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<strong>Deutsche</strong> <strong>Börse</strong> Listing: Welcome to Your Future<br />

Entry <strong>Standard</strong> – G<strong>en</strong>eral <strong>Standard</strong> – Prime <strong>Standard</strong><br />

未 来 的 呼 唤 - 在 德 意 志 交 易 所 上 市

Disclaimer<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

This pres<strong>en</strong>tation was prepared by <strong>Deutsche</strong> <strong>Börse</strong> <strong>AG</strong>. Any information contained herein has<br />

be<strong>en</strong> obtained from company and external sources believed to be reliable, but not guaranteed<br />

as to its accuracy or complet<strong>en</strong>ess. All proprietary rights and interest in this pres<strong>en</strong>tation shall<br />

be vested in <strong>Deutsche</strong> <strong>Börse</strong> <strong>AG</strong> and all other rights including, but without limitation to pat<strong>en</strong>t,<br />

registered design, copyright, trade mark, service mark, connected with this pres<strong>en</strong>tation shall<br />

also be vested in <strong>Deutsche</strong> <strong>Börse</strong> <strong>AG</strong>. Whilst all reasonable care has be<strong>en</strong> tak<strong>en</strong> to <strong>en</strong>sure<br />

that the details contained in this pres<strong>en</strong>tation are accurate and not misleading at the time of<br />

pres<strong>en</strong>tation, no liability is accepted by <strong>Deutsche</strong> <strong>Börse</strong> <strong>AG</strong> for the use of information<br />

contained herein in any circumstances connected with actual trading or otherwise. Neither<br />

<strong>Deutsche</strong> <strong>Börse</strong> <strong>AG</strong>, nor its servants or ag<strong>en</strong>ts, are responsible for any errors or omissions<br />

contained in this pres<strong>en</strong>tation which is published for g<strong>en</strong>eral information only and shall not<br />

constitute an investm<strong>en</strong>t advice or an offer to sell or a solicitation to buy shares of <strong>Deutsche</strong><br />

<strong>Börse</strong> <strong>AG</strong>. Neither <strong>Deutsche</strong> <strong>Börse</strong> <strong>AG</strong>, nor its servants or ag<strong>en</strong>ts, are responsible for any<br />

errors or omissions contained in this pres<strong>en</strong>tation which is published for g<strong>en</strong>eral information<br />

only and shall not constitute investm<strong>en</strong>t advice or an offer to sell or a solicitation to buy shares<br />

of <strong>Deutsche</strong> <strong>Börse</strong> <strong>AG</strong> or any other security traded on any marketplace in the <strong>Deutsche</strong> <strong>Börse</strong><br />

Group. The marketplaces of <strong>Deutsche</strong> <strong>Börse</strong> <strong>AG</strong> reserve the right to modify any of their rules<br />

or product specifications<br />

2

Introduction <strong>Deutsche</strong> <strong>Börse</strong> Group<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing: Welcome to Your Future

Introduction <strong>Deutsche</strong> <strong>Börse</strong> Group<br />

<strong>Deutsche</strong> <strong>Börse</strong>: Path of Innovation and Growth since 1585<br />

• 1585 Op<strong>en</strong>ing of Frankfurt Stock Exchange<br />

• 1625 First official quotations sheet<br />

• 1820 First stock issued in Frankfurt<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

• 1990 Launch of fully electronic German derivatives market (DTB)<br />

• 1992 Founding of <strong>Deutsche</strong> <strong>Börse</strong> <strong>AG</strong><br />

• 1997 Introduction of Xetra ®<br />

• 1998 Merger of DTB and Soffexto form Eurex<br />

• 2001 IPO of <strong>Deutsche</strong> <strong>Börse</strong> <strong>AG</strong><br />

• 2002 Acquisition of Clearstream International<br />

<strong>Deutsche</strong> <strong>Börse</strong> included in DAX ®<br />

• 2003 Introduction of G<strong>en</strong>eral <strong>Standard</strong> and<br />

Prime <strong>Standard</strong><br />

• 2005 Introduction of Entry <strong>Standard</strong><br />

• 2007 Introduction of <strong>Deutsche</strong> <strong>Börse</strong> REITs<br />

• 2008 Introduction of First Quotation Board<br />

• 2008 Consolidation of International Securities Exchange<br />

Pioneer in Exchange Business<br />

4

Introduction <strong>Deutsche</strong> <strong>Börse</strong> Group<br />

<strong>Deutsche</strong> <strong>Börse</strong>: Your IPO-One-Stop-Shop<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Issuers from over 70 countries<br />

Europe<br />

Austria<br />

Belgium<br />

Croatia<br />

Czech Republik<br />

D<strong>en</strong>mark<br />

Estonia<br />

Finland<br />

France<br />

Germany<br />

Hungary<br />

Iceland<br />

Ireland<br />

Italy<br />

Luxembourg<br />

Netherlands<br />

Norway<br />

Poland<br />

Portugal<br />

Russia<br />

Slovakia<br />

Spain<br />

Swed<strong>en</strong><br />

Switzerland<br />

United Kingdom<br />

…<br />

Worldwide<br />

Arg<strong>en</strong>tina<br />

Australia<br />

Brazil<br />

Canada<br />

China & Hong Kong<br />

Indonesia<br />

Israel<br />

Japan<br />

Jordan<br />

Kazakhstan<br />

Malaysia<br />

Mexico<br />

New Zealand<br />

Singapore<br />

South Africa<br />

South Korea<br />

Taiwan<br />

Thailand<br />

Turkey<br />

Ukraine<br />

Uruguay<br />

USA<br />

…<br />

Listing<br />

XETRA<br />

Eurex<br />

Trading<br />

•Listing Segm<strong>en</strong>ts of Frankfurt<br />

Stock Exchange (FSE)<br />

• Op<strong>en</strong> electronic order books<br />

• Connectivity to international<br />

trading participants<br />

Clearing<br />

Eurex<br />

Clearing<br />

•Verification of<br />

trade-related<br />

information<br />

• CCP<br />

• Risk Mgmt.<br />

Settlem<strong>en</strong>t<br />

•Delivery of<br />

securities<br />

•Financing<br />

services<br />

Market Data & Analytics<br />

• Streaming data, data terminals, indices, refer<strong>en</strong>ce data<br />

Trusted Partner for issuers and investors<br />

3,500 employees of 52 nationalities<br />

18 Offices in Europe and Worldwide<br />

Berlin, Germany Beijing, China<br />

Frankfurt, Germany Chicago, USA<br />

Lisbon, Portugal Dubai, UAE<br />

London, UK Hong Kong, China<br />

Luxembourg, Luxembourg New York, USA<br />

Madrid, Spain Singapore, Singapore<br />

Moscow, Russia Tokyo, Japan<br />

Paris, France<br />

Prague, Czech Republik<br />

Wrexham, UK<br />

Zurich, Switzerland<br />

Clearstream<br />

Custody<br />

•Physical custody<br />

•Related services:<br />

tax, corporate<br />

actions<br />

5

Introduction <strong>Deutsche</strong> <strong>Börse</strong> Group<br />

Companies have Direct Access to the Widest Pool of Investors<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

XETRA ® –the electronic trading system of <strong>Deutsche</strong> <strong>Börse</strong> is a pioneer in Europe<br />

• 252 international trading institutions admitted – more than 4,600 traders<br />

in 18 countries interlinked in a virtual listing and trading world<br />

• No differ<strong>en</strong>ce in listing and trading shares and DRs<br />

Location of investors and analysts does<br />

not really matter anymore<br />

• 63 % of Investors coming from abroad<br />

• Accessible investor types: Sector, size and<br />

country Investors<br />

Ireland 2% Others 3%<br />

Switzerland 2%<br />

Netherlands 6%<br />

Germany 37%<br />

France 10%<br />

US 12%<br />

UK 28 %<br />

Swed<strong>en</strong> 3<br />

Ireland 4 UK 45<br />

Netherlands 16<br />

Belgium 3<br />

Germany 118<br />

Luxembourg 2<br />

Czech Republic 2<br />

France 14<br />

Austria 14<br />

Hungary 4<br />

Switzerland<br />

10<br />

Bulgaria 1<br />

Italy 5<br />

Spain 4<br />

UAE 1<br />

Greece 1<br />

Cyprus 2<br />

Gibraltar 5<br />

On <strong>Deutsche</strong> <strong>Börse</strong> companies are accessible by global investor reach<br />

Source: Xetra order-flow in Europe for 2009, <strong>Deutsche</strong> <strong>Börse</strong> <strong>AG</strong>, as of March, 1st <strong>2010</strong><br />

6

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

<strong>Deutsche</strong> <strong>Börse</strong> Group Continues To Be Well Positioned In<br />

The Global Exchange Sector<br />

Sales rev<strong>en</strong>ue and EBIT 2009 (€m) 1 2,159<br />

Market capitalization (€bn) 6<br />

<strong>Deutsche</strong> <strong>Börse</strong><br />

2<br />

1,053<br />

9.1<br />

CME<br />

1,146<br />

1,854<br />

13.9<br />

NYSE Euronext<br />

3<br />

570<br />

1,759<br />

5.9<br />

Nasdaq OMX<br />

4<br />

428<br />

1,031<br />

3.0<br />

ICE<br />

364<br />

706<br />

5.9<br />

LSE<br />

5<br />

316<br />

684<br />

2.3<br />

Hong Kong<br />

513<br />

651<br />

13.4<br />

BM&F Bovespa<br />

428<br />

542<br />

11.7<br />

EBIT<br />

Sales rev<strong>en</strong>ue<br />

1) Source: Companies; Reuters; exchange rate EURUSD: 1.4092, EURHKD 10.8061, EURBRL<br />

2.7698, EURGBP 0.8859<br />

2) Sales rev<strong>en</strong>ue and net interest income; EBIT adjusted for ISE impairm<strong>en</strong>t<br />

3) Rev<strong>en</strong>ue exclude activity assessm<strong>en</strong>t fees, liquidity paym<strong>en</strong>ts, routing/clearing charges<br />

4) Rev<strong>en</strong>ue exclude liquidity rebates, brokerage, clearance and exchange fees<br />

5) Financial year <strong>en</strong>ds 31 Mar; EBIT adjusted for acquisition impairm<strong>en</strong>t and amortization,<br />

and exceptional items<br />

6) Source: Reuters as at 3 <strong>September</strong> <strong>2010</strong><br />

7

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Over The Last Five Years New Exchange Organizations Have<br />

Emerged In The Market Capitalization Ranking<br />

Market capitalization 18 March <strong>2010</strong><br />

(€bn) 1<br />

Market capitalization 31 Dec 2004 (€bn) 1 5.7<br />

CME<br />

CME<br />

15.2<br />

<strong>Deutsche</strong><br />

<strong>Börse</strong><br />

5.0<br />

Hong Kong<br />

13.5<br />

Euronext<br />

2.7<br />

<strong>Deutsche</strong> <strong>Börse</strong><br />

9.9<br />

LSE<br />

2.1<br />

BM&F Bovespa<br />

ICE<br />

5.9<br />

9.5<br />

Hong Kong<br />

2.1<br />

NYSE Euronext<br />

5.7<br />

OMX<br />

1.1<br />

Nasdaq OMX<br />

3.2<br />

Nasdaq<br />

0.5<br />

LSE<br />

2.3<br />

1) Source: Reuters<br />

8

Criteria for the Right Listing V<strong>en</strong>ue<br />

Listing Beauty Contest

Criteria for the Right Listing V<strong>en</strong>ue<br />

Motivations of Companies for an international Listing<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Gain reputation and<br />

expertise: Develop into<br />

international “world class”<br />

companies<br />

Creation of Euro<br />

acquisition curr<strong>en</strong>cy for<br />

strategic M&A Activities<br />

Reasonable and cost<br />

effici<strong>en</strong>t access to EUinvestor<br />

basis<br />

Access a new international pool<br />

of investors and additional<br />

liquidity<br />

B<strong>en</strong>efit from a higher<br />

valuation alongside global<br />

market leaders and peer<br />

group<br />

Improve access to the<br />

European market and<br />

customers for your<br />

business<br />

10

IPO Filter <strong>Deutsche</strong> <strong>Börse</strong><br />

Key Requirem<strong>en</strong>ts for a Successful Listing at <strong>Deutsche</strong> <strong>Börse</strong><br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Company Pot<strong>en</strong>tial<br />

