HSH Nordbank files claim against UBS
Hamburg/Kiel, February 26, 2008 - HSH Nordbank confirms that it has filed its claim against UBS in respect of significant losses incurred on a US$500 million portfolio of CDOs linked to the US mortgage market which were structured and sold by UBS. The investments were sold by UBS in 2002 to Landesbank Schleswig-Holstein which subsequently merged with Hamburgische Landesbank to become HSH Nordbank AG.
The claim was filed in the Supreme Court of the state of New York, county of New York City, on Monday 25 February 2008.
About HSH Nordbank
HSH Nordbank AG is one of Germany’s major financial institutions with assets of EUR 207 Billion as of 30 September 2007. It offers clients a broad range of innovative financial solutions in all business areas, with particular expertise in transportation, logistics, infrastructure, energy and real estate finance. HSH is the largest provider of shipping finance in the world and a market leader in renewable energy finance. HSH Nordbank AG was created on June 2, 2003 from the merger of Hamburgische Landesbank with Landesbank Schleswig-Holstein (LB Kiel).
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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