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Ad-hoc release

13.03.2002 - comdirect: Respectable start to fiscal year 2002 after special charges in 2001

Quickborn, Germany, 13 March 2002. The Supervisory Board of comdirect bank AG (WKN 542 800) formally adopted the company's financial statements for 2001 on 13 March 2002. comdirect bank AG reports a loss before taxes and after extraordinary expenses of EUR 203.3 million. The operating result, however, was positive at EUR 12.0 million. The financial statements for fiscal year 2001 include restructuring expenses for foreign subsidiaries in Italy (EUR 51.9 million) and France (EUR 113.8 million), a partial write-down in relation to comdirect ltd, London (EUR 38.0 million), and the write-down of the investment in censio AG (EUR 11.6 million). After consolidation, the comdirect group reports a loss before taxes of EUR 150.6 million, which will be set off against reserves.

The Board of Managing Directors of comdirect bank AG reported a respectable start to fiscal year 2002. The company, therefore, has a confident outlook on the further development of its business.

The annual report for 2001 will be presented at the financial statements press and analysts conference on 25 March 2002 and will then also be available for download in PDF format on our website at www.comdirect.de.

Contact:
comdirect bank AG
Investor Relations
Gregor Sparfeld
Phone: +49 (0)4106 7041966
Fax: +49 (0)4106 7041969

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