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WestLB AG, Düsseldorf/Münster, is issuing a 6% reverse convertible multi-bond on European shares (Bayer AG, ING Groep N.V., Suez S.A.). The issue, which has a total volume of € 25 million, is available in denominations € 1,000. The initial offer price of the issue is 100%. Payment date is September 9, 2003.

The bond will be redeemed in accordance with the terms and conditions of the issue at the choice of the issuer on September 9, 2005 either a) at par (scenario A) or b) by delivery of shares of the respective underlying at the relevant strike price per bond with a principal amount of € 1,000 (scenario B). 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 (September 2, 2005). 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.

Bayer AG  DE0005752000 Xetra           19.77                12.82           78

ING Groep NL0000303600 Amsterdam   18.28               11.76           85

Suez S.A. FR0000120529   Paris            14.84                 9.62          104

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