Investor Day 2015: Presentation

Investor Day 2015
London
2 June 2015

Agenda
2 June 2015Investor Day Deutsche Börse Group 1
10.00 a.m. Group overview
 Carsten Kengeter, CEO
 Gregor Pottmeyer, CFO
Xetra / Eurex – Cash & derivatives markets
 Andreas Preuss, Deputy CEO
Q&A session
12.00 noon Lunch break
1.00 p.m. Clearstream – Post-trade
 Jeffrey Tessler, Member of the Executive Board
Market Data + Services
 Hauke Stars, Member of the Executive Board
Q&A session
3.00 p.m. End of event

Agenda
Group overview
Clearstream – Post-trade

Profound Changes In Environment For Market Infrastructures
Provide Opportunities For Deutsche Börse Group
2 June 2015Investor Day > Group overview Deutsche Börse Group 3
Market
infrastructures
I. Slow pace of economic
recovery …
 … elevates role of central banks, …
 … and implies low rates for longer, …
 … which fuels growth of total debt
II. Changing regulation /
market structure
 Systemic stability and transparency
pursued by G20 through better
capitalized banks and greater role for
CCPs and (I)CSDs, …
 … leading to greater standardization
and electronification of markets
 … and goes hand-in-hand with rigorous
focus of sell-side on cost reductions
capital, and collateral efficiency
III. Changing client profiles / “share of wallet”
 Emergence of self-directed buy-side …
 … with greater needs for risk management and
information solutions that support investment process, …
 … and proliferation of passive investment as low yields
increase investor focus on management fees …
 … necessitates new solutions/ partnerships encompassing
sell- and buy-side
IV. Geopolitical shifts
 Asia relatively unaffected
during financial crisis …
 … translates into accelerated
rise of importance of region in
financial markets, …
 … and pending opening of
Chinese market will reshape
landscape over time
I
II
III
IV

20142013201220112010200920082007
-2
0
2
4
6
Market Environment – Low Interest Rates Fuel Growth Of Total Debt
In Particular By Government And Corporate Issuers
I
Central bank rates1 Major central banks balance sheets2
10 year government bond yields3 Global debt oustanding4
6
2
1 0
2
4
1
1
2014
15
1
1
2007
5
1) Source: Federal Reserve, ECB
2) Source: Respective central banks
3) Source: Bloomberg
4) Source: McKinsey, Debt and (not much) deleveraging, 2015
US$tr
33
58
38
5633
40
4537
199
20142007
141
PBOC
BOJ
BOE
ECB
FED
Financial
Government
Corporate
Household
US$tr
20142013201220112010200920082007
ECB deposit facility
FED fund rate
0
2
4
6
8
ItalyGermany US
%
%

Changing Regulation / Market Structure – Post Crisis Wave Of
Regulation Has Significant Implications For Entire Financial Industry
II
 Basel III / CRD IV
 EMIR /
Dodd Frank
 BCBS / IOSCO margin
requirements
 CPSS / IOSCO
principles
 MiFID / MiFIR
 Benchmark regulation
 CSD regulation
Wave of post crisis regulatory
changes …
… results in pressure on ROE
of investment banks1, and …
… will lead to further electronifica-
tion / standardisation of markets
2006
25%
9%
-16pp
2014
1) Source: Oliver Wyman analysis
Rigorous focus on
costs, capital and
collateral efficiency
2007 2014 2020
Equities
Bonds
Listed
derivs
IRS
CDS
FX
Repo/ Sec
Lend
Commod-
ities
= level of electronification/ standardisation
Trading & clearing

Changing Client Profiles / “Share Of Wallet” – Tectonic Shift Towards
Buy-Side And Passive Investments In Full Motion
III
 Post crisis wave of regulatory
changes with significant
implications for sell-side
 In addition, low rates and weak
economic development weighs on
sell-side revenues
 Buy-side has benefited from strong
asset growth as a result of
quantitative easing
 Trend towards passive investing
based on indices thought to
accelerate further with new
concepts like smart beta and factor
investing gaining in importance
 Significant opportunities for market
infrastructures include further
electronification of trading, central
clearing and collateral
management
Key influences
1) Source: Morgan Stanley and Oliver Wyman, Wholesale & Investment Banking, 2015
2) Source: PWC, Asset Management 2020, 2014
Buy-side
Sell-side
Market
infrastructure
2014
$750bn
57%
30%
13%
2006
$670bn
44%
42%
14%
Active vs passive2Securities revenue pools1
66
50
33
23
7
2
+211%
2004 2020E2012
Active
Passive
US$tr

Geopolitical Shifts – Balance Of Power And Economic Importance Is
Shifting Towards Asia
IV
Bonds outstanding1 Domestic equity market capitalisation2
Traded derivatives contracts3 Market capitalisation of top 10 banks4
21% 15%
23% 33%
10%7%
49% 42%
Others
Europe
Asia-Pacific
US
20142004
34% 30%
24%
3%3%
21%
43%42%
Asia-Pacific
US
20142004
Others
Europe
1) Source: BIS
2) Source: WFE
3) Source: FIA; KRX in 2004 adjusted for change of contract size
4) Source: Reuters
60%
43%
35%
9%
48%
Europe
Asia-Pacific
US
20142004
5%
30%
21%
18% 35%
7%10%
42% 37%
Others
Europe
Asia-Pacific
US
20142004

Deutsche Börse Group Is Well Positioned To Benefit From Structural
Changes In The Industry
Business model –
most complete in the industry
People –
knowledgeable and committed
Technology / risk management –
enabler for growth initiatives
Products –
European benchmarks
Diversification –
emerging footprint in growth areas
Our strengths … … our development potential
Increase customer focus and
develop partnerships with
clients (sell- and buy-side)
Accelerate product
innovation and expansion
into growth areas / regions
Enhance scalability of
business model

Deutsche Börse Has Delivered Attractive Returns And Maintained
Stability Through Challenging Market Environment
2013
0.6
2.2
2012
0.7
2.1
2011
0.8
2.2
2010
0.7
2.1
2009
0.7
2.1
2008
1.0
2.5
2007
0.9
2.2
2006
0.7
1.9
2005
0.4
1.6
2004
0.3
1.4
2003
0.2
1.4
2002
0.2
1.1
2001
0.2
0.8
2014
2.3
0.7
Net income1Sales revenue
2001: IPO of
Deutsche Börse
2002: Full acquisition
of Clearstream
2007: Acquisition
of ISE
2012: Full
acquisition
of Eurex
ISIN: DE0005810055
Bloomberg: DB1 GY
Reuters: DB1Gn.DE
Revenue growth2: +209%
Net income growth2: +229%
Share price3: +335%
Shareholder return3: +488%
Dividend yield3: 2.9%
Free cash-flow yield3: 4.1%
Rating: AA
1) Adjusted for impairments (2009-2010), costs for efficiency measures (2010-2014), merger related costs (2011-2012), and OFAC settlement (2013)
2) 2001-2014
3) As per 29 May 2015
€bn
2009: Increase
of stake in
STOXX to 50%
2011: Majority
stake in EEX
2014: EEX /
CGSS
consolidation

25%
52%
75%
48%
+27pp
Non-
transaction-
related
Transaction-
related
2014 (today)2001 (IPO)
Deutsche Börse Group Transformed Into A Diversified Full–Service
Market Infrastructure Provider
Segmental revenue breakdown Share of non-transaction-related revenue
33%
19%
34%
8%
35% 39%
32%
€0.8bn
Clearstream
Eurex
2001 (IPO) 2014 (today)
Xetra
€2.0bn
MD+S
8%
CAGR

39%
19%8%
34%
Strong Position In Each Reporting Segment With Increasing Focus
On Cross-Divisional Themes
 #1 derivatives market in Europe
 #3 derivatives market world-wide
 Best-in-class clearing and risk
management offering with real-time
capabilities
 OTC clearing offering to address new
client needs
 Increasing commodities exposure
through EEX Group (15% in Q1/15)
 Cash market in Europe’s
largest economy
 Stable market share in DAX®
equities (~60–65%)
 European leader in ETFs
~1/3 market share
 Leading global post-trade provider with
international and domestic business
 2,500 clients in more than 110
countries hold around €13.2 trillion
assets under custody
 Expansion of services with Global
Liquidity Hub, Investment Funds and
TARGET2-Securities (T2S) offering
 High-quality data and leading
European benchmark indices
(STOXX®, DAX®)
 Superior exchange infrastructure,
and reliable connectivity services
 MD+S on track to deliver net
revenue growth from structural
initiatives
Eurex Clearstream
Xetra Market Data + Services (MD+S)
Clearstream
MD+SXetra
Eurex
Net revenue
distribution
2014

Business Model Of Deutsche Börse Serves As Role Model
Deutsche Börse Group 122 June 2015Investor Day > Group overview
Cash market
Eurex/Xetra
Derivatives market
Clearing
Settlement
Clearstream
Custody
Collateral management
Market data
MarketData+
Services
Indices
Technology

