TRESU Q3 2023 Financial Report

Risk factors (continued) TRESU 4.21. The Group is subject to complex Danish and foreign direct or indirect tax laws The Group is subject to various Danish and foreign taxes, including direct and indirect taxes, imposed on its global activities, such as corporate income tax, withholding tax, customs duty, value added tax and other taxes and the Group's effective tax rate is impacted by the composition of the Group's taxable income in the countries in which the Group has activities. Due to the complexity of international tax rules, the provisions for direct and indirect taxes in the Group accounts are subject to a certain degree of judgement, and there are many transactions and calculations where the ultimate direct and indirect tax determination is uncertain. Governmental authorities could question the Group's tax policies and judgements and seek to impose additional or increased taxes or penalties on the Group, and the final determination of tax audits and any related litigation could be materially different from the Group's historical direct and indirect tax provisions and accruals. Local tax rules and interpretations of tax rules in different jurisdictions change from time to time, and any changes may be implemented with retroactive effect. A change in tax rules or interpretation of tax rules in one or more jurisdictions could increase the Group's tax liabilities. Furthermore, inter alia taking into account the frequent changes to tax regulations, the Group could be subject to claims for breach of such regulations, including for late or incorrect filings or for misinterpretation of rules. Any additional or increased taxes, including interest and penalties, imposed on the Group, as well as challenging any adverse determinations of tax authorities, could require significant management attention, lead to significant liabilities and otherwise have a material adverse effect on the Group's business, financial condition and results of operations and could result in a loss for each Bondholder of part or all of each Bondholder's investment in the Bonds. 4.22. Risk of liability relating to joint taxation Under applicable rules, the Issuer is subject to joint taxation with other Danish companies currently or in the future controlled by the Issuer's indirect majority shareholder, Altor Fund IV Holding AB. Currently, this implies that the Issuer is jointly taxed with the Danish companies in the Group as well as the Danish companies in the Norican Group, the Multi-Wing group, Transcom Denmark A/S, Trioworld Nyborg A/S, the QNTM group, the Gunnebo group, the Rillion group, the Nordic Climate Group group and Notre Administration ApS (which acts as a so-called administration company in the Danish joint taxation group, implying that it is responsible for the administration of joint taxation, including payment of corporate taxes levied on the consolidated income). Accordingly, the Issuer is currently taxed on a consolidated basis with the Danish companies in the Group, the Danish companies in the Norican group, the Multi-Wing group, Transcom Denmark A/S, Trioworld Nyborg A/S, the QNTM group, the Gunnebo group, the Rillion group, the Nordic Climate Group group and with Notre Administration ApS (the "Tax Group") pursuant to the Danish regime on joint taxation. Each company in the Tax Group is a separate taxable entity and is taxed accordingly under the general Danish corporate tax regime, however, the income of each group member is consolidated for corporate tax purposes thereby allowing tax losses of one group member to be offset against profits of another group member. Each company in the Tax Group is jointly liable for claims from the Danish tax authorities regarding payment of corporate taxes, withholding taxes, penalty taxes and interest on taxes made against other companies in the Tax Group. If the companies participating in the Tax Group or future entities joining the Tax Group are not able to pay their taxes, penalty taxes or interest on taxes or if within the Tax Group uncertainties or disagreements arise as to the correct computation of taxes and allocation hereof between the entities in the Tax Group, this could lead to the Issuer ultimately being liable for taxes of other members of the Tax Group and this may have a material adverse effect on the Group's business, results of operations, financial condition and could result in a loss for each Bondholder of part or all of each Bondholder's investment in the Bonds. 57

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