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Supervisory Board Chairman Michael Breuer: “Alexander Stuhlmann has provided WestLB with a perspective for the future again”

WestLB AG today officially said goodbye to Alexander Stuhlmann (59) in his capacity as Chairman of the Managing Board.

Michael Breuer, Chairman of WestLB´s Supervisory Board, paid tribute to the departing chairman at an event held by the supervisory board in his honour: “Alexander Stuhlmann took office for an agreed limited period under entirely different premises. He has set WestLB on course in extremely turbulent times. With his firm resolve, but also his reconciliation skills, he has provided the Bank with a perspective for the future.” His successor is Heinz Hilgert (54), who officially takes office on May 1, 2008.

Michael Breuer added: “With his humane and conciliatory manner, Alexander Stuhlmann has brought WestLB closer to the savings banks again. His long-standing experience, his prudence and his outstanding personal commitment have enabled him to cope with the immense challenges posed by the financial markets´ crisis. We thank him most sincerely for his valuable contribution and wish him all the very best for the future.”

Alexander Stuhlmann, who took over as chairman at the end of July 2007, had committed himself from the outset for a maximum period of twelve months. He steered the Bank through the aftermath of the global financial markets´ crisis and was instrumental in ensuring that WestLB´s owners established a complex risk shield for the Bank within a period of only seven weeks. At the same time he initiated the necessary restructuring process to prepare WestLB for future requirements arising from the consolidation among Germany´s public-sector banks.