General Meeting approves capital increase

Hamburg/Kiel, July 18, 2008 - The shareholders of HSH Nordbank followed the recommendation of the Supervisory Board and unanimously approved the proposed capital increase at the Extraordinary General Meeting on July 18, 2008. The increase will improve the bank’s capital structure and strengthen the capital base for financing its future growth.

According to the EGM resolution,

all silent participations in an amount of EUR 685 million and all preference shares in an amount of EUR 57 million held by the shareholders will be converted into ordinary shares, the trusts advised by J.C. Flowers will contribute EUR 300 million in the form of a cash capital increase to protect their share against dilution, the shareholders will subscribe on a pro-rata basis a new silent participation in an amount of EUR 962 million.

The new silent participation will be converted into ordinary shares no later than December 31, 2010 or in the context of an earlier IPO.

The relative shareholdings of the public shareholders (73.39 percent) and the private investors (26.61 percent) will remain unchanged as a result of these capital measures.

HSH Nordbank AG is a strong regional bank in Northern Europe with total assets of € 204 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. HSH Nordbank is a leading financier of renewable energies worldwide, especially especially of windprojects.

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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