Press information

18.08.2010

HCI Capital AG - Successful financial reorganisation

• Release from contingent liabilities for guarantees and placement guarantees completed
• Consolidated net result for the first half-year 2010 increases by EUR 46 million to EUR 9.9 million
• Consolidated equity at EUR 51 million following non-cash capital increase, equity ratio at 45 %
• Equity capital of EUR 85 million invested in HCI funds (previous year: EUR 73 million)
• Financial reorganisation enables HCI to achieve sustainable strengthening of capital base and long-term stability

Hamburg, 18 August 2010 – HCI Capital AG, one of the leading issuing houses for closed-end funds, has taken a crucial step towards sustainably strengthening the Group. As part of the implementation of the restructuring agreement concluded with the banks in February this year, all of the Company's major guarantees and placement guarantees to banks – totalling some EUR 1.6 billion – have been cancelled. In addition to this, the HCI Group succeeded in building on the good developments seen in Q1 2010 and finished the first six months of the year with a clearly positive consolidated net result of EUR 9.9 million (previous year: EUR -36.1 million).

The HCI Group concluded a restructuring agreement with its creditor banks back on 11 February 2010. This established a moratorium covering all the major guarantees and placement guarantees to these banks – totalling some EUR 1.6 billion – until 30 September 2013. The release from contingent liabilities that has now been achieved has cancelled these guarantees in full. With this move, the HCI Group has reached a crucial milestone in the Company's financial reorganisation that provides its funds business with a solid and reliable foundation for the long term. In addition to this, on 10 August 2010 two of HCI's creditor banks decided to convert loan receivables payable by the HCI Group into equity. This corporate action brings about an increase in the Group's equity to approximately EUR 51 million based on the figures as of 30 June 2010. The capital increase takes the equity ratio to around 45 %.

"The HCI Group has systematically implemented a complete financial reorganisation and thereby successfully adapted to the changed market conditions," says Dr. Ralf Friedrichs, Chairman of the Management Board of HCI Capital AG. "This means that HCI is now on a sound footing and in the ideal competitive position to capitalise on the opportunities presented by the recovering market."

Positive H1 result – positive full-year result expected for 2010

On balance, the financial reorganisation measures greatly benefit the HCI Group's earnings performance. A one-off profit in the course of the equity conversion substantially overcom-pensated for the costs of the release from contingent liabilities. This generated a consolidated net result after tax of EUR 9.9 million for the first half – EUR 46.0 million higher than the previous year's figure (EUR -36.1 million).

In the operating business, earnings from new business, stable revenues from After-Sales Services and consistent cost savings also had a positive effect on the result. Despite one-off other operating expenses totalling EUR 2.7 million in connection with the release from con-tingent liabilities, earnings before interest and taxes (EBIT) came in at EUR -2.6 million – a significant increase of EUR 8.1 million compared to the previous year (EUR -10.7 million).

Investors invested some EUR 85.1 million into HCI funds in the first half of 2010 (previous year: EUR 73.1 million). With invested equity capital of EUR around 46 million in new busi-ness, the Ship area remained HCI's mainstay. In addition to the original placement of equity capital in new closed-end funds, the HCI Group achieved considerable success in develop-ing and implementing concepts to secure existing ship funds in the first half of 2010. During this period, HCI fund investors reinvested a total of approximately EUR 33.4 million, thus securing their funds' future market opportunities. The HCI Group anticipates a further im-provement in new business in the second half of the year and expects to report a positive consolidated net result after tax for the full year 2010.

About HCI:
Established in 1985, the HCI Group creates closed-end funds and investments with a capital guarantee in the areas of Transport and Logistics, Energy and Commodities, Real Estate and Secondary Life Insurance. Since it was established, the HCI Group has realised a total investment volume of some EUR 15 billion with equity capital of approximately EUR 6 billion invested in 514 issues (as of 30.06.2010). HCI currently has around 122,900 clients, making it one of Germany's leading issuing houses. HCI Capital AG has been listed on the stock exchange since October 2005.

Contacts:
Dr. Olaf Streuer
HCI Capital AG
Head of Corporate Communications
Tel.: +49 40 88 88 1 1100
olaf.streuer@hci-capital.de

Christina Hoke
HCI Capital AG
Press and Public Relations
Tel.: +49 40 88 88 1 1102
christina.hoke@hci-capital.de

18.08.2010

HCI Capital AG - Successful financial reorganisation

• Release from contingent liabilities for guarantees and placement guarantees completed
• Consolidated net result for the first half-year 2010 increases by EUR 46 million to EUR 9.9 million
• Consolidated equity at EUR 51 million following non-cash capital increase, equity ratio at 45 %
• Equity capital of EUR 85 million invested in HCI funds (previous year: EUR 73 million)
• Financial reorganisation enables HCI to achieve sustainable strengthening of capital base and long-term stability

Hamburg, 18 August 2010 – HCI Capital AG, one of the leading issuing houses for closed-end funds, has taken a crucial step towards sustainably strengthening the Group. As part of the implementation of the restructuring agreement concluded with the banks in February this year, all of the Company's major guarantees and placement guarantees to banks – totalling some EUR 1.6 billion – have been cancelled. In addition to this, the HCI Group succeeded in building on the good developments seen in Q1 2010 and finished the first six months of the year with a clearly positive consolidated net result of EUR 9.9 million (previous year: EUR -36.1 million).

