Division (ii) Economically sustainable conditions for reprivatisation exist if the proceeds of the reprivatisation represent:

1. (a)

   up to 31 December 2013, not less than [80–100] %; or

2. (b)

   up to 31 December 2014, not less than [80–100] %

of the sum of all payments, amounting to a maximum of EUR 10,23 billion, which the Sonderfonds Finanzmarktstabilisierung (‘SoFFin’) has paid or has yet to pay in accordance with the decision of the European Commission:

1. (a)

   to third parties for the purchase of shares in HRE; and

2. (b)

   to HRE in the context of carrying out recapitalisation measures.

If reprivatisation has not taken place by 31 December 2014, it will be effected by 31 December 2015 irrespective of the proceeds achievable. If reprivatisation has not taken place by 31 December 2015, a Divestiture Trustee will be appointed with the remit of completing reprivatisation irrespective of the proceeds achievable. The appointment, duties, responsibilities and discharge of the Divestiture Trustee must follow the procedures set out in the ‘Trustees’ annex.