• Constantin von Oesterreich to become Chief Executive Officer

• Stefan Ermisch to be new Chief Financial Officer

Hamburg/Kiel, October 24, 2012 - Today the Supervisory Board of HSH Nordbank has strengthened the HSH Nordbank Management Board by making two new key appointments. In doing so the Supervisory Board is setting a signal for stability and continuity in the Bank’s management. Firstly, as announced, Constantin von Oesterreich (59) has been appointed Chief Executive Officer of the Bank. Secondly, Stefan Ermisch (46) is to assume the position of Chief Financial Officer on 1 December 2012.

Constantin von Oesterreich is currently HSH Nordbank’s Chief Financial Officer and will formally take up his new position as the Bank’s Chief Executive Officer on 1 November, following Dr. Paul Lerbinger, who is to leave the Bank at the end of October. Mr. von Oesterreich joined the Bank as Chief Risk Officer in November 2009. He was appointed Chief Financial Officer in November 2011 while remaining the Bank’s Chief Risk Officer on a temporary basis until May 2012.

Before moving to HSH Nordbank Mr. von Oesterreich had worked for Deutsche Bank since 1973. From 1987 he worked in the Frankfurt-based bank’s risk management unit, where he held various executive positions in Frankfurt, London and Singapore.

“Mr. von Oesterreich is a recognised expert in the areas of finance and risk. As such, in his previous positions at HSH Nordbank he has already made key contributions to the restructuring and successful realignment as a bank for entrepreneurs. He knows HSH Nordbank better than almost anyone else and is the ideal person to move the Bank’s strategy forward as Chief Executive Officer,” said the Chairman of the HSH Nordbank Supervisory Board, Hilmar Kopper.

Stefan Ermisch will take over from Constantin von Oesterreich as Chief Financial Officer on 1 December. Until then the department will continue to be run by Mr. von Oesterreich on a temporary basis.

Stefan Ermisch last worked for Bayern LB until 2011, where, among other positions, he was Chief Financial Officer, Chief Operating Officer, Deputy Chief Executive Officer – responsible for developing corporate strategy and in particular for implementing the restructuring programme – as well as on occasion acting as Chief Executive Officer on a temporary basis.

Prior to joining Bayern LB Mr. Ermisch was a member of the Management Board of HypoVereinsbank AG, where among other things he built up the global Markets and Investment Banking division. Up to 2006 he was Chief Financial Officer at Bank Austria Creditanstalt AG in Vienna, where he developed the bank’s corporate and growth strategy. Prior to this Mr. Ermisch, a graduate in business administration, held other executive positions in the HVB Group and West LB.

“In Stefan Ermisch HSH Nordbank has gained a strong leadership figure with many years of Management Board experience. He is not only a recognised financial expert, but also has wide-ranging knowledge of the capital market and very good contacts in the savings bank sector. We would also like to wish Mr. Ermisch every success in his work at HSH Nordbank AG,” said Hilmar Kopper.

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.

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