Graefelfing/Munich, July 22, 2004. In the first six months of 2004, the Munich based securities trading firm was able to clearly improve the group result form ordinary activities compared with the previous year from EUR -1,515,000 to EUR - 248,000. At EUR 939,000 (EUR 474,000 prev. year) the commis-sion result and the result from trading activities at EUR 2,155,000 (EUR 1,162,000 prev. year) were almost doubled, in spite of declining turnover, particularly in the second quarter, and stagnating stock prices.

At EUR 3,543,000 (EUR 3,430,000 prev. year) the general administrative expenses remained almost unchanged. Here, the firm managed to reduce personnel expenses by EUR 258,000 to EUR 1,203,000 (EUR 1,461,000 prev. year); other administrative expenses increased due to transaction-related expenses, from EUR 1,969,000 in the previous year to EUR 2,340,000. Equity amounts to EUR 17,302,000 (EUR 17,521,000 as at December 31, 2003) and remained almost stable with an eq-uity ratio of 87 percent. Liquidity is slightly reduced at EUR 11,962,000 (EUR 13,341,000 as at De-cember 31, 2003). The number of employees decreased from 30 to 28.