Corem Property : Prospectus, 2024-03-22

Prospectus regarding the admission to trading

of SEK 1,100,000,000

SENIOR UNSECURED FLOATING RATE

GREEN BONDS

February 2024/May 2026 series no 14

Corem Property Group AB (publ)

ISIN: SE0021514429

This Prospectus was approved by the Swedish Financial Supervisory Authority on 22 March 2024. The Prospectus is valid up to 12 months after the date of approval. The Issuer's obligation to supplement this Prospectus in the event of significant new factors, material mistakes or material inaccuracies does not apply when this Prospectus is no longer valid.

IMPORTANT INFORMATION

This prospectus (the "Prospectus") has been prepared by Corem Property Group AB (publ) (reg. no. 556463-9440) ("Corem", the "Company", the"Issuer" or the "Group", together with its direct and indirect subsidiaries depending on the context) in relation to the application for admission to trading of bonds issued under the Company´s maximum SEK 2,000,000,000 senior unsecured floating rate green bonds 2024/2026 with ISIN SE0021514429 (the "Bonds"), of which SEK 1,000,000,000 was issued on 7 February 2024 (the "Initial Bonds") in accordance with the terms and conditions of the Bonds (the "Terms and Conditions"), on the sustainable bond list at Nasdaq Stockholm AB ("Nasdaq Stockholm"). The Company may at one or more occasions after the issuance of the Initial Bonds issue subsequent bonds ("Subsequent Bonds") under the Terms and Conditions, until the total amountof Subsequent Bonds and the Initial Bonds equals SEK 2,000,000,000. On 19 February 2024, the Company issued Subsequent Bonds of SEK 100,000,000 (the "First Subsequent Bonds"). For the avoidance of doubt, this Prospectus has been prepared for the purpose of admitting the Initial Bonds and the First Subsequent Bonds to trading on the sustainable bond list at Nasdaq Stockholm. Nordea Bank Abp (reg. no. 2858394-9), and Swedbank AB (publ) (reg. no. 502017-7753) have acted as joint bookrunners (together the "Joint Bookrunners") and Nordea Bank Abp has acted as issuing agent (the "Issuing Agent") in connection with the Initial Bonds. Nordea Bank Abp has acted as sole bookrunner and Issuing Agent in connectionwith the First Subsequent Bonds.

Terms and definitions used in this Prospectus have the same meaning as in Section 7 (Terms and Conditions for the Bonds) unless otherwise expresslystated in this Prospectus.

This Prospectus has been approved by the Swedish Financial Supervisory Authority (Sw: Finansinspektionen) (the "SFSA") as competent authority under Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017. Furthermore, Annexes 7 and 15 of the Commission Delegated Regulation (EU) 2019/980 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004, form the basis for the content of this Prospectus. The SFSA only approves this Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by Regulation (EU) 2017/1129. Such approval should not be considered as an endorsement of the issuer that is the subject of this Prospectus, nor should it be considered as an endorsement of the quality of thesecurities that are the subject of this Prospectus.

The Prospectus has been prepared for admission of the loan constituted by the Bonds for trading at Nasdaq Stockholm and does not constitute in anypart an offer by Corem for subscription or purchase of the Bonds.

The Prospectus is governed by Swedish law. Disputes concerning, or related to, the contents of this Prospectus shall be subject to the exclusive jurisdiction of the courts of Sweden, The District Court of Stockholm (Sw: Stockholms tingsrätt) shall be the court of first instance. The Prospectus may not be distributed in any jurisdiction where such distribution or sale would require any additional prospectus, registration or other measures than those required by Swedish law or otherwise would conflict with regulations in such jurisdiction. Holders of the Prospectus or Bondholders must therefore inform themselves about and observe any such restrictions. The Bonds have not been and will not be registered under the U.S. Securities Act of 1933 as amended at any time (the "Securities Act"), or under any U.S. state securities legislation. The Bonds may not be offered, sold or delivered within the United States of America or to, or for the account or benefit of, U.S. persons (as defined in Rule 902 of Regulation S under the Securities Act). Furthermore, Corem has not registered the Bonds under the securities legislation of any other country. The Bondholder may be subject to purchase or transferrestrictions with regard to the Bonds, as applicable, under local laws to which a Bondholder may be subject.

