Division 3.2

[Matching clause] The transfer of the obligations under the guarantee to HoldCo has no effect on the total guarantee liabilities to be paid under the authorisation decision of 20 September 2011, C 29/2009 (ex N 264/2009).

1. (a)

   The rules in the guarantee provision contract of 2 June 2009 remain unchanged after the implementation of the Commission's conditions in the authorisation decision, subject to the changes resulting from the allocation of the premium obligations under point 3.1.

2. (b)

   The minimum common equity ratio of 10 % relevant to the debtor warrant will be calculated until the sale using the capitalisation of the whole group and, in the event of a successful sale, using the capitalisation of HoldCo. Should the sale procedure not be concluded successfully, the relevant ratio will continue to be calculated using the level of capitalisation of the whole group.

3. (c)

   In the event of the sale of shares in OpCo, the amount of the additional premium of 3,85 % taken over by HoldCo may, at the initiative of the public-sector owners, be reduced proportionally to their direct and indirect shareholding.