the revaluation of put options which includes non-market- based performance conditions resulted in additional finance income of €16.4 million (No revaluation impact in the previous fiscal year).

For the fiscal year ended September 30, 2022, SSU's finance costs were €21.3 million, an increase of €11.9 million, or 126.3%, compared to €9.4 million in the fiscal year ended September 30, 2021 mainly driven by net currency losses in the amount of €12.6 million compared to €0.9 million in the previous fiscal year.

***Result from investments accounted for at equity***

The result from investments accounted for at equity includes SSU's share in the results of joint ventures and associates.

For the fiscal year ended September 30, 2022, the result from investments accounted for at equity was a loss of €1.2 million, a loss decrease of €0.1 million, compared to a loss of €1.3 million in the fiscal year ended September 30, 2021 which is relatively consistent to that of the previous fiscal year. The result from investments accounted for at equity relates to the pro rata loss of the AEON joint venture.

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***Income tax benefit /expense***

Income tax benefit or expense consists primarily of current tax and deferred income tax. Current income taxes are calculated by applying the tax regulations enacted or substantially enacted as of the reporting date in countries in which SSU's businesses operate. Deferred taxes are recognized on temporary differences between the carrying amounts of the assets and liabilities in our financial statements and the corresponding tax bases used in the computation of taxable income in accordance with IAS 12. The tax rate in Germany that applies to SSU is the German corporation tax inclusive of solidarity surcharge of 15.8% and a trade tax rate of 14.4%. For the fiscal year ended September 30, 2022, income tax benefit was €26.6 million, an increase of €28.1 million, compared to a tax expense of €1.6 million in the fiscal year ended September 30, 2021. The increase in income tax benefit mainly resulted from an increase of deferred tax assets from temporary differences and tax loss carryforwards.

**Segments**

In accordance with IFRS 8, SSU has three reporting segments. These reporting segments are comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Bike and Outdoor* — the segment bike and outdoor includes the financial results of all business operations from retail activities and online business relating to the bike and outdoor customer categories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Tennis* — the segment tennis includes the financial results of all business operations from retail activities and online business relating to tennis with the main brands Tennis-Point, Tennis Express and Tennis Pro; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Teamsport —* the segment teamsport includes the financial results of all business operations from the sale of merchandise through the online shop Outfitter.

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **Bike and Outdoor** | (in € million) | (in € million) | (in € million) |
| **Revenue** | **763.6** | **607.6** | **497.5** |
| External revenue | 763.4 | 607.0 | 497.4 |
| Intersegment revenue | 0.2 | 0.5 | 0.1 |
| **Segment Adjusted EBITDA** | **(28.3)** | **41.4** | **24.7** |

---

The segment Bike and Outdoor exhibited growth by achieving revenues of €763.6 million in the fiscal year ended September 30, 2022, an increase of €156.0 million, compared to €607.6 million in the fiscal year ended September 30, 2021. This growth is primarily attributed to M&A activities in the current fiscal year resulting in increased traffic and net orders. Whilst overall revenue increased due to M&A activities, average order values (AOV) and organic revenue growth within the segment declined. The decrease was driven by a reduction in general consumer demand, increased competitor pressures leading to aggressive pricing through inventory management and supply shortage of products at the high end of the assortment range.

The segment generated Adjusted EBITDA of negative €28.3 million in the fiscal year ended September 30, 2022, a decrease of €69.7 million compared to €41.4 million in the fiscal year ended September 30, 2021. The decrease in adjusted EBITDA within the segment relates to the declining AOV, a write down of inventories of €5.3 million relating to the closure of the Esslingen warehouse and unfavorable development due to inflation in the ratio of cost of materials to revenues of 68.3% in the current fiscal year representing an increase of 5.5% compared to 62.8% in the previous fiscal year, as well as changes in product mix with higher concentration on lower-end products which typically generate lower margins. In addition, the ratio of logistic and packaging expenses to net revenues was 12.3% in the current fiscal year representing an increase of 1.9% compared to 10.4% in the previous fiscal year due partly to inflation on carrier, freight and packaging costs and partly from increased split orders (Single order with inventories and materials located in more than one locations) which incurs additional shipping and freight.

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| **<u>Tennis</u>** | (in € million) | (in € million) | (in € million) |
| **Revenue** | **259.1** | **165.4** | **125.9** |
| External revenue | 259.0 | 165.4 | 125.5 |
| Intersegment revenue |  |  | 0.5 |
| **Segment Adjusted EBITDA** | **(0.3)** | **7.2** | **2.2** |

---

The segment Tennis generated revenues of €259.1 million in the fiscal year ended September 30, 2022, a gain of €93.6 million, compared to €165.4 million in the fiscal year ended September 30, 2021. This growth is primarily attributed to M&A activities in the current fiscal year resulting in increased traffic and net orders. Whilst the increase in overall revenue was driven by M&A activities, organic revenue within the segment grew due to the re-opening of our offline stores as COVID-19 related restrictions and lockdowns were relaxed or lifted by local authorities. However, organic revenue growth was somewhat reduced as a high fraction of planned goods were not delivered or delivered late which resulted in loss of revenues.

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The segment generated adjusted EBITDA of €0.3 million in the fiscal year ended September 30, 2022, a decrease of €7.5 million, compared to €7.2 million in the fiscal year ended September 30, 2021. The decrease in adjusted EBITDA within the segment relates mainly to increased marketing, personnel, logistics and packaging expenses during the current fiscal year. Marketing expense ratio to net revenues increased to 10.2% in the current fiscal year, representing an increase of 4.0% in comparison to 6.3% in the previous fiscal year. The increase is driven partly by higher customer acquisition costs (CAC) in companies acquired through M&A activities and partly by increases to overall CAC as a result of market oversupply and increased competitive pressures . Additionally, personnel expenses increased due to increased headcount within the logistics, sales and marketing team while logistics and packaging expenses increased due to increased shipping, carrier, and freight costs.

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| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021\*** | **2020\*** |
| **<u>Teamsport\*</u>** | (in € million) | (in € million) | (in € million) |
| **Revenue** | **46.8** | **47.0** | **25.6** |
| External revenue | 40.4 | 41.2 | 21.6 |
| Intersegment revenue | 6.4 | 5.8 | 4.0 |
| **Segment Adjusted EBITDA** | **(6.9)** | **(4.0)** | **(2.6)** |

---

\* Previously presented as Teamsport and Athleisure, the comparative numbers have been re-presented as a result of discontinued operations. Refer to Note 11- Discontinued Operations.

The revenue generated from the segment Teamsport was relatively consistent at €46.8 million in the fiscal year ended September 30, 2022 compared to €47.0 million in the fiscal year ended September 30, 2021. Whilst site visits within the segment grew, gross orders declined. The reduction in net sales conversion from site visits resulted in the slight decrease in revenue. The segment Teamsport generated a segment adjusted EBITDA of negative €6.9 million in the fiscal year ended September 30, 2022, a decrease of €2.9 million compared to negative €4.0 million in the fiscal year ended September 30, 2021. The decrease was mainly driven by logistics expenses as a ratio to revenue increased to 16.4% in the current fiscal year compared to 14.3% in the previous fiscal year due to higher costs for shipping, carriers, and air freight, whereas IT expenses increased to 5.3% in the current fiscal year compared to 2.9% in the previous year due to additional website development and IT maintenance costs.

The following table presents the geographical breakdown of external revenues for the fiscal years ended and as of September 30, 2022, 2021 and 2020:

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| | | | |
|:---|:---|:---|:---|
| | **For the fiscal year ended September 30,** | **For the fiscal year ended September 30,** | **For the fiscal year ended September 30,** |
| | **2022** | **2021\*** | **2020\*** |
| | (in € million) | (in € million) | (in € million) |
| **Revenue by geographical region:** |  |  |  |
| **Europe** | 689.7 | 538.7 | 461.4 |
| *of which: Germany:* | 295.6 | 278.5 | 245.9 |
| *of which: Switzerland* | 80.1 | 82.7 | 80.3 |
| *of which: United Kingdom* | 167.0 | 18.1 | 6.8 |
| *of which: Austria* | 34.1 | 34.1 | 29.4 |
| *of which: France* | 113.0 | 125.3 | 99.0 |
| **North America** | 102.9 | 16.8 | 0.2 |
| *of which: United States* | 102.9 | 16.8 | 0.2 |
| Rest of the World | 270.2 | 258.2 | 182.9 |
| **Total** | **1062.8** | **813.7** | **644.4** |

---

\* The comparative numbers have been re-presented as a result of discontinued operations. Refer to Note 11- Discontinued Operations.

**Non-IFRS Financial Measures**

***Adjusted EBITDA***

Adjusted EBITDA on a consolidated basis is used by management to evaluate SSU's core operating performance on a comparable basis and to make strategic decisions. We believe adjusted EBITDA on a consolidated basis is useful to investors for the same reasons as well as in evaluating SSU's operating performance against competitors, which commonly disclose similar performance measures. However, our calculation of SSU's adjusted EBITDA on a consolidated basis may not be comparable to other similarly titled performance measures of other companies. adjusted EBITDA on a consolidated basis is not intended to be a substitute for any IFRS financial measure.

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The following table presents a reconciliation of SSU's adjusted EBITDA on a consolidated basis from SSU's consolidated net loss for the periods indicated.

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| | | | |
|:---|:---|:---|:---|
| | **For the fiscal year ended September 30,** | **For the fiscal year ended September 30,** | **For the fiscal year ended September 30,** |
| | **2022** | **2021\*** | **2020\*** |
| | (in € millions) | (in € millions) | (in € millions) |
| **Net loss for the year from continuing operations** | **(539.3)** | **(37.7)** | **(20.7)** |
| Income tax expense/ (benefit) | (26.6) | 1.6 | (1.9) |
| Depreciation and amortization | 53.9 | 28.5 | 24.5 |
| Interest expense (net) | 4.2 | 4.3 | 7.1 |
| **EBITDA** | **(507.7)** | **(3.4)** | **9.0** |
| Impairment loss | 254.9 | 0.6 | 0.1 |
| Other net finance (income)/ costs <sup>1</sup> | (19.5) | 0.3 |  |
| Result from investments accounted for at equity | 1.2 | 1.3 | 0.7 |
| Acquisition related charges <sup>2</sup> | 2.7 | 0.5 | 0.4 |
| Reorganization and restructuring costs <sup>3</sup> | 140.5 | 7.2 | 3.2 |
| Consulting fees <sup>4</sup> | 41.7 | 21.6 | 0.6 |
| Share-based compensation <sup>5</sup> | 17.1 | 2.7 | 0.1 |
| Other items not directly related to current operations <sup>6</sup> | 2.7 | (1.2) | 2.5 |
| **Adjusted EBITDA from continuing operations\*\*** | **(66.5)** | **29.6** | **16.5** |

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\* The comparative numbers have been re-presented as a result of discontinued operations. Refer to Note 11- Discontinued Operations.

\*\* The definition of adjusted EBITDA was changed beginning October 1, 2021 to include ramp-up costs and consulting expenses related to management hiring which had previously been excluded. The prior period amounts have been adjusted to state the relevant amounts on a comparable basis. The impact on the prior period adjusted EBITDA was less than €1.4 million.

_________________

(1) Other net finance (income)/ costs consists mainly of currency gains and losses and impact from derivative revaluations,

(2) Acquisition related charges consist of transaction costs incurred from acquisitions during the period or subsequent business integration related project costs directly associated with an acquired business.

(3) Reorganization and restructuring costs represent fees and costs associated with various internal reorganization and restructuring initiatives across the SSU's segments, including share listing expenses of €121.9 million and restructuring costs of €18.5 million in the fiscal year ended September 30, 2022. In the fiscal year ended September 30, 2021, reorganization and restructuring costs consisted mainly of severance costs in the amount of €2.8 million and restructuring costs in the amount of €4.0 million.

(4) Consulting fees primarily consists of consultancy fees in connection with acquisitions, financing (equity and debt) and strategic projects including expenses incurred in connection with the share listing of €25.7 million, fees related to ERP implementation of €3.9 million and preparation costs in relation to being Sarbanes-Oxley (SOX) compliant of €3.2 million for the fiscal year ended September 30, 2022. In the fiscal year ended September 30, 2021, consulting fees primarily consisted of expenses incurred in connection with the public listing of €17.8 million, fees related to Business Combinations of €1.5 million and expenses for a market study in the amount of €0.8 million.

(5) Share-based compensation represents non-cash share-based compensation expenses related to option awards to employees and executives.

(6) Other items are excluded from adjusted EBITDA because they are not considered to be representative of the performance of our businesses.

For the fiscal year ended September 30, 2022, adjusted EBITDA from continuing operations was negative €66.5 million in the fiscal year ended September 30, 2022, a decrease of €96.0 million compared to €29.6 million in the fiscal year ended September 30, 2021. The decrease in adjusted EBITDA was primarily due to the one- off €121.9 million share listing expense, and other consulting costs related to the cost of becoming a public company.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Liquidity and Capital Resources** 

**Sources and uses of funds**

Our primary requirements for liquidity and capital are to, among others, fund our net working capital requirements, make capital expenditures, meet debt service requirements and interest payments under our indebtedness, fund general corporate uses, and expand our business through acquisitions.

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Our primary sources of liquidity are our existing cash reserves, the LBBW RCF, proceeds generated from the Business Combination and PIPE Financing that closed on December 14, 2021, as well as two SIGNA Holding RCFs each in the amount of €50.0 million entered into with our affiliate SIGNA Holding GmbH and the Convertible Bonds.

As of September 30, 2022, the LBBW RCF had an average interest rate of 3.1% based on EURIBOR 3M plus 3.5 points and our outstanding balance on the revolving credit agreement was €100.3 million. The future payments associated with the LBBW RCF are €5.5 million within the next twelve months and €103.2 million over the following four years. The LBBW RCF is secured against a share pledge in one of our subsidiaries.

As of September 30, 2022, our SIGNA Holding RCFs had an average interest rate of 6.2% based on EURIBOR 12M plus 5.0 points and our outstanding balances on the SIGNA Holding RCFs were €81.4 million. The future payments associated with the SIGNA Holding RCFs are €33.8 million in the next twelve months, and €56.3 million over the following four years. The SIGNA Holding RCFs are unsecured.

The SIGNA Holding RCFs and the LBBW RCF provide liquidity as we continue to grow and require additional liquidity, in particular due to the seasonal variability of our business.

On September 28, 2022, we entered into the Subscription Agreement with SIGNA Holding to issue the Initial Convertible Bonds with a closing date on October 4, 2022 which was subsequently sold and transferred to our affiliate SIGNA European Invest Holding AG. The bondholders have the right to increase the principal amount of the Initial Convertible Bonds of up to €200.0 million as of closing of the Initial Convertible Bonds issuance and until and including September 30, 2023. (Upsize Option) The Initial Convertible Bonds bear Quarterly Interest as well as PIK Interest. Interest is payable from October 4, 2022, at a rate of three-month EURIBOR plus 4% per annum (which will increase to 5% per annum and 6% per annum on October 4, 2026, and October 4, 2027, respectively). PIK Interest accrues from October 4, 2022, at a rate of 7% per annum (which will increase to 8% per annum and 9% per annum on October 4, 2026, and October 4, 2027, respectively) as if it were payable quarterly in arrears on each interest payment date.

In addition, on February 6, 2023, we received the SIGNA Holding Equity Commitment Letter from SIGNA Holding. Such commitment provides the Company with the right to issue and sell (put right) Additional Convertible Bonds to our affiliate SIGNA Holding, at the same terms and conditions as the Initial Convertible Bonds, in one or more tranches until and including September 30, 2024 for an aggregate additional principal amount of €130.0 million of newly issued convertible bonds. Any subsequent exercise of the put right pursuant to the SIGNA Holding Equity Commitment Letter will reduce Euro for euro, the available amount under the 'Upsize Option' granted by SSU to SIGNA Holding in connection with the issuance of the 'Initial Convertible Bonds'. The SIGNA Holding Equity Commitment Letter was required to address our very precarious liquidity situation since the beginning of our fiscal year ending September 30, 2023 fiscal year and to provide the Company with a going-concern perspective until mid-February 2024. Simultaneously with signing the SIGNA Holding Equity Commitment Letter, we entered into an amendment agreement to the SIGNA Holding RCF I with SIGNA Holding on February 6, 2023 (the "SIGNA Holding RCF I Amendment"). The purpose of the SIGNA Holding RCF I Amendment is to provide us with a bridge financing in the amount of up to €50.0 million until the respective tranches under the Additional Convertible Bonds have been issued and settled. Any amounts drawn under the additional €50.0 million in funding available to us under the amended SIGNA Holding RCF I will be repaid by issuing Additional Convertible Bonds in accordance with the terms and conditions of the SIGNA Holding Equity Commitment Letter to SIGNA Holding.

**Cash and Cash Equivalents**

As of September 30, 2022, SSU had cash and cash equivalents of €43.0 million that primarily consisted of cash and bank deposits. A majority of SSU's cash and cash equivalents, approximately 67.1%, were held in Germany, of which 77.5% and 6.1% were denominated in Euro and Norwegian Kroner, respectively. No other currency held in Germany accounted for more than 5.4% of SSU's cash and cash equivalents. Approximately 32.9% of SSU's cash and cash equivalents were held outside of Germany, with the majority held in France in Euro.

**Net Working Capital**

Net working capital is defined as inventories plus trade receivables minus trade payables. This represents the amount of cash flows and working capital we require to support our operational fluctuations throughout the year, primarily driven by the seasonality of our business. Our working capital requirements are also affected by payment terms agreed with suppliers.

Typically, the third and the fourth quarters of the fiscal year are our strongest sales quarters. Conversely, inventory levels need to be strongest in these quarters in order to fulfil the high demand. In parallel, trade receivables increase during that period as well as trade payables due to the high volume of incoming goods. Generally, net working capital is lowest in the third quarter of the fiscal year (as a result of the maturity of the payment terms with suppliers for inventory acquired in advance of our peak selling season) and highest in the fourth quarter (as supplier invoices come due).

We continuously strive to improve our days inventory outstanding, foster strong relationships with suppliers to improve days payables outstanding while offering a good payment services mix for our clients without increasing days sales outstanding. These initiatives include the following:

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*Trade payables*

Given our scale and the significance of our business to our suppliers, we have been able to further diversify our supplier portfolio and deepen relationships with existing suppliers, allowing us to renegotiate and further extend payment terms with them.

Together with our trade buying associations, we can offer suppliers to receive their funds early by accepting a discount on the face value. This allows us to negotiate competitive payment terms with our suppliers.

As of September 30, 2022, trade payables were €194.9 million, an increase of 90%, or €92.2 million, compared to trade payables of €102.7 million as of September 30, 2021. The increase in trade payables is driven by M&A activities and higher cost of materials as well as higher inventories purchased in the last quarter of 2022 to prevent supply shortages given the current global supply constraints.

*Inventories*

Our increasing size allows us to order the same products more efficiently, both in terms of order size and frequency, especially in the bike and private label part of our business. This typically results in inventory being fewer days on stock as we grow. However, in the fiscal year ended September 30, 2022 SSU decided to increase the inventories within all segments to prevent potential supply shortages given global supply constraints.

For the reporting periods, days inventory outstanding, defined as inventories as of the balance sheet date divided by costs of material per day, are 156 days for the fiscal year ended September 30, 2022 and 133 days for the fiscal year ended September 30, 2021.

*Trade receivables*

Since a large part of our clients pay by online service payment providers or credit cards, days sales outstanding, defined as trade receivables as of the balance sheet date divided by net revenues per day, are low with 9 and 12 days for each of the fiscal years ended September 30, 2022 and September 30, 2021.

**Consolidated Cash Flows**

The table below sets forth SSU's consolidated cash flows information from operating, investing and financing activities for fiscal years 2022, 2021 and 2020:

---

| | | | |
|:---|:---|:---|:---|
| | **For the fiscal year ended September 30,** | **For the fiscal year ended September 30,** | **For the fiscal year ended September 30,** |
| | **2022** | **2021\*** | **2020\*** |
| | **(audited)** | **(audited)** | **(audited)** |
| | **(in € million)** | **(in € million)** | **(in € million)** |
| **Consolidated statement of cash flows** |  |  |  |
| Cash flow used in continuing operating activities | (183.9) | (26.1) | (1.8) |
| Cash flow used in discontinued operating activities, net | (6.6) | (4.3) | (2.5) |
| Cash flow used in continuing investing activities | (237.5) | (30.4) | (27.2) |
| Cash flow used in discontinued investing activities, net | (0.6) | (1.2) | (0.9) |
| Cash flow from continuing financing activities | 423.3 | 24.8 | 21.0 |
| Cash flow used in discontinued financing activities, net | (0.5) | (7.7) | (1.2) |
| **Change in cash and cash equivalents from continuing operations** | **1.9** | **(31.6)** | **(8.0)** |
| **Change in cash and cash equivalents from discontinued operations** | **(7.7)** | **(13.2)** | **(4.5)** |
| **Effect of exchange rate changes on cash and cash equivalents** | **(1.9)** |  |  |
| **Net change in cash and cash equivalents** | **(7.7)** | **(44.8)** | **(12.5)** |

---

\* The comparative numbers have been re-presented as a result of discontinued operations. Refer to Note 11- Discontinued Operations.

***Cash Flows used in Continuing Operating Activities***

For the fiscal year ended September 30, 2022, SSU's cash flow used in continuing operating activities was €183.9 million, an increase of €157.9 million, or in excess of 100% compared to cash flow used in continuing operating activities of €26.1 million in the fiscal year ended September 30, 2021. The increase in cash outflow was due most significantly to the increased losses before taxes from continuing operations of €565.9 million due to increased legal and consulting fees related to the Yucaipa Merger, operating costs resulting from the acquisition of Wiggle Group and Tennis Express. In addition, net working capital increased by €23.7 million.

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***Cash Flows used in Continuing Investing Activities***

For the fiscal year ended September 30, 2022, SSU's cash flows used in continuing investing activities were €237.5 million, an increase of €207.1 million, or in excess of 100% compared to cash flows used in continuing investing activities of €30.4 million in the fiscal year ended September 30, 2021. This increase in cash outflow is due mainly to cash considerations of €192.9 million related to business acquisitions made during the current fiscal year and, in particular, the acquisition of Wiggle Group and Tennis Express, net of cash acquired.

***Cash Flows from Continuing Financing Activities***

For the fiscal year ended September 30, 2022, SSU's cash inflows from continuing financing activities were €423.3 million, an increase of €398.5 million, or in excess of 100% compared to cash inflows from continuing financing activities of €24.8 million in the fiscal year ended September 30, 2021. This increase in net cash flow from financing activities was primarily due to proceeds of €402.7 million from capital contributions.

***Change in cash and cash equivalents from discontinued operations***

For the fiscal year ended September 30, 2022, the change in cash and cash equivalent used in discontinued operations were €7.7 million, an increase of €5.5 million, or 41.7% compared to €13.2 million in the fiscal year ended September 30, 2021. The increased cash outflow is driven by increased losses before taxes from discontinued operations resulting in cash flows used in discontinued operating activities of €6.6 million during the fiscal year ended September 2022 compared to €4.3 million in the fiscal year ended September 30, 2021.

***Financial Liabilities***

Our ability to make principal and interest payments on the LBBW RCF as well as on the SIGNA Holding RCFs with our affiliate SIGNA Holding, in addition to funding planned capital expenditures, will depend on our ability to generate cash in the future. Our future ability to generate cash from operations is, to a certain extent, subject to general economic, financial, competitive, regulatory and other conditions. Based on our current level of operations we believe that our existing cash balances and expected cash flows generated from operations, as well as our financing arrangements under the revolving facility agreement, are sufficient to meet our operating requirements for at least the next twelve months.

**C.&nbsp;&nbsp;&nbsp;&nbsp;Research and development, patents and licenses, etc.**

We do not perform any material research and development activities and there are currently no intentions to do so.

**D.&nbsp;&nbsp;&nbsp;&nbsp;Trend information**

Other than as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments or events for the fiscal year ended September 30, 2022 that are reasonably likely to have a material adverse effect on our revenues, profitability, liquidity or capital resources, or that would cause the disclosed financial information of SSU to be not necessarily indicative of future operating results or financial conditions.

**E.&nbsp;&nbsp;&nbsp;&nbsp;Critical Accounting Estimates**

Please refer to Part III, Item 18. SSU's consolidated financial statements, Note 5.1 "Significant accounting judgements and estimates".

**ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**

**A.Directors and Senior Management**

Our board of directors (the "Board") consists of eight members, comprised of one executive director ("Executive Director") and seven non-executive directors (the "Non-Executive Directors" and, together with the Executive Director, the "Directors"). The following table lists the names, ages as of September 30, 2022 and positions of the individuals who are serving as Director and executive officers.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| **Executive Officers** | | |
| Dr. Stephan Zoll | 52 | Chief Executive Officer |
| Alexander Johnstone | 35 | Chief Financial Officer |
| Dr. Phillip Rossner | 43 | Chief Strategy Officer |
| Thomas Neumann | 43 | Chief Technology Officer |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Age** | **Term Served** | **Year in which Term Expires** | **Position** |
| **Directors** | | | | |
| Dr. Stephan Zoll | 52 | 2021 – Present | 2024 | Executive Director |
| Mike Özkan | 35 | 2021 – Present | 2025 | Chairman and Non-Executive Director |
| Wolfram Keil | 55 | 2021 – Present | 2025 | Non-Executive Director |
| Dr. Dieter Berninghaus | 57 | 2021 – Present | 2025 | Vice-Chairman and Non-Executive Director |
| Dr. Martin Wittig | 59 | 2021 – Present | 2024 | Non-Executive Director |
| Christoph Keese | 58 | 2021 – Present | 2023 | Non-Executive Director |
| Richard d'Abo | 66 | 2021 – Present | 2024 | Non-Executive Director |
| Dr. Thomas Rudolph | 60 | 2021 – Present | 2023 | Non-Executive Director |

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**Executive Officers**

***Dr. Stephan Zoll*** (CEO) was born in 1970 in Hamburg (Germany). From 1993 to 1998, Dr. Zoll studied law at the universities of Heidelberg (Germany) and Munich (Germany) and obtained a doctorate degree from the university of Augsburg (Germany) in 1999. In 2006, he completed the general manager program at Harvard Business School in Boston, Massachusetts (United States).

Most recently, Dr. Zoll was President Online of the Illinois-based company Sears Holdings, Inc., a multi-channel retailer comprising brands Sears, Kmart, Sears Home Services, Kenmore, DieHard and ShopYourWay. He held this position being responsible for the performance of Sears' and Kmart's online businesses from 2016 until 2018. Prior to 2016, Dr. Zoll served for 10 years at eBay, Inc., a NASDAQ-listed California-based global online marketplace as Vice President and managing director (*Geschäftsführer*) and was a member of eBay's Marketplaces EU Leadership Team. During his time at eBay, Inc. he was responsible for several subsidiaries. The functions included his positions as managing director of Tradera (eBay Sweden), Gitti Gidiyor (eBay Turkey) and eBay Advertising Group. In his early career, Dr. Zoll worked as a strategy consultant at Olivier Wyman and Booz Allen & Hamilton in various countries.

***Alexander Johnstone*** (CFO) was born in 1987 in London (United Kingdom). He has served as a Chief Financial Officer and as a member of the Management Board of SSU since March 2021. He previously served as a Director in the M&A group at Citigroup in London from 2020 focusing on advising companies in the TMT sectors. Prior to this, he held numerous positions within the Media and Communications Investment Banking team in New York from 2014 to 2020. Mr. Johnstone started his career with Citigroup in London in 2011, covering Emerging Markets Investment Banking. He holds a MSc in Physics from Imperial College London.

***Dr. Phillip Rossner*** (CSO) was born in 1980 in Berlin (Germany). He has served as Chief Strategy Officer and member of the SSU Management Board since June 2018 and is responsible for Strategy, Corporate Development, and M&A. Dr. Rossner previously served as CEO of brands4friends — Private Sale GmbH, a leading online shopping club in Germany, from 2016 to 2018, and held various senior management positions at eBay from 2013 to 2016. Prior to that, Mr. Rossner worked at The Boston Consulting Group from 2005 to 2013, serving most recently as Project Leader in the Retail, Media and Consumer Goods, and Private Equity practice areas. Mr. Rossner holds a PhD from WHU — Otto Beisheim School of Management (Germany), an MBA from the University of Cincinnati (USA), and a Diploma degree from Passau University (Germany).

***Thomas Neumann*** (CTO) was born in 1979 in Bottrop (Germany). He acts as Chief Technology Officer of SSU and has more than 15 years of experience in the e-commerce field, including stations at Rocket Internet and acting as Head of IT for the online division of Plus Warenhandelsgesellschaft. He is responsible for state-of-the-art technology to support the company's international expansion plans and platform strategy.

**Executive Director**

Stephan Zoll, our Chief Executive Officer, serves as the sole executive director.

**Non-Executive Directors**

***Dr. Dieter Berninghaus*** was born in 1965 in Pulheim (Germany). As of September 2016, Dr. Dieter Berninghaus took over as Chairman of the SIGNA Group Executive Board and Chairman of SIGNA Retail. Prior to this, from the beginning of 2008 to August of 2016, Mr. Berninghaus was a Member of the Executive Board as well as CEO Retail at the Swiss Migros Group. This is where, in his position as a Member and Chairman of the Board of Directors, Mr. Berninghaus was responsible for the entire non co-operative retail business and managed 15 companies of the Swiss Migros Group. Mr. Berninghaus also worked for Denner AG/Rast Holding AG (2004–

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2008) as a Member of the Board of Directors and subsequently as Chairman of the Board of Directors, and also as the CEO and Spokesperson of the Management Board of REWE Group (1999–2004). At Metro AG (1991–1999), Mr. Berninghaus was responsible — most recently as Director — for the management of the Internationalization and Strategic Corporate Development Group Division.

***Richard d'Abo*** was born in 1956. Mr. d'Abo attended the University of Southern California, after which he worked for Union Bank from 1978 to 1987. In 1984, Mr. d'Abo started Union Bank's leverage finance lending group and was its vice president until joining Yucaipa in 1988 as a partner. During this time with Yucaipa, Mr. d'Abo held various integral roles that included origination and structuring of principal transactions that culminated in Yucaipa's consolidation of the supermarket industry in the western United States. From 1995 to 2003, Mr. d'Abo was involved in various financial advisory and private equity investing. Mr. d'Abo returned to Yucaipa in 2004 as a partner. In 2009, Mr. d'Abo led Yucaipa's $2.2 billion restructuring of Eimskip, a leading logistics company in the North Atlantic. This restructuring resulted in the purchase of Versacold International Corporation, which was the second largest global cold storage company at the time. In 2012, Eimskip completed its IPO (NASDAQ OMX: EIM) and Mr. d'Abo served as a director and Chairman of Eimskip from 2012 to 2018. Mr. d'Abo was also active in Yucaipa's consolidation of the cold storage industry, which resulted in the IPO of Americold (NYSE: COLD). Mr. d'Abo further served as a member of the board of trustees for Americold from 2013 to 2018. Additionally, Mr. d'Abo is Chairman of New Planet Energy Development, LLC, a developer of advanced waste management facilities.

***Christoph Keese*** was born in 1964 in Remscheid (Germany). After his graduation as an economist at the universities of Marburg and Frankfurt a.M. (Germany), Mr. Keese started his professional career as assistant to the chief executive officer and head of corporate communications of Gruner + Jahr, the Bertelsmann magazine division. He was managing editor of Berliner Zeitung, editor in chief of Financial Times Deutschland and editor in chief of Welt am Sonntag and Welt Online. In 2008, Mr. Keese switched to the management side of Axel Springer SE, Europe's leading digital publisher. As senior vice president public affairs and investor relations (until 2013) and as executive vice president (after 2013) he helped to shape Axel Springer SE's digitization strategy. Mr. Keese is the author of bestselling books about digitization, among them "Silicon Valley". As CEO and founder of his consulting firm, Mr. Keese, inter alia, exercises various formal and informal mandates for Axel Springer SE.

***Wolfram Keil*** was born in 1967 in Mannheim (Germany). Mr. Keil has been a Member of the SIGNA Executive Board and Managing Director of SIGNA Retail since 2013. He previously worked as CFO of SIGNA RECAP Funds. He gained extensive experience in the private equity and real estate business while working for Cerberus Capital Management in Germany and Terra Firma Capital Partners in London. After completing his university studies with a master's degree in business management and economics from Ruhr-University Bochum (Germany), Mr. Keil began his professional career in finance management at Procter & Gamble and Coca-Cola. He is an experienced board director chairing various supervisory boards of SIGNA portfolio companies.

***Mike Özkan*** was born in 1987 in Dortmund (Germany). He acts as member of the management board of SIGNA Retail Selection AG. Mr. Özkan obtained the advanced federal diploma of higher education for bankers in 2013 and holds a LL.M. degree in international business law from Zurich University since 2018. Mr. Özkan began his career with a trainee program for high school graduates at UBS Switzerland in Zurich (Switzerland) and was promoted to Associate Director of Sales in 2009. In 2011, he was promoted to authorized officer at DZ Private Bank where he was a financial advisor to wealthy private clients. Since 2018, Mr. Özkan plays a major role in establishing and building up SSU and contributes significantly to its further strategic development.

***Dr. Thomas Rudolph*** was born in 1962 in Öhringen (Germany). He studied business administration at the University of Mannheim. Since 2000, he teaches marketing and researches as a full-time professor at the University of St. Gallen. In 2006, he founded the "Retail Lab", a partnership program between the University of St. Gallen and numerous international retailers. Since 2009, he manages and directs the Institute of Retail Management. Professor Rudolph authored over 400 research articles, many in high impact journals, as well as eleven books, and is consistently honored for his excellence in research and teaching. As an advisory board member he supports numerous renowned companies.

***Dr. Martin Wittig*** was born in 1964 in Frankenholz (now: Bexbach) (Germany). He graduated from RHTW Aachen (Germany) and holds a degree in mining engineering and in economics. Moreover, he obtained his doctorate degree in mining engineering from the Technical University of Berlin (Germany) in 1995. In the same year, Dr. Wittig joined Roland Berger Strategy Consultants and became an associate partner in 1999 and a full partner in 2000. Since January 2001, he had been acting as managing partner and director of the branch in Zurich (Switzerland). In December 2002, Dr. Wittig was elected chief financial officer by the partners in the global executive committee of Roland Berger and re-elected in 2006. Dr. Wittig was elected the chief executive officer of Roland Berger Strategy Consultants unanimously by 180 partners in 2010. In May 2013, Dr. Wittig resigned from his office at Roland Berger. He holds lectures at the University of St. Gallen (Switzerland) on a regular basis and has been appointed Honorary Consul of Germany for the nation of Switzerland (Canton of Schwyz and Canton of Zurich).

**Family Relationships**

There are no family relationships among any of our executive officers or Directors.

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**Arrangements and Understandings**

Pursuant to our Articles of Association, SIGNA International Sports Holding GmbH ("SISH") holds nomination rights for directors of the Board. For as long as SISH, alone or together with its affiliates, holds at least 10% (but less than 20%) of our issued share capital, it will be allowed to make a binding nomination for one Director, for as long as SISH, alone or together with its affiliates, holds at least 20% (but less than 30%) or our issued share capital, it will be allowed to make a binding nomination for two Directors and for as long as SISH, alone or together with its affiliates, holds at least 30% of our issued share capital, it will be allowed to make a binding nomination for three Directors. The incumbent directors of the Board nominated by SISH are Messrs. Keil, Özkan and Berninghaus, who have been appointed for four years, respectively, and will serve an initial term as directors of the Board until 2025. In addition, Mr. d'Abo was designated by Yucaipa Sponsor pursuant to agreements relating to the Business Combination.

**B. Compensation**

**Compensation of Executive Officers**

The amount of compensation, including benefits in kind, accrued or paid to the Directors and executive officers of the Company with respect to services provided to the Company and SSU in the financial year ended September 30, 2022 is described in the table below:

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| | | |
|:---|:---|:---|
| | **Dr. Stephan Zoll** | **All other executives** |
| **(Euros in thousands)** | | |
| Periodic compensation | 881.25 | 1315.93 |
| Profit sharing arrangements and bonus payments | 1980.13 | 2082.97 |
| **Total cash compensation** | 2861.38 | 3398.90 |
| Equity Incentive Plan | 7396.12 | 732.25 |
| **Total share-based compensation** | 7396.12 | 732.25 |

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**Compensation of Non-Executive Directors**

The Non-Executive Directors have been appointed to the Board on December 14, 2021. The compensation paid to Non-Executive Directors in the financial year ended September 30, 2022 who served on the board of the Company is described in the table below:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Mike<br>Özkan** | **Wolfram Keil** | **Dieter Berninghaus** | **Martin Wittig** | **Christoph Keese** | **Richard d'Abo** | **Thomas Rudolph** |
| **(Euros in thousands)** | | | | | | | |
| Periodic compensation<sup>1)</sup> | 455 | 67 | 65 | 135 | 69 | 68 | 63 |
| Other expenses<sup>2)</sup> | 116 |  |  |  |  |  |  |
| **Total cash compensation** | **571** | **67** | **65** | **135** | **69** | **68** | **63** |
| Equity Incentive Plan |  | 100 | 100 | 100 | 100 | 100 | 100 |
| **Total share-based compensation** | **—** | **100** | **100** | **100** | **100** | **100** | **100** |

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_____________

1) Fixed remuneration for serving on the board of directors of SSU.

2) Lump sum payment for expenses

**Remuneration and Other Benefits to the Directors**

As a foreign private issuer, in accordance with NYSE listing requirements, we comply with home country compensation requirements and certain exemptions thereunder rather than complying with NYSE compensation requirements. Dutch law does not provide for limitations with respect to the aggregate annual compensation paid to Directors, such compensation should however be consistent with our compensation policy. Such compensation policy was adopted by the General Meeting. Changes to such compensation policy require a vote of the General Meeting by simple majority of votes cast. The Board determines the remuneration of individual Directors with due observance of the compensation policy. A proposal with respect to remuneration schemes in the form of shares or rights to shares in which Directors may participate is subject to approval by the General Meeting by simple majority of votes cast. Such a proposal must set out at least the maximum number of shares or rights to subscribe for shares to be granted to the Directors and the criteria for granting or amendment. Our compensation policy authorizes the Board to determine the amount, level and structure of the compensation packages of the Directors at the recommendation of our compensation committee. These compensation packages may consist of a mix of fixed and variable compensation components, including base salary, short-term incentives, long-term incentives, fringe benefits, severance pay and pension arrangements, as determined by the Board.

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**Non-Employee Director Compensation Program**

As of their respective appointment and prorated for the first year with regards to cash and the initial compensation components described hereafter, non-employee directors of the Board will receive, as compensation for serving on the Board, a mix of cash compensation and restricted stock unit ("RSU") awards (granted under the Equity Plan (as defined below)), as follows: (i) an annual cash retainer equal to €75,000; (ii) an annual RSU award with a grant date fair value equal to €100,000, which shall vest on the first anniversary of the grant date subject to continued service with the Board, and (iii) an initial RSU award with a grant date fair value equal to €175,000, which shall vest on the third anniversary of the grant date subject to continued service with the Board. Non-employee directors' compensation was aligned to the annual directors' terms so that annual grants will be made right after the election of the directors at the shareholder meeting. In addition, non-employee directors serving on the audit committee, compensation committee and nomination and corporate governance committee will receive the following additional compensation, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• €7,500 for each non-chairperson member of the audit committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• €10,000 for the chairperson of the compensation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• €5,000 for each non-chairperson member of the compensation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• €7,500 for the chairperson of the nomination and corporate governance committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• €3,750 for each non-chairperson member of the nomination and corporate governance committee.

**Executive Director and CEO Agreements**

*Service Agreement*

Pursuant to a Services Agreement by and between SSU and Dr. Stephan Zoll, as amended through June 10, 2021 and as transferred to the Company by way of a transfer agreement between Dr. Stephan Zoll, SSU and the Company dated December 14, 2021, Dr. Zoll is entitled to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an annual salary of €900,000,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an annual short term incentive bonus with an annual target amount of €600,000 (with a maximum payment at 150% of target),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a long- term incentive bonus with an annual target amount of €2,000,000, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a listing bonus, consisting of (a) a cash payment of €2,400,000 and (b) a grant of option rights (see below under "Option Agreement" for more detail).

In addition, Dr. Zoll is, under the Services Agreement, entitled to ancillary benefits such as a company car, D&O and accident insurance as well as certain contributions mandatory under German law to pension, health and long term care insurance. The Services Agreement extends Dr. Zoll's employment term through at least March 31, 2024.

*Option Agreement*

In connection with the Business Combination, the Company entered into an option agreement with Dr. Zoll on June 10, 2021. Pursuant to the terms of the option agreement, Dr. Zoll has been awarded the right to acquire 1,293,200 shares in the Company (such right "Option" and the shares to be acquired upon exercise of the Option, the "Option Shares"). The strike price of each of the Options is €0.12 per Option Share. The rights and obligations under the option agreement have been assigned, with the Company's consent, to SHZ Beteiligungen A GmbH, a special purpose vehicle owned 100 per cent by Dr. Zoll. The number of Option Shares is not subject to any adjustments. 646,600 Options have been exercised for Option Shares before the year ended September 30, 2022 and (ii) the remainder 646,600 Options may be exercised at any time for a period of three months following the earlier of March 31, 2024 and the termination of Dr. Zoll's employment with the Company.

*Loan Agreement*

In connection with the grant of option rights, Dr. Zoll entered into a loan agreement with SIGNA Retail Selection AG, an indirect majority shareholder of SISH who grants similar financial assistance to other SIGNA Retail group companies from time to time. The loan is for an amount of up to €5,300,000, bearing interest at 2.0% per annum, for the purpose of financing tax obligations that would arise if Dr. Zoll transfers shares acquired under the option rights to a personal investment vehicle and is payable only at the request of Dr. Zoll in connection with such a transfer. Provided the aforementioned terms are met, the loan term will end at the earlier of March 31, 2024 or within five days of the receipt of a notice of termination issued by either party. Any loan amount drawn upon, plus interest, is repayable no later than March 31, 2024.

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**Chairman of the Board Service Agreement**

Pursuant to a Services Agreement executed by and between SSU and Mr. Özkan, Mr. Özkan is entitled to receive an annual salary of €500,000, ancillary benefits such as a company car, a housing allowance, D&O and accident insurance, as well as certain contributions mandatory under Swiss law to pension, health and long term care insurance.

Mr. Özkan is also eligible to participate in our Equity Plan (as defined below).

**Omnibus Equity Incentive Plan**

On December 14, 2021 we established an omnibus equity incentive plan (the "Equity Plan"), pursuant to which we may grant options, restricted stock, restricted stock units, share appreciation rights and other equity and equity-based awards. The maximum number of Ordinary Shares underlying awards granted pursuant to the Equity Plan will in total not exceed 10% of our issued share capital on December 14, 2021. In addition, the number of Shares reserved for issuance under the Equity Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2022, in an amount equal to 5% of the total number of Ordinary Shares comprised in our issued share capital on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Board. The Equity Plan is administered by the compensation committee as appointed by the Board. We may grant awards under the Equity Plan to the Directors, employees or consultants. The size/amount of grant is agreed individually in each employment agreement, based on a 100% target achievement rate and independent from individual performance in the relevant fiscal year. The Equity Plan provides for special provisions for good leavers and bad leavers as well as for a change in control.

In addition to the stock options granted to Dr. Zoll in connection with the Business Combination, Dr. Zoll's long- term incentive bonus is a mix of option rights and restricted stock units ("*RSUs*"). Option rights have exercise price equal to stock price on date of grant, which will vest ratably over four years. The term of the Zoll option award is ten years from the date of grant.

Equally, all other senior executive officer that participate in the Equity Plan will receive a mix of option rights and RSUs. Option grants made to executive officers will be subject to the same terms as the Zoll award above. RSUs will be granted to eligible recipients in the form of an initial grant and annual grant with the initial grant vesting ratably over three years in three equal installments and the annual granted becoming vested on the first anniversary of is grant. The amount of the grant to be determined by each recipient's employment agreement and will assume 100% target performance achievement rate.

During the reporting period ending on September 30, 2022, the Board approved a Long-Term Incentive Plan on December 14, 2021 in principle. Each board member entered into a Restricted Stock Unit award agreement with the company on June 7, 2022 (as amended December 19, 2022) on the basis of a further board resolution on May 30, 2022. As a result of this Long-Term Incentive Plan an equity-based compensation expense of €0.6 million has been recognized as of September 30, 2022.

**Pension Benefits**

We do not have any defined benefit pension plans or any other plans providing for retirement payments or benefits.

**C. Board practices**

We are a Dutch public limited liability company (*naamloze vennootschap*) with a one-tier board (the "Board").

Under Dutch law, the Board is charged with the management of our company, subject to the restrictions contained in the Articles of Association. The Chief Executive Officer manages our day-to-day business and operations and implements our strategy. The Non-Executive Directors focus on the supervision on the policy and functioning of the performance of the duties of all Directors and our general state of affairs. The Directors may divide their tasks among themselves in or pursuant to internal rules. Each Director has a statutory duty to act in the corporate interest of our Company and our business. Under Dutch law, the corporate interest extends to the interests of all corporate stakeholders, such as shareholders, creditors, employees, customers and suppliers. The duty to act in the corporate interest of our company also applies in the event of a proposed sale or break-up of our Company, provided that the circumstances generally dictate how such duty is to be applied and how the respective interests of various groups of stakeholders should be weighed.

The Board is as a whole entitled to represent us. The power to represent us also vests in the Chief Executive Officer and any other Director acting jointly.

Under our board rules, a person may be appointed as executive director of the Company for a term of up to four years, without limitation on the number of consecutive terms which an executive director may serve. A person may be appointed as non-executive director for a maximum of up to eight consecutive years and, subsequently, for a maximum of two consecutive terms of up to two years each.

The initial Directors have been appointed with staggered term periods ranging from two to up to four years.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Director** | **Age** | **Term Served** | **Year in which Term Expires** | **Position** |
| Dr. Stephan Zoll | 52 | 2021 – Present | 2024 | Executive Director |
| Mike Özkan | 35 | 2021 – Present | 2025 | Chairman and Non-Executive Director |
| Wolfram Keil | 55 | 2021 – Present | 2025 | Non-Executive Director |
| Dr. Dieter Berninghaus | 57 | 2021 – Present | 2025 | Non-Executive Director |
| Dr. Martin Wittig | 59 | 2021 – Present | 2024 | Non-Executive Director |
| Christoph Keese | 58 | 2021 – Present | 2023 | Non-Executive Director |
| Richard d'Abo | 66 | 2021 – Present | 2024 | Non-Executive Director |
| Dr. Thomas Rudolph | 60 | 2021 – Present | 2023 | Non-Executive Director |

---

**Service contracts and indemnification agreements**

SSU entered into a service agreement with Stephan Zoll, our CEO, which has been amended through June 10, 2021 and transferred to the Company by way of a transfer agreement between Dr. Stephan Zoll, SSU and the Company on December 14, 2021. Under the service agreement Dr. Zoll is entitled to receive an annual salary of €900,000, an annual short-term incentive bonus with an annual target amount of €600,000 (with a maximum payment at 150% of target), a long term incentive bonus with an annual target amount of €2,000,000, and a listing bonus, consisting of (a) a cash payment of €2,400,000 and (b) a grant of option rights (see below under "Option Agreement" for more detail). In addition, Dr. Zoll is entitled to ancillary benefits such as a company car, D&O and accident insurance as well as certain contributions mandatory under German law to pension, health and long term care insurance. The services agreement extends Dr. Zoll's employment term through at least March 31, 2024. Each party may terminate the service agreement for cause. In addition, Dr. Zoll may terminate the agreement with six- months'notice, but not before March 31, 2023. The service agreement does not provide for severance payments in case of its termination.

We have entered into service agreements with each of our Non-Executive Directors. The agreements remain in full force for as long as each of our Non-Executive Directors serves as a Non-Executive Director of the Board and shall terminate, without prior notice being required, at the moment when such director ceases to be a Non-Executive Director of the Board. Each Party may terminate the service agreement at any time by giving notice to the other party against the end of a calendar month, subject to a one- month notice period. A voluntary resignation by a Non-Executive Director is subject to the same notice period. In addition, we may terminate the agreement because of certain acts of a director that constitute urgent cause under Dutch law at any time with immediate effect by giving notice to the respective director. Following such termination, any compensation due pursuant to the service agreement which has not yet been paid or satisfied upon the termination of the agreement, must be paid or satisfied promptly.

Upon the termination of the service agreement, the respective Non-Executive Director shall promptly resign any position or office held by such director with the Company or any of our subsidiaries.

Except for Mr. Özkan, the Chairman of the Board, each Non-Executive Directors is entitled to severance payments upon the termination of their respective service agreements at the initiative of the Company (including situations where (i) the Board resolves not to nominate the director for reappointment by the General Meeting or (ii) the director is dismissed as Director by the General Meeting), except for a termination by the Company for urgent cause under Dutch law. The service agreements of the Non-Executive Directors provide that the severance payment shall equal 50% of the last earned gross base salary and shall be paid within one month following the termination of the service agreement. However, this does not apply in case of termination of the service agreement following a period of one year of the respective Non-Executive Director's illness and a Non-Executive Director is not entitled to severance pay in case of termination of the agreement by the director himself.

We have also entered into indemnification agreements with each of our Directors providing for procedures for indemnification and advancements by us of certain expenses and costs relating to claims, suits or proceedings arising from his or her service to the Company or, at our request, service to other entities, as officers or directors to the extent permitted by Dutch law.

**Committees of the Board**

The Board has established three standing committees, including Audit Committee, Compensation Committee and Nomination and Corporate Governance Committee.

***Audit Committee***

The audit committee consists of Martin Wittig, Christoph Keese and Richard d'Abo. The audit committee will assist the Board in overseeing the Company's accounting and financial reporting processes and the audits of its financial statements. Martin Wittig serves as chairperson of the audit committee. In addition, the audit committee is responsible for the appointment, compensation, retention and oversight of the work of SSU's independent registered public accounting firm. The Board has determined that Martin Wittig satisfies the

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"independence" requirements set forth in Rule 10A-3 under the Exchange Act and qualifies as an "audit committee financial expert," as such term is defined in the rules of the SEC. The composition of our audit committee is consistent with the best practice provisions of the Dutch Corporate Governance Code ("DCGC"). Wolfram Keil was appointed as an observer of the audit committee.

We intend to rely on the phase in rules of the SEC and NYSE with respect to the independence of our audit committee. These rules require that all members of our audit committee must meet the independence standard for audit committee membership within one year of the effectiveness of the completion of the Business Combination.

The audit committee is governed by a charter that complies with applicable NYSE rules and that is posted on the Company's website.

***Compensation Committee***

The compensation committee consists of Wolfram Keil, Christoph Keese and Thomas Rudolph. The compensation committee assists the Board in determining compensation for the Company's executive officers and the Directors. The composition of our compensation committee is consistent with the best practice provisions of the Dutch Corporate Governance Code (DCGC). Wolfram Keil serves as chairperson of the compensation committee.

Under SEC and NYSE rules, there are heightened independence standards for members of the compensation committee, including a prohibition against the receipt of any compensation from the Company other than standard director fees. As permitted by the listing requirements of NYSE, we opted out of NYSE Listed Company Manual §303A.05(a), which requires that a compensation committee consist entirely of independent directors. The compensation committee is governed by a charter that is posted on the Company's website.

***Nomination and Corporate Governance Committee***

The nomination and corporate governance committee consists of Dieter Berninghaus, Mike Özkan and Richard d'Abo. The nomination and corporate governance committee assists the Board in identifying individuals qualified to become Directors consistent with criteria established by the Company and in developing our code of business conduct and ethics. Dieter Berninghaus serves as chairperson of the nomination and corporate governance committee. The composition of our nomination and corporate governance committee is consistent with the best practice provisions of the DCGC.

As permitted by the listing requirements of NYSE, we opted out of NYSE Listed Company Manual §303A.04(a), which requires independent director oversight of director nominations. The nomination and corporate governance committee is governed by a charter that is posted on our website.

**D.&nbsp;&nbsp;&nbsp;&nbsp;Employees**

For the annual average number of employees of SSU during the fiscal years ended September 30, 2022, September 30, 2021 and September 30, 2020 see Note. 6.4 on page F-24 of SSU's consolidated financial statements filed as part of this Annual Report.

We believe we have strong, positive relationships with our employees. We have not suffered any disruptions to our Business as a result of work stoppages or strikes.

**E.&nbsp;&nbsp;&nbsp;&nbsp;Share ownership**

Information regarding the ownership of our Ordinary Shares by our Directors and executive officers is set forth in Item 7.A of this Annual Report.

**F. &nbsp;&nbsp;&nbsp;&nbsp;Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation**

Not applicable.

**ITEM 7&nbsp;&nbsp;&nbsp;&nbsp;MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**

**A.Major Shareholders**

The following table sets forth information relating to the beneficial ownership of our Ordinary Shares as of the date of this Annual Report by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person, or group of affiliated persons, known by us to beneficially own more than 5% of outstanding ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our directors and executive officers as a group.

The SEC has defined "beneficial ownership" of a security to mean the possession, directly or indirectly, of voting power and/or investment power over such security. A shareholder is also deemed to be, as of any date, the beneficial owner of all securities that such

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shareholder has the right to acquire within 60 days after that date through (i) the exercise of any option, warrant or right, (ii) the conversion of a security, (iii) the power to revoke a trust, discretionary account or similar arrangement, or (iv) the automatic termination of a trust, discretionary account or similar arrangement. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, Ordinary Shares subject to options or other rights (as set forth above) held by that person that are currently exercisable, or will become exercisable within 60 days thereafter, are deemed outstanding, while such shares are not deemed outstanding for purposes of computing percentage ownership of any other person. Each person named in the table has sole voting and investment power with respect to all of the Ordinary Shares shown as beneficially owned by such person, except as otherwise indicated in the table or footnotes below.

As of the date of this Annual Report, our authorized share capital was €187,500,000, consisting of 1,562,500,000 Ordinary Shares, each with a nominal value of €0.12. Each of our common shares, except for the Earn-Out Shares for which the voting rights are contractually excluded until they are vested, entitles its holder to one vote. The following table presents information relating to the beneficial ownership of our common shares (excluding the Earn-out Shares) as of the date of this Annual Report.

Unless otherwise indicated, we believe that all persons named in the table below have sole voting and investment power with respect to all Ordinary Shares beneficially owned by them. To our knowledge, no Ordinary Shares beneficially owned by any executive officer, director or director nominee have been pledged as security.

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| | | |
|:---|:---|:---|
| **Beneficial Owner** | **Number of Ordinary Shares** | **Percentage of Ordinary Shares** |
| **Directors, Executive Officers and Persons Nominated to Serve in Such Positions** | | |
| Stephan Zoll\*. | 1293200 <sup>(1)</sup> | \* |
| Alexander Johnstone |  |  |
| Philipp Rossner. |  |  |
| Thomas Neumann |  |  |
| Mike Özkan |  |  |
| Wolfram Keil |  |  |
| Dieter Berninghaus |  |  |
| Richard d'Abo |  |  |
| Martin Wittig |  |  |
| Christoph Keese |  |  |
| Thomas Rudolph |  |  |
| All directors and executive officers and persons nominated to serve in such positions as a group (11 persons) | 1293200 | \* |
| **5% or Greater Shareholders** |  |  |
| Bridgepoint Europe IV (Nominees) Limited <sup>(2)</sup> | 24449937 | 7.26% |
| SIGNA European Invest Holding AG <sup>(3)</sup> | 182242228 | 51.90% |
| R+V Lebensversicherung Aktiengesellschaft <sup>(4)</sup> | 23449533 | 6.97% |

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_______________________

\* Indicates beneficial ownership of less than 1% of total outstanding Ordinary shares less the Earn-out Shares.

1. Assumes the options provided to Stephan Zoll under the Option Agreement entered into by and between the Company and Stephan Zoll on June 10, 2021 have been exercised in full. Ordinary Shares are held by SHZ Beteiligungen A GmbH in which Stephan Zoll holds 100% of its shares.

2. Consists of Ordinary Shares held by Bridgepoint Europe IV (Nominees) Limited on behalf of certain limited partnerships comprising the Bridgepoint Europe IV Fund (the "Limited Partnerships"). Each of the Limited Partnerships is managed by Bridgepoint Advisers Limited. Bridgepoint Advisers Limited has the power to control voting and investment decisions and may therefore for these purposes be deemed to beneficially own the Ordinary Shares held by Bridgepoint Europe IV (Nominees) Limited. Bridgepoint Advisers Limited is overseen by a board of directors that acts by majority approval. The registered office of Bridgepoint Advisers Limited is 95 Wigmore Street, London, W1U 1FB.

3. Reflects (a) 167,667,249 Ordinary Shares that may be deemed to be beneficially owned by SISH, and (b) 14,574,934 Ordinary Shares underlying the Initial Convertible Bonds that may be deemed to be beneficially owned by SIGNA European Invest Holding AG. The 14,574,934 Ordinary Shares underlying the Initial Convertible Bonds (representing 4.15% of the outstanding Ordinary Shares less the Earn-out Shares and including the Ordinary Shares underlying the Initial Convertible Bonds) assumes the full conversion of the Initial Convertible Bonds issued to SIGNA Holding GmbH, subsequently sold and transferred to SIGNA European Invest Holding AG, a Swiss stock corporation (Aktiengesellschaft), with its principal business address at Bärengasse 29, 8001 Zurich, Switzerland, which is an indirect subsidiary of and controlled by SIGNA Holding GmbH, in accordance with the terms and conditions of the Initial Convertible Bonds at the initial conversion price and assuming that all PIK interest is outstanding and conversion to occur on the last day of the conversion period. The beneficial ownership of SISH includes 161,691,626 Ordinary Shares held directly by SISH (representing 46.05% of the outstanding Ordinary Shares less the Earn-out Shares and including the Ordinary Shares underlying the Initial Convertible Bonds) and 5,975,668 Ordinary Shares held by SISH Beteiligung GmbH & Co. KG (representing 1.70% of the outstanding Ordinary Shares less the Earn-out Shares and including

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the Ordinary Shares underlying the Initial Convertible Bonds). As the sole managing director of SISH, Wolfram Keil has representation over such securities held by SISH and SISH Beteiligung GmbH & Co. KG. The business address of SISH is Maximiliansplatz 12, 80333 Munich, Federal Republic of Germany. SISH Beteiligung GmbH & Co. KG is a German limited liability partnership (Kommanditgesellschaft) wholly owned and controlled by SISH both of which are under common control of SIGNA Retail Sports Holding GmbH, Bärengasse 29, 8001 Zurich, Switzerland. The majority of the share capital of SIGNA Retail Sports Holding GmbH is held by SIGNA Retail Selection AG, Bärengasse 29, 8001 Zurich, Switzerland; all of the share capital of SIGNA Retail Selection AG is held by SIGNA Retail GmbH, Freyung 3, 1010 Vienna, Austria; the majority of the share capital of SIGNA Retail GmbH is held by SIGNA Holding GmbH, Maria-Theresien-Straße 31, 6020, Austria; the majority of the share capital of SIGNA Holding GmbH is held by Supraholding GmbH & Co. KG, Maria- Theresien-Straße 31, 6020, Austria and the majority of the share capital of Supraholding GmbH & Co. KG is held, directly or indirectly, by Familie Benko Privatstiftung, Maria-Theresien-Straße 31, 6020, Austria.

4. R+V Lebensversicherung AG is governed by a five member management board. The board members are Claudia Andersch, Jens Hasselbächer, Marc René Michallet, Tillmann Lukosch and Julia Merkel. Claudia Andersch, Jens Hasselbächer and Marc René Michallet each have joint power of representation over such securities with another member of the management board. Tillmann Lukosch and Julia Merkel have joint power of representation over such securities together with another member of the management board or one of the procurists of the company. The business address of R + V Lebensversicherung AG is Raiffeisenplatz 1, 65189 Wiesbaden, Federal Republic of Germany. The shareholding of R+V Lebensversicherung includes 3,126,609 Ordinary Shares held directly by R+V Versicherung AG (representing 0.93% of the outstanding Ordinary Shares less the Earn-out Shares) and 20,322,924 Ordinary Shares held by R+V Lebensversicherung (representing 6.04% of the outstanding Ordinary Shares less the Earn-out Shares). R+V Lebensversicherung is a German stock corporation (Aktiengesellschaft) indirectly wholly owned and controlled by R+V Versicherung AG. Both of R+V Versicherung AG and R+V Lebensversicherung are under common control of DZ Bank AG Deutsche Zentral- Genossenschaftsbank, Platz der Republik, Frankfurt am Main, Germany.

**Holders**

As of September 30, 2022, according to the records of our transfer agent Continental Stock Transfer & Trust Co, approximately 11,367,833 Ordinary Shares (approximately 3.4% of our Ordinary Shares (excluding the Earn-Out Shares)) were held by four record holders in the United States, not including Cede & Co., the nominee of Depository Trust Company, in whose name all shares held in "street name" are held in the United States. The actual number of shareholders is greater than this number of record holders and includes shareholders who are beneficial owners but whose shares are held in street name by brokers and other nominees. This number of record holders also does not include shareholders whose shares may be held in trust or by other entities.

**Significant Changes in Ownership by Major Shareholders**

We have experienced significant changes in the percentage ownership held by major shareholders as a result of our Business Combination. Prior to our Business Combination, SSU which now is a wholly owned, direct subsidiary of the Company, was our sole shareholder.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Related Party Transactions**

The following is a description of certain related party transactions we have entered into since October 1, 2021 with any of our executive officers, directors or their affiliates and holders of more than 10% of any class of our voting securities in the aggregate, which we refer to as related parties, other than compensation arrangements which are described under "Item 6. Directors, Senior Management and Employees."

**Business Combination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 14, 2021 (the "Closing Date"), we closed the Business Combination, pursuant to which the following transactions occurred: Yucaipa merged with and into Merger Sub (the "Merger"), with Merger Sub as the surviving company in the merger, and each issued and outstanding Class A ordinary share, par value of $0.0001 per share, of Yucaipa (the "Yucaipa Class A Shares") and Class B ordinary share, par value of $0.0001 per share, of Yucaipa (the "Yucaipa Class B Shares" and, together with the Yucaipa Class A Shares, the "Yucaipa Shares") was exchanged for a claim for a corresponding equity security in Merger Sub, which was contributed as a contribution in kind to us in exchange for one of our ordinary shares (such ordinary shares, the "Ordinary Shares") (provided that the 8,565,000 Yucaipa Class B Shares held by Yucaipa Acquisition Manager, LLC, a Delaware limited liability company ("Yucaipa Sponsor") were exchanged for 9,815,000 Ordinary Shares); each outstanding warrant to acquire ordinary shares of Yucaipa became a Public Warrant to acquire an equal number of our Ordinary Shares (collectively, the "Business Combination");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediately thereafter, we issued Ordinary Shares, deemed under the Business Combination Agreement to have an aggregate value of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2,462 million, to the former shareholders of SSU's capital stock immediately prior to the Closing in exchange for the contribution by such shareholders of all of the paid up shares (*Geschäftsanteile*) of SSU (such exchange, the "Exchange");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediately after giving effect to the Exchange, we changed our legal form to a Dutch public limited liability company (*naamloze vennotschap*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SSU consummated the acquisition of Mapil Topco Limited, a private company limited by shares incorporated in England and Wales ("Wiggle", and such acquisition, the "Wiggle Acquisition"), substantially concurrently with the closing of the Business Combination in accordance with the terms of the definitive transaction agreement for the Wiggle Acquisition (as amended, the "Wiggle SPA"), which was signed concurrently with the Business Combination Agreement, pursuant to which upon the closing of the Wiggle Acquisition, on the Closing Date, (i) we caused to be paid, a consideration in cash to the sellers under the Wiggle SPA, (ii) issued an aggregate of 31,045,383 Ordinary Shares to the sellers under the Wiggle SPA, and (iii) within ten "Business Days" (as such term is defined in the Wiggle SPA) following the post-closing lock-up period described in the Wiggle SPA, will pay, or shall cause to be paid to the seller under the Wiggle SPA, the Wiggle Deferred Cash Consideration (as defined in the Wiggle SPA).

**PIPE Financing**

Concurrently with the execution of the Business Combination Agreement, Ronald W. Burkle, we and Yucaipa entered into a subscription agreement (the "Ron Burkle Subscription Agreement"), pursuant to which, among other things, Mr. Burkle has agreed to subscribe for and purchase, and we have agreed to issue and sell to Mr. Burkle, following the Merger, an aggregate of 5,000,000 Ordinary Shares for a purchase price of $10.00 per share, for aggregate gross proceeds of $50,000,000 (the "Ron Burkle Investment"), on the terms and subject to the conditions set forth in the Ron Burkle Subscription Agreement and the applicable private deed of issue of shares.

On June 10, 2021, concurrently with the execution of the Business Combination Agreement, we and Yucaipa have also entered into subscription agreements (the "PIPE Subscription Agreements") with certain third-party investors (each, a "PIPE Investor"). In addition, on October 7, 2021 and December 3, 2021, we and Yucaipa entered into PIPE Subscription Agreements with certain new investors, including SISH, and current PIPE Investors. Pursuant to the PIPE Subscription Agreements, the PIPE Investors, SISH and Mr. Burkle agreed to subscribe for and purchase, and we agreed to issue and sell to such investors, immediately prior to the closing of the Business Combination, an aggregate of 39,700,000 of our Ordinary Shares (the "PIPE Shares") for a purchase price of $10.00 per share, for aggregate gross proceeds of $397,000,000, on the terms and subject to the conditions set forth in the applicable PIPE Subscription Agreement and the applicable private deed of issue of shares.

**Registration Rights Agreement**

At the closing of the Business Combination, SISH and certain other Pre-Closing SSU Shareholders, Yucaipa, Yucaipa Sponsor, the Yucaipa' initial shareholders and the Wiggle sellers, entered into a Registration Rights Agreement (the "Registration Rights Agreement") providing for, among other matters, and subject to the terms thereof, customary registration rights with respect to their respective Ordinary Shares, including demand and piggyback rights subject to cut-back provisions. The Registration Rights Agreement also provides that we will file this registration statement to register the Shares covered by the Registration Rights Agreement as soon as practicable but no later than 30 calendar days following the closing of the Business Combination.

**Indemnification Agreements**

The Articles of Association provide for certain indemnification rights for our directors and executive officers, and we entered into an indemnification agreement with each of our directors, executive officers and certain indemnified persons designated as such by the Board, providing for procedures for indemnification and advancements by us of certain expenses and costs relating to claims, suits or proceedings arising from his or her service to the Company or, at our request, service to other entities, as officers or directors to the extent permitted by Dutch law.

**Earn-Out Agreement**

Concurrently with the execution of the Business Combination Agreement, we entered into an earn-out agreement with SISH and Yucaipa (the "Earn-Out Agreement"), pursuant to which, among other things, we issued to SISH 51,000,000 Ordinary Shares that will vest (in whole or in part) upon, among other things, the achievement of certain earn-out thresholds prior to the fifth anniversary of the Closing Date, on the terms and subject to the conditions set forth in the Earn-Out Agreement (the "Earn-Out Shares"). On September 28, 2022, the Earn-Out Agreement was amended and restated to (i) extend the vesting period for the Earn-out Shares from the fifth to the tenth anniversary of the Closing Date and (ii) provide SIGNA Sport Projektbeteiligung AG, a Swiss stock corporation, as the current holder of the Earn-Out Shares with the ability to transfer the Earn-out Shares to any third party that provides financing, directly or indirectly, to the Company, in each case, on the terms and subject to the conditions set forth therein. The amendment to the Earn-Out Agreement has been approved by the Board of Directors.

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**Loan Agreement**

In connection with the grant of option rights, Dr. Zoll entered into a loan agreement with SIGNA Retail Selection AG, an indirect majority shareholder of SISH who grants similar financial assistance to other SIGNA Retail group companies from time to time. The loan is for an amount of up to €5,300,000, bearing interest at 2.0% per annum, for the purpose of financing tax obligations that would arise if Dr. Zoll transfers shares acquired under the option rights to a personal investment vehicle and is payable only at the request of Dr. Zoll in connection with such a transfer. Provided the aforementioned terms are met, the loan term will end at the earlier of March 31, 2024 or within five days of the receipt of a notice of termination issued by either party. Any loan amount drawn upon, plus interest, is repayable no later than March 31, 2024.

**Lock-Up Agreements**

In connection with the Business Combination Agreement, certain Pre-Closing SSU Shareholders and the sellers in the Wiggle Acquisition who receive equity as consideration entered into lock-up agreements (the "Lock-Up Agreements") pursuant to which each such party agreed not to (a) sell or otherwise dispose of, directly or indirectly, any our Ordinary Shares it receives in connection with the Business Combination (the "Lock-up Shares"),subject to certain limited exceptions, (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic ownership of any of the Lock-Up Shares, or (c) publicly announce any intention to effect any transaction specified in clause (a) or (b) (any of the actions specified in clauses (a)-(c), a "Transfer"), in each case, until the date that is 180 days after the Closing Date (the "Lock-Up Period"). The PIPE Shares will not be subject to a post-closing lock-up period. The Lock-Up period expired and no further obligations related to the Lock-UP period exists as of September 30, 2022.

**Financial Services Agreement and Non Disclosure Agreement**

Pursuant to a financial services agreement (the "Financial Services Agreement") entered into on March 1, 2022 by and between the Company and SIGNA Financial Services Germany GmbH ("SFS"), SFS will provide to the Company certain financial advisory services in connection with potential financing and acquisition opportunities leveraging SFS's expertise and familiarity with the Company from prior engagements. The Financial Services Agreement has a term until September 30, 2022. Simultaneously with entering into the Financial Services Agreement, the Company and SFS have also entered into a non disclosure agreement dated March 1, 2022 (the "Non Disclosure Agreement"). SFS is a wholly owned indirect subsidiary of SIGNA Holding, an Austrian limited liability company and indirect owner of 49.48% of the Company's share capital. The Financial Services Agreement and the Non Disclosure Agreement have been approved by the Audit Committee in accordance with the applicable procedures set out in the RPT Policy (as defined below).

**SIGNA Holding Revolving Credit Facilities**

On May 3, 2022 the Company entered into the €50.0 million SIGNA Holding RCF I with our affiliate SIGNA Holding and on July 25, 2022, the Company entered into a second €50.0 SIGNA Holding RCF II with SIGNA Holding. The SIGNA Holding RCF II is intended to meet SIGNA Holding's obligation to provide SSU with an additional amount of up to €50.0 million at the latest during the Company's fiscal year ending September 30, 2023 in accordance with the terms of the LBBW RCF. The entering into the SIGNA Holding RCFs has been approved by the Audit Committee in accordance with the applicable procedures set out in the Company's RPT Policy (as defined below). The SIGNA Holding RCFs will be utilized to fund working capital needs, capital expenditures and general corporate purposes.

**Convertible Bond Subscription Agreement**

On September 28, 2022, the Company entered into the Subscription Agreement with our affiliate SIGNA Holding to issue the Initial Convertible Bonds to SIGNA Holding with a closing date on October 4, 2022. The Initial Convertible Bonds mature on October 4, 2028 and are divided into bonds in bearer form with a principal amount of €1.0 million each. The Convertible Bonds bear Quarterly Interest as well as PIK Interest. Interest is payable from October 4, 2022, at a rate of three-month EURIBOR plus 4% per annum (which will increase to 5% per annum and 6% per annum on October 4, 2026 and October 4, 2027 respectively). PIK Interest accrues from October 4, 2022 at a rate of 7% per annum (which will increase to 8% per annum and 9% per annum on October 4, 2026 and October 4, 2027, respectively) as if it were payable quarterly in arrears on each interest payment date.

Bondholders may convert the Initial Convertible Bonds at any time into fully paid ordinary shares of the Company with a nominal value of €0.12 each. The initial conversion price for the Initial Convertible Bonds is €10.3686 (Initial Convertible Bonds). Bondholders have the right to increase the principal amount of the Initial Convertible Bonds by an additional aggregate principal amount of up to €200.0 million as of closing of the Initial Convertible Bonds issuance and until and including September 30, 2023 in one or more tranches with minimum denominations of €1.0 million (Upsize option).

The issuance of the Initial Convertible Bonds to SIGNA Holding has been approved by the Audit Committee in accordance with the applicable procedures set out in the Company's RPT Policy (as defined below) as well as by the Board of Directors.

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**SIGNA Holding Equity Commitment Letter** 

On February 6, 2023, we received the SIGNA Holding Equity Commitment Letter from our affiliate SIGNA Holding. The SIGNA Holding Equity Commitment Letter provides us with an equity-linked funding of an additional €130.0 million and the right to issue and sell (put right) additional convertible bonds to SIGNA Holding , at the same terms and conditions as the Initial Convertible Bonds, in one or more tranches until and including September 30, 2024 for an aggregate additional principal amount of €130.0 million of Additional Convertible bonds. Any subsequent exercise of the put right pursuant to the SIGNA Holding Equity Commitment Letter will reduce Euro for euro, the available amount under the 'Upsize Option' granted by SSU to SIGNA Holding in connection with the issuance of the 'Initial Convertible Bonds'. The SIGNA Holding Equity Commitment Letter was required to address our very precarious liquidity situation since the beginning of our fiscal year ending September 30, 2023 and to provide the Company with a going-concern perspective until mid-February 2024. Simultaneously with signing the SIGNA Holding Equity Commitment Letter, we entered into an amendment agreement to the SIGNA Holding RCF I with SIGNA Holding on February 6, 2023 (the "SIGNA Holding RCF I Amendment"). The purpose of the SIGNA Holding RCF I Amendment is to provide us with a bridge financing in the amount of up to €50.0 million until the respective tranches under the Additional Convertible Bonds have been issued and settled. Any amounts drawn under the additional €50.0 million in funding available to us under the amended SIGNA Holding RCF I will be repaid by issuing Additional Convertible Bonds in accordance with the terms and conditions of the SIGNA Holding Equity Commitment Letter to SIGNA Holding.

The SIGNA Holding Equity Commitment Letter and the issuance of Additional Convertible Bonds by the Company to SIGNA Holding in accordance with the SIGNA Holding Equity Commitment Letter have been approved by the Audit Committee in accordance with the applicable procedures set out in the Company's RPT Policy (as defined below) as well as by the Board of Directors.

**Review, Approval or Ratification of Transactions with Related Persons**

We adopted a policy with respect to related party transactions (the "RPT Policy") that permits directors and officers to enter into certain related party transactions only when the Board, acting through the Audit Committee, has conducted a reasonable prior review and approves or ratifies such transactions in accordance with the RPT Policy. In conducting this review, the Board is obligated to ensure that all such transactions are approved by the members of the Board not otherwise interested in the transaction and are in the best interest of the Company and its shareholders.

**C.&nbsp;&nbsp;&nbsp;&nbsp;Interests of Experts and Counsel**

Not applicable.

**ITEM 8 FINANCIAL INFORMATION**

**A.&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements and Other Financial Information** 

**Financial Statements**

See "Item 18. Financial Statements," which contains SSU`s consolidated financial statements prepared in accordance with IFRS.

**Legal Proceedings**

From time to time, we may be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. The results of litigation and claims cannot be predicted with certainty. As of the date of this Annual Report, neither we nor any of our subsidiaries are party to any governmental, legal or arbitration proceedings (nor are we aware of any such proceedings that are pending or threatened) that have had or may have a significant effect on our financial position or profitability.

**Dividends and Dividend Policy**

We have never paid or declared any cash dividends in the past, and we do not anticipate paying any cash dividends in the foreseeable future. We intend to retain all available funds and any future earnings to fund the further development and expansion of our business. Under Dutch law, we may only pay dividends and other distributions from our reserves to the extent our shareholders' equity (*eigen vermogen*) exceeds the sum of our paid-in and called-up share capital plus the reserves we must maintain under Dutch law or the Articles of Association and (if it concerns a distribution of profits) after adoption of our statutory annual accounts by the General Meeting from which it appears that such dividend distribution is allowed. Subject to those restrictions, any future determination to pay dividends or other distributions from our reserves will be at the discretion of the Board and will depend upon a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions, restrictions imposed by applicable law and other factors we deem relevant. See "Item 8 Financial Information — B. Dividends and Dividend Policy."

Under the Articles of Association, the Board may decide that all or part of the profits shown in our adopted statutory annual accounts will be added to our reserves. After reservation of any such profits, any remaining profits will be at the disposal of the General Meeting at the proposal of the Board for distribution on the Ordinary Shares, subject to applicable restrictions of Dutch law. The Board is permitted, subject to certain requirements and applicable restrictions of Dutch law, to declare interim dividends without the approval of the General

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Meeting. Dividends and other distributions shall be made payable no later than a date determined by the Board. Claims to dividends and other distributions not made within five years from the date that such dividends or distributions became payable will lapse and any such amounts will be considered to have been forfeited to us (*verjaring*).

We may reclaim any distributions, whether interim or not interim, made in contravention of certain restrictions of Dutch law from shareholders that knew or should have known that such distribution was not permissible. In addition, on the basis of Dutch case law, if after a distribution we are not able to pay our due and collectable debts, then our shareholders or directors who at the time of the distribution knew or reasonably should have foreseen that result may be liable to our creditors. We have never declared or paid any cash dividends and we have no plan to declare or pay any dividends in the foreseeable future on our Ordinary Shares. We currently intend to retain any earnings for future operations and expansion.

Since we are a holding company, our ability to pay dividends will be dependent upon the financial condition, liquidity and results of operations of, and our receipt of dividends, loans or other funds from, our subsidiaries. Our subsidiaries are separate and distinct legal entities and have no obligation to make funds available to us. In addition, there are various statutory, regulatory and contractual limitations and business considerations on the extent, if any, to which our subsidiaries may pay dividends, make loans or otherwise provide funds to our company.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Significant Changes**

See Note 18 on page F-68 of SSU's consolidated financial statements filed as part of this Annual Report, and Item 7. — B. Related Party Transactions — Convertible Bond Subscription Agreement, and SIGNA Holding Equity Commitment Letter

**ITEM 9 THE OFFER AND LISTING**

**A.&nbsp;&nbsp;&nbsp;&nbsp;Offer and listing details**

See "—C. Markets."

**B.&nbsp;&nbsp;&nbsp;&nbsp;Plan of Distribution**

Not applicable.

**C.&nbsp;&nbsp;&nbsp;&nbsp;Markets**

Our Ordinary Shares and warrants are listed on the New York Stock Exchange under the symbols "SSU" and "SSU-WT," respectively.

**D.&nbsp;&nbsp;&nbsp;&nbsp;Selling shareholders**

Not applicable.

**E.&nbsp;&nbsp;&nbsp;&nbsp;Dilution**

Not applicable.

**F.&nbsp;&nbsp;&nbsp;&nbsp;Expenses of the issue**

Not applicable.

**ITEM 10 ADDITIONAL INFORMATION**

**A.&nbsp;&nbsp;&nbsp;&nbsp;Share capital**

Not applicable.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Memorandum and articles of association**

We were incorporated pursuant to Dutch law on May 19, 2021 as a Dutch private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*). Our corporate affairs are governed by the Articles of Association, the rules of the Board, our other internal rules and policies and by Dutch law.

We are registered with the Dutch Trade Register under number 82838194. Our corporate seat is in Amsterdam, the Netherlands, and our office address is Kantstraße 164, Upper West, 10623 Berlin, Federal Republic of Germany.

As of the date of this Annual Report, we are a Dutch public limited liability company (*naamloze vennootschap*).

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Pursuant to Article 3 of the Articles of Association, our main corporate objectives are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to incorporate, to participate in, to finance, to hold any other interest in and to conduct the management or supervision of other entities, companies, partnerships and businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to acquire, to manage, to invest, to exploit, to encumber and to dispose of assets and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to furnish guarantees, to provide security, to warrant performance in any other way and to assume liability, whether jointly and severally or otherwise, in respect of obligations of group companies or other parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to operate trading/retail businesses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to do anything which, in the widest sense, is connected with or may be conducive to the objects described above.

Pursuant to the Articles of Association, the Executive Directors shall not participate in the decision-making concerning the determination of the compensation of executive directors. A director also shall not participate in the deliberations and decision-making of the Board on a matter in relation to which he has a direct or indirect personal interest which conflicts with the interests of the Company and the business connected with it. However, if, as a result of the respective provision of our Articles of Association, no resolution can be passed by the Board, the resolution may be passed by the Board as if none of the Directors has a conflict of interest.

Our Directors do not have a retirement age requirement under the Articles of Association.

As of the date of this Annual Report, there are no minimum shareholding requirements for a person to be eligible to serve as a Director of the Company.

**Share Capital**

***Authorized Share Capital***

As of the date of this Annual Report, we have an authorized share capital in the amount of €187,500,000, divided into 1,562,500,000 Ordinary Shares, each with a nominal value of €0.12. Under Dutch law, our authorized share capital is the maximum capital that we may issue without amending the Articles of Association. An amendment of the Articles of Association would require a resolution of General Meeting upon proposal by the Board.

The Articles of Association provide that, for as long as any of our Ordinary Shares are admitted to trading on NYSE, or on any other regulated stock exchange operating in the United States, the laws of the State of New York shall apply to the property law aspects of our Ordinary Shares reflected in the register administered by our transfer agent, subject to certain overriding exceptions under Dutch law.

***Our Ordinary Shares***

The following summarizes the main rights of holders of our Ordinary Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each holder of our Ordinary Shares is entitled to one vote per Ordinary Share on all matters to be voted on by shareholders generally, including the appointment of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there are no cumulative voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of our Ordinary Shares are entitled to dividends and other distributions as may be declared from time to time by us out of funds legally available for that purpose, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon our liquidation and dissolution, the holders of our Ordinary Shares will be entitled to share ratably in the distribution of all of our assets remaining available for distribution after satisfaction of all our liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of our Ordinary Shares have pre-emption rights in case of share issuances or the grant of rights to subscribe for shares, except if such rights are limited or excluded by the corporate body authorized to do so and except in such cases as provided by Dutch law and the Articles of Association.

**Shareholders' Register**

Pursuant to Dutch law and the Articles of Association, we must keep our shareholders' register accurate and current. The Board keeps the shareholders' register and records names and addresses of all holders of registered shares, showing the date on which the shares were acquired, the date of the acknowledgement by or notification to us as well as the amount paid on each share. The register also includes the names and addresses of those with a right of usufruct (*vruchtgebruik*) on registered shares belonging to another or a pledge (*pandrecht*) in respect of such shares. The Ordinary Shares are held through DTC. Therefore, DTC or its nominee is recorded in the shareholders' register as the holder of those Ordinary Shares. The Ordinary Shares are in registered form (*op naam*). We may issue share certificates (*aandeelbewijzen*) for registered shares in such form as may be approved by the Board.

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**Limitations on the Rights to Own Securities**

Our Ordinary Shares may be issued to individuals, corporations, trusts, estates of deceased individuals, partnerships and unincorporated associations of persons. The Articles of Association contain no limitation on the rights to own our shares and no limitation on the rights of non-residents of the Netherlands or foreign shareholders to hold or exercise voting rights.

**Limitation on Liability and Indemnification Matters** 

Under Dutch law, the Directors may be held liable for damages in the event of improper or negligent performance of their duties. The Directors may be held liable for damages to our company and to third parties for infringement of our articles of association or of certain provisions of Dutch law. In certain circumstances, they may also incur other specific civil and criminal liabilities. Subject to certain exceptions, the Articles of Association provide for indemnification of the current and former Directors and other current and former officers and employees as designated by the Board. No indemnification under the Articles of Association shall be given to an indemnified person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if a competent court or arbitral tribunal has established, without having (or no longer having) the possibility for appeal, that the acts or omissions of such indemnified person that led to the financial losses, damages, expenses, suit, claim, action or legal proceedings as described above are of an unlawful nature (including acts or omissions which are considered to constitute malice, gross negligence, intentional recklessness and/or serious culpability attributable to such indemnified person);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that his or her financial losses, damages and expenses are covered under insurance and the relevant insurer has settled, or has provided reimbursement for, these financial losses, damages and expenses (or has irrevocably undertaken to do so);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in relation to proceedings brought by such indemnified person against our company, except for proceedings brought to enforce indemnification to which he or she is entitled pursuant to the Articles of Association, pursuant to an agreement between such indemnified person and the Company which has been approved by the Board or pursuant to insurance taken out by the Company for the benefit of such indemnified person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for any financial losses, damages or expenses incurred in connection with a settlement of any proceedings effected without the Company's prior consent.

Under the Articles of Association, the Board may stipulate additional terms, conditions and restrictions in relation to the indemnification described above.

**Federal Forum Provision**

The Articles of Association provide that, unless the Company consents in writing to the selection of an alternative forum, the sole and exclusive forum for any complaint asserting a cause of action arising under the U.S. Securities Act of 1933, as amended, or the U.S. Securities Exchange Act of 1934, as amended, to the fullest extent permitted by applicable law, shall be the U.S. federal district courts.

**Shareholders' Meeting**

General meetings must be held in the Netherlands, in any of the locations specified in the Articles of Association. The annual General Meeting must be held within six months of the end of each financial year. The first annual General Meeting of the Company as a public company will take place in 2023 in accordance with applicable laws. Additional extraordinary General Meetings may also be held, whenever considered appropriate by the Board and shall be held within three months after the Board has considered it to be likely that our shareholders' equity (*eigen vermogen*) has decreased to an amount equal to or lower than half of our paid-in and called up share capital, in order to discuss the measures to be taken if so required.

Pursuant to Dutch law, one or more shareholders or others with meeting rights under Dutch law who jointly represent at least one-tenth of our issued share capital may request our Company to convene a General Meeting, setting out in detail the matters to be discussed. If the Board has not taken the steps necessary to ensure that such meeting can be held within six weeks after the request, the proponent(s) may, on their application, be authorized by the competent Dutch court in preliminary relief proceedings to convene a General Meeting. The court shall disallow the application if it does not appear that the proponent(s) has/have previously requested the Board to convene a General Meeting and the Board has not taken the necessary steps so that the General Meeting could be held within six weeks after the request. The application shall also be disallowed if the proponent(s) has/have not demonstrated to have a reasonable interest in the convening of the general meeting.

General Meetings must be convened by an announcement published in a Dutch daily newspaper with national distribution. The notice must state the agenda, the time and place of the meeting, the record date (if any), the procedure for participating in the General Meeting by proxy, as well as other information as required by Dutch law. The notice must be given at least 15 calendar days prior to the day of the meeting. The agenda for the annual General Meeting shall include, among other things, the adoption of our statutory annual accounts, appropriation of our profits and proposals relating to the composition of the Board, including the filling of any vacancies. In addition, the agenda shall include such items as have been included therein by the Board. The agenda shall also include such items

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requested by one or more shareholders or others with meeting rights under Dutch law representing at least 3% of our issued share capital. These requests must be made in writing or by electronic means and received by the Board at least 60 days before the day of the meeting. No resolutions shall be adopted on items other than those that have been included in the agenda.

In accordance with the DCGC and the Articles of Association, shareholders having the right to put an item on the agenda under the rules described above shall exercise such right only after consulting the Board in that respect. If one or more shareholders intend to request that an item be put on the agenda that may result in a change in our strategy (for example, the dismissal of Directors), the Board must be given the opportunity to invoke a reasonable period to respond to such intention. Such period shall not exceed 180 days (or such other period as may be stipulated for such purpose by Dutch law and/or the DCGC from time to time). If invoked, the Board must use such response period for further deliberation and constructive consultation, in any event with the shareholders(s) concerned, and must explore the alternatives. At the end of the response time, the Board must report on this consultation and the exploration of alternatives to the general meeting. The response period may be invoked only once for any given general meeting and shall not apply: (a) in respect of a matter for which a response period has been previously invoked; or (b) if a shareholder holds at least 75% of our issued share capital as a consequence of a successful public bid. The response period may also be invoked in response to shareholders or others with meeting rights under Dutch law requesting that a General Meeting be convened, as described above.

Moreover, the Board can invoke a cooling-off period of up to 250 days when shareholders, using their right to have items added to the agenda for a General Meeting or their right to request a general meeting, propose an agenda item for our General Meeting to dismiss, suspend or appoint one or more Directors (or to amend any provision in our Articles of Association dealing with those matters) or when a public offer for our company is made or announced without our support, provided, in each case, that the Board believes that such proposal or offer materially conflicts with the interests of our company and its business. During a cooling-off period, the General Meeting cannot dismiss, suspend or appoint Directors (or amend the provisions in our Articles of Association dealing with those matters) except at the proposal of the Board. During a cooling-off period, the Board must gather all relevant information necessary for a careful decision-making process and at least consult with shareholders representing 3% or more of our issued share capital at the time the cooling-off period was invoked, as well as with our Dutch works council (if we or, under certain circumstances, any of our subsidiaries would have one). Formal statements expressed by these stakeholders during such consultations must be published on our website to the extent these stakeholders have approved that publication. Ultimately one week following the last day of the cooling-off period, the Board must publish a report in respect of its policy and conduct of affairs during the cooling-off period on our website. This report must remain available for inspection by shareholders and others with meeting rights under Dutch law at our office and must be tabled for discussion at the next General Meeting. Shareholders representing at least 3% of our issued share capital may request the Enterprise Chamber for early termination of the cooling-off period. The Enterprise Chamber must rule in favor of the request if the shareholders can demonstrate that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board, in light of the circumstances at hand when the cooling-off period was invoked, could not reasonably have concluded that the relevant proposal or hostile offer constituted a material conflict with the interests of our company and its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board cannot reasonably believe that a continuation of the cooling-off period would contribute to careful policy-making; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other defensive measures, having the same purpose, nature and scope as the cooling-off period, have been activated during the cooling-off period and have not since been terminated or suspended within a reasonable period at the relevant shareholders' request (i.e., no 'stacking' of defensive measures).

The General Meeting is presided over by the chairperson of the Board. If no chairperson has been elected or if he or she is not present at the meeting, the General Meeting shall be presided over by the vice-chairperson of the Board. If no vice-chairperson has been elected or if he or she is not present at the meeting, the general meeting shall be presided over by a person designated in accordance with the Articles of Association. Directors may always attend a General Meeting. In these meetings, they have an advisory vote. The chairperson of the General Meeting may decide at his or her discretion to admit other persons to the meeting.

All shareholders and others with meeting rights under Dutch law are authorized to attend the General Meeting, to address the meeting and, in so far as they have such right, to vote pro rata to his or her shareholding.

Shareholders may exercise these rights, if they are the holders of our Ordinary Shares on the record date, if any, as required by Dutch law, which is currently the 28th day before the day of the General Meeting. Under the Articles of Association, shareholders and others with meeting rights under Dutch law must notify us in writing or by electronic means of their identity and intention to attend the General Meeting. This notice must be received by our company ultimately on the seventh day prior to the General Meeting, unless indicated otherwise when such meeting is convened.

Each Ordinary Share of our company confers the right on the holder to cast one vote at the General Meeting. Shareholders may vote by proxy. No votes may be cast at a General Meeting on Ordinary Shares held by us or our subsidiaries or on Ordinary Shares for which we or our subsidiaries hold depository receipts. Nonetheless, the holders of a right of usufruct (*vruchtgebruik*) and the holders of a right of pledge (*pandrecht*) in respect of Ordinary Shares held by us or our subsidiaries in our share capital are not excluded from the right to vote on such Ordinary Shares, if the right of usufruct (*vruchtgebruik*) or the right of pledge (*pandrecht*) was granted prior to the time such Ordinary Shares were acquired by us or any of our subsidiaries. Neither we nor any of our subsidiaries may cast votes in respect of an Ordinary Share of our company on which we hold or such subsidiary holds a right of usufruct (*vruchtgebruik*) or a right of pledge

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(*pandrecht*). Ordinary Shares which are not entitled to voting rights pursuant to the preceding sentences will not be taken into account for the purpose of determining the number of shareholders that vote and that are present or represented, or the amount of the share capital that is provided or that is represented at a General Meeting.

Decisions of the General Meeting are taken by a simple majority of votes cast, except where Dutch law or the Articles of Association provide for a qualified majority or unanimity.

**Preemptive Rights**

Subject to restrictions in the Articles of Association, holders of Ordinary Shares have preemptive rights in relation to newly issued Ordinary Shares under Dutch law.

Under the Articles of Association, the preemptive rights in respect of newly issued Ordinary Shares may be restricted or excluded by a resolution of the General Meeting, which resolution requires a two-thirds majority of the votes cast if less than half of the issued share capital is present or represented at the meeting. The General Meeting may authorize the Board to limit or exclude the preemptive rights in respect of newly issued Ordinary Shares. Such authorization for the Board can be granted and extended, in each case for a period not exceeding five years.

Preemptive rights do not exist with respect (a) to the issue of Ordinary Shares to employees of the Company or a "group" company of ours, and (b) the issue of Ordinary Shares against a contribution in kind.

**Transfer of Ordinary Shares**

Under Dutch law, transfers of Ordinary Shares (other than in book-entry form) require a written deed of transfer and, unless the company is a party to the deed of transfer, and acknowledgement by or proper service upon the Company to be effective.

Under the Articles of Association, if one or more Ordinary Shares are admitted to trading on NYSE, the NASDAQ Stock Market or any other regulated stock exchange operating in the United States, the laws of the State of New York will apply to the property law aspects of the Ordinary Shares reflected in the register of shareholders administered by the relevant transfer agent.

**Form of Ordinary Shares**

Pursuant to the Articles of Association, the Ordinary Shares are registered shares.

**Purchase and Repurchase of Ordinary Shares**

Under Dutch law, when issuing shares, we may not subscribe for newly issued shares in our own capital. Subject to certain restrictions of Dutch law and the Articles of Association, we may acquire fully paid shares in our own capital at any time for no valuable consideration. Furthermore, subject to certain provisions of Dutch law and the Articles of Association, we may repurchase fully paid shares in our own capital if (i) our equity (*eigen vermogen*) less the payment required to make the acquisition does not fall below the sum of paid-in and called-up share capital plus any reserves required by Dutch law or the Articles of Association and (ii) the aggregate nominal value of Ordinary Shares which we acquire, hold or on which we hold a pledge (*pandrecht*) or which are held by a subsidiary of the Company, would not exceed 50% of our then-current issued share capital.

An acquisition of own shares for a consideration must be authorized by the General Meeting. Such authorization may be granted for a maximum period of 18 months and must specify the number of Ordinary Shares that may be acquired, the manner in which such shares may be acquired and the price limits within which the Ordinary Shares may be acquired. The actual acquisition may only be effected pursuant to a resolution of the Board. No authorization of the General Meeting is required if Ordinary Shares are included on the price list of a stock exchange and acquired by us with the intention of transferring such ordinary shares to our employees or employees of a group company pursuant to an arrangement applicable to them. The aforementioned restrictions do not apply to Ordinary Shares acquired by the Company under universal title of succession.

**Capital Reduction**

At a general meeting, our shareholders may resolve to reduce our issued share capital by (i) cancelling Ordinary Shares or (ii) reducing the nominal value of the Ordinary Shares by amending the Articles of Association. In either case, this reduction would be subject to applicable statutory provisions. A resolution to cancel Ordinary Shares may only relate to Ordinary Shares held by us or in respect of which we hold the depository receipts. In order to be approved by the General Meeting, a resolution to reduce the capital requires approval of a majority of the votes cast at a general meeting if at least 50% of the issued share capital is represented at such meeting or at least two-thirds of the votes cast if less than 50% of the issued share capital is represented at such meeting.

**Voting Rights and Quorum**

In accordance with Dutch law and the Articles of Association, each Ordinary Share confers the right on the holder thereof to cast one vote at a General Meeting. No vote can be cast at a General Meeting in respect of an Ordinary Share belonging to the Company or a Subsidiary or in respect of an Ordinary Share for which any of them holds the depository receipts. Usufructuaries and pledgees of Ordinary

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Shares belonging to the Company or its Subsidiaries are not, however, precluded from exercising their voting rights if the usufruct or pledge was created before the relevant ordinary share belonged to the Company or a Subsidiary. Neither the Company nor a Subsidiary can vote Ordinary Shares in respect of which it holds a usufruct or a pledge.

Voting rights may be exercised by shareholders or by a duly appointed proxy holder (the written proxy being acceptable to the chairman of the General Meeting) of a shareholder, which proxy holder need not be a shareholder. The holder of a usufruct or pledge on shares will have the voting rights attached thereto if so provided for when the usufruct or pledge was created.

Under the Articles of Association, blank votes (votes where no choice has been made), abstentions and invalid votes will not be counted as votes cast. However, shares in respect of which a blank vote or invalid vote has been cast and shares in respect of which the person with meeting rights who is present or represented at the meeting has abstained from voting are counted when determining the part of the issued share capital that is present or represented at a general meeting. The chairman of the General Meeting will determine the method of voting.

Resolutions of the shareholders are adopted at a General Meeting by a majority of votes cast, except where Dutch law or the Articles of Association provide for a special majority in relation to specified resolutions.

Subject to certain restrictions in the Articles of Association, the determination during a General Meeting made by the chairman of that General Meeting with regard to the results of a vote will be decisive. The Board will keep a record of the resolutions passed at each General Meeting.

**Amendment of Articles of Association**

At a General Meeting, at the proposal of the Board the General Meeting may resolve to amend the Articles of Association. Generally, a resolution by the shareholders to amend the Articles of Association requires a majority of seventy-five percent.

**Dissolution**

Under the Articles of Association, we may be dissolved by a resolution of the General Meeting, subject to a proposal of the Board. In the event of a dissolution, the liquidation shall be effected by the Board, unless the General Meeting decides otherwise. During liquidation, the provisions of the Articles of Association will remain in force as far as possible. To the extent that any assets remain after payment of all of our liabilities, any remaining assets shall be distributed to our shareholders in proportion to their number of Ordinary Shares.

**Squeeze-Out**

A shareholder who holds at least 95% of our issued share capital for his or her own account, alone or together with group companies, may initiate proceedings against our other shareholders jointly for the transfer of their Ordinary Shares to such shareholder. The proceedings are held before the Enterprise Chamber of the Amsterdam Court of Appeal, or the Enterprise Chamber (*Ondernemingskamer*), and can be instituted by means of a writ of summons served upon each of the other shareholders in accordance with the provisions of the Dutch Code of Civil Procedure (*Wetboek van Burgerlijke Rechtsvordering*). The Enterprise Chamber may grant the claim for squeeze-out in relation to the other shareholders and will determine the price to be paid for the Ordinary Shares, if necessary, after appointment of one or three experts who will offer an opinion to the Enterprise Chamber on the value to be paid for the Ordinary Shares of the other shareholders. Once the order to transfer becomes final before the Enterprise Chamber, the person acquiring the shares shall give written notice of the date and place of payment and the price to the holders of the Ordinary Shares to be acquired whose addresses are known to him. Unless the addresses of all of them are known to the acquiring person, such person is required to publish the same in a daily newspaper with a national circulation.

**Certain Other Major Transactions**

The Articles of Association and Dutch law provide that resolutions of the Board concerning a material change to our identity or our character or our business are subject to the approval of the General Meeting. Such changes include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transferring the business or materially all of the business to a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering into or terminating a long-lasting alliance of our company or of a subsidiary either with another entity or company, or as a fully liable partner of a limited partnership or general partnership, if this alliance or termination is of significant importance for us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring or disposing of an interest in the capital of a company by our company or by a subsidiary with a value of at least one third of the value of the assets, according to the balance sheet with explanatory notes or, if we prepare a consolidated balance sheet, according to the consolidated balance sheet with explanatory notes in our most recently adopted annual accounts.

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**Dividends and Other Distributions**

We have never paid or declared any cash dividends in the past, and we do not anticipate paying any cash dividends in the foreseeable future. We intend to retain all available funds and any future earnings to fund the further development and expansion of our business. Under Dutch law, we may only pay dividends and other distributions from our reserves to the extent our shareholders' equity (*eigen vermogen*) exceeds the sum of our paid-in and called-up share capital plus the reserves we must maintain under Dutch law or the Articles of Association and (if it concerns a distribution of profits) after adoption of our statutory annual accounts by the General Meeting from which it appears that such dividend distribution is allowed. Subject to those restrictions, any future determination to pay dividends or other distributions from our reserves will be at the discretion of the Board and will depend upon a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions, restrictions imposed by applicable law and other factors we deem relevant. See "Item 8 Financial Information—B. Dividends and Dividend Policy."

Under the Articles of Association, the Board may decide that all or part of the profits shown in our adopted statutory annual accounts will be added to our reserves. After reservation of any such profits, any remaining profits will be at the disposal of the General Meeting at the proposal of the Board for distribution on the Ordinary Shares, subject to applicable restrictions of Dutch law. The Board is permitted, subject to certain requirements and applicable restrictions of Dutch law, to declare interim dividends without the approval of the General Meeting. Dividends and other distributions shall be made payable no later than a date determined by the Board. Claims to dividends and other distributions not made within five years from the date that such dividends or distributions became payable will lapse and any such amounts will be considered to have been forfeited to us (*verjaring*).

We may reclaim any distributions, whether interim or not interim, made in contravention of certain restrictions of Dutch law from shareholders that knew or should have known that such distribution was not permissible. In addition, on the basis of Dutch case law, if after a distribution we are not able to pay our due and collectable debts, then our shareholders or directors who at the time of the distribution knew or reasonably should have foreseen that result may be liable to our creditors. We have never declared or paid any cash dividends and we have no plan to declare or pay any dividends in the foreseeable future on our Ordinary Shares. We currently intend to retain any earnings for future operations and expansion.

Since we are a holding company, our ability to pay dividends will be dependent upon the financial condition, liquidity and results of operations of, and our receipt of dividends, loans or other funds from, our subsidiaries. Our subsidiaries are separate and distinct legal entities and have no obligation to make funds available to us. In addition, there are various statutory, regulatory and contractual limitations and business considerations on the extent, if any, to which our subsidiaries may pay dividends, make loans or otherwise provide funds to our company.

**Change of control**

Under Dutch law, various protective measures are possible and permissible within the boundaries set by Dutch law and Dutch case law.

In this respect, certain provisions of the Articles of Association may make it more difficult for a third-party to acquire control of the Company or effect a change in the composition of the Board. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a provision that Directors are appointed by the General Meeting (i) until SISH, alone or together with its affiliates, no longer holds at least 10% of our issued share capital, with respect to one, two or three Directors (depending on the size of the shareholding that SISH holds together with its affiliates), on the basis of a binding nomination prepared by SISH and (ii) for all other Directors on the basis of a binding nomination prepared by the Board, provided any that such nomination can only be overruled by a two-thirds majority of votes cast representing more than half of our issued share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a provision that Directors may only be dismissed by the General Meeting by a two-thirds majority of votes cast representing more than half of our issued share capital, unless the dismissal is proposed by (i) the Board or (ii) during the period when SISH is allowed to make a binding nomination as discussed above, with respect to a SISH nominated Director, at the proposal of SISH, in which case a simple majority of the votes cast would be sufficient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a provision allowing, among other matters, the former chairperson of the Board or our former Chief Executive Officer (in each case, during the period when SISH is allowed to make a binding nomination as discussed above, together with a person designated by SISH for that purpose if the former chairperson or Chief Executive Officer, as applicable, was not a SISH nominated Director) to manage our affairs if all of the Directors are dismissed and to appoint others to be charged with our affairs, including the preparation of a binding nomination for Directors as discussed above, until new Directors are appointed by the General Meeting on the basis of such binding nomination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a requirement that certain matters, including an amendment of the Articles of Association, may only be resolved upon by the General Meeting with a majority of at least 75% of the votes cast during the period when SISH is allowed to make a binding nomination as discussed above and in each case at the proposal of the Board.

These provisions could have the effect of delaying or preventing a change in control or otherwise discouraging a potential acquirer from attempting to obtain control of our company.

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**C.&nbsp;&nbsp;&nbsp;&nbsp;Material contracts**

**Wiggle SPA and SPA Variation Agreement**

On June 11, 2021, SSU entered into the Wiggle SPA to acquire the entire issued share capital of Mapil Topco Limited from, among others, the Wiggle Sellers. Mapil Topco Limited owns Wiggle Limited and CRC. The Wiggle Group is a leading online sports retailer of specialist cycling, running and swimming equipment, apparel and accessories headquartered in the UK.

Completion of the Wiggle SPA (and the Wiggle Acquisition) ("Completion"), which was a condition to the Closing of the Business Combination, occurred on December 14, 2021 and was conditional upon satisfaction of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each of the (i) German Federal Cartel Office and (ii) Austrian Competition Authorities (Austrian Federal Competition Authority and Austrian Federal Cartel Prosecutor) having approved the Wiggle Acquisition or the Wiggle Acquisition being deemed to be approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The United Kingdom Competition and Markets Authority having communicated to the Buyer that it has no further questions in respect of the briefing paper (containing details of the Wiggle Acquisition) submitted to them or having announced that it does not intend to refer the Wiggle Acquisition for investigation under Schedule 4 of the Enterprise and Regulatory Reform Act 2013.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Financial Conduct Authority (FCA) having notified (and not withdrawn) its approval (as required in accordance with Part XII of the Financial Services and Markets Act 2000) in relation to each new controller's proposed interest in the Wiggle Group resulting from the Wiggle Acquisition or the FCA being deemed as having given such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirmation having been given by SSU that the Business Combination Agreement has become unconditional in all respects.

The Wiggle SPA contains customary interim conduct undertakings pursuant to which the Wiggle Sellers undertook to (i) operate the Wiggle Group business in the ordinary course between the date of exchange and Completion and (ii) procure that the Wiggle Group does not take particular material actions without the prior written consent of the Buyer.

On Completion, the Total Consideration (as defined in the Wiggle SPA) was paid by the Company to the Wiggle Sellers, in accordance with the terms of the Wiggle Liability Assumption Agreement, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 41.8% of the Total Consideration was paid by the Company in cash on Completion. However, since the level of redemptions by Yucaipa Public Shareholders required the release to such shareholders of an aggregate amount from Yucaipa's Trust Account exceeding the Redemption Threshold Amount (as defined in the Redemption Offset Agreement) (the amount by which the amount required to be released exceeds the Redemption Threshold Amount, the "Shortfall Amount"), SISH subscribed for and purchased, and the Company issued 6,000,000 Ordinary Shares for a purchase price of $10 per Ordinary Share (the "First Installment Shortfall Amount") and the First Consideration Installment (as defined in the Wiggle SPA) up to an aggregate amount equal to First Consideration Installment (as defined in the Wiggle SPA) was settled through the issuance of our Ordinary Shares to the Wiggle Sellers (as defined in the Wiggle SPA) in accordance with the terms of the Wiggle SPA, as amended from time to time and pursuant to the terms of the Wiggle Liability Assumption Agreement entered into between the Company and SSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 53.8% of the Total Consideration was satisfied by SSU procuring the issue of shares by us to certain of the Wiggle Sellers (to be held subject to Lock-Up Agreements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4.4% of the Total Consideration will be paid by the Company in cash 10 business days following the date on which the Lock-Up Agreements expire. However, since the Shortfall Amount exceeded $90 million, the Third Consideration Installment (as defined in the Wiggle SPA) will be settled through the issuance of Ordinary Shares to the Wiggle Sellers in the amount of $25.3 million in accordance with the terms of the Wiggle SPA, as amended from time to time. The shares issued to the Wiggle Sellers in satisfaction of a portion of all of the Third Consideration Installment pursuant to the Redemption Offset Agreement and the Wiggle SPA, as amended from time to time, as discussed above will be subject to the lock-up restrictions set forth in that certain Lock-up Agreement (as described in the section of this Annual Report entitled "*Shares Eligible for Future Sale — Lock-Up Agreements").*

The Wiggle SPA contains a customary suite of business warranties, together with a stand-alone tax covenant given in favor of the Buyer, all of which are backed by warranty and indemnity insurance.

Pursuant to a letter agreement dated October 15, 2021, SSU and Bridgepoint agreed to amend the Wiggle SPA to extend the Long Stop Date from November 30, 2021 to December 31, 2021.

**Midwest Acquisition SPA**

On January 8, 2021 SSU Midwest Acquisition Corp., a Delaware corporation and newly formed US subsidiary of SSU, as buyer and Midwest Sports Supply Holdings, Inc., an Ohio based corporation, as seller, entered into an equity purchase agreement pursuant to which

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SSU Midwest Acquisition Corp, agreed to acquire a participation of 60.60% to 66.66% in the issued and then outstanding shares of capital stock of Midwest Sports Supply, Inc., a wholly owned subsidiary of Midwest Sports Supply Holdings, Inc. and which, following to a certain reorganization and conversion process set out in the equity purchase agreement, would be transformed into a limited liability company under Delaware law and renamed Midwest Sports Supply, LLC, the exact amount of the to be acquired participation depending on the exact amount of the enterprise value at closing (as defined in the equity purchase agreement).

Under the equity purchase agreement SSU Midwest Acquisition Corp. acquired a stake of 60.60% of the issued and outstanding shares of Midwest Sports Supply, LLC from its parent company against payment of a cash purchase price determined on the basis of an agreed equity value of around $9.8 million for the acquired stake of 60.60% in Midwest Sports Supply LLC. In addition, SSU Midwest Acquisition Corp. has agreed, within twelve months period following the closing, to make an additional contribution of cash to Midwest Sports Supply LLC at a valuation equal to the valuation implied by the equity purchase agreement. Under the amended LLC company agreement, the parties to the LLC agreement also agreed on certain call/put option rights that allow the option holder to sell/buy its shares in Midwest Sports Supply LLC at certain points in time or if certain conditions are met. The put/call value is determined on the basis of certain parameters relating to the 12 months-economic performance of the business as of the last day of the most recent fiscal quarter ended immediately prior to the exercise of the option.

SSU provided financing for the initial purchase price to SSU Midwest Acquisition Corp. and in addition entered into a guaranty contract with and for the benefit of Midwest Sports Supply, Inc., according to which SSU guaranteed the full and punctual performance of the contractual duties of SSU Midwest Acquisition Corp. under the equity purchase agreement and agreed to indemnify, among others, Midwest Sports Supply, Inc. and Midwest Sports Supply Holdings, Inc. as its selling shareholder against any costs incurred in enforcing the selling parties' rights under the equity purchase agreement.

Moreover, as a condition precedent to the closing of the share purchase, the former majority shareholder of Midwest Sports Supply, Inc., a key individual to the business of the company, entered into an employment agreement with Midwest Sports Supply, LLC following the transformation and reorganization process.

The transaction closed on April 30, 2021.

**Tennis Express SPA**

On April 30, 2021 SSU subsidiary SSU Midwest Acquisition Corp. as buyer and Tennis Express, L.P., a Texas limited partnership ("Tennis Express"), Tennis Express Management, L.L.C., a Texas limited liability company ("Tennis Management"), and the owner (the "Seller") of Tennis Now LLC, a Nevada limited liability company ("Tennis Now") as sellers entered into an equity purchase agreement (as amended, the "Tennis Express SPA") to sell to SSU Midwest Acquisition Corp., following to a certain reorganization and conversion process set out in the Tennis Express SPA, 66.66% of the equity interests in Tennis Express. The Seller and Tennis Management were the sole owners of all outstanding equity interest of Tennis Express.

Under the Tennis Express SPA, the Seller agreed to contribute all of the equity interests of Tennis Now to Tennis Express, thereby making Tennis Now a wholly owned subsidiary of Tennis Express. Following the contribution of Tennis Now to Tennis Express, the Seller and Tennis Management agreed to cause Tennis Express to convert into a Delaware limited liability company and the Seller was to become the sole owner of all outstanding equity interests of Tennis Management.

The Tennis Express SPA contains customary interim conduct undertakings for the period between the execution of the Tennis Express SPA and the closing pursuant to which the Seller and Tennis Management agreed, among other things, to operate Tennis Express only in the ordinary course of business and consistent with past customs and practices.

The closing of the transactions contemplated by the Tennis Express SPA were subject to a number of conditions precedent, including, among others the successful completion of the audit of Tennis Express' financial statements for the twelve months period ended June 30, 2021, the achievement of certain financial targets during that period by Tennis Express, the successful completion of our due diligence exercise and Tennis Express entering into an employment agreement pursuant to which the Seller will serve as Tennis Express' president.

The cash purchase price to be paid at closing was originally to be based on an enterprise value for 100% of the shares in Tennis Express L.P. in a range between USD 19 million and 25.2 million, the exact value of the enterprise value depending on the financial performance of the business in fiscal year 2020. Prior to the closing of the Tennis Express transaction, the parties to the Tennis Express SPA resolved to enter into an amendment to such agreement modifying the purchase price to enable the Seller and Tennis Management to receive all or a portion of the purchase price in our Ordinary Shares. In addition, under the amended LLC company agreement entered into at closing, the parties to the LLC agreement agreed on certain call/put option rights that allow the option holder to sell/buy its shares at certain points in time or if certain conditions are met. The put/call value is determined on the basis of certain parameters relating to the 12 months-economic performance of the business as of the last day of the most recent fiscal quarter ended immediately prior to the exercise of the option.

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The purchase price payable by SSU Midwest Acquisition Corp. originally consisted of cash payments to the Seller and Tennis Management in accordance with their pro rata shareholdings in Tennis Express following the reorganization and conversion process and was subject to certain adjustment and disbursement provisions provided for in the Tennis Express SPA.

In connection with the closing of the Tennis Express acquisition on December 31, 2021, whereby SSU acquired 66.66% of the issued shares in Tennis Express, the parties to the Tennis Express SPA agreed to amend the Tennis Express SPA as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The initially agreed closing long stop date of September 30, 2021 was changed to December 31, 2021 by amendment letters dated September 30, 2021, November 17, 2021 and December 14, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The enterprise value as basis for the calculation of the purchase price was set at USD 25.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The cash purchase price agreed in the Tennis Express SPA was amended to a payment in shares of the Company, with an agreed factor of 1.35 over the initially agreed cash purchase price (the "Stock Payment"). The actual Stock Payment of 2,492,833 Ordinary Shares (except for the portion of the purchase price to be placed into escrow) was determined based on an amount per share of common stock of the Company equal to the lesser of (i) the price as of the close of trading on the NYSE on March 7, 2022, and (ii) the volume weighted average price per share of the Shares for the five trading days ending March 7, 2022. The remainder of the escrow amount will be paid in Ordinary Shares in two (2) years from the closing (i.e. on or around December 31, 2023).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Stock Payment was made to the seller on March 11, 2022. We agreed to use commercially reasonable efforts to ensure that the Company shares comprising the Stock Payment would be fully and freely tradable in compliance with all federal securities laws, including through the facilities of the NYSE without any required lock-up, vesting conditions or registration or listing requirements within 10 business days of the applicable issuance.

**LBBW Revolving Credit Facility**

On May 5, 2021, SSU and its subsidiaries Internetstores Holding GmbH and internetstores GmbH as borrowers and guarantors and SIGNA Sport Online GmbH, Dolphin France SAS and Tennis-Point GmbH as guarantors entered into the €100.0 million LBBW RCF with Landesbank Baden-Württemberg and other financial institutions as lenders (banking syndicate).

In general, any loan amount drawn under the LBBW RCF must be applied towards the refinancing of existing credit facility obligations of the borrowers, for working capital purposes, capital expenditures and up to an amount of €10.0 million for certain M&A purposes, in particular the repayment of a bridge loan.

Any loan a borrower under the LBBW RCF requests bears interest for the period the respective borrower may determine in its utilization request in accordance with the terms of the LBBW RCF. The loan amount drawn under the LBBW RCF must be repaid in full with interest on the last day of the requested credit period.

The loans will be secured by independent payment obligations (*selbstständige Zahlungsversprechen*) and in case of any payment defaults undertakings to indemnify each of the lenders by the guarantors to the LBBW RCF.

The term of the LBBW RCF is three years and loans will be made available to the borrowers until one month prior to the termination date. However, the LBBW RCF provides for the right of each borrower to request an extension of the contract term under certain conditions.

On May 30, 2022, SSU and the lenders under the LBBW RCF entered into an amendment agreement to the existing LBBW RCF (the "LBBW RCF Amendment Agreement").

The LBBW RCF Amendment Agreement (i) amends and restates certain provisions of the LBBW RCF, including, in particular, the extension and increase option as well as certain minimum cash requirements and (ii) provides for an incremental funding obligation and certain additional information undertakings of the Company. Furthermore, the LBBW RCF Amendment Agreement suspends the net leverage ratio testing covenant to cure a formal breach by the Company of such covenant as of March 31, 2022, and amends the consolidated adjusted EBITDA thresholds which the Company will be required to maintain in its fiscal years 2023 and 2024.

The LBBW RCF Amendment Agreement also provides for changes and restatements of other provisions, covenants and conditions precedent, including an obligation to secure additional liquidity of up to €200.0 million by September 30, 2022. This obligation was met by the SIGNA Holding RCFs [*insert reference*] and the issuance of €100.0 million Initial Convertible Bonds to SIGNA Holding GmbH under the Subscription Agreement [*insert reference*].

On January 26, 2023, we received waivers from the lenders under the LBBW RCF waiving the requirement to comply with the net leverage covenant through the period ending June 2024 and the minimum EBITDA covenant for the testing period ending on September 30, 2023 and maintaining the available liquidity covenant at €30.0 million for each testing date after March 31, 2023.

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**SIGNA Holding Revolving Credit Facilities**

On May 3, 2022 the Company entered into the €50.0 million SIGNA Holding RCF I with our affiliate SIGNA Holding. On July 25, 2022, the Company entered into a second €50.0 million SIGNA Holding RCF II with SIGNA Holding. The SIGNA Holding RCFs are utilized to fund working capital needs, capital expenditures and general corporate purposes. The entering into the SIGNA Holding RCFs has been approved by the Audit Committee in accordance with the applicable procedures set out in the Company's RPT Policy.

**Convertible Bond Subscription Agreement**

On September 28, 2022, the Company entered into the Subscription Agreement with our affiliate SIGNA Holding to issue €100.0 million aggregate principal amount of Initial Convertible Bonds to SIGNA Holding with a closing date on October 4, 2022. The Initial Convertible Bonds mature on October 4, 2028 and are divided into bonds in bearer form with a principal amount of €1 million each. The Initial Convertible Bonds bear Quarterly Interest as well as PIK Interest. Interest is payable from October 4, 2022, at a rate of three-month EURIBOR plus 4% per annum (which will increase to 5% per annum and 6% per annum on October 4, 2026, and October 4, 2027, respectively). PIK Interest accrues from October 4, 2022, at a rate of 7% per annum (which will increase to 8% per annum and 9% per annum on October 4, 2026, and October 4, 2027, respectively) as if it were payable quarterly in arrears on each interest payment date.

Bondholders may convert the Initial Convertible Bonds at any time into fully paid ordinary shares of the Company with a nominal value of €0.12 each. The initial conversion price for the Initial Convertible Bonds is €10.3686. Bondholders have the right to increase the principal amount of the Initial Convertible Bonds by an additional aggregate principal amount of up to €200.0 million as of closing of the Initial Convertible Bond issuance and until and including September 30, 2023, in one or more tranches with minimum denominations of €1.0 million.

**Salesforce Commerce Cloud**

On January 15, 2021, SSU has executed an order form for e-commerce cloud services provided by salesforce.com EMEA Limited, a limited liability company under UK law ("Salesforce") in accordance with a Master Subscription Agreement between Salesforce and SISH of August 7, 2017. By entering into such order form with Salesforce SSU has agreed to be bound by the terms of the Master Subscription Agreement as if SSU was an original party thereto.

The services subscribed for include, among others, B2C Commerce services and other tools to track customer interactions and establish a personalized customer communication.

The contract end date is September 14, 2024 but may be renewed in case additional e-commerce cloud services are subscribed to by SSU.

**Rhenus 3 PL Contract**

On March 31, 2021, SSU subsidiaries Tennis-Point GmbH and internetstores GmbH have entered into a logistics agreement with Rhenus Warehousing Solutions SE & Co. KG, a logistics service provider and supplier of outsourcing warehousing solutions ("Rhenus"). The agreement provides for the establishment and operation of a goods distribution warehouse with a storage area of approx. 20,000 square meters in Hockenheim, Germany.

Under the logistics agreement, SSU is entitled to store in the warehouse sports goods, clothing and accessories for their tennis and bicycle business segments. The logistics service is not limited to Tennis-Point GmbH and Internetstores GmbH, however, but may be utilized by other SSU companies operating in the tennis or bicycle business segments as well, provided that such other companies are included in the contract as additional parties to the logistics agreement upon request.

Each SSU subsidiary that is or will become a party to the logistics agreement with Rhenus is individually and not jointly and severally liable for the services rendered to them by Rhenus in each case.

The logistics agreement provides for a remuneration of Rhenus for certain fixed costs incurred and a variable remuneration component based on the stock level and certain services provided by Rhenus.

The agreement has a fixed term until December 31, 2028 and is automatically extended by one year at a time if it has not been terminated in advance with due notice or for good cause by either of the contract parties.

Among other collateral provided by its subsidiaries SSU has entered into a directly enforceable surety for the benefit of Rhenus with regard to payment obligations arising out of or in connection with the implementation of the logistics agreement for an amount of up to €4.5 million.

**OMNIA Services Agreement**

SSU and Omniaretail B.V. ("Omnia") entered into a service agreement on March 15, 2020, as amended. Under this agreement Omnia provides various services to manage pricing and online markets for merchandise sold by SSU. The services are split into various packages

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relating to price watching and dynamic pricing packages as well as customer pricing fees. The amended agreement has a fixed term until September 30, 2023.

**Cash to Equity Bonus Conversion**

Prior to the closing of the Business Combination (as defined elsewhere herein), the Company, SSU and certain current and former executive officers, managing directors and senior employees of the SIGNA Sports United group (each a "Bonus Recipient"), agreed to convert each Bonus Recipient's entitlement under their respective employment agreement to certain cash bonus payments into a corresponding number of Ordinary Shares, subject to the terms of the cash to equity bonus conversion agreement (such agreement, the "Cash to Equity Bonus Conversion Agreement").

Payment of the cash bonus was conditioned upon the closing of the de-SPAC transaction and the successful implementation of the Listing, with the relevant amounts determined on an individual basis. The Company and SSU offered each Bonus Recipient to convert at least 50% of their cash bonus amount into Ordinary Shares and agreed that the Bonus Recipient would receive payment in cash for the amount not converted into Ordinary Shares. The exact number of Ordinary Shares was calculated on the following basis:

• the cash bonus amount converted into Ordinary Shares was multiplied (i) by 1.25 in case that 50% to 74.9% of the cash bonus amount was converted into Ordinary Shares and (ii) 1.35 in case 75% to 100% of the cash bonus amount was converted into Ordinary Shares;

• a cash bonus amount denominated in EUR was converted into a USD amount; and

• the volume weighted average share price (VWAP) during the five trading days on the NYSE before May 16, 2022.

On that basis, the number of Ordinary Shares issuable to the respective Bonus Recipient was determined by dividing the converted USD cash bonus amount, previously multiplied by the applicable factor of 1.25 or 1.35, by the five-days VWAP for the Company's shares on the NYSE before May 16, 2022.

In May 2022, the Company entered into an amendment agreement to the Cash to Equity Bonus Conversion Agreement (the "Cash to Equity Bonus Conversion Amendment Agreement"), in which certain of the Bonus Recipients agreed to defer the issuance of the Ordinary Shares to which they were entitled under the Cash to Equity Bonus Conversion Agreement by one year until May 2023. The Cash to Equity Bonus Conversion Amendment Agreement provided that the EUR/USD currency exchange rate and the relevant VWAP will be determined during the five trading days on the NYSE before May 16, 2023 and that the multiplier of 1.25 or 1.35 will be increased to 1.35 or 1.45, respectively.

**D.&nbsp;&nbsp;&nbsp;&nbsp;Exchange controls**

Under Dutch law, there are no exchange controls applicable to the transfer to persons outside of the Netherlands of dividends or other distributions with respect to, or of the proceeds from the sale of, shares of a Dutch company, subject to applicable restrictions under sanctions and measures, including those concerning export control, pursuant to applicable resolutions adopted by the United Nations, regulations of the European Union, the Sanctions Act 1977 (*Sanctiewet 1977*), national emergency legislation, or other legislation, applicable anti-boycott regulations and similar rules. Pursuant to the Dutch Foreign Financial Relations Act 1994 (*Wet financiële betrekkingen buitenland 1994*) entities could be obliged to provide certain financial information to the Dutch Central Bank for statistical purposes only. The European Directive Mandatory Disclosure Rules (2011/16/EU) in relation to cross-border tax arrangements can provide for future notification requirements.

Under German law, there are no exchange controls restricting the transfer of funds between Germany and other countries or individuals subject to applicable restrictions concerning import or export control or sanctions and measures against certain persons, entities and countries subject to embargoes in accordance with German law and applicable resolutions adopted by the United Nations and the European Union.

Under German foreign trade regulation, with certain exceptions, every corporation or individual residing in Germany must report to the German Central Bank on any payment received from or made to a non-resident corporation or individual if the payment exceeds €12,500 (or the equivalent in a foreign currency). Additionally, corporations and individuals residing in Germany must report to the German Central Bank on any claims of a resident against, or liabilities payable to, a non-resident corporation or individual exceeding an aggregate of €5 million (or the equivalent in a foreign currency) at the end of any calendar month. Resident corporations and individuals are also required to report annually to the German Central Bank on any stakes of 10% or more they hold in the equity of non-resident corporations with total assets of more than €3 million. Corporations residing in Germany with assets in excess of €3 million must report annually to the German Central Bank on any stake of 10% or more in the company held by an individual or a corporation located outside Germany.

**E.&nbsp;&nbsp;&nbsp;&nbsp;Taxation**

Material U.S. Federal Income Tax Considerations for U.S. Holders

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The following is a general discussion of the material U.S. federal income tax consequences of the acquisition, ownership and disposition of our Ordinary Shares and Public Warrants (the "SSU Securities"). No ruling has been requested or will be obtained from the IRS regarding the U.S. federal income tax consequences of the acquisition, ownership and disposition of the SSU Securities; thus, there can be no assurance that the IRS will not challenge the U.S. federal income tax treatment described below or that, if challenged, such treatment will be sustained by a court.

