HSH Nordbank successfully issues its first public-sector jumbo Pfandbrief / EUR 1 billion subscribed by institutional investors

Hamburg/Kiel, February 12, 2007 - HSH Nordbank AG has successfully placed its first public-sector jumbo Pfandbrief with a face value of one billion euros among institutional investors. The Pfandbrief has a two-year term, maturing on February 19, 2009, and comes with a 4% coupon. The issue price stands at 99.791%, with the re-offer yield set at 4.11%. The spread is 8.5 of a basis point below the mid-swap rate and 17.5 basis points above the 3.75% German government bonds maturing in January 2009.

Moody’s has given the Pfandbrief an AAA rating. HSH Nordbank as well as the banks ABN Amro, Deutsche Bank, Dresdner Kleinwort, DZ Bank, JP Morgan, Unicredit Group (HVB) and WestLB lead managed the issue.

“We took the opportunity with this issue to benefit from the favorable market and the strong demand for short-term maturities,” said Dr. Carl Heinz Daube, head of HSH Nordbank’s Funding / Pfandbrief and Cover-Pool Management unit. This transaction is part of the HSH Nordbank’s comprehensive funding strategy aimed at positioning itself on the capital markets and simultaneously supporting pursuit of its strategic banking targets.

HSH Nordbank AG is a strong regional bank in Northern Europe with total assets of € 190 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.

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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