Deutsche Börse Corrects Financial Times Article

Deutsche Börse on Wednesday characterized as incorrect a report in the Financial Times that, in a Supervisory Board meeting held in mid-March, Supervisory Board chairman Rolf-E. Breuer had rejected a suggestion to offer board seats to The Children’s Investment Fund Management (TCI).

After the mid-March Board meeting and after the company’s announcement of a significant share repurchase program on 22 March, Deutsche Börse commenced discussions with TCI regarding TCI’s demands for significant changes to Deutsche Börse’s corporate governance. In these discussions, TCI has repeatedly demanded the immediate removal and replacement of at least eight of the Company’s fourteen shareholder-elected representatives. Also, in these discussions, Deutsche Börse has attempted to determine if a compromise can be reached. However, with no change in TCI’s position, last week Deutsche Börse concluded that it had to reject TCI’s demands as not being in the best interests of the company.

At that time, Deutsche Börse also announced its own Shareholder Value Enhancement Program, which is comprised of a capital management program including significant distributions of funds to shareholders and the formation of a proposed Shareholder Committee to ensure direct and formal shareholder input into Executive and Supervisory Board decisions.

In addition, the Company has expressed its intention to continue its past practice of seeking shareholder input with respect to the composition of the Supervisory Board and the selection of new Board members in the elections scheduled for 2006. It also has asked TCI to join with the Company and other shareholders in promoting an orderly Board transition.