This summary is limited to U.S. federal income tax considerations relevant to U.S. Holders that hold SSU Securities as "capital assets" within the meaning of section 1221 of the Internal Revenue Code of 1986, as amended (the "Code") (generally, property held for investment). This discussion does not address all aspects of U.S. federal income taxation that may be important to holders in light of their individual circumstances, including holders subject to special treatment under the U.S. tax laws, such as, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our officers or directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, financial institutions or financial services entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taxpayers that are subject to the mark-to-market accounting rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• S-corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expatriates or former long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own five percent or more of our shares by vote or value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that acquired SSU Securities pursuant to an exercise of employee share options, in connection with employee share incentive plans or otherwise as compensation or in connection with services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that hold SSU Securities as part of a straddle, constructive sale, hedging, conversion or other integrated or similar transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Holders (as defined below) whose functional currency is not the U.S. dollar.

As used in this Annual Report, the term "U.S. Holder" means a beneficial owner of SSU Securities that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp;An individual who is a citizen or individual resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp;&nbsp;&nbsp;&nbsp;a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp;&nbsp;&nbsp;&nbsp;an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)&nbsp;&nbsp;&nbsp;&nbsp;a trust if (1) a U.S. court is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have authority to control all substantial decisions of the trust or (2) the trust has a valid election to be treated as a U.S. person under applicable U.S. Treasury Regulations.

Moreover, the discussion below is based upon the provisions of the Code, the Treasury regulations promulgated thereunder and administrative and judicial interpretations thereof, all as of the date hereof. Those authorities may be repealed, revoked, modified or subject to differing interpretations, possibly on a retroactive basis, so as to result in U.S. federal income tax consequences different from those discussed below. Furthermore, this discussion does not address any aspect of U.S. federal non-income tax laws, such as gift, estate or Medicare contribution tax laws, or state, local or non-U.S. tax laws.

This discussion does not consider the tax treatment of partnerships or other pass-through entities or persons who hold SSU Securities through such entities. If a partnership (or other entity or arrangement classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of SSU Securities, the U.S. federal income tax treatment of a partner in the partnership generally will depend on the status of the partner and the activities of the partner and the partnership. If you are a partner of a partnership holding SSU Securities, we urge you to consult your own tax advisor.

THIS SUMMARY DOES NOT PURPORT TO BE A COMPREHENSIVE ANALYSIS OR DESCRIPTION OF ALL POTENTIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF ACQUIRING, OWNING AND DISPOSING OF SSU SECURITIES. HOLDERS OF SSU SECURITIES SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE PARTICULAR TAX

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CONSEQUENCES TO THEM OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF SSU SECURITIES, INCLUDING THE APPLICABILITY AND EFFECTS OF U.S. FEDERAL, STATE, LOCAL, AND OTHER TAX LAWS.

***<u>U.S. Holders</u>***

***Taxation of Distributions***

Subject to the possible applicability of the PFIC rules discussed below, a U.S. Holder generally will be required to include in gross income as a dividend the amount of any distribution paid on our Ordinary Shares to the extent the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Such dividends paid by us will be taxable to a corporate U.S. Holder at regular rates and will not be eligible for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received from other domestic corporations. Subject to the PFIC rules described below, distributions in excess of such earnings and profits generally will be applied against and reduce the U.S. Holder's basis in our Ordinary Shares (but not below zero) and, to the extent in excess of such basis, will be treated as gain from the sale or exchange of such Ordinary Shares (see "— Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Ordinary Shares and Warrants" below).

With respect to non-corporate U.S. Holders, under tax laws currently in effect and subject to certain exceptions (including, but not limited to, dividends treated as investment income for purposes of investment interest deduction limitations), dividends generally will be taxed at the lower applicable long-term capital gains rate only if our Ordinary Shares are readily tradable on an established securities market in the United States or SSU is eligible for benefits under an applicable tax treaty with the United States, and SSU is not treated as a PFIC with respect to such U.S. Holder at the time the dividend was paid or in the preceding year and provided certain holding period requirements are met. The amount of any dividend distribution paid in euros will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars at that time. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.

Subject to applicable limitations, German income taxes withheld from dividends on common shares at a rate not exceeding the rate provided by the applicable treaty with the United States will be eligible for credit against the U.S. treaty beneficiary's (as defined below) U.S. federal income tax liability. Subject to certain complex limitations, the non-refundable withheld German taxes generally will be eligible for credit against a U.S. treaty beneficiary's (as defined below) federal income tax liability. The rules governing foreign tax credits are complex and U.S. Holders are urged to consult their tax advisers regarding the creditability of foreign taxes in their particular circumstances. In lieu of claiming a foreign tax credit, a U.S. Holder may deduct foreign taxes, including any German income tax, in computing their taxable income, subject to generally applicable limitations under U.S. law. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes paid or accrued in the taxable year.

***Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Ordinary Shares and Warrants***

Subject to the PFIC rules discussed below, a U.S. Holder generally will recognize capital gain or loss on the sale or other taxable disposition of our Ordinary Shares or Public Warrants in an amount equal to the difference between the amount realized on the disposition and such U.S. Holder's adjusted tax basis in such Ordinary Shares or Public Warrants. Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. Holder's holding period for such Ordinary Shares or Public Warrants exceeds one year. Long-term capital gain realized by a non-corporate U.S. Holder is currently eligible to be taxed at reduced rates. The deduction of capital losses is subject to certain limitations.

***Exercise, Lapse or Redemption of a Warrant***

Subject to the PFIC rules and except as discussed below with respect to the cashless exercise of a Public Warrant, a U.S. Holder generally will not recognize gain or loss upon the acquisition of an ordinary share on the exercise of a warrant. A U.S. Holder's tax basis in an ordinary share received upon exercise of the warrant generally will be an amount equal to the sum of the U.S. Holder's tax basis in the warrant exchanged therefor and the exercise price. The U.S. Holder's holding period for an ordinary share received upon exercise of the warrant will begin on the date following the date of exercise (or possibly the date of exercise) of the warrant and will not include the period during which the U.S. Holder held the warrant. If a warrant is allowed to lapse unexercised, a U.S. Holder generally will recognize a capital loss equal to such holder's tax basis in the warrant.

The tax consequences of a cashless exercise of a warrant are not clear under current law. Subject to the PFIC rules discussed below, a cashless exercise may not be taxable, either because the exercise is not a realization event or because the exercise is treated as a "recapitalization" for U.S. federal income tax purposes. Although we expect a U.S. Holder's cashless exercise of our Public Warrants (including after we provide notice of our intent to redeem Public Warrants for cash) to be treated as a recapitalization, a cashless exercise could alternatively be treated as a taxable exchange in which gain or loss would be recognized.

In either tax-free situation, a U.S. Holder's tax basis in the Ordinary Shares received generally would equal the U.S. Holder's tax basis in the Public Warrants. If the cashless exercise is not treated as a realization event, it is unclear whether a U.S. Holder's holding period for the Ordinary Share will commence on the date of exercise of the Public Warrant or the day following the date of exercise of the Public Warrant. If the cashless exercise is treated as a recapitalization, the holding period of the Ordinary Shares would include the holding period of the Public Warrants.

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It is also possible that a cashless exercise may be treated in part as a taxable exchange in which gain or loss would be recognized. In such event, a portion of the Public Warrants to be exercised on a cashless basis could, for U.S. federal income tax purposes, be deemed to have been surrendered in consideration for the exercise price of the remaining Public Warrants, which would be deemed to be exercised. For this purpose, a U.S. Holder may be deemed to have surrendered a number of Public Warrants having an aggregate value equal to the exercise price for the total number of Public Warrants to be deemed exercised. Subject to the PFIC rules discussed below, the U.S. Holder would recognize capital gain or loss in an amount equal to the difference between the fair market value of the total number of Public Warrants deemed surrendered and the U.S. Holder's tax basis in such Public Warrants. In this case, a U.S. Holder's tax basis in the Ordinary Shares received would equal the U.S. Holder's tax basis in the Public Warrants exercised plus (or minus) the gain (or loss) recognized with respect to the surrendered Public Warrants. It is unclear whether a U.S. Holder's holding period for the Ordinary Shares would commence on the date of exercise of the Public Warrant or the day following the date of exercise of the Public Warrant.

Because of the absence of authority on the U.S. federal income tax treatment of a cashless exercise, there can be no assurance which, if any, of the alternative tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly, a U.S. Holder should consult its tax advisor regarding the tax consequences of a cashless exercise.

Subject to the PFIC rules described below, if we redeem Public Warrants for cash or purchase Public Warrants in an open market transaction, such redemption or purchase generally will be treated as a taxable disposition to the U.S. Holder, taxed as described above under "— Exercise, Lapse or Redemption of a Warrant."

***Possible Constructive Distributions***

The terms of each Public Warrant provide for an adjustment to the number of Ordinary Shares for which the Public Warrant may be exercised or to the exercise price of the Public Warrant in certain events, as discussed in the section of this Annual Report captioned "Description of Securities — Warrants." An adjustment which has the effect of preventing dilution generally is not taxable. The U.S. Holders of the Warrants would, however, be treated as receiving a constructive distribution from us if, for example, the adjustment increases such U.S. Holders' proportionate interests in our assets or earnings and profits (e.g. through an increase in the number of Ordinary Shares that would be obtained upon exercise or through a decrease to the exercise price of a Public Warrant) as a result of a distribution of cash or other property to the holders of Ordinary Shares which is taxable to the U.S. Holders of such Ordinary Shares as described under "— Taxation of Distributions" above. Such constructive distribution would be subject to tax as described under that section in the same manner as if the U.S. Holders of the Public Warrants received a cash distribution from us equal to the fair market value of such increased interest.

***Passive Foreign Investment Company Status***

The treatment of U.S. Holders of our Ordinary Shares and Public Warrants could be materially different from that described above if we are or were treated as a passive foreign investment company ("PFIC") for U.S. federal income tax purposes.

A non-U.S. corporation will be classified as a PFIC for U.S. federal income tax purposes if either (i) at least 75% of its gross income in a taxable year, including its pro rata share of the gross income of any corporation in which it is considered to own at least 25% of the shares by value, is passive income or (ii) at least 50% of its assets in a taxable year (ordinarily determined based on fair market value and averaged quarterly over the year), including its pro rata share of the assets of any corporation in which it is considered to own at least 25% of the shares by value, are held for the production of, or produce, passive income. Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets.

We do not expect to be treated as a PFIC for U.S. federal income tax purposes, but this conclusion is a factual determination made annually and, thus, is subject to change. With certain exceptions, the Ordinary Shares would be treated as stock in a PFIC with respect to a U.S. Holder if we were a PFIC at any time during a U.S. Holder's holding period in such U.S. Holder's Ordinary Shares. There can be no assurance, however, that we will not be treated as a PFIC for any taxable year or at any time during a U.S. Holder's holding period.

If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder of Ordinary Shares or Public Warrants and, in the case of Ordinary Shares, the U.S.

Holder did not make a qualified electing fund ("QEF") election or a mark-to-market election, such U.S. Holder generally would be subject to special and adverse rules with respect to (i) any gain recognized by the U.S. Holder on the sale or other disposition of its Ordinary Shares or Public Warrants and (ii) any "excess distribution" made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of the Ordinary Shares during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder's holding period for the Ordinary Shares).

Under these rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares or Public Warrants;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the U.S. Holder's taxable year in which the U.S. Holder recognized the gain or received the excess distribution, or to the period in the U.S. Holder's holding period before the first day of our first taxable year in which we were a PFIC, will be taxed as ordinary income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed at the highest tax rate in effect for that year and applicable to the U.S. Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed on the U.S. Holder with respect to the tax attributable to each such other taxable year of the U.S. Holder.

If we are a PFIC and, at any time, have a non-U.S. subsidiary that is classified as a PFIC, a U.S. Holder generally would be deemed to own a portion of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described above if we (or our subsidiary) receive a distribution from, or disposes of all or part of its interest in, the lower-tier PFIC or the U.S. Holders otherwise were deemed to have disposed of an interest in the lower-tier PFIC. U.S. Holders are urged to consult their tax advisors regarding the tax issues raised by lower-tier PFICs.

In general, a U.S. Holder may avoid the adverse PFIC tax consequences described above in respect of the Ordinary Shares (but not the Public Warrants) by making and maintaining a timely and valid QEF election (if eligible to do so) to include in income its pro rata share of our net capital gains (as long-term capital gain) and other earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed, in the taxable year of the U.S. Holder in which or with which our taxable year ends. In order to comply with the requirements of a QEF election, a U.S. Holder must receive a PFIC Annual Information Statement from us. However, we do not expect to furnish U.S. Holders with the tax information necessary to enable a U.S. Holder to make a QEF election.

Alternatively, if we are a PFIC and the Ordinary Shares constitute "marketable stock," a U.S. Holder may avoid the adverse PFIC tax consequences discussed above if such U.S. Holder, at the close of the first taxable year in which it holds (or is deemed to hold) the Ordinary Shares, makes a mark-to-market election with respect to such shares for such taxable year. Such U.S. Holder generally will include for each of its taxable years as ordinary income the excess, if any, of the fair market value of its Ordinary Shares at the end of such year over its adjusted basis in its Ordinary Shares. The U.S. Holder also will recognize an ordinary loss in respect of the excess, if any, of its adjusted basis of its Ordinary Shares over the fair market value of its Ordinary Shares at the end of its taxable year (but only to the extent of the net amount of previously included income as a result of the mark-to-market election).The U.S. Holder's basis in its Ordinary Shares will be adjusted to reflect any such income or loss amounts, and any further gain recognized on a sale or other taxable disposition of its Ordinary Shares will be treated as ordinary income. Currently, a mark-to-market election may not be made with respect to Public Warrants.

The mark-to-market election is available only for "marketable stock," generally, stock that is regularly traded on a national securities exchange that is registered with the SEC, including NYSE (on which the Ordinary Shares will be listed), or on a foreign exchange or market that the IRS determines has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Moreover, a mark-to-market election made with respect to Ordinary Shares would not apply to a U.S. Holder's indirect interest in any lower tier PFICs in which we own shares. U.S. Holders should consult their tax advisors regarding the availability and tax consequence of a mark-to-market election with respect to the Ordinary Shares under their particular circumstances.

A U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form 8621 and such other information as may be required by the U.S. Treasury Department. Failure to do so, if required, will extend the statute of limitations until such required information is furnished to the IRS.

The rules dealing with PFICs are very complex and are affected by various factors in addition to those described above. Accordingly, U.S. Holders of the Ordinary Shares and Public Warrants should consult their tax advisors concerning the application of the PFIC rules to SSU Securities under their particular circumstances.

***Non-U.S. Holders***

This section applies to you if you are a "Non-U.S. Holder." As used herein, the term "Non-U.S. Holder" means a holder who, for U.S. federal income tax purposes, is a beneficial owner of SSU Securities (other than a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) that is not a U.S. Holder.

Dividends (including constructive dividends) paid or deemed paid to a Non-U.S. Holder in respect of Ordinary Shares generally will not be subject to U.S. federal income tax unless the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains in the United States). In addition, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition of SSU Securities unless such gain is effectively connected with its conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains in the United States), or the Non-U.S. Holder is an individual who is present in the United States for a period or periods aggregating 183 days or more in the taxable year of sale or other disposition and certain other conditions are met (in which case, such gain from the United States sources generally is subject to tax at a 30% rate or a lower applicable treaty rate).

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Dividends (including constructive dividends) and gains that are effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally will be subject to U.S. federal income tax at the same regular U.S. federal income tax rates applicable to a comparable U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income tax purposes, also may be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.

The U.S. federal income tax treatment of a Non-U.S. Holder's exercise of a Public Warrant, or the lapse of a Public Warrant held by a Non-U.S. Holder, generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a Public Warrant by a U.S. Holder, as described in "Exercise, Lapse or Redemption of a Warrant" above, although to the extent a cashless exercise results in a taxable exchange, the consequences would be similar to those described in the preceding paragraphs above for a Non-U.S. Holder's gain on the sale or other disposition of SSU Securities.

***Information Reporting and Backup Withholding***

Dividend payments (including constructive dividends) with respect to Ordinary Shares and proceeds from the sale, exchange or redemption of SSU Securities may be subject to information reporting to the IRS and possible United States backup withholding. Backup withholding (currently at a rate of 24%) will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number (generally on an IRS Form W-9 provided to the paying agent of the U.S. Holder's broker) and makes other required certifications, or who is otherwise exempt from backup withholding and establishes such exempt status. A Non-U.S. Holder generally will not be subject to the requirement for information reporting and backup withholding by providing certification of its foreign status, under penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or credit against a holder's U.S. federal income tax liability, if any, provided the required information is timely furnished to the IRS.

Certain U.S. Holders holding specified foreign financial assets with an aggregate value in excess of an applicable dollar threshold are required to report information to the IRS relating to SSU Securities, subject to certain exceptions (including an exception for SSU Securities held in an account maintained with a U.S. financial institution), by attaching a complete IRS Form 8938, Statement of Specified Foreign Financial Assets, with their tax return, for each year in which they hold SSU Securities.

**Material Dutch Tax Considerations**

***Taxation in the Netherlands***

The section only outlines certain material Dutch tax consequences of the acquisition, holding and disposal of the Ordinary Shares and the acquisition, holding, exercise and disposal of the Public Warrants. This section does not purport to describe all possible tax considerations or consequences that may be relevant to a holder or prospective holder of Ordinary Shares or Public Warrants and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as trusts or similar arrangements) may be subject to special rules. In view of its general nature, this section should be treated with corresponding caution.

This section is based on the tax laws of the Netherlands, published regulations thereunder and published authoritative case law, all as in effect on the date hereof, and all of which are subject to change, possibly with retroactive effect. Where this section refers to "the Netherlands" or "Dutch" it refers only to the part of the Kingdom of the Netherlands located in Europe.

This section is intended as general information only and is not Dutch tax advice or a complete description of all Dutch tax consequences relating to the acquisition, holding and disposal of the Ordinary Shares or to the acquisition, holding, exercise and disposal of the Public Warrants. Holders or prospective holders of Ordinary Shares and Public Warrants should consult their own tax advisor regarding the Dutch tax consequences relating to the acquisition, holding and disposal of Ordinary Shares and the acquisition, holding, exercise and disposal of Public Warrants in light of their particular circumstances.

Please note that this section does not describe the Dutch tax consequences for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;a holder of Ordinary Shares or Public Warrants if such holder has a substantial interest (*aanmerkelijk belang*) or deemed substantial interest (*fictief aanmerkelijk belang*) in us under the Dutch Income Tax Act 2001 (*Wet inkomstenbelasting 2001*). Generally, a holder is considered to hold a substantial interest in us, if such holder alone or, in the case of an individual, together with such holder's partner for Dutch income tax purposes, or any relatives by blood or marriage in the direct line (including foster children), directly or indirectly, holds (i) an interest of 5% or more of the total issued and outstanding capital of the Company or of 5% or more of the issued and outstanding capital of a certain class of shares; or (ii) rights, including Public Warrants, to acquire, directly or indirectly, such interest; or (iii) certain profit sharing rights that relate to 5% or more of the Company's annual profits or to 5% or more of the Company's liquidation proceeds. A deemed substantial interest may arise if a substantial interest (or part thereof) in has been disposed of, or is deemed to have been disposed of, on a non-recognition basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;a holder of Ordinary Shares or Public Warrants if the Ordinary Shares or Public Warrants held by such holder qualify or qualified as a participation (*deelneming*) for purposes of the Dutch Corporate Income Tax Act 1969 (*Wet op de* 

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*vennootschapsbelasting 1969*). Generally, a holder's shareholding of, or right to acquire, 5% or more in the Company's nominal paid-up share capital qualifies as a participation. A holder may also have a participation if (a) such holder does not have a shareholding of 5% or more but a related entity (statutorily defined term) has a participation or (b) the Company is a related entity (statutorily defined term);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;a holder of Ordinary Shares which is or who is entitled to the dividend withholding tax exemption (*inhoudingsvrijstelling*) with respect to any profits derived from the Ordinary Shares (as defined in Article 4 of the Dutch Dividend Withholding Tax Act 1965 (*Wet op de dividendbelasting*). Generally, a holder of Ordinary Shares may be entitled or required to apply, subject to certain other requirements, the dividend withholding tax exemption if it holds an interest of 5% or more in the Company's nominal paid-up share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;pension funds, investment institutions (*fiscale beleggingsinstellingen*) and tax exempt investment institutions (*vrijgestelde beleggingsinstellingen*) (each as defined in the Dutch Corporate Income Tax Act 1969) and other entities that are, in whole or in part, not subject to or exempt from Dutch corporate income tax as well as entities that are exempt from corporate income tax in their country of residence, such country of residence being another state of the European Union, Norway, Liechtenstein, Iceland or any other state with which the Netherlands has agreed to exchange information in line with international standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;a holder of Ordinary Shares if such holder is an individual for whom the Ordinary Shares or any benefit derived from the Ordinary Shares is a remuneration or deemed to be a remuneration for (employment) activities performed by such holder or certain individuals related to such holder (as defined in the Dutch Income Tax Act 2001).

***Dividend withholding tax***

Dividends distributed by us are generally subject to Dutch dividend withholding tax at a rate of 15%. Generally, the Company is responsible for the withholding of such dividend withholding tax at source; the Dutch dividend withholding tax is for the account of the holder of Ordinary Shares.

The expression "dividends distributed" includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distributions in cash or in kind, deemed and constructive distributions and repayments of paid-in capital not recognized for Dutch dividend withholding tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidation proceeds, proceeds from the redemption of Ordinary Shares, or proceeds from the repurchase of Ordinary Shares (other than as temporary portfolio investment; *tijdelijke belegging*) by us or one of our subsidiaries or other affiliated entities, in each case to the extent such proceeds exceed the average paid-in capital of those Ordinary Shares as recognized for Dutch dividend withholding tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an amount equal to the par value of the Ordinary Shares issued or an increase of the par value of the Ordinary Shares, to the extent that no related contribution, recognized for Dutch dividend withholding tax purposes, has been made or will be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partial repayment of the paid-in capital recognized for Dutch dividend withholding tax purposes, if and to the extent that the Company has "net profits" (*zuivere winst*), unless (i) our general meeting of shareholders has resolved in advance to make such repayment and (ii) the par value of the Ordinary Shares concerned has been reduced by an equal amount by way of an amendment to the Company's Articles of Association. The term "net profits" includes anticipated profits that have yet to be realized.

Corporate legal entities that are resident or deemed to be resident of the Netherlands for Dutch corporate income tax purposes ("Dutch Resident Entities") generally are entitled to an exemption from, or a credit for, any Dutch dividend withholding tax against their Dutch corporate income tax liability. The credit in any given year is, however, limited to the amount of Dutch corporate income tax payable in respect of the relevant year with an indefinite carry forward of any excess amount. Individuals who are resident or deemed to be resident of the Netherlands for Dutch personal income tax purposes ("Dutch Resident Individuals") generally are entitled to a credit for any Dutch dividend withholding tax against their Dutch personal income tax liability and to a refund of any residual Dutch dividend withholding tax. The above generally also applies to holders of Ordinary Shares that are neither resident nor deemed to be resident of the Netherlands ("Non-Resident Holders") if the Ordinary Shares are attributable to a Dutch permanent establishment of such Non-Resident Holder.

A holder of Ordinary Shares resident of a country other than the Netherlands may, depending on such holder's specific circumstances, be entitled to exemptions from, reduction of, or full or partial refund of, Dutch dividend withholding tax under Dutch domestic tax law, EU law, or treaties for the avoidance of double taxation in effect between the Netherlands and such other country.

***Public Warrants***

The exercise of Public Warrants does in our view not give rise to Dutch dividend withholding tax, except to the extent (i) the exercise price is below the par value of an Ordinary Share (currently, the par value per Ordinary Share is €0.12 and the exercise price is $11.50 and (ii) such difference is not charged against the Company's share premium reserve recognized for Dutch dividend withholding tax purposes. If any Dutch dividend withholding tax due is not effectively withheld for the account of the relevant holder of a Public Warrant, Dutch

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dividend withholding tax shall be due by the Company on a grossed-up basis, meaning that the Dutch dividend withholding tax basis shall be equal to the amount referred to in the preceding sentence multiplied by 100/85.

In addition, it cannot be excluded that payments made in consideration for a repurchase or redemption of a Public Warrant or a full or partial cash settlement of the Public Warrant are in part subject to Dutch dividend withholding tax. To date, no authoritative case law of the Dutch courts has been made publicly available in this respect.

Exceptions and relief from Dutch dividend withholding tax may apply as set forth in the preceding paragraph.

***Dividend stripping***

According to Dutch domestic anti-dividend stripping rules, no credit against Dutch tax, exemption from, reduction, or refund of Dutch dividend withholding tax will be granted if the recipient of the dividends we paid is not considered the beneficial owner (*uiteindelijk gerechtigde*; as described in the Dutch Dividend Withholding Tax Act 1965) of those dividends. This legislation generally targets situations in which a shareholder retains its economic interest in shares but reduces the withholding tax costs on dividends by a transaction with another party. It is not required for these rules to apply that the recipient of the dividends is aware that a dividend stripping transaction took place. The Dutch State Secretary of Finance takes the position that the definition of beneficial ownership introduced by this legislation will also be applied in the context of a double taxation convention.

***Conditional withholding tax on dividends (as of 1 January 2024)***

As of January 1, 2024, a Dutch conditional withholding tax will be imposed on dividends distributed by us to entities related (*gelieerd*) to us (within the meaning of the Dutch Withholding Tax Act 2021; *Wet bronbelasting 2021*), if such related entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;is considered to be resident (*gevestigd*) in a jurisdiction that is listed in the yearly updated Dutch Regulation on low-taxing states and non-cooperative jurisdictions for tax purposes (*Regeling laagbelastende staten en niet-coöperatieve rechtsgebieden voor belastingdoeleinden*) (a "Listed Jurisdiction"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;has a permanent establishment located in a Listed Jurisdiction to which the Ordinary Shares are attributable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;holds the Ordinary Shares with the main purpose or one of the main purposes of avoiding taxation for another person or entity and there is an artificial arrangement or transaction or a series of artificial arrangements or transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;is not considered to be the beneficial owner of the Ordinary Shares in its jurisdiction of residence because such jurisdiction treats another entity as the beneficial owner of the Ordinary Shares (a hybrid mismatch); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;is not resident in any jurisdiction (also a hybrid mismatch); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;is a reverse hybrid (within the meaning of Article 2(12) of the Dutch Corporate Income Tax Act 1969), if and to the extent (x) there is a participant in the reverse hybrid which is related (*gelieerd*) to the reverse hybrid, (y) the jurisdiction of residence of such participant treats the reverse hybrid as transparent for tax purposes and (z) such participant would have been subject to the Dutch conditional withholding tax in respect of dividends distributed by us without the interposition of the reverse hybrid,

all within the meaning of the Dutch Withholding Tax Act 2021.

The Dutch conditional withholding tax on dividends will be imposed at the highest Dutch corporate income tax rate in effect at the time of the distribution (2022: 25.8%). The Dutch conditional withholding tax on dividends will be reduced, but not below zero, by any regular Dutch dividend withholding tax withheld in respect of the same dividend distribution. As such, based on the currently applicable rates, the overall effective tax rate of withholding the regular Dutch dividend withholding tax (as described above) and the Dutch conditional withholding tax on dividends will not exceed the highest corporate income tax rate in effect at the time of the distribution (2022: 25.8%).

***Dual Tax Residency***

We are incorporated under the laws of the Netherlands, and we are therefore a Dutch tax resident for Dutch domestic tax law purposes, including the Dutch Dividend Withholding Tax Act 1969. As set out in "Taxation — Material German Tax Considerations — Ordinary Shares and Public Warrants", we are also treated as a German tax resident for German domestic tax law purposes, since our place of effective management is located in Germany. Based on the so-called tie-breaker provision (the "Tie-Breaker Provision") included in Article 4(3) of the 2012 Convention between the Federal Republic of Germany and the Kingdom of the Netherlands for the avoidance of double taxation with respect to taxes on income (the "double tax treaty between Germany and the Netherlands") as in effect on the date hereof, our tax residence in either the Netherlands or Germany for the purposes of the double tax treaty between Germany and the Netherlands should be determined on our place of effective management. As long as our place of effective management is in Germany, and the Tie-Breaker Provision and the reservation made by Germany with respect to the Tie-Breaker Provision as part of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting are not changed, we should exclusively be a tax resident of Germany for purposes of the double tax treaty between Germany and the Netherlands. As a consequence, the

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Netherlands will be restricted to impose Dutch dividend withholding tax on dividends distributed by us pursuant to Article 10(5) of the double tax treaty between Germany and the Netherlands, except for dividends distributed to Dutch Resident Entities, Dutch Resident Individuals and Non-Resident Holders if the Ordinary Shares are attributable to a permanent establishment in the Netherlands of such Non-Resident Holder. See also *"Risk Factors — We may become taxable in a jurisdiction other than Germany and this may increase the aggregate tax burden on us"* and *"Risk Factors — If we do pay dividends, we may need to withhold tax on such dividends payable to holders of Ordinary Shares in both Germany and the Netherlands"* for risks regarding our tax residency and the consequences thereof.

***Taxes on income and capital gains***

***Dutch Resident Entities***

Generally, if the holder of Ordinary Shares or Public Warrants is a Dutch Resident Entity, any income derived or deemed to be derived from the Ordinary Shares and Public Warrants or any capital gains realized on the disposal or deemed disposal or exercise, as applicable of the Ordinary Shares or Public Warrants is subject to Dutch corporate income tax at a rate of 15% with respect to taxable profits up to €395,000 and 25.8% with respect to taxable profits in excess of that amount (rates and brackets for 2022).

***Dutch Resident Individuals***

If the holder of Ordinary Shares or Public Warrants is a Dutch Resident Individual, any income derived or deemed to be derived from the Ordinary Shares and Public Warrants or any capital gains realized on the disposal or deemed disposal or exercise, as applicable of the Ordinary Shares or Public Warrants is subject to Dutch personal income tax at the progressive rates (with a maximum of 49.5% in 2022), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Ordinary Shares or Public Warrants are attributable to an enterprise from which the holder of Ordinary Shares or Public Warrants derives a share of the profit, whether as an entrepreneur (*ondernemer*) or as a person who has a co-entitlement to the net worth (*medegerechtigd tot het vermogen*) of such enterprise without being a shareholder (as defined in the Dutch Income Tax Act 2001); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the holder of Ordinary Shares or Public Warrants is considered to perform activities with respect to the Ordinary Shares or Public Warrants that go beyond ordinary asset management (*normaal, actief vermogensbeheer*) or otherwise derives benefits from the Orindary Shares or Public Warrants that are taxable as benefits from miscellaneous activities (*resultaat uit overige werkzaamheden*).

***Taxation of savings and investments***

If the above-mentioned conditions (i) and (ii) do not apply to the Dutch Resident Individual, the Dutch Resident Individual's net investment assets (*rendementsgrondslag*) for the year will be subject to an annual Dutch income tax on a deemed return under the regime for savings and investments (*inkomen uit sparen en beleggen*), insofar the Dutch Resident Individual's net investment assets for the year exceed a statutory threshold (*heffingvrij vermogen*). The Ordinary Shares are included as investment assets. The deemed return on the Dutch Resident Individual's net investment assets for the year is taxed at a flat rate of 31% (rate for 2022). Actual income or capital gains realized in respect of the Ordinary Shares and Public Warrants are as such not subject to Dutch income tax.

Based on a decision of the Dutch Supreme Court (*Hoge Raad*) of 24 December 2021 (ECLI:NL:HR:2021:1963), the system of taxation for savings and investments based on a deemed return may under specific circumstances contravene with Section 1 of the First Protocol to the European Convention on Human Rights in combination with Section 14 of the European Convention on Human Rights. On June 28, 2022 the Dutch State Secretary of Finance has issued a decree amending the regime for taxation of savings and investments as in effect on the date hereof to comply with this Dutch Supreme Court ruling. This decree will be implemented in Dutch tax law pursuant to the 'Law on the restoration of rights box 3' (*Wet rechtsherstel box 3*), which applies to calendar year 2022. On the basis of the decree as published on June 28, 2022 and the aforementioned new law the tax will be levied at the lowest outcome of the following two calculation methods:

*Method 1.* Under Method 1, the annual taxable benefit from a Dutch Resident Individual's assets and liabilities taxed under this regime, including the Ordinary Shares and Public Warrants, is based on a deemed return (ranging from 1.82% and 5.53% in 2022) of the positive balance of the fair market value of those assets, including the Ordinary Shares and Public Warrants, and the fair market value of those liabilities.

*Method 2.* Under Method 2, the annual taxable benefit from a Dutch Resident Individual's assets and liabilities taxed under this regime, including the Ordinary Shares and Public Warrants, is based on the actual allocation of the Dutch Resident Individual's assets and liabilities over the following three categories: (i) bank savings, (ii) other investments, including the Shares and Public Warrants, and (iii) liabilities. The tax is calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;a deemed return on the fair market value of the actual amount of bank savings; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;a deemed return on the fair market value of the actual amount of other investments, including the Ordinary Shares and Public Warrants; minus

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;a deemed return on the fair market value of the actual amount of liabilities.

Under Method 2, the statutory threshold is divided pro-rata over the three assets and liabilities categories mentioned above. At the date hereof, the deemed returns under (i) to (iii) above have not yet been definitively published for the calendar year 2022.

Holders of Ordinary Shares and Public Warrants are advised to consult their own tax advisor to ensure that the tax is levied in accordance with the decision of the Dutch Supreme Court.

***Non-residents of the Netherlands***

A holder of Ordinary Shares or Public Warrants that is neither a Dutch Resident Entity nor a Dutch Resident Individual will not be subject to Dutch income tax in respect of income derived or deemed to be derived from the Ordinary Shares or Public Warrants or in respect of capital gains realized on the disposal or deemed disposal or exercise, as applicable, of the Ordinary Shares or Public Warrants, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;such holder does not have an interest in an enterprise or deemed enterprise (as defined in the Dutch Income Tax Act 2001 and the Dutch Corporate Income Tax Act 1969, as applicable) which, in whole or in part, is either effectively managed in the Netherlands or carried on through a permanent establishment, a deemed permanent establishment or a permanent representative in the Netherlands and to which enterprise or part of an enterprise the Ordinary Shares or Public Warrants are attributable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in the event the holder is an individual, such holder does not carry out any activities in the Netherlands with respect to the Ordinary Shares or Public Warrants that go beyond ordinary asset management and does not otherwise derive benefits from the Ordinary Shares or Public Warrants that are taxable as benefits from miscellaneous activities in the Netherlands.

***Gift and inheritance taxes***

***Residents of the Netherlands***

Gift or inheritance taxes will arise in the Netherlands with respect to a transfer of Ordinary Shares or Public Warrants by way of a gift by, or on the death of, a holder of Ordinary Shares or Public Warrants who is resident or deemed resident of the Netherlands at the time of the gift or such holder's death.

***Non-residents of the Netherlands***

No gift or inheritance taxes will arise in the Netherlands with respect to a transfer of Ordinary Shares or Public Warrants by way of a gift by, or on the death of, a holder of Ordinary Shares or Public Warrants who is neither resident nor deemed to be resident of the Netherlands, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a gift of a Ordinary Share or Public Warrant by an individual who at the date of the gift was neither resident nor deemed to be resident of the Netherlands, such individual dies within 180 days after the date of the gift, while being resident or deemed to be resident of the Netherlands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a gift of a Ordinary Share or Public Warrant is made under a condition precedent, the holder of Ordinary Shares or Public Warrants, as applicable is resident or is deemed to be resident of the Netherlands at the time the condition is fulfilled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the transfer is otherwise construed as a gift or inheritance made by, or on behalf of, a person who, at the time of the gift or death, is or is deemed to be resident of the Netherlands.

For purposes of Dutch gift and inheritance taxes, amongst others, a person that holds the Dutch nationality will be deemed to be resident of the Netherlands if such person has been a resident of the Netherlands at any time during the ten years preceding the date of the gift or such person's death. Additionally, for purposes of Dutch gift tax, amongst others, a person not holding the Dutch nationality will be deemed to be resident of the Netherlands if such person has been a resident of the Netherlands at any time during the twelve months preceding the date of the gift. Applicable tax treaties may override deemed residency.

***Value added tax (VAT)***

No Dutch VAT will be payable by a holder of Ordinary Shares or Public Warrants in respect of any payment in consideration for the holding or disposal or exercise, as applicable, of the Ordinary Shares or Public Warrants.

***Stamp Duties***

No Dutch documentation taxes (commonly referred to as stamp duties) will be payable by a holder of Ordinary Shares or Public Warrants in respect of any payment in consideration for the holding or disposal or exercise, as applicable, of the Ordinary Shares or Public Warrants.

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**Material German Tax Considerations — Ordinary Shares and Public Warrants**

The following discussion addresses certain German tax consequences of acquiring, owning, disposing or exercising, as the case may be, of the Ordinary Shares or Public Warrants. With the exception of the subsections "— German Taxation of Holders of Ordinary Shares — Taxation of Holders of Ordinary Shares Tax Resident in Germany" and "— German Taxation of Holders of Public Warrants — Taxation of Holders of Public Warrants Tax Resident in Germany" below, which provide an overview of the taxation of the respective holders of Ordinary Shares and Public Warrants that are residents of Germany, this discussion applies only to U.S. treaty beneficiaries (defined below) that acquire Ordinary Shares or Public Warrants in the offering.

This discussion is based on domestic German tax laws, including, but not limited to, circulars issued by German tax authorities, which are not binding on the German courts, and the Treaty (defined below). It is based upon tax laws in effect at the time of filing of this Annual Report. These laws are subject to change, possibly with retroactive effect. In addition, this discussion is based upon the assumption that each obligation in the deposit agreement and any related agreement will be performed in accordance with its terms. It does not purport to be a comprehensive or exhaustive description of all German tax considerations that may be of relevance in the context of acquiring, owning and disposing of the Ordinary Shares or Public Warrants.

The tax information presented in this section is not a substitute for tax advice. Prospective holders of Ordinary Shares or Public Warrants should consult their own tax advisors regarding the tax consequences of the purchase, ownership, disposition, exercise, donation or inheritance of Ordinary Shares or Public Warrants in light of their particular circumstances, including the effect of any state, local, or other foreign or domestic laws or changes in tax law or interpretation. The same applies with respect to the rules governing the refund of any German withholding tax (*Kapitalertragsteuer*) withheld. Only an individual tax consultation can appropriately account for the particular tax situation of each investor.

***Taxation of Our Company***

The current German-Dutch tax treaty stipulates that if a company is treated as tax resident of both the Netherlands and Germany, it shall be treated as resident of the country in which it has its place of effective management for purposes of the treaty. We believe that its place of effective management is in Germany, so that we are treated as a German tax resident for German tax purposes.

Our taxable income, whether distributed or retained, is generally subject to corporate income tax (*Körperschaftsteuer*) at a uniform rate of 15% plus the solidarity surcharge (*Solidaritätszuschlag*) of 5.5% thereon, resulting in a total tax rate of 15.825%.

Dividends (*Gewinnausschüttungen*) and other distributions received by us from domestic or foreign corporations are generally exempt from corporate income tax, inter alia, if we held at the beginning of the calendar year at least 10% of the registered share capital (*Grundkapital* or *Stammkapital*) of the distributing corporation which did not deduct the distributions from its own tax base; however, 5% of such revenue is treated as a non-deductible business expense and, as such, is subject to corporate income tax plus the solidarity surcharge. The acquisition of a participation of at least 10% in the course of a calendar year is deemed to have occurred at the beginning of such calendar year for the purpose of this rule. Participations in the share capital of other corporations which we hold through a partnership,including co-entrepreneurships (*Mitunternehmerschaften*), are attributable to us only on a pro rata basis at its entitlement to the profits of the relevant partnership. As a consequence of the above, and subject to the above-mentioned requirements, effectively 95% of the amount of dividends and other distributions that we receive from corporations are exempt from corporate income tax. The same applies, in general and irrespective of the size of our shareholding in the respective corporation, to profits earned by us from the sale of shares in another domestic or foreign corporation since 5% of the gains are treated as non-deductible business expenses and are therefore subject to corporate income tax (plus the solidarity surcharge thereon) at a rate of 15.825%. Conversely, losses incurred from the sale of such shares are not deductible for tax purposes. Currently, there are no specific rules deviating from the aforementioned rules with respect to the taxation of gains arising from the disposal of a direct participation of less than 10% in the share capital of a corporation. Please note that there have been discussions and even draft laws which would lead to the taxation of such gains. However, so far none of the draft laws have actually been passed. The above-stated exemptions from corporate income tax on dividends and on capital gains may not apply under certain circumstances in case the distributing entity, or the entity the shares in which are disposed of, are tax resident in a jurisdiction that is listed on the EU blacklist of non-cooperative jurisdictions.

In addition, we are subject to trade tax (*Gewerbesteuer*) with respect to our taxable trade profit (*Gewerbeertrag*) from our permanent establishments in Germany (*inländische gewerbesteuerliche Betriebsstätten*). Trade tax is generally based on the taxable income as determined for corporate income tax purposes taking into account, however, certain add-backs and deductions.

The trade tax rate depends on the local municipalities in which we maintain our permanent establishments. Dividends received from other corporations and capital gains from the sale of shares in other corporations are treated in principle in the same manner for trade tax purposes as for corporate income tax purposes. However, dividends received from domestic and foreign corporations (i.e., EU or non-EU corporations)are effectively 95% exempt from trade tax only if we held at least 15% of the registered share capital of the distributing corporation at the beginning of the relevant tax assessment period for trade tax purposes (*Erhebungszeitraum*).

Our interest expenses are subject to the "interest barrier" (*Zinsschranke*) rules. When we calculate our taxable income, the interest barrier rules generally prevent us from deducting certain net interest expenses from our taxable income, i.e., the excess of interest expenses over interest income for a given fiscal year, to the extent such interest expenses exceed 30% of the current taxable EBITDA of the

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respective entity (taxable earnings adjusted for interest expense, interest income and certain depreciation/amortization and other reductions) if our net interest expense is equal to, or exceeds, €3 million (*Freigrenze*) and no other exceptions apply. Interest expenses that are not deductible in a given year may be carried forward to our subsequent fiscal years (interest carryforward) and will increase the interest expense in those subsequent years. EBITDA amounts that could not be utilized may, under certain conditions, be carried forward into future fiscal years. If such EBITDA carryforward is not used within five fiscal years it will be forfeited. An EBITDA carryforward that arose in an earlier year must be used before a carryforward that arose in a later year is used. For the purpose of trade tax, however, the deductibility of interest expenses is further restricted to the extent that the sum of interest expenses plus certain other trade tax add back items exceeds €200,000.00. In such cases, 25% of the interest expenses, to the extent they were deducted for corporate income tax purposes, are added back for purposes of the determination of the trade tax base.

Certain interest expenses are generally not deductible for German tax purposes in case of tax shortfalls due to mismatches from the use of hybrid financial instruments or hybrid entities or due to dual tax residency.

Tax-loss carry forwards can be fully offset against taxable income for corporate income tax and trade tax purposes up to an amount of €1 million of such income. If the taxable profit for the year or taxable profit subject to trade taxation exceeds this threshold, only up to 60% of the amount exceeding the threshold may be offset against tax-loss carry forwards.The remaining 40% is subject to tax (minimum taxation) (*Mindestbesteuerung*). The rules also provide for a tax carry back to the previous year with regard to corporate income tax up to an amount of €1 million.Unused tax-loss carry forwards may be generally carried forward indefinitely and used in subsequent assessment periods to be offset against future taxable income in accordance with this rule. According to laws introduced between 2020 and 2022, each to provide COVID-19 tax support (*Viertes Corona-Steuerhilfegesetz*, *Drittes Corona-Steuerhilfegesetz*, *Zweites Corona-Steuerhilfegesetz* — "German COVID-19 Tax Laws"), tax loss carry-back for the assessment periods 2020 through 2023 are increased to €10.0 million. In

addition, in assessment periods after 2021, tax carrybacks can also be used in the year prior to the year before the losses were

generated, to the extent a set-off is not possible in the year before the losses were generated.

If more than 50% of the subscribed capital or voting rights in a corporation are directly or indirectly transferred to an acquirer (including parties related to the acquirer) within five years or if comparable circumstances (including a capital increase of the subscribed capital to the extent that it causes a change of the interest ratio in the capital of the corporation), all tax loss carryforwards and interest carryforwards are generally forfeited. A group of acquirers with aligned interests is also considered to be an acquirer for these purposes. In addition, any current annual losses incurred prior to the acquisition will not be deductible. The forfeiture of tax loss carryforward pursuant to the preceding rules does not apply to share transfers if (i) the acquirer directly or indirectly holds a participation of 100% in the transferring entity, (ii) the transferor indirectly or directly holds a participation of 100% in the receiving entity, or (iii) the same individual or legal entity or commercial partnership directly or indirectly holds a participation of 100% in the transferring and the receiving entity.

Furthermore, tax loss carryforwards, unused current losses and interest carryforwards taxable in Germany will not expire to the extent that they are covered by built in gains taxable in Germany at the time of such acquisition.

Currently, a proceeding is pending at the German Federal Constitutional Court whether forfeiture upon ownership changes of more than 50% is constitutional or not. A decision has not been issued as of the date of this filing.

***German Taxation of Holders of Ordinary Shares***

***General***

Shareholders are taxed in particular in connection with the holding of shares (taxation of dividend income), upon the sale or disposal of shares (taxation of capital gains) and the gratuitous transfer of shares (inheritance and gift tax). However, if and to the extent we pay dividends sourced out of a tax recognized contribution account (*steuerliches Einlagekonto*), such dividends may not be subject to withholding tax, personal income tax (including the solidarity surcharge and church tax, if any) or corporate income tax, as the case may be. However, dividends paid out of a tax-recognized contribution account lower the acquisition costs of the shares, which may result in a higher amount of taxable capital gains upon the shareholder's sale of the shares. Special rules apply to the extent that dividends from the tax recognized contribution account exceed the then lowered acquisition costs of the shares.

***German Taxation of Holders of Ordinary Shares that are U.S. Treaty Beneficiaries***

The following discussion describes the material German tax consequences for a holder that is a U.S. treaty beneficiary of acquiring, owning and disposing of the Ordinary Shares. For purposes of this discussion, a "U.S. treaty beneficiary" is a resident of the United States for purposes of the Convention Between the United States of America and the Federal Republic of Germany for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital and to Certain Other Taxes as of June 4, 2008 (*Abkommen zwischen der Bundesrepublik Deutschland und den Vereinigten Staaten von Amerika zur Vermeidung der Doppelbesteuerung und zur Verhinderung der Steuerverkürzung auf dem Gebiet der Steuern vom Einkommen und vom Vermögen und einiger anderer Steuern in der Fassung vom 4. Juni 2008*) (the "Treaty"), who is fully eligible for benefits under the Treaty.

A holder will be a U.S. treaty beneficiary entitled to full Treaty benefits in respect of the Ordinary Shares if it is, *inter alia*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the beneficial owner of the Ordinary Shares (and the dividends paid with respect thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a U.S. holder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not also a resident of Germany for German tax purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not subject to the limitation on benefits (i.e., anti-treaty shopping) article of the Treaty that applies in limited circumstances.

Special rules apply to pension funds and certain other tax-exempt investors.

This discussion does not address the treatment of Ordinary Shares that are (i) held in connection with a permanent establishment or fixed base through which a U.S. treaty beneficiary carries on business or performs personal services in Germany or (ii) part of business assets for which a permanent representative in Germany has been appointed.

***General Rules for the Taxation of Dividends of Holders of Ordinary Shares that are U.S. Treaty Beneficiaries***

The full amount of a dividend distributed by us (such dividend herein referred to as a "Taxable Dividend") to a non-German resident holder which does not maintain a permanent establishment or other taxable presence in Germany is generally subject to (final) German withholding tax at an aggregate rate of 26.375%. If shares are admitted for collective custody by a securities custodian bank (*Wertpapiersammelbank*) pursuant to Section 5 of the German Act on Securities Accounts (*Depotgesetz*) and are entrusted to such bank for collective custody (*Sammelverwahrung*) in Germany (as in the case of the Shares), the withholding tax is withheld and passed on for the account of the shareholders (i) by the domestic credit or financial services institution (*inländisches Kredit- oder Finanzdienstleistungsinstitut*) (including domestic branches of such foreign enterprises) or the domestic securities institution (*inländisches Wertpapierinstitut*) which keeps or administers the shares and disburses or credits the dividends or disburses the dividends to a foreign agent or (ii) by the central securities depository (Wertpapiersammelbank) to which the shares were entrusted for collective custody if the dividends are disbursed to a foreign agent by such central securities depository (*Wertpapiersammelbank*) (the "Dividend Paying Agent"). We do not assume any responsibility for the withholding of the withholding tax, in accordance with the statutory provisions.

Pursuant to the Treaty, the German withholding tax may not exceed 15% of the gross amount of the dividends received by U.S. treaty beneficiaries. The excess of the total withholding tax, including the solidarity surcharge (*Solidaritätszuschlag*), over the maximum rate of withholding tax permitted by the Treaty may be refunded to U.S. treaty beneficiaries upon application, provided that the requirements under the Treaty are fulfilled. Further, such refund is subject to the German anti-avoidance treaty shopping rules (as described below in section "— Withholding Tax Refund for U.S. Treaty Beneficiaries").

***German Taxation of Capital Gains of the U.S. Treaty Beneficiaries of the Ordinary Shares***

The capital gains from the disposition of the Ordinary Shares realized by a non-German resident holder which does not maintain a permanent establishment or other taxable presence in Germany would be treated as German source income and be subject to German tax if such holder at any time during the five years preceding the disposition, directly or indirectly, owned 1% or more of our share capital. If such holder had acquired the Ordinary Shares without consideration, the previous owner's holding period and quota would be taken into account. Pursuant to a decision of the German Federal Fiscal Court, and the view shared by the German tax authorities, the gains on the disposal of shares are exempt from corporate income tax if the shareholder is a corporation and has no domestic permanent establishment or fixed place of business in Germany and the shares do not form part of business assets for which a permanent representative in Germany has been appointed.

Pursuant to the Treaty, U.S. treaty beneficiaries may not be subject to German tax even under the circumstances described in the preceding paragraph and therefore may not be taxed on capital gains from the disposition of the Ordinary Shares.

German statutory law requires the Domestic Disbursing Agent to levy withholding tax on capital gains from the sale of Ordinary Shares or other securities held in a custodial account in Germany. With regard to the German taxation of capital gains, "Domestic Disbursing Agent" means a German credit institution, a financial services institution, a securities trading enterprise or a securities trading bank (each as defined in the German Banking Act (Kreditwesengesetz) and, in each case including a German branch of a foreign enterprise, but excluding a foreign branch of a German enterprise that holds the Ordinary Shares in custody or administers the Ordinary Shares for the investor or conducts sales or other dispositions and disburses or credits the income from the Ordinary Shares to the holder of the Ordinary Shares. The German statutory law does not explicitly condition the obligation to withhold taxes on capital gains to the requirement that such capital gains are subject to taxation in Germany under German statutory law or on an applicable income tax treaty.

However, a circular issued by the German Federal Ministry of Finance, dated May 19, 2022, reference number IV C 1-S 2252/19/10003 :009,provides that taxes need not be withheld by the Domestic Disbursing Agent if the holder of the custody account is not a resident of Germany for tax purposes. The circular further states that there is no obligation to withhold such tax even if the non-resident holder owns 1% or more of the share capital of the respective German company. While circulars issued by the German Federal Ministry of Finance are only binding on the German tax authorities but not on the German courts, in practice, the disbursing agents nevertheless typically rely on guidance contained in such circulars. Therefore, a Domestic Disbursing Agent would only withhold tax at 26.375% on capital gains derived by a U.S. treaty beneficiary from the sale of Ordinary Shares held in a custodial account in Germany in the event that the Domestic Disbursing Agent did not follow the above mentioned guidance. In this case, the U.S. treaty beneficiary may be entitled to claim a refund of the withholding tax from the German tax authorities under the Treaty, as described below in the section "— Withholding Tax Refund for U.S. Treaty Beneficiaries."

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***Withholding Tax Refund for U.S. Treaty Beneficiaries***

U.S. treaty beneficiaries are generally eligible for treaty benefits under the Treaty, as described above in Section "— German Taxation of Holders of Ordinary Shares — Taxation of Holders of Ordinary Shares Tax Resident in Germany" and "— German Taxation of Holders of Public Warrants — Taxation of Holders of Public Warrants Tax Resident in Germany." Accordingly, U.S. treaty beneficiaries may be entitled to claim a refund of the portion of the otherwise applicable 26.375% German withholding tax (corporate income tax including solidarity surcharge) on dividends that exceeds the applicable Treaty rate. However, such refund would only be possible, provided that pursuant to special rules on the restriction of withholding tax credit, the following three cumulative requirements are met: (i) the shareholder must qualify as beneficial owner of the Ordinary Shares for an uninterrupted minimum holding period of 45 days within a period starting 45 days prior to and ending 45 days after the due date of the dividends, (ii) the shareholder has to bear at least 70% of the change in value risk related to the Ordinary Shares during the minimum holding period as described under (i) of this paragraph and has not entered into (acting by itself or through a related party) hedging transactions which lower the change in value risk by more than 30%, and (iii) the shareholder must not be obliged to fully or largely compensate directly or indirectly the dividends to third parties. If these requirements are not met, then for a shareholder not being tax-resident in Germany who applied for a full or partial refund of the withholding tax pursuant to a double taxation treaty, no refund is available. This restriction generally does only apply, if (i) the tax underlying the refund application is below a tax rate of 15% based on the gross amount of the dividends or capital gains and (ii) the shareholder does not directly own 10% or more of our shares and is subject to income taxes in its state of residence, without being tax-exempt. In addition to the aforementioned restrictions, in particular, pursuant to a decree published by the German Federal Ministry of Finance dated July 9, 2021 IV C 1 — S 2252/19/10035 :014, DOK 2021/0726914), as amended, the withholding tax credit may also be denied under the general German anti-abuse rule.

Further, such refund is subject to the German anti-avoidance treaty shopping rules. Generally, this rule requires that the source of income of the U.S. treaty beneficiary (in case it is a non-German resident company) is related to a business activity of such U.S. treaty beneficiary, to the extent such business activity, and the relationship to such business activity, meet certain criteria further specified in the applicable rules. However, this would not apply if the foreign company's principal class of stock is regularly traded in substantial volume on a recognized stock exchange. Whether or not and to which extent the anti-avoidance treaty shopping rule applies, has to be analyzed on a case by case basis taking into account all relevant tests.

***Taxation of Holders of Ordinary Shares Tax Resident in Germany***

This subsection provides an overview of dividend and capital gains taxation with regard to the general principles applicable to our holders that are tax resident in Germany. A holder is a German tax resident if, in case of an individual, he or she maintains a domicile (*Wohnsitz*) or a habitual abode (*gewöhnlicher Aufenthalt*) in Germany or if, in case of a corporation, it has its place of management (*Geschäftsleitung*) or statutory seat (*Sitz*) in Germany.

The German dividend and capital gains taxation rules applicable to German tax residents require a distinction between Ordinary Shares held as private assets (Privatvermögen) and Ordinary Shares held as business assets (Betriebsvermögen).

***Ordinary Shares as Private Assets (Privatvermögen)***

If the Ordinary Shares are held as private assets by a German tax resident, dividends and capital gains are generally taxed as investment income and are principally subject to a 25% German flat income tax rate (Abgeltungsteuer) (plus a 5.5% solidarity surcharge thereon, resulting in an aggregate rate of 26.375%). The flat tax is levied in the form of withholding tax. Generally and subject to exemptions set out below, the tax withholding has discharging effect (*abgeltende Wirkung*) with regard to the respective shareholder's income tax liability.

However, shareholders may apply to have their capital investment income assessed in accordance with the general rules and with an individual's personal income tax rate if this would result in a lower tax burden in which case actually incurred expenses are not deductible. In this case, the withholding tax would be credited against the income tax subject to the progressive income tax rate and any excess amount may generally be refunded. Also, in this case income-related expenses cannot be deducted from the capital investment income, except for the aforementioned annual lump-sum deduction of €801 (€1,602 in the case of jointly assessed married couples or registered life partners).

In general, no flat income withholding tax is levied in case of an individual shareholder who holds the shares as private assets if he or she submits a tax exemption request (*Freistellungsauftrag*) to the Dividend Paying Agent, but only to the extent the income derived from the shares together with all other capital income do not exceed the aforementioned lump-sum deduction amount. Similarly, no withholding tax is deducted if it is to be assumed that the income is not subject to taxation and the shareholder has submitted to the Dividend Paying Agent a certificate of non-assessment (*Nichtveranlagungsbescheinigung*) issued by the competent tax office.

Further exceptions from the flat tax with regard to dividends apply upon application for shareholders who have a shareholding of at least 25% in our company and for shareholders who have a shareholding of at least 1% in our company and can take significant entrepreneurial influence on our economic activity by a professional activity for our company. A further exception from the flat tax with regard to capital gains applies if, a holder directly or indirectly held at least 1% of our share capital at any time during the five years preceding the sale. In that case, 60% of any capital gains resulting from the sale would be taxable at the holder's personal income tax rate (plus 5.5% solidarity surcharge thereon). Conversely, only 60% of any capital losses would be recognized for tax purposes. Even though

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withholding tax is withheld by a Domestic Disbursing Agent in such case, this does not satisfy the tax liability of the shareholder. Consequently, a shareholder must declare his capital gains in his income tax returns. The withholding tax (including the solidarity surcharge and church tax, if applicable) withheld and paid may be credited against the shareholder's income tax on his/ her tax assessment (including the solidarity surcharge and any church tax if applicable) or refunded in the amount of any excess, provided that the statutory requirements are fulfilled. Losses resulting from the disposal of Ordinary Shares can only be offset against capital gains from the sale of any Ordinary Shares and other shares. If gains are exceeded by losses, such excess losses may be carried forward to subsequent assessment periods. If losses result from the derecognition (*Ausbuchung*) or transfer to a third party of certain worthless assets or any other total loss of such assets, such losses, together with losses resulting from the full or partial non-recoverability of the repayment claim of capital receivables of the same year, and loss-carry forwards of previous years can only be offset against investment income up to an amount of €20,000 ("Limitation on Loss Deduction") per calendar year. Any exceeding loss amount can be carried forward and offset against future investment income, but again subject to the €20,000 limitation. Given that the Limitation on Loss Deduction will not be applied by the Domestic Disbursing Agent, investors suffering losses which are subject to the Limitation on Loss Deduction are required to declare such losses in their respective income tax return.

Church tax generally has to be withheld, if applicable, based on an automatic data access procedure, unless the shareholder has filed a blocking notice (*Sperrvermerk*) with the Federal Central Tax Office. Where church tax is not levied by way of withholding, it is assessed by means of income tax assessment.

***Ordinary Shares as Business Assets (Betriebsvermögen)***

In case the Ordinary Shares are held as business assets, the taxation depends on the legal form of the holder (i.e., whether the holder is a corporation, a sole proprietor or a partnership (co-entrepreneurship)). Irrespective of the legal form of the holder, dividends (to the extent such dividends are not sourced out of a tax recognized contribution account) are subject to the aggregate withholding tax rate (including solidarity surcharge) of 26.375% plus church tax, if applicable. The withholding tax is credited against the respective holder's income tax liability, provided that pursuant to special rules on the restriction of withholding tax credit, the following three cumulative requirements are met: (i) the shareholder must qualify as beneficial owner of the Ordinary Shares for an uninterrupted minimum holding period of 45 days occurring within a period starting 45 days prior to and ending 45 days after the due date of the dividends, (ii) the shareholder has to bear at least 70% of the change in value risk related to the Ordinary Shares during the minimum holding period as described under (i) of this paragraph and has not entered into (acting by itself or through a related party) hedging transactions which lower the change in value risk for more than 30%, and (iii) the shareholder must not be obliged to fully or largely compensate directly or indirectly the dividends to third parties. If these requirements are not met, three-fifths of the withholding tax imposed on the dividends must not be credited against the shareholder's (corporate) income tax liability, but may, upon application, be deducted from the shareholder's tax base for the relevant tax assessment period. Such requirements also apply to Ordinary Shares which lead to domestic income in Germany and which are held by a non-German depositary bank. A shareholder that is generally subject to German income tax or corporate income tax and that has received gross dividends without any deduction of withholding tax due to a tax exemption without qualifying for a full tax credit under the aforementioned requirements has to timely notify the competent local tax office accordingly, has to file a withholding tax return in the amount of 15% of the dividends in accordance with the procedural rules applicable for such withholding tax returns, and has to make a payment on the amount of the tax that was stated in such withholding tax return. The special rules on the restriction of withholding tax credit do not apply to a shareholder whose overall dividend earnings within an assessment period do not exceed €20,000 or that has been the beneficial owner of the Ordinary Shares for at least one uninterrupted year upon receipt of the dividends. In addition to the aforementioned restrictions, in particular, pursuant to a decree published by the German Federal Ministry of Finance dated July 9, 2021 IV C 1 — S 2252/19/10035 :014, DOK 2021/0726914), as amended, the withholding tax credit may also be denied based on the general German anti-abuse rules.

To the extent the amount withheld exceeds the income tax liability, the withholding tax may be refunded, provided that certain requirements are met (including the aforementioned requirements).

Special rules apply to credit institutions (*Kreditinstitute*), securities institutions (*Wertpapierinstitute*), financial services institutions (*Finanzdienstleistungsinstitute*), financial enterprises (*Finanzunternehmen*), life insurance and health insurance companies, and pension funds.

Generally, dividends paid to, and capital gains realized by, a corporation with a tax domicile in Germany are subject to corporate income tax (and solidarity surcharge thereon) at a rate of 15.825%. However, the dividends and capital gains are in general effectively 95% tax exempt from corporate income tax (including solidarity surcharge). The remaining 5% is treated as non-deductible business expense and, as such, is subject to corporate income tax (including solidarity surcharge). With regard to dividends, this is subject to the shareholder holding at least 10% of our registered share capital at the beginning of the calendar year. The acquisition of a participation of at least 10% in the course of a calendar year is deemed to have occurred at the beginning of such calendar year for the purpose of this rule. Participation in our share capital being held through a partnership, including co-entrepreneurships, are attributable the shareholder only on a pro rata basis at the ratio of its entitlement to the profits of the relevant partnership. Moreover, actual business expenses incurred to generate the dividends may be deducted.

For purposes of German trade tax, capital gains are in general effectively 95% tax exempt as well. The remaining 5% is treated as non-deductible business expense and, as such, is subject to trade tax. As regards dividends, the amount of such dividends after deducting

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business expenses related to the dividends is subject to German trade tax, unless the corporation held at least 15% of our registered share capital at the beginning of the relevant tax assessment period for trade tax purposes (*Erhebungszeitraum*). In the latter case, the aforementioned exemption of 95% of the dividend income for corporate income tax purposes also applies for trade tax purposes.

Losses from the sale of Ordinary Shares are generally not tax deductible for corporate income tax and trade tax purposes.

The Domestic Disbursing Agent may not withhold the withholding tax if (i) the shareholder is a corporation, association of persons or estate with a tax domicile in Germany, or (ii) the shares belong to the domestic business assets of a shareholder, and the shareholder declares so to the Domestic Disbursing Agent using the designated official form and certain other requirements are met. If withholding tax is nonetheless withheld by Domestic Disbursing Agent, the withholding tax (including the solidarity surcharge and church tax, if applicable) withheld and paid may be credited against the income or corporate income tax liability (including the solidarity surcharge and church tax, if applicable) or may be refunded in the amount of any excess, subject to the requirements for such credit or refund.

With regard to sole proprietors individuals holding Ordinary Shares as business assets (i.e., not as private assets), 60% of dividends and capital gains are taxed at the individual's personal income tax rate (plus 5.5% solidarity surcharge thereon). Correspondingly, only 60% of business expenses related to the dividends and capital gains as well as losses from the sale of Ordinary Shares are principally deductible for income tax purposes. If the shares are attributable to a domestic permanent establishment in Germany of a business operation of the shareholder, the dividend income (after deduction of business expenses economically related thereto) is not only subject to income tax but is also fully subject to trade tax, unless the prerequisites of the trade tax participation exemption privilege are fulfilled. In this latter case, the net amount of dividends (i.e., after deducting directly related expenses) is exempt from trade tax. Further, if the shares are attributable to a German permanent establishment of a business operation of the sole proprietor, 60% of the gains of the disposal of the shares are, in addition, subject to trade tax. As a rule, trade tax on dividends or capital gains can be credited against the shareholder's personal income tax, either in full or in part, by means of a lump-sum tax credit method, depending on the level of the municipal trade tax multiplier and certain individual tax-relevant circumstances of the taxpayer.

If a shareholder is a partnership, the personal income tax or corporate income tax, as the case may be, and the solidarity surcharge are levied at the level of each partner rather than at the level of the partnership. The taxation of each partner depends upon whether the partner is a corporation or an individual. If the partner is a corporation, the dividends or capital gains contained in the profit share of the shareholder will be taxed in accordance with the principles applicable for corporations. If the partner is an individual, the taxation is in line with the principles described for sole proprietors. Upon application and subject to further conditions, an individual as a partner may have his or her personal income tax rate lowered for earnings not withdrawn from the partnership.

In addition, if the shares are held as business assets of a domestic permanent establishment of an actual or presumed commercial partnership, the full amount of dividend income is generally also subject to trade tax at the level of the partnership. In the case of partners who are individuals, the trade tax that the partnership pays on the relevant partner's portion of the partnership's income is generally credited as a lump sum — fully or in part against the individual's personal income tax liability, depending on the tax rate imposed by the local municipality and certain individual tax-relevant circumstances of such shareholder. If the partnership held at least 15% of our registered share capital at the beginning of the relevant tax assessment period, the dividends (after deduction of business expenses economically related thereto) should generally not be subject to trade tax. In this case, trade tax should, however, be levied on 5% of the dividends to the extent they are attributable to the profit share of such corporate partners to whom at least 10% of our shares are attributable on a look-through basis, since this portion of the dividends should be deemed to be non-deductible business expenses. The remaining portion of the dividend income attributable to partners other than such specific corporate partners (which includes individual partners and should, according to a literal reading of the law, also include corporate partners to whom, on a look-through basis, only portfolio participation are attributable) should not be subject to trade tax.

In addition, gains on the disposal of our shares are subject to trade tax at the level of a commercial or deemed commercial partnership if the shares are attributed to a domestic permanent establishment of a business operation of the partnership. This generally applies to 60% of the gain as far as our shares are attributable to the profit share of an individual as the partner of the partnership, and, effectively, at 5% as far as they are attributable to the profit share of a corporation as the partner of the partnership. Losses on disposals and other profit reductions in connection with the shares are not taken into account for the purposes of trade tax if they are attributable to the profit share of a corporation, and are taken into account at 60% in the context of general limitations if they are attributable to the profit share of an individual. If the partner of the partnership is an individual, the portion of the trade tax paid by the partnership attributable to his profit share may generally be credited, either in full or in part, against his personal income tax by means of a lump-sum method— depending on the level of the municipal trade tax multiplier and certain individual tax-relevant circumstances of the taxpayer.

***German Taxation of Holders of Public Warrants***

***General***

Holders of Public Warrants are taxed in particular upon the sale or disposal of Public Warrants (taxation of capital gains) and the gratuitous transfer of Public Warrants (inheritance and gift tax). In addition, holders might be taxed on the exercise of the Public

Warrants under certain circumstances.

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***Taxation of Holders of Public Warrants Not Tax Resident in Germany***

The capital gains from the disposition of the Public Warrants realized by a non-German tax resident holder of the Public Warrants would not be treated as German source income and not be subject to German income tax provided that(i) such a non-German resident holder does not maintain a permanent establishment or other taxable presence in Germany which the Public Warrants form part of, and (ii) the income does not otherwise constitute German-source income (such as income from the letting and leasing of certain property located in Germany or income from certain capital investments directly or indirectly secured by real estate located in Germany). If either requirement (i) or (ii) above is not met, a tax regime similar to that described under "— Taxation of Holders of Public Warrants Tax Resident in Germany; Withholding Tax on Capital Gains" below applies.

The capital gains from the disposition of the Public Warrants realized by a non-German tax resident holder of the Public Warrants are, in general, not subject to German withholding tax on capital gains. However, where the income is subject to German taxation as set forth in the preceding paragraph and if capital gains derived from a disposal of the Public Warrants are paid out or credited to the holder of the Public Warrants by a Domestic Disbursing Agent, withholding tax may be levied under certain circumstances. The withholding tax may be refundable based on an assessment to tax or under an applicable tax treaty, and subject to the requirements for such refund.

***Taxation of Holders of Public Warrants Tax Resident in Germany; Withholding Tax on Capital Gains***

The tax consequences of an exercise of the Public Warrants are not entirely clear under German tax law. An exercise may be

considered a non-taxable acquisition of the Ordinary Shares received upon exercise and thus not a gain realization event. However,

there is a risk that the receipt of the Ordinary Shares upon exercise of the Public Warrants is considered a taxable event *(e.g.*, as a

taxable disposal of the Public Warrants against receipt of Ordinary Shares). In this case, gains derived from the exercise of the Public

Warrants would be subject to the tax treatment as described for capital gains derived from the sale or other disposition of the Public

Warrants as described in the following paragraphs.

The capital gains from the disposition of the Public Warrants (i.e., the difference between the proceeds from the disposal, redemption, repayment or assignment after deduction of expenses directly related to the disposal, redemption, repayment or assignment and the cost of acquisition) received by a German resident individual holder of Public Warrants holding the Public Warrants as private assets are generally subject to German withholding tax if the Public Warrants are kept or administered in a custodial account with a Domestic Disbursing Agent. The withholding tax rate is 25% (plus a 5.5% solidarity surcharge thereon, resulting in an aggregate rate of 26.375%). For individual Holders who are subject to church tax, the church tax generally has to be withheld by the Domestic Disbursing Agent, if applicable, based on an automatic data access procedure, unless the shareholder has filed a blocking notice (*Sperrvermerk*) with the Federal Central Tax Office.

If the Public Warrants are settled by a cash payment, capital gains realized upon exercise (i.e., the cash amount received minus directly related costs and expenses, e.g. the acquisition costs or any premium) are subject to withholding tax. In the event of delivery of Ordinary Shares upon exercise of the Public Warrants, the acquisition costs of the Public Warrants plus any additional sum paid upon exercise are generally regarded as acquisition costs of the underlying assets received upon physical settlement, subject to the

risks summarized in the first paragraph of this section. Withholding tax may then apply to any gain resulting from the subsequent disposal, redemption or assignment of the Ordinary Shares received, as described above in Section "— German Taxation of Holders of Ordinary Shares".

To the extent the Public Warrants have not been kept or administered in a custodial account with same Domestic Disbursing Agent since the time of their acquisition, upon the disposal, redemption, repayment or assignment, a withholding tax applies at a rate of 26.375% (including solidarity surcharge, plus church tax, if applicable) on a lump-sum withholding tax base consisting of 30% of the gross proceeds from the disposal, redemption, repayment or assignment unless the current Domestic Disbursing Agent has been notified of the actual acquisition costs of the Public Warrants by the previous Domestic Disbursing Agent or, if applicable, by a statement of a bank or financial services institution from another member state of the European Union or the European Economic Area or from certain other countries (e.g., Switzerland or Andorra).

In computing any German tax to be withheld, the Domestic Disbursing Agent generally deducts from the basis of the withholding tax, subject to certain limitations, negative investment income realized by a non-business holder of the Public Warrants via the Domestic Disbursing Agent (e.g. losses from the sale of other securities with the exception of shares). For assessment periods beginning after December 31, 2020, losses incurred by non-business holders of the Public Warrants from Public Warrants or certain other forward/future or option transactions may only be applied against income from Public Warrants or certain other forward/future or option transactions derived in the same or, subject to certain limitations, in subsequent years and the deductibility of such losses is limited to €20.000 per year. The Domestic Disbursing Agent also deducts accrued interest on other securities (if any) paid separately upon the acquisition of the respective security by a non-business holder of Public Warrants via the Domestic Disbursing Agent. In addition, subject to certain requirements and restrictions the Domestic Disbursing Agent may credit foreign withholding taxes levied on investment income in a given year regarding securities held by a non-business holder of Public Warrants in the custodial account with the Domestic Disbursing Agent.

Non-business holders of the Public Warrants are entitled to an annual saver's allowance of €801 for an individual or €1,602 for a married couple and a registered civil union filing taxes jointly for all investment income received in a given year. Upon the non-business

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holder of the Public Warrants filing an exemption certificate (*Freistellungsauftrag*) with the Disbursing Agent, the Disbursing Agent will take the allowance into account when computing the amount of tax to be withheld. No withholding tax will be deducted if the Holder of the Public Warrants has submitted to the Domestic Disbursing Agent a certificate of non-assessment (*Nichtveranlagungs-Bescheinigung*) issued by the competent local tax office. The deduction of expenses related to the investment income (including gains with respect to the Public Warrants) is generally not possible for private investors.

German withholding tax will not apply to gains from the disposal, redemption, repayment or assignment of Public Warrants held by a corporation. The same may apply where the Public Warrants form part of a trade or business or are related to income from letting and leasing of property, subject to further requirements being met.

***Taxation of Capital Gains***

The personal income tax liability of an individual holder of the Public Warrants holding the Public Warrants as private assets deriving income from capital investments under the Public Warrants is, in principle, settled by the tax withheld. To the extent withholding tax has not been levied, such as in the case of Public Warrants kept in custody abroad or if no Domestic Disbursing Agent is involved in the payment process, the non-business holder of Public Warrants must report his or her income and capital gains derived from the Public Warrants (i.e., the difference between the proceeds from the disposal, redemption, repayment or assignment after deduction of expenses directly related to the disposal, redemption, repayment or assignment and the cost of acquisition) on his or her income tax return and then will also be taxed at a flat tax rate of 25% (plus solidarity surcharge of 5.5% thereon, and church tax, if applicable). In the event of delivery of Ordinary Shares upon exercise of the Public Warrants, the acquisition costs of the Public Warrants plus any additional sum paid upon exercise are generally regarded as acquisition costs of the underlying assets received upon physical settlement, subject to the aforementioned risk that the receipt of the Ordinary Shares upon exercise of the Public Warrants is considered a taxable event. If the withholding tax on a disposal, redemption, repayment or assignment has been calculated from the lump-sum withholding tax base of 30% of the gross proceeds from the disposal (rather than from the actual gain) due to a change to a Domestic Disbursing Agent, a non-business holder of the Public Warrants may and in case the actual gain is higher than 30% of the disposal proceeds must also file an income tax return for an assessment on the basis of his or her actual acquisition costs. Further, a non-business holder may request that all investment income of a given year is taxed at his or her lower individual tax rate. In each case, the deduction of expenses is generally not permitted.

Where Public Warrants form part of a trade or business or the income from the Public Warrants qualifies as income from the letting and leasing of property the withholding tax, if any, will not settle the personal or corporate income tax liability. The respective holder of Public Warrants will have to report income and related (business) expenses on the tax return and the balance will be taxed at the holder's applicable tax rate. Withholding tax levied, if any, may be credited against the personal or corporate income tax of the holder, provided that the requirements for such credit are fulfilled. Where Public Warrants form part of a German trade or business, gains from the disposal, redemption, repayment or assignment of the Public Warrants may also be subject to German trade tax.

***Generally the deductibility of capital losses from Public Warrants is limited.***

With regard to non-business holders of Public Warrants, losses may only be applied against profits from income from capital investments derived in the same or, subject to certain limitations, in subsequent years. In addition, losses from Public Warrants or certain other forward/future or option transactions incurred by non-business holders of the Public Warrants may only be applied against income from Public Warrants or certain other forward/future or option transactions derived in the same or, subject to certain limitations, in subsequent years and the deductibility of such losses is limited to €20,000 per year.

In addition, losses of non-business holders arising from a bad debt loss (*Forderungsausfall*), a waiver of a receivable (*Forderungsverzicht*) or a transfer of an impaired receivable to a third party or from any other default can only be offset against other income from capital investments and only up to an amount of €20,000 per year. The same rules should apply if the Public Warrants expire worthless or lapse.

With regard to business holders of Public Warrants, losses may generally only be applied against profits from other forward/future or option transactions derived in the same or, subject to certain restrictions, the previous year. Otherwise these losses can be carried forward indefinitely and, within certain limitations, applied against profits from forward/future or option transactions in subsequent years. Further special rules apply to credit institutions, financial services institutions and finance companies within the meaning of the German Banking Act.

***Abolishment of Solidarity Surcharge***

The solidarity surcharge has been partially abolished as of the assessment period 2021 for certain individual holders of Ordinary Shares or Public Warrants. The solidarity surcharge, however, continues to apply for capital investment and, thus, on withholding taxes levied. In addition, the solidarity surcharge continues to apply if holders of Ordinary Shares or Public Warrants are corporations.

***German Inheritance and Gift Tax (Erbschaft- und Schenkungsteuer)***

The transfer of Ordinary Shares or Public Warrants to another person by inheritance or gift should be generally subject to German inheritance and gift tax only if:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the decedent or donor or heir, beneficiary or other transferee maintained his or her domicile or a usual residence in Germany or had its place of management or registered office in Germany at the time of the transfer, or is a German citizen who has spent no more than five consecutive years outside of Germany without maintaining a domicile in Germany or is a German citizen who serves for a German entity established under public law and is remunerated for his or her service from German public funds (including family members who form part of such person's household, if they are German citizens) and is only subject to estate or inheritance tax in his or her country of domicile or usual residence with respect to assets located in such country (special rules apply to certain former German citizens who neither maintain a domicile nor have their usual residence in Germany);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.at the time of the transfer, the Ordinary Shares or Public Warrants are held by the decedent or donor as business assets forming part of a permanent establishment in Germany or for which a permanent representative in Germany has been appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.solely with respect to the Ordinary Shares, if the Ordinary Shares subject to such transfer form part of a portfolio that represents at the time of the transfer 10% or more of our registered share capital and that has been held directly or indirectly by the decedent or donor, either alone or together with related persons.

The Agreement between the Federal Republic of Germany and the United States of America for the avoidance of double taxation with respect to taxes on inheritances and gifts as of December 21, 2000 (*Abkommen zwischen der Bundesrepublik Deutschland und den Vereinigten Staaten von Amerika zur Vermeidung der Doppelbesteuerung auf dem Gebiet der Nachlass-, Erbschaft- und Schenkungssteuern in der Fassung vom 21. Dezember 2000*) (the "United States-Germany Inheritance and Gifts Tax Treaty"), provides that the German inheritance tax or gift tax can, with certain restrictions, only be levied in the cases of (i) and (ii) above. Special provisions apply to certain German citizens living outside of Germany and former German citizens.

***Other Taxes***

No German transfer tax, value-added tax, stamp duty or similar taxes are assessed on the purchase, sale or other transfer of Ordinary Shares or Public Warrants. Provided that certain requirements are met, an entrepreneur may, however, opt for the payment of value-added tax on transactions that are otherwise tax-exempt. Net wealth tax (*Vermögensteuer*) is currently not imposed in Germany. Certain member states of the European Union (including Germany) are considering introducing a financial transaction tax (*Finanztransaktionssteuer*) which, if and when introduced, may also be applicable on sales and/or transfer of Ordinary Shares and Public Warrants.

**F.&nbsp;&nbsp;&nbsp;&nbsp;Dividends and paying agents**

Not applicable.

**G.&nbsp;&nbsp;&nbsp;&nbsp;Statement by experts**

Not applicable.

**H.&nbsp;&nbsp;&nbsp;&nbsp;Documents on display**

Documents concerning the Company referred to in this Annual Report may be inspected at the principal executive offices of the Company at Kantstraße 164, Upper West 10623 Berlin, Federal Republic of Germany.

The Company is subject to certain of the informational filing requirements of the Exchange Act. Since the Company is a "foreign private issuer", it is exempt from the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and the officers, directors and principal shareholders of the Company are exempt from the reporting and "short-swing" profit recovery provisions contained in Section 16 of the Exchange Act with respect to their purchase and sale of Ordinary Shares. In addition, the Company is not required to file reports and financial statements with the SEC as frequently or as promptly as U.S. public companies whose securities are registered under the Exchange Act. However, the Company is required to file with the SEC an Annual Report on Form 20-F containing financial statements audited by an independent accounting firm. The SEC also maintains a website at http://www.sec.gov that contains reports and other information that the Company files with or furnishes electronically to the SEC.

**I.&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary Information.**

Not applicable.

**ITEM 11 QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK**

See Note 9 on pages F-53et seq. of SSU's consolidated financial statements filed as part of this Annual Report.

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**ITEM 12 DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**

**A.Debt Securities**

Not applicable.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Warrants and Rights**

Not applicable.

**C.&nbsp;&nbsp;&nbsp;&nbsp;Other Securities**

Not applicable.

**D.&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Shares**

Not applicable.

**PART II**

**ITEM 13 DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**

None.

**ITEM 14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**

None.

**ITEM 15 CONTROLS AND PROCEDURES**

**Disclosure Controls and Procedures**

As required by Rule13a-15under the Exchange Act, management, including our chief executive officer and our chief financial officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Disclosure controls and procedures include, without limitations, controls and procedures designed to ensure that information required to be disclosed by us in our reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding our required disclosures.

Based on the foregoing, our chief executive officer and our chief financial officer have concluded that, as a result of the material weaknesses in our internal control over financial reporting described below, the design and operation of our disclosure controls and procedures were not effective, as of September 30, 2022. Until remediated, there is a reasonable possibility that these material weaknesses could result in a material misstatement of our consolidated financial statements or disclosures that would not be prevented or detected.

**Management's Annual Report on Internal Control over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections or any evaluation or effectiveness for future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

We have remediated previously reported material weaknesses in our internal controls relating to (i) the design and maintenance of effective entity level controls to identify business risks relevant to financial reporting objectives, estimate the significance of the risks, assess the likelihood of their occurrence and determine actions to address those risks, (ii) the design and maintenance of effective controls to ensure the completeness of accounts payable and vendor accruals, and (iii) the design and maintenance of effective controls to ensure that revenue was recorded in the correct accounting period.

However, the following material weaknesses in our internal controls existed as of September 30, 2022 relating to: (i) the adequate number of individuals within the accounting and financial reporting function with sufficient training in IFRS and SEC reporting standards,

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(ii) the design and maintenance of formal and effective controls over certain general information technology controls for IT systems, (iii) the design and maintenance of effective controls to ensure the appropriateness of the estimate of the recoverable amount of goodwill and indefinite-lived intangible assets, (iv) the design and maintenance of month end close and journal entries process controls (v) the ability of our business to timely and appropriately communicate unexpected or new transactions to the finance function and the lack of timely and appropriate assessment of the related accounting implications of these transactions, and (vi) the design and maintenance of effective process monitoring system at our newly acquired subsidiary WCRC. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis. No further material weaknesses were identified in the current year.

Our management assessed the effectiveness of our internal control over financial reporting as of September 30, 2022, using the criteria established in "Internal Control - Integrated Framework (2013)" issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this evaluation and the criteria issued by COSO, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, concluded that, as of September 30, 2022, our internal control over financial reporting was not effective because of the material weaknesses relating to the design and maintenance of effective controls described above, which has not been remediated.

With the oversight of the Management Board and our Audit Committee, our management has been and is actively undertaking remediation efforts to address the material weakness identified above through the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hire additional personnel with IFRS, Sarbanes-Oxley (SOX) and SEC reporting experience within the accounting and financial reporting department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finalize design and implement controls policies and procedures relating to certain general information technology controls for IT systems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Redesign the processes and controls relating to the appropriateness of estimation used for goodwill impairment assessment and indefinite-lived intangible assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finalize design and implement controls policies and procedures relating to month end close and journal entries processes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extend and formalize internal communication processes and controls

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finalize design and implement controls policies and procedures at our subsidiary WCRC

These remediation efforts will be time consuming, costly and might place significant demands on our financial and operational resources. As the reliability of the internal controls process requires repeatable execution, the successful remediation of the material weakness will require review and evidence of effectiveness prior to management concluding that the Company's internal controls over financial reporting are effective. As management continues to evaluate and improve the Company's internal controls over financial reporting, it may take additional measures to address control deficiencies or to modify the remediation plan described above.

During 2023, management plans to test and evaluate the implementation of these internal controls to ascertain whether they are designed and operating effectively in order to provide reasonable assurance that they will prevent or detect a material misstatement in the Company's consolidated financial statements. If our efforts to remediate this material weakness are not successful, the material weakness may reoccur, or other material weaknesses could occur in the future.

Notwithstanding the identified material weakness, our management believes that the financial statements and related notes thereto included in this annual report on Form 20-F fairly present, in all material respects, our financial position, results of operations and cash flows as of and for the periods presented in accordance with IFRS.

**Attestation Report of the Registered Public Accounting Firm**

This Annual Report does not include an attestation report of the company's registered public accounting firm regarding

internal control over financial reporting due to a transition period established by rules of the SEC for emerging growth companies.

**Changes in Internal Control Over Financial Reporting**

During the period covered by this annual report and as described below, there were changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that materially affected, or are reasonably likely to materially affect, internal control over financial reporting as part of the remediation measures described below.

***Remediation of Previous Material Weaknesses in Internal Control Over Financial Reporting***

During 2022, we implemented with the supervision of our Chief Executive Officer, our Chief Financial Officer and our Audit Committee the below remediation measures to remediate the following material weaknesses identified as of September 30, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developed and implemented entity level controls to identify business risks relevant to financial reporting objectives, estimate the significance of the risks, assess the likelihood of their occurrence and determine actions to address those risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developed and implemented controls to ensure the completeness of accounts payable and vendor accruals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developed and implemented revenue cut-off controls to ensure that revenue is recorded in the correct accounting period.

In addition, we made progress in the remediation of other previously identified material weaknesses by performing the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implemented a SOX controls tool and provided SOX controls training to our accounting and finance staff

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identified risks, clearly defined control processes, roles and segregation of duties within our IT general controls that are significant to the financial reporting process

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identified risks, clearly defined control processes, roles and segregation of duties within our business processes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developed internal controls testing and monitoring procedures over identified risks within our IT landscape and financial reporting process

Although we have made enhancements to our control procedures over financial reporting which resulted in the remediation of three material weaknesses, there still exists several material weaknesses that were not fully remediated by year end September 30, 2022. We note these material weaknesses will not be remediated until the necessary controls have been fully implemented and are operating effectively.

Our management is committed to improving the internal controls over financial reporting and will undertake consistent improvements or enhancements on an ongoing basis, in addition to the remediation plans described above.

See Item 3. "Key Information — D. Risk Factors — We are aware of material control and accounting weaknesses in our current finance organization. If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which is likely to negatively affect our business and the market price of our Ordinary Shares.

**ITEM 16 [RESERVED]**

**ITEM 16A AUDIT COMMITTEE FINANCIAL EXPERT**

Audit Committee members include Martin Wittig (chair), Christoph Keese and Richard d'Abo. The Board has determined that Martin Wittig satisfies the "independence" requirements set forth in Rule 10A-3 under the Exchange Act and qualifies as an "audit committee financial expert," as such term is defined in the rules of the SEC. Mr. Wittig's relevant experiences include serving as a partner at Roland Berger Strategy Consultants and managing partner and director of the branch in Zurich (Switzerland). Dr. Wittig also held the position of chief financial officer for multiple years and was elected the chief executive officer of Roland Berger Strategy Consultants in 2010 before he resigned in 2013. The composition of our audit committee is consistent with the best practice provisions of the DCGC. Wolfram Keil was appointed as an observer of the audit committee.

**ITEM 16B CODE OF ETHICS**

We have adopted a Code of Business Conduct and Ethics that applies to all of our employees, officers and directors, including those officers responsible for financial reporting. Our Code of Business Conduct and Ethics is available on our website (<u>https://signa-sportsunited.com/</u>). We intend to disclose any amendment to the code, or any waivers of its requirements, in our Annual Report on Form 20-F.

**ITEM 16C PRINCIPAL ACCOUNTANT FEES AND SERVICES**

KPMG AG Wirtschaftsprüfungsgesellschaft has been the Company's principal auditor since fiscal year 2018. Set forth below are the total fees billed (or expected to be billed), on a consolidated basis, by KPMG AG Wirtschaftsprüfungsgesellschaft or their affiliates for providing audit and other professional services in each of the last two years:

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| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
| | **2022** | **2021** | **2020** |
| | **(euro in thousands)** | **(euro in thousands)** | |
| Audit Fees | 6519 | 3208 | 5055 |
| Audit-Related Fees |  |  |  |
| Tax Fees | 180 |  |  |
| All Other Fees |  |  |  |
| Total Fees | 6699 | 3208 | 5055 |

---

Audit fees consist of fees and expenses billed for the annual audit and quarterly review of SIGNA Sports United's consolidated financial statements. They also include fees billed for other audit services, which are those services that only the auditor can provide and include the review of documents filed with the Securities Exchange Commission as well as statutory audits.

In the fiscal year ended September 30, 2022, the board of directors of SSU pre-approved and reviewed the audit and non-audit services to be performed by the independent auditor.

The Company's Audit Committee is charged with advising the board of Directors regarding the nomination of the independent auditor and the review of the audit and non-audit services to be performed by the independent auditor. Pursuant to its charter, the Audit Committee shall pre-approve all services to be provided to the Company by an independent auditor.

------

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**ITEM 16D EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES**

See — G. Corporate Governance.

**ITEM 16E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**

During the year ended September 30, 2022, no purchases of our equity securities were made by or on behalf of us or any affiliated purchaser.

**ITEM 16F CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT**

Not applicable.

**ITEM 16G CORPORATE GOVERNANCE**

As a "foreign private issuer," as defined by the SEC, we are permitted to follow home country corporate governance practices, instead of certain corporate governance standards required by the NYSE for U.S. companies. Accordingly, we follow Dutch corporate governance rules in lieu of certain of the NYSE's corporate governance requirements. In accordance with Dutch law and generally accepted business practices, the Articles of Association do not provide quorum requirements generally applicable to general meetings. To this extent, our practice varies from the requirement of NYSE Listed Company Manual §310.00, which requires an issuer to provide in its bylaws for a generally applicable quorum, and that such quorum required for any meeting of the holders of common stock should be sufficiently high to insure a representative vote. Although we must provide our shareholders with an agenda and other relevant documents for the General Meeting, Dutch law does not have a regulatory regime for the solicitation of proxies and the solicitation of proxies is not a generally accepted business practice in the Netherlands, thus our practice will vary from the requirement of NYSE Listed Company Manual §402.04(A). As permitted by the listing requirements of NYSE, we have also opted out of the requirements of NYSE Listed Company Manual §303A.05(a)), which requires, among other things, an issuer to have a compensation committee that consists entirely of independent directors, NYSE Listed Company Manual §303A.04(a), which requires independent director oversight of director nominations, and NYSE Listed Company Manual §303A.01, which requires an issuer to have a majority of independent directors on its board. We will also rely on the phase-in rules of the SEC and NYSE with respect to the independence of our audit committee. These rules require that a majority of Directors must be independent and all members of our audit committee must meet the independence standard for audit committee members within one year of our listing on NYSE. In addition, we have opted out of shareholder approval requirements, as included in the NYSE Listing Rules, for the issuance of securities in connection with certain events such as the acquisition of shares or assets of another company, the establishment of or amendments to equity-based compensation plans for employees, a change of control of our company and certain private placements. To this extent, our practice varies from the requirements of NYSE Listed Company Manual § 312.03, which generally requires an issuer to obtain shareholder approval for the issuance of securities in connection with such events.

**ITEM 16H MINE SAFETY DISCLOSURE**

Not applicable.

**ITEM 16I DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENT INSPECTIONS.**

Not applicable.

**PART III**

**ITEM 17 FINANCIAL STATEMENTS**

We have responded to Item 18 in lieu of this item.

 **ITEM 18 FINANCIAL STATEMENTS**

Financial statements are filed as part of this Annual Report beginning on page F-1.

------

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**ITEM 19 EXHIBITS**

The following documents are filed as part of this Annual Report or incorporated by reference herein:

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[1.1](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_249)</u> | <u>[Deed of Conversion and Amendment of the Articles of Association of SIGNA Sports United B.V. into SIGNA Sports United N.V. (incorporated by reference to Annex E to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_249)</u> |
| <u>[1.2](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_248)</u> | <u>[Deed of Incorporation of SIGNA Sports United B.V. (incorporated by reference to Annex D to Amendment No. 3 to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_248)</u> |
| <u>[1.3](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_250)</u> | <u>[Board Rules of Signa Sports United B.V. (incorporated by reference to Annex F to Amendment No. 3 to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_250)</u> |
| <u>[2.1](https://www.sec.gov/Archives/edgar/data/1815302/000119312520202434/d945312ds1a.htm)</u> | <u>[Form of Warrant Agreement between Continental Stock Transfer & Trust Company and Yucaipa (incorporated by reference to Form S-1/A (Reg. No. 333-239936), filed with the SEC on July 29, 2020)](https://www.sec.gov/Archives/edgar/data/1815302/000119312520202434/d945312ds1a.htm)</u> |
| <u>[2.2](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_258)</u> | <u>[Form of Warrant Assignment, Assumption and Amendment Agreement (incorporated by reference to Annex N to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_258)</u> |
| <u>[2.3](#i9559578996e046f78c63b20262409230_325)</u>† | <u>[Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934](#i9559578996e046f78c63b20262409230_325)</u> |
| <u>[4.1](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_245)</u> | <u>[Business Combination Agreement, dated as of June 10, 2021, by and among Yucaipa Acquisition Corporation, SIGNA Sports United GmbH, SIGNA Sports United B.V., Olympics I Merger Sub, LLC and SIGNA International Sports Holding GmbH (incorporated by reference to Annex A to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_245)</u> |
| <u>[4.2](https://www.sec.gov/Archives/edgar/data/1869858/000119312521211916/d195605dex21.htm)</u> | <u>[Amendment No. 1 to the Business Combination Agreement, dated as of July 9, 2021 (incorporated by reference to Exhibit 2.1 of Form 8-K filed with the SEC on July 9, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521211916/d195605dex21.htm)</u> |
| <u>[4.3](https://www.sec.gov/Archives/edgar/data/1815302/000119312521300662/d245028d425.htm)</u> | <u>[Amendment No. 2 to the Business Combination Agreement, dated as of October 15, 2021 (incorporated by reference to Exhibit 2.3 of Form 8-K filed with the SEC on October 18, 2021)](https://www.sec.gov/Archives/edgar/data/1815302/000119312521300662/d245028d425.htm)</u> |
| <u>[4.4](https://www.sec.gov/Archives/edgar/data/1815302/000119312521349018/d175933dex102.htm)</u> | <u>[Amendment No. 3 to the Business Combination Agreement, dated as of December 3, 2021 by and among Yucaipa Acquisition Corporation, SIGNA Sports United GmbH and SIGNA International Sports Holding GmbH (incorporated by reference to Exhibit 10.2 to Form 8-K filed with the SEC on December 3, 2021)](https://www.sec.gov/Archives/edgar/data/1815302/000119312521349018/d175933dex102.htm)</u> |
| <u>[4.5](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_246)</u> | <u>[Plan of Merger (incorporated by reference to Annex B to Amendment No. 3 to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_246)</u> |
| <u>[4.6](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_254)</u> | <u>[Form of Sponsor Letter Agreement (incorporated by reference to Annex J to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_254)</u> |
| <u>[4.7](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_257)</u> | <u>[Form of Registration Rights Agreement (incorporated by reference to Annex M to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_257)</u> |
| <u>[4.8](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_256)</u> | <u>[Form of PIPE Subscription Agreement (incorporated by reference to Annex L to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_256)</u> |
| <u>[4.9](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_255)</u> | <u>[Form of Sponsor Subscription Agreement (incorporated by reference to Annex K to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_255)</u> |
| <u>[4.1](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_251)[0](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_251)</u> | <u>[Form of SSU Lock-up Agreement (incorporated by reference to Annex G to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_251)</u> |
| <u>[4.11](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_252)</u> | <u>[Form of Wiggle Seller Lock-up Agreement (incorporated by reference to Annex H to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_252)</u> |
| <u>[4.12](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_253)</u> | <u>[Form of Forward Purchase Agreement Amendment (incorporated by reference to Annex I to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_253)</u> |
| <u>[4.13](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_259)</u> | <u>[Form of Earn-Out Agreement (incorporated by reference to Annex O to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_259)</u> |
| <u>[4.14](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_260)</u> | <u>[Shareholder Undertaking by Pre-Closing SSU Shareholders (incorporated by reference to Annex P to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_260)</u> |
| <u>[4.15](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_261)</u> | <u>[Shareholder Undertaking by RSI S.C.S, SICAV-RAIF (incorporated by reference to Annex Q to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_261)</u> |

---

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---

| | |
|:---|:---|
| <u>[4.16](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_262)</u> | <u>[Shareholder Undertaking by Bayerische Beamten Lebensversicherung AG (incorporated by reference to Annex R to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on July 2, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521207749/d168532df4.htm#toc168532_262)</u> |
| <u>[4.17\*](https://www.sec.gov/Archives/edgar/data/1869858/000119312521261048/d168532df4a.htm#toc168532_264)</u> | <u>[TopCO CEO Service Agreement (incorporated by reference to Annex T to Amendment No. 1 to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on August 30, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521261048/d168532df4a.htm#toc168532_264)</u> |
| <u>[4.18](https://www.sec.gov/Archives/edgar/data/1869858/000119312521300240/d168532df4a.htm#toc168532_500)</u> | <u>[Redemption Offset Agreement (incorporated by reference to Annex U to Amendment No. 2 to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on October 15, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521300240/d168532df4a.htm#toc168532_500)</u> |
| <u>[4.19](https://www.sec.gov/Archives/edgar/data/1869858/000119312521300240/d168532df4a.htm#toc168532_501)</u> | <u>[SPA Variation Agreement (incorporated by reference to Annex V to Amendment No. 2) to the Registration Statement on Form F-4 (Reg. No. 333-257685), filed with the SEC on October 15, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521300240/d168532df4a.htm#toc168532_501)</u> |
| <u>[4.2](https://www.sec.gov/Archives/edgar/data/1869858/000119312521349037/d175933d425.htm)[0](https://www.sec.gov/Archives/edgar/data/1869858/000119312521349037/d175933d425.htm)</u> | <u>[SPA Variation Agreement (incorporated by reference to Form 8-K filed with the SEC on December 6, 2021)](https://www.sec.gov/Archives/edgar/data/1869858/000119312521349037/d175933d425.htm)</u> |
| <u>[4.21](signa-facilityagreementx.htm)</u> | <u>[Revolving Credit Facility agreement with](signa-facilityagreementx.htm)[Landesbank Baden-Württemberg (](signa-facilityagreementx.htm)[LBBW) and other financial institutions as lenders dated May 5, 2021](signa-facilityagreementx.htm)</u> |
| <u>[4.22](signa-rcflbbwamendmentag.htm)</u> | <u>[Amendment to the Revolving Credit Facility with](signa-rcflbbwamendmentag.htm)[Landesbank Baden-Württemberg (](signa-rcflbbwamendmentag.htm)[LBBW) and other financial institutions as lenders dated May 30, 2022](signa-rcflbbwamendmentag.htm)</u> |
| <u>[4.23](signa_rcfsignaholdingmay.htm)</u> | <u>[Revolving Credit Facility agreement with](signa_rcfsignaholdingmay.htm)[SIGNA Holding](signa_rcfsignaholdingmay.htm)[GmbH as lender dated May 3, 2022](signa_rcfsignaholdingmay.htm)</u> |
| <u>[4.24](signa_rcfsignaholdingjul.htm)</u> | <u>[Revolving Credit Facility agreement with](signa_rcfsignaholdingjul.htm)[SIGNA Holding](signa_rcfsignaholdingjul.htm)[GmbH as lender dated July 25, 2022](signa_rcfsignaholdingjul.htm)</u> |
| <u>[4.25](https://www.sec.gov/Archives/edgar/data/1869858/000119312522253278/d387708dex101.htm)</u> | <u>[Convertible bond subscription agreement with](https://www.sec.gov/Archives/edgar/data/1869858/000119312522253278/d387708dex101.htm)[SIGNA Holding](https://www.sec.gov/Archives/edgar/data/1869858/000119312522253278/d387708dex101.htm)[GmbH as subscriber identified on exhibit 10.1 attached thereto, incorporated into this Annual Report on Form 20-F by reference to our Report on Form 6-K filed with the SEC on September 28, 2022 (File No. 001-41156)](https://www.sec.gov/Archives/edgar/data/1869858/000119312522253278/d387708dex101.htm)</u> |
| <u>[4.26](https://www.sec.gov/Archives/edgar/data/1869858/000119312522253278/d387708dex102.htm)</u> | <u>[Amendment and restatement of Earnout agreement by and among SIGNA Sports United N.V., OlympicsI Merger Sub. LLC and SIGNA Sport Projektbeteiligung AG identified on exhibit 10.2 attached thereto, incorporated into this Annual Report on Form 20-F by reference to our Report on Form 6-K filed with the SEC on September 28, 2022 (File No. 001-41156)](https://www.sec.gov/Archives/edgar/data/1869858/000119312522253278/d387708dex102.htm)</u>  |
| <u>[4.27](ssu_equityxcommitmentxle.htm)</u> | <u>[Equity Commitment Letter](ssu_equityxcommitmentxle.htm)[by and among](ssu_equityxcommitmentxle.htm)[SIGNA Holding](ssu_equityxcommitmentxle.htm)[GmbH](ssu_equityxcommitmentxle.htm)[and SIGNA Sports](ssu_equityxcommitmentxle.htm)[Un](ssu_equityxcommitmentxle.htm)[ited N.V](ssu_equityxcommitmentxle.htm)[.](ssu_equityxcommitmentxle.htm)[dated](ssu_equityxcommitmentxle.htm)[February](ssu_equityxcommitmentxle.htm)</u><u>[6](ssu_equityxcommitmentxle.htm)</u><u>[, 2023](ssu_equityxcommitmentxle.htm)</u> |
| <u>[4.28](signa_ssuxrcf1xfirstxame.htm)</u> | <u>[Amendment t](signa_ssuxrcf1xfirstxame.htm)[o the](signa_ssuxrcf1xfirstxame.htm)[Revolving Credit Facility](signa_ssuxrcf1xfirstxame.htm)[with](signa_ssuxrcf1xfirstxame.htm)[SIGNA Holding GmbH](signa_ssuxrcf1xfirstxame.htm)[as lender](signa_ssuxrcf1xfirstxame.htm)[dated](signa_ssuxrcf1xfirstxame.htm)[February](signa_ssuxrcf1xfirstxame.htm)</u><u>[6](signa_ssuxrcf1xfirstxame.htm)</u><u>[, 2023](signa_ssuxrcf1xfirstxame.htm)</u> |
| <u>[8.1](#i9559578996e046f78c63b20262409230_943)</u>† | <u>[List of subsidiaries of SIGNA Sports United N.V.](#i9559578996e046f78c63b20262409230_943)</u> |
| <u>[12.1](#i9559578996e046f78c63b20262409230_328)</u>† | <u>[Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](#i9559578996e046f78c63b20262409230_328)</u> |
| <u>[12.2](#i9559578996e046f78c63b20262409230_331)</u>† | <u>[Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](#i9559578996e046f78c63b20262409230_331)</u> |
| <u>[13.1](#i9559578996e046f78c63b20262409230_334)</u>† | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](#i9559578996e046f78c63b20262409230_334)</u> |
| <u>[13.2](#i9559578996e046f78c63b20262409230_337)</u>† | <u>[Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](#i9559578996e046f78c63b20262409230_337)</u> |
| <u>[15.1](#i9559578996e046f78c63b20262409230_1119)</u> | <u>[Consent of Independent Registered Public Accounting Firm](#i9559578996e046f78c63b20262409230_1119)</u> |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |

---

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 <br> 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

_________

† Filed herewith.

\* Indicates a management contract or any compensatory plan, contract or arrangement.

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**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this report on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| February 6, 2023 | SIGNA Sports United N.V. |
|  | By: /s/ Stephan Zoll |
|  | Name: Stephan Zoll<br>Title: Chief Executive Officer |

---

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[Table](#i9559578996e046f78c63b20262409230_4)**<u>[of](#i9559578996e046f78c63b20262409230_4)[Contents](#i9559578996e046f78c63b20262409230_4)</u>**

Consolidated Financial Statements of SIGNA

Sports United GmbH as of September 30, 2022 and 2021, and for each

of the three-year period ended September 30, 2022

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | F-[2](#i9559578996e046f78c63b20262409230_253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS | F-[3](#i9559578996e046f78c63b20262409230_256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | F-[4](#i9559578996e046f78c63b20262409230_259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | F-[4](#i9559578996e046f78c63b20262409230_262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and liabilities | F-[5](#i9559578996e046f78c63b20262409230_265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | F-[6](#i9559578996e046f78c63b20262409230_268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED STATEMENTS OF CASH FLOWS | F-[8](#i9559578996e046f78c63b20262409230_271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | F-[10](#i9559578996e046f78c63b20262409230_274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. General information | F-[10](#i9559578996e046f78c63b20262409230_277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Basis of preparation and general principles | F-[10](#i9559578996e046f78c63b20262409230_280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. DE-SPAC | F-[10](#i9559578996e046f78c63b20262409230_280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Effects of new IFRS applicable for the first time and in future periods | F-[12](#i9559578996e046f78c63b20262409230_283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Summary of significant accounting judgements, estimates, and significant accounting policies | F-[13](#i9559578996e046f78c63b20262409230_286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Notes to the Consolidated Statements of Profit and Loss and Other Comprehensive Income | F-[23](#i9559578996e046f78c63b20262409230_289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Notes to the Consolidated Statements of Financial Position | F-[28](#i9559578996e046f78c63b20262409230_292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Notes to the Consolidated Statements of Changes in Equity | F-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Notes to the Consolidated Statements of Cash flows | F-[47](#i9559578996e046f78c63b20262409230_298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Financial risk management | F-[49](#i9559578996e046f78c63b20262409230_301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Discontinued operations | F-[58](#i9559578996e046f78c63b20262409230_304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Commitments, contingent liabilities and guarantees | F-[58](#i9559578996e046f78c63b20262409230_304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Related party transactions | F-[58](#i9559578996e046f78c63b20262409230_307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Remuneration of the members of Executive Management and the Board of Directors | F-[59](#i9559578996e046f78c63b20262409230_310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Business combinations | F-[60](#i9559578996e046f78c63b20262409230_313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Disclosures on shareholdings in accordance with IFRS 12 | F-[63](#i9559578996e046f78c63b20262409230_316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Segment information | F-[65](#i9559578996e046f78c63b20262409230_319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Events after the reporting period | F-[68](#i9559578996e046f78c63b20262409230_322) |

---

------

[Table](#i9559578996e046f78c63b20262409230_4)**<u>[of](#i9559578996e046f78c63b20262409230_4)[Contents](#i9559578996e046f78c63b20262409230_4)</u>**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors

SIGNA Sports United N.V.:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statements of financial position of SIGNA Sports United N.V. (the Company) as of September 30, 2022 and 2021, the related consolidated statements of loss and other comprehensive loss, changes in equity, and cash flows for each of the years in the three-year period ended September 30, 2022, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the three-year period ended September 30, 2022, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG AG Wirtschaftsprüfungsgesellschaft

We have served as the Company's auditor since 2018.

Düsseldorf, Germany

February 6, 2023

------

[Table](#i9559578996e046f78c63b20262409230_4)**<u>[of](#i9559578996e046f78c63b20262409230_4)[Contents](#i9559578996e046f78c63b20262409230_4)</u>**

**Consolidated Statements of Loss and Other Comprehensive Loss**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fiscal year ended September 30,** | **Fiscal year ended September 30,** | **Fiscal year ended September 30,** |
| <u>EUR million</u> | Note | **2022** | **2021\*** | **2020\*** |
| **Revenue** | 6.1 | **1062.8** | **813.7** | **644.4** |
| Own work capitalized | 6.2 | 5.5 | 3.4 | 3.0 |
| Other operating income | 6.3 | 5.2 | 5.4 | 0.5 |
| Cost of material |  | (700.3) | (500.2) | (414.9) |
| Personnel expense | 6.4 | (163.3) | (89.0) | (66.5) |
| Other operating expenses | 6.5 | (481.1) | (234.5) | (156.8) |
| Depreciation and amortization | 7.1, 7.3 | (53.9) | (28.5) | (24.5) |
| Impairment loss | 7.2 | (254.9) | (0.6) | (0.1) |
| **Operating result** |  | **(580.0)** | **(30.3)** | **(14.8)** |
| Finance income | 6.6 | 36.6 | 4.8 | 0.9 |
| Finance costs | 6.6 | (21.3) | (9.4) | (7.9) |
| Result from investments accounted for at equity |  | (1.2) | (1.3) | (0.7) |
| **Loss before taxes from continuing operations** |  | **(565.9)** | **(36.2)** | **(22.6)** |
| Income tax (expense)/benefit | 6.8 | 26.6 | (1.6) | 1.9 |
| **Loss for the year from continuing operations** |  | **(539.3)** | **(37.7)** | **(20.7)** |
| **Loss from discontinued operations, net of tax** | 11 | **(26.4)** | **(8.3)** | **(5.0)** |
| **Loss for the period** |  | **(565.7)** | **(46.0)** | **(25.6)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which attributable to non-controlling interests |  |  |  | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which attributable to the owners of SIGNA Sports United N.V. |  | (565.7) | (46.0) | (24.8) |
| **Loss per share- Basic and diluted from (in EUR)** |  |  |  |  |
| Continuing operations | 6.9 | (1.7) | (0.2) | (0.1) |
| Loss for total operations attributable to the owners of SIGNA Sports United N.V. |  | (1.8) | (0.2) | (0.1) |
|  |  | **Fiscal year ended September 30,** | **Fiscal year ended September 30,** | **Fiscal year ended September 30,** |
| <u>EUR million</u> | Note | **2022** | **2021** | **2020** |
| **Loss for the per period** |  | **(565.7)** | **(46.0)** | **(25.6)** |
| **Items that may be subsequently reclassified to profit or loss** |  |  |  |  |
| Currency translation differences |  | (5.1) | 0.6 | 0.2 |
| Gain (Loss) from derivative financial instruments |  | (1.0) | 0.5 | (0.1) |
| **Other comprehensive income/(loss), net of tax** |  | **(6.1)** | **1.1** | **0.1** |
| **Total comprehensive income/(loss)** |  | **(571.8)** | **(44.9)** | **(25.5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which attributable to non-controlling interests |  | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(1.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which attributable to the owners of SIGNA Sports United |  | (571.8) | (44.9) | (24.6) |

---

\*The comparative numbers have been re-presented as a result of the discontinued operations. Refer to Note 11- Discontinued operations.

The accompanying notes are an integral part of these consolidated financial statements.

------

[Table](#i9559578996e046f78c63b20262409230_4)**<u>[of](#i9559578996e046f78c63b20262409230_4)[Contents](#i9559578996e046f78c63b20262409230_4)</u>**

**Consolidated Statements of Financial Position**

Assets

---

| | | | |
|:---|:---|:---|:---|
| | | **Fiscal year ended September 30,** | **Fiscal year ended September 30,** |
| <u>EUR million</u> | <u>Note</u> | **2022** | **2021** |
| Property, plant and equipment | 7.3 | 48.5 | 37.7 |
| Right-of-use-assets | 7.4 | 139.6 | 60.6 |
| Intangible assets and goodwill | 7.1 | 677.3 | 326.8 |
| Investments accounted for using the equity method |  | 0.0 | 0.0 |
| Other non-current financial assets |  | 5.1 | 1.4 |
| **Non-current asset** |  | **870.5** | **426.6** |
| Inventories | 7.6 | 299.0 | 181.9 |
| Trade receivable | 7.7 | 25.1 | 26.3 |
| Other current financial assets | 7.8 | 20.1 | 24.0 |
| Other current assets | 7.9 | 51.8 | 33.4 |
| Cash and cash equivalents | 7.10 | 43.0 | 50.7 |
| **Current assets** |  | **439.0** | **316.3** |
| **Total assets** |  | **1309.5** | **742.9** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these consolidated financial statements

------

[Table](#i9559578996e046f78c63b20262409230_4)**<u>[of](#i9559578996e046f78c63b20262409230_4)[Contents](#i9559578996e046f78c63b20262409230_4)</u>**

**Consolidated Statements of Financial Position**

Equity and liabilities

---

| | | | |
|:---|:---|:---|:---|
| | | **Fiscal year ended September 30,** | **Fiscal year ended September 30,** |
| <u>EUR million</u> | <u>Notes</u> | **2022** | **2021** |
| Share capital | 7.11 | 46.5 | 17.6 |
| Share capital - not yet registered (convertible loan) | 8 |  | 1.7 |
| Share capital - not yet registered (NCI) | 8 |  | 2.0 |
| Capital reserve | 7.11 | 1335.2 | 558.4 |
| Retained earnings |  | (758.3) | (206.3) |
| Other reserves |  | (6.1) |  |
| **Total Equity** |  | **617.3** | **373.4** |
| Non-current provisions | 7.13 | 2.4 | 0.1 |
| Non-current financial liabilities | 7.14 | 317.2 | 140.4 |
| Non-current Trade Payables |  | 0.6 |  |
| Other non-current liabilities | 7.15 | 7.9 | 1.0 |
| Deferred tax liabilities | 7.5 | 40.9 | 40.2 |
| **Non-current liabilities** |  | **369.1** | **181.6** |
| Current provisions | 7.13 | 1.0 | 4.9 |
| Trade payables | 7.16 | 194.9 | 102.7 |
| Other current financial liabilities | 7.17 | 42.4 | 27.7 |
| Other current liabilities | 7.18 | 75.6 | 47.9 |
| Contract liabilities | 7.19 | 9.3 | 4.7 |
| **Current liabilities** |  | **323.1** | **187.9** |
| **Total liabilities** |  | **692.2** | **369.5** |
| **Total equity and liabilities** |  | **1309.5** | **742.9** |

---

The accompanying notes are an integral part of these consolidated financial statements

------

[Table](#i9559578996e046f78c63b20262409230_4)**<u>[of](#i9559578996e046f78c63b20262409230_4)[Contents](#i9559578996e046f78c63b20262409230_4)</u>**

**Consolidated Statements of Changes in Equity**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Capital Reserves** | **Capital Reserves** | **Other Reserves** | **Other Reserves** | | |
| <u>EUR million</u> | **Share capital** | **Share capital-not yet registered (convertible loan)** | **Share capital- not yet registered<br> (NCI)** | **Capital reserve** | **Equity component of convertible<br> loans** | **Currency conversion** | **Cash flow hedges** | **Retained earnings** | **Group<br> equity** |
| **Balance as of Oct. 1, 2021** | **17.6** | **1.7** | **2.0** | **555.3** | **3.1** | **0.1** | **(0.1)** | **(206.3)** | **373.4** |
| Total income/(loss) |  |  |  |  |  |  |  | (565.7) | (565.7) |
| &nbsp;&nbsp;Other comprehensive income/(loss),<br>net of tax  |  |  |  |  |  | (5.1) | (1.0) |  | (6.1) |
| &nbsp;&nbsp;**Total comprehensive**<br>**income/(loss)**  | **—** | **—** | **—** | **—** | **—** | **(5.1)** | **(1.0)** | **(565.7)** | **(571.8)** |
| Reclass Share capital and capital reserve | 3.7 | (1.7) | (2.0) | 3.1 | (3.1) |  |  |  |  |
| Equity-settled share-based payment | 0.1 |  |  | 4.0 |  |  |  | 13.6 | 17.8 |
| **Issue of share capital** |  |  |  |  |  |  |  |  |  |
| PIPE Financing | 11.6 |  |  | 391.1 |  |  |  |  | 402.7 |
| Yucaipa Merger | 1.5 |  |  | 108.6 |  |  |  |  | 110.1 |
| Issue of ordinary shares related to business combinations | 4.0 |  |  | 287.0 |  |  |  |  | 291.0 |
| **Total issuance of share capital** | **17.1** | **—** | **—** | **786.7** | **—** | **—** | **—** | **—** | **803.8** |
| Recapitalization | 8.0 |  |  | (8.0) |  |  |  |  |  |
| Transaction costs of the capital increase after taxes |  |  |  | (5.9) |  |  |  |  | (5.9) |
| **Balance as of Sep. 30, 2022** | **46.5** | **—** | **—** | **1335.2** | **—** | **(5.0)** | **(1.1)** | **(758.3)** | **617.3** |

---

The accompanying notes are an integral part of these consolidated financial statements.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Capital Reserves** | **Capital Reserves** | **Other Reserves** | **Other Reserves** | | | | |
| <u>EUR million</u> | **Share capital** | **Share capital-not yet registered (convertible loan)** | **Share capital- not yet registered<br> (NCI)** | **Capital reserve** | **Equity component of convertible<br> loans** | **Currency conversion** | **Cash flow hedges** | **Retained earnings** | **Capital and reserves attributable to the owners <br>of<br> SIGNA Sports United GmbH** | **Non-controlling interests** | **Group<br> equity** |
| **Balance as of Oct. 1, 2020** | **17.6** | **—** | **—** | **367.3** | **3.1** | **(0.4)** | **(0.3)** | **(64.6)** | **322.7** | **24.4** | **347.1** |
| Total income/(loss) |  |  |  |  |  |  |  | (46.0) | (46.0) |  | (46.0) |
| Other comprehensive income/(loss), net of tax |  |  |  |  |  | 0.6 | 0.5 |  | 1.1 |  | 1.1 |
| &nbsp;&nbsp;**Total comprehensive**<br>**income/(loss)**  | **—** | **—** | **—** | **—** | **—** | **0.6** | **0.5** | **(46.0)** | **(44.9)** | **—** | **(44.9)** |
| Capital Increase |  | 1.7 | 2.0 | 115.5 |  |  |  |  | 119.1 |  | 119.1 |
| Equity-settled share-based payment |  |  |  |  |  |  |  | 2.7 | 2.7 |  | 2.7 |
| Conversion of convertible loan |  |  |  | 73.8 |  |  |  |  | 73.8 |  | 73.8 |
| Dividends |  |  |  |  |  |  |  | (0.3) | (0.3) |  | (0.3) |
| Change in non-controlling interests (NCI) |  |  |  |  |  | (0.1) | (0.3) | (98.0) | (98.4) | (24.4) | (122.8) |
| Transaction costs of the capital increase after increase after taxes |  |  |  | (1.2) |  |  |  |  | (1.2) |  | (1.2) |
| **Balance as of Sep. 30, 2021** | **17.6** | **1.7** | **2.0** | **555.3** | **3.1** | **0.1** | **(0.1)** | **(206.3)** | **373.4** | **—** | **373.4** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

[Table](#i9559578996e046f78c63b20262409230_4)**<u>[of](#i9559578996e046f78c63b20262409230_4)[Contents](#i9559578996e046f78c63b20262409230_4)</u>**

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Capital Reserves** | **Capital Reserves** | **Other Reserves** | **Other Reserves** | | | | |
| EUR million | **Share capital** | **Capital reserve** | **Equity component of convertible<br> loans** | **Currency conversion** | **Cash flow hedges** | **Retained earnings** | **Capital and reserves attributable to the owners <br>of<br> SIGNA Sports United GmbH** | **Non-controlling interests** | **Group<br> equity** |
| **Balance as of Oct. 1, 2019** | **17.6** | **367.3** | **0.0** | **(0.8)** | **(0.2)** | **(39.7)** | **344.3** | **26.0** | **370.3** |
| Total income/(loss) |  |  | 0.0 | 0.0 | 0.0 | (24.8) | (24.8) | (0.9) | (25.6) |
| Other comprehensive income/(loss |  |  |  | 0.4 | (0.1) |  | 0.2 | (0.2) | 0.1 |
| **Total comprehensive total income/(loss)** | **—** | **—** | **—** | **0.4** | **(0.1)** | **(24.8)** | **(24.6)** | **(1.0)** | **(25.5)** |
| Equity-settled share-based payment |  |  | 0.0 |  |  | 0.1 | 0.1 |  | 0.1 |
| Recognition of equity component of convertible loans |  |  | 3.1 |  |  |  | 3.1 |  | 3.1 |
| Change in non-controlling interests |  |  | 0.0 | 0.0 | 0.0 | (0.1) | (0.1) | (0.6) | (0.8) |
| **Balance as of Sep. 30, 2020** | **17.6** | **367.3** | **3.1** | **(0.4)** | **(0.3)** | **(64.6)** | **322.7** | **24.4** | **347.1** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

------

[Table](#i9559578996e046f78c63b20262409230_4)**<u>[of](#i9559578996e046f78c63b20262409230_4)[Contents](#i9559578996e046f78c63b20262409230_4)</u>**

**Consolidated Statements of Cash Flows** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fiscal Year ended September,** | **Fiscal Year ended September,** | **Fiscal Year ended September,** |
| <u>EUR million</u> | **Note** | **2022** | **2021\*** | **2020\*** |
| **Loss before taxes from continuing operations** |  | **(565.9)** | **(36.2)** | **(22.6)** |
| Loss before taxes from discontinued operations |  | (26.4) | (8.3) | (5.0) |
| Loss before taxes for the total operations |  | (592.3) | (44.4) | (27.6) |
| Adjustments for |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and impairment | 7.1, 7.3 | 308.8 | 29.1 | 24.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from investments accounted for using the equity method |  | 1.2 | 1.3 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance costs | 6.6 | (15.0) | 4.6 | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation expense | 6.4 | 17.1 | 2.7 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash income and expenses |  | 1.7 | (3.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Listing expenses (IFRS 2 service charge) | 6.5, 6.7 | 121.9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other non-current assets |  | 1.3 | (0.7) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other non-current liabilities |  | 8.9 | 0.7 | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories |  | (40.4) | (29.2) | (10.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables |  | 3.3 | (4.6) | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current financial assets |  | (0.1) | (10.7) | (3.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets |  | (9.9) | (12.2) | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current provisions |  | (3.9) | 2.0 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables |  | 32.4 | 19.0 | (9.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current financial liabilities |  | (0.4) | 7.8 | (5.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities |  | (46.1) | 5.1 | 9.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities |  | 2.9 | (1.0) | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payments and refunds |  | (1.8) | 0.1 | (0.1) |
| **Cash flow used in continuing operating activities** |  | **(183.9)** | **(26.1)** | **(1.8)** |
| **Cash flow used in discontinued operating activities, net** |  | **(6.6)** | **(4.3)** | **(2.5)** |
| **Net cash flow used in operating activities** |  | **(190.5)** | **(30.4)** | **(4.2)** |
| Purchase of intangible assets and property, plant and equipment | 7.1, 7.3 | (45.5) | (24.4) | (25.7) |
| Proceeds from the sale of intangible assets and property, plant and equipment | 7.1, 7.3 | 0.9 | 1.5 | 0.0 |
| Acquisition of subsidiaries, net of cash acquired |  | (192.9) | (7.5) | (0.3) |
| Acquisition of shares in equity method investments |  |  |  | (1.2) |
| **Cash flow used in continuing investing activities** |  | **(237.5)** | **(30.4)** | **(27.2)** |
| **Cash flow used in discontinued investing activities, net** |  | **(0.6)** | **(1.2)** | **(0.9)** |
| **Net cash flow used in investing activities** |  | **(238.1)** | **(31.6)** | **(28.1)** |
| Proceeds from capital contributions | 8 | 402.7 |  |  |
| Transaction costs related to the Company Listing | 8 | (5.9) |  |  |
| Proceeds from the issue of convertible loans |  |  |  | 24.4 |
| Repayments of financial liabilities to related parties |  |  | (1.3) | (25.2) |
| Proceeds from financial liabilities from related parties | 7.14 | 80.1 |  |  |
| Proceeds of financial liabilities from financial institutions | 7.14 | 27.0 | 75.0 | 34.0 |
| Repayment of financial liabilities to financial institutions | 7.14 | (78.5) | (30.9) | (0.1) |
| Acquisition of non-controlling interests |  |  | (4.7) | (0.4) |
| Proceeds from the recapitalization | 3 | 23.6 |  |  |
| Proceeds of other loans |  |  | 0.2 |  |
| Repayment of other loans |  | (0.7) |  | (0.4) |
| Payments for lease liabilities | 7.4 | (19.1) | (10.1) | (7.4) |
| Interest paid |  | (5.9) | (3.4) | (4.0) |

---

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| | | | |
|:---|:---|:---|:---|
| **Cash flow from continuing financing activities** | **423.3** | **24.8** | **21.0** |
| **Cash flow used in discontinued financing activities, net** | **(0.5)** | **(7.7)** | **(1.2)** |
| **Net cash flow from financing activities** | **422.8** | **17.1** | **19.8** |
| **Effect of exchange rate changes on cash and cash equivalents** | **(1.9)** | **0.0** | **0.0** |
| **Change in cash and cash equivalents** | **(7.7)** | **(44.8)** | **(12.5)** |
| Cash and cash equivalents as of October 1 | 50.7 | 95.6 | 108.1 |
| Cash and cash equivalents as of September 30 | 43.0 | 50.7 | 95.6 |

---

\*The comparative numbers have been re-presented as a result of the discontinued operations. Refer to Note 11- Discontinued operations.

The accompanying notes are an integral part of these consolidated financial statements

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**Notes to the Consolidated Financial Statements**

**1. General information**

SIGNA Sports United Group (hereinafter also referred to as "the Company" or "the Group"), comprises the parent company SIGNA Sports United N.V. ("SSU N.V."), Berlin, Germany, and its direct and indirect subsidiaries. The Company is registered in the Commercial Register of the Chamber of Commerce (Kamer van Koophandel) in the Netherlands under number 82838194 with its registered office in Berlin. The address of the registered office of the Company is Kantstraße 164, Upper West, 10623 Berlin, Germany. SIGNA Sports United Group is a leading e-commerce platform for various sporting goods brands in continental Europe. Its business activities focus on the Tennis, Bike, Outdoor and Teamsport sectors. The Group markets its products mainly via various online platforms as well as through individual physical stores where customers are offered various sports and lifestyle products.

