HSH Nordbank’s Nominating Committee proposes new Supervisory Board members

Body to consist of acknowledged experts for the new beginning CEO Nonnenmacher to head HSH Nordbank in the long term

Hamburg/Kiel, June 29, 2009 - The Nominating Committee of HSH Nordbank has proposed the shareholder representatives for the Supervisory Board to be newly constituted to the Bank’s annual general meeting.

In addition to the designated Chairman Hilmar Kopper, Messrs. Hans Werner Blöcker, Detlev Bremkamp, Oke Heuer, Dr. Rainer Klemmt-Nissen, Lutz Koopmann, Dr. Joachim Lemppenau, Dr. Hans Reckers, Ravi S. Sinha and Bernd Wrede were nominated. In this way it is intended to add further independent experts to the body, in addition to the direct shareholder representatives. The employee representatives have already been named by the employees.

Furthermore, the Supervisory Board of HSH Nordbank proposes that the discharge both of the Management Board and the Supervisory Board be initially postponed until the findings of the ongoing investigations into the correct fulfillment of duties by the members of the Management Board over the past financial years are available.

“This proposal is based on the desire to avoid any semblance of prejudicing the outcome of the investigation by the decision on discharge”, said outgoing Supervisory Board Chairman Dr. Wolfgang Peiner.

The Supervisory Board would particularly like to point out that postponement of the decision on discharge is in no way to be understood as an expression of a lack of confidence in the CEO. The opposite is the case. Both the former members of the Supervisory Board and the designated Supervisory Board Chairman, Hilmar Kopper, have complete confidence in Dirk Jens Nonnenmacher and would like to thank him for the work he has done in restructuring the Bank. Accordingly, they have unanimously requested Nonnenmacher to remain CEO in the long term.

“With Dirk Jens Nonnenmacher as CEO and the newly constituted body consisting of acknowledged experts, we have laid the foundations for resolute realignment and a successful future for the Bank,” said Dr. Peiner in conclusion.

The annual general meeting of HSH Nordbank is scheduled for

July 1, 2009 and the constituent meeting of the Supervisory Board for July 3, 2009.

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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