Real Estate Clients. For more information on HSH Nordbank Hypo s business, please refer to pages 58 and 59.

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1 31 Real Estate Clients HSH Nordbank is one of the most sought-after providers of finance on the German real estate market. Backed by our extensive specialist skills in financial services for all aspects of real estate we are the prime choice in this area of business for many of our clients. Our balanced portfolio of residential and commercial real estate inside and outside Germany has a volume of some EUR 21 billion. Last year, the Bank completed a securitization transaction, successfully placing credit risks of some USD 1 billion on the capital market. By pooling key real estate operations under the roof of HSH N Real Estate AG, the segment has received a structure enabling it to meet future challenges. Selective growth in lucrative markets. In Germany, we focus on commercial and residential real estate in northern Germany and Berlin as well as in the major cities of western Germany. In fact, we enjoy a leading market position in northern Germany. At the same time, we are selectively widening our already extensive international business, with our foreign branches and offices ensuring market and client proximity. Our operations are targeted at commercial properties in top locations in North American and European cities. In Europe, we focus primarily in the United Kingdom, Scandinavia and the Netherlands. By opening an office in Paris at the beginning of March 2005, we have optimized the quality of the services we provide to our French clients and simultaneously reinforced our position in an attractive market. Paris is the second largest European real estate market after London and of major importance for the global real estate sector. Our objective is to be the first port of call for our clients in all matters relating to real estate. For this purpose, we pursue an integrated business approach that involves offering our clients not only conventional finance but also tailored products derived from real estate investment banking. One highlight last year was the integration into the Group of HSH Nordbank Hypo AG, which had been created from an existing mortgage bank. The principal task of this wholly owned subsidiary is to fund HSH Nordbank s long-term real estate lending business. For this purpose, tranches of first mortgage loans provided by HSH Nordbank are transferred to HSH Nordbank Hypo AG, which funds them by issuing covered mortgage bonds or Pfandbriefe. 2) 2) For more information on HSH Nordbank Hypo s business, please refer to pages 58 and 59.

2 Business Segments 32 Persistently difficult situation in the German real estate market was characterized by difficult overall conditions in the German real estate market. An imbalance on office markets led to an increase in vacancies and pressure on the level of rental charges. In the second half of the year, demand at conventional office locations recovered, although this was primarily fueled by substitution activity on the part of lessees seeking to make use of what for them was the favorable rental situation. In absolute terms, however, there was no sign of any increase in demand. In terms of rents and purchase prices, the German housing market remained relatively robust in In this connection, there was brisk interest from international investors in large housing portfolios in Germany, a trend we expect to continue in around USD 1 billion. Relations with clients are not affected by the transaction because the risks were securitized in the form of credit derivates. In this way, the Bank is able to gain added scope for engaging in lucrative new lending business. 3) HSH Nordbank s overall real estate portfolio was valued at roughly EUR 21.2 billion at the end of Of this, activity outside Germany accounted for around EUR 5.6 billion or 26%. In particular, our client groups include investors in commercial and residential properties, real estate corporates, project developers and residential property companies. Against the backdrop of persistently difficult underlying conditions, we recorded new business worth around EUR 4.2 billion, with the proportion of international finance coming to some 34%. In European cities such as Paris and London, purchase prices and rental charges remained at a stable, albeit high level in Demand from institutional investors in particular in these markets was unabated, resulting in an increase in the cost of buying premium-quality properties in top locations. Portfolio by Customer Segment in %, 12/31/ Active portfolio management. With the increasing internationalization of our business, we have diversified our portfolio. As a result, we are able to cushion the effects of cyclical fluctuation in our real estate business in individual regions. By extending our product range aided by numerous different client groups in Germany and abroad, we are also in a position to achieve a broad-based portfolio Residential property companies (domestic) 12 Residential property investors (domestic) 20 Commercial property investors (domestic) 28 Real estate corporations (domestic) 8 Other investors (domestic) 6 International investors 26 As part of its active portfolio management, the Bank was successful in placing in the capital market loan risks arising from U.S. commercial properties in the PURE MORTGAGES 2004 securitization transaction valued at 3) You will find further details on this transaction on page 52.

3 33 Portfolio by Property Type in %, 12/31/2004 Portfolio by Region in %, 12/31/ Residential (domestic) 33 Commercial (domestic) 41 Residential (international) 3 Commercial (international) 23 Germany 74 UK 5 Denmark 3 Sweden 2 USA 11 Other 5 In order to supplement our comprehensive range of real estate services, all the operations in this area outside the Bank have been pooled under the roof of HSH N Real Estate AG, giving the real estate segment the following innovative structure: Structure of Business Area Real Estate HSH Nordbank Group Global Head Real Estate HSH Nordbank AG Real Estate Competence Center Foreign branches and offices HSH N Real Estate AG HSH Nordbank Hypo AG Investors in residential properties Residential property companies Investors in commercial properties London New York Amsterdam Copenhagen Equity investments Project development Real estateinvestmentbanking Stockholm Warsaw Fund business Portfoliomanagement International Investors Paris (as of March 2005) Services

