FREP checks HSH Nordbank’s accounting

Hamburg/Kiel, December 4, 2009 - The Financial Reporting Enforcement Panel (FREP) intends to subject the consolidated financial statements and the Group management report last approved on December 31, 2008 and the six-month financial statements as at June 30, 2009 of HSH Nordbank AG to an audit pursuant to § 342 b (2) Sentence 3 No. 2 of the German Commercial Code.

The reason for this audit is a review as to the correct inclusion of the “Omega” transaction in the balance sheet and as to the adequacy of risk reporting in the management report with respect to the transaction conducted.

HSH Nordbank welcomes this audit and has assured the FREP of its full support.

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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