Division 33 [Further reduction of risk positions] In order to repay the entire silent participation of the Land of Bavaria by 2017, BayernLB undertakes to reduce its risk positions by a further EUR 10 billion by 2017, broken down by business segments as follows, a divergence of a maximum of [10-15] % per segment being disregarded as long as a total reduction of EUR 10 billion is achieved:

• corporates, small and medium-sized businesses and private customers: […] %;

• real estate, savings banks and associated firms: […] %

• markets: […] %

• restructuring unit: […] %

If these measures result in any further reduction of business, it will not be counted towards the reduction in the balance sheet pursuant to point 4. If the abovementioned reduction in risk positions should lead to the loss of revenue, the bank will offset this loss by reducing costs as appropriate.

At the beginning of the business year […], the bank undertakes to conduct a ‘mid-term review’ of the implementation of this commitment, based on the reports of the monitoring trustee. If on the occasion of the mid-term review the Commission determines that BayernLB is likely to miss the target reduction of risk positions by the end of the business year 2017, BayernLB will have to notify this change afresh, unless it is due to new regulatory or macroeconomic developments.