TRESU Q3 2023 Financial Report

Risk factors (continued) TRESU 6. Certain insolvency considerations and limitations on the validity and enforceability of the Guarantees and the security interests in Denmark Set forth below is a brief description of certain aspects of insolvency laws in Denmark under which the Bonds, most of the Guarantees or Security Interests are being provided. It is a summary only, and proceedings of bankruptcy, insolvency or a similar event could be initiated in other jurisdictions. The application of these various laws in multiple jurisdictions could trigger disputes over which jurisdiction's law should apply and could adversely affect the ability to enforce rights and to collect payment in full under the Bonds, the Guarantees and the Security Interests. Insolvency Proceedings under Danish Law The Issuer is organised under the laws of Denmark. Accordingly, any insolvency proceedings with respect to the Issuer may proceed under, and be governed by, the insolvency laws of Denmark. These laws may adversely affect the enforcement of the Bondholders' rights under the Bonds and may not be as favourable to their interests as a creditor as the laws of other jurisdictions. In a Danish bankruptcy, the debtor's assets are liquidated and the proceeds are distributed to the creditors based on a priority of claims. Such liquidation may not yield the same value to the creditors as a reorganisation and sale of a going concern. As a general rule, the debtor or any creditor may present a petition for bankruptcy. A bankruptcy requires the bankruptcy court to be satisfied that the debtor is insolvent based on a statement of the debtor's liquidity status and that the insolvency is not of a purely temporary nature. A bankruptcy petition by a creditor is barred if the creditor is adequately protected in the event of the debtor's insolvency by means of good and valid security. If bankruptcy proceedings are commenced, payments under the Bonds may be delayed and may not be made in full. Provisions on avoidance and set off may adversely affect the enforcement of rights under the Bonds. Enforcement of Security Interests is restricted under Danish bankruptcy laws although enforcement of certain assignments and pledges in relation to assets located in Denmark may be enforced after the bankruptcy trustee having been granted the opportunity to make a valuation of those assets. Other assets may only be enforced by the bankruptcy trustee; however, mortgagees and execution creditors may demand enforcement of such security interests six months after the declaration of bankruptcy. Danish insolvency law also includes schemes for preventive reconstruction or reconstruction of insolvent companies described below. In the event of bankruptcy, claims in foreign currencies will be converted into Danish kroner using the relevant currency rate as of the date of the bankruptcy order. The status of a claim is dependent upon express statutory authority (except for subordinated loans). 66 66

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