The Prospectus, including the documents incorporated by reference (see Section 6.2 (Documents incorporated by reference) below) as well as any supplements to the Prospectus, may contain statements regarding the prospects of Corem made by the board of directors. Such statements are basedon the board of directors' knowledge of current circumstances regarding Corem's business, the market conditions, the current global environment in which Corem operates and other prevailing external factors. The reader should observe that forward-looking statements always are associated with uncertainty. An investment in the Bonds is associated with risks and risk taking. Anyone considering investing in the Bonds is therefore encouraged to carefully study the Prospectus, in particular Section 1 (Risk factors). Each potential investor in the Bonds must decide upon the suitability of an investmentin the light of their own circumstances.

The Bonds may not be a suitable investment for all investors and each potential investor in the Bonds must determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should (i) have sufficient knowledge and experience to make a meaningful evaluationof the Bonds, the merits and risks of investing in the Bonds and the information contained or incorporated by reference in this Prospectus or any applicable supplement, (ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, an investmentin the Bonds and the impact other Bonds will have on its overall investment portfolio, (iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the Bonds; (iv) understand thoroughly the Terms and Conditions, and (v) be able to evaluate (either alone or with the help of afinancial advisor) possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks.

The Prospectus will be available via the websites of the SFSA (https://www.fi.se/sv/vara-register/prospektregistret/)and Corem (https://www.corem.se/en/investor-relations/prospectus-shares-and-bonds-etc/) . Paper copies may be obtained from Corem. The information on the websites does not form part of the Prospectus unless that information is incorporated by reference into the Prospectus, and it has not been reviewed orapproved by the SFSA.

The figures in this Prospectus do not always sum up correctly due to being rounded off in order to facilitate the reading of the Prospectus.

TABLE OF CONTENTS
1	RISK FACTORS	4
2	RESPONSIBILITY FOR THE PROSPECTUS	13
3	SUMMARY OF THE BOND LOAN	14
4	DESCRIPTION OF THE COMPANY AND THE GROUP	19
5	DOCUMENTS AVAILABLE FOR INSPECTION	26
6	FINANCIAL INFORMATION	27
7	TERMS AND CONDITIONS FOR THE BONDS	29
8	ADDRESSES	66

1	RISK FACTORS

A number of risk factors affects and may come to affect Corem, the Group and the Bonds. Some risk factors are outside the Group's control. Below is a description of risk factors which Corem considers to be material risks relating to the Group and the Bonds.

The risk factors are presented in categories and where a risk factor may be categorised in more than one category, such risk factor appears only once and in the most relevant category. The most material risk factor in each category is presented first. Subsequent risk factors in the same category are not ranked in order of materiality or probability of occurrence. The assessment of the materiality of each risk factor has been determined on the basis of a qualitative ordinal scale (low/medium/high) based on the probability of their occurrence and the expected magnitude of their negative impact on the Group.

1.1 Risk factors specific and material to Corem and the Group

1.1.1 Market risks

Inflation and interest risk

The Group operates in the real estate market, which to a large extent is affected by macroeconomic factors such as the level of production of new premises, changes in infrastructure and population growth. Economic growth in turn affects the employment rate, which is an essential basis for supply and demand on the rental market and consequently impacts vacancy rates and rental levels of the Group's properties. The Group mainly operates in Stockholm, Gothenburg, Copenhagen, New York, Västerås, Malmö, and several other growing cities in Sweden and is therefore exposed to macroeconomic development on those geographic markets.

Furthermore, inflation expectations have an impact on the interest rate and thus affect the net interest income for the Group. In addition to financing through equity, the Group's business is mainly financed by borrowings from credit institutions and the bond market. Interest expenses are therefore one of the Group's main cost items and the Group's total financial expenses for the period 1 January 2023 - 31 December 2023, which mainly consisted of interest expenses from loans, amounted to SEK 1,488 million. Interest expenses are mainly affected by, besides the extent of interest-bearing debt, the level of current market interest rates, the Group's strategy regarding length of debt maturity and credit institutions' margins, as well as the Group's strategy regarding interest rate hedging and fixation periods. Adverse changes of interest rates would result in increased expenses for the Group and negatively affect the Group's earnings and cash flow.