Prior to December 14, 2021, SIGNA Sports United N.V. was a shell company with no active trade or business or subsidiaries and all relevant assets and liabilities as well as income and expenses were borne by SIGNA Sports United GmbH. Therefore, the comparable consolidated financial statements represent the consolidated financial statements of Signa Sports United GmbH ("SSU GmbH") for all periods prior to December 14, 2021. For further details, see Note 3.

**2. Basis of preparation and general principles**

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") and the interpretations of the IFRS Interpretations Committee (IFRS IC) as issued by the International Accounting Standards Board (IASB).

The consolidated financial statements have been presented in euros, which is the Group's functional currency. Unless indicated otherwise, the amounts are presented in millions of euros (EUR million). Totals have been calculated on the basis of non-rounded euro amounts and may differ from a calculation based on the reported million euro amounts.

These consolidated financial statements comprise a consolidated statement of financial position as of September 30, 2022 and 2021 and a consolidated statement of profit or loss and other comprehensive income, a consolidated statement of cash flows, a consolidated statement of changes in equity and notes to the consolidated financial statements for the three fiscal year ended September 30, 2022 2021 and 2020. In accordance with IAS 1.99, expenses in the income statement are presented by their nature. This method provides information about expenses arising from the main inputs that are consumed in order to accomplish the Group's business activities. The ultimate parent company of the Group is SIGNA Retail GmbH, Vienna, Austria.

The consolidated financial statements have been prepared on a basis which assumes that the Group will continue as a going concern, and which contemplates the recoverability of assets and the satisfaction of the liabilities and commitments in the normal course of business.

The consolidated financial statements were authorized by management of SIGNA Sports United N.V. on February 6, 2023.

**Russia-Ukraine War**

With Russia's invasion of Ukraine, the geopolitical situation around the world intensified on February 24, 2022. The ongoing conflict in Eastern Europe and the imposed sanctions have led to significant global economic uncertainty followed by rising commodity prices and increased raw materials costs.

So far, the Russia-Ukraine war has not had a material impact on the Company's supply chain as it does not have any supply relationships with companies in this region. Nevertheless, the war has indirectly contributed to widespread macro-economic uncertainty around the world, and especially in Europe where high inflationary pressures coupled with an European energy crisis has resulted in rising energy prices for both companies and private households, increased cost of production and increased cost of materials. Consequently, this resulted in a deterioration of consumer sentiment and spending which impacted our revenue, cost of materials and adjusted EBITDA during the year.

The uncertainties about the future development of the war and its impact on the global economy remain and uncertainties in the global economy could have further adverse impacts on the Group and its supply chain, future sales as well as the Group's assets.

**Going Concern**

As an emerging growth online sports retail company, the Company is still in progress towards reaching break-even in its business. The Company is subject to a number of risks similar to those of other emerging growth online sports retail companies. These risks include, among other things, the failure to maintain or grow the Company's revenue or business, the risks associated with expanding into new geographic markets and negative developments in global and local economic conditions within the Company's markets as well as the capital markets. The Company´s ongoing success and ultimately the attainment of profitable operations depends on future uncertain events which include, among other things, obtaining adequate financing to fund the Company's net working capital requirements, meet debt service requirements, and continue to expand the business through merger and acquisition activities until the Company can generate sufficient revenues to support its operating cash requirements.

The Company has incurred operating losses since its inception. For the year ended September 30, 2022 the Group incurred a net loss from continuing operations of €565.7 million of which €580.0 million is related to loss from operations, resulting in an operating cash outflow of €190.5 million driven mainly by a build-up of inventories and legal fees relating to the Company listing (Refer to Note 3. DE-SPAC). As of September 30, 2022, the Company had generated an accumulated deficit of €758.3 million, and had an equity position of €617.3 million as

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well as short term debt obligations of €40.0 million, and financial covenants relating to quarterly minimum cash requirements of €30.0 million (which will increase to €50.0 million in June 2023) and minimum yearly adjusted EBITDA (of SIGNA Sports United GmbH as defined in the revolving facility agreement) requirements of €20.0 million which will be effective as of September 30, 2023.

As of September 30, 2022, the Group had cash and cash equivalents of €43.0 million. On September 28, 2022, the Company entered into a subscription agreement (the "Subscription Agreement") with SIGNA Holding GmbH, an affiliate of the Company's largest shareholder SISH to issue €100.0 million aggregate principal amount of convertible bonds (the "Convertible Bonds") to SIGNA Holding GmbH with a closing date on October 4, 2022, which was subsequently sold and transferred to our affiliate SIGNA European Invest Holding AG. The Convertible Bonds mature on October 4, 2028 and are divided into bonds in bearer form with a principal amount of €1.0 million each. The Convertible Bonds bear interest payable quarterly ("Quarterly Interest") as well as accrued interest ("PIK Interest"). Interest is payable from October 4, 2022, at a rate of three-month EURIBOR plus 4% per annum (which will increase to 5% per annum and 6% per annum on October 4, 2026 and October 4, 2027 respectively). PIK Interest accrues from October 4, 2022 at a rate of 7% per annum (which will increase to 8% per annum and 9% per annum on October 4, 2026 and October 4, 2027, respectively) as if it were payable quarterly in arrears on each interest payment date. Bondholders may convert the Convertible Bonds at any time into fully paid ordinary shares of the Company with a nominal value of €0.12 each. The initial conversion price for the Convertible Bonds is €10.3686. Bondholders have the right to increase the principal amount of the Convertible Bonds by an additional aggregate principal amount of up to €200.0 million as of closing of the convertible bond issuance and until and including September 30, 2023 in one or more tranches with minimum denominations of €1.0 million. Subsequently, on February 6, 2023, we received commitments from our affiliate SIGNA Holding GmbH to provide us with an equity-linked funding of an additional €130.0 million. The SIGNA Holding Equity Commitment Letter provides the Company with the right to issue and sell (put right) Additional Convertible Bonds to SIGNA Holding, at the same terms and conditions as the Initial Convertible Bonds, in one or more tranches until and including September 30, 2024 for an aggregate additional principal amount of €130.0 million of newly issued convertible bonds. Simultaneously with signing the SIGNA Holding Equity Commitment Letter, we entered into an amendment agreement to the SIGNA Holding RCF I with SIGNA Holding on February 6, 2023 (the "SIGNA Holding RCF I Amendment"). The purpose of the SIGNA Holding RCF I Amendment is to provide us with a bridge financing in the amount of up to €50.0 million until the respective tranches under the Additional Convertible Bonds have been issued and settled. Any amounts drawn under the additional €50.0 million in funding available to us under the amended SIGNA Holding RCF I will be repaid by issuing Additional Convertible Bonds in accordance with the terms and conditions of the SIGNA Holding Equity Commitment Letter to SIGNA Holding. In addition, on January 26, 2023, we received waivers from the lenders under the LBBW RCF waiving the requirement to comply with the net leverage covenant through the period ending June 2024 and the minimum adjusted EBITDA covenant for the testing period ending on September 30, 2023 and maintaining the available liquidity covenant at €30.0 million for each testing date after March 31, 2023. Furthermore, management plans to refocus on its core markets where it has established infrastructure and strong competitive positions, adjust its commercial and operating models to focus on efficiency and deliver transaction synergies such as procurement synergies and cross selling of its own brands.

The net proceeds from the Convertible Bonds and the revolving credit facilities are utilized to fund working capital needs, capital expenditures and general corporate purposes. The Company is convinced that its cash and cash equivalents will be sufficient to fund its planned operating cash requirements for the next twelve months from the date of issuance of these financial statements.

The accompanying consolidated financial statements for the year ended September 30, 2022 have therefore been prepared on a going concern basis also taking into consideration the plans described above. This contemplates the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. The audited consolidated financial statements do not reflect any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that would be necessary, was the Group unable to continue as a going concern.

**3. DE-SPAC**

On June 10, 2021, Yucaipa Acquisition Corporation ("Yucaipa"), SIGNA Sport United GmbH ("SSU GmbH"), SIGNA Sport United N.V. (formerly known as SIGNA Sports United B.V.), ("SSU N.V.") Olympics I Merger Sub, LLC ("Merger Sub") and SIGNA International Sports Holding GmbH entered into a Business Combination Agreement, contemplating several transactions, and in connection with which, Yucaipa would be merged with and into Merger Sub, with Merger Sub as the surviving company, SIGNA Sport United N.V. would be the ultimate parent company of SSU GmbH and SSU GmbH would consummate the acquisition of Mapil TopCo Limited ("Wiggle Group") (altogether: "Business Combination").

SSU N.V. was incorporated for the purpose of holding Merger Sub, SSU GmbH and Wiggle Group following the consummation of the Business Combination which occurred on December 14, 2021. Ordinary shares and warrants issued by SSU N.V. are listed on the New York Stock Exchange.

The merger of Yucaipa constituted a transaction by SSU N.V., which is accounted for within the scope of IFRS 2 as a "reverse recapitalization".

As part of the transaction, former shareholders of Yucaipa (public shareholders, sponsors and directors) received 12,584,315 shares of SSU N.V. and 17,433,333 warrants ("SSU Warrants") to purchase ordinary shares of SSU N.V. In exchange, SSU N.V. received the net assets held by Yucaipa, which had a fair value of €7.3 million upon closing of the transaction on December 14, 2021. The net assets included €23.6 million of cash and cash equivalents held in Yucaipa trust account, current liabilities of €5.7 million and €10.6 million deferred underwriting commissions. Upon closing of the Yucaipa Merger, Yucaipa Warrants were converted into SSU Warrants.

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In accordance with IFRS 2, the difference between the fair value of the net assets contributed by Yucaipa and the fair value of equity instruments provided to former Yucaipa shareholders is treated as an expense, resulting in an €121.9 million share listing expense classified within the other operating expenses (see Note 6.5 and 6.7). The 17,433,333 SSU Warrants give the holder the right, but not the obligation, to subscribe to SSU N.V.'s shares at a fixed or determinable price for a specified period of time subject to the provision of the Warrant Agreement. Due to an option of cashless exercise of the SSU Warrants, which gives SSU N.V. a choice over how the warrant is settled with a settlement alternative, that results in SSU N.V. delivering a variable number of shares. Therefore, the SSU Warrants are accounted for as financial liabilities through profit and loss.

SSU N.V. raised an additional €402.7 million in net equity proceeds through a private placement of ordinary shares with existing shareholders of SSU GmbH and Yucaipa as well as new investors ("PIPE Financing"). The PIPE Financing is treated as a capital contribution, which resulted in increases of €11.6 million and €391.1 million to share capital and capital reserve, respectively.

Both the Yucaipa Merger and PIPE Financing closed as of December 14, 2021. Upon consummation of the transactions, SSU N.V. became a publicly traded corporation on the New York Stock Exchange under the ticker SSU. The SSU Warrants are traded under the ticker SSU.WS. SSU N.V. incurred incremental transaction costs directly attributable to the issuance of new shares to Yucaipa shareholders and the PIPE Financing of €5.9 million, which it netted against the equity proceeds as a reduction in capital reserve.

SSU N.V. also amended existing share-based compensation agreements held by employees of SSU GmbH prior to the Yucaipa Merger, in addition to making additional cash and share-based payments to key management personnel (see Note 7.12).

**4. Effects of new IFRS applicable for the first time and in future periods**

**Standards to be applied in future periods**

The new and amended standards and interpretations that have been published, but not yet effective, are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **<u>Standard / Interpretation</u>** | **<u>Effective date</u>** |
| IFRS 17 Insurance Contracts | 1/1/2023 |
| Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) | 1/1/2023 |
| Definition of Accounting Estimate (Amendments to IAS 8) | 1/1/2023 |

---

The amendments to the standards and interpretations presented are expected to have only an insignificant impact on the consolidated financial statements and are therefore not discussed further.

**Standards applied for the first time in the current financial statements**

The following standards and interpretations were applied for the first time to these consolidated financial statements.

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| |
|:---|
| **<u>Standard / Interpretation</u>** |
| Interest Rate Benchmark Reform – Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) |
| COVID-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16) |
| Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) |
| Annual Improvements to IFRS Standards 2018-2020 |
| Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) |
| Reference to the Conceptual Framework (Amendments to IFRS 3) |

---

**Interest Rate Benchmark Reform**

The amendments were due to the interest rate benchmark reform – Phase 2. Cases of application for the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, which are now also applicable in the European Union, arise when the contracting parties to financial instruments agree to replace one reference interest rate with another reference interest rate as a result of the IBOR reform or when contract amendments become effective due to so-called fallback clauses on the occasion of IBOR reform.

**COVID-19-Related Rent Concessions**

The pronouncement amended IFRS 16 Leases to provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. On issuance, the practical expedient was limited to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2021.

Since lessors continue to grant COVID-19-related rent concessions to lessees and since the effects of the COVID-19 pandemic are ongoing and significant, the IASB decided to look into whether to extend the time period over which the practical expedient is available for use.

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**Onerous Contracts** – **Cost of Fulfilling a Contract (Amendments to IAS 37)**

The changes in Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37) specify that the 'cost of fulfilling' a contract comprises the 'costs that relate directly to the contract'. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labor, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract).

**Annual Improvements to IFRS Standards 2018-2020**

The IASB's annual improvements project provides a streamlined process for dealing efficiently with a collection of amendments to IFRS standards. Amendments are made through the annual improvements process when the amendment is considered non-urgent but necessary. In the cycle between 2018-2020 amendments to the following four standards have been made:

IFRS 1 (First-time Adoption of International Financial Reporting Standards)

Subsidiary as a first-time adopter. The amendment permits a subsidiary that applies paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by its parent, based on the parent's date of transition to IFRSs.

IFRS 9 (Financial Instruments)

Fees in the '10 per cent' test for derecognition of financial liabilities. The amendment clarifies which fees an entity includes when it applies the '10 per cent' test in paragraph B3.3.6 of IFRS 9 in assessing whether to derecognize a financial liability. An entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other's behalf.

IFRS 16 (Leases)

The amendment to Illustrative Example 13 accompanying IFRS 16 removes from the example the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives are illustrated in that example.

IAS 41 (Agriculture)

Taxation in fair value measurements. The amendment removes the requirement in paragraph 22 of IAS 41 for entities to exclude taxation cash flows when measuring the fair value of a biological asset using a present value technique. This will ensure consistency with the requirements in IFRS 13.

**Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16)**

Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16) amends the standard to prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss.

**Reference to the Conceptual Framework (Amendments to IFRS 3)**

The changes in Reference to the Conceptual Framework (Amendments to IFRS 3):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• update IFRS 3 so that it refers to the 2018 Conceptual Framework instead of the 1989 Framework;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• add to IFRS 3 a requirement that, for transactions and other events within the scope of IAS 37 or IFRIC 21, an acquirer applies IAS 37 or IFRIC 21 (instead of the Conceptual Framework) to identify the liabilities it has assumed in a business combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• add to IFRS 3 an explicit statement that an acquirer does not recognize contingent assets acquired in a business combination.

There are no material effects with regards to all above-mentioned standards and interpretations.

**5. Summary of significant accounting judgements, estimates, and significant accounting policies**

**5.1. Significant accounting judgements and estimates**

The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of income, expenses, assets and liabilities, and the accompanying disclosures. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis and revisions of estimates are recorded prospectively.

**Judgements**

Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements is included hereinafter:

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**Leases**

The Group exercises judgement in determining the lease term as the non-cancellable term of the lease, together with the impact of options to extend or terminate the lease if it is reasonably certain to be exercised. The Group assesses whether it is reasonably certain to exercise the option to renew. In doing so, management considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, management reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise the option to renew. Further information can be found in Note 7.4.

**CGUs / Goodwill**

Significant judgement is required by the Group for the determination of the cash generating units (CGUs) and the allocation of goodwill related to business combinations. Synergies are expected to be realized across the whole group from the expansion of existing business activities. Therefore, goodwill is allocated to the CGU groups Internetstores, Wiggle, Publikat, Tennis EU, Tennis US and OUTFITTER, Teamsport & Ballside. Further information can be found in Note 7.2.

**Share based payments**

On the grant date of each share-based payment agreement, judgement is required by the Group regarding the probability of the occurrence of future non-market conditions. The Group assesses the likelihood of meeting future non-market conditions on a case-by-case basis. In case the fulfillment of non-market conditions is more likely than not, the Group recognizes share based payments in accordance with IFRS 2. Further information can be found in Note 7.12.

**Yucaipa Warrants**

The Group exercises judgement in determining whether the Yucaipa Warrants were assumed as part of the DE-SPAC Transaction and, consequently, whether the assumption of such warrants constitutes a liability if those warrants are classified as financial liabilities in accordance with IAS 32. The Group assessed the specific facts and circumstances of the DE-SPAC Transaction and the terms and conditions of all associated agreements, including the Warrant Assignment, Assumption and Amendment Agreement, in making this determination. Accordingly, the Group concluded that the Yucaipa Warrants were assumed as part of the DE-SPAC Transaction and replaced with SSU Warrants. The SSU Warrants are accounted for as financial liabilities in accordance with IAS 32. Further information can be found in Note 3.

**Related parties**

Familie Benko Privatstiftung, a trust incorporated under Austrian law which has an independent management board which controls its own succession, is the ultimate beneficial owner of the shares held in SSU N.V by SIGNA International Sports Holding GmbH (SISH) in accordance with applicable US securities laws and SEC regulations. The trustors are Mr. René Benko and Ms. Ingeborg Benko and the members of the management board are Dr. Dieter Spranz, Dr. Marcus Mühlberger and Ms. Karin Furhmann. As of September 30, 2022, Familie Benko Privatstiftung indirectly holds interest in the SSU N.V through multiple holding companies also involving other minority shareholders.

In assessing SSU N.V's related party relationships, management exercised judgement in determining the Company's ultimate controlling party in accordance with IAS 24.13 and concluded that neither Familie Benko Privatstiftung, nor its trustors René Benko or Ingeborg Benko are considered the ultimate controlling party of SIGNA Sports United. In reaching this conclusion, management took into consideration the governance structure of the Familie Benko Privatstiftung which holds an indirect interest in the SSU N.V as well as other contractual relationships at multiple shareholder levels. As a result of the analysis, management concluded that Familie Benko Privatstiftung was an investor with significant influence and that SIGNA Retail GmbH was the ultimate controlling party of SSU N.V as of September 30, 2022. Further information can be found in Note 13.

**Key assumptions and sources of significant estimation uncertainty**

Some accounting and valuation methods require estimates to be made on the basis of complex and subjective judgements using assumptions, including for matters which are inherently uncertain and subject to change. These accounting estimates may change from period to period and have a significant effect on income, expenses and results, as well as the financial position and cash flows. Accounting estimates may also include estimates where management could reasonably have made a different estimate in the current accounting period compared to prior periods. Even though these estimates and assumptions were made to the best of management's knowledge, actual results may differ. Estimates and assumptions are reviewed on an ongoing basis. Changes in estimates and assumptions are recognized in the period in which the changes first occur and for future periods affected by the changes. Management expressly points out that future events often deviate from forecasts and that estimate must be adjusted regularly.

**Impairment of goodwill**

Goodwill is not amortized but is tested for impairment at least annually and whenever there is an indication that goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated to each CGU or group of CGUs expected to benefit from the synergies of the business combination. The assessment of impairment is based on management's judgement, in particular with regard to expected future discounted cash flows. The assessment of discounted future cash flows is based on key assumptions regarding revenues, costs and discount rates, as well as assumptions regarding future product portfolios, market penetration, market developments, the success of the integration of the acquired businesses and growth .

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Although the current assumptions (see Note 7.2) are considered reasonable and appropriate by management, a change in the assumptions may have a material impact on the items reported in the financial statements and result in the recognition of impairment losses or reversals of impairment losses in future periods.

**Impairment of intangible assets with indefinite useful lives**

Intangible assets with indefinite useful lives are not amortized but are tested for impairment at least annually and whenever there is an indication that the asset may be impaired. If there is an indication of impairment, the recoverable amount of those assets is determined by assessing the higher of the fair value less cost of disposal of the individual asset and the value in use for the CGU to which the intangible assets belongs.

Although the current assumptions (see Note 7.2) are considered reasonable and appropriate by management, a change in the assumptions may have a material impact on the items reported in the financial statements and result in the recognition of impairment losses or reversals of impairment losses in future periods.

Further information on the impairment test and subsequent measurement of goodwill and assets with indefinite useful lives is provided in Note 7.2

**Business combinations**

As a result of business combinations, SIGNA Sports United Group has reported goodwill in the consolidated statement of financial position. In a business combination, all identifiable assets, liabilities and contingent liabilities acquired are recognized at their fair values on the acquisition date. One of the most important estimates relates to the determination of the fair value of these assets, liabilities and contingent liabilities. In order to assess purchase price allocations, management of SIGNA Sports United Group uses appropriate valuation techniques to determine the fair value of the acquired assets, liabilities and contingent liabilities. These valuations are dependent on assumptions and assessments made by management (and supported by third party experts where deemed necessary) with regard to the future development of the assets concerned and changes in discount rates.

**Leases**

When accounting for leases under IFRS 16, certain assumptions and estimates are made by management, in particular when determining the discount rate (incremental borrowing rate). Further information can be found in Note 7.4.

**Revenue**

A particular degree of judgement is required in determining sales deductions for returns from customers, which are mainly estimated on the basis of experience from specific contractual obligations. The estimate of return rates or revocation rates results from the assessment of actual empirical observations, such as historical sales channel-related return rates. Further information can be found in Note 6.1.

**Critical judgments and accounting estimates**

The accounting policies that most frequently or significantly requires the Group to make judgments, estimates and assumptions and therefore are critical to understand our results of operations include the following, which are explained in the respective accounting policies below:

• Revenue recognition

Estimates and assumptions are required in determining sales deductions for returns from customers, which are mainly estimated on the basis of experience from specific contractual obligations.

• Business combinations

One of the most important estimates relates to the determination of the fair value of these assets, liabilities and contingent liabilities. Management of SIGNA Sports United Group uses appropriate valuation techniques to determine the fair value of the acquired assets, liabilities and contingent liabilities. These valuations are dependent on assumptions and assessments made by management with regard to the future development of the assets concerned and discount rates applied (see Note 15).

• Impairment of goodwill and assets with indefinite useful lives

The assessment of impairment is based on discretionary decisions by management, in particular in regard to assumptions for revenue growth, discount rates and EBITDA (which is defined as consolidated net income (loss) before interest, income taxes, depreciation, and amortization) plus impairment.

**5.2. Significant accounting policies**

**Measurement**

The consolidated financial statements have been prepared on a historical cost basis, except for certain items such as derivative financial instruments, hedging transactions and pensions and similar obligations.

The basis of measurement for these exceptions is described in the respective paragraphs below.

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**Principles of consolidation**

The consolidated financial statements include the financial statements of SIGNA Sports United N.V. and the financial statements of all subsidiaries directly or indirectly controlled by SIGNA Sports United N.V.. Control exists only if the parent company has power of disposal over the subsidiary, is exposed to positive and negative returns and is in a position to influence the level of variable returns based on voting or other rights.

The Group's interests in equity-accounted investees comprises joint ventures, namely Teamstolz GmbH and AEON SIGNA Sports United Co., Ltd.. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.

Interests in the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of the profit or loss and other comprehensive income of equity accounted investees, until the date on which significant influence or joint control ceases.

The financial statements of the consolidated subsidiaries included in the consolidated financial statements are generally prepared as of the balance sheet date of the parent entity. The financial statements of SIGNA Sports United N.V. and its subsidiaries included in the consolidated financial statements are prepared in accordance with uniform accounting policies. All intercompany assets and liabilities, equity, income and expenses, as well as cash flows from transactions between the consolidated companies are eliminated in full as part of the consolidation process. Acquisitions of companies that are not under common control are accounted for using the purchase method in accordance with IFRS 3 at the time of acquisition. Changes in shareholdings in Group companies which reduce or increase the shareholding of SIGNA Sports United N.V. without loss of control are accounted for as equity transactions between owners.

**Foreign currency** 

Transactions in foreign currencies are initially recognized in the functional currency by applying the spot rate prevailing at the time of the transaction to the foreign currency amount. Resulting currency gains and losses from currency translation are directly reported in the consolidated statement of profit or loss within the " Finance income and Finance costs". Differences arising from the translation of the financial statements of companies outside the euro zone are reported under equity in accordance with IAS 21 and reclassified to the consolidated statement of profit or loss when the gain or loss on disposal of SIGNA Sports United Group is recognized.

The financial information of the companies included in the scope of consolidation of SIGNA Sports United Group, whose functional currency is not the euro, is translated into the reporting currency of the consolidated financial statements as of the balance sheet date. Closing rates are used for the translation of the Financial Position, while average rates for the reporting period are used for the translation of the consolidated statement of profit or loss and other comprehensive Income. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction.

**Business combinations**

Business combinations that are not carried out under common control are accounted for using the acquisition method in accordance with IFRS 3 at the time of the acquisition. Acquisition costs are determined at the fair value of the assets given and liabilities taken over as well as on the basis of agreed contingent consideration at the time of acquisition. Incidental acquisition costs are expenses in the reporting period. Identifiable assets acquired and liabilities assumed in a business combination (including contingent liabilities) are initially measured at their fair values at the acquisition date, irrespective of non-controlling interests. A positive difference between the acquisition cost including the fair value of the non-controlling interest and the acquired assets and liabilities is recognized as goodwill. SIGNA Sports United N.V. applies the full goodwill method by way of business combination.

In the case of acquisitions concluded in stages, the fair values of the assets and liabilities of the acquired company are measured in accordance with IFRS 3 "Business Combinations" on the date on which the control is obtained. Resulting adjustments to the fair value of the existing shares are recognized in the consolidated statement of profit or loss. The carrying amount of the assets and liabilities already recognized in the consolidated statement of financial position is adjusted accordingly.

The application of the acquisition method requires certain estimates and assumptions, especially with regard to the fair values of the acquired intangible assets, property, plant and equipment and liabilities assumed at the time of acquisition, as well as the useful lives of the acquired intangible assets and property, plant and equipment.

The valuation is primarily based on expected cash flows. If the actual cash flows differ from those used in the calculation of fair values, this may have a material impact on future operating results. The valuations are based on the information available at the time of acquisition.

The valuation of the indefinite life intangible assets is based on the relief from royalty method at the time of the acquisition.

**Discontinued operations**

A discontinued operation is a component of an entity that either has been disposed of, or that is classified as held for sale. It must either: represent a major separate line of business or geographical area of operations; be part of a single coordinated disposal plan; or be a subsidiary acquired exclusively with a view to resale. Intercompany transactions between continuing and discontinued operations are eliminated against continuing operations. Non-current assets and disposal groups are not classified as assets held for sale if their carrying amount is to be recovered through continuing use.

In 2022, the Group decided to end its Stylefile business activities during the fourth quarter of 2022. The Group assessed that ending the activities of Stylefile within Publikat would qualify as a discontinued operation. Therefore, the profit or loss related to the Stylefile business

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is presented in a separate line item of the consolidated profit and loss section of the statements of profit or loss and other comprehensive income and consolidated statements of cash flow for the year ended September 30, 2022, 2021 and 2020. The segment reporting note and notes to the consolidated financial statements for the years ended September 30, 2022, 2021 and 2020 mainly represent continuing operations.

On November 21, 2022, the Group entered into an 'Asset Sale and Purchase Agreement - ASPA' to sell specific assets (mainly inventories, trademarks/domains and customer relationships) from its discontinued Stylefile business. The expected closing date of this agreement is July 31, 2023. For the period from November 1, 2022, until the closing date July 31, 2023, a 'Transitional Service Agreement - TSA' has been signed with the purchaser. According to the TSA, Publikat will resume the operations of Stylefile on behalf of the buyer until the transaction is finalized on the expected closing date of July 31, 2023. Accordingly, the Group no longer bears the economic risk or the profits/losses from the sales activities for Stylefile as of November 1, 2022.

**Goodwill and assets with indefinite useful lives**

Groups of CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the CGU or group of CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period.

Intangible assets with an indefinite useful life are tested for impairment at least annually and whenever there is an indication that the asset may be impaired. If there is an indication of impairment, the recoverable amount is determined for the CGU to which the intangible asset belongs. If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any intangible assets with an indefinite useful life allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit or whichever method reflects best the impairment.

If an indication arises that the reasons for impairment no longer exist, a review is carried out to determine whether a reversal of the impairment loss is required in whole or in part. Therefore, the carrying amount is written up to the recoverable amount, but not higher than the amortized cost of the asset, as if no impairment had taken place. Further information can be found in Note 7.2.

**Intangible assets**

Acquired intangible assets are initially measured at cost, whereas intangible assets acquired in a business combination are measured at fair value. After initial recognition, intangible assets are accounted for using the cost model.

Amortization of intangible assets with finite useful lives is calculated using the straight-line method. The estimated useful life and the amortization method are reviewed annually at the end of the reporting period and any changes in the useful life are accounted for prospectively.

Amortization of intangible assets is recognized in the consolidated statement of profit or loss. For further information on intangible assets, please see Note 7.1.

Besides scheduled amortization, an impairment test is performed if relevant events or changes in circumstances indicate that intangible assets may be impaired. If the carrying amount of an intangible asset exceeds its recoverable amount, the intangible asset is impaired. An impairment loss is recognized in the amount by which the carrying amount exceeds the recoverable amount. Assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (CGUs). If the reasons for impairment no longer exist, the impairment loss is reversed up to the amortized cost of the intangible asset.

Costs for internally generated intangible assets are capitalized in the consolidated statement of financial position, provided that these costs can be clearly assigned to the development phase and where the following criteria are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is technically feasible to complete the intangible asset so that it will be available for use

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management intends to complete the intangible asset and use or sell it

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is an ability to use or sell the intangible asset

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it can be demonstrated how the intangible asset will generate probable future economic benefits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expenditure attributable to the intangible asset during its development can be reliably measured.

The estimated useful lives of intangible assets are as follows:

---

| | |
|:---|:---|
| **<u>Intangible assets</u>** | **<u>Average useful life</u>** |
| Software  | 3 - 8 years |
| Customer relationships | Lower of the contract term and the useful economic life |
| Internally developed  | 3 - 5 years |
| Other intangible assets  | 3 - 5 years |

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Intangible assets with indefinite useful lives mainly relate to acquired brands and Internet domains. An analysis of product life cycle studies and market and competitive trends provides evidence that brands and Internet domains will generate appropriate revenues for the Group for an indefinite period.

Gains or losses arising from derecognition of intangible assets are recognized based on the difference between the net realizable value and the carrying amount of the intangible asset. The gain or loss is recognized in the consolidated statement of profit or loss in the period in which the intangible asset is derecognized.

**Property, plant and equipment**

Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. The cost of property, plant and equipment consists of expenses that must be incurred to acquire an asset and bring it to working condition. Subsequent costs, including repair and maintenance costs, are only recognized as part of the cost of an existing asset or, if applicable, as a separate asset, if it is probable that SIGNA Sports United Group will receive the future economic benefits attributable to the asset and the cost of the asset can be measured reliably. Expected future expenses for the removal of tenant fixtures upon the future termination of rental contracts are capitalized and depreciated through the expected rental term. All other expenses (e.g. for ongoing repairs and maintenance) are expensed as incurred.

Property, plant and equipment is depreciated on a straight-line basis over the following useful lives:

---

| | |
|:---|:---|
| **<u>Property, plant and equipment</u>** | **<u>Average useful life</u>** |
| Buildings | Up to 40 years |
| Technical facilities and machines | 4 - 13 years |
| Other facilities, operating and business equipment | 3 - 10 years |
| Leasehold improvements | Shorter of useful life and the term of the underlying lease |

---

In addition to depreciation and amortization, an impairment test is carried out and, if necessary, an impairment loss is recognized if there are relevant events or changes in circumstances that indicate that an impairment of property, plant or equipment may have occurred.

Property, plant and equipment is derecognized from the accounts either at the time of disposal or when no further economic benefit is derived from the respective items. Gains or losses on disposal or retirement are recognized in the consolidated statement of profit or loss in the period in which they arise.

Remaining carrying amounts and estimated useful lives as well as depreciation methods are reviewed annually and adjusted, if necessary.

**Right of return**

For certain categories of goods customers have a right to return these goods within a specified period. Return allowances, which reduce net revenues, are estimated based on historical experiences. The Group updates its estimates on a quarterly basis.

For goods that are expected to be returned from the customers, the Group recognizes a refund liability (included in other current liabilities in the consolidated statement of financial position). The liability is measured at the amount the Group ultimately expects it will have to return to the customer. A right of return asset (included in Inventories in the consolidated statement of financial position) and corresponding adjustment to cost of sales is also recognized for the right to recover products from the customers.

**Leases**

The Group assesses at contract inception of the lease whether a contract is, or contains a lease. The Group recognizes a right-of-use asset and a corresponding lease liability for all leases where the Group is the lessee. The Group elected to apply an exemption for low value leases as well as short-term leases in accordance with IFRS 16. Lease payments associated with low value leases and short-term leases are expensed on a straight-line basis over the lease term. Accordingly, no right of use assets or lease liabilities are recognized.

Upon initial recognition, the lease liability is measured at the present value of the lease payments not yet paid at the inception of the lease and is discounted on the basis of the interest rate underlying the lease. If this interest rate cannot be readily determined, the Group uses its incremental borrowing rate.

The following lease payments are included in the measurement of the lease liability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed lease payments (including de facto fixed payments), less incentive payments to be received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable lease payments based on an index or price, initially measured at the index or price at the inception of the lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expected payments by the lessee due to residual value guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise prices of purchase options if the lessee is reasonably certain that these will be exercised; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Penalties for the premature termination of leases, if the term of the lease is based on the exercise of the right to terminate the lease.

Subsequent measurement of the lease liability is made by increasing the carrying amount by the interest on the lease liability (using the effective interest method) and reducing the carrying amount by the lease payments made.

In the following cases, the Group remeasures the lease liability and adjusts the corresponding right-of-use asset accordingly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There has been a change in the lease term or there is a significant event or significant change in circumstances that results in a change in judgement with respect to the exercise of a purchase option. In this case, the lease liability is remeasured by discounting the adjusted lease payments at a revised discount rate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The lease payments change due to index or exchange rate changes or due to a change in the expected payment to be made on the basis of a residual value guarantee. In these cases, the lease liability is remeasured by discounting the adjusted lease payments at an unchanged discount rate, unless the change in the lease payments is attributable to a change in a variable interest rate. In this case, an updated interest rate is to be applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A lease is amended and the amendment to the lease is not recognized as a separate lease. In this case, the lease liability is remeasured on the basis of the term of the amended lease by discounting the amended lease payments at an updated interest rate at the effective date of the amendment.

Right-of-use assets are generally amortized over the term of the lease. However, if the useful life of the underlying asset is shorter than the term of the lease, the right-of-use asset shall be amortized over that period accordingly. This also applies in cases where a lease transfers ownership of the leased asset or where the Group deems the exercise of a purchase option agreed under the lease to be sufficiently certain and the exercise price is therefore already included in the cost of the right-of-use asset. Depreciation begins at the beginning of the lease.

To assess the need for an impairment of a right-of-use asset, the Group applies IAS 36 and recognizes all impairment losses as described in the accounting policies for property, plant and equipment.

**Share-based Payment**

IFRS 2 "Share-based Payment" is applied in accounting for share-based payment schemes involving employees and other participants who render the respective services.

In the case of equity-settled share-based payment, services are provided as consideration for equity instruments. The fair value of the services is determined at the grant date by reference to the fair value of the equity instruments. The fair value is recognized over the vesting period as personnel expenses with a corresponding increase in equity.

The fair value of equity instruments is determined using valuation models such as the Black-Scholes formula or a Monte Carlo model.

In the case of cash-settled shared-based payments a liability is recognized for the fair value of the cash-settled transaction.

**Fair value**

A number of accounting policies and disclosures of SIGNA Sports United Group require the measurement of fair values for both financial and non-financial assets and liabilities.

The valuation of assets and liabilities at fair value is based on the three-level "fair value hierarchy" or "level hierarchy" in accordance with IFRS 13 and the proximity of the valuation factors used to an active market. An active market is a market in which homogeneous products are traded, in which interested buyers and sellers can be found at any time and in which prices are publicly available. On the basis of the three-level measurement hierarchy, certain assumptions and estimates of management were used, in particular with regard to assets and liabilities at fair value, which were classified to Levels 2 and 3:

Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 2: Quoted prices other than those included in Level 1 that are observable, directly or indirectly, for the asset or liability. The fair value of Level 2 financial instruments is determined on the basis of the conditions prevailing at the end of the reporting period, such as interest rates or exchange rates, and using recognized models such as discounted cash flow or option pricing models.

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair value of Level 3 financial instruments was determined by reference to individual default expectations; these are based to a large extent on the Group's assumptions regarding the creditworthiness of the counterparty.

If the parameters used to determine the fair value of an asset or liability fall into different levels of the fair value hierarchy, the fair value measurement in its entirety is classified in the same level of the fair value hierarchy as the lowest input that is significant to the fair value measurement as a whole.

Investments accounted for using the equity method

Investments in associated companies are accounted for using the equity method. An associated company is a company over which SIGNA Sports United Group has significant influence, but not control.

Under the equity method, shares in associated companies are capitalized in the consolidated statement of financial position at acquisition cost. Goodwill in connection with the acquisition of associated companies is not amortized but tested for impairment as part of the total investment in the associate.

Subsequent to initial recognition, the consolidated financial statements include the Group's share of the profit or loss and OCI of equity-accounted investees, until the date on which significant influence or joint control ceases. Intercompany profits or losses arising from transactions between SIGNA Sports United Group and its associates are eliminated to the extent of SIGNA Sports United Group's interest in the associate.

Financial Instruments (IFRS 9)

**Financial assets**

SIGNA Sports United Group classifies its financial assets in the following measurement categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those to be measured subsequently at fair value either through OCI or through profit or loss (FVOCI or FVPL), and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those to be measured at amortized cost (AC)

The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows. SIGNA Sports United Group reclassifies debt investments when and only when its business model for managing those assets changes.

SIGNA Sports United Group recognizes a financial asset when, and only when, the Group becomes party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognized on trade date, the date that the Group commits to purchase or sell the asset.

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset measured not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

Subsequent measurement of financial assets depends on the Group's business model for managing the asset and the cash flow characteristics of the asset:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortized cost: Financial assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. For SIGNA Sports United Group, this category mainly comprises trade receivables, other financial assets (with the exception of derivatives and contingent receivables) and cash and cash equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FVOCI: Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets' cash flows represent solely payments of principal and interest on the principal amount outstanding, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the statement of profit or loss. Currently SIGNA Sports United Group does not hold any financial assets designated as FVOCI in accordance with IFRS 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FVPL: Financial assets that are not classified as measured at amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within other gains/(losses) in the period in which it arises. Currently SIGNA Sports United Group does not hold any financial asset designated as at FVPLs.

In accordance with the impairment provisions of IFRS 9, SIGNA Sports United Group applies the simplified approach to the valuation of expected credit losses (ECL), under which an allowance is made for trade receivables based on the expected losses over the term of the receivable. Due to the common default risk characteristics of company's trade receivables, the expected losses over the term of the receivable are determined on the basis of external industry-related ratings and internally determined past default rates, unless there is objective evidence of an individual deterioration in creditworthiness. The external rating reflects current and future-oriented information on macroeconomic factors affecting the ability of customers to settle the receivables. For reasons of materiality, no value adjustments are made for cash and cash equivalents and other financial assets.

Additionally, allowances for individual receivables are recognized if there is objective evidence of credit impairment. Objective indications may be payment arrears of a certain duration, the initiation of enforcement measures, the risk of insolvency or over indebtedness, the filing or opening of insolvency proceedings or the failure of restructuring measures. Account balances are written off either partially or in full if judged that the likelihood of recovery is remote. Allowances for doubtful accounts are regularly posted to separate allowance accounts.

Trade receivables are eliminated from the accounts after a reasonable estimate has been made if they are no longer realizable. This is the case, for example, if the debtor fails to commit to a repayment schedule vis-à-vis the Group or if no other partial repayment is foreseeable.

Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

**Financial liabilities**

SIGNA Sports United Group recognizes a financial liability when, and only when, the Group becomes party to the contractual provisions of the instrument. Financial liabilities are categorized as either financial liabilities at fair value through profit or loss (FVPL) or financial liabilities at amortized cost.

Financial liabilities are categorized as at FVPL if the financial liability is either held for trading or it is designated as at FVPL. Currently SIGNA Sports United Group holds warrants and put option liabilities at FVPL. Derivative financial liabilities for which hedge accounting is not applied are classified as held for trading upon initial recognition. Financial liabilities are initially recognized at fair value. Financial liabilities at FVPL are subsequently carried at fair value.

Other financial liabilities, including trade payables and the remaining other financial liabilities, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortized cost using the effective interest method, with interest expense recognized on an effective yield basis.

The Group recognizes financial liabilities if, and only if, the Group's obligations are discharged, cancelled or have expired.

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**Offsetting financial assets and liabilities**

Financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position where the Group currently has a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

**Derivative financial instruments and hedge accounting**

Derivative financial instruments, such as forward contracts, are used in the Group to hedge foreign currency risks for balance sheet items and future cash flows. SIGNA Sports United Group does not hold derivatives for speculative trading purposes.

Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. Where the derivative is not designated as a cash-flow hedge, subsequent changes in the fair value are recognized in profit or loss. Such derivatives are classified as a current asset or liability.

The group designates certain derivatives as cash flow hedges to hedge particular risks associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions.

At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. Currently the Group has only designated cash flow hedges.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.

When a hedging instrument matures, any gains or losses held in the cash flow hedge reserve are recycled to the statement of operations or inventory on the balance sheet when the related hedged item is recognized in the statement of operations or inventory on the balance sheet.

If a hedge no longer meets the criteria for hedge accounting, or the forecast transaction is no longer likely to occur, the cumulative gain or loss reported in equity is immediately reclassified to profit or loss.

**Inventories**

Inventories are valued at the lower of cost and net realizable value. The net realizable value is the estimated selling price of goods, minus the cost of their sale or disposal. In general, acquisition costs are determined using the weighted average purchase price, adjusted for reductions, e.g. from discounts, and ancillary acquisition costs, e.g. from customs duties. If circumstances which previously caused inventories to be written down below cost no longer exist or if there is clear evidence of an increase in net realizable value due to changed economic circumstances, the amount of the write-down is reversed. Further information can be found in Note 7.6.

**Provisions**

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. Provisions are measured in accordance with IAS 37 "Provisions, Contingent Liabilities and Contingent Assets," or, if applicable, IAS 19 "Employee Benefits." If it is expected that the cash flow required to settle an obligation will occur after one year, the provision is measured at the present value of the expected cash flow. Claims for reimbursement by third parties are shown separately in the consolidated statement of financial position if their realization is virtually certain. Further information can be found in Note 7.13.

**Contingent liabilities**

Contingent liabilities are possible obligations resulting from past events whose existence will only be confirmed by the occurrence of one or more uncertain future events that are not entirely within the control of SIGNA Sports United Group. Furthermore, contingent liabilities can be current obligations resulting from past events but which are not recognized in the consolidated statement of financial position because it is not probable that an outflow of resources will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. In accordance with IAS 37, such contingent liabilities are not recognized in the consolidated statement of financial position but disclosed in the notes.

**Revenue recognition**

Revenue is measured at the calculated transaction price including any effects of variable consideration, financing components, non-cash consideration and payments to customer. Revenue is recognized when the Group has satisfied the underlying performance obligations.

Revenue from the sale of merchandise is recognized on delivery of goods to the end consumer, which represents the point in time at which control transfers to the consumer and the Group's performance obligation is satisfied. Thus, transportation is not considered as separate performance obligation since customer obtains control of the goods after transport is completed. Revenue from the sale of merchandise is recognized at net value, i.e. after deduction of sales tax, returns, prepayments, customer discounts and rebates. Sales transactions generally include the right of the buyer to return the goods within a certain period of time. Sales deductions, including for returns from customers, are estimated mainly on the basis of past experience and specific contract provisions.

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Services (e.g. repair, product configuration, flocking) are recognized at the time of service provision, i.e. when the service is completed. The services that are offered by the Group usually run for a short period of time only. Accordingly, the revenue is recognized at a point in time rather than over a period.

Payment for the purchased goods or services is generally made either before delivery or when service is performed. In case of payment by invoice payment is due within short time after sending the goods to the customer. Cash is collected by the Group from the end consumer using payment service providers. A contract liability is recognized for customer advances as well as for unredeemed gift certificates.

**Income taxes**

Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI.

Management has determined that interest and penalties related to income taxes, including uncertain tax treatments, do not meet the definition of income taxes, and therefore accounted for them under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

Current income taxes

The current income tax expense is determined by applying the tax regulations in force on the balance sheet date in the countries in which SIGNA Sports United Group operates. Estimates are required in determining income taxes. The valuations by the relevant tax authorities may deviate from these estimates. This uncertainty is taken into account by the fact that uncertain tax positions are only recognized if SIGNA Sports United Group estimates the probability of their occurrence to be more than 50%.

Deferred income taxes

Deferred taxes are recognized in accordance with IAS 12 on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the amounts used for tax purposes. In addition, deferred tax assets are recognized for tax loss carryforwards and interest carryforwards. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for deductible temporary differences, tax loss carryforwards and interest carryforwards to the extent that it is probable that sufficient taxable income will be available in the future against which deductible temporary differences and/or tax loss carryforwards can be offset.

Deferred taxes are measured at the tax rates that are expected to apply in the period in which the asset is realized or the liability settled.

Deferred tax assets and liabilities arising from temporary differences in connection with investments in subsidiaries, branches and associates, and interests in joint arrangements shall be recognized, except to the extent that both of the following conditions are satisfied: the parent, investor, joint venturer or joint operator is able to control the timing of the reversal of the temporary differences; and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets and deferred tax liabilities are only offset if the Group has a legally enforceable right to set off current tax assets against current tax liabilities, deferred tax assets and liabilities relate to the same taxable entity and are examined by the same tax authority.

IFRIC 23 Uncertainty over Income Tax Treatments

IFRIC 23 clarifies the application of the recognition and measurement requirements of IAS 12 when there is uncertainty about the income tax treatment. For recognition and measurement, estimates and assumptions must be made, e.g., whether an estimate is made separately or together with other uncertainties, a most likely amount or expected amount for the uncertainty is used and whether changes have occurred compared to the previous period. The risk of detection from tax authorities is irrelevant for the recognition of uncertain balance sheet items. Accounting is based on the assumption that the tax authorities are investigating the matter in question and that they have all relevant information at their disposal.

There are no material effects on the consolidated financial statements of the Group.

Segment reporting

Management of SIGNA Sports United N.V. has appointed a strategic steering and control committee for SIGNA Sports United Group that evaluates the financial performance and situation of SIGNA Sports United Group and makes strategic decisions. This committee acts as Chief Operating Decision Maker ("CODM"). The steering and control committee consists of the Chief Executive Officer and the Chief Financial Officer. Based on the current reporting structures and decision-making processes, SIGNA Sports United N.V. identified five operating segments, which are represented as three reportable segments (see Note 17).

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**6. Notes to the Consolidated statements of Profit and Loss and Other Comprehensive Income**

**6.1. Revenue**

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** | **2020** |
| Revenue from the sale of merchandise | 1055.6 | 813.1 | 643.0 |
| Revenue from the sale of services | 7.2 | 0.6 | 1.4 |
| **Total** | **1062.8** | **813.7** | **644.4** |

---

The business activities of Tennis, Bike & Outdoor as well as Teamsport are managed globally, which includes activities in Germany (D), Austria (A) and Switzerland (CH), in United Kingdom, United States of America and France. In the presentation of geographical information, segment revenues were determined based on the geographical location of the customer.

**Information on major customer**

Revenues from one single customer do not exceed 10% of the revenues of SIGNA Sports United Group in the reporting period ending on September 30, 2022, 2021 and 2020.The following table shows the geographical breakdown of external revenues: &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>EUR million</u> | **Tennis** | **Bike & Outdoor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Teamsport** | **Revenue for the year ended Sept. 30, 2022** |
| Germany | 63.3 | 202.8 | 29.4 | 295.6 |
| Switzerland | 8.5 | 66.9 | 4.8 | 80.1 |
| United Kingdom | 8.5 | 158.5 |  | 167.0 |
| Austria | 12.3 | 21.3 | 0.5 | 34.1 |
| France | 30.0 | 81.1 | 1.8 | 113.0 |
| United States of America | 87.9 | 15.0 |  | 102.9 |
| Rest of the world | 48.6 | 217.7 | 3.9 | 270.2 |
| **Total** | **259.0** | **763.4** | **40.4** | **1062.8** |

---

The geographical information on segment revenues from the previous years is broken down as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>EUR million</u> | **Tennis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bike & Outdoor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Teamsport** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Revenue for the year ended Sept. 30, 2021** |
| Germany | 59.7 | 188.5 | 30.3 | 278.5 |
| Switzerland | 7.6 | 72.8 | 2.3 | 82.7 |
| United Kingdom | 8.1 | 9.9 |  | 18.1 |
| Austria | 11.1 | 22.0 | 1.0 | 34.1 |
| France | 18.6 | 104.7 | 1.9 | 125.3 |
| United States of America | 16.8 |  |  | 16.8 |
| Rest of the word | 43.5 | 208.9 | 5.7 | 258.2 |
| Total | 165.4 | 607.0 | 41.2 | 813.7 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>EUR million</u> | **Tennis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bike & Outdoor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Teamsport** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Revenue for the year ended Sept. 30, 2020** |
| Germany | 53.9 | 172.4 | 19.7 | 245.9 |
| Switzerland | 6.2 | 74.1 |  | 80.3 |
| United Kingdom | 6.7 | 0.1 |  | 6.8 |
| Austria | 11.1 | 17.3 | 0.9 | 29.4 |
| France | 19.7 | 78.8 | 0.5 | 99.0 |
| United States of America | 0.2 |  |  | 0.2 |
| Rest of the word | 27.7 | 154.7 | 0.5 | 182.9 |
| Total | 125.5 | 497.4 | 21.6 | 644.4 |

---

Refund liabilities

The following table provides information about the Group's refund liabilities from contracts with customers:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** | **2020** |
| Refund liabilities arising from right of return | 13.3 | 10.7 | 10.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

**6.2. Own work capitalized**

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** | **2020** |
| Own work capitalized | &nbsp;&nbsp;&nbsp;&nbsp;5.5 | 3.4 | 3.0 |
| **Total** | **5.5** | &nbsp;&nbsp;&nbsp;&nbsp;**3.4** | **3.0** |

---

Own work capitalized mainly comprises the capitalized development costs for internally generated software.

**6.3. Other operating income**

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** | **2020** |
| Other | 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;5.4 | 0.5 |
| **Total** | **5.2** | &nbsp;&nbsp;&nbsp;&nbsp;**5.4** | **0.5** |

---

**6.4. Personnel expenses**

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| Wages and salaries | (114.2) | (70.1) | (52.1) |
| Social contribution | (21.8) | (15.1) | (11.7) |
| Other personnel expenses | (27.3) | (3.8) | (2.7) |
| **Total** | **(163.3)** | **(89.0)** | **(66.5)** |

---

Other personnel expenses include €17.1 million share-based compensation expenses which mainly consists of a one-time IPO bonus which was awarded to all employees as well as to key management personnel as part of the Yucaipa Merger (see Note 7.12).

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The following table shows the annual average number of employees within SIGNA Sports United Group:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| | **2022** | **2021** | **2020** |
| Employees | 3623 | 2492 | 1914 |
| **Total** | **3623** | **2492** | **1914** |

---

**6.5. Other operating expenses**

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** | **2020** |
| Expenses for logistics and packaging | (121.9) | (81.0) | (61.8) |
| Marketing expenses | (89.2) | (62.7) | (41.7) |
| Expenses for warehousing, rents and similar expenses | (8.2) | (6.3) | (9.6) |
| Charges for payment services | (18.6) | (11.3) | (8.5) |
| Legal and consulting fees | (64.5) | (31.8) | (7.1) |
| IT expense | (19.7) | (14.2) | (9.4) |
| Administrative expenses | (15.3) | (7.3) | (3.3) |
| Temporary workers and other personnel related expenses | (12.0) | (11.9) | (8.2) |
| ECL allowance | (2.2) | (2.1) | (3.9) |
| Share listing expense (IFRS 2) | (121.9) |  |  |
| Other | (7.7) | (6.0) | (3.3) |
| **Total** | **(481.1)** | **(234.5)** | **(156.8)** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

For further information regarding the €121.9 million share listing expense see Note 6.7. The increase in legal and consulting fees resulted mainly from an increase in accounting, audit and legal fees. The increase is due to both one-time expenses associated with the Yucaipa Merger and PIPE Financing as well as efforts to operate as a public company. The remaining other operating expenses increased due to the acquisitions of Wiggle Group and Tennis Express in the current financial year as well as the acquisition of Midwest in the second half of the previous financial year.

**6.6. Finance income and cost**

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** | **2020** |
| **Finance income** |  |  |  |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;4.0 | &nbsp;&nbsp;0.7 |
| Other financial income | &nbsp;&nbsp;&nbsp;&nbsp;34.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.1 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**36.6** | &nbsp;&nbsp;&nbsp;&nbsp;**4.8** | &nbsp;&nbsp;**0.9** |
| **Finance cost** |  |  |  |
| Interest expense for financial liabilities carried at amortized cost | (5.7) | (8.1) | (7.7) |
| Other financial expenses | (15.3) | (1.1) | (0.1) |
| Interest expense for lease liabilities (IFRS 16) | (0.3) | (0.2) | (0.1) |
| **Total** | **(21.3)** | **(9.4)** | **(7.9)** |
| **Net finance income (costs)** | **15.3** | **(4.6)** | **(7.1)** |

---

The other financial income includes €16.4 million due to the revaluation of the warrants (see Note 6.7) as well as €16.4 million due to the revaluation of the put option liabilities for Tennis Express and Midwest Sports. Other financial expenses include currency losses of €14.9 million mainly resulting from intercompany balances and warrants revaluation.

**6.7. Share listing expense and change in fair value of warrant liabilities**

As described in Note 3, the Yucaipa Merger led to a Share listing expense. SSU N.V. issued shares with a fair value of €110.1 million to Yucaipa shareholders, comprised of the fair value of SSU N.V. shares, that were issued to Yucaipa shareholders of €8.75 per share

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(Yucaipa's closing price as of December 14, 2021). In exchange, SSU N.V received the identifiable net assets held by Yucaipa, which had a fair value upon closing of €7.3 million, comprising of investments held in Yucaipa's trust account partly offset by current liabilities by Yucaipa, deferred underwriting commissions and financial liabilities in the amount of €19.0 million accounted for the 17,433,333 Yucaipa Warrants considering a fair value of the warrants of €1.09 per warrant (price of Yucaipa Warrants at Closing of the Yucaipa Merger in EUR; closing price in USD as the denominated currency was USD 1.24). The excess of the fair value of the equity instruments issued over the fair value of the identified net assets contributed, represents a non-cash expense in accordance with IFRS 2. This one-time expense as a result of the Yucaipa Merger, in the amount of €121.9 million, is recognized as Share listing expense in other operating expenses within the Consolidated Statement of Profit or Loss. Details of the calculation of the Share listing expense are as follows:

---

| | | |
|:---|:---|:---|
| <u>EUR million, except per share data</u> |  |  |
| Shares to be issued by TopCo to Yucaipa | A | 12.6 |
| Yucaipa's closing price per share as of December 14, 2021 | &nbsp;&nbsp;B | &nbsp;&nbsp;8.8 |
| Fair value of shares deemed issued (A x B) | **C** | **110.1** |
| Yucaipa's net assets | &nbsp;&nbsp;D | &nbsp;&nbsp;7.3 |
| Fair value of the deemed issued Warrants | &nbsp;&nbsp;E | &nbsp;&nbsp;19.0 |
| Excess of Fair value of shares over Yucaipa's net assets acquired incl. Warrants (C - D + E) | **F** | **121.9** |

---

Upon closing of the Yucaipa Merger, Yucaipa Warrants were converted into SSU Warrants. The financial liability for the SSU Warrants is accounted for at fair value through profit and loss. The fair value of warrants decreased from €1.09 per warrant as of December 14, 2021 to €0.22 per warrant as of September 30, 2022. The result is a decrease in fair value of warrant liabilities of €15.3 million for the period.

**6.8. Income taxes**

Income tax benefits/(expenses) recognized in the consolidated statements of profit or loss

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** | **2020** |
| Current income tax | (2.0) | &nbsp;&nbsp;&nbsp;(1.7) | (0.5) |
| Deferred income tax | &nbsp;&nbsp;&nbsp;&nbsp;28.6 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;2.4 |
| **Total** | **26.6** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.6)** | &nbsp;&nbsp;**1.9** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

The current income tax expenses and benefits are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** | **2020** |
| **Earnings before taxes** | &nbsp;&nbsp;**(565.9)** | &nbsp;&nbsp;**(36.2)** | &nbsp;&nbsp;**(22.6)** |
| Expected income tax rate (of the parent company) | 30.2% | 30.2% | 33.0% |
| Income tax benefits based on the expected income tax rate | &nbsp;&nbsp;&nbsp;170.8 | &nbsp;&nbsp;&nbsp;10.9 | &nbsp;&nbsp;&nbsp;7.4 |
| Increase (decrease) in income tax expense due to: |  |  |  |
| Differences between the company's domestic and foreign tax rates | &nbsp;&nbsp;&nbsp;&nbsp;(5.3) | &nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;(0.7) |
| Non-deductible operating expenses | &nbsp;&nbsp;&nbsp;(145.8) | &nbsp;&nbsp;&nbsp;(0.5) | &nbsp;&nbsp;&nbsp;(0.4) |
| Effects of prior year taxes | (1.6) | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | 0.1 |
| Non-taxable income | &nbsp;&nbsp;&nbsp;132.4 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Non-recognition of deferred tax assets from temporary differences and<br>tax loss carryforwards | (13.9) | (12.1) | (4.0) |
| Non-deductible share listing expenses | (36.8) |  |  |
| Non-deductible goodwill impairment losses | &nbsp;&nbsp;&nbsp;(73.5) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Other | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;(0.2) | &nbsp;&nbsp;&nbsp;(0.5) |
| **Total income tax benefit (expense) on continuing operations** | &nbsp;&nbsp;&nbsp;**26.6** | &nbsp;&nbsp;&nbsp;**(1.6)** | &nbsp;&nbsp;&nbsp;**1.9** |
| Effective tax rate | (4.7%) | 4.4% | (8.2%) |

---

The tax rate used to calculate the expected tax income corresponds to the tax rate of SIGNA Sports United NV, Berlin/Germany, and consists of the corporate tax rate including the solidarity surcharge of 15.83% (2021 and 2020: 15.83%) and a trade tax rate of 14.35% (2021: 14.35% and 2020: 17.15%). The reduction of the trade tax rate in the previous year is due to the change of the registered office from SIGNA Sports United GmbH from Munich to Berlin.

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**6.9. Earnings per share ("EPS")**

Basic earnings/(loss) per share has been calculated by dividing the profit/(loss) for the year from continuing operations attributable to ordinary equity holders of the parent by the weighted average number of common shares outstanding during the period.

Diluted loss per share is computed using the weighted-average number of outstanding shares and excludes all potential shares outstanding during the period, as their inclusion would be anti-dilutive. The Group's potential shares consist of incremental shares issuable in relation to the Earn-out agreement entered into with SISH and Yucaipa and upon the assumed exercise of share options as well as the already granted but not yet vested employee shares as part of the one-time IPO bonus.

The calculation of earnings/(loss) per share is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** | **2020** |
| **Earnings** |  |  |  |
| Earnings for the purposes of basic earnings per share being net profit attributable equity holders of the parent entity from continuing operations | (539.3) | (37.7) | (19.8) |
| **Number of shares in millions** |  |  |  |
| Weighted average number of ordinary shares for the purposes of basic earnings per share | 316.5 | 202.5 | 202.5 |
| Basic and diluted loss per share from continuing operations in EUR | (1.7) | (0.2) | (0.1) |

---

Weighted average number of ordinary shares:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>in millions of shares</u> | **2022** | **2021** | **2020** |
| **Issued ordinary shares at October 1** | &nbsp;&nbsp;**202.5** | &nbsp;&nbsp;**202.5** | &nbsp;&nbsp;**17.3** |
| Effect of shares issued in October 2019 |  |  | 0.3 |
| Effect of reorganization | 45.4 |  | 184.9 |
| Effect of shares issued in December 2021 | 67.1 |  |  |
| Effect of shares issued in February 2022 | 0.0 |  |  |
| Effect of shares issued in March 2022 | 1.4 |  |  |
| Effect of shares issued in May 2022 | 0.1 |  |  |
| Effect of shares issued in September 2022 | 0.0 |  |  |
| **Weighted average number of ordinary shares at September 30** | **316.5** | **202.5** | **202.5** |

---

The total number of ordinary shares was adjusted for the effect of the reorganization (see Note 3), which is applied retrospectively to all prior periods presented.

Potential dilutive securities that are not included in the diluted per share calculations because they would be anti-dilutive are as follows:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>in millions of shares</u> | **2022** | **2021** | **2020** |
| Earn-out shares | 51.0 |  |  |
| Employee options | 0.6 | 1.3 |  |
| Employee RSUs | 0.8 |  |  |
| Board LTI RSUs | 0.3 |  |  |
| Convertible loan |  | 1.6 | 1.6 |

---

For the 51.0 million Earn-out shares, the 0.6 million employee options, the 0.8 million employee RSUs and the 0.3 million Board LTI RSUs the vesting conditions are not met as of September 30, 2022.

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**7. Notes to the Consolidated Statements of Financial Position**

**7.1. Intangible assets and goodwill**

The intangible assets as of September 30, 2022, are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <u>EUR million</u> | **Goodwill** | **Software** | **Domains** | **Brands** | &nbsp;&nbsp;**Customer relationships** | **Internally developed software** | **Other intangible assets** | **Total** |
| **<u>Cost</u>** |  |  |  |  |  |  |  |  |
| **Balance as of Oct. 1, 2021** | **129.5** | **27.7** | **159.2** | &nbsp;&nbsp;&nbsp;&nbsp;**6.2** | **15.3** | **20.7** | **16.9** | **375.5** |
| Business combinations | 401.8 | 12.5 |  | &nbsp;&nbsp;&nbsp;&nbsp;124.8 | 57.6 |  | 14.2 | 610.9 |
| Additions | &nbsp;&nbsp;&nbsp;&nbsp;— | 5.1 | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | 0.0 | 1.0 | 28.0 | 34.4 |
| Transfers | 0.0 | 0.5 |  | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;— | 1.9 | (2.5) | 0.0 |
| Disposals | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.3) |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | (0.1) | (0.9) | (1.4) |
| Currency translation difference | &nbsp;&nbsp;&nbsp;&nbsp;(5.8) | (0.4) | (1.0) | &nbsp;&nbsp;&nbsp;&nbsp;(3.4) | (1.1) |  | (0.5) | (12.1) |
| **Balance as of Sept. 30, 2022** | **525.4** | **45.1** | **158.4** | &nbsp;&nbsp;&nbsp;&nbsp;**127.8** | **71.8** | **23.5** | **55.2** | **1007.2** |
| **<u>Accumulated amortization</u>** |  |  |  |  |  |  |  |  |
| **Balance as of Oct. 1, 2021** | **0.0** | **(19.8)** | **(1.4)** | **(0.6)** | **(12.5)** | **(10.4)** | **(3.8)** | **(48.6)** |
| Additions\* | 0.0 | (7.2) | (0.2) | (3.1) | (6.3) | (5.2) | (3.9) | (25.9) |
| Impairment losses\* | &nbsp;&nbsp;&nbsp;&nbsp;(247.9) | 0.0 | (2.6) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 0.0 | (5.6) | (256.1) |
| Transfers |  | 0.0 | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.0 | 0.0 | 0.0 | 0.0 |
| Disposals | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.3 |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 0.1 | (0.2) | 0.2 |
| Currency translation differences |  | 0.1 |  | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | 0.1 |  | 0.3 | 0.5 |
| **Balance as of Sept. 30, 2022** | **(247.9)** | **(26.6)** | **(4.2)** | **(3.6)** | **(18.8)** | **(15.6)** | **(13.2)** | **(329.9)** |
| **Carrying amount as of Sept. 30, 2022** | **277.6** | **18.5** | **154.2** | &nbsp;&nbsp;&nbsp;&nbsp;**124.1** | **53.0** | **7.9** | **42.0** | **677.3** |

---

\*includes amounts of the discontinued operations, please refer to Note 11&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

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The intangible assets as of September 30, 2021, are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <u>EUR million</u> | **Goodwill** | **Software** | **Domains** | **Brands** | &nbsp;&nbsp;**Customer relationships** | **Internally developed software** | **Other intangible assets** | **Total** |
| **<u>Cost</u>** |  |  |  |  |  |  |  |  |
| **Balance as of Oct. 1, 2020** | **118.4** | **21.8** | **158.5** | &nbsp;&nbsp;&nbsp;&nbsp;**5.6** | **13.9** | **15.1** | **14.6** | **347.9** |
| Business combination | 11.1 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.5 | 1.3 |  |  | 12.8 |
| Additions | &nbsp;&nbsp;&nbsp;&nbsp;— | 3.2 | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | 0.0 | 1.8 | 9.1 | 14.3 |
| Transfers | 0.0 | 2.7 | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;— | 3.9 | (6.7) | 0.0 |
| Disposals | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.1) |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |  | 0.0 | (0.1) |
| Currency translation differences | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.0 | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.0 |  |  | 0.6 |
| **Balance as of Sept. 30, 2021** | **129.5** | **27.7** | **159.2** | &nbsp;&nbsp;&nbsp;&nbsp;**6.2** | **15.3** | **20.7** | **16.9** | **375.5** |
| **<u>Accumulated amortization</u>** |  |  |  |  |  |  |  |  |
| **Balance as of Oct. 1, 2020** | **0.0** | **(15.0)** | **(1.0)** | **(0.5)** | **(9.5)** | **(6.4)** | **(1.9)** | **(34.2)** |
| Additions\* | 0.0 | (4.9) | (0.2) | (0.1) | (3.0) | (4.1) | (1.9) | (14.2) |
| Impairment losses | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.0 | (0.2) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 0.0 |  | (0.2) |
| Transfers |  | 0.0 | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.0 | 0.0 | 0.0 | 0.0 |
| Disposals | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.1 |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |  |  | 0.1 |
| Currency translation differences |  | 0.0 |  | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | 0.0 |  |  | 0.0 |
| **Balance as of Sept. 30, 2021** | **0.0** | **(19.8)** | **(1.4)** | **(0.6)** | **(12.5)** | **(10.4)** | **(3.8)** | **(48.6)** |
| **Carrying amount as of Sept. 30, 2021** | **129.5** | **7.9** | **157.8** | &nbsp;&nbsp;&nbsp;&nbsp;**5.6** | **2.7** | **10.3** | **13.1** | **326.8** |

---

\*includes amounts of the discontinued operations, please refer to Note 11 &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

In the current reporting period, SIGNA Sports United Group completed two acquisitions and classified these as business combinations, which were accounted for using the acquisition method at the time of acquisitions in accordance with IFRS 3. For these business combinations, the purchase price was allocated to acquired tangible and intangible assets and assumed liabilities on the basis of their respective fair values. The difference between the purchase price and the net assets acquired was recognized as goodwill. Further details on the acquisitions of Tennis Express and Wiggle Group are presented in Note 15.

**7.2. Impairment test for goodwill and intangible assets with indefinite useful lives**

Goodwill has been allocated to groups of CGUs as follow:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <u>EUR million</u> | **CGU Group Internetstores** | **CGU Group Publikat** | **CGU Group Tennis US** | **CGU Group Tennis** | **CGU Wiggle** | **CGU Group OUTFITTER Teamsport & Ballside** |
| Goodwill (September 30, 2022) | 150.1 |  | 32.1 | 29.6 | 64.8 | 1.0 |
| Goodwill (September 30, 2021) | 88.9 | 4.1 |  | 35.4 |  | 1.0 |

---

The CGU group Tennis US and CGU Wiggle were introduced in the period from October 1, 2021, to September 30, 2022, due to the acquisitions of the Wiggle Group and Tennis Express (see Note 15). In addition, management started to monitor goodwill for Midwest Sports and Tennis Express at the operating segment level following the acquisition of Tennis Express. Consequently, the goodwill associated with Midwest of €7.2 million is monitored as part of CGU Group Tennis US instead of the CGU Group Tennis as in the prior year.

The goodwill arising from the business combination with Wiggle Group is mainly attributable to the synergies expected from the integration of the Wiggle Group into the Group's existing bike and outdoor business. Consequently, the expansion of the existing business activities and the expected synergy benefits from the expansion into new markets and business segments resulted in the allocation of €61.2 million of the Goodwill to the group of CGUs Internetstores.

Management has determined the recoverable amount of the CGU groups to which the goodwill is allocated by assessing the higher of the fair value less cost of disposal and the value in use.

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The following table shows the key assumptions used in the impairment test for those CGU groups to which significant goodwill is allocated. Significant assumptions are relevant in order to compare the carrying amount with the recoverable amount, which, in the case of the CGU groups below, is defined as fair value less costs of disposal. The values assigned to the key assumptions represent management's assessment of future trends in the relevant industries and are based on historical data from both external and internal sources.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** |
|  | **CGU Group Internetstores** | **CGU Group Tennis US** | **CGU Group Tennis** | **CGU Group<br>OUTFITTER Teamsport & Ballside** |
| WACC (after taxes) | 10.21% | 9.62% | 9.53% | 9.85% |
| Tax rate | 30.53% | 27.00% | 30.21% | 28.08% |
| 6-year CAGR (Compound Annual Growth Rate) | 20.06% | 12.70% | 17.61% | 13.06% |
| Growth rate terminal value | 1.00% | 1.00% | 1.00% | 1.00% |
| Terminal value EBITDA margin | 11.19% | 10.86% | 10.34% | 8.75% |
| Carrying amount in EUR million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.1 | 22.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2021** | **As of September 30, 2021** | **As of September 30, 2021** | **As of September 30, 2021** |
| | **CGU Group Internetstores** | **CGU Group Publikat** | **CGU Group Tennis** | **CGU Group<br>OUTFITTER Teamsport & Ballside** |
| WACC (after taxes) | 8.86% | 9.17% | 9.43% | 9.05% |
| Tax rate | 26.50% | 28.08% | 28.98% | 31.93% |
| 5-year CAGR (Compound Annual Growth Rate) | 25.63% | 15.87% | 21.09% | 19.56% |
| Growth rate terminal value | 0.50% | 0.50% | 0.50% | 0.50% |
| Terminal value EBITDA margin | 13.49% | 9.44% | 11.73% | 9.44% |
| Carrying amount in EUR million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293.2 | 44.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.7 | 20.8 |

---

For the goodwill impairment test, the recoverable amount of the CGU groups that are mentioned in the tables above for the financial year ending September 30, 2022 and 2021 was determined on the basis of fair value less costs of disposal, which requires the use of assumptions. The calculations are based on cash flow projections from financial budgets approved by management and covers a period of six years until TV (Terminal Value) in 2028. Accordingly, the budget represents an appropriate financial basis for the calculation of a fair value less cost of disposal, which would be paid in an orderly transaction between market participants. As there is no active market, fair values are calculated as the sum of discounted cash flow projections less costs of disposal, estimated at 3% (2021: 3%). (Level 3 of the valuation hierarchy). Cash flows beyond the six-year period are extrapolated using the estimated terminal value growth rates mentioned above. The terminal value growth rate was determined based on management's estimate of the long-term compound annual EBITDA growth rate (please refer to Note 17), consistent with the assumptions that a market participant would make. Assumed 6-year CAGR mentioned above were projected taking into account the average growth levels experienced over the past five years and the estimated sales volume and price growth for the next six years. Growth rates in the past were above average market growth, partially due to the effect of the COVID-19 Pandemic on online sales of the product groups within each group of CGUs. It was assumed that sales prices would increase in line with forecast inflation over the next six years in the respective market environments of the CGU groups. The budgeted EBITDA takes into account the 6-year CAGR projected as described above. The planning period was extended from five to six years due to the current uncertain economic environment.

For the CGU Group Wiggle CRC, the recoverable amount was based on its value in use, determined by discounting the future cash flows from the continuing use of the CGU. Five years of cash flows were included in the discounted cash flow model. Budgeted EBITDA considers historical performance and anticipated revenue growth adjusted for inflation. Revenue growth is projected by considering the average growth levels experienced over the past five years, estimated sales volume and estimated price growth for the next five years. Taking into consideration the decrease in the Wiggle CRC generated revenues during the fiscal year ended September 30, 2022 and increased time required to realize synergies as well as adverse impact of inflation and supply chain constraints on the overall performance of the Wiggle CRC Group, the carrying amount of the CGU was determined to be higher than its recoverable amount resulting in an impairment loss of €243.7 million which was recognized in the fiscal year ended September 30, 2022. The impairment loss is fully allocated to goodwill and is included in 'Impairment Loss'.

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[Table](#i9559578996e046f78c63b20262409230_4)**<u>[of](#i9559578996e046f78c63b20262409230_4)[Contents](#i9559578996e046f78c63b20262409230_4)</u>**

The key assumptions used in the estimation of value in use were as follows:

---

| | |
|:---|:---|
| WACC | 9.68% |
| Tax rate | 25.00% |
| 5-year CAGR (Compound Annual Growth Rate) | 16.10% |
| Growth rate terminal value | 1.00% |
| Terminal value EBITDA margin | 7.47% |
| Carrying amount in EUR million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533.2 |

---

The recoverable amount of goodwill within the CGU Group Wiggle CRC is equal to the carrying amount following the impairment recognized during the year. Any adverse movements in a key assumption would trigger further impairments.

For the CGU Group Publikat, the recoverable amount was determined on the basis of the fair value less cost of disposal. Subsequent to year end, the company Publikat entered into a sale and purchase agreement to sell a material portion of the company to an interested market participant (see Note 5). As there is an active market (Level 1 of the fair value hierarchy), fair values were determined through the market price. Consequently, the carrying amount of the CGU was determined to be higher than its recoverable amount and an impairment loss of €4.8 million was recognized for the fiscal year ended September 30, 2022. The impairment loss was allocated to goodwill in the amount of €4.1 million and domains in the amount of €0.7 million. Both amounts are included in 'Loss from discontinued operations, net of tax'.

*Intangible assets with an indefinite useful life*

As required by IAS 36, intangible assets with an indefinite useful life have to be tested for impairment annually.

Net Intangible assets with indefinite useful lives amounted to €250.1 million as of September 30, 2022 (2021: €163.1 million). The Internetstores group comprises 24 brands and domains with carrying amounts between €0.1 million and €33.1 million (2021: €0.2 million and €33.1 million). The Tennis group comprises 21 brands and domains with carrying amounts between €0.1 million and €8.3 million (2021: €0.1 million and €8.3 million). Publikat comprises of one domain with book value of €0.1 million (2021: €0.1 million and €0.5 million). Outfitter Teamsport & Ballside comprise of one domain with book value of €3.8 million (2021: €3.8 million). The Wiggle group which were introduced in the current year (see note 15) comprises 2 brands (Wiggle and Chain reactions CRC),with carrying amounts of €42.4 million and €49.5 million (2021: € — million and € — million) The largest internet domains names being www.fahrrad.de and www.bikester.ch with a carrying amount of €33.1 million and €25.8, respectively. All other individual domains/brand names not mentioned above have carrying amounts that are below 10% of the total carrying amount of all indefinite useful life intangible assets.

As internet domains are unique alphanumeric names that are used to identify a particular numeric internet address, there are no indications that the domains might be subject to technical, technological, commercial or other types of obsolescence. Although domains have fairly short legal lives, they can be automatically renewed without great effort. As such, they have an indefinite useful life.

Management has determined the recoverable amount of those assets by assessing the higher of the fair value less cost of disposal and the value in use for the CGU to which the intangible assets belongs. The fair value less cost of disposal calculations are based on cash flow projections from financial budgets approved by management and covers a period of six years up to TV (Terminal Value) in 2028. Accordingly, the budget represents an appropriate financial basis for the calculation of fair value less cost of disposal, which would be paid in an orderly transaction between market participants. As there is no active market, fair values are calculated as the sum of discounted cash flow projections less costs of disposal, estimated at 3% (2021: 3%) (Level 3 of the valuation hierarchy. Cash flows beyond the six-year period are extrapolated using the estimated terminal value growth rates mentioned above. The terminal value growth rate was determined based on management's estimate of the long-term compound annual EBITDA growth rate (please refer to Note 17), consistent with the assumptions that a market participant would make. Assumed 6-year CAGR mentioned above were projected taking into account the average growth levels experienced over the past five years and the estimated sales volume and price growth for the next six years. Growth rates in the past were above average market growth in the online sales of the product groups of each group of CGUs. It was assumed that the sales price would increase in line with forecast inflation over the next six years on the respective market environment of the CGU groups. The budgeted EBITDA takes into account the 6-year CAGR projected as described above.

The value in use calculation discounts the expected future cash flows from the continuing use of the CGU to which the assets belong. Five years of cash flows were included in the discounted cash flow model. Budgeted EBITDA considers historical performances and anticipated revenue growth adjusted for inflation. Revenue growth was projected by considering the average growth levels experienced over the past five years, estimated sales volume and price growth for the next five years.

The following table summarizes the allocation of carrying amounts and significant assumptions used in determining fair value less costs of disposal as of September 30, 2022:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** |
| | **Internetstores<br>(incl. Fahrrad.de<br>and Bikester.ch)** | **Wiggle Group** | **Tennis** | **Outfitter**<br>**Teamsport &**<br>**Ballside&nbsp;&nbsp;&nbsp;&nbsp;** |
| WACC (after taxes) | 10.07%-12.93% | 9.95% | 9.53%-12.36% | 9.82% |
| 6-year CAGR (Compound Annual Growth Rate) | 20.06% | 12.70% | 17.61% | 13.06% |
| Royalty rate | 0.72%-1.95% | 1.00%-1.25% | 0.57% | 0.92% |
| Carrying amount in EUR million | 136.2 | 103.5 | 15.3 | 3.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2021** | **As of September 30, 2021** | **As of September 30, 2021** | **As of September 30, 2021** |
| | **Internetstores<br>(incl. Fahrrad.de<br>and Bikester.ch)** | **Publikat** | **Tennis** | **Outfitter**<br>**Teamsport &**<br>**Ballside&nbsp;&nbsp;&nbsp;&nbsp;** |
| WACC (after taxes) | 8.63% - 10.38% | 9.01% - 10.42% | 9.13% - 10.87% | 9.04% |
| 5-year CAGR (Compound Annual Growth Rate) | 25.63% | 15.87% | 20.63% | 19.56% |
| Royalty rate | 0.72% - 5.27% | 0.27% | 1.08% - 1.54% | 1.17% |
| Carrying amount in EUR million | 136.4 | 0.7 | 15.3 | 3.8 |

---

In the fiscal year ended September 30, 2022, the fair value less costs of disposal calculation indicated the need for impairments of intangible assets with an indefinite useful life within Internetstores, Wiggle Group and Tennis. As a result, the value in use was calculated for the following CGUs where the respective asset belongs using the following key assumptions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** |
| | **Bike<br> Germany** | **Bike <br>Switzerland** | **Outdoor<br>Sweden** | **Outdoor<br>Switzerland** | **Tennis<br>Germany** |
| WACC | 10.21% | 10.21% | 10.21% | 10.21% | 9.70% |
| Tax rate | 30.53% | 30.53% | 30.53% | 30.53% | 30.21% |
| 5-year CAGR (Compound Annual Growth Rate) | 20.14% | 20.14% | 20.14% | 20.14% | 18.11% |
| Growth rate terminal value | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Terminal value EBITDA margin | 9.65% | 9.65% | 9.65% | 9.65% | 7.76% |
| Carrying amount in EUR million | 65.2 | 32.0 | 9.7 | 13.0 | 15.3 |

---

The carrying amount of the CGUs mentioned above was determined to be lower than its recoverable amount and therefore no impairment losses were recognized for the fiscal year ended September 30, 2022.

The assets belonging to the Wiggle Group have been tested on the CGU Wiggle level and no impairment was identified.

In the fiscal year ended September 30, 2022, management started a rebranding of the running operations and therefore discontinued the domains jogging-point.de and jogging-point.uk. This resulted in impairments of €1.3 million, recognized in "Impairment Loss" expenses in the consolidated statements of profit or loss.

In the fiscal year ended September 30, 2021, management discontinued the operations of the domains Bigtree.de, Bigtree.fr and Bigtree.nl as well as the domains Stylfile.it, Stylefile.es and Stylfile.com. This resulted in impairments of €0.2 million, recognized in "Impairment Loss" expenses in the consolidated statements of profit or loss.

*Significant estimates: Effects of possible changes in key assumptions*

Assumptions made were subjected to sensitivity analyses in which the effects of a change in the parameters on the values were calculated.

Management has identified that a change in key assumptions could cause the carrying amount to exceed the recoverable amount. The following tables show the amount by which the key assumptions would need to change for significant goodwill, CGUs and significant intangible assets with an indefinite useful life individually for the estimated recoverable amount to be equal to the carrying amount.

The analysis below has been performed on a ceteris paribus basis and does not consider interdependencies between changes in key assumptions.

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The difference between the carrying amount and recoverable amount (headroom) is disclosed below for those intangible assets with indefinite useful lives, CGUs and group of CGUs (unit) where a reasonably possible change in key assumption on which management has based its determination of the unit's recoverable amount would cause the unit's carrying amount to exceed its recoverable amount.

---

| | | | |
|:---|:---|:---|:---|
| | **Goodwill** | **Goodwill** | **Goodwill** |
| | 2022 | 2022 | 2022 |
| <u>In percentage points</u> | Terminal Value EBITDA margin | 6-year CAGR<br>(Compound Annual Growth Rate) | Headroom in EUR million |
| CGU Group Internetstores | (4.8) | (8.3) | 329.8 |

---

---

| | | |
|:---|:---|:---|
| | **Goodwill** | **Goodwill** |
| | 2021 | 2021 |
| <u>In percentage points</u> | Terminal Value EBITDA margin | 5-year CAGR<br>(Compound Annual Growth Rate) |
| CGU Group Internetstores | (11.2) | (10.0) |
| CGU Group Tennis | (7.9) | (5.8) |
| CGU Group Publikat | (0.2) | (2.9) |

---

As discussed above, due to the indication of impairment identified in the current fiscal year ended September 30. 2022, we have performed our analysis of significant intangible assets with an indefinite useful life on a CGU basis instead of on an asset level as in the prior fiscal year ended September 30, 2021.

---

| | | | |
|:---|:---|:---|:---|
| | **CGUs** | **CGUs** | **CGUs** |
| | 2022 | 2022 | 2022 |
| <u>In percentage points</u> | Terminal Value EBITDA margin | 5-year CAGR<br>(Compound Annual Growth Rate) | Headroom in EUR million |
| Bike Switzerland | (0.7) | (1.5) | 4.1 |
| Outdoor Switzerland | (1.3) | (2.9) | 2.7 |

---

---

| | |
|:---|:---|
| | **Intangible assets with an indefinite useful life** |
| | 2021 |
| <u>In percentage points</u> | 5-year CAGR<br>(Compound Annual Growth Rate) |
| Fahrrad.de | (20.6) |
| Bikester.ch | (19.1) |
| Internetstores (excl. Fahrrad.de and Bikester.ch) | (30.2) |
| Tennis | (15.3) |
| Outfitter Teamsport & Ballside | (27.1) |

---

**7.3. Property, plant and equipment and right-of-use assets**

Property, plant and equipment excluding right-of-use assets accounted for in accordance with IFRS 16 are as follows as of September 30, 2022:

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>EUR million</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Land and buildings** | &nbsp;&nbsp;&nbsp;**Technical facilities and machine** | **<u>Other facilities, operating business</u>**<br>**<u>equipment</u>** | **Assets under construction** | **Total** |
| **<u>Cost</u>** |  |  |  |  |  |
| **Balance as of Oct. 1, 2021** | **4.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7** | **41.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58.4** |
| Business combination | &nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 7.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| Additions | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | 4.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 |
| Transfers | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Disposals | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.6) | (3.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.8) |
| Currency translation differences | &nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (0.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.3) |
| **Balance as of Sept. 30, 2022** | **6.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** | **51.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**76.4** |
| **<u>Accumulated depreciation</u>** |  |  |  |  |  |
| **Balance as of Oct. 1, 2021** | **(0.9)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.1)** | **(16.7)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | **(20.7)** |
| Additions\* | (0.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.6) | (5.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.9) |
| Impairment loss | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (3.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.6) |
| Disposals | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | 3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Currency translation differences | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| **Balance as of Sept. 30, 2022** | **(1.5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.1)** | **(22.4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.0** | **(28.0)** |
| **Carrying amount as of Sept. 30, 2022** | **5.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** | **28.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48.5** |

---

\*includes amounts of the discontinued operations, please refer to Note 11&nbsp;&nbsp;&nbsp;&nbsp;

Property, plant and equipment as of September 30, 2021, is:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>EUR million</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Land and buildings** | &nbsp;&nbsp;&nbsp;**Technical facilities and machine** | **Other facilities, operating business<br>equipment** | **Assets under construction** | **Total** |
| **<u>Cost</u>** |  |  |  |  |  |
| **Balance as of Oct. 1, 2020** | **3.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** | **31.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** | **49.9** |
| Business combinations | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 0.1 |
| Additions | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | 3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | 9.8 |
| Transfers | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | 7.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.4) |  |
| Disposals | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 | (1.5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (1.5) |
| Currency translation differences | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| **Balance as of Sept. 30, 2021** | **4.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7** | **41.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** | **58.4** |
| **<u>Accumulated depreciation</u>** |  |  |  |  |  |
| **Balance as of Oct. 1, 2020** | **(0.4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.8)** | **(13.8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | **(16.0)** |
| Additions | (0.4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.1) | (4.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (5.6) |
| Impairment loss | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.2) | &nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.4) |
| Disposals | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1.4 |
| Currency translation differences | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 0.0 |
| **Balance as of Sept. 30, 2021** | **(0.9)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.1)** | **(16.7)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.0** | **(20.7)** |
| **Carrying amount as of Sept. 30, 2021** | **3.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6** | **24.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** | **37.7** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Further details of the acquisitions are shown in Note 15.

**7.4. Leases**

The right-of-use assets recognized in accordance with IFRS 16 are as follows as of September 30, 2022:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>EUR million</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Land and buildings** | &nbsp;&nbsp;&nbsp;**Technical facilities and machine** | **Other facilities, operating business<br>equipment** | **Total** |
| **<u>Cost</u>** |  |  |  |  |
| **Balance amount as of Oct. 1, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** | **83.8** |
| Additions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | 87.8 |
| Derecognition | (10.6) | (4.0) | (1.0) | (15.6) |
| Acquisition through business combinations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 25.1 |
| Currency translation differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (0.9) |
| **Balance amount as of Sept. 30, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**178.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.4** | **180.2** |
| **<u>Accumulated depreciation</u>** |  |  |  |  |
| **Balance as of Oct. 1, 2021** | **(21.1)** | **(1.9)** | **(0.2)** | **(23.2)** |
| Additions\* | (21.8) | (0.5) | (0.1) | (22.4) |
| Derecognition | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | 5.0 |
| Currency translation differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 | 0.1 |
| **Balance as of Sept. 30, 2022** | **(39.9)** | **(0.5)** | **(0.1)** | **(40.6)** |
| **Carrying amount as of Sept. 30, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**138.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.2** | **139.6** |

---

\*includes amounts of the discontinued operations, please refer to Note 11&nbsp;&nbsp;&nbsp;&nbsp;

The right-of-use assets recognized in accordance with IFRS 16 are as follows as of September 30, 2021:&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>EUR million</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Land and buildings** | &nbsp;&nbsp;&nbsp;**Technical facilities and machine** | **Other facilities, operating business<br>equipment** | **Total** |
| **<u>Cost</u>** |  |  |  |  |
| **Balance amount as of Oct. 1, 2020** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46.2** | **3.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.5** | **50.5** |
| Additions | &nbsp;&nbsp;&nbsp;&nbsp;38.0 | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | 39.5 |
| Disposal | (6.6) | (0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.2) | (6.9) |
| Acquisition through business combinations | &nbsp;&nbsp;&nbsp;&nbsp;0.6 | 0.0 | &nbsp;&nbsp;&nbsp;— | 0.6 |
| Currency translation differences | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 0.1 |
| **Balance amount as of Sept. 30, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78.4** | **4.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** | **83.8** |
| **<u>Accumulated depreciation</u>** |  |  |  |  |
| **Balance as of Oct. 1, 2020** | **(13.6)** | **(1.4)** | **(0.3)** | **(15.4)** |
| Additions | (9.8) | (0.6) | (0.2) | (10.6) |
| Disposal | &nbsp;&nbsp;&nbsp;&nbsp;2.3 | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | 2.6 |
| Currency translation differences | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 0.0 |
| **Balance as of Sept. 30, 2021** | **(21.1)** | **(1.9)** | **(0.2)** | **(23.2)** |
| **Carrying amount as of Sept. 30, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**57.3** | **2.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.0** | **60.6** |

---

Except for short-term leases and leases of low-value assets, the Group applies a single recognition and measurement approach for all leases. As a lessee, the Group recognizes a liability to make lease payments (i.e., the lease liability) and an asset representing the right to use the underlying asset during the lease term (i.e., the right-of-use asset).

The overall increase of the right-of-use assets as well as the lease liabilities (see table below) is due to the acquisitions of Wiggle Group and Tennis Express in the current financial year. Furthermore, in the current financial year a new logistic contract was signed for a warehouse in Hockenheim/Germany.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

Lease liabilities

Lease liabilities are presented in the statement of financial position as follows:

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| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Current | 20.7 | 11.0 |
| Non-current | 123.4 | 49.9 |
| **Total Lease liabilities** | **144.2** | **60.9** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The maturity of the lease liabilities classified as non-current is set out below:

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**September 30, 2022** | &nbsp;&nbsp;**September 30, 2022** | &nbsp;&nbsp;**September 30, 2022** |
| <u>EUR million</u> | **One to five years** | **More than five years** | **Total** |
| Maturity lease liabilities | 85.0 | 38.5 | 123.4 |
|  | &nbsp;&nbsp;**September 30, 2021** | &nbsp;&nbsp;**September 30, 2021** | &nbsp;&nbsp;**September 30, 2021** |
| <u>EUR million</u> | **One to five years** | **More than five years** | **Total** |
| Maturity lease liabilities | 32.1 | 17.8 | 49.9 |

---

The Group has several lease contracts that include extension and termination options. These are used to maximize operational flexibility in terms of managing the assets used in the Group's operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Most extension options for land and building leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. As of September 30, 2022, potential future cash outflows of €115.4 million (2021: €28.0 million) (undiscounted) have not been included in the lease liability because it is not reasonably certain that the leases will be extended (or not terminated).

Upon initial recognition, the lease liability is measured at the present value of the lease payments not yet paid at the inception of the lease and is discounted based on the interest rate implicit in the lease. If this interest rate cannot be readily determined, the Group uses its incremental borrowing rate. For further details please refer Note 5.1 Leases.

The following lease payments are included in the measurement of the lease liability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed lease payments (including de facto fixed payments), less any incentive payments receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable lease payments based on an index or rate, initially measured using the index or price as at the commencement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expected payments by the lessee due to residual value guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise prices of purchase options if the lessee is reasonably certain that these will be exercised; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Penalties for the premature termination of leases, if the lease term reflects the lessee exercising the right to terminate the lease.

Right-of-use assets

The right-of-use asset is initially measured at the amount of the lease liability plus any initial direct costs incurred by the Group. Right-of-use assets are generally amortized over the lease term. However, depreciation is charged over the useful life of the underlying asset if it is shorter than the lease term. This also applies when a lease transfers ownership of the leased asset or when the Group deems the exercise of a purchase option inherent in the lease to be sufficiently certain. In this case, the exercise price is already included in the cost of the right-of-use asset. Depreciation begins at the beginning of the lease.

To assess the need for an impairment of a right-of-use asset, the Group applies IAS 36 and recognizes all impairment losses as described in the accounting policies for property, plant and equipment.

Lease payments not recognized as a liability

The recognition of short-term leases (with a lease term of 12 months or less) and leases of low-value assets is optional. The Group has elected to account for payments associated with such leases as an expense in profit or loss. The payments should be expensed on a straight-line basis over the lease term, or another systematic basis if this basis is more representative of the time pattern in which the economic benefits embodied in the leased assets are consumed. Furthermore, certain variable lease payments are not permitted to be recognized as lease liabilities and are expensed as incurred.

The following table depicts the amounts related to IFRS 16 recognized in profit or loss:

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| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Interest on lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.5) | &nbsp;&nbsp;&nbsp;&nbsp;(0.3) | &nbsp;&nbsp;&nbsp;&nbsp;(0.4) |
| Expense relating to variable lease payment not included in lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Expenses relating to short term leases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |

---

The total cash paid for leases in 2022 was €21.7 million (2021: €11.1 million, 2020: €8.1 million).

Expenses for rents and similar expenses are included in the consolidated statement of profit (see note 6.5 "Other operating expenses") and amounted to €8.2 million as of September 30, 2022 (2021: €6.3 million, 2020: €9.6 million).

**7.5. Deferred taxes**

Deferred tax assets and liabilities as of September 30, 2022 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| | **2022** | **2022** | **2021** | **2021** |
| <u>EUR million</u> | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| Deferred taxes | 95.4 | 136.3 | 32.2 | 72.3 |
| Netting | (95.4) | (95.4) | (32.2) | (32.2) |
| **Total** | **—** | **40.9** | **—** | **40.1** |

---

All deferred taxes are reported as non-current.

The change in deferred tax assets and liabilities results from the effects shown below:

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Deferred tax liabilities | &nbsp;&nbsp;40.9 | &nbsp;&nbsp;40.1 |
| **Recognized deferred taxes (net)** | **(40.9)** | **(40.1)** |
| **Changes compared to the previous year** | **(0.8)** | **(0.5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which recognized in the consolidated statement of profit and loss | &nbsp;&nbsp;&nbsp;&nbsp;28.6 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which recognized in other comprehensive income for hedging | 0.4 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which recognized in other comprehensive income for currency translation | 0.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which recognized in the context of business combinations | (30.3) | (0.4) |

---

Deferred tax assets are recognized to the extent that sufficient taxable temporary differences are available, taking into account the expected timing of when the respective taxable temporary differences reverse as well as minimum taxation rules applicable to the utilization of tax loss carryforwards.

Deferred tax assets have not been recognized in respect to corporate tax loss carryforwards, trade tax loss carryforwards and interest carryforwards in the amount of €235.8 million (2021: €100.9 million), €195.6 million (2021: €88.8 million) and 15.1 million (2021: €0.0 million).

Deferred tax assets have not been recognized in respect to temporary differences in the amount of €3.4 million (2021: €9.4 million) as it is not probable that sufficient taxable profits will be available in the foreseeable future to allow the deductible temporary differences to be utilized.

No deferred tax liabilities for outside basis differences were recognized as the parent is able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.

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Classes of assets and liabilities relating to temporary differences

The allocation of deferred taxes from temporary differences to the respective assets and liabilities as well as on tax losses and interest carryforwards as of September 30, 2022, is as follows:

---

| | | |
|:---|:---|:---|
| | **September 30, 2022** | **September 30, 2022** |
| <u>EUR million</u> | **Deferred tax assets** | **Deferred tax liabilities** |
| **Assets** |  |  |
| **Non-current assets** |  |  |
| Intangible assets | 0.2 | 90.6 |
| Property, plant and equipment |  | 0.5 |
| Right-of-use assets (IFRS 16) |  | 35.5 |
| Other financial assets |  | 2.5 |
| **Current assets** |  |  |
| Inventories | 0.8 |  |
| Trade and other receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other assets | 0.3 | 0.7 |
| **Equity and debt capital** |  |  |
| **Non-current liabilities** |  |  |
| Financial liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Lease liabilities | 29.7 |  |
| **Current liabilities** |  |  |
| Financial liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 |  |
| Other provisions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Trade payables and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| **Total temporary differences** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**136.3** |
| **Tax loss carryforwards** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Interest carryforwards** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Total before netting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**136.3** |
| **Netting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(95.4)** | **(95.4)** |
| **Total after netting** | **—** | **40.9** |

---

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The allocation of deferred taxes from temporary differences to the corresponding assets and liabilities as well as on tax losses and interest carryforwards as of September 30, 2021, is as follows:

---

| | | |
|:---|:---|:---|
| | **September 30, 2021** | **September 30, 2021** |
| <u>EUR million</u> | **Deferred tax** **assets** | **Deferred tax** **liabilities** |
| **Assets** |  |  |
| **Non-current assets** |  |  |
| Intangible assets |  | 51.4 |
| Property, plant and equipment |  | 0.2 |
| Right-of-use assets (IFRS 16) |  | 18.0 |
| **Current assets** |  |  |
| Inventories |  | 1.1 |
| Trade and other receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 |  |
| Other assets |  | 0.3 |
| **Equity and debt capital** |  |  |
| **Non-current liabilities** |  |  |
| Financial liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 |  |
| Lease liabilities | 14.1 |  |
| **Current liabilities** |  |  |
| Financial liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |  |
| Lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 |  |
| Other provisions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | 0.0 |
| Trade payables and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | 0.8 |
| Other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | 0.5 |
| **Total temporary differences** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.3** | **72.3** |
| **Tax loss carryforwards** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** | **—** |
| **Interest carryforwards** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** | **—** |
| **Total before netting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.2** | **72.3** |
| **Netting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(32.2)** | **(32.2)** |
| **Total after netting** | **—** | **40.1** |

---

**7.6. Inventories**

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Raw materials and supplies | 0.4 | 0.4 |
| Merchandise | 291.8 | 173.7 |
| Right of return assets | 6.7 | 7.7 |
| **Total** | **299.0** | **181.9** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

Merchandise mainly consists of Bike & Outdoor, Tennis and Athleisure products.

As of September 30, 2022, the Group has pledged inventories amounting to €19.4 million (2021: €17.4 million) as collateral (see Note 7.14).

In 2022, inventories of €700.3 million (2021: €500.2 million; 2020: €414.9 million) were recognized as an expense during the year and included in 'cost of material'.

Write-downs of inventories to net realizable value amounted to €20.0 million (2021: €2.7 million; 2020: €4.9 million). These were recognized as an expense and included in cost of material in the consolidated statements of profit or loss.

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**7.7. Trade receivables**

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Trade receivables before value adjustment | 30.7 | 30.8 |
| Valuation adjustments (ECL) | &nbsp;&nbsp;(5.6) | &nbsp;&nbsp;(4.5) |
| **Total** | **25.1** | **26.3** |

---

The carrying amounts correspond to the fair values due to their short-term nature. They are generally settled within 30 days, but this depends on the individual circumstances.

Information on the impairment of trade receivables, their creditworthiness and the Group's exposure to credit, foreign currency and interest rate risk is provided in Note 10.

**7.8. Other current financial assets**

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Supplier discounts and bonuses | 8.7 | 9.6 |
| Derivative financial instruments | 1.1 | 0.5 |
| Other | 10.3 | 14.0 |
| **Total** | **20.1** | **24.0** |

---

Further information on derivative financial instruments can be found in Note 10. The position "Other" mainly compromises restricted cash positions in the amount of €9.5 million (2021: €12.0 million). Restricted cash is composed mainly of deposits for purchase agreements that are subject to contractual restrictions and are therefore not available for general use by SSU.

The expected credit losses for other current financial assets are immaterial.

**7.9. Other current assets**

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Other tax receivables | 25.7 | 18.8 |
| Prepaid expenses | 8.4 | 2.5 |
| Miscellaneous other current assets | 17.7 | 12.0 |
| **Total** | **51.8** | **33.4** |

---

The other tax receivables mainly result from value added tax.

Prepaid expenses result from the normal course of business such as license agreements.

Miscellaneous other current assets mainly include creditors with debit balances amounting to €3.1 million (2021: €3.9 million).

**7.10. Cash and cash equivalents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Cash on hand | &nbsp;&nbsp;&nbsp;0.3 | 0.1 |
| Bank balances | 42.6 | 50.6 |
| **Total** | **43.0** | **50.7** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-term deposits are generally recognized as cash equivalents if they have a maturity of up to three months from the date of acquisition and can be repaid with 24 hours' notice without loss of interest. Bank balances only comprise short-term deposits.

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**7.11. Share capital, share premium and other capital reserves**

As described in Note 1 and Note 3, SSU N.V. was founded in 2021 with a share capital of €0.12 after the Reorganization. On December 14, 2021, upon closing of the Yucaipa Merger, SSU N.V. had 333,180,171 outstanding ordinary shares with a par value of €0.12, resulting in a share capital of €39,982 thousand. In 2021, the Yucaipa Merger and PIPE Financing led to an increases of €11.6 million and €391.1 million to share capital and capital reserve. Concurrently with the execution of the Yucaipa Merger, the Group entered into an earn-out agreement with SISH and Yucaipa (the "Earn-Out Agreement"), pursuant to which, among other things, the Group issued to SISH 51,000,000 Ordinary Shares that will vest (in whole or in part) upon, among other things, the achievement of certain earn-out thresholds prior to the fifth anniversary of the Closing Date, on the terms and subject to the conditions set forth in the Earn-Out Agreement (the "Earn-Out Shares"). On September 28, 2022, the Earn-Out Agreement was amended and restated to (i) extend the vesting period for the Earn-out Shares from the fifth to the tenth anniversary of the Closing Date and (ii) provide SIGNA Sport Projektbeteiligung AG, a Swiss stock corporation, as the current holder of the Earn-Out Shares with the ability to transfer the Earn-out Shares to any third party that provides financing, directly or indirectly, to the Company, in each case, on the terms and subject to the conditions set forth therein. The amendment to the Earn-Out Agreement has been approved by the Board of Directors.

In February 2022 SSU N.V. issued additional 28,370 Ordinary shares as part of the Wiggle SPA.

In March 2022 SSU N.V. issued 2,492,833 Ordinary shares as Stock payment under the Tennis Express SPA.

In May 2022 SSU N.V. issued 229,413 Ordinary shares as Stock payment to employees of the Group.

In September 2022 SSU N.V. issued 646,600 Ordinary shares as part from the 1,293,200 options granted to the Group's CEO (see note 14) under the option agreement entered.

As of September 30, 2022 the total number of ordinary shares of SSU N.V. outstanding was 336,577,387 (with a par value of €0.12, respectively.

As of September 30, 2021, the total number of ordinary shares of SSU GmbH outstanding is 17,629,934 with a par value of €1.00. Adjusted for the effect of the Reorganization as discussed in Note 3, which is applied retrospectively to all prior periods presented for purpose of calculation earning per shares, the total number of ordinary shares outstanding as of September, 2021 was 202,469,867.

**7.12. Share-based Payments**

As of September 30, 2022, and 2021, the Group had the following share-based payment arrangements.

Option agreement Group CEO (2021)

In the previous reporting period ending September 30, 2021, SSU GmbH and the Group CEO signed a new employment contract, with an effective date as of March 31, 2021, and entered into an option agreement related to certain shares in SIGNA Sports United N.V. in which the Group CEO is granted the right to acquire 1,293,200 ordinary shares at a strike price of €0.12 per option. Based on the terms of the Listing equity-based compensation agreement, management concluded the equity-based compensation expense to be recognized as a result of the option agreement was €6.2 million for the fiscal year ending September 30, 2022 (2021: €2.7 million). 646,600 Options have been exercised for Option Shares before the year ended September 30, 2022 and the remainder 646,600 Options may be exercised at any time for a period of three months following the earlier of Mach 31, 2024 and the termination of the CEO's employment with the Company.

IPO Bonus SSU employees (2022)

On April 4, 2022, all employees who, on the day of the IPO, had a regular employment relationship of at least six months were granted with an award of Restricted Stock Units ("RSUs") equaling the value of such participants monthly gross salary. The share price on this date was €6.90. The grant date fair value of these grants was recognized in profit or loss at the grant date and as a result of this IPO bonus agreement an equity-based compensation expense of €5.2 million has been recognized for the fiscal year ending September 30, 2022. The RSUs referred to above have no performance-based vesting criteria and will be issued one year after IPO date on December 15, 2022. On December 12, 2022, the original issue date was postponed to two years after the IPO date on December 15, 2023. The settlement of this award is share based. As at September 30, 2022, 0.8 million RSUs are outstanding for this award.

LTI board of directors (2022)

During the reporting period ending September 30, 2022, SSU NV and the board of directors signed a new Long-Term Incentive Plan. The grant date of this Long-Term Inventive Plan was May 30, 2022. Therefore, the following RSUs were granted to the members of the board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to Wolfram Keil: 30,672 RSUs as an Initial Grant and 12,780 RSUs as an Annual Grant over a vesting period of 4 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to Richard d'Abo: 30,672 RSUs as an Initial Grant and 12,780 RSUs as an Annual Grant over a vesting period of 4 years;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to Dr. Dieter Berninghaus: 30,672 RSUs as an Initial Grant and 12,780 RSUs as an Annual Grant over a vesting period of 4 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to Dr. Martin Wittig: 30,672 RSUs as an Initial Grant and 12,780 RSUs as an Annual Grant over a vesting period of 4 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to Christoph Keese: 30,672 RSUs as an Initial Grant and 12,780 RSUs as an Annual Grant over a vesting period of 4 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to Dr. Thomas Rudolph: 30,672 RSUs as an Initial Grant and 12,780 RSUs as an Annual Grant over a vesting period of 4 years.

The Initial Grant vests in four equal installments on each anniversary of the one-, two-, three- and four-year anniversaries of the first day of trading of the Company's shares on the New York Stock Exchange (December 15, 2021; the Listing Date). The Annual Grant vests on the first anniversary of the Listing Date or on subsequent anniversaries of the Listing Date.

The RSUs referred to above have no performance-based vesting criteria. Each RSU represents a right to receive a payment in shares equal to the value of the RSU at the exercise date. The grant date fair value of these grants will be recognized in profit or loss over the service period by using the staged vesting approach. The share price on the grant date was €5.79. As a result of this Long-Term Incentive Plan an equity-based compensation expense of €0.6 million has been recognized for the fiscal year ending September 30, 2022.

IPO Bonus SSU management

In connection with the closing of the Business Combination, in November 2021, SSU and certain key executive officers of SSU and of its subsidiaries as well as certain senior employees of SSU entered into bonus agreements with a view to their legacy contractual rights to participate in a long-term incentive program to be established by SSU for time periods prior to the closing of the Business Combination and/or to receive a one-time bonus payment upon a successful listing. The aggregate nominal amount of the cash bonus payments to be made under these bonus agreements is €7.1 million.

The bonus agreements contained an offer to the beneficiaries to convert all or part of their bonus entitlements from a cash payment to a grant in SSU shares which the majority of the beneficiaries accepted for all or part of their cash bonus entitlements. The relevant number of SSU shares to be granted to the beneficiaries are to be calculated, inter alia, on the basis of the volume-weighted average price of the SSU shares five days prior to the defined record date (initially May 16, 2022), with the shares to be delivered by no later than May 23, 2022. The record date (and accordingly the delivery date of these shares) was postponed to May 16, 2023 and May 23, 2023, respectively by amendment agreements entered into on May 12, 2022 with the relevant beneficiaries. In these amendment agreements, the beneficiaries were also granted a right to convert a certain amount of their bonus entitlements back to a cash payment. As at September 30, 2022, SSU shares in the amount of €3.8 million are outstanding.

By resolution dated December 5, 2022, the Board approved an offer to be made to the beneficiaries under the amended bonus agreements to either have the relevant number of shares issued in May 2023 as defined in the amended bonus agreements or to convert the bonus payment claims back to payment in cash to be made on December 15, 2023. This offer will be formally made to the beneficiaries expectedly in March or April 2023.

WCRC Exit Bonus

On June 11, 2021, the board of directors from Mapil Topco Limited entered into an exit bonus scheme in the aggregate amount of €2.7 million payable in cash subject to the unconditional completion of the sale of Topco and its subsidiaries to Signa Sports United GmbH pursuant to the Wiggle SPA.

On December 14, 2021, the exit bonus scheme was amended by individual agreements with the beneficiaries to reflect that up to 25% of the awards under the exit bonus scheme were to be satisfied by the issue of shares in SSU. The relevant number of shares to be granted to each beneficiary was determined on the basis of the individual bonus amounts and a formula contained in the amendment agreements to reflect the cash and payment in shares portion in the Wiggle SPA.

The relevant number of SSU shares based on the individual bonus amounts to be granted to the beneficiaries were to be calculated, inter alia, on the basis of the volume-weighted average price of the SSU shares five days prior to the defined record date (initially May 16, 2022). The record date (and accordingly the delivery date of these shares) was postponed to May 16, 2023 and May 23, 2023, respectively by amendment agreements entered into on May 12, 2022 with the relevant beneficiaries. In these amendment agreements, the beneficiaries were also granted a right to convert a certain amount of their bonus entitlements back to a cash payment. As at September 30, 2022, SSU shares in the amount of €2.1 million is outstanding.

By resolution dated December 5, 2022, the Board approved an offer to be made to the beneficiaries under the amended bonus agreements to either have the relevant number of shares issued in May 2023 as defined in the amended bonus agreements or to convert the bonus payment claims back to payment in cash to be made on December 15, 2023. This offer will be formally made to the beneficiaries expectedly in March or April 2023.

WCRC Retention Bonus&nbsp;&nbsp;&nbsp;&nbsp;

On June 9, 2022, selected employees of Wiggle CRC group were granted a one-time retention bonus with a total value of €1.2 million. According to the bonus agreement, the bonus will be settled with the issuance of ordinary shares of SIGNA Sports United N.V. in two

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tranches (First pay-out date and Second pay-out date). Each selected employee unless terminated will receive their respective first tranche (First pay-out date) equivalent to 50% of their respective agreed total bonus amount on December 15, 2022. Similarly, the second tranche (Second pay-out date) equivalent to 50% of their respective agreed total bonus amount will be awarded to each respective employee unless terminated on June 15, 2023. SSU shares in the amount of €1.2 million is outstanding.

By resolution dated December 5, 2022, the Board approved an offer to be made to the beneficiaries under the retention bonus scheme to a cash bonus plan to be paid in December 15, 2024 or to defer the delivery date for the share delivery to December 15, 2023. This offer will be formally made to the beneficiaries expectedly in March or April 2023.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

**7.13. Provisions**

The provisions as of September 30, 2022, are as follows:

---

| | |
|:---|:---|
| EUR million |  |
| **Balance of non-current provisions as of Oct. 1, 2021** | &nbsp;&nbsp;**0.1** |
| Current provisions | &nbsp;&nbsp;4.9 |
| **Balance of provisions as of Oct. 1, 2021** | &nbsp;&nbsp;**5.0** |
| Business Combinations | 3.1 |
| Use of provision | (0.7) |
| Reversal | (3.3) |
| Additions | &nbsp;&nbsp;0.1 |
| Discount effect | &nbsp;&nbsp;(0.8) |
| **Balance of provisions as of Sept. 30, 2022** | &nbsp;&nbsp;**3.4** |
| Less current provisions | &nbsp;&nbsp;(1.0) |
| **Balance of non-current provisions as of Sept. 30, 2022** | &nbsp;&nbsp;**2.4** |
| **Expected cash flow** |  |
| Within 12 months | 1.0 |
| Within 1-5 years | 0.3 |
| After 5 years | &nbsp;&nbsp;2.1 |
| **Total** | &nbsp;&nbsp;**3.4** |

---

Provision mainly exist in particular for litigation risk in the United States due to different legal positions and dilapidation.

The provisions as of September 30, 2021, are as follows:

---

| | |
|:---|:---|
| <u>EUR million</u> |  |
| **Balance of non-current provisions as of Oct. 1, 2020** | &nbsp;&nbsp;**0.1** |
| Current provisions | &nbsp;&nbsp;2.9 |
| **Balance of provisions as of Oct. 1, 2020** | &nbsp;&nbsp;**3.0** |
| Use of provision | (1.7) |
| Reversal | (0.2) |
| Additions | &nbsp;&nbsp;3.9 |
| **Balance of provisions as of Sept. 30, 2021** | &nbsp;&nbsp;**5.0** |
| Less current provisions | &nbsp;&nbsp;4.9 |
| **Balance of non-current provisions as of Sept. 30, 2021** | &nbsp;&nbsp;**0.1** |
| **Expected cash flow** | &nbsp;&nbsp;**—** |
| Within 12 months | &nbsp;&nbsp;4.9 |
| Within 1-5 years | &nbsp;&nbsp;0.1 |
| After 5 years | &nbsp;&nbsp;— |
| **Total** | &nbsp;&nbsp;**5.0** |

---

Provisions exist in particular for long-term bonus agreements that are linked to certain achievements of performance parameters, reorganization costs for the logistic and litigation risks in France as well as in the United States due to different legal positions where the outcome depends on court proceedings.

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**7.14. Non-current financial liabilities**

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Liabilities to financial institutions | 103.7 | 80.4 |
| Lease liabilities | 123.4 | 49.9 |
| Other | 90.1 | 10.1 |
| **Total** | **317.2** | **140.4** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

On May 5, 2021, the Group entered into a long-term syndicated financing to further strengthen the Group's development and growth potential. The financing concludes a revolving facility with a maximum amount of €100.0 million. As of September 30, 2022, the Group utilized €100.0 million from the facility. Due to a formal covenant breach during the second quarter of the current fiscal year an amendment agreement was entered on May 30, 2022, and the formal covenant breach was cured.

On May 3, 2022, and July 25, 2022, the Group entered into two long-term financing agreements with SIGNA Holding GmbH to further strengthen the Group's development and growth potential. The financing concludes two Revolving Credit Agreements with the amount of €50.0 million each. As of September 30, 2022, the Group utilized €80.0 million from the facilities.

Liabilities to financial institutions mainly consist of borrowings by certain entities of the Group under lines of credit with clearing banks. The average interest rate on the borrowings at September 30, 2022 was 3.4% (2021: 2.4%). Liabilities to financial institutions are secured by inventories.

The carrying amounts of assets pledged as security for current and non-current borrowings are:

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Current |  |  |
| Inventories | 19.4 | 17.4 |
| **Total current assets pledged as security** | **19.4** | **17.4** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

**7.15. Other non-current liabilities**

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Personnel related liabilities | 7.8 | 0.9 |
| Other | 0.1 | 0.1 |
| **Total** | **7.9** | **1.0** |

---

Personnel related liabilities consist of work performance liabilities.

**7.16. Trade payables** 

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Trade payables | 194.9 | 102.7 |
| **Total** | **194.9** | **102.7** |

---

The carrying amounts correspond to their fair values due to their short-term maturity. Payment is generally made within 120 days but may vary due to individual payment terms.

**7.17. Other current financial liabilities**

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Liabilities to financial institutions | 4.2 | 1.3 |
| Lease liabilities | 20.7 | 11.0 |
| Derivative financial instruments | 2.3 |  |
| Other | 15.2 | 15.4 |
| **Total** | **42.4** | **27.7** |

---

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Further information on financial liabilities to related parties is provided in note 12.

Liabilities to financial institutions are secured by inventories. Other liabilities include an amount of €9.9 million related to an agreement between SSU and a payment processing agency regarding payments to suppliers, where the financial institution assumes the payment obligation. Liabilities to financial institutions mainly consist of borrowings by certain entities of the Group under lines of credit with commercial banks. The average interest rate on the borrowings at September 30, 2022 was 1.8% (2021: 1.1%).

Please refer to section 10 for information on derivative financial instruments.

**7.18. Other current liabilities**

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Liabilities from other taxes | 26.9 | 17.4 |
| Liabilities for personnel expenses | 16.0 | 12.9 |
| Payables to customers | 2.5 | 3.4 |
| Refund liability | 13.3 | 10.7 |
| Other liabilities | 15.6 | 1.8 |
| Current income tax liabilities | 1.2 | 1.7 |
| **Total** | **75.6** | **47.9** |

---

The liabilities for personnel expenses mainly include holiday and bonus obligations. For goods that are expected to be returned from customers, the Group recognizes a refund liability. The liability is measured at the amount the Group ultimately expects it will have to return to the customer.

**7.19. Contract liabilities**

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Contract liabilities | 9.3 | 4.7 |
| **Total** | **9.3** | **4.7** |

---

Contract liabilities include customer advances, in particular advance payments received from the sale of vouchers. The Group recognized €2.0 million of revenues in 2022 from balances recognized as contract liabilities as of September 30, 2021. All contracts with customers are for periods of approximately one year. As permitted under IFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed.

**8. Notes to the Consolidated Statements of Changes in Equity**

**Capital reorganization** 

On December 14, 2021, the Group closed the previously announced Business Combination pursuant to the Business Combination Agreement, dated June 10, 2021, by and among Yucaipa Acquisition Corporation ("Yucaipa"), SIGNA Sports United GmbH ("SSU GmbH"), SIGNA Sports United N.V. (formerly known as SIGNA Sports United B.V.), ("SSU N.V."), Olympics I Merger Sub, LLC ("Merger Sub") and SIGNA International Sports Holding GmbH (the "Yucaipa Merger").

Therefore, the Group raised an additional €402.7 million in equity proceeds through a private placement of ordinary shares with existing shareholders of SSU GmbH, Yucaipa and other new investors ("PIPE Financing"). The PIPE Financing is treated as a capital contribution, which resulted in increases of €11.6 million and €391.1 million to share capital and capital reserve, respectively. Both the Yucaipa Merger and PIPE Financing closed on December 14, 2021. Upon consummation of the transactions, SSU N.V. became a publicly traded corporation at the New York Stock Exchange under the ticker SSU. The SSU Warrants are traded under the ticker SSU.WS. SSU N.V. incurred incremental transaction costs directly attributable to the issuance of new shares to Yucaipa shareholders and the PIPE Financing of €5.9 million, which it netted against the equity proceeds as a reduction in capital reserve. For further information see Note 3.

**Conversion of convertible loan**

During the financial year ended September 30, 2021 the following conversions of the loan into ordinary shares took place:

By conversion notices dated in June 2021 all five convertible loan lenders exercised their conversion rights of the convertible loan agreements and declared to SSU GmbH the conversion of the convertible loans into new shares of SSU GmbH.

As a result of the conversion: The carrying amount of the loan component in the amount of €75.4 million was reclassified to capital reserve and share capital (see below). The original equity component in the amount of €3.1 million continues to be recognized as share capital.

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Furthermore, on September 28, 2021, the shareholders' meeting of SSU GmbH resolved to increase the SSU GmbH's capital by €1.7 million. The new shares to be issued were subscribed for by the five lenders.

Since the capital increase became effective upon entry in the Commercial Register at the Munich District Court on October 7, 2021 the amount of €1.7 million was not recognized in the share capital as of September 30, 2021, and therefore as of September 30, 2022.

**Acquisition of non-controlling interests and roll-up agreements**

In February 2021, the Group acquired an additional 5.11% interest in SIGNA Beteiligung I UG (haftungsbeschränkt) & Co KG, increasing its ownership from 41.83% to 46.94%. Furthermore, the Group acquired an additional 0.25% interest in SIGNA Sport Online GmbH increasing its ownership from 84.69% to 84.94%.

In the same month the Group acquired an additional 1.0% interest in Tennis-Point GmbH, increasing its ownership from 88.00% to 89.00%.

On July 17, 2018, the shareholders of SIGNA Sports United GmbH and the executives signed a roll-up agreement regarding their shares in SIGNA Beteiligung I UG (haftungsbeschränkt) & Co. KG. According to this agreement, the limited partnership should cease in case of an IPO of SIGNA Sports United GmbH and the shares should be exchanged into shares in the listed SIGNA Sports United Group. This roll-up agreement was renewed and modified in some parts on September 14, 2020. In particular, the roll-up shall now also apply in case of an indirect IPO of SIGNA Sports United GmbH via a special acquisition company. Further, the executives were granted the right to immediately exercise their D1-Shares for an exercise price of €441.5. On January 29, 2021, the executives exercised in total 2,909 of the 3,177 D1-Shares.

By way of agreements dated May 17, 2021, among others, SSU GmbH , SIGNA International Sports Holding GmbH (SISH) and the SIGNA Sports Online GmbH (SSO)-minority shareholders have agreed, that, in connection with the transactions contemplated by the Business Combination Agreement by and among Yucaipa Acquisition Corporation, SIGNA Sports United GmbH, SIGNA Sports United B.V., Olympics Merger Sub, LLC and SIGNA International Sports Holding GmbH, dated June 10, 2021, as amended (DE-SPAC Transaction), the SSO-minority shareholders shall transfer by way of contribution in kind their respective shares directly or indirectly held in SIGNA Sport Online GmbH to the SSU GmbH against creation and subscription of new shares in SSU . GmbH. SSU GmbH is already the majority shareholder of SIGNA Sport Online GmbH. The contribution took place on September 29, 2021.

SSU GmbH as well as the executives (refer to Note 7.12) also hold interests as limited partners (Kommanditisten) in BTG KG, which in turn is a shareholder of SIGNA Sport Online GmbH. In connection with the DE-SPAC transaction and immediately prior to the aforementioned contribution in kind to the SSU by transfer of the shares in SIGNA Sport Online GmbH, BTG KG shall be dissolved and the shares held by it in SIGNA Sport Online GmbH shall be transferred by way of de facto-splitting to the limited partners (Kommanditisten) of BTG KG in accordance with the dissolution and transfer agreements.

By way of agreement dated June 8, 2021, among others, SSU GmbH, SISH and Rochon Holding have agreed, that, in connection with the transaction, Rochon Holding shall transfer by way of contribution in kind its shares held in SIGNA Sport Online GmbH to the SSU GmbH against creation and subscription of new shares in SSU GmbH.

By way of agreement dated June 7, 2021, among others, SSU GmbH, SISH and the founder of Tennis-Point have agreed, that, in connection with the transaction, the founder shall transfer by way of contribution in kind his shares held in Tennis-Point GmbH to SSU GmbH against creation and subscription of new shares in SSU GmbH. SSU GmbH is already the majority shareholder of Tennis-Point GmbH.

By way of agreement dated June 7, 2021, among others, SSU GmbH, SISH and the founder of SIGNA AppVentures have agreed, that, in connection with the transaction, the founder shall transfer by way of contribution in kind his shares held in SIGNA AppVentures GmbH to SSU GmbH against creation and subscription of new shares in SSU GmbH. SSU GmbH is already the majority shareholder of SIGNA AppVentures GmbH.

Thus, the shareholders intend to further increase the share capital of SSU GmbH by additional total €2.0 million by way of a capital increase in kind against contribution of the shares held by the minority shareholders in the portfolio companies.

Since the capital increase became effective upon entry in the Commercial Register at the Munich District Court on October 7, 2021 the amount of €2.0 million was not recognized in the share capital as of September 30, 2021, and therefore as of September 30, 2022.

Transaction cost in the amount of €1.2 million were capitalized and deducted from the equity.

The following table summarizes the effect of changes in the Group's ownership interests:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <u>EUR million</u> | **September 30, 2021** |
| Carrying amount of non-controlling interest acquired | 24.4 |
| Consideration transferred | 122.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereof paid in cash | 4.7 |
| **A decrease in equity attributable to owners of the Group** | **98.4** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

**9. Notes to the Consolidated Statements of Cash flows**

**Operating activity**

For fiscal year ending September 2022 the change in other non-current liabilities compromises mainly a change in the employee related liabilities.

For fiscal year ending September 2021 and 2020 the change in other non-current assets consist mainly of the change in derivative financial instruments in cash flow hedge accounting. The change in other non-current liabilities compromises mainly a change in non-current provisions.

**Investment activity**

The cash outflow from the acquisition of subsidiaries in fiscal year 2022 resulted from the acquisition of Tennis Express and Wiggle Group, please refer to Note 15.

The cash outflow from the acquisition of subsidiaries in fiscal year 2021 resulted from the acquisition of Midwest Sports Supply, Inc., Cincinnati, Ohio, USA ("Midwest") for a purchase price of €7.7 million.

The cash outflow from the acquisition of subsidiaries in fiscal year 2020 resulted from the acquisition of the remaining shares in System Sport GmbH for a purchase price of €0.7 million.

