TRESU Q3 2023 Financial Report

TRESU Risk factors (continued) 5.9. The market price of the Bonds may be volatile The market price of the Bonds could be subject to significant fluctuations in response to actual or anticipated variations in the Group's operating results and those of its competitors, adverse business developments, changes to the regulatory environment in which the Group operates, changes in financial estimates by securities analysts and the actual or expected sale of a large number of Bonds, as well as other factors. In addition, in recent years the global financial markets have experienced significant price and volume fluctuations, which, if repeated in the future, could adversely affect the market price of the Bonds without regard to the Group's operating results, financial condition or prospects. 5.10. Interest rate risk The Bonds' value depends on several factors with one being the level of market interest albeit mitigated by the proposal to postpone payment of interest to Bondholders if certain liquidity thresholds are not met as set out in the Written Procedure. Investments in the Bonds involve a risk that the market value of the Bonds may be adversely affected by changes in market interest rates. 5.11. Currency risks The Bonds will be denominated and payable in EUR. If Bondholders in the Bonds measure their investment return by reference to a currency other than EUR, an investment in the Bonds will entail foreign exchange-related risks due to, among other factors, possible significant changes in the value of the EUR relative to the currency by reference to which investors measure the return on their investments. This could cause a decrease in the effective yield of the Bonds below their stated coupon rates and could result in a loss to investors when the return on the Bonds is translated into the currency by reference to which the investors measure the return on their investments. Government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable exchange rate or the ability of the Issuer to make payments in respect of the bonds. As a result, there is a risk that investors may receive less interest or principal than expected, or no interest or principal at all. 5.12. Ability to service debt The Issuer's ability to service its debt under the Bonds will depend upon, among other things, the Group's future financial and operating performance, which will be affected by prevailing economic conditions and financial, business, regulatory and other factors, some of which are beyond the Group's control. If the Group's operating income remains insufficient to service its current or future indebtedness, the Group may be forced to take actions such as reducing or delaying its business activities, acquisitions, investments or capital expenditures, selling assets, restructuring or refinancing its debt or seeking additional equity capital. The Group may not be able to effect any of these remedies on satisfactory terms, or at all. The aforementioned applies to both long-term and current liabilities and therefore, both the solidity as the liquidity may be affected in this respect as further described in section 5.1. 5.13. Risks relating to the value of the transaction security Although the obligations under the Bonds and certain other obligations of the Group towards the Bondholders, the lenders under the Super Senior Revolving Credit Facility Agreement and certain other creditors (jointly the "Secured Creditors") will be secured by first priority security, there is a risk that the proceeds of any enforcement sale of the security assets will not be sufficient to satisfy all amounts then owed to the Secured Creditors. Furthermore, the Super Senior Term Loan Facility will rank senior to the bonds and the security position of the Bondholders will consequently be impaired by the establishment of the Super Senior Term Loan Facility. If the Issuer issues additional Bonds or obtains other new secured debt, the security position of the current Bondholders may also be further impaired. No valuation of the security assets has been prepared in connection with the offering of the Bonds. The fair market value of the security assets is subject to fluctuations based on factors that include, among others, the Issuer's ability to implement its business strategy, the ability to sell the security assets in an orderly sale, general economic and political conditions, the availability of buyers and similar factors. The amount to be received upon a sale of the security assets would be dependent on numerous factors, including, but not limited to, the actual fair market value of the transaction security in question at such time, general, market and economic conditions, legal restrictions and the timing and the manner of the sale. There can be no assurance that the security assets can be sold. To the extent that liens, rights or easements granted to third parties encumber the security assets, such third parties have or may exercise rights and remedies with respect to such assets subject to such liens that could adversely affect the value of the security assets and the ability of the Security Agent to enforce the security assets. 61

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