HSH Nordbank wins out on Airport-Financing

Main Russian Airport Sheremetyevo has chosen HSH Nordbank and the Russian Sberbank as Joint Mandated Lead Arranger

Hamburg/Kiel, October 1, 2007 - HSH Nordbank AG has been awarded a contract by the Russian Airport Sheremetyevo to finance the expansion and reconstruction of Terminal 2. The 12-year loan facility is worth a total of USD 222 million and more than 20 Russian and international banks showed high interest in the financing of this project. This order to take the role of Mandated Lead Arranger for the financing structure means that the Bank is able to further improve its position in the Russian market.

Mathis Shinnick, Global Head of Transportation for HSH Nordbank said: “We are delighted that Sheremetyevo International Airport has chosen HSH Nordbank together with Sberbank for this important financing project. As a leading finance specialist for transportation infrastructure, logistics, aviation and railway we are experienced in financing complex infrastructure investments. We have built our knowledge in this field over time, so today HSH Nordbank is a committed partner in the global logistic and infrastructure sector.”

The credit arrangement stipulates a 50-50 participation amongst HSH Nordbank and Sberbank. Financial Consultant was Jones Lang LaSalle. The security package includes assets in the airport, including a mortgage of existing Terminal 2 and the planned Terminal 2 extension.

Dmitriy Kalinin, Deputy General Director for Economics and Finance, Sheremetyevo International Airport said: “Sheremetyevo is the only airport in Russia which has attracted direct financing from international banks for several years”. Airport development plans, high yielding business and financial transparency make Sheremetyevo an attractive infrastructure investment opportunity as seen by the participants of the tender process”.

According to the Sheremetyevo International Airport development plan, the loan proceeds will be used for construction of a new left wing for existing Terminal 2. The total project budget is made up of approximately USD 300 million and its implementation will allow the airport to increase the capacity of Terminal 2 and expand the airport’s commercial areas. Furthermore, it will also finance a connection of Terminal 2 and Terminal 3, with a new railway station from Sheremetyevo to Moscow.

HSH Nordbank AG is a strong regional bank in Northern Europe with total assets of € 205 billion. Some 4,600 of the bank’s employees provide corporate and high net-worth clients around the globe with premium bank products and services. In its core region of Hamburg and Schleswig-Holstein, it is the market leader in the corporate customer segment. HSH Nordbank is an acknowledged partner of the capital markets and international sector specialist. Its main focus is on transportation and real estate. In fact, HSH Nordbank is the world’s largest provider of ship finance and covers the entire value chain in the transportation segment. In the area of real estate, HSH Nordbank is one of the strongest banks in Germany, acting as a provider of services relating to all aspects of real estate. For more information please visit our website at www.hsh-nordbank.com.

International Airport Sheremetyevo is Russia’s largest airport in terms of number of serviced aircraft. The airport takes 60% of the total Russian market of international passenger traffic. The airport is the Russia hub of SkyTeam, the international carrier alliance. More than 100 Russian and international airlines use the airport. Large scale modernization is taking place due to full utilization of airport premise. Capacity is being increased, new passenger terminals are being delivered, and a rail link to Moscow will be built. According to international accounting standards, OJSC “MASH“ revenues were 20.8 billion rubles in 2006, an 18% increase over last year. The company’s operating profit reached 781.2 million rubles. Net profit hit 513 million rubles. The company’s equity was 11.1 billion rubles on December 31, 2006.

The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.

This press information can contain forward-looking statements. These statements are based on our beliefs and assumptions, on information currently available to us which we consider reliable. Forward-looking statements include all statements which are not historical facts, including information concerning future growth prospects and future economic developments.

Such forward-looking statements are based on assumptions relating to future events and are subject to uncertainties, risks and other factors, a large number we cannot influence. Thus actual events can differ considerably from the forward-looking statements made. We make no warranty for the correctness or completeness of these statements or the actual occurrence of the statements made. Furthermore, we assume no obligation for updating the forward-looking statements after this information has been published.