**Financing activity**

The total cash inflows and outflows from financing activities (continued and discontinued operations) can be reconciled with the balance sheet items as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <u>EUR million</u> | **Note** | **September 30, 2022** | **Cash outflow** | **Cash inflow** | **Other<br>non-cash<br>items** | **Business Combination** | **Reclass** | **October 1, 2021** |
| **Group equity** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital | 7.11 | 46.5 |  | 11.6 | 5.6 |  | 11.6 | 17.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital- notregistered |  |  |  |  |  |  | (3.6) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital reserve | 7.11 | 1335.2 | (5.9) | 391.1 | 399.6 |  | (8.0) | 558.4 |
| **Non-current financial liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities to other | 7.14 | 80.1 |  | 80.1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 7.4 | 123.4 | (3.3) |  | 54.1 | 22.8 |  | 49.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities tofinancial institutions | 7.14 | 103.7 | (77.6) | 25.0 | (1.5) | 77.5 |  | 80.4 |
| **Other current financial liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 7.4 | 20.7 | (16.2) |  | 23.7 | 2.2 |  | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities to<br>financial institutions | 7.16 | 4.2 | (1.0) | 2.0 | 2.0 |  |  | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other loans |  |  | (0.7) |  |  |  |  | 0.7 |
| **Balance** |  | **1713.9** | **(104.7)** | **509.8** | **483.5** | **102.5** | **—** | **723.0** |
| **Financial expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance costs | 6.6 | (13.1) | (5.9) |  | (7.2) |  |  |  |
| **Profit and loss statement** |  | **(13.1)** | **(5.9)** | **—** | **(7.2)** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds fromRecapitalization |  |  |  | 23.6 |  |  |  |  |
| **Cash flow from financing activities** |  |  | **(110.6)** | **533.4** |  |  |  |  |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <u>EUR million</u> | **Note** | **September 30, 2021** | **Cash outflow** | **Cash inflow** | **Other<br>non-cash<br>items** | **Conversion** | **Business combinations** | **October 1, 2020** |
| **Group equity** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital | 7.11 | 17.6 |  |  |  |  |  | 17.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital- not<br>registered |  | 3.6 |  |  | 2.0 | 1.7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital reserve | 7.11 | 558.4 |  |  | 114.3 | 73.8 |  | 370.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling<br>interests |  |  | (4.6) |  | (19.7) |  |  | 24.4 |
| **Non-current financial liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible loan | 8 |  |  |  | 1.5 | (75.4) |  | 73.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 7.4 | 49.9 | (1.0) |  | 22.8 |  | 0.5 | 27.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities to<br>financial institutions | 7.14 | 80.4 | (30.5) | 75.0 | 1.3 |  |  | 34.6 |
| **Other current financial liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities to equity holders (including accrued interest) | 12 |  | (1.3) |  |  |  |  | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 7.4 | 11.0 | (9.5) |  | 12.3 |  | 0.2 | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities to<br>financial institutions | 7.16 | 1.3 | (7.5) |  | (1.2) |  |  | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other loans |  | 0.7 |  | 0.2 |  |  |  | 0.5 |
| **Balance** |  | **723.0** | **(54.4)** | **75.2** | **133.2** | **—** | **0.7** | **568.3** |
| **Financial expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net finance costs | 6.6 | (6.7) | (3.6) |  | (3.2) |  |  |  |
| **Profit and loss statement** |  | **(6.7)** | **(3.6)** | **—** | **(3.2)** | **—** | **—** | **—** |
| **Cash flow from financing activities** |  |  | **(58.0)** | **75.2** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <u>EUR million</u> | **Note** | **September 30, 2020** | **Cash outflow** | **Cash inflow** | **Other<br>non-cash<br>items** | **Conversion** | **Business combinations** | **Oct. 1, 2019** |
| **Group equity** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital | 6.11 | 17.6 |  |  |  |  |  | 17.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital reserve | 6.11 | 370.4 |  |  | 3.1 |  |  | 367.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controllinginterests\* |  | 24.4 | (0.4) |  | (1.2) |  |  | 26.0 |
| **Non-current<br>financial liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilitiesto shareholders<br>(including accrued<br>interest) | 11 |  | (19.7) |  |  | (49.9) |  | 69.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible loan | 7 | 49.3 |  |  | (0.6) | 49.9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible loan | 7 | 24.6 |  | 24.4 | 0.2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 6.4 | 27.6 |  |  | (3.1) |  | 0.4 | 30.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities to financial institutions | 6.14 | 34.6 | (0.3) | 32.0 | (7.1) |  |  | 10.0 |
| **Other current financial liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilitiesto equity holders<br>(including accrued<br>interest) | 11 | 1.3 | (5.5) |  | 1.3 |  |  | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 6.4 | 8.0 | (7.8) |  | 8.8 |  | 0.1 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities to<br>financial institutions | 6.16 | 10.0 | (1.0) | 2.8 | 7.2 |  |  | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other loans |  | 0.5 | (0.4) |  |  |  |  | 0.9 |
| **Balance** |  | **568.3** | **(35.1)** | **59.2** | **8.6** | **—** | **0.5** | **535.1** |
| **Financial expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expenses | 5.6 | (8.6) | (4.4) |  | (4.3) |  |  |  |
| **Profit and loss statement** |  | **(8.6)** | **(4.4)** | **0.0** | **(4.3)** | **—** | **0.0** | **0.0** |
| **Cash flow from financing activities** |  |  | **(39.5)** | **59.2** |  |  |  |  |

---

**10. Financial risk management**

**10.1. Categories and measurement at fair value**

The following section provides additional information on the significance of financial instruments and on individual items of the consolidated statements of financial position and the consolidated statements of profit or loss and other comprehensive income with respect to financial instruments.

The following table shows the reconciliation of the consolidated statements of financial position items to the relevant classes of financial instruments as of September 30, 2022 and 2021, broken down by the carrying amount and fair value of the financial instruments and the allocation of the consolidated statements of financial position items to the measurement categories.

The financial instruments as of September 30, 2022, are as follows:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>EUR million</u> | **Measurement category in accordance with IFRS 9** | **Balance sheet carrying amount as of September 30, 2022** | **Fair value hierarchy** | **Fair value** |
| **Financial asset** |  |  |  |  |
| **Other non-current financial assets** |  | **5.1** |  | **5.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which with related companies and persons | AC |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from the positive fair values of derivative financial instruments in cash flow hedge accounting | &nbsp;&nbsp;&nbsp;Hedge Accounting |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from other financial assets | AC | 5.1 | 2 | 5.1 |
| **Trade receivables** | AC | **25.1** | **n/a** | **25.1** |
| **Other current financial assets** |  | **20.1** | **n/a** | **20.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from the positive fair values of derivative financial instruments in cash flow hedge accounting | &nbsp;&nbsp;&nbsp;Hedge Accounting | 1.1 | 2 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from financial assets | AC | 19.0 | n/a | 19.0 |
| **Cash and cash equivalents** | AC | **43.0** | **n/a** | **43.0** |
| **Financial liabilities** |  |  |  |  |
| **Non-current financial liabilities** |  | **317.2** |  | **193.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which to financial institutions | AC | 103.7 | 2 | 101.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which other loans | AC | 0.9 | 2 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from lease liabilities | n/a | 123.4 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which with related companies and persons | AC | 80.0 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;81.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which put option liabilities | FVPL | 5.4 | 2 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from the negative fair values of derivative financial instruments in cash flow hedge accounting | &nbsp;&nbsp;&nbsp;Hedge Accounting |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from other financial liabilities | AC |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which warrants | FVPL | 3.8 | 1 | 3.8 |
| **Trade payables** | AC | **195.5** | **n/a** | **195.5** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>EUR million</u> | **Measurement category in accordance with IFRS 9** | **Balance sheet carrying amount as of September 30, 2022** | **Fair value hierarchy** | **Fair value** |
| **Other current financial liabilities** |  | **42.4** |  | **42.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which to financial institutions | AC | 4.2 | n/a | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from lease liabilities | n/a | 20.7 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from the negative fair values of derivative financial instruments in cash flow hedge accounting | Hedge Accounting | 2.3 | 2 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from other financial liabilities | AC | 15.2 | n/a | 15.2 |

---

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The financial instruments as of September 30, 2021, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>EUR million</u> | **Measurement category in accordance with IFRS 9** | **Balance sheet carrying amount as of September 30, 2021** | **Fair value hierarchy** | **Fair value** |
| **Financial assets** |  |  |  |  |
| **Other non-current financial assets** |  | **1.4** |  | **1.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which with related companies and persons | AC |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from the positive fair values of derivative financial instruments in cash flow hedge accounting | Hedge Accounting | 0.0 | 2 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from other financial assets | AC | 1.4 | 2 | 1.4 |
| **Trade receivables** | AC | **26.3** | **n/a** | **26.3** |
| **Other current financial assets** |  | **24.0** |  | **24.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from the positive fair values of derivative financial instruments in cash flow hedge accounting | Hedge Accounting | 0.5 | 2 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from financial assets | AC | 23.5 | n/a | 23.5 |
| **Cash and cash equivalents** | AC | **50.7** | **n/a** | **50.7** |
| **Financial liabilities** |  |  |  |  |
| **Non-current financial liabilities** |  | **140.4** |  | **95.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which to financial institutions | AC | 80.4 | 2 | 85.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which other loans | AC | 0.9 | 2 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from lease liabilities | n/a | 49.9 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which put option liabilities | FVPL | 9.3 | 2 | 9.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from the negative fair values of derivative financial instruments in cash flow hedge accounting | Hedge Accounting | 0.0 | 2 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from other financial liabilities | AC |  | 2 |  |
| **Trade payables** | AC | **102.7** | **n/a** | **102.7** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>EUR million</u> | **Measurement category in accordance with IFRS 9** | **Balance sheet carrying amount as of September 30, 2021** | **Fair value hierarchy** | **Fair value** |
| **Other current financial liabilities** |  | **27.7** |  | **16.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which to financial institutions | AC | 1.3 | n/a | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from lease liabilities | n/a | 11.0 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from the negative fair values of derivative financial instruments in cash flow hedge accounting | Hedge<br>Accounting |  | 2 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which from other financial liabilities | AC | 15.4 | n/a | 15.4 |

---

The following table shows the changes in Level 3 instruments for the twelve-month period ending September 30, 2021:

---

| | | |
|:---|:---|:---|
| <u>EUR million</u> | **Earn-out<br>liabilities** | **Total** |
| **Opening balance as of Oct. 1, 2020** | **0.6** | **0.6** |
| Changes in fair value | (0.6) | (0.6) |
| Utilization / reversal |  |  |
| **Closing balance as of Sept. 30, 2021** | **—** | **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

Significant unobservable parameters used in the Level 3 valuation at fair value of contingent assets and contingent liabilities in connection with the acquisitions of Probikeshop and Publikat are based on the contractual terms and conditions (mainly EBITDA-related performance indicators) and the related probability assessment of various scenarios for possible business development and how the current economic environment is expected to affect this.

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The cumulative carrying amounts of financial instruments allocated to the measurement categories of IFRS 9 as of September 30, 2022 and September 30, 2021 are as follows:

---

| | | |
|:---|:---|:---|
| <u>EUR million</u> | **Carrying amount as of September 30, 2022** | **Fair value** **as of September 30, 2022** |
| Financial assets measured at amortized cost (AC) | 92.2 | 92.2 |
| Financial assets at fair value profit or loss (FVPL) |  |  |
| Financial assets fair value OCI (Hedge Accounting) | 1.1 | 1.1 |
| **Total financial assets** | **93.3** | **93.3** |
| Financial liabilities measured at amortized cost (AC) | 399.4 | 398.6 |
| Financial liabilities at fair value through profit or loss (FVPL) | 9.2 | 9.2 |
| Financial liabilities at fair value OCI (Hedge Accounting) | 2.3 | 2.3 |
| **Total financial liabilities** | **410.9** | **410.1** |

---

---

| | | |
|:---|:---|:---|
| <u>EUR million</u> | **Carrying amount as of September 30, 2021** | **Fair value as of September 30, 2021** |
| Financial assets measured at amortized cost (AC) | 101.5 | 101.5 |
| Financial assets at fair value profit or loss (FVPL) |  |  |
| Financial assets fair value OCI (Hedge Accounting) | 0.5 | 0.5 |
| **Total financial assets** | **101.9** | **101.9** |
| Financial liabilities measured at amortized cost (AC) | 197.9 | 202.6 |
| Financial liabilities at fair value through profit or loss (FVPL) | 9.3 | 9.3 |
| Financial liabilities at fair value OCI (Hedge Accounting) |  |  |
| **Total financial liabilities** | **207.2** | **211.9** |

---

The fair values were determined on the basis of the market conditions prevailing at the end of the reporting period and the valuation techniques described. The fair values correspond to the prices that would be obtained for the sale of an asset or for the transfer of a liability between market participants in an arm's length transaction. There were no material changes in the valuation methods applied compared to the previous year.

Cash and cash equivalents, trade receivables and payables and other financial assets and liabilities mainly have short-term residual terms. Therefore, the carrying amounts at the end of the reporting periods correspond approximately to the fair values. In addition, an appropriate impairment loss was recognized for trade receivables if there were objective indications of impairment.

The measurement and presentation of the fair values of financial instruments are based on the fair value hierarchy, which reflects the significance of the parameters used for measurement.

There were no reclassifications between Level 1, Level 2 and Level 3 in fiscal year ending September 30, 2022 and 2021.

**10.2. Offsetting of financial assets and financial liabilities**

The table above presents gross financial assets and liabilities figures. No offset adjustments recognized.

**10.3. Net gains and losses from financial instruments by measurement category in accordance with IFRS 9**

The net gains and losses from financial instruments based on valuation categories according to IFRS 9 are as follows as of September 30, 2022, 2021 and 2020:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** | **2020** |
| Financial assets measured at amortized cost (AC) | &nbsp;&nbsp;1.8 | 1.8 | 0.7 |
| Financial liabilities measured at amortized cost (AC) | (5.7) | (5.9) | (7.6) |
| Financial assets measured at fair value | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;0.2 |
| Financial liabilities measured at fair value | &nbsp;&nbsp;32.8 |  | &nbsp;&nbsp;&nbsp;(0.3) |
| **Net result** | **28.9** | **(4.1)** | **(7.0)** |

---

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&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

The net result from financial instruments includes net interest income and expenses, fair value measurements and impairments.

Interest expenses for financial liabilities not measured at fair value through profit or loss amounted to €5.7 million (2021: €8.1 million; 2020: €7.6 million).

Interest income from impaired financial assets is insignificant, as the receipt of payment is expected in the short term in most cases.

**10.4. Management of financial risks**

SIGNA Sports United Group is exposed to financial risks within the scope of its operating and business activities, in particular interest rate, credit, exchange rate and liquidity risks.

The overall financial risks of SIGNA Sports United Group are regularly assessed and monitored in order to control and minimize the overall risk. The aim is to maintain an appropriate balance between the business risks entered and the earnings as well as to reduce financial risks.

The principles and responsibilities for monitoring and controlling the risks associated with the financial instruments are determined by management.

Risk management guidelines are established to identify and analyze the risks to which SIGNA Sports United Group is exposed, to set appropriate risk limits and controls and to monitor the risks and compliance with the limits. The risk management guidelines are reviewed regularly to take account of changes in market conditions and the activities of SIGNA Sports United Group.

**10.5. Credit and default risks**

Credit risk management refers to potential losses resulting from the inability of business partners to meet their contractual obligations to SIGNA Sports United Group. The credit risk arises mainly from SIGNA Sports United Group's receivables from its customers. In the opinion of management, the credit risk of SIGNA Sports United Group is mainly influenced by the individual characteristics of each customer. However, management also takes into account the factors which may influence the credit risk of the customer base, including the default risk associated with the respective industry.

The Group's credit risk management includes the ongoing review of receivables from contractual parties and the credit assessment of new and existing contractual partners. There are no significant market-related risk concentrations in the individual industries due to different geographical markets and customer groups. From management's point of view, the credit risks from trade receivables are relatively low due to the need for immediate bank transfers, credit card payments, PayPal payments and advance payments.

Nevertheless, the receivables are monitored on an ongoing basis. The monitoring of receivables is the responsibility of the Managing Directors of the individual subsidiaries. They are obliged to review the receivables regularly and draw up appropriate action plans. The decision on the creation of allowances is made individually by the companies. In the case of doubtful receivables, impairment losses are recognized in the amount of the default risk. If financial assets are uncollectible, they are written off in full. Please refer to Note 5.2 (Financial instruments) for more information on expected credit losses according to IFRS 9.

Since the Group only cooperates with well-known credit-worthy financial institutions, expected credit losses were not recorded due to immateriality. Furthermore, these financial assets are highly liquid and flexible and therefore can be easily accessed by the Group.

Due to the global activities of the Group and the associated diversification, there were no significant concentrations of risk in the past fiscal year.

The following table contains information on the default risk and expected credit losses for trade receivables:

---

| | | |
|:---|:---|:---|
| | **September 30, 2022** | **September 30, 2022** |
| <u>EUR million</u> | **Gross carrying** <br>**amounts** | &nbsp;&nbsp;&nbsp;**Value adjustment** |
| Low risk | 20.9 | (3.2) |
| Medium risk | 9.8 | (2.4) |
| **Total** | **30.7** | **(5.6)** |

---

Low risks exist in particular for business customers and for secured receivables. Medium risks exist when entering into transactions with private customers where no collateral exists.

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In the previous year, the default risk and expected credit losses were as follows:

---

| | | |
|:---|:---|:---|
| | **September 30, 2021** | **September 30, 2021** |
| <u>EUR million</u> | **Gross carrying amounts** | &nbsp;&nbsp;&nbsp;**Value adjustment** |
| Low risk | 23.8 | (2.5) |
| Medium risk | 7.0 | (2.2) |
| **Total** | **30.8** | **(4.6)** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

The gross carrying amount of trade receivables and the valuation adjustments developed as follows in the fiscal year ended September 30, 2022 and 2021:

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| **Receivables at the beginning of the reporting period** | &nbsp;&nbsp;**30.8** | **25.8** |
| Business combinations | &nbsp;&nbsp;&nbsp;&nbsp;1.0 | 0.1 |
| Additions | &nbsp;&nbsp;26.6 | 27.5 |
| Payments | (26.8) | (21.7) |
| Written-off receivables | (1.0) | (0.9) |
| Exchange rate differences | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | 0.0 |
| **Receivables at the end of the reporting period** | &nbsp;&nbsp;**30.7** | **30.8** |

---

---

| | | |
|:---|:---|:---|
| <u>EUR million</u> | **September 30, 2022** | **September 30, 2021** |
| **Value adjustment (ECL) at the beginning of the reporting period** | **(4.6)** | **(4.2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business combinations | (0.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | (1.3) | (1.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilization | 0.1 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cancellations | 0.2 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange rate differences |  |  |
| **Value adjustment (ECL) at the end of the reporting period** | **(5.6)** | **(4.6)** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

The carrying amount of the financial assets plus the value adjustments (expected credit losses) recorded in the consolidated statement of financial position represents the maximum credit risk to which SIGNA Sports United Group is exposed on the balance sheet date. There were no impairments for other financial assets.

**10.6. Liquidity risks**

Liquidity risks arise for SIGNA Sports United Group from contractual liabilities to repay debts in full and when they are due as well as from accelerated repayment of contractual liabilities before their stated maturities in certain instances. The Group's approach to liquidity management is to ensure as far as possible that it has sufficient liquidity to meet its liabilities as they fall due, both under normal and more difficult conditions, without incurring unacceptable losses or compromising the reputation of SIGNA Sports United Group. In order to minimize this risk, incoming and outgoing payments and maturities are continuously monitored and controlled. Liquidity management includes the determination of liquidity requirements and liquidity surpluses.

**10.7. Maturity analysis of financial liabilities**

The tables below analyze the Group's financial liabilities into relevant maturity groups as of September 30, 2022 and 2021, respectively. The amounts disclosed in the table are the contractual undiscounted cash flows.

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** |
| <u>EUR million</u> | **< 1 year** | **1-5 years** | **> 5 years** | **Total undiscounted cash flows** | **Carrying amount** |
| Financial liabilities to financial institutions | &nbsp;&nbsp;&nbsp;&nbsp;9.9 | &nbsp;&nbsp;&nbsp;106.9 | &nbsp;&nbsp;— | 116.8 | 107.9 |
| Lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;23.4 | &nbsp;&nbsp;&nbsp;81.4 | 54.7 | 159.6 | 144.2 |
| Other financial liabilities | &nbsp;&nbsp;&nbsp;&nbsp;18.9 | &nbsp;&nbsp;&nbsp;93.6 | &nbsp;&nbsp;— | 112.5 | 105.3 |
| Trade payables | &nbsp;&nbsp;&nbsp;194.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;— | 195.5 | 195.5 |
| Inflow from Hedges | &nbsp;&nbsp;&nbsp;&nbsp;29.2 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | 29.2 | (2.0) |
| Outflow from Hedges | (31.2) |  | &nbsp;&nbsp;— | (31.2) | 0.0 |
| **Total** | &nbsp;&nbsp;&nbsp;**245.0** | **282.6** | **54.7** | **582.3** | **550.8** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2021** | **September 30, 2021** | **September 30, 2021** | **September 30, 2021** | **September 30, 2021** |
| <u>EUR million</u> | **< 1 year** | **1-5 years** | **> 5 years** | **Total** | **Carrying amount** |
| Financial liabilities to financial institutions | &nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;85.7 | &nbsp;&nbsp;— | 87.0 | 81.6 |
| Lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;11.0 | &nbsp;&nbsp;&nbsp;33.2 | 18.1 | 62.3 | 60.9 |
| Other financial liabilities | &nbsp;&nbsp;&nbsp;&nbsp;15.4 | &nbsp;&nbsp;&nbsp;&nbsp;10.1 | &nbsp;&nbsp;— | 25.5 | 25.5 |
| Trade payables | &nbsp;&nbsp;&nbsp;&nbsp;102.7 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | 102.7 | 102.7 |
| Inflow from Hedges | &nbsp;&nbsp;&nbsp;&nbsp;12.2 | &nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;— | 13.5 | (0.4) |
| Outflow from Hedges | &nbsp;&nbsp;&nbsp;&nbsp;(12.5) | &nbsp;&nbsp;&nbsp;(1.3) | &nbsp;&nbsp;— | (13.8) |  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**130.0** | &nbsp;&nbsp;&nbsp;&nbsp;**128.9** | &nbsp;&nbsp;**18.1** | **277.1** | **270.3** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

For the interest-bearing liabilities the nominal interest rates and the face values are as followed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **September 30, 2022** | **September 30, 2022** | **September 30, 2021** | **September 30, 2021** |
| <u>EUR million</u> | **Currency** | &nbsp;&nbsp;&nbsp;**Nominal interest**<br>**rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Year of maturity** | &nbsp;&nbsp;&nbsp;**Carrying**<br>**amount** | &nbsp;&nbsp;&nbsp;**Face value** | &nbsp;&nbsp;&nbsp;**Carrying**<br>**amount** | &nbsp;&nbsp;&nbsp;**Face value** |
| Secured bank loan | EUR | 1.00% | 2026 | 0.4 | 0.3 | 0.5 | 0.4 |
| Secured bank loan | EUR | 1.30% | 2025 | 0.3 | 0.3 | 0.4 | 0.4 |
| Secured bank loan | EUR | 1.55% | 2025 | 0.3 | 0.3 | 0.4 | 0.4 |
| Secured bank loan | EUR | 0.90% | 2025 | 0.2 | 0.2 | 0.2 | 0.2 |
| Secured bank loan | EUR | 1.25% | 2024 | 0.4 | 0.4 | 0.6 | 0.6 |
| Secured bank loan | EUR | 0.60% | 2024 | 0.2 | 0.2 | 0.2 | 0.2 |
| Secured bank loan | EUR | 0.25% | 2026 | 1.8 | 1.8 | 2.0 | 2.0 |
| Secured bank loan | EUR | 0.25% | 2026 | 1.8 | 1.8 | 2.0 | 2.0 |
| Secured bank loan | EUR | EURIBOR 3M+3.5 points | 2024 | 100.3 | 100.0 | 75.2 | 75.0 |
| Unsecured bank loan | USD | 2.50% | 2023 | 2.2 | 2.2 | 0.0 | 0.0 |
| Unsecured loan | EUR | EURIBOR 12M+5 points | 2025 | 51.2 | 50.0 | 0.0 | 0.0 |
| Unsecured loan | EUR | EURIBOR 12M+5 points | 2025 | 30.2 | 30.0 | 0.0 | 0.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

The cash inflows and outflows shown in the table above represent the contractual, undiscounted cash flows from derivative financial liabilities held for risk management purposes, which are generally not concluded before the expiry of the contract. The disclosure shows the gross cash inflows and outflows for derivatives that also show gross cash settlement.

It is not expected that the cash flows included in the maturity analysis could occur significantly earlier or in significantly different amounts.

The secured bank loans are secured over inventories. Please refer to Note 7.14.

**10.8. Market risks**

The market risk is a risk that changes in market prices could affect the results of SIGNA Sports United Group or the value of its holdings of financial instruments. The aim of market risk management is to manage and control market risk positions with acceptable parameters.

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The market risk to which SIGNA Sports United Group is exposed mainly consists of minor exchange rate risks. These risks are constantly monitored by the Group and controlled by contractual agreements. SIGNA Sports United Group uses derivatives to manage foreign currency risks. All these transactions are carried out within the framework of the risk management guidelines.

**10.9. Foreign currency risks and currency risk of warrants**

SIGNA Sports United Group is exposed to currency risks to a limited extent that there is a mismatch between the currencies in which sales and purchases are denominated and the respective functional currencies of the companies of SIGNA Sports United Group. Exchange rate risks exist primarily for the Swiss franc (CHF), the Swedish krona (SEK), the Norwegian krona (NOK), British Pound (GBP) and the US Dollar (USD). In order to reduce the effects of exchange rate fluctuations, SIGNA Sports United Group continuously quantifies the exchange rate risk.

SIGNA Sports United Group is exposed to foreign currency risks through highly probable payments in USD. In order to minimize foreign currency risk, SIGNA Sports United Group concludes corresponding forward transactions. As a result of the hedging transactions concluded for this risk, the Group was not exposed to any significant currency risk.

As of the balance sheet date, there are significant assets denominated in foreign currencies amounting to USD 2.1 million (2021: USD 0.2 million), CHF 2.4 million (2021: CHF 4.8 million), SEK 33.3 million (2021: SEK 42.2 million), DKK 3.6 million (2021: DKK 5.9 million), NOK 24.6 million (2021: NOK 43.2 million), PLN 1.8 million (2021: PLN 0.9 million) and GBP 0.4 million (2021: GBP 0.9 million) and liabilities amounting to USD 46.0 million (2021: USD 1.8 million), CHF 2.9 million (2021: CHF 0.5 million), SEK 27.6 million (2021: SEK 6.8 million), DKK 0.2 million (2021: DKK 0.0 million), NOK 1.6 million (2021: NOK 0.1 million), PLN — million (2021: PLN 0.0 million) and GBP 0.2 million (2021: GBP 0.3 million).

For highly probable payments in USD from imports and revenues in CHF, cash flow hedge accounting is applied for SIGNA Sports United Group. SIGNA Sports United Group aims to achieve a hedge ratio of up to 100%.

The purpose of applying hedge accounting is to prevent a temporary distortion of the result by the gains or losses from the fair value measurement of the derivatives concluded to hedge existing currency risks.

The existing foreign currency risk and the associated hedging of these risks is constantly monitored. The Group's risk management strategy aims to minimize the impact of changes in foreign exchange rates on transactions that have already been agreed or are highly likely to occur. In principle, it is the Group's policy that the critical terms of the forward transaction correspond to the hedged underlying transaction. SIGNA Sports United determines the existence of an economic relationship between the hedging instrument and the hedged underlying transaction on the basis of the currency, amount and timing of their respective cash flows.

The Group uses the hypothetical derivative method to assess whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in the cash flows of the hedged item. When this method is applied, the absolute changes in value of the underlying transaction and the hedging instrument are compared. For cash flow hedges, the smaller of the change in value of the underlying transaction and the hedging instrument is recognized in other comprehensive income. If the change in value of the hedging instruments exceeds the change in value of the underlying transaction, this amount is recognized in income.

The hedging relationship between the unrecognized forecast transaction (underlying transaction) and the forward exchange transaction (hedging instrument) is documented at the beginning of the hedged transaction.

In the fiscal year, net gain from cash flow hedges in the amount of €-1.0 million (2021: €0.5 million; 2020: €-0.1 million) were recognized in other comprehensive income.

The maximum remaining term of cash flow hedges from planned transactions was essentially 12 months at the end of the fiscal year. It is expected that the hedged planned transactions will occur and thus affect the result of the next period.

The net assets of foreign subsidiaries and translation risks are not hedged against exchange rate fluctuations.

As of September 30, 2022, a change in foreign currency holdings by 10 percentage points against the euro would have only a minor impact on total comprehensive income.

In addition the Group's activities expose it to the financial risks of changes in price of the warrants. As the warrants are recognized at fair value on the consolidated statement of financial position of the Group, the Group's exposure to market risks results from the volatility of the warrants price. The Warrants are publicly traded at the New York Stock Exchange. A reasonable increase (decrease) in the warrant price by 10%, with all other variables held constant, would lead to a (loss) gain before tax of €0.4 million with a corresponding effect in the equity.

Currency risk shows the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The warrants are traded in U.S. Dollar while the functional currency of SSU is Euro. A reasonably increase (decrease) in the U.S. Dollar / Euro exchange rate by 10%, with all other variables held constant, would lead to a gain (loss) before tax of €0.3 million / (€0.4 million) with a corresponding effect in the equity.

The risks associated with our warrants result in non-cash, non-operating financial statement effects and have no impact on the Company's cash position, operating expenses or cash flows

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**10.10. Interest rate risks**

Interest rate risks arise from fluctuations in interest rates on the capital market, which affect the Group's net assets, financial position and results of operations.

Due to the contractually agreed fixed interest rates for financial liabilities, there are no significant interest rate risks for the reporting period. For further information on the main current financing arrangements and the underlying interest rates, see Note 13 "Related party transactions". It was therefore not necessary to hedge interest rates through the use of derivatives.

The Group does not recognize fixed-interest financial assets and liabilities at fair value through profit or loss. Derivatives (interest rate swaps) are not designated as fair value hedging instruments. A change in the interest rate on the reporting date would therefore not affect profit or loss.

**10.11. Capital management**

SIGNA Sports United Group is not subject to any external legal requirements regarding capital management except the general capital regulations in the Dutch Civil Code (Burgerlijk Wetboek).

In the past, SIGNA Sports United Group was provided with capital by its parent company through capital contributions and intra-Group loans, primarily from SIGNA International Sports Holding GmbH. SIGNA Sports United distributes its financial resources among its Group companies independently of its parent company.

The objectives of SIGNA Sports United Group in managing its capital were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to secure its ability to continue as a going concern so that it can continue to generate income for its shareholders and economic benefits for other stakeholders, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust its capital structure, SIGNA Sports United has implemented a sustainable concept for managing its short, medium and long-term financing and liquidity requirements. For the current reporting period, SIGNA Sports United manages liquidity risks by maintaining sufficient capital reserves and credit lines with banks as well as by continuously monitoring expected and actual cash flows and a balanced portfolio of financial assets and liabilities with regard to maturities.

The following table shows the total equity of SIGNA Sports United Group (as shown in the consolidated statements of financial position, including non-controlling interests) and the equity ratio:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** | **2020** |
| Total equity | 617.3 | 373.4 | 347.1 |
| Total equity and borrowed capital | 1309.5 | 742.9 | 682.0 |
| **Equity ratio** | &nbsp;&nbsp;&nbsp;**47.1%** | &nbsp;&nbsp;&nbsp;**50.3%** | &nbsp;&nbsp;&nbsp;**50.9%** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

**11. Discontinued operations**

In September 2022, management concluded on the discontinuation of its retail business 'Stylefile' within Publikat. The decision to discontinue Stylefile was driven mainly by its historical performance and expected business forecasts in the absence of further capital investments and opportunity costs. Consequently, the Company is reporting its Stylefile business line as a discontinued operation.

All Stylefile related accounts receivable and accounts payable are included in the consolidated financial statements as of September 30, 2022. In addition, all tangible and intangible assets associated with the Stylefile operations have been tested for impairment as at September 30, 2022 resulting in the impairment of Stylefile inventories of €8.6 million and the impairment of €0.7 million for the domains and Goodwill of €4.1 million (please refer to Note 7.2).

Discontinued operations are presented separately from continuing operations in the consolidated statements of profit or loss and other comprehensive income and consolidated statements of cash flows.

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---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal year ended September** | **Fiscal year ended September** | **Fiscal year ended September** |
| <u>EUR million</u> | **2022** | **2021** | **2020** |
| **Results of discontinued operations** |  |  |  |
| Revenue | **53.0** | **58.2** | **58.8** |
| Own work capitalized | 0.1 | 0.4 | 0.3 |
| Other operating income | 0.1 | 0.7 | 1.0 |
| Cost of material | (41.7) | (33.9) | (34.7) |
| Personnel expense | (9.3) | (9.1) | (9.0) |
| Other operating expenses | (19.5) | (20.6) | (18.9) |
| Depreciation and amortization | (2.3) | (1.8) | (1.1) |
| Impairment loss | (4.8) | **—** | **—** |
| **Operating result** | **(24.4)** | **(6.2)** | **(3.5)** |
| Finance result | (2.0) | (2.1) | (1.4) |
| **Earnings before taxes (EBT)** | **(26.4)** | **(8.3)** | **(5.0)** |
| Income tax expense/benefit |  |  |  |
| **Loss for the period** | **(26.4)** | **(8.3)** | **(5.0)** |
| **Loss per share** |  |  |  |
| Basic and diluted loss per share | (0.1) |  |  |
| **Cash flow from discontinued operations** | **(7.7)** | **(13.2)** | **(4.5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flow from/ (used in) operating activities | (6.6) | (4.3) | (2.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flow from/ (used in) investing activities | (0.6) | (1.2) | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flow from/ (used in) financing activities | (0.5) | (7.7) | (1.2) |

---

**12. Commitments, contingent liabilities and guarantees**

Liabilities of the Group to banks totaling €107.9 million (2021: €81.6 million) are secured mainly by inventories and trade receivables. Please refer to Note 7.14. The Group's syndicated loan is secured by shares in a subsidiary. Contingent liabilities exist for bonus payments where the obligation is depending on future events.

**13. Related party transactions**

SSU N.V.'s parent is SIGNA International Sports Holding GmbH, Munich, Germany and the SSU N.V.'s ultimate controlling party is SIGNA Retail GmbH, Vienna, Austria. The next more senior parent that produces consolidated financial statements is SIGNA Retail Selection AG, Zürich, Switzerland.

Transactions and outstanding balances with related parties exist between the consolidated companies of SIGNA Sports United N.V. (see note 16) and the other companies of SIGNA Retail Selection Group, consisting of SIGNA Retail Selection AG, Zürich/Switzerland and its direct and indirect subsidiaries outside the consolidated companies of the Group, as well as with associated companies and joint ventures (e.g. Teamstolz GmbH and AEON SIGNA Sports United Co., Ltd.), and with members of management in key positions and the Board of Directors of the Group.

Transactions and outstanding balances with related parties are explained below. Please refer to Note 13 for the remuneration of Executive Management and the Board of Directors.

During the year, group entities entered into the following transactions with related parties who are not members of the Group:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transaction values** | **Transaction values** | **Transaction values** | **Balance outstanding** | **Balance outstanding** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | &nbsp;&nbsp;**2021** | **2020** | **2022** | **2021** |
| **Sale of goods and services** |  |  |  |  |  |
| OUTFITTER GmbH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SportScheck GmbH | 0.3 | 0.4 |  | 0.3 | 0.5 |
| SIGNA Sports United X GmbH | 0.6 |  | &nbsp;&nbsp;— | 0.4 | &nbsp;&nbsp;— |
| Tennis-Point UK Ltd. |  |  |  | 0.2 |  |
| **Purchase of goods and services** |  |  |  |  |  |
| OUTFITTER GmbH | 0.5 |  | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Karstadt Sports |  |  | &nbsp;&nbsp;2.2 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Galeria Karstadt Kaufhof GmbH | 0.3 | 0.4 | &nbsp;&nbsp;5.4 | 0.1 | 0.0 |
| SportScheck GmbH | 0.5 | 2.7 | &nbsp;&nbsp;0.2 | 0.0 | 0.2 |
| SIGNA Retail Selection AG |  | 0.5 | &nbsp;&nbsp;0.4 | 0.2 | 0.2 |
| SIGNA Informationstechnologie GmbH | 0.0 | 0.1 |  | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| o5 Logistik GmbH | 0.1 |  | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SIGNA Retail GmbH | 0.1 | 0.7 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SIGNA Financial Services AG |  | 1.5 |  |  | 4.0 |
| **Financial liabilities and interest** |  |  |  |  |  |
| SIGNA International Sports Holding GmbH |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Loan and related interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 0.8 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SIGNA Holding GmbH |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan and related interest | 1.4 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Financial receivables and interest** |  |  |  |  |  |
| SIGNA Sports United X GmbH | 0.0 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

All outstanding balances with these related parties are to be settled in cash within three months of the reporting date. None of the balances is secured. No expense has been recognized in the current year or prior year for bad or doubtful debts in respect of amounts owed by related parties.

With effect from April 3, 2018, both Internetstores Holding and Tennis-Point have entered into a partnership agreement with Karstadt Sports GmbH, Essen/Germany, (hereinafter also referred to as "Karstadt"), a subsidiary of Karstadt Warenhaus GmbH. The subject of the agreement is a cooperation in the bicycle and tennis business segments using Karstadt stores.

Karstadt is compensated for its retail space and sales services by a monthly rental payment, a marketing fee, a purchase commission, a sales commission and cost of goods. In a second phase, Internetstores Holding and Tennis-Point will be responsible for the complete merchandise purchasing and also for the logistics to the Karstadt stores.

The partnership agreement and underlying business was terminated within the financial year ending September 30, 2021.

Dr. Zoll entered into a loan agreement with SIGNA Retail Selection AG, an indirect majority shareholder of SISH who grants similar financial assistance to other SIGNA Retail group companies from time to time. The loan is for an amount of up to €5.3 million, bearing interest at 2.0% per annum, for the purpose of financing tax obligations that would arise if Dr. Zoll transfers shares acquired under the option rights to a personal investment vehicle and is payable only at the request of Dr. Zoll in connection with such a transfer. Provided the aforementioned terms are met, the loan term will end at the earlier of March 31, 2024 or within five days of the receipt of a notice of termination issued by either party. Any loan amount drawn upon, plus interest, is repayable no later than March 31, 2024.

**14. Remuneration of the members of Executive Management and the Board of Directors**

Executive management has authority and responsibility for planning, directing and controlling the activities of the Group, and is considered to be key management personnel. In the financial year ended September 30, 2022, the key management personnel as defined above received short-term employee benefits as total compensation.

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The total remuneration of management is shown in the following table:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021** | **2020** |
| Salaries and other short-term benefits | 6.3 | 4.3 | &nbsp;&nbsp;4.0 |
| Post-employment benefits |  |  | &nbsp;&nbsp;0.9 |
| Termination benefits |  |  | &nbsp;&nbsp;0.2 |
| Share-based payments | 8.1 | 2.7 |  |
| **Total** | **14.4** | **7.0** | &nbsp;&nbsp;**5.1** |

---

Compensation of the Group's key management personnel includes salaries, other short-term benefits as well as share-based payments. For further information regarding the share-based payments see note 7.12.

The Board of Directors monitors and advises management on all matters relating to the daily business of SSU and in particular in the exercise of rights in relation to its direct holdings. The Non-Executive Directors have been appointed to the Board of Directors of the Company on December 14, 2021. The Board of Directors currently consists of 7 members.

The total remuneration of the Board of Directors in the fiscal year amounted to €1.5 million and includes an equity-based compensation expense of €0.6 million as a result of a Long-Term Incentive Plan (see Note 7.12) for the fiscal year ending September 30, 2022. For the fiscal years ended September 30, 2021, and September 30, 2020, there was an advisory board installed and the total remuneration amounted to €0.3 million for each period.

**15. Business combinations**

The following strategic business combinations were made to form the SIGNA Sports United Business in fiscal year ending September 30, 2022:

**Acquisition of Wiggle Group** 

On December 14, 2021, SSU GmbH completed the acquisition of 100% of the issued shares in Wiggle Group, a UK headquartered online cycling and multisport specialist, for a total consideration of €510.8 million. The strategic investment is intended to strengthen the Company's activities in the Bike & Outdoor business segment and to extend the Company's internationalization strategy. The operating results and assets and liabilities of the acquired company are consolidated from December 14, 2021.

Acquisition-related costs in the amount of €0.2 million were reported within other operating expenses (2021: €3.6 million).

Details of the consideration transferred on acquisition date:

---

| | |
|:---|:---|
| <u>EUR million</u> |  |
| Cash Consideration | 236.0 |
| Equity Consideration | 274.8 |
| **Total consideration** | **510.8** |

---

As of September 30, 2022, the purchase price allocation has been completed. The following table illustrates the recognized assets and (liabilities) assumed at the date of the acquisition:

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| | |
|:---|:---|
| <u>EUR million</u> | **Fair value at the time of acquisition** |
| Property, plant and equipment | 9.5 |
| Right-of-use-assets | 24.8 |
| Identifiable intangible assets | 202.0 |
| Inventories | 78.0 |
| Trade receivables | 0.7 |
| Other current financial asset | 2.4 |
| Other current assets | 11.2 |
| Cash and cash equivalents | 45.8 |
| Non-current provisions | (3.1) |
| Non-current financial liabilities | (98.0) |
| Deferred tax liabilities | (28.5) |
| Trade payables | (41.2) |
| Other current financial liabilities | (2.0) |
| Other current liabilities | (69.6) |
| Contract liabilities | (1.7) |
| **Total identifiable net assets acquired** | **130.3** |
| Consideration transferred | 510.8 |
| **Goodwill** | **380.4** |

---

The goodwill is attributable mainly to the synergies expected to be achieved from integrating the Wiggle Group into the Group's existing bike and outdoor business as well as from the expansion of existing business activities and the expected benefits from the expansion into new markets and business segments. Therefore, an amount of €61.2 million of the originally recognized Goodwill of €380.4 million was allocated to the group of CGUs Internetstores. Furthermore, an impairment loss which was fully allocated to goodwill of €243.7 million was recognized for the fiscal year ended September 30, 2022 (see Note 7.2). None of the goodwill recognized is expected to be deductible for tax purposes.

The fair value of the trademarks was determined using the relief from royalty method. The fair value allocated to customer relationships was determined using the "Multi-Period Excess Earnings Method".

From the acquisition date on December 14, 2021 to September 30, 2022, the Wiggle Group contributed revenue of €223.8 million and loss of €123.1 million to the Group's results. If the acquisition had taken place on October 1, 2021, management estimates that the contribution to the consolidated revenue and consolidated loss would have been €295.9 million and €175.8 million, respectively. In determining these amounts, management has assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the same if the acquisition had occurred on October 1, 2021.

**Acquisition of Tennis Express**

On January 1, 2022, the Company acquired 66.66 % of the issued shares in Tennis Express, a full-service tennis specialty retailer based in Houston, Texas. The strategic investment is intended to strengthen the activities in the Tennis business segment and to extend the Group internationalization strategy. The purchase price paid in cash amounted to €3.6 million and also consists of equity instruments in the amount of €16.9 million. At the time of the acquisition, the Company and the non-controlling shareholders entered into a nearly symmetrical put call options that are classified as a synthetic forward transaction. Under these options, the Group is obligated to acquire the remaining 33.34% of non-controlling interests for a contractually agreed consideration no later than the expiry of the options on February 29, 2024. The expected payment resulting from the put option liability at the acquisition date is €10.8 million. The Group has applied the anticipated acquisition method, whereby the put option liability is viewed as part of the consideration transferred and no non-controlling interest is recognized.

Acquisition-related costs in the amount of €0.1 million were reported within other operating expenses (2021: €0.3 million).

The following table illustrates the recognized assets and (liabilities) assumed at the date of the acquisition:

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| | |
|:---|:---|
| <u>EUR million</u> | **Fair value at the time of acquisition** |
| Property, plant and equipment | 0.1 |
| Right-of-use-assets | 0.2 |
| Identifiable intangible assets | 7.1 |
| Inventories | 9.1 |
| Trade receivables | 0.1 |
| Other current assets | 1.4 |
| Cash and cash equivalents | 0.6 |
| Deferred tax liabilities | (1.8) |
| Tax liabilities | (1.1) |
| Trade payables | (3.2) |
| Other current liabilities | (2.6) |
| **Total identifiable net assets acquired** | **9.9** |
| Consideration transferred | 31.3 |
| **Goodwill** | **21.4** |

---

The goodwill is attributable mainly to the synergies expected to be achieved from integrating Tennis Express into the Group's existing tennis business as well as from the expansion of existing business activities and the expected benefits from the expansion into new markets and business segments. Therefore, the recognized Goodwill of €21.4 million was fully allocated to the group of CGUs Tennis US. None of the goodwill recognized is expected to be deductible for tax purposes.

From the acquisition date on January 1, 2022, to September 30, 2022, Tennis Express contributed revenue of €44.5 million and loss of €6.8 million to the Group's results. If the acquisition had taken place on October 1, 2021, management estimates that the contribution to the consolidated revenue and consolidated loss would have been €59.3 million and €8.3 million, respectively. In determining these amounts, management has assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the same if the acquisition had occurred on October 1, 2021.

The following strategic business combinations were made to form the SIGNA Sports United Business in fiscal year ending September 30, 2021:

**Acquisition of Midwest Sports**

The acquisition of Midwest Sports Supply, Inc., Cincinnati, Ohio, USA ("Midwest"), an online retailer, which closed on April 30, 2021, was a strategic investment to strengthen the activities in the Tennis business segment.

As part of the transaction, SIGNA Sports United acquired 60.61 % of the shares in Midwest. The purchase price paid in cash amounted to €7.7 million at the time of acquisition. At the time of the acquisition, SSU and the non-controlling shareholders entered into a nearly symmetrical put call option that can be classified as a synthetic forward transaction. Under the options, the Group is obligated to acquire the remaining 39.39 % non-controlling interests for a contractually agreed consideration no later than the expiry of the options on March 31, 2025. The expected payment resulting from the put option liability at the acquisition date is €5.5 million. The Group has applied the anticipated acquisition method, whereby the put option liability is viewed as part of the consideration transferred and no non-controlling interest is recognized.

Acquisition-related costs in the amount of €0.4 million were reported within other operating expenses.

As of September 30, 2021, the purchase price allocation has been completed. The following table illustrates the recognized assets and liabilities assumed at the date of the acquisition:

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| | |
|:---|:---|
| <u>EUR million</u> | **Fair value at the time of acquisition** |
| Property, plant and equipment | 0.1 |
| Right-of-use-assets | 0.6 |
| Identifiable intangible assets | 1.7 |
| Other non-current assets | 0.3 |
| Inventories | 4.9 |
| Trade receivables | 0.1 |
| Other current assets | 0.1 |
| Cash and cash equivalents | 0.2 |
| Other non-current liabilities | (0.5) |
| Tax liabilities | (0.7) |
| Trade payables | (3.2) |
| Other current liabilities | (1.4) |
| **Total identifiable net assets acquired** | **2.2** |
| Consideration transferred | 13.2 |
| **Goodwill** | **11.0** |

---

The goodwill allocated to the expected synergies from the expansion of existing business activities and the expected benefits from the expansion into new markets and business segments was not tax deductible.

The fair value of the trademarks was determined using the relief from royalty method. The fair value allocated to the customer relationship was determined using the "Multi-Period Excess Earnings Method".

From the acquisition date on April 30, 2021, to September 30, 2021, Midwest contributed revenue of €16.5 million and profit of €0.5 million to the Group's results. If the acquisition had taken place already on October 1, 2020, management estimates that the contribution to the consolidated revenue and consolidated profit would have been €35.9 million and €2.5 million, respectively. In determining these amounts, management has assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the same if the acquisition had occurred on October 1, 2020.

**16. Disclosures on shareholdings in accordance with IFRS 12**

As of September 30, 2022, SIGNA Sports United Group comprised the following material companies which were included in the scope of consolidation:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name</u>** | **Principal place of business, Country** | **Sum of the direct and indirect shares as of September 30, 2022** | **Type of interest**<br><sup>1</sup> | **Sum of the direct and indirect shares as of September 30, 2021** | **Type of interest**<br><sup>1</sup> |
| SIGNA Sports NV | Berlin, Germany |  |  |  |  |
| SIGNA Sports United GmbH | Berlin, Germany | 100.0% | FC | —% |  |
| Olympics I Merger Sub, LLC | George Town, Cayman Islands,UK | 100.0% | FC | —% |  |
| OUTFITTER Teamsport GmbH | Großostheim, Germany | 100.0% | FC | 100.0% | FC |
| Teamstolz GmbH | Ehingen, Germany | 55.0% | AE | 55.0% | AE |
| SIGNA SPORTS CENTRO TÉCNICO SL | Barcelona, Spain | 100.0% | FC | 100.0% | FC |
| Score Invest SAS | Holtzheim, France | 80.6% | FC | 80.6% | FC |
| Tennis-Point GmbH | Herzebrock-Clarholz, Germany | 100.0% | FC | 100.0% | FC |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| MRS Tennis AG | Dietikon, Switzerland | 100.0% | FC | 100.0% | FC |
| Tennis-Point Handels GmbH | Graz, Austria | 100.0% | FC | 100.0% | FC |
| TENNIS POINT SPOR MALZEMELERI LIMITED SIRKETI | Serik Antalya, Turkey | 100.0% | FC | 100.0% | FC |
| Tennis-Point Iberia S.L. | Barcelona, Spain | 100.0% | FC | 100.0% | FC |
| Tennis-Point d.o.o. | Bol, Croatia | 100.0% | FC | 100.0% | FC |
| Tennis Point Italia SRL | Bruneck, Italy | 100.0% | FC | 100.0% | FC |
| Midwest Sports Supply LLC. | Cincinnati, USA | 60.6% | FC | 60.6% | FC |
| Ballside GmbH | Rostock, Germany | 100.0% | FC | 100.0% | FC |
| Tennis Express LLC | Houston, USA | 66.7% | FC | —% | FC |
| Publikat GmbH | Großostheim, Germany | 100.0% | FC | 100.0% | FC |
| SIGNA Sport Online GmbH | Munich, Germany | 100.0% | FC | 100.0% | FC |
| Internetstores Holding GmbH | Stuttgart, Germany | 100.0% | FC | 100.0% | FC |
| Internetstores GmbH | Stuttgart, Germany | 100.0% | FC | 100.0% | FC |
| Bikester Sweden Retail Stores AB | Stockholm, Sweden | 100.0% | FC | 100.0% | FC |
| Addnature AB | Stockholm, Sweden | 100.0% | FC | 100.0% | FC |
| Probikeshop-Dolphin France SAS | Saint Etienne, France | 100.0% | FC | 100.0% | FC |
| E-Procall | Saint Etienne, France | 100.0% | FC | 100.0% | FC |
| E-Prolog | Chapponay, France | —% | 0 | 100.0% | FC |
| SIGNA Beteiligung I Verwaltungs UG (haftungsbeschränkt) | Munich, Germany | 100.0% | FC | 100.0% | FC |
| SIGNA Beteiligung I UG (haftungsbeschränkt) & Co KG | Munich, Germany | 100.0% | FC | 100.0% | FC |
| Sports Data Services GmbH (formally known as INSIGNA GmbH) | Munich, Germany | 100.0% | FC | 100.0% | FC |
| SIGNA AppVentures GmbH | Munich, Germany | 100.0% | FC | 100.0% | FC |
| AEON SIGNA Sports United Co., Ltd. | Chiba, Japan | 50.0% | AE | 50.0% | AE |
| Sports North America Holding Corp. | New York, USA | 100.0% | FC | —% |  |
| SSU Midwest Acqusition Corp. | New York, USA | 100.0% | FC | —% |  |
| Sports Media Services Gmbh | Berlin, Germany | 100.0% | FC | —% |  |
| Mapil TopCo Limited | Portsmouth, United Kingdom | 100.0% | FC | —% |  |
| Mapil MidCo 1 Limited | Portsmouth, United Kingdom | 100.0% | FC | —% |  |
| Mapil MidCo 2 Limited | Portsmouth, United Kingdom | 100.0% | FC | —% |  |
| Mapil Bidco Limited | Portsmouth, United Kingdom | 100.0% | FC | —% |  |
| Ensco 503 Limited | Portsmouth, United Kingdom | 100.0% | FC | —% |  |
| Wiggle Limited | Portsmouth, United Kingdom | 100.0% | FC | —% |  |

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| | | | |
|:---|:---|:---|:---|
| Peleton Topco Limited | Portsmouth, United Kingdom | 100.0% | FC |
| Peleton Midco 1 Limited | Portsmouth, United Kingdom | 100.0% | FC |
| Chain Reaction Cycles Limited | Portsmouth, United Kingdom | 100.0% | FC |
| Hotlines Europe Limited | Edinburgh, United Kingdom | 100.0% | FC |
| Chain Reaction Cycles Retail Limited | Belfast, United Kingdom | 100.0% | FC |
| Taiwan Chain Reaction Co. Ltd | Yuanlin, Taiwan | 100.0% | FC |
| Wiggle Australia Pty Limited | Portsmouth, United Kingdom | 100.0% | FC |
| WiggleCRC US LLC | Portsmouth, United Kingdom | 100.0% | FC |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;FC: Full consolidation,

AE: At-equity

Although, the Group has half of the voting rights of AEON SIGNA Sports United Co., Ltd. and Teamstolz GmbH, management decided that the Group has no control over these investees, AEON SIGNA Sports United Co., Ltd and Teamstolz GmbH are accounted for at-equity.

**17. Segment information**

**Basis for segmentation**

SIGNA Sports United Group operates a variety of e-commerce platforms and offline stores for various brands and offers a broad product portfolio in the sporting goods sector. The Group has the following divisions, which are its operating segments: Tennis EU, Tennis US, Bike & Outdoor, Wiggle Group and Teamsport. In the current financial year the Group decided to discontinue its 'Stylefile' business (see note 11). These divisions offer different products and services and are managed separately because they require different technology and marketing strategies. The Wiggle Group was added in the current year as an operating segment following the business combination in December 2022. Similarly, the Tennis US operating segment was added in the current year following the acquisition of Tennis Express and the shift of Midwest Sports from the Tennis EU operating segment to the Tennis US operating segment. (refer Note 15. Business combinations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Segment**&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Tennis EU&nbsp;&nbsp;&nbsp;&nbsp;Retail activities and online business with main brands Tennis-Point and TennisPro; product portfolio comprises tennis supplies which are sold mainly in Europe&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Tennis US&nbsp;&nbsp;&nbsp;&nbsp;Retail activities and online business with main brands Tennis-Point (Midwest Sports) and Tennis Express; product portfolio comprises tennis supplies which are sold mainly in the US

Bike & Outdoor&nbsp;&nbsp;&nbsp;&nbsp;Retail activities and online business through various brands; product portfolio comprises bikes and related services as well as outdoor products&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wiggle Group&nbsp;&nbsp;&nbsp;&nbsp;Retail activities and online business through various brands; product portfolio comprises bikes and related services which are sold mainly in the UK

Teamsport&nbsp;&nbsp;&nbsp;&nbsp;Sale through the online shop OUTFITTER; focus is on offering and selling sports & teamsports wear as well as customizing of merchandise

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The CODM evaluates the financial performance of SIGNA Sports United Group, allocates resources and is involved in strategic and operational decision making on an ongoing basis. The CODM receives and reviews the internal management reporting for each operating segment at least once a month in order to make decisions and allocate resources to the Tennis, Bike & Outdoor, and Teamsport segments.

In accordance with IFRS 8.5, the five operating segments mentioned above are represented as three reportable segments. The reportable segment of "Tennis" includes Tennis EU and Tennis US. The reportable segment of "Bike and Outdoor" is made up of the operating

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segments relating to the Wiggle Group and Bike & Outdoor. The third reportable segment is "Teamsport". For the determination of the reportable segments long-term revenue growth, gross profit margin and Segment adjusted EBITDA margin (which is calculated using adjusted EBITDA (as defined below) divided by total revenue) as economic indicators have been assessed.

In the current financial year impairment losses of €1.9 million were recognized within the reportable segment "Tennis"and €252.9 million within the reportable segment "Bike & Outdoor". The impairment losses are included in 'Impairment' within the consolidated statement of profit or loss. See further information regarding impairment testing in Note 7.2.

**Segment Adjusted EBITDA**

The CODM assesses the performance of the operating segments based on Segment adjusted EBITDA (which is defined as consolidated net income (loss) before interest, income taxes, depreciation and amortization adjusted for impairments and certain other items which management believes do not reflect the core operating performance of the operating segments) adjusted for certain items which management believes do not reflect the core operating performance of the operating segments. Such adjustments described below in more detail include acquisition related charges, reorganization and restructuring costs, consulting fees, share-based compensation and other items.

**Information on reportable segments**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fiscal year ended September 30, 2022** | **Fiscal year ended September 30, 2022** | **Fiscal year ended September 30, 2022** | **Fiscal year ended September 30, 2022** |
| <br><u>EUR million</u> | <br>**Tennis** | **Bike & Outdoor** | **Teamsport** | <br>**Segment total** |
| Revenue | 259.1 | 763.6 | 46.8 | 1069.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;External revenue | 259.0 | 763.4 | 40.4 | 1062.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenue | 0.0 | 0.2 | 6.4 | 6.6 |
| Segment Adjusted EBITDA | (0.3) | (28.3) | (6.9) | (35.5) |
| Segment Assets | 233.7 | 579.8 | 71.9 | 885.4 |
| Segment Liabilities | 224.5 | 557.9 | 144.0 | 926.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fiscal year ended September 30, 2021** | **Fiscal year ended September 30, 2021** | **Fiscal year ended September 30, 2021** | **Fiscal year ended September 30, 2021** |
| <u>EUR million</u> | **Tennis** | **Bike & Outdoor** | **Teamsport** | **Segment total** |
| Revenue | 165.4 | 607.6 | 47.0 | 820.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;External revenue | 165.4 | 607.0 | 41.2 | 813.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenue |  | 0.5 | 5.8 | 6.3 |
| Segment Adjusted EBITDA | 7.2 | 41.4 | (4.0) | 44.6 |
| Segment Assets | 156.3 | 450.6 | 95.9 | 702.8 |
| Segment Liabilities | 124.4 | 284.9 | 128.2 | 537.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fiscal year ended September 30, 2020** | **Fiscal year ended September 30, 2020** | **Fiscal year ended September 30, 2020** | **Fiscal year ended September 30, 2020** |
| <u>EUR million</u> | **Tennis** | **Bike & Outdoor** | **Teamsport** | **Segment total** |
| Revenue | 125.9 | 497.5 | 25.6 | 649.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;External revenue | 125.5 | 497.4 | 21.6 | 644.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenue | 0.5 | 0.1 | 4.0 | 4.6 |
| Segment Adjusted EBITDA | 2.2 | 24.7 | (2.6) | 24.3 |
| Segment Assets | 122.5 | 435.7 | 82.1 | 640.4 |
| Segment Liabilities | 84.6 | 273.5 | 96.1 | 454.2 |

---

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The following table reconciles the performance indicators presented in the segment information to the consolidated statements of profit or loss and other comprehensive Income of SIGNA Sports United Group.

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | **2021\*** | **2020\*** |
| Segment Adjusted EBITDA total\*\* | (35.5) | 44.6 | &nbsp;&nbsp;24.3 |
| Unallocated corporate costs (1) | (30.9) | (15.0) | (7.7) |
| Acquisition related charges (2) | (2.7) | (0.5) | (0.4) |
| Reorganization and restructuring costs (3) | (140.5) | (7.2) | (3.2) |
| Consulting fees (4) | (41.7) | (21.6) | (0.6) |
| Share-based compensation (5) | (17.1) | (2.7) | (0.1) |
| Other items not directly related to current operations (6) | (2.7) | 1.2 | (2.5) |
| Other net finance income/ (cost) (7) | 19.5 | (0.3) |  |
| Impairment loss | (254.9) | (0.6) | (0.1) |
| Result from investments accounted for at equity | (1.2) | (1.3) | (0.7) |
| Interest Expense (net) | (4.2) | (4.3) | (7.1) |
| Depreciation and amortization | (53.9) | (28.5) | (24.5) |
| **Earnings before taxes (EBT)** | **(565.9)** | **(36.2)** | **(22.6)** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

\* The comparative numbers have been re-presented as a result of discontinued operations. Refer to Note 11- Discontinued Operations.

\*\* The definition of Segment adjusted EBITDA was changed beginning October 1, 2021 to include ramp-up costs and consulting expenses related to management hiring which had previously been excluded. The prior period amounts have been adjusted to state the relevant amounts on a comparable basis. The impact on the prior period Segment adjusted EBITDA was less than €1.4 million.

(1) Unallocated corporate costs consist of mainly intercompany activities and loans, corporate functions as well as cost allocations.

(2) Acquisition related charges consist of transaction costs incurred from acquisitions during the period or subsequent business integration related project costs directly associated with an acquired business.

(3) Reorganization and restructuring costs represent fees and costs associated with various internal reorganization and restructuring initiatives across the SSU's segments, including share listing expenses of €121.9 million and restructuring costs of €18.5 million in the fiscal year ended September 30, 2022. In the fiscal year ended September 30, 2021, reorganization and restructuring costs consisted mainly of severance costs in the amount of €2.8 million and restructuring costs in the amount of €4.0 million.

(4) Consulting fees primarily consists of consultancy fees in connection with acquisitions, financing (equity and debt) and strategic projects including expenses incurred in connection with the share listing of €25.7 million, fees related to ERP implementation of €3.9 million and preparation costs in relation to being Sarbanes-Oxley (SOX) compliant of €3.2 million for the fiscal year ended September 30, 2022. In the fiscal year ended September 30, 2021, consulting fees primarily consisted of expenses incurred in connection with the public listing of €17.8 million, fees related to Business Combinations of €1.5 million and expenses for a market study in the amount of €0.8 million.

(5) Share-based compensation represents non-cash share-based compensation expenses related to option awards to employees and executives.

(6) Other items are excluded from adjusted EBITDA because they are not considered to be representative of the performance of our businesses.

(7) Other net finance income/ (cost) consists mainly of currency gains and losses and impact from derivative revaluations,

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Reconciliations of information on reportable segments to the amounts reported in the financial statements

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **September 30,** |
| <u>EUR million</u> | **2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| *I. Revenue* |  |  |  |
| Total segment revenue | 1069.5 | &nbsp;&nbsp;&nbsp;&nbsp;820.0 | &nbsp;&nbsp;&nbsp;&nbsp;649.1 |
| Intersegment elimination | (6.6) | (6.3) | (4.6) |
| **Consolidated revenue** | **1062.8** | &nbsp;&nbsp;&nbsp;&nbsp;**813.7** | &nbsp;&nbsp;&nbsp;&nbsp;**644.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>*II. Assets* |  |  |  |
| Total segment assets | 885.4 | &nbsp;&nbsp;&nbsp;&nbsp;702.8 | &nbsp;&nbsp;&nbsp;&nbsp;640.4 |
| Unallocated and intersegment elimination | 424.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.6 |
| **Consolidated assets** | **1309.5** | &nbsp;&nbsp;&nbsp;&nbsp;**742.9** | &nbsp;&nbsp;&nbsp;&nbsp;**682.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>*III. Liabilities* |  |  |  |
| Total segment liabilities | 926.5 | &nbsp;&nbsp;&nbsp;&nbsp;537.5 | &nbsp;&nbsp;&nbsp;&nbsp;454.2 |
| Unallocated and intersegment elimination | (234.2) | (168.0) | (119.3) |
| **Consolidated liabilities** | **692.2** | &nbsp;&nbsp;&nbsp;&nbsp;**369.5** | &nbsp;&nbsp;&nbsp;&nbsp;**334.9** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

Unallocated and intersegment elimination consists of mainly intercompany activities and loans, corporate functions as well as cost allocations.

**Geographical information**

Non-current assets excluding goodwill are based on the location of the company owning such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **Non-current assets<br> as of September 30,** | **Non-current assets<br> as of September 30,** |
| <u>EUR million</u> | **2022** | **2021** |
| Germany | 296.0 | 245.8 |
| Switzerland | 0.7 | 0.2 |
| United Kingdom | 223.4 |  |
| Austria | 1.0 | 0.6 |
| France | 34.9 | 31.4 |
| USA | 16.5 | 2.2 |
| Rest of the world | 20.5 | 17.0 |
| **Total** | 592.9 | 297.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

For the geographical breakdown of external revenues see note 6.1.

**18. Events after the reporting period**

As described in note 2, On September 28, 2022, the Group entered into the Subscription Agreement with SIGNA Holding to issue €100.0 million aggregate principal amount of Initial Convertible Bonds to SIGNA Holding with a closing date on October 4, 2022, which was subsequently sold and transferred to our affiliate SIGNA European Invest Holding AG. The convertible bonds mature on October 4, 2028. Bondholders have the right to increase the principal amount of the Initial Convertible Bonds by an additional aggregate principal amount of up to €200.0 million as of closing of the convertible bond issuance and until and including September 30, 2023 in one or more tranches with minimum denominations of €1.0 million (Upsize option).

In addition, on February 6, 2023, the Group received the SIGNA Holding Equity Commitment Letter from SIGNA Holding. Such commitment provides the Company with the right to issue and sell (put right) Additional Convertible Bonds to our affiliate SIGNA Holding, at the same terms and conditions as the Initial Convertible Bonds, in one or more tranches until and including September 30, 2024 for an aggregate additional principal amount of €130.0 million of newly issued convertible bonds. Any subsequent exercise of the put right pursuant to the SIGNA Holding Equity Commitment Letter will reduce Euro for euro, the available amount under the 'Upsize Option' granted by SSU to SIGNA Holding in connection with the issuance of the 'Initial Convertible Bonds'. The SIGNA Holding Equity Commitment Letter was required to address our very precarious liquidity situation since the beginning of our fiscal year ending September 30, 2023 fiscal year and to provide the Company with a going-concern perspective until mid-February 2024. Simultaneously with signing the SIGNA Holding Equity Commitment Letter, we entered into an amendment agreement to the SIGNA Holding RCF I with SIGNA Holding on February 6, 2023 (the "SIGNA Holding RCF I Amendment"). The purpose of the SIGNA Holding RCF I Amendment is to

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provide us with a bridge financing in the amount of up to €50.0 million until the respective tranches under the Additional Convertible Bonds have been issued and settled. Any amounts drawn under the additional €50.0 million in funding available to us under the amended SIGNA Holding RCF I will be repaid by issuing Additional Convertible Bonds in accordance with the terms and conditions of the SIGNA Holding Equity Commitment Letter to SIGNA Holding.

On January 26, 2023, we received waivers from the lenders under the LBBW RCF waiving the requirement to comply with the net leverage covenant through the period ending June 2024 and the minimum EBITDA covenant for the testing period ending on September 30, 2023 and maintaining the available liquidity covenant at €30.0 million for each testing date after March 31, 2023.

SIGNA Retail Selection Group (Refer Note 13. Related party transactions) underwent a restructuring in December 2022. As a result of the restructuring, the Company is subject to potential forfeitures of tax assets from losses carried forward of up to €1.6 million.

Berlin, February 6, 2023

SIGNA Sports United N.V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Dr. Stephan Zoll&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexander Johnstone

Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

Dr. Philipp Rossner&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas Neumann

Chief Strategy Officer&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Technical Officer

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

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**Exhibit 2.3**

**DESCRIPTION OF THE REGISTRANT'S SECURITIES**

**REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934**

As of the date of this Annual Report, SIGNA Sports United N.V. (the "Company", "we" or "us") has two classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: (a) ordinary shares, nominal value €0.12 per share (the "Ordinary Shares"), and (b) warrants to purchase Ordinary Shares (the "Warrants").

The following descriptions do not purport to be complete and are subject to the Company's articles of association (the "Articles of Association") and the amended and restated warrant agreement relating to the warrants (the "Warrant Agreement"), copies of which have been filed as exhibits to the Company's Annual Report on Form 20-F of which this Exhibit 2.3 is a part, and are subject to provisions of applicable Dutch law.

**ORDINARY SHARES**

**General**

We were incorporated pursuant to Dutch law on May 19, 2021 as a Dutch private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*), and upon the consummation of the Business Combination (as defined below), we converted into a Dutch public limited company (*naamloze vennotschap*). Our corporate affairs are governed by the Articles of Association, the rules of the Board, our other internal rules and policies and by Dutch law.

We are registered with the Dutch Trade Register under number 82838194. Our corporate seat is in Amsterdam, the Netherlands, and our office address is Kantstraße 164, Upper West, 10623 Berlin, Federal Republic of Germany.

**Share Capital**

**Authorized Share Capital**

As of the date of this Annual Report, we have an authorized share capital in the amount of €187,500,000, divided into 1,562,500,000 Ordinary Shares, each with a nominal value of €0.12. Under Dutch law, our authorized share capital is the maximum capital that we may issue without amending the Articles of Association. An amendment of the Articles of Association would require a resolution of our general meeting ("General Meeting") upon proposal by the board of directors the ("Board").

**Our Ordinary Shares**

Under Dutch law, shares are issued and rights to subscribe for shares ("Preemptive Rights") are granted pursuant to a resolution of the General Meeting. The Articles of Association provide that we may only issue Ordinary Shares pursuant to a resolution of the General Meeting or of another body authorized by the General Meeting for this purpose for a specified period not exceeding five years. When granting such authorization, the number of Ordinary Shares that may be issued must be specified. The authorization can be extended, in each case for a period not exceeding five years. Unless stipulated differently when granting the authorization, the authorization cannot be revoked by the General Meeting. For as long as and to the extent that another body has been authorized to resolve to issue Ordinary Shares by the General Meeting, the General Meeting shall not have this authority.

As of September 30, 2022, there were 336,577,387 Ordinary Shares outstanding.

The following summarizes the main rights of holders of our Ordinary Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each holder of our Ordinary Shares is entitled to one vote per Ordinary Share on all matters to be voted on by shareholders generally, including the appointment of directors of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there are no cumulative voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of our Ordinary Shares are entitled to dividends and other distributions as may be declared from time to time by us out of funds legally available for that purpose, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon our liquidation and dissolution, the holders of our Ordinary Shares will be entitled to share ratably in the distribution of all of our assets remaining available for distribution after satisfaction of all our liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of our Ordinary Shares have Preemptive Rights in case of share issuances or the grant of rights to subscribe for shares, except if such rights are limited or excluded by the corporate body authorized to do so and except in such cases as provided by Dutch law and the Articles of Association.

**Preemptive Rights**

Subject to restrictions in our Articles of Association, holders of Ordinary Shares have Preemptive Rights in relation to newly issued Ordinary Shares under Dutch law.

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Under our Articles of Association, the Preemptive Rights in respect of newly issued Ordinary Shares may be restricted or excluded by a resolution of our General Meeting, which resolution requires a two-thirds majority of the votes cast if less than half of the issued share capital is present or represented at the meeting. The General Meeting may authorize our Board to limit or exclude the Preemptive Rights in respect of newly issued Ordinary Shares. Such authorization for our Board can be granted and extended, in each case for a period not exceeding five years.

Preemptive Rights do not exist with respect (a) to the issue of Ordinary Shares to employees of the Company or a "group" company of ours, and (b) the issue of Ordinary Shares against a contribution in kind.

**Transfer of Ordinary Shares**

Under Dutch law, transfers of ordinary shares (other than in book-entry form) require a written deed of transfer and, unless the company is a party to the deed of transfer, and acknowledgement by or proper service upon the company to be effective.

The Articles of Association provide that, for as long as any of our Ordinary Shares are admitted to trading on the New York Stock Exchange ("NYSE"), or on any other regulated stock exchange operating in the United States, the laws of the State of New York shall apply to the property law aspects of our Ordinary Shares reflected in the register administered by our transfer agent, subject to certain overriding exceptions under Dutch law.

**Form of Ordinary Shares**

Pursuant to our Articles of Association, the Ordinary Shares are registered shares.

**Purchase and Repurchase of Ordinary Shares**

Under Dutch law, when issuing shares, we may not subscribe for newly issued shares in our own capital. Subject to certain restrictions of Dutch law and our Articles of Association, we may acquire fully paid shares in our own capital at any time for no valuable consideration. Furthermore, subject to certain provisions of Dutch law and our Articles of Association, we may repurchase fully paid shares in our own capital if (i) our equity (*eigen vermogen*) less the payment required to make the acquisition does not fall below the sum of paid-in and called-up share capital plus any reserves required by Dutch law or our Articles of Association and (ii) the aggregate nominal value of Ordinary Shares which we acquire, hold or on which we hold a pledge (*pandrecht*) or which are held by a subsidiary of the Company, would not exceed 50% of our then-current issued share capital.

An acquisition of own shares for a consideration must be authorized by the General Meeting. Such authorization may be granted for a maximum period of 18 months and must specify the number of Ordinary Shares that may be acquired, the manner in which such shares may be acquired and the price limits within which the Ordinary Shares may be acquired. The actual acquisition may only be effected pursuant to a resolution of our Board. No authorization of our General Meeting is required if Ordinary Shares are included on the price list of a stock exchange and acquired by us with the intention of transferring such Ordinary Shares to our employees or employees of a group company pursuant to an arrangement applicable to them. The aforementioned restrictions do not apply to Ordinary Shares acquired by the Company under universal title of succession.

**Capital Reduction**

At a general meeting, our shareholders may resolve to reduce our issued share capital by (i) cancelling Ordinary Shares or (ii) reducing the nominal value of the Ordinary Shares by amending our Articles of Association. In either case, this reduction would be subject to applicable statutory provisions. A resolution to cancel Ordinary Shares may only relate to Ordinary Shares held by us or in respect of which we hold the depository receipts. In order to be approved by our General Meeting, a resolution to reduce the capital requires approval of a majority of the votes cast at a general meeting if at least 50% of the issued share capital is represented at such meeting or at least two-thirds of the votes cast if less than 50% of the issued share capital is represented at such meeting.

**Shareholders' Meeting**

General meetings must be held in the Netherlands, in any of the locations specified in the Articles of Association. The annual General Meeting must be held within six months of the end of each financial year. The first annual General Meeting of the Company will take place in 2023 in accordance with applicable Dutch law. Additional extraordinary General Meeting may also be held, whenever considered appropriate by the Board and shall be held within three months after the Board has considered it to be likely that our shareholders' equity (*eigen vermogen*) has decreased to an amount equal to or lower than half of our paid-in and called up share capital, in order to discuss the measures to be taken if so required.

Pursuant to Dutch law, one or more shareholders or others with meeting rights under Dutch law who jointly represent at least one-tenth of our issued share capital may request our Company to convene a General Meeting, setting out in detail the matters to be discussed. If the Board has not taken the steps necessary to ensure that such meeting can be held within six weeks after the request, the proponent(s) may, on their application, be authorized by the competent Dutch court in preliminary relief proceedings to convene a General Meeting. The court shall disallow the application if it does not appear that the proponent(s) has/have previously requested the Board to convene a General Meeting and the Board has not taken the necessary steps so that the General Meeting could be held within six weeks after the request. The application shall also be disallowed if the proponent(s) has/have not demonstrated to have a reasonable interest in the convening of the General Meeting.

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The General Meeting must be convened by an announcement published in a Dutch daily newspaper with national distribution. The notice must state the agenda, the time and place of the meeting, the record date (if any), the procedure for participating in the General Meeting by proxy, as well as other information as required by Dutch law. The notice must be given at least 15 calendar days prior to the day of the meeting. The agenda for the annual General Meeting shall include, among other things, the adoption of our statutory annual accounts, appropriation of our profits and proposals relating to the composition of the Board, including the filling of any vacancies. In addition, the agenda shall include such items as have been included therein by the Board. The agenda shall also include such items requested by one or more shareholders or others with meeting rights under Dutch law representing at least 3% of our issued share capital. These requests must be made in writing or by electronic means and received by the Board at least 60 days before the day of the meeting. No resolutions shall be adopted on items other than those that have been included in the agenda.

In accordance with the Dutch Corporate Governance Code ("DCGC") and the Articles of Association, shareholders having the right to put an item on the agenda under the rules described above shall exercise such right only after consulting the Board in that respect. If one or more shareholders intend to request that an item be put on the agenda that may result in a change in our strategy (e.g., the dismissal of Directors), the Board must be given the opportunity to invoke a reasonable period to respond to such intention. Such period shall not exceed 180 days (or such other period as may be stipulated for such purpose by Dutch law and/or the DCGC from time to time). If invoked, the Board must use such response period for further deliberation and constructive consultation, in any event with the shareholders(s) concerned, and must explore the alternatives. At the end of the response time, the Board must report on this consultation and the exploration of alternatives to the general meeting. The response period may be invoked only once for any given general meeting and shall not apply: (a) in respect of a matter for which a response period has been previously invoked; or (b) if a shareholder holds at least 75% of our issued share capital as a consequence of a successful public bid. The response period may also be invoked in response to shareholders or others with meeting rights under Dutch law requesting that a General Meeting be convened, as described above.

Moreover, the Board can invoke a cooling-off period of up to 250 days when shareholders, using their right to have items added to the agenda for a General Meeting or their right to request a general meeting, propose an agenda item for our General Meeting to dismiss, suspend or appoint one or more Directors (or to amend any provision in our Articles of Association dealing with those matters) or when a public offer for our company is made or announced without our support, provided, in each case, that the Board believes that such proposal or offer materially conflicts with the interests of our company and business. During a cooling-off period, the General Meeting cannot dismiss, suspend or appoint Directors (or amend the provisions in our Articles of Association dealing with those matters) except at the proposal of the Board. During a cooling-off period, the Board must gather all relevant information necessary for a careful decision-making process and at least consult with shareholders representing 3% or more of our issued share capital at the time the cooling-off period was invoked, as well as with our Dutch works council (if we or, under certain circumstances, any of our subsidiaries would have one). Formal statements expressed by these stakeholders during such consultations must be published on our website to the extent these stakeholders have approved that publication. Ultimately one week following the last day of the cooling-off period, the Board must publish a report in respect of its policy and conduct of affairs during the cooling-off period on our website. This report must remain available for inspection by shareholders and others with meeting rights under Dutch law at our office and must be tabled for discussion at the next General Meeting. Shareholders representing at least 3% of our issued share capital may request the Enterprise Chamber for early termination of the cooling-off period. The Enterprise Chamber must rule in favor of the request if the shareholders can demonstrate that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board, in light of the circumstances at hand when the cooling-off period was invoked, could not reasonably have concluded that the relevant proposal or hostile offer constituted a material conflict with the interests of our company and its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board cannot reasonably believe that a continuation of the cooling-off period would contribute to careful policy-making; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other defensive measures, having the same purpose, nature and scope as the cooling-off period, have been activated during the cooling-off period and have not since been terminated or suspended within a reasonable period at the relevant shareholders' request (i.e., no 'stacking' of defensive measures).

The General Meeting is presided over by the chairperson of the Board. If no chairperson has been elected or if he or she is not present at the meeting, the General Meeting shall be presided over by the vice-chairperson of the Board. If no vice-chairperson has been elected or if he or she is not present at the meeting, the General Meeting shall be presided over by a person designated in accordance with the Articles of Association. Directors may always attend a General Meeting. In these meetings, they have an advisory vote. The chairperson of the General Meeting may decide at his or her discretion to admit other persons to the meeting.

All shareholders and others with meeting rights under Dutch law are authorized to attend the General Meeting, to address the meeting and, in so far as they have such right, to vote pro rata to his or her shareholding.

Shareholders may exercise these rights, if they are the holders of our Ordinary Shares on the record date, if any, as required by Dutch law, which is currently the 28th day before the day of the General Meeting. Under the Articles of Association, shareholders and others with meeting rights under Dutch law must notify us in writing or by electronic means of their identity and intention to attend the General Meeting. This notice must be received by our company ultimately on the seventh day prior to the General Meeting, unless indicated otherwise when such meeting is convened.

Each Ordinary Share of our company confers the right on the holder to cast one vote at the General Meeting. Shareholders may vote by proxy. No votes may be cast at a General Meeting on Ordinary Shares held by us or our subsidiaries or on Ordinary Shares for which we or our subsidiaries hold depository receipts. Nonetheless, the holders of a right of usufruct (vruchtgebruik) and the holders of a right of pledge (pandrecht) in respect of Ordinary Shares held by us or our subsidiaries in our share capital are not excluded from the right to vote on such Ordinary Shares, if the right of usufruct (vruchtgebruik) or the right of pledge (pandrecht) was granted prior to the time such Ordinary

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Shares were acquired by us or any of our subsidiaries. Neither we nor any of our subsidiaries may cast votes in respect of an Ordinary Share of our company on which we hold or such subsidiary holds a right of usufruct (vruchtgebruik) or a right of pledge (pandrecht). Ordinary Shares which are not entitled to voting rights pursuant to the preceding sentences will not be taken into account for the purpose of determining the number of shareholders that vote and that are present or represented, or the amount of the share capital that is provided or that is represented at a General Meeting.

Decisions of the General Meeting are taken by a simple majority of votes cast, except where Dutch law or the Articles of Association provide for a qualified majority or unanimity.

**Voting Rights and Quorum**

In accordance with Dutch law and our Articles of Association, each Ordinary Share confers the right on the holder thereof to cast one vote at the General Meeting. No vote can be cast at a General Meeting in respect of an Ordinary Share belonging to the Company or a subsidiary or in respect of an Ordinary Share for which any of them holds the depository receipts. Usufructuaries and pledgees of Ordinary Shares belonging to the Company or its subsidiaries are not, however, precluded from exercising their voting rights if the usufruct or pledge was created before the relevant ordinary share belonged to the Company or a subsidiary. Neither the Company nor a subsidiary can vote Ordinary Shares in respect of which it holds a usufruct or a pledge.

Voting rights may be exercised by shareholders or by a duly appointed proxy holder (the written proxy being acceptable to the chairman of our general meeting) of a shareholder, which proxy holder need not be a shareholder. The holder of a usufruct or pledge on shares will have the voting rights attached thereto if so provided for when the usufruct or pledge was created.

Under our Articles of Association, blank votes (votes where no choice has been made), abstentions and invalid votes will not be counted as votes cast. However, shares in respect of which a blank vote or invalid vote has been cast and shares in respect of which the person with meeting rights who is present or represented at the meeting has abstained from voting are counted when determining the part of the issued share capital that is present or represented at a general meeting. The chairman of our General Meeting will determine the method of voting.

Resolutions of the shareholders are adopted at a general meeting by a majority of votes cast, except where Dutch law or our Articles of Association provide for a special majority in relation to specified resolutions.

Subject to certain restrictions in our Articles of Association, the determination during our General Meeting made by the chairman of that General Meeting with regard to the results of a vote will be decisive. Our Board will keep a record of the resolutions passed at each general meeting.

**Amendment of Articles of Association**

At a general meeting, at the proposal of our Board our General Meeting may resolve to amend the Articles of Association. Generally, a resolution by the shareholders to amend the Articles of Association requires a majority of seventy-five percent.

**Dissolution**

Under the Articles of Association, we may be dissolved by a resolution of the General Meeting, subject to a proposal of the Board. In the event of a dissolution, the liquidation shall be effected by the Board, unless the General Meeting decides otherwise. During liquidation, the provisions of the Articles of Association will remain in force as far as possible. To the extent that any assets remain after payment of all of our liabilities, any remaining assets shall be distributed to our shareholders in proportion to their number of Ordinary Shares.

**Squeeze-Out**

A shareholder who holds at least 95% of our issued share capital for his or her own account, alone or together with group companies, may initiate proceedings against our other shareholders jointly for the transfer of their Ordinary Shares to such shareholder. The proceedings are held before the Enterprise Chamber of the Amsterdam Court of Appeal, or the Enterprise Chamber (Ondernemingskamer), and can be instituted by means of a writ of summons served upon each of the other shareholders in accordance with the provisions of the Dutch Code of Civil Procedure (Wetboek van Burgerlijke Rechtsvordering). The Enterprise Chamber may grant the claim for squeeze-out in relation to the other shareholders and will determine the price to be paid for the Ordinary Shares, if necessary, after appointment of one or three experts who will offer an opinion to the Enterprise Chamber on the value to be paid for the Ordinary Shares of the other shareholders. Once the order to transfer becomes final before the Enterprise Chamber, the person acquiring the shares shall give written notice of the date and place of payment and the price to the holders of the Ordinary Shares to be acquired whose addresses are known to him. Unless the addresses of all of them are known to the acquiring person, such person is required to publish the same in a daily newspaper with a national circulation.

**Certain Other Major Transactions**

The Articles of Association and Dutch law provide that resolutions of the Board concerning a material change to our identity or our character or our business are subject to the approval of the General Meeting. Such changes include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transferring the business or materially all of the business to a third party;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering into or terminating a long-lasting alliance of our company or of a subsidiary either with another entity or company, or as a fully liable partner of a limited partnership or general partnership, if this alliance or termination is of significant importance for us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring or disposing of an interest in the capital of a company by our company or by a subsidiary with a value of at least one third of the value of the assets, according to the balance sheet with explanatory notes or, if we prepare a consolidated balance sheet, according to the consolidated balance sheet with explanatory notes in our most recently adopted annual accounts.

**Dividends and Other Distributions**

We have never paid or declared any cash dividends in the past, and we do not anticipate paying any cash dividends in the foreseeable future. We intend to retain all available funds and any future earnings to fund the further development and expansion of our business. Under Dutch law, we may only pay dividends and other distributions from our reserves to the extent our shareholders' equity (eigen vermogen) exceeds the sum of our paid-in and called-up share capital plus the reserves we must maintain under Dutch law or the Articles of Association and (if it concerns a distribution of profits) after adoption of our statutory annual accounts by the General Meeting from which it appears that such dividend distribution is allowed. Subject to those restrictions, any future determination to pay dividends or other distributions from our reserves will be at the discretion of the Board and will depend upon a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions, restrictions imposed by applicable law and other factors we deem relevant.

Under the Articles of Association, the Board may decide that all or part of the profits shown in our adopted statutory annual accounts will be added to our reserves. After reservation of any such profits, any remaining profits will be at the disposal of the General Meeting at the proposal of the Board for distribution on the Ordinary Shares, subject to applicable restrictions of Dutch law. The Board is permitted, subject to certain requirements and applicable restrictions of Dutch law, to declare interim dividends without the approval of the General Meeting. Dividends and other distributions shall be made payable no later than a date determined by the Board. Claims to dividends and other distributions not made within five years from the date that such dividends or distributions became payable will lapse and any such amounts will be considered to have been forfeited to us (verjaring).

We may reclaim any distributions, whether interim or not interim, made in contravention of certain restrictions of Dutch law from shareholders that knew or should have known that such distribution was not permissible. In addition, on the basis of Dutch case law, if after a distribution we are not able to pay our due and collectable debts, then our shareholders or directors who at the time of the distribution knew or reasonably should have foreseen that result may be liable to our creditors. We have never declared or paid any cash dividends and we have no plan to declare or pay any dividends in the foreseeable future on our Ordinary Shares. We currently intend to retain any earnings for future operations and expansion.

Since we are a holding company, our ability to pay dividends will be dependent upon the financial condition, liquidity and results of operations of, and our receipt of dividends, loans or other funds from, our subsidiaries. Our subsidiaries are separate and distinct legal entities and have no obligation to make funds available to us. In addition, there are various statutory, regulatory and contractual limitations and business considerations on the extent, if any, to which our subsidiaries may pay dividends, make loans or otherwise provide funds to our company.

**WARRANTS**

In connection with the business combination between the Company and Yucaipa Acquisition Corporation ("Yucaipa") (the "Business Combination"), the Company entered into the Warrant Agreement pursuant to which, among other things, Yucaipa assigned all of its right, title and interest in and to, and the Company assumed all of Yucaipa's liabilities and obligations under the warrant agreement entered into between Yucaipa and Continental Stock Transfer & Trust Company, a New York limited purpose trust company (the "Warrant Agent") (the "Original Warrant Agreement"). As a result of such assignment and assumption agreement, following the execution of the Warrant Agreement, each of the 5,993,333 warrants issued by Yucaipa to Yucaipa Acquisition Manager, LLC ("Yucaipa Sponsor") (such warrants, the "Private Placement Warrants") and each of the 11,500,000 warrants issued by Yucaipa as part of units to public investors in a public offering (the "Public Warrants" and, together with the Private Placement Warrants, the "Warrants"), was exchanged for a warrant to purchase one Ordinary Share on the terms and conditions of the Original Warrant Agreement (as amended by the Warrant Agreement).

The following summary of certain provisions relating to the Warrants does not purport to be complete and is subject to, and is qualified in its entirety by, reference to the Warrant Agreement.

Each whole Public Warrant entitles the registered holder to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on January 13, 2022. The Public Warrants will expire on December 14, 2026 or earlier upon redemption or liquidation.

We are not obligated to deliver any Ordinary Shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the Ordinary Shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, or a valid exemption from registration is available. No Public Warrant will be exercisable and we will not be obligated to issue an Ordinary Share upon exercise of a Public Warrant unless the Ordinary Share issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such Public Warrant will not be entitled to exercise such Public Warrant and such Public Warrant may have no value and expire worthless. In no event will we be required to net cash settle any Public Warrant. In the

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event that a registration statement is not effective for the exercised Public Warrants, the purchaser of a unit containing such Public Warrant will have paid the full purchase price for the unit solely for the Ordinary Share underlying such unit.

We will use our commercially reasonable efforts to maintain the effectiveness of such registration statement and a current prospectus relating to those Ordinary Shares until the Public Warrants expire or are redeemed, as specified in the Warrant Agreement; provided that if our Ordinary Shares are at the time of any exercise of a Public Warrant not listed on a national securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of Public Warrants who exercise their Public Warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will use our commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

**Exercise**

A Warrant may be exercised by delivering to the Warrant Agent (i) the Warrant, (ii) an election to purchase form, and (iii) the payment in full of the Warrant Price for each Ordinary Share as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise.

As soon as practicable after the exercise of any Warrant the Company will issue a book-entry position or certificate, as applicable, for the Ordinary Shares. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with the Warrant Agreement will be validly issued, fully paid and non-assessable.

A Warrant holder may notify us in writing of the holder's election to be subject to a provision of the Warrant Agreement preventing the holder from exercising Warrants, to the extent that, after giving effect to such exercise, the holder (together with its affiliates), to the Warrant Agent's actual knowledge, would beneficially own in excess of 9.8%, (the "Maximum Percentage") of our outstanding Ordinary Shares immediately after giving effect to such exercise. By written notice to us, a warrant holder may increase or decrease the Maximum Percentage to any other percentage specified in such notice; provided, however, that any such increase will not be effective until the sixty-first (61st) day after such notice is delivered to us.

**Redemption and Notice**

Once the warrants become exercisable, the Company may redeem the Public Warrants for cash (except with respect to the Private Placement Warrants):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at a price of $0.01 per Public Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon a minimum of 30 days' prior written notice of redemption to each Public Warrant holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, and only if, the closing price of the Ordinary Shares equals or exceeds $18.00 per share (subject to adjustment as discussed below) for any 20 trading days within a 30-trading day period ending three trading days before we send the notice of redemption to Public Warrant holders.

We will not redeem the Public Warrants as described above unless a registration statement under the Securities Act covering the issuance of the Ordinary Shares issuable upon exercise of the Public Warrants is then effective and a current prospectus relating to those Ordinary Shares is available throughout the 30-day redemption period. If and when the Public Warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.

We have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the Public Warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the Public Warrants, each Public Warrant holder will be entitled to exercise his, her or its Public Warrant prior to the scheduled redemption date. However, the price of the Ordinary Shares may fall below the $18.00 redemption trigger price (subject to adjustment as discussed below) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

Once the Public Warrants become exercisable, the Company may redeem such warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at $0.10 per Public Warrant upon a minimum of 30 days' prior written notice of redemption provided that holders will be able to exercise their Public Warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the "fair market value" of our Ordinary Shares (as defined below) except as otherwise described below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, and only if, the closing price of our Ordinary Shares equals or exceeds $10.00 per public share (subject to adjustment as discussed below) for any 20 trading days within the 30-trading day period ending three trading days before we send the notice of redemption to the Public Warrant holders.

Beginning on the date the notice of redemption is given until the Public Warrants are redeemed or exercised, holders may elect to exercise their Public Warrants on a cashless basis. The numbers in the table below represent the number of Ordinary Shares that a Public Warrant

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holder will receive upon such cashless exercise in connection with a redemption by us pursuant to this redemption feature, based on the "fair market value" of our Ordinary Shares on the corresponding redemption date (assuming holders elect to exercise their Public Warrants and such Public Warrants are not redeemed for $0.10 per Public Warrant), determined for these purposes based on volume weighted average price of our Ordinary Shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of Public Warrants, and the number of months that the corresponding redemption date precedes the expiration date of the Public Warrants, each as set forth in the table below. We will provide our Public Warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends.

The share prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a Public Warrant or the exercise price of a Public Warrant is adjusted as set forth under the heading "Adjustments" below. If the number of shares issuable upon exercise of a Public Warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a Public Warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a Public Warrant as so adjusted. The number of shares in the table below shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a Public Warrant. If the exercise price of a Public Warrant is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph under the heading "Adjustments" below, the adjusted share prices in the column headings will equal the unadjusted share price multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading "Adjustments" and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to the second paragraph under the heading "Adjustments" below, the adjusted share prices in the column headings will equal the unadjusted share price less the decrease in the exercise price of a Public Warrant pursuant to such exercise price adjustment.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Market Value of Ordinary Shares** | **Fair Market Value of Ordinary Shares** | **Fair Market Value of Ordinary Shares** | **Fair Market Value of Ordinary Shares** | **Fair Market Value of Ordinary Shares** | **Fair Market Value of Ordinary Shares** | **Fair Market Value of Ordinary Shares** | **Fair Market Value of Ordinary Shares** | **Fair Market Value of Ordinary Shares** |
| **<u>Redemption Date (period to expiration of Public Warrants)</u>** | **$10.00** | **11.00** | **12.00** | **13.00** | **14.00** | **15.00** | **16.00** | **17.00** | **18.00** |
| 60 month | 0.261 | 0.281 | 0.297 | 0.311 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 |
| 57 month | 0.257 | 0.277 | 0.294 | 0.310 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 |
| 54 month | 0.252 | 0.272 | 0.291 | 0.307 | 0.322 | 0.335 | 0.347 | 0.357 | 0.361 |
| 51 month | 0.246 | 0.268 | 0.287 | 0.304 | 0.320 | 0.333 | 0.346 | 0.357 | 0.361 |
| 48 month | 0.241 | 0.263 | 0.283 | 0.301 | 0.317 | 0.332 | 0.344 | 0.356 | 0.361 |
| 45 month | 0.235 | 0.258 | 0.279 | 0.298 | 0.315 | 0.330 | 0.343 | 0.356 | 0.361 |
| 42 month | 0.228 | 0.252 | 0.274 | 0.294 | 0.312 | 0.328 | 0.342 | 0.355 | 0.361 |
| 39 month | 0.221 | 0.246 | 0.269 | 0.290 | 0.309 | 0.325 | 0.340 | 0.354 | 0.361 |
| 36 month | 0.213 | 0.239 | 0.263 | 0.285 | 0.305 | 0.323 | 0.339 | 0.353 | 0.361 |
| 33 month | 0.205 | 0.232 | 0.257 | 0.280 | 0.301 | 0.320 | 0.337 | 0.352 | 0.361 |
| 30 month | 0.196 | 0.224 | 0.250 | 0.274 | 0.297 | 0.316 | 0.335 | 0.351 | 0.361 |
| 27 month | 0.185 | 0.214 | 0.242 | 0.268 | 0.291 | 0.313 | 0.332 | 0.350 | 0.361 |
| 24 month | 0.173 | 0.204 | 0.233 | 0.260 | 0.285 | 0.308 | 0.329 | 0.348 | 0.361 |
| 21 month | 0.161 | 0.193 | 0.223 | 0.252 | 0.279 | 0.304 | 0.326 | 0.347 | 0.361 |
| 18 month | 0.146 | 0.179 | 0.211 | 0.242 | 0.271 | 0.298 | 0.322 | 0.345 | 0.361 |
| 15 month | 0.130 | 0.164 | 0.197 | 0.230 | 0.262 | 0.291 | 0.317 | 0.342 | 0.361 |
| 12 month | 0.111 | 0.146 | 0.181 | 0.216 | 0.250 | 0.282 | 0.312 | 0.339 | 0.361 |
| 9 month | 0.090 | 0.125 | 0.162 | 0.199 | 0.237 | 0.272 | 0.305 | 0.336 | 0.361 |
| 6 month | 0.065 | 0.099 | 0.137 | 0.178 | 0.219 | 0.259 | 0.296 | 0.331 | 0.361 |
| 3 month | 0.034 | 0.065 | 0.104 | 0.150 | 0.197 | 0.243 | 0.286 | 0.326 | 0.361 |
| 0 month |  |  | 0.042 | 0.115 | 0.179 | 0.233 | 0.281 | 0.323 | 0.361 |

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&nbsp;&nbsp;&nbsp;&nbsp;

The exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Ordinary Shares to be issued for each Public Warrant exercised will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For example, if the volume weighted average price of our Ordinary Shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the Public Warrants is $11.00 per share, and at such time there are 57 months until the expiration of the Public Warrants, holders may choose to, in connection with this redemption feature, exercise their Public Warrants for 0.277 Ordinary Shares for each whole Public Warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the volume weighted average price of our Ordinary Shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the Public Warrants is $13.50 per share, and at such time there are 38 months until the expiration of the Public Warrants, holders may choose to, in connection with this redemption feature, exercise their Public Warrants for 0.298 Ordinary Shares for each whole Public Warrant. In no event will the Public Warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 Ordinary Shares per Public Warrant (subject to adjustment). Finally, as

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reflected in the table above, if the Public Warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption feature, since they will not be exercisable for any Ordinary Shares.

As stated above, we can redeem the Public Warrants when the Ordinary Shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing Public Warrant holders with the opportunity to exercise their Public Warrants on a cashless basis for the applicable number of shares. If we choose to redeem the Public Warrants when the Ordinary Shares are trading at a price below the exercise price of the Public Warrants, this could result in the Public Warrant holders receiving fewer Ordinary Shares than they would have received if they had chosen to wait to exercise their Public Warrants for Ordinary Shares if and when such Ordinary Shares were trading at a price higher than the exercise price of $11.50.

No fractional Ordinary Shares will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of Ordinary Shares to be issued to the holder.

**Adjustments**

If the number of outstanding Ordinary Shares is increased by a capitalization or share dividend payable in Ordinary Shares, or by a split-up of Ordinary Shares or other similar event, then, on the effective date of such capitalization or share dividend, split-up or similar event, the number of Ordinary Shares issuable on exercise of each Public Warrant will be increased in proportion to such increase in the outstanding Ordinary Shares. A rights offering made to all or substantially all holders of Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than the "historical fair market value" (as defined below) will be deemed a share dividend of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Ordinary Shares) and (ii) one minus the quotient of (x) the price per Ordinary Share paid in such rights offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for securities convertible into or exercisable for Ordinary Shares, in determining the price payable for Ordinary Shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) "historical fair market value" means the volume weighted average price of Ordinary Shares as reported during the 10 trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

In addition, if we, at any time while the Public Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all or substantially all of the holders of the Ordinary Shares on account of such Ordinary Shares (or other securities into which the Public Warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of Ordinary Shares issuable on exercise of each Public Warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Ordinary Shares in connection with a proposed initial business combination, or (d) to satisfy the redemption rights of the holders of Ordinary Shares in connection with a shareholder vote to amend our Articles of Association with respect to any other provision relating to the rights of holders of our Ordinary Shares, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each Ordinary Share in respect of such event.

If the number of outstanding Ordinary Shares is decreased by a consolidation, combination, reverse share split or reclassification of Ordinary Shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of Ordinary Shares issuable on exercise of each Public Warrant will be decreased in proportion to such decrease in outstanding Ordinary Shares.

Whenever the number of Ordinary Shares purchasable upon the exercise of the Public Warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Ordinary Shares purchasable upon the exercise of the Public Warrants immediately prior to such adjustment and (y) the denominator of which will be the number of Ordinary Shares so purchasable immediately thereafter.

In case of any reclassification or reorganization of the outstanding Ordinary Shares (other than those described above or that solely affects the par value of such Ordinary Shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the Public Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Public Warrants and in lieu of the Ordinary Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of Ordinary Shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Public Warrants would have received if such holder had exercised their Public Warrants immediately prior to such event. However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each Public Warrant will become exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if a tender,

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exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer made by the company in connection with redemption rights held by shareholders of the company as provided for in the company's amended and restated memorandum and articles of association under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Ordinary Shares, the holder of a Public Warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such Public Warrant holder had exercised the Public Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Ordinary Shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement. If less than 70% of the consideration receivable by the holders of Ordinary Shares in such a transaction is payable in the form of Ordinary Shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the Public Warrant properly exercises the Public Warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the Public Warrants when an extraordinary transaction occurs during the exercise period of the Public Warrants pursuant to which the holders of the Public Warrants otherwise do not receive the full potential value of the Public Warrants.

**Form**

The Public Warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the Public Warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the Public Warrants and the warrant agreement set forth in this prospectus, or defective provision (ii) amending the provisions relating to cash dividends on Ordinary Shares as contemplated by and in accordance with the warrant agreement or (iii) adding or changing any provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and that the parties deem to not adversely affect the rights of the registered holders of the Public Warrants, provided that the approval by the holders of at least 65% of the then-outstanding Public Warrants is required to make any change that adversely affects the interests of the registered holders. You should review a copy of the warrant agreement, which will be filed as an exhibit to the registration statement of which this prospectus is a part, for a complete description of the terms and conditions applicable to the Public Warrants.

No fractional Public Warrants will be issued and only whole Public Warrants will trade. If, upon exercise of the Public Warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to the Public Warrant holder.

**No rights as a shareholder**

A Warrant does not entitle the holder to any of the rights of a shareholder of our company, including, without limitation, the right to receive dividends, the right to vote or the right to receive notice as shareholders in respect of the meetings of shareholders or the election of directors of our company.

After the issuance of Ordinary Shares upon exercise of the Warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by shareholders.

**Transfers and Exchanges**

Warrants may be exchanged or transferred upon surrender of the warrant to the Warrant Agent, together with a written request for exchange or transfer. Upon any transfer, a new warrant representing an equal aggregate number of warrants will be issued and the old Warrant will be cancelled by the Warrant Agent.

**Stock Exchange Listing**

Our Ordinary Shares are listed on the NYSE under symbol "SSU". Our Warrants are listed on the NYSE under symbol SSU-WT.

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Exhibit 8.1

**Subsidiaries of SIGNA Sports United N.V. as at the date of this Annual Report**

---

| | | |
|:---|:---|:---|
| **<u>Company</u>** | | **<u>Jurisdiction of incorporation</u>** |
| SIGNA Sports United GmbH |  | Germany |
| Olympics Partner LLC |  | Cayman Islands |
| **Subsidiaries of SIGNA Sports United GmbH** |  |  |
| **<u>Company</u>** |  | **<u>Jurisdiction of incorporation</u>** |
| AEON SIGNA Sports United Co. Ltd. |  | Japan |
| Sports Data Services GmbH |  | Germany |
| Publikat GmbH (Stylefile) |  | Germany |
| SIGNA Sports Centro Técnico S.L. |  | Spain |
| SIGNA AppVentures GmbH |  | Germany |
| SCORE INVEST SAS (TennisPro) |  | France |
|  | Subsidiaries of SCORE INVEST SAS |  |
|  | TENNISPRO DISTRIBUTION SAS | France |
|  | TENNISPRO Japan Ltd | Japan |
| Sports Media Services GmbH |  | Germany |
| Olympics I Merger Sub, LLC |  | Cayman Islands |
| Sports North America Holding Corp. |  | USA |
| Tennis-Point GmbH |  | Germany |
|  | Subsidiaries of Tennis-Point GmbH |  |
|  | Tennis-Point Iberia S.L | Spain |
|  | Tennis-Point Handels GmbH | Austria |
|  | Tennis-Point UK Ltd | United Kingdom |
|  | Tennis-Point d.o.o. za Sportske I Ostale Usluge | Croatia |
|  | Tennis-Point Spor Malzemeleri Limited Sirketi | Turkey |
|  | MRS Tennis AG | Switzerland |
|  | Ballside GmbH | Germany |
|  | Tennis-Point Italia SRL | Italy |
| OUTFITTER Teamsport GmbH |  | Germany |
|  | Subsidiaries of OUTFITTER Teamsport GmbH |  |
|  | Teamstolz GmbH | Germany |
| SSU Midwest Acquisition Corp |  | USA |
|  | Subsidiaries of SSU Midwest Acquisition Corp. |  |
|  | Midwest Sports Supply LLC | USA |
|  | Tennis Express LLC | USA |
|  | Subsidiaries of Tennis Express LLC |  |
|  | Tennis Now LLC | USA |
| Mapil TopCo Limited |  | United Kingdom |
|  | Subsidiaries of Mapil TopCo Limited |  |
|  | Mapil Midco 1 Limited | United Kingdom |
|  | Subsidiaries of Mapil Midco 1 Limited |  |
|  | Peloton Topco Limited | United Kingdom |

---

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---

| | | |
|:---|:---|:---|
| | Peloton Midco Limited | United Kingdom |
| | Mapil Midco 2 Limited | United Kingdom |
| | Subsidiaries of Mapil Midco 2 Limited | |
| | Mapil Bidco Limited | United Kingdom |
| | Subsidiaries of Mapil Bidco Limited | |
| | Hotlines Europe Limited | United Kingdom |
| | Taiwan Chain Reaction Co. Ltd | Taiwan |
| | Chain Reaction Cycles Limited | United Kingdom |
| | Ensco 503 Limited | United Kingdom |
| | Subsidiaries of Chain Reaction Cycles Limited | |
| | Chain Reaction Cycles Retail Limited | North Ireland |
| | Subsidiaries of Ensco 503 Limited | |
| | Wiggle Limited | United Kingdom |
| | Wiggle Australia Pty Limited | Australia |
| | WiggleCRC US LLC | USA |
| SIGNA Sports United X GmbH |  | Germany |
| SIGNA Sport Online GmbH |  | Germany |
|  | Subsidiaries of SIGNA Sport Online GmbH |  |
|  | Internetstores Holding GmbH | Germany |
|  | Subsidiaries of Internetstores Holding GmbH |  |
|  | Internetstores GmbH | Germany |
|  | Addnature AB | Sweden |
|  | Bikester Sweden Retail Stores AB | Sweden |
|  | Dolphin France SAS (Probikeshop) | France |
|  | Subsidiaries of Dolphin France SAS (Probikeshop) |  |
|  | Prolog SAS | France |
|  | E-Procall SAS | France |
| SIGNA Beteiligung I Verwaltungs UG(haftungsbeschränkt) |  | Germany |
| SIGNA Beteiligung I UG (haftungsbeschränkt) & Co. KG |  | Germany |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Exhibit 12.1

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Stephan Zoll, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 20-F of SIGNA Sports United N.V.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp;The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: February 6, 2023

/s/ Stephan Zoll

__________________________________________________________

Chief Executive Officer

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Exhibit 12.2

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Alexander Johnstone, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this annual report on Form 20-F of SIGNA Sports United N.V.;

&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: February 6, 2023

_________________________________________________________

/s/ Alexander Johnstone

Chief Financial Officer

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Exhibit 13.1

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

The certification set forth below is being submitted in connection with SIGNA Sports United N.V.'s annual report on Form 20-F for the year ended September 30, 2022 (the "Report") for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United States Code.

I, Stephan Zoll, the Chief Executive Officer of SIGNA Sports United N.V., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of SIGNA Sports United N.V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Date: February 6, 2023 &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephan Zoll

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________________________________ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

Name: Stephan Zoll&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

Title: Chief Executive Officer

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Exhibit 13.2

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

The certification set forth below is being submitted in connection with SIGNA Sports United N.V.'s annual report on Form 20-F for the year ended September 30, 2022 (the "Report") for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United States Code.

I, Alexander Johnstone, the Chief Financial Officer of SIGNA Sports United N.V., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of SIGNA Sports United N.V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Date: February 6, 2022&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Alexander Johnstone

_______________________________________&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

Name: Alexander Johnstone

Title: Chief Financial Officer

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Exhibit 15.1

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statement (No. 333-265565) on Form S-8 of our report dated February 6, 2023, with respect to the consolidated financial statements of SIGNA Sports United N.V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

/s/ KPMG AG Wirtschaftsprüfungsgesellschaft

Düsseldorf, Germany

February 6, 2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 4.21

![](signa-facilityagreementx001.jpg)

5 31896837v7 2 CONTENTS Clause Page 1. Definitions And Interpretation ............................................................................................. 4 2. The Facilities ........................................................................................................................ 24 3. Purpose ................................................................................................................................ 30 4. Conditions Of Utilisation .................................................................................................... 30 5. Utilisation ............................................................................................................................. 31 6. Repayment ........................................................................................................................... 32 7. Prepayment And Cancellation ........................................................................................... 34 8. Interest ................................................................................................................................. 39 9. Interest Periods ................................................................................................................... 40 10. Changes To The Calculation Of Interest .......................................................................... 41 11. Fees ...................................................................................................................................... 43 12. Tax Gross Up And Indemnities .......................................................................................... 43 13. Increased Costs .................................................................................................................. 52 14. Other Indemnities ................................................................................................................ 53 15. Mitigation By The Lenders ................................................................................................. 54 16. Costs And Expenses .......................................................................................................... 55 17. Guarantee And Indemnity .................................................................................................. 56 18. Representations .................................................................................................................. 66 19. Information Undertakings .................................................................................................. 71 20. Financial Covenants ........................................................................................................... 78 21. General Undertakings ......................................................................................................... 79 22. Events Of Default ................................................................................................................ 94 23. Changes To The Lenders ................................................................................................... 97 24. Changes To The Obligors ................................................................................................ 103 25. Role Of The Agent And The Arranger ............................................................................. 106 26. The Security Agent ........................................................................................................... 116 27. Conduct Of Business By The Finance Parties .............................................................. 133 28. Sharing Among The Finance Parties .............................................................................. 133 29. Payment Mechanics .......................................................................................................... 135 30. Notices ............................................................................................................................... 139 31. Calculations And Certificates .......................................................................................... 142 32. Partial Invalidity ................................................................................................................. 143 33. Remedies And Waivers .................................................................................................... 143 34. Amendments And Waivers .............................................................................................. 144 35. Confidential Information................................................................................................... 148 36. Confidentiality Of Funding Rates .................................................................................... 153 31896837v7 3 37. Governing Law .................................................................................................................. 155 38. Enforcement ...................................................................................................................... 155 39. Conclusion Of This Agreement (Vertragsschluss) ....................................................... 156 SCHEDULE 1 PART I THE ORIGINAL OBLIGORS .................................................................. 157 SCHEDULE 1 PART II THE ORIGINAL LENDER ..................................................................... 158 SCHEDULE 2 CONDITIONS PRECEDENT PART I CONDITIONS PRECEDENT TO INITIAL UTILISATION ...................................................................................................................... 159 SCHEDULE 2 CONDITIONS PRECEDENT PART II CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED BY AN ADDITIONAL OBLIGOR ..................................................... 163 SCHEDULE 3 UTILISATION REQUEST .................................................................................... 166 SCHEDULE 4 FORM OF EXTENSION REQUEST .................................................................... 169 SCHEDULE 5 FORM OF ADDITIONAL LENDER ACCESSION LETTER ............................... 170 SCHEDULE 6 FORM OF ADDITIONAL FACILITY NOTICE ..................................................... 172 SCHEDULE 7 FORM OF TRANSFER CERTIFICATE ............................................................... 174 SCHEDULE 8 FORM OF ACCESSION LETTER ....................................................................... 177 SCHEDULE 9 FORM OF RESIGNATION LETTER ................................................................... 178 SCHEDULE 10 EXISTING SECURITY ....................................................................................... 179 SCHEDULE 11 FORM OF COMPLIANCE CERTIFICATE ........................................................ 180 SCHEDULE 12 TIMETABLES .................................................................................................... 181 SCHEDULE 13 FORM OF PROCESS AGENT APPOINTMENT LETTER ............................... 182 SCHEDULE 14 SCREEN RATE CONTINGENCY PERIODS .................................................... 183 SIGNATURES ................................................................................................................................... i 31896837v7 4 THIS AGREEMENT is dated ___ May 2021 and made between: (1) SIGNA SPORTS UNITED GMBH a German limited liability company (Gesellschaft mit beschränkter Haftung) registered with the commercial register (Handelsregister) of the local court (Amtsgericht) of Munich under registration number HRB 241442 as a borrower and company (a "Borrower" and the "Company"); (2) THE SUBSIDIARIES of the Company listed in Part I of Schedule 1 as original borrowers (together with the Company the "Original Borrowers"); (3) THE SUBSIDIARIES of the Company listed in Part I of Schedule 1 as original guarantors (together with the Company the "Original Guarantors"); (4) LANDESBANK BADEN-WÜRTTEMBERG as mandated lead arranger (the "Arranger"); (5) LANDESBANK BADEN-WÜRTTEMBERG as bookrunner and underwriter (the "Bookrunner" and "Underwriter"); (6) THE FINANCIAL INSTITUTION listed in Part II of Schedule 1 as lender (the "Original Lender"); (7) LANDESBANK BADEN-WÜRTTEMBERG as agent of the other Finance Parties (the "Agent"); and (8) LANDESBANK BADEN-WÜRTTEMBERG as security agent of the other Finance Parties (the "Security Agent") IT IS AGREED as follows: 1. Definitions And Interpretation 1.1 Definitions In this Agreement: "Accession Letter" means a document substantially in the form set out in Schedule 8 (Form of Accession Letter). "Additional Borrower" means a company which becomes an Additional Borrower in accordance with Clause 24 (Changes to the Obligors). "Additional Facility" means the Additional Facility in case made available under Clause 2.2 (Increase in Commitments/ Uncommitted Additional Facility in relation to the Uncommitted Facility Amount) as a term loan facility or a revolving facility. 5

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 5 "Additional Facility Commitment" means: (a) in relation to any Additional Facility Lender, the amount in the Base Currency established in accordance with Clause 2.2 (Increase in Commitments/ Uncommitted Additional Facility in relation to the Uncommitted Facility Amount) and the amount of any other Additional Facility Commitment transferred to it under this Agreement; and (b) in relation to any other Lender, the amount in the Base Currency of any Additional Facility Commitment transferred to it under this Agreement, to the extent not cancelled, reduced, transferred or assigned by it under this Agreement. "Additional Facility Lender" has the meaning ascribed to this term in Clause 2.2 (Increase in Commitments/ Uncommitted Additional Facility in relation to the Uncommitted Facility Amount). "Additional Facility Loan" means a loan made or to be made under an Additional Facility or the principal amount outstanding for the time being of that loan. "Additional Facility Notice" means a notice delivered by the Company to the Agent in accordance with Clause 2.2 (Increase in Commitments/ Uncommitted Additional Facility in relation to the Uncommitted Facility Amount) substantially in the form of Schedule 6 (Form of Additional Facility Notice). "Additional Guarantor" means a company which becomes an Additional Guarantor in accordance with Clause 24 (Changes to the Obligors). "Additional Obligor" means an Additional Borrower or an Additional Guarantor. "Affiliate" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. "Anti-Boycott Laws" means (a) Section 7 German Foreign Trade Ordinance (Außenwirtschaftsverordnung); or (b) Council Regulation (EC) No. 2271/96 of 22 November 1996 as amended by Council Regulation (EC) No. 807/2003 protecting against the effects of the extra-territorial application of legislation adopted by a third country, and actions based thereon or resulting therefrom, as amended from time to time; or (c) any other anti boycott or blocking law or regulation or statute applicable that is in force from time to time. 31896837v7 6 "Anti-Corruption Laws" means the US Foreign and Corrupt Practices Act 1977 and the UK Bribery Act 2010 as well as any other applicable provisions designed to prevent venality or corruption. "Anti-Money Laundering Laws" means the German Anti-Money Laundering Act (Geldwäschegesetz) and the US Money Laundering Control Act 1986 as well as any other applicable provisions designed to prevent money laundering, including statutory provisions defined as predicate offences to money laundering and related implementing rules as well as such or related rules enacted or enforced by administrative authorities. "Authorisation" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration. "Availability Period" means: (a) in relation to the Revolving Facility, the period from and including the date of this Agreement to and including the date falling one (1) Month prior to the Termination Date for the Revolving Facility; and (b) in relation to an Additional Facility, the period agreed by the Company and the respective Additional Facility Lenders and specified in the relevant Additional Facility Notice. "Available Commitment" means, in relation to a Facility, a Lender's Commitment under that Facility minus: (a) the amount of its participation in any outstanding Loans under that Facility; and (b) in relation to any proposed Utilisation, the amount of its participation in any Loans that are due to be made under that Facility on or before the proposed Utilisation Date, (other than that Lender's participation in Loans under the same Facility that are due to be repaid or prepaid on or before the proposed Utilisation Date). "Available Facility" means, in relation to a Facility, the aggregate for the time being of each Lender's Available Commitment in respect of that Facility. "Available Liquidity" means cash, cash equivalents and undrawn committed credit lines with a remaining term of at least six (6) months. "Base Currency" means euro. 31896837v7 7 "Borrower" means an Original Borrower or an Additional Borrower unless it has ceased to be a Borrower in accordance with Clause 24 (Changes to the Obligors). "Break Costs" means the amount (if any) by which: (a) the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; exceeds: (b) the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period. "Business Day" means a day (other than a Saturday or Sunday) on which banks are open for general business in Stuttgart and which is a TARGET Day. "Charged Property" means all assets of the Obligors which from time to time are, or are expressed to be, the subject of the Transaction Security. "Code" means the US Internal Revenue Code of 1986. "Commitment" means the Revolving Facility Commitment or an Additional Facility Commitment (if any). "Compliance Certificate" means a certificate substantially in the form set out in Schedule 11 (Form of Compliance Certificate). "Confidential Information" means all information relating to the Company, any Obligor, the Group, the Finance Documents or a Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under the Finance Documents or a Facility from either: (a) any member of the Group or any of its advisers; or (b) another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers, 31896837v7 8 in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes: (i) information that: (A) is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 35 (Confidential Information); or (B) is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or (C) is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and (ii) any Funding Rate. "Consolidated Adjusted EBITDA" means, in relation to any period, the consolidated net income of the Group, before: (a) deduction of any taxes on income; (b) deduction of any interest and similar expenses; (c) addition of any interest and similar income; (d) deduction of any depreciation, amortisation as well as impairment changes; (e) deducting the amount of any profit (or adding back the amount of any loss) of any member of the Group which is attributed to minority interests; (f) deducting exceptional items which are stated as exceptional by the relevant auditor at a maximum of EUR 10,000,000 per annum.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 9 "Default" means an Event of Default or any event or circumstance specified in Clause 22 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default. "Eligible Institution" means any Lender or other bank, financial institution, trust, fund or other entity selected by the Company and which, in each case, is not a member of the Group. "EURIBOR" means, in relation to any Loan in euro: (a) the applicable Screen Rate as of the Specified Time for euro and for a period equal in length to the Interest Period of that Loan; or (b) as otherwise determined pursuant to Clause 10.1 (Unavailability of Screen Rate), and if, in either case, that rate is less than zero, EURIBOR shall be deemed to be zero. "Event of Default" means any event or circumstance specified as such in Clause 22 (Events of Default). "Existing Convertible Loans" has the meaning ascribed to this term in Clause 21.21 (Subordiantion of Convertible Debt). "Existing Facilities Agreement" means the EUR 50,000,000 facilities agreement dated 3 February 2020 between, inter alia, internetstores Holding GmbH as company, original borrower and original guarantor, internetstores GmbH as original borrower and original guarantor, certain companies named therein as original guarantors and SIGNA Sports United GmbH as supplementary guarantor, Landesbank Baden-Württemberg GmbH as mandated lead arranger, bookrunner, facility agent and security agent, Deutsche Bank AG, Filiale Deutschlandgeschäft and Kreissparkasse Esslingen- Nürtingen as lead arrangers and certain financial institutions referred to therein as original lenders. "Extension Request" means a request for the extension of the Termination Date pursuant to Clause 2.3(Extension Option) substantially in the form of Schedule 4 (Form of Extension Request). "Facility" means the Revolving Facility or any Additional Facility (upon establishment). "Facility Office" means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five (5) Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement. 31896837v7 10 "Familie Benko Privatstiftung" means Familie Benko Privatstiftung, an Austrian private foundation (Privatstiftung) registered with the commercial register (Firmenbuch) of the regional court (Landesgericht) of Innsbruck under registration number FN 209416 s. "FATCA" means: (a) sections 1471 to 1474 of the Code or any associated regulations; (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or (c) any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. "FATCA Application Date" means: (a) in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or (b) in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction withholding required by FATCA. "FATCA Deduction" means a deduction or withholding from a payment under a Finance Document required by FATCA. "FATCA Exempt Party" means a Party that is entitled to receive payments free from any FATCA Deduction. "Fee Letter" means any letter or letters dated on or about the date of this Agreement between the Arranger and the Company (or the Agent and the Company) setting out any of the fees referred to in Clause 11 (Fees). "Finance Document" means this Agreement, any Transaction Security Document, any Subordination Agreement, the Mandate Letter, any Fee Letter, any Extension Request, any Increase Notice, any Additional Facility Notice, any Accession Letter, any Resignation Letter and any other document designated as such by the Agent and the Company. 31896837v7 11 "Finance Party" means the Agent, the Security Agent, the Arranger, the Bookrunner, the Underwriter or a Lender. "Financial Indebtedness" means any indebtedness (without double counting) for or in respect of: (a) moneys borrowed; (b) any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, commercial papers, debentures, loan stock or any similar instrument; (d) any other instrument which is to be accounted for as financial indebtedness according to IFRS (including IFRS 16); (e) receivables sold or discounted (other than any receivables to the extent they are sold or discounted on a non-recourse basis), except for any payment methods in the ordinary course of business (e.g. "Klarna Bank AB") which shall not be considered Financial Indebtedness hereunder; (f) any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not referred to in any other paragraph of this definition having the commercial effect of a borrowing, except for the existing purchasing group cooperation with Sport2000/DZB and Intersport which shall not be considered as Financial Indebtedness hereunder; (g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account); (h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and (i) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above. "First Extension Date" means the date falling four (4) years after the date of this Agreement. 31896837v7 12 "Funding Rate" means any individual rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of Clause 10.3 (Cost of funds). "GAAP" means generally accepted accounting principles in the relevant Obligor's jurisdiction of incorporation, including IFRS. "Group" means the Company and its Subsidiaries for the time being. "Guarantor" means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with Clause 24 (Changes to the Obligors). "Guarantor Coverage" has the meaning ascribed to this term in paragraph (a) of Clause 21.20 (Guarantor Coverage). "Historic Screen Rate" means, in relation to any Loan, the most recent applicable Screen Rate for the currency of that Loan and for a period equal in length to the Interest Period of that Loan and which is as of a day which is no more than five (5) days before the Quotation Day. "Holding Company" means, in relation to a person, any other person in respect of which it is a Subsidiary. "IFRS" means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. "Interest Period" means, in relation to a Loan, each period determined in accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest and lump sum damages). "Interpolated Historic Screen Rate" means, in relation to any Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: (a) the most recent applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and (b) the most recent applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, each for the currency of that Loan and each of which is as of a day which is no more than five (5) days before the Quotation Day.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 13 "Interpolated Screen Rate" means, in relation to any Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: (a) the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, each as of the Specified Time for the currency of that Loan. "Lender" means: (a) the Original Lender; and (b) any bank, financial institution, trust, fund or other entity which has become a Party as a "Lender" in accordance with Clause 23 (Changes to the Lenders), which in each case has not ceased to be a Party as such in accordance with the terms of this Agreement. "Loan" means a Revolving Facility Loan or an Additional Facility Loan. "Logistic Project" means the greenfield 3PL-logisticts project with respect to the operation of a distribution warehouse in Hockenheim, Germany, based on the agreement entered into between Tennis- Point GmbH, Internetstores GmbH on the one hand and Rhenus Warehousing Solutions SE & Co. KG as logisticts service provider on the other hand on 31 March 2021. "Majority Lenders" means a Lender or Lenders whose Commitments aggregate more than 66⅔ % of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66⅔ % of the Total Commitments immediately prior to the reduction). "Mandate Letter" means the mandate Letter between the Arranger and the Company dated 14 April 2021. "Margin" means initially 2.50 per cent. per annum and shall be adjusted in accordance with this Agreement. Thereafter, the applicable Margin shall be determined by reference to the Net Leverage Ratio as shown in the most recent Compliance Certificate in accordance with the following table: 31896837v7 14 Net Leverage Ratio Margin (% per annum) x > 2.00:1 2.50 1.00:1 < x ≤ 2.00:1 2.00 x ≤ 1.00:1 1.75 provided that any adjustment of the Margin shall take effect from (and including) the date (the "Reset Date") falling three (3) Business Days after the date on which the Agent received from the Company the relevant Compliance Certificate with respect to any Interest Period commencing after the Reset Date. At any time when an Event of Default is continuing, the Margin shall be the highest Margin as per the above margin ratchet plus 1.00 per cent per annum. "Material Adverse Effect" means a material adverse effect on (a) the business, operations, assets, condition (financial or otherwise) of an Obligor or the Group taken as a whole, (b) the ability of the Obligors to perform their obligations under any Finance Document; or (c) subject to any limiting general principles of law which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 24 (Changes to the Obligors), the validity or enforceability of (or the effectiveness or ranking of, any Security granted or purported to be granted under) of any Finance Document unless such defect is capable of remedy and is remedied within ten (10) Business Days of the earlier of (i) the Agent giving notice to the Company or relevant Obligor and (ii) the Company or an Obligor becoming aware of such defect or the rights or remedies of any Finance Party under any of the Finance Documents. "Material Company" means at any time: (a) an Obligor, or (b) a wholly owned member of the Group that holds shares in an Obligor; or (c) a Subsidiary of the Company which has assets (calculated on a consolidated basis) or EBITDA (calculated on a consolidated basis) representing 10% or more of the consolidated gross assets or the Consolidated Adjusted EBITDA of the Group. Compliance with the conditions set out in paragraph (c) shall be determined by reference to the most recent annual Compliance Certificate delivered by the Company and audited financial statements of that Subsidiary (consolidated in the case of a Subsidiary which itself has 31896837v7 15 Subsidiaries) and the latest annual audited consolidated financial statements of the Group. However, if a Subsidiary has been acquired since the date as at which the latest audited consolidated financial statements of the Group were prepared, the financial statements shall be adjusted on a pro forma basis in order to take into account the acquisition of that Subsidiary (that adjustment being certified by a director of the Company who has sole power of representation (Einzelvertretungsmacht) or by two directors who have joint power of representation (Gesamtvertretungsmacht) as representing an accurate reflection of the revised EBITDA or assets of the Group. A report by the Auditors of the Company that a Subsidiary is or is not a Material Company shall, in the absence of manifest error, be conclusive and binding on all Parties. "Month" means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that: (a) (subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; (b) if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and (c) if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. The above rules will only apply to the last Month of any period. "Net Financial Indebtedness" means the total Financial Indebtedness (for the avoidance of doubt without taking into account subordinated shareholder loans) of the Group less cash. "Net Leverage Ratio" means the ratio of Net Financial Indebtedness to Consolidated Adjusted EBITDA. "New Commitments" has the meaning given to that term in paragraph (a)(i) of Clause 2.2 (Increase in Commitments/ Uncommited Additional Facility in relation to the Uncommited Facility Amount.). "New Lender" has the meaning given to that term in Clause 23 (Changes to the Lenders). "Obligor" means a Borrower or a Guarantor. 31896837v7 16 "Original Financial Statements" means in relation to each Original Obligor, its audited unconsolidated financial statements for its financial year ended 30 September 2020. "Original Obligor" means an Original Borrower or an Original Guarantor. "Original Termination Date" means the date falling three (3) years after the date of this Agreement. "Participating Member State" means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. "Party" means a party to this Agreement. "Qualifying Lender" has the meaning given to it in Clause 12 (Tax gross-up and indemnities). "Quotation Day" means, in relation to any period for which an interest rate is to be determined two TARGET Days before the first day of that period (unless market practice differs in the Relevant Market for that currency, in which case the Quotation Day for that currency will be determined by the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days)). "Related Fund" in relation to a fund (the "first fund"), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund. "Relevant Market" means, in relation to euro, the European interbank market. "Repeated Representations" means each of the representations set out in Clauses 18.1 (Status) to 18.9 (No Default) and paragraph (c) of Clause 18.10 (No misleading information) and Clauses 18.11 (Financial Statements) to Clause 18.17 (Sanctions / Anti-Money Laundering / Anti-Corruption). "Representative" means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian. "Resignation Letter" means a letter substantially in the form set out in Schedule 9 (Form of Resignation Letter). "Revolving Facility" means the revolving loan facility made available under this Agreement as described in Clause 2.1 (The Revolving Facility).