The Group is subject to risks related to and impact of global macroeconomic factors which includes international conflicts impacting the global economy. The global economy can be affected by, for example, trade disputes, political instability, deteriorating diplomatic relations, terrorism, protectionism, and regional and cross-border conflicts. One example is Russia's military invasion of Ukraine which started on 24 February 2022. Since the war started, geopolitical tensions have increased which, among other things, has led to increased prices for energy, fuel and raw materials, increased inflationary pressure and rising market interest rates, which overall has had a significant impact on the general economic situation and financial markets. Since, several states and global institutions, including the EU

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and the United States of America, have imposed heavy sanctions on Russia as well as entities and persons related to Russia and the Russian economy. The Group does not operate or have any employees or other relations to Russia or Ukraine. Nevertheless, the total impact of macroeconomic and political state of affairs, such as the military aggression towards Ukraine, on the Group may present significant risks to the Group's access to financing and other financial costs.

Furthermore, the uncertainty regarding what long-term macroeconomic effects the past year´s sharp increase in inflation rates and rise in interest rates will have, may also affect the Group. The year 2023 has seen continuing effects of the geopolitical unrest, the macroeconomic development with accelerating inflation and increased interest rates, as well as a rapidly fluctuating financial market. As a result, the change in the geopolitical situation, increased inflation and interest rates, as well as energy supply, may continue to create uncertainty which affects the Group.

Corem deems the probability of further increases in inflation expectations and rising interest rates materialising to be medium. If the risk were to materialise, Corem considers the potential negative impact of a following increase in the Group's financing costs and decrease in rental income to be high.

Competition risks

The Group is active in the real estate industry, which is characterized by significant competition, including from other real estate companies with a focus on logistics and industrial properties such as Sagax, Castellum, Catena and others. The Group's competitiveness depends, among other things, on its ability to acquire interesting properties in attractive locations, to attract and retain tenants, qualified staff and to anticipate trends and needs for current and future tenants and quickly adapt to current and future market needs. In addition, the Group competes for tenants, based on, among other things, property location, rent level, size, availability and quality, tenant satisfaction and the Group's reputation.

Competitors may have greater financial resources than the Group and better capacity to withstand market downturns, better access to potential acquisitions, compete more efficiently, be more skilled at retaining competent staff and respond more quickly to changes in local markets. In addition, competitors may have a higher tolerance for lower yield requirements and access to more efficient technology platforms. Furthermore, the Group may need to incur higher investment costs in order to maintain the competitiveness of its property portfolio in relation to competitors. Corem estimates the probability that Corem will be unable to compete in an effective way as low, with a potentially medium negative effect on Corem's future prospects should the risk materialise.

1.1.2 Business risks

Rental income and rental development

The Group's operations mainly include commercial properties and property development. The Group's rental income depends on the vacancies of the properties, the rent level stipulated in the rental agreements and the tenants paying their rents on time. As of 31 December 2023, the Group's economic occupancy rate was 87 per cent. 38 per cent of the total contracted rent falls due in 2027 or later. As of 31 December 2023, the Group's total number of tenants were approximately 3,200 with an average remaining contract period of 3.4 years. There is a risk that the Group will not be able to renew all its rental agreements immediately upon expiry or that new agreements will not be entered on terms as favorable for the Group as previous agreements. Furthermore, a general decrease in market occupancy

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rates and market rental rates, for example as a result of macroeconomic and geopolitical factors, would negatively affect the Group's possibilities to sustain current earnings and cash flow levels over a long period of time, which would have a negative impact on the Group's earnings. Corem deems that the probability of large fluctuations and increases in vacancies, decreases in market rental rates or any other loss of rental income is low. If the risks would materialize, Corem considers the potential impact to be high.

Changes in value of properties

The Group's real estate investments are accounted for in the balance sheet at fair value and value changes are accounted for in the income statement. Total fair value for the Group's property portfolio amounted to SEK 58,033 million as of 31 December 2023 and the total assets amounted to SEK 64,850 million. The Group performs a quarterly valuation of the entire property portfolio. Valuations are performed according to a schedule where both external and internal valuations are carried out by authorized real estate valuers. This means that each property in the portfolio is normally valued externally once over a rolling 12-month period. During the fourth quarter of 2023, the Group's properties' loan-to-value ratio was 43 per cent and the Group's total loan-to-value ratio was 55 per cent.