The HCI Group concluded a restructuring agreement with its creditor banks back on 11 February 2010. This established a moratorium covering all the major guarantees and placement guarantees to these banks – totalling some EUR 1.6 billion – until 30 September 2013. The release from contingent liabilities that has now been achieved has cancelled these guarantees in full. With this move, the HCI Group has reached a crucial milestone in the Company's financial reorganisation that provides its funds business with a solid and reliable foundation for the long term. In addition to this, on 10 August 2010 two of HCI's creditor banks decided to convert loan receivables payable by the HCI Group into equity. This corporate action brings about an increase in the Group's equity to approximately EUR 51 million based on the figures as of 30 June 2010. The capital increase takes the equity ratio to around 45 %.

"The HCI Group has systematically implemented a complete financial reorganisation and thereby successfully adapted to the changed market conditions," says Dr. Ralf Friedrichs, Chairman of the Management Board of HCI Capital AG. "This means that HCI is now on a sound footing and in the ideal competitive position to capitalise on the opportunities presented by the recovering market."

Positive H1 result – positive full-year result expected for 2010

On balance, the financial reorganisation measures greatly benefit the HCI Group's earnings performance. A one-off profit in the course of the equity conversion substantially overcom-pensated for the costs of the release from contingent liabilities. This generated a consolidated net result after tax of EUR 9.9 million for the first half – EUR 46.0 million higher than the previous year's figure (EUR -36.1 million).

In the operating business, earnings from new business, stable revenues from After-Sales Services and consistent cost savings also had a positive effect on the result. Despite one-off other operating expenses totalling EUR 2.7 million in connection with the release from con-tingent liabilities, earnings before interest and taxes (EBIT) came in at EUR -2.6 million – a significant increase of EUR 8.1 million compared to the previous year (EUR -10.7 million).

Investors invested some EUR 85.1 million into HCI funds in the first half of 2010 (previous year: EUR 73.1 million). With invested equity capital of EUR around 46 million in new busi-ness, the Ship area remained HCI's mainstay. In addition to the original placement of equity capital in new closed-end funds, the HCI Group achieved considerable success in develop-ing and implementing concepts to secure existing ship funds in the first half of 2010. During this period, HCI fund investors reinvested a total of approximately EUR 33.4 million, thus securing their funds' future market opportunities. The HCI Group anticipates a further im-provement in new business in the second half of the year and expects to report a positive consolidated net result after tax for the full year 2010.

About HCI:
Established in 1985, the HCI Group creates closed-end funds and investments with a capital guarantee in the areas of Transport and Logistics, Energy and Commodities, Real Estate and Secondary Life Insurance. Since it was established, the HCI Group has realised a total investment volume of some EUR 15 billion with equity capital of approximately EUR 6 billion invested in 514 issues (as of 30.06.2010). HCI currently has around 122,900 clients, making it one of Germany's leading issuing houses. HCI Capital AG has been listed on the stock exchange since October 2005.

Contacts:
Dr. Olaf Streuer
HCI Capital AG
Head of Corporate Communications
Tel.: +49 40 88 88 1 1100
olaf.streuer@hci-capital.de

Christina Hoke
HCI Capital AG
Press and Public Relations
Tel.: +49 40 88 88 1 1102
christina.hoke@hci-capital.de

10.08.2010

HCI Capital AG: Equity base strengthened sustainably by debt-to-equity swap

• Banks convert loans totalling around EUR 31.5 million into shares
• Release from contingent liabilities to follow shortly
• Positive cumulated earnings effect for the group of around EUR 12 million for the first half year 2010

Hamburg, 10 August 2010 – HCI Capital AG, one of the leading issuing houses for closed-end funds, has taken a further step today towards sustainably strengthening the Group. As part of the implementation of the restructuring agreement that the Company reached with its banks in February 2010, among others HSH Nordbank is converting the receivables owed to them by the HCI Group into equity. This will increase the Company's equity ratio in the consolidated balance sheet to around 45%. The debt-to-equity swap will produce a gain, so that the HCI Group also expects a positive consolidated net result for the financial year 2010.

The Management Board of HCI Capital AG decided today, with the approval of the Supervisory Board, to increase the Company's subscribed capital from EUR 24.0 million to EUR 29.4 million from authorised capital, excluding shareholders' subscription rights, by issuing 5,354,116 new no-par value registered shares for a contribution in kind. HSH Nordbank and another bank via a trustee subscribed for the new shares. In exchange, the banks are providing a contribution in kind in the form of receivables owed to them by the HCI Group totalling around EUR 31.5 million (according to German accounting standard HGB).
"This capital increase gives a substantial boost to the equity base of the HCI Group," said Dr. Ralf Friedrichs, Chairman of the Management Board of HCI Capital AG. "At the same time, our banks are emphasising their confidence in the potential of the Company."

Equity ratio increases to around 45%

The reduction in liabilities and their conversion into equity is expected to increases the equity in the consolidated balance sheet to around EUR 50 million and the equity ratio to around 45%. Once the conversion has been completed and entered in the Register of Companies (Handelsregister), which is due to take place until 20 August 2010, HSH Nordbank will hold 15.51% of the shares in HCI Capital AG and the acting trustee 2.73%. The stakes held by MPC Capital AG and the Döhle Group will then come to 33.36% and 17.96% respectively for the same number of shares as before. The remaining free float, also for the same number of shares as before, will then be 30.44%.

