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The outperformance certificate on the Dow Jones EURO STOXX 50^SM (ISIN Code: DE0006997000) is an investment in the stock index enabling the investor to participate directly and fully in the positive performance of the index. In addition, the investor benefits at maturity from a bonus level amounting to 136% of the initial reference value. This bonus will be paid if the Dow Jones EURO STOXX 50^SM does not trade at or below the price threshold of 60% of the initial reference value throughout the observation period. The bonus will not be paid if the index trades at or below the price threshold during the observation period. The repayment of the certificate will then be calculated according to the closing level of the index at the determination date.

The advantages of the outperformance certificate:

• unlimited 100% participation in the positive performance of the DJ EURO STOXX 50^SM
• 40% safety cushion from the initial reference value
• good profit opportunity even if the price rises or falls slightly
• tradeable on the stock exchange at all times.

WestLB AG is issuing up to 1 million outperformance certificates on the DJ EURO STOXX 50^SM at a nominal amount of € 100. The offer period runs from December 15, 2003 to January 16, 2004. The observation period is from (and including) January 20, 2004 to (and including) January 15, 2010. Maturity date is January 22, 2010. The initial reference value will be determined on January 19, 2004 (record date) on the basis of the closing price of the DJ EURO STOXX 50^SM. Closing is January 23, 2004. The certificates will be listed on the Düsseldorf, Frankfurt (Smart Trading) and Stuttgart (EUWAX) Stock Exchanges ("Freiverkehr").