TRESU Q3 2023 Financial Report

TRESU Risk factors (continued) Enforcement of Security Interests outside bankruptcy under Danish law The parties to a security agreement can include contractually agreed enforcement procedures and, if there are no bankruptcy proceedings, the agreed procedures will be binding on the parties. However, sales of assets may be voidable in a later bankruptcy proceeding if the assets were transferred below market value. The agreed enforcement procedures are not binding on third parties such as creditors that have registered an attachment or valid security against the encumbered assets. Such third party attachments and rights can only be cleared through a court administered public auction. In the absence of specifically agreed enforcement procedures, Danish law requires conduct of a public auction in accordance with the Danish Administration of Justice Act (in Danish: Retsplejeloven). Pledges of shares and accounts as well as security assignments of receivables may be enforced without an execution order. However, at least eight days prior notice requesting the debtor to pay the secured debt must be given to the pledgor by registered mail unless a sale is necessary to avoid or reduce a loss. Perfection of Security Interests under Danish law The collateral governed by Danish law is granted and perfected, inter alia, in favour of the Bondholders represented by the Security Agent. Rules have been enacted in the Danish Act on Capital Markets (in Danish: lov om kapitalmarkeder) allowing representatives to hold security on behalf of bondholders and the Security Agent may be appointed as representative pursuant to the Danish Act on Capital Markets. There is not yet any case law relating to this legislation confirming the right of the representative to enforce on behalf of the holders of the Bonds so there is a risk that enforcement may be delayed. The collateral governed by Danish law will be perfected by the Issuer in favour of the Security Agent and some of the collateral may only be perfected after the occurrence of certain events having occurred. Absent perfection, the holder of the security interest may not be able to enforce its rights in the collateral against third parties, including a bankruptcy administrator and other creditors who claim a security interest in the same collateral. Moreover, if perfection occurs only after the occurrence of certain events of default it will entail a hardening period. Under Danish law, the ranking of security rights is determined by the date on which the relevant act of perfection has been taken, and if a security interest created later in time over that same collateral, but in respect of which the act of perfection is completed prior to perfection of the pre-existing security interest then the security interest created later will have priority. 70

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