Deutsche Börse Lowers 2008 Cost Guidance and Sets Guidance for Total Costs in 2009

Deutsche Börse AG lowers its 2008 cost guidance for the Group to €1,280 million, from the original guidance of €1,315 million. Costs in 2008 are negatively affected by costs relating to the interim building in Eschborn and by expected impairments on software. These additional cost items are expected to be more than offset by lower than anticipated stock-based compensation charges and tight control of the operational costs of the Group. The lower 2008 cost guidance underpins Deutsche Börse’s expectation to achieve a new record result for the full year 2008.

In 2009, the restructuring and efficiency program initiated in September 2007 will help to mitigate inflationary pressures on staff costs and an expected increase in volume related costs, resulting in stable costs compared like-for-like to 2008. In addition, the cost budget for 2009 foresees incremental investments to underpin growth opportunities and efficiencies across the integrated business model. This includes incremental investments in growth initiatives and the development of the Global Trading System, initially for ISE, as the nucleus for the IT platform strategy of Deutsche Börse Group. As a result, Deutsche Börse sets a guidance for total costs in 2009 of €1,350 million.

Thomas Eichelmann, CFO of Deutsche Börse, said: “Costs in 2009 are expected to be stable compared to the 2008 budget on a like-for-like basis, mainly as a result of our restructuring and efficiency program launched in 2007. Despite the uncertainties around the development of the global economy, the budget for 2009 is based on the expectation that structural growth drivers and organic growth opportunities can help mitigate cyclical volume pressures. Against this background, the Group Executive Committee and the Supervisory Board of Deutsche Börse ratified a budget for incremental investments in organic growth opportunities of around €45 million in 2009. Therefore, our guidance for total costs in 2009 amounts to around €1,350 million.”