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Ad-hoc release

10.05.2001 - Quarterly Report I/2001

Quickborn, May 10th 2001

The comdirect bank group reports results for the first quarter of 2001 that are characterised by the continued weakness of the financial markets. In addition, the figures for the first three months of this year were also affected by investments in the European expansion of comdirect into the French, British and Italian markets.

In the first quarter of 2001, comdirect recorded a consolidated turnover of EUR 50.4 million (comdirect bank AG: EUR 49.6 million). This figure includes net commission income of EUR 29.5 million (comdirect bank AG: EUR 29.1 million) and net interest income before provisions of EUR 20.9 million (comdirect bank AG: EUR 20.5 million).

Administrative expenses including marketing expenses amounted to EUR 70.2 million in the first quarter of 2001 (comdirect bank AG: EUR 48.1 million). comdirect S.A. incurred a particularly strong increase in marketing expenses, which resulted in a high growth in new customers in France.

The consolidated pre-tax loss came in at EUR 19.8 million, compared with a pre-tax profit of EUR 10.0 million in the first quarter of 2000. comdirect bank AG recorded a pre-tax profit of EUR 2.2 million (Q1 2000: EUR 14.0 million). This resulted in a loss per share of EUR 0.13 in the first quarter of 2001, compared to earnings per share of EUR 0.14 in the first quarter of 2000.

Consolidated key figures for the first quarter of 2001
Net commission income: EUR 29.5 million
Net interest income before provisions: EUR 20.9 million
Provisions: EUR 0.9 million
Administrative expenses including marketing: EUR 70.2 million
Taxes on income: EUR -1.5 million (tax benefit)

Contact:
comdirect bank AG
Investor Relations, Gregor Sparfeld
Tel.: ++49 / (0)4106 / 7041966
Fax: ++49 / (0)4106 / 7041969

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