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The changes in comdirect bank’s compensation system in 2011, carried out in line with the requirements of the executive compensation regulation for banks (InstitutsVergV), were followed in the reporting year by implementation of the new system at ebase.

The overriding aim of the compensation policy is to contribute to the development of the company on a sustainable and permanent basis, while at the same time meeting the interests of the bank, its employees and its shareholders. Here we set positive performance incentives through appropriate variable compensation components. In accordance with Article 7 of the executive compensation regulation for banks (InstitutsVergV), comdirect and ebase disclose information on the compensation system for employees in the annual compensation report on their respective websites. The report is published in the second half of the year. The examination of our compensation systems for compliance with regulatory requirements carried out by auditors PricewaterhouseCoopers in 2012 did not give rise to any objections.

The Long Term Incentive Programme (LTIP), in place since 2005, was granted for the last time in 2010. As a result, in the event of a positive performance, only the tranche issued in 2010 will fall due for payment. At year-end 2012, a total of 67 (previous year: 75) employees had entitlements under this tranche.