Release from contingent liabilities to be agreed soon

Furthermore, the HCI Group is close to obtaining a conclusive release from its main contingent liabilities, which in February 2010 were made the subject of a moratorium on any drawdowns until 30 September 2013.

Positive consolidated net result expected for 2010

The earnings performance of the Group in the financial year 2010 will also greatly benefit from the financial restructuring of the HCI Group. The costs of the release from liabilities to-talling around EUR 11 million are more than offset by a profit of around EUR 23 million from the debt-to-equity swap based on the consolidated result as at 30 June 2010. Against this background the HCI Group expects positive earnings effects for the half year result of around EUR 12 million. Against this background the HCI Group expects a positive consolidated net result after tax for the full year 2010.

About HCI:
Established in 1985, the HCI Group creates closed-end funds and investments with a capital guarantee in the areas of Transport and Logistics, Energy and Commodities, Real Estate and Secondary Life Insurance. Since it was established, the HCI Group has realised a total investment volume of some EUR 14.9 billion with equity capital of approximately EUR 5.9 billion invested in 511 issues (as of 31.03.2010). HCI currently has around 122,400 clients, making it one of Germany's leading independent issuing houses. HCI Capital AG has been listed on the stock exchange since October 2005.

Contacts:
Dr. Olaf Streuer
HCI Capital AG
Head of Corporate Communications
Tel.: +49 40 88 88 1 1100
olaf.streuer@hci-capital.de

Christina Hoke
HCI Capital AG
Press and Public Relations
Tel.: +49 40 88 88 1 1102
christina.hoke@hci-capital.de

10.08.2010

HCI Capital AG: Equity base strengthened sustainably by debt-to-equity swap

• Banks convert loans totalling around EUR 31.5 million into shares
• Release from contingent liabilities to follow shortly
• Positive cumulated earnings effect for the group of around EUR 12 million for the first half year 2010

Hamburg, 10 August 2010 – HCI Capital AG, one of the leading issuing houses for closed-end funds, has taken a further step today towards sustainably strengthening the Group. As part of the implementation of the restructuring agreement that the Company reached with its banks in February 2010, among others HSH Nordbank is converting the receivables owed to them by the HCI Group into equity. This will increase the Company's equity ratio in the consolidated balance sheet to around 45%. The debt-to-equity swap will produce a gain, so that the HCI Group also expects a positive consolidated net result for the financial year 2010.

The Management Board of HCI Capital AG decided today, with the approval of the Supervisory Board, to increase the Company's subscribed capital from EUR 24.0 million to EUR 29.4 million from authorised capital, excluding shareholders' subscription rights, by issuing 5,354,116 new no-par value registered shares for a contribution in kind. HSH Nordbank and another bank via a trustee subscribed for the new shares. In exchange, the banks are providing a contribution in kind in the form of receivables owed to them by the HCI Group totalling around EUR 31.5 million (according to German accounting standard HGB).
"This capital increase gives a substantial boost to the equity base of the HCI Group," said Dr. Ralf Friedrichs, Chairman of the Management Board of HCI Capital AG. "At the same time, our banks are emphasising their confidence in the potential of the Company."

Equity ratio increases to around 45%

The reduction in liabilities and their conversion into equity is expected to increases the equity in the consolidated balance sheet to around EUR 50 million and the equity ratio to around 45%. Once the conversion has been completed and entered in the Register of Companies (Handelsregister), which is due to take place until 20 August 2010, HSH Nordbank will hold 15.51% of the shares in HCI Capital AG and the acting trustee 2.73%. The stakes held by MPC Capital AG and the Döhle Group will then come to 33.36% and 17.96% respectively for the same number of shares as before. The remaining free float, also for the same number of shares as before, will then be 30.44%.

Release from contingent liabilities to be agreed soon

Furthermore, the HCI Group is close to obtaining a conclusive release from its main contingent liabilities, which in February 2010 were made the subject of a moratorium on any drawdowns until 30 September 2013.

Positive consolidated net result expected for 2010

The earnings performance of the Group in the financial year 2010 will also greatly benefit from the financial restructuring of the HCI Group. The costs of the release from liabilities to-talling around EUR 11 million are more than offset by a profit of around EUR 23 million from the debt-to-equity swap based on the consolidated result as at 30 June 2010. Against this background the HCI Group expects positive earnings effects for the half year result of around EUR 12 million. Against this background the HCI Group expects a positive consolidated net result after tax for the full year 2010.

About HCI:
Established in 1985, the HCI Group creates closed-end funds and investments with a capital guarantee in the areas of Transport and Logistics, Energy and Commodities, Real Estate and Secondary Life Insurance. Since it was established, the HCI Group has realised a total investment volume of some EUR 14.9 billion with equity capital of approximately EUR 5.9 billion invested in 511 issues (as of 31.03.2010). HCI currently has around 122,400 clients, making it one of Germany's leading independent issuing houses. HCI Capital AG has been listed on the stock exchange since October 2005.

