DGAP-Adhoc: HSH Nordbank is not servicing silent capital

HSH Nordbank AG / Payout/Miscellaneous

25.03.2009 

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Hamburg, Kiel - March 25, 2009 - In its single-entity financial statements
for fiscal 2008 based on German GAAP (HGB) HSH Nordbank AG will still be
reporting an unappropriated profit of zero despite a loss for the year.
Profit and capital reserves are being written back for this purpose. This
decision will prevent a loss-carryforward charge for the coming years. This
is above all an important prerequisite for strengthening and realigning the
Bank.

As a balance sheet result of zero will be recorded, it is not possible to
service silent capital contributions and profit-participation certificates.
In the course of the audit begun by the EU Commission, it has linked the
approval of HSH Nordbank's strategic realignment and recapitalisation
package with the clear expectation that, contrary to its previous budget
for fiscal 2008, the Bank will not make any payouts on the
profit-participation capital and silent capital contributions. In the view
of HSH Nordbank, so that waiving the servicing of profit-participation
capital has become unavoidable in order not to jeopardise the intended
recapitalisation.

This will affect payouts for profit-participation capital and silent
capital contributions amounting to some EUR 200 million, which depend on
the
unappropriated profit. These are Sparc (XS0142391894), Resparc I
(XS0159207850), Resparc II (DE0009842542), and Sphere (XS0221141400). The
Management Board assumes that the payouts of EUR 64 million to owners of
silent capital contributions will not be permitted either.

Failure to service profit-participation and hybrid capital entails the risk
that liquidity might be withdrawn from the Bank. The Management Board has
made provisions for this and applied to the Sonderfonds
Finanzmarktstabilisierung (SoFFin). SoFFin has assured HSH Nordbank that
the full amount of the guarantee facility will be available following
presentation of the parliamentary decisions. Accordingly, the Management
Board of HSH Nordbank AG has taken this decision today.


Contact:
HSH Nordbank AG
Spokesperson
Ulrike Abratis
Tel. +49 40/33 33-11463
Fax +49 40/33 33-611463
E-Mail: ulrike.abratis@hsh-nordbank.com
www.hsh-nordbank.com

HSH Nordbank AG
Spokesperson
Rune Hoffmann
Tel. +49 40/33 33-11412
Fax +49 40/33 33-611412
E-Mail: rune.hoffmann@hsh-nordbank.com
www.hsh-nordbank.com


DGAP 25.03.2009 
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Language:     English
Issuer:       HSH Nordbank AG
              Gerhart-Hauptmann-Platz 50
              20095 Hamburg
              Deutschland
Phone:        +49 (0)40 33 33-0
Fax:          +49 (0)40 33 33-340 01
E-mail:       info@hsh-nordbank.com
Internet:     www.hsh-nordbank.com
ISIN:         DE0009842542
WKN:          984254
Listed:       Regulierter Markt in Hamburg
End of News                                     DGAP News-Service
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DGAP-Adhoc: HSH Nordbank is not servicing silent capital contributions and profit-participation certificates
