Deutsche Börse to begin share buyback on Wednesday

Deutsche Börse will begin its share repurchase program on Wednesday, April 13, 2005. This share repurchase program is part of an ongoing effort to optimize the capital structure of the Group and will terminate on 20 May 2005, two trading days prior to the AGM on May 25. The company will use the current authorization by its shareholders to repurchase up to 10 percent of its share capital, or up to 11,180,288 shares. However, the buyback is limited to a number of shares, equivalent to the retained earnings of 448 million euros as at December 31, 2004. The repurchased shares are to be cancelled, and the share capital of the company reduced accordingly.

The shares will be repurchased exclusively on the exchange. The purchase price for the shares to be repurchased may neither exceed nor fall short of the volume-weighted average share price for the five trading days prior to the purchase commitment by more than 10 percent. The relevant prices for determining the volume-weighted average are the closing auction prices for Deutsche Börse shares in electronic Xetra trading at the Frankfurt Stock Exchange (FWB).

Deutsche Börse has instructed its agent to use its best efforts to buy back no more than 25 percent of the daily trading volume on any one day. Additionally, the agent is bound by agreement to uphold the trading rules set forth in Article 5 of Commission Regulation (EC) No. 2273/2003 of December 22, 2003. In particular, no more than 25 percent of the average daily trading volume of the shares in the month prior to publication of the repurchase program may be repurchased in any one day.