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's activity report 2022

The Rickman Trade Group consists of the parent company Rickman Trade OÜ in Estonia, branches Rickman Trade Latvijas filiale in Latvia, Rickman

Trade Lietuvos filialas in Lithuania and the subsidiary OOO Rickman Trade BY in Belarus (100%). The main activity of the Group is the distribution and marketing of JURA coffee equipment and accessories, Blendtec blenders and Thermomix kitchen appliances, as well as the provision of equipment repair and maintenance services in the Baltic States. The Group has exclusive representation rights for the JURA, Blendtec and Thermomix brands in these markets. More than 24 years of successful cooperation with JURA Elektroapparate AG has led to excellent results. The Rickman Trade Group is the only distributor in the world that currently operates two JURA service centers according to Swiss top standards

in the Baltics. During the cooperation, JURA Elektroapparate AG has awarded the company the world's best distributor award, most recently in 2017.

in the category of large distributors. It is also noteworthy that JURA sales results in Estonia are the highest in the world (in terms of sales per capita). Recognized brand representation quality and business results provided an extraordinary opportunity for the company to be the only distributor in the world who in June 2022 shared its success story with all JURA distributors worldwide, participating in the JURA Global Sales Conference 2022 in Switzerland and presenting the success story of growing business in Lithuania.

In macroeconomic terms, the Group's operations are influenced by the general economic situation and consumer purchasing power and confidence in the target countries.

The peak sales season is the end of the year. Rickman Trade's operations do not have significant environmental or social impacts.

The Group's dividend policy is not fixed, the payment and amount of dividends depend on the Group's financial results, financial situation and liquidity situation.

In 2022, it was possible to protect and maintain the market share of the JURA brand in the Baltic market despite the fact that the entire category was in a large decline.

Moreover, in the Lithuanian market, it was possible to significantly increase business volumes and grow even faster than the market, improving JURA's market share also in the retail segment. Unfortunately, the expectations for increasing business volumes in 2022 were not fully realized, mainly due to the outbreak of war

in Ukraine, which in turn led to a decline in consumer confidence. Nevertheless, it was possible to increase the sales of Premium segment machines and maintenance tools. The JURA brand continues to hold the leading position in both the Baltics and Estonia, being the number 1 brand in the retail segment.

In 2022, the Group expanded the representation rights of the Blendtec brand, offering goods to an even larger number of European Blendtec brand distributors. Since 2021, the Group is one of the five Blendtec Premium Distributors in Europe, who have the right to sell Blendtec commercial solutions to other Blendtec European intermediaries. The full potential for increasing the sales volumes of commercial solutions was not fully realized in 2022 due to limited supply from the manufacturer's factory during the first half of the year. This potential can be realized in the coming years due to improved supply reliability.

In 2022, the Group took the next step and added another egg to its product basket, acquiring representation rights for the brand

Thermomix. Initially, the Group will represent Thermomix in the Estonian and Lithuanian markets. The global success of the new brand is based on the principle of direct sales and the Group started developing a new sales competence and assembling a direct sales team in the middle of 2022

for the Estonian and Lithuanian markets.

The Group continues to invest in the development of IT solutions necessary for improving service quality, in the attractiveness of product displays and in increasing the awareness of represented brands. The Group contributes significantly to the implementation of modern digital solutions to increase efficiency, provide a good customer experience and support data-driven decision-making. In 2022, a B2B customer portal and shopping environment for our distributors was completed, which adds even more convenience, flexibility, value-creating and better customer experience for our customers. We also renovated the Tallinn sales showroom and built a new Thermomix brand representation area. The Group's investments in 2022 were 230,079 euros.

Rickman Trade continues to be the main sponsor of Jazzkaar and added more heat to jazz in 2022. It is important for us to help those in need. At the beginning of the war in February 2022, the company supported the Red Cross organization across the Baltics. The Group donated

a JURA espresso machine full coffee solution, which gives volunteers contributing to Ukraine and Red Cross workers the opportunity to enjoy the best coffee. Rickman Trade also supported other medical workers, donating a JURA espresso machine full coffee solution to various hospitals across the Baltics.

The mission of Rickman Trade is to make your life more enjoyable! Our carefully selected brands are true innovation leaders in their segment and their use enriches consumers' lives, offering excellent results and pleasure, convenient and long-term use. Rickman Trade is also responsible for the service of the represented brands, offering a fast, convenient and customer-oriented solution, thereby maximizing the product life and reducing the ecological footprint.

For operations in the Belarusian market, a subsidiary was established in Belarus in 2019, where vigorous distribution and sales development took place until February 2022. The outbreak of the Ukraine-Russia war in late February 2022 brought about various sanctions and a changed economic environment, as a result of which it was decided to suspend the normal business operations of the subsidiary and prepare the company for conservation. The JURA representation right in Belarus has also been suspended. The management estimates that this does not have a significant impact on the Group's financial results.