Investor Presentation

Risk factors (cont'd) Risks relating to liquidity Liquidity risk refers to the risk that the Group does not have cash or credit facilities to cover its payment commitments and obligations, including interest payments, without the cost of obtaining cash increasing significantly. The Group's available liquidity as at 31 December 2018 amounted to EUR 69,100,000 in the form of cash and cash equivalents and unused credit facilities. The banks and other credit institutions could terminate existing loans and credits as well as revoke given promises of credits, in the event that the Group finds itself in a weak financial position. There is a risk that the Group's liquidity sources prove to be insufficient, which could have an adverse effect on the financial position of the Group. Low level risks Credit and counterparty risks Where there is a risk that the Group's counterparties will be unable to fulfil their financial obligations towards the Group, the Group is exposed to a credit risk. The accounts receivable for the Group amounted to EUR 95,323,000 as at 30 June 2019. The Group's current and potential customers and other counterparties may as a consequence of financial and operational challenges end up in a financial situation where they cannot pay the agreed fees or other amounts owed to the Group as they fall due, or at all, or otherwise abstain from fulfilling their obligations, which in turn could lead to credit losses and require the Group to raise additional capital or obtain alternative financing to meet its obligations under any financing arrangements. An increase in credit losses or if the Group's counterparties are not able to fulfil these obligations towards the Group, it could adversely affect the Group's earnings or financial position. Currency risk The Group is exposed to foreign exchange rate risks, both translation risks and transaction risks arising from fluctuations in currency exchange rates. Since the Group operates in various countries, a portion of its expenses and sales are in currencies other than EUR, principally Swedish krona, Norwegian krona, Danish krona, Pound sterling, Canadian dollar, Singapore dollar and US dollar. Typically, the Group's costs and the corresponding sales are denominated in the same currency for each subsidiary. However, the Group presents its consolidated financial statements in EUR. As a result, the Group must translate the assets, liabilities, revenue and expenses of all of its operations with functional currencies other than EUR into EUR at then-applicable exchange rates. Consequently, increases or decreases in the value of the currency EUR may affect the value of these items with respect to the Group's non-EUR businesses in its consolidated financial statements, even if their values have not changed in their original currency. These translations could significantly affect the comparability of the Group's results between financial periods or result in significant changes to the carrying value of the Group's assets, liabilities or equity. The below table shows the effect of changes in foreign exchange rates on the net assets of Group subsidiaries in selected currencies. Changes in exchange rates Effect on the net assets of the Company's subsidiaries in EUR, 2018. USD +10/-10% 480,000 NOK 10/ 10 % 361,000 GBP +10/-10 % 614,000 SEK+10/-10% 665,000 SUPPORTING MATERIALS | POLYGON 52

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