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WestLB is issuing one million Capped Bonus Certificates on shares of Commerzbank AG, which allow investors to benefit from price increases of Commerzbank AG shares, while enjoying a safety cushion and generating a bonus in case of moderate price gains or losses (Sec. No. WLB 5AC, ISIN Code: DE000WLB5AC1). The offer period for the certificate begins today and ends on December 9, 2005.

The certificate is an investment in Commerzbank AG shares, permitting investors to participate directly in the positive performance of the underlying. In addition, investors benefit from a bonus level of 109% of the initial reference value at maturity. This maximum amount will be paid if the Commerzbank AG share at no time during the observation period trades at or below the price threshold of between 78% and 83% of the closing price of the Commerzbank AG share on November 14, 2006. If the price threshold is reached at least once during the observation period and the share trades below the bonus level at the determination date, the certificate will be repaid by delivery of shares of Commerzbank AG.

The initial reference value will be fixed on December 12, 2005 based on the closing price of the Commerzbank AG share. The observation period runs from December 13, 2005 to January 9, 2007 (record date). Maturity date is January 16, 2007. The certificates will be listed on the Frankfurt and Stuttgart (EUWAX) Stock Exchanges (“Freiverkehr”).