The upcoming second share buy-back program is based on the authorization by the AGM. On 25 May 2005, the AGM authorized the company to repurchase up to 10 percent of its share capital, or up to a maximum of 10,591,878 shares.
The shares will be repurchased exclusively on the exchange. The purchase price for the shares to be repurchased may neither exceed nor fall short of the volume-weighted average share price for the five trading days prior to the purchase commitment by more than 10 percent. The relevant prices for determining the volume-weighted average are the closing auction prices for Deutsche Börse shares in electronic Xetra trading at the Frankfurt Stock Exchange (FWB).
Deutsche Börse intends instructing its agent to buy back no more than 25 percent of the daily trading volume on any one day. Additionally, the agent will be bound by agreement to uphold the trading rules set forth in Article 5 of Commission Regulation (EC) No. 2273/2003 of 22 December 2003. In particular, no more than 25 percent of the average daily trading volume of the shares in the month prior to publication of the share buy-back program may be repurchased on any one day.