Ad-hoc | 21 August 2000 10:34

Ad hoc-Service: Value Managem. & Research Cor

Ad hoc-announcement edited and sent by DGAP. The sender is responsible for the content of this announcement. —————————————————————————— Correction In the fourth paragraph instead of: “The shareholder structure shall be further enhanced by Shore Capital Group plc., having acquired Jellyworks plc, selling 350,000 of Jellywork’s shares in VMR to one of Europe’s leading investment banks in order that they might be placed with further leading institutional adresses.” It must be: “Furthermore, 350.000 VMR shares previously held by Jellyworks plc., have been placed by one of Europe’s leading investment banks with top ranked institutional investors.” The whole corrected announcement is: VMR AG successfully places its 10% Capital Increase with a renowned German Institutional investor Schwalbach, 21.08.2000 Value Management & Research AG successfully completed the placement of its 10% Capital increase. Having been given the right to disapply the preemption rights a leading German Institutional investor took up the full issue of 675,000 new shares at a price close to the current share price. This transaction, following the sale of Gold-Zack’s holding in VMR AG to Naissance Ltd., a company incorporated in Switzerland, allows VMR to broaden its shareholder structure with an important strategic partner. The partnership has allowed VMR to move a significant step towards reaching its strategic goal. This strategy focuses on becoming the German market leader in the sectors of Underwriting, Asset Management, Private Equity, Equity Research and Investor Relations. Furthermore, 350.000 VMR shares previously held by Jellyworks plc., have been placed by one of Europe’s leading investment banks with top ranked institutional investors. The Management Board If you should have any inquiries, please contact: Patricia Köhler, 1R 06196- 88 00-444 WKN 760550 * Börsenkürzel VMR* BloombergVMR GR* Reuters VMRG.F* Geregelter Markt/FWB End of Message