Division 3.2.2 With the prior agreement of the Commission services, this excludes the calling, repurchasing and other ways of early termination of capital instruments, if:

they do not result in a permanent reduction in HGAA’s regulatory capital ratios, and

payments by HGAA to creditors in connection with the early termination (e.g. repurchase price, indemnity) do not exceed the market value of the instruments at the time of termination, if necessary plus:

• a premium of not more than 10 % of the market value, and/or

• a payment no more than the discounted cash value of the interest due on the instrument until its original maturity date.