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23Appropriation of profits

The basis for the appropriation of profits is the national legislation, especially the German Commercial Code (HGB) and the Stock Corporation Act (AktG).

For financial year 2011, comdirect bank AG reported a distributable profit according to the German Commercial Code (HGB) of €79,083,656.40.

The Board of Managing Directors and the Supervisory Board of comdirect bank AG will propose to the annual general meeting a dividend payment in the amount of €79.1m, which is commensurate to €0.56 per no-par value bearer share.