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WestLB AG, Düsseldorf/Münster, is today launching a reverse convertible bearer bond on German shares (Deutsche Lufthansa AG, Deutsche Telekom AG, Henkel KgaA) to coincide with the beginning of the 2003/2004 carnival season. With an interest rate of 11.11%, the bond will be redeemed on February 25, 2004 (Ash Wednesday) either at par (scenario A) or by delivery of shares of the respective underlying. WestLB is issuing a total volume of € 25 million in denominations of € 1,000. The initial offer price is 100%. Payment date is November 14, 2003.

The issuer will repay in shares if the closing price of at least one of the shares is quoted below the relevant strike price at the determination date (February 18, 2004). The issuer will deliver the share which is quoted below its strike price. If more than one share is quoted below its strike price at the determination date, the issuer will deliver the share whose closing price at the determination date has fallen deeper below the relevant strike price in percentage terms.

Deutsche Lufthansa    DE0008232125       13.67             12.35         81

Deutsche Telekom     DE0005557508        13.37             12.05         83

Henkel KGaA Vz.       DE0006048432        63.61             55.56         18

All shares are quotedon the Xetra. The bearer bond will be listed on the Düsseldorf, Frankfurt (Smart Trading) and Stuttgart (EUWAX) Stock Exchanges ("Freiverkehr").