EUWAX AG

ots Ad hoc-Service: Euwax Broker AG In the first quarter 2001, EUWAX Broker AG has generated a profit after taxes of Tsd. EUR 1,620

Ad hoc-announcement. The sender is solely responsible for the contents of this announcement.

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    Stuttgart (ots Ad hoc-Service) - In the first quarter 2001, EUWAX Broker AG has generated a profit after taxes of Tsd. EUR 1,620. That corresponds to earnings per share (according to DVFA/SG) of EUR 0.43. The new business year runs according to plans. In spite of the depression on the actual markets, EUWAX Broker AG was able to achieve its plans for the 1.quarter. Projected for the year as a whole, the net income after taxes of Tsd. EUR 7,490 was only 3% lower than the record result of the previous year and just 6% lower than planned. The projected pre-tax profit for the year 2001 of Tsd. EUR 12,279 is with 19% declining, but is with a target range of 94% still within the planning area. The Board of Managing Directors expects earnings per share of EUR 1.98 for the year (2000: EUR 2.14).

    Some important figures:         Year 2000      1st.Quarter 2001
    Projection 2001
    Earnings per share         EUR      2.14         0.43    1.98
    (according DVFA/SG standards)
    Cash Flow per share        EUR      2.19         0.57    2.07
    (according DVFA/SG standards)
    Total income                Tsd. EUR 25,471    4,829  20,450
    Total expenditures      Tsd. EUR 10,351    2,146    8,171
    Profit before taxes    Tsd. EUR 15,121    2,683  12,279
    Profit after taxes      Tsd. EUR  7,750    1,620    7,490
    Cash Flow                    Tsd. EUR  8,199    2,131    7,768
  (according DVFA/SG standards)
    Employees                      average      54         75        77
    Trading profit            Tsd. EUR  24,518  4,292    19,081
    Trades                         Tsd.          5,087  1,247      5,000
    Market shares warrants average        68%      77%        77%

    The development of the warrant-trading is very satisfying. Due to the specialization on this business segment, the company has also a good profit during bearish periods. A reason for this is the increasing demand for puts when markets go down. The development of the share and proprietary trading does not meet our expectations yet. These segments are influenced in a negative way by the extremely bad market conditions. Even if the present market depression should continue, the company is confident to reach last years profit after taxes.

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