Note 5

Commission expenses

  2016 2015
External management fees, listed shares  -118 -115
External management fees, unlisted shares  0 0
Otger commission expenses, uncluding custodian bank fees  -14 -13
Commission expenses  -132 -128

Commission expenses do not include performance-based fees. Performancebased fees for the year amounted to SEK 13 (54) million and reduced Net income for the respective asset class. External management fees for unlisted assets are reported under Commission expenses to the extent agreements do not permit repayment prior to profit sharing in connection with future profitable divestments.