Division 14.1

[Remuneration system] Within the framework of the possibilities under civil law, OpCo will ensure that its remuneration systems do not encourage undue risk-taking, are in harmony with sustainable, long-term company objectives, and are transparent. That obligation will be satisfied if OpCo's remuneration systems meet the requirements in the Annex ‘Obligations of HSH’ to the ‘Contract on the provision of a guarantee framework’ of 2 June 2009.

An appropriate bonus can be paid (‘privatisation bonus’) following successful privatisation. The maximum amount paid may not cause the total remuneration of individuals to be in conflict with the requirements under point 14.2.