• Track record of success<br />

• Company´s margin on rev<strong>en</strong>ues<br />

> sector average<br />

• Growing profit and rev<strong>en</strong>ue pot<strong>en</strong>tial<br />

• Clear and easy to understand company strategy<br />

Structural Fitness<br />

• Good standard of internal/external accounting<br />

and § controlling<br />

• Structured and well-founded projections<br />

§<br />

• Transpar<strong>en</strong>t organisational and holding<br />

structure<br />

§<br />

• High managem<strong>en</strong>t compet<strong>en</strong>ce<br />

Market and Sector<br />

• <strong>Deutsche</strong> <strong>Börse</strong> sector focus & business<br />

synergy<br />

<strong>Deutsche</strong> <strong>Börse</strong><br />

• Good market position and market share<br />

• Company operating in a stable and<br />

growing market<br />

• No overcapacity in the market<br />

Entry Chinese <strong>Standard</strong> IPOs<br />

Company Size<br />

• Prime <strong>Standard</strong>: Minimum of € 10 Mio.*<br />

expected after-tax profit for the year of the IPO<br />

(Entry <strong>Standard</strong>: > € 3 Mio.)<br />

• Prime <strong>Standard</strong>: Minimum of approx. € 80<br />

Mio.* free float market cap (after IPO capital<br />

increase) (Entry <strong>Standard</strong>: > € 10 Mio.)<br />

* numbers dep<strong>en</strong>d very much on IPO s<strong>en</strong>tim<strong>en</strong>t at the time of the<br />

transaction<br />

11

Criteria for the Right Listing V<strong>en</strong>ue<br />

Why to be listed on <strong>Deutsche</strong> <strong>Börse</strong> ?<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Going Public IPO Being Public<br />

Valuation<br />

Costs<br />

Strategy<br />

Peer Groups and Sector Exposure<br />

Fast Access<br />

Liquidity<br />

Investor Appetite and Analyst Coverage<br />

Regulation and ongoing Disclosure<br />

IPO / SPO Costs IR Services<br />

Admission and Listing Fees<br />

Visibility and Prestige<br />

Index Participation M&A and ESP<br />

Consumer Market and Technology Partnerships<br />

Human Prefer<strong>en</strong>ces<br />

12

Balanced Regulation and Market Credibility<br />

Listing Beauty Contest

Balanced Regulation and Market Credibility<br />

Companies have the Choice of Clear Transpar<strong>en</strong>cy Levels<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Increasing investor transpar<strong>en</strong>cy<br />

+ Quarterly Reports<br />

+ English Language<br />

+ Corporate Cal<strong>en</strong>dar<br />

+ Analyst Confer<strong>en</strong>ce<br />

Minimum transpar<strong>en</strong>cy defined by EU-Law:<br />

• Annual and interim report based on IFRS<br />

• Disclosure of Director‘s Dealings and Ad-hoc Disclosure<br />

• Shareholder Stake Reporting<br />

+ Respective corporate filings Regulated Unofficial Market<br />

+ Annual and interim report nat. GAAP or IFRS<br />

Corporate Cal<strong>en</strong>dar online<br />

+ Corporate Profile online<br />

Minimum Requirem<strong>en</strong>ts defined by EU- Law:<br />

• Insider Trading Rules<br />

• Market Abuse Rules<br />

• Prospectus Directive<br />

Regulated Market<br />

Balanced regulation for your companies life cycle through market segm<strong>en</strong>ts with<br />

high market credibility<br />

14

Balanced Regulation and Market Credibility<br />

Admission and Listing Requirem<strong>en</strong>ts<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Markets<br />

Listing Segm<strong>en</strong>ts<br />

Regulated Unofficial Market<br />

(Op<strong>en</strong> Market: Exchange regulated)<br />

Regulated Market<br />

(Regulated by the EU)<br />

Min. Equity Capital<br />

Min. Establishm<strong>en</strong>t<br />

Issuing Volume<br />

Admission Docum<strong>en</strong>t<br />

Application submitted by<br />

250,000 EUR<br />

1Year<br />

EU-Prospectus or Exposé<br />

FSE trading participant<br />

3 Years (exceptions possible)<br />

Min. Market Cap 1.25 €m<br />

Min. issuing volume 10,000 stocks<br />

EU prospectus<br />

Company and Bank<br />

Increasing Transpar<strong>en</strong>cy<br />

Reasonable admission requirem<strong>en</strong>ts <strong>en</strong>able flexible access to EU capital markets<br />

15

Balanced Regulation and Market Credibility<br />

International Companies Traded on <strong>Deutsche</strong> <strong>Börse</strong><br />

The highest transpar<strong>en</strong>cy<br />

standard in the EU<br />

364 Companies<br />

9%<br />

91%<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

11%<br />

Most reasonable way to<br />

access EU regulated markets<br />

311 Companies<br />

89%<br />

Cost and time effici<strong>en</strong>t way<br />

to <strong>en</strong>ter capital markets<br />

119 Companies<br />

10%<br />

90%<br />

First listing and admission to<br />

trading of shares<br />

450 Companies<br />

2%<br />

65%<br />

35%<br />

Platform to trade international<br />

shares outside home markets<br />

10,280 Companies<br />

98%<br />

German<br />

International<br />

Over 10,956 international companies traded on <strong>Deutsche</strong> <strong>Börse</strong><br />

Source: <strong>Deutsche</strong> <strong>Börse</strong> Group, as of 16.<strong>September</strong> <strong>2010</strong><br />

16

Balanced Regulation and Market Credibility<br />

Transaction Types<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Art of Transaction: Public Offering Private Placem<strong>en</strong>t<br />

Admission Docum<strong>en</strong>t: EU Prospectus Issuer Data Form<br />

Accessible Transpar<strong>en</strong>cy <strong>Standard</strong>s<br />

on <strong>Deutsche</strong> <strong>Börse</strong>:<br />

Prime <strong>Standard</strong> (PS)<br />

G<strong>en</strong>eral <strong>Standard</strong> (GS)<br />

Entry <strong>Standard</strong> (ES)<br />

Cost dep<strong>en</strong>ding on size and<br />

complexity<br />

in 2-3 month<br />

Entry <strong>Standard</strong> (ES)<br />

Preparation of Admission Docum<strong>en</strong>t: approx 10.000 €<br />

in 4 weeks<br />

BaFin vetting process (EU Prospectus):<br />

<strong>Deutsche</strong> <strong>Börse</strong> admission procedure:<br />

All in costs for IPO: 7,5% - 9,5% *<br />

All in costs for SPO: 3,3% *<br />

Listing Fees<br />

(Flat rate indep<strong>en</strong>d<strong>en</strong>t of MarketCap)<br />

max 20 days<br />

guaranteed by law<br />

ES – 750 €<br />

GS – 3,000 €<br />

PS – 3,000 €<br />

n.a.<br />

max 5 Days<br />

3,3% - 5,7%<br />

ES - 1.500€<br />

Annual Fees ES – 5,000 €<br />

(Flat rate indep<strong>en</strong>d<strong>en</strong>t of MarketCap) GS – 7,500 €<br />

ES -5.000€<br />

PS – 10,000 €<br />

*Source: “The Going and Being Pulic of the Impact of the the Listing Decision on the Cost of Capital” , 2007<br />

Writer: Prof. D. Schiereck, European Business School and Prof. C. Kaserer, TU Munich<br />

17

Balanced Regulation and Market Credibility<br />

Primary Market: New Issue Activity at <strong>Deutsche</strong> <strong>Börse</strong><br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

5<br />

1 including transfers<br />

²up to and including June, 30th <strong>2010</strong><br />

Amtlicher Handel<br />

Neuer Markt<br />

Prime <strong>Standard</strong><br />

Geregelter Markt<br />

Op<strong>en</strong> Market<br />

G<strong>en</strong>eral <strong>Standard</strong><br />

Total issuing volume in m€ (without private placem<strong>en</strong>ts and listings)<br />

Entry <strong>Standard</strong><br />

First Quotation Board<br />

18

Fastest Listing Process and Time to Market<br />

Listing Beauty Contest

Fastest Listing Process and Time to Market<br />

Fast Listing Process Caters Time to Market<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Approved EU prospectus counts as EU passport<br />

• Applications for a cross-border offering<br />

• Admission to every organized market within the<br />

European Economic Area<br />

Clear and reliable approval process (BaFin)<br />

• Approval purely based on formal requirem<strong>en</strong>ts<br />

• Short and responsive process with BaFin and <strong>Deutsche</strong> <strong>Börse</strong><br />

Legal certainty<br />

• Simple listing process based on EU capital market framework<br />

• Vetting period of max 20 trading days for EU prospectus defined by law<br />

Speed to market<br />

• Fastest admission listing process worldwide (Private Placem<strong>en</strong>t within max. 5 days)<br />

• Predictable time schedule for IPO<br />

Reporting language for issuers is English<br />

• EU Prospectus<br />

• Other required docum<strong>en</strong>ts and communications<br />

<strong>Deutsche</strong> <strong>Börse</strong>: Easy and cost effici<strong>en</strong>t listing and approval process<br />

20

Fastest Listing Process and Time to Market<br />

IPO-Roadmap: 4 Phases of an IPO<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Phase 1:<br />

Planning and<br />

Preparation<br />

Phase 2:<br />

Structuring<br />

Phase 3:<br />

Realization and<br />

Marketing<br />

Phase 4:<br />

1 st Trading day<br />

Secondary Market<br />

• Selection of advisors: <strong>Deutsche</strong> <strong>Börse</strong> Listing Partner<br />

• Selection of investm<strong>en</strong>t bank<br />

• Establishing legal preconditions within the company<br />

• Establishing controlling and reporting preconditions within the company<br />

• Providing regulatory governm<strong>en</strong>tal and administrational permissions<br />

• Discussing and developing a company strategy<br />

• Determination of a business plan<br />

The Going Public begins well in advance of the first day of trading<br />

21

Fastest Listing Process and Time to Market<br />

IPO-Roadmap: 4 Phases of an IPO<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Phase 1:<br />

Planning and<br />

Preparation<br />

Phase 2:<br />

Structuring<br />

Phase 3:<br />

Realization and<br />

Marketing<br />

Phase 4:<br />

1 st Trading day<br />

Secondary Market<br />

• Determination of a time table<br />

• Planning of the conception of the public offering<br />

• Financial, business and legal due dilig<strong>en</strong>ce<br />

• Preparation of the EU-security prospectus<br />

Clarity in company structure is a positive signal to investors<br />

22

Fastest Listing Process and Time to Market<br />

IPO-Roadmap: 4 Phases of an IPO<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Phase 1:<br />

Planning and<br />

Preparation<br />

Phase 2:<br />

Structuring<br />

Phase 3:<br />

Realization and<br />

Marketing<br />

Phase 4:<br />

1 st Trading day<br />

Secondary Market<br />

• Preparation of investor relations activities<br />

• Pre-marketing with investors and analysts<br />

• Provide and publish EU-security prospectus<br />

• Prepare und publish research coverage<br />

• Application for admission of shares to trading<br />

• Prepare custody and settlem<strong>en</strong>t of shares<br />

A successful IPO is an important milestone in the company‘s history<br />

23

Fastest Listing Process and Time to Market<br />

IPO-Roadmap: 4 Phases of an IPO<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Phase 1:<br />

Planning and<br />

Preparation<br />

Phase 2:<br />

Structuring<br />

Phase 3:<br />

Realization and<br />

Marketing<br />

Phase 4:<br />

1 st Trading day<br />

Secondary Market<br />

• Book building and pricing of IPO<br />

• Initial price auction<br />

• IPO ev<strong>en</strong>t and TV-media coverage on the floor of the Frankfurt Stock Exchange<br />

• Continuous trading on the floor and the electronic trading system XETRA<br />

The stock-market price becomes indicator of corporate performance<br />

24

Fastest Listing Process and Time to Market<br />

Time Schedule: IPO in Entry <strong>Standard</strong> (Op<strong>en</strong> Market)<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Planning &<br />

Preparation<br />

Structuring<br />

Kick-off<br />

Selection of Advisors<br />

Selection of Investm<strong>en</strong>t Bank<br />

Due Dilig<strong>en</strong>ce (2-4 Weeks)<br />

Determination of Prospectus<br />

English Translation (2 Weeks)<br />

Realization &<br />

Marketing<br />

1st Day of<br />

Trading<br />

Month 1<br />

Analyst<br />

<strong>Pres<strong>en</strong>tation</strong><br />

Premarketing<br />

Preparation Research (2-3 Weeks)<br />

Approval of Prospectus by BaFin (max. 20 days)<br />

Month 2<br />

Print Prospectus<br />

Bookbuilding<br />

Allocation//Pricing<br />

First day of trading<br />

Publication Research<br />

Month 3 Month 4<br />

Publication of preliminary prospectus<br />

Simple and flexible IPO within 3 months<br />

25

Fastest Listing Process and Time to Market<br />

Time Schedule: IPO in Prime <strong>Standard</strong> or G<strong>en</strong>eral <strong>Standard</strong><br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Planning &<br />