Contacts:
Dr. Olaf Streuer
HCI Capital AG
Head of Corporate Communications
Tel.: +49 40 88 88 1 1100
olaf.streuer@hci-capital.de

Christina Hoke
HCI Capital AG
Press and Public Relations
Tel.: +49 40 88 88 1 1102
christina.hoke@hci-capital.de

10.05.2010

HCI Capital AG posts positive result for first quarter

• Turnaround in result – equity ratio improves – sound cash holdings
• Bank agreement safeguards growth prospects for the HCI Group
• Total of EUR 38.8 million invested in HCI funds

Hamburg, Germany, 10 May 2010 – HCI Capital AG, one of the leading independent issuing houses for closed-end funds, achieved a positive consolidated net result of EUR 1.4 million in the first quarter of 2010. The Company therefore succeeded in turn-ing around the negative result posted last year.

With considerably higher earnings from new business and stable income from After-Sales Services and Asset Management, the HCI Group posted revenues of EUR 10.1 million in the first quarter of 2010. This meant it almost succeeded in matching last year's figure. Consistent steps to reduce costs by some EUR 1.3 million helped the HCI Group to generate earnings before interest and taxes (EBIT) of approximately EUR 0.7 million from its operating activities (previous year: EUR -2.2 million). Overall, the Company recorded a positive consolidated net result of EUR 1.4 million for Q1 2010. This is approximately EUR 3.9 million down on the first-quarter figure for last year. Other key financial indicators underline the outcome of these sound business developments: the equity ratio improved to 31.5% in Q1. As at 31 March 2010, cash and cash equivalents totalled EUR 21.3 million.

"The worst of it is over; the positive business performance shows that HCI is on the right track. We have also made the fundamental arrangements with our banks to ensure that HCI has a sound basis for growth," said Dr. Ralf Friedrichs, Chairman of the Management Board at HCI Capital AG. "HCI will especially benefit from the recovery in the shipping markets which is already underway."

HCI's bank agreement sets standards in the industry

Last year, the HCI Group was the first issuing house to develop together with banks a trailblazing concept as a means of successfully overcoming the challenges posed by the financial and economic crisis. The agreement concluded in February 2010 grants the HCI Group a long-term release from all contingent liabilities issued to banks until 30 September 2013. This central aspect of the concept safeguards the HCI Group's financial stability and provides a sound basis for utilising future market opportunities. Further moves to completely terminate these liabilities at individual project level are already at an advanced stage.

Equity of EUR 38.8 million invested in HCI funds

In addition to the original placement of equity in new closed-end funds, the HCI Group has achieved considerable success in generating additional financing for existing ship funds. In the first quarter of 2010, more than 2,000 HCI fund investors agreed to reinvest dividends from ship funds totalling approximately EUR 20.9 million in order to secure their funds' future market opportunities. As the market environment remained weak, the HCI Group's placement result for new business came in at EUR 17.9 million in the first quarter of 2010. The Transport and Logistics product area accounted for EUR 16.4 million. New equity totalling approximately EUR 1.5 million was placed in the Real Estate, Energy and Commodities, and Secondary Life Insurance Market product areas.

"Current business developments show that investors are regaining trust in closed-end funds," said Dr. Ralf Friedrichs. "We are confident that this trend will be amplified in the coming months."

About HCI:
Established in 1985, the HCI Group creates closed-end funds and investments with a capital guaran-tee in the areas of Transport and Logistics, Energy and Commodities, Real Estate and Secondary Life Insurance. Since it was established, the HCI Group has realised a total investment volume of some EUR 14.9 billion with equity of approximately EUR 5.9 billion invested in 511 issues (as at 31 March 2010). HCI currently has around 122,400 clients, making it one of Germany's leading independent issuing houses. HCI Capital AG has been listed on the stock exchange since October 2005.

Contacts:
Dr. Olaf Streuer
HCI Capital AG
Head of Corporate Communications
Tel.: +49 40 88 88 1 1100
olaf.streuer@hci-capital.de

Christina Hoke
HCI Capital AG
Press and Public Relations
Tel.: +49 40 88 88 1 1102
christina.hoke@hci-capital.de

10.05.2010

HCI Capital AG posts positive result for first quarter

• Turnaround in result – equity ratio improves – sound cash holdings
• Bank agreement safeguards growth prospects for the HCI Group
• Total of EUR 38.8 million invested in HCI funds

Hamburg, Germany, 10 May 2010 – HCI Capital AG, one of the leading independent issuing houses for closed-end funds, achieved a positive consolidated net result of EUR 1.4 million in the first quarter of 2010. The Company therefore succeeded in turn-ing around the negative result posted last year.

With considerably higher earnings from new business and stable income from After-Sales Services and Asset Management, the HCI Group posted revenues of EUR 10.1 million in the first quarter of 2010. This meant it almost succeeded in matching last year's figure. Consistent steps to reduce costs by some EUR 1.3 million helped the HCI Group to generate earnings before interest and taxes (EBIT) of approximately EUR 0.7 million from its operating activities (previous year: EUR -2.2 million). Overall, the Company recorded a positive consolidated net result of EUR 1.4 million for Q1 2010. This is approximately EUR 3.9 million down on the first-quarter figure for last year. Other key financial indicators underline the outcome of these sound business developments: the equity ratio improved to 31.5% in Q1. As at 31 March 2010, cash and cash equivalents totalled EUR 21.3 million.

"The worst of it is over; the positive business performance shows that HCI is on the right track. We have also made the fundamental arrangements with our banks to ensure that HCI has a sound basis for growth," said Dr. Ralf Friedrichs, Chairman of the Management Board at HCI Capital AG. "HCI will especially benefit from the recovery in the shipping markets which is already underway."

