Gräfelfing/Munich, April 22, 2003 Against the backdrop of poor market conditions lasting for more than two years and the geo-political insecurity in the first quarter of 2003, the Munich-based securities trading house MWB generated a group result from ordinary activities amounting to minus EURO 1,041,000 (minus EURO 269,000 in the previous year). After EURO 256,000 in the previous year, commission result was almost stable at EURO 215,000, although the drop in turnover in foreign stocks in Germany was significantly higher. This is reflected in a trading result, which also amounts to EURO 215,000, compared to EURO 1,173,000 in the previous year. The company managed to further reduce administrative expenses from EURO 1,853,000 down to EURO 1,591,000. Personnel expenses decreased from EURO 740,000 to EURO 725,000 and other administrative expenses were cut from EURO 1,113,000 to EURO 866,000.