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 17 "Revolving Facility Commitment" means: (a) in relation to the Original Lender, the amount set opposite its name under the heading "Revolving Facility Commitment" in Part II of Schedule 1 (The Original Lender) and the amount of any other Revolving Facility Commitment transferred to it under this Agreement; (b) in relation to any other Lender, the amount of any Revolving Facility Commitment transferred to it under this Agreement, (c) in relation to the Original Lender or any other Lender the amount of any New Commitment incurred under the Revolving Facility pursuant to Clause 2.2 (Increase in Commitments/ Uncommitted Additional Facility in relation to the Uncommitted Facility Amount), to the extent not cancelled, reduced or transferred by it under this Agreement. "Revolving Facility Loan" means a loan made or to be made under the Revolving Facility or the principal amount outstanding for the time being of that loan. "Rollover Loan" means one or more Loans (a) made or to be made on the same day that a maturing Loan under the same Facility is due to be repaid; (b) the aggregate amount of which is equal to or less than the amount of the maturing Loan; and (c) made or to be made to the same Borrower for the purpose of refinancing that maturing Loan. "Sanctions Restricted Country" means any country or territory which is subject to country-/territory- wide, comprehensive Sanctions (as of the date of this Agreement the Ukraine region Crimea, Cuba, Iran, North Korea, South Sudan, Sudan, and Syria). "Sanctions Restricted Person" means any person (a) listed on a Sanctions List or who is directly or indirectly owned (holding combined 50 per cent or more of the shares) or controlled by or acting on behalf of one or more persons who themselves are listed on a Sanctions List; 31896837v7 18 (b) who is located in or organised under the jurisdiction of a Sanctions Restricted Country; or (c) who is in any other way subject of Sanctions. "Sanctions" means any economic, financial or other restrictions by virtue of person-, country- or goods/service-related embargoes, foreign trade laws, regulations, rules or measures enacted, enforced or monitored by any Sanctions Authority. "Sanctions Authorities" means (a) the United Nations; (b) the European Union and its member states; (c) the United States of America; (d) the United Kingdom; or (e) any body, governmental authority or other authority of one of the foregoing countries or organisations, including, without limitation, the "United States Department of Treasury's Office of Foreign Assets Control" (OFAC), the "United States Department of State", the "United States Department of Commerce" and the "Office of Financial Sanctions Implementation Her Majesty's Treasury" (OFSI). "Sanctions List" means any Sanctions-related list administered by or any publication of person-related Sanctions by any Sanctions Authority as amended from time to time, including without limitation, OFAC's Specially Designated Nationals And Blocked Persons List (SDN) and OFSI's Consolidated List of Financial Sanctions Targets in the UK. "Second Extension Date" means the date falling five (5) years after the date of this Agreement. "Screen Rate" means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed (any correction, recalculation or republication by the administrator shall only be taken into account, if the error is such that the refixed rate will vary by at least two (2) basis points of the originally published rate) on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be 31896837v7 19 available, the Agent may specify another page or service displaying the relevant rate after consultation with the Company. "Security" means a mortgage, land charge, charge, pledge, lien, assignment or transfer for security purposes, retention of title arrangement or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. "Shareholder Bridge Loan" means the shareholder loan in the amount of up to EUR 10,000,000, dated 28 April 2021 and provided to the Company by SIGNA International Sports Holding GmbH on or about the date of this Agreement and in connection wit the Signed Bolt-On M&A. "Share Pledge Agreement" means the German law governed share pledge agreement relating to all shares and ancillary rights in Internetstores Holding GmbH. "Signed Bolt-On M&A" means the acquisition of (i) an indirect participation of 60.6 to 66.7% (depending on the finally determined enterprise value at closing) in Midwest Sports Supply LLC by the Company in accordance with the terms set forth in the equity purchase agreement dated 8 January 2021 between, among others, Midwest Sports Supply Holding, Inc. and SSU Midwest Acquisition Corp., a wholly owned subisidary of the Company and (ii) an indirect participation in Tennis Express LP, Houston (or any successor company of Tennis Express LP, depending on the final acquisition structure) by SSU Midwest Acquisition Corp. or another US-subsidiary of the Company on terms to be finally agreed. "SPAC Structure Memorandum" means the structure memorandum prepared by Skadden, Arps, Slate, Meagher & Florn LLP and Affiliates dated 30 April 2021 with the title "Project Olympics High Level Straw Man Structure". "SPAC Transaction" means the business combination between the Company and a special purpose acquisition company (SPAC) resulting in the ownership of all or substantially all of the shares in, or the assets or business of, the Company by a newly established Dutch stock corporation (TopCo NV), all as substantially set out in the SPAC Structure Memorandum. "Special Situation Fund" means a distressed, hedge, special or other opportunities fund. "Specified Time" means a day or time determined in accordance with Schedule 12 (Timetables). "Subordination Agreement" means a subordination agreement in relation to shareholder loans entered into between, inter alios, the shareholders of the Company, the Company and the Finance Parties. "Subsidiary" means a subsidiary within the meaning of sections 15 - 17 Stock Corporation Act (Aktiengesetz). 31896837v7 20 "TARGET2" means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007. "TARGET Day" means any day on which TARGET2 is open for the settlement of payments in euro. "Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). "Termination Date" means: (a) in relation to the Revolving Facility the Original Termination Date, the First Extension Date or the Second Extension Date, as applicable; and (b) in relation to an Additional Facility, the date agreed between the Company and the respective Additional Facility Lenders as specified in the Additional Facility Notice being not earlier than the Termination Date for the Revolving Facility. "Total Additional Facility Commitments" means the aggregate of the Additional Facility Commitments, being zero at the date of this Agreement. "Total Commitments" means the aggregate of the Total Revolving Facility Commitments and the Total Additional Facility Commitments. "Total Revolving Facility Commitments" means the aggregate of the Revolving Facility Commitments, being EUR 100,000,000 at the date of this Agreement. "Transaction Security" means the Security created or expressed to be created in favour of the Security Agent and/or Lenders pursuant to the Transaction Security Documents. "Transaction Security Documents" means the Share Pledge Agreement together with any other document entered into by any Obligor creating or expressed to create any Security over all or any part of its assets in respect of the obligations of any of the Obligors under any of the Finance Documents. "Transfer Certificate" means a certificate substantially in the form set out in Schedule 7 (Form of Transfer Certificate) or any other form agreed between the Agent and the Company. "Transfer Date" means, in relation to an assignment and transfer by way of assumption of contract (Vertragsübernahme) pursuant to Clause 23.6 (Procedure for assignment and transfer by way of assumption of contract (Vertragsübernahme)), the later of: (a) the proposed Transfer Date specified in the Transfer Certificate; and

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 21 (b) the date on which the Agent executes the Transfer Certificate. "Treasury Transactions" means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price. "UK Acquisition" means the acquisition of all shares in Mapil TopCo Limited, the ultimate holding company of WiggleCRC Group, by the Company in accordance with the terms set forth in the umbrella agreement dated 28 January 2021 between, among others, Bridgepoint Europe IV (Nominees) Limited and the Company. "Uncommitted Facility Amount" means the total amount of the New Commitments together with the Additional Facility Commitments to the Facility which may be effected, being in aggregate EUR 50,000,000. "Unpaid Sum" means any sum due and payable but unpaid by an Obligor under the Finance Documents. "US" means the United States of America. "US Tax Obligor" means: (a) a Borrower which is resident for tax purposes in the US; or (b) an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US federal income tax purposes. "Utilisation" means a utilisation of a Facility. "Utilisation Date" means the date of a Utilisation, being the date on which the relevant Loan is to be made. "Utilisation Request" means a notice substantially in the form set out in Schedule 3 (Utilisation Requests). "VAT" means: (a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and 31896837v7 22 (b) any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere. 1.2 Construction (a) Unless a contrary indication appears, any reference in this Agreement to: (i) the "Agent", the "Security Agent", the "Arranger", any "Finance Party", any "Lender", any "Obligor" or any "Party" shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents and, in the case of the Security Agent, any person for the time being appointed as Security Agent or Security Agents in accordance with the Finance Documents; (ii) "assets" includes present and future properties, revenues and rights of every description; (iii) "director" includes any statutory legal representative(s) (organschaftlicher Vertreter) of a person pursuant to the laws of its jurisdiction of incorporation, including but not limited to, in relation to a person incorporated or established in Germany, a managing director (Geschäftsführer) or member of the board of directors (Vorstand); (iv) a "Finance Document" or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended or restated; (v) a "group of Lenders" includes all the Lenders; (vi) "indebtedness" includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; (vii) a "person" includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality); (viii) a "regulation" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental 31896837v7 23 or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation; (ix) a provision of law is a reference to that provision as amended or re-enacted; and (x) a time of day is a reference to Stuttgart time. (b) The determination of the extent to which a rate is "for a period equal in length" to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement. (c) Section, Clause and Schedule headings are for ease of reference only. (d) Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement. (e) A Default (other than an Event of Default) is "continuing" if it has not been remedied or waived and an Event of Default is "continuing" if it has not been waived. (f) Subject to Clause 34.3 (Other exceptions) but otherwise notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time. (g) Nothing in this Agreement shall be construed so as to exclude the liability of any person for its own wilful misconduct (Vorsatz). 1.3 Currency symbols and definitions "€", "EUR" and "euro" denote the single currency of the Participating Member States. 1.4 This Agreement is made in the English language. For the avoidance of doubt, the English language version of this Agreement shall prevail over any translation of this Agreement. However, where a German translation of a word or phrase appears in the text of this Agreement, the German translation of such word or phrase shall prevail. 1.5 Dissapplication of Sanctions provisions Provisions of this Agreement relating to Sanctions, such as Sanctions provisions in Clause 7.1 (Illegality), Clause 18.17 (Sanctions / Anti-Mones Laundering / Anti-Corruption), Clause 19.5 31896837v7 24 (Compliance relates proceedings), Clause 21.19 (Sanctions / Anti-Mones Laundering / Anti- Corruption), are only applicable to the extent that agreement on them does not conflict with any applicable Anti-Boycott Laws. 2. The Facilities 2.1 The Revolving Facility Subject to the terms of this Agreement, the Lenders make available to the Borrowers a revolving loan facility in an aggregate amount equal to the Total Revolving Facility Commitments. 2.2 Increase in Commitments/ Uncommitted Additional Facility in relation to the Uncommitted Facility Amount (a) At any time and from time to time during the Availability Period of the Revolving Facility and subject to its terms and conditions of this Clause 2.2, the Company may (i) request by written notice (an "Increase Notice") to the existing Lenders via the Agent or any Additional Lender that it whished to increase the existing Revolving Facility Commitments or newly establishes by a specified amount subject to paragraph (ii) below a new Revolving Facility Commitments or Term Facility Commitment, provided that the existing Lenders shall be asked first to increase their Revolving Facility Commitments on a pro rata basis and Additional Lender may only be asked if upon expiry of the time period stipulated pursuant to paragraph (c) below the full requested amount set out in the Increase Notices has not or not in full been committed by the existing Lenders. For the purpose of this Agreement, "Additional Lender" means banks or financial institutions, trusts, funds or other entities which are regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets. Without prejudice to the provisions of paragraph (f) below, each so invited existing Lender or, as the case may be, any Additional Lender shall notify the Borrower and the Agent in writing (such notice being a "Commitment Increase Notice") within fifteen (15) Business Days of receipt of an Increase Notice if it is willing to honour the requests therein and (subject to paragraph (d) below) by how much (such amounts in aggregate being the "New Commitments" and each existing lender or as the case may be, the Additional Lender submitting any such Commitment Increase Notice, an "Increasing Lender"). Ten (10) Business Days following the date of the Commitment Increase Notice (unless otherwise agreed as permitted under the

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 25 terms of this Agreement), the New Commitments shall be assumed by the Increasing Lender; or (ii) request by duly completed written notice (an "Additional Facility Notice") to the existing Lenders via the Agent or any Additional Lender that it whishes to establish an Additional Facility provided that the existing Lenders shall be asked first to establish an Additional Facility on a pro rata basis and any Additional Lender shall be asked only if upon expiry of the time period stipulated pursuant to paragraph (c) below the full requested amount set out in the Additional Facility Notice has not or not in full been committed by the existing Lenders.by way of (i) the introduction of a new additional facility as a term facility under this Agreement or (ii) the introduction of a new additional facility as a revolving facility under this Agreement. Without prejudice to the provisions of paragraph (f) below, each such so invited Existing Lender or, as the case may be, any Additional Lender shall notify the Borrower and the Agent in writing (such notice being a "Commitment Notice") within fifteen (15) Business Days of receipt of an Additional Facility Notice if it is willing to honour the requests therein and (subject to paragraph (d) below) by how much (such amounts in aggregate being the "Additional Facility Commitments" and each existing Lender, or as the case may be, the Additional Lender submitting any such Commitment Notice, an "Additional Facility Lender"). Ten (10) Business Days following the date of the Commitment Notice (unless otherwise agreed as permitted under the terms of this Agreement), the Additional Facility shall be established and the Additional Facility Commitments shall be assumed by the Additional Facility Lenders. (b) The Company shall have the right to request New Commitments by way of Increase Notice or an Additional Facility by way of Additional Facility Notice as set out in paragraph (a) up to two (2) times during the lifetime of the Facility. Each time, the amount of the requested Increase Notices or the Additional Facility shall be EUR 10,000,000 or a multiple of EUR 10,000,000. The maximum aggregate amount of New Commitments together with Additional Facility Commitments that may be effected during the Availability Period of the Revolving Facility pursuant to this Clause 2.2 is the Uncommitted Facility Amount. (c) If no Commitment Increase Notice or Commitment Notice is served by the Lender which receives an Increase Notice or Additional Facility Notice within ten (10) Business Days of its receipt, then no New Commitments or Additional Facility Commitments in respect of that Lender will arise. For the avoidance of doubt, no Lender shall be obliged to respond 31896837v7 26 to an Increase Notice or an Additional Facility Notice and the decision of any Lender to provide or not to provide New Commitments or Additional Facility Commitments shall be made at that Lenders' absolute discretion and shall be final. Upon the expiry of aforementioned ten (10) Business Days periode the Company may invite Additional Lender to assume any such New Commitments or Additional Facility Commitments in full (if no existing Lender has submitted any commitments) or in part (if existing Lender have submitted commitments but not in the full amount as requested by the Company in the Increase Notice). (d) The Company shall have the right to request New Commitments by way of Increase Notices or an Additional Facility by way of Additional Facility Notice as per paragraph (a) provided that: (i) no Default is continuing or would result from the increase or establishment of the Commitments or of those Additional Facility Commitments (and the Company has confirmed this is the case) at the date the establishment/increase is requested; (ii) the consolidated financial statements of the Company for the financial quarter ending 30 June 2021 and any financial quarter ending thereafter have been provided to the Lenders; (iii) the representations set out in Clause 18 (Representations) are true and correct; and (iv) the fees, availability period, the termination date, the Margin (including the margin ratchet) and the repayment dates and repayment instalments in each case relating to the Additional Facility will be the fees, periods, margin, dates and/or instalments agreed between the Company and the Additional Facility Lender prior to the establishment of the Additional Facility Commitment and shall not be more favourable to the relevant Lender than the provisions of the Revolving Facility. (e) Any commitment assumed by any Additional Lender will only be effective on the date (i) the Agent executes the relevant Additional Lender Accession Agreement and confirms the relevant increase date; and (ii) the Agent notifies the Company and the relevant Additional Lender, where applicable, that it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in 31896837v7 27 relation to the assumption of the additional commitments by that Additional Lender (which the Agent shall do promptly upon being so satisfied). (f) Until and unless committed in accordance with this Clause 2.2, the Uncommitted Facility Amount is not a committed facility and no Lender is obliged to increase its Commitments pursuant to an Increase Notice or establish any commitments pursuant to an Additional Facility notice at any time. 2.3 Extension Option (a) By giving the Agent an Extension Request not more than (ninety) 90 days and not less than forty-five (45) days prior to the first anniversary of the date of this Agreement, the Company may request that the Original Termination Date be extended for one year until the First Extension Date. (b) Without prejudice to paragraph (a) above, by giving the Agent an Extension Request not more than ninety (90) days and not less than forty-five (45) days prior to the second anniversary of the date of this Agreement, the Company may request that: (i) the Initial Termination Date be extended for one (1) year until the First Extension Date or for two (2) years until the Second Extension Date if the Company has not served an Extension Request pursuant to paragraph (a)above; (ii) Lenders, that have not agreed to an Extension Request pursuant to paragraph (a)above, agree that the Original Termination Date be extended for one (1) year until the First Extension Date or for two (2) years until the Second Extension Date; and/or (iii) Lenders, that have already agreed that the Original Termination Date be extended until the First Extension Date, agree that the Original Termination Date is further extended until the Second Extension Date. (c) Promptly upon receipt of an Extension Request, the Agent shall notify the Lenders of such Extension Request. (d) Each Lender shall notify the Agent no later than twenty (20) days following receipt of the relevant Extension Request whether or not it agrees to extend the Termination Date for the Revolving Facility in respect of its Revolving Facility Commitments and participations in the Loans. If any Lender fails to so notify the Agent or does not agee to extend its Revolving Facility Commitment, subject to the provisions of Clause 7.5 (Right of 31896837v7 28 replacement or repayment and cancellation in relation to a single Lender) below, the Temination Date in respect of that Lender will not be extended. (e) Each Lender may, in its free discretion, decide whether or not to agree to an Extension Request and nothing in this Agreement constitutes an obligation of any Lender to agree to any Extension Request. (f) If not all the Lenders agree to an Extension Request, the Company shall have the right to withdraw its Extension Request within twenty (20) days upon being notified by the Agent to that extent and the Termination Date for the Revolving Facility shall then not be extended pursuant to this Clause 2.3. (g) Without prejudice to Clause 5.5 (Cancellation of Commitment) the participations and Available Revolving Facility Commitments of those Lenders which have not agreed to the Extension Request pursuant to paragraph (a) and/or paragraph (b) above shall be repaid and cancelled in full (in relation to Lenders that have not agreed to any postponement of the Original Termination Date) on the Original Termination Date or (in relation to Lenders that have agreed to a postponement until the First Extension Date) on the First Extension Date. 2.4 Finance Parties' rights and obligations (a) The obligations of each Finance Party under the Finance Documents are several and do not constitute a joint obligation (Ausschluss der gesamtschuldnerischen Haftung). Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. (b) The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and do not constitute a joint creditorship (Ausschluss der Gesamtgläubigerschaft) and any debt arising under the Finance Documents to a Finance Party from an Obligor is, except as otherwise set out in this Agreement or any other Finance Document, a separate and independent debt (Ausschluss der gesamtschuldnerischen Haftung) in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party's participation in a Facility or its role under a Finance

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 29 Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor. (c) A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights under or in connection with the Finance Documents. 2.5 Obligors' Agent (a) Each Obligor (other than the Company) by its execution of this Agreement or an Accession Letter irrevocably appoints the Company (acting through one or more authorised signatories) even if that action involves multi-representation, self-contracting, or the existence of any conflict of interest, to act on its behalf as its agent in relation to the Finance Documents (the "Obligors' Agent") and irrevocably authorises: (i) the Company on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions, to execute on its behalf any Accession Letter, to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Obligor notwithstanding that they may affect the Obligor, without further reference to or the consent of that Obligor; and (ii) each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance Documents to the Company, and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication. (b) Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Obligors' Agent or given to the Obligors' Agent under any Finance Document on behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and whether occurring before or after such other Obligor became an Obligor under any Finance Document) shall be binding for all purposes on that Obligor as if that Obligor had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications of the Obligors' Agent and any other Obligor, those of the Obligors' Agent shall prevail. 31896837v7 30 (c) For the purposes of acting as their agent in accordance with this Clause, each of the Obligors exempts the Company from the restrictions imposed by Section 181 of the German Civil Code (Bürgerliches Gesetzbuch) (and any equivalent restriction under any applicable foreign law) in this respect. 3. Purpose 3.1 Purpose (a) Each Borrower shall apply all amounts borrowed by it under the Revolving Facility (excluding any increased amounts) towards refinancing of the Existing Facilities Agreement, for working capital purposes, capital expenditures and up to an amount of EUR 10,000,000 for the Signed Bolt-On M&A (including repayment of the Shareholder Bridge Loan). (b) Each Borrower shall apply all amounts borrowed by it under an Additional Facility or by way of increase in accordance with the purpose set out in the Additional Facility Notice relating to that Additional Facility or the Increase Notice . 3.2 Monitoring No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 4. Conditions Of Utilisation 4.1 Initial conditions precedent (a) No Borrower may deliver a Utilisation Request unless the Agent has received all of the documents and other evidence listed in Part I of Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Agent (acting reasonable on the instruction of all Lenders). The Agent shall notify the Company and the Lenders promptly upon being so satisfied. (b) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 31896837v7 31 4.2 Further conditions precedent (a) The Lenders will only be obliged to comply with Clause 5.4 (Lenders' participation) if on the date of the Utilisation Request and on the proposed Utilisation Date: (i) in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed Loan and, in the case of any other Loan, no Default is continuing or would result from the proposed Loan; and (ii) the Repeated Representations made by each Obligor are true in all material respects. 4.3 Maximum number of Loans (a) A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than ten (10) Revolving Facility Loans would be outstanding. (b) The maximum number of Utilisations under any Additional Facility shall be agreed between the Company and the respective Additional Facility Lenders as specified in the related Additional Facility Notice. 5. Utilisation 5.1 Delivery of a Utilisation Request A Borrower may utilise a Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time. 5.2 Completion of a Utilisation Request (a) Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: (i) it identifies the Facility to be utilised; (ii) the proposed Utilisation Date is a Business Day within the Availability Period applicable to that Facility; (iii) the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and 31896837v7 32 (iv) the proposed Interest Period complies with Clause 9 (Interest Periods). (b) Only one Loan may be requested in each Utilisation Request. 5.3 Currency and amount (a) The currency specified in a Utilisation Request must be the Base Currency. (b) The amount of the proposed Loan must be a minimum of EUR 5,000,000 for the Revolving Facility or in either case, if less, the Available Facility. (c) The amount of the proposed Loan for any Additional Facility, the minimum amounts (and, if applicable) integral multiples shall be agreed between the Company and the respective Additional Facility Lenders as set out in the related Additional Facility Notice. 5.4 Lenders' participation (a) If the conditions set out in this Agreement have been met, and subject to Clause 6.1 (Repayment of Loans), each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office. (b) The amount of each Lender's participation in each Loan will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to making the Loan. 5.5 Cancellation of Commitment (a) The Revolving Facility Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for the Revolving Facility. (b) Additional Facility Commitments (if any) which are unutilised at the end of the Availability Period for the relevant Additional Facility shall be immediately cancelled at the end of the Availability Period for that Additional Facility. 6. Repayment 6.1 Repayment of Loans (a) Each Borrower which has drawn a Revolving Facility Loan shall repay that Revolving Facility Loan on the last day of its Interest Period.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 33 (b) The Borrowers under each Additional Facility shall repay the aggregate Additional Facility Loans under that Additional Facility as agreed between the Company and the respective Additional Facility Lender as set out in the relevant Additional Facility Notice. (c) Without prejudice to each Borrower's obligation under paragraph (a) above, if: (i) one or more Revolving Facility Loans are to be made available to a Borrower: (A) on the same day that a maturing Revolving Facility Loan under the same Revolving Facility is due to be repaid by that Borrower; and (B) in whole or in part for the purpose of refinancing the maturing Revolving Facility Loan under the same Revolving Facility; and (ii) the proportion borne by each Lender's participation in the maturing Loan to the amount of that maturing Revolving Facility Loan is the same as the proportion borne by that Lender's participation in the new Revolving Facility Loan to the aggregate amount of those new Loan, the aggregate amount of the new Revolving Facility Loan shall, unless the Company notifies the Agent to the contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the maturing Revolving Facility Loan under the same Revolving Facility so that: (A) if the amount of the maturing Revolving Facility Loan exceeds the aggregate amount of the new Revolving Facility Loan: (I) the relevant Borrower will only be required to make a payment under Clause 29.1 (Payments to the Agent) in an amount in the relevant currency equal to that excess; and (II) each Lender's participation in the new Revolving Facility Loan shall be treated as having been made available and applied by the Borrower in or towards repayment of that Lender's participation in the maturing Revolving Facility Loan under the same Revolving Facility and that Lender will not be required to make a payment under Clause 29.1 (Payments to the Agent) in respect of its participation in the new Revolving Facility Loan; and 31896837v7 34 (B) if the amount of the maturing Revolving Facility Loan is equal to or less than the aggregate amount of the new Revolving Facility Loan: (I) the relevant Borrower will not be required to make a payment under Clause 29.1 (Payments to the Agent); and (II) each Lender will be required to make a payment under Clause 29.1 (Payments to the Agent) in respect of its participation in the new Loan only to the extent that its participation in the new Revolving Facility Loan exceeds that Lender's participation in the maturing Loan under the same Facility and the remainder of that Lender's participation in the new Revolving Facility Loan shall be treated as having been made available and applied by the Borrower in or towards repayment of that Lender's participation in the maturing Revolving Facility Loan under the same Revolving Facility. 7. Prepayment And Cancellation 7.1 Illegality If, (i) in any applicable jurisdiction, it becomes unlawful or contrary to any law, regulation or order in any jurisdiction for any Lender according to its assessment to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan or receive payments under this Agreement, or (ii) any Lender receives a notice from any Sanctions Authority that the Lender's continuation to perform any of its obligations or to receive payments under this Agreement might result in any liability in relation to an alleged violation of Sanctions: (a) that Lender shall promptly notify the Agent upon becoming aware of that event; (b) upon the Agent notifying the Company, each Available Commitment of that Lender will be immediately cancelled; and (c) to the extent that the Lender's participation has not been transferred pursuant to paragraph (d) of Clause 7.5 (Right of replacement or repayment and cancellation in relation to a single Lender), each Borrower shall repay that Lender's participation in the Loans made to that Borrower on the last day of the Interest Period for each Loan occurring after the Agent has notified the Company or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any 31896837v7 35 applicable grace period permitted by law) and that Lender's corresponding Commitment(s) shall be cancelled in the amount of the participations repaid. 7.2 Change of control (a) If any person or group of persons acting in concert, other than Familie Benko Privatstiftung, gains control of the Company: (i) the Company shall promptly notify the Agent upon becoming aware of that event; (ii) a Lender shall not be obliged to fund an Utilisation (except for a Rollover Loan); and (iii) if a Lender so requires and notifies the Agent within five (5) days of the Company notifying the Agent of the event, the Agent shall, by not less than five (5) days' notice to the Company, cancel the Commitment of that Lender and declare the participation of that Lender in all outstanding Loans, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Commitment of that Lender will be cancelled and all such outstanding Loans and amounts will become immediately due and payable. (b) For the purpose of paragraph (a) above: (i) "control" means acquiring at any time directly or indirectly 50 per cent. or more of the voting rights in the Company or 50 per cent. or more of the capital in the Company or otherwise exercises control within the meaning of section 17 German Stock Corporation Act (AktG); and (ii) "acting in concert" (gemeinsam handelnd) has the meaning given to it in section 2 of paragraph 5 of the German Takeover Act (Wertpapiererwerbs- und Übernahmegesetz). 7.3 Voluntary cancellation The Company may, if it gives the Agent not less than five (5) Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of EUR 5,000,000) of an Available Facility. Any cancellation under this Clause 7.3 shall reduce the Commitments of the Lenders rateably under that Facility. 31896837v7 36 7.4 Voluntary prepayment of Loans The Borrower to which a Loan has been made may, upon the expiry of the Avilability Period for such Loan and if it gives the Agent not less than five (5) Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Loan (but if in part, being an amount that reduces the amount of the Loan by a minimum amount of EUR 5,000,000). 7.5 Right of replacement or repayment and cancellation in relation to a single Lender (a) If: (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 12.2 (Tax gross-up); or (ii) any Lender claims indemnification from the Company under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs), or (iii) any Lender has not agreed to the Extension Request pursuant to paragraph (a)and/or paragraph (b) of Clause 2.3 (Extension Option) (as the case may be), the Company may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and its intention to procure the repayment of that Lender's participation in the Loans or give the Agent notice of its intention to replace that Lender in accordance with paragraph (d) below. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment(s) of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Company has given notice of cancellation under paragraph (a) above (or, if earlier, the date specified by the Company in that notice), each Borrower to which a Loan is outstanding shall repay that Lender's participation in that Loan. (d) If: (i) any of the circumstances set out in paragraph (a) above apply to a Lender; or

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 37 (ii) an Obligor becomes obliged to pay any amount in accordance with Clause 7.1 (Illegality) to any Lender, the Company may, on five (5) Business Days' prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) assign and transfer by way of assumption of contract (Vertragsübernahme) pursuant to Clause 23 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to an Eligible Institution which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 23 (Changes to the Lenders) for a purchase price in cash payable at the time of the transfer in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding Loans and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents. (e) The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions: (i) the Company shall have no right to replace the Agent; (ii) neither the Agent nor any Lender shall have any obligation to find a replacement Lender; (iii) in no event shall the Lender replaced under paragraph (d) above be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents; and (iv) the Lender shall only be obliged to assign and transfer its rights and obligations pursuant to paragraph (d) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that transfer. (f) A Lender shall perform the checks described in paragraph (e)(iv) above as soon as reasonably practicable following delivery of a notice referred to in paragraph (d) above and shall notify the Agent and the Company when it is satisfied that it has complied with those checks. 7.6 Restrictions (a) Any notice of cancellation or prepayment given by any Party under this Clause 7 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the 31896837v7 38 date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. (b) Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs (unless prepayment occurs at the end of an Interest Period), without premium or penalty. However, in relation to any prepayment made pursuant to Clause 7.1 (Illegality) prior to the end of the Interest Period Break Costs shall be calculated disregarding the applicable Margin (ohne Margenschaden). (c) Unless a contrary indication appears in this Agreement, any part of the Revolving Facility which is prepaid or repaid may be reborrowed in accordance with the terms of this Agreement. (d) The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement. (e) No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. (f) If the Agent receives a notice under this Clause 7 it shall promptly forward a copy of that notice to either the Company or the affected Lender, as appropriate. (g) If all or part of any Lender's participation in a Loan under a Facility is repaid or prepaid and is not available for redrawing (other than by operation of Clause 4.2 (Further conditions precedent)), an amount of that Lender's Commitment (equal to the amount of the participation which is repaid or prepaid) in respect of that Facility will be deemed to be cancelled on the date of repayment or prepayment. 7.7 Application of prepayments Any prepayment of a Loan pursuant to or Clause 7.4 (Voluntary prepayment of Loans) shall be applied pro rata to each Lender's participation in that Loan. 31896837v7 39 8. Interest 8.1 Calculation of interest The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable: (a) Margin; and (b) EURIBOR. 8.2 Payment of interest The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of each Interest Period (and if the Interest Period is longer than six (6) Months, on the dates falling six-Monthly intervals after the first day of the Interest Period). 8.3 Default interest and lump sum damages (a) If an Obligor fails to pay any amount (other than interest) payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one (1.00) per cent. per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). If an Obligor fails to pay interest payable by it under the Finance Documents on its due date, lump sum damages (pauschalierter Schadensersatz) shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). In the case of lump sum damages, the relevant Obligor shall be free to prove that no damages have arisen or that damages have not arisen in the asserted amount and any Finance Party shall be entitled to prove that further damages have arisen. Any interest or lump sum accruing under this Clause 8.3 shall be immediately payable by the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: 31896837v7 40 (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. per annum higher than the rate which would have applied if the overdue amount had not become due. 8.4 Notification of rates of interest (a) The Agent shall promptly notify the relevant Lenders and the relevant Borrower of the determination of a rate of interest under this Agreement. (b) The Agent shall promptly notify the relevant Borrower of each Funding Rate relating to a Loan. 9. Interest Periods 9.1 Selection of Interest Periods (a) A Borrower (or the Company on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan. (b) Subject to this Clause 9, a Borrower (or the Company) may select an Interest Period of one (1), three (3) or six (6) Months or of any other period agreed between the Company, the Agent and all the Lenders in relation to the relevant Loan (but in case of an Additional Facility Loan subject to the terms set out in the Additional Facility Notice). (c) An Interest Period for a Loan shall not extend beyond the Termination Date applicable to its Facility. (d) A Loan has one Interest Period only. 9.2 Non-Business Days If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 41 10. Changes To The Calculation Of Interest 10.1 Unavailability of Screen Rate (a) Interpolated Screen Rate: If no Screen Rate is available for EURIBOR for the Interest Period of a Loan, the applicable EURIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period of that Loan. (b) Shortened Interest Period: If no Screen Rate is available for EURIBOR for the Interest Period of a Loan and it is not possible to calculate the Interpolated Screen Rate, the Interest Period of that Loan shall be shortened to the next shorter interest period and the applicable EURIBOR for that shortened Interest Period shall be determined pursuant to the definition of "EURIBOR". (c) Shortened Interest Period and Historic Screen Rate: If the Interest Period of a Loan is, after giving effect to paragraph (b) above, shortend and for the shortened Interest Period no Screen Rate is available for EURIBOR for the Interest Period of that Loan and it is not possible to calculate the Interpolated Screen Rate, the applicable EURIBOR shall be the Historic Screen Rate for that Loan. (d) Shortened Interest Period and Interpolated Historic Screen Rate: If paragraph (c) above applies but no Historic Screen Rate is available for the Interest Period of the Loan, the applicable EURIBOR shall be the Interpolated Historic Screen Rate for a period equal in length to the Interest Period of that Loan. (e) Cost of funds: If paragraph (d) above applies but it is not possible to calculate the Interpolated Historic Screen Rate, the Interest Period of that Loan shall, if it has been shortened pursuant to paragraph (b) above, revert to its previous length and there shall be no EURIBOR for that Loan and Clause 10.3 (Cost of funds) shall apply to that Loan for that Interest Period. 10.2 Market disruption If before close of business in Stuttgart on the Quotation Day for the relevant Interest Period the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35 per cent. of that Loan) that the cost to it of funding its participation in that Loan from whatever source it may reasonably select would be in excess of EURIBOR then Clause 10.3 (Cost of funds) shall apply to that Loan for the relevant Interest Period. 31896837v7 42 10.3 Cost of funds (a) If this Clause 10.3 applies, the rate of interest on each Lender's share of the relevant Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of: (i) the Margin; and (ii) the rate notified to the Agent by that Lender as soon as practicable and in any event within five (5) Business Days of the first day of that Interest Period (or, if earlier, on the date falling five (5) Business Days before the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding its participation in that Loan from whatever source it may reasonably select and if that rate is less than zero, it shall be deemed to be zero. (b) If this Clause 10.3 applies and the Agent or the Borrower so requires, the Agent and the Company shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute basis for determining the rate of interest. (c) Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all Lenders and the Company, be binding on all Parties. (d) If this Clause 10.3 applies but any Lender does not supply a quotation by the time specified in paragraph (a)(ii) above the rate of interest shall be calculated on the basis of the quotations of the remaining Lenders and if that rate is less than zero, it shall be deemed to be zero. 10.4 Notification to Borrower If Clause 10.3 (Cost of funds) applies the Agent shall, as soon as is practicable, notify the relevant Borrower. 10.5 Break Costs (a) Each Borrower shall, within three (3) Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by the relevant Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum. (b) Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue. 31896837v7 43 11. Fees 11.1 Commitment fee (a) The Company shall pay to the Agent (for the account of each Lender) a fee computed at the rate of: (i) 35 per cent. per annum of the applicable Margin on that Lender's Available Commitment under the Revolving Facility for the Availability Period applicable to the Revolving Facility; and (ii) with respect to an Additional Facility at a rate equal to 35 per cent. per annum of the applicable Margin, and for such period, as agreed between the Company and the respective Additional Facility Lenders. (b) The accrued commitment fee, calculated in accordance with this Agreement (in particular Clause 31.3 (Day count convention)), is payable on the last day of each successive period of three Months which ends during the relevant Availability Period, on the last day of the Availability Period and, if cancelled in full, on the cancelled amount of the relevant Lender's Commitment at the time the cancellation is effective. 11.2 Arrangement fee The Company shall pay to the Arranger and Bookrunner an underwriting, arrangement and documentation agent fee in the amount and at the times agreed in the Mandate Letter. 11.3 Agency fee The Company shall pay to the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter. 12. Tax Gross Up And Indemnities 12.1 Definitions (a) In this Agreement: "German Borrower" means a Borrower resident for tax purposes in Germany. 31896837v7 44 "Protected Party" means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document. "Qualifying Lender" means: (i) in respect of interest payable by a German Borrower, a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and is: (A) lending through a Facility Office in Germany; or (B) a Treaty Lender; (ii) in respect of any other Borrower, a Lender which is beneficially entitled to interest payable to that Lender and is: (A) lending through a Facility Office in the jurisdiction of incorporation of the relevant Borrower; or (B) a Treaty Lender. "Tax Credit" means a credit against, relief or remission for, or repayment of any Tax. "Tax Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction. "Tax Payment" means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax indemnity). "Treaty Lender" means a Lender which: (i) is treated as a resident of a Treaty State for the purposes of the Treaty; and (ii) does not carry on a business the jurisdiction of residence of the relevant Borrower through a permanent establishment with which that Lender's participation in the Loan is effectively connected.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 45 "Treaty State" means a jurisdiction having a double taxation agreement (a "Treaty") with the jurisdiction of the relevant Borrower which makes provision for full exemption for tax imposed by such jurisdiction on interest. Unless a contrary indication appears, in this Clause 12 a reference to "determines" or "determined" means a determination made in the reasonable discretion of the person making the determination. 12.2 Tax gross-up (a) Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. (b) The Company shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify the Company and that Obligor. (c) If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. (d) A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account of Tax imposed by Germany if on the date on which the payment falls due: (i) the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty, or any published practice or published concession of any relevant taxing authority; or (ii) the Obligor making the payment is able to demonstrate that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under paragraph (g) below. 31896837v7 46 (e) If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. (f) Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. (g) A Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled shall co-operate in completing any procedural formalities (including submitting forms, documents and information required by the appropriate tax authority) necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction. 12.3 Tax indemnity (a) The Company shall (within three (3) Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. (b) Paragraph (a) above shall not apply: (i) with respect to any Tax assessed on a Finance Party: (A) under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or (B) under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect of amounts received or receivable in that jurisdiction, if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or (ii) to the extent a loss, liability or cost: 31896837v7 47 (A) is compensated for by an increased payment under Clause 12.2 (Tax gross-up); (B) would have been compensated for by an increased payment under Clause 12.2 (Tax gross-up) but was not so compensated solely because one of the exclusions in paragraph (d) of Clause 12.2 (Tax gross-up) applied; or (C) relates to a FATCA Deduction required to be made by a Party. (c) A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Company. (d) A Protected Party shall, on receiving a payment from an Obligor under this Clause 12.3, notify the Agent. 12.4 Tax Credit If an Obligor makes a Tax Payment and the relevant Finance Party determines that: (a) a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and (b) that Finance Party has obtained and utilised that Tax Credit, the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor. 12.5 Lender status confirmation Each Lender which is not the Original Lender shall indicate, in the documentation which it executes on becoming a Party as a Lender, and for the benefit of the Agent and without liability to any Obligor, which of the following categories it falls in: (a) not a Qualifying Lender; (b) a Qualifying Lender (other than a Treaty Lender); or 31896837v7 48 (c) a Treaty Lender. If such a Lender fails to indicate its status in accordance with this Clause 12.5 then that Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Company). For the avoidance of doubt, the documentation which a Lender executes on becoming a Party as a Lender shall not be invalidated by any failure of a Lender to comply with this Clause 12.5. 12.6 Stamp taxes The Company shall pay and, within three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 12.7 VAT (a) All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (subject to such Finance Party providing an appropriate VAT invoice to that Party). (b) If VAT is or becomes chargeable on any supply made by any Finance Party (the "Supplier") to any other Finance Party (the "Recipient") under a Finance Document, and any Party other than the Recipient (the "Relevant Party") is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration): (i) (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 49 relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and (ii) (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT. (c) Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority. (d) In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party's VAT registration and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation to such supply. 12.8 FATCA information (a) Subject to paragraph (c) below, each Party shall, within ten (10) Business Days of a reasonable request by another Party: (i) confirm to that other Party whether it is: (A) a FATCA Exempt Party; or (B) not a FATCA Exempt Party; (ii) supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and (iii) supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of 31896837v7 50 that other Party's compliance with any other law, regulation, or exchange of information regime. (b) If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. (c) Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: (i) any law or regulation; (ii) any fiduciary duty; or (iii) any duty of confidentiality. (d) If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (a)(ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. (e) If a Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or any other applicable law or regulation require it, each Lender shall, within ten (10) Business Days of: (i) where an Original Borrower is a US Tax Obligor and the relevant Lender is the Original Lender, the date of this Agreement; (ii) where a Borrower is a US Tax Obligor on a date on which any other Lender becomes a Party as a Lender, that date; (iii) the date a new US Tax Obligor accedes as a Borrower; or (iv) where a Borrower is not a US Tax Obligor, the date of a request from the Agent, supply to the Agent: 31896837v7 51 (A) a withholding certificate on Form W-8, Form W-9 or any other relevant form; or (B) any withholding statement or other document, authorisation or waiver as the Agent may require to certify or establish the status of such Lender under FATCA or that other law or regulation. (f) The Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to paragraph (e) above to the relevant Borrower. (g) If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the relevant Borrower. (h) The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Agent shall not be liable for any action taken by it under or in connection with paragraphs (e), (f) or (g) above. 12.9 FATCA Deduction (a) Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. (b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Company and the Agent and the Agent shall notify the other Finance Parties. 31896837v7 52 13. Increased Costs 13.1 Increased costs (a) Subject to Clause 13.3 (Exceptions) the Company shall, within seven (7) Business Days of a demand by the Agent pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after the date of this Agreement. (b) In this Agreement "Increased Costs" means: (i) a reduction in the rate of return from a Facility or on a Finance Party's (or its Affiliate's) overall capital; (ii) an additional or increased cost; or (iii) a reduction of any amount due and payable under any Finance Document, which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document. 13.2 Increased cost claims (a) A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Company. (b) Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs. 13.3 Exceptions (a) Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is: (i) attributable to a Tax Deduction required by law to be made by an Obligor; (ii) attributable to a FATCA Deduction required to be made by a Party;

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 53 (iii) compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated for under Clause 12.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 12.3 (Tax indemnity) applied); or (iv) attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation. (b) In this Clause 13.3, a reference to a "Tax Deduction" has the same meaning given to that term in Clause 12.1 (Definitions). 14. Other Indemnities 14.1 Currency indemnity (a) If any sum due from an Obligor under the Finance Documents (a "Sum"), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the "First Currency") in which that Sum is payable into another currency (the "Second Currency") for the purpose of: (i) making or filing a claim or proof against that Obligor; (ii) obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, that Obligor shall as an independent obligation, within three (3) Business Days of demand, indemnify each Finance Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. (b) Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 31896837v7 54 14.2 Other indemnities The Company shall (or shall procure that an Obligor will), within three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: (a) the occurrence of any Event of Default; (b) a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 28 (Sharing among the Finance Parties); (c) funding, or making arrangements to fund, its participation in a Loan requested by a Borrower in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or (d) a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower or the Company. 14.3 Indemnity to the Agent The Company shall promptly indemnify the Agent and the Security Agent against any cost, loss or liability incurred by the Agent (acting reasonably) as a result of: (a) investigating any event which it reasonably believes is a Default; (b) acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; or (c) instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement. 15. Mitigation By The Lenders 15.1 Mitigation (a) Each Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality), 31896837v7 55 Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office. (b) Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 15.2 Limitation of liability (a) The Company shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 15.1 (Mitigation). (b) A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it. 16. Costs And Expenses 16.1 Transaction expenses The Company shall promptly on demand pay the Agent, the Security Agent and the Arranger the amount of all costs and expenses (including pre-agreed legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution and syndication of: (a) this Agreement, the Transaction Security Documents and any other documents referred to in this Agreement; and (b) any other Finance Documents executed after the date of this Agreement; and, in particular, those costs and expenses agreed in the Mandate Letter. 16.2 Amendment costs If (a) an Obligor requests an amendment, waiver or consent; or (b) an amendment is required pursuant to Clause 29.9 (Change of currency), the Company shall, within seven (7) Business Days of demand, reimburse the Agent and the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred 31896837v7 56 by the Agent in responding to, evaluating, negotiating or complying with that request or requirement. 16.3 Enforcement costs The Company shall, within seven (7) Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 17. Guarantee And Indemnity 17.1 Guarantee (Garantie) and indemnity (Ausfallhaftung) Each Guarantor irrevocably and unconditionally jointly and severally (gesamtschuldnerisch): (a) guarantees (garantiert) by way of an independent payment obligation (selbständiges Zahlungsversprechen) to each Finance Party to pay to that Finance Party any amount of principal, interest, costs, expenses or other amount under or in connection with the Finance Documents that has not been fully and irrevocably paid by a Borrower; the payment shall be due (fällig) within seven (7) Business Days of a written demand by a Finance Party (or the Security Agent on its behalf) stating the sum demanded from that Guarantor and that such sum is an amount of principal, interest, costs, expenses or other amount under or in connection with the Finance Documents that has not been fully and irrevocably paid by a Borrower; and (b) undertakes vis-à-vis each Finance Party to indemnify (schadlos halten) that Finance Party against any cost, loss or liability suffered by that Finance Party if any obligation of a Borrower under or in connection with any Finance Document or any obligation guaranteed by it is or becomes unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which that Finance Party would otherwise have been entitled to recover (Ersatz des positiven Interesses) and that claim shall be due (fällig) within seven (7) Business Days of a written demand by that Finance Party (or the Security Agent on its behalf). For the avoidance of doubt this guarantee and indemnity does not constitute a guarantee upon first demand (Garantie auf erstes Anfordern) and, in particular, receipt of such written demand shall not preclude any rights and/or defences the Guarantor may have with respect to any payment requested by a Finance Party (or the Security Agent on its behalf) under this guarantee and indemnity.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 57 17.2 Continuing and independent guarantee and indemnity This guarantee and indemnity is independent and separate from the obligations of any Borrower and is a continuing guarantee and indemnity which will extend to the ultimate balance of sums payable by any Borrower under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part. The guarantee and indemnity shall extend to any additional obligations of a Borrower resulting from any amendment, novation, supplement, extension, restatement or replacement of any Finance Documents, including without limitation any extension of or increase in any facility or the addition of a new facility under any Finance Document. 17.3 Reinstatement If any payment by an Obligor or any discharge given by a Finance Party (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event: (a) the liability of each Obligor shall continue as if the payment, discharge, avoidance or reduction had not occurred; and (b) each Finance Party shall be entitled to recover the value or amount of that security or payment from each Obligor, as if the payment, discharge, avoidance or reduction had not occurred. 17.4 Excluded defences (a) The obligations of each Guarantor under this Clause 17 will not be affected by an act, omission, matter or thing which relates to the principal obligation (or purported obligation) of any Borrower and which would reduce, release or prejudice any of its obligations under this Clause 17, including any personal defences of any Borrower (Einreden des Hauptschuldners) or any right of revocation (Anfechtung) or set-off (Aufrechnung) of any Borrower. (b) The obligations of each Guarantor under this Clause 17 are independent from any other security or guarantee which may have been or will be given to the Finance Parties. In particular, the obligations of each Guarantor under this Clause 17 will not be affected by any of the following: 31896837v7 58 (i) the release of, or any time (Stundung), waiver or consent granted to, any other Obligor from or in respect of its obligations under or in connection with any Finance Document; (ii) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor or any other person or any failure to realise the full value of any security; (iii) any incapacity or lack of power, authority or legal personality of or dissolution or a deterioration of the financial condition of any other Obligor; or (iv) any unenforceability, illegality or invalidity of any obligation of any other Obligor under any Finance Document. (c) For the avoidance of doubt nothing in this Clause 17 shall preclude any defences that any Guarantor (in its capacity as Guarantor only) may have against a Finance Party that the guarantee and indemnity does not constitute its legal, valid, binding or enforceable obligations. 17.5 Immediate recourse No Finance Party will be required to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 17. This applies irrespective of any provision of a Finance Document to the contrary (but subject to the provisions set forth in paragraph (a) of Clause 17.1 (Guarantee (Garantie) and indemnity (Ausfallhaftung))). 17.6 Appropriations Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party may: (a) refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and (b) hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor's liability under this Clause 17. 31896837v7 59 17.7 Deferral of guarantors' rights Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Security Agent otherwise directs, no Guarantor will will not exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 17: (a) to be indemnified by an Obligor; (b) to claim any contribution from any other guarantor of any Obligor's obligations under the Finance Documents; (c) to exercise any right of set-off against any Obligor; and/or (d) to take the benefit (in whole or in part and whether by way of legal subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party. If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Security Agent or as the Security Agent may direct for application in accordance with Clause 29 (Payment mechanics). 17.8 Release of Guarantors' right of contribution If any Guarantor (a "Retiring Guarantor") ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor: (a) that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance by any other Guarantor of its obligations under the Finance Documents; and (b) each other Guarantor waives any rights it may have by reason of the performance of its obligations under the Finance Documents to take the benefit (in whole or in part and 31896837v7 60 whether by way of subrogation or otherwise) of any rights of the Finance Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such rights or security are granted by or in relation to the assets of the Retiring Guarantor. 17.9 Additional security This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party. 17.10 Guarantee Limitations for German Guarantors (a) This Clause 17.10 shall apply to the extent a Guarantor incorporated under the laws of Germany as a limited liability company ("GmbH") (a "German Guarantor") guarantees or otherwise assumes a liability (the "Guarantee") for the indebtedness of its direct or indirect shareholder(s) or of a Subsidiary of such shareholder. (b) The restrictions set out in paragraph (c) with respect to Section 30 GmbHG shall not apply to the extent: (i) the German Guarantor guarantees for its indebtedness or any indebtedness of any of its direct or indirect Subsidiaries; (ii) the German Guarantor guarantees any indebtedness under any Finance Document in respect of loans to the extent they are passed on (directly or indirectly) to the relevant German Guarantor or its Subsidiaries and such amount passed on is not repaid; or (iii) a profit transfer and/or domination agreement (Gewinnabführungs- und/oder Beherrschungsvertrag) according to Section 291 of the German Stock Corporation Act (Aktiengesetz) (either directly or via an uniterrupted chain of profit transfer and/or domination agreements) exists (besteht) between the German Guarantor and (A) an Obligor as dominating company, provided that the German Guarantor is a Subsidiary of that Obligor and that Obligor's indebtedness is guaranteed by the Guarantee, or (B) a (direct or indirect) Holding Company as dominating company, of both that German Guarantor and an Obligor, provided that the German

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 61 Guarantor is an affiliated company of that Obligor and that Obligor's indebtedness is guaranteed by the Guarantee unless the German Guarantor proves that the mere existence of such profit transfer and/or domination agreement does not suffice to eliminate the risk of personal liability pursuant to Section 30 GmbHG arising from a payment under the Guarantee; (iv) the payment under the Guarantee is covered (gedeckt) by means of a fully valuable and recoverable consideration or recourse claim (vollwertiger Gegenleistungs- oder Rückgewähranspruch) of the German Guarantor or its Subsidiaries against the shareholder whose obligations are guaranteed; (v) such limitations are not required to protect the managing directors of the relevant German Guarantor from the risk of personal liability arising from a payment under the Guarantee. (c) The parties to this Agreement agree that if payment under the Guarantee would cause the amount of a German Guarantor's net assets, as calculated pursuant to paragraph (d) below, to fall below the amount of its registered share capital (Stammkapital) (or increase an existing shortage of its registered share capital (Unterbilanz)) in violation of Section 30 GmbHG or would be made from amounts not available for distribution according to section 268 subsection (8) HGB, (such event is hereinafter referred to as a "Capital Impairment"), then the Finance Parties shall be entitled to demand payment under the Guarantee from such German Guarantor only to the extent such Capital Impairment would not occur. (d) Except to the extent this must be calculated differently in accordance with the then actual jurisprudence of the Federal German Supreme Court (Bundesgerichtshof) relating to the protection of liable capital under sections 30, 31 of the German Limited Liability Companies Act (GmbH-Gesetz) or to section 268 subsection (8) HGB, the calculation of net assets (the "Net Assets") shall be determined in accordance with the principle of orderly bookkeeping (Grundsätze ordnungsmäßiger Buchführung) consistently applying the accounting principles (Bilanzierungsgrundsätze) which have been applied by the relevant German Guarantor in preparing its most recent unconsolidated balance sheets (Jahresabschluss) (Section 42 GmbHG, Sections 242, 264 German Commercial Code (Handelsgesetzbuch)) and shall only take into account the sum of the values of the assets of the German Guarantor which correspond to those items listed in section 266 subsection (2) A, B, C, D and E HGB less the German Guarantor's liabilities, consisting of all liabilities, liability reserves and other passive items which correspond to those items 31896837v7 62 listed in accordance with Section 266 subsection (3) B, C, D and E HGB and any amounts not available for distribution according to Section 268 subsection (8) HGB, save that the following balance sheet items shall be adjusted as follows: (i) the amount of any increase in the registered share capital of that German Guarantor, which was carried out after that German Guarantor became a party to this Agreement, without the prior written consent of the Lenders, shall be deducted from the amount of the registered share capital of that German Guarantor; (ii) as far as the registered share capital is not paid in full, the amount not yet paid in shall be deducted from the amount of the registered share capital of that German Guarantor; (iii) loans provided to that German Guarantor by a member of the Group shall be disregarded if and to the extent that such loans are subordinated pursuant to Section 39 paragraph 1 No. 5 or Section 39 paragraph 2 of the German Insolvency Code (Insolvenzordnung) (or would be subordinated in case of insolvency) and are made (A) by a direct or indirect shareholder of the relevant German Guarantor, or (B) by any (other) member of the Group, unless a waiver (Erlass) of the loan provided to the relevant German Guarantor (i) would result in that member of the Group breaching its obligations under Section 30 para 1 sentence 1 German Limited Liability Companies Act (GmbHG) or Section 268 subsection (8) HGB or any similar provision of any other jurisdiction applicable to it or (ii) is at the risk of being contested (anfechtbar) pursuant to applicable provisions of the German Insolvency Act (InsO) or similar provisions or (iii) would be effected by an insolvent party; (iv) any funds borrowed by any Borrower under the Finance Documents which have been or are directly or indirectly passed on to that German Guarantor and have not yet been repaid at the time of enforcement of the security interest, shall not be taken into account as liabilities; and (v) financial liabilities incurred by that German Guarantor in violation of the Finance Documents shall not be taken into account as liabilities. (e) The relevant German Guarantor will notify the Finance Parties in writing in reasonable detail within ten (10) Business Days after a Finance Party (or the Security Agent on its behalf) notified that German Guarantor of its intention to demand payment under the Guarantee whether and to what extent a Capital Impairment would occur if a payment 31896837v7 63 under the Guarantee was made (the "Management Notification"). Demanding payment under the Guarantee from such German Guarantor up to the amount which, according to the Management Notification, would not result in a Capital Impairment is permitted without limitation. (f) The Security Agent shall not distribute any proceeds from the enforcement of the Guarantee until the Management Notification or, if requested by the Security Agent within five (5) Business Days after receipt of the Management Notification, the Auditors' Determination under this paragraph (f) has been provided. The relevant German Guarantor may and, if so requested by the Security Agent, will provide an auditors' determination by a firm of recognised international auditors (the "Auditors") within twenty (20) Business Days from the date of such request (the "Auditors' Determination"). Such Auditors' Determination shall set out: (i) the amount of Net Assets of that German Guarantor taking into account the adjustments set out in paragraph (d) above, (ii) information as to any items mentioned under paragraph (b) above; (iii) any amounts not available for distribution according to section 268 subsection (8) HGB, and (iv) the extent of the Capital Impairment taking into account the anticipated payment. Demanding payment under the Guarantee from such German Guarantor up to the amount which, according to the Auditors' Determination, would not result in a Capital Impairment is permitted without limitation. The Security Agent and the Finance Parties shall upon first demand release within five (5) Business Days any amount received which exceeds the amount available for payment under the Guarantee according to the Management Determination or, if requested by the Security Agent, the Auditors' Determination to the Guarantor. The results of the Auditors' Determination are, save for manifest errors and, subject to paragraph (k) below, binding on all Parties. (g) Subject to paragraph (k) below, for as long as the relevant German Guarantor does not provide the Management Notification or, if requested by the Security Agent in accordance with paragraph (f), the Auditors' Determination within the time frame set out above, demanding payment under the Guarantee shall not be limited by this Clause 17.10 and paragraph (c) above shall not be applicable in that regard and, in particular neither the Security Agent nor any Finance Party shall be obliged to make available to that German Guarantor any proceeds realised. 31896837v7 64 (h) If the Management Notification shows that a Capital Impairment would occur upon payment under the Guarantee, the relevant German Guarantor shall upon the Security Agent's request realise to the extent legally permitted and commercially justifiable (with regard to the cost and benefit involved) all assets that are shown in the balance sheet with a book value (Buchwert) that is significantly lower than the market value of the assets. To the extent that such assets are necessary for the relevant German Guarantor's business (betriebsnotwendig) the German Guarantor shall, to the extent legally permitted and commercially justifiable (with regard to the cost and benefit involved) use its best efforts to realise the higher market value of such assets by way of sale and lease back transactions or similar arrangements to the extent necessary to satisfy the amounts owed under the Finance Documents. (i) Each German Guarantor confirms at the date of granting the Guarantee that it has examined and verified the financing concept pursued with this Agreement prior to granting the Guarantee and, based on a commercial projection (kaufmännische Prognoseentscheidung) from an ex-ante perspective, that it is predominantly likely (überwiegend wahrscheinlich) that each Borrower will be able to repay the amounts drawn and outstanding under this Agreement. (j) If a Finance Party (or the Security Agent on its behalf) ascertains that the financial condition of the relevant German Guarantor or its direct or indirect shareholder as set out in the Auditors' Determination has improved (in particular, if the relevant German Guarantor has taken any action in accordance with paragraph (h) above), the relevant Finance Party (or the Security Agent on its behalf) may, at the German Guarantor's cost and expense, arrange for the preparation of an updated balance sheet of the relevant German Guarantor by applying the same principles that were used for the preparation of the Auditors' Determination by the Auditors who prepared the Auditors' Determination in order for such Auditors to determine whether (and, if so, to what extent) the Capital Impairment has been cured as a result of the improvement of the financial condition of the relevant German Guarantor. The relevant Finance Party (or the Security Agent on its behalf) may consequently demand payment under this Guarantee to the extent that the Auditors determine that the Capital Impairment has been cured. (k) This Clause 17.10 shall not affect the enforceability (other than as specifically set out herein), legality or validity of this Guarantee and each German Guarantor or Finance Party is entitled to claim in court that making payments under this Guarantee does or respectively does not fall within the scope of Section 30 of the GmbHG or section 268 subsection (8) HGB. The Finance Parties' rights to any remedies they may have against the relevant German Guarantor shall not be limited if it is finally ascertained in court that Section 30 of the GmbHG or section 268 subsection (8) HGB did not apply, and vice-

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 65 versa. The agreement of the Finance Parties to abstain from demanding any or part of the payment under this Guarantee in accordance with the provisions above shall not constitute a waiver (Verzicht) of any right granted under this Agreement or any other Finance Document to the Security Agent or any Finance Party. This applies mutatis mutandis for any Guarantor. For the avoidance of doubt, sentence 1 of this paragraph (k) relates to the enforcement of the Guarantee only, but does not relate to the enforceability of any Security granted for such Guarantee or other claims of any Finance Party. 17.11 Guarantee Limitations foreign jurisdictions (a) Guarantee Limitations for French Guarantors Notwithstanding any other provisions of the Finance Documents: (i) the obligations and liabilities of each of the French Guarantors under the guarantee or indemnity provided in Clause 17 (Guarantee And Indemnity) of this Agreement or any other provisions of the Finance Documents shall be limited at any time to a guarantee of the payment obligations of any Borrower not exceeding the aggregate amounts directly or indirectly borrowed under this Agreement by such Borrower to the extent directly or indirectly on-lent or otherwise made available by such Borrower to any French Guarantor under any inter-company loan agreement or similar arrangement and outstanding on the date on which such French Guarantor must pay under Clause 17 (Guarantee And Indemnity) of this Agreement; it being specified that (i) any payment made by a French Guarantor under Clause 17 (Guarantee And Indemnity) of this Agreement in respect of the obligations of any Borrower shall reduce pro tanto the outstanding amount of the intra-group loans (if any) due by such French Guarantor to such Borrower under the relevant intercompany loan arrangements referred to above and that (ii) any repayment of the intercompany loans by such French Guarantor shall reduce pro tanto the amount payable under Clause 17 (Guarantee And Indemnity) of this Agreement; (ii) the obligations and liabilities of each French Guarantor in its capacity as Guarantor under the Finance Documents and in particular under Clause 17 (Guarantee And Indemnity) of this Agreement shall not include any obligation or liability which if incurred (i) would constitute a misuse of corporate assets within the meaning of articles L. 241-3, L. 242-6 or L. 244-1 of the French Commercial Code, as applicable, or any other law or regulations having the same effect, as interpreted by French courts and/or (ii) would give rise to personal liability for the 31896837v7 66 directors of the Company and/or (iii) would infringe article L. 511-7 of the French Monetary and Financial Code; (iii) notwithstanding any provision to the contrary, it is acknowledged that no French Guarantor is acting jointly and severally with the other Guarantors and none of the French Guarantors is acting as a "co-débiteur solidaire" within the meaning of article 1318 of the French Code civil as to its obligations towards the other Obligors pursuant to the guarantee given in accordance with Clause 17 (Guarantee And Indemnity). 18. Representations Each Obligor makes the representations and warranties set out in this Clause 18 to each Finance Party on the date of this Agreement with respect to itself and, as the case may be, each of its Subsidiaries. 18.1 Status (a) It is a corporation, limited liability company or partnership with limited liability, duly incorporated or, in the case of a partnership, established and validly existing under the law 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. 18.2 Binding obligations The obligations expressed to be assumed by it in each Finance Document are, subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 24 (Changes to the Obligors), legal, valid, binding and enforceable obligations. 18.3 Non-conflict with other obligations The entry into and performance by it of, and the transactions contemplated by, the Finance Documents do not and will not conflict with: (a) any law or regulation applicable to it; (b) its or any of its Subsidiaries' constitutional documents; or 31896837v7 67 (c) any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its Subsidiaries' assets. 18.4 Power and authority It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents. 18.5 Validity and admissibility in evidence All Authorisations required or desirable: (a) to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a party; and (b) to make the Finance Documents 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. 18.6 Governing law and enforcement (a) Subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 24 (Changes to the Obligors), the choice of German law as the governing law of the Finance Documents will be recognised and enforced in its jurisdiction of incorporation. (b) Subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 24 (Changes to the Obligors), any judgment obtained in Germany in relation to a Finance Document will be recognised and enforced in its jurisdiction of incorporation. 18.7 Deduction of Tax It is not required to make any Tax Deduction (as defined in Clause 12.1. (Definitions)) from any payment it may make under any Finance Document to a Lender which is a Qualifying Lender. 31896837v7 68 18.8 No filing or stamp taxes Under the law of its jurisdiction of incorporation it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents. 18.9 No default (a) No Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation. (b) No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries') assets are subject which might have a Material Adverse Effect. 18.10 No misleading information (a) Any factual information provided by any member of the Group in connection with this Agreement was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated. (b) The financial projections provided to any Finance Party in connection with this Agreement have been prepared on the basis of recent historical information and on the basis of reasonable assumptions. (c) Nothing has occurred and no information has been given or withheld that results in the information provided to the Finance Parties in connection with this Agreement being untrue or misleading in any material respect. 18.11 Financial statements (a) Its Original Financial Statements were prepared in accordance with GAAP consistently applied. (b) Its Original Financial Statements fairly present its financial condition as at the end of the relevant financial year and its results of operations during the relevant financial year (consolidated in the case of the Company's audited consolidated financial statements).

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 69 (c) There has been no material adverse change in its business or financial condition (or the business or consolidated financial condition of the Group, in the case of the Company) since the date of the most recent financial statements delivered pursuant to this Agreement. 18.12 Pari passu ranking Its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 18.13 Centre of main interests and establishments For the purposes of Regulation (EU) 2015/848 of 20 May 2015 on Insolvency Proceedings (Recast) (the "Recast Regulation"), its centre of main interest (as that term is used in Article 3(1) of the Recast Regulation) is situated in its original jurisdiction. 18.14 No proceedings (a) No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, has a value of the disputed claim exceeding EUR 3,000,000 or might reasonably be expected to have a Material Adverse Effect has or have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries. (b) No judgment or order of a court, arbitral body or agency where the value of the disputed claim exceeds EUR 3,000,000 or which might reasonably be expected to have a Material Adverse Effect has (to the best of its knowledge and belief) been made against it or any of its Subsidiaries. 18.15 Insolvency or insolvency proceedings No corporate action, legal proceeding or other procedure or step described in Clause 22.7 (Insolvency proceedings); or creditors' process described in Clause 22.8 (Creditors' process), has been taken and none of the circumstances described in Clause 22.6 (Insolvency) applies to any member of the Group. 31896837v7 70 18.16 Security and Financial Indebtedness (a) No Security or Quasi-Security (as defined below) exists over all or any of the present or future assets of any member of the Group other than as permitted by this Agreement. (b) No member of the Group has any Financial Indebtedness outstanding other than as permitted by this Agreement. 18.17 Sanctions / Anti-Money Laundering / Anti-Corruption (a) The Obligors or any of their Subsidiaries or Affiliates in which he holds a majority, or, to the best of its knowledge after careful assessment, any member of the supervisory board or the management board or any other employee or any person acting on behalf of any of the aforementioned persons, (i) is not a Sanctions Restricted Person nor behaving in a way that it might become a Sanctions Restricted Person; (ii) is not involved, nor will be, in any activities that do or might violate any Anti- Money Laundering Laws or Anti-Corruption Laws; or (iii) has not committed, in the last ten years, any breach of any Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws. (b) No judicial or administrative proceedings nor any other official investigation relating to any Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws against the Obligors or any of their subsidiaries or affiliates in which he holds a majority, or, to the best of its knowledge after careful assessment, any member of the supervisory board or the management board or any other employee or any person acting on behalf of any of the foregoing persons is pending or threatened. (c) In relation to this Agreement no Sanctions, Anti-Money Laundering Laws or Anti- Corruption Laws are being violated. 18.18 Repetition (a) The Repeated Representations shall be made by the Company on its own behalf and on behalf of the other Obligors (under a power of attorney (Vollmacht) granted to it by the Obligors pursuant to paragraph (b) below) by reference to the facts and circumstances then existing on: 31896837v7 71 (i) the date of each Utilisation Request; and (ii) in the case of an Additional Obligor, the day on which the company becomes (or it is proposed that the company becomes) an Additional Obligor. In addition the Repeated Representations shall be deemed to be made by each Obligor by reference to the facts and circumstances then existing on the Utilisation Date and the first day of each Interest Period. (b) Each Obligor (other than the Company) hereby empowers (bevollmächtigt) the Company to make the Repeated Representations on its behalf as its attorney (Stellvertreter). Each Obligor (other than the Company) hereby exempts the Company from the restrictions pursuant to section 181 of the Civil Code (Bürgerliches Gesetzbuch) for the purpose of making the Repeated Representations on its behalf as attorney (Stellvertreter). 19. Information Undertakings The undertakings in this Clause 19 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 19.1 Financial statements The Company shall supply to the Agent a PDF copy and upon request from the Agent in sufficient copies for all the Lenders: (a) as soon as the same become available, but in any event within 120 days after the end of each of its financial years: (i) its audited consolidated financial statements for that financial year; (ii) the audited unconsolidated financial statements of each Obligor for that financial year; and (b) as soon as the same become available, but in any event within 60 days after the end of each financial quarter (except for each fourth financial quarter) of each of its financial years the unaudited consolidated financial statements of the Group for that financial quarter (including consolidated balance sheet, consolidated income statement, consolidated cash flow statement and corresponding explanations). 19.2 Compliance Certificate 31896837v7 72 (a) The Company shall supply to the Agent, with each set of financial statements delivered pursuant to paragraph (a)(i) or (b) of Clause 19.1 (Financial Statements), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with the Net Leverage Ratio and the Available Liquidity required pursuant to Clause 20 (Financial covenants) as at the relevant Testing Date starting with 30 September 2021. (b) The Company shall supply to the Agent, with each set of financial statements delivered pursuant to paragraph (a)(i) of Clause 19.1 (Financial statements), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with the Consolidated Adjusted EBITDA required pursuant to Clause 20 (Financial covenants) as at the relevant Testing Date and the Guarantor Coverage. (c) Each Compliance Certificate shall be signed by a director of the Company who has sole power of representation (Einzelvertretungsmacht) or by two directors who have joint power of representation (Gesamtvertretungsmacht) and, if required to be delivered with the financial statements delivered pursuant to paragraph (a)(i) of Clause 19.1 (Financial statements), shall be reported on by the Company's auditors in the form agreed by the Company and all the Lenders before the date of this Agreement by the Company's auditors. 19.3 Requirements as to financial statements (a) Each set of financial statements delivered by the Company pursuant to Clause 19.1 (Financial statements) shall be certified by a director of the relevant company as fairly presenting its financial condition as at the date as at which those financial statements were drawn up. (b) The Company shall procure that each set of financial statements delivered pursuant to Clause 19.1 (Financial statements) is prepared using GAAP. (c) The Company shall procure that each set of financial statements of an Obligor delivered pursuant to Clause 19.1 (Financial statements) is prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for that Obligor unless, in relation to any set of financial statements, it notifies the Agent that there has been a change in GAAP, the accounting practices or reference periods and its auditors (or, if appropriate, the auditors of the Obligor) and deliver to the Agent:

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 73 (i) a description of any change necessary for those financial statements to reflect the GAAP, accounting practices and reference periods upon which that Obligor's Original Financial Statements were prepared; and (ii) sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to determine whether Clause 20 (Financial covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and that Obligor's Original Financial Statements. Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared. 19.4 Budget (a) The Company shall supply to the Agent in sufficient copies for all the Lenders, as soon as the same become available but in any event within sixty (60) days after the start of each of its financial years, an annual budget (the "Budget") for that financial year and the next three (3) financial years. (b) The Company shall ensure that each Budget for a financial year: (i) is in a form reasonably acceptable to the Agent and includes a projected consolidated profit and loss, balance sheet and cashflow statement for the Group and projected capital expenditure for the Group together with corresponding explanations each in respect of the current and the three (3) following financial years for which the Budget is delivered; and (ii) is prepared in accordance with the Accounting Principles and the accounting practices and financial reference periods applied to financial statements under Clause 19.1 (Financial statements). (c) If the Company updates or changes the Budget, it shall promptly deliver to the Agent, in sufficient copies for each of the Lenders, such updated or changed Budget together with a written explanation of the main changes in that Budget. 19.5 Compliance related proceedings 31896837v7 74 The Obligors undertake to inform the Agent (who will inform the Lenders) immediately upon knowledge about any judicial or administrative proceedings or any other official investigation or decision relating to any Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws against the Obligors or any of their subsidiaries or affiliates in which he holds a majority, or any member of the supervisory board or the management board or any other employee or any person acting on behalf of any of the foregoing persons. If legally permissible, copies of any judicial or administrative documents have to be made available to the Agent for detailed information of the Lenders. 19.6 Information: miscellaneous The Company shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests): (a) all documents dispatched by the Company to its creditors generally at the same time as they are dispatched; (b) promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any member of the Group, in relation to which the value of the claims demanded exceeds EUR 3,000,000 or which might, if adversely determined, have a Material Adverse Effect; (c) promptly upon becoming aware of them, information (including, inter alia, lender, borrower, maturity, amount, interest rate and kind of interest) about the implementation of new shareholder loans or amendments, extensions or other changes in any existing shareholder loan; (d) promptly, such information as the Security Agent may reasonably require about the compliance of the Obligors with the terms of any Transaction Security Documents; (e) promptly upon request, such further information regarding the financial condition, business and operations of the Group and/or any member of the Group (including any requested amplification or explanation of any item in the financial statements, budgets or other material provided by any Obligor under this Agreement) as any Finance Party through the Agent may reasonably request; (f) promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or agency which is made against any member of the Group, and which might have a Material Adverse Effect; 31896837v7 75 (g) promptly upon becoming aware of them, reasonable details (e.g. key financials, new structure chart of the Group, funds flow statement) of any acquisition with a purchase price exceeding EUR 35,000,000 (including Financial Indebtedness remaining in the relevant target group); (h) promptly upon becoming aware of them, details of any change to the structure of the SPAC Transaction as set out in the SPAC Structure Memorandum which might adversely affect the interests of any Finance Party under or in connection with the Finance Documents; and (i) promptly such further information as may be required by applicable banking supervisory laws and regulations and/or in line with standard reasonable banking practice. 19.7 Notification of default (a) Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor). (b) Promptly upon a request by the Agent, the Company shall supply to the Agent a certificate signed by a director with sole power of representation (Einzelvertretungsmacht) or by two directors who have joint power of representation (Gesamtvertretungsmacht) on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 19.8 Use of websites (a) The Company may satisfy its obligation under this Agreement to deliver any information in relation to those Lenders (the "Website Lenders") who accept this method of communication by posting this information onto an electronic website designated by the Company and the Agent (the "Designated Website") if: (i) the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method; (ii) both the Company and the Agent are aware of the address of and any relevant password specifications for the Designated Website; and (iii) the information is in a format previously agreed between the Company and the Agent. 31896837v7 76 If any Lender (a "Paper Form Lender") does not agree to the delivery of information electronically then the Agent shall notify the Company accordingly and the Company shall supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Company shall supply the Agent with at least one copy in paper form of any information required to be provided by it. (b) The Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Company and the Agent. (c) The Company shall promptly upon becoming aware of its occurrence notify the Agent if: (i) the Designated Website cannot be accessed due to technical failure; (ii) the password specifications for the Designated Website change; (iii) any new information which is required to be provided under this Agreement is posted onto the Designated Website; (iv) any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or (v) the Company becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software. If the Company notifies the Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Company under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing. (d) Any Website Lender may request, through the Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the Designated Website. The Company shall comply with any such request within ten (10) Business Days.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 77 19.9 "Know your customer" checks (a) If: (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; (ii) any change in the status of an Obligor (or of a Holding Company of an Obligor) or changes of the composition of the shareholders of an Obligor after the date of this Agreement; or (iii) a proposed assignment or assignment and transfer by way of assumption of contract (Vertragsübernahme) by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or assignment and transfer by way of assumption of contract (Vertragsübernahme), obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. (b) Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. (c) The Company shall, by not less than ten (10) Business Days' prior written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant to Clause 24 (Changes to the Obligors). 31896837v7 78 (d) Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional Obligor obliges the Agent or any Lender to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, the Company shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an Additional Obligor. 20. Financial Covenants 20.1 Financial Definitions In this Agreement: "Testing Date" means each of 31 March, 30 June, 30 September and 31 December of each year and starting on 30 September 2021. "Testing Period" means in relation to Net Leverage Ratio and in relation to Consolidated EBITDA a period of twelve (12) Months on a rolling basis ending on a Testing Date. 20.2 Financial Condition (a) Net Leverage Ratio: The Company shall ensure that the Net Leverage Ratio: (i) for each Testing Period ending on a Testing Date on or before 30 June 2022 shall not be more than 3.50:1; and (ii) for each Testing Period ending on a Testing Date on or after 30 September 2022 shall not be more than 3.00:1. (b) Consolidated Adjusted EBITDA: The Company shall ensure that Consolidated Adjusted EBITDA for each Testing Period is at least the amount shown in the table below: 31896837v7 79 Testing Period ending on the following Testing Date Consolidated Adjusted EBITDA in EUR 30 September 2021 20,000,000 30 September 2022 30,000,000 30 September 2023 and each 30 September thereafter 55,000,000 (c) Available Liquidity: The Company shall ensure that the Available Liquidity on each Testing Date shall be at least EUR 50,000,000. 21. General Undertakings The undertakings in this Clause 21 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 21.1 Authorisations Each Obligor shall promptly: (a) obtain, comply with and do all that is necessary to maintain in full force and effect; and (b) supply certified copies to the Agent of, any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document. 21.2 Compliance with laws Each Obligor shall comply in all respects with all laws to which it may be subject, if failure so to comply would materially impair its ability to perform its obligations under the Finance Documents. 31896837v7 80 21.3 Negative pledge In this Clause 21.3, "Quasi-Security" means an arrangement or transaction described in paragraph (b) below. (a) No Obligor shall (and the Company shall ensure that no other member of the Group will) create or permit to subsist any Security over any of its assets. (b) No Obligor shall (and the Company shall ensure that no other member of the Group will): (i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group; (ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms; (iii) enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or (iv) enter into any other preferential arrangement having a similar effect, in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. (c) Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi- Security, listed below: (i) any Security granted under the Existing Facilities Agreement in case it will be released prior to or at the date of the first Utilisation hereunder; (ii) any Security existing at the date hereof and listed in Schedule 10 (Existing Security); (iii) any Security securing Financial Indebtedness permitted under paragraph (b)(v)(viii) of Clause 21.5 (Financial Indebtedness) of this Agreement to the extent such Security is granted only over the shares in target company or by the target company in relation to its assets; (iv) any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the purpose of netting debit

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 81 and credit balances and any lien arising under the general terms and conditions of banks (Allgemeine Geschäftsbedingungen der Banken oder Sparkassen) with whom any member of the Group maintains a banking relationship in the ordinary course of business; (v) any payment or close out netting or set-off arrangement pursuant to any Treasury Transaction entered into by a member of the Group for the purpose of: (A) hedging any risk to which any member of the Group is exposed in its ordinary course of trading; (B) its interest rate or currency management operations which are carried out in the ordinary course of business and for non-speculative purposes only, excluding, in each case, any Security or Quasi-Security under a credit support arrangement in relation to a Treasury Transaction; (vi) any lien arising by operation of law and in the ordinary course of trading; (vii) any security transfers granted by a Member of the Group other than SIGNA Sports Online GmbH or any of its Subsidiaries in connection with a purchase cooperation in the ordinary course of trading and in relation to moveable assets located at warehouse locations; (viii) any Security or Quasi-Security over or affecting any asset acquired by a member of the Group after the date of this Agreement if: (A) the Security or Quasi-Security was not created in contemplation of the acquisition of that asset by a member of the Group; (B) the principal amount secured has not been increased in contemplation of or since the acquisition of that asset by a member of the Group; and (C) the Security or Quasi-Security is removed or discharged within six (6) Months of the date of acquisition of such asset; (ix) any guarantee or Security created or subsisting in order to secure any obligations incurred in order to comply with the requirements of section 8a of the German Partial Retirement Act (Altersteilzeitgesetz) or pursuant to section 7e of the Fourth Book of the German Social Security Code (SGB IV) or pursuant to section 31896837v7 82 4 of the German Act for the Improvement of Occupational Pensions Schemes (Gesetz zur Verbesserung der betrieblichen Altersvorsorge); (x) any Security or Quasi-Security over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement, where the Security or Quasi-Security is created prior to the date on which that company becomes a member of the Group, if: (A) the Security or Quasi-Security was not created in contemplation of the acquisition of that company; (B) the principal amount secured has not increased in contemplation of or since the acquisition of that company; and (C) the Security or Quasi-Security is removed or discharged within six (6) Months of that company becoming a member of the Group; (xi) any Security or Quasi-Security entered into pursuant to any Finance Document; (xii) any Security or Quasi-Security arising under any retention of title, hire purchase or conditional sale arrangement or arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course of trading and on the supplier's standard or usual terms and not arising as a result of any default or omission by any member of the Group; or (xiii) not permitted by the preceding paragraphs and the aggregated amount of all such Security does not exceed EUR 10,000,000 (or its equivalent) at any time. 21.4 Disposals (a) No Obligor shall (and the Company shall ensure that no other member of the Group will), enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset or shares. (b) Paragraph (a) above does not apply to any sale, lease, transfer or other disposal: (i) made in the ordinary course of trading of the disposing entity; 31896837v7 83 (ii) of any asset by a member of the Group (the "Disposing Company") to another member of the Group (the "Acquiring Company"), but if (A) the Disposing Company is an Obligor, the Acquiring Company must also be an Obligor; (B) the Disposing Company had given Security over the asset, the Acquiring Company must give equivalent Security over that asset. (iii) of assets in exchange for other assets comparable or superior as to type, value and quality (other than an exchange of a non-cash asset for cash); (iv) of obsolete or redundant vehicles, plant and equipment for cash; (v) of cash equivalent investments for cash or in exchange for other cash equivalent investments; (vi) of any intra-Group loan as a result of the conversion of such intra-Group loan into equity (whether by way of equity contributions (Kapitalrücklage) or otherwise); (vii) which is permitted pursuant to paragraph (c) of Clause 21.3 (Negative Pledge), paragraph (b) of Clause 21.8 (Merger); (viii) as set out in the SPAC Structure Memorandum and provided that it has no negative impact on the Group and does not trigger a Change of Control; or (ix) not permitted by the preceding paragraphs and the aggregated amount of which does not exceede EUR 5,000,000 (or its equivalent) per annum and EUR 20,000,000 (to be increased on a pro rata basis in case of an increase or establishment of commitments pursuant to Clause 2.3 (Extension Option)) over the lifetime of this Agreement. 21.5 Financial Indebtedness (a) Except as permitted under paragraph (b) below, the Obligors shall ensure that no other member of the Group will incur or allow to remain outstanding any Financial Indebtedness. (b) Paragraph (a) above does not apply to Financial Indebtedness which is: 31896837v7 84 (i) (ii) incurred or outstanding by the Company; (iii) arising under the Existing Facility Agreement, provided that any such Financial Indebtedness is refinanced on or before the date of first Utilisation under this Agreement; (iv) arising under the Finance Documents; (v) arising under a acquisition financing provided that such Financial Indebtedness is fully refinanced within twelve (12) Months from the closing of the acquisition verifiably through equity contribution including unsecured convertible bonds which have a term which ends not earlier than the Termination Date hereunder or new shareholder loans which are subject to a Subordination Agreement; (vi) arising under any deferred payment arrangement (for a period up to 120 days) granted to any member of the Group by its suppliers on normal commercial terms and in the ordinary course of its trading activities; (vii) as permitted by Clause 21.17 (Treasury Transactions); (viii) arising under any loan permitted under paragraph (b) of Clauses 21.6 (Loans or Credit) and 21.7 (Guarantees); (ix) arising under any shareholder loan that is subject to a Subordination Agreement; (x) arising under the Existing Convertible Loans which shall be either converted into equity until 30 September 2021 or subordinated in accordance with Clause 21.21 (Subordiantion of Convertible Debt); (xi) arising under finance lease of vehicles, plant, equipment or computers (xii) incurred pursuant to section 8a of the German Partial Retirement Act (Altersteilzeitgesetz) or pursuant to section 7e of the Fourth Book of the German Social Security Code (SGB IV) or pursuant to section 4 of the German Act for the Improvement of Occupational Pensions Schemes (Gesetz zur Verbesserung der betrieblichen Altersvorsorge)

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 85 (xiii) any guarantees arising in connection with rental contracts in the ordinary course of business which together with any guarantee permitted under paragraph (b)(i) of Clause 21.7 (Guarantee) in aggregate do not exceed EUR 10,000,000 at any time; (xiv) of any company which becomes a member of the Group after the date of this Agreement which is incurred under arrangements in existence at the date of acquisition, but not incurred or increased or having its maturity date extended in contemplation of, or since, that acquisition, and outstanding only for a period of six (6) Months following the date of acquisition; and (xv) not permitted by the preceding paragraphs and incurred or outstanding by a Subsidiary of the Company provided that the aggregated amount of all such Financial Indebtedness does not exceed EUR 15,000,000 (or its equivalent) at any time; or (xvi) incurred or outstanding with the consent of the Majority Lenders. 21.6 Loans or Credit (a) No Obligor shall (and the Company shall ensure that no other member of the Group will) be a creditor in respect of Financial Indebtedness. (b) Paragraph (a) above does not apply to: (i) any deferred payments (for a period up to 120 days) granted by any member of the Group to its customers on normal commercial terms and in the ordinary course of its trading activities; (ii) a loan made by an Obligor to another Obligor; (iii) a loan made by an Obligor to a member of the Group which is not an Obligor after the date of this Agreement provided that the aggregated net amount of such loans after deducting the amount of any loans made by a member of the Group which is not an Obligor to an Obligor does not exceed EUR 10,000,000 (or its equivalent) at any time; (iv) a loan made by a member of the Group which is not an Obligor to another member of the Group; and 31896837v7 86 (v) a loan made by a member of the Group to an employee or director of any member of the Group or to any third party provided that the aggregated amount of all such loans does not exceed EUR 5,000,000 (or its equivalent) at any time. 21.7 Guarantees (a) No Obligor shall (and the Company shall ensure that no other member of the Group will) issue any guarantee, indemnity, bond or letter of credit to or for the benefit of, or in respect of liabilities or obligations of, any other person or voluntarily assume any liability (whether actual or contingent) of any other person. (b) Paragraph (a) above does not apply to: (i) any guarantee granted under the Finance Documents; (ii) any guarantee, performance or similar bond guaranteeing performance by a member of the Group under any contract entered into in the ordinary course of business; (iii) guarantee, indemnity, bond or letter of credit arising in connection with rental contracts in the ordinary course of business which together with any Financial Indebtedness permitted under paragraph (b)(x) of Clause 21.5 (Financial Indebtedness) in aggregate do not exceed EUR 10,000,000 at any time; (iv) guarantee, indemnity, bond or letter of credit issued by any member of the Group in connection with the Logistic Project up to a maximum amount of EUR 5,000,000; (v) any guarantee or indemnity in the ordinary course of documentation of an acquisition permitted under the Finance Documents; (vi) any guarantee given pursuant to section 8a of the German Partial Retirement Act (Altersteilzeitgesetz) or pursuant to section 7e of the Fourth Book of the German Social Security Code (SGB IV) or pursuant to section 4 of the German Act for the Improvement of Occupational Pensions Schemes (Gesetz zur Verbesserung der betrieblichen Altersvorsorge); (vii) customary indemnities given to directors and officers of the Group in their capacity as such; 31896837v7 87 (viii) guarantee, indemnity, bond or letter of credit issued by any member of the Group as security for obligations permitted hereunder and incurred by an Obligor; (ix) any guarantee, indemnity, bond or letter of credit given with the prior written consent of the Majority Lenders; or (x) not permitted by the preceding paragraphs and which in aggregate do not exceed EUR 15,000,000 at any time. 21.8 Merger (a) No Obligor shall (and the Company shall ensure that no other member of the Group will) enter into any amalgamation, demerger, merger or corporate reconstruction. (b) Paragraph (a) above does not apply to amalgamation, demerger, merger or corporate reconstruction: (i) (in case of the Company) within the Group, if the Company is the surviving entity; (ii) (in case of an Obligor) within the Group, if the Obligor is the surviving entity; (iii) as set out in the SPAC Structure Memorandum and provided that it has no negative impact on the Group and does not trigger a Change of Control; or (iv) permitted pursuant to Clause 21.4 (Disposals). 21.9 Domination and profit and loss transfer agreements No Obligor shall (and the Company shall ensure that no other member of the Group will) (a) enter into any domination and/or profit and loss transfer agreement (Beherrschungs- und/oder Gewinnabführungsvertrag) which is not yet concluded as at the date of this Agreement, unless where such agreement is between Obligors and notified to the Agent without undue delay, or (b) terminate, amend or modify any domination and/or profit and loss transfer agreement existing as at the date of this Agreement and any Obligor (and the Company shall ensure that any other member of the Group will) shall maintain any domination and/or profit and loss transfer agreement existing as at the date of this Agreement over the lifetime of this Agreement. 31896837v7 88 21.10 Change of business The Company shall procure that no substantial change is made to the general nature of the business of the Company or the Group from that carried on at the date of this Agreement other than the expansion of the business of the Group to similar, related or complementary business lines (particular as set out in the five-year business plan of the Group made available to the Lenders by the Company). 21.11 Further assurance Each Obligor shall (and the Company shall procure that each other Obligor will) without undue delay do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Security Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security Agent or its nominee(s)): (a) to perfect, protect or maintain the Security created or intended to be created under or evidenced by the Transaction Security Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of the Security Agent or the Finance Parties provided by or pursuant to the Finance Documents or by law; and/or (b) to facilitate in accordance with the Transaction Security Documents the realisation of the assets which are, or are intended to be, the subject of the Transaction Security. 21.12 Insurance (a) Each Obligor shall (and the Company shall ensure that each other member of the Group will) maintain insurances on and in relation to its business and assets against those risks and to the extent as is usual for companies carrying on the same or substantially similar business. (b) All insurances must be with reputable independent insurance companies or underwriters. 21.13 Preservation of assets Each Obligor shall (and the Company shall ensure that each other member of the Group will) maintain in good working order and condition (ordinary wear and tear excepted) all of its assets necessary or desirable in the conduct of its business.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 89 21.14 Acquisitions and Investments (a) No Obligor shall (and the Company shall ensure that no other member of the Group will): (i) invest in or acquire any share in or any security issued by any person, or any interest therein or in the capital of any person, or make any capital contribution to any person; or (ii) invest in or acquire any business or going concern, or the whole or substantially the whole of the assets or business of any person, or any assets that constitute a division or operating unit of the business of any person. (b) Paragraph (a) above does not apply to (i) an acquisition of a shelf company (Vorratsgesellschaft) or incorporation of a company by a member of the Group without any assets other than its stated share capital, where such company is (or will be) engaged in a business carrying on a similar, related or complementary business to the Group; (ii) an acquisition of a business or undertaking or of all or part of the share capital carrying voting and dividend rights of a company in each case by a member of the Group but only if: (A) no Event of Default is continuing on the closing date for the acquisition or would occur as a result of the acquisition; (B) such acquisition is made on a solvent basis and fully financed or refinanced within twelve (12) Months from the closing of the acquisition verifiably through equity contribution including unsecured convertible bonds which have a term which ends not earlier than the Termination Date hereunder or new shareholder loans which are subject to a Subordination Agreement; and (C) the acquired company, business or undertaking is engaged in a business carrying on a similar, related or complementary business to the Group, and (iii) an acquisition as set out in the SPAC Structure Memorandum; 31896837v7 90 (c) The Company shall inform the Agent without undue delay of any acquisition or investment pursuant to this Clause 21.14 and shall confirm to the Agent prior to closing the acquisition that the criteria in paragraph (b)(ii) are met (where required). 21.15 Restricted Payments (a) No Obligor shall (and the Company shall ensure that no other Member of the Group will): (i) declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital); (ii) repay or distribute any dividend or, if applicable, share premium reserve; (iii) repay (including interest) any shareholder loan other than a shareholder loan granted by an Obligor to an Obligor or an Obligor to a member of the Group that is not an Obligor; (iv) pay or allow any Member of the Group to pay any management, advisory or other fee or payment to or to the order of any direct shareholders of the Company; or (v) redeem, repurchase, defease, retire or repay any of its share capital or capital reserves or resolve to do so. (b) Paragraph (a) does not apply to payments (i) in order to repay the Shareholder Bridge Loan; (ii) to direct shareholders with respect to management fees and other fees and expenses in the ordinary course of business up to an aggregate amount of EUR 2,000,000 per annum; and (iii) up to 20% of the net profit (Jahresüberschuss) as stated in the respective annual audited consolidated financial statements (festgestellter Jahresabschluss) provided that the Net Leverage Ratio after such payment is equal or less than 2.00:1. 31896837v7 91 21.16 Shareholder Loans (a) No Obligor shall (and the Company shall ensure that no other member of the Group will) amend or change any of the shareholder loans (except for the Shareholder Bridge Loan) in a way that such amendment would result in a shorter term. (b) Each Obligor shall ensure that any new shareholder loans will only be executed if such new shareholder loan is subject to the Subordination Agreement as agreed pursuant to paragraph (b) of Clause 2 of Schedule 2 Part I (Conditions Precedent to Initial Utilisation) and that each such shareholder loan will have a term which ends not earlier than 90 days after the Termination Date hereunder. 21.17 Treasury Transactions No Obligor shall (and the Company will procure that no other member of the Group will) enter into any Treasury Transaction, other than: (a) the hedging transactions entered into for the hedging of actual or projected interest rate exposures arising under or in connection with the Finance Documents; (b) spot and forward delivery foreign exchange contracts entered into in connection with the SPAC Transaction and where this does not result in indebtedness or financial obligations other than an initial transaction premium or fee; (c) spot and forward delivery foreign exchange contracts entered into in the ordinary course of business and not for speculative purposes; and (d) any Treasury Transaction entered into for the hedging of actual or projected real exposures arising in the ordinary course of trading activities of a member of the Group which is not entered into for speculative purposes. 21.18 Arm's length No Obligor shall (and the Company will procure that no member of the Group will) enter into any transaction with any person except on arm's length terms and for full market value. 31896837v7 92 21.19 Sanctions / Anti-Money Laundering / Anti-Corruption Each Obligor undertakes to (and will ensure that each of its Subsidiaries and Affiliates in which they hold a majority and any member of the supervisory board or the management board or any other employee or any person acting on behalf of any of the aforementioned persons will) (a) comply with any Sanctions, Anti-Money Laundering Laws and Anti-Corruption Laws; (b) not use any loans (or parts of it) or make them available, directly or indirectly, (i) to finance or facilitate any activities of or on behalf of Sanctions Restricted Persons; or (ii) in any other way which would conflict with Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws; (c) not use all or any part of proceeds out of activities with Sanctions Restricted Persons to discharge any payments under this Agreement. Each Obligor maintains (and will ensure that and each of their Subsidiaries or Affiliates in which they hold a majority maintaines) policies, procedures and measures to ensure compliance with any Sanctions, Anti-Money Laundering Laws and Anti-Corruption Laws. 21.20 Guarantors (a) Guarantor Coverage The Company shall ensure that the EBITDA of all Guarantors (calculated on an unconsolidated basis) is at least 80% of the aggregated Consolidated Adjusted EBITDA of the Group and the aggregated consolidated gross assets of all Guarantors are at least 80 % of the aggregated consolidated gross assets of the Group (the "Guarantor Coverage"). (b) Material Companies The Company shall ensure that each member of the Group which is a Material Company shall: (i) within thirty (30) days in case of a Material Company incorporated or established in Germany;

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 93 (ii) within ninety (90) days in case of a Material Company not incorporated or established in Germany, of delivery of the annual financial statements showing that it is a Material Company or, as the case may be, of its acquisition, become an Additional Guarantor in accordance with Clause 24.4 (Additional Guarantors). 21.21 Subordination of Convertible Debt In case the existing EUR 25,000,000 convertible debt agreement dated 20 December 2019 between the Company as borrower and RAG-S LENDING SCS, SICAV-RAIF as lender and the EUR 50,000,000 convertible debt agreement dated 20 December 2019 between the Company as borrower and SIGNA International Sports Holding GmbH as lender (Roll of Deeds No. 461/2019 of the notary public Dr. Thorsten Reinhard in Frankfurt am Main) (the "Existing Convertible Loans") are not converted into equity until 30 September 2021, such convertible debt shall be subordinated pursuant to the terms of the Subordination Agreement within fifteen (15) Business Days. If such subordination does, in whole or in part, not occur within fifteen (15) Business Days after 30 September 2021 (the "Subordination Longstop-Date"), the Company may refinance the Facilities granted under this Agreement within three (3) months after the Subordination Longstop-Date. 21.22 IPO/ stock exchange listing In case any listing, IPO or other registration with a stock exchange is envisaged, the Company shall ensure that any transaction is undertaken in the order shown in and following the stipulations of the SPAC Structure Memorandum at least up to and including Step No. 12a of the SPAC Structue Memorandum. 21.23 Granting of Security/ Additional Security (a) The Company shall ensure that within sixty (60) days from the date of this Agreement, the Share Pledge Agreement is granted in favour of the Finance Parties. (b) in case of a material loss of value of the Share Pledge Agreement (turnover of Internetstores Holding GmbH and its Subsidiaries on a consolidated basis per annum below EUR 400,000,000 and/or EBITDA per annum below EUR 10,000,000), the Company will offer towards the Lenders additional Security corresponding to the material loss of value. 31896837v7 94 22. Events Of Default Each of the events or circumstances set out in Clause 22 is an Event of Default (save for Clause 22.13 (Acceleration)). 22.1 Non-payment An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable unless: (a) its failure to pay is caused by administrative or technical error; and (b) payment is made within five (5) Business Days of its due date. 22.2 Financial covenants Any requirement of Clause 20 (Financial covenants) is not satisfied. 22.3 Other obligations (a) An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 22.1 (Non-payment) and Clause 22.2 (Financial covenants)). (b) No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within ten (10) Business Days of the earlier of (A) the Agent giving notice to the Company and (B) the Company becoming aware of the failure to comply. 22.4 Misrepresentation Any representation or statement made or deemed to be made by or on behalf of an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made unless the cicumstances giving rise to such representation being incorrect or misleading are capable of remedy and are remedied within ten (10) Business Days of the earlier of (A) the Agent giving notice to the Company and (B) the Company becoming aware thereof. 31896837v7 95 22.5 Cross default (a) Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally applicable grace period. (b) Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). (c) Any commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by a creditor of any member of the Group as a result of an event of default (however described). (d) Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however described). (e) No Event of Default will occur under this Clause 22.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than EUR 5,000,000 (or its equivalent in other currencies). 22.6 Insolvency (a) A member of the Group: (i) is unable or admits inability to pay its debts as they fall due; (ii) suspends making payments on any of its debts; or (iii) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness. (b) A member of the Group incorporated in Germany is unable to pay its debts as they fall due (zahlungsunfähig) within the meaning of section 17 of the Insolvency Code (Insolvenzordnung) or is overindebted within the meaning of section 19 of the Insolvency Code (Insolvenzordnung) or, with respect to any other member of the Group, the value of the assets of any member of the Group is less than its liabilities (taking into account contingent and prospective liabilities). 31896837v7 96 (c) A moratorium is declared in respect of any indebtedness of any member of the Group. 22.7 Insolvency proceedings Any corporate action, legal proceedings or other procedure or step is taken in relation to: (a) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group other than a solvent liquidation or reorganisation of any member of the Group which is not an Obligor; (b) a composition, compromise, assignment or arrangement with any creditor of any member of the Group; (c) the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group which is not an Obligor), receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any member of the Group or any of its assets; or (d) enforcement of any Security over any assets of any member of the Group, or any analogous procedure or step is taken in any jurisdiction. This Clause 22.7 shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within twenty-one (21) days of commencement. 22.8 Creditors' process Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of a member of the Group and is not discharged within fourteen (14) days. 22.9 Ownership of the Obligors An Obligor (other than the Company) is not or ceases to be a Subsidiary of the Company. 22.10 Unlawfulness It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents or the Subordination Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 97 22.11 Repudiation An Obligor repudiates a Finance Document or evidences an intention to repudiate a Finance Document or the Subordination Agreement. 22.12 Material adverse change Any event or circumstance occurs which has a Material Adverse Effect. 22.13 Acceleration On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, (a) by notice to the Company: (i) cancel the Total Commitments whereupon they shall immediately be cancelled; (ii) declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable; and/or (iii) declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders. (b) exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents. 23. Changes To The Lenders 23.1 Assignments and transfers by the Lenders Subject to this Clause 23, a Lender (the "Existing Lender") may: (a) assign any of its rights; or (b) assign and transfer by assumption of contract (Vertragsübernahme) any of its rights and obligations, 31896837v7 98 to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the "New Lender"). 23.2 Company consent (a) The consent of the Company is required for an assignment or an assignment and transfer by assumption of contract (Vertragsübernahme) by an Existing Lender, unless the assignment or assignment and transfer by assumption of contract (Vertragsübernahme) is: (i) to another Lender or an Affiliate of any Lender; or (ii) made at a time when an Event of Default is continuing. (b) The consent of the Company to an assignment or assignment and transfer by assumption of contract (Vertragsübernahme) must not be unreasonably withheld or delayed. The Company will be deemed to have given its consent five (5) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Company within that time. (c) An assignment or assignment and transfer by assumption of contract (Vertragsübernahme) to a Special Situation Fund shall not be allowed unless made at a time when an Event of Default is continuing. 23.3 Other conditions of assignment or assignment and transfer by assumption of contract (Vertragsübernahme) (a) An assignment will only be effective on: (i) receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance Parties as it would have been under if it had been the Original Lender; and (ii) performance by the Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender. 31896837v7 99 (b) An assignment and transfer by assumption of contract (Vertragsübernahme) will only be effective if the procedure set out in Clause 23.6 (Procedure for assignment and transfer by assumption of contract (Vertragsübernahme)) is complied with. (c) If: (i) a Lender assigns or assigns and transfers by assumption of contract (Vertragsübernahme) any of its rights or obligations under the Finance Documents or changes its Facility Office; and (ii) as a result of circumstances existing at the date the assignment, assignment and transfer by assumption of contract (Vertragsübernahme) or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased costs), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, assignment and transfer by assumption of contract (Vertragsübernahme) or change had not occurred. This paragraph (c) shall not apply in respect of an assignment or an assignment and transfer by assumption of contract (Vertragsübernahme) made in the ordinary course of the primary syndication of any Facility. (d) Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the assignment or assignment and transfer by assumption of contract (Vertragsübernahme) becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. 23.4 Assignment or assignment and transfer by assumption of contract (Vertragsübernahme) fee The New Lender shall, on the date upon which an assignment or assignment and transfer by assumption of contract (Vertragsübernahme) takes effect, pay to the Agent (for its own account) a fee of EUR 3,500. 31896837v7 100 23.5 Limitation of responsibility of Existing Lenders (a) Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: (i) the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; (ii) the financial condition of any Obligor; (iii) the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or (iv) the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, (v) and any representations or warranties implied by law are excluded. (b) Each New Lender confirms to the Existing Lender and the other Finance Parties that it: (i) has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and (ii) will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. (c) Nothing in any Finance Document obliges an Existing Lender to: (i) accept a re-assignment or a re-assignment and re-transfer by assumption of contract (Vertragsübernahme) from a New Lender of any of the rights and obligations assigned or assigned and transferred by assumption of contract (Vertragsübernahme) under this Clause 23; or (ii) support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 101 23.6 Procedure for assignment and transfer by assumption of contract (Vertragsübernahme) (a) Subject to the conditions set out in Clause 23.2 (Company consent) and Clause 23.3 (Other conditions of assignment or assignment and transfer by assumption of contract (Vertragsübernahme)) an assignment and transfer by assumption of contract (Vertragsübernahme) is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. (b) The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. (c) On the Transfer Date: (i) to the extent that in the Transfer Certificate the Existing Lender seeks to assign and transfer by assumption of contract (Vertragsübernahme) its rights and obligations under the Finance Documents each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be lost (being the "Terminated Rights and Obligations"); (ii) each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Terminated Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; (iii) the Agent, the Arranger, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been the Original Lender with the rights and/or obligations acquired or assumed by it as a result of the assignment and transfer by assumption of contract (Vertragsübernahme) and to that extent the Agent, the Arranger and the Existing Lender shall each be 31896837v7 102 released from further obligations to each other under the Finance Documents; and (iv) the New Lender shall become a Party as a "Lender". 23.7 Copy of Transfer Certificate to Company The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or Increase Confirmation, send to the Company a copy of that Transfer Certificate. 23.8 Security over Lenders' rights (a) In addition to the other rights provided to Lenders under this Clause 23, each Lender may without consulting with or obtaining consent from any Obligor, at any time assign, charge, pledge or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: (i) any assignment, charge, pledge or other Security to secure obligations to a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) including, without limitation, any assignment of rights to a special purpose vehicle where Security over securities issued by such special purpose vehicle is to be created in favour of a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank); and (ii) any assignment, charge, pledge or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities, except that no such assignment, charge, pledge or Security shall: (A) release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant assignment, charge, pledge or Security for the Lender as a party to any of the Finance Documents; or (B) require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents. 31896837v7 103 (b) The limitations on assignments or transfers by a Lender set out in any Finance Document, in particular in Clause 23.1 (Assignments and transfers by the Lenders), Clause 23.2 (Company consent), Clause 23.3 (Other conditions of assignment or assignment and transfer by assumption of contract (Vertragsübernahme)) and Clause 23.4 (Assignment or assignment and transfer by assumption of contract (Vertragsübernahme) fee), and the provisions set out in Clause 35 (Confidentiality) shall not apply to the creation of Security pursuant to paragraph (a)(i) above. (c) The limitations and provisions referred to in paragraph (b) above shall further not apply to any assignment or transfer of rights under the Finance Documents made by a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) to a third party in connection with the enforcement (Verwertung) of Security created pursuant to paragraph (a)(i) above. (d) Any Lender may disclose such Confidential Information as that Lender is required to disclose to a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) to (or through) whom it creates Security pursuant to paragraph (a)(i) above, and any federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) may disclose such Confidential Information to a third party to whom it assigns or transfers (or may potentially assign or transfer) rights under the Finance Documents in connection with the enforcement of such Security. 24. Changes To The Obligors 24.1 Assignments and transfers by Obligors No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 24.2 Additional Borrowers (a) Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 19.9 ("Know your customer" checks), the Company may request that any of its wholly owned Subsidiaries becomes an Additional Borrower (Vertragsbeitritt). That Subsidiary shall become an Additional Borrower if: (i) all the Lenders approve the addition of that Subsidiary; (ii) the Company delivers to the Agent a duly completed and executed Accession Letter; 31896837v7 104 (iii) the Company confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and (iv) the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (Conditions Precedent) in relation to that Additional Borrower, each in form and substance satisfactory to the Agent. (b) The Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in Part II of Schedule 2 (Conditions Precedent). (c) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 24.3 Resignation of a Borrower (a) The Company may request that a Borrower (other than the Company) ceases to be a Borrower by delivering to the Agent a Resignation Letter. (b) The Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if: (i) no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case); and (ii) the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents. 24.4 Additional Guarantors (a) Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 19.9 ("Know your customer" checks), the Company may request that any of its wholly owned Subsidiaries become an Additional Guarantor. That Subsidiary shall become an Additional Guarantor if:

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 105 (i) the Company delivers to the Agent a duly completed and executed Accession Letter; and (ii) the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (Conditions Precedent) in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent. (b) The Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in Part II of Schedule 2 (Conditions Precedent). (c) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 24.5 Repetition of Representations Delivery of an Accession Letter constitutes confirmation by the relevant Subsidiary that the Repeated Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing. 24.6 Resignation of a Guarantor (a) The Company may request that a Guarantor (other than the Company) ceases to be a Guarantor by delivering to the Agent a Resignation Letter. (b) The Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if: (i) no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case); (ii) where the Guarantor is also a Borrower, it is under no actual or contingent obligation as a Borrower and has resigned and ceased to be a Borrower under Clause 24.3 (Resignation of a Borrower); (iii) that Guarantor is not a Material Company pursuant to paragraph (b) of the definition of "Material Company"; and 31896837v7 106 (iv) all the Lenders have consented to the Company's request. 25. Role Of The Agent And The Arranger 25.1 Appointment of the Agent (a) Each of the Arranger and the Lenders appoints the Agent to act as its agent and attorney (Stellvertreter) under and in connection with the Finance Documents. (b) Each of the Arranger and the Lenders authorises the Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. (c) Each of the Arranger and the Lenders hereby exempts the Agent from the restrictions pursuant to section 181 Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law, in each case to the extent legally possible to such Finance Party. A Finance Party which cannot grant such exemption shall notify the Agent accordingly. 25.2 Instructions (a) The Agent shall: (i) unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by: (A) all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and (B) in all other cases, the Majority Lenders; and (ii) not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above. (b) The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, 31896837v7 107 power, authority or discretion. The Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested. (c) Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties save for the Security Agent. (d) The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions. (e) In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders. (f) The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent) in any legal or arbitration proceedings relating to any Finance Document. 25.3 Duties of the Agent (a) The Agent's duties under the Finance Documents are solely mechanical and administrative in nature. (b) Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. (c) Without prejudice to Clause 23.7 (Copy of Transfer Certificate to Company), paragraph (b) above shall not apply to any Transfer Certificate. (d) Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. 31896837v7 108 (e) If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties. (f) If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or the Arranger) under this Agreement it shall promptly notify the other Finance Parties. (g) The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied). 25.4 Role of the Arranger Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in connection with any Finance Document. 25.5 No fiduciary duties (a) Nothing in any Finance Document constitutes the Agent or the Arranger as a trustee (Treuhänder) of any other person. Neither the Agent nor the Arranger has any financial or commercial duty of care (Vermögensfürsorgepflicht) for any person. (b) Neither the Agent nor the Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account. 25.6 Business with the Group The Agent and the Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group. 25.7 Rights and discretions (a) The Agent may: (i) rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised; (ii) assume that:

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 109 (A) any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and (B) unless it has received notice of revocation, that those instructions have not been revoked; and (iii) rely on a certificate from any person: (A) as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or (B) to the effect that such person approves of any particular dealing, transaction, step, action or thing, as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate. (b) The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: (i) no Default has occurred (unless it has actual knowledge of a Default arising under Clause 22.1 (Non-payment)); (ii) any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised; and (iii) any notice or request made by the Company (other than an Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors. (c) The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts. (d) Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be necessary. (e) The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Agent or by 31896837v7 110 any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying. (f) The Agent may act in relation to the Finance Documents through its officers, employees and agents. (g) Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. (h) Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. (i) Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 25.8 Responsibility for documentation Neither the Agent nor the Arranger is responsible or liable for: (a) the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, the Arranger, an Obligor or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; or (b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document. 25.9 No duty to monitor The Agent shall not be bound to enquire: 31896837v7 111 (a) whether or not any Default has occurred; (b) as to the performance, default or any breach by any Party of its obligations under any Finance Document; or (c) whether any other event specified in any Finance Document has occurred. 25.10 Exclusion of liability (a) Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent), the Agent will not be liable for: (i) any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct; (ii) exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct; or (iii) without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever (but not including any claim based on the fraud of the Agent) arising as a result of: (A) any act, event or circumstance not reasonably within its control; or (B) the general risks of investment in, or the holding of assets in, any jurisdiction, including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural 31896837v7 112 disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. (b) No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause pursuant to section 328 para 1 Civil Code (Bürgerliches Gesetzbuch) (echter berechtigender Vertrag zugunsten Dritter). (c) The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. (d) Nothing in this Agreement shall oblige the Agent or the Arranger to carry out: (i) any "know your customer" or other checks in relation to any person; or (ii) any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender, on behalf of any Lender and each Lender confirms to the Agent and the Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger. (e) Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability, any liability of the Agent arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 113 25.11 Lenders' indemnity to the Agent Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three (3) Business Days of demand, against any cost, loss or liability incurred by the Agent (otherwise than by reason of the Agent's gross negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document). 25.12 Resignation of the Agent (a) The Agent may resign and appoint one of its Affiliates acting through an office in any Participating Member State as successor by giving notice to the Lenders and the Company. (b) Alternatively the Agent may resign by giving 30 days' notice to the Lenders and the Company, in which case the Majority Lenders (after consultation with the Company) may appoint a successor Agent. (c) If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Company) may appoint a successor Agent (acting through an office in in any Participating Member State). (d) The retiring Agent shall make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. The Company shall, within three (3) Business Days of demand, reimburse the retiring Agent for the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and records and providing such assistance. (e) The Agent's resignation notice shall only take effect upon the appointment of a successor. (f) Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (d) above) but shall remain entitled to the benefit of Clause 14.3 (Indemnity to the Agent) and this Clause 25 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 31896837v7 114 (g) After consultation with the Company, the Majority Lenders may, by notice to the Agent, require it to resign in accordance with paragraph (b) above. In this event, the Agent shall resign in accordance with paragraph (b) above. (h) The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: (i) the Agent fails to respond to a request under Clause 12.8 (FATCA Information) and the Company or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; (ii) the information supplied by the Agent pursuant to Clause 12.8 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or (iii) the Agent notifies the Company and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; and (in each case) the Company or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Company or that Lender, by notice to the Agent, requires it to resign. 25.13 Confidentiality (a) In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments. (b) If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have notice of it. 31896837v7 115 25.14 Relationship with the Lenders (a) The Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Agent's principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office: (i) entitled to or liable for any payment due under any Finance Document on that day; and (ii) entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day, unless it has received not less than five (5) Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement. (b) Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 30.5 (Electronic communication)) electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause 30.2 (Addresses) and paragraph (a)(ii) of Clause 30.5 (Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender. 25.15 Credit appraisal by the Lenders Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: (a) the financial condition, status and nature of each member of the Group; 31896837v7 116 (b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; (c) whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and (d) the adequacy, accuracy or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document. 25.16 Deduction from amounts payable by the Agent If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 26. The Security Agent 26.1 Appointment of Security Agent (a) Without limiting or affecting Clause 26.2 (Parallel Debt (Covenant to pay the Security Agent)), each other Finance Party appoints the Security Agent to act as security agent under and in connection with the relevant Transaction Security Documents and this Agreement and as trustee (Treuhänder) and administrator for the purpose of accepting and, administering the Transaction Security Documents for and on behalf of the other Finance Parties and the Security Agent hereby accepts such appointment on the terms and subject to the conditions set out in this Agreement. (b) Each Finance Party (other than the Security Agent) hereby authorises the Security Agent to accept as its representative (Stellvertreter) any Transaction Security granted to such Finance Party in relation to the Finance Documents and to act and execute on its behalf

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 117 as its representative (Stellvertreter), subject to the terms of this Agreement, amendments or releases of, accessions and alterations to, and to carry out similar dealings with regard to any Transaction Security Document. (c) Each Finance Party which becomes a party to any Finance Document ratifies and approves all acts and declarations previously done by the Security Agent on such Finance Party's behalf (including for the avoidance of doubt the declarations made by the Security Agent as representative without power of attorney (Vertreter ohne Vertretungsmacht)) in relation to the creation of any Transaction Security on behalf and for the benefit of any Finance Party. (d) The Security Agent shall and is hereby authorised by each of the Finance Parties (and to the extent it may have any interest therein, every other Party) to execute on behalf of itself and each other Party where relevant without the need for any further referral to, or authority from, any other person all necessary releases or confirmations of any Security created under the Transaction Security Documents and to exercise such rights, remedies, powers and discretions as are specifically delegated to or conferred upon the Security Agent under the Transaction Security Documents together with such powers and discretions as are reasonably incidental thereto. (e) Each Finance Party hereby irrevocably authorises the Security Agent to act on its behalf and if required under applicable law, or if otherwise appropriate, in its name and on its behalf in connection with the preparation, execution and delivery of the Transaction Security Documents and the perfection and monitoring of the Transaction Security Documents. The Security Agent is authorised to make and accept all declarations and take all actions it considers necessary or useful in this connection. (f) With respect to any Transaction Security governed by German law ("German Security") the Security Agent shall: (i) hold and administer and (subject to it having become enforceable) realise any German Security which is assigned (Sicherungseigentum/ Sicherungsabtretung) or otherwise granted to it under a non-accessory security right (nicht- akzessorische Sicherheit) in its own name as trustee (treuhänderisch) for the benefit of the Finance Parties; and (ii) hold, administer and (subject to it having become enforceable) realise in the name and on behalf of the Finance Parties any German Security which is pledged (Verpfändung) or otherwise granted to any Finance Party under an accessory 31896837v7 118 security right (akzessorische Sicherheit) as agent in the name and on behalf of the Finance Parties. (g) For the purposes of this Agreement, each Finance Party releases the Security Agent from the restrictions of section 181 of the German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law, in each case to the extent legally possible for such Finance Party. A Finance Party which is barred by its constitutional documents or by-laws from granting such exemption shall notify the Security Agent accordingly. The Security Agent has the power to grant a sub-power of attorney including the right to release the sub-attorney "Untervollmacht" from the restrictions of section 181 of the German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law, in each case to the extent legally possible. (h) At the request of the Security Agent, each other Finance Party shall provide the Security Agent with a separate written power of attorney (Spezialvollmacht) for the purposes of executing any relevant agreements and documents on their behalf. Each other Finance Party ratifies and approves all acts previously done by the Security Agent on such Finance Party's behalf. (i) Each of the Parties to this Agreement agrees that the Security Agent shall have only those duties, obligations and responsibilities expressly specified in this Agreement or in the Transaction Security Documents to which the Security Agent is expressed to be a party (and no others shall be implied). 26.2 Parallel Debt (Covenant to pay the Security Agent) (a) Notwithstanding any other provision of this Agreement, each Obligor hereby irrevocably and unconditionally undertakes to pay to the Security Agent, as creditor in its own right and not as representative of the Finance Parties (by way of an abstract acknowledgement of debt (abstraktes Schuldanerkenntnis)), sums equal to and in the currency of each amount payable by such Obligor to each of the Finance Parties under each of the Finance Documents as and when that amount falls due for payment under the relevant Finance Document. (b) Each Obligor and the Security Agent acknowledge that the obligations of each Obligor under paragraph (a) above are several and are separate and independent from, and shall not in any way limit or affect, the corresponding obligations of that Obligor to any Finance Party under any Finance Document (its "Corresponding Debt") nor shall the amounts 31896837v7 119 for which each Obligor is liable under paragraph (a) above (its "Parallel Debt") be limited or affected in any way by its Corresponding Debt provided that: (i) the Parallel Debt of each Obligor shall be decreased to the extent that its Corresponding Debt has been irrevocably paid or (in the case of guarantee obligations) discharged; and (ii) the Corresponding Debt of each Obligor shall be decreased to the extent that its Parallel Debt has been irrevocably paid or (in the case of guarantee obligations) discharged. (c) The Security Agent acts in its own name and not as a trustee, and its claims in respect of the Parallel Debt shall not be held on trust. The Transaction Security granted under the Transaction Security Documents to the Security Agent to secure the Parallel Debt is granted to the Security Agent in its capacity as creditor of the Parallel Debt and shall not be held on trust. (d) All monies received or recovered by the Security Agent pursuant to this Clause 26.2, and all amounts received or recovered by the Security Agent from or by the enforcement of any Transaction Security granted to secure the Parallel Debt, shall be applied in accordance with Clause 29.5 (Partial payments). (e) Without limiting or affecting the Security Agent's rights against the Obligors (whether under this Clause 26.2 or under any other provision of the Finance Documents), each Obligor acknowledges that: (i) nothing in this Clause 26.2 shall impose any obligation on the Security Agent to advance any sum to any Obligor or otherwise under any Finance Document, except in its capacity as Lender; and (ii) for the purpose of any vote taken under any Finance Document, the Security Agent shall not be regarded as having any participation or commitment other than those which it has in its capacity as a Lender. 26.3 No independent power The Finance Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any rights or powers arising under the Transaction Security Documents except through the Security Agent. 31896837v7 120 26.4 Instructions to Security Agent and exercise of discretion (a) Subject to paragraphs (d) and (e) below, the Security Agent shall act in accordance with any instructions given to it by the Majority Lenders or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Security Agent and shall be entitled to assume that (i) any instructions received by it from the Lenders or a group of Lenders are duly given in accordance with the terms of the Finance Documents and (ii) unless it has received actual notice of revocation, that those instructions or directions have not been revoked. (b) The Security Agent shall be entitled to request instructions, or clarification of any direction, from the Majority Lenders as to whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities and discretions and the Security Agent may refrain from acting unless and until those instructions or clarification are received by it. (c) Any instructions given to the Security Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties. (d) Paragraph (a) above shall not apply: (i) where a contrary indication appears in this Agreement; (ii) where this Agreement requires the Security Agent to act in a specified manner or to take a specified action; and (iii) in respect of any provision which protects the Security Agent's own position in its personal capacity as opposed to its role of Security Agent for the Finance Parties including, without limitation, the provisions set out in Clauses 26.6 (Security Agent's discretions) to Clause 26.17 (Final Release of Transaction Security). (e) If giving effect to instructions given by the Majority Lenders would (in the Security Agent's opinion) have an effect equivalent to an amendment of this Agreement, the Security Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Security Agent) whose consent would have been required pursuant to Clause 34 (Amendments and Waivers) in respect of that amendment. (f) In exercising any discretion to exercise a right, power or authority under this Agreement where it has not received any instructions from the Majority Lenders as to the exercise of

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 121 that discretion the Security Agent shall do so having regard to the interests of all the Finance Parties. 26.5 Security Agent's Actions Without prejudice to the provisions of Clause 26.19 (Enforcement instruction) and Clause 26.4 (Instructions to Security Agent and exercise of discretion), the Security Agent may (but shall not be obliged to), in the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate. 26.6 Security Agent's discretions (a) The Security Agent may: (i) assume (unless it has received actual notice to the contrary from the Majority Lenders) that (i) no Default has occurred and no Obligor is in breach of or default under its obligations under any of the Finance Documents and (ii) any right, power, authority or discretion vested by any Finance Document in any person has not been exercised; (ii) if it receives any instructions or directions under Clause 26.19 (Enforcement instruction) to take any action in relation to the Transaction Security, assume that all applicable conditions under the Finance Documents for taking that action have been satisfied; (iii) engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers, surveyors or other experts (whether obtained by the Security Agent or by any other Finance Party) whose advice or services may at any time seem necessary, expedient or desirable; (iv) rely upon any communication or document believed by it to be genuine and, as to any matters of fact which might reasonably be expected to be within the knowledge of a Finance Party or an Obligor, upon a certificate signed by or on behalf of that person; and (v) refrain from acting in accordance with the instructions of any Finance Party (including bringing any legal action or proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or security that it may in its discretion require (whether by way of payment in 31896837v7 122 advance or otherwise) for all costs, losses and liabilities which it may incur in so acting. (b) Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. In particular, and for the avoidance of doubt, nothing in any Finance Document shall be construed so as to constitute an obligation of the Security Agent to perform any services which it would not be entitled to render pursuant to the provisions of the German Act on Rendering Legal Services (Rechtsdienstleistungsgesetz) or pursuant to the provisions of the German Tax Advisory Act (Steuerberatungsgesetz) or any other services that require an express official approval, licence or registration, unless the Security Agent holds the required approval, licence or registration. (c) Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 26.7 Security Agent's obligations The Security Agent shall without undue delay: (a) copy to the Lenders the contents of any notice or document received by it from any Obligor under any Finance Document; (b) forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party provided that, except where a Finance Document expressly provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party; (c) inform the Lenders of the occurrence of any Default or any default by an Obligor in the due performance of or compliance with its obligations under any Finance Document of which the Security Agent has received notice from any other Party. 31896837v7 123 26.8 Excluded obligations Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent shall not: (a) be bound to enquire as to (i) whether or not any Default has occurred; (ii) the performance, default or any breach by an Obligor of its obligations under any of the Finance Documents or (iii) whether any other event specified in any Finance Document has occured; (b) be bound to account to any other Party for any sum or the profit element of any sum received by it for its own account; (c) be bound to disclose to any other person (including but not limited to any Finance Party) (i) any confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty; or (d) have or be deemed to have any relationship of trust or agency or fiduciary relationship with any Obligor or any other Party. 26.9 Exclusion of liability (a) Without limiting paragraph (b) below, the Security Agent shall not accept responsibility or be liable for (i) the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security Agent or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; (ii) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Charged Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Charged Property; (iii) any damages, costs or losses to any person or any diminution in value or any liability whatsoever arising as a result of taking or refraining from taking any action in relation to any of the Finance Documents, the Charged Property or otherwise, 31896837v7 124 whether in accordance with an instruction from the Majority Lenders or otherwise unless directly caused by its gross negligence (grobe Fahrlässigkeit) or wilful misconduct (Vorsatz); (iv) the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection with any of the Finance Documents, the Charged Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, the Finance Documents or the Charged Property; (v) any shortfall which arises on the enforcement or realisation of the Charged Property; or (vi) without prejudice to the generality of paragraphs (i) to (v) above, any damages, costs, losses, any diminution in value or any liability whatsoever arising as a result of: (A) any act, event or circumstance not reasonably within its control; or (B) the general risks of investment in, or the holding of assets in, any jurisdiction, including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. (b) No Party (other than the Security Agent) may take any proceedings against any officer, employee or agent of the Security Agent in respect of any claim it might have against the Security Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause pursuant to section 328 para 1 Civil Code (Bürgerliches Gesetzbuch) (echter berechtigender Vertrag zugunsten Dritter). (c) Nothing in this Agreement shall oblige the Security Agent to carry out:

