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Following the successful issue of its W-I-N certificates, WestLB AG is for the first time offering W-I-N plus certificates. The W-I-N plus certificate guarantees 100% of the nominal value at maturity and pays a coupon of 2% p.a. Moreover, the holder of the certificate participates in the performance of the global equity markets.

WestLB AG, Düsseldorf/Münster, plans to issue World Index Nominal Backed plus Certificates (W-I-N plus certificates) with a total volume of nominal € 100 million. The interest rate is 2% p.a. and the offer price 100% plus an offer charge during the offer period (December 16, 2002 to January 17, 2003). The certificates mature on January 23, 2008. Payment date is January 23, 2003.

At maturity, the investor benefits additionally from the average positive performance of the "World Index" (50% participation rate). The "World Index" reflects the major international equity markets (Dow Jones EURO STOXX50^SM, S&P 500®, Nikkei 225), which are initially weighted equally in the Index. The exact weighting factors will be determined on January 20, 2003 (record date) on the basis of the closing prices of the component indices. The issuer will determine the prices for the "World Index" annually on the determination dates (January 16, 2004; January 17, 2005; January 16, 2006; January 16, 2007; January 16, 2008). The average of these prices will form the basis for calculating the repayment of the W-I-N plus certificate. The investor thus profits from the annual performance of the "World Index" and is protected against weak equity market phases until maturity.

Interest will be calculated for the period from and including January 23 of each year to, but excluding, January 23 of the following year. At maturity, the certificates will be repaid at 100% of the nominal amount plus an amount which participates 50% (participation rate) in the average positive index performance. In addition, a currency hedge ensures 100% protection against foreign currency fluctuations.

The certificates will be listed on the Düsseldorf, Frankfurt and Stuttgart (EUWAX) Stock Exchanges ("Freiverkehr").