Declaration of the supervisory board

Hamburg/Kiel, July 10, 2009 - The guarantee bond of the countries is decisive for the remuneration of the management board of HSH Nordbank. Over the past days speculations have been voiced, the emoluments for the management board are not in line with this. It is definitive that this is not the case.

All existing contracts are in unison with the obligation from the guarantee bond. That means that the fixed emoluments for members of the management board will be limited to 500.000 Euro as long as the bank has no capacity for the distribution of dividends. The supervisory board will ensure this is also guaranteed for all future contracts.

In addition, of course, all variable salary and other components of payment for members of the management board and executives will henceforth be in line with the guarantee bond of the countries.

In the case of Mr. Nonnenmacher the previous presidential committee had already decided in the prior year to pay the agreed upon once-only compensatory payment. It is based on his multiple role as CEO, CRO, COO and CFO. In part the payment will be carried out as an immediate payment and in part as retirement provisions.

The supervisory board will give it top priority to complete the management board in its essential functions.

Hilmar Kopper, Chairman of the Supervisory Board

July 10, 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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