2010 2011 2012 2013 2014 2015
Powernext: commodities (majority stake)
Citco Global Securities Services: hedge fund custody services (full acquisition)
TAIFEX: derivatives market (minority stake)
Bondcube: fixed–income trading (minority stake)
Cleartrade Exchange: commodities platform in Singapore (majority stake)
Impendium Systems: regulatory solutions (full acquisition)
APX Group: commodities (majority stake)
GMEX Group: innovative trading solutions (minority stake)
Deutsche Börse Cloud Exchange (JV with Zimory)
Full acquisition of Eurex (15% stake from SIX)
EEX: commodities (majority stake)
LuxCSD: depository for Luxembourg (JV with Banque Central du Luxembourg)
REGIS-TR: trade repository (JV with Iberclear)
STOXX: index business (majority stake)
China Europe International Exchange: JV between Shanghai Stock Exchange, China Financial Futures Exchange & Deutsche Börse
Partnerships And Complementary M&A Are Part Of Strategy
Implementation To Further Enhance Growth Trajectory

Cyclical Recovery In Equity Related Products And Structural Growth
Underpin Volume Uplift Since Q4/2014
Eurex – index derivatives Eurex – commodities (power and gas)
Xetra Clearstream – assets under custody
1,032
+165%
Q1/15
+119%
Q4/14
708
Q3/14
549
Q2/14
409
Q1/14
472
Q4/13
425
Q3/13
377
Q2/13
295
Q1/13
389
Volume (TWh)
Q4/14Q1/14
316
Q3/14
272
329
Q2/14
263
395
Q1/15Q4/13Q1/13
260 251
Q3/13
257
Q2/13
290
+25%+52%
Order book turnover (€bn)
+19%+25%
Q1/15
213
Q4/14
217
Q3/14
168
Q2/14
145
Q1/14Q1/13
151
171
149
Q4/13Q3/13Q2/13
174 178
Traded contracts (m)
13.2
12.412.212.212.011.911.611.611.4
Q2/13 Q2/14 Q3/14Q1/13 Q1/15
+15% +9%
Q1/14 Q4/14Q4/13Q3/13
Assets under custody (€tr)

Volume Uplift Resulted In Favourable Net Revenue And EBIT
Development
EBIT developmentNet revenue development
€m
600
544
496491
517
473
458
497484
Q1/15Q4/14Q3/14Q2/14Q1/14Q4/13Q3/13Q2/13Q1/13
+24% +16%
€m
319
237233
243
274
206
224
266
258
Q1/15
+16%+24%
Q4/14Q3/14Q2/14Q1/14Q4/13Q3/13Q2/13Q1/13

Net Revenue Fully On Track To Achieve Mid-Term Growth Target
Mid-term net revenue development
2,043
1,912
+7%
+8–17%
2017E
~2,300–
2,700
2015E
~2,200–
2,400
20142013
€m
Mid-term target
under review
1) Product innovation
2) Structural growth
 OTC clearing
 Collateral management
 TARGET2-Securities
 Market Data + Services
 Asia
3) Cyclical growth
 Fixed-income derivatives
 Net interest income

Effective Cost Management And Attractive Capital Management
Complement Expected Top-Line Growth
Attractive capital managementEffective cost management
Capital management
 The capital management policy foresees a
dividend payout ratio of 40 to 60 percent
complemented by share buy-backs
 Both distribution components are subject to
capital & rating requirements, investment needs
and general liquidity considerations
Strong balance sheet
 Gross debt to EBITDA ratio stood at 1.2 in
Q1/2015 (2014: 1.5)
 Solvency ratios in 2014: Clearstream 24%
(2013: 26%), Eurex Clearing 28% (2013: 25%)
Strong rating profile
 Clearstream Banking S.A.: AA (stable)
 Deutsche Börse AG: AA (stable)
 Three efficiency programmes since 2007
compensated inflation and created flexibility to
increase investments:
 2007–2010: €100 million
 2010–2012: €150 million
 2013–2016 (ongoing): €70 million
 As a result, business-as-usual costs have been
relatively stable at around €1 billion like-for-like over
the last 5 years
 Overall increase of operating costs since 2011 is a
result of higher investments in growth and
infrastructure, consolidation effects, and more
recently the stronger US-Dollar

Capital Management – Capital Requirements Are Largely Driven By
Operational Risks
Eurex Clearing AG (regulatory requirements)
31 Dec 2014; €82 million
Credit risks
13%
Operational
risks85%
2%
Market risks
Clearstream Holding group (regulatory requirements)
31 Dec 2014; €359 million
Market risks
1%
Credit risks
12%
Operational
risks
87%
Operational risks evaluated with advanced measurement
approach (AMA) approved by regulators
Total EMIR capital requirements for Eurex Clearing
as at 31 Dec 2014: €157 million

Risk Management – In Contrast To Banks, Deutsche Börse Group’s
Risk Profile Is Dominated By Operational Risk
Deutsche Börse Group 19
67%
17%16%
1%
12%
87%
Operational risks Credit risks Market risks
Global bank Deutsche Börse Group
(banking entities2) In contrast to a traditional bank,
Deutsche Börse’s risk profile is mainly
driven by operational risks:
– Availability risk
– Service deficiency
– Damage to physical assets
– Legal risk and business practices
 Credit exposure is limited due to focus
on highly collateralised clearing and
settlement transactions, instead of
traditional lending and trading products
Risk profile of a global bank1 vs. Deutsche Börse
1) Deutsche Bank AG; CRR / CRD IV capital requirements as per 31 December 2014
2) Clearstream Holding group, Eurex Clearing AG and European Commodity Clearing AG; as at 31 December 2014
2 June 2015Investor Day > Group overview
Regulatory capital requirements

Risk Management – Risk Strategy Is Based On Three Principles
1) Risk appetite
2) Supporting growth
3) Appropriate risk /
return ratio
Capital is expected to be exhausted no more than once in 5,000
years (99.98% VaR); an operating loss may occur no more than
once every hundred years (99.0% VaR).
The return on equity should exceed the cost of equity.
Risk management supports the business divisions in expanding
their business by working together to comprehensively identify
and communicate risks.

Risk Management – Counterparty Risk In The Clearing House
Effectively Managed By Collateralisation And Lines Of Defense
Lines of defense of clearing house Risk management position in 2014
5042
Netting &
margining
19% risk
buffer
Collateral1Margin
requirements1
Clearing
volume3
~16,000
1) 31 December 2014
2) Up to twice the amount of the original clearing fund contribution
3) Monthly average 2014
€bn
1. Liquidation of open positions
Close-out of positions results in surplus or shortfall
2. Liquidation of collateral
€50bn (after haircuts)1
3. Clearing fund contribution of relevant member
€1m to €389m
4. Clearing fund contribution of Eurex Clearing
€50m1
5. Clearing fund contribution of all members
~€3.5bn1 (additional collateral may be called in2)
6. Parental guarantee to Eurex Clearing
Up to €700m by Deutsche Börse
7. Liable equity of Eurex Clearing
€290m (incl. €50m clearing fund contribution)

Risk Management – Risk Profile / Characteristics
 The Group’s risk profile is mainly characterised by operational
risks; its transaction-based business model is very distinct from
the business model of banks
 Counterparty risk at Clearstream is assumed only to facilitate
settlement; credit exposures are limited to highly rated
customers and largely collateralised (with highly rated collateral)
 Counterparty risk at Eurex Clearing is effectively managed
through netting, collateralisation and the clearing fund
Extensive track record
for system reliability
No collateral shortfall or
loss as part of Lehman
Brothers and MF Global
defaults
Never any financial loss

Agenda
Group overview

 US equity,
ETF and
index Options
Energy Spot
& Derivatives
Commodity
Derivatives
 Equities
 ETFs / ETNs
 Warrants
 Funds
 Bonds
Options
Clearing
Corporation
[Third Party]
 Equity-Index derivatives
 Equity derivatives
 Interest-rate derivatives
 Euro Repo®
 GC Pooling®
 GC Pooling®
Select
 SecLend
1 2 3 4
Europe / Asia1
USAEurope / USA/ Asia Europe
Trading
Clearing
(CCP)
Distribution
Products
Eurex Clearing Asia
(2016)
5
Cash & Derivatives Markets – Comprehensive Offering In Trading &
Clearing Services
2 June 2015Investor Day > Xetra / Eurex Deutsche Börse Group 24
1) Cash market members outside of Europe: United Arab Emirates (TMG Trading), Hong Kong (Algorithmic Trading Group, Bright Smart Securities, Celestial Securities)

Cash & Derivatives Markets – Key Figures
Trading
Products
Financials
Number of products: > 2,000
Clearing
Number of transactions cleared:
124 million2
Net revenue 20143
€807 million
Number of series: > 265,000
Third largest derivatives market in the world
Trading value: €7,723 billion2
1) Including Eurex Bonds and Tradegate Exchange
2) Monthly average 2014; single-counted
3) Including Eurex Repo, EEX, and ISE
Net revenue 20141
€162 million
Number of transactions cleared:
7.8 million2
Number tradable / listed products:
Xetra: > 2,500 Frankfurt: > 1,300,000
Order book turnover: €107 billion1,2
Fourth largest cash market in Europe

