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The subscription period for the Dynamik-Bond issued by WestLB AG, Düsseldorf/Münster, begins today. The 100% capital-guaranteed bond offers investors a minimum interest rate of 2% plus the opportunity to earn an interest bonus in an amount depending on the performance of an underlying stock basket. This allows investors to benefit both from rising and falling stock prices. Unless terminated prematurely, the subscription period will end on July 18, 2003.

Subscribers to the Dynamik-Bond invest in a capital-guaranteed bond with an annual interest payment depending on the absolute performance of 15 shares. The minimum interest rate of 2% will be paid if the lowest absolute percentage change in value (i.e. negative or positive) on the observation dates multiplied by the participation rate (50%) is below 2%. If it is higher than 2%, the interest rate paid for the current interest period is the lowest absolute percentage change in value multiplied by the participation rate. Interest will be paid on July 28 of each year. The observation days are July 21, 2004, July 21, 2005, July 21, 2006, July 23, 2007, July 22, 2008, July 21, 2009 and July 21, 2010. Irrespective of the performance of the underlying stock basket, the bonds will be repaid at their nominal value of € 1,000 on July 28, 2010 (due date).

The reference prices of the shares in the basket will be determined on July 22, 2003 on the basis of the respective closing prices. The term of the Dynamik-Bond, which has a total volume of € 250 million, is from July 23, 2003 to July 28, 2010. It will be issued in denominations of € 1,000 at a price of 100% plus a 2.0% offer charge during the subscription period ending on July 18, 2003. The certificates will be listed on the Düsseldorf, Frankfurt and Stuttgart (EUWAX) Stock Exchanges (Freiverkehr). The value date is July 28, 2003.