4 Business Segments 34 The new holding company comprises project development, fund business, equity investments in real estate companies and real estate services. At the same time, HSH N Real Estate AG is responsible for the central management and coordination of these activities and, to this end, is able to rely on the extensive skills and many years of market experience of its subsidiaries. In addition to this, it will be substantially extending its range of services. Looking forward, it will be increasingly providing consulting services and, via a newly established unit, engaging in property and asset management. Highly promising project developments. HSH N Real Estate AG also operates as an investor acquiring selective equity interests in real estate project developments with entrepreneurial involvement. In keeping with this, HSH N Immobilien Holding GmbH, which was previously responsible for such interests within the HSH Nordbank Group, has now been transferred to HSH N Real Estate AG. Generally speaking, projects are carried out in joint ventures with partners. These projects involve conventional commercial properties for office or retail use as well as the development of residential quarters and estates. In the year under review, operations were expanded to correspond to the market situation. At the moment, the Bank has eight equity commitments with a total project volume of EUR 1.1 billion. The largest single project remains the EUROPA-Passage in Hamburg, a shopping mall with office space situated in a top location in the Hamburg central business district, which is being carried out in collaboration with the ALLIANZ Group via a joint project company ALIDA Grundstücksgesellschaft mbh & Co. KG. Completion and opening is scheduled for the end of A further shopping center, Königsbau-Passagen is currently under construction in the central business district of Stuttgart. Our latest project is known as the Atlantic-Haus and is located on the premises of the former Bavaria- St. Pauli-Brauerei brewery in Hamburg. This entails the construction of a modern office block particularly targeted at companies in the advertising and communications sector. Via its subsidiary HSH N Immobilien Development GmbH, HSH N Real Estate AG offers other Group members as well as external clients real estate project development services such as project management and controlling services as well as concept checks and risk and potential analyses. Positive performance of real estate fund business. Overall, the volume of closed-end retail funds managed by HGA Capital Grundbesitz und Anlage GmbH continued to grow in At the same time, four new funds with properties in Germany, Poland, the Czech Republic and the United States were set up. The HGA Frankfurt and HGA Österreich I funds launched in 2003 as well as HGA Mitteleuropa II fund comprising a shopping mall in Brno (Czech Republic) and HGA Stuttgart comprising a logistics center at Stuttgart Airport, both of which were set up in 2004, were placed in full in the year under review. In addition, the HGA USA III fund was placed. All told, equity of around EUR 131 million was placed in 2004, well in excess of the previous year. In addition, the favorable market situation in New York was used to successfully sell a property that had originally been intended for a fund. HGA Management Investor und Anlage GmbH manages a fund and property portfolio worth around EUR 1.1 billion. It, too, reported an encouraging uptrend in business. The performance of the special-purpose fund business pursued by LB Immo Invest GmbH, a joint venture of HSH N Real Estate AG with Landesbank

5 35 Hessen-Thüringen and BayernLB, was a positive one as well. In 2004, the company initiated a further three special-purpose real estate funds, bringing to five the total number of funds managed by the company. In its second full year of operations, it increased the volume of real estate assets to a year-end figure of EUR 359 million. Equity investments in real estate including real estate equity funds. Equity investments in real estate companies and equity funds are pooled in this unit. GEHAG GmbH, in which HSH N Real Estate AG has an equity interest, is a leading, formerly municipal housing company based in Berlin. It was the first to be fully privatized and has performed well over the past few years. The company manages approx. 25,000 dwellings, of which it owns 18,000. In addition to conventional facility management, its main activities include the development of core portfolios and the sale of residential estates and individual dwellings. In 2004, GEHAG GmbH continued to work on improving its operations and optimizing its portfolio. At the same time, it placed a significant part of its finance volume in the hands of a banking syndicate under the lead management of HSH Nordbank AG. GEHAG GmbH, which has a staff of around 700, generated total revenues of EUR 224 million in the past 2004 financial year. The investment house Oaktree Capital Management will purchase 85% of the shares in GEHAG GmbH from HSH N Real Estate AG. The transaction, which will be carried out in several stages, is still subject to the condition precedent that the cartel authorities and the state of Berlin give their approval. A further key equity interest is the DGAG Group, which is held by HSH N Real Estate AG via Galena GmbH. Following the complete privatization of LEG Schleswig-Holstein, the operating companies and principal real estate operations of B&L Immobilien AG were transferred to LEG. LEG has since been renamed DGAG Deutsche Grundvermögen Aktiengesellschaft. It develops, buys and sells, manages and administers residential and commercial properties. Its own and externally managed portfolio of shopping-center real estate comprises total retail floor space for rent of some 143,000 square meters and commercial floor space of around 297,000 square meters throughout Germany. In addition to its own residential portfolio of more than 19,400 rental apartments, the company manages some 3,300 rental units on behalf of third parties. After successfully completing the operational pooling of business activities in 2004, the company is now planning to strengthen and extend its position in the German real estate market in 2005, particularly in the shopping and residential properties area. Since the end of 2002, HSH Nordbank AG has held stakes in two U.S. real estate mezzanine funds and a Canadian real estate fund via its wholly owned subsidiary TEUKROS GmbH, which was transferred to HSH N Real Estate AG in December. The value of total committed equity stood at roughly EUR 36.4 million at year-end. Of this, a sum of around EUR 9.6 million had already been drawn down. The fund largely invests in real estate finance deals as well as project developments for offices and commercial floor space. In addition to generating attractive returns on the investments, the purpose is to build up a network and to generate additional profit from follow-up business.

6 Business Segments 36 Real estate services. This division offers our clients comprehensive consulting services relating to all aspects of real estate via specialist subsidiaries. In this connection, HSH N Projektmanagement und Consult GmbH concentrates on distribution and project management services, while comprehensive real estate advice and services encompassing the analysis and structuring and advice on optimizing real estate portfolios are handled by HSH N Real Estate Consulting GmbH. HSH N Immobilienmanagement GmbH was established in 2004 to extend the range of asset management services for real estate. We plan to further extend our real estate services in Outlook for A fundamental recovery in the German real estate market is unlikely in By concentrating on high-quality business and intensifying our efforts to sell products from HSH Nordbank s broad range, we want to further strengthen our position inside and outside Germany. To this end, we will continue on our course of evolving from a straight lender into a provider of complex real estate-related products against the backdrop of the reorganization that has now been completed.

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