Gräfelfing/Munich, October 21, 2004 , In the first nine months of the current financial year, due to the poor stock exchange environment the Munich-based securities trading house MWB achieved a group result from ordinary activities of minus EUR 1,297,000 compared with minus EUR 2,058,000 in the same period of the previous year. As of September 30, 2004, the commission result amounted to EUR 1,223,000, which is an increase of EUR 466,000 compared to the previous year (EUR 757,000). The trading result was slightly better, increasing by EUR 439,000 from EUR 2,141,000 in the previous year to EUR 2,580,000. At EUR 5,393,000, the administrative expenses increased only slightly compared with the previous year (EUR 5,288,000). Here, the company managed to reduce personnel expenses from EUR 2,131,000 to EUR 1,808,000. Due to transaction-related costs, for instance expenses for settling securities transactions, other administrative expenses increased from EUR 3,157,000 to EUR 3,585,000. The number of employees rose slightly from 29 in the previous year to 30. Although equity at EUR 16,142,000 and liquidity at EUR 10,908,000 were slightly reduced as of September 30, 2004 compared with December 31, 2003 (equity as of Dec 31, 2004 EUR 17,521,000 and liquidity EUR 13,341,000) the situation is still secure with an equity ratio of 88 percent.


Information and explanations of the issuer regarding this ad-hoc announcement:

MWB AG (www.mwb.de) has been listed on the stock exchange since April 1999 and has been listed in the Prime Standard segment of Deutsche Börse AG since January 1, 2003. MWB"s core business is being a specialist and market maker for foreign stocks, supplemented by order execution for financial institutions as well as institutional sales. Furthermore MWB AG is active in the private asset management business with MWB Baden, holding a 60 percent interest in this company. The company has applications on the stock exchanges in Munich, Berlin, Frankfurt, Düsseldorf and Stuttgart.