HCI's bank agreement sets standards in the industry

Last year, the HCI Group was the first issuing house to develop together with banks a trailblazing concept as a means of successfully overcoming the challenges posed by the financial and economic crisis. The agreement concluded in February 2010 grants the HCI Group a long-term release from all contingent liabilities issued to banks until 30 September 2013. This central aspect of the concept safeguards the HCI Group's financial stability and provides a sound basis for utilising future market opportunities. Further moves to completely terminate these liabilities at individual project level are already at an advanced stage.

Equity of EUR 38.8 million invested in HCI funds

In addition to the original placement of equity in new closed-end funds, the HCI Group has achieved considerable success in generating additional financing for existing ship funds. In the first quarter of 2010, more than 2,000 HCI fund investors agreed to reinvest dividends from ship funds totalling approximately EUR 20.9 million in order to secure their funds' future market opportunities. As the market environment remained weak, the HCI Group's placement result for new business came in at EUR 17.9 million in the first quarter of 2010. The Transport and Logistics product area accounted for EUR 16.4 million. New equity totalling approximately EUR 1.5 million was placed in the Real Estate, Energy and Commodities, and Secondary Life Insurance Market product areas.

"Current business developments show that investors are regaining trust in closed-end funds," said Dr. Ralf Friedrichs. "We are confident that this trend will be amplified in the coming months."

About HCI:
Established in 1985, the HCI Group creates closed-end funds and investments with a capital guaran-tee in the areas of Transport and Logistics, Energy and Commodities, Real Estate and Secondary Life Insurance. Since it was established, the HCI Group has realised a total investment volume of some EUR 14.9 billion with equity of approximately EUR 5.9 billion invested in 511 issues (as at 31 March 2010). HCI currently has around 122,400 clients, making it one of Germany's leading independent issuing houses. HCI Capital AG has been listed on the stock exchange since October 2005.

Contacts:
Dr. Olaf Streuer
HCI Capital AG
Head of Corporate Communications
Tel.: +49 40 88 88 1 1100
olaf.streuer@hci-capital.de

Christina Hoke
HCI Capital AG
Press and Public Relations
Tel.: +49 40 88 88 1 1102
christina.hoke@hci-capital.de

10.03.2010

HCI Capital AG: Preliminary figures for 2009 reflect downward sector trend

• Extensive changes implemented successfully
• 2009 cost-cutting target of approximately EUR 10 million achieved
• Sound cash holdings of EUR 23.3 million as at 31 December 2009
• Restructuring safeguards liquidity and long-term prospects

Hamburg, Germany, 10. March 2010 – As expected, the 2009 business figures for HCI Capital AG – one of the leading independent issuing houses for closed-end funds – showed a downward trend in line with the overall market development. At EUR 42.6 million based on preliminary figures, the HCI Group generated considerably lower revenues than in the previous year. However, the negative consolidated net result of EUR -55.8 million was primarily attributable to impairments in the first half of 2009 that had no effect on liquidity. As a result, the HCI Group had sound cash holdings of EUR 23.3 million as at 31 December 2009. HCI initiated steps to realign its asset and fund management a year ago. In addition to this, it has put a comprehensive restructuring concept in place and consistently worked to cut costs. By doing this, the Company has significantly reduced the risks it faces, secured liquidity and set its course for the future despite the difficult market environment.

Caution among investors in the wake of the financial and economic crisis has had a major impact on the market for closed-end funds. As a consequence, the placement volume on the whole market shrank by approximately 38% in 2009 according to VGF (German Association of Closed-end Funds) and almost halved within the space of two years. "The financial and economic crisis poses a huge challenge for our industry. That is why we started taking steps early on to provide a sound foundation for HCI Group's business for the medium and long term," says Dr. Ralf Friedrichs, Chairman of the Management Board of HCI Capital AG. "We will continue to pursue this approach consistently in 2010."

High level of liquidity thanks to cost cutting and stable recurring earnings

In line with the downward industry trend, the HCI Group placed far less equity capital from private investors than in the previous year, posting a figure of approximately EUR 125.8 million in the 2009 financial year. As lower revenues from the placement business were foreseeable, the HCI Group began implementing an extensive cost-cutting programme at the start of 2009, reducing its material costs and personnel expenses by some EUR 10 million on the previous year. The HCI Group's revenues totalled approximately EUR 42.6 million in the financial year 2009. At around EUR 21.4 million, revenues in the After-Sales Services segment were largely stable. After-Sales Services is responsible for the trust management of investments of some 122,300 HCI clients. Together, these investors have currently invested roughly EUR 4.9 billion of equity capital in HCI funds.

The negative consolidated net income of EUR -55.8 million was primarily attributable to impairments totaling approximately EUR 40 million that had no effect on liquidity. These were largely conducted in the first half of 2009. HCI Group posted cash and cash equivalents totalling EUR 23.3 million as at 31 December 2009 despite the difficult business developments.

HCI expands its product portfolio to cater for changing investor preferences

Given the foreseeable negative industry trends, the HCI Group focused on innovative product solutions in the 2009 financial year. With an eye on the increased security needs of investors, the HCI Group primarily placed products with capital or distribution guarantees and diversified asset creation plans. Along with exclusive products in the shipping sector and a solar fund, these were in tune with investors' changing needs.

