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's activity report 2022

The sales revenue of the joint-stock company TREF Nord for the year 2022 was 37,665 thousand euros (33,884 thousand euros in 2021), which was accounted for the repair and construction of roads, streets, bridges, railways, squares, sports facilities, and for the execution of winter maintenance of streets and the sale of sand and asphalt mixtures. There have been no significant environmental and social impacts associated with economic activity. Also, during the financial year and the report preparation period, no risks associated with changes in exchange rates, interest rates, and stock market prices have emerged for the company.

In 2022, construction work was completed or carried out on the following major construction sites: - Reconstruction of the state road 59 Pärnu - Tori km 16.8 – 21.05 and demolition of the Tori bridge and construction of a new bridge, costing over 6 million euros; - Design and construction work for the Raassilla moto and leisure center, costing over 2 million euros; - Design and reconstruction of Haapsalu Tamme Street, costing 1.2 million euros; - Construction of a truck parking lot at state road no. 11 Tallinn ring road km 1.5, costing 2.9 million euros; - Reconstruction of Kolde Avenue (Sõle Street – Pelguranna Street) in Tallinn, costing 2.4 million euros; - Reconstruction of state road no. 11608 Vana-Narva road km 1.0-3.6, costing 4.8 million euros; - Road construction work for the expansion of the Ämari fuel terminal POL, with a total cost of 1.2 million euros; - State road 1 Tallinn - Narva km 70.579-78.548 (Viitna bypass) hot recovery by the Remix method, costing 0.8 million euros; - Construction work for the Laagri waiting platform and bicycle and pedestrian tunnel ordered by AS Eesti Raudtee, costing 1.4 million euros;

The major customers were the Transport Administration, Tallinn Environmental and Utilities Department, AS Eesti Raudtee, Pärnu

City Government, MTÜ Tarvastu Motoclub, and Haapsalu City Government.

In 2022, the company produced 177 thousand tons of asphalt mixtures (232 thousand tons in 2021).

In 2022, we continued the construction of the state road 59 Pärnu - Tori and the new Tori bridge. This is the largest project of AS TREF Nord in recent years and the largest bridge to be built (bridge length 140 m). In cooperation with the customer and the Tori municipality, we also supplemented the architectural solution of the bridge so that it would better fit into the historical center of Tori. The bridge will be fully completed in the first half of 2023.

In 2022, the volume of work performed by AS TREF Nord for the Transport Administration increased significantly. In addition to the construction of Kolde Avenue in Tallinn, the company also carried out the restoration of many internal roads in the quarter. In addition to the Tori bridge, the construction of the Laagri bicycle and pedestrian tunnel was a significant logistical challenge for the bridge construction department, carried out in cooperation with partner Leonhard Weiss OÜ. As a result of the professional cooperation of our and the customer AS Eesti Raudtee teams, the project was successfully and smoothly implemented. The versatility of AS TREF Nord's activities is also illustrated by the Raassilla moto center and the Pärnu Härma street football hall being built jointly with co-partners. In addition, in November 2022, we signed a contract with Rail Baltic Estonia OÜ for the construction of the Selja viaduct on the Rail Baltica route (costing 5.9 million euros). Our team has set a goal to be open to new engineering challenges and to be professional and reliable partners for our customers.

The company's board was 4-membered and the management board was 1-membered in 2022.

The uneven distribution of the company's sales revenue throughout the year was due to the seasonal nature of the company's main activity.

Similar to the 2021 season, the year 2022 was not completely unaffected by the impact of Covid-19, although it was relatively small compared to the previous year. This was mainly reflected in disruptions in the construction process due to the illness of employees and cooperation partners. As predicted a year ago, the tragic events unfolding in Ukraine left a huge mark

on the company's financial results. The war that began in Ukraine in February 2022 led to a drastic increase in the prices of energy carriers and metal products, which could be measured in multiples! Considering the above, the Tallinn asphalt plant had to be switched to a new energy carrier during the season, which meant additional investments for the reconstruction of the plant. In addition, the war also led to an increase in the price of bitumen binder in the first half of the year and supply difficulties. Difficulties in supplying metal products needed for bridge construction in the first half of the year also left a noticeable mark on the season. Despite the relatively understanding attitude of most customers and compensation for price increases to the extent possible, it was unfortunately not possible to eliminate the entire impact of the war on the company's result, and therefore AS