Preparation<br />

Structuring<br />

Kick-off<br />

Selection of Advisors<br />

Selection of Investm<strong>en</strong>t Bank<br />

Due Dilig<strong>en</strong>ce (2-4 Weeks)<br />

Determination of Prospectus<br />

English Translation (3 Weeks)<br />

Realization &<br />

Marketing<br />

1st Day of<br />

Trading<br />

Preparation and Analyst <strong>Pres<strong>en</strong>tation</strong><br />

Month 1<br />

Month 2<br />

Premarketing<br />

Preparation Research (2-3 Weeks)<br />

Approval of Prospectus by BaFin (max. 20 days)<br />

Print Prospectus<br />

Month 3 Month 4<br />

Bookbuilding<br />

Allocation//Pricing<br />

First day of trading<br />

Publication Research<br />

Publication of preliminary<br />

prospectus<br />

Month 5<br />

Simple and flexible IPO within 5 months<br />

26

High Visibility and Strategic Opportunity<br />

Listing Beauty Contest

High Visibility and Strategic Opportunity<br />

Enhancing Visibility by Indices: DAX Index Family<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Selection Indices<br />

Sector Indices<br />

DAX 30<br />

TecDAX 30 HDAX<br />

MDAX 50<br />

SDAX 50<br />

DAX Int.100<br />

DAX Int. Mid 100<br />

G<strong>en</strong>eral <strong>Standard</strong><br />

Index 200<br />

Entry <strong>Standard</strong><br />

Index 30<br />

9 DAXsupersector<br />

18 DAXsector<br />

63 DAXsubsector<br />

18 DAXsector All<br />

63 DAXsubsector All<br />

Prime <strong>Standard</strong> √ √ √<br />

√ √ √ √<br />

G<strong>en</strong>eral <strong>Standard</strong><br />

√ √ √<br />

√<br />

Entry <strong>Standard</strong><br />

√ √ √<br />

√<br />

Continuous Trading<br />

√<br />

Regular update cycle* 12 | 6 | 3 3 3 3 3<br />

ongoing<br />

√<br />

√<br />

√<br />

We help to raise investor awar<strong>en</strong>ess and to be visible in your peer group<br />

* Stated in time intervals by month<br />

28

High Visibility and Strategic Opportunity<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

German Economy: New Customers and Euro Acquisition Curr<strong>en</strong>cy<br />

Germany in the c<strong>en</strong>ter of Europe<br />

-a powerful catalyst for your business<br />

• Europe's largest economy with the largest<br />

consumer market facilitates a position within<br />

EU sales markets<br />

Germany<br />

UK<br />

France<br />

60.9 mio<br />

60.8 mio<br />

82.3 mio<br />

• No 2 Export nation worldwide<br />

• Strategic and large M&A pot<strong>en</strong>tial to<br />

acquire technology and new customers/<br />

market shares<br />

City of Frankfurt – The Home of the €<br />

• The leading financial c<strong>en</strong>tre in<br />

contin<strong>en</strong>tal Europe<br />

• Euro share price and time zone offers<br />

comp<strong>en</strong>sation for EU employees<br />

• European C<strong>en</strong>tral Bank, BaFin and<br />

<strong>Deutsche</strong> <strong>Börse</strong><br />

A Listing delivers free marketing for your corporate developm<strong>en</strong>t and builds a<br />

reputable partnership in the M&A sc<strong>en</strong>ery in Europe<br />

29

Well-known Brands in Global Peer Groups<br />

Listing Beauty Contest

Well-known Brands in Global Peer Groups<br />

What sort of companies are suitable for <strong>Deutsche</strong> <strong>Börse</strong><br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

• Companies in leading sectors in Europe/Germany<br />

Automotive industry, consumer/brands (export ori<strong>en</strong>ted), <strong>en</strong>gineering/machinery,<br />

<strong>en</strong>ergy/r<strong>en</strong>ewable <strong>en</strong>ergy, chemical industry, life sci<strong>en</strong>ce, new media/internet, financial<br />

services/real estate<br />

• Midsized “Mittelstand” companies<br />

Raising €5- €100m(Entry <strong>Standard</strong>), Raising >€50m(Prime <strong>Standard</strong>, G<strong>en</strong>eral <strong>Standard</strong>)<br />

• Enhancem<strong>en</strong>t of strategic positioning in Europe/Germany<br />

Companies who are targeting the European sales market directly by themselves or by both<br />

business and technology partnerships or joint v<strong>en</strong>tures with European/German companies<br />

• G<strong>en</strong>eral success factors<br />

Track record of success<br />

Established stable managem<strong>en</strong>t team<br />

Dual listing is possible<br />

Capital for expansion/ VC exit<br />

31

Well-known Brands in Global Peer Groups<br />

Sector Str<strong>en</strong>gth of Listed Companies at <strong>Deutsche</strong> <strong>Börse</strong><br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

+ Strong Sector Peers indicate<br />

+ Availability of industry specific Analysts and Investors <strong>en</strong>sure<br />

+ Sector specific Valuation Know how and Understanding<br />

= Achieve a fair / best valuation<br />

• Alternative Energies & Gre<strong>en</strong> Tech<br />

• Automobile & Suppliers<br />

• HighTech Engineering & Machinery<br />

• Chemical Industry<br />

• Life Sci<strong>en</strong>ce:<br />

Biotech, Medtech, Pharma & Healthcare<br />

• Software & IT New Media<br />

• Financial Services, Retail & Consumer<br />

G<strong>en</strong>erate the most capital based on your true value: Get the att<strong>en</strong>tion of industryspecific<br />

analysts who exactly understand your business and market pot<strong>en</strong>tial<br />

32

Well-known Brands in Global Peer Groups<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Listing Alongside Well-known Market Leaders and Global Brands<br />

Sector Market Capitalisation (€ bn.)<br />

€182,5<br />

€148,3<br />

€142,7<br />

€112,8<br />

€93,4<br />

€81,1<br />

€77,4<br />

€70,9<br />

€53,8<br />

€45,5<br />

€39,3<br />

€33,8<br />

€30,9<br />

€22,2<br />

Industrial<br />

Automobile<br />

Chemicals<br />

Utilities/Energy<br />

Banks<br />

Insurance<br />

Consumer<br />

Technology<br />

Software<br />

Telecommunication<br />

Pharma & Healthcare<br />

Basic Resources<br />

Transport & Logistics<br />

Financial Services<br />

B<strong>en</strong>efit from strong peer groups for companies:<br />

Gaining reputation and exposure from the prestige of global brands<br />

Source: <strong>Deutsche</strong> <strong>Börse</strong> <strong>AG</strong> Prime and G<strong>en</strong>eral <strong>Standard</strong> as of April 19th, <strong>2010</strong><br />

33

Well-known Brands in Global Peer Groups<br />

Companies b<strong>en</strong>efit from attractive market and peer valuation<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Index<br />

P/E <strong>2010</strong><br />

P/E 2011<br />

TecDAX: Sector Valuation<br />

P/E <strong>2010</strong><br />

P/E 2011<br />

DAX<br />

13,5<br />

11,0<br />

Telecom<br />

13,4<br />

11,7<br />

MDAX<br />

16,6<br />

12,2<br />

Technology<br />

19,9<br />

14,7<br />

TecDAX<br />

18,8<br />

15,6<br />

Software<br />

13,9<br />

12,0<br />

FTSE 100<br />

12,6<br />

10,1<br />

Pharma/Biotech<br />

24,6<br />

19,0<br />

CAC 40<br />

12,9<br />

10,7<br />

Industrials<br />

17,6<br />

15,3<br />

Nasdaq 100<br />

16,3 14,4<br />

Sources: Factset cons<strong>en</strong>sus of 24th March, <strong>2010</strong><br />

Sources: DZ Bank as of 24th March, <strong>2010</strong><br />

European comparison shows high valuation of DAX, MDAX and TecDAX:<br />

• TecDAX is valuated 50% high than FTSE 100 and CAC 40, slightly higher than Nasdaq100.<br />

• Highest valuation in TecDAX sectors Pharma/Biotech and Technology.<br />

34

Well-known Brands in Global Peer Groups<br />

Gre<strong>en</strong> Technology Companies going Public on <strong>Deutsche</strong> <strong>Börse</strong><br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

5<br />

6<br />

1<br />

11<br />

1<br />

9<br />

1 1<br />

3 3<br />

1<br />

2<br />

3<br />

0 2<br />

2<br />

2<br />

5<br />

3<br />

11<br />

8<br />

8<br />

8<br />

2<br />

First Quotation Board<br />

Entry <strong>Standard</strong><br />

G<strong>en</strong>eral <strong>Standard</strong><br />

Prime <strong>Standard</strong><br />

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008<br />

Since 1997 almost 100 listings of Gre<strong>en</strong>Tech companies<br />

Source: <strong>Deutsche</strong> <strong>Börse</strong> Group, 2009<br />

35

Well-known Brands in Global Peer Groups<br />

Since 1997 almost 19 bn€ raised in the Gre<strong>en</strong>Tech Sector<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

IPOs<br />

SEOs<br />

167<br />

426<br />

220 256 365<br />

0 0 7 61<br />

403<br />

106 15 0 87<br />

3,464<br />

3,312<br />

1,558<br />

362300 478<br />

3,212<br />

2,436<br />

833<br />

559<br />

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008<br />

Capital raised in IPOs: 10,7 bn€ –Capital raised in SEOs: 8,0 bn€<br />

<strong>Deutsche</strong> <strong>Börse</strong>: Europe’s No. 1 listing v<strong>en</strong>ue for the Gre<strong>en</strong>Tech sector<br />

Source: <strong>Deutsche</strong> <strong>Börse</strong> Group, 2009<br />

36

Well-known Brands in Global Peer Groups<br />

Alternative Power<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Top T<strong>en</strong> European Investors<br />

Total Amount Invested: 2.35 EURbn<br />

Investor<br />

Amount<br />

[EURm]<br />

Others<br />

8%<br />

Blackrock Investm<strong>en</strong>t Managem<strong>en</strong>t<br />

(UK) Ltd., (UK)<br />

Pictet Asset Managem<strong>en</strong>t SA,<br />

(Switzerland)<br />

T. Rowe Price Global Investm<strong>en</strong>t<br />

Services Ltd., (UK)<br />

KBC Asset Managem<strong>en</strong>t (Belgium)<br />

INVESCO Asset Managem<strong>en</strong>t<br />

Ltd.,(UK)<br />

<strong>Standard</strong> Life Investm<strong>en</strong>ts Ltd.,(UK)<br />

Ecofin Ltd., (UK)<br />

Norges Bank Investm<strong>en</strong>t<br />

Managem<strong>en</strong>t, (Norway)<br />

DWS Investm<strong>en</strong>t GmbH, (Germany)<br />

Impax Asset Managem<strong>en</strong>t Ltd., (UK)<br />

290.7<br />

148.0<br />

85.8<br />

74.1<br />

66.7<br />

58.8<br />

53.8<br />

52.4<br />

52.2<br />

46.4<br />

Germany<br />

5%<br />

Spain<br />

5%<br />

Belgium<br />

6%<br />

Norway<br />

5%<br />

France<br />

9%<br />

Switzerland<br />

11%<br />

UK<br />

51%<br />

Source: FactSet, as of 20 February 2009<br />

37

Well-known Brands in Global Peer Groups<br />

Automobile: Parts & Equipm<strong>en</strong>t<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Top T<strong>en</strong> European Investors<br />

Amount<br />

Investor<br />

[EURm]<br />

Total Amount Invested: 7.56 EURbn<br />

Sal. Opp<strong>en</strong>heimjr. & Cie. KGaA,<br />

(Germany)<br />

Norges Bank Investm<strong>en</strong>t<br />

Managem<strong>en</strong>t,(Norway)<br />

Credit Agricole Asset Managem<strong>en</strong>t<br />

(France) SA<br />

UBS <strong>AG</strong> (Global Asset Managem<strong>en</strong>t<br />

Switzerland)<br />

Schroder Investm<strong>en</strong>t Managem<strong>en</strong>t<br />

Ltd.,(UK)<br />

Morgan Stanley Investm<strong>en</strong>t<br />

Managem<strong>en</strong>t (UK)<br />

State Street Global Advisors Ltd.<br />

(UK)<br />

Barclays Global Investors Ltd. (UK)<br />

APG Investm<strong>en</strong>ts, (Netherlands)<br />

<strong>Standard</strong> Life Investm<strong>en</strong>ts Ltd., (UK)<br />

443.4<br />

303.3<br />

263.3<br />

176.7<br />

153.9<br />

152.1<br />

149.1<br />

141.5<br />

111.4<br />

109.4<br />

Netherlands<br />

4%<br />

Norway<br />

5%<br />

Swed<strong>en</strong><br />

5%<br />

Switzerland<br />

5%<br />

Others<br />

12%<br />

Germany<br />

16%<br />

France<br />

19%<br />

UK<br />

34%<br />

Source: FactSet, as of 20 February 2009<br />

38

Well-known Brands in Global Peer Groups<br />

Communications, Software, IT<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Top T<strong>en</strong> European Investors<br />