In 2010, HCI will continue to tailor its business to the current market conditions: as well as offering renewable energy products, it will further extend its range of real estate investments. HCI will also continue to offer a wide range of customised products in the asset class Ship. The focus here will be on ship types which are less affected or indirectly affected by the market turbulence, such as bulk carriers, tankers and platform supply ships.
"We have no doubt that the shipping markets will recover again; initial signs of this are already visible. The medium and long-term prospects for ship investments remain positive," says Dr. Friedrichs.

HCI implements far-reaching measures and adjusts structures to market conditions

The HCI Group has initiated additional, far-reaching measures in reaction to the worst crisis the closed-end fund industry has ever seen. The issuing house negotiated a comprehensive restructuring concept with its creditor banks last year which is designed to secure HCI Group’s financial position and liquidity in the long term. The banks agreed to this plan in February 2010. In addition to this, HCI has reorganised fund management within its After-Sales Services division. In doing so, it considerably strengthened capacity for areas including fund controlling and investor relations.

In sales, HCI launched a communication initiative in 2009. This comprises regional events, courses about current market and legal issues, ongoing online presentations and information for sales partners. Some 800 active sales partners sold HCI Group products in the past financial year.

In its economic outlook, the HCI Group has identified opportunities for an upturn on the market in 2010 following a sharp two-year downswing. Nevertheless, it will take some time before investors fully regain confidence. Furthermore, the industry will experience changes in the years to come due to altered financial conditions and foreseeable changes to the regulatory framework. "Successful fund management and transparent, reliable communication are crucial, especially during difficult market stages, to retain and strengthen investors' and sales partners' confidence," says Dr. Friedrichs. "We will play an active role in shaping the industry changes and capitalise on the opportunities presented by the next upswing."

The HCI Group will publish its final figures and its 2009 Annual Report on 31 March 2010.

 
About HCI:
Established in 1985, the HCI Group creates closed-end funds and investments with a capital guarantee in the areas of Transport and Logistics, Energy and Commodities, Real Estate and Secondary Life Insurance. Since HCI’s foundation more than 122,300 clients have invested around EUR 5.9 billion worth of equity capital in 508 issues, with an investment volume of EUR 14.8 billion (figures as at 31.12.2009), making HCI one of the leading independent issuing houses in Germany. HCI Capital AG has been listed on the stock exchange since October

Contacts:
Dr. Olaf Streuer
HCI Capital AG
Head of Corporate Communications
Tel.: +49 40 88 88 1 1100
olaf.streuer@hci-capital.de

Christina Hoke
HCI Capital AG
Press and Public Relations
Tel.: +49 40 88 88 1 1102
christina.hoke@hci-capital.de

10.03.2010

HCI Capital AG: Preliminary figures for 2009 reflect downward sector trend

• Extensive changes implemented successfully
• 2009 cost-cutting target of approximately EUR 10 million achieved
• Sound cash holdings of EUR 23.3 million as at 31 December 2009
• Restructuring safeguards liquidity and long-term prospects

Hamburg, Germany, 10. March 2010 – As expected, the 2009 business figures for HCI Capital AG – one of the leading independent issuing houses for closed-end funds – showed a downward trend in line with the overall market development. At EUR 42.6 million based on preliminary figures, the HCI Group generated considerably lower revenues than in the previous year. However, the negative consolidated net result of EUR -55.8 million was primarily attributable to impairments in the first half of 2009 that had no effect on liquidity. As a result, the HCI Group had sound cash holdings of EUR 23.3 million as at 31 December 2009. HCI initiated steps to realign its asset and fund management a year ago. In addition to this, it has put a comprehensive restructuring concept in place and consistently worked to cut costs. By doing this, the Company has significantly reduced the risks it faces, secured liquidity and set its course for the future despite the difficult market environment.

Caution among investors in the wake of the financial and economic crisis has had a major impact on the market for closed-end funds. As a consequence, the placement volume on the whole market shrank by approximately 38% in 2009 according to VGF (German Association of Closed-end Funds) and almost halved within the space of two years. "The financial and economic crisis poses a huge challenge for our industry. That is why we started taking steps early on to provide a sound foundation for HCI Group's business for the medium and long term," says Dr. Ralf Friedrichs, Chairman of the Management Board of HCI Capital AG. "We will continue to pursue this approach consistently in 2010."

High level of liquidity thanks to cost cutting and stable recurring earnings

In line with the downward industry trend, the HCI Group placed far less equity capital from private investors than in the previous year, posting a figure of approximately EUR 125.8 million in the 2009 financial year. As lower revenues from the placement business were foreseeable, the HCI Group began implementing an extensive cost-cutting programme at the start of 2009, reducing its material costs and personnel expenses by some EUR 10 million on the previous year. The HCI Group's revenues totalled approximately EUR 42.6 million in the financial year 2009. At around EUR 21.4 million, revenues in the After-Sales Services segment were largely stable. After-Sales Services is responsible for the trust management of investments of some 122,300 HCI clients. Together, these investors have currently invested roughly EUR 4.9 billion of equity capital in HCI funds.

The negative consolidated net income of EUR -55.8 million was primarily attributable to impairments totaling approximately EUR 40 million that had no effect on liquidity. These were largely conducted in the first half of 2009. HCI Group posted cash and cash equivalents totalling EUR 23.3 million as at 31 December 2009 despite the difficult business developments.

