| The European Code of Conduct for Clearing and Settlement of cash equities recognizes that price transparency is an essential requirement for the integration of European capital markets. The Code outlines several measures to increase price transparency. The objective is to enable customers to better understand the services they will be provided with and the prices they will have to pay for these services and to facilitate comparison of prices and services on an individual basis. Further measures target improving the reconcilability of customers' ex-post billing and the published prices and services provided. Deutsche Börse supports these objectives by ensuring full compliance with the measures put down in the Code, such as providing full information on discount and rebate schemes in the respective price lists. Price lists of the entities of Deutsche Börse Group are collected in the following sections. In addition, in order to facilitate the comparison of offers and allow customers to anticipate the price they will have to pay for the use of services, several example calculations for standard cash equity transactions along the value chain are provided. Trading of cash equities Cash equities are traded at Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) through the electronic trading platform Xetra®. The respective connection, transaction, and related service fees collected by Deutsche Börse AG are arranged in the Xetra price lists. Further fees levied directly by the Frankfurt Stock Exchange under public law (e.g. admission fees, listing fees) are arranged in the Fee Regulations for the Frankfurt Stock Exchange based on § 17 German Stock Exchange Act. Links to the relevant price lists and terms and conditions are provided below. Clearing of cash equities Cash equities are cleared through Eurex Clearing AG. The fees for the subsequent settlement of the respective Xetra and Xontro transactions at the Frankfurt Stock Exchange through Clearstream Banking AG, Frankfurt, are charged by Eurex Clearing AG only. Links to relevant price lists and terms and conditions are provided below. Settlement and custody of cash equities Fees for settlement, custody, and other services of Clearstream Banking AG, Frankfurt, related to cash equities issued in Frankfurt are included in the domestic fee schedule of Clearstream Banking AG, Frankfurt, provided below. For transactions cleared through Eurex Clearing AG, no settlement fees are charged by Clearstream Banking AG, Frankfurt (see above: clearing of cash equities). Fees for settlement, custody, and other services of Clearstream Banking S.A., Luxembourg, related to cash equities issued in Luxembourg are listed in the international fee schedule provided below. Links to relevant terms and conditions for both fee schedules are also provided below. Members of the European Central Securities Depository Association (ECSDA), including Clearstream, have developed a 'Conversion Table' which has the objective of easing comparison of fee schedules of (international) central securities depositories across Europe. The table provided below maps the entries of Clearstream's tariff brochures to a set of common service definitions, based on the Commission’s definitions for post-trading as referenced in the Code. An explanatory document is also provided. Example calculations for cash equity transactions To facilitate the understanding of all costs that Deutsche Börse Group's customers will have to pay for trading and post-trading services of cash equity transactions, example calculations are provided below. These calculations show average prices on the basis of a specific customer profile. | 