Investor<br />

Groupe MACSF, (France)<br />

Norges Bank Investm<strong>en</strong>t<br />

Managem<strong>en</strong>t, (Norway)<br />

Legal & G<strong>en</strong>eral Investm<strong>en</strong>t<br />

Managem<strong>en</strong>t Ltd., (UK)<br />

Credit Agricole Asset Managem<strong>en</strong>t<br />

(France) SA<br />

Universal-Investm<strong>en</strong>t-Gesellschaft<br />

mbH, (Germany)<br />

Natixis Asset Managem<strong>en</strong>t SA,<br />

(France)<br />

Barclays Global Investors Ltd. (UK)<br />

FIL Investm<strong>en</strong>ts International Ltd.,<br />

(UK)<br />

DWS Investm<strong>en</strong>t GmbH, (Germany)<br />

Blackrock Investm<strong>en</strong>t Managem<strong>en</strong>t<br />

(UK) Ltd.<br />

Amount<br />

[EURm]<br />

15,333.<br />

6,787.1<br />

6,726.1<br />

6,238.9<br />

5,865.8<br />

4,875.2<br />

4,772.9<br />

4,500.7<br />

4,091.3<br />

3,999.9<br />

Total Amount Invested: 251.94 EURbn<br />

Netherlands<br />

3%<br />

Norway<br />

3%<br />

Swed<strong>en</strong><br />

4%<br />

Switzerland<br />

6%<br />

Germany<br />

13%<br />

Others<br />

12%<br />

France<br />

21%<br />

UK<br />

38%<br />

Source: FactSet, as of 20 February 2009<br />

39

Well-known Brands in Global Peer Groups<br />

Life Sci<strong>en</strong>ce: Biotech, Pharmaceuticals, Chemicals<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Top T<strong>en</strong> European Investors<br />

Investor<br />

Legal & G<strong>en</strong>eral Investm<strong>en</strong>t<br />

Managem<strong>en</strong>t Ltd., (UK)<br />

MMA Finance SA, (France)<br />

UBS <strong>AG</strong> (Global Asset Managem<strong>en</strong>t<br />

Switzerland)<br />

Norges Bank Investm<strong>en</strong>t<br />

Managem<strong>en</strong>t<br />

FIL Investm<strong>en</strong>ts International Ltd.,<br />

(UK)<br />

Barclays Global Investors Ltd. (UK)<br />

Blackrock Investm<strong>en</strong>t Managem<strong>en</strong>t<br />

(UK) Ltd.<br />

JPMorgan Asset managem<strong>en</strong>t (UK)<br />

Ltd.<br />

M&G Investm<strong>en</strong>t Managem<strong>en</strong>t Ltd.,<br />

(UK)<br />

INVESCO Asset Managem<strong>en</strong>t Ltd.,<br />

(UK)<br />

Amount<br />

[EURm]<br />

8,936.3<br />

6,987.9<br />

6,071.1<br />

5,774.9<br />

5,354.1<br />

4,247.8<br />

3,745.4<br />

3,272.6<br />

3,236.4<br />

3,169.3<br />

Total Amount Invested: 217.36 EURbn<br />

Netherlands<br />

4%<br />

Norway<br />

4%<br />

Swed<strong>en</strong><br />

5%<br />

Switzerland<br />

8%<br />

Germany<br />

11%<br />

Others<br />

10%<br />

France<br />

13%<br />

UK<br />

45%<br />

Source: FactSet, as of 20 February 2009<br />

40

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Well-known Brands in Global Peer Groups<br />

First Listings from China since 2007<br />

China Pyromedia Ltd.<br />

China Pyromedia Ltd.<br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

VEM Akti<strong>en</strong>bank <strong>AG</strong><br />

VEM Akti<strong>en</strong>bank <strong>AG</strong><br />

Date: 15.10.<strong>2010</strong><br />

Date: 15.10.<strong>2010</strong><br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price:<br />

First Price:<br />

Volume :<br />

Volume :<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

Evergre<strong>en</strong> Bamboo<br />

Evergre<strong>en</strong> Bamboo<br />

International Ltd.<br />

International Ltd.<br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

886 <strong>AG</strong><br />

886 <strong>AG</strong><br />

Food & Beverages<br />

Food & Beverages<br />

Date: 31.08.<strong>2010</strong><br />

Date: 31.08.<strong>2010</strong><br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price:<br />

First Price:<br />

Capital Stock: €25 m<br />

Capital Stock: €25 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

Madison Property <strong>AG</strong><br />

Madison Property <strong>AG</strong><br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

VEM Akti<strong>en</strong>bank <strong>AG</strong><br />

VEM Akti<strong>en</strong>bank <strong>AG</strong><br />

Real Estate<br />

Real Estate<br />

Date: 12.08.2009<br />

Date: 12.08.2009<br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price: € 26<br />

First Price: € 26<br />

Volume : € 60 m<br />

Volume : € 60 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€3.5 m<br />

€3.5 m<br />

KINGHERO <strong>AG</strong><br />

KINGHERO <strong>AG</strong><br />

Public Offering<br />

Public Offering<br />

Lead Manager:<br />

Lead Manager:<br />

BankM<br />

BankM<br />

Consumer<br />

Consumer<br />

Date: 06.08.<strong>2010</strong><br />

Date: 06.08.<strong>2010</strong><br />

Market Segm<strong>en</strong>t: ES<br />

Market Segm<strong>en</strong>t: ES<br />

First Price: € 15<br />

First Price: € 15<br />

Volume : €15 m<br />

Volume : €15 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€91.875 m<br />

€91.875 m<br />

China Zongbao Clean Tech<br />

China Zongbao Clean Tech<br />

Ltd<br />

Ltd<br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

mwb fairtrade<br />

mwb fairtrade<br />

Wertpapierhandelsbank <strong>AG</strong><br />

Wertpapierhandelsbank <strong>AG</strong><br />

Chemicals<br />

Chemicals<br />

Date: 28.07.<strong>2010</strong><br />

Date: 28.07.<strong>2010</strong><br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price:GBP 0.1<br />

First Price:GBP 0.1<br />

Capital Stock : GBP 3.65 m<br />

Capital Stock : GBP 3.65 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

Cheung Wing<br />

Cheung Wing<br />

Biotechnology Company Ltd.<br />

Biotechnology Company Ltd.<br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

mwb fairtrade<br />

mwb fairtrade<br />

Wertpapierhandelsbank <strong>AG</strong><br />

Wertpapierhandelsbank <strong>AG</strong><br />

Biotechnology<br />

Biotechnology<br />

Date: 09.07.<strong>2010</strong><br />

Date: 09.07.<strong>2010</strong><br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price:<br />

First Price:<br />

Volume :<br />

Volume :<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

Euro Asia Premier Real<br />

Euro Asia Premier Real<br />

Estate Ltd.<br />

Estate Ltd.<br />

Public Offering<br />

Public Offering<br />

Lead Manager:<br />

Lead Manager:<br />

mwb fairtrade<br />

mwb fairtrade<br />

Wertpapierhandelsbank <strong>AG</strong><br />

Wertpapierhandelsbank <strong>AG</strong><br />

Real Estate<br />

Real Estate<br />

Date: 26.05.<strong>2010</strong><br />

Date: 26.05.<strong>2010</strong><br />

Market Segm<strong>en</strong>t: ES<br />

Market Segm<strong>en</strong>t: ES<br />

First Price: € 5.5<br />

First Price: € 5.5<br />

Volume : € 6 m<br />

Volume : € 6 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€66 m<br />

€66 m<br />

41

Well-known Brands in Global Peer Groups<br />

First Listings from China since 2007<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

High Win PLC Inc.,<br />

High Win PLC Inc.,<br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

VEM Akti<strong>en</strong>bank <strong>AG</strong><br />

VEM Akti<strong>en</strong>bank <strong>AG</strong><br />

Furniture<br />

Furniture<br />

Date: 08.04.<strong>2010</strong><br />

Date: 08.04.<strong>2010</strong><br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price: € 0.20<br />

First Price: € 0.20<br />

Capital Stock : € 0.1m<br />

Capital Stock : € 0.1m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€2 m<br />

€2 m<br />

Public Offering<br />

Public Offering<br />

Lead Manager:<br />

Lead Manager:<br />

Macquarie Capital,<br />

Macquarie Capital,<br />

CICC<br />

CICC<br />

Consumer/Household<br />

Consumer/Household<br />

Date: 30.03. <strong>2010</strong><br />

Date: 30.03. <strong>2010</strong><br />

Market Segm<strong>en</strong>t:PS<br />

Market Segm<strong>en</strong>t:PS<br />

First Price: € 14.75<br />

First Price: € 14.75<br />

Volume: € 105 m<br />

Volume: € 105 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€353.52 m<br />

€353.52 m<br />

Initation<br />

Initation<br />

Enterprises Co., Ltd.<br />

Enterprises Co., Ltd.<br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

VEM Akti<strong>en</strong>bank <strong>AG</strong><br />

VEM Akti<strong>en</strong>bank <strong>AG</strong><br />

Automobile<br />

Automobile<br />

Date: 09.11.2009<br />

Date: 09.11.2009<br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price: € 0.20<br />

First Price: € 0.20<br />

Capital Stock : € 3 m<br />

Capital Stock : € 3 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€0.6 m<br />

€0.6 m<br />

Public Offering<br />

Public Offering<br />

Lead Manager:<br />

Lead Manager:<br />

Sal. Opp<strong>en</strong>heim<br />

Sal. Opp<strong>en</strong>heim<br />

Communication<br />

Communication<br />

Technology<br />

Technology<br />

Date: 01.10. 2009<br />

Date: 01.10. 2009<br />

Market Segm<strong>en</strong>t:PS<br />

Market Segm<strong>en</strong>t:PS<br />

First Price: € 10.75<br />

First Price: € 10.75<br />

Volume: € 55.60 m<br />

Volume: € 55.60 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€172 m<br />

€172 m<br />

CFQ Holding <strong>AG</strong><br />

CFQ Holding <strong>AG</strong><br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

Tradegate <strong>AG</strong><br />

Tradegate <strong>AG</strong><br />

Wertpapierhandelsbank<br />

Wertpapierhandelsbank<br />

Industrial<br />

Industrial<br />

Date: 14.01.2009<br />

Date: 14.01.2009<br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price: € 1.15<br />

First Price: € 1.15<br />

Capital Stock : € 60 m<br />

Capital Stock : € 60 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€69 m<br />

€69 m<br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

Schnigge<br />

Schnigge<br />

Wertpapierhandelsbank <strong>AG</strong><br />

Wertpapierhandelsbank <strong>AG</strong><br />

Biotechnology<br />

Biotechnology<br />

Date:19.08.2008<br />

Date:19.08.2008<br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price: € 1.00<br />

First Price: € 1.00<br />

Capital Stock : € 10<br />

Capital Stock : € 10<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€10m<br />

€10m<br />

42

Well-known Brands in Global Peer Groups<br />

First Listings from China since 2007<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Classic Dream<br />

Classic Dream<br />

Properties Ltd.<br />

Properties Ltd.<br />

Transfer<br />

Transfer<br />

Lead Manager:<br />

Lead Manager:<br />

VEM Akti<strong>en</strong>bank <strong>AG</strong><br />

VEM Akti<strong>en</strong>bank <strong>AG</strong><br />

Real Estate<br />

Real Estate<br />

Tranfer Date: 15.10.2008<br />

Tranfer Date: 15.10.2008<br />

Market Segm<strong>en</strong>t: ES<br />

Market Segm<strong>en</strong>t: ES<br />

First Price: € 1.20<br />

First Price: € 1.20<br />

Capital Stock: $ 0.37m<br />

Capital Stock: $ 0.37m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€44.31 m<br />

€44.31 m<br />

Transfer<br />

Transfer<br />

Lead Manager:<br />

Lead Manager:<br />

EQUINET <strong>AG</strong><br />

EQUINET <strong>AG</strong><br />

Media<br />

Media<br />

Transfer Date: 30.07.2008<br />

Transfer Date: 30.07.2008<br />

Market Segm<strong>en</strong>t: GS<br />

Market Segm<strong>en</strong>t: GS<br />

First Price: € 14.70<br />

First Price: € 14.70<br />

Volume: € 31.35 m<br />

Volume: € 31.35 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€88.19 m<br />