Cash Market – Net Revenue / EBIT Growth Continues 2015
Development of net revenue and EBIT
108 93 114
65 69
89
215
2014
162
2013
152
2012
145
2011
192
2010
179
2009
208
2008
317
EBIT2
Net revenue1
Breakdown of net revenue by product
Q1/2015; €49 million
€m
1) 2006-2012 adjusted for new financial reporting introduced in Q1/2013 (2006-2007 approximated)
2) Adjusted for costs for efficiency programs and merger related costs
3) Mainly consists of market data dissemination, CCP reports and member admission
1
Q1/15
49
32
Q1/14
44
27
Listing3
Bonds / Funds
ETFs
Warrants
Other equities
DAX® equities
2%
5%
26%
Other
47%
6%
5%
9%
Transaction-based

Cash Market – Number Of Trades And Turnover Drive Revenue;
77 Per cent Of Turnover Generated Outside Of Germany
Turnover breakdown by member country
77% outside of Germany
Development of cash market volumes1
Xetra order book turnover (€bn)
(monthly average)
18.8 14.0 16.0 21.6 16.2 15.9 16.9 20.5
Number of Xetra trades (m)
(monthly average)
1) Single counted
2) Double counted
132
99
8889
117
103
89
179
2010 201120092008 201420132012 Q1/15
1
23%
Germany5%
10%
2%
France
6%
OtherIreland
Netherlands
54%
UK
Q1/2015; €790 billion2

Cash Market – Strong Position In German Blue Chips;
Migration Of OTC Order Flow Yields Growth Potential
Market share development German blue chips Q1/2015 Description and outlook
 Xetra maintains stable
market share in German
blue chips and provides price
discovery based on efficient
processes and attractive
order flow
 Ongoing MiFID review
has potential to initiate
migration of order flow
from OTC trading to
transparent venues with
secure post-trade
infrastructure
2) DAX on Xetra, other pan-European
trading venues and OTC2
1) DAX® on Xetra and other pan-
European trading venues1
Xetra Chi-X3 TurquoiseBATS3
Xetra 61%
Chi-X 22%
Xetra 33%
Chi-X 12%
OTC 47%
Turquoise 10%
BATS 7%
Turquoise 5%BATS 4%
1) Source: LiquidMetrix; order book turnover (lit and dark),
2) Source: Bloomberg; order book turnover (lit and dark) and reported OTC volume
3) Respective separate order books (CXE and BXE) of BATS Chi-X Europe
1
Feb MarJan

 Compared to North America, venture capital investments in Europe have a strong upside potential
in relation to total economic performance
 To address this market potential, Deutsche Börse Group will establish
“Deutsche Börse Venture Network” launching 11 June 2015
 Deutsche Börse Venture Network will foster efficiency of the networking and matching processes between
investors and companies in order to evolve a funding ecosystem for growth companies
 Consisting of an online platform and a comprehensive service support in the areas of
networking/ matching events and education for companies
 Deutsche Börse positions itself as innovative platform operator supporting venture fundings
 Deutsche Börse Venture Network will help to build relationships to potential IPO candidates at an early
stage
Cash Market – Product Innovation Deutsche Börse Venture Network:
Product Launch In June 2015
Investor Day > Xetra / Eurex Deutsche Börse Group 292 June 2015
1
Deutsche Börse Venture Network

Derivatives Market – Good Start Into 2015
Development of net revenue and EBIT Breakdown of net revenue by product
2
1) 2008-2012 adjusted for new financial reporting introduced in Q1/2013; since 2008 ISE included; since 2014 EEX included, since 2015 Powernext included
2) Adjusted for costs for efficiency programs and merger related costs (2010-Q1/15) and the one-off gain relating to Direct Edge and BATS merger (Q1/14)
3) Mainly consists of market data, admission and member fees
612
390
448
534
428
376 372
787
2009
778
2008
975
2014
803
2013
741
2012
768
2011
845
2010
EBIT2
Net revenue1€m
Q1/15
248
129
Q1/14
207
108
Other3
9%Repo
4%
Commodities
15%
US Options
9%
European equity
4%
European interest rate
18%
European
index41%

Derivatives Market – Number Of Contracts Traded Drives Revenue;
92 Percent Of Volume Generated Outside Germany
1) Single counted
2) Double counted
2
Eurex volume by member country
Q1/15; 832 million traded contracts2
Development of derivatives market volumes
Eurex traded contracts1 (m)
(monthly average)
8.6 7.6 8.0 10.0 8.7 8.4 8.8 10.4
Number of Eurex trades1 (m)
(monthly average)
92% outside of Germany
4%
USA
8%
Netherlands 10%
France
11%
UK
50%
Germany
8%6%
Other
3%
Switzerland
Ireland
139
124129
138
170
158
141
180
2014 Q1/15201320122011201020092008

 Unfavourable market conditions especially for derivatives persist – record low interest rates while market
volatility picked up end 2014, quantitative easing program within Eurozone drives liquidity and asset prices
 Customers’ business models changing, implications of regulatory changes become evident –
structural increase of cost of trading & clearing: Capital and collateral efficiency key
 Market structure for OTC and listed derivatives further converging –
OTC clearing getting traction, though formal clearing obligation not in place yet for European Markets
 European regulation expected to continue to have significant impact on market structure –
some elements risk to deteriorate competitive landscape or to fragment global market further
 Market structure between US and Europe diverging driven by regulation – differences in regulatory scope
and implementation timeline develop change potential for competitive framework
 Asia-Pacific region developed into largest derivatives market globally –
attractive growth rates 2014/2015 of ~ 50% across asset classes
2
Derivatives Market – Market Environment: Competitive Position And
Market Trends
Key developments

CLEARING
PRODUCTS DISTRIBUTION
INFRA-
STRUCTURE
I II
III IV
 Performance, integrity,
resiliency and efficiency
 Backbone of our
market operations
 Delivery channel for
products and services
to markets/ customers
 Grow network –
Global distribution reach
 Attract order flow
to scale liquidity pools
 Distribution network scales
product portfolio
 Develop and maintain
liquidity pools
 Leading benchmark products –
Full asset class coverage
 Product innovation scales
distribution network
 Effective risk management –
Integrated CCP model
across markets/ asset classes
 Service layer to all listed products,
network effects with OTC derivatives
 Efficiency in capital, margining and
collateral requirements
2 June 2015Investor Day > Xetra / Eurex
Derivatives Market – Eurex Group Business Model: Combination Of
Four Success Factors Drives Competitive Position
2

CLEARING
PRODUCTS
DISTRIBUTION
INFRA-
STRUCTURE
Strategic objectivesSuccess factors
Asia market entry –
Become Asian market operator mid term
Complete clearing value proposition –
Integrated CCP offering
II
Expand asset class coverage –
Product innovation contributes to top-line growth
I
III
Finalise infrastructure renewal and
market migration for trading and clearing
 Innovation in existing asset classes –
Home of the EUR yield curve
 Expand into commodities & FX
 Leverage Eurex business model into
Asian time zone with local infrastructure
 Protect derivatives franchise
 Deliver cost efficiencies to sell-
and buy-side market participants
 Build critical liquidity in
OTC derivatives clearing
 Trading: migration to T7 completed
 Clearing: migration to C7 on-going
 Enable Asia market entry and
clearing value proposition
2 June 2015Investor Day > Xetra / Eurex
Derivatives Market – Strategic Objectives: Three Elements To Grow
The Business; Protect And Innovate Equally Important
2

1) Products introduced in the period 2008 to Q1/2015
Existing asset classes
 Index derivatives: MSCI derivatives and RDX USD as leading
index concepts in asset management / interbank market
 Italian (BTP) and French (OAT) government bond futures: the
European sovereign crisis with yield spread widening across
countries supported the introduction of BTP and OAT futures
(ADV / 2014 +65% vs 2013)
New asset classes
 Dividend derivatives (ADV / 2014 +35% vs 2013): With
counterparty risk starting to become an issue in 2008, OTC
dividend swap volumes in Euro STOXX 50 began to move
into listed dividend derivatives - volumes have outperformed
former OTC volumes
 Volatility Derivatives: Experienced strong client interest in
Europe. Admission of VSTOXX futures in US in August 2012
facilitated further volume increase (ADV / 2014 +41% vs
2013)
Cooperation products
 KOSPI Options and TAIEX Derivatives, which are amongst
the most traded index products globally; volumes driven by
high local retail participation. (ADV / 2014 +10% vs 2013)
I
Investor Day > Xetra / Eurex 2 June 2015
Full year (2009-2014); €m
1.1
1.6
2.0 2.0 2.3 2.3
0.5 0.8
1.4
2.2
0.50.40.7
0.1
Q1/
2015
20142013
0.4
2012
0.4
2011
0.1
0.2
2010
0.1
2009
New asset classes
Cooperation products
Extension of existing asset classes
9 15 23 33 38 49
Product innovations since 2009Net revenue contribution of new products1
€m; monthly average
Expand Asset Class Coverage – New Products Increasingly
Contribute To Top-line Growth
2

