Division 3.1

[Allocation of obligations under the guarantee] The contract on the provision of a guarantee framework concluded between HSH Finanzfonds AöR and HSH on 2 June 2009 will be amended as follows:

As remuneration for the receipt of the capital relief effect, OpCo will pay a 2,2 % basic premium on the part of the guarantee that has not yet been drawn.

All other obligations of HSH under the guarantee provision contract described in the authorisation decision of 20 September 2011, C 29/2009 (ex N 264/2009), i.e.

1. (a)

   2,2 % basic premium as remuneration on the drawn part of the guarantee;

2. (b)

   1,8 % basic premium as claw-back payment; and

3. (c)

   3,85 % additional premium, including the debtor warrant,

including all existing balance-sheet reserves relating thereto, will be transferred to HoldCo with effect from 1 January 2016.