€88.19 m<br />

Listing/<br />

Listing/<br />

Introduction<br />

Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

VEM Acti<strong>en</strong>bank <strong>AG</strong><br />

VEM Acti<strong>en</strong>bank <strong>AG</strong><br />

Consumer/Household<br />

Consumer/Household<br />

Date: 06.05.2008<br />

Date: 06.05.2008<br />

Market Segm<strong>en</strong>t: ES<br />

Market Segm<strong>en</strong>t: ES<br />

First Price: € 4.15<br />

First Price: € 4.15<br />

Capital Stock: € 3 m<br />

Capital Stock: € 3 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€12.45 m<br />

€12.45 m<br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

ACON Acti<strong>en</strong>bank <strong>AG</strong><br />

ACON Acti<strong>en</strong>bank <strong>AG</strong><br />

Traffice Safety Product<br />

Traffice Safety Product<br />

Date: 26.03.2008<br />

Date: 26.03.2008<br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price: € 0.09<br />

First Price: € 0.09<br />

Capital Stock: € 0.3 m<br />

Capital Stock: € 0.3 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€2.7 m<br />

€2.7 m<br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

TriTrade<br />

TriTrade<br />

Franchising<br />

Franchising<br />

Date: 20.02.2008<br />

Date: 20.02.2008<br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price: € 0.35<br />

First Price: € 0.35<br />

Capital Stock: CHF 0.7 m<br />

Capital Stock: CHF 0.7 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€24.5 m<br />

€24.5 m<br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

ACON Acti<strong>en</strong>bank <strong>AG</strong><br />

ACON Acti<strong>en</strong>bank <strong>AG</strong><br />

R<strong>en</strong>ewable Energy<br />

R<strong>en</strong>ewable Energy<br />

Date: 09.01.2008<br />

Date: 09.01.2008<br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price: € 0.11<br />

First Price: € 0.11<br />

Capital Stock : € 0.2 m<br />

Capital Stock : € 0.2 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€2.2 m<br />

€2.2 m<br />

43

Well-known Brands in Global Peer Groups<br />

First Listings from China since 2007<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Public Offering<br />

Public Offering<br />

Lead Manager:<br />

Lead Manager:<br />

VEM Akti<strong>en</strong>bank <strong>AG</strong><br />

VEM Akti<strong>en</strong>bank <strong>AG</strong><br />

Industrial<br />

Industrial<br />

Date: 20.11.2007<br />

Date: 20.11.2007<br />

Market Segm<strong>en</strong>t: ES<br />

Market Segm<strong>en</strong>t: ES<br />

First Price: € 3.10<br />

First Price: € 3.10<br />

Volume: € 28.5 m<br />

Volume: € 28.5 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€82.25 m<br />

€82.25 m<br />

Public Offering<br />

Public Offering<br />

Lead Manager:<br />

Lead Manager:<br />

Sal. Opp<strong>en</strong>heim<br />

Sal. Opp<strong>en</strong>heim<br />

Bank of China<br />

Bank of China<br />

Basic Resources/Forest<br />

Basic Resources/Forest<br />

& Paper Products<br />

& Paper Products<br />

Date: 16.11.2007<br />

Date: 16.11.2007<br />

Market Segm<strong>en</strong>t: PS<br />

Market Segm<strong>en</strong>t: PS<br />

First Price: € 18.10<br />

First Price: € 18.10<br />

Volume: € 82.60 m<br />

Volume: € 82.60 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€230.78 m<br />

€230.78 m<br />

Public Offering<br />

Public Offering<br />

Lead Manager:<br />

Lead Manager:<br />

Sal. Opp<strong>en</strong>heim<br />

Sal. Opp<strong>en</strong>heim<br />

Bank of China<br />

Bank of China<br />

CLSA Asia Pacific<br />

CLSA Asia Pacific<br />

Industrial/Industrial<br />

Industrial/Industrial<br />

Products & Services<br />

Products & Services<br />

Date: 06.07.2007<br />

Date: 06.07.2007<br />

Market Segm<strong>en</strong>t: PS<br />

Market Segm<strong>en</strong>t: PS<br />

First Price: € 30.00<br />

First Price: € 30.00<br />

Volume: € 108.82 m<br />

Volume: € 108.82 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€390 m<br />

€390 m<br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

ACON Acti<strong>en</strong>bank <strong>AG</strong><br />

ACON Acti<strong>en</strong>bank <strong>AG</strong><br />

Financial Services<br />

Financial Services<br />

Date: 31.05.2007<br />

Date: 31.05.2007<br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price: € 0.10<br />

First Price: € 0.10<br />

Capital Stock : € 0.75 m<br />

Capital Stock : € 0.75 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€7.5 m<br />

€7.5 m<br />

Listing/Introduction<br />

Listing/Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

ACON Acti<strong>en</strong>bank <strong>AG</strong><br />

ACON Acti<strong>en</strong>bank <strong>AG</strong><br />

Financial Services<br />

Financial Services<br />

Date: 27.04.2007<br />

Date: 27.04.2007<br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price: € 0.51<br />

First Price: € 0.51<br />

Capital Stock : € 0.1 m<br />

Capital Stock : € 0.1 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€5.1 m<br />

€5.1 m<br />

Listing/<br />

Listing/<br />

Introduction<br />

Introduction<br />

Lead Manager:<br />

Lead Manager:<br />

TradeCross <strong>AG</strong><br />

TradeCross <strong>AG</strong><br />

Machinery<br />

Machinery<br />

Date: 30.03.2007<br />

Date: 30.03.2007<br />

Market Segm<strong>en</strong>t: First<br />

Market Segm<strong>en</strong>t: First<br />

Quotation Board<br />

Quotation Board<br />

First Price: € 3.20<br />

First Price: € 3.20<br />

Capital Stock : SGD 9.8 m<br />

Capital Stock : SGD 9.8 m<br />

MCap on 1st Quotation:<br />

MCap on 1st Quotation:<br />

€31.35 m<br />

€31.35 m<br />

44

Well-known Brands in Global Peer Groups<br />

Listings from China since 2007<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Prime <strong>Standard</strong><br />

Entry <strong>Standard</strong><br />

ZhongDeWaste Technology <strong>AG</strong><br />

Greater China Precision Compon<strong>en</strong>ts Ltd.<br />

Asian Bamboo <strong>AG</strong><br />

Classic Dreams Properties Ltd.<br />

VtionWireless Technology <strong>AG</strong><br />

Shigo Asia <strong>AG</strong><br />

Joyou <strong>AG</strong><br />

Euro Asia Premier Real Estate Ltd.<br />

G<strong>en</strong>eral <strong>Standard</strong><br />

KINGHERO <strong>AG</strong><br />

Business Media China <strong>AG</strong><br />

Op<strong>en</strong> Market (First Quotation Board)<br />

China Pyromedia Ltd.<br />

Madison Property <strong>AG</strong><br />

Evergre<strong>en</strong> Bamboo International Ltd.<br />

UFC Holding N.V.<br />

Nitestar Holding N.V.<br />

Gongyou Machines Ltd.<br />

IBMC China <strong>AG</strong><br />

Ecolnvest Holding N.V.<br />

Sino International Logistic Co. N.V.<br />

CFQ Holding <strong>AG</strong><br />

Initation Enterprises Co., Ltd.<br />

Sino European Biotechnology <strong>AG</strong><br />

Cheung Wing Biotechnology Company Ltd.<br />

High Win PLC Inc.,<br />

China Zongbao Clean Tech Ltd.<br />

…and 479 other Chinese companies in the Second Quotation Board<br />

• All companies with an initial listing in Op<strong>en</strong> Market are included in the First Quotation Board. It is<br />

directed at domestic and international companies for a cost effici<strong>en</strong>t and fast admission of their shares to<br />

trading<br />

• All companies whose shares are already listed or included at another international or domestic trading<br />

v<strong>en</strong>ue and apply for admission to the Op<strong>en</strong> Market are included in the Second Quotation Board<br />

10 Listings in the Transpar<strong>en</strong>cy Segm<strong>en</strong>ts (Prime, G<strong>en</strong>eral, Entry <strong>Standard</strong>) and 15<br />

Listings in the First Quotation Board show the interest in Chinese companies<br />

45

Well-known Brands in Global Peer Groups<br />

First Listing from China in Prime <strong>Standard</strong><br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

ZhongDe Waste Technology <strong>AG</strong><br />

Sector: <strong>en</strong>vironm<strong>en</strong>tal protection<br />

Admission Date: July 6, 2007<br />

Segm<strong>en</strong>t: Prime <strong>Standard</strong> Issue volume: 108.82 €m<br />

Country: China<br />

Issue price: 26.00 €<br />

First price: 30.00 €<br />

Daily average turnover (Feb <strong>2010</strong>): 140 T€<br />

Issuer manager:<br />

Sal Opp<strong>en</strong>heim jr.&Cie. KGaA<br />

BOCI Asia Limited<br />

CLSA Asia-Pacific Markets<br />

Bayerische Landesbank, comdirect bank <strong>AG</strong>, DAB Bank <strong>AG</strong><br />

Price <strong>en</strong>d of first trading day: 31.50 € (Xetra)<br />

Price (22th Feb <strong>2010</strong>): 12.53 €<br />

Freefloat marketcap (22th Feb <strong>2010</strong>): 66.70 €m<br />

13 times oversubscribed the first Chinese IPO in Prime <strong>Standard</strong> has <strong>en</strong>abled a<br />

successful going global at very cost and time effici<strong>en</strong>t terms.<br />

46

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Well-known Brands in Global Peer Groups<br />

Second Listing from China in Prime <strong>Standard</strong><br />

Asian Bamboo <strong>AG</strong><br />

Sector: Forrest & Paper Products Admission Date: 16. 11. 2007<br />

Segm<strong>en</strong>t: Prime <strong>Standard</strong> Issue volume: 83 €m<br />

Country: China<br />

Issue price: 17.00 €<br />

First price: 18.10 €<br />

Issuer manager:<br />

Sal Opp<strong>en</strong>heim jr.&Cie. KGaA<br />

BOCI Asia Limited<br />

Cortal Consors S.A.,Comdirect Bank <strong>AG</strong>, DAB Bank <strong>AG</strong><br />

Price <strong>en</strong>d of first trading day: 16.49 € (Xetra)<br />

Price (22th Feb <strong>2010</strong>): 34.71 €<br />

Daily average turnover (Feb <strong>2010</strong>): 2.8 €m Freefloat market cap (22th Feb <strong>2010</strong>): 250.46 €m<br />

96% of share offerings are allocated to international institutional investors: Germany, Austria<br />

and Switzerland (51%), Contin<strong>en</strong>tal Europe(16%), UK (18%), Hong Kong (11%)<br />

15 times oversubscribed the second Chinese IPO in Prime <strong>Standard</strong> has <strong>en</strong>abled a successful<br />

going global. Successful secondary placed of share (capital increased ) of 25.5 €m in Dec<br />

2009 has proved also a successful being public<br />

47

Third Listing from China in Prime <strong>Standard</strong><br />

Case study – Vtion Wireless Technology <strong>AG</strong><br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Sector: Communications Technology Admission Date: 01. 10. 2009<br />

Segm<strong>en</strong>t: Prime <strong>Standard</strong> Issue volume: 48.375 €m<br />

Country: China<br />

Issue price: 10.75 €<br />

First price: 10.75 €<br />

Issuer manager:<br />

Sal Opp<strong>en</strong>heim jr.&Cie. KGaA<br />

Macquarie Capital (Europe) Limited,<br />

Comdirect Bank <strong>AG</strong>,DAB Bank <strong>AG</strong><br />

Price <strong>en</strong>d of first trading day:10.15 € (Xetra)<br />

Price (22th Feb <strong>2010</strong>): 11.98 € (Xetra)<br />

Daily average turnover (Feb <strong>2010</strong>): 0.73 €m Freefloat Market Cap (22th Feb <strong>2010</strong>): 53.76 €m<br />

Only successful IPO in Prime <strong>Standard</strong> in 2009 shows robust demand of international<br />

investors for Chinese stocks via DBAS ev<strong>en</strong> in difficult capital market <strong>en</strong>vironm<strong>en</strong>t<br />

48

Fourth Listing from China in Prime <strong>Standard</strong><br />

Case study – Joyou <strong>AG</strong><br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Sector: Consumer/Household Admission Date: 30. 03. <strong>2010</strong><br />

Segm<strong>en</strong>t: Prime <strong>Standard</strong> Issue volume: 104.65 €m<br />

