Gräfelfing/Munich, October 21, 2003 - As of third quarter of the
current financial year, the Munich-based securities house MWB generated a
financial and commission result amounting to EUR 2,898,000 compared with EUR
2,745,000 in the previous year. The result from ordinary activities was minus
EUR 2,058,000 (minus EUR 5,702,000 in the previous year). At EUR 2,131,000
personnel expenses remained at about the same level (EUR 2,123,000 in the
previous year), other administrative expenses could be reduced by 10 percent
(EUR 3,157,000 compared with EUR 3,470,000 in the previous
year).

Although equity at EUR 17.9 million and liquidity at EUR 13.7
million as of September 30, 2003 slightly decreased compared with December
31, 2002 (equity as of December 31, 2002 at EUR 19.7 million, liquidity at
EUR 14.8 million), the situation can still be regarded as secure.