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 125 (i) any "know your customer" or other checks in relation to any person; or (ii) any check on the extent to which any transaction contemplated by this Agreement or any Transaction Security Document might be unlawful for any Obligor, on behalf of any Obligor and each Obligor confirms to the Security Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Agent. (d) Without prejudice to any provision of any Finance Document excluding or limiting the Security Agent's liability, any liability of the Security Agent arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Security Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Security Agent at any time which increase the amount of that loss. In no event shall the Security Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Security Agent has been advised of the possibility of such loss or damages 26.10 No proceedings No Party (other than the Security Agent) may take any proceedings against any officer, employee or agent of the Security Agent in respect of any claim it might have against the Security Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Charged Property and any officer, employee or agent of the Security Agent may rely on this Clause 26.10 pursuant to section 328 of the German Civil Code. 26.11 Own responsibility Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Finance Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: (a) the financial condition, status and nature of each member of the Group; (b) the legality, validity, effectiveness, adequacy and enforceability of any Finance Document, the Charged Property and any other agreement, arrangement or document 31896837v7 126 entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Charged Property; (c) whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the Charged Property, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Charged Property; (d) the adequacy, accuracy and/or completeness of any information provided by the Security Agent or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and (e) the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property, and (f) each Finance Party warrants to the Security Agent that it has not relied on and will not at any time rely on the Security Agent in respect of any of these matters. 26.12 No responsibility to perfect Transaction Security The Security Agent shall not be liable for any failure to: (a) require the deposit with it of any deed or document certifying, representing or constituting the title of any Obligor to any of the Charged Property; (b) obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any of the Finance Documents or the Transaction Security; (c) register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of the Finance Documents or of the Transaction Security; 31896837v7 127 (d) take, or to require any of the Obligors to take, any steps to perfect its title to any of the Charged Property or to render the Transaction Security effective or to secure the creation of any ancillary Security under the laws of any jurisdiction; or (e) require any further assurances in relation to any of the Transaction Security Documents. 26.13 Insurance by Security Agent (a) The Security Agent shall not be under any obligation to insure any of the Charged Property, to require any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the Finance Documents. The Security Agent shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy of any such insurance. (b) Where the Security Agent is named on any insurance policy as an insured party, it shall not be responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Majority Lenders shall have requested it to do so in writing and the Security Agent shall have failed to do so within fourteen (14) days after receipt of that request. 26.14 Acceptance of title The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the Obligors may have to any of the Charged Property and shall not be liable for or bound to require any Obligor to remedy any defect in its right or title. 26.15 Refrain from illegality Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent may refrain from doing anything which in its opinion will or may be contrary to any relevant law, directive or regulation of any jurisdiction and the Security Agent may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation. 26.16 Business with the Obligors The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with any of the Obligors. 31896837v7 128 26.17 Release of Transaction Security (a) Release of Transaction Security prior to full satisfaction (i) If the Security Agent is obliged to release all or part of the security granted under the Transaction Security Documents due to mandatory German law and is requested to do so by the relevant security grantor even though not all amounts outstanding under the Finance Documents have been fully and finally discharged and the Lenders are still under further obligation to provide financial accommodation to any of the Obligors, the Security Agent may, at its discretion, determine which part of the security may be released. (ii) For the purpose of determining the value of the security the Security Agent may appoint a certified accountant (Wirtschaftsprüfer) to evaluate the security interest created under the Transaction Security Documents at the Company's cost and expense. (b) Final release of Transaction Security If all amounts outstanding under the Finance Documents have been fully and finally discharged and the Lenders are under no further obligation to provide financial accommodation to any of the Obligors (as confirmed to the Security Agent in writing by the Lenders), such confirmation to be given by the Lenders without undue delay upon being so satisfied: (i) the Security Agent and, if required, each other Finance Party shall release, without recourse or warranty, all of the Transaction Security (including any guarantee under the Finance Documents and the abstract acknowledgements of indebtedness pursuant to Clause 26.2 (Parallel Debt (Covenant to pay the Security Agent)) and its rights under each of the Transaction Security Documents; and (ii) any retiring Security Agent shall release, without recourse or warranty, all of its rights under each of the Transaction Security Documents. 26.18 Trustee division separate (a) In acting as trustee (Treuhänder) for the Finance Parties, the Security Agent shall be regarded as acting through its trustee division which shall be treated as a separate entity from any of its other divisions or departments.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 129 (b) If information is received by another division or department of the Security Agent, it may be treated as confidential to that division or department and the Security Agent shall not be deemed to have notice of it. 26.19 Enforcement instruction Subject to the Transaction Security having become enforceable in accordance with its respective terms, the Security Agent shall enforce, or refrain from enforcing, the Transaction Security in accordance with, and in the manner set out in, any instructions given to it by the Majority Lenders (the "Instructing Group"). (a) The Security Agent may refrain from enforcing the Transaction Security unless instructed by the Instructing Group. (b) If it receives any instructions or directions from the Instructing Group to take any action in relation to any Transaction Security, it is entitled to assume that all applicable conditions under the Finance Documents for taking that action have been satisfied. (c) The Security Agent may refrain from acting in accordance with the instructions of the Instructing Group until it has received such security as it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions. (d) In the absence of instructions from the Instructing Group, the Security Agent may act (or refrain from taking action) as it considers to be in the best interest of the other Finance Parties. 26.20 Release of liabilities and Transaction Security (a) Following: (i) the commencement of enforcement or realization of the Transaction Security (or part thereof) by the Security Agent (or any of its delegates or any insolvency or similar administrator) in accordance with applicable law and the terms of the Transaction Security Documents; and (ii) the disposal or transfer in accordance with applicable law and the terms of the Transaction Security Documents of all or any of the assets of, and/or shares in, a member of the Group subject to the Transaction Security (a "Pledged 31896837v7 130 Company") to a person or persons which is not a member of the Group (together with the conditions in sub-paragraph (i) above, the "Enforcement Conditions"), the Security Agent is irrevocably authorised to (and may delegate such authorisation to any Obligor or any competent insolvency or similar administration): (iii) release the Transaction Security or any other lien or claim (i) over that asset subject to such disposal or transfer or (ii) over the shares in that Pledged Company or any of its Subsidiaries or (iii) over any assets of that Pledged Company and/or any of its Subsidiaries and execute and deliver or enter into any release of that Transaction Security; and (iv) release and discharge all secured obligations and guarantees granted in favour of the Finance Parties by any Obligor (it being understood that in the event of a transfer of part or all of the shares in a Pledged Company, the Security Agent shall be authorised to fully release and discharge all secured obligations and guarantees granted by such Pledged Company and its Subsidiaries) on the occurrence of the first transfer of shares. (b) Following satisfaction of the Enforcement Conditions, the Security Agent shall be authorised to execute or enter into, on behalf of and without the need for any further authority from any Finance Party: (i) any release or discharge of any Pledged Company and/or its Subsidiaries from any secured obligations or any other claim against that Pledged Company or its Subsidiaries, both actual and contingent; and/or (ii) upon the request of any potential acquirer of the shares in a Pledged Company and its Subsidiaries, any agreement to dispose or transfer (including, but not limited to, by way of assignment) of all or part of the secured obligations or any other claim owed by such Pledged Company and its Subsidiaries on behalf of the Finance Parties to the acquirer of the shares or as directed by such acquirer (with the proceeds thereof being applied as if they were the proceeds of enforcement of any Transaction Security for the secured obligations in accordance with the terms of this Agreement). (c) The Finance Parties and, to the extent required under the Transaction Security Documents, the Obligors and the Company (on behalf of the relevant Pledged Company) shall execute any assignments, transfers, releases or other documents that the Security Agent may consider to be necessary to give effect to these releases and disposals. 31896837v7 131 (d) The Finance Parties and the Obligors hereby release the Security Agent from the restrictions of section 181 of the German Civil Code (BGB) for the purposes of this Clause 26.20. A Finance Party and an Obligor which is barred by its constitutional documents or by-laws from granting such exemption shall notify the Security Agent accordingly. 26.21 Order of application All amounts from time to time received or recovered by the Security Agent (in its capacity as Security Agent) pursuant to the terms of this Agreement or the Transaction Security Documents or in connection with the realisation or enforcement of all or any part of the Transaction Security shall be applied by the Security Agent to the extent permitted by applicable law, in the following order of priority: (a) in discharging any sums owing to the Security Agent (in its capacity as trustee) or any of its delegates; (b) in payment of all costs and expenses reasonably incurred by any Finance Party in connection with any realisation or enforcement of the Transaction Security taken in accordance with the terms of this Agreement; (c) in payment to the Agent for distribution in accordance with Clause 29.5 (Partial payments) of this Agreement; (d) in payment to the Lenders for application (in accordance with the terms of the Facilities Agreement) towards the discharge of the secured obligations; (e) if none of the Obligors is under any further actual or contingent liability under any Finance Document, in payment to any person to whom the Security Agent is obliged to pay in priority to any Obligor; and (f) the balance, if any, in payment to the relevant Obligor. 26.22 Manner of enforcement If the Transaction Security is being enforced pursuant to Clause 26.19 (Enforcement instruction), the Security Agent shall enforce the Transaction Security in such manner (including, without limitation, the selection of any administrator of any Obligor to be appointed by the Security Agent) as the Majority Lenders shall instruct or, in the absence of such instructions, as the Security Agent sees fit. 31896837v7 132 26.23 Exercise of voting rights (a) Each Lender agrees with the Security Agent that it will cast its vote in any proposal put to the vote or under the supervision of any judicial or supervisory authority in respect of any insolvency, pre-insolvency or rehabilitation or similar proceedings relating to any member of the Group as instructed by the Security Agent. (b) The Security Agent shall give instructions for the purpose of paragraph (a) above as directed by the Majority Lenders. 26.24 Waiver of rights To the extent permitted under applicable law and subject to Clauses 26.19 (Enforcement instruction) and 26.22 (Manner of enforcement), each of the Finance Parties waives all rights it may otherwise have to require that the Transaction Security be enforced in any particular order or manner or at any particular time or that any sum received or recovered from any person or by virtue of the enforcement of any Transaction Security or of any other Security which is capable of being applied in or towards discharge of the outstanding amounts under the Facilities is so applied. 26.25 Priority of indemnity The Security Agent (and, in the case of Transaction Security governed by German law which is pledged (Verpfändung) or otherwise transferred to any Secured Party under an accessory right (akzessorische Sicherheit), each Secured Party) may, in priority to any payment to the Secured Parties, but subject to observing any enforcement condition agreed in the Transaction Security Documents indemnify itself out of the Charged Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in Clause 14 (Other indemnities) and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all moneys payable to it. 26.26 Lenders' indemnity Each Lender shall (in the proportion to its share of the Total Commitments, or if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero), indemnify the Security Agent, within five (5) Business Days of demand, against any cost, loss or liability incurred by it (otherwise than by reason of the relevant Security Agent's gross negligence or wilful misconduct) in acting as Security Agent under and in accordance with the Finance Documents (unless the relevant Security Agent has been reimbursed by an Obligor

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 133 pursuant to a Finance Document) and the Obligors shall jointly and severally indemnify each Lender against any payment made by it under this Clause 26.26. 26.27 Resignation and replacement of the Security Agent If (a) the Security Agent wishes to resign or (b) the Majority Lenders request that a successor shall be appointed as security agent, the Majority Lenders shall appoint a successor security agent and the Security Agent shall transfer its rights and obligations under this Agreement and any Transaction Security Document to such successor. The Security Agent undertakes to continue to act as security agent for up to three (3) months until the successor security agent has been appointed and the rights and obligations under this Agreement and the Transaction Security Documents transferred. 27. Conduct Of Business By The Finance Parties No provision of this Agreement will: (a) interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; (b) oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or (c) oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 28. Sharing Among The Finance Parties 28.1 Payments to Finance Parties If a Finance Party (a "Recovering Finance Party") receives or recovers any amount from an Obligor other than in accordance with Clause 29 (Payment mechanics) and applies that amount to a payment due under the Finance Documents then: (a) the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt or recovery to the Agent; 31896837v7 134 (b) the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 29 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and (c) the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 29.5 (Partial payments). 28.2 Redistribution of payments The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) in accordance with Clause 29.5 (Partial payments). 28.3 Recovering Finance Party's rights (a) On a distribution by the Agent under Clause 28.2 (Redistribution of payments), the Recovering Finance Party shall be entitled to receive by way of assignment the rights of the Finance Parties to the extent they have shared in the redistribution. (b) If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph (a) above, the relevant Obligor shall be liable to the Recovering Finance Party for a debt equal to the Sharing Payment which is immediately due and payable. 28.4 Reversal of redistribution If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: (a) each Finance Party which has received a share of the relevant Sharing Payment pursuant to Clause 28.2 (Redistribution of payments) shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay); and 31896837v7 135 (b) that Recovering Finance Party's rights of assignment in respect of any reimbursement shall be cancelled and the relevant Obligor will be liable to the reimbursing Finance Party for the amount so reimbursed and the Recovering Finance Party shall re-assign any claims assigned to it pursuant to paragraph (a) of Clause 28.3 (Recovering Finance Party's rights). 28.5 Exceptions (a) This Clause 28 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor. (b) A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if: (i) it notified that other Finance Party of the legal or arbitration proceedings; and (ii) that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings. 29. Payment Mechanics 29.1 Payments to the Agent (a) On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment. (b) Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in such Participating Member State or London, as specified by the Agent) and with such bank as the Agent, in each case, specifies. (c) Each Borrower authorises the Agent to debit interest, amortisation and all other amounts due under the Finance Documents on the relevant due date from an account to be notified by such Borrower to the Agent. 31896837v7 136 29.2 Distributions by the Agent Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 29.3 (Distributions to an Obligor) and Clause 29.4 (Clawback and pre-funding) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five (5) Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London, as specified by that Party). 29.3 Distributions to an Obligor The Agent may (with the consent of the Obligor or in accordance with Clause 29.10 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 29.4 Clawback and pre-funding (a) Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. (b) Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. (c) If the Agent is willing to make available amounts for the account of a Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower: (i) the Borrower to whom that sum was made available shall on demand refund it to the Agent; and

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 137 (ii) the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower to whom that sum was made available, shall on demand pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender. 29.5 Partial payments (a) If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: (i) first, in or towards payment pro rata of any unpaid amount owing to the Agent under the Finance Documents; (ii) secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement; (iii) thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and (iv) fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. (b) The Agent shall, if so directed by all Lenders, vary the order set out in paragraphs (a)(ii) to (a)(iv) above. (c) Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 29.6 No set-off by Obligors All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim unless the counterclaim is undisputed or has been confirmed in a final non-appealable judgement. Any New Lender and any recipient of security over Lenders' rights according to Clause 23.8 (Security over Lenders' rights) may rely on this Clause 29.6, in the case of any New Lender to whom rights have been assigned according to paragraph (a) of Clause 23.3 (Other conditions of assignment or assignment and transfer by assumption of contract (Vertragsübernahme)) and any recipient of 31896837v7 138 security over Lenders' rights, pursuant to section 328 para 1 of the Civil Code (Bürgerliches Gesetzbuch) (echter berechtigender Vertrag zugunsten Dritter). 29.7 Business Days (a) Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). (b) During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 29.8 Currency of account (a) Subject to paragraphs (b) to (e) below, euro is the currency of account and payment for any sum due from an Obligor under any Finance Document. (b) A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency in which that Loan or Unpaid Sum is denominated, pursuant to this Agreement, on its due date. (c) Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated, pursuant to this Agreement, when that interest accrued. (d) Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. (e) Any amount expressed to be payable in a currency other than euro shall be paid in that other currency. 29.9 Change of currency (a) Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then: (i) any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or 31896837v7 139 paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Company); and (ii) any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably). (b) If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Company) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Market and otherwise to reflect the change in currency. 29.10 Set-Off A Finance Party may set off any matured obligation due from an Obligor under the Finance Documents against any satisfiable (erfüllbar) obligation (within the meaning of section 387 Civil Code (Bürgerliches Gesetzbuch)) owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 30. Notices 30.1 Communications in writing Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated and notwithstanding the provisions in Clause 30.5 (Electronic communication) may be made by fax or letter. 30.2 Addresses The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: (a) in the case of the Company: Address: Kantstrasse 164, Upper West, 10623 Berlin Fax Number: +49 30 700108999 31896837v7 140 Email: s.kniepen@signa-sportsunited.com Attention: Stefanie Kniepen (b) in the case of each Lender or any other Obligor, that notified in writing to the Agent on or prior to the date on which it becomes a Party; (c) in the case of the Agent: Address: Am Hauptbahnhof 2, 70173 Stuttgart Tel.: +49 711 127 48995 Email: agency@lbbw.de Attention: Birgit Seybold (d) in the case of the Security Agent: Address: Am Hauptbahnhof 2, 70173 Stuttgart Tel.: +49 711 127 49933 Email: agency@lbbw.de Attention: Silvia Molinese or any substitute address or fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five (5) Business Days' notice. 30.3 Delivery (a) Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective when received (zugegangen), in particular: (i) if by way of fax, when received in legible form; or (ii) if by way of letter, when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, and, if a particular department or officer is specified as part of its address details provided under Clause 30.2 (Addresses), if addressed to that department or officer.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 141 (b) Any communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent and then only if it is expressly marked for the attention of the department or officer identified with the Agent's signature below (or any substitute department or officer as the Agent shall specify for this purpose). (c) All notices from or to an Obligor shall be sent through the Agent. (d) Any communication or document by the Finance Parties to the Obligors may be made or delivered to the Company for its own account and for the account of the Obligors. For that purpose each Obligor appoints the Company as its agent of receipt (Empfangsvertreter). (e) Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day. 30.4 Notification of address and fax number Promptly upon changing its address, email address or fax number, the Agent shall notify the other Parties. 30.5 Electronic communication (a) Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) if those two Parties: (i) notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means; and (ii) notify each other of any change to their address or any other such information supplied by them by not less than five (5) Business Days' notice. (b) Any such electronic communication as specified in paragraph (a) above to be made between an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication. (c) Any such electronic communication as specified in paragraph (a) above made between any two Parties will be effective only when actually received (or made available) in 31896837v7 142 readable form and in the case of any electronic communication made by a Party to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose. (d) Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5:00 p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day. (e) Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in accordance with this Clause 30.5. 30.6 Language (a) Any notice given under or in connection with any Finance Document must be in English or in German. (b) All other documents provided under or in connection with any Finance Document must be: (i) in English or in German; or (ii) if not in English or in German, and if so required by the Agent, accompanied by a certified English or German translation and, in this case, the English/German translation will prevail unless the document is a constitutional, statutory or other official document. 31. Calculations And Certificates 31.1 Accounts In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence (Beweis des ersten Anscheins) of the matters to which they relate. 31.2 Certificates and Determinations (a) The Finance Parties make the certifications or determinations of a rate or amount under any Finance Document in the exercise of their unilateral right to specify performance 31896837v7 143 (einseitiges Leistungsbestimmungsrecht) which they will exercise with reasonable discretion (billiges Ermessen). (b) The Parties agree not to dispute in any legal proceeding the correctness of the determinations and certifications of a rate or amount made by a Finance Party under any Finance Document unless the determinations or certifications are inaccurate on their face or fraud can be shown. 31.3 Day count convention Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice. 32. Partial Invalidity The Parties agree that should at any time, any provisions of this Agreement be or become void (nichtig), invalid or due to any reason ineffective (unwirksam) this will indisputably (unwiderlegbar) not affect the validity or effectiveness of the remaining provisions and this Agreement will remain valid and effective, save for the void, invalid or ineffective provisions, without any Party having to argue (darlegen) and prove (beweisen) the Parties' intent to uphold this Agreement even without the void, invalid or ineffective provisions. The void, invalid or ineffective provision shall be deemed replaced by such valid and effective provision that in legal and economic terms comes closest to what the Parties intended or would have intended in accordance with the purpose of this Agreement if they had considered the point at the time of conclusion of this Agreement. 33. Remedies And Waivers No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any Finance Document on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law. 31896837v7 144 34. Amendments And Waivers 34.1 Required consents (a) Subject to Clause 34.2 (All Lender matters) and Clause 34.3 (Other exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Obligors and any such amendment or waiver will be binding on all Parties. (b) The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 34. 34.2 All Lender matters Subject to Clause 34.4 (Replacement of Screen Rate) an amendment or waiver of any term of any Finance Document that has the effect of changing or which relates to: (a) the definition of Anti-Boycott Laws, Anti-Corruption Laws, Anti-Money Laundering Laws, Majority Lenders, Sanctions Restricted Country, Sanctions Restricted Person, Sanctions, Sanctions Authorities and Sanctions List, in Clause 1.1 (Definitions); (b) an extension to the date of payment of any amount under the Finance Documents; (c) a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; (d) a change in currency of payment of any amount under the Finance Documents; (e) an increase in any Commitment, an extension of any Availability Period or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably under the relevant Facility; (f) a change to the Borrowers or Guarantors other than in accordance with Clause 24 (Changes to the Obligors); (g) any provision which expressly requires the consent of all the Lenders; (h) Clause 2.2 (Finance Parties' rights and obligations), Clause 5.1 (Delivery of a Utilisation Request), Clause 7.1 (Illegality), Clause 7.2 (Change of control), Clause 7.7 (Application of prepayments), Clause 18.17 (Sanctions / Anti-Money Laundering / Anti-Corruption),

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 145 Clause 19.5 (Compliance related proceedings), Clause 21.19 (Sanctions / Anti-Money Laundering / Anti-Corruption), Clause 23 (Changes to the Lenders), Clause 24 (Changes to the Obligors), Clause 28 (Sharing among the Finance Parties), this Clause 34, Clause 37 (Governing law) or Clause 38.1 (Jurisdiction); (i) the nature or scope of the guarantee and indemnity granted under Clause 17 (Guarantee and indemnity); (j) the release of any Transaction Security or a change in the scope of the Charged Property; or (k) a change in the order of distribution of proceeds of Security enforcement, shall not be made without the prior consent of all the Lenders. 34.3 Other exceptions An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent or the Arranger (each in their capacity as such) may not be effected without the consent of the Agent, the Arranger or the Security Agent, as the case may be. 34.4 Replacement of Screen Rate Subject to Clause 34.3 (Other exceptions), if a Screen Rate Replacement Event has occurred in relation to any Screen Rate for a currency which can be selected for a Loan, any amendment or waiver which relates to: (a) providing for the use of a Replacement Benchmark in relation to that currency in place of that Screen Rate; and (b) (i) aligning any provision of any Finance Document to the use of that Replacement Benchmark; (ii) enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement); 31896837v7 146 (iii) implementing market conventions applicable to that Replacement Benchmark; (iv) providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or (v) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Company. "Relevant Nominating Body" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board. "Replacement Benchmark" means a benchmark rate which is: (a) formally designated, nominated or recommended as the replacement for a Screen Rate by: (i) the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate measures is the same as that measured by that Screen Rate); or (ii) any Relevant Nominating Body, and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark" will be the replacement under paragraph (ii) above; (b) in the opinion of the Majority Lenders and the Company, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor to a Screen Rate; or (c) in the opinion of the Majority Lenders and the Company, an appropriate successor to a Screen Rate. 31896837v7 147 "Screen Rate Replacement Event" means, in relation to a Screen Rate: (a) the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority Lenders and the Company materially changed; (b) (i) (A) the administrator of that Screen Rate or its supervisor publicly announces that such administrator is insolvent; or (B) information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Screen Rate is insolvent, provided that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate; (ii) the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide that Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Screen Rate; (iii) the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or will be permanently or indefinitely discontinued; or (iv) the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used; or (c) the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either: (i) the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders and the Company) temporary; or 31896837v7 148 (ii) that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than the period opposite that Screen Rate in Schedule 14 (Screen Rate contingency periods); or (d) in the opinion of the Majority Lenders and the Company, that Screen Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement. 35. Confidential Information 35.1 Confidentiality Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 23.8 (Security over Lenders' rights), Clause 35.2 (Disclosure of Confidential Information) and Clause 35.3 (Disclosure to numbering service providers), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information. 35.2 Disclosure of Confidential Information Any Finance Party may disclose: (a) to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; (b) to any person: (i) to (or through) whom it assigns or assigns and transfers by way of assumption of contract (Vertragsübernahme) (or may potentially assign or assign and transfer by way of assumption of contract (Vertragsübernahme)) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 149 (ii) with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Related Funds, Representatives and professional advisers; (iii) appointed by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (c) of Clause 25.14 (Relationship with the Lenders)); (iv) who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; (v) to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; (vi) to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; (vii) to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 23.8 (Security over Lenders' rights); (viii) who is a Party; or (ix) with the consent of the Company; in each case, such Confidential Information as that Finance Party shall consider appropriate if: (A) in relation to paragraphs (b)(i), (b)(ii) and b(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and 31896837v7 150 is subject to professional obligations to maintain the confidentiality of the Confidential Information; (B) in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; (C) in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances; (c) to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in a form of confidentiality undertaking agreed between the Company and the relevant Finance Party; and (d) to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information. 35.3 Disclosure to numbering service providers (a) Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or one or more Obligors the following information: 31896837v7 151 (i) names of Obligors; (ii) country of domicile of Obligors; (iii) place of incorporation of Obligors; (iv) date of this Agreement; (v) Clause 37 (Governing law); (vi) the names of the Agent and the Arranger; (vii) date of each amendment and restatement of this Agreement; (viii) amounts of, and names of, the Facilities (and any tranches); (ix) amount of Total Commitments; (x) currencies of the Facilities; (xi) type of Facilities; (xii) ranking of Facilities; (xiii) Termination Date for Facilities; (xiv) changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above; and (xv) such other information agreed between such Finance Party and the Company, to enable such numbering service provider to provide its usual syndicated loan numbering identification services. (b) The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 31896837v7 152 (c) The Company represents that none of the information set out in paragraphs (i) to (xv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information. (d) The Agent shall notify the Company and the other Finance Parties of: (i) the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facilities and/or one or more Obligors; and (ii) the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one or more Obligors by such numbering service provider. 35.4 Entire agreement This Clause 35 and Clause 23.8 (Security over Lenders' rights) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 35.5 Inside information Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 35.6 Notification of disclosure Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Company: (a) of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 35.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and (b) upon becoming aware that Confidential Information has been disclosed in breach of this Clause 35.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 153 35.7 Continuing obligations The obligations in this Clause 35 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve (12) months from the earlier of: (a) the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and (b) the date on which such Finance Party otherwise ceases to be a Finance Party. 36. Confidentiality Of Funding Rates 36.1 Confidentiality and disclosure (a) The Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b), (c) below. (b) The Agent may disclose: (i) any Funding Rate to the relevant Borrower pursuant to Clause 8.4 (Notification of rates of interest); and (ii) any Funding Rate to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in a form of confidentiality undertaking agreed between the Agent and the relevant Lender. (c) The Agent may disclose any Funding Rate, and each Obligor may disclose any Funding Rate, to: (i) any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this paragraph (i) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality in relation to it; 31896837v7 154 (ii) any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; (iii) any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and (iv) any person with the consent of the relevant Lender. 36.2 Related obligations (a) The Agent and each Obligor acknowledge that each Funding Rate is or may be price- sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose. (b) The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender: (i) of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 36.1 (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and (ii) upon becoming aware that any information has been disclosed in breach of this Clause 36. 31896837v7 155 36.3 No Event of Default No Event of Default will occur under Clause 22.3 (Other obligations) by reason only of an Obligor's failure to comply with this Clause 36. 37. Governing Law This Agreement and any non-contractual obligations arising out of or in connection with it are governed by German law. 38. Enforcement 38.1 Jurisdiction (a) The courts of Germany have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a "Dispute"). (b) The Parties agree that the courts of Stuttgart, Germany are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. (c) Notwithstanding paragraph (a) and (b) above, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 38.2 Service of process (a) Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in Germany): (i) irrevocably appoints the Company (the "Process Agent") as its agent for service of process in relation to any proceedings before the German courts in connection with any Finance Document; (ii) agrees that failure by a Process Agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned; and 31896837v7 156 (iii) undertakes to deliver to the Process Agent without undue delay upon execution of this Agreement a process agent appointment letter (the "Process Agent Appointment Letter") substantially in the form of Schedule 13 (Form of Process Agent Appointment Letter) and to send a copy of the executed Process Agent Appointment Letter to the Agent. (b) The Process Agent hereby acknowledges the appointment. The Process Agent shall ensure that documents to be served to an Obligor may validly be served by delivery to the Process Agent. In particular, the Process Agent shall notify the Agent of any change of address, accept any documents delivered to it on behalf of an Obligor and fulfil any requirements of section 171 Code of Civil Procedure (Zivilprozessordnung), in particular present the original Process Agent Appointment Letter to any person effecting the service of process as required pursuant to section 171 sentence 2 Code of Civil Procedure (Zivilprozessordnung). 39. Conclusion Of This Agreement (Vertragsschluss) 39.1 The Parties to this Agreement may choose to conclude this Agreement by an exchange of signed signature page(s), transmitted by any means of telecommunication (telekommunikative Übermittlung) such as by way of fax or electronic photocopy. 39.2 If the Parties to this Agreement choose to conclude this Agreement pursuant to Clause 39.1 above, they will transmit the signed signature page(s) of this Agreement to Taylor Wessing Partnerschaftsgesellschaft mbB, attention to Clemens Niedner (C.Niedner@taylorwessing.com) or Jacqueline Arbogast (J.Arbogast@taylorwessing.com) fax: +49 69 971 300) (each a "Recipient"). The Agreement will be considered concluded once one Recipient has actually received the signed signature page(s) (Zugang der Unterschriftsseite(n)) from all Parties to this Agreement (whether by way of fax, electronic photocopy or other means of telecommunication) and at the time of the receipt of the last outstanding signature page(s) by such one Recipient. 39.3 For the purposes of this Clause 39 only, the Parties to this Agreement appoint each Recipient as their attorney (Empfangsvertreter) and expressly allow (gestatten) each Recipient to collect the signed signature page(s) from all and for all Parties to this Agreement. For the avoidance of doubt, each Recipient will have no further duties connected with its position as Recipient. In particular, each Recipient may assume the conformity to the authentic original(s) of the signature page(s) transmitted to it by means of telecommunication, the genuineness of all signatures on the original signature page(s) and the signing authority of the signatories. This Agreement has been entered into on the date stated at the beginning of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 157 SCHEDULE 1 PART I THE ORIGINAL OBLIGORS Name of Original Borrower Registration number (or equivalent, if any) SIGNA Sports United GmbH HRB 241442, Local Court of Munich Internetstores Holding GmbH HRB 740797, Local Court of Stuttgart internetstores GmbH HRB 741359, Local Court of Stuttgart Name of Original Guarantor Registration number (or equivalent, if any) SIGNA Sports United GmbH HRB 241442, Local Court of Munich Internetstores Holding GmbH HRB 740797, Local Court of Stuttgart internetstores GmbH HRB 741359, Local Court of Stuttgart SIGNA Sport Online GmbH HRB 226977, Local Court of Munich Tennis-Point GmbH HRB 9528, Local Court of Gütersloh Dolphin France SAS Registration number 408 364 644 R.C.S. Saint Etienne 31896837v7 158 SCHEDULE 1 PART II THE ORIGINAL LENDER Name of Original Lender Revolving Facility Commitment (in EUR) Landesbank Baden-Württemberg 100,000,000 Total Commitment 100,000,000 31896837v7 159 SCHEDULE 2 CONDITIONS PRECEDENT PART I CONDITIONS PRECEDENT TO INITIAL UTILISATION 1. Original Obligors (a) In relation to an Original Obligor incorporated or established in Germany an up-to- date copy of an electronic commercial register extract (Handelsregisterausdruck), its articles of association (Satzung), retrieved from the commercial register at a date not earlier than 14 days prior to the execution of this Agreement, or partnership agreement (Gesellschaftsvertrag), copies of any by-laws as well as a list of shareholders (Gesellschafterliste) (if applicable). In relation to an Original Obligor incorporated or established in a jurisdiction other than Germany a copy of its constitutional documents. (b) In relation to an Original Obligor incorporated or established in Germany a copy of a resolution signed by all the holders of the issued shares of such Original Obligor and/or if applicable, a copy of a resolution of the supervisory board (Aufsichtsrat) and/or advisory board (Beirat) of such Original Obligor approving the terms of, and the transactions contemplated by the Finance Documents. In relation to an Original Obligor incorporated in a jurisdiction other than Germany a copy of a resolution signed by all the holders of the issued shares in each such Original Obligor, approving the terms of, and the transactions contemplated by the Finance Documents. (c) A copy of a resolution of the board of directors of each Original Obligor incorporated or established in a jurisdiction other than Germany: (i) approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; (ii) authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and (iii) authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party. 31896837v7 160 (d) For each Original Obligor, a specimen of the signature of each person authorised to execute any Finance Document and other documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents to which that Original Obligor is a party. (e) In relation to an Original Obligor incorporated in a jurisdiction other than Germany a certificate of the Company (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on such Original Obligor to be exceeded. (f) A certificate of an authorised signatory of the relevant Original Obligor certifying that each copy document relating to it specified in this Part I of Schedule 2 (Conditions Precedent) is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement. 2. Finance Documents (a) A fully signed copy of this Agreement. (b) Agreed form Subordination Agreement. 3. Legal opinions (a) A legal opinion of Taylor Wessing Partnerschaftsgesellschaft mbB, legal advisers to the Arranger and the Agent in Germany, substantially in the form distributed to the Original Lender prior to signing this Agreement on the validity and enforceability of the Finance Documents governed by German law. (b) A legal opinion of McDermott Will & Emery Rechtsanwälte Steuerberater LLP the legal advisers to Company in Germany, as regards the capacity, due incorporation or establishment of, and the due execution of the Finance Documents by, the relevant German Original Obligor, substantially in the form distributed to the Original Lender prior to signing this Agreement. (c) A legal opinion of McDermott Will & Emery LLP the legal advisers to Company in France, as regards the capacity, due incorporation or establishment of, and the due execution of the Finance Documents by, the relevant foreign Original Obligor as well as recognition of choice of law and enforcement of judgements of German

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 161 courts, substantially in the form distributed to the Original Lender prior to signing this Agreement. 4. Other documents and evidence (a) Evidence that any process agent referred to in Clause 38.2 (Service of process), if not an Original Obligor, has accepted its appointment as well as a copy of the executed Process Agent Appointment Letter. (b) A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Company accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document. (c) PDF copies of the Original Financial Statements of each Original Obligor. (d) A copy of the budget for the current and next three financial years; including an consolidated balance sheet, consolidated income statement and consolidated cash flow statement. (e) A copy of the final SPAC Structure Memorandum including a confirmation letter stating that for the successful implementation of the envisaged structure set out in the SPAC Structure Memorandum it is not required that (i) the Company or any of its Subsidiaries disposes of any assets or funds any amounts to TopCo, MergerSub (each as defined in the SPAC Structure Memorandum) or any other third party exceeding minimal consideration that is necessary for their formation and (ii) it is not required that at any time referred to therein, any person or group of persons acting in concert other than Familie Benko Privatstiftung gains control over the Company.. (f) A structure chart of the Group, indicating shareholding as well as the jurisidiction and legal form of each member of the Group as at 15 April 2021. (g) A structure chart of the Group, indicating shareholding as well as the jurisidiction and legal form of each member of the Group and containing corresponding explanation regarding the SPAC structure (assuming SPAC Transaction has been completed) / Final SPAC Structure Memorandum (including the closing of the 31896837v7 162 Signed Bolt-On M&A, but otherwise on the assumption that no other changes have occurred by then). (h) Information regarding the planned UK Acquisition. (i) Evidence that the Existing Facilities Agreement has been cancelled and will be repaid prior to or with the first Utilisation and that any Security granted in connection therewith is released prior to or will be released with the first Utilisation. (j) Evidence that the fees, costs and expenses then due from the Company pursuant to Clause 11 (Fees) and Clause 16 (Costs and expenses) have been paid or will be paid by the first Utilisation Date. (k) For purposes of identifying the contracting party and beneficial owner pursuant to Anti-Money Laundering laws each Original Obligor confirms in separate statement that it conducts the arrangements made by this Agreement for its own account, in accordance with the terms of this Agreement. (l) All documentation and information required by each Finance Party in relation to each Original Obligor to enable it to comply with all necessary "know your customer" or similar identification procedures with which it is required to comply with under applicable laws and regulations in connection with the transactions contemplated by the Finance Documents. (m) A copy of any other document, authorisation, opinion or assurance specified by the Agent upon a reasonable request from a Lender. 31896837v7 163 SCHEDULE 2 CONDITIONS PRECEDENT PART II CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED BY AN ADDITIONAL OBLIGOR (1) An Accession Letter, duly executed by the Additional Obligor and the Company. (2) In relation to an Additional Obligor incorporated or established in Germany an up- to-date electronic commercial register extract (Handelsregisterausdruck), its articles of association (Satzung), retrieved from the commercial register at a date not earlier than 14 days prior to the date of the accession, or partnership agreement (Gesellschaftsvertrag), copies of any by-laws as well as a list of shareholders (Gesellschafterliste) (if applicable). In relation to an Additional Obligor incorporated in a jurisdiction than other than Germany a copy of its constitutional documents. (3) In relation to an Additional Obligor incorporated or established in Germany a copy of a resolution signed by all the holders of the issued shares in such Additional Obligor and/or if applicable a copy of a resolution of the supervisory board (Aufsichtsrat) and/or if applicable the advisory board (Beirat) of such Additional Obligor approving the terms of, and the transactions contemplated by the Finance Documents. In relation to an Additional Obligor incorporated in a jurisdiction other than Germany a copy of a resolution signed by all the holders of the issued shares in each such Additional Obligor, approving the terms of, and the transactions contemplated by the Finance Documents. (4) A copy of a resolution of the board of directors of the Additional Obligor incorporated or established in a jurisdiction other than Germany: (a) approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter; (b) authorising a specified person or persons to execute the Accession Letter on its behalf; and (c) authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices (including, in relation to an Additional Borrower, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents. 31896837v7 164 (5) A specimen of the signature of each person authorised to execute any Finance Document and other documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents to which that Additional Obligor is a party. (6) In relation to an Additional Obligor incorporated or established in a jurisdiction other than Germany a certificate of the Additional Obligor (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded. (7) A certificate of an authorised signatory of the Additional Obligor certifying that each copy document listed in this Part II of Schedule 2 (Conditions Precedent) is correct, complete and in full force and effect as at a date no earlier than the date of the Accession Letter. (8) A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by the Accession Letter or for the validity and enforceability of any Finance Document. (9) If available, the latest audited financial statements of the Additional Obligor. (10) A legal opinion of Taylor Wessing Partnerschaftsgesellschaft mbB, legal advisers to the Arranger and the Agent in Germany as to validity and enforceability of the Accession Letter executed in connection with the accession of the Additional Guarantor. (11) Legal Opinion(s) of the legal advisor to the Additional Guarantor in the jurisdiction in which the Additional Obligor is incorporated (any any other relevant Obligor) as to capacity, due incorporation or establishment of, and the due execution of the Finance Documents by, the relevant Additional Obligor as well as, in case of an Additional Obligor incorporated or established in a jurisdiction other than Germany, recognition of choice of law and enforcement of judgements of German courts. (12) If the proposed Additional Obligor is incorporated in a jurisdiction other than Germany, evidence that the process agent specified in Clause 38.2 (Service of process), if not an Obligor, has accepted its appointment in relation to the proposed

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 165 Additional Obligor together with a copy of the executed Process Agent Appointment Letter in relation to the proposed Additional Obligor. 31896837v7 166 SCHEDULE 3 UTILISATION REQUEST From: [Borrower] To: [Landesbank Baden-Württemberg Attn. Kerstin Babel OE 4243 Kredit Neu 3 Kerstin.babel@LBBW.de ] Dated: Dear Sirs [Company] – [ ] Facility Agreement dated [ ] (the "Agreement") 1. We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 2. We wish to borrow a Loan on the following terms: Proposed Utilisation Date: [ ] (or, if that is not a Business Day, the next Business Day) Facility to be utilised: [Revolving Facility]/[Additional Facility]\* Currency of Loan: [ ] Amount: [ ] or, if less, the Available Facility Interest Period: [ ] 3. We confirm that each condition specified in Clause 4.2 (Further conditions precedent) of the Agreement is satisfied on the date of this Utilisation Request. 4. The Company confirms to each Finance Party that each of the Repeated Representations is true and correct as at the date hereof as if made by reference to the facts and circumstances existing on the date hereof. \* Delete as appropriate. 31896837v7 167 5. [This Loan is to be made in [whole]/[part] for working capital purposes.] 1 [This Loan is to be made in [whole]/[part] for the purpose of refinancing [identify maturing Loan.] 2 The proceeds of this Loan should be credited to [account]. 6. This Utilisation Request is irrevocable. 1 Only, in case of a cash-utilisation. 2 Only, in case of a rollover-loan. 31896837v7 168 Yours faithfully ………………………………… authorised signatory for [name of relevant Borrower] ………………………………… authorised signatory for [name of Company]\*\* \*\* If different from Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 169 SCHEDULE 4 FORM OF EXTENSION REQUEST From: [Borrower] To: [Landesbank Baden-Württemberg Attn. Kerstin Babel OE 4243 Kredit Neu 3 Kerstin.babel@LBBW.de ] Dated: Dear Sirs [Company] – [ ] Facility Agreement dated [ ] (the "Agreement") 1. We refer to the Agreement. This is an Extension Request. Terms defined in the Agreement have the same meaning in this Extension Request unless given a different meaning in this Extension Request. 2. We wish to request through you that [each Lender extend the Original Termination Date of the Revolving Facility for a period of one (1) year to the First Extension Date.] / [each Lender extend the First Extension Date for a period of a further one (1) year or the Original Termination Date of the Revolving Facility for a period of two (2) years to the Second Extension Date] /[each Lender extend the Original Termination Date of the Revolving Facility for a period of two (2) years to the Second Extension Date]. 3. This Extension Request is irrevocable. Yours faithfully ………………………………… authorised signatory for [name of Company]\*\* \*\* If different from Borrower. 31896837v7 170 SCHEDULE 5 FORM OF ADDITIONAL LENDER ACCESSION LETTER To: [ ] as Agent From: [Additional Lender] Dated: Dear Sirs [Company] – [ ] Facility Agreement dated [ ] (the "Agreement") 1. We refer to the Agreement. This agreement shall take effect as an Additional Lender Accession Letter and a [ ] for the purpose of the [Subordination Agreement]. 2. Terms defined in the Agreement have the same meaning in this Additional Lender Accession Letter unless given a different meaning in this Additional Lender Accession Letter. 3. We acknowledge the terms of the Facilities and in particular Clause 2.2 of the Agreement. 4. We, as Additional Lender, agree with each other person who is or who becomes a party to or bound by the provisions of the Agreement that with effect on and from [•] we will become a party to the Agreement as a Lender and will accordingly become a Finance Party for the purposes of the Agreement and acquire rights and assume relevant obligations in accordance with Clause [2.2] of the Agreement. 5. In accordance with and subject to the terms of the Facilities Agreement, we appoint the Agent to act as our agent under and in connection with the Increase Notice. 6. The Facility Office and other notice details of the Additional Lender for the purposes of the Agreement are as follows: Address: Fax No: Attention: E-mail: 7. The commitment of the Additional Lender for the purposes of the Agreement is [•]. 31896837v7 171 8. This Accession Letter and any non-contractual obligations arising out of or in connection with it are governed by German law. [Additional Lender] [Agent] 31896837v7 172 SCHEDULE 6 FORM OF ADDITIONAL FACILITY NOTICE From: [Company] To: [Landesbank Baden-Württemberg Attn. Kerstin Babel OE 4243 Kredit Neu 3 Kerstin.babel@LBBW.de ] Dated: Dear Sirs [Company] – [ ] Facility Agreement dated [ ] (the "Agreement") 1. We refer to the Agreement. This is an Additional Facility Notice. Terms defined in the Agreement have the same meaning in this Additional Facility Notice unless given a different meaning in this Additional Facility Notice. 2. We wish to request through you the establishment of an Additional Facility by way of [Term Facility / Reolving Facility] with the following terms: (a) Amount: [EUR] [●] (b) Effective Date: [●] (c) Termination Date: [●] (d) Availability Period: [●] (e) Purpose: [●] (f) Maximum Number of Loans: [●] (g) Repayment: [●] (h) Interest Period: [●] (i) Fees: [●]

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 173 Yours faithfully ………………………………… authorised signatory for [name of Company]\*\* 31896837v7 174 SCHEDULE 7 FORM OF TRANSFER CERTIFICATE To: [ ] as Agent From: [The Existing Lender] (the "Existing Lender") and [The New Lender] (the "New Lender") Dated: [Company] – [ ] Facility Agreement dated [ ] (the "Agreement") We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate. 1. We refer to Clause 23.6 (Procedure for assignment and transfer by assumption of contract (Vertragsübernahme)) of the Agreement: (a) The Existing Lender and the New Lender agree to the Existing Lender assigning and transferring to the New Lender by assumption of contract (Vertragsübernahme) of the Agreement and in accordance with Clause 23.6 (Procedure for assignment and transfer by assumption of contract (Vertragsübernahme)) of the Agreement, all of the Existing Lender's rights and obligations under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment(s) and participations in Loans under the Agreement as specified in the Schedule. (b) The proposed Transfer Date is [ ]. (c) The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 30.2 (Addresses) of the Agreement are set out in the Schedule. 2. The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in paragraph (c) of Clause 23.5 (Limitation of responsibility of Existing Lenders) of the Agreement. 3. The New Lender expressly confirms that it [can/cannot] exempt the Agent and the Security Agent from the restrictions pursuant to section 181 Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law as provided for in paragraph (c) of Clause 25.1 (Appointment of the Agent) and paragraph (c) of Clause 26.1 (Appointment of Security Agent). 31896837v7 175 4. The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is: (a) [a Qualifying Lender (other than a Treaty Lender)]; (b) [a Treaty Lender;] (c) [not a Qualifying Lender]3 5. This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by German law. 6. This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate. 3 Delete as applicable - each New Lender is required to confirm which of these three categories it falls within. 31896837v7 176 THE SCHEDULE Commitment/rights and obligations to be assigned and transferred by way of assumption of contract (Vertragsübernahme) [insert relevant details] [Facility Office address, fax number and attention details for notices and account details for payments,] [Existing Lender] [New Lender] By: By: This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as [ ]. [Agent] By:

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 177 SCHEDULE 8 FORM OF ACCESSION LETTER To: [ ] as Agent From: [Subsidiary] and [Company] Dated: Dear Sirs [Company] – [ ] Facility Agreement dated [ ] (the "Agreement") 7. We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the same meaning in this Accession Letter unless given a different meaning in this Accession Letter. 8. [Subsidiary] agrees to become an Additional [Borrower]/[Guarantor] and to be bound by the terms of the Agreement as an Additional [Borrower]/[Guarantor] pursuant to [Clause 24.2 (Additional Borrowers)]/[Clause 24.4 (Additional Guarantors)] of the Agreement. [Subsidiary] is a company duly incorporated under the laws of [name of relevant jurisdiction]. 9. [The Company confirms that no Default is continuing or would occur as a result of [Subsidiary] becoming an Additional Borrower.]4 10. We confirm to each Finance Party that each of the Repeated Representations is true and correct in relation to us as at the date hereof as if made by reference to the facts and circumstances existing on the date hereof. 11. [Subsidiary's] administrative details are as follows: Address: Fax No: Attention: 12. This Accession Letter and any non-contractual obligations arising out of or in connection with it are governed by German law. [Company] [Subsidiary] 4 Include in the case of an Additional Borrower. 31896837v7 178 SCHEDULE 9 FORM OF RESIGNATION LETTER To: [ ] as Agent From: [resigning Obligor] and [Company] Dated: Dear Sirs [Company] – [ ] Facility Agreement dated [ ] (the "Agreement") 1. We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter. 2. Pursuant to [Clause 24.3 (Resignation of a Borrower)]/[Clause 24.6 (Resignation of a Guarantor)] of the Agreement, we request that [resigning Obligor] be released from its obligations as a [Borrower]/[Guarantor] under the Agreement. 3. We confirm that: (a) no Default is continuing or would result from the acceptance of this request; and (b) [ ]\* 4. This Resignation Letter and any non-contractual obligations arising out of or in connection with it are governed by German law. [Company] [Subsidiary] By: By: \* Insert any other conditions required by the Facility Agreement. 31896837v7 179 SCHEDULE 10 EXISTING SECURITY

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&nbsp;&nbsp;&nbsp;&nbsp;31896837v7 180 SCHEDULE 11 FORM OF COMPLIANCE CERTIFICATE To: [ ] as Agent From: [Company] Dated: Dear Sirs [Company] – [ ] Facility Agreement dated [ ] (the "Agreement") 1. We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate. 2. We confirm that: [Insert details of covenants to be certified] 3. [We confirm that no Default is continuing.]\* Signed: ….................. ….................. Director Director of of [Company] [Company] [insert applicable certification language]\*\* ….................. [for and on behalf of [name of auditors of the Company]]\*\*\* \* If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it. \*\* To be agreed with the Company's auditors and the Lenders prior to signing the Agreement. \*\*\* Only applicable if the Compliance Certificate accompanies the audited financial statements and is to be signed by the auditors. To be agreed with the Company's auditors prior to signing the Agreement. 31896837v7 181 SCHEDULE 12 TIMETABLES Loans in euro Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request)) for the first Utilisation U-1 5:00 pm Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request)) U-3 11:00 am Agent determines (in relation to a Utilisation) the amount of the Loan, if required under Clause 5.4 (Lenders' participation) and notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders' participation) U-3 Noon EURIBOR is fixed Quotation Day 11:00 am (Brussels time) in respect of EURIBOR "U-X" = X Business Days prior to date of utilisation 31896837v7 182 SCHEDULE 13 FORM OF PROCESS AGENT APPOINTMENT LETTER To: [ ] as process agent From: [Obligor] Date: Dear Sirs [Company] – [ ] Facility Agreement dated [ ] (the "Agreement") We refer to the Agreement and hereby irrevocably appoint you as our agent for service of process in relation to any proceeding before any German court in connection with the above mentioned Agreement. Signed: ….................. ….................. Director Director of of [Obligor] [Obligor] 31896837v7 183 SCHEDULE 14 SCREEN RATE CONTINGENCY PERIODS Screen Rate Period EURIBOR 30 days

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## Exhibit 4.22

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30 30

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FINAL VERSION 34073642 Date 5 May 2021 as amended and restated on ___ May 2022 ____________________________________________________________________________ SIGNA Sports United GmbH as Company SIGNA Sports United GmbH Internetstores Holding GmbH internetstores GmbH as Borrowers and Guarantors SIGNA Sport Online GmbH Dolphin France SAS Tennis-Point GmbH Wiggle Limited as Guarantors Landesbank Baden-Württemberg as Mandated Lead Arranger, Bookrunner, Underwriter and Documentation Agent Landesbank Baden-Württemberg as Agent and Security Agent and others ____________________________________________________________________________ EUR 100,000,000 REVOLVING FACILITY AGREEMENT 76422519 -SOLADEST- 4/5/2021-10:36:40 ____________________________________________________________________________ 30 34073642v9 2 CONTENTS Clause Page 1. Definitions And Interpretation ............................................................................................. 4 2. The Facilities ........................................................................................................................ 24 3. Purpose ................................................................................................................................ 27 4. Conditions Of Utilisation .................................................................................................... 27 5. Utilisation ............................................................................................................................. 28 6. Repayment ........................................................................................................................... 29 7. Prepayment And Cancellation ........................................................................................... 31 8. Interest ................................................................................................................................. 35 9. Interest Periods ................................................................................................................... 36 10. Changes To The Calculation Of Interest .......................................................................... 37 11. Fees ...................................................................................................................................... 39 12. Tax Gross Up And Indemnities .......................................................................................... 39 13. Increased Costs .................................................................................................................. 47 14. Other Indemnities ................................................................................................................ 49 15. Mitigation By The Lenders ................................................................................................. 50 16. Costs And Expenses .......................................................................................................... 51 17. Guarantee And Indemnity .................................................................................................. 52 18. Representations .................................................................................................................. 62 19. Information Undertakings .................................................................................................. 67 20. Financial Covenants ........................................................................................................... 74 21. General Undertakings ......................................................................................................... 75 22. Events Of Default ................................................................................................................ 90 23. Changes To The Lenders ................................................................................................... 94 24. Changes To The Obligors ................................................................................................ 100 25. Role Of The Agent And The Arranger ............................................................................. 103 26. The Security Agent ........................................................................................................... 113 27. Conduct Of Business By The Finance Parties .............................................................. 130 28. Sharing Among The Finance Parties .............................................................................. 130 29. Payment Mechanics .......................................................................................................... 132 30. Notices ............................................................................................................................... 136 31. Calculations And Certificates .......................................................................................... 139 32. Partial Invalidity ................................................................................................................. 140 33. Remedies And Waivers .................................................................................................... 140 34. Amendments And Waivers .............................................................................................. 140 35. Confidential Information................................................................................................... 145 36. Confidentiality Of Funding Rates .................................................................................... 150 34073642v9 3 37. Governing Law .................................................................................................................. 151 38. Enforcement ...................................................................................................................... 152 SCHEDULE 1 PART I THE OBLIGORS AT THE EFFECTIVE DATE ....................................... 154 SCHEDULE 1 PART II THE LENDERS AT THE EFFECTIVE DATE........................................ 155 SCHEDULE 2 CONDITIONS PRECEDENT PART I CONDITIONS PRECEDENT TO INITIAL UTILISATION ...................................................................................................................... 156 SCHEDULE 2 CONDITIONS PRECEDENT PART II CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED BY AN ADDITIONAL OBLIGOR ..................................................... 160 SCHEDULE 3 UTILISATION REQUEST .................................................................................... 163 SCHEDULE 4 FORM OF EXTENSION REQUEST .................................................................... 166 SCHEDULE 5 FORM OF TRANSFER CERTIFICATE ............................................................... 167 SCHEDULE 6 FORM OF ACCESSION LETTER ....................................................................... 170 SCHEDULE 7 FORM OF RESIGNATION LETTER ................................................................... 171 SCHEDULE 8 EXISTING SECURITY ......................................................................................... 172 SCHEDULE 9 EXISTING FINANCIAL INDEBTEDNESS .......................................................... 173 SCHEDULE 10 FORM OF COMPLIANCE CERTIFICATE ........................................................ 174 SCHEDULE 11 TIMETABLES .................................................................................................... 175 SCHEDULE 12 FORM OF PROCESS AGENT APPOINTMENT LETTER ............................... 176 SCHEDULE 13 SCREEN RATE CONTINGENCY PERIODS .................................................... 177 34073642v9 4 THIS AGREEMENT was originally dated 5 May 2021 and amended and restated on ___ May 2022 and made between: (1) SIGNA SPORTS UNITED GMBH a German limited liability company (Gesellschaft mit beschränkter Haftung) registered with the commercial register (Handelsregister) of the local court (Amtsgericht) of Munich under registration number HRB 241442 as a borrower and company (a "Borrower" and the "Company"); (2) THE SUBSIDIARIES of the Company listed in Part I of Schedule 1 as original borrowers (together with the Company the "Original Borrowers"); (3) THE SUBSIDIARIES of the Company listed in Part I of Schedule 1 as original guarantors (together with the Company the "Original Guarantors") and additional guarantors; (4) LANDESBANK BADEN-WÜRTTEMBERG as mandated lead arranger (the "Arranger"); (5) LANDESBANK BADEN-WÜRTTEMBERG as bookrunner and underwriter (the "Bookrunner" and "Underwriter"); (6) THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 as lenders (the "Current Lenders"); (7) LANDESBANK BADEN-WÜRTTEMBERG as agent of the other Finance Parties (the "Agent"); and (8) LANDESBANK BADEN-WÜRTTEMBERG as security agent of the other Finance Parties (the "Security Agent"). IT IS AGREED as follows: 1. Definitions And Interpretation 1.1 Definitions In this Agreement: "Accession Letter" means a document substantially in the form set out in Schedule 6 (Form of Accession Letter). "Additional Borrower" means a company which becomes an Additional Borrower in accordance with Clause 24 (Changes to the Obligors). "Additional Guarantor" means Wiggle Limited and each company which becomes an Additional Guarantor in accordance with Clause 24 (Changes to the Obligors). 30

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 5 "Additional Obligor" means an Additional Borrower or an Additional Guarantor. "Affiliate" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. "Amendment and Restatement Agreement" means an amendment and restatement agreement between the Parties hereof dated ___ May 2022 by which this Agreement has been amended and restated and to which this Agreement is attached. "Anti-Boycott Laws" means (a) Section 7 German Foreign Trade Ordinance (Außenwirtschaftsverordnung); or (b) Council Regulation (EC) No. 2271/96 of 22 November 1996 as amended by Council Regulation (EC) No. 807/2003 protecting against the effects of the extra-territorial application of legislation adopted by a third country, and actions based thereon or resulting therefrom, as amended from time to time; or (c) any other anti boycott or blocking law or regulation or statute applicable that is in force from time to time. "Anti-Corruption Laws" means the US Foreign and Corrupt Practices Act 1977 and the UK Bribery Act 2010 as well as any other applicable provisions designed to prevent venality or corruption. "Anti-Money Laundering Laws" means the German Anti-Money Laundering Act (Geldwäschegesetz) and the US Money Laundering Control Act 1986 as well as any other applicable provisions designed to prevent money laundering, including statutory provisions defined as predicate offences to money laundering and related implementing rules as well as such or related rules enacted or enforced by administrative authorities. "Authorisation" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration. "Availability Period" means the period from and including the date of this Agreement to and including the date falling one (1) Month prior to the Termination Date. "Available Commitment" means a Lender's Commitment under the Facility minus: (a) the amount of its participation in any outstanding Loans under the Facility; and 30 34073642v9 6 (b) in relation to any proposed Utilisation, the amount of its participation in any Loans that are due to be made under the Facility on or before the proposed Utilisation Date, (other than that Lender's participation in Loans under the Facility that are due to be repaid or prepaid on or before the proposed Utilisation Date). "Available Facility" means, the aggregate for the time being of each Lender's Available Commitment in respect of the Facility. "Available Liquidity" means cash, cash equivalents and undrawn committed credit lines with a remaining term of at least six (6) months. "Base Currency" means euro. "Borrower" means an Original Borrower or an Additional Borrower unless it has ceased to be a Borrower in accordance with Clause 24 (Changes to the Obligors). "Break Costs" means the amount (if any) by which: (a) the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; exceeds: (b) the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period. "Business Day" means a day (other than a Saturday or Sunday) on which banks are open for general business in Stuttgart and which is a TARGET Day. "Charged Property" means all assets of the Obligors which from time to time are, or are expressed to be, the subject of the Transaction Security. "Code" means the US Internal Revenue Code of 1986. 34073642v9 7 "Commitment" means: (a) in relation to the Original Lender, the amount set opposite its name under the heading "Commitment" in Part II of Schedule 1 (The Lenders at the Effecitve Date) and the amount of any other Commitment transferred to it under this Agreement; (b) in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement, to the extent not cancelled, reduced or transferred by it under this Agreement. "Compliance Certificate" means a certificate substantially in the form set out in Schedule 10 (Form of Compliance Certificate). "Confidential Information" means all information relating to the Company, any Obligor, the Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under the Finance Documents or the Facility from either: (a) any member of the Group or any of its advisers; or (b) another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes: (i) information that: (A) is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 35 (Confidential Information); or (B) is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or (C) is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as 34073642v9 8 far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and (ii) any Funding Rate. "Consolidated Adjusted EBITDA" means, in relation to any period, the consolidated net income of the Group, before: (a) deduction of any taxes on income; (b) deduction of any interest and similar expenses; (c) addition of any interest and similar income; (d) deduction of any depreciation, amortisation as well as impairment changes; (e) deducting the amount of any profit (or adding back the amount of any loss) of any member of the Group which is attributed to minority interests; (f) deducting exceptional items which are stated as exceptional by the relevant auditor at a maximum of EUR 10,000,000 per annum. "Default" means an Event of Default or any event or circumstance specified in Clause 22 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default. "Effective Date" means the "Effective Date" as such term is defined in the Amendment and Restatement Agreement. "Eligible Institution" means any Lender or other bank, financial institution, trust, fund or other entity selected by the Company and which, in each case, is not a member of the Group. "Equity Commitment IA" means an amount of EUR 30,000,000 made available to the Company by its existing direct or indirect shareholders by way of a capital increase or Shareholder Loans.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 9 "Equity Commitment IB" means an amount of EUR 20,000,000 less the respective Equity Commitment Reduction Amount made available to the Company by its existing direct shareholder by way of capital increase or Shareholder Loans. "Equity Commitment II" means an amount of EUR 100,000,000 made available to the Company by its direct shareholder by way of a capital increase or Shareholder Loans. "Equity Commitment III" means an amount of EUR 50,000,000 less the respective Equity Commitment Reduction Amount made available to the Company by SIGNA Holding GmbH. "Equity Commitment Reduction Amount" means the amount exceeding EUR 100,000,000 (to be attributed firstly to Equity Commitment III and secondly to Equity Commitment IB which the Company has received by way of (i) capital increase or (ii) Shareholder Loans from the direct shareholder, where the evidence of receipt and the calculation of the reduction is satisfactory to the Lenders. For the avoidance of doubt: amounts up to an amount of EUR 100,000,000 provided by the direct shareholder of the Company shall first be attributable to the Equity Commitment II and any amounts exceeding the Equity Commitment II shall also be considered a reduction amount within the meaning of this definition. "Equity Commitments" means the Equity Commitment IA, the Equity Commitment IB, the Equity Commiment II and the Equity Commitment III. "Equity Commitment Letter" means any letter or other contractual obligation (in each case satisfactory to the Lenders) by a direct or indirect shareholder of the Company confirming, inter alia, such "EURIBOR" means, in relation to any Loan in euro: (a) the applicable Screen Rate as of the Specified Time for euro and for a period equal in length to the Interest Period of that Loan; or (b) as otherwise determined pursuant to Clause 10.1 (Unavailability of Screen Rate), and if, in either case, that rate is less than zero, EURIBOR shall be deemed to be zero. "Event of Default" means any event or circumstance specified as such in Clause 22 (Events of Default). "Existing Convertible Loans" has the meaning ascribed to this term in Clause 21.21 (Subordiantion of Convertible Debt). "Existing Facilities Agreement" means the EUR 50,000,000 facilities agreement dated 3 February 2020 between, inter alia, internetstores Holding GmbH as company, original borrower and 34073642v9 10 original guarantor, internetstores GmbH as original borrower and original guarantor, certain companies named therein as original guarantors and SIGNA Sports United GmbH as supplementary guarantor, Landesbank Baden-Württemberg GmbH as mandated lead arranger, bookrunner, facility agent and security agent, Deutsche Bank AG, Filiale Deutschlandgeschäft and Kreissparkasse Esslingen- Nürtingen as lead arrangers and certain financial institutions referred to therein as original lenders. "Extension Request" means a request for the extension of the Termination Date pursuant to Clause 2.2(Extension Option) substantially in the form of Schedule 4 (Form of Extension Request). "External Expert" means PricewaterhouseCoopers LLP (or any other reputable globally active financial advisory firm satisfactory to the Lenders). "Facility" means the revolving loan facility made available under this Agreement as described in Clause 2.1 (The Revolving Facility). "Facility Office" means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five (5) Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement. "Familie Benko Privatstiftung" means Familie Benko Privatstiftung, an Austrian private foundation (Privatstiftung) registered with the commercial register (Firmenbuch) of the regional court (Landesgericht) of Innsbruck under registration number FN 209416 s. "FATCA" means: (a) sections 1471 to 1474 of the Code or any associated regulations; (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or (c) any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. "FATCA Application Date" means: (a) in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or 34073642v9 11 (b) in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction withholding required by FATCA. "FATCA Deduction" means a deduction or withholding from a payment under a Finance Document required by FATCA. "FATCA Exempt Party" means a Party that is entitled to receive payments free from any FATCA Deduction. "Fee Letter" means any letter or letters dated on or about the date of this Agreement or the date of the Amendment and Restatement Agreement between the Arranger and the Company (or the Agent or any Lender and the Company) setting out any of the fees referred to in Clause 11 (Fees) or in the Amendment and Restatement Agreement. "Finance Document" means this Agreement, the Amendment and Restatement Agreement, the Global Transfer Agreement, any Transaction Security Document, any Subordination Agreement, the Mandate Letter, any Fee Letter, any Extension Request, any Accession Letter, any Resignation Letter, any Equity Commitment Letter and any other document designated as such by the Agent and the Company. "Finance Party" means the Agent, the Security Agent, the Arranger, the Bookrunner, the Underwriter or a Lender. "Financial Indebtedness" means any indebtedness (without double counting) for or in respect of: (a) moneys borrowed; (b) any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, commercial papers, debentures, loan stock or any similar instrument; (d) any other instrument which is to be accounted for as financial indebtedness according to IFRS (including IFRS 16); (e) receivables sold or discounted (other than any receivables to the extent they are sold or discounted on a non-recourse basis), except for any payment methods in the ordinary course of business (e.g. "Klarna Bank AB") which shall not be considered Financial Indebtedness hereunder; 34073642v9 12 (f) any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not referred to in any other paragraph of this definition having the commercial effect of a borrowing, except for the existing purchasing group cooperation with Sport2000/DZB and Intersport which shall not be considered as Financial Indebtedness hereunder; (g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account); (h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and (i) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above. "First Extension Date" means the date falling four (4) years after the date of this Agreement. "Funding Rate" means any individual rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of Clause 10.3 (Cost of funds). "GAAP" means generally accepted accounting principles in the relevant Obligor's jurisdiction of incorporation, including IFRS. "Global Transfer Agreement" means the global transfer agreement dated 26 August 2021 in relation to this Agreement between, inter alios, SIGNA Sports United GmbH as Company, Citicorp North America Inc, Kreissparkasse Esslingen-Nürtingen and UniCredit Bank AG as New Lender and Landesbank Baden-Württemberg as Existing Lender, Agent, Bookrunner and Underwriter. "Group" means the Company and its Subsidiaries for the time being. "Guarantor" means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with Clause 24 (Changes to the Obligors). "Guarantor Coverage" has the meaning ascribed to this term in paragraph (a) of Clause 21.20 (Guarantor Coverage).

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 13 "Historic Screen Rate" means, in relation to any Loan, the most recent applicable Screen Rate for the currency of that Loan and for a period equal in length to the Interest Period of that Loan and which is as of a day which is no more than five (5) days before the Quotation Day. "Holding Company" means, in relation to a person, any other person in respect of which it is a Subsidiary. "IFRS" means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. "Interest Period" means, in relation to a Loan, each period determined in accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest and lump sum damages). "Interpolated Historic Screen Rate" means, in relation to any Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: (a) the most recent applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and (b) the most recent applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, each for the currency of that Loan and each of which is as of a day which is no more than five (5) days before the Quotation Day. "Interpolated Screen Rate" means, in relation to any Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: (a) the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, each as of the Specified Time for the currency of that Loan. 34073642v9 14 "Lender" means: (a) the Original Lender; (b) the Current Lenders; and (c) any bank, financial institution, trust, fund or other entity which has become a Party as a "Lender" in accordance with Clause 23 (Changes to the Lenders), which in each case has not ceased to be a Party as such in accordance with the terms of this Agreement. "Loan" means a loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan. "Logistic Project" means the greenfield 3PL-logisticts project with respect to the operation of a distribution warehouse in Hockenheim, Germany, based on the agreement entered into between Tennis- Point GmbH, Internetstores GmbH on the one hand and Rhenus Warehousing Solutions SE & Co. KG as logisticts service provider on the other hand on 31 March 2021. "Majority Lenders" means a Lender or Lenders whose Commitments aggregate more than 66 % of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66 % of the Total Commitments immediately prior to the reduction). "Mandate Letter" means the mandate Letter between the Arranger and the Company dated 14 April 2021. "Margin" means 3.50 per cent. per annum as of the Effective Date and until the date the Compliance Certificate in relation to 31 Initial Period and shall then be adjusted in accordance with this Agreement. Thereafter, the applicable Margin shall be determined by reference to the Net Leverage Ratio as shown in the most recent Compliance Certificate in accordance with the following table: Net Leverage Ratio Margin (% per annum) x > 2.00:1 2.50 1.00:1 < x 2.00:1 2.00 x 1.75 34073642v9 15 provided that any adjustment of the Margin shall take effect from (and including) the date (the "Reset Date") falling three (3) Business Days after the date on which the Agent received from the Company the relevant Compliance Certificate with respect to any Interest Period commencing after the Reset Date. At any time when an Event of Default is continuing, the Margin shall be the highest Margin as per the above margin ratchet plus 1.00 per cent per annum, respectively a total 4.50 per cent. within the Initial Period (as defined above). "Material Adverse Effect" means a material adverse effect on (a) the business, operations, assets, condition (financial or otherwise) of an Obligor or the Group taken as a whole, (b) the ability of the Obligors to perform their obligations under any Finance Document; or (c) subject to any limiting general principles of law which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 24 (Changes to the Obligors), the validity or enforceability of (or the effectiveness or ranking of, any Security granted or purported to be granted under) of any Finance Document unless such defect is capable of remedy and is remedied within ten (10) Business Days of the earlier of (i) the Agent giving notice to the Company or relevant Obligor and (ii) the Company or an Obligor becoming aware of such defect or the rights or remedies of any Finance Party under any of the Finance Documents. "Material Company" means at any time: (a) an Obligor, or (b) a wholly owned member of the Group that holds shares in an Obligor; or (c) a Subsidiary of the Company which has assets (calculated on a consolidated basis) or EBITDA (calculated on a consolidated basis) representing 10% or more of the consolidated gross assets or the Consolidated Adjusted EBITDA of the Group. Compliance with the conditions set out in paragraph (c) shall be determined by reference to the most recent annual Compliance Certificate delivered by the Company and audited financial statements of that Subsidiary (consolidated in the case of a Subsidiary which itself has Subsidiaries) and the latest annual audited consolidated financial statements of the Group. However, if a Subsidiary has been acquired since the date as at which the latest audited consolidated financial statements of the Group were prepared, the financial statements shall be adjusted on a pro forma basis in order to take into account the acquisition of that Subsidiary (that adjustment being certified by a director of the Company who has sole power of representation (Einzelvertretungsmacht) or by two directors who have joint power of representation 34073642v9 16 (Gesamtvertretungsmacht) as representing an accurate reflection of the revised EBITDA or assets of the Group. A report by the Auditors of the Company that a Subsidiary is or is not a Material Company shall, in the absence of manifest error, be conclusive and binding on all Parties. "Month" means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that: (a) (subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; (b) if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and (c) if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. The above rules will only apply to the last Month of any period. "Net Financial Indebtedness" means the total Financial Indebtedness (for the avoidance of doubt without taking into account subordinated shareholder loans) of the Group less cash. "Net Leverage Ratio" means the ratio of Net Financial Indebtedness to Consolidated Adjusted EBITDA. "New Lender" has the meaning given to that term in Clause 23 (Changes to the Lenders). "Obligor" means a Borrower or a Guarantor. "Original Financial Statements" means in relation to each Original Obligor, its audited unconsolidated financial statements for its financial year ended 30 September 2020. "Original Lender" means Landesbank Baden-Württemberg. "Original Obligor" means an Original Borrower or an Original Guarantor. "Original Termination Date" means the date falling three (3) years after the date of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 17 "Participating Member State" means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. "Party" means a party to this Agreement. "Qualifying Lender" has the meaning given to it in Clause 12 (Tax gross-up and indemnities). "Quotation Day" means, in relation to any period for which an interest rate is to be determined two TARGET Days before the first day of that period (unless market practice differs in the Relevant Market for that currency, in which case the Quotation Day for that currency will be determined by the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days)). "Refinancing Report" means the final refinancing report by PricewaterhouseCoopers LLP with the title "Project Olympics Refinancing Report" and dated 26 April 2022 together with its addendum dated 11 May 2022 which is in line with the current financial planning of the management of the Company. "Related Fund" in relation to a fund (the "first fund"), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund. "Relevant Market" means, in relation to euro, the European interbank market. "Repeated Representations" means each of the representations set out in Clauses 18.1 (Status) to 18.9 (No Default) and paragraph (c) of Clause 18.10 (No misleading information) and Clauses 18.11 (Financial Statements) to Clause 18.17 (Sanctions / Anti-Money Laundering / Anti-Corruption). "Representative" means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian. "Resignation Letter" means a letter substantially in the form set out in Schedule 7 (Form of Resignation Letter). "Rollover Loan" means one or more Loans (a) made or to be made on the same day that a maturing Loan under the Facility is due to be repaid; 34073642v9 18 (b) the aggregate amount of which is equal to or less than the amount of the maturing Loan; and (c) made or to be made to the same Borrower for the purpose of refinancing that maturing Loan. "Sanctions Restricted Country" means any country or territory which is subject to country-/territory- wide, comprehensive Sanctions (as of the date of this Agreement the Ukraine region Crimea, Cuba, Iran, North Korea, South Sudan, Sudan, and Syria). "Sanctions Restricted Person" means any person (a) listed on a Sanctions List or who is directly or indirectly owned (holding combined 50 per cent or more of the shares) or controlled by or acting on behalf of one or more persons who themselves are listed on a Sanctions List; (b) who is located in or organised under the jurisdiction of a Sanctions Restricted Country; or (c) who is in any other way subject of Sanctions. "Sanctions" means any economic, financial or other restrictions by virtue of person-, country- or goods/service-related embargoes, foreign trade laws, regulations, rules or measures enacted, enforced or monitored by any Sanctions Authority. "Sanctions Authorities" means (a) the United Nations; (b) the European Union and its member states; (c) the United States of America; (d) the United Kingdom; or (e) any body, governmental authority or other authority of one of the foregoing countries or organisations, including, without limitation, the "United States Department of Treasury's Office of Foreign Assets Control" (OFAC), the "United States Department of State", the "United States Department of Commerce" and the "Office of Financial Sanctions Implementation Her Majesty's Treasury" (OFSI). 34073642v9 19 "Sanctions List" means any Sanctions-related list administered by or any publication of person-related Sanctions by any Financial Sanctions Targets in the UK. "Second Extension Date" means the date falling five (5) years after the date of this Agreement. "Screen Rate" means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed (any correction, recalculation or republication by the administrator shall only be taken into account, if the error is such that the refixed rate will vary by at least two (2) basis points of the originally published rate) on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the Company. "Security" means a mortgage, land charge, charge, pledge, lien, assignment or transfer for security purposes, retention of title arrangement or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. "Shareholder Loan" means any loan contractually subordinated pursuant to section 39 para 2 of the German Insolvency Act (Insolvenzordnung) to the claims specified in section 39 para 1 nos. 1 to 5 InsO in the Subordination Agreement and provided to the Company by any of its direct or indirect shareholders. "Shareholder Loan SIGNA" means the shareholder loan agreement in the amount of up to EUR 50,000,000 (with an increase option providing for additional EUR 50,000,000 as of 1 July 2023), dated 3 May 2022 between SIGNA Sports United N.V. as borrower and SIGNA Holding GmbH as lender. "Shareholder Loan HoldCo" means the third party beneficial (echter Vertrag zu Gunsten Dritter) shareholder loan agreement in the amount of up to EUR 50,000,000, dated 27 May 2022 between the Company as borrower and SIGNA Sports United N.V. as lender. "Share Pledge Agreement" means the German law governed share pledge agreement relating to all shares and ancillary rights in Internetstores Holding GmbH. "SPAC Structure Memorandum" means the structure memorandum prepared by Skadden, Arps, Slate, Meagher & Florn LLP and Affiliates dated 30 April 2021 with the title "Project Olympics High Level Straw Man Structure". 34073642v9 20 "SPAC Transaction" means the business combination between the Company and a special purpose acquisition company (SPAC) resulting in the ownership of all or substantially all of the shares in, or the assets or business of, the Company by a newly established Dutch stock corporation (TopCo NV), all as substantially set out in the SPAC Structure Memorandum. "Special Situation Fund" means a distressed, hedge, special or other opportunities fund. "Specified Time" means a day or time determined in accordance with Schedule 11 (Timetables). "Subordination Agreement" means a subordination agreement in relation to shareholder loans entered into between, inter alios, the shareholders of the Company, the Company and the Finance Parties. "Subsidiary" means a subsidiary within the meaning of sections 15 - 17 Stock Corporation Act (Aktiengesetz). "TARGET2" means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007. "TARGET Day" means any day on which TARGET2 is open for the settlement of payments in euro. "Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). "Termination Date" means the Original Termination Date, the First Extension Date or the Second Extension Date, as applicable. "Total Commitments" means the aggregate of the Commitments, being EUR 100,000,000 at the date of this Agreement. "Transaction Security" means the Security created or expressed to be created in favour of the Security Agent and/or Lenders pursuant to the Transaction Security Documents. "Transaction Security Documents" means the Share Pledge Agreement together with any other document entered into by any Obligor creating or expressed to create any Security over all or any part of its assets in respect of the obligations of any of the Obligors under any of the Finance Documents. "Transfer Certificate" means a certificate substantially in the form set out in Schedule 5 (Form of Transfer Certificate) or any other form agreed between the Agent and the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 21 "Transfer Date" means, in relation to an assignment and transfer by way of assumption of contract (Vertragsübernahme) pursuant to Clause 23.6 (Procedure for assignment and transfer by way of assumption of contract (Vertragsübernahme)), the later of: (a) the proposed Transfer Date specified in the Transfer Certificate; and (b) the date on which the Agent executes the Transfer Certificate. "Treasury Transactions" means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price. "UK Acquisition" means the acquisition of all shares in Mapil TopCo Limited, the ultimate holding company of WiggleCRC Group, by the Company in accordance with the terms set forth in the umbrella agreement dated 28 January 2021 between, among others, Bridgepoint Europe IV (Nominees) Limited and the Company. "Unpaid Sum" means any sum due and payable but unpaid by an Obligor under the Finance Documents. "US" means the United States of America. "US Tax Obligor" means: (a) a Borrower which is resident for tax purposes in the US; or (b) an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US federal income tax purposes. "Utilisation" means a utilisation of the Facility. "Utilisation Date" means the date of a Utilisation, being the date on which the relevant Loan is to be made. "Utilisation Request" means a notice substantially in the form set out in Schedule 3 (Utilisation Requests). "VAT" means: (a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and 34073642v9 22 (b) any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere. 1.2 Construction (a) Unless a contrary indication appears, any reference in this Agreement to: (i) the "Agent", the "Security Agent", the "Arranger", any "Finance Party", any "Lender", any "Obligor" or any "Party" shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents and, in the case of the Security Agent, any person for the time being appointed as Security Agent or Security Agents in accordance with the Finance Documents; (ii) "assets" includes present and future properties, revenues and rights of every description; (iii) "director" includes any statutory legal representative(s) (organschaftlicher Vertreter) of a person pursuant to the laws of its jurisdiction of incorporation, including but not limited to, in relation to a person incorporated or established in Germany, a managing director (Geschäftsführer) or member of the board of directors (Vorstand); (iv) a "Finance Document" or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended or restated; (v) a "group of Lenders" includes all the Lenders; (vi) "indebtedness" includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; (vii) a "person" includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality); (viii) a "regulation" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental 34073642v9 23 or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation; (ix) a provision of law is a reference to that provision as amended or re-enacted; and (x) a time of day is a reference to Stuttgart time. (b) The determination of the extent to which a rate is "for a period equal in length" to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement. (c) Section, Clause and Schedule headings are for ease of reference only. (d) Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement. (e) A Default (other than an Event of Default) is "continuing" if it has not been remedied or waived and an Event of Default is "continuing" if it has not been waived. (f) Subject to Clause 34.3 (Other exceptions) but otherwise notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time. (g) The use of the word "or" in enumerations means a cumulative linking of the individual bullet points. (h) Any reference to "the date of this Agreement" shall be a reference to the original signing date (i.e. 5 May 2021). (i) Nothing in this Agreement shall be construed so as to exclude the liability of any person for its own wilful misconduct (Vorsatz). 1.3 Currency symbols and definitions " ", "EUR" and "euro" denote the single currency of the Participating Member States. 1.4 This Agreement is made in the English language. For the avoidance of doubt, the English language version of this Agreement shall prevail over any translation of this Agreement. However, 34073642v9 24 where a German translation of a word or phrase appears in the text of this Agreement, the German translation of such word or phrase shall prevail. 1.5 Dissapplication of Sanctions provisions Provisions of this Agreement relating to Sanctions, such as Sanctions provisions in Clause 7.1 (Illegality), Clause 18.17 (Sanctions / Anti-Mones Laundering / Anti-Corruption), Clause 19.6 (Compliance relates proceedings), Clause 21.19 (Sanctions / Anti-Mones Laundering / Anti- Corruption), are only applicable to the extent that agreement on them does not conflict with any applicable Anti-Boycott Laws. 2. The Facilities 2.1 The Revolving Facility Subject to the terms of this Agreement, the Lenders make available to the Borrowers a revolving loan facility in an aggregate amount equal to the Total Commitments. 2.2 Extension Option (a) By giving the Agent an Extension Request not more than (ninety) 90 days and not less than forty-five (45) days prior to the first anniversary of the date of this Agreement, the Company may request that the Original Termination Date be extended for one year until the First Extension Date. (b) Without prejudice to paragraph (a) above, by giving the Agent an Extension Request within a time period from 1 July 2023 to 31 July 2023, the Company may request that: (i) the Initial Termination Date be extended for one (1) year until the First Extension Date or for two (2) years until the Second Extension Date if the Company has not served an Extension Request pursuant to paragraph (a)above; (ii) Lenders, that have not agreed to an Extension Request pursuant to paragraph (a) above, agree that the Original Termination Date be extended for one (1) year until the First Extension Date or for two (2) years until the Second Extension Date; and/or (iii) Lenders, that have already agreed that the Original Termination Date be extended until the First Extension Date, agree that the Original Termination Date is further extended until the Second Extension Date.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 25 (c) Promptly upon receipt of an Extension Request, the Agent shall notify the Lenders of such Extension Request. (d) Each Lender shall notify the Agent no later than twenty (20) days following receipt of the relevant Extension Request whether or not it agrees to extend the Termination Date in respect of its Commitments and participations in the Loans. If any Lender fails to so notify the Agent or does not agee to extend its Commitment, subject to the provisions of Clause 7.5 (Right of replacement or repayment and cancellation in relation to a single Lender) below, the Temination Date in respect of that Lender will not be extended. (e) The Company shall only be entitled to deliver an Extension Request according to paragraph (b) above if the Equity Commitment IA, the Equity Commitment IB and the Equity Commitment II have been provided in accordance with Clause 21.24 (Equity Commitments). (f) Each Lender may, in its free discretion, decide whether or not to agree to an Extension Request and nothing in this Agreement constitutes an obligation of any Lender to agree to any Extension Request. (g) If not all the Lenders agree to an Extension Request, the Company shall have the right to withdraw its Extension Request within twenty (20) days upon being notified by the Agent to that extent and the Termination Date shall then not be extended pursuant to this Clause 2.2. (h) Without prejudice to Clause 5.5 (Cancellation of Commitment) the participations and Available Commitments of those Lenders which have not agreed to the Extension Request pursuant to paragraph (a) and/or paragraph (b) above shall be repaid and cancelled in full (in relation to Lenders that have not agreed to any postponement of the Original Termination Date) on the Original Termination Date or (in relation to Lenders that have agreed to a postponement until the First Extension Date) on the First Extension Date. 2.3 Finance Parties' rights and obligations (a) The obligations of each Finance Party under the Finance Documents are several and do not constitute a joint obligation (Ausschluss der gesamtschuldnerischen Haftung). Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. 34073642v9 26 (b) The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and do not constitute a joint creditorship (Ausschluss der Gesamtgläubigerschaft) and any debt arising under the Finance Documents to a Finance Party from an Obligor is, except as otherwise set out in this Agreement or any other Finance Document, a separate and independent debt (Ausschluss der gesamtschuldnerischen Haftung) in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party's participation in the Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor. (c) A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights under or in connection with the Finance Documents. 2.4 Obligors' Agent (a) Each Obligor (other than the Company) by its execution of this Agreement or an Accession Letter irrevocably appoints the Company (acting through one or more authorised signatories) even if that action involves multi-representation, self-contracting, or the existence of any conflict of interest, to act on its behalf as its agent in relation to the Finance Documents (the " ") and irrevocably authorises: (i) the Company on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions, to execute on its behalf any Accession Letter, to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Obligor notwithstanding that they may affect the Obligor, without further reference to or the consent of that Obligor; and (ii) each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance Documents to the Company, and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication. 34073642v9 27 (b) Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Obligors' Agent or given to the Obligors' Agent under any Finance Document on behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and whether occurring before or after such other Obligor became an Obligor under any Finance Document) shall be binding for all purposes on that Obligor as if that Obligor had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications of the Obligors' Agent and any other Obligor, those of the Obligors' Agent shall prevail. (c) For the purposes of acting as their agent in accordance with this Clause, each of the Obligors exempts the Company from the restrictions imposed by Section 181 of the German Civil Code (Bürgerliches Gesetzbuch) (and any equivalent restriction under any applicable foreign law) in this respect. 3. Purpose 3.1 Purpose Each Borrower shall apply all amounts borrowed by it under the Facility towards refinancing of the Existing Facilities Agreement, for working capital purposes, capital expenditures (but excluding any acquisition or M&A activity). 3.2 Monitoring No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 4. Conditions Of Utilisation 4.1 Initial conditions precedent (a) No Borrower may deliver a Utilisation Request unless the Agent has received all of the documents and other evidence listed in Part I of Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Agent (acting reasonable on the instruction of all Lenders). The Agent shall notify the Company and the Lenders promptly upon being so satisfied. (b) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (a) above, the Lenders 34073642v9 28 authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 4.2 Further conditions precedent (a) The Lenders will only be obliged to comply with Clause 5.4 (Lenders' participation) if on the date of the Utilisation Request and on the proposed Utilisation Date: (i) in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed Loan and, in the case of any other Loan, no Default is continuing or would result from the proposed Loan; and (ii) the Repeated Representations made by each Obligor are true in all material respects. 4.3 Maximum number of Loans A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than ten (10) Loans would be outstanding. 5. Utilisation 5.1 Delivery of a Utilisation Request A Borrower may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time. 5.2 Completion of a Utilisation Request (a) Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: (i) the proposed Utilisation Date is a Business Day within the Availability Period; (ii) the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and (iii) the proposed Interest Period complies with Clause 9 (Interest Periods). (b) Only one Loan may be requested in each Utilisation Request.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 29 5.3 Currency and amount (a) The currency specified in a Utilisation Request must be the Base Currency. (b) The amount of the proposed Loan must be a minimum of EUR 5,000,000 or in either case, if less, the Available Facility. 5.4 Lenders' participation (a) If the conditions set out in this Agreement have been met, and subject to Clause 6.1 (Repayment of Loans), each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office. (b) The amount of each Lender's participation in each Loan will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to making the Loan. 5.5 Cancellation of Commitment The Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period. 6. Repayment 6.1 Repayment of Loans (a) Each Borrower which has drawn a Loan shall repay that Loan on the last day of its Interest Period and no later than the Termination Date. (b) (a) above, if: (i) one or more Loans are to be made available to a Borrower: (A) on the same day that a maturing Loan under the Facility is due to be repaid by that Borrower; and (B) in whole or in part for the purpose of refinancing the maturing Loan under the Facility; and (ii) Loan to the amount of that maturing Loan is the same as the proportion borne by that 34073642v9 30 Loan, the aggregate amount of the new Loan shall, unless the Company notifies the Agent to the contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the maturing Loan under the Facility so that: (A) if the amount of the maturing Loan exceeds the aggregate amount of the new Loan: (I) the relevant Borrower will only be required to make a payment under Clause 29.1 (Payments to the Agent) in an amount in the relevant currency equal to that excess; and (II) each Lender having been made available and applied by the Borrower in or Loan under the Facility and that Lender will not be required to make a payment under Clause 29.1 (Payments to the Agent) in respect of its participation in the new Loan; and (B) if the amount of the maturing Loan is equal to or less than the aggregate amount of the new Loan: (I) the relevant Borrower will not be required to make a payment under Clause 29.1 (Payments to the Agent); and (II) each Lender will be required to make a payment under Clause 29.1 (Payments to the Agent) in respect of its participation in the new Loan only to the extent that its participation in the new in the new Loan shall be treated as having been made available and applied by the Borrower in or towards repayment of that 34073642v9 31 7. Prepayment And Cancellation 7.1 Illegality If, (i) in any applicable jurisdiction, it becomes unlawful or contrary to any law, regulation or order in any jurisdiction for any Lender according to its assessment to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan or receive payments under this Agreement, or (ii) any Lender receives a notice from any Sanctions Authority Agreement might result in any liability in relation to an alleged violation of Sanctions: (a) that Lender shall promptly notify the Agent upon becoming aware of that event; (b) upon the Agent notifying the Company, each Available Commitment of that Lender will be immediately cancelled; and (c) to the extent that the Lender's participation has not been transferred pursuant to paragraph (d) of Clause 7.5 (Right of replacement or repayment and cancellation in relation to a single Lender), each Borrower shall repay that Lender's participation in the Loans made to that Borrower on the last day of the Interest Period for each Loan occurring after the Agent has notified the Company or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender's corresponding Commitment(s) shall be cancelled in the amount of the participations repaid. 7.2 Change of control (a) If any person or group of persons acting in concert, other than Familie Benko Privatstiftung, gains control of the Company: (i) the Company shall promptly notify the Agent upon becoming aware of that event; (ii) a Lender shall not be obliged to fund an Utilisation (except for a Rollover Loan); and (iii) if a Lender so requires and notifies the Agent within five (5) days of the Company notifying the Agent of the event, the Agent shall, by not less than five (5) days' notice to the Company, cancel the Commitment of that Lender and declare the participation of that Lender in all outstanding Loans, together with accrued interest, and all other amounts accrued under the Finance Documents 34073642v9 32 immediately due and payable, whereupon the Commitment of that Lender will be cancelled and all such outstanding Loans and amounts will become immediately due and payable. (b) For the purpose of paragraph (a) above: (i) "control" means acquiring at any time directly or indirectly 50 per cent. or more of the voting rights in the Company or 50 per cent. or more of the capital in the Company or otherwise exercises control within the meaning of section 17 German Stock Corporation Act (AktG); and (ii) acting in concert gemeinsam handelnd) has the meaning given to it in section 2 of paragraph 5 of the German Takeover Act (Wertpapiererwerbs- und Übernahmegesetz). 7.3 Voluntary cancellation The Company may, if it gives the Agent not less than five (5) Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of EUR 5,000,000) of an Available Facility. Any cancellation under this Clause 7.3 shall reduce the Commitments of the Lenders rateably under the Facility. 7.4 Voluntary prepayment of Loans The Borrower to which a Loan has been made may, upon the expiry of the Avilability Period for such Loan and if it gives the Agent not less than five (5) Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Loan (but if in part, being an amount that reduces the amount of the Loan by a minimum amount of EUR 5,000,000). 7.5 Right of replacement or repayment and cancellation in relation to a single Lender (a) If: (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 12.2 (Tax gross-up); or (ii) any Lender claims indemnification from the Company under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs), or

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 33 (iii) any Lender has not agreed to the Extension Request pursuant to paragraph (a)and/or paragraph (b) of Clause 2.2 (Extension Option) (as the case may be), the Company may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and its intention to procure the repayment of that Lender's participation in the Loans or give the Agent notice of its intention to replace that Lender in accordance with paragraph (d) below. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment(s) of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Company has given notice of cancellation under paragraph (a) above (or, if earlier, the date specified by the Company in that notice), each Borrower to which a Loan is outstanding shall repay that Lender's participation in that Loan. (d) If: (i) any of the circumstances set out in paragraph (a) above apply to a Lender; or (ii) an Obligor becomes obliged to pay any amount in accordance with Clause 7.1 (Illegality) to any Lender, the Company may, on five (5) Business Days' prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) assign and transfer by way of assumption of contract (Vertragsübernahme) pursuant to Clause 23 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to an Eligible Institution which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 23 (Changes to the Lenders) for a purchase price in cash payable at the time of the transfer in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding Loans and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents. (e) The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions: (i) the Company shall have no right to replace the Agent; 34073642v9 34 (ii) neither the Agent nor any Lender shall have any obligation to find a replacement Lender; (iii) in no event shall the Lender replaced under paragraph (d) above be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents; and (iv) the Lender shall only be obliged to assign and transfer its rights and obligations pursuant to paragraph (d) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that transfer. (f) A Lender shall perform the checks described in paragraph (e)(iv) above as soon as reasonably practicable following delivery of a notice referred to in paragraph (d) above and shall notify the Agent and the Company when it is satisfied that it has complied with those checks. 7.6 Restrictions (a) Any notice of cancellation or prepayment given by any Party under this Clause 7 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. (b) Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs (unless prepayment occurs at the end of an Interest Period), without premium or penalty. However, in relation to any prepayment made pursuant to Clause 7.1 (Illegality) prior to the end of the Interest Period Break Costs shall be calculated disregarding the applicable Margin (ohne Margenschaden). (c) Unless a contrary indication appears in this Agreement, any part of the Facility which is prepaid or repaid may be reborrowed in accordance with the terms of this Agreement. (d) The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement. (e) No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 34073642v9 35 (f) If the Agent receives a notice under this Clause 7 it shall promptly forward a copy of that notice to either the Company or the affected Lender, as appropriate. (g) If all or part of any Lender's participation in a Loan is repaid or prepaid and is not available for redrawing (other than by operation of Clause 4.2 (Further conditions precedent)), an amount of that Lender's Commitment (equal to the amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment. 7.7 Application of prepayments Any prepayment of a Loan pursuant to or Clause 7.4 (Voluntary prepayment of Loans) shall be applied pro rata to each Lender's participation in that Loan. 8. Interest 8.1 Calculation of interest The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable: (a) Margin; and (b) EURIBOR. 8.2 Payment of interest The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of each Interest Period (and if the Interest Period is longer than six (6) Months, on the dates falling six-Monthly intervals after the first day of the Interest Period). 8.3 Default interest and lump sum damages (a) If an Obligor fails to pay any amount (other than interest) payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one (1.00) per cent. per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). If an Obligor fails to pay 34073642v9 36 interest payable by it under the Finance Documents on its due date, lump sum damages (pauschalierter Schadensersatz) shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). In the case of lump sum damages, the relevant Obligor shall be free to prove that no damages have arisen or that damages have not arisen in the asserted amount and any Finance Party shall be entitled to prove that further damages have arisen. Any interest or lump sum accruing under this Clause 8.3 shall be immediately payable by the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. per annum higher than the rate which would have applied if the overdue amount had not become due. 8.4 Notification of rates of interest (a) The Agent shall promptly notify the relevant Lenders and the relevant Borrower of the determination of a rate of interest under this Agreement. (b) The Agent shall promptly notify the relevant Borrower of each Funding Rate relating to a Loan. 9. Interest Periods 9.1 Selection of Interest Periods (a) A Borrower (or the Company on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan. (b) Subject to this Clause 9, a Borrower (or the Company) may select an Interest Period of one (1), three (3) or six (6) Months or of any other period agreed between the Company, the Agent and all the Lenders in relation to the relevant Loan.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 37 (c) An Interest Period for a Loan shall not extend beyond the Termination Date. (d) A Loan has one Interest Period only. 9.2 Non-Business Days If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 10. Changes To The Calculation Of Interest 10.1 Unavailability of Screen Rate (a) Interpolated Screen Rate: If no Screen Rate is available for EURIBOR for the Interest Period of a Loan, the applicable EURIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period of that Loan. (b) Shortened Interest Period: If no Screen Rate is available for EURIBOR for the Interest Period of a Loan and it is not possible to calculate the Interpolated Screen Rate, the Interest Period of that Loan shall be shortened to the next shorter interest period and the applicable EURIBOR for that shortened Interest Period shall be determined pursuant to the definition of "EURIBOR". (c) Shortened Interest Period and Historic Screen Rate: If the Interest Period of a Loan is, after giving effect to paragraph (b) above, shortend and for the shortened Interest Period no Screen Rate is available for EURIBOR for the Interest Period of that Loan and it is not possible to calculate the Interpolated Screen Rate, the applicable EURIBOR shall be the Historic Screen Rate for that Loan. (d) Shortened Interest Period and Interpolated Historic Screen Rate: If paragraph (c) above applies but no Historic Screen Rate is available for the Interest Period of the Loan, the applicable EURIBOR shall be the Interpolated Historic Screen Rate for a period equal in length to the Interest Period of that Loan. (e) Cost of funds: If paragraph (d) above applies but it is not possible to calculate the Interpolated Historic Screen Rate, the Interest Period of that Loan shall, if it has been shortened pursuant to paragraph (b) above, revert to its previous length and there shall be no EURIBOR for that Loan and Clause 10.3 (Cost of funds) shall apply to that Loan for that Interest Period. 34073642v9 38 10.2 Market disruption If before close of business in Stuttgart on the Quotation Day for the relevant Interest Period the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35 per cent. of that Loan) that the cost to it of funding its participation in that Loan from whatever source it may reasonably select would be in excess of EURIBOR then Clause 10.3 (Cost of funds) shall apply to that Loan for the relevant Interest Period. 10.3 Cost of funds (a) If this Clause 10.3 applies, the rate of interest on each Lender's share of the relevant Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of: (i) the Margin; and (ii) the rate notified to the Agent by that Lender as soon as practicable and in any event within five (5) Business Days of the first day of that Interest Period (or, if earlier, on the date falling five (5) Business Days before the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding its participation in that Loan from whatever source it may reasonably select and if that rate is less than zero, it shall be deemed to be zero. (b) If this Clause 10.3 applies and the Agent or the Borrower so requires, the Agent and the Company shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute basis for determining the rate of interest. (c) Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all Lenders and the Company, be binding on all Parties. (d) If this Clause 10.3 applies but any Lender does not supply a quotation by the time specified in paragraph (a)(ii) above the rate of interest shall be calculated on the basis of the quotations of the remaining Lenders and if that rate is less than zero, it shall be deemed to be zero. 10.4 Notification to Borrower If Clause 10.3 (Cost of funds) applies the Agent shall, as soon as is practicable, notify the relevant Borrower. 10.5 Break Costs (a) Each Borrower shall, within three (3) Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by the relevant Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum. 34073642v9 39 (b) Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue. 11. Fees 11.1 Commitment fee (a) The Company shall pay to the Agent (for the account of each Lender) a fee computed at the rate of 35 per cent. per annum of the applicable Margin on that Lender's Available Commitment for the Availability Period. (b) The accrued commitment fee, calculated in accordance with this Agreement (in particular Clause 31.3 (Day count convention)), is payable on the last day of each successive period of three Months which ends during the Availability Period, on the last day of the Availability Period and, if cancelled in full, on the cancelled amount of the relevant Lender's Commitment at the time the cancellation is effective. 11.2 Arrangement fee The Company shall pay to the Arranger and Bookrunner an underwriting, arrangement and documentation agent fee in the amount and at the times agreed in the Mandate Letter. 11.3 Agency fee The Company shall pay to the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter. 12. Tax Gross Up And Indemnities 12.1 Definitions (a) In this Agreement: "German Borrower" means a Borrower resident for tax purposes in Germany. "Protected Party" means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document. 34073642v9 40 "Qualifying Lender" means: (i) in respect of interest payable by a German Borrower, a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and is: (A) lending through a Facility Office in Germany; or (B) a Treaty Lender; (ii) in respect of any other Borrower, a Lender which is beneficially entitled to interest payable to that Lender and is: (A) lending through a Facility Office in the jurisdiction of incorporation of the relevant Borrower; or (B) a Treaty Lender. "Tax Credit" means a credit against, relief or remission for, or repayment of any Tax. "Tax Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction. "Tax Payment" means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax indemnity). "Treaty Lender" means a Lender which: (i) is treated as a resident of a Treaty State for the purposes of the Treaty; and (ii) does not carry on a business the jurisdiction of residence of the relevant Borrower through a permanent establishment with which that Lender's participation in the Loan is effectively connected. "Treaty State" means a jurisdiction having a double taxation agreement (a "Treaty") with the jurisdiction of the relevant Borrower which makes provision for full exemption for tax imposed by such jurisdiction on interest.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 41 Unless a contrary indication appears, in this Clause 12 a reference to "determines" or "determined" means a determination made in the reasonable discretion of the person making the determination. 12.2 Tax gross-up (a) Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. (b) The Company shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify the Company and that Obligor. (c) If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. (d) A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account of Tax imposed by Germany if on the date on which the payment falls due: (i) the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty, or any published practice or published concession of any relevant taxing authority; or (ii) the Obligor making the payment is able to demonstrate that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under paragraph (g) below. (e) If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. 34073642v9 42 (f) Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. (g) A Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled shall co-operate in completing any procedural formalities (including submitting forms, documents and information required by the appropriate tax authority) necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction. 12.3 Tax indemnity (a) The Company shall (within three (3) Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. (b) Paragraph (a) above shall not apply: (i) with respect to any Tax assessed on a Finance Party: (A) under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or (B) under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect of amounts received or receivable in that jurisdiction, if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or (ii) to the extent a loss, liability or cost: (A) is compensated for by an increased payment under Clause 12.2 (Tax gross-up); 34073642v9 43 (B) would have been compensated for by an increased payment under Clause 12.2 (Tax gross-up) but was not so compensated solely because one of the exclusions in paragraph (d) of Clause 12.2 (Tax gross-up) applied; or (C) relates to a FATCA Deduction required to be made by a Party. (c) A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Company. (d) A Protected Party shall, on receiving a payment from an Obligor under this Clause 12.3, notify the Agent. 12.4 Tax Credit If an Obligor makes a Tax Payment and the relevant Finance Party determines that: (a) a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and (b) that Finance Party has obtained and utilised that Tax Credit, the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor. 12.5 Lender status confirmation Each Lender which is not the Original Lender shall indicate, in the documentation which it executes on becoming a Party as a Lender, and for the benefit of the Agent and without liability to any Obligor, which of the following categories it falls in: (a) not a Qualifying Lender; (b) a Qualifying Lender (other than a Treaty Lender); or (c) a Treaty Lender. 34073642v9 44 If such a Lender fails to indicate its status in accordance with this Clause 12.5 then that Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Company). For the avoidance of doubt, the documentation which a Lender executes on becoming a Party as a Lender shall not be invalidated by any failure of a Lender to comply with this Clause 12.5. 12.6 Stamp taxes The Company shall pay and, within three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 12.7 VAT (a) All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (subject to such Finance Party providing an appropriate VAT invoice to that Party). (b) If VAT is or becomes chargeable on any supply made by any Finance Party (the "Supplier") to any other Finance Party (the "Recipient") under a Finance Document, and any Party other than the Recipient (the "Relevant Party") is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration): (i) (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 45 (ii) (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT. (c) Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority. (d) In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party's VAT registration and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation to such supply. 12.8 FATCA information (a) Subject to paragraph (c) below, each Party shall, within ten (10) Business Days of a reasonable request by another Party: (i) confirm to that other Party whether it is: (A) a FATCA Exempt Party; or (B) not a FATCA Exempt Party; (ii) supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and (iii) supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange of information regime. 34073642v9 46 (b) If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. (c) Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: (i) any law or regulation; (ii) any fiduciary duty; or (iii) any duty of confidentiality. (d) If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (a)(ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. (e) If a Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or any other applicable law or regulation require it, each Lender shall, within ten (10) Business Days of: (i) where an Original Borrower is a US Tax Obligor and the relevant Lender is the Original Lender, the date of this Agreement; (ii) where a Borrower is a US Tax Obligor on a date on which any other Lender becomes a Party as a Lender, that date; (iii) the date a new US Tax Obligor accedes as a Borrower; or (iv) where a Borrower is not a US Tax Obligor, the date of a request from the Agent, supply to the Agent: (A) a withholding certificate on Form W-8, Form W-9 or any other relevant form; or 34073642v9 47 (B) any withholding statement or other document, authorisation or waiver as the Agent may require to certify or establish the status of such Lender under FATCA or that other law or regulation. (f) The Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to paragraph (e) above to the relevant Borrower. (g) If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the relevant Borrower. (h) The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Agent shall not be liable for any action taken by it under or in connection with paragraphs (e), (f) or (g) above. 12.9 FATCA Deduction (a) Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. (b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Company and the Agent and the Agent shall notify the other Finance Parties. 13. Increased Costs 13.1 Increased costs (a) Subject to Clause 13.3 (Exceptions) the Company shall, within seven (7) Business Days of a demand by the Agent pay for the account of a Finance Party the amount of any 34073642v9 48 Increased Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after the date of this Agreement. (b) In this Agreement "Increased Costs" means: (i) a reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's) overall capital; (ii) an additional or increased cost; or (iii) a reduction of any amount due and payable under any Finance Document, which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document. 13.2 Increased cost claims (a) A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Company. (b) Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs. 13.3 Exceptions (a) Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is: (i) attributable to a Tax Deduction required by law to be made by an Obligor; (ii) attributable to a FATCA Deduction required to be made by a Party; (iii) compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated for under Clause 12.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 12.3 (Tax indemnity) applied); or

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 49 (iv) attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation. (b) In this Clause 13.3, a reference to a "Tax Deduction" has the same meaning given to that term in Clause 12.1 (Definitions). 14. Other Indemnities 14.1 Currency indemnity (a) If any sum due from an Obligor under the Finance Documents (a "Sum"), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the "First Currency") in which that Sum is payable into another currency (the "Second Currency") for the purpose of: (i) making or filing a claim or proof against that Obligor; (ii) obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, that Obligor shall as an independent obligation, within three (3) Business Days of demand, indemnify each Finance Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. (b) Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 14.2 Other indemnities The Company shall (or shall procure that an Obligor will), within three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: (a) the occurrence of any Event of Default; 34073642v9 50 (b) a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 28 (Sharing among the Finance Parties); (c) funding, or making arrangements to fund, its participation in a Loan requested by a Borrower in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or (d) a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower or the Company. 14.3 Indemnity to the Agent The Company shall promptly indemnify the Agent and the Security Agent against any cost, loss or liability incurred by the Agent (acting reasonably) as a result of: (a) investigating any event which it reasonably believes is a Default; (b) acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; or (c) instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement. 15. Mitigation By The Lenders 15.1 Mitigation (a) Each Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office. (b) Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 34073642v9 51 15.2 Limitation of liability (a) The Company shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 15.1 (Mitigation). (b) A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it. 16. Costs And Expenses 16.1 Transaction expenses The Company shall promptly on demand pay the Agent, the Security Agent and the Arranger the amount of all costs and expenses (including pre-agreed legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution and syndication of: (a) this Agreement, the Transaction Security Documents and any other documents referred to in this Agreement; and (b) any other Finance Documents executed after the date of this Agreement; and, in particular, those costs and expenses agreed in the Mandate Letter. 16.2 Amendment costs If (a) an Obligor requests an amendment, waiver or consent; or (b) an amendment is required pursuant to Clause 29.9 (Change of currency), the Company shall, within seven (7) Business Days of demand, reimburse the Agent and the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agent in responding to, evaluating, negotiating or complying with that request or requirement. 16.3 Enforcement costs The Company shall, within seven (7) Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in 34073642v9 52 connection with the enforcement of, or the preservation of any rights under, any Finance Document. 17. Guarantee And Indemnity 17.1 Guarantee (Garantie) and indemnity (Ausfallhaftung) Each Guarantor irrevocably and unconditionally jointly and severally (gesamtschuldnerisch): (a) guarantees (garantiert) by way of an independent payment obligation (selbständiges Zahlungsversprechen) to each Finance Party to pay to that Finance Party any amount of principal, interest, costs, expenses or other amount under or in connection with the Finance Documents that has not been fully and irrevocably paid by a Borrower; the payment shall be due (fällig) within seven (7) Business Days of a written demand by a Finance Party (or the Security Agent on its behalf) stating the sum demanded from that Guarantor and that such sum is an amount of principal, interest, costs, expenses or other amount under or in connection with the Finance Documents that has not been fully and irrevocably paid by a Borrower; and (b) undertakes vis-à-vis each Finance Party to indemnify (schadlos halten) that Finance Party against any cost, loss or liability suffered by that Finance Party if any obligation of a Borrower under or in connection with any Finance Document or any obligation guaranteed by it is or becomes unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which that Finance Party would otherwise have been entitled to recover (Ersatz des positiven Interesses) and that claim shall be due (fällig) within seven (7) Business Days of a written demand by that Finance Party (or the Security Agent on its behalf). For the avoidance of doubt this guarantee and indemnity does not constitute a guarantee upon first demand (Garantie auf erstes Anfordern) and, in particular, receipt of such written demand shall not preclude any rights and/or defences the Guarantor may have with respect to any payment requested by a Finance Party (or the Security Agent on its behalf) under this guarantee and indemnity. 17.2 Continuing and independent guarantee and indemnity This guarantee and indemnity is independent and separate from the obligations of any Borrower and is a continuing guarantee and indemnity which will extend to the ultimate balance of sums payable by any Borrower under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 53 The guarantee and indemnity shall extend to any additional obligations of a Borrower resulting from any amendment, novation, supplement, extension, restatement or replacement of any Finance Documents, including without limitation any extension of or increase in any facility or the addition of a new facility under any Finance Document. 17.3 Reinstatement If any payment by an Obligor or any discharge given by a Finance Party (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event: (a) the liability of each Obligor shall continue as if the payment, discharge, avoidance or reduction had not occurred; and (b) each Finance Party shall be entitled to recover the value or amount of that security or payment from each Obligor, as if the payment, discharge, avoidance or reduction had not occurred. 17.4 Excluded defences (a) The obligations of each Guarantor under this Clause 17 will not be affected by an act, omission, matter or thing which relates to the principal obligation (or purported obligation) of any Borrower and which would reduce, release or prejudice any of its obligations under this Clause 17, including any personal defences of any Borrower (Einreden des Hauptschuldners) or any right of revocation (Anfechtung) or set-off (Aufrechnung) of any Borrower. (b) The obligations of each Guarantor under this Clause 17 are independent from any other security or guarantee which may have been or will be given to the Finance Parties. In particular, the obligations of each Guarantor under this Clause 17 will not be affected by any of the following: (i) the release of, or any time (Stundung), waiver or consent granted to, any other Obligor from or in respect of its obligations under or in connection with any Finance Document; (ii) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor or any other person or any failure to realise the full value of any security; 34073642v9 54 (iii) any incapacity or lack of power, authority or legal personality of or dissolution or a deterioration of the financial condition of any other Obligor; or (iv) any unenforceability, illegality or invalidity of any obligation of any other Obligor under any Finance Document. (c) For the avoidance of doubt nothing in this Clause 17 shall preclude any defences that any Guarantor (in its capacity as Guarantor only) may have against a Finance Party that the guarantee and indemnity does not constitute its legal, valid, binding or enforceable obligations. 17.5 Immediate recourse No Finance Party will be required to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 17. This applies irrespective of any provision of a Finance Document to the contrary (but subject to the provisions set forth in paragraph (a) of Clause 17.1 (Guarantee (Garantie) and indemnity (Ausfallhaftung))). 17.6 Appropriations Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party may: (a) refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and (b) hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor's liability under this Clause 17. 17.7 Deferral of guarantors' rights Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Security Agent otherwise directs, no Guarantor will will not exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 17: 34073642v9 55 (a) to be indemnified by an Obligor; (b) to claim any contribution from any other guarantor of any Obligor's obligations under the Finance Documents; (c) to exercise any right of set-off against any Obligor; and/or (d) to take the benefit (in whole or in part and whether by way of legal subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party. If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Security Agent or as the Security Agent may direct for application in accordance with Clause 29 (Payment mechanics). 17.8 Release of Guarantors' right of contribution If any Guarantor (a "Retiring Guarantor") ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor: (a) that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance by any other Guarantor of its obligations under the Finance Documents; and (b) each other Guarantor waives any rights it may have by reason of the performance of its obligations under the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such rights or security are granted by or in relation to the assets of the Retiring Guarantor. 34073642v9 56 17.9 Additional security This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party. 17.10 Guarantee Limitations for German Guarantors (a) This Clause 17.10 shall apply to the extent a Guarantor incorporated under the laws of Germany as a limited liability company ("GmbH") (a "German Guarantor") guarantees or otherwise assumes a liability (the "Guarantee") for the indebtedness of its direct or indirect shareholder(s) or of a Subsidiary of such shareholder. (b) The restrictions set out in paragraph (c) with respect to Section 30 GmbHG shall not apply to the extent: (i) the German Guarantor guarantees for its indebtedness or any indebtedness of any of its direct or indirect Subsidiaries; (ii) the German Guarantor guarantees any indebtedness under any Finance Document in respect of loans to the extent they are passed on (directly or indirectly) to the relevant German Guarantor or its Subsidiaries and such amount passed on is not repaid; or (iii) a profit transfer and/or domination agreement (Gewinnabführungs- und/oder Beherrschungsvertrag) according to Section 291 of the German Stock Corporation Act (Aktiengesetz) (either directly or via an uniterrupted chain of profit transfer and/or domination agreements) exists (besteht) between the German Guarantor and (A) an Obligor as dominating company, provided that the German Guarantor guaranteed by the Guarantee, or (B) a (direct or indirect) Holding Company as dominating company, of both that German Guarantor and an Obligor, provided that the German Guarantor is an affili indebtedness is guaranteed by the Guarantee unless the German Guarantor proves that the mere existence of such profit transfer and/or domination agreement does not suffice to eliminate the risk of

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 57 personal liability pursuant to Section 30 GmbHG arising from a payment under the Guarantee; (iv) the payment under the Guarantee is covered (gedeckt) by means of a fully valuable and recoverable consideration or recourse claim (vollwertiger Gegenleistungs- oder Rückgewähranspruch) of the German Guarantor or its Subsidiaries against the shareholder whose obligations are guaranteed; (v) such limitations are not required to protect the managing directors of the relevant German Guarantor from the risk of personal liability arising from a payment under the Guarantee. (c) The parties to this Agreement agree that if payment under the Guarantee would cause (d) below, to fall below the amount of its registered share capital (Stammkapital) (or increase an existing shortage of its registered share capital (Unterbilanz)) in violation of Section 30 GmbHG or would be made from amounts not available for distribution according to section 268 subsection (8) HGB, (such event is hereinafter referred to as a "Capital Impairment"), then the Finance Parties shall be entitled to demand payment under the Guarantee from such German Guarantor only to the extent such Capital Impairment would not occur. (d) Except to the extent this must be calculated differently in accordance with the then actual jurisprudence of the Federal German Supreme Court (Bundesgerichtshof) relating to the protection of liable capital under sections 30, 31 of the German Limited Liability Companies Act (GmbH-Gesetz) or to section 268 subsection (8) HGB, the calculation of net assets (the "Net Assets") shall be determined in accordance with the principle of orderly bookkeeping (Grundsätze ordnungsmäßiger Buchführung) consistently applying the accounting principles (Bilanzierungsgrundsätze) which have been applied by the relevant German Guarantor in preparing its most recent unconsolidated balance sheets (Jahresabschluss) (Section 42 GmbHG, Sections 242, 264 German Commercial Code (Handelsgesetzbuch)) and shall only take into account the sum of the values of the assets of the German Guarantor which correspond to those items listed in section 266 subsection (2) A, B, C, D and E HGB less the German Guarantor's liabilities, consisting of all liabilities, liability reserves and other passive items which correspond to those items listed in accordance with Section 266 subsection (3) B, C, D and E HGB and any amounts not available for distribution according to Section 268 subsection (8) HGB, save that the following balance sheet items shall be adjusted as follows: 34073642v9 58 (i) the amount of any increase in the registered share capital of that German Guarantor, which was carried out after that German Guarantor became a party to this Agreement, without the prior written consent of the Lenders, shall be deducted from the amount of the registered share capital of that German Guarantor; (ii) as far as the registered share capital is not paid in full, the amount not yet paid in shall be deducted from the amount of the registered share capital of that German Guarantor; (iii) loans provided to that German Guarantor by a member of the Group shall be disregarded if and to the extent that such loans are subordinated pursuant to Section 39 paragraph 1 No. 5 or Section 39 paragraph 2 of the German Insolvency Code (Insolvenzordnung) (or would be subordinated in case of insolvency) and are made (A) by a direct or indirect shareholder of the relevant German Guarantor, or (B) by any (other) member of the Group, unless a waiver (Erlass) of the loan provided to the relevant German Guarantor (i) would result in that member of the Group breaching its obligations under Section 30 para 1 sentence 1 German Limited Liability Companies Act (GmbHG) or Section 268 subsection (8) HGB or any similar provision of any other jurisdiction applicable to it or (ii) is at the risk of being contested (anfechtbar) pursuant to applicable provisions of the German Insolvency Act (InsO) or similar provisions or (iii) would be effected by an insolvent party; (iv) any funds borrowed by any Borrower under the Finance Documents which have been or are directly or indirectly passed on to that German Guarantor and have not yet been repaid at the time of enforcement of the security interest, shall not be taken into account as liabilities; and (v) financial liabilities incurred by that German Guarantor in violation of the Finance Documents shall not be taken into account as liabilities. (e) The relevant German Guarantor will notify the Finance Parties in writing in reasonable detail within ten (10) Business Days after a Finance Party (or the Security Agent on its behalf) notified that German Guarantor of its intention to demand payment under the Guarantee whether and to what extent a Capital Impairment would occur if a payment under the Guarantee was made (the "Management Notification"). Demanding payment under the Guarantee from such German Guarantor up to the amount which, according to the Management Notification, would not result in a Capital Impairment is permitted without limitation. 34073642v9 59 (f) The Security Agent shall not distribute any proceeds from the enforcement of the Guarantee until the Management Notification or, if requested by the Security Agent within five (5) Determination under this paragraph (f) has been provided. The relevant German G determination by a firm of recognised international auditors (the "Auditors") within twenty (20) Business Days from the date of such request (the " Determination"). (i) the amount of Net Assets of that German Guarantor taking into account the adjustments set out in paragraph (d) above, (ii) information as to any items mentioned under paragraph (b) above; (iii) any amounts not available for distribution according to section 268 subsection (8) HGB, and (iv) the extent of the Capital Impairment taking into account the anticipated payment. Demanding payment under the Guarantee from such German Guarantor up to the Impairment is permitted without limitation. The Security Agent and the Finance Parties shall upon first demand release within five (5) Business Days any amount received which exceeds the amount available for payment under the Guarantee according to the Man manifest errors and, subject to paragraph (k) below, binding on all Parties. (g) Subject to paragraph (k) below, for as long as the relevant German Guarantor does not provide the Management Notification or, if requested by the Security Agent in accordance with paragraph (f) demanding payment under the Guarantee shall not be limited by this Clause 17.10 and paragraph (c) above shall not be applicable in that regard and, in particular neither the Security Agent nor any Finance Party shall be obliged to make available to that German Guarantor any proceeds realised. (h) If the Management Notification shows that a Capital Impairment would occur upon payment under the Guarantee, the relevant German Guarantor shall upon the Security Agent's request realise to the extent legally permitted and commercially justifiable (with regard to the cost and benefit involved) all assets that are shown in the balance sheet 34073642v9 60 with a book value (Buchwert) that is significantly lower than the market value of the assets. To the extent that such assets are necessary for the relevant German Guarantor's business (betriebsnotwendig) the German Guarantor shall, to the extent legally permitted and commercially justifiable (with regard to the cost and benefit involved) use its best efforts to realise the higher market value of such assets by way of sale and lease back transactions or similar arrangements to the extent necessary to satisfy the amounts owed under the Finance Documents. (i) Each German Guarantor confirms at the date of granting the Guarantee that it has examined and verified the financing concept pursued with this Agreement prior to granting the Guarantee and, based on a commercial projection (kaufmännische Prognoseentscheidung) from an ex-ante perspective, that it is predominantly likely (überwiegend wahrscheinlich) that each Borrower will be able to repay the amounts drawn and outstanding under this Agreement. (j) If a Finance Party (or the Security Agent on its behalf) ascertains that the financial condition of the relevant German Guarantor or its direct or indirect shareholder as set out erman Guarantor has taken any action in accordance with paragraph (h) above), the relevant Finance Party (or the Security Agent on its behalf) may, at the and expense, arrange for the preparation of an updated balance sheet of the relevant German Guarantor by applying the same principles that were used for the preparation of order for such Auditors to determine whether (and, if so, to what extent) the Capital Impairment has been cured as a result of the improvement of the financial condition of the relevant German Guarantor. The relevant Finance Party (or the Security Agent on its behalf) may consequently demand payment under this Guarantee to the extent that the Auditors determine that the Capital Impairment has been cured. (k) This Clause 17.10 shall not affect the enforceability (other than as specifically set out herein), legality or validity of this Guarantee and each German Guarantor or Finance Party is entitled to claim in court that making payments under this Guarantee does or respectively does not fall within the scope of Section 30 of the GmbHG or section 268 subsection the relevant German Guarantor shall not be limited if it is finally ascertained in court that Section 30 of the GmbHG or section 268 subsection (8) HGB did not apply, and vice- versa. The agreement of the Finance Parties to abstain from demanding any or part of the payment under this Guarantee in accordance with the provisions above shall not constitute a waiver (Verzicht) of any right granted under this Agreement or any other Finance Document to the Security Agent or any Finance Party. This applies mutatis

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 61 mutandis for any Guarantor. For the avoidance of doubt, sentence 1 of this paragraph (k) relates to the enforcement of the Guarantee only, but does not relate to the enforceability of any Security granted for such Guarantee or other claims of any Finance Party. 17.11 Guarantee Limitations foreign jurisdictions (a) Guarantee Limitations for French Guarantors Notwithstanding any other provisions of the Finance Documents: (i) the obligations and liabilities of each of the French Guarantors under the guarantee or indemnity provided in Clause 17 (Guarantee And Indemnity) of this Agreement or any other provisions of the Finance Documents shall be limited at any time to a guarantee of the payment obligations of any Borrower not exceeding the aggregate amounts directly or indirectly borrowed under this Agreement by such Borrower to the extent directly or indirectly on-lent or otherwise made available by such Borrower to any French Guarantor under any inter-company loan agreement or similar arrangement and outstanding on the date on which such French Guarantor must pay under Clause 17 (Guarantee And Indemnity) of this Agreement; it being specified that (i) any payment made by a French Guarantor under Clause 17 (Guarantee And Indemnity) of this Agreement in respect of the obligations of any Borrower shall reduce pro tanto the outstanding amount of the intra-group loans (if any) due by such French Guarantor to such Borrower under the relevant intercompany loan arrangements referred to above and that (ii) any repayment of the intercompany loans by such French Guarantor shall reduce pro tanto the amount payable under Clause 17 (Guarantee And Indemnity) of this Agreement; (ii) the obligations and liabilities of each French Guarantor in its capacity as Guarantor under the Finance Documents and in particular under Clause 17 (Guarantee And Indemnity) of this Agreement shall not include any obligation or liability which if incurred (i) would constitute a misuse of corporate assets within the meaning of articles L. 241-3, L. 242-6 or L. 244-1 of the French Commercial Code, as applicable, or any other law or regulations having the same effect, as interpreted by French courts and/or (ii) would give rise to personal liability for the directors of the Company and/or (iii) would infringe article L. 511-7 of the French Monetary and Financial Code; (iii) notwithstanding any provision to the contrary, it is acknowledged that no French Guarantor is acting jointly and severally with the other Guarantors and none of 34073642v9 62 the French Guarantors is acting as a "co-débiteur solidaire" within the meaning of article 1318 of the French Code civil as to its obligations towards the other Obligors pursuant to the guarantee given in accordance with Clause 17 (Guarantee And Indemnity). 18. Representations Each Obligor makes the representations and warranties set out in this Clause 18 to each Finance Party on the date of this Agreement with respect to itself and, as the case may be, each of its Subsidiaries. 18.1 Status (a) It is a corporation, limited liability company or partnership with limited liability, duly incorporated or, in the case of a partnership, established and validly existing under the law 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. 18.2 Binding obligations The obligations expressed to be assumed by it in each Finance Document are, subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 24 (Changes to the Obligors), legal, valid, binding and enforceable obligations. 18.3 Non-conflict with other obligations The entry into and performance by it of, and the transactions contemplated by, the Finance Documents do not and will not conflict with: (a) any law or regulation applicable to it; (b) its or any of its Subsidiaries' constitutional documents; or (c) any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its Subsidiaries' assets. 34073642v9 63 18.4 Power and authority It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents. 18.5 Validity and admissibility in evidence All Authorisations required or desirable: (a) to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a party; and (b) to make the Finance Documents 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. 18.6 Governing law and enforcement (a) Subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 24 (Changes to the Obligors), the choice of German law as the governing law of the Finance Documents will be recognised and enforced in its jurisdiction of incorporation. (b) Subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 24 (Changes to the Obligors), any judgment obtained in Germany in relation to a Finance Document will be recognised and enforced in its jurisdiction of incorporation. 18.7 Deduction of Tax It is not required to make any Tax Deduction (as defined in Clause 12.1. (Definitions)) from any payment it may make under any Finance Document to a Lender which is a Qualifying Lender. 18.8 No filing or stamp taxes Under the law of its jurisdiction of incorporation it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, 34073642v9 64 registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents. 18.9 No default (a) No Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation. (b) No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries') assets are subject which might have a Material Adverse Effect. 18.10 No misleading information (a) Any factual information provided by any member of the Group in connection with this Agreement was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated. (b) The financial projections provided to any Finance Party in connection with this Agreement have been prepared on the basis of recent historical information and on the basis of reasonable assumptions. (c) Nothing has occurred and no information has been given or withheld that results in the information provided to the Finance Parties in connection with this Agreement being untrue or misleading in any material respect. 18.11 Financial statements (a) Its Original Financial Statements were prepared in accordance with GAAP consistently applied. (b) Its Original Financial Statements fairly present its financial condition as at the end of the relevant financial year and its results of operations during the relevant financial year (consolidated in the case of the Company's audited consolidated financial statements). (c) There has been no material adverse change in its business or financial condition (or the business or consolidated financial condition of the Group, in the case of the Company) since the date of the most recent financial statements delivered pursuant to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 65 18.12 Pari passu ranking Its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 18.13 Centre of main interests and establishments For the purposes of Regulation (EU) 2015/848 of 20 May 2015 on Insolvency Proceedings (Recast) (the "Recast Regulation"), its centre of main interest (as that term is used in Article 3(1) of the Recast Regulation) is situated in its original jurisdiction. 18.14 No proceedings (a) No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, has a value of the disputed claim exceeding EUR 3,000,000 or might reasonably be expected to have a Material Adverse Effect has or have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries. (b) No judgment or order of a court, arbitral body or agency where the value of the disputed claim exceeds EUR 3,000,000 or which might reasonably be expected to have a Material Adverse Effect has (to the best of its knowledge and belief) been made against it or any of its Subsidiaries. 18.15 Insolvency or insolvency proceedings No corporate action, legal proceeding or other procedure or step described in Clause 22.7 (Insolvency proceedings); or creditors' process described in Clause 22.8 (Creditors' process), has been taken and none of the circumstances described in Clause 22.6 (Insolvency) applies to any member of the Group. 18.16 Security and Financial Indebtedness (a) No Security or Quasi-Security (as defined below) exists over all or any of the present or future assets of any member of the Group other than as permitted by this Agreement. (b) No member of the Group has any Financial Indebtedness outstanding other than as permitted by this Agreement. 34073642v9 66 18.17 Sanctions / Anti-Money Laundering / Anti-Corruption (a) The Obligors or any of their Subsidiaries or Affiliates in which he holds a majority, or, to the best of its knowledge after careful assessment, any member of the supervisory board or the management board or any other employee or any person acting on behalf of any of the aforementioned persons, (i) is not a Sanctions Restricted Person nor behaving in a way that it might become a Sanctions Restricted Person; (ii) is not involved, nor will be, in any activities that do or might violate any Anti- Money Laundering Laws or Anti-Corruption Laws; or (iii) has not committed, in the last ten years, any breach of any Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws. (b) No judicial or administrative proceedings nor any other official investigation relating to any Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws against the Obligors or any of their subsidiaries or affiliates in which he holds a majority, or, to the best of its knowledge after careful assessment, any member of the supervisory board or the management board or any other employee or any person acting on behalf of any of the foregoing persons is pending or threatened. (c) In relation to this Agreement no Sanctions, Anti-Money Laundering Laws or Anti- Corruption Laws are being violated. 18.18 Repetition (a) The Repeated Representations shall be made by the Company on its own behalf and on behalf of the other Obligors (under a power of attorney (Vollmacht) granted to it by the Obligors pursuant to paragraph (b) below) by reference to the facts and circumstances then existing on: (i) the date of each Utilisation Request; and (ii) in the case of an Additional Obligor, the day on which the company becomes (or it is proposed that the company becomes) an Additional Obligor. 34073642v9 67 In addition the Repeated Representations shall be deemed to be made by each Obligor by reference to the facts and circumstances then existing on the Utilisation Date and the first day of each Interest Period. (b) Each Obligor (other than the Company) hereby empowers (bevollmächtigt) the Company to make the Repeated Representations on its behalf as its attorney (Stellvertreter). Each Obligor (other than the Company) hereby exempts the Company from the restrictions pursuant to section 181 of the Civil Code (Bürgerliches Gesetzbuch) for the purpose of making the Repeated Representations on its behalf as attorney (Stellvertreter). 19. Information Undertakings The undertakings in this Clause 19 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 19.1 Financial statements The Company shall supply to the Agent a PDF copy and upon request from the Agent in sufficient copies for all the Lenders: (a) as soon as the same become available, but in any event within 120 days after the end of each of its financial years: (i) its audited consolidated financial statements for that financial year; (ii) the audited unconsolidated financial statements of each Obligor for that financial year; and (b) as soon as the same become available, but in any event within 60 days after the end of each financial quarter (except for each fourth financial quarter) of each of its financial years (i) the unaudited consolidated financial statements of the Group for that financial quarter (including profit and loss statements; consolidated balance sheet, consolidated cash flow statement including a comparison to the credit case model set out in the Refinancing Report and variance analysis and management discussion); (ii) a management update regarding the strengthening of internal structures and capabilities (e.g. improvement of the finance and controlling departments); 34073642v9 68 each as pre-agreed with and satisfactory to the Lenders. 19.2 Compliance Certificate (a) The Company shall supply to the Agent, with each set of financial statements delivered pursuant to paragraph (a)(i) or (b) of Clause 19.1 (Financial Statements), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with the Net Leverage Ratio and the Available Liquidity required pursuant to Clause 20 (Financial covenants) as at the relevant Testing Date starting with 30 September 2021. (b) The Company shall supply to the Agent, with each set of financial statements delivered pursuant to paragraph (a)(i) of Clause 19.1 (Financial statements), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with the Consolidated Adjusted EBITDA required pursuant to Clause 20 (Financial covenants) as at the relevant Testing Date and the Guarantor Coverage. (c) Each Compliance Certificate shall be signed by a director of the Company who has sole power of representation (Einzelvertretungsmacht) or by two directors who have joint power of representation (Gesamtvertretungsmacht) and, if required to be delivered with the financial statements delivered pursuant to paragraph (a)(i) of Clause 19.1 (Financial statements), shall be reported on by the Company's auditors in the form agreed by the Company and all the Lenders before the date of this Agreement by the Company's auditors. 19.3 Requirements as to financial statements (a) Each set of financial statements delivered by the Company pursuant to Clause 19.1 (Financial statements) shall be certified by a director of the relevant company as fairly presenting its financial condition as at the date as at which those financial statements were drawn up. (b) The Company shall procure that each set of financial statements delivered pursuant to Clause 19.1 (Financial statements) is prepared using GAAP. (c) The Company shall procure that each set of financial statements of an Obligor delivered pursuant to Clause 19.1 (Financial statements) is prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for that Obligor unless, in relation to any set of financial statements, it notifies the Agent that there has been a change in GAAP, the

