Fitch reaffirms HSH Nordbank's investment grade rating

Hamburg/Kiel, January 31, 2013 - Today the Fitch rating agency reaffirmed HSH Nordbank's long-term rating of "A-" with a stable outlook and the short-term "F1" rating.

In doing so Fitch - like Moody's rating agency before them - has left the most important credit rating for the Bank in the long-term and short-term segments unchanged at the investment grade, which is the highest rating category. The reasons given by Fitch were the Bank's considerable importance for the economy in Hamburg and Schleswig-Holstein as well as its continued close links to the savings banks and their federal state shareholders, who have assured HSH Nordbank of their support.

Fitch has lowered the rating excluding shareholder support, the so-called viability rating, by one notch from "b+" to "b" and is retaining the "Rating Watch Negative" status. The reasons given by Fitch are the aggravated situation in international shipping with the concomitant recent increase in the risk potential for the Bank. The rating agency is also focussing attention on the default guarantee granted in 2009, which Hamburg and Schleswig-Holstein last year undertook to increase.

"The reaffirmation of our investment grade rating supports the further establishment of our business model. Parallel to this we are stepping up implementation of the measures already identified to strengthen our capital ratios," said Constantin von Oesterreich, Chief Executive Officer of HSH Nordbank.

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.