Cedel Shareholders Accept Deutsche Börse's Offer - German Merger Control Authorities And Luxembourg Regulator Approve Transaction

Deutsche Börse's private tender offer for the shares in Cedel International has reached the two-thirds majority that was a precondition for the closing of the transaction: As of Monday, 15 April, 83.2 percent of the Cedel shareholders accepted Deutsche Börse's 1.74 billion Euro bid for Cedel. The offer values Cedel's 50 percent stake in the settlement house Clearstream International at 1.6 billion and Cedel's remaining assets at 0.14 billion Euro. As a consequence Deutsche Börse will not extend the initial period for acceptance that ends on April 17. However, Cedel shareholders who have not yet done so will have the opportunity to accept the offer during a period of at least three weeks beginning April 18.

Furthermore, German merger control authorities (Bundeskartellamt) and the Luxembourg regulator (Commission de Surveillance du Secteur Financiaire) have approved the transaction. The transaction remains subject to clearance by the UK merger control authorities. Given the approvals already received, Deutsche Börse is optimistic that the remaining conditions will be satisfied in due course. Deutsche Börse has also fully informed the EU Directorate-General Competition about the details of the transaction.

In the meantime, the preparations for the integration of Clearstream into Deutsche Börse Group are progressing on schedule. Assuming satisfaction of the outstanding conditions and completion of the offer, Deutsche Börse and Clearstream anticipate that the integration will be completed by early 2003. Deutsche Börse and Clearstream will create the preeminent full service provider for the securities industry setting the standard for "straight-through processing" by optimally coordinating and fine-tuning all systems for trading, clearing and settlement. This will result in a highly efficient, low-cost securities processing chain allowing for increased service levels and accelerated product and service introduction. Moreover, with the custody business of Clearstream, Deutsche Börse Group will be operating a second global business, in addition to the derivatives market Eurex. Finally, in moving from equity consolidation to full consolidation of Clearstream's financials, Deutsche Börse will strengthen its financial capacity given Clearstream's strong cash flow generation.

Further information from the Gruppe Deutsche Boerse is available under http://www.media-relations.deutsche-boerse.com