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Amazon Investment in Deliveroo Highlights Strategic Interest in
Online Food Delivery

Just Eat Board Should Act to Drive Shareholder Value Through
Strategic Alternatives

GREENWICH, Conn.–(BUSINESS WIRE)–Cat Rock Capital Management LP (together with its affiliates, “Cat Rock
Capital” or “Cat Rock”), a long-term oriented investment firm and
beneficial owner of approximately 14.6 million shares of the common
stock of Just Eat plc (“Just Eat” or the “Company”) (LSE: JE),
representing circa 2% of Just Eat’s outstanding shares, today issues the
following statement regarding Amazon’s announced investment in Deliveroo:

The news today that Amazon is investing in Deliveroo only underscores
the significant strategic interest in the online food delivery space and
highlights the opportunity for Just Eat’s Board to create value for all
shareholders by participating in global consolidation.

Amazon has built a fantastic business by offering consumers broad
selection and low prices. Just Eat has much broader selection and much
lower prices than Deliveroo. Moreover, Just Eat has a bigger brand in
the UK and a customer base that is multiple times the size of Deliveroo.
Finally, Just Eat offers consumers this superior proposition while
earning a meaningful profit, as Deliveroo continues to burn through the
capital it has raised.

Just Eat also owns the SkipTheDishes logistics business in Canada,
which, unlike Deliveroo, is a market leader that is growing revenue over
100% per year without significant cash burn. SkipTheDishes is unique
among logistics businesses globally in both the scale of its market
leadership and the efficiency of its growth.

We and other shareholders remain actively engaged with the Just Eat
Board, and we strongly support any actions the Board takes to secure
favorable outcomes for shareholders through strategic actions.

Alex Captain, Founder and Managing Partner of Cat Rock Capital
Management LP, commented:

“Amazon’s investment in Deliveroo highlights the significant strategic
interest in online food delivery. Just Eat possesses very strong
positions in its core markets, and we believe that the Company’s
strategic value is clear.”

“While we are surprised that Amazon chose to back one of Just Eat’s
small and cash-burning competitors, we are confident that Just Eat’s
significant strategic value will be unlocked if the Board engages with
the many potential strategic partners available to the Company.”

Cat Rock’s previously released open letters to the Just Eat Board can be
downloaded and read in full at

Sidley Austin LLP is serving as legal advisor to Cat Rock Capital
Management LP.

About Cat Rock Capital Management LP Cat Rock Capital Management
LP is a long-term focused investment firm that manages capital on behalf
of pension funds, endowments, foundations, and other institutional
investors. It seeks to invest in a select number of high-quality
companies, with a long-term approach that emphasizes deep fundamental
research. Cat Rock Capital is based in Connecticut, USA and was founded
in 2015 by Alex Captain, a former Partner at Tiger Global Management.


Cat Rock Capital is publishing this announcement solely for the
information of other shareholders in Just Eat plc. This announcement is
provided merely for general informational purposes and is not intended
to be, nor should it be construed as (1) investment, financial, tax or
legal advice, or (2) a recommendation to buy, sell or hold any security
or other investment, or to pursue any investment style or strategy.
Neither the information nor any opinion contained in this announcement
constitutes an offer to purchase or sell or a solicitation of an offer
to purchase or sell any securities or other investments in the Company
or any other company by Cat Rock Capital or any fund or other entity
managed directly or indirectly by Cat Rock Capital in any jurisdiction.
This announcement does not consider the investment objective, financial
situation, suitability or the particular need or circumstances of any
specific individual who may access or review this announcement and may
not be taken as advice on the merits of any investment decision. Any
person who is in any doubt about the matters to which this announcement
relates should consult an authorised financial adviser or other person
authorised under the UK Financial Services and Markets Act 2000.


This press release and the letter contain certain forward-looking
statements and information that are based on Cat Rock Capital’s beliefs
as well as assumptions made by, and information currently available to,
Cat Rock Capital. These statements include, but are not limited to,
statements about strategies, plans, objectives, expectations,
intentions, expenditures and assumptions and other statements that are
not historical facts. When used herein, words such as “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “plan” and “project” and
similar expressions are intended to identify forward-looking statements.
These statements reflect our current views with respect to future
events, are not guarantees of future performance and involve risks and
uncertainties that are difficult to predict. Further, certain
forward-looking statements are based upon assumption as to future events
that may not prove to be accurate. Actual results, performance or
achievements may vary materially and adversely from those described
herein. There is no assurance or guarantee with respect to the prices at
which any securities of the Company will trade, and such securities may
not trade at prices that may be implied herein. Any estimates,
projections or potential impact of the opportunities identified by Cat
Rock Capital herein are based on assumptions that Cat Rock Capital
believes to be reasonable as of the date hereof, but there can be no
assurance or guarantee that actual results or performance will not
differ, and such differences may be material and adverse. No
representation or warranty, express or implied, is given by Cat Rock
Capital or any of its officers, employees or agents as to the
achievement or reasonableness of, and no reliance should be placed on,
any projections, estimates, forecasts, targets, prospects or returns
contained herein. Any historic financial information, projections,
estimates, forecasts, targets, prospects or returns contained herein are
not necessarily a reliable indicator of future performance. Nothing in
these materials should be relied upon as a promise or representation as
to the future.


Cat Rock Capital
+1 (203) 992-4630
[email protected]

Kepler Communications
Charlotte Balbirnie
(0) 7989 528421
[email protected]