HSH Nordbank and KfW IPEX-Bank sign “Railpool” Joint Venture

New rail asset manager to meet increasing need for rail assets

Hamburg/Kiel, June 13, 2008 - With the signing of a Joint-Venture, HSH Nordbank AG and KfW IPEX-Bank GmbH have prepared the ground for a new asset manager in rail transportation named Railpool GmbH, to be founded in July. Each of the banks will own half of Railpool, which is to be based in Munich. The two banks will found the company on the basis of their conviction that the privatization of European rail transportation will continue to move ahead. There will also be an increasing need for rail assets provided by private rail operators. According to estimates, Western Europe will need EUR 5.6 billion in new locomotives by 2015. During the same timeframe, a similar amount will be needed for regional rail transport.

"The aim of Railpool is to create the first one-stop shop for rail operators, setting new standards in financial services for rail transport through an asset management platform," explains Mathis Shinnick, Global Head of Transportation at HSH Nordbank. “We will not only provide our clients with financing and leasing, we will also offer them advice and services," says Shinnick.

"Founding Railpool is the logical development of our product range for financing rail cars," says Christiane Laibach, member of the KfW IPEX-Bank Executive Board. "Since privatization in Europe began, we have helped private rail operators to finance their investments. Railpool will help meet the sharp growth in demand for operating leases in an individual and targeted manner.

For this purpose, Railpool will acquire a fleet of locomotives and rail cars for regional rail transportation services and lease them to private rail operators. "Owning the rail assets allows Railpool to issue finance and capital market products on the fleet and thus further participate in the performance of the rail pool," says Shinnick. "Railpool thus combines the full value chain in banking with the value chain of a service provider in the rail industry," notes Laibach.

About HSH Nordbank AG

HSH Nordbank AG is a strong business bank in northern Europe with total assets of EUR 205 billion. With around 4,800 employees, the bank provides corporate clients and wealthy private clients around the world with a broad range of high-quality banking 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. Internationally, it focuses on transportation and real estate. The Bank covers the entire value chain in the transportation segment and is the world’s largest provider of shipping finance. In real estate, HSH Nordbank is one of the strongest banks in Germany, providing services relating to all aspects of real estate.

Additional information can be found at www.hsh-nordbank.com

About KfW IPEX-Bank GmbH

Within the KfW Bankengruppe, KfW IPEX-Bank GmbH is responsible for project and corporate financing as well as trade and export financing domestically and abroad. It combines all of the financial service activities in which the KfW Bankengruppe competes with other banks worldwide. It has been a legally independent company since January 1, 2008, and contributes significantly to the mission of KfW Bankengruppe. It has approx. 450 employees (as of May 2008) and is represented in all key economic and financial centers around the world.

Additional information can be found at www.kfw-ipex-bank.de

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.