Build up of
Asian sales and
representative offices
Member acquisition
and cooperation
[Korea, Taiwan,
China, India]
CLEARING
PRODUCTS
DISTRIBUTION
INFRA-
STRUCTURE
Since 2008
European products,
Europ./ US market hours
Eurex Clearing
Market operations
during European / US
market hours
2015
Dedicated product
development capacity
Joint Venture
with SSE / CFFEX
Asian market operations –
Infrastructure readiness
Implementation of
Eurex Clearing Asia
[Singapore CCP]
Implementation of
Eurex Exchange Asia
Eurex Asia
2016 onwards
Trading & clearing business operations
with execution venue
and CCP in Singapore –
Stepwise approach with local set–up,
under local regulation
European products,
Asian market hours
Asian products,
Asian market hours
Asian market operations –
Adds to European / US market coverage
In implementation
Expanded sales & cooperation potential
Core initiatives China Europe International Exchange
Product expansion on Chinese underlyings
2 II
Asia Market Entry – Become Asian Market Operator
To Participate In Growth Markets Mid Term

Deutsche Börse Group 37Investor Day > Xetra / Eurex 2 June 2015
China Europe International ExchangeEurex Asia
 Joint venture of Shanghai Stock Exchange
(SSE), China Financial Futures Exchange
(CFFEX) and Deutsche Börse
 Objective is develop and distribute financial
instruments based on Chinese underlyings to
international investors outside Mainland China
 Designed with the purpose to support the
internationalisation of the Chinese currency
Renminbi – initial product focus on cash markets
 Based in Germany, market operations
outsourced to Deutsche Börse – scheduled for
market launch in Q4/2015
‘European’ & new ‘Asian’ derivative products
for Asian markets
“Chinese” financial products
for international markets
 Expand derivatives market offering to Asian time
zone – local market infrastructure with Exchange
and clearing house in Singapore
 Eurex Clearing Asia – CCP progressing with
implementation, in-principle approval received
 Eurex Exchange Asia – application for exchange
license submitted, implementation initiated
 Expands Eurex value proposition for derivatives
markets to Asia with local set–up / regulation
 Market launch targets on Q2/2016
2 II
Asia Market Entry – Core Initiatives To Promote Asia Business
Development

Regulatory framework Topic Impact sell- and buy-side
A
Capital
 Basel III
 CRD IV
 etc.
Risk
weighted
assets
 Deepened capital requirements
due to stricter rules for capital
ratio, exposure and risk weight
calculations
 Increased capital requirements
due to introduction of credit
valuation adjustment (CVA) VaR
capital charge (2013–2019)
 Additional capital constraints –
due to introduction of LR
 Higher costs due to increased capital
required by sell-side
 Higher costs of bilateral trades (wider
bid/ ask) to account for declining sell-
side economics
 Higher cost of client clearing (given
bilateral and extra CCP legs) for buy-side
 Worse terms for lending for buy-side
Leverage
ratio (LR)
B
Collateral &
liquidity
 BCBS-IOSCO
 FSB
 Basel III
 CRD IV
 EMIR
Demand
 Margin for OTC derivative
cleared and bilateral
 Haircut floors for repos
 Increased margin and collateral
requirements across bilateral and
cleared business
 Increasing costs for high quality liquid
asset (HQLA) collateral driven by
increasing demand and reduced supply
Supply
 Limits on re-use of collateral and
stricter minimum standards for
eligible collateral
 Liquidity coverage ratio (LCR)
and LR constrains and
encumbers financing of HQLA
 Reduced availability, fluidity and
liquidity of collateral due to new
regulations
2 III
Complete Clearing Value Proposition – New Regulation Increases
Capital Requirements And Collateral Demand

Deutsche Börse Group 39Investor Day > Xetra / Eurex 2 June 2015
• EurexOTC Clear for IRS
Margin
efficiency
Collateral
efficiency
Integrated CCP offering
Safety &
Integrity
Capital
efficiency
Selected clearing servicesValue proposition
 Single legal cross-product netting
set
 Capital efficient membership types
across securities finance and
derivatives
 Eurex Clearing Prisma: live cross-
product portfolio margining capability
 Coverage of entire Euro interest rate
curve across listed and OTC
derivatives and equity derivatives
 Product innovation continuously
complementing fixed income and
equity product range
 Largest spectrum of eligible collateral
 Collateral transformation tools to
increase the effective supply of
collateral
 Collateral enhancement tools enable
additional returns
 Superior client asset protection models
 Solid default management process
with strong lines of defence
1
22.CCP services for
Securities Lending
Eurex
Clearing
2 III
Innovative Clearing Solutions Contribute To Market Safety And
Integrity, Increasing Efficiency At The Same Time

Deutsche Börse Group 402 June 2015Investor Day > Xetra / Eurex
 Number of Clearing Members increased to 42;
the process for Clearing Member on-boarding
slowed down in order to avoid category 1
requirements1
 At the same time mid-size European banks
show increased interest in a direct clearing
membership with Eurex Clearing
 Number of Registered Customers increased
significantly over the last 12 months to 85
admitted buy-side firms
 Due to the further delays with respect to the
clearing obligation and the fact that many buy-
side firms classify themselves as category 3,
many buy-side firms have further delayed on-
boarding
 The cumulated cleared volume reached roughly
€180 billion end of May 2015, with an
outstanding volume of €150 billion
 Material increase in activity depends on
effectiveness of clearing obligation in particular
for category 2 and category 3 clients
Key Achievements EurexOTC Clear
1 2
1) Categories according to Regulatory Technical Standards (RTS Clearing obligation submitted by ESMA)
32 42
6
30
31.05.2014 31.05.2015
Clearing Members
19 85
39
136
31.05.2014 31.05.2015
Registered Customers
Prospect
On-Boarding
Admitted
78 260
2 III
Number Of Clearing Members And Registered Customers Increased;
Constant Activity With Open Interest Starting To Build
0
20
40
60
80
100
120
140
160
0
200
400
600
800
1,000
1,200
1,400
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
AverageDailyOutstandingNotional
Volume€bn
ADV€mn
Average Daily Notional Volume
Average Notional Value € Average Daily Outstanding Notional Volume €

OTC
Tri-Party
collateral
agents
Loan securities1
SecLend
Market
Principal collateral
Payment
banks
1 Equities are settled in home market CSDs; bonds are settled in ICSDs
2 Euroclear settlement for Euronext markets
Securities Lending Services
CSDs
(ESES2, SIX)
Flow Provider
Businessmodel
 Supports securities lending executed on an OTC bilateral
basis and via electronic trading platforms
 Supports existing market structure with a particular
focus on relationship preservation between beneficial
owners, agent lenders and borrower
 Specific clearing membership (lender license) for
beneficial owners enables significant capital savings for
both agent lender and borrower
 Currently 8 clearing members admitted to the service
 Cleared volume in April 2015 of €2.6 billion
 Late 2014 and early 2015 partnerships with Morgan
Stanley, State Street and BNY Mellon announced
supporting the value proposition
Members
Electronic TradingBilateral Market
ICSDs
(CBL, Euroclear)
Deutsche Börse Group 412 June 2015Investor Day > Xetra / Eurex
1 2
2 III
Eurex Clearing Service For Securities Lending Delivers Capital
Benefits While Embedded In Existing Market Structure

Eurex Repo – Continuous Net Revenue Growth While Market
Conditions Deteriorate With Record Low Interest Rates In Europe
1) Trading & clearing fees; excluding Clearstream related fees
Development of net revenue Breakdown of net revenue by market
€m1 2014; €38 million
9%
Other currencies
21%Euro Repo
(Specials)
5%
Euro Repo (GC)
65% GC Pooling®
Investor Day > Xetra / Eurex Deutsche Börse Group 42
3
2 June 2015
38
35
32
30
24
21
201420132012201120102009
9
Q1/14 Q1/15
11

1) Amsterdam Power Exchange
2) Belgian Power Exchange
 Majority acquisition of EEX in 2011: asset class
expansion into Energy / Commodities
 January 2014, full consolidation with Eurex Group
 January 2015, EEX becomes majority shareholder of
the French energy exchange Powernext and thus
also of European power exchange EPEX SPOT
 Acquisition strengthens EEX’ position as the leading
energy exchange in Europe, consolidates the natural
gas businesses and advances product portfolio
diversification
 In May 2015 APX Group1 (incl. Belpex2) is integrated
into EPEX SPOT to further expand its power spot
business
 ~ 75% of EEX revenues generated by power,
commodities represent 15% of Eurex Group net
revenue Q1/2015
24171317
+19%
CAGR
2014
77
2013
62
2012
48
2011
46
EBT
Revenue
Development of sales revenue and EBT
Sales revenue by business segment
EEX Group – Majority Acquisition Of EEX Expands Eurex’ Asset
Class Coverage To Energy/Commodities; Attractive Revenue Growth
4
8
Q1/15
43
19
Q1/14
18
Others
25%
Gas
11%
Power Spot
15%
Power Derivatives
49%
€m

