The share buyback is part of a continuing program to optimize the capital structure of Deutsche Börse Group. The company distributed approximately €2.5 billion to shareholders from 2005 until and including May 2008. In 2005 the company repurchased shares for a total of €726.3 million and paid a dividend of €74.1 million, in 2006 the company repurchased shares for a total of €389.7 million and paid a dividend of €210.4 million and in 2007 the company repurchased shares for a total of €395.0 million and paid a dividend of €329.8 million for financial year 2006. In 2008, the company paid a dividend of €403.0 million for financial year 2007.

On 16 June 2008 Deutsche Börse AG announced that it plans to resume its share buyback program on 1 July 2008. The company will use the current authorization through the AGM on 21 May 2008 to re-purchase up to 10 percent of its share capital amounting to nominal €195 million while taking into account shares owned by the company. Currently, the company holds 3,097,468 own shares in treasury.

The buyback until 31 December 2008 is limited to a number of shares equivalent to an overall purchase price of up to €400 million. It is intended to cancel the repurchased shares and thus reduce the share capital of the Company accordingly. In addition the repurchased shares may be used for remuneration programs at Deutsche Börse Group.

The shares will be repurchased either on the exchange or through the use of derivative instruments in line with standard market conditions. In case of an on-exchange purchase, the purchase price for the shares to be repurchased must not exceed nor fall short of the average share price on the five trading days preceding the point in time when the obligation to purchase the shares is assumed by more than 10 percent. The relevant prices for determining the average are the closing auction prices for Deutsche Börse shares in electronic Xetra trading at the Frankfurt Stock Exchange (FWB). All share purchases by using derivatives are limited to shares representing no more than 5 percent of Deutsche Börse AG’s nominal share capital while taking into account shares owned by the company. In case of a purchase through derivatives, the exercise price may not exceed the volume-weighted average share price for the five trading days prior to the entry into the derivative transaction by more than 10 percent and may not fall short of the average share price for the same period by more than 20 percent.

Deutsche Börse will instruct an independent financial institution to use its best efforts to buy back no more than 25 percent of the daily trading volume on any one day. Additionally, the independent financial institution will be 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. If the shares are acquired by using derivatives, the independent financial institution will be instructed to ensure that the options are only based on shares that had been acquired in keeping with the principle of equal treatment.