Country: China<br />

Issue price: 13 €<br />

Issuer manager:<br />

Lead: Macquarie Capital (Europe) Limited, China Intern.<br />

Capital Corporation Hong Kong Securities Ltd (CICC)<br />

Consortium: WestLB <strong>AG</strong>, DZ Bank<br />

First price:14.75 €<br />

PE ratio of issue price (13 €):10,5 (<strong>2010</strong> earnings)<br />

Price <strong>en</strong>d of first trading day:14.60 € (Xetra) PE ratio 31.March <strong>2010</strong> (15,50 €):12,5 (<strong>2010</strong> earnings)<br />

Trading volume first trading day: 12,3 €m<br />

Freefloat Market Cap (31st March <strong>2010</strong>): 107,32 €m<br />

Allocation: UK: c. 50%, Germany c.30%, Switzerland, Austria, France, B<strong>en</strong>elux, Hong Kong,<br />

Singapore: c.20%<br />

First Chinese company successfully listed in the Prime <strong>Standard</strong> segm<strong>en</strong>t in <strong>2010</strong>, which<br />

gives strong signal that European investor appetite for Chinese equity story is back.<br />

49

Lowest Fees and Cost of Capital<br />

Listing Beauty Contest

Lowest Fees and Cost of Capital<br />

<strong>Deutsche</strong> <strong>Börse</strong> Admission and Listing Fees<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

• Companies, whose securities are traded on <strong>Deutsche</strong> <strong>Börse</strong>, b<strong>en</strong>efit<br />

from low costs and transpar<strong>en</strong>t and predictable admission and listing fees<br />

• Same fees for all issuers, regardless of market capitalization<br />

• Fee level defined by statutory law, prev<strong>en</strong>ting unexpected increases<br />

Markets<br />

Regulated Unofficial Market<br />

(Op<strong>en</strong> Market: Exchange regulated)<br />

Regulated Market<br />

(Regulated by the EU)<br />

Listing Segm<strong>en</strong>ts<br />

Admission Fee<br />

750 €<br />

750 € - 1,500 €<br />

3,000 € (Listed securities)<br />

2,500 € (Admission to trading)<br />

Annual Fee<br />

2,500 € 5,000 € 7500 € 10000 €<br />

Increasing Transpar<strong>en</strong>cy<br />

51

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Lowest Fees and Cost of Capital<br />

Rec<strong>en</strong>t Studies: The Performance Profile of Major Listing V<strong>en</strong>ues<br />

Studies by Prof. D. Schiereck, European Business School and Prof. C. Kaserer, TU Munich<br />

2007: „The Going and Being Public<br />

A Global Comparison of the Impact of the Listing Decision on the Cost of Capital“<br />

2008: „Primary Market Activity and the Cost of Going and Being Public“<br />

Sample: >2,600<br />

listings and IPOs<br />

on<br />

<strong>Deutsche</strong> <strong>Börse</strong><br />

Euronext<br />

HKSE<br />

LSE<br />

NYSE<br />

NASDAQ<br />

from january 1999<br />

till march 2008<br />

Valuation Figures:<br />

• Sector expertise<br />

• Underpricing<br />

Liquidity Figures:<br />

• Spread<br />

• Turnover velocity and volume<br />

• Zero trade ratio<br />

Costs issues:<br />

• IPO and SPO costs<br />

• Admission and listing fees<br />

• Sustainability of IPOs<br />

• Transaction types<br />

Boost your company‘s IPO success: Lowest cost of capital on <strong>Deutsche</strong> <strong>Börse</strong><br />

Download of compreh<strong>en</strong>sive studies available on www.deutsche-boerse.com/listing<br />

52

Lowest Fees and Cost of Capital<br />

Admission Fees are no Negligible Factor for Issuers<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Main Markets<br />

Alternative Markets<br />

1.000.000 €<br />

1.000.000 €<br />

100.000 €<br />

100.000 €<br />

10.000 €<br />

10.000 €<br />

1.000 €<br />

1.000 €<br />

0 m€ 10 m€ 50 m€ 250 m€ 500 m€ 1000 m€<br />

100 €<br />

0 m€ 10 m€ 50 m€ 250 m€ 500 m€ 1000 m€<br />

Euronext: Eurolist<br />

NYSE<br />

Euronext: Alternext<br />

LSE: AIM<br />

LSE: Main Market<br />

<strong>Deutsche</strong> <strong>Börse</strong>:<br />

Prime & G<strong>en</strong>eral <strong>Standard</strong><br />

NASDAQ<br />

HKSE: Main Board<br />

HKSE: GEM<br />

<strong>Deutsche</strong> <strong>Börse</strong>:<br />

Entry <strong>Standard</strong><br />

<strong>Deutsche</strong> <strong>Börse</strong> offers the most competitive admission fees<br />

Source: „The Going and Being Public – A Global Comparison of the Impact of the Listing Decision on the Cost of Capital“<br />

by Prof. C. Kaserer, TU Munich and Prof. D. Schiereck, European Business School, November 2007 | Update of fees in 2009<br />

53

Lowest Fees and Cost of Capital<br />

Listing Fees vary among Main and Alternative Markets<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Main Markets<br />

70.000 €<br />

60.000 €<br />

50.000 €<br />

40.000 €<br />

30.000 €<br />

20.000 €<br />

10.000 €<br />

0 €<br />

0 m€ 10 m€ 50 m€ 250 m€ 500 m€ 1000 m€<br />

Alternative Markets<br />

30.000 €<br />

25.000 €<br />

20.000 €<br />

15.000 €<br />

10.000 €<br />

5.000 €<br />

0 €<br />

0 m€ 10 m€ 50 m€ 250 m€ 500 m€ 1000 m€<br />

NASDAQ<br />

LSE: Main Market<br />

Euronext: Alternext<br />

LSE: AIM<br />

NYSE<br />

HKSE: Main Board<br />

Euronext: Eurolist<br />

<strong>Deutsche</strong> <strong>Börse</strong>:<br />

Prime / G<strong>en</strong>eral <strong>Standard</strong><br />

HKSE: GEM<br />

<strong>Deutsche</strong> <strong>Börse</strong>:<br />

Entry <strong>Standard</strong><br />

<strong>Deutsche</strong> <strong>Börse</strong> offers the most competitive listing fees<br />

Source: „The Going and Being Public – A Global Comparison of the Impact of the Listing Decision on the Cost of Capital“<br />

by Prof. C. Kaserer, TU Munich and Prof. D. Schiereck, European Business School, November 2007 | Update of fees in 2009<br />

54

Lowest Fees and Cost of Capital<br />

IPO Flotation Costs = Underwriting + Non-underwriting Fees<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

HKSE<br />

Main Board<br />

10.90 20.31<br />

GEM<br />

NASDAQ<br />

Large Caps<br />

8.02 10.1<br />

Small Caps<br />

NYSE<br />

Large Caps<br />

7.37<br />

10.05<br />

Small Caps<br />

Euronext<br />

Eurolist<br />

6.96 8.55<br />

Alternext<br />

LSE<br />

Main Market<br />

8.91 17.02<br />

AIM<br />

<strong>Deutsche</strong><br />

<strong>Börse</strong><br />

G<strong>en</strong>eral/Prime<br />

<strong>Standard</strong><br />

7.52 9.48<br />

Entry<br />

<strong>Standard</strong><br />

% of gross offering proceeds<br />

3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21<br />

<strong>Deutsche</strong> <strong>Börse</strong> provides very competitive total initial flotation costs among<br />

main and alternative markets<br />

Source: „The Going and Being Public – A Global Comparison of the Impact of the Listing Decision on the Cost of Capital“<br />

by Prof. C. Kaserer, TU Munich and Prof. D. Schiereck, European Business School, November 2007<br />

55

Lowest Fees and Cost of Capital<br />

<strong>Deutsche</strong> <strong>Börse</strong>: An Extremely Effici<strong>en</strong>t Market Place for SEOs<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

7.0%<br />

6.0%<br />

6.05%<br />

5.0%<br />

4.0%<br />

3.0%<br />

2.86%<br />

3.30%<br />

4.02%<br />

4.50%<br />

4.64%<br />

2.0%<br />

1.0%<br />

0.0%<br />

HKSE<br />

<strong>Deutsche</strong><br />

<strong>Börse</strong><br />

Euronext LSE NYSE NASDAQ<br />

Costs for secondary equity offerings vary across stock exchanges<br />

Source: „The Going and Being Public – A Global Comparison of the Impact of the Listing Decision on the Cost of Capital“<br />

by Prof. C. Kaserer, TU Munich and Prof. D. Schiereck, European Business School, November 2007<br />

56

Unsurpassed Liquidity<br />

Listing Beauty Contest

Unsurpassed Liquidity<br />

<strong>Deutsche</strong> <strong>Börse</strong>: Europe's No 1 in Turnover Velocity<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

No. 1<br />

No. 2<br />

No. 3-5<br />

<strong>Deutsche</strong><br />

<strong>Börse</strong><br />

LSE<br />

Euronext<br />

SWX<br />

LUX<br />

Trades<br />

9.3 4.2 12.0 7.4<br />

0.0<br />

Monthly average<br />

number of Trades per company<br />

May 09 – Apr. 10 (thousand)<br />

Turnover<br />

122.1 37.8 103.8 135.0<br />

0.1<br />

Monthly average<br />

turnover per company<br />

May 09 – Apr. 10 (million €)<br />

Turnover<br />

Velocity<br />

139% 54.9% 81.5% 77.8% 0.2%<br />

Turnover/ Market Cap<br />

April <strong>2010</strong><br />

• Recognized by institutional investors as the most effici<strong>en</strong>t trading network<br />

• Over 1,400,000 trades per day on XETRA®<br />

<strong>Deutsche</strong> <strong>Börse</strong> runs the most active capital market with competitive pricing and<br />

the highest degree of liquidity<br />

Source: World Federation of Exchanges, June <strong>2010</strong><br />

58

Unsurpassed Liquidity<br />

Turnover Velocity: <strong>Deutsche</strong> <strong>Börse</strong> is on Top<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

300%<br />

250%<br />

200%<br />

150%<br />

100%<br />

50%<br />

Jul 2008 Aug Sep Oct Nov Dec Jan 2009 Feb Mar Apr May Jun 2009<br />

<strong>Deutsche</strong> <strong>Börse</strong><br />

London SE<br />

NYSE Euronext (US)<br />

NYSE Euronest (Europe)<br />

Shanghai SE<br />

Hong Kong Exchanges<br />

Source: World Federation of Exchanges, July 2009<br />

59

Unsurpassed Liquidity<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

High Turnover Velocity* = Trading Volume / Market Value = High Liquidity<br />

Main Markets<br />

Alternative Markets<br />

6.0%<br />

5.0%<br />

4.77%<br />

5.07%<br />

5.55%<br />

6.0%<br />

5.0%<br />

5.27%<br />

4.0%<br />

3.85% 3.92%<br />

4.0%<br />

3.0%<br />

3.0%<br />

2.0%<br />

1.0%<br />

1.97%<br />

2.0%<br />

1.0%<br />

1.12% 1.21%<br />

1.69%<br />

0.0%<br />

Euronext:<br />

Eurolist<br />

LSE<br />

Main<br />

Market<br />

HKSE:<br />

Main<br />

Board<br />

NASDAQ<br />

NYSE<br />

<strong>Deutsche</strong><br />

<strong>Börse</strong>:<br />

Prime/G<strong>en</strong>eral<br />

<strong>Standard</strong><br />

0.0%<br />

LSE:<br />

AIM<br />

Euronext:<br />

Alternext<br />

HKSE:<br />

GEM<br />

<strong>Deutsche</strong> <strong>Börse</strong>:<br />

Entry <strong>Standard</strong><br />

Turnover velocity is highest at <strong>Deutsche</strong> <strong>Börse</strong> compared to major listing v<strong>en</strong>ues<br />

Source: „The Going and Being Public – A Global Comparison of the Impact of the Listing Decision on the Cost of Capital“<br />

by Prof. C. Kaserer, TU Munich and Prof. D. Schiereck, European Business School, November 2007<br />

60

Unsurpassed Liquidity<br />

Low Relative Spreads are an Indicator of High Liquidity<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Main Markets<br />

Alternative Markets<br />

2.5%<br />

2.0%<br />

2.00%<br />

8.0%<br />

7.0%<br />

6.0%<br />

7.22%<br />

1.5%<br />

1.0%<br />

0.5%<br />

0.43%<br />

0.62% 0.71% 0.74% 1.04%<br />

5.0%<br />

4.0%<br />

3.0%<br />

2.0%<br />

1.0%<br />

2.23%<br />

4.15%<br />

4.52%<br />

0.0%<br />

NYSE<br />

<strong>Deutsche</strong> Euronext:<br />

<strong>Börse</strong>: Eurolist<br />

Prime/G<strong>en</strong>eral<br />

<strong>Standard</strong><br />

NASDAQ<br />

HKSE:<br />

Main<br />

Board<br />

LSE:<br />

Main<br />

Market<br />

0.0%<br />

<strong>Deutsche</strong> <strong>Börse</strong>:<br />

Entry <strong>Standard</strong><br />

HKSE:<br />

GEM<br />

Euronext:<br />

Alternext<br />

LSE:<br />

AIM<br />

<strong>Deutsche</strong> <strong>Börse</strong> offers lowest relative spreads in the Entry <strong>Standard</strong> and highly<br />

competitive spreads in Prime and G<strong>en</strong>eral <strong>Standard</strong><br />