Transaction highlights
 Transfer of 100% of APX shares (Amsterdam
Power Exchange) into EPEX SPOT (European
Power Exchange), EEX Group maintains 51%
majority in EPEX SPOT
 Acquisition of APX Clearing business by ECC,
the clearinghouse of EEX Group
Strategic rationale
 Creation of pan-European power spot exchange
 Improve service to members – one exchange,
one rulebook, one clearinghouse
 Significant synergies to be realized
 Immediate access to the UK power spot market
Group structure post transaction
Key figures
EEX Group HGRT
51% 49%
100%
EPEX SPOT APX Group
Countries covered 4 (DE/AT, FR,
CH)
3 (NL, BE, UK)
Exchange Members
(54 in common)
224 105
Yearly power consumption of
countries covered* (TWh)
1160 523
Volume Day-Ahead (TWh) 351 76
Volume Intraday (TWh) 31 16
Total trading volumes 382 92
Clearing
business
EEX Group – Integration Of APX Group Into EPEX SPOT Creates
Pan-European Power Spot Exchange
4

International Securities Exchange (ISE) – Stable Net Revenue In
Q1/2015 In Competitive Market Environment
Development of net revenue Breakdown of net revenue by product
67%
5
126
138137
151
160
169
2013 20142012201120102009
€m
Q1/14 Q1/15
33 35
61%
2 June 2015
ISE membership
fees, market
data, and other
39%
61%
Equity, ETF and
index options
transaction fees

 The US options industry is more competitive than ever with 12 exchanges currently competing
for order flow and two additional exchanges expected to launch in 2015
 Average daily volume for ISE and ISE Gemini (combined in Q1/2015) was 2.1 million contracts per day,
representing a 21.5% decrease compared to YTD 2014; as of 31 March ISE's combined market share
(ISE and ISE Gemini) was 16.3% (adjusted for dividend trades)
 To counteract competitive pressure, ISE has maintained strong focus on both revenue growth and expense
control:
Revenue growth opportunities:
 ISE filed to launch a third exchange, ISE Mercury; by launching a third exchange, ISE will cover all significant
market segments and achieve greater operational scale by running three markets on a single technology
platform
 ISE is pursuing product development in the area of volatility
 ISE will build on its leading technology for trading multi-legged strategy orders to develop new functionality to
grow this market segment
 ISE is seeking diversification through new business areas
Expense control: 17% reduction in headcount and 33% reduction in overall expenses since 2009
International Securities Exchange (ISE) – Well Positioned In Highly
Competitive Environment
5
Key developments
2 June 2015

Cash & Derivatives Markets – Summary
Comprehensive offering in cash and derivatives markets – good start for our businesses into 2015
Cash Market product innovation Deutsche Börse Venture Network – new product launch
Eurex Business model well positioned in changing market environment, combination of success factors
drives competitive position – products, distribution, clearing, and infrastructure
Key messages
2 June 2015
 Product innovation contributes to top-line development – successful investment into organic
product innovation and non-organic growth (EEX)
 Distribution: expand global reach with Asia market entry – become Asian market operator to
participate in growth markets mid term
 Clearing value proposition – innovative clearing solutions contribute
to market safety and integrity, increasing efficiency
 European Energy Exchange – majority acquisition expands asset class coverage to energy,
double digit revenue growth since then

Agenda
Group overview

Clearstream At A Glance
Deutsche Börse Group 492 June 2015Investor Day > Clearstream
1) Average assets under custody for Q1/2015
Clearstream
Banking AG
Frankfurt
(CBF/ CSD)
Clearstream
Banking SA
Luxembourg
(CBL/ ICSD)
The only global Central Securities Depository positioned at the core of an exchange group
 “AA” rated by Standard & Poor’s and Fitch
 Offers services to around 2,500 customers including
major banks, global investment banks and over 50
leading central banks from 110 countries worldwide
 Value of assets under custody of €13.2 trillion1 over
400,000 securities holdings
 More than 8.7 million transactions for over 190,000
investment funds and 50,000 hedge funds per year
 98 currencies eligible (thereof 42 eligible for settlement)
 A gateway to access 54 markets
 Unique collateral management and investment funds
solutions, boosted by an innovative approach to Target2-
Securities and made globally relevant by €13.2 trillion of
assets under custody
Commercial bank
money settlement
Central bank money
settlement
Custody: €7.0 trillion1
Bonds: 87%
Equities: 7%
Funds: 6%
Custody: €6.2 trillion1
Bonds: 35%
Equities: 36%
Funds:29%
Issuance of XS
securities (intl. bonds)
Issuance of German
(DE) securities
Full suite of value
added services
Full suite of value
added services

Clearstream Has A Strong And Sustainable Business Model
Centered On Key Attractive And Complementary Services
Clearstream services
Global Securities
Financing:
 Securities lending
 Collateral
management
Investment Funds
Services:
 Order routing
Settlement
Services
Investment
Funds
Services
Global
Securities
Financing
CUSTOMER
Custody
Services
Revenue by customer types
Revenue types
Settlement Services:
 New issuance services
 Commercial and central
bank money settlement
Custody Services:
 Safekeeping
 Corporate actions
 Tax services
6%
41%
12%
29%
12%
Others
Investment banking &
broker dealer
Custodians
Commercial banks
Central banks
5%
35%
60%
Transactional fees
 Settlement services
 Collateral management
 Tax services
 Order routing
Interest driven
 Net interest income
Recurrent fees
 Safekeeping
 Corporate actions
 Securities lending

Clearstream Numbers Show Strong Revenue Growth And Cost
Discipline
1) EBIT adjusted for costs for efficiency programs and acquisition related costs (2010-Q1/15) as well as costs relating to the OFAC settlement in 2013
2) Of total Q1/2015 net revenue, € 31.5m or 16.5% relate to Investment Funds Services (represented on the graph as part of custody, settlement and others)
512 June 2015Investor Day > Clearstream Deutsche Börse Group 51
Breakdown of net revenue by activity2
€m
2008 2014
237
(28%)
86
(10%)
41
(5%) 128
(15%)
352
(42%)
Net interest incomeOtherGSFSettlementCustody
33
(5%)
120
(17%)
65
(9%)
125
(18%)
355
(51%)
Net revenue, cost and EBIT development1
€m
-354 -335 -323 -324 -326 -359-335
339
319
324
371
345
368
505
+7%
2014
698
2013
654
2012
650
2011
695
2010
655
2009
687
2008
844
Operating costsNet revenueEBIT
NII:97
NII:237
NII:59
NII:75
NII:52 NII:36
NII:33
NII:9NII:8
+12%
Q1/15
191
-92
99
Q1/14
170
-84
86

Consistently Strong Performance; Momentum Picking Up Now
2 June 2015Investor Day > Clearstream Deutsche Börse Group 52
Net revenue w/o interest income Assets under custody1
Net interest income
Transactions and cash balances
Net new bond issuance3Average fee development intl.2
1) Average assets under custody per period
2) Average fees before 2010 are estimated.
3) Source: BIS; net issuance of international bonds in developed countries (table 11A)
665
618598620596590607
20092008
+8%
+2% CAGR
20142013201220112010
5.7 6.4 6.9 7.7 8.5 9.5
3.02.92.7
2.42.3
1.91.8
10.6
+3%
+9% CAGR
2014201320122011201020092008
13.2
12.211.611.111.110.910.410.6
2011201020092008 20132012 2015
+5%
+2% CAGR
2014
3336
52
75
59
97
237
-28% CAGR
20142013201120092008 2010 2012
Settlement transactions (m) Cash balances (€bn)
171
407594
402
1,101
1,623
2008 2009 20112010 2014
-31% CAGR
2012 2013
0.450.450.460.460.480.500.53
-3% CAGR
2008 20102009 2012 2013
6.5
5.1
2011 2014
5.9 6.16.05.85.4
Avg. fee (bp) International assets under custody (€tr)
€tr
US$bn
€m
€m

Strategy And Service Offering Built On Customer Key Priorities
 Leverage T2S to boost settlement liquidity, increase the appeal of collateral management and custody products
and position Clearstream’s unique funds business
 Global Liquidity Hub is address key priorities of customers and leverages Deutsche Börse unique ability to
combine collateral management and clearing capabilities
 Secure Clearstream’s market leadership for the rapidly growing and still fragmented international fund market
 Expand Clearstream’s market penetration in Asia and the Americas as part of a global offering and regional
initiatives
2 June 2015Investor Day > Clearstream
Cornerstones of the strategy
Custody
Services
Investment
Fund
Services
Custody
Services
Settlement
Services
Investment
Fund
Services
Global
Securities
Financing
Automated
Securities
Lending
Wide Network
Reach
T2S Network
Consolidation
Funds
Transaction
Automation
AiFMD (SSS)
REGIS-TR
Liquidity Hub
CeBM T2S
Settlement
CUSTOMER
C) Mitigate
business risk
and comply with
regulation
B) Optimize
liquidity and
collateral usage
A) Find
additional
revenue sources
D) Reduce
operational cost

