Division 4.1

[Sale of assets] HSH may sell assets of up to EUR 8,2 billion Exposure at Default (EAD) and settle the losses arising with HSH Finanzfonds AöR in accordance with the conditions in the existing guarantee agreement, of which up to EUR 6,2 billion EAD to the Länder. The bank intends to initially transfer in 2016 a portfolio of EUR 5 billion EAD to the Länder. The sale will take place at market value. This will not affect HSH's right to continue to sell assets on the market and settle in accordance with the conditions in the existing guarantee agreement.