Source: „The Going and Being Public – A Global Comparison of the Impact of the Listing Decision on the Cost of Capital“<br />

by Prof. C. Kaserer, TU Munich and Prof. D. Schiereck, European Business School, November 2007<br />

61

Unsurpassed Liquidity<br />

Trading Volume: A Key Compon<strong>en</strong>t of a Stock’s Liquidity<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Main Markets<br />

Alternative Markets<br />

120<br />

100<br />

96.54<br />

6<br />

5<br />

5.30<br />

million US$<br />

80<br />

60<br />

40<br />

20<br />

17.87 20.50<br />

31.22<br />

41.85<br />

63.28<br />

million US$<br />

4<br />

3<br />

2<br />

1<br />

0.47 0.54<br />

1.23<br />

0<br />

NASDAQ<br />

HKSE:<br />

Main<br />

Board<br />

Euronext:<br />

Eurolist<br />

<strong>Deutsche</strong><br />

<strong>Börse</strong>:<br />

Prime/<br />

G<strong>en</strong>eral<br />

<strong>Standard</strong><br />

LSE:<br />

Main<br />

Market<br />

NYSE<br />

0<br />

HKSE:<br />

GEM<br />

Euronext:<br />

Alternext<br />

LSE:<br />

AIM<br />

<strong>Deutsche</strong><br />

<strong>Börse</strong>:<br />

Entry <strong>Standard</strong><br />

<strong>Deutsche</strong> <strong>Börse</strong> provides competitive liquidity, measured by the average value of<br />

stock turned over each day<br />

Source: „The Going and Being Public – A Global Comparison of the Impact of the Listing Decision on the Cost of Capital“<br />

by Prof. C. Kaserer, TU Munich and Prof. D. Schiereck, European Business School, November 2007<br />

62

Unsurpassed Liquidity<br />

Low ZTR Implies High Liquidity<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Main Markets<br />

Alternative Markets<br />

10%<br />

9%<br />

8%<br />

7%<br />

6.80%<br />

9.15%<br />

45%<br />

40%<br />

35%<br />

33.42%<br />

39.89%<br />

6%<br />

5%<br />

4.62%<br />

30%<br />

25%<br />

4%<br />

3.46%<br />

20%<br />

3%<br />

2%<br />

2.22%<br />

15%<br />

10%<br />

7.01%<br />

1,%<br />

0.05%<br />

0%<br />

<strong>Deutsche</strong> NASDAQ NYSE Euronext:<br />

<strong>Börse</strong>:<br />

Eurolist<br />

Prime/G<strong>en</strong>eral<br />

<strong>Standard</strong><br />

HKSE:<br />

Main<br />

Board<br />

LSE:<br />

Main<br />

Market<br />

5%<br />

0%<br />

1.39%<br />

<strong>Deutsche</strong> <strong>Börse</strong>:<br />

Entry <strong>Standard</strong><br />

Euronext:<br />

Alternext<br />

HKSE:<br />

GEM<br />

LSE:<br />

AIM<br />

ZTR = measure of inactivity<br />

LSE and HKSE main markets are extremely illiquid<br />

Lowest ZTR on <strong>Deutsche</strong> <strong>Börse</strong> provide highest liquidity<br />

Source: „The Going and Being Public – A Global Comparison of the Impact of the Listing Decision on the Cost of Capital“<br />

by Prof. C. Kaserer, TU Munich and Prof. D. Schiereck, European Business School, November 2007<br />

63

Depositary Receipts Trading<br />

Listing Beauty Contest

Depositary Receipts Trading<br />

Six reasons for a GDR offering in Frankfurt<br />

Investor Access<br />

• Access to the largest pool of UK, US, German and other int. investors<br />

• Reach to sector specific investors by our pan-European trading network<br />

XETRA®. 252 trading institutions from 18 countries are directly connected.<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Sector Str<strong>en</strong>gth and Valuation<br />

• Strong investor focus of <strong>Deutsche</strong> <strong>Börse</strong> in Automotive, Gre<strong>en</strong>Tech,<br />

R<strong>en</strong>ewables, Engineering, Life Sci<strong>en</strong>ces, Chemicals and Software/IT.<br />

• High pot<strong>en</strong>tial for better valuation through specialised sector analysts.<br />

Top Branding and Visibility in Europe & index inclusion<br />

• Gain prestige and brand recognition by being listed alongside global market<br />

leaders such as Siem<strong>en</strong>s, SAP, BASF, VW, Daimler, Adidas, et.al.<br />

• Inclusion in key indices like DAX International<br />

Strategic Fit & Market Access<br />

• Higher company awar<strong>en</strong>ess in relevant markets and sectors<br />

• M&A opportunities for international <strong>en</strong>trepr<strong>en</strong>eurs in Europe<br />

Additional Liquidity<br />

• Most liquid capital market compared to other exchanges, confirmed by<br />

a set of official studies (WFE, TU Munich, etc.).<br />

• Chinese companies are more actively traded in the Op<strong>en</strong> Market at<br />

<strong>Deutsche</strong> <strong>Börse</strong> compared to London and Luxembourg.<br />

Cost attractive<br />

• Speedy process with balanced regulation for market access with fastest<br />

listing process.<br />

• Lowest transaction costs and total floatation costs of DR issues.<br />

• DRs are traded on the same unified trading platform as original shares<br />

65

Depositary Receipts Trading<br />

Regional Split of Depositary Receipts Program<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

More than 550 DR programs and 9,000 shares from countries around the world<br />

are listed and traded on <strong>Deutsche</strong> <strong>Börse</strong><br />

Asia,<br />

Australia, New<br />

Zealand<br />

21%<br />

Eastern<br />

Europe<br />

26%<br />

Africa, Middle<br />

East, Turkey<br />

7%<br />

South-/Middle<br />

America<br />

17%<br />

Northern<br />

America<br />

11%<br />

Europe<br />

18%<br />

<strong>Deutsche</strong> <strong>Börse</strong> offers a well diversified range of Depositary Receipts<br />

66

Depositary Receipts Trading<br />

Reporting Obligations for Issuers from Non-EU Countries<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

G<strong>en</strong>eral <strong>Standard</strong><br />

Prime <strong>Standard</strong><br />

Annual financial<br />

report<br />

Shares<br />

DRs<br />

4 months after the <strong>en</strong>d of the financial<br />

period (§37v WpHG)<br />

6 months exemptions possible for<br />

issuers from non-EU countries by<br />

BaFin 1 (§37z WpHG)<br />

4 months after the <strong>en</strong>d of the financial period<br />

(§65(2) BörsO)<br />

6 months exemptions possible for issuers from<br />

non-EU countries by BaFin 1 (§65 BörsO)<br />

Half yearly<br />

financial report<br />

Shares<br />

DRs<br />

2 months after the <strong>en</strong>d of the financial<br />

period (§37w WpHG)<br />

No regulation within the WpHG<br />

2 months after the <strong>en</strong>d of the financial period<br />

(§66(5) BörsO)<br />

3 months for shares that are repres<strong>en</strong>ted by<br />

certain certificates (§66(5) BörsO)<br />

Quarterly<br />

financial report<br />

Shares<br />

DRs<br />

Not required<br />

Not required<br />

2 months after the <strong>en</strong>d of the financial period<br />

(§66(5) BörsO)<br />

3 months for shares that are repres<strong>en</strong>ted by<br />

certain certificates (§66(5) BörsO)<br />

Managem<strong>en</strong>t<br />

interim<br />

statem<strong>en</strong>ts<br />

Shares<br />

DRs<br />

10 weeks before <strong>en</strong>ding and 6 weeks<br />

before the <strong>en</strong>d 2 (§37x WpHG)<br />

No regulation within the WpHG<br />

Not required<br />

Not required<br />

Enhanced reporting periods for DRs address country specific demands<br />

1 Dep<strong>en</strong>ding on a by-case basis by the BaFIN<br />

2 Filing interim managem<strong>en</strong>t statem<strong>en</strong>ts for a period betwe<strong>en</strong> t<strong>en</strong> weeks after the beginning and six weeks before the <strong>en</strong>d of the relevant six- month period.<br />

67

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Depositary Receipts Trading<br />

Frankfurt GDR: Key Features<br />

Frankfurt<br />

GDR<br />

• Global bearer form / Registered form is being considered<br />

• Place of primary deposit is CBL<br />

• Global certificate deposited in CBL‘s vaults in Frankfurt<br />

• Total outstanding is evid<strong>en</strong>ced by CBL‘s books<br />

• CSD link <strong>en</strong>ables movem<strong>en</strong>ts btw. CBF and CBL accounts<br />

• Allows listing and trading on all FSE’s segm<strong>en</strong>ts, incl. Prime<br />

<strong>Standard</strong><br />

• CBL & CBF well established settlem<strong>en</strong>t & custody <strong>en</strong>vironm<strong>en</strong>t<br />

• ISIN follows ISO rules, i.e. country of the issuer for equity<br />

Frankfurt GDR provides effici<strong>en</strong>t, fast and transpar<strong>en</strong>t settlem<strong>en</strong>t and custody<br />

processes under one roof via Clearstream Banking<br />

68

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Depositary Receipts Trading<br />

B<strong>en</strong>efits of Establishing a Frankfurt GDR Program<br />

Issuers<br />

• Unique opportunity for an “all-in-solution” in<br />

listing, trading, clearing, settlem<strong>en</strong>t and custody of<br />

shares<br />

• Access to the deep and diverse international<br />

investm<strong>en</strong>t community<br />

• DR admission fee advantage due to<br />

disintermediation<br />

• Access to CBF’s German and CBL’s international<br />

customer bases<br />

• Risk reduction with settlem<strong>en</strong>t/clearing in c<strong>en</strong>tral<br />

bank money in CBF<br />

• Clearing via C<strong>en</strong>tral Counterparty (CCP) possible<br />

• Application to both ordinary and preferred shares<br />

Investors<br />

• Easy trading and settlem<strong>en</strong>t through wellknown<br />

and established systems under one roof<br />

as provided by <strong>Deutsche</strong> <strong>Börse</strong><br />

• Securities d<strong>en</strong>omination in Euro or US Dollar<br />

• Divid<strong>en</strong>d paym<strong>en</strong>t in Euro or US Dollar<br />

• Deposit cost advantage due to<br />

disintermediation<br />

• Elimination of cross-border settlem<strong>en</strong>t and<br />

safekeeping charges<br />

• Easy purchasing and holding of the issuer’s<br />

underlying ordinary shares without the need to<br />

establish accounts overseas<br />

• Right to convert into underlying share at any<br />

time<br />

The Frankfurt GDR is an effici<strong>en</strong>t, transpar<strong>en</strong>t and cost-effective way to raise<br />

capital on the regulated markets of the Frankfurt Stock Exchange<br />

69

Global Trading Network in Equities<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

<strong>Deutsche</strong> <strong>Börse</strong> offers largest network of international trading participants<br />

Equity Trading Participants<br />

300<br />

250<br />

255<br />

200<br />

211<br />

150<br />

100<br />

50<br />

20<br />

0<br />

Luxemburg Stock<br />

Exchange<br />

Euronext<br />

<strong>Deutsche</strong> <strong>Börse</strong><br />

255 international and national trading participants with over 4.600 traders from<br />

18 countries are directly connected to XETRA®<br />

Source: World Federation of Exchanges (WFE), <strong>2010</strong><br />

70

Unsurpassed Liquidity<br />

<strong>Deutsche</strong> <strong>Börse</strong>: Europe's No 1 in Turnover Velocity<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

No. 1<br />

No. 2<br />

No. 3-5<br />

<strong>Deutsche</strong><br />

<strong>Börse</strong><br />

LSE<br />

Euronext<br />

SWX<br />

LUX<br />

Trades<br />

9.3 4.2 12.0 7.4<br />

0.0<br />

Monthly average<br />

number of Trades per company<br />

May 09 – Apr. 10 (thousand)<br />

Turnover<br />

122.1 37.8 103.8 135.0<br />

0.1<br />

Monthly average<br />

turnover per company<br />

May 09 – Apr. 10 (million €)<br />

Turnover<br />

Velocity<br />

139% 54.9% 81.5% 77.8% 0.2%<br />

Turnover/ Market Cap<br />

April <strong>2010</strong><br />

• Recognized by institutional investors as the most effici<strong>en</strong>t trading network<br />