23 26
10
11
Q1/2014 Q1/2015
Domestic International
38
33
3.8 4.1
7.2 8.4
Q1/2014 Q1/2015
Settlement net revenue
Settlement – Higher Volume Across Asset Classes And Markets,
Reflecting Positive Market Developments
 Settlement fees are charged on each leg of an OTC or on-exchange
transaction and can be internal between Clearstream accounts or
external on any of the 54 Clearstream’s markets
 Increased volatility in Q1 translates into higher settlement volumes;
Revenue impact is higher on international (commercial bank money
settlement) than on German domestic market due to higher fees
 Growth is generalized across assets classes but highest on equities
 Increased issuance activity translates into higher settlement volumes
€m1
m2
Settlement volumes
Business objectives and drivers
11.0
12.4
15% 13%
 Progress on T2S execution plans to
enhance central bank money
settlement and take advantage of
T2S market migration waves
 Execute plans to enhance
commercial bank money settlement
and (I)CSDs interoperability (e.g.
CSD links and Bridge)
 Further extend business operating
day to cover US business day
 Low interest rate in Europe should
benefit equity markets and lead to
increased trading activity
 Launch of T2S will boost cross-
border settlement volumes and
increase attractiveness of
Clearstream for custody but also put
pressure on settlement revenues
Outlook and opportunities
1) Including investment funds settlement revenues
2) Average per period

 By increasing its overall attractiveness, through T2S, collateral
management and investment funds, Clearstream attracts assets
under custody away from competitors
 Fees are charged in basis points on nominal or market value of the
assets held in custody (depending on assets class/ markets/ volumes)
 Increased corporate issuance activity in EUR benefited Eurobonds
and DE markets where Clearstream is the Issuer-CSD; significant
growth achieved on many of the 54 markets
 Strong growth in investment funds business translates into increased
custody volumes and fees for that asset class
68 78
16 17
Q1/2014 Q1/2015
Custody net revenue
1) Including Investment funds custody revenues
2) Average per period
€m1
Assets under custody
Custody – Significant Inflow Of Assets And Increased Valuation Of
Assets Under Custody, Reflecting Recovery On Key Markets
84
96
14%
6.4 7.0
5.7 6.2
Q1/2014 Q1/2015
Domestic International€tr2
12.0 13.2
10%
 Prospective customers are requesting
proposal to service their portfolio as
they consider T2S and collateral
strategy as key decision factors
 Rapid growth in investment funds
services will continue to fuel overall
growth in assets under custody
 ECB’s €1 trillion public sector
purchase programme (QE) should
lead to assets transfers, higher
revenues and potentially new
customers
 Market trend to encourage direct
corporate debt issuance as well as
high quality securitization should
positively impact Clearstream
 Further market coverage expansion
will broaden scope of eligible assets

2 2
3 2
7 8
3 31 1
Q1/2014 Q1/2015
LMS Xemac Repo
ASL+ ASL
1 1
46 49
131 144
392 425
11 9
Q1/2014 Q1/2015
LMS Xemac Repo
ASL+ ASL
1) ASL+: Automated Securities Lending plus; Repo: collateralized money market transactions; Xemac (GC Pooling®): collateral management system for the German market with links
to Deutsche Bundesbank and Eurex; LMS: Lending Management System for the domestic market platform
2) Monthly average per period
Global Securities Financing (GSF) – Maintaining Leadership
Through Innovation And Increasing Market Relevance
 As per T2S strategy, build up of
harmonized collateral management and
securities lending solutions creating a
single liquidity pool for CBL and CBF
 Align GSF services to support clients in
facing the regulatory-driven collateral
challenges (i.e. CRDIV, EMIR, Dodd-
Frank, AIFMD, …)
 Build-up integrated securities financing
service offering in close cooperation
with Eurex Clearing and via strategic
partnerships with global custodians to
service buy-side clients
 ECB’s €1 trillion public sector purchase
programme (QE) may cause a reduction
in outstandings for collateral
management, but significant upside
potential as a result of central banks
lending back the purchased assets
 Offering securities lending/ borrowing and collateral management
on cash, fixed income, equities and funds holdings
 Delayed growth potential in collateral outstanding due to ECB’s
monetary policy, until regulation imposes new higher requirements
 Extend reach through partnerships with trading platform, CCPs,
CSDs and agent banks (e.g. JGBs/ Japan and USTs/ US)
 Liquidity Alliance now includes Brazil, Australia, South Africa, Spain,
Singapore, Canada, Norway
GSF net revenue1
€m
16
17
6%
GSF volumes outstanding1
€bn2
580
628
8%

41%
37%
12%
8%
2% Custody
Settlement
Connectivity
Order Routing
Other
IFS net revenue
1) Investment Fund Services net revenue are part of the respective reporting category
Breakdown of net revenue
Investment Fund Services (IFS) – Rapid Growth Combined With
Continuous Improvement In Service Enhancement
Q1/15€m1
 Bring the benefits of T2S to the
investment fund community as part
of Clearstream T2S strategy –
enhancing the “single point of entry
to T2S” proposition
 Completion of integration of the
hedge fund custody business
acquired from Citco in 2014
 Establish further links to give
access to international investment
funds, e.g. with Korean and Hong
Kong fund market infrastructures
 Launch of transfer agent monitoring
service to respond to AIFMD and
UCITS V needs
 Execute the migration of new
portfolios moving in from
competitors or resulting from
customers outsourcing processing
 Deliver a suite of investment fund services supporting the cross-border
distribution needs of the investment fund industry around the globe
 Provide a single entry point and standardised process for all fund types
 Funds type eligible in Clearstream include: exchange traded funds, plain
vanilla and complex retail funds, alternative investment funds and hedge
funds
 Number of funds available on the Vestima order-routing platform above
190,000 originating from 37 jurisdictions
22
32
Q1/2014 Q1/2015
45%

Clearstream Is A Clear Leader In Its Industry
Degree of service coverage Recent DevelopmentsNo Full
Collateral
management
Investment
fund services
Banking
services
CSD
Many competitors attempt to replicate Clearstream's combination of services

196
647
449
59
193 189
30% 30%
42%
0%
10%
20%
30%
40%
50%
0
100
200
300
400
500
600
700
SIS SIX Euroclear ICSD Clearstream ICSD
net revenue EBIT EBIT/net revenue
Clearstream Has A Much Higher Profitability Compared To Its Peers
1) Selection criteria is based on availability of public information
Key message: Strong performance as a driver and enabler of differentiation
Clearstream’s focus on high margin business and cost discipline in its core services allows for investment in
collateral management and investment fund services thereby increasing overall appeal
Collateral
management
Investment
fund services
Banking
services
CSD
Profitability comparison1
Net revenue EBIT EBIT margin

Revive investor trust
Improve non-bank
funding
Promote financial
stability
Increase transparency
Foster harmonization/
remove barriers
Shape supporting
regulatory & supervisory
environment
Leading Market Position: Regulatory Agenda, Clearstream’s
Services Contribute To Capital Market Union (CMU)
Investment Funds Services
 European Long Term
Investment Funds offer long-
term investment opportunities
to investors across Europe
 Supports the cross-border
distribution, ensuring that
ELTIFs are T2S eligible, and
allows for a streamlined
process of ELTIFs with
positive impact on fees
charged to investors
T2S strategy
 T2S addresses home market
bias therefore facilitates
issuance across Europe,
lowering entry barriers and
increasing number of issuers
 Clearstream is actively
promoting T2S as a key
component of its strategy
2
3
4
5
6
Global Securities Financing
 Pan-European collateral pool
fosters capital market integration
 Clearstream offers a global
securities lending and collateral
management infrastructure
already including EU
infrastructure and proposing an
harmonized legal master
agreement for triparty repo
transactions
Securitization
 Simple and transparent
securitization as a means to
revive the link between banks
and capital markets
 The securities resulting from this
asset securitization will require
Clearstream’s strong domestic
and international infrastructure to
support their issuance,
safekeeping as well as asset
servicing
1
Clearstream initiatives and services benefit from/ contribute
to CMU changes and resulting market trends

Leading Market Position: T2S Enables Clearstream To Benefit From
Volume Consolidation Among Participating Markets
Pre-T2S
1) Outcome of Oliver Wayman study “The T2S opportunity - unlocking the hidden benefits of TARGET2-Securities”
2) Average charged by agent banks and ICSDs
3) Average cost calculated by ECB
Post-T2S Migration
 TARGET2-Securities (T2S) is a central technical platform for securities
settlement in Euro and foreign currency in central bank money that will replace
existing models and redesign the post-trade landscape
 Savings of €30 and €70 million organization of collateral management and
other benefits of using T2S systems depending on the type and size of financial
institutions1
 Lower cross border settlement costs (today €2-52, with T2S €0.253)
 Cash and securities pooling: central funding account and safekeeping of
assets enables settlement netting and reduces funding and eliminates friction
cost associated with todays fragmented pools
 Central collateral management and auto-collateralization will create
financing efficiencies and drastically reduce securities realignments and
collateral consumption and thus support settlement credit
 National central banks will provide intraday settlement credit facilities for free
while commercial banks are expected to start charging; cash deposits at
national central banks attract no regulatory charge

