TRESU Q3 2023 Financial Report

TRESU Risk factors (continued) 3.5. The Group is subject to risks associated with having sales in less developed and newly industrialised countries, such as anti-corruption or anti-bribery laws and regulations and enforcement of legal rights The Group operates globally and its activities are subject to complex regulatory frameworks in areas such as anti-corruption and anti-bribery. The Group has sales in many jurisdictions, including less developed and newly industrialised countries and intends to continue to increase its presence in such countries. Governments in industrialised countries have increasingly introduced comprehensive legislation to combat unsound business practices, often referred to as anti-corruption or anti-bribery laws and regulations. Despite the Group's ethical standards and control and compliance procedures aimed at preventing and detecting unlawful conduct, the Group may not be able to detect all improper or unlawful conduct by its employees, suppliers or customers. This includes situations where individual employees do not comply with the Group's policies and guidelines and as a result may cause the Group to incur criminal sanctions (e.g. in the form of fines, which may be significant), compliance costs and suffer reputational damage. The Group depends on its ability to enforce contractual and other rights and obligations, such as its intellectual property rights. In many countries, in particular in emerging markets and less developed countries, such enforcement actions may be difficult or practically impossible and, in any event, costly. There can be no assurance that the Group will be able to successfully enforce its rights in a timely manner or at all. The occurrence of 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. Risks related to the Group's business 4.1. The Group may not be able to successfully execute its strategy It is the strategy of the Group to be a leading player in the markets where it competes, and in this respect to maintain current markets and enter new markets, through parameters such as a constant focus on driving innovation, development of new products, upgrading existing products, and optimizing the sales process. The success of the strategy is subject to several factors, some of which are outside the Group's control (e.g. macro-economic trends, regulatory changes and initiatives taken by its competitors) whereas other factors, such as the Group's ability to maintain its market share in its existing markets, enter new markets and segments thereof, including new geographical markets, develop new products successfully and manage the supply chain successfully depends in full or in part on the Group's ability to take the required actions at the right time and successfully execute such initiatives. Further, any internal re-locations may present integration, financial, managerial and operational challenges. There are inherent uncertainties and risks, including factors discussed elsewhere in this section, involved in executing a complex strategy. Any failure by the Group to deliver on its strategy and any of the foregoing factors 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.. 49 49

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