Ad-hoc News

Change of group structure

Unterschleißheim, January 30, 2003

Baader Wertpapierhandelsbank AG, Unterschleißheim, is changing its group structure in the course of the year. The first step is the merger of the subsidiary Baader Securities AG, Frankfurt, with the parent company with retroactive effect from January 1, 2003.

The newly acquired subsidiary Gebhard & Schuster Wertpapierhandelshaus AG will as well be merged with Baader Wertpapierhandelsbank AG with retroactive effect from January 1, 2003.

As subsidiaries will remain KST Wertpapierhandels AG i.L., Stuttgart, and IPO GmbH, Unterschleißheim.

The Executive Board

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Issued by:
Baader Wertpapierhandelsbank AG
Contact: Nico Baader
Weihenstephaner Str. 4
85716 Unterschleißheim
Germany
Tel. +49 (0)89/ 5150-1030
Fax +49 (0)89/ 5150-2424
Nico.Baader@Baaderbank.de
http://www.Baaderbank.de