Leading Market Position: Clearstream's T2S Related Offering Is
More Developed And Better Articulated Than Next Best
1) T2S Source figures (2013): http://sdw.ecb.europa.eu
2) France, Belgium, Netherlands; non-Euro markets not considered
Clearstream T2S strategy statement Euroclear T2S offering
 Clearstream represents 39%1 of T2S future
settlement volumes as the post-trade infrastructure
provider for the German market
 Euroclear represents 20%1,2 of T2S future settlement
volumes
 Clearstram combines ICSD and CSD custody
volumes; no other (I)CSD has such integrated offering
 Euroclear has no single network structure to combine
their ICSD and CSD
 Clearstream is the first post trade service provider to
combine global liquidity management and the benefits
of the single market via T2S: Global Liquidity Hub
leverages group synergies by combining collateral
management and clearing capabilities
 Euroclear’s product suit Collateral Highway imitates
Liquidity Hub, but with their separate network structure;
it is believed that they will face great difficulty to offer
a central harmonized liquidity pool
 Secure Clearstream’s leading position in investment
fund services by offering our customers the perfect
access to investors through T2S-connected CSDs
with efficiency in time and cost along the value chain
 Euroclear has made no public statement regarding
their funds business offering in T2S

85 90 97 105 109
2010 2011 2012 2013 2014
Leading Market Position: Clearstream Is Long Established In Asia;
Regional Revenues And Offering Is Growing
Deutsche Börse Group 63Investor Day > Clearstream 2 June 2015
 Client relations: Securing strong market share among regional central bank; significant progress in capturing the
fast expanding sector of Asian based investment and private banks; +19% assets under custody in 2014 from
Asia and Middle East Region
 Market coverage: Clearstream offers access to all significant Asian markets. Coverage was complemented by
becoming the only ICSD providing access to the A Share market in China via SHG-HKG Stocks Connect Further
expansion included a new link to Taiwan Formosa Bonds market
 Investment fund services: Customer acquisition, with Clearstream increasingly considered the premier service
providers in international investment funds processing in Asia. Clearstream’s Asia Fund Summit
 Collateral management: Customer acquisition for securities lending and collateral management. Close
cooperation with infrastructure and banks in Japan, China and Singapore. Clearstream’s Asia GSF Summit
Asia achievements 2014
Sales revenue growth
€m  Positioning Clearstream in the rapidly evolving Asian capital
market brought about by RMB internationalisation, the
opening up of Chinese markets, the creation of the Asian
infrastructure investment bank, the Shanghai free trade
zone and growing issuance volumes
 Engaging with local infrastructures and partners in
preparation of upcoming mutual recognition of funds, bond
market connect in China
CAGR +7%

Key Clearstream Messages
2014 was another year of growth for Clearstream across all services, asset classes and
markets; Q1/2015 provides confirmation of the strategic direction pursued in the last years
1
A key factor in Clearstream’s commercial success is the customer centricity of its strategy
and services; helping customers find new revenue sources, reduce cost, optimize liquidity and
collateral usage, mitigate business risk and comply with regulation
2
Clearstream’s competitive success is grounded in its integrated service mix, market
coverage and most innovative approaches to T2S, collateral management and investment
funds services
3
Clearstream’s positioning on the current policy initiatives is one of its key strengths and
source of future growth; initiatives like CMU and T2S make Clearstream’s services more
relevant and give Clearstream’s new opportunity beyond the cost of compliance
4
Clearstream’s market positioning and strong relationship with customers and partners also
put it at the center of the trends shaping the industry; Clearstream’s future growth potential is
boosted by its growing Asian footprint
5

Agenda
Group overview

Fintech Data + Services – Attractive For Investors
Sticky, recurring
revenues
High
margins
Diversifying
customer base
Attractive markets
2
4
3
1
EBIT margin
MD+S client base 2014
External revenue contribution by customer baseRevenue drivers 2014
Growth pockets
70%
Non-exchange
member clients
26% thereof belong to buyside
3 year average 2012-2014
Regulatory Reporting
Strategy Simulation
Pre-trade/ trade Compliance
Software as a Service
Big Data
Passive Investment
50%
Digital Finance
% of revenues
by number of subscriptions
by long-term contracts
by asset under management
30%
10%
40%
recurring revenues= 80%
Investor Day > Market Data + Services 2 June 2015

Digitization – Solid Market With Appealing Growth Pockets
1) Burton-Taylor, 2015
2) Celent, 2015
3.4%
product growth
in finance of
global market
data/analysis
over the last 5
years1
4.6%
growth in 2015 of
total bank IT
spending2
19%
growth of
Cloud computing
Spending in 20145
15%
forecasted growth p.a. of
Passive investment
assets from 2012 to
20207
27%
forecasted growth p.a. of
Big data market
from 2013 to 20173
22%
forecasted growth p.a.
of FinTech SaaS
market from 2014 to
20174
35%
forecasted growth of
Compliance spending
by financial institutions
in 20156
3) IDC, 2013
4) Kable, 2014
7) PwC, 20125) IDC, 2015
6) Wolters Kluwer Financial Service, 2014

Deutsche Börse As A Pioneer In Digital Finance And Big Data
2001
Fully rule based,
investable blue
chip index - DAX
Digital performance of GDB infrastructure
1,000 TB
in data warehouse daily orderbook messages
1,500,000,000 1 TB
new data/ day
1997, 1998
High volume
trading system
- Xetra, Eurex
2001
High volume
electronic data
feed - CEF
2002
First European
electronic market
for ETFs
2009
Digitized, tradable
news feed
- Alphaflash
1989
First fully
electronic
derivatives
exchange - DTB
2013
Launch of Market
Data + Services to
commercialize
digital services
externally
34,000,000,000
rows in largest data base table

New Segment Helps Capital Market Participants To Be ‘Digital’
MD+S uses world class technology to help clients extract and deploy the right information at
the right time thereby capture value from business digitization
DIGITAL FINANCE
Information=IP
Technology = Deployment
Digital transaction processing
Digital asset servicing
Digital investing
Market
Data +
Services
Digital trading

Four Service Lines Offered To Fuel Digital Transformation
Tools
Provide software and
network components
as a service at full
regulatory compliance
to process financial
transaction
Net revenue 2014
€108.3m
Information
Feed capital market
participants with
digitized signals to
identify and execute
value maximizing
trading opportunities
Net revenue 2014
€148.6m
Index
Provide rule based
investment strategies,
benchmarks and
associated data sets to
enable index linked
investing and issuing
Net revenue 2014
€90.4m
Extend GDB’s
platforms and
infrastructure to other
capital markets service
firms as outsourcing
service
Market
Solutions
Net revenue 2014
€33.5m
39%
24%
28%
9%

After Successful Integration, Accelerated Growth In Q1/2015
94
Q1/2015
112
Q1/2014
5254
Q1/2015Q1/2014
2014
381
2013
366
4852
20142013
153 152 138
242 247 233
2012
371
2011
399
2010
395
1 2010-2012 adjusted for new financial reporting introduced in Q1/2013
Net revenue (€m)1
EBIT margin (%)
Net revenue (€m)1
+6%2
EBIT margin (%)
2011 20122010
53 57
51
Market data
IT Services
MD+S
+19%
w/o exep.
+10%3
EBIT margin (%)
Consolidation ExecutionOpportunistic
Net revenue (€m)1
2 Adjusted for consolidation effects
3 Growth rate Q1/2015 without exceptional effects
+0%
 Technology Services: mature
offerings, commercialization only
opportunistically
 Data: aftermath of financial crisis -
layoffs
 Strategic direction set and portfolio
aligned
 Investment up from 4% to 8%
 Strategic program has delivered
growth of 6% in year one
 Execution of strategic initiatives;
from now on accelerated growth
expected
 Q1/2015 shows growth rate of 10%
(w/o exceptional effects)

MD+S On Track To Deliver Aspired Revenue Levels For 2017
 Process automation
 Software as a Service
 Shared infrastructure
 Outsourcing
 Active to passive investing
 Smart beta & factor investing
Aspired net revenue growth 2013-2017 (€m)
 Advanced analytics
 Big data applications
Organic opportunities25
Delivered
revenue
growth 2013 –
Q1/2015
IndexII
Tools
Market
Solutions
III
IV
InformationI
up to 50
up to 10
up to 20
up to 10
up to 10
2013 2017
Q1/2015
up to 75 in total

