HSH Nordbank: Subordinated bond successfully placed in Europe

Subordinated bond with a volume of EUR 1.75 billion sold to institutional investors

Hamburg/Kiel, February 8, 2007 - HSH Nordbank AG has placed a subordinated bond with a volume of EUR 1.75 million among institutional investors in Europe. The bond consists of two tranches: EUR 1 billion with a floating rate and EUR 750 million with a fixed rate coupon. The issue was lead managed by Deutsche Bank, HSH Nordbank and UBS, and was more than twice oversubscribed.

“This successful placement demonstrates that institutional investors consider us to be a strong credit," said Timm Höynck, head of HSH Nordbank's Strategic Solutions division.

Both tranches have ten-year maturities with HSH Nordbank first entitled to terminate after five years. The floating rate tranche pays a quarterly coupon of 3-month Euribor plus a spread of 30 basis points. The fixed interest rate is 4.375% p.a.

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 networth 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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