HSV – of major significance to business in the North, Recommendation: make greater use of potential

Hamburg/Kiel, May 8, 2008 - The significance of the HSV football (soccer) club for the City of Hamburg in terms of regional business goes far beyond the classical dimensions of a sports club. This is shown in the new study by HSH Nordbank entitled “Wirtschaftsfaktor Fußball” (“Football as an economic factor”), which was drawn up jointly with the Hamburgisches WeltWirtschaftsInstitut (HWWI).

The study analyses the economic dimensions of football and illustrates future trends. According to the study, new calculations show that HSV generates direct and indirect income and employment effects in the region of € 84 million per annum (corresponding to some 740 full-time employees). This gives HSV the status of a major company, making it one of the 100 biggest employers in the city (including indirect employment benefits).

In the European Union less than 1% of business entities are classified as major companies. Furthermore, HSV enhances the awareness level of the City of Hamburg and impacts significantly on the image of the Hanseatic city as perceived by the public. Moreover, HSV is an important factor favouring Hamburg as a location for companies in the leisure industry, which increases the attractiveness of the city.

Overall, HSV can boast excellent economic fundamentals. In particular, the regional business setting and socio-demographic situation in Hamburg offer major potential for HSV. As far as the regional business setting, which is based on regional GDP, is concerned, HSV is in a much more favorable position than SV Werder Bremen and is similarly well placed to FC Bayern München.

Potential fans can be found beyond Hanover to the South and as far as the Danish border to the North. Over and above this, HSV has major socio-demographic potential, which has only partially been made use of to date. Sporting success is the key factor in exploiting this potential. Apart from national titles, above all participation in international competitions count here as these guarantee attention beyond the region of Hamburg and make it possible to develop new sources of finance. If HSV succeeds here, the club has ideal prerequisites and location conditions for a great commercial and sporting future.

HSH Nordbank AG is a strong regional bank in Northern Europe with total assets of € 205 billion. Some 4,800 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.

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.