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Hamburg/Kiel, August 21, 2003 - HSH Nordbank AG will acquire 100 percent of the shares in HKB Hypotheken- und Kommunalkredit-Bank AG (HKB), Hallbergmoos. Ownership is anticipated to pass to HSH Nordbank in September 2003. The acquisition of HKB will enable HSH Nordbank to issue covered mortgage bonds. Due to its legal status as a stock corporation, this type of funding, which had been available to its public-law predecessors, Hamburgische Landesbank and Landesbank Schleswig-Holstein, was no longer available to HSH Nordbank. HKB will be renamed HSH Nordbank Hypo AG and transfer its seat to Hamburg. HSH Nordbank AG will bolster HKB's equity base in line with the expected business volume and issue a letter of comfort.

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