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The closing prices of the individual stocks for the WestLB Dynamic Bond were fixed on July 22, 2003.

With the Dynamic Bond the subscriber invests in a capital-guaranteed bond the annual interest payment of which is linked to the annual performance of 15 basket stocks. The minimum interest rate of 2% p.a. will be paid if the lowest absolute percentage performance (either negative or positive) among the 15 basket stocks at the relevant observation date, multiplied by the participation rate (50%), is less than 2%. If it is higher than 2%, this performance, multiplied by the participation rate, will be paid for the current period. Interest will be calculated for the period from (and including) July 28^th of each year to (but excluding) July 28^th of the following year. The observation dates are July 21, 2004, July 21, 2005, July 21, 2006, July 23, 2007, July 22, 2008, July 21, 2009 and July 21, 2010. The bonds will be repaid at par (€ 1,000) on July 28, 2010 (maturity date). The certificates will be listed on the Düsseldorf, Frankfurt and Stuttgart (EUWAX) Stock Exchanges ("Freiverkehr"). Closing is July 28, 2003.