HSH Nordbank Finances New Spiegel Verlag head office

New Landmark Building in Hamburg’s New Waterfront District, HafenCity Financing Volume of Euro 83.5 Million Long-Term Lease with Spiegel Verlag Publishers

Hamburg/Kiel, March 7, 2008 - HSH Nordbank AG has underwritten financing in a total volume of Euro 83.5 million toward the purchase and development of a plot located at “Ericusspitze” in Hamburg’s new waterfront district, HafenCity. The development involves the construction of an office building with a floor space of about 30,000 square metres in one part of this area of about 6,400 square metres, located south of Dalmannkai. The building’s completion is scheduled for 2010.

The project, having a total volume of Euro 105 million, is being realised by Robert Vogel GmbH & Co. KG, the company that will add the building long-term to its own portfolio. The building is already let to the well reputated Spiegel Verlag publishing house, and the future tenant was integrated in the planning process form the very start. The lease over a 15-year term was signed as early as summer of 2007.

The new construction for Spiegel Verlag will be the first and only building of this size category that meets the “Gold” rating awarded by the Gesellschaft für ökologische Bautechnik in Berlin, a company dedicated to promoting environmentally sound construction technology. The building will have triple glazing and will use geo-thermal effects to generate the main part of the energy required for cooling.

“Over the next two-and-a-half years, a new landmark building will come into being on this plot at Ericusspitze that will accentuate the skyline of Hamburg and particularly of HafenCity in a special way,” says Peter Axmann, Deputy Head of the Real Estate at HSH Nordbank AG. “In our opinion, the long-term lease with one of Hamburg’s most prominent publishing houses, even internationally speaking, and the generally lively demand for modern office space at HafenCity, are key aspects that endorse the project and its commercial success. Add to this that the project developer and owner is a renowned company with long-term experience on Hamburg’s real estate market.”

HSH Nordbank AG is a strong regional bank in Northern Europe. Its total balance amounts to € 206 billion. Some 4,700 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 us 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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