HSH Nordbank Finances “The Bravern“ Project Development in Washington State, USA

Financing Volume of US Dollar 684 million About 1.6 Million Square Feet (148,700 m²) in Floor-Space for Offices, Luxury Retails, and Luxury Condos

Hamburg/Kiel, August 9, 2007 - HSH Nordbank AG will provide financing in the amount of US Dollar 684 million for the construction of a building complex in Bellevue near Seattle (Washington state, USA). The project development named “The Bravern” will include a gross lettable area of about 1.6 million square feet (about 148,700 square metres) in high-end office space as well as in retail space and condominiums belonging in the luxury segment. The project developers are two companies, Investcorp and Schnitzer West LLC, who realise the project within the framework of a joint venture.

The loan funds made available by HSH Nordbank are earmarked for the construction of the property, with the completion scheduled for early 2010. Initial preparatory work was begun as early as May 2006. With 750,000 square feet (68,900 square metres), two class A office towers make up the major part of the complex. Another 556,000 square feet (51,700 square metres) are intended for 460 luxury condominiums. The remaining 305,000 square feet (28,300 square metres) are reserved for luxury segment retail businesses, including a Neiman Marcus apparel store as anchor tenant. In addition, about 3,100 parking spaces are planned.

“We support this project development because the Seattle region is an attractive business location, and because we expect that the planned building, what with the various types of floor-space it offers, will perfectly complete the local market,” says Claudio Lagemann, Global Head of Real Estate at HSH Nordbank. The favourable demand situation is suggested, for instance, by the fact that the entire office space was let to Microsoft, but also by the fact that the supply in retail space in the region is only about half as large as the US average. Lagemann: “Moreover, because of its planned mixed usage, the project does not depend on the development of a single real estate market segment, but offers in and of itself a certain diversification effect.”

HSH Nordbank AG is a strong regional bank in Northern Europe with total assets of € 200 billion. Some 4,400 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.