With respect to the application of The Children's Investment Master Fund the Executive Board bases its decision on the fact that The Children's Investment Master Fund is not registered in the share register and can, therefore, not state any shareholder rights towards the company in accordance with German law. With respect to the application of The Children's Investment Fund Management (UK) LLP (“TCI LLP”) the Executive Board’s decision is based on the circumstance that the demand for the calling of an extraordinary general meeting is not urgent because, after Mr. Viermetz has resigned from his office, it has become obsolete. Taking into account all periods to be complied with in accordance with statutory law and the articles of association an extraordinary shareholders’ meeting could have been held at the earliest at the end of November or the beginning of December and, therefore, just a few days before Mr. Viermetz’s resignation from his office will become effective as of the end of 8 December 2008 when the next ordinary Supervisory Board Meeting will be held. This is apparently also the opinion of TCI LLP as an email to the CEO shows which he has received after the resignation was announced last night; this email states that TCI withdraws its application. Yet, a decision of the Executive Board on the applications continued to be necessary as this email does not comply with the statutory form requirements for a valid withdrawal of the applications.
On the substance of the matter the Executive Board did further not follow the application of TCI LLP because it is improper and does, therefore, not have any legal effect. TCI has demanded in the recent past repeatedly that Deutsche Börse Group shall be broken up. The chairman of the Supervisory Board of the Company has always resisted this demand as it would result in damages for the Company and its Group. The application of TCI LLP must be seen in this context.
