TRESU Q3 2023 Financial Report

TRESU Risk factors (continued) 5.5. Redemption of all outstanding Bonds with Other Proceeds According to the Bond Terms as proposed amended by the Written Procedure, the Issuer shall, subject to approval by the Bondholders' Committee (see paragraph 5.28 (Bondholders' Committee)) use the excess Other Proceeds (as defined in the Written Procedure) after repayment and cancellation of the Super Senior Revolving Credit Facility (for the avoidance of doubt, including any outstanding amount under the Super Senior Term Loan Facility) in full to redeem all outstanding Bonds, including any accrued but unpaid Interest and any Interest Bonds (as defined in the Written Procedure) in full on any Business Day elected by the Issuer falling prior to the Final Maturity Date and which follows a partial redemption of the Bonds upon receipt of Exit Proceeds (see above in paragraph 5.4 (Redemption of some or all of the Bonds upon receipt of Exit Proceeds). The amount to be paid per Bond will depend on the total amount of Other Proceeds available, if any. Any such redemption will discharge the Issuer in full and no other liabilities or obligations shall remain outstanding under the Bonds (including any Interest Bonds (as defined in the Written Procedure). Furthermore, if no Other Proceeds have been received prior to the Final Maturity Date, all outstanding Bonds together with accrued but unpaid interest and any Interest Bonds shall, subject to approval by the Bondholders' Committee, be cancelled without any payments being made to the Bondholders by the Issuer. 5.6. Refinancing risk The Issuer may be required to refinance certain or all of its outstanding debt, including the Bonds. The Issuer's ability to successfully refinance its debts is dependent on the Group's financial conditions and on the conditions of the debt capital and loan markets and its financial condition at such time. This will also apply at the expiry of the extended maturity date for the Bonds proposed in the Written Procedure. Even if Group's financial condition and the debt capital and loan markets improve, the Issuer's access to financing sources may not be available on favourable terms, or at all. The Issuer's inability to refinance its debt obligations on favourable terms, or at all, could have a material adverse effect on the Group's business, financial condition and results of operations and on the Bondholders' recovery under the Bonds. Another aspect of the credit risk is that a further deteriorating of the financial position of the Group may further reduce the Issuer's ability to take out debt refinancing upon the proposed extended maturity of the Bonds, if at all. 5.7. Listing and liquidity risks Even though the Bonds are admitted to trading on Nasdaq Copenhagen A/S, active trading in the securities does not always occur and hence there is a risk that a liquid market for trading in the Bonds will not exist or can be maintained even if the Bonds remain listed. The liquidity of any market for the Bonds will depend on the number of holders of those Bonds, investor interest at large and relative to the Issuer and its business segment in particular, and the interest of securities dealers in making a market in those securities and other factors. This may result in the holder not being able to sell their Bonds when desired or at a price level which allows for a profit comparable to similar investments with an active and functioning secondary market. Lack of liquidity in the market may have a negative impact on the market value of the Bonds. Furthermore, the nominal value of the Bonds may not be indicative compared to the market price of the Bonds, as the Bonds may trade below their nominal value (for instance, to allow for the market's perception of a need for an increased liquidity risk premium). It should also be noted that during a given time period it may be difficult or impossible to sell the Bonds (at all or at reasonable terms) due to, for example, severe price fluctuations, close down of the relevant market or trade restrictions imposed on the market. 5.8. The Bonds may not remain listed on Nasdaq Copenhagen A/S (or another listing exchange) Although the Issuer has agreed in the Bond Terms to procure that the Bonds remain listed on Nasdaq Copenhagen A/S as long as the Bonds are outstanding, the Issuer cannot guarantee that the Bonds remain listed. Although no assurance is made as to the liquidity of the Bonds as a result of listing on Nasdaq Copenhagen, the delisting of the Bonds from Nasdaq Copenhagen or another recognised listing exchange may have an adverse effect on a holder's ability to sell Bonds in the secondary market. 60

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