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 69 accounting practices or reference periods and its auditors (or, if appropriate, the auditors of the Obligor) and deliver to the Agent: (i) a description of any change necessary for those financial statements to reflect the GAAP, accounting practices and reference periods upon which that Obligor's Original Financial Statements were prepared; and (ii) sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to determine whether Clause 20 (Financial covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and that Obligor's Original Financial Statements. Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared. 19.4 Budget (a) The Company shall supply to the Agent in sufficient copies for all the Lenders, as soon as the same become available but in any event within sixty (60) days after the start of each of its financial years, an annual budget (the "Budget") for that financial year and the next three (3) financial years. (b) The Company shall ensure that each Budget for a financial year: (i) is in a form reasonably acceptable to the Agent and includes a projected consolidated profit and loss, balance sheet and cashflow statement for the Group and projected capital expenditure for the Group together with corresponding explanations each in respect of the current and the three (3) following financial years for which the Budget is delivered; and (ii) is prepared in accordance with the Accounting Principles and the accounting practices and financial reference periods applied to financial statements under Clause 19.1 (Financial statements). (c) If the Company updates or changes the Budget, it shall promptly deliver to the Agent, in sufficient copies for each of the Lenders, such updated or changed Budget together with a written explanation of the main changes in that Budget. 34073642v9 70 19.5 Liquidity Forecast (a) The Company shall supply to the Agent within 10 days after the beginning of each Month a monthly updated 13-weeks liquidity forecast showing the Available Liquidity for a period of six (6) weeks on a weekly basis and for the remaining period on a monthly basis, including comments on material changes.The preparation of such liquidity forecast shall be on the basis of a template provided by the External Expert and satisfactory to the Lenders. (b) For the liquidity forecasts to be delivered in relation to June and October 2022 such forecast shall be validated by the External Expert. 19.6 Compliance related proceedings The Obligors undertake to inform the Agent (who will inform the Lenders) immediately upon knowledge about any judicial or administrative proceedings or any other official investigation or decision relating to any Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws against the Obligors or any of their subsidiaries or affiliates in which he holds a majority, or any member of the supervisory board or the management board or any other employee or any person acting on behalf of any of the foregoing persons. If legally permissible, copies of any judicial or administrative documents have to be made available to the Agent for detailed information of the Lenders. 19.7 Information: miscellaneous The Company shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests): (a) all documents dispatched by the Company to its creditors generally at the same time as they are dispatched; (b) promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any member of the Group, in relation to which the value of the claims demanded exceeds EUR 3,000,000 or which might, if adversely determined, have a Material Adverse Effect; (c) promptly upon becoming aware of them, information (including, inter alia, lender, borrower, maturity, amount, interest rate and kind of interest) about the implementation of new shareholder loans or amendments, extensions or other changes in any existing shareholder loan; 34073642v9 71 (d) promptly, such information as the Security Agent may reasonably require about the compliance of the Obligors with the terms of any Transaction Security Documents; (e) promptly upon request, such further information regarding the financial condition, business and operations of the Group and/or any member of the Group (including any requested amplification or explanation of any item in the financial statements, budgets or other material provided by any Obligor under this Agreement) as any Finance Party through the Agent may reasonably request; (f) promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or agency which is made against any member of the Group, and which might have a Material Adverse Effect; (g) promptly upon becoming aware of them, reasonable details (e.g. key financials, new structure chart of the Group, funds flow statement) of any acquisition with a purchase price exceeding EUR 35,000,000 (including Financial Indebtedness remaining in the relevant target group); (h) promptly upon becoming aware of them, details of any change to the structure of the SPAC Transaction as set out in the SPAC Structure Memorandum which might adversely affect the interests of any Finance Party under or in connection with the Finance Documents; and (i) promptly such further information as may be required by applicable banking supervisory laws and regulations and/or in line with standard reasonable banking practice. 19.8 Notification of default (a) Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor). (b) Promptly upon a request by the Agent, the Company shall supply to the Agent a certificate signed by a director with sole power of representation (Einzelvertretungsmacht) or by two directors who have joint power of representation (Gesamtvertretungsmacht) on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 34073642v9 72 19.9 Use of websites (a) The Company may satisfy its obligation under this Agreement to deliver any information in relation to those Lenders (the "Website Lenders") who accept this method of communication by posting this information onto an electronic website designated by the Company and the Agent (the "Designated Website") if: (i) the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method; (ii) both the Company and the Agent are aware of the address of and any relevant password specifications for the Designated Website; and (iii) the information is in a format previously agreed between the Company and the Agent. If any Lender (a "Paper Form Lender") does not agree to the delivery of information electronically then the Agent shall notify the Company accordingly and the Company shall supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Company shall supply the Agent with at least one copy in paper form of any information required to be provided by it. (b) The Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Company and the Agent. (c) The Company shall promptly upon becoming aware of its occurrence notify the Agent if: (i) the Designated Website cannot be accessed due to technical failure; (ii) the password specifications for the Designated Website change; (iii) any new information which is required to be provided under this Agreement is posted onto the Designated Website; (iv) any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 73 (v) the Company becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software. If the Company notifies the Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Company under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing. (d) Any Website Lender may request, through the Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the Designated Website. The Company shall comply with any such request within ten (10) Business Days. 19.10 "Know your customer" checks (a) If: (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; (ii) any change in the status of an Obligor (or of a Holding Company of an Obligor) or changes of the composition of the shareholders of an Obligor after the date of this Agreement; or (iii) a proposed assignment or assignment and transfer by way of assumption of contract (Vertragsübernahme) by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or assignment and transfer by way of assumption of contract (Vertragsübernahme), obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all 34073642v9 74 necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. (b) Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. (c) The Company shall, by not less than ten (10) Business Days' prior written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant to Clause 24 (Changes to the Obligors). (d) Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional Obligor obliges the Agent or any Lender to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, the Company shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an Additional Obligor. 20. Financial Covenants 20.1 Financial Definitions In this Agreement: "Testing Date" means each of 31 March, 30 June, 30 September and 31 December of each year and starting on 30 September 2021. "Testing Period" means in relation to Net Leverage Ratio and in relation to Consolidated EBITDA a period of twelve (12) Months on a rolling basis ending on a Testing Date. 34073642v9 75 20.2 Financial Condition (a) Net Leverage Ratio: The Company shall ensure that the Net Leverage Ratio for each Testing Period ending on a Testing Date on or after 31 December 2023 shall not be more than 3.00:1. (b) Consolidated Adjusted EBITDA: The Company shall ensure that Consolidated Adjusted EBITDA for each Testing Period is at least the amount shown in the table below: Testing Period ending on the following Testing Date Consolidated Adjusted EBITDA in EUR 30 September 2023 20,000,000 30 September 2024 40,000,000 each 30 September thereafter 55,000,000 (c) Available Liquidity: The Company shall ensure that the Available Liquidity: (i) on each Testing Date from the Effective Date until and including 31 March 2023 shall be at least EUR 30,000,000; and (ii) on each Testing Date thereafter shall be at least EUR 50,000,000. 21. General Undertakings The undertakings in this Clause 21 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 21.1 Authorisations Each Obligor shall promptly: (a) obtain, comply with and do all that is necessary to maintain in full force and effect; and (b) supply certified copies to the Agent of, 34073642v9 76 any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document. 21.2 Compliance with laws Each Obligor shall comply in all respects with all laws to which it may be subject, if failure so to comply would materially impair its ability to perform its obligations under the Finance Documents. 21.3 Negative pledge In this Clause 21.3, "Quasi-Security" means an arrangement or transaction described in paragraph (b) below. (a) No Obligor shall (and the Company shall ensure that no other member of the Group will) create or permit to subsist any Security over any of its assets. (b) No Obligor shall (and the Company shall ensure that no other member of the Group will): (i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group; (ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms; (iii) enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or (iv) enter into any other preferential arrangement having a similar effect, in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. (c) Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi- Security, listed below: (i) any Security granted under the Existing Facilities Agreement in case it will be released prior to or at the date of the first Utilisation hereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 77 (ii) any Security existing at the date of this Agreement and listed in Schedule 8 (Existing Security); (iii) any Security securing Financial Indebtedness permitted under paragraph (b)(iii)(vi) of Clause 21.5 (Financial Indebtedness) of this Agreement to the extent such Security is granted only over the shares in target company or by the target company in relation to its assets; (iv) any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances and any lien arising under the general terms and conditions of banks (Allgemeine Geschäftsbedingungen der Banken oder Sparkassen) with whom any member of the Group maintains a banking relationship in the ordinary course of business; (v) any payment or close out netting or set-off arrangement pursuant to any Treasury Transaction entered into by a member of the Group for the purpose of: (A) hedging any risk to which any member of the Group is exposed in its ordinary course of trading; (B) its interest rate or currency management operations which are carried out in the ordinary course of business and for non-speculative purposes only, excluding, in each case, any Security or Quasi-Security under a credit support arrangement in relation to a Treasury Transaction; (vi) any lien arising by operation of law and in the ordinary course of trading; (vii) any security transfers granted by a Member of the Group other than SIGNA Sports Online GmbH or any of its Subsidiaries in connection with a purchase cooperation in the ordinary course of trading and in relation to moveable assets located at warehouse locations; (viii) any Security or Quasi-Security over or affecting any asset acquired by a member of the Group after the date of this Agreement if: (A) the Security or Quasi-Security was not created in contemplation of the acquisition of that asset by a member of the Group; 34073642v9 78 (B) the principal amount secured has not been increased in contemplation of or since the acquisition of that asset by a member of the Group; and (C) the Security or Quasi-Security is removed or discharged within six (6) Months of the date of acquisition of such asset; (ix) any guarantee or Security created or subsisting in order to secure any obligations incurred in order to comply with the requirements of section 8a of the German Partial Retirement Act (Altersteilzeitgesetz) or pursuant to section 7e of the Fourth Book of the German Social Security Code (SGB IV) or pursuant to section 4 of the German Act for the Improvement of Occupational Pensions Schemes (Gesetz zur Verbesserung der betrieblichen Altersvorsorge); (x) any Security or Quasi-Security over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement, where the Security or Quasi-Security is created prior to the date on which that company becomes a member of the Group, if: (A) the Security or Quasi-Security was not created in contemplation of the acquisition of that company; (B) the principal amount secured has not increased in contemplation of or since the acquisition of that company; and (C) the Security or Quasi-Security is removed or discharged within six (6) Months of that company becoming a member of the Group; (xi) any Security or Quasi-Security entered into pursuant to any Finance Document; (xii) any Security or Quasi-Security arising under any retention of title, hire purchase or conditional sale arrangement or arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course of trading and on the supplier's standard or usual terms and not arising as a result of any default or omission by any member of the Group; or (xiii) not permitted by the preceding paragraphs and the aggregated amount of all such Security does not exceed EUR 10,000,000 (or its equivalent) at any time. 34073642v9 79 21.4 Disposals (a) No Obligor shall (and the Company shall ensure that no other member of the Group will), enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset or shares. (b) Paragraph (a) above does not apply to any sale, lease, transfer or other disposal: (i) made in the ordinary course of trading of the disposing entity; (ii) of any asset by a member of the Group (the "Disposing Company") to another member of the Group (the "Acquiring Company"), but if (A) the Disposing Company is an Obligor, the Acquiring Company must also be an Obligor; (B) the Disposing Company had given Security over the asset, the Acquiring Company must give equivalent Security over that asset. (iii) of assets in exchange for other assets comparable or superior as to type, value and quality (other than an exchange of a non-cash asset for cash); (iv) of obsolete or redundant vehicles, plant and equipment for cash; (v) of cash equivalent investments for cash or in exchange for other cash equivalent investments; (vi) of any intra-Group loan as a result of the conversion of such intra-Group loan into equity (whether by way of equity contributions (Kapitalrücklage) or otherwise); (vii) which is permitted pursuant to paragraph (c) of Clause 21.3 (Negative Pledge), paragraph (b) of Clause 21.8 (Merger); (viii) as set out in the SPAC Structure Memorandum and provided that it has no negative impact on the Group and does not trigger a Change of Control; or (ix) not permitted by the preceding paragraphs and the aggregated amount of which does not exceede EUR 5,000,000 (or its equivalent) per annum and EUR 20,000,000 (to be increased on a pro rata basis in case of an increase or 34073642v9 80 establishment of commitments pursuant to Clause 2.2 (Extension Option)) over the lifetime of this Agreement. 21.5 Financial Indebtedness (a) Except as permitted under paragraph (b) below, the Obligors shall ensure that no other member of the Group will incur or allow to remain outstanding any Financial Indebtedness. (b) Paragraph (a) above does not apply to Financial Indebtedness which is: (i) any Financial Indebtedness incurred by the Company which is existing at the Effective Date and listed in Schedule 9 (Existing Financial Indebtedness); (ii) arising under the Finance Documents; (iii) arising under an acquisition financing provided that such Financial Indebtedness is fully refinanced within twelve (12) Months from the closing of the acquisition verifiably through equity contribution including unsecured convertible bonds which have a term which ends not earlier than the Termination Date hereunder or new shareholder loans which are subject to a Subordination Agreement; (iv) arising under any deferred payment arrangement (for a period up to 120 days) granted to any member of the Group by its suppliers on normal commercial terms and in the ordinary course of its trading activities; (v) as permitted by Clause 21.17 (Treasury Transactions); (vi) arising under any loan permitted under paragraph (b) of Clauses 21.6 (Loans or Credit) and 21.7 (Guarantees); (vii) arising under any shareholder loan that is subject to a Subordination Agreement; (viii) arising under finance lease of vehicles, plant, equipment or computers; (ix) incurred pursuant to section 8a of the German Partial Retirement Act (Altersteilzeitgesetz) or pursuant to section 7e of the Fourth Book of the German Social Security Code (SGB IV) or pursuant to section 4 of the German Act for the Improvement of Occupational Pensions Schemes (Gesetz zur Verbesserung der betrieblichen Altersvorsorge)

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 81 (x) any guarantees arising in connection with rental contracts in the ordinary course of business which together with any guarantee permitted under paragraph (b)(i) of Clause 21.7 (Guarantee) in aggregate do not exceed EUR 10,000,000 at any time; (xi) of any company which becomes a member of the Group after the date of this Agreement which is incurred under arrangements in existence at the date of acquisition, but not incurred or increased or having its maturity date extended in contemplation of, or since, that acquisition, and outstanding only for a period of six (6) Months following the date of acquisition; and (xii) not permitted by the preceding paragraphs and incurred or outstanding by a Subsidiary of the Company provided that the aggregated amount of all such Financial Indebtedness does not exceed EUR 15,000,000 (or its equivalent) at any time; or (xiii) incurred or outstanding with the consent of the Majority Lenders. 21.6 Loans or Credit (a) No Obligor shall (and the Company shall ensure that no other member of the Group will) be a creditor in respect of Financial Indebtedness. (b) Paragraph (a) above does not apply to: (i) any deferred payments (for a period up to 120 days) granted by any member of the Group to its customers on normal commercial terms and in the ordinary course of its trading activities; (ii) a loan made by an Obligor to another Obligor; (iii) a loan made by an Obligor to a member of the Group which is not an Obligor after the date of this Agreement provided that the aggregated net amount of such loans after deducting the amount of any loans made by a member of the Group which is not an Obligor to an Obligor does not exceed EUR 10,000,000 (or its equivalent) at any time; (iv) a loan made by a member of the Group which is not an Obligor to another member of the Group; and 34073642v9 82 (v) a loan made by a member of the Group to an employee or director of any member of the Group or to any third party provided that the aggregated amount of all such loans does not exceed EUR 5,000,000 (or its equivalent) at any time. 21.7 Guarantees (a) No Obligor shall (and the Company shall ensure that no other member of the Group will) issue any guarantee, indemnity, bond or letter of credit to or for the benefit of, or in respect of liabilities or obligations of, any other person or voluntarily assume any liability (whether actual or contingent) of any other person. (b) Paragraph (a) above does not apply to: (i) any guarantee granted under the Finance Documents; (ii) any guarantee, performance or similar bond guaranteeing performance by a member of the Group under any contract entered into in the ordinary course of business; (iii) guarantee, indemnity, bond or letter of credit arising in connection with rental contracts in the ordinary course of business which together with any Financial Indebtedness permitted under paragraph (b)(viii) of Clause 21.5 (Financial Indebtedness) in aggregate do not exceed EUR 10,000,000 at any time; (iv) guarantee, indemnity, bond or letter of credit issued by any member of the Group in connection with the Logistic Project up to a maximum amount of EUR 5,000,000; (v) any guarantee or indemnity in the ordinary course of documentation of an acquisition permitted under the Finance Documents; (vi) any guarantee given pursuant to section 8a of the German Partial Retirement Act (Altersteilzeitgesetz) or pursuant to section 7e of the Fourth Book of the German Social Security Code (SGB IV) or pursuant to section 4 of the German Act for the Improvement of Occupational Pensions Schemes (Gesetz zur Verbesserung der betrieblichen Altersvorsorge); (vii) customary indemnities given to directors and officers of the Group in their capacity as such; 34073642v9 83 (viii) guarantee, indemnity, bond or letter of credit issued by any member of the Group as security for obligations permitted hereunder and incurred by an Obligor; (ix) any guarantee, indemnity, bond or letter of credit given with the prior written consent of the Majority Lenders; or (x) not permitted by the preceding paragraphs and which in aggregate do not exceed EUR 15,000,000 at any time. 21.8 Merger (a) No Obligor shall (and the Company shall ensure that no other member of the Group will) enter into any amalgamation, demerger, merger or corporate reconstruction. (b) Paragraph (a) above does not apply to amalgamation, demerger, merger or corporate reconstruction: (i) (in case of the Company) within the Group, if the Company is the surviving entity; (ii) (in case of an Obligor) within the Group, if the Obligor is the surviving entity; (iii) as set out in the SPAC Structure Memorandum and provided that it has no negative impact on the Group and does not trigger a Change of Control; or (iv) permitted pursuant to Clause 21.4 (Disposals). 21.9 Domination and profit and loss transfer agreements No Obligor shall (and the Company shall ensure that no other member of the Group will) (a) enter into any domination and/or profit and loss transfer agreement (Beherrschungs- und/oder Gewinnabführungsvertrag) which is not yet concluded as at the date of this Agreement, unless where such agreement is between Obligors and notified to the Agent without undue delay, or (b) terminate, amend or modify any domination and/or profit and loss transfer agreement existing as at the date of this Agreement and any Obligor (and the Company shall ensure that any other member of the Group will) shall maintain any domination and/or profit and loss transfer agreement existing as at the date of this Agreement over the lifetime of this Agreement. 34073642v9 84 21.10 Change of business The Company shall procure that no substantial change is made to the general nature of the business of the Company or the Group from that carried on at the date of this Agreement other than the expansion of the business of the Group to similar, related or complementary business lines (particular as set out in the five-year business plan of the Group made available to the Lenders by the Company). 21.11 Further assurance Each Obligor shall (and the Company shall procure that each other Obligor will) without undue delay do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Security Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security Agent or its nominee(s)): (a) to perfect, protect or maintain the Security created or intended to be created under or evidenced by the Transaction Security Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of the Security Agent or the Finance Parties provided by or pursuant to the Finance Documents or by law; and/or (b) to facilitate in accordance with the Transaction Security Documents the realisation of the assets which are, or are intended to be, the subject of the Transaction Security. 21.12 Insurance (a) Each Obligor shall (and the Company shall ensure that each other member of the Group will) maintain insurances on and in relation to its business and assets against those risks and to the extent as is usual for companies carrying on the same or substantially similar business. (b) All insurances must be with reputable independent insurance companies or underwriters. 21.13 Preservation of assets Each Obligor shall (and the Company shall ensure that each other member of the Group will) maintain in good working order and condition (ordinary wear and tear excepted) all of its assets necessary or desirable in the conduct of its business.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 85 21.14 Acquisitions and Investments (a) No Obligor shall (and the Company shall ensure that no other member of the Group will): (i) invest in or acquire any share in or any security issued by any person, or any interest therein or in the capital of any person, or make any capital contribution to any person; or (ii) invest in or acquire any business or going concern, or the whole or substantially the whole of the assets or business of any person, or any assets that constitute a division or operating unit of the business of any person. (b) Paragraph (a) above does not apply to (i) an acquisition of a shelf company (Vorratsgesellschaft) or incorporation of a company by a member of the Group without any assets other than its stated share capital, where such company is (or will be) engaged in a business carrying on a similar, related or complementary business to the Group; (ii) an acquisition of a business or undertaking or of all or part of the share capital carrying voting and dividend rights of a company in each case by a member of the Group but only if: (A) no Event of Default is continuing on the closing date for the acquisition or would occur as a result of the acquisition; (B) such acquisition is made on a solvent basis and fully financed or refinanced within twelve (12) Months from the closing of the acquisition verifiably through equity contribution including unsecured convertible bonds (but only if the Equity Commitments have been fully made available to the Company in accordance with Clause 21.24 (Equity Commitments) which have a term which ends not earlier than the Termination Date hereunder or new shareholder loans which are subject to a Subordination Agreement; and (C) the acquired company, business or undertaking is engaged in a business carrying on a similar, related or complementary business to the Group, and (iii) an acquisition as set out in the SPAC Structure Memorandum; 34073642v9 86 (c) The Company shall inform the Agent without undue delay of any acquisition or investment pursuant to this Clause 21.14 and shall confirm to the Agent prior to closing the acquisition that the criteria in paragraph (b)(ii) are met (where required). 21.15 Restricted Payments (a) No Obligor shall (and the Company shall ensure that no other Member of the Group will): (i) declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital); (ii) repay or distribute any dividend or, if applicable, share premium reserve; (iii) repay (including interest) any shareholder loan other than a shareholder loan granted by an Obligor to an Obligor or an Obligor to a member of the Group that is not an Obligor; (iv) pay or allow any Member of the Group to pay any management, advisory or other fee or payment to or to the order of any direct shareholders of the Company; or (v) redeem, repurchase, defease, retire or repay any of its share capital or capital reserves or resolve to do so. (b) Paragraph (a) does not apply to payments (i) to direct shareholders with respect to management fees and other fees and expenses in the ordinary course of business up to an aggregate amount of EUR 2,000,000 per annum; and (ii) up to 20% of the net profit (Jahresüberschuss) as stated in the respective annual audited consolidated financial statements (festgestellter Jahresabschluss) provided that the Net Leverage Ratio after such payment is equal or less than 2.00:1. 21.16 Shareholder Loans (a) No Obligor shall (and the Company shall ensure that no other member of the Group will) amend or change any of the shareholder loans in a way that such amendment would result in a shorter term. 34073642v9 87 (b) Each Obligor shall ensure that any new shareholder loans will only be executed if such new shareholder loan is subject to the Subordination Agreement as agreed pursuant to paragraph (b) of Clause 2 of Schedule 2 Part I (Conditions Precedent to Initial Utilisation) and that each such shareholder loan will have a term which ends not earlier than 90 days after the Termination Date hereunder. 21.17 Treasury Transactions No Obligor shall (and the Company will procure that no other member of the Group will) enter into any Treasury Transaction, other than: (a) the hedging transactions entered into for the hedging of actual or projected interest rate exposures arising under or in connection with the Finance Documents; (b) spot and forward delivery foreign exchange contracts entered into in connection with the SPAC Transaction and where this does not result in indebtedness or financial obligations other than an initial transaction premium or fee; (c) spot and forward delivery foreign exchange contracts entered into in the ordinary course of business and not for speculative purposes; and (d) any Treasury Transaction entered into for the hedging of actual or projected real exposures arising in the ordinary course of trading activities of a member of the Group which is not entered into for speculative purposes. 21.18 Arm's length No Obligor shall (and the Company will procure that no member of the Group will) enter into any transaction with any person except on arm's length terms and for full market value. 21.19 Sanctions / Anti-Money Laundering / Anti-Corruption Each Obligor undertakes to (and will ensure that each of its Subsidiaries and Affiliates in which they hold a majority and any member of the supervisory board or the management board or any other employee or any person acting on behalf of any of the aforementioned persons will) (a) comply with any Sanctions, Anti-Money Laundering Laws and Anti-Corruption Laws; (b) not use any loans (or parts of it) or make them available, directly or indirectly, 34073642v9 88 (i) to finance or facilitate any activities of or on behalf of Sanctions Restricted Persons; or (ii) in any other way which would conflict with Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws; (c) not use all or any part of proceeds out of activities with Sanctions Restricted Persons to discharge any payments under this Agreement. Each Obligor maintains (and will ensure that and each of their Subsidiaries or Affiliates in which they hold a majority maintaines) policies, procedures and measures to ensure compliance with any Sanctions, Anti-Money Laundering Laws and Anti-Corruption Laws. 21.20 Guarantors (a) Guarantor Coverage The Company shall ensure that the EBITDA of all Guarantors (calculated on an unconsolidated basis) is at least 80% of the aggregated Consolidated Adjusted EBITDA of the Group and the aggregated consolidated gross assets of all Guarantors are at least 80 % of the aggregated consolidated gross assets of the Group (the "Guarantor Coverage"). (b) Material Companies The Company shall ensure that each member of the Group which is a Material Company shall: (i) within thirty (30) days in case of a Material Company incorporated or established in Germany; (ii) within ninety (90) days in case of a Material Company not incorporated or established in Germany, of delivery of the annual financial statements showing that it is a Material Company or, as the case may be, of its acquisition, become an Additional Guarantor in accordance with Clause 24.4 (Additional Guarantors).

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 89 21.21 Subordination of Convertible Debt In case the existing EUR 25,000,000 convertible debt agreement dated 20 December 2019 between the Company as borrower and RAG-S LENDING SCS, SICAV-RAIF as lender and the EUR 50,000,000 convertible debt agreement dated 20 December 2019 between the Company as borrower and SIGNA International Sports Holding GmbH as lender (Roll of Deeds No. 461/2019 of the notary public Dr. Thorsten Reinhard in Frankfurt am Main) (the "Existing Convertible Loans") are not converted into equity until 30 September 2021, such convertible debt shall be subordinated pursuant to the terms of the Subordination Agreement within fifteen (15) Business Days. If such subordination does, in whole or in part, not occur within fifteen (15) Business Days after 30 September 2021 (the "Subordination Longstop-Date"), the Company may refinance the Facilities granted under this Agreement within three (3) months after the Subordination Longstop-Date. 21.22 IPO/ stock exchange listing In case any listing, IPO or other registration with a stock exchange is envisaged, the Company shall ensure that any transaction is undertaken in the order shown in and following the stipulations of the SPAC Structure Memorandum at least up to and including Step No. 12a of the SPAC Structue Memorandum. 21.23 Granting of Security/ Additional Security (a) The Company shall ensure that within sixty (60) days from the date of this Agreement, the Share Pledge Agreement is granted in favour of the Finance Parties. (b) in case, (after the financial year 2022), a material loss of value of the Share Pledge Agreement (turnover of Internetstores Holding GmbH and its Subsidiaries on a consolidated basis per annum below EUR 400,000,000 and/or EBITDA per annum below EUR 10,000,000) occurs, the Company will offer the Lenders additional Security corresponding to the material loss of value. 21.24 Equity Commitments/ Subordination Agreement (a) The Company shall procure that the Equity Commitment IB is received by the Company in case the 13-weeks liquidity focrecast shows a shortfall of the Available Liquidity below the amount of EUR 30,000,000 or (in case not already shown in the 13-weeks liquidity focrecast) the actual Available Liquidity falls below an amount of EUR 30,000,000, in each case within five (5) Business Days after the delivery to the Agent of the respective liquidity forecast, respectively within five (5) Business Days after the occurrence of the 34073642v9 90 shortfall, unless the amount of the Equity Commitment IB is reduced to zero due to the Equity Commitment Reduction Amount. (b) The Company shall procure that the Equity Commitment II is received by the Company until 30 September 2022 at the latest. (c) The Company shall procure that the Equity Commitment III is received by the Company until 30 June 2023 at the latest, unless either the amount of the Equity Commitment III is reduced to zero due to the Equity Commitment Reduction Amount or the External Expert has confirmed to the satisfaction of the Lenders that no additional liquidity is being required by the Group in order to comply with the Refinancing Report. (d) In case any of the Equity Commitments or any of the amounts constituting an Equity Commitment Reduction Amount are directly made available to the Company by a shareholder (other than the existing shareholder) via Shareholder Loan, the required Subordination Agreement needs to be executed prior to the conclusion of the respective Shareholder Loan and the transfer of funds. 22. Events Of Default Each of the events or circumstances set out in Clause 22 is an Event of Default (save for Clause 22.14 (Acceleration)). 22.1 Non-payment An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable unless: (a) its failure to pay is caused by administrative or technical error; and (b) payment is made within five (5) Business Days of its due date. 22.2 Financial covenants Any requirement of Clause 20 (Financial covenants) is not satisfied. 22.3 Other obligations (a) Any requirement under Clause 21.24 (Equity Commitments) is not satisfied. 34073642v9 91 (b) An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 22.1 (Non-payment), Clause 22.2 (Financial covenants) and paragraph (a) above). (c) No Event of Default under paragraph (b) above will occur if the failure to comply is capable of remedy and is remedied within ten (10) Business Days of the earlier of (A) the Agent giving notice to the Company and (B) the Company becoming aware of the failure to comply. 22.4 Misrepresentation Any representation or statement made or deemed to be made by or on behalf of an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made unless the cicumstances giving rise to such representation being incorrect or misleading are capable of remedy and are remedied within ten (10) Business Days of the earlier of (A) the Agent giving notice to the Company and (B) the Company becoming aware thereof. 22.5 Cross default (a) Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally applicable grace period. (b) Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). (c) Any commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by a creditor of any member of the Group as a result of an event of default (however described). (d) Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however described). (e) No Event of Default will occur under this Clause 22.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than EUR 5,000,000 (or its equivalent in other currencies). 34073642v9 92 22.6 Insolvency (a) A member of the Group: (i) is unable or admits inability to pay its debts as they fall due; (ii) suspends making payments on any of its debts; or (iii) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness. (b) A member of the Group incorporated in Germany is unable to pay its debts as they fall due (zahlungsunfähig) within the meaning of section 17 of the Insolvency Code (Insolvenzordnung) or is overindebted within the meaning of section 19 of the Insolvency Code (Insolvenzordnung) or, with respect to any other member of the Group, the value of the assets of any member of the Group is less than its liabilities (taking into account contingent and prospective liabilities). (c) A moratorium is declared in respect of any indebtedness of any member of the Group. 22.7 Insolvency proceedings Any corporate action, legal proceedings or other procedure or step is taken in relation to: (a) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group other than a solvent liquidation or reorganisation of any member of the Group which is not an Obligor; (b) a composition, compromise, assignment or arrangement with any creditor of any member of the Group; (c) the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group which is not an Obligor), receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any member of the Group or any of its assets; or (d) enforcement of any Security over any assets of any member of the Group,

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 93 or any analogous procedure or step is taken in any jurisdiction. This Clause 22.7 shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within twenty-one (21) days of commencement. 22.8 Creditors' process Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of a member of the Group and is not discharged within fourteen (14) days. 22.9 Ownership of the Obligors An Obligor (other than the Company) is not or ceases to be a Subsidiary of the Company. 22.10 Unlawfulness It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents or the Subordination Agreement. 22.11 Repudiation An Obligor repudiates a Finance Document or evidences an intention to repudiate a Finance Document or the Subordination Agreement. 22.12 Material adverse change Any event or circumstance occurs which has a Material Adverse Effect. 22.13 Subordination Agreement and Shareholder Loans (a) A party to a Subordniation Agreement (other than a Finance Party) does not comply with its obligations or the provisions provided for in the respective Subordination Agreement, unless such failure to comply is capable of remedy and is remedied within ten (10) Business Days of the earlier of (A) the Agent giving notice and (B) the the respective party becoming aware of the failure to comply. (b) A party to the Shareholder Loan SIGNA or the Shareholder Loan HoldCo(i) refuses to perform its obligations under the respective agreement (in whole or in part) (ii) challenges or terminates the respective agreement (in whole or in part) or (iii) any the agreements 34073642v9 94 becomes invalid (in whole or in part); and this has an adverse effect on the Lenders' exposure under any of the Finance Documents. 22.14 Acceleration On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, (a) by notice to the Company: (i) cancel the Total Commitments whereupon they shall immediately be cancelled; (ii) declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable; and/or (iii) declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders. (b) exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents. 23. Changes To The Lenders 23.1 Assignments and transfers by the Lenders Subject to this Clause 23, a Lender (the "Existing Lender") may: (a) assign any of its rights; or (b) assign and transfer by assumption of contract (Vertragsübernahme) any of its rights and obligations, to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the "New Lender"). 34073642v9 95 23.2 Company consent (a) The consent of the Company is required for an assignment or an assignment and transfer by assumption of contract (Vertragsübernahme) by an Existing Lender, unless the assignment or assignment and transfer by assumption of contract (Vertragsübernahme) is: (i) to another Lender or an Affiliate of any Lender; or (ii) made at a time when an Event of Default is continuing. (b) The consent of the Company to an assignment or assignment and transfer by assumption of contract (Vertragsübernahme) must not be unreasonably withheld or delayed. The Company will be deemed to have given its consent five (5) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Company within that time. (c) An assignment or assignment and transfer by assumption of contract (Vertragsübernahme) to a Special Situation Fund shall not be allowed unless made at a time when an Event of Default is continuing. 23.3 Other conditions of assignment or assignment and transfer by assumption of contract (Vertragsübernahme) (a) An assignment will only be effective on: (i) receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance Parties as it would have been under if it had been the Original Lender; and (ii) performance by the Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender. (b) An assignment and transfer by assumption of contract (Vertragsübernahme) will only be effective if the procedure set out in Clause 23.6 (Procedure for assignment and transfer by assumption of contract (Vertragsübernahme)) is complied with. 34073642v9 96 (c) If: (i) a Lender assigns or assigns and transfers by assumption of contract (Vertragsübernahme) any of its rights or obligations under the Finance Documents or changes its Facility Office; and (ii) as a result of circumstances existing at the date the assignment, assignment and transfer by assumption of contract (Vertragsübernahme) or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased costs), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, assignment and transfer by assumption of contract (Vertragsübernahme) or change had not occurred. This paragraph (c) shall not apply in respect of an assignment or an assignment and transfer by assumption of contract (Vertragsübernahme) made in the ordinary course of the primary syndication of the Facility. (d) Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the assignment or assignment and transfer by assumption of contract (Vertragsübernahme) becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. 23.4 Assignment or assignment and transfer by assumption of contract (Vertragsübernahme) fee The New Lender shall, on the date upon which an assignment or assignment and transfer by assumption of contract (Vertragsübernahme) takes effect, pay to the Agent (for its own account) a fee of EUR 3,500. 23.5 Limitation of responsibility of Existing Lenders (a) Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 97 (i) the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; (ii) the financial condition of any Obligor; (iii) the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or (iv) the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, (v) and any representations or warranties implied by law are excluded. (b) Each New Lender confirms to the Existing Lender and the other Finance Parties that it: (i) has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and (ii) will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. (c) Nothing in any Finance Document obliges an Existing Lender to: (i) accept a re-assignment or a re-assignment and re-transfer by assumption of contract (Vertragsübernahme) from a New Lender of any of the rights and obligations assigned or assigned and transferred by assumption of contract (Vertragsübernahme) under this Clause 23; or (ii) support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise. 23.6 Procedure for assignment and transfer by assumption of contract (Vertragsübernahme) (a) Subject to the conditions set out in Clause 23.2 (Company consent) and Clause 23.3 (Other conditions of assignment or assignment and transfer by assumption of contract 34073642v9 98 (Vertragsübernahme)) an assignment and transfer by assumption of contract (Vertragsübernahme) is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. (b) The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. (c) On the Transfer Date: (i) to the extent that in the Transfer Certificate the Existing Lender seeks to assign and transfer by assumption of contract (Vertragsübernahme) its rights and obligations under the Finance Documents each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be lost (being the "Terminated Rights and Obligations"); (ii) each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Terminated Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; (iii) the Agent, the Arranger, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been the Original Lender with the rights and/or obligations acquired or assumed by it as a result of the assignment and transfer by assumption of contract (Vertragsübernahme) and to that extent the Agent, the Arranger and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and (iv) the New Lender shall become a Party as a "Lender". 34073642v9 99 23.7 Copy of Transfer Certificate to Company The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or Increase Confirmation, send to the Company a copy of that Transfer Certificate. 23.8 Security over Lenders' rights (a) In addition to the other rights provided to Lenders under this Clause 23, each Lender may without consulting with or obtaining consent from any Obligor, at any time assign, charge, pledge or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: (i) any assignment, charge, pledge or other Security to secure obligations to a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) including, without limitation, any assignment of rights to a special purpose vehicle where Security over securities issued by such special purpose vehicle is to be created in favour of a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank); and (ii) any assignment, charge, pledge or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities, except that no such assignment, charge, pledge or Security shall: (A) release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant assignment, charge, pledge or Security for the Lender as a party to any of the Finance Documents; or (B) require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents. (b) The limitations on assignments or transfers by a Lender set out in any Finance Document, in particular in Clause 23.1 (Assignments and transfers by the Lenders), Clause 23.2 (Company consent), Clause 23.3 (Other conditions of assignment or assignment and transfer by assumption of contract (Vertragsübernahme)) and Clause 23.4 (Assignment 34073642v9 100 or assignment and transfer by assumption of contract (Vertragsübernahme) fee), and the provisions set out in Clause 35 (Confidentiality) shall not apply to the creation of Security pursuant to paragraph (a)(i) above. (c) The limitations and provisions referred to in paragraph (b) above shall further not apply to any assignment or transfer of rights under the Finance Documents made by a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) to a third party in connection with the enforcement (Verwertung) of Security created pursuant to paragraph (a)(i) above. (d) Any Lender may disclose such Confidential Information as that Lender is required to disclose to a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) to (or through) whom it creates Security pursuant to paragraph (a)(i) above, and any federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) may disclose such Confidential Information to a third party to whom it assigns or transfers (or may potentially assign or transfer) rights under the Finance Documents in connection with the enforcement of such Security. 24. Changes To The Obligors 24.1 Assignments and transfers by Obligors No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 24.2 Additional Borrowers (a) Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 19.10 ("Know your customer" checks), the Company may request that any of its wholly owned Subsidiaries becomes an Additional Borrower (Vertragsbeitritt). That Subsidiary shall become an Additional Borrower if: (i) all the Lenders approve the addition of that Subsidiary; (ii) the Company delivers to the Agent a duly completed and executed Accession Letter; (iii) the Company confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 101 (iv) the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (Conditions Precedent) in relation to that Additional Borrower, each in form and substance satisfactory to the Agent. (b) The Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in Part II of Schedule 2 (Conditions Precedent). (c) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 24.3 Resignation of a Borrower (a) The Company may request that a Borrower (other than the Company) ceases to be a Borrower by delivering to the Agent a Resignation Letter. (b) The Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if: (i) no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case); and (ii) the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents. 24.4 Additional Guarantors (a) Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 19.10 ("Know your customer" checks), the Company may request that any of its wholly owned Subsidiaries become an Additional Guarantor. That Subsidiary shall become an Additional Guarantor if: (i) the Company delivers to the Agent a duly completed and executed Accession Letter; and 34073642v9 102 (ii) the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (Conditions Precedent) in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent. (b) The Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in Part II of Schedule 2 (Conditions Precedent). (c) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 24.5 Repetition of Representations Delivery of an Accession Letter constitutes confirmation by the relevant Subsidiary that the Repeated Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing. 24.6 Resignation of a Guarantor (a) The Company may request that a Guarantor (other than the Company) ceases to be a Guarantor by delivering to the Agent a Resignation Letter. (b) The Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if: (i) no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case); (ii) where the Guarantor is also a Borrower, it is under no actual or contingent obligation as a Borrower and has resigned and ceased to be a Borrower under Clause 24.3 (Resignation of a Borrower); (iii) that Guarantor is not a Material Company pursuant to paragraph (b) of the definition of "Material Company"; and (iv) all the Lenders have consented to the Company's request. 34073642v9 103 25. Role Of The Agent And The Arranger 25.1 Appointment of the Agent (a) Each of the Arranger and the Lenders appoints the Agent to act as its agent and attorney (Stellvertreter) under and in connection with the Finance Documents. (b) Each of the Arranger and the Lenders authorises the Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. (c) Each of the Arranger and the Lenders hereby exempts the Agent from the restrictions pursuant to section 181 Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law, in each case to the extent legally possible to such Finance Party. A Finance Party which cannot grant such exemption shall notify the Agent accordingly. 25.2 Instructions (a) The Agent shall: (i) unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by: (A) all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and (B) in all other cases, the Majority Lenders; and (ii) not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above. (b) The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion. The Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested. 34073642v9 104 (c) Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties save for the Security Agent. (d) The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions. (e) In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders. (f) The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent) in any legal or arbitration proceedings relating to any Finance Document. 25.3 Duties of the Agent (a) The Agent's duties under the Finance Documents are solely mechanical and administrative in nature. (b) Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. (c) Without prejudice to Clause 23.7 (Copy of Transfer Certificate to Company), paragraph (b) above shall not apply to any Transfer Certificate. (d) Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. (e) If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 105 (f) If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or the Arranger) under this Agreement it shall promptly notify the other Finance Parties. (g) The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied). 25.4 Role of the Arranger Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in connection with any Finance Document. 25.5 No fiduciary duties (a) Nothing in any Finance Document constitutes the Agent or the Arranger as a trustee (Treuhänder) of any other person. Neither the Agent nor the Arranger has any financial or commercial duty of care (Vermögensfürsorgepflicht) for any person. (b) Neither the Agent nor the Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account. 25.6 Business with the Group The Agent and the Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group. 25.7 Rights and discretions (a) The Agent may: (i) rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised; (ii) assume that: (A) any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and 34073642v9 106 (B) unless it has received notice of revocation, that those instructions have not been revoked; and (iii) rely on a certificate from any person: (A) as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or (B) to the effect that such person approves of any particular dealing, transaction, step, action or thing, as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate. (b) The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: (i) no Default has occurred (unless it has actual knowledge of a Default arising under Clause 22.1 (Non-payment)); (ii) any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised; and (iii) any notice or request made by the Company (other than an Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors. (c) The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts. (d) Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be necessary. (e) The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying. 34073642v9 107 (f) The Agent may act in relation to the Finance Documents through its officers, employees and agents. (g) Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. (h) Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. (i) Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 25.8 Responsibility for documentation Neither the Agent nor the Arranger is responsible or liable for: (a) the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, the Arranger, an Obligor or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; or (b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document. 25.9 No duty to monitor The Agent shall not be bound to enquire: (a) whether or not any Default has occurred; 34073642v9 108 (b) as to the performance, default or any breach by any Party of its obligations under any Finance Document; or (c) whether any other event specified in any Finance Document has occurred. 25.10 Exclusion of liability (a) Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent), the Agent will not be liable for: (i) any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct; (ii) exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct; or (iii) without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever (but not including any claim based on the fraud of the Agent) arising as a result of: (A) any act, event or circumstance not reasonably within its control; or (B) the general risks of investment in, or the holding of assets in, any jurisdiction, including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 109 (b) No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause pursuant to section 328 para 1 Civil Code (Bürgerliches Gesetzbuch) (echter berechtigender Vertrag zugunsten Dritter). (c) The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. (d) Nothing in this Agreement shall oblige the Agent or the Arranger to carry out: (i) any "know your customer" or other checks in relation to any person; or (ii) any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender, on behalf of any Lender and each Lender confirms to the Agent and the Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger. (e) Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability, any liability of the Agent arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages. 25.11 Lenders' indemnity to the Agent Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three (3) Business Days of demand, against any 34073642v9 110 cost, loss or liability incurred by the Agent (otherwise than by reason of the Agent's gross negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document). 25.12 Resignation of the Agent (a) The Agent may resign and appoint one of its Affiliates acting through an office in any Participating Member State as successor by giving notice to the Lenders and the Company. (b) Alternatively the Agent may resign by giving 30 days' notice to the Lenders and the Company, in which case the Majority Lenders (after consultation with the Company) may appoint a successor Agent. (c) If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Company) may appoint a successor Agent (acting through an office in in any Participating Member State). (d) The retiring Agent shall make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. The Company shall, within three (3) Business Days of demand, reimburse the retiring Agent for the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and records and providing such assistance. (e) The Agent's resignation notice shall only take effect upon the appointment of a successor. (f) Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (d) above) but shall remain entitled to the benefit of Clause 14.3 (Indemnity to the Agent) and this Clause 25 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. (g) After consultation with the Company, the Majority Lenders may, by notice to the Agent, require it to resign in accordance with paragraph (b) above. In this event, the Agent shall resign in accordance with paragraph (b) above. 34073642v9 111 (h) The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: (i) the Agent fails to respond to a request under Clause 12.8 (FATCA Information) and the Company or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; (ii) the information supplied by the Agent pursuant to Clause 12.8 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or (iii) the Agent notifies the Company and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; and (in each case) the Company or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Company or that Lender, by notice to the Agent, requires it to resign. 25.13 Confidentiality (a) In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments. (b) If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have notice of it. 25.14 Relationship with the Lenders (a) The Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Agent's principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office: 34073642v9 112 (i) entitled to or liable for any payment due under any Finance Document on that day; and (ii) entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day, unless it has received not less than five (5) Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement. (b) Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 30.5 (Electronic communication)) electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause 30.2 (Addresses) and paragraph (a)(ii) of Clause 30.5 (Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender. 25.15 Credit appraisal by the Lenders Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: (a) the financial condition, status and nature of each member of the Group; (b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; (c) whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 113 Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and (d) the adequacy, accuracy or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document. 25.16 Deduction from amounts payable by the Agent If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 26. The Security Agent 26.1 Appointment of Security Agent (a) Without limiting or affecting Clause 26.2 (Parallel Debt (Covenant to pay the Security Agent)), each other Finance Party appoints the Security Agent to act as security agent under and in connection with the relevant Transaction Security Documents and this Agreement and as trustee (Treuhänder) and administrator for the purpose of accepting and, administering the Transaction Security Documents for and on behalf of the other Finance Parties and the Security Agent hereby accepts such appointment on the terms and subject to the conditions set out in this Agreement. (b) Each Finance Party (other than the Security Agent) hereby authorises the Security Agent to accept as its representative (Stellvertreter) any Transaction Security granted to such Finance Party in relation to the Finance Documents and to act and execute on its behalf as its representative (Stellvertreter), subject to the terms of this Agreement, amendments or releases of, accessions and alterations to, and to carry out similar dealings with regard to any Transaction Security Document. (c) Each Finance Party which becomes a party to any Finance Document ratifies and approves all acts and declarations previously done by the Security Agent on such 34073642v9 114 Finance Party's behalf (including for the avoidance of doubt the declarations made by the Security Agent as representative without power of attorney (Vertreter ohne Vertretungsmacht)) in relation to the creation of any Transaction Security on behalf and for the benefit of any Finance Party. (d) The Security Agent shall and is hereby authorised by each of the Finance Parties (and to the extent it may have any interest therein, every other Party) to execute on behalf of itself and each other Party where relevant without the need for any further referral to, or authority from, any other person all necessary releases or confirmations of any Security created under the Transaction Security Documents and to exercise such rights, remedies, powers and discretions as are specifically delegated to or conferred upon the Security Agent under the Transaction Security Documents together with such powers and discretions as are reasonably incidental thereto. (e) Each Finance Party hereby irrevocably authorises the Security Agent to act on its behalf and if required under applicable law, or if otherwise appropriate, in its name and on its behalf in connection with the preparation, execution and delivery of the Transaction Security Documents and the perfection and monitoring of the Transaction Security Documents. The Security Agent is authorised to make and accept all declarations and take all actions it considers necessary or useful in this connection. (f) With respect to any Transaction Security governed by German law ("German Security") the Security Agent shall: (i) hold and administer and (subject to it having become enforceable) realise any German Security which is assigned (Sicherungseigentum/ Sicherungsabtretung) or otherwise granted to it under a non-accessory security right (nicht- akzessorische Sicherheit) in its own name as trustee (treuhänderisch) for the benefit of the Finance Parties; and (ii) hold, administer and (subject to it having become enforceable) realise in the name and on behalf of the Finance Parties any German Security which is pledged (Verpfändung) or otherwise granted to any Finance Party under an accessory security right (akzessorische Sicherheit) as agent in the name and on behalf of the Finance Parties. (g) For the purposes of this Agreement, each Finance Party releases the Security Agent from the restrictions of section 181 of the German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law, in each case to the extent legally possible for such Finance Party. A Finance Party which is barred by its 34073642v9 115 constitutional documents or by-laws from granting such exemption shall notify the Security Agent accordingly. The Security Agent has the power to grant a sub-power of attorney including the right to release the sub-attorney "Untervollmacht" from the restrictions of section 181 of the German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law, in each case to the extent legally possible. (h) At the request of the Security Agent, each other Finance Party shall provide the Security Agent with a separate written power of attorney (Spezialvollmacht) for the purposes of executing any relevant agreements and documents on their behalf. Each other Finance Party ratifies and approves all acts previously done by the Security Agent on such Finance Party's behalf. (i) Each of the Parties to this Agreement agrees that the Security Agent shall have only those duties, obligations and responsibilities expressly specified in this Agreement or in the Transaction Security Documents to which the Security Agent is expressed to be a party (and no others shall be implied). 26.2 Parallel Debt (Covenant to pay the Security Agent) (a) Notwithstanding any other provision of this Agreement, each Obligor hereby irrevocably and unconditionally undertakes to pay to the Security Agent, as creditor in its own right and not as representative of the Finance Parties (by way of an abstract acknowledgement of debt (abstraktes Schuldanerkenntnis)), sums equal to and in the currency of each amount payable by such Obligor to each of the Finance Parties under each of the Finance Documents as and when that amount falls due for payment under the relevant Finance Document. (b) Each Obligor and the Security Agent acknowledge that the obligations of each Obligor under paragraph (a) above are several and are separate and independent from, and shall not in any way limit or affect, the corresponding obligations of that Obligor to any Finance Party under any Finance Document (its "Corresponding Debt") nor shall the amounts for which each Obligor is liable under paragraph (a) above (its "Parallel Debt") be limited or affected in any way by its Corresponding Debt provided that: (i) the Parallel Debt of each Obligor shall be decreased to the extent that its Corresponding Debt has been irrevocably paid or (in the case of guarantee obligations) discharged; and 34073642v9 116 (ii) the Corresponding Debt of each Obligor shall be decreased to the extent that its Parallel Debt has been irrevocably paid or (in the case of guarantee obligations) discharged. (c) The Security Agent acts in its own name and not as a trustee, and its claims in respect of the Parallel Debt shall not be held on trust. The Transaction Security granted under the Transaction Security Documents to the Security Agent to secure the Parallel Debt is granted to the Security Agent in its capacity as creditor of the Parallel Debt and shall not be held on trust. (d) All monies received or recovered by the Security Agent pursuant to this Clause 26.2, and all amounts received or recovered by the Security Agent from or by the enforcement of any Transaction Security granted to secure the Parallel Debt, shall be applied in accordance with Clause 29.5 (Partial payments). (e) Without limiting or affecting the Security Agent's rights against the Obligors (whether under this Clause 26.2 or under any other provision of the Finance Documents), each Obligor acknowledges that: (i) nothing in this Clause 26.2 shall impose any obligation on the Security Agent to advance any sum to any Obligor or otherwise under any Finance Document, except in its capacity as Lender; and (ii) for the purpose of any vote taken under any Finance Document, the Security Agent shall not be regarded as having any participation or commitment other than those which it has in its capacity as a Lender. 26.3 No independent power The Finance Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any rights or powers arising under the Transaction Security Documents except through the Security Agent. 26.4 Instructions to Security Agent and exercise of discretion (a) Subject to paragraphs (d) and (e) below, the Security Agent shall act in accordance with any instructions given to it by the Majority Lenders or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Security Agent and shall be entitled to assume that (i) any instructions received by it from the Lenders or a group of Lenders are duly given in accordance with the terms of the

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 117 Finance Documents and (ii) unless it has received actual notice of revocation, that those instructions or directions have not been revoked. (b) The Security Agent shall be entitled to request instructions, or clarification of any direction, from the Majority Lenders as to whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities and discretions and the Security Agent may refrain from acting unless and until those instructions or clarification are received by it. (c) Any instructions given to the Security Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties. (d) Paragraph (a) above shall not apply: (i) where a contrary indication appears in this Agreement; (ii) where this Agreement requires the Security Agent to act in a specified manner or to take a specified action; and (iii) in respect of any provision which protects the Security Agent's own position in its personal capacity as opposed to its role of Security Agent for the Finance Parties including, without limitation, the provisions set out in Clauses 26.6 (Security Agent's discretions) to Clause 26.17 (Final Release of Transaction Security). (e) If giving effect to instructions given by the Majority Lenders would (in the Security Agent's opinion) have an effect equivalent to an amendment of this Agreement, the Security Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Security Agent) whose consent would have been required pursuant to Clause 34 (Amendments and Waivers) in respect of that amendment. (f) In exercising any discretion to exercise a right, power or authority under this Agreement where it has not received any instructions from the Majority Lenders as to the exercise of that discretion the Security Agent shall do so having regard to the interests of all the Finance Parties. 26.5 Security Agent's Actions Without prejudice to the provisions of Clause 26.19 (Enforcement instruction) and Clause 26.4 (Instructions to Security Agent and exercise of discretion), the Security Agent may (but shall not 34073642v9 118 be obliged to), in the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate. 26.6 Security Agent's discretions (a) The Security Agent may: (i) assume (unless it has received actual notice to the contrary from the Majority Lenders) that (i) no Default has occurred and no Obligor is in breach of or default under its obligations under any of the Finance Documents and (ii) any right, power, authority or discretion vested by any Finance Document in any person has not been exercised; (ii) if it receives any instructions or directions under Clause 26.19 (Enforcement instruction) to take any action in relation to the Transaction Security, assume that all applicable conditions under the Finance Documents for taking that action have been satisfied; (iii) engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers, surveyors or other experts (whether obtained by the Security Agent or by any other Finance Party) whose advice or services may at any time seem necessary, expedient or desirable; (iv) rely upon any communication or document believed by it to be genuine and, as to any matters of fact which might reasonably be expected to be within the knowledge of a Finance Party or an Obligor, upon a certificate signed by or on behalf of that person; and (v) refrain from acting in accordance with the instructions of any Finance Party (including bringing any legal action or proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or security that it may in its discretion require (whether by way of payment in advance or otherwise) for all costs, losses and liabilities which it may incur in so acting. (b) Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. In particular, and for the avoidance of doubt, nothing in any 34073642v9 119 Finance Document shall be construed so as to constitute an obligation of the Security Agent to perform any services which it would not be entitled to render pursuant to the provisions of the German Act on Rendering Legal Services (Rechtsdienstleistungsgesetz) or pursuant to the provisions of the German Tax Advisory Act (Steuerberatungsgesetz) or any other services that require an express official approval, licence or registration, unless the Security Agent holds the required approval, licence or registration. (c) Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 26.7 Security Agent's obligations The Security Agent shall without undue delay: (a) copy to the Lenders the contents of any notice or document received by it from any Obligor under any Finance Document; (b) forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party provided that, except where a Finance Document expressly provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party; (c) inform the Lenders of the occurrence of any Default or any default by an Obligor in the due performance of or compliance with its obligations under any Finance Document of which the Security Agent has received notice from any other Party. 26.8 Excluded obligations Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent shall not: (a) be bound to enquire as to (i) whether or not any Default has occurred; (ii) the performance, default or any breach by an Obligor of its obligations under any of the Finance Documents or (iii) whether any other event specified in any Finance Document has occured; 34073642v9 120 (b) be bound to account to any other Party for any sum or the profit element of any sum received by it for its own account; (c) be bound to disclose to any other person (including but not limited to any Finance Party) (i) any confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty; or (d) have or be deemed to have any relationship of trust or agency or fiduciary relationship with any Obligor or any other Party. 26.9 Exclusion of liability (a) Without limiting paragraph (b) below, the Security Agent shall not accept responsibility or be liable for (i) the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security Agent or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; (ii) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Charged Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Charged Property; (iii) any damages, costs or losses to any person or any diminution in value or any liability whatsoever arising as a result of taking or refraining from taking any action in relation to any of the Finance Documents, the Charged Property or otherwise, whether in accordance with an instruction from the Majority Lenders or otherwise unless directly caused by its gross negligence (grobe Fahrlässigkeit) or wilful misconduct (Vorsatz); (iv) the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection with any of the Finance Documents, the Charged Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, the Finance Documents or the Charged Property;

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 121 (v) any shortfall which arises on the enforcement or realisation of the Charged Property; or (vi) without prejudice to the generality of paragraphs (i) to (v) above, any damages, costs, losses, any diminution in value or any liability whatsoever arising as a result of: (A) any act, event or circumstance not reasonably within its control; or (B) the general risks of investment in, or the holding of assets in, any jurisdiction, including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. (b) No Party (other than the Security Agent) may take any proceedings against any officer, employee or agent of the Security Agent in respect of any claim it might have against the Security Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause pursuant to section 328 para 1 Civil Code (Bürgerliches Gesetzbuch) (echter berechtigender Vertrag zugunsten Dritter). (c) Nothing in this Agreement shall oblige the Security Agent to carry out: (i) any "know your customer" or other checks in relation to any person; or (ii) any check on the extent to which any transaction contemplated by this Agreement or any Transaction Security Document might be unlawful for any Obligor, on behalf of any Obligor and each Obligor confirms to the Security Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Agent. (d) Without prejudice to any provision of any Finance Document excluding or limiting the Security Agent's liability, any liability of the Security Agent arising under or in connection 34073642v9 122 with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Security Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Security Agent at any time which increase the amount of that loss. In no event shall the Security Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Security Agent has been advised of the possibility of such loss or damages 26.10 No proceedings No Party (other than the Security Agent) may take any proceedings against any officer, employee or agent of the Security Agent in respect of any claim it might have against the Security Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Charged Property and any officer, employee or agent of the Security Agent may rely on this Clause 26.10 pursuant to section 328 of the German Civil Code. 26.11 Own responsibility Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Finance Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: (a) the financial condition, status and nature of each member of the Group; (b) the legality, validity, effectiveness, adequacy and enforceability of any Finance Document, the Charged Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Charged Property; (c) whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the Charged Property, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Charged Property; 34073642v9 123 (d) the adequacy, accuracy and/or completeness of any information provided by the Security Agent or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and (e) the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property, and (f) each Finance Party warrants to the Security Agent that it has not relied on and will not at any time rely on the Security Agent in respect of any of these matters. 26.12 No responsibility to perfect Transaction Security The Security Agent shall not be liable for any failure to: (a) require the deposit with it of any deed or document certifying, representing or constituting the title of any Obligor to any of the Charged Property; (b) obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any of the Finance Documents or the Transaction Security; (c) register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of the Finance Documents or of the Transaction Security; (d) take, or to require any of the Obligors to take, any steps to perfect its title to any of the Charged Property or to render the Transaction Security effective or to secure the creation of any ancillary Security under the laws of any jurisdiction; or (e) require any further assurances in relation to any of the Transaction Security Documents. 26.13 Insurance by Security Agent (a) The Security Agent shall not be under any obligation to insure any of the Charged Property, to require any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the Finance Documents. The Security 34073642v9 124 Agent shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy of any such insurance. (b) Where the Security Agent is named on any insurance policy as an insured party, it shall not be responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Majority Lenders shall have requested it to do so in writing and the Security Agent shall have failed to do so within fourteen (14) days after receipt of that request. 26.14 Acceptance of title The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the Obligors may have to any of the Charged Property and shall not be liable for or bound to require any Obligor to remedy any defect in its right or title. 26.15 Refrain from illegality Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent may refrain from doing anything which in its opinion will or may be contrary to any relevant law, directive or regulation of any jurisdiction and the Security Agent may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation. 26.16 Business with the Obligors The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with any of the Obligors. 26.17 Release of Transaction Security (a) Release of Transaction Security prior to full satisfaction (i) If the Security Agent is obliged to release all or part of the security granted under the Transaction Security Documents due to mandatory German law and is requested to do so by the relevant security grantor even though not all amounts outstanding under the Finance Documents have been fully and finally discharged and the Lenders are still under further obligation to provide financial accommodation to any of the Obligors, the Security Agent may, at its discretion, determine which part of the security may be released.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 125 (ii) For the purpose of determining the value of the security the Security Agent may appoint a certified accountant (Wirtschaftsprüfer) to evaluate the security interest expense. (b) Final release of Transaction Security If all amounts outstanding under the Finance Documents have been fully and finally discharged and the Lenders are under no further obligation to provide financial accommodation to any of the Obligors (as confirmed to the Security Agent in writing by the Lenders), such confirmation to be given by the Lenders without undue delay upon being so satisfied: (i) the Security Agent and, if required, each other Finance Party shall release, without recourse or warranty, all of the Transaction Security (including any guarantee under the Finance Documents and the abstract acknowledgements of indebtedness pursuant to Clause 26.2 (Parallel Debt (Covenant to pay the Security Agent)) and its rights under each of the Transaction Security Documents; and (ii) any retiring Security Agent shall release, without recourse or warranty, all of its rights under each of the Transaction Security Documents. 26.18 Trustee division separate (a) In acting as trustee (Treuhänder) for the Finance Parties, the Security Agent shall be regarded as acting through its trustee division which shall be treated as a separate entity from any of its other divisions or departments. (b) If information is received by another division or department of the Security Agent, it may be treated as confidential to that division or department and the Security Agent shall not be deemed to have notice of it. 26.19 Enforcement instruction Subject to the Transaction Security having become enforceable in accordance with its respective terms, the Security Agent shall enforce, or refrain from enforcing, the Transaction Security in accordance with, and in the manner set out in, any instructions given to it by the Majority Lenders (the "Instructing Group"). 34073642v9 126 (a) The Security Agent may refrain from enforcing the Transaction Security unless instructed by the Instructing Group. (b) If it receives any instructions or directions from the Instructing Group to take any action in relation to any Transaction Security, it is entitled to assume that all applicable conditions under the Finance Documents for taking that action have been satisfied. (c) The Security Agent may refrain from acting in accordance with the instructions of the Instructing Group until it has received such security as it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions. (d) In the absence of instructions from the Instructing Group, the Security Agent may act (or refrain from taking action) as it considers to be in the best interest of the other Finance Parties. 26.20 Release of liabilities and Transaction Security (a) Following: (i) the commencement of enforcement or realization of the Transaction Security (or part thereof) by the Security Agent (or any of its delegates or any insolvency or similar administrator) in accordance with applicable law and the terms of the Transaction Security Documents; and (ii) the disposal or transfer in accordance with applicable law and the terms of the Transaction Security Documents of all or any of the assets of, and/or shares in, a member of the Group subject to the Transaction Security (a "Pledged Company") to a person or persons which is not a member of the Group (together with the conditions in sub-paragraph (i) above, the "Enforcement Conditions"), the Security Agent is irrevocably authorised to (and may delegate such authorisation to any Obligor or any competent insolvency or similar administration): (iii) release the Transaction Security or any other lien or claim (i) over that asset subject to such disposal or transfer or (ii) over the shares in that Pledged Company or any of its Subsidiaries or (iii) over any assets of that Pledged Company and/or any of its Subsidiaries and execute and deliver or enter into any release of that Transaction Security; and 34073642v9 127 (iv) release and discharge all secured obligations and guarantees granted in favour of the Finance Parties by any Obligor (it being understood that in the event of a transfer of part or all of the shares in a Pledged Company, the Security Agent shall be authorised to fully release and discharge all secured obligations and guarantees granted by such Pledged Company and its Subsidiaries) on the occurrence of the first transfer of shares. (b) Following satisfaction of the Enforcement Conditions, the Security Agent shall be authorised to execute or enter into, on behalf of and without the need for any further authority from any Finance Party: (i) any release or discharge of any Pledged Company and/or its Subsidiaries from any secured obligations or any other claim against that Pledged Company or its Subsidiaries, both actual and contingent; and/or (ii) upon the request of any potential acquirer of the shares in a Pledged Company and its Subsidiaries, any agreement to dispose or transfer (including, but not limited to, by way of assignment) of all or part of the secured obligations or any other claim owed by such Pledged Company and its Subsidiaries on behalf of the Finance Parties to the acquirer of the shares or as directed by such acquirer (with the proceeds thereof being applied as if they were the proceeds of enforcement of any Transaction Security for the secured obligations in accordance with the terms of this Agreement). (c) The Finance Parties and, to the extent required under the Transaction Security Documents, the Obligors and the Company (on behalf of the relevant Pledged Company) shall execute any assignments, transfers, releases or other documents that the Security Agent may consider to be necessary to give effect to these releases and disposals. (d) The Finance Parties and the Obligors hereby release the Security Agent from the restrictions of section 181 of the German Civil Code (BGB) for the purposes of this Clause 26.20. A Finance Party and an Obligor which is barred by its constitutional documents or by-laws from granting such exemption shall notify the Security Agent accordingly. 26.21 Order of application All amounts from time to time received or recovered by the Security Agent (in its capacity as Security Agent) pursuant to the terms of this Agreement or the Transaction Security Documents or in connection with the realisation or enforcement of all or any part of the Transaction Security 34073642v9 128 shall be applied by the Security Agent to the extent permitted by applicable law, in the following order of priority: (a) in discharging any sums owing to the Security Agent (in its capacity as trustee) or any of its delegates; (b) in payment of all costs and expenses reasonably incurred by any Finance Party in connection with any realisation or enforcement of the Transaction Security taken in accordance with the terms of this Agreement; (c) in payment to the Agent for distribution in accordance with Clause 29.5 (Partial payments) of this Agreement; (d) in payment to the Lenders for application (in accordance with the terms of the Facilities Agreement) towards the discharge of the secured obligations; (e) if none of the Obligors is under any further actual or contingent liability under any Finance Document, in payment to any person to whom the Security Agent is obliged to pay in priority to any Obligor; and (f) the balance, if any, in payment to the relevant Obligor. 26.22 Manner of enforcement If the Transaction Security is being enforced pursuant to Clause 26.19 (Enforcement instruction), the Security Agent shall enforce the Transaction Security in such manner (including, without limitation, the selection of any administrator of any Obligor to be appointed by the Security Agent) as the Majority Lenders shall instruct or, in the absence of such instructions, as the Security Agent sees fit. 26.23 Exercise of voting rights (a) Each Lender agrees with the Security Agent that it will cast its vote in any proposal put to the vote or under the supervision of any judicial or supervisory authority in respect of any insolvency, pre-insolvency or rehabilitation or similar proceedings relating to any member of the Group as instructed by the Security Agent. (b) The Security Agent shall give instructions for the purpose of paragraph (a) above as directed by the Majority Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 129 26.24 Waiver of rights To the extent permitted under applicable law and subject to Clauses 26.19 (Enforcement instruction) and 26.22 (Manner of enforcement), each of the Finance Parties waives all rights it may otherwise have to require that the Transaction Security be enforced in any particular order or manner or at any particular time or that any sum received or recovered from any person or by virtue of the enforcement of any Transaction Security or of any other Security which is capable of being applied in or towards discharge of the outstanding amounts under the Facilities is so applied. 26.25 Priority of indemnity The Security Agent (and, in the case of Transaction Security governed by German law which is pledged (Verpfändung) or otherwise transferred to any Secured Party under an accessory right (akzessorische Sicherheit), each Secured Party) may, in priority to any payment to the Secured Parties, but subject to observing any enforcement condition agreed in the Transaction Security Documents indemnify itself out of the Charged Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in Clause 14 (Other indemnities) and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all moneys payable to it. 26.26 Lenders' indemnity Each Lender shall (in the proportion to its share of the Total Commitments, or if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero), indemnify the Security Agent, within five (5) Business Days of demand, against any cost, loss or liability incurred by it (otherwise than by reason of the relevant Security Agent's gross negligence or wilful misconduct) in acting as Security Agent under and in accordance with the Finance Documents (unless the relevant Security Agent has been reimbursed by an Obligor pursuant to a Finance Document) and the Obligors shall jointly and severally indemnify each Lender against any payment made by it under this Clause 26.26. 26.27 Resignation and replacement of the Security Agent If (a) the Security Agent wishes to resign or (b) the Majority Lenders request that a successor shall be appointed as security agent, 34073642v9 130 the Majority Lenders shall appoint a successor security agent and the Security Agent shall transfer its rights and obligations under this Agreement and any Transaction Security Document to such successor. The Security Agent undertakes to continue to act as security agent for up to three (3) months until the successor security agent has been appointed and the rights and obligations under this Agreement and the Transaction Security Documents transferred. 27. Conduct Of Business By The Finance Parties No provision of this Agreement will: (a) interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; (b) oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or (c) oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 28. Sharing Among The Finance Parties 28.1 Payments to Finance Parties If a Finance Party (a "Recovering Finance Party") receives or recovers any amount from an Obligor other than in accordance with Clause 29 (Payment mechanics) and applies that amount to a payment due under the Finance Documents then: (a) the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt or recovery to the Agent; (b) the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 29 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and (c) the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which the Agent determines may be retained by the 34073642v9 131 Recovering Finance Party as its share of any payment to be made, in accordance with Clause 29.5 (Partial payments). 28.2 Redistribution of payments The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) in accordance with Clause 29.5 (Partial payments). 28.3 Recovering Finance Party's rights (a) On a distribution by the Agent under Clause 28.2 (Redistribution of payments), the Recovering Finance Party shall be entitled to receive by way of assignment the rights of the Finance Parties to the extent they have shared in the redistribution. (b) If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph (a) above, the relevant Obligor shall be liable to the Recovering Finance Party for a debt equal to the Sharing Payment which is immediately due and payable. 28.4 Reversal of redistribution If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: (a) each Finance Party which has received a share of the relevant Sharing Payment pursuant to Clause 28.2 (Redistribution of payments) shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay); and (b) that Recovering Finance Party's rights of assignment in respect of any reimbursement shall be cancelled and the relevant Obligor will be liable to the reimbursing Finance Party for the amount so reimbursed and the Recovering Finance Party shall re-assign any claims assigned to it pursuant to paragraph (a) of Clause 28.3 (Recovering Finance Party's rights). 34073642v9 132 28.5 Exceptions (a) This Clause 28 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor. (b) A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if: (i) it notified that other Finance Party of the legal or arbitration proceedings; and (ii) that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings. 29. Payment Mechanics 29.1 Payments to the Agent (a) On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment. (b) Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in such Participating Member State or London, as specified by the Agent) and with such bank as the Agent, in each case, specifies. (c) Each Borrower authorises the Agent to debit interest, amortisation and all other amounts due under the Finance Documents on the relevant due date from an account to be notified by such Borrower to the Agent. 29.2 Distributions by the Agent Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 29.3 (Distributions to an Obligor) and Clause 29.4 (Clawback and pre-funding) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 133 payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five (5) Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London, as specified by that Party). 29.3 Distributions to an Obligor The Agent may (with the consent of the Obligor or in accordance with Clause 29.10 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 29.4 Clawback and pre-funding (a) Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. (b) Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. (c) If the Agent is willing to make available amounts for the account of a Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower: (i) the Borrower to whom that sum was made available shall on demand refund it to the Agent; and (ii) the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower to whom that sum was made available, shall on demand pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender. 34073642v9 134 29.5 Partial payments (a) If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: (i) first, in or towards payment pro rata of any unpaid amount owing to the Agent under the Finance Documents; (ii) secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement; (iii) thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and (iv) fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. (b) The Agent shall, if so directed by all Lenders, vary the order set out in paragraphs (a)(ii) to (a)(iv) above. (c) Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 29.6 No set-off by Obligors All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim unless the counterclaim is undisputed or has been confirmed in a final non-appealable judgement. Any New Lender and any recipient of security over Lenders' rights according to Clause 23.8 (Security over Lenders' rights) may rely on this Clause 29.6, in the case of any New Lender to whom rights have been assigned according to paragraph (a) of Clause 23.3 (Other conditions of assignment or assignment and transfer by assumption of contract (Vertragsübernahme)) and any recipient of security over Lenders' rights, pursuant to section 328 para 1 of the Civil Code (Bürgerliches Gesetzbuch) (echter berechtigender Vertrag zugunsten Dritter). 34073642v9 135 29.7 Business Days (a) Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). (b) During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 29.8 Currency of account (a) Subject to paragraphs (b) to (e) below, euro is the currency of account and payment for any sum due from an Obligor under any Finance Document. (b) A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency in which that Loan or Unpaid Sum is denominated, pursuant to this Agreement, on its due date. (c) Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated, pursuant to this Agreement, when that interest accrued. (d) Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. (e) Any amount expressed to be payable in a currency other than euro shall be paid in that other currency. 29.9 Change of currency (a) Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then: (i) any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Company); and 34073642v9 136 (ii) any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably). (b) If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Company) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Market and otherwise to reflect the change in currency. 29.10 Set-Off A Finance Party may set off any matured obligation due from an Obligor under the Finance Documents against any satisfiable (erfüllbar) obligation (within the meaning of section 387 Civil Code (Bürgerliches Gesetzbuch)) owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 30. Notices 30.1 Communications in writing Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated and notwithstanding the provisions in Clause 30.5 (Electronic communication) may be made by fax or letter. 30.2 Addresses The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: (a) in the case of the Company: Address: Kantstrasse 164, Upper West, 10623 Berlin Fax Number: +49 30 700108999 Email: s.kniepen@signa-sportsunited.com Attention: Stefanie Kniepen

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 137 (b) in the case of each Lender or any other Obligor, that notified in writing to the Agent on or prior to the date on which it becomes a Party; (c) in the case of the Agent: Address: Am Hauptbahnhof 2, 70173 Stuttgart Tel.: +49 711 127 48995 Email: agency@lbbw.de Attention: Birgit Seybold (d) in the case of the Security Agent: Address: Am Hauptbahnhof 2, 70173 Stuttgart Tel.: +49 711 127 49933 Email: agency@lbbw.de Attention: Silvia Molinese or any substitute address or fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five (5) Business Days' notice. 30.3 Delivery (a) Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective when received (zugegangen), in particular: (i) if by way of fax, when received in legible form; or (ii) if by way of letter, when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, and, if a particular department or officer is specified as part of its address details provided under Clause 30.2 (Addresses), if addressed to that department or officer. (b) Any communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent and then only if it is expressly marked for the attention of the department or officer identified with the Agent's signature below (or any substitute department or officer as the Agent shall specify for this purpose). 34073642v9 138 (c) All notices from or to an Obligor shall be sent through the Agent. (d) Any communication or document by the Finance Parties to the Obligors may be made or delivered to the Company for its own account and for the account of the Obligors. For that purpose each Obligor appoints the Company as its agent of receipt (Empfangsvertreter). (e) Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day. 30.4 Notification of address and fax number Promptly upon changing its address, email address or fax number, the Agent shall notify the other Parties. 30.5 Electronic communication (a) Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) if those two Parties: (i) notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means; and (ii) notify each other of any change to their address or any other such information supplied by them by not less than five (5) Business Days' notice. (b) Any such electronic communication as specified in paragraph (a) above to be made between an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication. (c) Any such electronic communication as specified in paragraph (a) above made between any two Parties will be effective only when actually received (or made available) in readable form and in the case of any electronic communication made by a Party to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose. (d) Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5:00 p.m. in the place in which the Party to whom the relevant 34073642v9 139 communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day. (e) Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in accordance with this Clause 30.5. 30.6 Language (a) Any notice given under or in connection with any Finance Document must be in English or in German. (b) All other documents provided under or in connection with any Finance Document must be: (i) in English or in German; or (ii) if not in English or in German, and if so required by the Agent, accompanied by a certified English or German translation and, in this case, the English/German translation will prevail unless the document is a constitutional, statutory or other official document. 31. Calculations And Certificates 31.1 Accounts In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence (Beweis des ersten Anscheins) of the matters to which they relate. 31.2 Certificates and Determinations (a) The Finance Parties make the certifications or determinations of a rate or amount under any Finance Document in the exercise of their unilateral right to specify performance (einseitiges Leistungsbestimmungsrecht) which they will exercise with reasonable discretion (billiges Ermessen). (b) The Parties agree not to dispute in any legal proceeding the correctness of the determinations and certifications of a rate or amount made by a Finance Party under any 34073642v9 140 Finance Document unless the determinations or certifications are inaccurate on their face or fraud can be shown. 31.3 Day count convention Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice. 32. Partial Invalidity The Parties agree that should at any time, any provisions of this Agreement be or become void (nichtig), invalid or due to any reason ineffective (unwirksam) this will indisputably (unwiderlegbar) not affect the validity or effectiveness of the remaining provisions and this Agreement will remain valid and effective, save for the void, invalid or ineffective provisions, without any Party having to argue (darlegen) and prove (beweisen) the Parties' intent to uphold this Agreement even without the void, invalid or ineffective provisions. The void, invalid or ineffective provision shall be deemed replaced by such valid and effective provision that in legal and economic terms comes closest to what the Parties intended or would have intended in accordance with the purpose of this Agreement if they had considered the point at the time of conclusion of this Agreement. 33. Remedies And Waivers No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any Finance Document on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law. 34. Amendments And Waivers 34.1 Required consents (a) Subject to Clause 34.2 (All Lender matters) and Clause 34.3 (Other exceptions) any term of the Finance Documents may be amended or waived only with the consent of the

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 141 Majority Lenders and the Obligors and any such amendment or waiver will be binding on all Parties. (b) The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 34. 34.2 All Lender matters Subject to Clause 34.4 (Replacement of Screen Rate) an amendment or waiver of any term of any Finance Document that has the effect of changing or which relates to: (a) the definition of Anti-Boycott Laws, Anti-Corruption Laws, Anti-Money Laundering Laws, Majority Lenders, Sanctions Restricted Country, Sanctions Restricted Person, Sanctions, Sanctions Authorities and Sanctions List, in Clause 1.1 (Definitions); (b) an extension to the date of payment of any amount under the Finance Documents; (c) a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; (d) a change in currency of payment of any amount under the Finance Documents; (e) an increase in any Commitment, an extension of any Availability Period or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably under the Facility; (f) a change to the Borrowers or Guarantors other than in accordance with Clause 24 (Changes to the Obligors); (g) any provision which expressly requires the consent of all the Lenders; (h) Clause 2.2 (Finance Parties' rights and obligations), Clause 5.1 (Delivery of a Utilisation Request), Clause 7.1 (Illegality), Clause 7.2 (Change of control), Clause 7.7 (Application of prepayments), Clause 18.17 (Sanctions / Anti-Money Laundering / Anti-Corruption), Clause 19.6 (Compliance related proceedings), Clause 21.19 (Sanctions / Anti-Money Laundering / Anti-Corruption), Clause 23 (Changes to the Lenders), Clause 24 (Changes to the Obligors), Clause 28 (Sharing among the Finance Parties), this Clause 34, Clause 37 (Governing law) or Clause 38.1 (Jurisdiction); 34073642v9 142 (i) the nature or scope of the guarantee and indemnity granted under Clause 17 (Guarantee and indemnity); (j) the release of any Transaction Security or a change in the scope of the Charged Property; or (k) a change in the order of distribution of proceeds of Security enforcement, shall not be made without the prior consent of all the Lenders. 34.3 Other exceptions An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent or the Arranger (each in their capacity as such) may not be effected without the consent of the Agent, the Arranger or the Security Agent, as the case may be. 34.4 Replacement of Screen Rate Subject to Clause 34.3 (Other exceptions), if a Screen Rate Replacement Event has occurred in relation to any Screen Rate for a currency which can be selected for a Loan, any amendment or waiver which relates to: (a) providing for the use of a Replacement Benchmark in relation to that currency in place of that Screen Rate; and (b) (i) aligning any provision of any Finance Document to the use of that Replacement Benchmark; (ii) enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement); (iii) implementing market conventions applicable to that Replacement Benchmark; (iv) providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or 34073642v9 143 (v) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Company. "Relevant Nominating Body" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board. "Replacement Benchmark" means a benchmark rate which is: (a) formally designated, nominated or recommended as the replacement for a Screen Rate by: (i) the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate measures is the same as that measured by that Screen Rate); or (ii) any Relevant Nominating Body, and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark" will be the replacement under paragraph (ii) above; (b) in the opinion of the Majority Lenders and the Company, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor to a Screen Rate; or (c) in the opinion of the Majority Lenders and the Company, an appropriate successor to a Screen Rate. "Screen Rate Replacement Event" means, in relation to a Screen Rate: (a) the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority Lenders and the Company materially changed; 34073642v9 144 (b) (i) (A) the administrator of that Screen Rate or its supervisor publicly announces that such administrator is insolvent; or (B) information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Screen Rate is insolvent, provided that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate; (ii) the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide that Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Screen Rate; (iii) the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or will be permanently or indefinitely discontinued; or (iv) the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used; or (c) the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either: (i) the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders and the Company) temporary; or (ii) that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than the period opposite that Screen Rate in Schedule 13 (Screen Rate contingency periods); or (d) in the opinion of the Majority Lenders and the Company, that Screen Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 145 35. Confidential Information 35.1 Confidentiality Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 23.8 (Security over Lenders' rights), Clause 35.2 (Disclosure of Confidential Information) and Clause 35.3 (Disclosure to numbering service providers), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information. 35.2 Disclosure of Confidential Information Any Finance Party may disclose: (a) to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; (b) to any person: (i) to (or through) whom it assigns or assigns and transfers by way of assumption of contract (Vertragsübernahme) (or may potentially assign or assign and transfer by way of assumption of contract (Vertragsübernahme)) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers; (ii) with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Related Funds, Representatives and professional advisers; 34073642v9 146 (iii) appointed by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (c) of Clause 25.14 (Relationship with the Lenders)); (iv) who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; (v) to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; (vi) to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; (vii) to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 23.8 (Security over Lenders' rights); (viii) who is a Party; or (ix) with the consent of the Company; in each case, such Confidential Information as that Finance Party shall consider appropriate if: (A) in relation to paragraphs (b)(i), (b)(ii) and b(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; (B) in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the 34073642v9 147 Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; (C) in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances; (c) to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in a form of confidentiality undertaking agreed between the Company and the relevant Finance Party; and (d) to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information. 35.3 Disclosure to numbering service providers (a) Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or one or more Obligors the following information: (i) names of Obligors; (ii) country of domicile of Obligors; (iii) place of incorporation of Obligors; 34073642v9 148 (iv) date of this Agreement; (v) Clause 37 (Governing law); (vi) the names of the Agent and the Arranger; (vii) date of each amendment and restatement of this Agreement; (viii) amounts of, and names of, the Facilities (and any tranches); (ix) amount of Total Commitments; (x) currencies of the Facilities; (xi) type of Facilities; (xii) ranking of Facilities; (xiii) Termination Date for Facilities; (xiv) changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above; and (xv) such other information agreed between such Finance Party and the Company, to enable such numbering service provider to provide its usual syndicated loan numbering identification services. (b) The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. (c) The Company represents that none of the information set out in paragraphs (i) to (xv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information. (d) The Agent shall notify the Company and the other Finance Parties of: (i) the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facilities and/or one or more Obligors; and

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 149 (ii) the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one or more Obligors by such numbering service provider. 35.4 Entire agreement This Clause 35 and Clause 23.8 (Security over Lenders' rights) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 35.5 Inside information Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 35.6 Notification of disclosure Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Company: (a) of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 35.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and (b) upon becoming aware that Confidential Information has been disclosed in breach of this Clause 35. 35.7 Continuing obligations The obligations in this Clause 35 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve (12) months from the earlier of: (a) the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and 34073642v9 150 (b) the date on which such Finance Party otherwise ceases to be a Finance Party. 36. Confidentiality Of Funding Rates 36.1 Confidentiality and disclosure (a) The Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b), (c) below. (b) The Agent may disclose: (i) any Funding Rate to the relevant Borrower pursuant to Clause 8.4 (Notification of rates of interest); and (ii) any Funding Rate to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in a form of confidentiality undertaking agreed between the Agent and the relevant Lender. (c) The Agent may disclose any Funding Rate, and each Obligor may disclose any Funding Rate, to: (i) any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this paragraph (i) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality in relation to it; (ii) any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; 34073642v9 151 (iii) any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and (iv) any person with the consent of the relevant Lender. 36.2 Related obligations (a) The Agent and each Obligor acknowledge that each Funding Rate is or may be price- sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose. (b) The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender: (i) of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 36.1 (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and (ii) upon becoming aware that any information has been disclosed in breach of this Clause 36. 36.3 No Event of Default No Event of Default will occur under Clause 22.3 (Other obligations) by reason only of an Obligor's failure to comply with this Clause 36. 37. Governing Law This Agreement and any non-contractual obligations arising out of or in connection with it are governed by German law. 34073642v9 152 38. Enforcement 38.1 Jurisdiction (a) The courts of Germany have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a "Dispute"). (b) The Parties agree that the courts of Stuttgart, Germany are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. (c) Notwithstanding paragraph (a) and (b) above, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 38.2 Service of process (a) Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in Germany): (i) irrevocably appoints the Company (the "Process Agent") as its agent for service of process in relation to any proceedings before the German courts in connection with any Finance Document; (ii) agrees that failure by a Process Agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned; and (iii) undertakes to deliver to the Process Agent without undue delay upon execution of this Agreement a process agent appointment letter (the "Process Agent Appointment Letter") substantially in the form of Schedule 12 (Form of Process Agent Appointment Letter) and to send a copy of the executed Process Agent Appointment Letter to the Agent. (b) The Process Agent hereby acknowledges the appointment. The Process Agent shall ensure that documents to be served to an Obligor may validly be served by delivery to the Process Agent. In particular, the Process Agent shall notify the Agent of any change of address, accept any documents delivered to it on behalf of an Obligor and fulfil any requirements of section 171 Code of Civil Procedure (Zivilprozessordnung), in particular

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 153 present the original Process Agent Appointment Letter to any person effecting the service of process as required pursuant to section 171 sentence 2 Code of Civil Procedure (Zivilprozessordnung). This Agreement has been entered into on the date stated at the beginning of this Agreement. 34073642v9 154 SCHEDULE 1 PART I THE OBLIGORS AT THE EFFECTIVE DATE Name of Original Borrower Registration number (or equivalent, if any) SIGNA Sports United GmbH HRB 241442, Local Court of Munich Internetstores Holding GmbH HRB 740797, Local Court of Stuttgart internetstores GmbH HRB 741359, Local Court of Stuttgart Name of Original Guarantor Registration number (or equivalent, if any) SIGNA Sports United GmbH HRB 241442, Local Court of Munich Internetstores Holding GmbH HRB 740797, Local Court of Stuttgart internetstores GmbH HRB 741359, Local Court of Stuttgart SIGNA Sport Online GmbH HRB 226977, Local Court of Munich Tennis-Point GmbH HRB 9528, Local Court of Gütersloh Dolphin France SAS Registration number 408 364 644 R.C.S. Saint Etienne Name of Additional Guarantor Registration number (or equivalent, if any) Wiggle Limited Company number 02667809 34073642v9 155 SCHEDULE 1 PART II THE LENDERS AT THE EFFECTIVE DATE Name of Original Lender Commitment (in EUR) Landesbank Baden-Württemberg 35,000,000 Name of New Lender Commitment (in EUR) Citicorp North America Inc. 30,000,000 Kreissparkasse Esslingen-Nürtingen 15,000,000 UniCredit Bank AG 20,000,000 Total Commitment 100,000,000 34073642v9 156 SCHEDULE 2 CONDITIONS PRECEDENT PART I CONDITIONS PRECEDENT TO INITIAL UTILISATION 1. Original Obligors (c) In relation to an Original Obligor incorporated or established in Germany an up-to- date copy of an electronic commercial register extract (Handelsregisterausdruck), its articles of association (Satzung), retrieved from the commercial register at a date not earlier than 14 days prior to the execution of this Agreement, or partnership agreement (Gesellschaftsvertrag), copies of any by-laws as well as a list of shareholders (Gesellschafterliste) (if applicable). In relation to an Original Obligor incorporated or established in a jurisdiction other than Germany a copy of its constitutional documents. (d) In relation to an Original Obligor incorporated or established in Germany a copy of a resolution signed by all the holders of the issued shares of such Original Obligor and/or if applicable, a copy of a resolution of the supervisory board (Aufsichtsrat) and/or advisory board (Beirat) of such Original Obligor approving the terms of, and the transactions contemplated by the Finance Documents. In relation to an Original Obligor incorporated in a jurisdiction other than Germany a copy of a resolution signed by all the holders of the issued shares in each such Original Obligor, approving the terms of, and the transactions contemplated by the Finance Documents. (e) A copy of a resolution of the board of directors of each Original Obligor incorporated or established in a jurisdiction other than Germany: (i) approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; (ii) authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and (iii) authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 157 (f) For each Original Obligor, a specimen of the signature of each person authorised to execute any Finance Document and other documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents to which that Original Obligor is a party. (g) In relation to an Original Obligor incorporated in a jurisdiction other than Germany a certificate of the Company (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on such Original Obligor to be exceeded. (h) A certificate of an authorised signatory of the relevant Original Obligor certifying that each copy document relating to it specified in this Part I of Schedule 2 (Conditions Precedent) is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement. 2. Finance Documents (a) A fully signed copy of this Agreement. (b) Agreed form Subordination Agreement. 3. Legal opinions (a) A legal opinion of Taylor Wessing Partnerschaftsgesellschaft mbB, legal advisers to the Arranger and the Agent in Germany, substantially in the form distributed to the Original Lender prior to signing this Agreement on the validity and enforceability of the Finance Documents governed by German law. (b) A legal opinion of McDermott Will & Emery Rechtsanwälte Steuerberater LLP the legal advisers to Company in Germany, as regards the capacity, due incorporation or establishment of, and the due execution of the Finance Documents by, the relevant German Original Obligor, substantially in the form distributed to the Original Lender prior to signing this Agreement. (c) A legal opinion of McDermott Will & Emery LLP the legal advisers to Company in France, as regards the capacity, due incorporation or establishment of, and the due execution of the Finance Documents by, the relevant foreign Original Obligor as well as recognition of choice of law and enforcement of judgements of German 34073642v9 158 courts, substantially in the form distributed to the Original Lender prior to signing this Agreement. 4. Other documents and evidence (a) Evidence that any process agent referred to in Clause 38.2 (Service of process), if not an Original Obligor, has accepted its appointment as well as a copy of the executed Process Agent Appointment Letter. (b) A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Company accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document. (c) PDF copies of the Original Financial Statements of each Original Obligor. (d) A copy of the budget for the current and next three financial years; including an consolidated balance sheet, consolidated income statement and consolidated cash flow statement. (e) A copy of the final SPAC Structure Memorandum including a confirmation letter stating that for the successful implementation of the envisaged structure set out in the SPAC Structure Memorandum it is not required that (i) the Company or any of its Subsidiaries disposes of any assets or funds any amounts to TopCo, MergerSub (each as defined in the SPAC Structure Memorandum) or any other third party exceeding minimal consideration that is necessary for their formation and (ii) it is not required that at any time referred to therein, any person or group of persons acting in concert other than Familie Benko Privatstiftung gains control over the Company.. (f) A structure chart of the Group, indicating shareholding as well as the jurisidiction and legal form of each member of the Group as at 15 April 2021. (g) A structure chart of the Group, indicating shareholding as well as the jurisidiction and legal form of each member of the Group and containing corresponding explanation regarding the SPAC structure (assuming SPAC Transaction has been completed) / Final SPAC Structure Memorandum (including the closing of the 60.6 34073642v9 159 to 66.7% in Midwest Sports Supply LLC, but otherwise on the assumption that no other changes have occurred by then). (h) Information regarding the planned UK Acquisition. (i) Evidence that the Existing Facilities Agreement has been cancelled and will be repaid prior to or with the first Utilisation and that any Security granted in connection therewith is released prior to or will be released with the first Utilisation. (j) Evidence that the fees, costs and expenses then due from the Company pursuant to Clause 11 (Fees) and Clause 16 (Costs and expenses) have been paid or will be paid by the first Utilisation Date. (k) For purposes of identifying the contracting party and beneficial owner pursuant to Anti-Money Laundering laws each Original Obligor confirms in separate statement that it conducts the arrangements made by this Agreement for its own account, in accordance with the terms of this Agreement. (l) All documentation and information required by each Finance Party in relation to each Original Obligor to enable it to comply with all necessary "know your customer" or similar identification procedures with which it is required to comply with under applicable laws and regulations in connection with the transactions contemplated by the Finance Documents. (m) A copy of any other document, authorisation, opinion or assurance specified by the Agent upon a reasonable request from a Lender. 34073642v9 160 SCHEDULE 2 CONDITIONS PRECEDENT PART II CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED BY AN ADDITIONAL OBLIGOR (1) An Accession Letter, duly executed by the Additional Obligor and the Company. (2) In relation to an Additional Obligor incorporated or established in Germany an up- to-date electronic commercial register extract (Handelsregisterausdruck), its articles of association (Satzung), retrieved from the commercial register at a date not earlier than 14 days prior to the date of the accession, or partnership agreement (Gesellschaftsvertrag), copies of any by-laws as well as a list of shareholders (Gesellschafterliste) (if applicable). In relation to an Additional Obligor incorporated in a jurisdiction than other than Germany a copy of its constitutional documents. (3) In relation to an Additional Obligor incorporated or established in Germany a copy of a resolution signed by all the holders of the issued shares in such Additional Obligor and/or if applicable a copy of a resolution of the supervisory board (Aufsichtsrat) and/or if applicable the advisory board (Beirat) of such Additional Obligor approving the terms of, and the transactions contemplated by the Finance Documents. In relation to an Additional Obligor incorporated in a jurisdiction other than Germany a copy of a resolution signed by all the holders of the issued shares in each such Additional Obligor, approving the terms of, and the transactions contemplated by the Finance Documents. (4) A copy of a resolution of the board of directors of the Additional Obligor incorporated or established in a jurisdiction other than Germany: (a) approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter; (b) authorising a specified person or persons to execute the Accession Letter on its behalf; and (c) authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices (including, in relation to an Additional Borrower, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 161 (5) A specimen of the signature of each person authorised to execute any Finance Document and other documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents to which that Additional Obligor is a party. (6) In relation to an Additional Obligor incorporated or established in a jurisdiction other than Germany a certificate of the Additional Obligor (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded. (7) A certificate of an authorised signatory of the Additional Obligor certifying that each copy document listed in this Part II of Schedule 2 (Conditions Precedent) is correct, complete and in full force and effect as at a date no earlier than the date of the Accession Letter. (8) A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by the Accession Letter or for the validity and enforceability of any Finance Document. (9) If available, the latest audited financial statements of the Additional Obligor. (10) A legal opinion of Taylor Wessing Partnerschaftsgesellschaft mbB, legal advisers to the Arranger and the Agent in Germany as to validity and enforceability of the Accession Letter executed in connection with the accession of the Additional Guarantor. (11) Legal Opinion(s) of the legal advisor to the Additional Guarantor in the jurisdiction in which the Additional Obligor is incorporated (any any other relevant Obligor) as to capacity, due incorporation or establishment of, and the due execution of the Finance Documents by, the relevant Additional Obligor as well as, in case of an Additional Obligor incorporated or established in a jurisdiction other than Germany, recognition of choice of law and enforcement of judgements of German courts. (12) If the proposed Additional Obligor is incorporated in a jurisdiction other than Germany, evidence that the process agent specified in Clause 38.2 (Service of process), if not an Obligor, has accepted its appointment in relation to the proposed 34073642v9 162 Additional Obligor together with a copy of the executed Process Agent Appointment Letter in relation to the proposed Additional Obligor. 34073642v9 163 SCHEDULE 3 UTILISATION REQUEST From: [Borrower] To: [Landesbank Baden-Württemberg Attn. Kerstin Babel OE 4243 Kredit Neu 3 Kerstin.babel@LBBW.de ] Dated: Dear Sirs [Company] [ ] Facility Agreement dated [ ] (the "Agreement") 1. We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 2. We wish to borrow a Loan on the following terms: Proposed Utilisation Date: [ ] (or, if that is not a Business Day, the next Business Day) Currency of Loan: [ ] Amount: [ ] or, if less, the Available Facility Interest Period: [ ] 3. We confirm that each condition specified in Clause 4.2 (Further conditions precedent) of the Agreement is satisfied on the date of this Utilisation Request. 4. The Company confirms to each Finance Party that each of the Repeated Representations is true and correct as at the date hereof as if made by reference to the facts and circumstances existing on the date hereof. 5. [This Loan is to be made in [whole]/[part] for working capital purposes.] 1 [This Loan is to be made in [whole]/[part] for the purpose of refinancing [identify maturing Loan.] 2 The proceeds of this Loan should be credited to [account]. 1 Only, in case of a cash-utilisation. 2 Only, in case of a rollover-loan. 34073642v9 164 6. This Utilisation Request is irrevocable.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 165 Yours faithfully authorised signatory for [name of relevant Borrower] authorised signatory for [name of Company]\*\* \*\* If different from Borrower. 34073642v9 166 SCHEDULE 4 FORM OF EXTENSION REQUEST From: [Borrower] To: [Landesbank Baden-Württemberg Attn. Kerstin Babel OE 4243 Kredit Neu 3 Kerstin.babel@LBBW.de ] Dated: Dear Sirs [Company] [ ] Facility Agreement dated [ ] (the "Agreement") 1. We refer to the Agreement. This is an Extension Request. Terms defined in the Agreement have the same meaning in this Extension Request unless given a different meaning in this Extension Request. 2. We wish to request through you that [each Lender extend the Original Termination Date for a period of one (1) year to the First Extension Date.] / [each Lender extend the First Extension Date for a period of a further one (1) year or the Original Termination Date for a period of two (2) years to the Second Extension Date] /[each Lender extend the Original Termination Date for a period of two (2) years to the Second Extension Date]. 3. This Extension Request is irrevocable. Yours faithfully authorised signatory for [name of Company]\*\* \*\* If different from Borrower. 34073642v9 167 SCHEDULE 5 FORM OF TRANSFER CERTIFICATE To: [ ] as Agent From: [The Existing Lender] (the "Existing Lender") and [The New Lender] (the "New Lender") Dated: [Company] [ ] Facility Agreement dated [ ] (the "Agreement") We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate. 1. We refer to Clause 23.6 (Procedure for assignment and transfer by assumption of contract (Vertragsübernahme)) of the Agreement: (a) The Existing Lender and the New Lender agree to the Existing Lender assigning and transferring to the New Lender by assumption of contract (Vertragsübernahme) of the Agreement and in accordance with Clause 23.6 (Procedure for assignment and transfer by assumption of contract (Vertragsübernahme)) of the Agreement, all of the Existing Lender's rights and obligations under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment(s) and participations in Loans under the Agreement as specified in the Schedule. (b) The proposed Transfer Date is [ ]. (c) The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 30.2 (Addresses) of the Agreement are set out in the Schedule. 2. The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in paragraph (c) of Clause 23.5 (Limitation of responsibility of Existing Lenders) of the Agreement. 3. The New Lender expressly confirms that it [can/cannot] exempt the Agent and the Security Agent from the restrictions pursuant to section 181 Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law as provided for in paragraph (c) of Clause 25.1 (Appointment of the Agent) and paragraph (c) of Clause 26.1 (Appointment of Security Agent). 34073642v9 168 4. The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is: (a) [a Qualifying Lender (other than a Treaty Lender)]; (b) [a Treaty Lender;] (c) [not a Qualifying Lender]3 5. This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by German law. 6. This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate. 3 Delete as applicable - each New Lender is required to confirm which of these three categories it falls within.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 169 THE SCHEDULE Commitment/rights and obligations to be assigned and transferred by way of assumption of contract (Vertragsübernahme) [insert relevant details] [Facility Office address, fax number and attention details for notices and account details for payments,] [Existing Lender] [New Lender] By: By: This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as [ ]. [Agent] By: 34073642v9 170 SCHEDULE 6 FORM OF ACCESSION LETTER To: [ ] as Agent From: [Subsidiary] and [Company] Dated: Dear Sirs [Company] [ ] Facility Agreement dated [ ] (the "Agreement") 1. We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the same meaning in this Accession Letter unless given a different meaning in this Accession Letter. 2. [Subsidiary] agrees to become an Additional [Borrower]/[Guarantor] and to be bound by the terms of the Agreement as an Additional [Borrower]/[Guarantor] pursuant to [Clause 24.2 (Additional Borrowers)]/[Clause 24.4 (Additional Guarantors)] of the Agreement. [Subsidiary] is a company duly incorporated under the laws of [name of relevant jurisdiction]. 3. [The Company confirms that no Default is continuing or would occur as a result of [Subsidiary] becoming an Additional Borrower.]4 4. We confirm to each Finance Party that each of the Repeated Representations is true and correct in relation to us as at the date hereof as if made by reference to the facts and circumstances existing on the date hereof. 5. [Subsidiary's] administrative details are as follows: Address: Fax No: Attention: 6. This Accession Letter and any non-contractual obligations arising out of or in connection with it are governed by German law. [Company] [Subsidiary] 4 Include in the case of an Additional Borrower. 34073642v9 171 SCHEDULE 7 FORM OF RESIGNATION LETTER To: [ ] as Agent From: [resigning Obligor] and [Company] Dated: Dear Sirs [Company] [ ] Facility Agreement dated [ ] (the "Agreement") 1. We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter. 2. Pursuant to [Clause 24.3 (Resignation of a Borrower)]/[Clause 24.6 (Resignation of a Guarantor)] of the Agreement, we request that [resigning Obligor] be released from its obligations as a [Borrower]/[Guarantor] under the Agreement. 3. We confirm that: (a) no Default is continuing or would result from the acceptance of this request; and (b) [ ]\* 4. This Resignation Letter and any non-contractual obligations arising out of or in connection with it are governed by German law. [Company] [Subsidiary] By: By: \* Insert any other conditions required by the Facility Agreement. 34073642v9 172 SCHEDULE 8 EXISTING SECURITY

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 173 SCHEDULE 9 EXISTING FINANCIAL INDEBTEDNESS 34073642v9 174 SCHEDULE 10 FORM OF COMPLIANCE CERTIFICATE To: [ ] as Agent From: [Company] Dated: Dear Sirs [Company] [ ] Facility Agreement dated [ ] (the "Agreement") 1. We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate. 2. We confirm that: [Insert details of covenants to be certified] 3. [We confirm that no Default is continuing.]\* Signed: Director Director of of [Company] [Company] [insert applicable certification language]\*\* [for and on behalf of [name of auditors of the Company]]\*\*\* \* If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it. \*\* To be agreed with the Company's auditors and the Lenders prior to signing the Agreement. \*\*\* Only applicable if the Compliance Certificate accompanies the audited financial statements and is to be signed by the auditors. To be agreed with the Company's auditors prior to signing the Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;34073642v9 175 SCHEDULE 11 TIMETABLES Loans in euro Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request)) for the first Utilisation U-1 5:00 pm Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request)) U-3 11:00 am Agent determines (in relation to a Utilisation) the amount of the Loan, if required under Clause 5.4 (Lenders' participation) and notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders' participation) U-3 Noon EURIBOR is fixed Quotation Day 11:00 am (Brussels time) in respect of EURIBOR "U-X" = X Business Days prior to date of utilisation 34073642v9 176 SCHEDULE 12 FORM OF PROCESS AGENT APPOINTMENT LETTER To: [ ] as process agent From: [Obligor] Date: Dear Sirs [Company] [ ] Facility Agreement dated [ ] (the "Agreement") We refer to the Agreement and hereby irrevocably appoint you as our agent for service of process in relation to any proceeding before any German court in connection with the above mentioned Agreement. Signed: Director Director of of [Obligor] [Obligor] 34073642v9 177 SCHEDULE 13 SCREEN RATE CONTINGENCY PERIODS Screen Rate Period EURIBOR 30 days

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## Exhibit 4.24

![](signa_rcfsignaholdingjul001.jpg)

Execution Version 409835-FRASR01A - MSW Up to EUR 50,000,000.00 Revolving Credit Agreement dated 25 July 2022 for SIGNA Sports United N.V. as Borrower with SIGNA Holding GmbH as Lender Skadden, Arps, Slate, Meagher & Flom LLP Taunusturm, Taunustor 1 60310 Frankfurt am Main Germany 1 409835-FRASR01A - MSW CONTENTS CLAUSE ................................................................................................................................. PAGE 1. Definitions and interpretation ............................................................................................. 2 2. The Facility ......................................................................................................................... 7 3. Purpose ................................................................................................................................ 7 4. Conditions of Utilisation ..................................................................................................... 8 5. Utilisation ............................................................................................................................ 8 6. Repayment .......................................................................................................................... 9 7. Prepayment and cancellation .............................................................................................. 9 8. Interest ............................................................................................................................... 11 9. Interest Periods .................................................................................................................. 12 10. Change to the calculation of Interest - Unavailability of Screen Rate .............................. 12 11. Fees ................................................................................................................................... 12 12. Tax gross up and indemnities ............................................................................................ 13 13. Other indemnities .............................................................................................................. 17 14. Mitigation by the Lender ................................................................................................... 18 15. Costs and expenses ............................................................................................................ 19 16. Information undertakings .................................................................................................. 19 17. General undertakings ........................................................................................................ 21 18. Events of Default .............................................................................................................. 28 19. Changes to the Lender ....................................................................................................... 30 20. Changes to the Borrower ................................................................................................... 32 21. Exclusion of liability ......................................................................................................... 32 22. Payment mechanics ........................................................................................................... 33 23. Set-off ................................................................................................................................ 34 24. Notices .............................................................................................................................. 34 25. Calculations and certificates ............................................................................................. 35 26. Partial invalidity and unintentional gaps ........................................................................... 36 27. Remedies and waivers ....................................................................................................... 36 28. Amendments and waivers ................................................................................................. 36 29. Confidential Information ................................................................................................... 36 30. Conclusion of this Agreement ........................................................................................... 38 31. Governing law ................................................................................................................... 39 32. Enforcement ...................................................................................................................... 39 THE SCHEDULES SCHEDULE ............................................................................................................................ PAGE SCHEDULE 1 CONDITIONS PRECEDENT ............................................................................. 40 SCHEDULE 2 UTILISATION REQUEST .................................................................................. 41 SCHEDULE 3 FORM OF TRANSFER AGREEMENT ............................................................. 42 2 409835-FRASR01A - MSW THIS AGREEMENT is dated 26 July 2022 (the "Agreement") and made between: (1) SIGNA Sports United N.V. as borrower (the "Borrower"); and (2) SIGNA Holding GmbH as lender (the "Lender"). IT IS AGREED as follows: 1. Definitions and interpretation 1.1 Definitions In this Agreement: "Affiliate" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. "Authorisation" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration. "Availability Period" means the period from and including the date of this Agreement to and including the date falling one (1) month prior to the Termination Date. "Available Commitment" means the Lender's Commitment under the Facility minus (i) the amount of its participation in any outstanding Loans under the Facility; and (ii) in relation to any proposed Utilisation, the amount of its participation in any Loans that are due to be made under that Facility on or before the proposed Utilisation Date, (other than the Lender's participation in Loans under the Facility that is due to be repaid or prepaid on or before the proposed Utilisation Date). "Available Facility" means the aggregate for the time being of the Lender's Available Commitment in respect of the Facility. "Business Day" means a day (other than a Saturday or Sunday) on which banks are open for general business in Berlin and in relation to a date for payment in euro, a day which is a TARGET Day. "Civil Code" means Bürgerliches Gesetzbuch (BGB). "Code" means the U.S. Internal Revenue Code of 1986. "Commitment" means, as of the date of this Agreement EUR 50,000,000 to the extent not cancelled or reduced under this Agreement. "Confidential Information" means all information relating to the Borrower, the Finance Documents or the Facility of which the Lender becomes aware in its capacity as, or for the purpose of becoming, the Lender or which is received by the Lender in relation to, or for the purpose of becoming, the Lender under the Finance Documents or the Facility from the Borrower, the Shareholder or any of its advisers in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that: (i) is or becomes public information other than as a direct or indirect result of any breach by the Lender of Clause 29 (Confidential Information); 3 409835-FRASR01A - MSW (ii) is identified in writing at the time of delivery as non-confidential by the Borrower, the Shareholder or any of its advisers; or is known by the Lender before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by the Lender after that date, from a source which is, as far as the Lender is aware, unconnected with the Borrower or the Shareholder and which, in either case, as far as the Lender is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality. "Confidentiality Undertaking" means a confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed between the Borrower and the Lender. "Default" means an Event of Default or any event or circumstance specified in Clause 18 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default. "EURIBOR" means, in relation to any Loan in euro: the applicable Screen Rate as of 11 a.m. on the Quotation Day for euro and for a period equal in length to the Interest Period of that Loan; or as otherwise determined pursuant to Clause 10 (Change to the Calculation of Interest - Unavailability of Screen Rate), and if, in either case, that rate is less than zero, EURIBOR shall be deemed to be zero. "Event of Default" means any event or circumstance specified as such in Clause 18 (Events of Default). "Facility" means the revolving loan facility made available under this Agreement as described in Clause 2 (The Facility). "FATCA" means: (a) sections 1471 to 1474 of the Code or any associated regulations; (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the U.S. and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or (c) any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the U.S. Internal Revenue Service, the U.S. government or any governmental or taxation authority in any other jurisdiction. "FATCA Deduction" means a deduction or withholding from a payment under a Finance Document required by FATCA. "FATCA Exempt Party" means a Party that is entitled to receive payments free from any FATCA Deduction. "Finance Document" means this Agreement, any Transaction Security Document and any other document designated as such by the Lender and the Borrower. "Financial Indebtedness" means any indebtedness for or in respect of: (a) moneys borrowed; (b) any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;

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4 409835-FRASR01A - MSW (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, commercial papers, debentures, loan stock or any similar instrument; (d) any other instrument which is to be accounted for as financial indebtedness according to IFRS (including IFRS 16); (e) receivables sold or discounted (other than any receivables to the extent they are sold or discounted on a non-recourse basis), except for any payment methods in the ordinary course of business (e.g. "Klarna Bank AB") which shall not be considered Financial Indebtedness hereunder; (f) any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not referred to in any other paragraph of this definition having the commercial effect of a borrowing, except for the existing purchasing group cooperation with Sport2000/DZB and Intersport which shall not be considered as Financial Indebtedness hereunder; (g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account); (h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and (i) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above. "GAAP" means generally accepted accounting principles, standards and practices in the Netherlands or, as applicable, in Germany including, where permitted by applicable law, IFRS. "Group" means the Borrower and its Subsidiaries from time to time. "Holding Company" means, in relation to a person, any other person in respect of which it is a Subsidiary. "IFRS" means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. "Interest Period" means, in relation to a Loan, each period determined in accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest). "Interpolated Screen Rate" means, in relation to any Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: (a) the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, each as of 11 a.m. for the currency of that Loan. "LBBW RCF" means the EUR 100,000,000 revolving loan facility agreement dated 5 May 2021 (as amended from time to time) by and between, inter alios, SIGNA GmbH as borrower and Landesbank 5 409835-FRASR01A - MSW Baden-Württemberg as, inter alia, mandated lead arranger, agent (the "LBBW RCF Agent") and security agent (as amended, supplemented, extended or restated from time to time). "LBBW RCF Finance Parties" has the same meaning ascribed to the term finance party in the LBBW RCF. "LMA" means the Loan Market Association. "Loan" means any loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan. "Margin" means 5 per cent. per annum. "Material Adverse Effect" means a material adverse effect on or material adverse change in: (a) the business, operations, assets, condition (financial or otherwise) of the Borrower or the Group taken as a whole; (b) the ability of the Borrower to perform its material obligations under any Finance Document; or (c) subject to any limiting general principles of law which are usually referred to in legal opinions delivered in this type of transaction, the validity or enforceability of (or the effectiveness or ranking of, any Security granted or purported to be granted under) of any Finance Document which is adverse to the interests of the Lender, unless such defect is capable of remedy and is remedied within ten (10) Business Days of the earlier of (i) the Lender giving notice to the Borrower and (ii) the Borrower becoming aware of such defect or the rights or remedies of the Lender under any of the Finance Documents. "New Lender" has the meaning given to that term in Clause 19 (Changes to the Lender). "Participating Member State" means any member state of the European Union that adopts or has adopted, and in each case continues to adopt, the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. "Party" means a party to this Agreement. "Quotation Day" means, in relation to any period for which an interest rate is to be determined two TARGET Days before the first day of that period (unless market practice differs in the Relevant Market for that currency, in which case the Quotation Day for that currency will be determined by the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days)). "Relevant Market" means the European interbank market. "Rollover Loan" means one or more Loans: (a) made or to be made on the same day that a maturing Loan under the Facility is due to be repaid; (b) the aggregate amount of which is equal to or less than the amount of the maturing Loan; and (c) made or to be made to the Borrower for the purpose of refinancing that maturing Loan. "Security" means a mortgage, land charge (Grundschuld), transfer of title by way of security, assignment by way of security, pledge or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. 6 409835-FRASR01A - MSW "Screen Rate" means in relation to EURIBOR, the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Lender may specify another page or service displaying the relevant rate after consultation with the Borrower. "Share Pledge Agreement" means the German law governed share pledge Agreement relating to all shares and ancillary rights in SIGNA GmbH. "SIGNA GmbH" means SIGNA Sports United GmbH. "Subsidiary" means a subsidiary within the meaning of sections 15 – 17 German Stock Corporation Act (Aktiengesetz). "TARGET2" means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007. "TARGET Day" means any day on which TARGET2 is open for the settlement of payments in euro. "Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). "Termination Date" means 31 May 2025. "Transaction Security" means the Security created or expressed to be created in favour of the Lender pursuant to the Transaction Security Documents. "Transaction Security Documents" means the Share Pledge Agreement together with any other document creating or expressed to create any Security over all or any part of the respective grantor's assets in respect of the obligations of the Borrower under any of the Finance Documents. "Transfer Agreement" means an agreement substantially in the form set out in Schedule 3 (Form of Transfer Agreement) or any other form agreed between the Lender and the Borrower. "Transfer Date" means, in relation to a transfer, the later of: (a) the proposed Transfer Date specified in the Transfer Agreement; and (b) the date on which the New Lender executes the Transfer Agreement. "Unpaid Sum" means any sum due and payable but unpaid by the Borrower under the Finance Documents. "U.S." means the United States of America. "U.S. Tax Obligor" means: (a) a Borrower which is resident for tax purposes in the U.S.; or (b) a Borrower some or all of whose payments under the Finance Documents are from sources within the U.S. for U.S. federal income tax purposes. "Utilisation" means a utilisation of the Facility. "Utilisation Date" means the date of a Utilisation, being the date on which the Loan is to be made. "Utilisation Request" means a notice substantially in the form set out in Schedule 2 (Utilisation Request). 7 409835-FRASR01A - MSW "VAT" means value added tax as provided for in the German Value Added Tax Act (Umsatzsteuergesetz) and any other tax of a similar nature. 1.2 Construction (a) Unless a contrary indication appears, any reference in this Agreement to: (i) a "Finance Document" or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended or restated; (ii) "indebtedness" includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; (iii) a "person" includes any individual (natürliche person), legal person (juristische Person) organised under private or public law, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other association of joint ownership (Gesamthandsgemeinschaft) or other entity (whether or not having separate legal personality); (iv) a "regulation" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation; (v) a provision of law is a reference to that provision as amended or re-enacted; and (vi) a time of day is a reference to Frankfurt time. (b) Section, Clause and Schedule headings are for ease of reference only. (c) Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement. (d) A Default is "continuing" if it has not been remedied or waived and an Event of Default is "continuing" if it has not been waived. 1.3 Currency symbols and definitions "€", "EUR" and "euro" denote the single currency of the Participating Member States. 2. The Facility Subject to the terms of this Agreement, the Lender makes available to the Borrower a revolving loan facility in an aggregate amount equal to the Commitment. 3. Purpose 3.1 Purpose The Borrower shall apply all amounts borrowed by it towards financing the working capital needs, capital expenditures and general corporate purposes of the Group (but excluding M&A acquisitions). 3.2 Monitoring The Lender is not bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

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8 409835-FRASR01A - MSW 4. Conditions of Utilisation 4.1 Initial conditions precedent The Lender will only be obliged to make its participation in each Loan available by the Utilisation Date in relation to any Utilisation if on or before the Utilisation Date for that Utilisation, (i) the Lender has received all of the documents and other evidence listed in Schedule 1 (Conditions precedent) in form and substance satisfactory to it (acting reasonably). The Lender shall notify the Borrower promptly upon being so satisfied. 4.2 Further conditions precedent The Lender will only be obliged to make its participation in each Loan available by the Utilisation Date in relation to a Utilisation if on the date of the Utilisation Request and on the proposed Utilisation Date: (a) other than in the case of a Rollover Loan, no Default is continuing or would result from the proposed Utilisation; and (b) in case of a Rollover Loan, no Event Default has occurred and is continuing or would result from the proposed Utilisation. 4.3 Maximum number of Loans The Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than ten (10) Loans would be outstanding. 5. Utilisation 5.1 Delivery of a Utilisation Request The Borrower may utilise the Facility by delivery to the Lender of a duly completed Utilisation Request not later than 3 p.m. two (2) Business Days before the Utilisation Date. 5.2 Completion of a Utilisation Request (a) The Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: (i) the proposed Utilisation Date is a Business Day within the Availability Period; and (ii) the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and (iii) the proposed Interest Period complies with Clause 9 (Interest Periods). (b) Only one Loan may be requested in each Utilisation Request. 5.3 Currency and amount (a) The currency specified in a Utilisation Request must be euro. (b) The amount of the proposed Loan must be a minimum of EUR 1,000,000 for the Facility (or if less), the Available Facility. 5.4 Cancellation of Commitment The Commitment which, at that time, is not utilised shall be immediately cancelled at the end of the Availability Period. 9 409835-FRASR01A - MSW 6. Repayment 6.1 Repayment of the Loan The Borrower which has drawn a Loan under the Facility shall repay that Loan on the last day of its Interest Period. 7. Prepayment and cancellation 7.1 Illegality If, in any applicable jurisdiction, it becomes unlawful or contrary to any law, regulation or order in any jurisdiction for the Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain the Loan or it becomes unlawful for any Affiliate of the Lender for the Lender to do so: (a) the Lender shall promptly notify the Borrower upon becoming aware of that event; (b) upon the Lender notifying the Borrower, the Commitment will be immediately cancelled; and (c) the Borrower shall repay the Loan on the last day of the Interest Period for each Loan occurring after the Lender has notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Borrower (being no earlier than the last day of any applicable grace period permitted by law) and the Commitment shall be cancelled in the amount repaid. 7.2 Change of control (a) If any person or group of persons acting in concert, other than Familie Benko Privatstiftung, gains control of the Borrower: (i) the Borrower shall promptly notify the Lender upon becoming aware of that event; (ii) the Lender shall not be obliged to fund an Utilisation (except for a Rollover Loan); and (iii) if the Lender requires by not less than five (5) days' notice to the Borrower, cancel the Commitment and declare the participation of the Lender in all outstanding Loans together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Commitment of the Lender will be cancelled and all such outstanding Loans and amounts will become immediately due and payable. (b) For the purpose of paragraph (a) above: (i) "control" means acquiring at any time directly or indirectly 50 per cent. or more of the voting rights in the Borrower or 50 per cent. or more of the capital in the Borrower or otherwise exercises control within the meaning of section 17 German Stock Corporation Act (AktG); and (ii) "acting in concert" (gemeinsam handelnd) has the meaning given to it in section 2 of paragraph 5 of the German Takeover Act (Wertpapiererwerbs- und Übernahmegesetz). 10 409835-FRASR01A - MSW 7.3 Mandatory Partial Prepayment (a) In this Agreement: "Capital Markets Issue" means any Financial Indebtedness raised by the Borrower following the first Utilisation Date pursuant to any public or private bond (including, for the avoidance of doubt, any convertible or hybrid bond), note or other debt linked capital markets sale, offer or issue by the Borrower. "Debt Financing" means any Financial Indebtedness incurred by the Borrower following the first Utilisation Date pursuant to any debt facility (excluding any Capital Markets Issue). "Equity Raising" means any public or private equity capital markets sale, offer or issue following the first Utilisation Date by the Borrower. "Net Capital Markets Issue Proceeds" means any means, in connection with any Capital Markets Issue, any cash received by the Borrower as proceeds raised by that Capital Markets Issue, less all Taxes and costs and expenses incurred by the Borrower in respect of that Capital Markets Issue. "Net Debt Financing Proceeds" means, in connection with any Debt Financing, any cash or cash equivalents received by the Borrower as proceeds raised by that Debt Financing less all Taxes and costs and expenses incurred by the Borrower by in respect of that Debt Financing. "Net Equity Raising Proceeds" means, in connection with any Equity Raising, any cash received by the Borrower as proceeds raised by that Equity Raising less all Taxes and costs and expenses incurred by the Borrower in respect of that Equity Raising. "Net Financing Proceeds" means any Net Capital Market Issue Proceeds, any Net Debt Financing Proceeds and any Net Equity Raising Proceeds exceeding (individually or in aggregate) EUR 100,000,000. (b) Subject to Clause 7.6 (Restrictions), upon receipt of any Net Financing Proceeds (in each case received at any time after the first Utilisation Date), the Borrower must promptly notify the Lender and apply an amount equal to such Net Financing Proceeds in prepayment of the Loans (together with any interest accrued on the prepaid amount) on the on the last day of the Interest Period for each Loan occurring after the receipt of the relevant Net Proceeds and the Commitment shall be cancelled in the amount repaid. 7.4 Voluntary cancellation The Borrower may, if it gives the Lender not less than five (5) Business Days' (or such shorter period as the Lender may agree) prior notice, cancel the whole or any part of the Available Facility (but, if in part, being an amount that reduces the Available Facility by a minimum amount of EUR 1,000,000). Any cancellation under this Clause 7.4 shall reduce the Commitment of the Lender. 7.5 Voluntary prepayment of the Loans The Borrower may, if it gives the Lender not less than five (5) Business Days' (or such shorter period as the Lender may agree) prior notice, prepay the whole or any part of the Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of EUR 1,000,000). 7.6 Restrictions (a) Any notice of cancellation or prepayment given by any Party under this Clause 7 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall 11 409835-FRASR01A - MSW specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. (b) Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and without premium or penalty. (c) Unless a contrary indication appears in this Agreement, any part of the Facility which is prepaid or repaid may be reborrowed in accordance with the terms of this Agreement. (d) The Borrower shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitment except at the times and in the manner expressly provided for in this Agreement. (e) No amount of the Commitment cancelled under this Agreement may be subsequently reinstated. (f) If all or part of a Loan is repaid or prepaid and is not available for redrawing (other than by operation of Clause 4.2 (Further conditions precedent)), an amount of the Commitment (equal to the amount of the Loan which is repaid or prepaid) in respect of the Facility will be deemed to be cancelled on the date of repayment or prepayment. 8. Interest 8.1 Calculation of interest The rate of interest on each Loan for each Interest Period is the percentage per annum which is the aggregate of the applicable: (i) Margin; and (ii) EURIBOR. 8.2 Payment of interest The Borrower shall pay accrued interest on that Loan on the last day of each Interest Period (and if the Interest Period is longer than three (3) months, on the dates falling quarterly intervals after the first day of the Interest Period). 8.3 Default interests (a) If the Borrower fails to pay any amount (other than interest) payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which is the sum of 1 per cent per annum and the rate which, subject to paragraph (d) below, would have been payable if the overdue amount had, during the period of non-payment, constituted a loan in the currency of the overdue amount for successive Interest Periods. (b) If the Borrower fails to pay interest payable by it under the Finance Documents on its due date, lump sum damages (pauschalierter Schadensersatz) shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (d) below, is the sum of 1 per cent per annum and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods. In the case of lump sum damages, the Borrower shall be free to prove that no damages have arisen or that damages have not arisen in the asserted amount.

