New Actively Managed Fund Launched In The Xetra Funds Segment - Xavex SICAV CROCI Euro Fund Now Tradable With Deutsche Börse - Xetra Active Funds Segment Grows Further

Deutsche Börse has further expanded its Xetra Active Funds segment for actively managed funds. As of last week, participants can trade the actively-managed Xavex SICAV CROCI Euro Fund (ISIN: LU0194163563), which was issued by Xavex, a subsidiary of Deutsche Bank. This new addition brings up the number of Xavex funds listed in this segment to nine.

The Xavex SICAV CROCI Euro Fund is an equity fund that mirrors the performance of the CROCI Euro index. This index is comprised of 30 European equities, and is rebalanced by Deutsche Bank on a monthly basis. The composition of the index is based on the CROCI model (CROCI stands for Cash Return on Capital Invested), a quantitative research model developed by Deutsche Bank to appraise individual equities according to price-to-earnings ratio. The Xavex SICAV CROCI Euro Fund is a no-load fund; the annual management fee is 0.5 percent. Deutsche Bank is the designated sponsor of the fund.

Xetra Funds encompasses the entire range of Deutsche Börse funds and includes XTF, the segment for exchange-traded funds (ETFs) as well as Xetra Active Funds, the segment for actively managed funds. Xetra Active Funds currently includes 23 funds, with an average monthly traded volume of 115 million euros. In the first half of 2004, turnover in actively-managed funds traded with Deutsche Börse rose to more than 690 million euros - 14 percent higher on the same period last year.