Five Years Of Deutsche Börse’s XTF Segment - XTF Is The Leading Market Place For ETFs In Europe - Q1/2005 The Most Successful Quarter Since The Introduction Of The Segment - Deutsche Börse Receives Award As Europe’s Most Proactive ETF Exchange - Indexchan

Five years after the introduction of the XTF segment, Deutsche Börse has further solidified its position as the leading marketplace for exchange-traded funds (ETFs). "The XTF segment presently boasts 68 index funds, the largest range of ETFs offered by any exchange in Europe," said Rainer Riess, Managing Director of Stock Market Business Development at Deutsche Börse, and responsible for the XTF segment. "In the first quarter of 2005, XTF generated with more than EURO 11 billion the highest quarterly turnover since the introduction of the segment. This means that more than 55 percent of all ETF-turnover in Europe was generated in the XTF segment."

In recognition of its extraordinary achievements in the field of exchange-traded funds, Deutsche Börse received the award for the "most proactive ETF exchange in Europe" at the "Global ETF Awards®" in New York, on April 4, 2005. The award was presented by International Fund Investment Magazine and exchangetradedfunds.com based on votes cast by international market participants. In addition, Deutsche Börse was presented with an award for having "the largest range of listed ETFs in Europe", as well as "the highest ETF trading volumes of all the exchanges in Europe". Deutsche Börse’s pioneering achievements had already been recognized last year, when it was honored as "the most innovative exchange for ETFs in Europe" as part of the "European ETF Awards".

Along with fifth anniversary of XTF, Deutsche Börse is further expanding its segment for exchange-traded index funds. Five new Indexchange ETFs have been available for trading in XTF since Monday. These are the first ETFs in the world to be based on the benchmark share indices DivDAX® (ISIN: DE0002635273), Dow Jones STOXXSM 600 (ISIN: DE0002635307), Dow Jones STOXXSM 200 Small (ISIN: DE000A0D8QZ7), Dow Jones STOXXSM 200 Mid (ISIN: DE0005933998), and Dow Jones STOXXSM 200 Large (ISIN: DE0005933980). INDEXCHANGE Investment AG is the issuer of the funds. Bayerische Hypo- und Vereinsbank AG is performing the role of designated sponsor. By investing in the new ETFs, investors gain easy, low-cost access to the companies with the greatest dividend yields on the DAX® (DivDAX®EX), a broad diversification spanning 600 liquid European equities (DJ STOXXSM 600 InstitutionalEX), as well as three European size indices for small, mid, and large-caps (DJ STOXXSM 200-Familie). This pushes the number of index funds listed in the XTF segment up from 63 to 68.

Trading volume in March 2005 was €3.73 billion, bringing total turnover for Q1 to €11.04 billion. This represents a 12 percent climb year-on-year (Q1 2004: €9.87 billion). Fund assets under management in the XTF segment reached a record high of €16.4 billion at the close of 2004, which is a 66 percent increase over 2003 (€9.9 billion). At the end of March 2005, fund assets under management already totaled €18.4 billion.