The value of the Group's properties is affected by a number of factors, partly by property specific factors such as occupancy levels, rental rates and operating costs, and partly by market specific factors such as yield demands and cost of capital which are derived from comparable transactions on the real estate market. Property related deteriorations such as lower rental income and increased vacancies, as well as market specific factors such as demand for higher return on investments can cause the Group to impair the actual value of its investment properties, which could have a negative impact on the Group's financial position and earnings. Deterioration in the value of properties could cause a breach of the financial undertakings in the Group's various financial obligations which could lead to loans being accelerated, leading to immediate repayment or result in the creditor's enforcement of the pledged assets.

Corem deems the probability of such risks materializing to be low. If the risks would materialize, Corem considers the potential impact to be medium.

Currency risk

The Group's presence and ownership of properties in Denmark and the United States of America means that the Group is exposed to currency risk in relation to the Danish crown and the US dollar. As per 31 December 2023, the properties in New York correspond to approximately 10 per cent of the total property value and the properties in Denmark correspond to approximately 4 per cent. Changes in the exchange rate may entail negative effects for Corem's earning capacity and financial position. Corem deems the probability of such risks materializing to be medium. If the risks would materialize, Corem considers the potential impact to be medium.

Projects and developments

The operations of the Group also comprise of property development projects. As per 31 December 2023, the Group had five on-going larger property development projects (of minimum SEK 50 million) which had an estimated total investment volume of SEK 3,204 million. When developing properties, certain risks arise. Larger projects may entail major investments which may lead to an increased credit risk should tenants be unable to fulfil their obligations towards the Group. In such an event, the Group could

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be unable to find other tenants for the premises in question. Furthermore, the demand or the price for the property may decrease during the project. When planning and budgeting for a construction project, it is essential that the basis for calculation is complete and correct. Assumptions are made in relation to costs and revenues, as well as the ability of partners to perform in accordance with contracts. Projects may be delayed or may entail higher costs than foreseen, and, after the completion of a project, there is a risk that the property does not correspond to tenants' requirements or expectations, which may lead to increased costs or decreased earnings for the Group.

Corem deems the probability of such risks materializing to be medium. If the risks would materialize, Corem considers the potential impact to be medium.

Transactions

To acquire as well as divest properties is part of the Group's ordinary business. Transactions, and especially acquisitions, involves certain risks. All investments are associated with uncertainties, such as future loss of tenants, environmental circumstances and technical problems, which may have a negative impact on the property value or result in unexpected and increased costs. Further, there is a risk that a seller, in connection with an acquisition, may not fulfil its obligations due to financial difficulties, which may affect the Group's possibility to bring forward claims for compensation according to contracted indemnities or warranties (which may also be subject to limitations in amount and time).

Divestment of properties involves uncertainties regarding, inter alia, the price and the actual ability to divest the properties including the willingness and ability of potential buyers to pay for the properties. Furthermore, the Group may be subject to claims due to the sale or the condition of the sold properties. If the Group is unable to sell the properties at favourable terms or if claims are directed at the Group, this may lead to delays in projects as well as increased and unexpected costs for the properties and transactions.

Corem deems the probability of such risks materializing to be low. If the risks would materialize, Corem considers the potential impact on the Group's result and the value of the relevant properties to be medium.

Employees

The average number of employees in the Group during the period 1 January 2023 - 31 December 2023 was 309. The Group's employees' knowledge, experience and commitment are important for the Group's future development. The Group would be affected negatively if a number of its employees would leave the Group at the same time, or if a number of key employees would leave, resulting in a period of loss of know-how or increased recruiting costs. Corem deems the probability of such risks materializing to be medium. If the risks would materialize, Corem considers the potential impact to be medium.

Technical risks

Property investments are associated with technical risks. Technical risk is defined as the risk associated with the technical management of the properties, such as the risk for construction errors, other latent defects and deficiencies, damages (for example by fire or other force of nature) and pollution. There are regulatory requirements regarding properties that may entail that deficiencies must be remedied. There is a risk that, if such technical problems would occur, they may cause increased costs for the Group, which would have a negative impact on the Group's earnings. Corem deems the probability of such risks materializing to be high. If the risks would materialize, Corem considers the potential impact to be low.