HCI expands its product portfolio to cater for changing investor preferences

Given the foreseeable negative industry trends, the HCI Group focused on innovative product solutions in the 2009 financial year. With an eye on the increased security needs of investors, the HCI Group primarily placed products with capital or distribution guarantees and diversified asset creation plans. Along with exclusive products in the shipping sector and a solar fund, these were in tune with investors' changing needs.

In 2010, HCI will continue to tailor its business to the current market conditions: as well as offering renewable energy products, it will further extend its range of real estate investments. HCI will also continue to offer a wide range of customised products in the asset class Ship. The focus here will be on ship types which are less affected or indirectly affected by the market turbulence, such as bulk carriers, tankers and platform supply ships.
"We have no doubt that the shipping markets will recover again; initial signs of this are already visible. The medium and long-term prospects for ship investments remain positive," says Dr. Friedrichs.

HCI implements far-reaching measures and adjusts structures to market conditions

The HCI Group has initiated additional, far-reaching measures in reaction to the worst crisis the closed-end fund industry has ever seen. The issuing house negotiated a comprehensive restructuring concept with its creditor banks last year which is designed to secure HCI Group’s financial position and liquidity in the long term. The banks agreed to this plan in February 2010. In addition to this, HCI has reorganised fund management within its After-Sales Services division. In doing so, it considerably strengthened capacity for areas including fund controlling and investor relations.

In sales, HCI launched a communication initiative in 2009. This comprises regional events, courses about current market and legal issues, ongoing online presentations and information for sales partners. Some 800 active sales partners sold HCI Group products in the past financial year.

In its economic outlook, the HCI Group has identified opportunities for an upturn on the market in 2010 following a sharp two-year downswing. Nevertheless, it will take some time before investors fully regain confidence. Furthermore, the industry will experience changes in the years to come due to altered financial conditions and foreseeable changes to the regulatory framework. "Successful fund management and transparent, reliable communication are crucial, especially during difficult market stages, to retain and strengthen investors' and sales partners' confidence," says Dr. Friedrichs. "We will play an active role in shaping the industry changes and capitalise on the opportunities presented by the next upswing."

The HCI Group will publish its final figures and its 2009 Annual Report on 31 March 2010.

 
About HCI:
Established in 1985, the HCI Group creates closed-end funds and investments with a capital guarantee in the areas of Transport and Logistics, Energy and Commodities, Real Estate and Secondary Life Insurance. Since HCI’s foundation more than 122,300 clients have invested around EUR 5.9 billion worth of equity capital in 508 issues, with an investment volume of EUR 14.8 billion (figures as at 31.12.2009), making HCI one of the leading independent issuing houses in Germany. HCI Capital AG has been listed on the stock exchange since October

Contacts:
Dr. Olaf Streuer
HCI Capital AG
Head of Corporate Communications
Tel.: +49 40 88 88 1 1100
olaf.streuer@hci-capital.de

Christina Hoke
HCI Capital AG
Press and Public Relations
Tel.: +49 40 88 88 1 1102
christina.hoke@hci-capital.de

29.01.2010

HCI Capital places around EUR 126 million equity capital in 2009

• Ship investment remains strongest asset class
• Expansion of asset class renewable energy in 2010
• Start of HCI residential real estate fund in Hamburg

Hamburg, 29 January 2010 – HCI Capital AG, one of the leading independent issuing houses for closed-end funds, achieved a placement result in 2009 of about EUR 126 million. "Despite the extremely difficult market environment, with our customised product solutions for investors we placed a wide range of investments across various asset classes," said Dr. Ralf Friedrichs, Chairman of the Management Board of HCI Capital AG. "In particular, our innovative products such as asset creation plans and guarantee products were well received by investors."

The continuing global financial and economic crisis has had an enormous impact on investors’ behaviour in 2009. As with many other product classes, the market development of closed-end funds was marked by strong investor restraint. During 2009, the total market for closed-end funds saw a significant reduction in placement against the previous year. Correspondingly, the placement result for the HCI Group in the 2009 financial year totalled about EUR 126 million and was significantly lower than in the previous year (EUR 598.6 million).

Ship funds succeed with customised concepts

Bucking market trends, ship investments remain the strongest product area for the HCI Group. HCI was able to raise approximately EUR 85.7 million in equity capital in this area. This comprises about EUR 51.2 million for classic closed-end funds, EUR 18.9 million in asset creation plans, and EUR 9.3 million for guarantee products. This category also includes the two capital guaranteed certificates based on the Baltic Dry fright rate index that HCI marketed in September and November 2009, respectively. Here HCI was able to place around EUR 6.3 million in investor equity capital.

Expansion of renewable energy segment with solar power funds

The HCI Group achieved a placement result totalling some EUR 24 million in the Energy and Commodities product area. The HCI Group was able to close its first solar power fund, HCI Energy 1 Solar, as early as August 2009 after only a short placement period when it reached the target placement volume of EUR 10.2 million. The capital guaranteed version of the Deepsea Oil Explorer also raised around EUR 4.9 million by the end of 2009. The classic closed-end fund HCI Deepsea Oil Explorer achieved a placement volume of some EUR 9 million during the reporting period. In the Secondary Life Insurance Market product area a total of EUR 12.5 million was raised with the product HSC Optivita XI UK and asset creation plans.

