AIFM risk. Although already transposed into Swedish law, the Alternative Investment Fund Managers Directive (the "Directive") is recent and there are still some unresolved/unclear issues and the interpretation of its provisions may change at short notice as Swedish and/or EU authorities provide guidance on how to interpret the Directive and its subordinate legislation. In particular, companies that conduct industrial or commercial operations fall outside the scope of the Directive. However, the interpretation of industrial and commercial operations is not unequivocal and could give rise to uncertainties as to the applicability of the Directive. In our assessment, the Company falls outside the scope of the Directive due to its industrial and commercial purpose,
AIFM risk. The Alternative Investment Fund Managers Directive 2011/61/EU has been implemented in Sweden however, there are still some unresolved/unclear issues regarding how to interpret the directive. The Company has deemed itself to fall outside of the scope of the AIFM Directive due to its industrial purpose, i.e. because the Company shall indirectly generate returns through the Property's operations in the market and not necessarily by divesting the Property. However, there is a risk that the Company may be considered an AIFM, which would among other result in additional costs to a depositary and a manager. dŚĨĞĂ ĐƚŽƌƐ ŵĞŶƚŝŽŶĞĚ ĂďŽǀĞ ĂƌĞ ŶŽƚ ĐŽŵƉƌĞŚĞŶƐŝǀĞ XXX XXXXXxXxXX ǁxxX XX ŝŶǀĞƐƚŵĞŶƚ xX xXX XxXXXX͘ 0 THE RECENT EQUITY ISSUE
AIFM risk. The Alternative Investment Fund Managers Directive 2011/61/EU is recent, and there are still some unresolved/unclear issues regarding how to interpret the directive. The directive is implemented in Sweden. The Company has deemed itself to fall outside of the scope of the AIFM Directive due to its industrial purpose,