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1.1.3 Financial risks

Refinancing risks

Refinancing risk is the risk that necessary financing may not be obtained or can only be obtained at unfavorbale terms or to significantly increased costs for refinancing of existing debts or new borrowing. The Group may eventually be required to refinance certain or all of its outstanding debt, including the Bonds. As of 31 December 2023, the Group's average period of tied-up capital was 2.2 years and the average period of fixed interest was 2.6 years. The Group's ability to successfully refinance its outstanding debt obligations, including the Bonds, at maturity depend on the conditions of the capital markets and the Group's financial position at such time. The developments in the credit market, such as deterioration of the overall financial markets or a worsening of general economic conditions could adversely affect the Group's access to financing sources and financing on favorable terms, or at all. Corem deems the probability of such risks materializing to be high. If the risks would materialize, Corem considers the potential impact on the Group's liquidity and financial position to be high.

Financial obligations and guarantees

The Group is financed through bank loans as well as bonds from the capital market. As of 31 December 2023, approximately 25 per cent of the Group's interest- bearing liabilities were attributable to bond loan financing and approximately 75 per cent were attributable to bank loans. The Group's loan-to-value ratio amounted to 55 per cent and the equity ratio amounted to 34 per cent. The bank loans are secured by, inter alia, the Group's properties and shares in Corem's subsidiaries and Corem has issued guarantees for some loans. Some of the Group's credit agreements contain provisions regarding, for example, ownership of the companies being parties to such credit agreements (change of control provisions), or financial covenants such as loan to value ratio and equity ratio. If such provisions are breached by the Group, it could lead to the loans being accelerated, leading to immediate repayment or result in the creditor's enforcement of the pledged assets. Should loans be accelerated, it could also result in other loan agreements (through cross default provisions) being cancelled for immediate repayment or in the collateral being taken over by the credit institution/s concerned. If such events were to materialize there is a risk that the Group will not be able to obtain necessary financing, or that such financing could only be obtained at significantly increased costs, which in turn would have a negative impact on the Group's ability to fulfil its payment obligations and materially affect the Group's ability to continue its operations. Corem deems the probability of such risks materializing to be medium. If the risks would materialize, Corem considers the potential impact on the Groups liquidity and financial position to be high.

1.1.4 Legal and environmental risks

Holding Company risks

Corem is the parent company of the Group and the Group's operations are mainly carried out through its subsidiaries. Thus, Corem's ability to make required interest payments on its debts and funding is affected by the ability of its subsidiaries to transfer available funds to Corem. Accordingly, Corem is dependent on its subsidiaries to fulfil its obligations under the Bonds. The transfer of funds to Corem from its subsidiaries may be restricted or prohibited by legal and contractual requirements applicable to each respective subsidiary. Additionally, the Group companies are separate legal entities and have no obligations to fulfil Corem's obligations toward its creditors. If the subsidiaries do not provide dividend income, or due to other circumstances, conditions, laws or other regulations are prevented from

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providing liquidity to Corem, there is a risk that Corem will not be able to fulfil its obligations under the Bonds. Corem deems the probability of such risks materializing to be low. If the risks would materialize, Corem considers the potential impact to have a high impact on Corem's balance sheet, operating profit and future prospects.

Regulatory risks

The Group's business is regulated by and must be conducted in accordance with several laws and regulations, (inter alia the Swedish Companies Act (Sw: aktiebolagslagen (2005:551)), the General Data Protection Regulation (GDPR), the Swedish Land Code (Sw: Jordabalken 1970:994), the Swedish Environmental Code (Sw: Miljöbalken (1998:808)) and the Swedish Planning and Building Act (Sw: plan- och bygglagen (2010:900)), detailed development plans, building standards, and security regulations. This also includes national regulations, local laws and regulations applicable in foreign local markets where the Group operates, such as Denmark and the United States of America. In addition, Corem must comply with the rules and guidelines that Nasdaq impose on issuers.

