Commentary & Deal Flow

Hamburg Commercial Bank AG (ticker: "HCOB") rated A3 (Stable) by Moody's, has mandated Barclays, BBVA, Danske Bank, Deutsche Bank, Jefferies and Natixis as Joint Lead Managers to arrange a series of fixed income investor calls commencing 01-Sep-26. The issuer is available for investor calls upon request.

An expected €500m WNG, Reg S Bearer, Ship Covered Bond (Ship Pfandbrief) 3yr € offering will follow, subject to market conditions.

• Issuer: Hamburg Commercial Bank AG
• Expected Issue Ratings: Aa3 (Moody's)
• Programme: €15bn Debt Issuance Programme (Base Prospectus dated 08-May-26, as supplemented)
• Governing Law: German Law
• Features: European Covered Bond Premium Label, expected to be ECB repo eligible and LCR Level 1
• Offering Restrictions: Until the publication of the Final Terms the offer will only be addressed to Qualified Investors (as defined in the Prospectus Regulation) or to investors who acquire securities for a total consideration of at least €100,000 per investor.
• Manufacturer target market (EU MiFID II product governance): is eligible counterparties, professional clients and retail clients each as defined in Directive 2014/65/EU, as amended ("MiFID II"); and (ii) all channels for distribution to eligible counterparties and professional clients are appropriate and (iii) the following channels for distribution of the Pfandbriefe to retail clients are appropriate - non-advised sales, subject to the distributor’s suitability and appropriateness obligations under MiFID II, as applicable. Any person subsequently offering, selling or recommending the Pfandbriefe (a "distributor") should take into consideration the manufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Pfandbriefe (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels, subject to the distributor’s suitability and appropriateness obligations under MiFID II, as applicable.