Information – Services For Digital Trading
Product structure
Growth strategies
89%
11%
GDB Data +
Analysis
Partner Data +
Analysis
Net revenue 2014: €148.6 million
37
35
Q1/2015
45
8
Q1/2014
Revenue development Q1/14 – Q1/15
Net revenue (€m)
From data to analytics
From GDB venue data to other sources
with relevance for financial markets
GDB data + analytics
External data + analytics
Target clients
 Traders, trading applications
 Data vendors, ISVs
 Back-offices asset source firms
 Advisors, asset managers, investors
 Cost pressure on sell-side banks leads to stagnating
subscriber base
 Limited competition (BATS Chi-X) only affecting
lower level cash market data subscriptions
 Market growth predominantly in emerging markets
and advanced analytics
Market situation
1
2
w/o excep.
+5%
excep. effects
I

From data to analytics
 Create analytics based on proprietary order book data of GDB and partners
 Develop an open high-performance platform enabling self-service analytics
 Example: Real Time Analytics
− 83 trade related, order related and index related metrics, e.g. IOC indicator
− Economical impact 2014: $2.6 million
Information – Growth In Analytics And Non-Exchange Content
From GDB venue data to sources with relevance
for financial markets
 Increase number of partner exchanges leveraging GDB
as exclusive information marketeer
 Add exclusive content from inside and outside capital
markets with market relevance
 Example: Exclusive exchange data partnerships, e.g.
BSE
− Migration of 52 vendors/ customers
− 21 new vendors/ customers since April 2014 (start of
corporation)
Individual
Analytics
Standard
Analytics
Non-financial
Markets
Raw
Data
GDB
Markets
Non-GDB
Markets
Coverage
Biz
logic
I

Index – Services For Digital Investing And Issuing
Growth potential
13%
23%
32%
28%
4% Benchmark data
licences
Structured product
licences
ETF licences
Exchange licenses
Services
28
22
Q1/2014 Q1/2015
+27%
Net revenue (€m)
Benchmark data licenses
Structured product licenses
ETF licenses
Exchange licenses
Services
Growth strategies
From Blue Chip indices to advanced
smart beta multi asset indexing
From listed equity derivatives to
multi-asset Class investment solutions
for the buy-side
 Migration from active to passive investing drives
growth in ETF assets and issuing of structured
products
 Traditional blue chip market as stable core
 Untapped opportunities in emerging asset classes
and sophisticated investment strategies
Market situation
1
2
Product structure
Target clients
 Issuers of ETFs/ SPs/ funds
 Asset owners/ managers
 Venues, clearing houses
II

Index – Growth In Smart Strategies And New Asset Classes
From blue chip indices to advanced smart beta multi asset indexing
 Upgrade indexing to passive investment strategy solutions improving asset allocation
 Example: Smart Beta index overlays, factor indices
− 22% of produced indices are now strategy indices (10% in 2009)
− Assets under management have risen to €7bn (€3bn in 2009)
From listed equity derivatives to multi-asset
class investment solutions
 Build out direct offerings for asset managers and
owners, incl. benchmark licensing, data usage or
research subscriptions
 Example: Buyside data licenses for weightings and
index analytics (benchmark data)
− 405 buyside clients signed up since 2010
− Buyside accounting for 14% of index revenues
Factor
Investing
Strategy
Indices
Asset
Managers
Blue
Chips
Markets Issuers Asset
Owners
Coverage
Biz
logic
Multi Asset
II

Net revenue (€m)
Tools – Services For Digital Transaction Support
Product structure
2827
Q1/2015Q1/2014
+3%
Target clients
 Members of GDB venues
 Mid-/ back-offices of capital market participants
 ISVs
Growth potential
Growth strategies
From connectivity to digital business
processes
From single tools to service hubs
 Connectivity market mainly driven by the bandwidth
used by clients
 Limited further growth impulses expected from
traditional connectivity due to financial crisis
 Big opportunities in SaaS-based automation of post-
trade business processes
Market situation
1
2
III
83%
17%
Connectivity
Software as a Service

Tools – Growth In Digital Business Processes + Service Hubs
From single tools to service hubs
 Upgrade SWIFT service bureau to best of breed tool
box around transaction processing, incl.
reconciliation, AML, KYC, SEPA etc.
 Example: Launch of SEPA functionality mid 2014
− Typical upsell of up to €50,000 per function and
client
Functional
Services
Messaging
Services
Network
Connectivity
DBG
Trans-
actions
Business
Intelligence
Other
Venue
Trans-
actions
Non-Venue
Trans-
actions
Biz
logic
Coverage
From connectivity to digital business processes
 Provide scalable platforms to help standardize and automate complex and critical post-trade
processes of members and other customers
 Example: Regulatory reporting services – reported transactions 2014
− MiFID I 179 million and EMIR 7 million transactions
− Constant enrichment with new regulatory templates, e.g. REMIT, MiFID II
III

Market Solutions – Services For Digital Operations
Product structure
6%
50%
44%
Commodities
markets
Financial markets
Managed services
11
9
Q1/2014
+19%
Q1/2015
Net revenue (€m)
Commodities markets
Financial markets
Managed services
Target clients
 Trading venue operators
 Energy market participants
 Financial SW vendors
Growth potential
Growth strategies
From infrastructure outsourcing to
business process outsourcing
From cash to alternative markets
 Overall mood for outsourcing and utilities is very
positive due to pressure on balance-sheets and cost
 Outsourcing of cash equity markets is already in a
mature lifecycle stage
 However, substantial growth opportunities in
emerging alternative markets such as commodities
and business process outsourcing (BPO) for banks
Market situation
1
2
IV

From cash to alternative markets
 Penetrate market for existing use cases of GDB
infrastructure and incubate new use cases
 Example: New M7 software suite application
management contracts with Norwegian paper
(Norexeco) and the Energy Broker Market (Cleartrade,
FIS)
− Go live in H1/2015
− Annual values of €0.3-0.5 million per contract
Market Solutions – Growth In Business Process Outsourcing And
Alternative Markets
Other
markets
Biz
Operations
Application
Operations
Infrastructure
Operations
Banks/
Corporates
Equity
markets
Commodity
markets
Coverage
Biz
logic
From Infrastructure-Outsourcing to BPO
 Provide value-add level platform or business services rather than infrastructure only
 Example: Platform Service for the cross-European intraday energy market
− XBID: Launch and operate European day-ahead market for power based on M7
IV

Summary
With the transformation to digital finance effective deployment of data and technology
has become a key value driver for market participants
Deutsche Börse Group has always been a pioneer in digital finance and big data
The new MD+S segment helps capital market players to go ‚digital‘ and to turn data into
value by providing information, software and infrastructure as a service
Upon its inception (2013) the segment generated €366 million net revenue and an EBIT
margin of 52%
After a short transformation period MD+S delivered 10% net revenue growth in Q1/2015
(19% with exceptional effects)
With its clear growth strategy around digitizing customers business processes, MD+S is
well on track to deliver up to €75 million net revenue growth until 2017
MD+S – an attractive business for investors!

Financial Calendar And Contact Details
Contact detailsFinancial calendar
Deutsche Börse AG
Investor Relations
Mergenthalerallee 61
65760 Eschborn
Germany
Phone: +49-(0) 69-2 11-1 24 33
Fax: +49-(0) 69-2 11-1 46 08
E-Mail: ir@deutsche-boerse.com
www.deutsche-boerse.com/ir_e
27 Jul 2015 Interim report Q2/2015
28 Jul 2015 Conference call Q2/2015
28 Oct 2015 Interim report Q3/2015
29 Oct 2015 Conference call Q3/2015

Disclaimer
Cautionary note with regard to forward-looking statements: This document contains forward-looking statements and statements of future expectations that reflect management's current views and
assumptions with respect to future events. Such statements are subject to known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from
those expressed or implied and that are beyond Deutsche Börse AG's ability to control or estimate precisely. In addition to statements which are forward-looking by reason of context, the words 'may, will,
should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue' and similar expressions identify forward-looking statements. Actual results, performance or events may
differ materially from those statements due to, without limitation, (i) general economic conditions, (ii) future performance of financial markets, (iii) interest rate levels (iv) currency exchange rates (v) the
behaviour of other market participants (vi) general competitive factors (vii) changes in laws and regulations (viii) changes in the policies of central banks, governmental regulators and/or (foreign)
governments (ix) the ability to successfully integrate acquired and merged businesses and achieve anticipated synergies (x) reorganization measures, in each case on a local, national, regional and/or
global basis. Deutsche Börse AG does not assume any obligation and does not intend to update any forward-looking statements to reflect events or circumstances after the date of these materials.
No obligation to update information: Deutsche Börse AG does not assume any obligation and does not intend to update any information contained herein.
No investment advice: This presentation is for information only and shall not constitute investment advice. It is not intended for solicitation purposes but only for use as general information.
All descriptions, examples and calculations contained in this presentation are for illustrative purposes only.
© Deutsche Börse AG 2015. All rights reserved.
Investor Day 2015

Investor Day 2015: Presentation

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