Start of HCI residential real estate fund in Hamburg – Second solar power fund in preparation

After the successful placement of the first solar power fund in the previous year, the HCI Group is planning a further solar power fund to invest in two solar power parks in southern Germany. This fund is set to be made available to investors for subscription in the first quarter of 2010. In addition to renewable energy products, at the moment investors are strongly focussed on real estate investments. In January 2010, HCI began marketing the new residential real estate fund HCI Wohnkonzept Hamburg, which invests in energy-efficient new residential real estate in the Hamburg metropolitan area. In 2010, the HCI Group intends to continue expanding its real estate investment products and its renewable energy product range. HCI will also continue to offer a wide range of customised products in the asset class Ship.

HCI Capital AG will publish its full 2009 Annual Report on March 15th , 2010.

About HCI:
Established in 1985, the HCI Group creates closed-end funds and investments with a capital guarantee in the areas of Transport and Logistics, Energy and Commodities, Real Estate and Secondary Life Insurance. More than 122,000 clients had invested around EUR 5.9 billion in 508 issues, with an investment volume of EUR 14.8 billion (figures as at 31 December 2009), making HCI one of the leading independent issuing houses in Germany. HCI Capital AG has been listed on the stock exchange since October 2005.

Contacts:
Dr. Olaf Streuer
HCI Capital AG
Head of Corporate Communications
Tel.: +49 40 88 88 1 1100
olaf.streuer@hci-capital.de

Christina Hoke
HCI Capital AG
Press and Public Relations
Tel.: +49 40 88 88 1 1102
christina.hoke@hci-capital.de

29.01.2010

HCI Capital places around EUR 126 million equity capital in 2009

• Ship investment remains strongest asset class
• Expansion of asset class renewable energy in 2010
• Start of HCI residential real estate fund in Hamburg

Hamburg, 29 January 2010 – HCI Capital AG, one of the leading independent issuing houses for closed-end funds, achieved a placement result in 2009 of about EUR 126 million. "Despite the extremely difficult market environment, with our customised product solutions for investors we placed a wide range of investments across various asset classes," said Dr. Ralf Friedrichs, Chairman of the Management Board of HCI Capital AG. "In particular, our innovative products such as asset creation plans and guarantee products were well received by investors."

The continuing global financial and economic crisis has had an enormous impact on investors’ behaviour in 2009. As with many other product classes, the market development of closed-end funds was marked by strong investor restraint. During 2009, the total market for closed-end funds saw a significant reduction in placement against the previous year. Correspondingly, the placement result for the HCI Group in the 2009 financial year totalled about EUR 126 million and was significantly lower than in the previous year (EUR 598.6 million).

Ship funds succeed with customised concepts

Bucking market trends, ship investments remain the strongest product area for the HCI Group. HCI was able to raise approximately EUR 85.7 million in equity capital in this area. This comprises about EUR 51.2 million for classic closed-end funds, EUR 18.9 million in asset creation plans, and EUR 9.3 million for guarantee products. This category also includes the two capital guaranteed certificates based on the Baltic Dry fright rate index that HCI marketed in September and November 2009, respectively. Here HCI was able to place around EUR 6.3 million in investor equity capital.

Expansion of renewable energy segment with solar power funds

The HCI Group achieved a placement result totalling some EUR 24 million in the Energy and Commodities product area. The HCI Group was able to close its first solar power fund, HCI Energy 1 Solar, as early as August 2009 after only a short placement period when it reached the target placement volume of EUR 10.2 million. The capital guaranteed version of the Deepsea Oil Explorer also raised around EUR 4.9 million by the end of 2009. The classic closed-end fund HCI Deepsea Oil Explorer achieved a placement volume of some EUR 9 million during the reporting period. In the Secondary Life Insurance Market product area a total of EUR 12.5 million was raised with the product HSC Optivita XI UK and asset creation plans.

Start of HCI residential real estate fund in Hamburg – Second solar power fund in preparation

After the successful placement of the first solar power fund in the previous year, the HCI Group is planning a further solar power fund to invest in two solar power parks in southern Germany. This fund is set to be made available to investors for subscription in the first quarter of 2010. In addition to renewable energy products, at the moment investors are strongly focussed on real estate investments. In January 2010, HCI began marketing the new residential real estate fund HCI Wohnkonzept Hamburg, which invests in energy-efficient new residential real estate in the Hamburg metropolitan area. In 2010, the HCI Group intends to continue expanding its real estate investment products and its renewable energy product range. HCI will also continue to offer a wide range of customised products in the asset class Ship.

HCI Capital AG will publish its full 2009 Annual Report on March 15th , 2010.

About HCI:
Established in 1985, the HCI Group creates closed-end funds and investments with a capital guarantee in the areas of Transport and Logistics, Energy and Commodities, Real Estate and Secondary Life Insurance. More than 122,000 clients had invested around EUR 5.9 billion in 508 issues, with an investment volume of EUR 14.8 billion (figures as at 31 December 2009), making HCI one of the leading independent issuing houses in Germany. HCI Capital AG has been listed on the stock exchange since October 2005.

Contacts:
Dr. Olaf Streuer
HCI Capital AG
Head of Corporate Communications
Tel.: +49 40 88 88 1 1100
olaf.streuer@hci-capital.de

Christina Hoke
HCI Capital AG
Press and Public Relations
Tel.: +49 40 88 88 1 1102
christina.hoke@hci-capital.de