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12 409835-FRASR01A - MSW (c) This Clause 8.3 shall not limit or affect the right of the Lender to demand compensation for damages exceeding the default interest payable hereunder. (d) If any overdue amount consists of all or part of the Loan which became due on a day prior to the Termination Date: (i) the first Interest Period for that overdue amount shall be of a duration equal to the period to the Termination Date; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be the sum of 1 per cent per annum and the rate which would have applied if the overdue amount had not become due. (e) Any interest or lump sum accruing under this Clause 8.3 shall be immediately payable by the Borrower on demand by the Lender. 9. Interest Periods 9.1 Selection of Interest Periods (a) The Borrower may select an Interest Period for a Loan in the Utilisation Request for that Loan. (b) Subject to this Clause 9, the Borrower may select an Interest Period of twelve (12) months or any other period agreed between the Borrower and the Lender in relation to the relevant Loan. (c) An Interest Period for a Loan shall not extend beyond the Termination Date. (d) A Loan has one Interest Period only. 9.2 Non-Business Days If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 10. Change to the calculation of Interest - Unavailability of Screen Rate (a) Interpolated Screen Rate: If no Screen Rate is available for EURIBOR for the Interest Period of a Loan, the applicable EURIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period of that Loan. (b) Reference Bank: If no Screen Rate is available (or can not otherwise be obtained by the Lender) for EURIBOR for the Interest Period of a Loan and it is not possible to calculate the Interpolated Screen Rate, the applicable EURIBOR shall be the arithmetic mean (rounded upward to four decimal places) of the rates as supplied to the Lender at its request quoted by Landesbank Baden Württemberg and a second reputable German or Austrian financial institution to leading banks in the European interbank market (or shall be determined as otherwise agreed between the Borrower and the Lender). 11. Fees 11.1 Commitment fee (a) The Borrower shall pay to the Lender a fee computed at the rate of 30 per cent. per annum of the then applicable Margin on that Lender's Available Commitment under the Facility for the Availability Period. 13 409835-FRASR01A - MSW (b) The accrued commitment fee, calculated in accordance with this Agreement (in particular Clause 25.2 (Day count convention), is payable in arrears on the last day of each successive period of three (3) months which ends during the relevant Availability Period, on the last day of the Availability Period and, if cancelled in full, on the cancelled amount of the Lender's Commitment at the time the cancellation is effective. 11.2 Arrangement Fee The Borrower shall pay the (initial) Lender an arrangement fee in the amount of 0.50 per cent. flat of the initial Commitment. 12. Tax gross up and indemnities 12.1 Definitions (a) In this Agreement: "Exempt Lender" means, in relation to a Borrower, a Lender which is (otherwise than by reason of being a Treaty Lender) able to receive interest from that Borrower without a Tax Deduction imposed by the jurisdiction of incorporation of the relevant Borrower at any time when it becomes a Lender. "Protected Party" means the Lender which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document. "Qualifying Lender" means in respect of interest payable by a Borrower, a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and is: (A) lending through an office in the jurisdiction of incorporation of the relevant Borrower; or (B) a Treaty Lender; or (C) an Exempt Lender. "Tax Credit" means a credit against, relief or remission for, or repayment of any Tax. "Tax Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction. "Tax Payment" means either the increase in a payment made by the Borrower to the Lender under Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax indemnity). "Treaty Lender" means a Lender which: (i) is treated as a resident of a Treaty State; and (ii) does not carry on a business in jurisdiction of incorporation of the relevant Borrower through a permanent establishment with which that Lender's participation in the Loan is effectively connected. "Treaty State" means a jurisdiction having a double taxation agreement (a "Treaty") with the jurisdiction of incorporation of the relevant Borrower which makes provision for full exemption for tax imposed by the jurisdiction of incorporation of such Borrower on interest. 14 409835-FRASR01A - MSW 12.2 Tax gross-up (a) The Borrower shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. (b) The Borrower shall promptly upon becoming aware that the Borrower must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Lender accordingly. Similarly, the Lender shall notify the Borrower on becoming so aware in respect of a payment payable to the Lender. (c) If a Tax Deduction is required by law to be made by the Borrower, the amount of the payment due from the Borrower shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. (d) A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account of Tax imposed by the jurisdiction of incorporation of the relevant Borrower if on the date on which the payment falls due: (i) the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty, or any published practice or published concession of any relevant taxing authority; or (ii) the relevant Lender is a Treaty Lender and the Borrower making the payment is able to demonstrate that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under paragraph (g) below. (e) If the Borrower is required to make a Tax Deduction, it shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. (f) Within thirty (30) days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Borrower shall deliver to the Lender evidence reasonably satisfactory to the Lender that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. (g) A Treaty Lender and the Borrower which makes a payment to which that Treaty Lender is entitled shall co-operate in completing any procedural formalities necessary for that Borrower to obtain authorisation to make that payment without a Tax Deduction. 12.3 Tax indemnity (a) The Borrower shall (within three (3) Business Days of demand by that Protected Party) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. (b) Paragraph (a) above shall not apply: (i) with respect to any Tax assessed on the Lender: 15 409835-FRASR01A - MSW (A) under the law of the jurisdiction in which the Lender is incorporated or, if different, the jurisdiction (or jurisdictions) in which the Lender is treated as resident for tax purposes; or (B) under the law of the jurisdiction in which the Lender's office is located in respect of amounts received or receivable in that jurisdiction, (ii) to the extent a loss, liability or cost: (A) is compensated for by an increased payment under Clause 12.2 (Tax gross-up); (B) would have been compensated for by an increased payment under Clause 12.2 (Tax gross-up) but was not so compensated solely because one of the exclusions in paragraph (d) of Clause 12.2 (Tax gross-up) applied; or (C) relates to a FATCA Deduction required to be made by a Party. (c) A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify the Borrower of the event which will give, or has given, rise to the claim. 12.4 Tax Credit If the Borrower makes a Tax Payment and the Lender determines that: (a) a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and (b) the Lender has obtained and utilised that Tax Credit, the Lender shall pay an amount to the Borrower which the Lender determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Borrower. 12.5 Stamp taxes The Borrower shall pay and, within three (3) Business Days of demand, indemnify the Lender against any cost, loss or liability the Lender incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 12.6 VAT (a) All amounts expressed to be payable under a Finance Document by any Party to the Lender which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by the Lender to any Party under a Finance Document and the Lender is required to account to the relevant tax authority for the VAT, that Party must pay to the Lender (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and the Lender must promptly provide an appropriate VAT invoice to that Party). (b) Where a Finance Document requires any Party to reimburse or indemnify the Lender for any cost or expense, that Party shall reimburse or indemnify (as the case may be) the Lender for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that the Lender reasonably determines that it or a

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16 409835-FRASR01A - MSW member of the VAT group of which it is part of is entitled to a repayment or credit in respect of such VAT from the relevant tax authority. (c) In relation to any supply made by the Lender to any Party under a Finance Document, if reasonably requested by the Lender, that Party must promptly provide the Lender with details of that Party's VAT registration and such other information as is reasonably requested in connection with the Lender's VAT reporting requirements in relation to such supply. 12.7 FATCA Information (a) Subject to paragraph (c) below, each Party shall, within ten (10) Business Days of a reasonable request by another Party: (i) confirm to that other Party whether it is: (A) a FATCA Exempt Party; or (B) not a FATCA Exempt Party; (ii) supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and (iii) supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange of information regime. (b) If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. (c) Paragraph (a) above shall not oblige the Lender to do anything, and paragraph (a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: (i) any law or regulation; (ii) any fiduciary duty; or (iii) any duty of confidentiality. (d) If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. (e) If the Borrower is a U.S. Tax Obligor, or the Lender reasonably believes that its obligations under FATCA or any other applicable law or regulation require it, each Lender shall, within ten (10) Business Days of: (i) where the Borrower is a U.S. Tax Obligor and the relevant Lender is an Original Lender, the date of this Agreement; 17 409835-FRASR01A - MSW (ii) where the Borrower is a U.S. Tax Obligor on a Transfer Date and the relevant Lender is a New Lender, the relevant Transfer Date; (iii) the date a new US Tax Obligor accedes as a Borrower; or (iv) where a Borrower is not a US Tax Obligor, the date of a request from the Lender, supply to the Lender: (v) a withholding certificate on Form W-8, Form W-9 or any other relevant form; or (vi) any withholding statement or other document, authorisation or waiver as the Lender may require to certify or establish the status of such Lender under FATCA or that other law or regulation. (f) The Lender shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to paragraph (e) above to the Borrower. (g) If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Lender by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Lender unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Lender). The Lender shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the Borrower. (h) The Lender may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Lender shall not be liable for any action taken by it under or in connection with paragraphs (e), (f) or (g) above. 12.8 FATCA Deduction (a) Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. (b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment. 13. Other indemnities 13.1 Currency indemnity (a) If any sum due from the Borrower under the Finance Documents (a "Sum"), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the "First Currency") in which that Sum is payable into another currency (the "Second Currency") for the purpose of: (i) making or filing a claim or proof against the Borrower; 18 409835-FRASR01A - MSW (ii) obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, the Borrower shall as an independent obligation, within three (3) Business Days of demand, indemnify the Lender against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. (b) The Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 13.2 Other indemnities The Borrower shall, within three (3) Business Days of demand, indemnify the Lender against any cost, loss or liability incurred by the Lender as a result of: (a) the occurrence of any Event of Default; (b) a failure by the Borrower to pay any amount due under a Finance Document on its due date; (c) funding, or making arrangements to fund, the Loan requested by the Borrower in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by the Lender alone); or (d) the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower. 13.3 Indemnity to the Lender The Borrower shall promptly indemnify the Lender against any cost, loss or liability incurred by the Lender (acting reasonably) as a result of: (a) investigating any event which it reasonably believes is an Event of Default; (b) acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; or (c) instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement. 14. Mitigation by the Lender 14.1 Mitigation (a) The Lender shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax gross-up and indemnities) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or office. (b) Paragraph (a) above does not in any way limit the obligations of the Borrower under the Finance Documents. 19 409835-FRASR01A - MSW 14.2 Limitation of liability (a) The Borrower shall promptly indemnify the Lender for all costs and expenses reasonably incurred by the Lender as a result of steps taken by it under Clause 14.1 (Mitigation). (b) The Lender is not obliged to take any steps under Clause 14.1 (Mitigation) if, in its opinion (acting reasonably), to do so might be prejudicial to it. 15. Costs and expenses (a) The Borrower shall, promptly on demand, pay to the Lender the amount of all costs and expenses (including legal fees) reasonably incurred by the Lender in connection with the negotiation, preparation and execution of this Agreement, the Transaction Security Documents and any other documents referred to in this Agreement and any other Finance Documents executed after the date of this Agreement. (b) If the Borrower requests and amendment, waiver or consent, the Borrower shall, within seven (7) Business Days of demand, reimburse the Lender for the amount of all costs and expenses (including legal fees) reasonably incurred by the Lender in responding to, evaluating, negotiating or complying with that request or requirement. (c) The Borrower shall, within seven (7) Business Days of demand, pay to the Lender the amount of all costs and expenses (including legal fees) incurred by the Lender in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 16. Information undertakings The undertakings in this Clause 16 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 16.1 Financial statements The Borrower shall supply to the Lender a PDF copy as soon as the same become available, but in any event within 120 days after the end of each of its financial years: (a)(i) its audited consolidated financial statements for that financial year and (ii) the audited unconsolidated financial statement of the Borrower for that financial year and (b) as soon as the same become available, but in any event within 60 days after the end of each financial quarter (except for each fourth financial quarter) of each of its financial years the unaudited consolidated financial statements of the Group for that financial quarter (including consolidated balance sheet, consolidated income statement, consolidated cash flow statement and corresponding explanations). 16.2 Requirements as to financial statements (a) Each set of financial statements delivered by the Borrower pursuant to Clause 16.1 (Financial statements) shall be certified by a director of the Borrower as fairly presenting its financial condition as at the date as at which those financial statements were drawn up. (b) The Borrower shall procure that each set of financial statements delivered pursuant to Clause 16.1 (Financial statements) is prepared using GAAP. 16.3 Budget (a) The Borrower shall supply to the Lender as soon as the same become available but in any event within sixty (60) days after the start of each of its financial years, an annual budged (the "Budget") for that financial year and the next three (3) financial years.

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20 409835-FRASR01A - MSW (b) The Borrower shall ensure that each Budget for a financial year: (i) is in a form reasonably acceptable to the Lender and includes a projected consolidated profit and loss, balance sheet and cashflow statement for the Group and projected capital expenditure for the Group together with corresponding explanations each in respect of the current and the three (3) following financial years for which the Budget is delivered; and (ii) is prepared in accordance with the accounting principles and the accounting practices and financial reference periods applied to financial statements under this Agreement. (c) If the Borrower updates or changes the Budget, it shall promptly deliver to the Lender such updated or changed Budget together with a written explanation of the main changes in that Budget. 16.4 Compliance related proceedings The Borrower undertakes to inform the Lender immediately upon knowledge about any judicial or administrative proceedings or any other official investigation or decision relating to any sanctions, anti-money laundering laws or anti-corruption laws against the Borrower or any of its subsidiaries or affiliates in which he holds a majority, or any member of the supervisory board or the management board or any other employee or any person acting on behalf of any of the foregoing persons. If legally permissible, copies of any judicial or administrative documents have to be made available to the Lender. 16.5 Information: miscellaneous The Borrower shall supply to the Lender: (a) all documents and other information provided by any member of the Group to the agent or any lender under or pursuant to the LBBW RCF; (b) all documents dispatched by the Borrower to its creditors generally at the same time as they are dispatched; (c) promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened in writing or pending against the Borrower or any other member of the Group in in relation to which the value of the claims demanded exceeds EUR 3,000,000 which might, if adversely determined, have a Material Adverse Effect; (d) promptly upon becoming aware of them, information (including, inter alia, lender, borrower, maturity, amount, interest rate and kind of interest) about the implementation of new shareholder loans or amendments, extensions or other changes in any existing shareholder loan; (e) promptly, such information as the Lender reasonably require about the compliance of the Borrower with the terms of any Transaction Security Documents; (f) promptly upon request, such further information regarding the financial condition, business and operations of the Group and/or any member of the Group (including any requested amplification or explanation of any item in the financial statements, budgets or other material provided by the Borrower under this Agreement) as the Lender may reasonably request; (g) promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or agency which is made against any member of the Group, and which might have a Material Adverse Effect; 21 409835-FRASR01A - MSW (h) promptly upon becoming aware of them, reasonable details (e.g. key financials, new structure chart of the Group, funds flow statement) of any acquisition with a purchase price exceeding EUR 25,000,000 (including Financial Indebtedness remaining in the relevant target group);and (i) promptly such further information as may be required by applicable banking supervisory laws and regulations and/or in line with standard reasonable banking practice. 16.6 Notification of default (a) The Borrower shall notify the Lender of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence. (b) Promptly upon a request by the Lender, the Borrower shall supply to the Lender a certificate signed by a director with sole power of representation (Einzelvertretungsmacht) or by two of its directors or senior officers with joint power of representation (Gesamtvertretungsmacht) on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 16.7 "Know your customer" checks If: (a) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; (b) any change in the status of the Borrower after the date of this Agreement; or (c) a proposed assignment or transfer by the Lender of any of its rights and obligations under this Agreement, obliges the Lender (or, in the case of paragraph (iii) above, any prospective new lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall promptly upon the request of the Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new lender) in order for the Lender or, in the case of the event described in paragraph (iii) above, any prospective new lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 17. General undertakings The undertakings in this Clause 17 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 17.1 Authorisations The Borrower shall promptly: (a) obtain, comply with and do all that is necessary to maintain in full force and effect; and (b) upon request by the Lender, supply certified copies to the Lender of, 22 409835-FRASR01A - MSW any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document. 17.2 Compliance with laws The Borrower shall comply in all respects with all laws to which it is subject, where a failure to do so has, or is reasonably likely to have, a Material Adverse Effect. 17.3 Negative pledge In this Clause 17.3, "Quasi-Security" means an arrangement or transaction described in paragraph (b) below. (a) The Borrower shall not (and the Borrower shall ensure that no other member of the Group will) create or permit to subsist any Security over any of its assets. (b) The Borrower shall not (and the Borrower shall ensure that no other member of the Group will): (i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by the Borrower or any other member of the Group; (ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms; (iii) enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or (iv) enter into any other preferential arrangement having a similar effect, in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or financing the acquisition of an asset. (c) Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi-Security, listed below: (i) created pursuant to any of the Transaction Security Documents; (ii) any Security or Quasi-Security entered into under or in connection with the LBBW RCF; (iii) any Security existing at the date hereof; (iv) any Security securing Financial Indebtedness permitted under Clause 17.5 (Financial Indebtedness) of this Agreement; (v) any netting or set-off arrangement entered into by the Borrower or any other member of the Group in the ordinary course of its banking arrangements for the purpose of netting debt and credit balances and any lien arising under the general terms and conditions of banks (Allgemeine Geschäftsbedingungen der Banken oder Sparkassen) with whom the Borrower or any other member of the Group maintains a banking relationship in the ordinary course of business; (vi) any payment or close out netting or set-off arrangement pursuant to any treasury transaction entered into by a the Borrower or any other member of the Group for the purpose of (i) hedging any risk to which any member of the Group is exposed in its ordinary course of trading; or (ii) its interest rate or 23 409835-FRASR01A - MSW currency management operations which are carried out in the ordinary course of business and for non-speculative purposes only, excluding, in each case, any Security or Quasi-Security under a credit support arrangement in relation to a treasury transaction; (vii) any lien arising by operation of law and in the ordinary course of business; (viii) any Quasi-Security arising as a result of a disposal which is a permitted pursuant to paragraph (b) of Clause 17.4 (Disposal); (ix) any security transfers granted by a member of the Group other than SIGNA Sport Online GmbH or any of its Subsidiaries in connection with a purchase cooperation in the ordinary course of trading and in relation to movable assets located at warehouse locations; (x) any Security arising under any retention of title (including any extended retention of tile (verlängerter Eigentumsvorbehalt), hire purchase or conditional sale arrangement or arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course of business and on the supplier's general business conditions (Allgemeine Geschäftsbedingungen); (xi) any Security or Quasi-Security over or affecting any asset acquired by a member of the Group after the date of this Agreement if: (i) the Security or Quasi-Security was not created in contemplation of the acquisition of that asset by a member of the Group; (ii) the principal amount secured has not been increased in contemplation of or since the acquisition of that asset by a member of the Group; and (iii) the Security or Quasi-Security is removed or discharged within six (6) Months of the date of acquisition of such asset; (xii) any guarantee or Security created or subsisting in order to secure any obligations incurred in order to comply with the requirements of section 8a of the German Partial Retirement Act (Altersteilzeitgesetz) or pursuant to section 7e of the Fourth Book of the German Social Security Code (SGB IV) or pursuant to section 4 of the German Act for the Improvement of Occupational Pensions Schemes (Gesetz zur Verbesserung der betrieblichen Altersvorsorge); (xiii) any Security or Quasi-Security over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement, where the Security or Quasi-Security is created prior to the date on which that company becomes a member of the Group, if: (i) the Security or Quasi- Security was not created in contemplation of the acquisition of that company; (ii) the principal amount secured has not increased in contemplation of or since the acquisition of that company; and (iii) the Security or Quasi-Security is removed or discharged within six (6) Months of that company becoming a member of the Group; (xiv) any Security securing indebtedness the amount of which (when aggregated with the amount of any other indebtedness which has the benefit of a Security not allowed under the preceding Sub-clauses) does not exceed EUR 10,000,000 (or its equivalent) at any time; and (xv) any other Security or Quasi-Security granted with prior written Lender's consent.

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24 409835-FRASR01A - MSW 17.4 Disposals (a) The Borrower shall not (and it shall ensure that no other member of the Group will) enter into a single transaction or a series of transactions (whether related or not and whether voluntary or involuntary) to sell, lease, loan, grant any option over, transfer, redeem or otherwise dispose of any asset or shares. (b) Paragraph (a) above does not apply to any sale, lease, transfer or other disposal: (i) made in the ordinary course of trading of the disposing entity; (ii) of any asset by a member of the Group to another member of the Group; (iii) of assets in exchange for other assets comparable or superior as to type, value and quality (other than an exchange of a non-cash asset for cash); (iv) of obsolete or redundant vehicles, plant and equipment for cash; (v) of cash equivalent investments for cash or in exchange for other cash equivalent investments; (vi) where the Borrower is required to effect such disposal by law or any governmental authority or agency; (vii) of any intra-Group loan as a result of the conversion of such intra-Group loan into equity (whether by way of equity contributions (Kapitalrücklage) or otherwise); (viii) which is permitted pursuant to paragraph (c) of Clause 17.3 (Negative Pledge), paragraph (b) of Clause 17.8 (Merger); (ix) as set out in any SPAC structure memorandum and provided that it has no negative impact on the Group and does not trigger a Change of Control; (x) not permitted by the preceding paragraphs and the aggregated amount of which does not exceed EUR 5,000,000 (or its equivalent) per annum and EUR 20,000,000 (to be increased on a pro rata basis in case of an increase or establishment of further Commitments over the lifetime of this Agreement); or (xi) otherwise with the Lender's prior written consent. 17.5 Financial Indebtedness (a) The Borrower may not (and shall ensure that no other member of the Group will) incur or permit to be outstanding any Financial Indebtedness. (b) Paragraph (a) above does not apply to Financial Indebtedness which is: (i) Financial Indebtedness existing as of the date of this Agreement; (ii) arising under the Finance Documents; (iii) arising under an acquisition financing provided that such Financial Indebtedness is fully refinanced within twelve (12) Months from the closing of the acquisition verifiably through equity contribution including unsecured convertible bonds which have a term which ends not earlier than the Termination Date hereunder or new shareholder loans; (iv) arising under any deferred payment arrangement (for a period up to 120 days) granted to any member of the Group by its suppliers on normal commercial terms and in the ordinary course of its trading activities; 25 409835-FRASR01A - MSW (v) any Financial Indebtedness owed to another member of the Group; (vi) any Financial Indebtedness arising under, or in connection with, the intra-day- cash-pooling system in operation within the Group, vis-à-vis any bank involved in such system, provided any such Financial Indebtedness is dis- charged no later than at midnight of the day it has arisen; (vii) any derivative transaction protecting against or benefiting from fluctuations in any currency exchange or other rate or price, entered into in the ordinary course of business; (viii) any liability pursuant to a fiscal unit (fiscale eenheid) for Dutch corporate income tax or value added tax purposes; (ix) any liability pursuant to a declaration of joint and several liability as referred to in Section 2:403 of the Dutch Civil Code; (x) arising under finance lease of vehicles, plant, equipment or computers; (xi) incurred pursuant to section 8a of the German Partial Retirement Act (Altersteilzeitgesetz) or pursuant to section 7e of the Fourth Book of the German Social Security Code (SGB IV) or pursuant to section 4 of the German Act for the Improvement of Occupational Pensions Schemes (Gesetz zur Verbesserung der betrieblichen Altersvorsorge); (xii) any guarantees arising in connection with rental contracts in the ordinary course of business which together with any guarantee permitted under paragraph (b)(iii) of Clause 17.7 (Guarantee) in aggregate do not exceed EUR 10,000,000 at any time; (xiii) which is permitted pursuant to paragraph (b) of Clause 17.6 (Loans or Credit) or paragraph (b) of Clause 17.7 (Guarantees); (xiv) of any company which becomes a member of the Group after the date of this Agreement which is incurred under arrangements in existence at the date of acquisition, but not incurred or increased or having its maturity date extended in contemplation of, or since, that acquisition, and outstanding only for a period of six (6) Months following the date of acquisition; (xv) not permitted by the preceding paragraphs provided that the aggregated amount of all such Financial Indebtedness does not exceed EUR 15,000,000 (or its equivalent) at any time; or (xvi) incurred or outstanding with the written consent of the Lender. 17.6 Loans or Credit (a) The Borrower shall not (and the Borrower shall ensure that no other member of the Group will) be a creditor in respect of Financial Indebtedness. (b) Paragraph (a) does not apply to: (i) any deferred payments (for a period up to 120 days) granted by any member of the Group to its customers on normal commercial terms and in the ordinary course of its trading activities; (ii) a loan made by the Borrower or another member of the Group to a member of the Group; 26 409835-FRASR01A - MSW (iii) any trade credit extended by the Borrower to its customers on normal commercial terms and in the ordinary course of its trading activities; (iv) a loan made by the Borrower to an employee or director or to any third party provided that the aggregated amount of all such loans does not exceed EUR 5,000,000 (or its equivalent) at any time; (v) any loan with the Lender's prior consent. 17.7 Guarantees (a) The Borrower shall not (and the Borrower shall ensure that no other member of the Group will) issue any guarantee, indemnity, bond or letter of credit to or for the benefit of, or in respect of liabilities or obligations of, any other person or voluntarily assume any liability (whether actual or contingent) of any other person. (b) Paragraph (a) above does not apply to: (i) any guarantee granted under or in connection with the LBBW RCF; (ii) any guarantee, performance or similar bond guaranteeing performance by a member of the Group under any contract entered into in the ordinary course of business; (iii) guarantee, indemnity, bond or letter of credit arising in connection with rental contracts in the ordinary course of business which together with any Financial Indebtedness permitted under paragraph (b)(xii) of Clause 17.5 (Financial Indebtedness) in aggregate do not exceed EUR 10,000,000 at any time; (iv) guarantee, indemnity, bond or letter of credit issued by any member of the Group in connection with the greenfield 3PL-logistics project with respect to the operation of a distribution warehouse in Hockenheim, Germany up to a maximum amount of EUR 5,000,000; (v) any guarantee or indemnity in the ordinary course of documentation of an acquisition permitted under the Finance Documents; (vi) any guarantee given pursuant to section 8a of the German Partial Retirement Act (Altersteilzeitgesetz) or pursuant to section 7e of the Fourth Book of the German Social Security Code (SGB IV) or pursuant to section 4 of the German Act for the Improvement of Occupational Pensions Schemes (Gesetz zur Verbesserung der betrieblichen Altersvorsorge); (vii) customary indemnities given to directors and officers of the Group in their capacity as such; (viii) guarantee, indemnity, bond or letter of credit issued by any member of the Group as security for obligations permitted hereunder; (ix) which is otherwise permitted pursuant to paragraph (c) of Clause 17.3 (Negative Pledge) or paragraph (b) of Clause 17.5 (Financial Indebtedness); (x) any guarantee, indemnity, bond or letter of credit given with the prior written consent of the Lender; (xi) not permitted by the preceding paragraphs and which in aggregate do not exceed EUR 15,000,000 at any time. 27 409835-FRASR01A - MSW 17.8 Merger (a) The Borrower shall (and the Borrower shall ensure that no other member of the Group will) not enter into any demerger, merger or corporate reconstruction. (b) Paragraph (a) above does not apply to to amalgamation, demerger, merger or corporate reconstruction: (i) within the Group; (ii) as set out in any SPAC structure memorandum and provided that it has no negative impact on the Group and does not trigger a Change of Control; or (iii) permitted pursuant to Clause 17.4 (Disposals). 17.9 Restricted payments (a) The Borrower shall not (and shall ensure that no other Member of the Group will): (i) declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital); (ii) repay or distribute any dividend or, if applicable, share premium reserve; (iii) repay (including interest) any shareholder loan other than a shareholder loan granted by the Lender or any Subsidiary of the Lender to another member of the Group; (iv) pay or allow any member of the Group to pay any management, advisory or other fee or payment to or to the order of any direct shareholders of the Borrower; or (v) redeem, repurchase, defease, retire or repay or redeem any of its share capital or capital reserves or resolve to do so. (b) Paragraph (a) above does not apply to payments: (i) to direct shareholders with respect to management fees and other fees and expenses in the ordinary course of business up to an aggregate amount of EUR 2,000,000 per annum; (ii) up to 20% of the net profit (Jahresüberschuss) as stated in the respective annual audited (consolidated) financial statements (festgestellter Jahresabschluss); or (iii) otherwise with the Lender's prior consent. 17.10 Further Assurance / Condition Subsequent The Borrower shall without undue delay do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Lender may reasonably specify (and in such form as the Lender may reasonably require): (i) without undue delay from the date of this Agreement, use its reasonable efforts to obtain from LBBW and the other lenders under the LBBW RCF and addressees of an equity commitment letter (Patronatserklärung) dated 30 May 2022 (the "ECL") issued by Lender (a) the confirmation that the Lender's obligation under the ECL to provide the Borrower with funds in an amount of up to EUR 50,000,000 until 30 June 2023 at the latest in order to secure the receipt of the Equity Commitment III (as defined in the ECL) is satisfied by

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28 409835-FRASR01A - MSW entering into this Agreement and (b) the consent to amend the up EUR 50,000,000 revolving credit agreement (the "RCF I") between the Borrower and the Lender dated 3 May 2022 in order to ensure that clause 2.2 (Increase) of the RCF I will be deleted and the Lender's obligation under RCF I to provide for a New Commitment (as defined under RCF I) will be cancelled; (ii) upon request of the Lender, enter into the notarized Share Pledge Agreement as Transaction Security, provided the Borrower is not required to comply with such request prior to 1 September 2022 (or such other date agreed between the Lender and the Borrower) and further provided that such share pledges shall rank junior to share pledges over the shares in SIGNA GmbH securing external third party financing; (iii) to perfect, protect or maintain the Security created or intended to be created under or evidenced by the Transaction Security Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of the Lender provided by or pursuant to the Finance Documents or by law; and/or (iv) to facilitate in accordance with the Transaction Security Documents the realisation of the assets which are, or are intended to be, the subject of the Transaction Security. 18. Events of Default Each of the events or circumstances set out in this Clause 18 is an Event of Default (save for Clause 18.10 (Acceleration). 18.1 Non-payment The Borrower does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable unless: (a) its failure to pay is caused by administrative or technical error; and (b) payment is made within five (5) Business Days of its due date. 18.2 Other obligations (a) The Borrower does not comply with any provision of the Finance Documents (other than those referred to in Clause 18.1 (Non-payment)). (b) No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within ten (10) Business Days of the earlier of (A) the Lender giving notice to the Borrower and (B) the Borrower becoming aware of the failure to comply. 18.3 Cross default (a) Any Financial Indebtedness of the Borrower (or any other member of the Group) is not paid when due nor within any applicable grace period. 29 409835-FRASR01A - MSW (b) Any Financial Indebtedness of the Borrower (or any other member of the Group) is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). (c) Any commitment of any Financial Indebtedness of the Borrower (or any other member of the Group) is cancelled or suspended by any of its creditors as a result of an event of default (however described). (d) Any creditor of the Borrower (or any other member of the Group) becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however described). (e) No Event of Default will occur under this Clause 18.3 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraph (a) to (d) above is less than EUR 5,000,000 (or its equivalent in any other currency or currencies). 18.4 Insolvency (a) A member of the Group (i) is unable or admits inability to pay its debts as they fall due; (ii) suspends making payments on any of its debts; or (iii) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding the Lender in its capacity as such) with a view to rescheduling any of its indebtedness. (b) A member of the Group incorporated in Germany is unable to pay its debts as they fall due (zahlungsunfähig) within the meaning of section 17 of the Insolvency Code (Insolvenzordnung) or is overindebted within the meaning of section 19 of the Insolvency Code (Insolvenzordnung) or, with respect to any other member of the Group, the value of the assets of any member of the Group is less than its liabilities (taking into account contingent and prospective liabilities). (c) The value of the assets of the Borrower is less than its liabilities (taking into account contingent and prospective liabilities). (d) A moratorium is declared in respect of any indebtedness of the Borrower or any other member of the Group. 18.5 Insolvency proceedings (a) Any corporate action, legal proceedings or other procedure or step is taken in relation to: (i) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group other than a solvent liquidation or reorganisation of a member of the Group which is not the Borrower; (ii) a composition, compromise, assignment or arrangement with any creditor of any member of the Group; (iii) the appointment of a liquidator (other than in respect of a solvent liquidation or reorganisation of a member of the Group which is not the Borrower), receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any member of the Group or any of its assets; or 30 409835-FRASR01A - MSW (iv) enforcement of any Security over any assets of any member of the Group, or any analogous procedure or step is taken in any jurisdiction which includes faillissement, surséance van betaling, noodregeling and ontbinding and the appointment of a curator or bewindvoerder. (b) This Clause 18.5 shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within twenty one (21) days of commencement. 18.6 Creditors' process Any expropriation, attachment, sequestration, distress or execution "(including by way of executory attachment (executoriaal beslag) or interlocutory attachment (conservatoir beslag)) affects any asset or assets of the Borrower or any other member of the Group having an aggregate value of at least EUR 500,000 and is not discharged within fourteen (14) days of commencement. 18.7 Unlawfulness It is or becomes unlawful for the Borrower to perform any of its obligations under the Finance Documents. 18.8 Repudiation The Borrower repudiates a Finance Document or evidences an intention to repudiate a Finance Document. 18.9 Material adverse change Any event or circumstance occurs which has a Material Adverse Effect. 18.10 Acceleration On and at any time after the occurrence of an Event of Default which is continuing the Lender may, by notice to the Borrower: (a) cancel (kündigen) the Commitment whereupon it shall immediately be cancelled; and/or (b) declare (kündigen) that all or part of the Loans, together with accrued interest and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable; and/or (c) exercise any or all of its rights, remedies, powers or discretions under the Finance Documents. 19. Changes to the Lender 19.1 Assignments and transfers by the Lender Subject to this Clause 19, the Lender (the "Existing Lender") may: (a) assign any of its rights ("Assignment"); or (b) assign and transfer by way of assumption of contract (Vertragsübernahme) any of its rights and obligations ("Transfer"), to any of its Affiliates or to a trust, fund or other entity directly or indirectly controlled by the Lender upon its sole discretion (each such assignee or transferee, a "New Lender"). 31 409835-FRASR01A - MSW 19.2 Limitation of responsibility of Existing Lenders (a) Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: (i) the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; (ii) the financial condition of the Borrower; (iii) the performance and observance by the Borrower of its obligations under the Finance Documents or any other documents; or (iv) the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. (b) Each New Lender confirms to the Existing Lender that it: (i) has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of the Borrower and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and (ii) will continue to make its own independent appraisal of the creditworthiness of the Borrower and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. (c) Nothing in any Finance Document obliges an Existing Lender to: (i) accept a re-assignment or a re-assignment and re-transfer by way of assumption of contract (Vertragsübernahme) from a New Lender of any of the rights and obligations assigned or assigned and transferred by way of assumption of contract (Vertragsübernahme) under this Clause 19; or (ii) support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by the Borrower of its obligations under the Finance Documents or otherwise. 19.3 Procedure for Transfer (a) A Transfer is effected in accordance with paragraph (c) below when the Existing Lender and the New Lender execute an otherwise duly completed Transfer Agreement. (b) On the Transfer Date: (i) to the extent that in the Transfer Agreement the Existing Lender seeks to assign and transfer by way of assumption of contract (Vertragsübernahme) its rights and obligations under the Finance Documents, the Borrower and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the "Discharged Rights and Obligations"); (ii) the Borrower and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as the Borrower and the New

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32 409835-FRASR01A - MSW Lender have assumed and/or acquired the same in place of the Borrower and the Existing Lender; (iii) the New Lender shall acquire the same rights and assume the same obligations as it would have acquired and assumed had the New Lender been an original Lender with the rights and/or obligations acquired or assumed by it as a result of the assignment and transfer by way of assumption of contract (Vertragsübernahme) and to that extent the Existing Lender shall be released from further obligations under the Finance Documents and (iv) the New Lender shall become a Party as a "Lender". 19.4 Copy of Transfer Agreement to Borrower The New Lender shall, as soon as reasonably practicable after it has executed a Transfer Agreement, send to the Borrower a copy of that Transfer Agreement. 20. Changes to the Borrower The Borrower may not assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 21. Exclusion of liability (a) Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Lender), the Lender will not be liable for: (i) any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by the gross negligence or wilful misconduct of the Lender; (ii) exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct; or (iii) without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever (but not including any claim based on the fraud of the Lender) arising as a result of: (A) any act, event or circumstance not reasonably within its control; or (B) the general risks of investment in, or the holding of assets in, any jurisdiction, including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 33 409835-FRASR01A - MSW (b) No Party (other than the Lender, as the case may be) may take any proceedings against any officer, employee or agent of the Lender in respect of any claim it might have against the Lender or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Lender may rely on this Clause. (c) Without prejudice to any provision of any Finance Document excluding or limiting the Lender's liability, any liability of the Lender arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Lender or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Lender at any time which increase the amount of that loss. In no event shall the Lender be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Lender has been advised of the possibility of such loss or damages. 22. Payment mechanics 22.1 Payments to the Lender (a) On each date on which the Borrower is required to make a payment under a Finance Document, the Borrower shall make the same available to the Lender for value on the due date at the time and in such funds specified by the Lender as being customary at the time for settlement of transactions in the relevant currency in the place of payment. (b) Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in such Participating Member State or Frankfurt am Main, as specified by the Lender) and with such bank as the Lender, in each case, may notify to the Borrower by not less than five (5) Business Days' notice. (c) Payment shall be made to such account as specified by the Borrower in the relevant Utilisation Request). 22.2 Distributions to the Borrower The Lender may (with the Borrower's consent or in accordance with Clause 23 (Set-off)) apply any amount received by it to the Borrower in or towards payment (on the date and in the currency and funds of receipt) of any amount due from the Borrower under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 22.3 Partial payments (a) If the Lender receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under the Finance Documents, the Lender shall apply that payment towards the obligations of the Borrower under the Finance Documents in any order selected by the Lender. (b) Paragraph (a) above will override any appropriation made by the Borrower. 22.4 No set-off by the Borrower All payments to be made by the Borrower under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim unless the counterclaim is undisputed or has been confirmed in a final non-appealable judgement. 34 409835-FRASR01A - MSW 22.5 Business Days (a) Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). (b) During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 22.6 Currency of account (a) Subject to paragraphs (b) to (e) below, euro is the currency of account and payment for any sum due from the Borrower under any Finance Document. (b) A repayment of a Loan or Unpaid Sum or a part of the Loan or Unpaid Sum shall be made in the currency in which that Loan or Unpaid Sum is denominated, pursuant to this Agreement, on its due date. (c) Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated, pursuant to this Agreement, when that interest accrued. (d) Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. (e) Any amount expressed to be payable in a currency other than euro shall be paid in that other currency. 23. Set-off The Lender may set off any matured obligation due from the Borrower under the Finance Documents against any satisfiable (erfüllbar) obligation (within the meaning of section 387 Civil Code) owed by the Lender to the Borrower, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Lender may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 24. Notices 24.1 Communications in writing Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by letter. 24.2 Addresses and electronic mail address The address and electronic mail address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is that identified with its name below or any substitute address or electronic mail address or department or officer as the Party may notify to the other Parties by not less than five (5) Business Days' notice. 24.3 Delivery (a) Any communication or document made or delivered by the Lender to another Party under or in connection with the Finance Documents will only be effective when it has been left at the relevant address and actual notice of the receipt of such letter could be expected under regular circumstances, if a particular department or officer is specified 35 409835-FRASR01A - MSW as part of its address details provided under Clause 24.2 (Addresses and electronic mail address), if addressed to that department or officer. (b) Any communication or document to be made or delivered to the Lender will be effective only when it has been left at the relevant address and actual notice of the receipt of such letter could be expected under regular circumstances and then only if it is expressly marked for the attention of the department or officer identified with the Lender's signature below (or any substitute department or officer as the Lender shall specify for this purpose). (c) Any communication or document which becomes effective, in accordance with paragraphs (a) and (b) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day. 24.4 Electronic communication (a) Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) to an electronic mail address identified in accordance with Clause 24.2 (Addresses and electronic mail address). (b) Any such electronic communication as specified in paragraph (a) above made between any two Parties will be effective only when actually received (or made available) in readable form. (c) Any electronic communication which becomes effective, in accordance with paragraph (b) above, after 5 p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day. (d) Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in accordance with this Clause 24.4. 24.5 English language (a) Any notice given under or in connection with any Finance Document must be in English. (b) All other documents provided under or in connection with any Finance Document must be: (i) in English; or (ii) if not in English, and if so required by the Lender, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document. 25. Calculations and certificates 25.1 Certificates and Determinations (a) The Lender makes the certifications or determinations of a rate or amount under any Finance Document in the exercise of their unilateral right to specify performance (einseitiges Leistungsbestimmungsrecht) which they will exercise with reasonable discretion (billiges Ermessen).

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36 409835-FRASR01A - MSW (b) The Parties agree not to dispute in any legal proceeding the correctness of the determinations and certifications of a rate or amount made by the Lender under any Finance Document unless the determinations or certifications are inaccurate on their face or fraud can be shown. 25.2 Day count convention Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice. 26. Partial invalidity and unintentional gaps If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. Invalid provisions and unintended gaps in the Agreement shall be replaced or filled in accordance with the intent of the Parties and the purpose of this Agreement. 27. Remedies and waivers No failure to exercise, nor any delay in exercising, on the part of the Lender, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No waiver or election to affirm any Finance Document on the part of the Lender shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law. 28. Amendments and waivers 28.1 Required consents No term of any of the Finance Documents may be amended or waived without the prior consent of the Lender and the Borrower and any such amendment or waiver will be binding on all Parties. 29. Confidential Information 29.1 Confidentiality The Lender agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 29.2 (Disclosure of Confidential Information), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information. 29.2 Disclosure of Confidential Information The Lender may disclose: (a) to any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and representatives such Confidential Information as the Lender shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the 37 409835-FRASR01A - MSW confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; (b) to any person: (i) to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Lender and, in each case, to any of that person's Affiliates, representatives and professional advisers; (ii) with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or the Borrower and to any of that person's Affiliates, representatives and professional advisers; (iii) appointed by the Lender or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf; (iv) who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; (v) to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; (vi) to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; (vii) who is a Party; or (viii) with the consent of the Borrower; in each case, such Confidential Information as the Lender shall consider appropriate if: (A) in relation to paragraphs (b)(i), (b)(ii) and b(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; (B) in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; (C) in relation to paragraphs (b)(v) and (b)(vi) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential 38 409835-FRASR01A - MSW Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Lender, it is not practicable so to do in the circumstances; and (c) to any person appointed by the Lender or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in a form of confidentiality undertaking agreed between the Borrower and the Lender. 29.3 Entire agreement This Clause 29 constitutes the entire agreement between the Parties in relation to the obligations of the Lender under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 29.4 Notification of disclosure The Lender agrees (to the extent permitted by law and regulation) to inform the Borrower: (a) of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 29.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and (b) upon becoming aware that Confidential Information has been disclosed in breach of this Clause 29. 29.5 Continuing obligations The obligations in this Clause 29 are continuing and, in particular, shall survive and remain binding on the Lender for a period of twelve (12) months from the earlier of: (a) the date on which all amounts payable by the Borrower under or in connection with this Agreement have been paid in full and the Commitment has been cancelled or otherwise cease to be available; and (b) the date on which the Lender otherwise ceases to be Lender. 30. Conclusion of this Agreement (a) This Agreement may be concluded by an exchange of emails (an exchange of signature pages suffices). (b) In relation to the necessary receipt of the signed signature pages (Zugang) by each Party, it shall be sufficient that each Party transmits its signed signature pages to Skadden, Arps, Slate, Meagher & Flom LLP, Frankfurt am Main office (the "Recipient") addressed to , Dr. Jörg Hanke and Dr. Stephan Hutter by electronic mail to joerg.hanke@skadden.com and stephan.hutter@skadden.com. The Agreement shall be concluded with the receipt of the last signature page by the Recipient. (c) For the purposes of paragraph (b) above, each Party authorises the Recipient to receive on its behalf the signature pages from all the other Parties. For the avoidance of doubt, the Recipient shall have no further duties connected with its position as 39 409835-FRASR01A - MSW Recipient (in particular, but not limited to, the Recipient is under no obligation to check the genuiness of the signatures of the authorisation of the signatories). (d) For information purposes only, the Recipient will email all received signature pages to all the Parties. (e) For purposes of proof and confirmation only, each Party may request that one or several copies of this Agreement shall be originally signed by the Parties. 31. Governing law This Agreement and any non-contractual obligations arising out of or in connection with it are governed by German law. 32. Enforcement 32.1 Jurisdiction (a) The courts of Frankfurt am Main have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a "Dispute"). (b) This Clause 32.1 is for the benefit of the Lender only. As a result, the Lender shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Lender may take concurrent proceedings in any number of jurisdictions. This Agreement has been entered into on the date stated at the beginning of this Agreement.

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40 409835-FRASR01A - MSW SCHEDULE 1 CONDITIONS PRECEDENT 1. A copy of a resolution of the board of the Borrower approving the terms of, and the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party. 2. A fully signed copy of this Agreement. 41 409835-FRASR01A - MSW SCHEDULE 2 UTILISATION REQUEST From: SIGNA Sports United N.V To: [●] Dated: Dear Sirs SIGNA Sports United N.V. – EUR [●]Revolving Facility Agreement dated [●] 2022 (the "Agreement") 1. We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 2. We wish to borrow a Loan on the following terms: Proposed Utilisation Date: [●] or, if that is not a Business Day, the next Business Day) Currency of Loan: Euro Amount: [●] Interest Period: [●] 3. We confirm that each condition specified in clause 4.2 (Further conditions precedent) of the Agreement is satisfied on the date of this Utilisation Request. 4. [The proceeds of the Utilisation are to be credited are to be credited as follows: [●] 5. This Utilisation Request is irrevocable. Yours faithfully ___________________________ authorized signatory for SIGNA Sports United N.V. 42 409835-FRASR01A - MSW SCHEDULE 3 FORM OF TRANSFER AGREEMENT [●] (the "Existing Lender") [●] (the "New Lender") Dated: SIGNA Sports United N.V. – EUR [●]Revolving Facility Agreement dated [●] 2022 (the "Agreement") 1. We refer to the Agreement. This is a Transfer Agreement. Terms defined in the Agreement have the same meaning in this Transfer Agreement unless given a different meaning in this Transfer Agreement. 2. The Existing Lender desires to transfer by way of assumption of contract (Vertragsübernahme) all or part of its rights and obligations under the Agreement to the New Lender. We refer to clause 19.3 (Procedure for transfer) of the Agreement: (a) The Existing Lender hereby transfers to the New Lender by way of assumption of contract (Vertragsübernahme) all or part of its rights and obligations 'under the Agreement as referred to in the Schedule, and the New Lender accepts that transfer. (b) The New Lender assumes those rights and obligations. (c) The New Lender hereby offers to become a Party to the Agreement and to assume the position of a Lender in accordance with clause 19.1 (Assignments and transfers by the Lenders) and clause 19.3 (Procedure for transfer) of the Agreement, and the Existing Lender accepts that offer. (d) The proposed Transfer Date is [●]. (e) The facility office and address, email and attention details for notices of the New Lender for the purposes of clause 24.2 (Addresses and electronic mail address) are set out in the Schedule. 3. The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in clause 19.2 (Limitation of responsibility of Existing Lenders). 4. This Transfer Agreement is governed by German law and the parties submit to the non-exclusive jurisdiction of the courts in Frankfurt am Main. 5. The Borrower has granted its consent to the above assumption of contract (Vertragsübernahme) on [●] in writing. [Existing Lender] [New Lender ] By: By: 43 409835-FRASR01A - MSW THE SCHEDULE Commitment/rights and obligations to be transferred [insert relevant details] [facility office address, email and attention details for notices and account details for payments.]

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&nbsp;&nbsp;&nbsp;&nbsp;409835-FRASR01A - MSW SIGNATURE PAGE The Borrower SIGNA Sports United N.V. Address: Kantstraße. 164 10623 Berlin Email: Attention: By: ________________________________ Name: Title: By: ________________________________ Name: Title: Mike Özkan Chairman of the Board Stephan Zoll CEO DocuSign Envelope ID: 186374FD-ACA1-4D28-8E99-561D5AEB95C1 409835-FRASR01A - MSW SIGNATURE PAGE The Lender SIGNA Holding GmbH Address: Maria-Theresien-Straße 31 6020 Innsbruck Email: Attention: By: ________________________________ Name: Title: By: ________________________________ Name: Title: Marcus Mühlberger Managing Director Christoph Stadlhuber Managing Director

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## Exhibit 4.23

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&nbsp;&nbsp;&nbsp;&nbsp;Execution Copy 405720-FRASR01A - MSW Up to EUR 50,000,000.00 Revolving Credit Agreement dated 3 May 2022 for SIGNA Sports United N.V. as Borrower with SIGNA Holding GmbH as Lender Skadden, Arps, Slate, Meagher & Flom LLP Taunusturm, Taunustor 1 60310 Frankfurt am Main Germany 1 405720-FRASR01A - MSW CONTENTS CLAUSE ................................................................................................................................. PAGE 1. Definitions and interpretation ............................................................................................. 3 2. The Facility ......................................................................................................................... 8 3. Purpose ................................................................................................................................ 9 4. Conditions of Utilisation ..................................................................................................... 9 5. Utilisation .......................................................................................................................... 10 6. Repayment ........................................................................................................................ 10 7. Prepayment and cancellation ............................................................................................ 10 8. Interest ............................................................................................................................... 13 9. Interest Periods .................................................................................................................. 14 10. Change to the calculation of Interest - Unavailability of Screen Rate .............................. 14 11. Fees ................................................................................................................................... 14 12. Tax gross up and indemnities ............................................................................................ 14 13. Other indemnities .............................................................................................................. 19 14. Mitigation by the Lender ................................................................................................... 20 15. Costs and expenses ............................................................................................................ 20 16. Information undertakings .................................................................................................. 21 17. General undertakings ........................................................................................................ 23 18. Events of Default .............................................................................................................. 29 19. Changes to the Lender ....................................................................................................... 32 20. Changes to the Borrower ................................................................................................... 33 21. Exclusion of liability ......................................................................................................... 33 22. Payment mechanics ........................................................................................................... 34 23. Set-off ................................................................................................................................ 35 24. Notices .............................................................................................................................. 36 25. Calculations and certificates ............................................................................................. 37 26. Partial invalidity and unintentional gaps ........................................................................... 37 27. Remedies and waivers ....................................................................................................... 37 28. Amendments and waivers ................................................................................................. 38 29. Confidential Information ................................................................................................... 38 30. Conclusion of this Agreement ........................................................................................... 40 31. Governing law ................................................................................................................... 40 32. Enforcement ...................................................................................................................... 40 2 405720-FRASR01A - MSW THE SCHEDULES SCHEDULE ............................................................................................................................ PAGE SCHEDULE 1 CONDITIONS PRECEDENT ............................................................................. 41 SCHEDULE 2 UTILISATION REQUEST .................................................................................. 42 SCHEDULE 3 FORM OF TRANSFER AGREEMENT ............................................................. 43 3 405720-FRASR01A - MSW THIS AGREEMENT is dated 3 May 2022 (the "Agreement") and made between: (1) SIGNA Sports United N.V. as borrower (the "Borrower"); and (2) SIGNA Holding GmbH as lender (the "Lender"). IT IS AGREED as follows: 1. Definitions and interpretation 1.1 Definitions In this Agreement: "Affiliate" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. "Authorisation" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration. "Availability Period" means the period from and including the date of this Agreement to and including the date falling one (1) month prior to the Termination Date. "Available Commitment" means the Lender's Commitment under the Facility minus (i) the amount of its participation in any outstanding Loans under the Facility; and (ii) in relation to any proposed Utilisation, the amount of its participation in any Loans that are due to be made under that Facility on or before the proposed Utilisation Date, (other than the Lender's participation in Loans under the Facility that is due to be repaid or prepaid on or before the proposed Utilisation Date). "Available Facility" means the aggregate for the time being of the Lender's Available Commitment in respect of the Facility. "Business Day" means a day (other than a Saturday or Sunday) on which banks are open for general business in Berlin and in relation to a date for payment in euro, a day which is a TARGET Day. "Civil Code" means Bürgerliches Gesetzbuch (BGB). "Code" means the U.S. Internal Revenue Code of 1986. "Commitment" means, as of the date of this Agreement EUR 50,000,000 and, in case of an increase in accordance with Clause 2.2 (Increase Option), the New Commitment, in each case to the extent not cancelled or reduced under this Agreement. "Confidential Information" means all information relating to the Borrower, the Finance Documents or the Facility of which the Lender becomes aware in its capacity as, or for the purpose of becoming, the Lender or which is received by the Lender in relation to, or for the purpose of becoming, the Lender under the Finance Documents or the Facility from the Borrower, the Shareholder or any of its advisers in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that: (i) is or becomes public information other than as a direct or indirect result of any breach by the Lender of Clause 29 (Confidential Information);

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4 405720-FRASR01A - MSW (ii) is identified in writing at the time of delivery as non-confidential by the Borrower, the Shareholder or any of its advisers; or is known by the Lender before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by the Lender after that date, from a source which is, as far as the Lender is aware, unconnected with the Borrower or the Shareholder and which, in either case, as far as the Lender is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality. "Confidentiality Undertaking" means a confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed between the Borrower and the Lender. "Default" means an Event of Default or any event or circumstance specified in Clause 18 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default. "EURIBOR" means, in relation to any Loan in euro: the applicable Screen Rate as of 11 a.m. on the Quotation Day for euro and for a period equal in length to the Interest Period of that Loan; or as otherwise determined pursuant to Clause 10 (Change to the Calculation of Interest - Unavailability of Screen Rate), and if, in either case, that rate is less than zero, EURIBOR shall be deemed to be zero. "Event of Default" means any event or circumstance specified as such in Clause 18 (Events of Default). "Facility" means the revolving loan facility made available under this Agreement as described in Clause 2 (The Facility). "FATCA" means: (a) sections 1471 to 1474 of the Code or any associated regulations; (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the U.S. and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or (c) any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the U.S. Internal Revenue Service, the U.S. government or any governmental or taxation authority in any other jurisdiction. "FATCA Deduction" means a deduction or withholding from a payment under a Finance Document required by FATCA. "FATCA Exempt Party" means a Party that is entitled to receive payments free from any FATCA Deduction. "Finance Document" means this Agreement, any Transaction Security Document and any other document designated as such by the Lender and the Borrower. "Financial Indebtedness" means any indebtedness for or in respect of: (a) moneys borrowed; (b) any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 5 405720-FRASR01A - MSW (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, commercial papers, debentures, loan stock or any similar instrument; (d) any other instrument which is to be accounted for as financial indebtedness according to IFRS (including IFRS 16); (e) receivables sold or discounted (other than any receivables to the extent they are sold or discounted on a non-recourse basis), except for any payment methods in the ordinary course of business (e.g. "Klarna Bank AB") which shall not be considered Financial Indebtedness hereunder; (f) any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not referred to in any other paragraph of this definition having the commercial effect of a borrowing, except for the existing purchasing group cooperation with Sport2000/DZB and Intersport which shall not be considered as Financial Indebtedness hereunder; (g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account); (h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and (i) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above. "GAAP" means generally accepted accounting principles, standards and practices in the Netherlands or, as applicable, in Germany including, where permitted by applicable law, IFRS. "Group" means the Borrower and its Subsidiaries from time to time. "Holding Company" means, in relation to a person, any other person in respect of which it is a Subsidiary. "IFRS" means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. "Interest Period" means, in relation to a Loan, each period determined in accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest). "Interpolated Screen Rate" means, in relation to any Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: (a) the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, each as of 11 a.m. for the currency of that Loan. "LBBW RCF" means the EUR 100,000,000 revolving loan facility agreement dated 5 May 2021 (as amended from time to time) by and between, inter alios, SIGNA GmbH as borrower and Landesbank 6 405720-FRASR01A - MSW Baden-Württemberg as, inter alia, mandated lead arranger, agent (the "LBBW RCF Agent") and security agent (as amended, supplemented, extended or restated from time to time). "LBBW RCF Finance Parties" has the same meaning ascribed to the term finance party in the LBBW RCF. "LMA" means the Loan Market Association. "Loan" means any loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan. "Margin" means 5 per cent. per annum. "Material Adverse Effect" means a material adverse effect on or material adverse change in: (a) the business, operations, assets, condition (financial or otherwise) of the Borrower or the Group taken as a whole; (b) the ability of the Borrower to perform its material obligations under any Finance Document; or (c) subject to any limiting general principles of law which are usually referred to in legal opinions delivered in this type of transaction, the validity or enforceability of (or the effectiveness or ranking of, any Security granted or purported to be granted under) of any Finance Document which is adverse to the interests of the Lender, unless such defect is capable of remedy and is remedied within ten (10) Business Days of the earlier of (i) the Lender giving notice to the Borrower and (ii) the Borrower becoming aware of such defect or the rights or remedies of the Lender under any of the Finance Documents. "New Lender" has the meaning given to that term in Clause 19 (Changes to the Lender). "Participating Member State" means any member state of the European Union that adopts or has adopted, and in each case continues to adopt, the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. "Party" means a party to this Agreement. "Quotation Day" means, in relation to any period for which an interest rate is to be determined two TARGET Days before the first day of that period (unless market practice differs in the Relevant Market for that currency, in which case the Quotation Day for that currency will be determined by the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days)). "Relevant Market" means the European interbank market. "Rollover Loan" means one or more Loans: (a) made or to be made on the same day that a maturing Loan under the Facility is due to be repaid; (b) the aggregate amount of which is equal to or less than the amount of the maturing Loan; and (c) made or to be made to the Borrower for the purpose of refinancing that maturing Loan. "Security" means a mortgage, land charge (Grundschuld), transfer of title by way of security, assignment by way of security, pledge or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. 7 405720-FRASR01A - MSW "Screen Rate" means in relation to EURIBOR, the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Lender may specify another page or service displaying the relevant rate after consultation with the Borrower. "Share Pledge Agreement" means the German law governed share pledge Agreement relating to all shares and ancillary rights in SIGNA GmbH. "SIGNA GmbH" means SIGNA Sports United GmbH. "Subsidiary" means a subsidiary within the meaning of sections 15 – 17 German Stock Corporation Act (Aktiengesetz). "TARGET2" means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007. "TARGET Day" means any day on which TARGET2 is open for the settlement of payments in euro. "Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). "Termination Date" means 31 May 2025. "Transaction Security" means the Security created or expressed to be created in favour of the Lender pursuant to the Transaction Security Documents. "Transaction Security Documents" means the Share Pledge Agreement together with any other document creating or expressed to create any Security over all or any part of the respective grantor's assets in respect of the obligations of the Borrower under any of the Finance Documents. "Transfer Agreement" means an agreement substantially in the form set out in Schedule 3 (Form of Transfer Agreement) or any other form agreed between the Lender and the Borrower. "Transfer Date" means, in relation to a transfer, the later of: (a) the proposed Transfer Date specified in the Transfer Agreement; and (b) the date on which the New Lender executes the Transfer Agreement. "Unpaid Sum" means any sum due and payable but unpaid by the Borrower under the Finance Documents. "U.S." means the United States of America. "U.S. Tax Obligor" means: (a) a Borrower which is resident for tax purposes in the U.S.; or (b) a Borrower some or all of whose payments under the Finance Documents are from sources within the U.S. for U.S. federal income tax purposes. "Utilisation" means a utilisation of the Facility. "Utilisation Date" means the date of a Utilisation, being the date on which the Loan is to be made. "Utilisation Request" means a notice substantially in the form set out in Schedule 2 (Utilisation Request).

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8 405720-FRASR01A - MSW "VAT" means value added tax as provided for in the German Value Added Tax Act (Umsatzsteuergesetz) and any other tax of a similar nature. 1.2 Construction (a) Unless a contrary indication appears, any reference in this Agreement to: (i) a "Finance Document" or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended or restated; (ii) "indebtedness" includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; (iii) a "person" includes any individual (natürliche person), legal person (juristische Person) organised under private or public law, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other association of joint ownership (Gesamthandsgemeinschaft) or other entity (whether or not having separate legal personality); (iv) a "regulation" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation; (v) a provision of law is a reference to that provision as amended or re-enacted; and (vi) a time of day is a reference to Frankfurt time. (b) Section, Clause and Schedule headings are for ease of reference only. (c) Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement. (d) A Default is "continuing" if it has not been remedied or waived and an Event of Default is "continuing" if it has not been waived. 1.3 Currency symbols and definitions "€", "EUR" and "euro" denote the single currency of the Participating Member States. 2. The Facility 2.1 The Revolving Facility Subject to the terms of this Agreement, the Lender makes available to the Borrower a revolving loan facility in an aggregate amount equal to the Commitment. 2.2 Increase (a) Subject to paragraph (b) below, with effect as of 1 July 2023, the Lender hereby undertakes to increase the Commitment in an amount of EUR 50,000,000 (the "Increase Amount") and the Commitment shall be increased accordingly (the existing Commitment as increased by the Increase Amount (for the avoidance of doubt as modified pursuant to paragraph (b) below) being the "New Commitment"). (b) The Increase Amount shall be reduced 9 405720-FRASR01A - MSW (i) to the extent PwC (or any other reputable globally active financial advisory firm) as the external expert (the "External Expert") confirms that the additional liquidity is not required or only required in a reduced amount; (ii) in the event of any external capital raise beyond EUR 150,000,000, in an amount equal to external financing proceeds exceeding EUR 150,000,000; (iii) to zero in the event of any external capital raise beyond EUR 200,000,000; or (iv) if and to the extent such increase is not required under the LBBW RCF or with the LBBW RCF Agent's prior consent. (c) Upon request of the Borrower or the LBBW RCF Agent, the Lender hereby undertakes to provide SIGNA GmbH and LBBW RCF Agent by end of 30 June 2023 with a hard commitment letter (Patronatserklärung) addressed to the SIGNA GmbH and the LBBW RCF Finance Parties based on a draft satisfactory to the LBBW RCF Agent in an amount equal to the Increase Amount (for the avoidance of doubt as modified pursuant to paragraph (b) below). Such hard commitment letter shall be conditional (auflösende Bedingung) to an External Expert confirming that the additional liquidity is not required or only required in a reduced amount for compliance with a certain PwC refinancing report. Any amount utilized or otherwise used in order to meet the obligations such hard commitment letter shall reduce the Available Commitment and therefore the Available Facility accordingly. (d) For the avoidance of doubt, the Commitment shall not be increased if the Commitment has been cancelled in full prior to 30 June 2023 pursuant to Clause 7.1 (Illegality), Clause 7.2 (Change of Control) or Clause 7.3 (Mandatory Prepayment), provided that a cancellation in full pursuant to Clause 7.3 (Mandatory Prepayment) shall only prevent an Increase pursuant to this Clause 2.2, if external capital in an amount exceeding EUR 200,000,000 has been raised. 3. Purpose 3.1 Purpose The Borrower shall apply all amounts borrowed by it towards financing the working capital needs, capital expenditures and general corporate purposes of the Group (but excluding M&A acquisitions). 3.2 Monitoring The Lender is not bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 4. Conditions of Utilisation 4.1 Initial conditions precedent The Lender will only be obliged to make its participation in each Loan available by the Utilisation Date in relation to any Utilisation if on or before the Utilisation Date for that Utilisation, (i) the Lender has received all of the documents and other evidence listed in Schedule 1 (Conditions precedent) in form and substance satisfactory to it (acting reasonably). The Lender shall notify the Borrower promptly upon being so satisfied. 4.2 Further conditions precedent The Lender will only be obliged to make its participation in each Loan available by the Utilisation Date in relation to a Utilisation if on the date of the Utilisation Request and on the proposed Utilisation Date: 10 405720-FRASR01A - MSW (a) other than in the case of a Rollover Loan, no Default is continuing or would result from the proposed Utilisation; and (b) in case of a Rollover Loan, no Event Default has occurred and is continuing or would result from the proposed Utilisation. 4.3 Maximum number of Loans The Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than ten (10) Loans would be outstanding. 5. Utilisation 5.1 Delivery of a Utilisation Request The Borrower may utilise the Facility by delivery to the Lender of a duly completed Utilisation Request not later than 3 p.m. two (2) Business Days before the Utilisation Date. 5.2 Completion of a Utilisation Request (a) The Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: (i) the proposed Utilisation Date is a Business Day within the Availability Period; and (ii) the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and (iii) the proposed Interest Period complies with Clause 9 (Interest Periods). (b) Only one Loan may be requested in each Utilisation Request. 5.3 Currency and amount (a) The currency specified in a Utilisation Request must be euro. (b) The amount of the proposed Loan must be a minimum of EUR 1,000,000 for the Facility (or if less), the Available Facility. 5.4 Cancellation of Commitment The Commitment which, at that time, is not utilised shall be immediately cancelled at the end of the Availability Period. 6. Repayment 6.1 Repayment of the Loan The Borrower which has drawn a Loan under the Facility shall repay that Loan on the last day of its Interest Period. 7. Prepayment and cancellation 7.1 Illegality If, in any applicable jurisdiction, it becomes unlawful or contrary to any law, regulation or order in any jurisdiction for the Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain the Loan or it becomes unlawful for any Affiliate of the Lender for the Lender to do so: (a) the Lender shall promptly notify the Borrower upon becoming aware of that event; 11 405720-FRASR01A - MSW (b) upon the Lender notifying the Borrower, the Commitment will be immediately cancelled; and (c) the Borrower shall repay the Loan on the last day of the Interest Period for each Loan occurring after the Lender has notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Borrower (being no earlier than the last day of any applicable grace period permitted by law) and the Commitment shall be cancelled in the amount repaid. 7.2 Change of control (a) If any person or group of persons acting in concert, other than Familie Benko Privatstiftung, gains control of the Borrower: (i) the Borrower shall promptly notify the Lender upon becoming aware of that event; (ii) the Lender shall not be obliged to fund an Utilisation (except for a Rollover Loan); and (iii) if the Lender requires by not less than five (5) days' notice to the Borrower, cancel the Commitment and declare the participation of the Lender in all outstanding Loans together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Commitment of the Lender will be cancelled and all such outstanding Loans and amounts will become immediately due and payable. (b) For the purpose of paragraph (a) above: (i) "control" means acquiring at any time directly or indirectly 50 per cent. or more of the voting rights in the Borrower or 50 per cent. or more of the capital in the Borrower or otherwise exercises control within the meaning of section 17 German Stock Corporation Act (AktG); and (ii) "acting in concert" (gemeinsam handelnd) has the meaning given to it in section 2 of paragraph 5 of the German Takeover Act (Wertpapiererwerbs- und Übernahmegesetz). 7.3 Mandatory Partial Prepayment (a) In this Agreement: "Capital Markets Issue" means any Financial Indebtedness raised by the Borrower following the first Utilisation Date pursuant to any public or private bond (including, for the avoidance of doubt, any convertible or hybrid bond), note or other debt linked capital markets sale, offer or issue by the Borrower. "Debt Financing" means any Financial Indebtedness incurred by the Borrower following the first Utilisation Date pursuant to any debt facility (excluding any Capital Markets Issue). "Equity Raising" means any public or private equity capital markets sale, offer or issue following the first Utilisation Date by the Borrower. "Net Capital Markets Issue Proceeds" means any means, in connection with any Capital Markets Issue, any cash received by the Borrower as proceeds raised by that Capital Markets Issue, less all Taxes and costs and expenses incurred by the Borrower in respect of that Capital Markets Issue.

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12 405720-FRASR01A - MSW "Net Debt Financing Proceeds" means, in connection with any Debt Financing, any cash or cash equivalents received by the Borrower as proceeds raised by that Debt Financing less all Taxes and costs and expenses incurred by the Borrower by in respect of that Debt Financing. "Net Equity Raising Proceeds" means, in connection with any Equity Raising, any cash received by the Borrower as proceeds raised by that Equity Raising less all Taxes and costs and expenses incurred by the Borrower in respect of that Equity Raising. "Net Financing Proceeds" means any Net Capital Market Issue Proceeds, any Net Debt Financing Proceeds and any Net Equity Raising Proceeds exceeding (individually or in aggregate) EUR 100,000,000. (b) Subject to Clause 7.6 (Restrictions), upon receipt of any Net Financing Proceeds (in each case received at any time after the first Utilisation Date), the Borrower must promptly notify the Lender and apply an amount equal to such Net Financing Proceeds in prepayment of the Loans (together with any interest accrued on the prepaid amount) on the on the last day of the Interest Period for each Loan occurring after the receipt of the relevant Net Proceeds and the Commitment shall be cancelled in the amount repaid. 7.4 Voluntary cancellation The Borrower may, if it gives the Lender not less than five (5) Business Days' (or such shorter period as the Lender may agree) prior notice, cancel the whole or any part of the Available Facility (but, if in part, being an amount that reduces the Available Facility by a minimum amount of EUR 1,000,000). Any cancellation under this Clause 7.4 shall reduce the Commitment of the Lender. 7.5 Voluntary prepayment of the Loans The Borrower may, if it gives the Lender not less than five (5) Business Days' (or such shorter period as the Lender may agree) prior notice, prepay the whole or any part of the Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of EUR 1,000,000). 7.6 Restrictions (a) Any notice of cancellation or prepayment given by any Party under this Clause 7 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. (b) Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and without premium or penalty. (c) Unless a contrary indication appears in this Agreement, any part of the Facility which is prepaid or repaid may be reborrowed in accordance with the terms of this Agreement. (d) The Borrower shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitment except at the times and in the manner expressly provided for in this Agreement. (e) No amount of the Commitment cancelled under this Agreement may be subsequently reinstated. (f) If all or part of a Loan is repaid or prepaid and is not available for redrawing (other than by operation of Clause 4.2 (Further conditions precedent)), an amount of the 13 405720-FRASR01A - MSW Commitment (equal to the amount of the Loan which is repaid or prepaid) in respect of the Facility will be deemed to be cancelled on the date of repayment or prepayment. 8. Interest 8.1 Calculation of interest The rate of interest on each Loan for each Interest Period is the percentage per annum which is the aggregate of the applicable: (i) Margin; and (ii) EURIBOR. 8.2 Payment of interest The Borrower shall pay accrued interest on that Loan on the last day of each Interest Period (and if the Interest Period is longer than three (3) months, on the dates falling quarterly intervals after the first day of the Interest Period). 8.3 Default interests (a) If the Borrower fails to pay any amount (other than interest) payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which is the sum of 1 per cent per annum and the rate which, subject to paragraph (d) below, would have been payable if the overdue amount had, during the period of non-payment, constituted a loan in the currency of the overdue amount for successive Interest Periods. (b) If the Borrower fails to pay interest payable by it under the Finance Documents on its due date, lump sum damages (pauschalierter Schadensersatz) shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (d) below, is the sum of 1 per cent per annum and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods. In the case of lump sum damages, the Borrower shall be free to prove that no damages have arisen or that damages have not arisen in the asserted amount. (c) This Clause 8.3 shall not limit or affect the right of the Lender to demand compensation for damages exceeding the default interest payable hereunder. (d) If any overdue amount consists of all or part of the Loan which became due on a day prior to the Termination Date: (i) the first Interest Period for that overdue amount shall be of a duration equal to the period to the Termination Date; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be the sum of 1 per cent per annum and the rate which would have applied if the overdue amount had not become due. (e) Any interest or lump sum accruing under this Clause 8.3 shall be immediately payable by the Borrower on demand by the Lender. 14 405720-FRASR01A - MSW 9. Interest Periods 9.1 Selection of Interest Periods (a) The Borrower may select an Interest Period for a Loan in the Utilisation Request for that Loan. (b) Subject to this Clause 9, the Borrower may select an Interest Period of twelve (12) months or any other period agreed between the Borrower and the Lender in relation to the relevant Loan. (c) An Interest Period for a Loan shall not extend beyond the Termination Date. (d) A Loan has one Interest Period only. 9.2 Non-Business Days If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 10. Change to the calculation of Interest - Unavailability of Screen Rate (a) Interpolated Screen Rate: If no Screen Rate is available for EURIBOR for the Interest Period of a Loan, the applicable EURIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period of that Loan. (b) Reference Bank: If no Screen Rate is available (or can not otherwise be obtained by the Lender) for EURIBOR for the Interest Period of a Loan and it is not possible to calculate the Interpolated Screen Rate, the applicable EURIBOR shall be the arithmetic mean (rounded upward to four decimal places) of the rates as supplied to the Lender at its request quoted by Landesbank Baden Württemberg and a second reputable German or Austrian financial institution to leading banks in the European interbank market (or shall be determined as otherwise agreed between the Borrower and the Lender). 11. Fees 11.1 Commitment fee (a) The Borrower shall pay to the Lender a fee computed at the rate of 30 per cent. per annum of the then applicable Margin on that Lender's Available Commitment under the Facility for the Availability Period. (b) The accrued commitment fee, calculated in accordance with this Agreement (in particular Clause 25.2 (Day count convention), is payable in arrears on the last day of each successive period of three (3) months which ends during the relevant Availability Period, on the last day of the Availability Period and, if cancelled in full, on the cancelled amount of the Lender's Commitment at the time the cancellation is effective. 11.2 Arrangement Fee The Borrower shall pay the (initial) Lender an arrangement fee in the amount of 0.50 per cent. flat of the initial Commitment. 12. Tax gross up and indemnities 12.1 Definitions (a) In this Agreement: 15 405720-FRASR01A - MSW "Exempt Lender" means, in relation to a Borrower, a Lender which is (otherwise than by reason of being a Treaty Lender) able to receive interest from that Borrower without a Tax Deduction imposed by the jurisdiction of incorporation of the relevant Borrower at any time when it becomes a Lender. "Protected Party" means the Lender which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document. "Qualifying Lender" means in respect of interest payable by a Borrower, a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and is: (A) lending through an office in the jurisdiction of incorporation of the relevant Borrower; or (B) a Treaty Lender; or (C) an Exempt Lender. "Tax Credit" means a credit against, relief or remission for, or repayment of any Tax. "Tax Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction. "Tax Payment" means either the increase in a payment made by the Borrower to the Lender under Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax indemnity). "Treaty Lender" means a Lender which: (i) is treated as a resident of a Treaty State; and (ii) does not carry on a business in jurisdiction of incorporation of the relevant Borrower through a permanent establishment with which that Lender's participation in the Loan is effectively connected. "Treaty State" means a jurisdiction having a double taxation agreement (a "Treaty") with the jurisdiction of incorporation of the relevant Borrower which makes provision for full exemption for tax imposed by the jurisdiction of incorporation of such Borrower on interest. 12.2 Tax gross-up (a) The Borrower shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. (b) The Borrower shall promptly upon becoming aware that the Borrower must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Lender accordingly. Similarly, the Lender shall notify the Borrower on becoming so aware in respect of a payment payable to the Lender. (c) If a Tax Deduction is required by law to be made by the Borrower, the amount of the payment due from the Borrower shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.

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16 405720-FRASR01A - MSW (d) A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account of Tax imposed by the jurisdiction of incorporation of the relevant Borrower if on the date on which the payment falls due: (i) the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty, or any published practice or published concession of any relevant taxing authority; or (ii) the relevant Lender is a Treaty Lender and the Borrower making the payment is able to demonstrate that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under paragraph (g) below. (e) If the Borrower is required to make a Tax Deduction, it shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. (f) Within thirty (30) days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Borrower shall deliver to the Lender evidence reasonably satisfactory to the Lender that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. (g) A Treaty Lender and the Borrower which makes a payment to which that Treaty Lender is entitled shall co-operate in completing any procedural formalities necessary for that Borrower to obtain authorisation to make that payment without a Tax Deduction. 12.3 Tax indemnity (a) The Borrower shall (within three (3) Business Days of demand by that Protected Party) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. (b) Paragraph (a) above shall not apply: (i) with respect to any Tax assessed on the Lender: (A) under the law of the jurisdiction in which the Lender is incorporated or, if different, the jurisdiction (or jurisdictions) in which the Lender is treated as resident for tax purposes; or (B) under the law of the jurisdiction in which the Lender's office is located in respect of amounts received or receivable in that jurisdiction, (ii) to the extent a loss, liability or cost: (A) is compensated for by an increased payment under Clause 12.2 (Tax gross-up); (B) would have been compensated for by an increased payment under Clause 12.2 (Tax gross-up) but was not so compensated solely because one of the exclusions in paragraph (d) of Clause 12.2 (Tax gross-up) applied; or (C) relates to a FATCA Deduction required to be made by a Party. 17 405720-FRASR01A - MSW (c) A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify the Borrower of the event which will give, or has given, rise to the claim. 12.4 Tax Credit If the Borrower makes a Tax Payment and the Lender determines that: (a) a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and (b) the Lender has obtained and utilised that Tax Credit, the Lender shall pay an amount to the Borrower which the Lender determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Borrower. 12.5 Stamp taxes The Borrower shall pay and, within three (3) Business Days of demand, indemnify the Lender against any cost, loss or liability the Lender incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 12.6 VAT (a) All amounts expressed to be payable under a Finance Document by any Party to the Lender which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by the Lender to any Party under a Finance Document and the Lender is required to account to the relevant tax authority for the VAT, that Party must pay to the Lender (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and the Lender must promptly provide an appropriate VAT invoice to that Party). (b) Where a Finance Document requires any Party to reimburse or indemnify the Lender for any cost or expense, that Party shall reimburse or indemnify (as the case may be) the Lender for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that the Lender reasonably determines that it or a member of the VAT group of which it is part of is entitled to a repayment or credit in respect of such VAT from the relevant tax authority. (c) In relation to any supply made by the Lender to any Party under a Finance Document, if reasonably requested by the Lender, that Party must promptly provide the Lender with details of that Party's VAT registration and such other information as is reasonably requested in connection with the Lender's VAT reporting requirements in relation to such supply. 12.7 FATCA Information (a) Subject to paragraph (c) below, each Party shall, within ten (10) Business Days of a reasonable request by another Party: (i) confirm to that other Party whether it is: (A) a FATCA Exempt Party; or (B) not a FATCA Exempt Party; 18 405720-FRASR01A - MSW (ii) supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and (iii) supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange of information regime. (b) If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. (c) Paragraph (a) above shall not oblige the Lender to do anything, and paragraph (a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: (i) any law or regulation; (ii) any fiduciary duty; or (iii) any duty of confidentiality. (d) If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. (e) If the Borrower is a U.S. Tax Obligor, or the Lender reasonably believes that its obligations under FATCA or any other applicable law or regulation require it, each Lender shall, within ten (10) Business Days of: (i) where the Borrower is a U.S. Tax Obligor and the relevant Lender is an Original Lender, the date of this Agreement; (ii) where the Borrower is a U.S. Tax Obligor on a Transfer Date and the relevant Lender is a New Lender, the relevant Transfer Date; (iii) the date a new US Tax Obligor accedes as a Borrower; or (iv) where a Borrower is not a US Tax Obligor, the date of a request from the Lender, supply to the Lender: (v) a withholding certificate on Form W-8, Form W-9 or any other relevant form; or (vi) any withholding statement or other document, authorisation or waiver as the Lender may require to certify or establish the status of such Lender under FATCA or that other law or regulation. (f) The Lender shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to paragraph (e) above to the Borrower. 19 405720-FRASR01A - MSW (g) If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Lender by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Lender unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Lender). The Lender shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the Borrower. (h) The Lender may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Lender shall not be liable for any action taken by it under or in connection with paragraphs (e), (f) or (g) above. 12.8 FATCA Deduction (a) Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. (b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment. 13. Other indemnities 13.1 Currency indemnity (a) If any sum due from the Borrower under the Finance Documents (a "Sum"), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the "First Currency") in which that Sum is payable into another currency (the "Second Currency") for the purpose of: (i) making or filing a claim or proof against the Borrower; (ii) obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, the Borrower shall as an independent obligation, within three (3) Business Days of demand, indemnify the Lender against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. (b) The Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 13.2 Other indemnities The Borrower shall, within three (3) Business Days of demand, indemnify the Lender against any cost, loss or liability incurred by the Lender as a result of: (a) the occurrence of any Event of Default;

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20 405720-FRASR01A - MSW (b) a failure by the Borrower to pay any amount due under a Finance Document on its due date; (c) funding, or making arrangements to fund, the Loan requested by the Borrower in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by the Lender alone); or (d) the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower. 13.3 Indemnity to the Lender The Borrower shall promptly indemnify the Lender against any cost, loss or liability incurred by the Lender (acting reasonably) as a result of: (a) investigating any event which it reasonably believes is an Event of Default; (b) acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; or (c) instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement. 14. Mitigation by the Lender 14.1 Mitigation (a) The Lender shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax gross-up and indemnities) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or office. (b) Paragraph (a) above does not in any way limit the obligations of the Borrower under the Finance Documents. 14.2 Limitation of liability (a) The Borrower shall promptly indemnify the Lender for all costs and expenses reasonably incurred by the Lender as a result of steps taken by it under Clause 14.1 (Mitigation). (b) The Lender is not obliged to take any steps under Clause 14.1 (Mitigation) if, in its opinion (acting reasonably), to do so might be prejudicial to it. 15. Costs and expenses (a) The Borrower shall, promptly on demand, pay to the Lender the amount of all costs and expenses (including legal fees) reasonably incurred by the Lender in connection with the negotiation, preparation and execution of this Agreement, the Transaction Security Documents and any other documents referred to in this Agreement and any other Finance Documents executed after the date of this Agreement. (b) If the Borrower requests and amendment, waiver or consent, the Borrower shall, within seven (7) Business Days of demand, reimburse the Lender for the amount of all costs and expenses (including legal fees) reasonably incurred by the Lender in responding to, evaluating, negotiating or complying with that request or requirement. 21 405720-FRASR01A - MSW (c) The Borrower shall, within seven (7) Business Days of demand, pay to the Lender the amount of all costs and expenses (including legal fees) incurred by the Lender in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 16. Information undertakings The undertakings in this Clause 16 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 16.1 Financial statements The Borrower shall supply to the Lender a PDF copy as soon as the same become available, but in any event within 120 days after the end of each of its financial years: (a)(i) its audited consolidated financial statements for that financial year and (ii) the audited unconsolidated financial statement of the Borrower for that financial year and (b) as soon as the same become available, but in any event within 60 days after the end of each financial quarter (except for each fourth financial quarter) of each of its financial years the unaudited consolidated financial statements of the Group for that financial quarter (including consolidated balance sheet, consolidated income statement, consolidated cash flow statement and corresponding explanations). 16.2 Requirements as to financial statements (a) Each set of financial statements delivered by the Borrower pursuant to Clause 16.1 (Financial statements) shall be certified by a director of the Borrower as fairly presenting its financial condition as at the date as at which those financial statements were drawn up. (b) The Borrower shall procure that each set of financial statements delivered pursuant to Clause 16.1 (Financial statements) is prepared using GAAP. 16.3 Budget (a) The Borrower shall supply to the Lender as soon as the same become available but in any event within sixty (60) days after the start of each of its financial years, an annual budged (the "Budget") for that financial year and the next three (3) financial years. (b) The Borrower shall ensure that each Budget for a financial year: (i) is in a form reasonably acceptable to the Lender and includes a projected consolidated profit and loss, balance sheet and cashflow statement for the Group and projected capital expenditure for the Group together with corresponding explanations each in respect of the current and the three (3) following financial years for which the Budget is delivered; and (ii) is prepared in accordance with the accounting principles and the accounting practices and financial reference periods applied to financial statements under this Agreement. (c) If the Borrower updates or changes the Budget, it shall promptly deliver to the Lender such updated or changed Budget together with a written explanation of the main changes in that Budget. 16.4 Compliance related proceedings The Borrower undertakes to inform the Lender immediately upon knowledge about any judicial or administrative proceedings or any other official investigation or decision relating to any sanctions, anti-money laundering laws or anti-corruption laws against the Borrower or any of its subsidiaries or affiliates in which he holds a majority, or any member of the supervisory board or the management board or any other employee or any person acting on behalf of any of the foregoing persons. If legally 22 405720-FRASR01A - MSW permissible, copies of any judicial or administrative documents have to be made available to the Lender. 16.5 Information: miscellaneous The Borrower shall supply to the Lender: (a) all documents and other information provided by any member of the Group to the agent or any lender under or pursuant to the LBBW RCF; (b) all documents dispatched by the Borrower to its creditors generally at the same time as they are dispatched; (c) promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened in writing or pending against the Borrower or any other member of the Group in in relation to which the value of the claims demanded exceeds EUR 3,000,000 which might, if adversely determined, have a Material Adverse Effect; (d) promptly upon becoming aware of them, information (including, inter alia, lender, borrower, maturity, amount, interest rate and kind of interest) about the implementation of new shareholder loans or amendments, extensions or other changes in any existing shareholder loan; (e) promptly, such information as the Lender reasonably require about the compliance of the Borrower with the terms of any Transaction Security Documents; (f) promptly upon request, such further information regarding the financial condition, business and operations of the Group and/or any member of the Group (including any requested amplification or explanation of any item in the financial statements, budgets or other material provided by the Borrower under this Agreement) as the Lender may reasonably request; (g) promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or agency which is made against any member of the Group, and which might have a Material Adverse Effect; (h) promptly upon becoming aware of them, reasonable details (e.g. key financials, new structure chart of the Group, funds flow statement) of any acquisition with a purchase price exceeding EUR 25,000,000 (including Financial Indebtedness remaining in the relevant target group);and (i) promptly such further information as may be required by applicable banking supervisory laws and regulations and/or in line with standard reasonable banking practice. 16.6 Notification of default (a) The Borrower shall notify the Lender of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence. (b) Promptly upon a request by the Lender, the Borrower shall supply to the Lender a certificate signed by a director with sole power of representation (Einzelvertretungsmacht) or by two of its directors or senior officers with joint power of representation (Gesamtvertretungsmacht) on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 23 405720-FRASR01A - MSW 16.7 "Know your customer" checks If: (a) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; (b) any change in the status of the Borrower after the date of this Agreement; or (c) a proposed assignment or transfer by the Lender of any of its rights and obligations under this Agreement, obliges the Lender (or, in the case of paragraph (iii) above, any prospective new lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall promptly upon the request of the Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new lender) in order for the Lender or, in the case of the event described in paragraph (iii) above, any prospective new lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 17. General undertakings The undertakings in this Clause 17 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 17.1 Authorisations The Borrower shall promptly: (a) obtain, comply with and do all that is necessary to maintain in full force and effect; and (b) upon request by the Lender, supply certified copies to the Lender of, any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document. 17.2 Compliance with laws The Borrower shall comply in all respects with all laws to which it is subject, where a failure to do so has, or is reasonably likely to have, a Material Adverse Effect. 17.3 Negative pledge In this Clause 17.3, "Quasi-Security" means an arrangement or transaction described in paragraph (b) below. (a) The Borrower shall not (and the Borrower shall ensure that no other member of the Group will) create or permit to subsist any Security over any of its assets. (b) The Borrower shall not (and the Borrower shall ensure that no other member of the Group will):

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24 405720-FRASR01A - MSW (i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by the Borrower or any other member of the Group; (ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms; (iii) enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or (iv) enter into any other preferential arrangement having a similar effect, in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or financing the acquisition of an asset. (c) Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi-Security, listed below: (i) created pursuant to any of the Transaction Security Documents; (ii) any Security or Quasi-Security entered into under or in connection with the LBBW RCF; (iii) any Security existing at the date hereof; (iv) any Security securing Financial Indebtedness permitted under Clause 17.5 (Financial Indebtedness) of this Agreement; (v) any netting or set-off arrangement entered into by the Borrower or any other member of the Group in the ordinary course of its banking arrangements for the purpose of netting debt and credit balances and any lien arising under the general terms and conditions of banks (Allgemeine Geschäftsbedingungen der Banken oder Sparkassen) with whom the Borrower or any other member of the Group maintains a banking relationship in the ordinary course of business; (vi) any payment or close out netting or set-off arrangement pursuant to any treasury transaction entered into by a the Borrower or any other member of the Group for the purpose of (i) hedging any risk to which any member of the Group is exposed in its ordinary course of trading; or (ii) its interest rate or currency management operations which are carried out in the ordinary course of business and for non-speculative purposes only, excluding, in each case, any Security or Quasi-Security under a credit support arrangement in relation to a treasury transaction; (vii) any lien arising by operation of law and in the ordinary course of business; (viii) any Quasi-Security arising as a result of a disposal which is a permitted pursuant to paragraph (b) of Clause 17.4 (Disposal); (ix) any security transfers granted by a member of the Group other than SIGNA Sport Online GmbH or any of its Subsidiaries in connection with a purchase cooperation in the ordinary course of trading and in relation to movable assets located at warehouse locations; (x) any Security arising under any retention of title (including any extended retention of tile (verlängerter Eigentumsvorbehalt), hire purchase or conditional sale arrangement or arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course of business 25 405720-FRASR01A - MSW and on the supplier's general business conditions (Allgemeine Geschäftsbedingungen); (xi) any Security or Quasi-Security over or affecting any asset acquired by a member of the Group after the date of this Agreement if: (i) the Security or Quasi-Security was not created in contemplation of the acquisition of that asset by a member of the Group; (ii) the principal amount secured has not been increased in contemplation of or since the acquisition of that asset by a member of the Group; and (iii) the Security or Quasi-Security is removed or discharged within six (6) Months of the date of acquisition of such asset; (xii) any guarantee or Security created or subsisting in order to secure any obligations incurred in order to comply with the requirements of section 8a of the German Partial Retirement Act (Altersteilzeitgesetz) or pursuant to section 7e of the Fourth Book of the German Social Security Code (SGB IV) or pursuant to section 4 of the German Act for the Improvement of Occupational Pensions Schemes (Gesetz zur Verbesserung der betrieblichen Altersvorsorge); (xiii) any Security or Quasi-Security over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement, where the Security or Quasi-Security is created prior to the date on which that company becomes a member of the Group, if: (i) the Security or Quasi- Security was not created in contemplation of the acquisition of that company; (ii) the principal amount secured has not increased in contemplation of or since the acquisition of that company; and (iii) the Security or Quasi-Security is removed or discharged within six (6) Months of that company becoming a member of the Group; (xiv) any Security securing indebtedness the amount of which (when aggregated with the amount of any other indebtedness which has the benefit of a Security not allowed under the preceding Sub-clauses) does not exceed EUR 10,000,000 (or its equivalent) at any time; and (xv) any other Security or Quasi-Security granted with prior written Lender's consent. 17.4 Disposals (a) The Borrower shall not (and it shall ensure that no other member of the Group will) enter into a single transaction or a series of transactions (whether related or not and whether voluntary or involuntary) to sell, lease, loan, grant any option over, transfer, redeem or otherwise dispose of any asset or shares. (b) Paragraph (a) above does not apply to any sale, lease, transfer or other disposal: (i) made in the ordinary course of trading of the disposing entity; (ii) of any asset by a member of the Group to another member of the Group; (iii) of assets in exchange for other assets comparable or superior as to type, value and quality (other than an exchange of a non-cash asset for cash); (iv) of obsolete or redundant vehicles, plant and equipment for cash; (v) of cash equivalent investments for cash or in exchange for other cash equivalent investments; 26 405720-FRASR01A - MSW (vi) where the Borrower is required to effect such disposal by law or any governmental authority or agency; (vii) of any intra-Group loan as a result of the conversion of such intra-Group loan into equity (whether by way of equity contributions (Kapitalrücklage) or otherwise); (viii) which is permitted pursuant to paragraph (c) of Clause 17.3 (Negative Pledge), paragraph (b) of Clause 17.8 (Merger); (ix) as set out in any SPAC structure memorandum and provided that it has no negative impact on the Group and does not trigger a Change of Control; (x) not permitted by the preceding paragraphs and the aggregated amount of which does not exceed EUR 5,000,000 (or its equivalent) per annum and EUR 20,000,000 (to be increased on a pro rata basis in case of an increase or establishment of further Commitments over the lifetime of this Agreement; or (xi) otherwise with the Lender's prior written consent. 17.5 Financial Indebtedness (a) The Borrower may not (and shall ensure that no other member of the Group will) incur or permit to be outstanding any Financial Indebtedness. (b) Paragraph (a) above does not apply to Financial Indebtedness which is: (i) Financial Indebtedness existing as of the date of this Agreement; (ii) arising under the Finance Documents; (iii) arising under a acquisition financing provided that such Financial Indebtedness is fully refinanced within twelve (12) Months from the closing of the acquisition verifiably through equity contribution including unsecured convertible bonds which have a term which ends not earlier than the Termination Date hereunder or new shareholder loans; (iv) arising under any deferred payment arrangement (for a period up to 120 days) granted to any member of the Group by its suppliers on normal commercial terms and in the ordinary course of its trading activities; (v) any Financial Indebtedness owed to another member of the Group; (vi) any Financial Indebtedness arising under, or in connection with, the intra-day- cash-pooling system in operation within the Group, vis-à-vis any bank involved in such system, provided any such Financial Indebtedness is dis- charged no later than at midnight of the day it has arisen; (vii) any derivative transaction protecting against or benefiting from fluctuations in any currency exchange or other rate or price, entered into in the ordinary course of business; (viii) any liability pursuant to a fiscal unit (fiscale eenheid) for Dutch corporate income tax or value added tax purposes; (ix) any liability pursuant to a declaration of joint and several liability as referred to in Section 2:403 of the Dutch Civil Code; (x) arising under finance lease of vehicles, plant, equipment or computers; 27 405720-FRASR01A - MSW (xi) incurred pursuant to section 8a of the German Partial Retirement Act (Altersteilzeitgesetz) or pursuant to section 7e of the Fourth Book of the German Social Security Code (SGB IV) or pursuant to section 4 of the German Act for the Improvement of Occupational Pensions Schemes (Gesetz zur Verbesserung der betrieblichen Altersvorsorge); (xii) any guarantees arising in connection with rental contracts in the ordinary course of business which together with any guarantee permitted under paragraph (b)(iii) of Clause 17.7 (Guarantee) in aggregate do not exceed EUR 10,000,000 at any time; (xiii) which is permitted pursuant to paragraph (b) of Clause 17.6 (Loans or Credit) or paragraph (b) of Clause 17.7 (Guarantees); (xiv) of any company which becomes a member of the Group after the date of this Agreement which is incurred under arrangements in existence at the date of acquisition, but not incurred or increased or having its maturity date extended in contemplation of, or since, that acquisition, and outstanding only for a period of six (6) Months following the date of acquisition; (xv) not permitted by the preceding paragraphs provided that the aggregated amount of all such Financial Indebtedness does not exceed EUR 15,000,000 (or its equivalent) at any time; or (xvi) incurred or outstanding with the written consent of the Lender. 17.6 Loans or Credit (a) The Borrower shall not (and the Borrower shall ensure that no other member of the Group will) be a creditor in respect of Financial Indebtedness. (b) Paragraph (a) does not apply to: (i) any deferred payments (for a period up to 120 days) granted by any member of the Group to its customers on normal commercial terms and in the ordinary course of its trading activities; (ii) a loan made by the Borrower or another member of the Group to a member of the Group; (iii) any trade credit extended by the Borrower to its customers on normal commercial terms and in the ordinary course of its trading activities; (iv) a loan made by the Borrower to an employee or director or to any third party provided that the aggregated amount of all such loans does not exceed EUR 5,000,000 (or its equivalent) at any time; (v) any loan with the Lender's prior consent. 17.7 Guarantees (a) The Borrower shall not (and the Borrower shall ensure that no other member of the Group will) issue any guarantee, indemnity, bond or letter of credit to or for the benefit of, or in respect of liabilities or obligations of, any other person or voluntarily assume any liability (whether actual or contingent) of any other person. (b) Paragraph (a) above does not apply to: (i) any guarantee granted under or in connection with the LBBW RCF;

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28 405720-FRASR01A - MSW (ii) any guarantee, performance or similar bond guaranteeing performance by a member of the Group under any contract entered into in the ordinary course of business; (iii) guarantee, indemnity, bond or letter of credit arising in connection with rental contracts in the ordinary course of business which together with any Financial Indebtedness permitted under paragraph (b)(xii) of Clause 17.5 (Financial Indebtedness) in aggregate do not exceed EUR 10,000,000 at any time; (iv) guarantee, indemnity, bond or letter of credit issued by any member of the Group in connection with the greenfield 3PL-logistics project with respect to the operation of a distribution warehouse in Hockenheim, Germany up to a maximum amount of EUR 5,000,000; (v) any guarantee or indemnity in the ordinary course of documentation of an acquisition permitted under the Finance Documents; (vi) any guarantee given pursuant to section 8a of the German Partial Retirement Act (Altersteilzeitgesetz) or pursuant to section 7e of the Fourth Book of the German Social Security Code (SGB IV) or pursuant to section 4 of the German Act for the Improvement of Occupational Pensions Schemes (Gesetz zur Verbesserung der betrieblichen Altersvorsorge); (vii) customary indemnities given to directors and officers of the Group in their capacity as such; (viii) guarantee, indemnity, bond or letter of credit issued by any member of the Group as security for obligations permitted hereunder; (ix) which is otherwise permitted pursuant to paragraph (c) of Clause 17.3 (Negative Pledge) or paragraph (b) of Clause 17.5 (Financial Indebtedness); (x) any guarantee, indemnity, bond or letter of credit given with the prior written consent of the Lender; (xi) not permitted by the preceding paragraphs and which in aggregate do not exceed EUR 15,000,000 at any time. 17.8 Merger (a) The Borrower shall (and the Borrower shall ensure that no other member of the Group will) not enter into any demerger, merger or corporate reconstruction. (b) Paragraph (a) above does not apply to to amalgamation, demerger, merger or corporate reconstruction: (i) within the Group; (ii) as set out in any SPAC structure memorandum and provided that it has no negative impact on the Group and does not trigger a Change of Control; or (iii) permitted pursuant to Clause 17.4 (Disposals). 17.9 Restricted payments (a) The Borrower shall not (and shall ensure that no other Member of the Group will): (i) declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital); 29 405720-FRASR01A - MSW (ii) repay or distribute any dividend or, if applicable, share premium reserve; (iii) repay (including interest) any shareholder loan other than a shareholder loan granted by the Lender or any Subsidiary of the Lender to another member of the Group; (iv) pay or allow any member of the Group to pay any management, advisory or other fee or payment to or to the order of any direct shareholders of the Borrower; or (v) redeem, repurchase, defease, retire or repay or redeem any of its share capital or capital reserves or resolve to do so. (b) Paragraph (a) above does not apply to payments: (i) to direct shareholders with respect to management fees and other fees and expenses in the ordinary course of business up to an aggregate amount of EUR 2,000,000 per annum; (ii) up to 20% of the net profit (Jahresüberschuss) as stated in the respective annual audited (consolidated) financial statements (festgestellter Jahresabschluss); or (iii) otherwise with the Lender's prior consent. 17.10 Further Assurance / Condition Subsequent The Borrower shall without undue delay do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Lender may reasonably specify (and in such form as the Lender may reasonably require): (i) upon request of the Lender, enter into the notarized Share Pledge Agreement as Transaction Security, provided the Borrower is not required to comply with such request prior to 1 July 2022 (or such other date agreed between the Lender and the Borrower) and further provided that such share pledges shall rank junior to share pledges over the shares in SIGNA GmbH securing external third party financing; (ii) to perfect, protect or maintain the Security created or intended to be created under or evidenced by the Transaction Security Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of the Lender provided by or pursuant to the Finance Documents or by law; and/or (iii) to facilitate in accordance with the Transaction Security Documents the realisation of the assets which are, or are intended to be, the subject of the Transaction Security. 18. Events of Default Each of the events or circumstances set out in this Clause 18 is an Event of Default (save for Clause 18.10 (Acceleration). 30 405720-FRASR01A - MSW 18.1 Non-payment The Borrower does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable unless: (a) its failure to pay is caused by administrative or technical error; and (b) payment is made within five (5) Business Days of its due date. 18.2 Other obligations (a) The Borrower does not comply with any provision of the Finance Documents (other than those referred to in Clause 18.1 (Non-payment)). (b) No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within ten (10) Business Days of the earlier of (A) the Lender giving notice to the Borrower and (B) the Borrower becoming aware of the failure to comply. 18.3 Cross default (a) Any Financial Indebtedness of the Borrower (or any other member of the Group) is not paid when due nor within any applicable grace period. (b) Any Financial Indebtedness of the Borrower (or any other member of the Group) is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). (c) Any commitment of any Financial Indebtedness of the Borrower (or any other member of the Group) is cancelled or suspended by any of its creditors as a result of an event of default (however described). (d) Any creditor of the Borrower (or any other member of the Group) becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however described). (e) No Event of Default will occur under this Clause 18.3 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraph (a) to (d) above is less than EUR 5,000,000 (or its equivalent in any other currency or currencies). 18.4 Insolvency (a) A member of the Group (i) is unable or admits inability to pay its debts as they fall due; (ii) suspends making payments on any of its debts; or (iii) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding the Lender in its capacity as such) with a view to rescheduling any of its indebtedness. (b) A member of the Group incorporated in Germany is unable to pay its debts as they fall due (zahlungsunfähig) within the meaning of section 17 of the Insolvency Code (Insolvenzordnung) or is overindebted within the meaning of section 19 of the Insolvency Code (Insolvenzordnung) or, with respect to any other member of the Group, the value of the assets of any member of the Group is less than its liabilities (taking into account contingent and prospective liabilities). 31 405720-FRASR01A - MSW (c) The value of the assets of the Borrower is less than its liabilities (taking into account contingent and prospective liabilities). (d) A moratorium is declared in respect of any indebtedness of the Borrower or any other member of the Group. 18.5 Insolvency proceedings (a) Any corporate action, legal proceedings or other procedure or step is taken in relation to: (i) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group other than a solvent liquidation or reorganisation of a member of the Group which is not the Borrower; (ii) a composition, compromise, assignment or arrangement with any creditor of any member of the Group; (iii) the appointment of a liquidator (other than in respect of a solvent liquidation or reorganisation of a member of the Group which is not the Borrower), receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any member of the Group or any of its assets; or (iv) enforcement of any Security over any assets of any member of the Group, or any analogous procedure or step is taken in any jurisdiction which includes faillissement, surséance van betaling, noodregeling and ontbinding and the appointment of a curator or bewindvoerder. (b) This Clause 18.5 shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within twenty one (21) days of commencement. 18.6 Creditors' process Any expropriation, attachment, sequestration, distress or execution "(including by way of executory attachment (executoriaal beslag) or interlocutory attachment (conservatoir beslag)) affects any asset or assets of the Borrower or any other member of the Group having an aggregate value of at least EUR 500,000 and is not discharged within fourteen (14) days of commencement. 18.7 Unlawfulness It is or becomes unlawful for the Borrower to perform any of its obligations under the Finance Documents. 18.8 Repudiation The Borrower repudiates a Finance Document or evidences an intention to repudiate a Finance Document. 18.9 Material adverse change Any event or circumstance occurs which has a Material Adverse Effect. 18.10 Acceleration On and at any time after the occurrence of an Event of Default which is continuing the Lender may, by notice to the Borrower:

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32 405720-FRASR01A - MSW (a) cancel (kündigen) the Commitment whereupon it shall immediately be cancelled; and/or (b) declare (kündigen) that all or part of the Loans, together with accrued interest and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable; and/or (c) exercise any or all of its rights, remedies, powers or discretions under the Finance Documents. 19. Changes to the Lender 19.1 Assignments and transfers by the Lender Subject to this Clause 19, the Lender (the "Existing Lender") may: (a) assign any of its rights ("Assignment"); or (b) assign and transfer by way of assumption of contract (Vertragsübernahme) any of its rights and obligations ("Transfer"), to any of its Affiliates or to a trust, fund or other entity directly or indirectly controlled by the Lender upon its sole discretion (each such assignee or transferee, a "New Lender"). 19.2 Limitation of responsibility of Existing Lenders (a) Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: (i) the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; (ii) the financial condition of the Borrower; (iii) the performance and observance by the Borrower of its obligations under the Finance Documents or any other documents; or (iv) the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. (b) Each New Lender confirms to the Existing Lender that it: (i) has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of the Borrower and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and (ii) will continue to make its own independent appraisal of the creditworthiness of the Borrower and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. (c) Nothing in any Finance Document obliges an Existing Lender to: (i) accept a re-assignment or a re-assignment and re-transfer by way of assumption of contract (Vertragsübernahme) from a New Lender of any of the rights and obligations assigned or assigned and transferred by way of assumption of contract (Vertragsübernahme) under this Clause 19; or 33 405720-FRASR01A - MSW (ii) support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by the Borrower of its obligations under the Finance Documents or otherwise. 19.3 Procedure for Transfer (a) A Transfer is effected in accordance with paragraph (c) below when the Existing Lender and the New Lender execute an otherwise duly completed Transfer Agreement. (b) On the Transfer Date: (i) to the extent that in the Transfer Agreement the Existing Lender seeks to assign and transfer by way of assumption of contract (Vertragsübernahme) its rights and obligations under the Finance Documents, the Borrower and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the "Discharged Rights and Obligations"); (ii) the Borrower and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as the Borrower and the New Lender have assumed and/or acquired the same in place of the Borrower and the Existing Lender; (iii) the New Lender shall acquire the same rights and assume the same obligations as it would have acquired and assumed had the New Lender been an original Lender with the rights and/or obligations acquired or assumed by it as a result of the assignment and transfer by way of assumption of contract (Vertragsübernahme) and to that extent the Existing Lender shall be released from further obligations under the Finance Documents and (iv) the New Lender shall become a Party as a "Lender". 19.4 Copy of Transfer Agreement to Borrower The New Lender shall, as soon as reasonably practicable after it has executed a Transfer Agreement, send to the Borrower a copy of that Transfer Agreement. 20. Changes to the Borrower The Borrower may not assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 21. Exclusion of liability (a) Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Lender), the Lender will not be liable for: (i) any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by the gross negligence or wilful misconduct of the Lender; (ii) exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document or any other agreement, 34 405720-FRASR01A - MSW arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct; or (iii) without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever (but not including any claim based on the fraud of the Lender) arising as a result of: (A) any act, event or circumstance not reasonably within its control; or (B) the general risks of investment in, or the holding of assets in, any jurisdiction, including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. (b) No Party (other than the Lender, as the case may be) may take any proceedings against any officer, employee or agent of the Lender in respect of any claim it might have against the Lender or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Lender may rely on this Clause. (c) Without prejudice to any provision of any Finance Document excluding or limiting the Lender's liability, any liability of the Lender arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Lender or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Lender at any time which increase the amount of that loss. In no event shall the Lender be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Lender has been advised of the possibility of such loss or damages. 22. Payment mechanics 22.1 Payments to the Lender (a) On each date on which the Borrower is required to make a payment under a Finance Document, the Borrower shall make the same available to the Lender for value on the due date at the time and in such funds specified by the Lender as being customary at the time for settlement of transactions in the relevant currency in the place of payment. (b) Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in such Participating Member State or Frankfurt am Main, as specified by the Lender) and with such bank as the Lender, in each case, may notify to the Borrower by not less than five (5) Business Days' notice. 35 405720-FRASR01A - MSW (c) Payment shall be made to such account as specified by the Borrower in the relevant Utilisation Request). 22.2 Distributions to the Borrower The Lender may (with the Borrower's consent or in accordance with Clause 23 (Set-off)) apply any amount received by it to the Borrower in or towards payment (on the date and in the currency and funds of receipt) of any amount due from the Borrower under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 22.3 Partial payments (a) If the Lender receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under the Finance Documents, the Lender shall apply that payment towards the obligations of the Borrower under the Finance Documents in any order selected by the Lender. (b) Paragraph (a) above will override any appropriation made by the Borrower. 22.4 No set-off by the Borrower All payments to be made by the Borrower under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim unless the counterclaim is undisputed or has been confirmed in a final non-appealable judgement. 22.5 Business Days (a) Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). (b) During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 22.6 Currency of account (a) Subject to paragraphs (b) to (e) below, euro is the currency of account and payment for any sum due from the Borrower under any Finance Document. (b) A repayment of a Loan or Unpaid Sum or a part of the Loan or Unpaid Sum shall be made in the currency in which that Loan or Unpaid Sum is denominated, pursuant to this Agreement, on its due date. (c) Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated, pursuant to this Agreement, when that interest accrued. (d) Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. (e) Any amount expressed to be payable in a currency other than euro shall be paid in that other currency. 23. Set-off The Lender may set off any matured obligation due from the Borrower under the Finance Documents against any satisfiable (erfüllbar) obligation (within the meaning of section 387 Civil Code) owed by the Lender to the Borrower, regardless of the place of payment, booking branch or currency of either

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36 405720-FRASR01A - MSW obligation. If the obligations are in different currencies, the Lender may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 24. Notices 24.1 Communications in writing Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by letter. 24.2 Addresses and electronic mail address The address and electronic mail address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is that identified with its name below or any substitute address or electronic mail address or department or officer as the Party may notify to the other Parties by not less than five (5) Business Days' notice. 24.3 Delivery (a) Any communication or document made or delivered by the Lender to another Party under or in connection with the Finance Documents will only be effective when it has been left at the relevant address and actual notice of the receipt of such letter could be expected under regular circumstances, if a particular department or officer is specified as part of its address details provided under Clause 24.2 (Addresses and electronic mail address), if addressed to that department or officer. (b) Any communication or document to be made or delivered to the Lender will be effective only when it has been left at the relevant address and actual notice of the receipt of such letter could be expected under regular circumstances and then only if it is expressly marked for the attention of the department or officer identified with the Lender's signature below (or any substitute department or officer as the Lender shall specify for this purpose). (c) Any communication or document which becomes effective, in accordance with paragraphs (a) and (b) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day. 24.4 Electronic communication (a) Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) to an electronic mail address identified in accordance with Clause 24.2 (Addresses and electronic mail address). (b) Any such electronic communication as specified in paragraph (a) above made between any two Parties will be effective only when actually received (or made available) in readable form. (c) Any electronic communication which becomes effective, in accordance with paragraph (b) above, after 5 p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day. (d) Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in accordance with this Clause 24.4. 37 405720-FRASR01A - MSW 24.5 English language (a) Any notice given under or in connection with any Finance Document must be in English. (b) All other documents provided under or in connection with any Finance Document must be: (i) in English; or (ii) if not in English, and if so required by the Lender, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document. 25. Calculations and certificates 25.1 Certificates and Determinations (a) The Lender makes the certifications or determinations of a rate or amount under any Finance Document in the exercise of their unilateral right to specify performance (einseitiges Leistungsbestimmungsrecht) which they will exercise with reasonable discretion (billiges Ermessen). (b) The Parties agree not to dispute in any legal proceeding the correctness of the determinations and certifications of a rate or amount made by the Lender under any Finance Document unless the determinations or certifications are inaccurate on their face or fraud can be shown. 25.2 Day count convention Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice. 26. Partial invalidity and unintentional gaps If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. Invalid provisions and unintended gaps in the Agreement shall be replaced or filled in accordance with the intent of the Parties and the purpose of this Agreement. 27. Remedies and waivers No failure to exercise, nor any delay in exercising, on the part of the Lender, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No waiver or election to affirm any Finance Document on the part of the Lender shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law. 38 405720-FRASR01A - MSW 28. Amendments and waivers 28.1 Required consents No term of any of the Finance Documents may be amended or waived without the prior consent of the Lender and the Borrower and any such amendment or waiver will be binding on all Parties. 29. Confidential Information 29.1 Confidentiality The Lender agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 29.2 (Disclosure of Confidential Information), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information. 29.2 Disclosure of Confidential Information The Lender may disclose: (a) to any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and representatives such Confidential Information as the Lender shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; (b) to any person: (i) to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Lender and, in each case, to any of that person's Affiliates, representatives and professional advisers; (ii) with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or the Borrower and to any of that person's Affiliates, representatives and professional advisers; (iii) appointed by the Lender or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf; (iv) who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; (v) to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; 39 405720-FRASR01A - MSW (vi) to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; (vii) who is a Party; or (viii) with the consent of the Borrower; in each case, such Confidential Information as the Lender shall consider appropriate if: (A) in relation to paragraphs (b)(i), (b)(ii) and b(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; (B) in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; (C) in relation to paragraphs (b)(v) and (b)(vi) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Lender, it is not practicable so to do in the circumstances; and (c) to any person appointed by the Lender or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in a form of confidentiality undertaking agreed between the Borrower and the Lender. 29.3 Entire agreement This Clause 29 constitutes the entire agreement between the Parties in relation to the obligations of the Lender under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 29.4 Notification of disclosure The Lender agrees (to the extent permitted by law and regulation) to inform the Borrower: (a) of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 29.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; 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40 405720-FRASR01A - MSW (b) upon becoming aware that Confidential Information has been disclosed in breach of this Clause 29. 29.5 Continuing obligations The obligations in this Clause 29 are continuing and, in particular, shall survive and remain binding on the Lender for a period of twelve (12) months from the earlier of: (a) the date on which all amounts payable by the Borrower under or in connection with this Agreement have been paid in full and the Commitment has been cancelled or otherwise cease to be available; and (b) the date on which the Lender otherwise ceases to be Lender. 30. Conclusion of this Agreement (a) This Agreement may be concluded by an exchange of emails (an exchange of signature pages suffices). (b) In relation to the necessary receipt of the signed signature pages (Zugang) by each Party, it shall be sufficient that each Party transmits its signed signature pages to Skadden, Arps, Slate, Meagher & Flom LLP, Frankfurt am Main office (the "Recipient") addressed to , Dr. Jörg Hanke and Dr. Stephan Hutter by electronic mail to joerg.hanke@skadden.com and stephan.hutter@skadden.com. The Agreement shall be concluded with the receipt of the last signature page by the Recipient. (c) For the purposes of paragraph (b) above, each Party authorises the Recipient to receive on its behalf the signature pages from all the other Parties. For the avoidance of doubt, the Recipient shall have no further duties connected with its position as Recipient (in particular, but not limited to, the Recipient is under no obligation to check the genuiness of the signatures of the authorisation of the signatories). (d) For information purposes only, the Recipient will email all received signature pages to all the Parties. (e) For purposes of proof and confirmation only, each Party may request that one or several copies of this Agreement shall be originally signed by the Parties. 31. Governing law This Agreement and any non-contractual obligations arising out of or in connection with it are governed by German law. 32. Enforcement 32.1 Jurisdiction (a) The courts of Frankfurt am Main have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a "Dispute"). (b) This Clause 32.1 is for the benefit of the Lender only. As a result, the Lender shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Lender may take concurrent proceedings in any number of jurisdictions. This Agreement has been entered into on the date stated at the beginning of this Agreement. 41 405720-FRASR01A - MSW SCHEDULE 1 CONDITIONS PRECEDENT 1. A copy of a resolution of the board of the Borrower approving the terms of, and the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party. 2. A fully signed copy of this Agreement. 42 405720-FRASR01A - MSW SCHEDULE 2 UTILISATION REQUEST From: SIGNA Sports United N.V To: [●] Dated: Dear Sirs SIGNA Sports United N.V. – EUR [●]Revolving Facility Agreement dated [●] 2022 (the "Agreement") 1. We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 2. We wish to borrow a Loan on the following terms: Proposed Utilisation Date: [●] or, if that is not a Business Day, the next Business Day) Currency of Loan: Euro Amount: [●] Interest Period: [●] 3. We confirm that each condition specified in clause 4.2 (Further conditions precedent) of the Agreement is satisfied on the date of this Utilisation Request. 4. [The proceeds of the Utilisation are to be credited are to be credited as follows: [●] 5. This Utilisation Request is irrevocable. Yours faithfully ___________________________ authorized signatory for SIGNA Sports United N.V. 43 405720-FRASR01A - MSW SCHEDULE 3 FORM OF TRANSFER AGREEMENT [●] (the "Existing Lender") [●] (the "New Lender") Dated: SIGNA Sports United N.V. – EUR [●]Revolving Facility Agreement dated [●] 2022 (the "Agreement") 1. We refer to the Agreement. This is a Transfer Agreement. Terms defined in the Agreement have the same meaning in this Transfer Agreement unless given a different meaning in this Transfer Agreement. 2. The Existing Lender desires to transfer by way of assumption of contract (Vertragsübernahme) all or part of its rights and obligations under the Agreement to the New Lender. We refer to clause 19.3 (Procedure for transfer) of the Agreement: (a) The Existing Lender hereby transfers to the New Lender by way of assumption of contract (Vertragsübernahme) all or part of its rights and obligations 'under the Agreement as referred to in the Schedule, and the New Lender accepts that transfer. (b) The New Lender assumes those rights and obligations. (c) The New Lender hereby offers to become a Party to the Agreement and to assume the position of a Lender in accordance with clause 19.1 (Assignments and transfers by the Lenders) and clause 19.3 (Procedure for transfer) of the Agreement, and the Existing Lender accepts that offer. (d) The proposed Transfer Date is [●]. (e) The facility office and address, email and attention details for notices of the New Lender for the purposes of clause 24.2 (Addresses and electronic mail address) are set out in the Schedule. 3. The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in clause 19.2 (Limitation of responsibility of Existing Lenders). 4. This Transfer Agreement is governed by German law and the parties submit to the non-exclusive jurisdiction of the courts in Frankfurt am Main. 5. The Borrower has granted its consent to the above assumption of contract (Vertragsübernahme) on [●] in writing. [Existing Lender] [New Lender ] By: By:

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![](signa_rcfsignaholdingmay012.jpg)

44 405720-FRASR01A - MSW THE SCHEDULE Commitment/rights and obligations to be transferred [insert relevant details] [facility office address, email and attention details for notices and account details for payments.] 405720-FRASR01A - MSW SIGNATURE PAGE The Borrower SIGNA Sports United N.V. Address: Kantstraße. 164 10623 Berlin Email: Attention: By: ________________________________ Name: Title: By: ________________________________ Name: Title: DocuSign Envelope ID: D8C07257-2A5D-4207-9824-C8BC7A34277A Mike Özkan Chairman CEO Stephan Zoll 405720-FRASR01A - MSW SIGNATURE PAGE The Lender SIGNA Holding GmbH Address: Maria-Theresien-Straße 31 6020 Innsbruck Attention: Email: By: ________________________________ Name: Title: By: ________________________________ Name: Title:

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## Exhibit 4.27

![](ssu_equityxcommitmentxle001.jpg)

EXECUTION VERSION 416176 Confidential Execution Version SIGNA Holding GmbH To: SIGNA Sports United N.V. Kantstraße 164 Upper West 10623 Berlin (together with any assignee and/or other successor in title, hereinafter

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![](ssu_equityxcommitmentxle002.jpg)

5 416176 Confidential Execution Version denominations of EUR 1,000,000, such excess amount shall remain drawn and be repaid by SSU in accordance with the terms and conditions of the Amended SIGNA Holding RCF 1. 3.6 Subject to Section 3.5, following RCF 1 Repayment Tranche 3 SSU shall no longer be entitled to draw funds under the Amended SIGNA Holding RCF 1 in excess of the initial aggregate amount of EUR 50,000,000. 4. New Bonds / Reduction of Upsize Option 4.1 Following receipt of a Put Option Notice, SSU and SIGNA Holding shall enter into a subscription agreement substantially in the form as set forth in Schedule 2 to this Letter, and cause execution and delivery of all other ancillary agreements and take, or cause to be taken, all acts as required to issue the respective New Bonds. 4.2 The issuance of New Bonds pursuant to a Put Option Notice shall reduce, Euro for Euro, the available amount under the upsize option (=& 00000000000000000000000000000000 000000000000000000000000000000 12?@AB@ 12CDE 2 D1 2 D�F ����!"#$%&'()\*+,-&#./'& 00000000000000000000000000000000 000000000000000000000000000000 12 12 2 2 & & 3�4�53536 ��5 & !"#$%&!7(89:&;,+9<\*&$=>=& 00000000000000000000000000000000 000000000000000000000000000000 12?@AB@ 12CDE 2 D1 2 D�F

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![](ssu_equityxcommitmentxle003.jpg)

����!"#$%&'()\*+,-&#./'& 00000000000000000000000000000000 000000000000000000000000000000 1212 22 & & 3�4�53536 ��5 & !"#$%&!7(89:&;,+9<\*&$=>=& 00000000000000000000000000000000 000000000000000000000000000000 12?@AB@ 12CDE 2 D1 2 D�F DocuSign Envelope ID: 6DF0AE76-5046-4DB2-A9EE-FC956B342277 416176 SCHEDULE 1 FORM OF PUT OPTION NOTICE [On the letterhead of SIGNA Sports United N.V.] To: SIGNA Holding GmbH Maria-Theresien-Straße 31 6020 Innsbruck Austria [place], [●] Dear Sirs, Equity Commitment Letter Put Option Notice Reference is made to the equity commitment letter delivered by SIGNA Holding GmbH to SIGNA Sports United N.V. and dated 6 February 2023 (the

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## Exhibit 4.28

![](signa_ssuxrcf1xfirstxame001.jpg)

EXECUTION VERSION 417359 Confidential Execution Version THIS FIRST AMENDMENT AGREEMENT is dated 6 February 2023 (the "Agreement") and made between: (1) SIGNA Sports United N.V. as borrower (the "Borrower"); and (2) SIGNA Holding GmbH as lender (the "Lender"). Preamble: (A) The Lender and the Borrower have entered into an up to EUR 50,000,000 revolving credit agreement dated 3 May 2022 (the "Credit Agreement I"). (B) It is now the intention of the Borrower and the Lender to change clause 2.2 of the Credit Agreement I with effect as of 1 February 2023 and amend the Credit Agreement I accordingly. IT IS AGREED as follows: 1. Definitions Capitalized terms which are used but not defined in this Agreement shall have the same meaning as ascribed to such term in the Credit Agreement I. 2. Increase of Commitment; Amendment Lender and Borrower hereby agree that the increase of the Commitment in an amount equal to the Increase Amount shall occur with effect as of 1 February 2023 and hereby amend clause 2.2 (Increase) of the Credit Agreement I as follows: "(a) With effect as of 1 February 2023, the Lender hereby increases the Commitment in an amount of EUR 50,000,000 (the "Increase Amount") and the Commitment shall be increased accordingly (the existing Commitment as increased by the Increase Amount being the "New Commitment"). (b) [RESERVED] (c) [RESERVED] (d) [RESERVED]" For the avoidance of doubt, this Agreement and the equity commitment letter provided by the Lender to the Borrower on 6 February 2023 (the "Equity Commitment Letter") will provide an aggregate additional funding to the Borrower in an amount of up to EUR 130,000,000, i.e. the Increase Amount from EUR 50,000,000 by EUR 50,000,000 under the Credit Agreement will not increase the additional total funding made available by the Lender to the Borrower pursuant to this Agreement and the Equity Commitment Letter, taken together, beyond EUR 130,000,000. ���������!"#$%&''&(#'$�)��\*\*�+�, - \*�.��/.0�1 ��2 3�+�45 �675 8�)9 �:8��;9 8�2 �< 5�2+��2\* 75 => ?) \*28�\*7=> ?) \*28�\*@9 => ?) \*28�\*A 5=> ?) \*2���13+� BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB� 2 +�45 �675 �+�92 ���13+� BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB� 2 +�)9 �:�+�9 � C �D ���� DocuSign Envelope ID: 6DF0AE76-5046-4DB2-A9EE-FC956B342277 ��������!"#$%#&'#($�) \*�+,)�-�./0 /1 ���2343�,5���-�+-����67-�88888888888888888888888888888888�+ -��-����67-�88888888888888888888888888888888�+ -��-�������������!"#$%#&'#($�) \*�+,)�-�./0 /1 ���2343�,5���-�+-����67-�88888888888888888888888888888888�+ -��-����67-�88888888888888888888888888888888�+ -��-�����

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![](signa_ssuxrcf1xfirstxame002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;2 417359 Confidential Execution Version 3. Repayment Lender and Borrower hereby amend clause 7.5 (Voluntary prepayment of the Loans) of the Credit Agreement I as follows:

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