There is a risk that the Group's interpretation of applicable laws and regulations is incorrect or that applicable rules change in the future. The Group may also be required to apply for various permits and registrations with municipalities and authorities in order to pursue property development. There is a risk that the Group will not be granted necessary permits or other decisions for its business activities or that such permits or decisions are appealed. The Group's operations are also affected by the tax rules in force, from time to time, in Sweden. Since these rules have historically been subject to frequent changes, further changes are expected in the future (potentially with retroactive effect). Such changes could have a significant negative impact on the Group's financial position and earnings. In the event of the abovementioned risks are materialized, it could result in increased costs and delay in planned development of properties or otherwise have negative impact on the conduct and development of its business. Corem deems the probability of such risks materializing to be low. If the risks would materialize, Corem considers the potential impact to be medium.

Environmental certification and green assets

Corem assesses that demands are increasing from both investors and customers regarding energy efficiency as well as environmental certification of both existing buildings and new projects. At end of year 2022, a total of 50 of Corem's buildings were environmentally certified or certified according to Green Building which corresponds to 20 per cent of the total lettable area in the portfolio and 24 per cent of the total property value. Energy efficient buildings correspond to 13 and 12 per cent respectively of the total lettable area and the property value. There is a risk that Corem will not be able to certify the property and project portfolio at a pace that corresponds to the demand for environmentally certified properties, which could result in impacts on letting activities and effects on vacancy rate. There is also a risk that applicable requirements for energy class levels or levels of environmental certifications will change significantly and that Corem's properties will lose certifications already obtained. There is a risk that any such event that occurs will have a negative impact on Corem's financial position. Corem deems the probability of such risks materializing to be low. If the risks would materialize, Corem considers the potential impact to be medium.

Environmental impact

Property management and property development includes environmental risks. The Swedish

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Environmental Code (Sw: Miljöbalken (1998:808)) states that everyone who has conducted a business operation that has contributed to pollution, also has a responsibility for after-treatment of the property. Local environmental regulations in areas outside Sweden might also be applicable to the holdings in the specific country. If the responsible person cannot carry out or pay for the after-treatment of a polluted property, the person who has acquired the property is liable for after-treatment provided that the buyer at the time of the acquisition knew of or should have discovered the pollution. This means that claims, under certain conditions, may be raised against the Group for soil remediation or for remediation concerning presence or suspicion of pollution in soil, water areas or ground water, in order to put the property in a condition pursuant to the Swedish Environmental Code. If any of the Group's properties prove to be contaminated, it may result in a limitation of the Group's planned use of the property, lead to significant costs for after-treatment and/or adversely affect the value of the property. Corem deems the probability of such risks materializing to be medium.

1.2 Risks related to the Bonds

1.2.1 Financial risks

Credit risk

Investors who invest in the Bonds become exposed to a credit risk in relation to Corem, including the risk of losing the value of the entire investment. The investor's right to receive payment under the Terms and Conditions is dependent on the Group's ability to fulfil its payment obligations, which in its turn is dependent on the development of the Group's business activities and its financial position. A general downturn in the Group's financial position could increase the credit risk with subsequent higher risk premium for the Bonds on the market and could negatively affect the Group's ability to refinance the Bonds at maturity, which ultimately could decrease the market price of the Bonds. Corem deems the probability of such risk materializing to be low. If the risks would materialize, Corem considers the potential impact on Corem's ability to fulfil its payment obligations to be high.

Interest rate risk

The Bonds' value depends on several factors, one of the most significant over time being the level of market interest. The interest rate of the Bonds are calculated as 3 months STIBOR plus an interest margin. Investments in the Bonds involve a risk that the market value of the Bonds may be negatively affected by increases in market interest rates, as Bonds or notes issued in a higher interest environment may yield a higher total return than the Bonds, which may make it difficult for the Bondholders to sell the Bonds at a time and a price acceptable to the Bondholder. Corem deems the probability of such risk materializing to be medium. If the risks would materialize, Corem considers the potential impact to be medium.

The determining interest rate benchmarks, such as STIBOR, has been subject to regulatory changes such as the so-called Benchmark Regulation (Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014), which were added and entered into force on 1 January 2018. The Benchmark Regulation regulates the provision of benchmarks, the contribution of input data to a benchmark and the use of benchmarks within the EU. The effects of the Benchmark Regulation cannot be fully assessed at this point in time. However, there are future risks that the Benchmark

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