TRESU Q3 2023 Financial Report

Risk factors (continued) TRESU 4.9. The Group is subject to risks related to being a partly project based business, which includes project management risks The Group's business is partly based on orders related to large projects, which entail entering into complex agreements with obligations imposed on the Group such as liability, fixed-amount liquidated damages, performance guarantees, liability for damages and risk of rejection in case of delay or quality issues. In certain instances, the Group has guaranteed completion of a project by a scheduled acceptance date or achievement of certain acceptance and performance testing levels. The failure to meet any obligations resting on the Group under any such agreement for any reason could result in costs that exceed projected profit margins. Even where a project proceeds as scheduled, it is possible that the contracting party defaults or otherwise fails to pay amounts owed or that the contracting party cancels or changes the scope of a contract, without the Group being able to fully charge the customer any costs arising on the Group in this respect. Any lack of performance, delay, reduction in or failure to align scope, cancellation, execution difficulty, payment postponement, return of faulty or underperforming products (in particular with respect to products customised for a specific customer), or payment default in regard to order book projects, or disputes with customers in respect of any of the foregoing and payments or repayments to customers in respect thereof, could materially harm the Group's financial condition, results of operations and cash flows. In addition, the Group has in the past and may also in the future experience cost overruns, including as a result of increased prices due to the supply crisis and incorrect contract specifications that it is unable to pass on to the customer and due to failed project management. As a result, the Group's operating margins and liquidity could be negatively affected. Any of the foregoing could have a materially adverse effect on the Group's financial position and operating result and could result in a loss for each Bondholder of part or all of each Bondholder's investment in the Bonds. 4.10. The Group could fail to manage and protect its intellectual property rights or could violate third parties' rights The Group's patents, trademarks and other intellectual property rights are important assets for its business. It is the Group's policy to take out patents and register its trademarks in the main markets in which its products are sold. However, there can be no assurance that the Group's actions will be able to adequately protect its intellectual property rights in all situations. Furthermore, the risk of third parties infringing the Group's intellectual property rights may be high in certain jurisdictions as a result of limitations in judicial protection. Even if it is documented that a third party has infringed the Group's exclusive rights, it may be difficult, excessively costly or practically impossible for the Group to enforce its rights or to recoup any losses incurred. Enforcement actions may be time consuming and expensive. The Group's commercial success depends in part on its ability to avoid infringing on patents and other intellectual property rights of third parties. Claims by third parties that the Group's products or processes infringe on their patents or other intellectual property rights, regardless of their merit, could require the Group to incur substantial costs and losses and divert management attention to defend itself against such claims. The risk of infringing on patents and other intellectual property rights becomes more acute going forward, given the continued increase of the technological features and components built into the printing machines. Any of the above could 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. 4.11. The Group's risk management policies may not be adequate The Group has implemented processes with the aim of managing the general and specific risks associated with the Group's activities and operations, as well as financial reporting and financial management. The Group may not have identified all risks that it faces, and the Group's risk management policies may not be adequate to manage all identified or unidentified risks. Any of the above or failure to implement or adhere to the policies could 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. 53

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