XETRA Circular 160/03 To the Xetra® Members and Vendors Recipients: Central Coordinators, Traders, General Deutsche Börse AG Stock Market Business Development Neue Börsenstraße 1 60487 Frankfurt am Main Mailing Address 60485 Frankfurt am Main Frankfurt Stock Exchange Shortens October 22, 2003 Telephone Trading Hours on Xetra – Changes in Index +49-69-211-1 16 40 Calculation Telefax +49-69-211-1 16 41 Internet www.deutsche-boerse.com Dear Sir or Madam, In conjunction with the shortening of trading hours on the Xetra electronic trading system, Deutsche Börse will calculate its equity indices from 9:00 am to 5:30pm CET as of November 3, 2003. The closing level of the equity indices is based on the Xetra closing auction, which begins at 5:30pm CET. As an additional service, for the period between 5:30pm and the close of floor trading at 8:00pm CET, Deutsche Börse will calculate the indices L-DAX, L-MDAX, L-SDAX, L-TecDAX and L-NEMAX 50 every 60 seconds from prices traded on the floor of the Frankfurt Stock Exchange (FWB Frank- furter Wertpapierbörse). These indices (L= late indices) correspond in com- position to the respective DAX, MDAX, SDAX, TecDAX and NEMAX 50 indices and give investors an indication of the market development after the official close of Xetra trading at 5:30pm CET. Please note that the end of the post-trading period on Xetra will remain unchanged at 8:30pm CET for all securities after November 3, 2003. In Chairman of the Supervisory Board addition, the start of the intra-day auction for US Stars securities will be Dr. Rolf-E. Breuer brought forward to 01:15pm CET to match the general auction schedule. Executive Board With the planned earlier close of trading the Frankfurt Stock Exchange is Werner G. Seifert (Chief Executive Officer) taking account of the request from many market participants and the large André Roelants proportion of foreign trading participants on Xetra (over 40 percent of the (Depty Chief Executive Officer total), who have called for uniform trading hours Europe-wide within the Rudolf Ferscha Matthias Ganz framework of cross-border trading on a growing scale. The revised trading Mathias Hlubek hours will initially be valid for one year; after the first six months, the decision Michael Kuhn Aktiengesellschaft mit Sitz in Bitte beachten: neue Telekommunikationsnummern Frankfurt am Main Please note our new telecommunication numbers HRB Nr. 32232 Amtsgericht Frankfurt am Main Page 2 October 22, 2003 will be reviewed to determine whether the shorter trading hours should be valid beyond the initially envisaged period. Please do not hesitate to contact our Customer Support Team if you have any further questions regarding this matter on +49-69-211-1 16 40. Yours faithfully Rainer Riess Thilo Derenbach Head of Stock Market Business Development SMBD - Sales .