• Over 1,400,000 trades per day on XETRA®<br />

<strong>Deutsche</strong> <strong>Börse</strong> runs the most active capital market with competitive pricing and<br />

the highest degree of liquidity<br />

Source: World Federation of Exchanges, June <strong>2010</strong><br />

71

Unsurpassed Liquidity<br />

Turnover Velocity: <strong>Deutsche</strong> <strong>Börse</strong> is on Top<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

300,0%<br />

250,0%<br />

Luxembourg SE Bombay SE Singapore Exchange<br />

National Stock Exchange India London SE <strong>Deutsche</strong> <strong>Börse</strong><br />

200,0%<br />

150,0%<br />

100,0%<br />

50,0%<br />

0,0%<br />

January 2009<br />

February 2009<br />

March 2009<br />

April 2009<br />

May 2009<br />

June 2009<br />

July 2009<br />

August 2009<br />

<strong>September</strong> 2009<br />

October 2009<br />

November 2009<br />

December 2009<br />

<strong>Deutsche</strong> <strong>Börse</strong> runs the most active capital market with competitive pricing and<br />

the highest degree of liquidity<br />

Source: World Federation of Exchanges, January <strong>2010</strong><br />

72

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Higher Liquidity<br />

Zero-Trade-Ratio of Taiwanese Companies listed at DB<strong>AG</strong>/LSE/Luxemburg<br />

• What is ZTR<br />

ZTR is an indicator of the trading activity for shares. The lower the perc<strong>en</strong>tage<br />

rate, the more liquid is the underlying. The ZTR can also be interpreted as the<br />

probability of the concerning underlying being traded at each day.<br />

• Calculation of ZTR<br />

ZTR =<br />

Total days with no trading activity<br />

Total trading days<br />

• Sample<br />

The following figures illustrate the Zero-Trade-Ratio (ZTR) of Taiwanese companies<br />

listed at <strong>Deutsche</strong> <strong>Börse</strong>, London Stock Exchange and Luxembourg Stock Exchange from<br />

March 2008 to February <strong>2010</strong>.<br />

<strong>Deutsche</strong> <strong>Börse</strong> runs the most active capital market with competitive pricing and<br />

the highest degree of liquidity<br />

73

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Higher Liquidity<br />

Zero-Trade-Ratio of Taiwanese Companies listed at DB<strong>AG</strong>/LSE/Luxemburg<br />

100.0%<br />

99.87%<br />

90.0%<br />

80.0%<br />

70.0%<br />

60.0%<br />

50.0%<br />

40.0%<br />

30.0%<br />

20.0%<br />

10.0%<br />

71%<br />

74.29%<br />

0.0%<br />

<strong>Deutsche</strong> <strong>Börse</strong> London Intl Luxembourg<br />

• The figure illustrates that <strong>Deutsche</strong> <strong>Börse</strong> has the lowest ZTR of all three exchanges. Taiwanese equity<br />

instrum<strong>en</strong>ts are traded approximately every second day at <strong>Deutsche</strong> <strong>Börse</strong>.<br />

• In comparison to <strong>Deutsche</strong> <strong>Börse</strong>, Taiwanese instrum<strong>en</strong>ts listed at Luxembourg Stock Exchange are hardly<br />

traded at all. Taiwanese instrum<strong>en</strong>ts listed at London Stock Exchange have a relative lower probability of daily<br />

trading and thus a lower liquidity.<br />

<strong>Deutsche</strong> <strong>Börse</strong> runs the most active capital market with competitive pricing and<br />

the highest degree of liquidity<br />

Source: Bloomberg, <strong>Deutsche</strong> <strong>Börse</strong> Analysis, as per February <strong>2010</strong><br />

74

Higher Liquidity<br />

Zero Trade Ratios by Market Capitalization<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

• The following table pres<strong>en</strong>ts the ZTRs for Taiwanese companies grouped by market capitalisation.<br />

<strong>Deutsche</strong> <strong>Börse</strong><br />

London International<br />

Luxembourg<br />

Market Cap<br />

[EURm]<br />

No of<br />

Equities<br />

ZTR on<br />

average<br />

No of<br />

Equities<br />

ZTR on<br />

average<br />

No of<br />

Equitie<br />

s<br />

ZTR on<br />

average<br />

0 - 100<br />

0<br />

-<br />

0<br />

-<br />

1<br />

100.00%<br />

100 - 1,000<br />

1<br />

90.58%<br />

2<br />

99.42%<br />

22<br />

99.92%<br />

1,000 - 2,000<br />

0<br />

-<br />

2<br />

97.21%<br />

7<br />

100.00%<br />

2,000 - 10,000<br />

7<br />

72.69%<br />

5<br />

69.30%<br />

9<br />

99.62%<br />

> 10,000<br />

2<br />

55.29%<br />

1<br />

3.08%<br />

1<br />

100.00%<br />

• The table above shows that at <strong>Deutsche</strong> <strong>Börse</strong> Taiwanese companies within every range of<br />

market capitalization have the higher liquidity than that at Luxembourg.<br />

• Taiwanese companies with market capitalization of above € 10 billions are outperformed by<br />

London Stock Exchange.<br />

• However, if all instrum<strong>en</strong>ts listed within this market capitalisation range are considered, <strong>Deutsche</strong><br />

<strong>Börse</strong> provides the higher liquidity as well as London.<br />

<strong>Deutsche</strong> <strong>Börse</strong> runs the most active capital market with competitive pricing and<br />

the highest degree of liquidity<br />

Source: Bloomberg, <strong>Deutsche</strong> <strong>Börse</strong> Analysis, as per February <strong>2010</strong><br />

75

Unparalleled Service Portfolio<br />

Listing Beauty Contest

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Unparalleled Service Portfolio<br />

Make the most of <strong>Deutsche</strong> <strong>Börse</strong>’s unparalleled service portfolio<br />

Issuer & Investor Markets Services<br />

Knowledge<br />

&<br />

Guidance<br />

Visibility<br />

&<br />

Transpar<strong>en</strong>cy<br />

• Sector and region dedicated<br />

Key Account Manager<br />

• <strong>Deutsche</strong> <strong>Börse</strong> Listing Partner<br />

• Exchange Glossary<br />

• Online: Listing C<strong>en</strong>ter<br />

deutsche-boerse.com/listing<br />

• Investors Portal<br />

boerse-frankfurt.com<br />

Going Public<br />

• I-POint meeting<br />

• IPO S<strong>en</strong>tim<strong>en</strong>t<br />

Indicator<br />

• IPO-Test<br />

• IPO Welcome Banner<br />

on the Trading Floor<br />

• n-tv Media Package<br />

Being Public<br />

• Being Public Checklist<br />

• IR – Annual Schedule<br />

• IR Online Organizer<br />

• Knowledge database<br />

• Exchange Reporting System<br />

• Stock Report / Price Chart<br />

• Company Profile online<br />

• XETRA op<strong>en</strong> order book<br />

Market<br />

Access<br />

&<br />

Indices<br />

• Exchange Segm<strong>en</strong>ts:<br />

Entry <strong>Standard</strong><br />

G<strong>en</strong>eral <strong>Standard</strong><br />

Prime <strong>Standard</strong><br />

• E-Listing Op<strong>en</strong> Market<br />

• Xetra Start<br />

• DAX Indices & derivatives<br />

• Xetra Liquidity Measure (XLM)<br />

• Design. Sponsors/Specialists<br />

• Investor Guide Online<br />

Publications<br />

&<br />

Ev<strong>en</strong>ts<br />

• <strong>Deutsche</strong>s Eig<strong>en</strong>kapitalforum<br />

• stocks & standard Workshops<br />

• Listing Newsletter<br />

• Welcome Ceremony<br />

on the Trading Floor<br />

• Listing Seminars<br />

• <strong>Deutsche</strong> <strong>Börse</strong> Spotlights<br />

• Entry & G<strong>en</strong>eral Confer<strong>en</strong>ce<br />

• My X-Mobile Service<br />

• Institutional Investor Guide<br />

77

Unparalleled Service Portfolio<br />

Access Investors at Europe‘s Largest capital market confer<strong>en</strong>ce<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Participants<br />

Autumn <strong>2010</strong>, 22-24 November, Frankfurt/Main<br />

• Equity Seeking Companies<br />

• Listed Companies<br />

• Institutional Investors<br />

• Analysts<br />

• V<strong>en</strong>ture Capitalists<br />

• Private Equity Investors<br />

• Investm<strong>en</strong>t Banks<br />

• Business Angels<br />

• Over 5,500 participants<br />

• Over 300 company <strong>Pres<strong>en</strong>tation</strong>s<br />

of listed and non-listed companies<br />

• Over 50 topical workshops, panel<br />

discussions and speeches<br />

• Over 1,800 one-on-one meetings<br />

• Firsthand feedback for IPO-candidates<br />

• Over 100 exhibitors<br />

• International Forum: Chinese companies<br />

are invited<br />

Information and Registration:<br />

www.eig<strong>en</strong>kapitalforum.com<br />

• <strong>Deutsche</strong> <strong>Börse</strong> Listing Partner<br />

• Legal & Tax Advisors<br />

• Financial Auditors<br />

• IR/PR Advisors<br />

78

Unparalleled Service Portfolio<br />

<strong>Deutsche</strong> <strong>Börse</strong> Spotlights<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Dedicated sector for issuers and new companies<br />

• Life Sci<strong>en</strong>ce<br />

• High-tech Engineering<br />

• Software, IT & Telecommunication<br />

• Gre<strong>en</strong> Tech<br />

• Alternative Energies<br />

Enhanced marketing and cooperation<br />

in Germany and abroad<br />

• Joint activities with financial partners, eg. Roadshows<br />

• Joint exhibition participation<br />

• Develop greater contact with institutional investors<br />

• Int<strong>en</strong>sify understanding of sector specific financial market<br />

knowledge<br />

79

Unparalleled Service Portfolio<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing Partner with China Expertise<br />

Ess<strong>en</strong>tial contribution of Chinese advisors and institutions<br />

• Winning team of German based institutions and Chinese expertise<br />

• <strong>Deutsche</strong> <strong>Börse</strong> Listing Partner program<br />

Capital market experts at a glance<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Global banking institutions with Chinese and European expertise<br />

providing specialist advice within consortium<br />

Linking recognized Chinese knowledge and European markets<br />

80

Unparalleled Service Portfolio<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing Partner with China Expertise<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Leading international legal firms possessing professional advice in Chinese,<br />

German and international corporate law<br />

Leading accounting firms pres<strong>en</strong>t in China with recognized expertise in preparing<br />

companies for a Frankfurt Stock Exchange IPO<br />

Linking recognized Chinese knowledge and European markets<br />

81

Unparalleled Service Portfolio<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing Partner with China Expertise<br />

First listing partner in China<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Main local cooperation partners in China<br />

Linking recognized Chinese knowledge and European markets<br />

82

Unparalleled Service Portfolio<br />

Your direct line<br />

<strong>Deutsche</strong> <strong>Börse</strong> Listing –Welcome to Your Future<br />

Barbara Georg<br />

Head of Listing & Issuer Services<br />

Tel: +49 (0)69 2 11-1 72 97<br />

Fax: +49 (0)69 2 11-1 39 91<br />

Email: barbara.georg@deutscheboerse.com<br />

Alexander Graf von Preysing<br />

S<strong>en</strong>ior Vice Presid<strong>en</strong>t<br />

Head of Issuer Services<br />

Tel: +49 69 2111 7271<br />

Fax: +49 69 2111 4333<br />

Email: alexander.von.preysing@<br />

deutsche-boerse.com<br />

Yuxing Ruan<br />

Vice Presid<strong>en</strong>t<br />

International Affairs<br />

Tel: +49 (0)69 21 11 5232<br />

Fax: +49 69 2116 1 5232<br />

Email:yuxing.ruan@deutscheboerse.com<br />

Jianhong Wu<br />

Head of Repres<strong>en</strong>tative Office<br />

Beijing Repres<strong>en</strong>tative Office<br />

Tel: +49 (0)69 2 11-1 09 38<br />

Fax: +49 (0)69 2 11-61 09 38<br />

Email:jianhong.wu@deutscheboerse.com<br />

Further information in Chinese and English available online at: www.deutsche-boerse.com/china – Listing C<strong>en</strong>ter<br />

• Contact details of all <strong>Deutsche</strong> <strong>Börse</strong> Listing Partners<br />

• Issuer Publications – IPO Guide, Listing Guide, overview of Issuer Services<br />

• China Newsletter application: issuer-relations.china@deutsche-boerse.com<br />

83

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