Some studies have shown...
...that really popular torrents actually drive UP sales of the shared work because they cause it to reach an audience that wouldn't otherwise have known about it - rather like that spike in DVD sales that 'Python got when they put all their material on youtube. That being the case this wording:
(ii) knows or has reason to believe that communicating the work to the public will cause loss to the owner of the copyright, or will expose the owner of the copyright to a risk of loss.
becomes rather an interesting defence. "I don't know or have reason to believe that this will cause loss to the owner, as I chose to believe the aforementioned study that it actually does the opposite" I'm not sure what a court would make of that, but I'm sure some lawyers will enjoy finding out.