The subscribed capital of the HHLA Group consists of two different classes of shares: the class A shares (for the Port Logistics subgroup) and the class S shares (for the Real Estate subgroup). Only the class A shares are listed on the stock exchange. The share classes are based on the Group structure, which was defined in preparation for the IPO and distinguishes between the Port Logistics and Real Estate subgroups. The structure follows the business model of the HHLA Group. The class S shares of the Real Estate subgroup ⎼ to which the Speicherstadt historical warehouse district as well as the fish market area belong ⎼ are not listed and are not traded on the stock exchange, as urban development aspects are also pursued in the S division (for example, the preservation of the UNESCO World Cultural Heritage status), which are only compatible with the requirements of the capital market to a limited extent. They are fully-owned by the Free and Hanseatic City of Hamburg (FHH). In the unlikely and unprecedented event of a loss in the Real Estate subgroup, this would be indirectly assumed by the Free and Hanseatic City of Hamburg (FHH) in accordance with a separate loss assumption agreement. A merger is not planned.