DGAP-Adhoc: HSH Nordbank AG: Silent Participations and Profit Participation Capital

HSH Nordbank AG  / Key word(s): Payout/Preliminary Results

02.03.2011 11:06

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Ad-hoc announcement
German GAAP accounts for HSH Nordbank report smaller than expected loss
No distributions based on 2010 results - Loss participation likely another
4 Percent

Hamburg/Kiel - 2 March, 2011 - In fiscal 2010 HSH Nordbank group generated
earnings before restructuring of EUR 545 million according to IFRS after
posting a loss before restructuring of EUR 718 million in 2009.
Furthermore, for the first time since 2007 the group again recorded
consolidated net income of EUR 48 million for a full financial year - in
spite of expenditure on public sector guarantees totalling EUR 519 million.
The previous year saw a shortfall of EUR 743 million.

The 2010 financial statements for the single entity HSH Nordbank AG
according to HGB (German GAAP) accounting report a balance sheet loss/ net
loss for 2010. According to EU regulations and the terms and conditions of
the respective issuance prospectus no coupon payments for the fiscal year
2010 will be made on silent participations and profit participation
capital. Moreover, these hybrid instruments will participate in the balance
sheet loss/ net loss.  The book value of the silent participations and
profit participation capital will be further reduced by ca. 4 percent to
around 79 percent. The exact amount of loss participation will be finally
announced on our website www.hsh-nordbank.com following the adoption of the
financial statements by the Supervisory Board on 31 March, 2011.

In addition to the privately placed silent participations and profit
participation capital the following publicly placed instruments based on
silent participations of HSH Nordbank AG are affected:

RESPARCS Funding II Limited Partnership Securities  7.5% EUR 500mn   
(ISIN DE0009842542) Affected coupon date: 30 June 2011

RESPARCS Funding Limited Partnership I Securities   8.0% USD 300mn    
(ISIN XS0159207850) Affected coupon dates: 30 June 2011/ 30 September 2011/
30 December 2011/ 30 March 2012

HSH Nordbank Sparc Securities    7.4075% EUR 500mn     (ISIN XS0142391894)
Affected coupon date: 30 June 2011

HSH Nordbank Sphere Securities    7.25% USD 500mn     (ISIN XS0221141400)
Affected coupon dates: 30 September 2011/ 30 December 2011/ 30 March 2012/
30 June 2012

Contact:
HSH Nordbank AG
Günter Femers
Investor Relations
Tel. +49 431 900 14601
Fax + 49 431 900 614601
E-Mail: guenter.femers@hsh-nordbank.com
www.hsh-nordbank.de


02.03.2011 DGAP's Distribution Services include Regulatory Announcements, 
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Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      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 Frankfurt (General Standard), Hamburg
 
End of Announcement                             DGAP News-Service
 
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