1. Listing at Deutsche Börse
Finance your Future. Made in Germany.
Listing at Deutsche Börse

2. Agenda Deutsche Börse at a Glance Germany – Ukraine: Strong Relations
Finance your Future. Made in Germany.
Agenda
Deutsche Börse at a Glance
Germany – Ukraine: Strong Relations
Why list at Deutsche Börse?
IPO Process
Corporate Bonds as an Alternative Financing Way

3. Market Data & Analytics
Deutsche Börse at a glance
Finance your Future. Made in Germany.
The world‘s largest Stock Exchange Organization
Sales revenue and net income (EBIT) 2010 (mEUR)
Facts: Deutsche Börse AG
Market Capitalization EUR > 10 billion and highest profitability
Fully integrated business model: Listing, Trading, Clearing, Settlement, Custody
Issuers from over 70 countries
Powerful and best-in-class trading system XETRA
Global network
722
2,166
426
1,854
466
1,124
202
730
478
702
Fully integrated business model
Settlement
Custody
Clearing
Listing
Clearstream
Eurex Clearing
Eurex
XETRA
Market Data & Analytics
Trading

4. Facts and Figures 2010 2010 2009 Change in % Sales revenue € m 2,106.3
Deutsche Börse at a glance
Finance your Future. Made in Germany.
Facts and Figures 2010
2010
2009
Change in %
Sales revenue
€ m
2,106.3
2,061.7 2
Earning before interest and tax (EBIT)
637.8
527.8 17
Cash flow from operating activities
943.9
801.5 18
Xetra
Number of transactions m
189.4
167.3 13
Trading volume (single counted)
€ bn
61.4
60.0
Eurex
Number of contracts
2,642.1
2,647.4
Clearstream
Value of securities deposited (annual average)
10,897
10,346 6
116.4
102 16
Source: Deutsche Börse AG: Annual Report 2010, March 2011 4 4

5. Pooling Liquidity at the Heart of Europe
Deutsche Börse at a glance
Finance your Future. Made in Germany.
Pooling Liquidity at the Heart of Europe
All European financial centers are linked to Deutsche Börse
Over 247 admitted international trading institutions (114 in Germany, 133 in foreign countries) – more than 4,600 traders in 18 countries interlinked via XETRA platform
Direct access to investors representing 35% of the global institutional capital
Main institutional investors with Ukrainian investments are active on Deutsche Börse
Comgest SA
DWS Investment
ING Investment Management
Aviva Investors
Allianz Global Investors
JPMorgan Asset Management
Capital Research Global Investors
Union Investment Privatfonds
Deka Investment
Mackenzie Cundill Investment
Companies have direct access to the widest pool of investors
Sweden
Ireland UK
Netherlands
Germany 114
Belgium
Luxembourg
Czech Republic
France
Austria
Hungary
Switzerland
With our network we have a global reach and pool liquidity at the heart of Europe. We reach more than 250 international trading institutions in 18 countries via our Xetra platform. Moreover, we have a direct access to investors that represent 35% of the global institutional capital. Here you see the top 10 most active investors. There you find some of the most reputable and most powerful investors in the world like Norges Bank, Black Rock Asset Management or DWS Investment.
Italy
Spain
UAE
Greece
Cyprus
Gibraltar
Source: FactSet, August 2011

6. Top 10 Largest International Investors in Germany
Deutsche Börse at a glance
Finance your Future. Made in Germany.
Strong Presence of International Investors in Germany
Investor Nationality in Resent German IPOs
Strong Presence of UK and US Investors
371 Mio. €
3x Oversubscribed
759 Mio. €
2x Oversubscribed
912 Mio. €
2x Oversubscribed
1,2 Bn. €
19x Oversubscribed
4,4 Bn. €
3x с Oversubscribed
Access to High Profile German and International Investors
Top 10 Investors
Key German Investors
Top 10 Largest International Investors in Germany
Source: Morgan Stanley, May 2011 6 6

7. Your Access to Euro Region and Stable German Economy
Deutsche Börse at a glance
Finance your Future. Made in Germany.
Your Access to Euro Region and Stable German Economy
Germany – a powerful catalyst for your business
in the center of Europe
Europe's largest economy with the largest consumer market facilitates a position within EU sales markets
No. 2 Export nation worldwide
Strategic and large M&A potential to acquire technology and new customers/market shares
Creation of Euro acquisition currency for strategic M&A Activities
Close connection to German and European customers and Technology – Made in Germany
GDP Growth 2010
in percent
Population 2010
in million 7 7

8. Germany – Ukraine: Strong Relations8

9. German-Ukrainian Economic Relations
Germany – Ukraine: Strong Relations
Finance your Future. Made in Germany.
German-Ukrainian Economic Relations
Germany is one of the most important trade and investment partners of Ukraine;
Ukrainian export volume to Germany is still quite low
German direct investments: about $ 7 billion (only Cyprus invest more)
Trading volume between Germany and Ukraine in 2010 – more than € 6 billion
The main Ukrainian export goods to Germany are textiles and clothing, metals / alloys, iron and chemical products, vehicles
German companies in Ukraine: ca. 250 German business representatives, ca. 620 German firms and Joint-Ventures, ca. 330 subsidiaries
All in all more than Ukrainian companies with German equity (capital participation)
The most important sectors for investment: retail, finance
and banking, construction, logistics and automotive industry
Source: Federal Foreign Office, August 2011 9 9

10. Investment Climate in Ukraine
Germany – Ukraine: Strong Relations
Finance your Future. Made in Germany.
Investment Climate in Ukraine
Current Situation: Credits become more expensive and difficult to get but companies are looking for capital
Expected economic growth
Looking for new distribution channels
Free-trade agreement with the EU is expected to be signed in 2011
European football championship 2012 evolves economy
Economy
Agricultural production and agricultural infrastructure
Retail
Banking sector
Areas with huge investment needs
Growing opportunities for international investors in Ukraine 10 10

11. Opportunities for Investors in Ukrainian Companies Stock exchanges
Germany – Ukraine: Strong Relations
Finance your Future. Made in Germany.
Opportunities for Investors in Ukrainian Companies Stock exchanges
National exchanges: PFTS and UX
- currently used as a source of capital raising only by few companies
not well-established for Ukrainian companies to raise capital
London stock exchange:
- in the past was mostly used by blue chips
- separated Russia & CIS-Segment (IOB)
only for Ukrainian bluechips, otherwise companies get lost in Russian and Ukrainian bluechip-universe
Warsaw stock exchange:
- since few years an attractive place for small and mid-sized Ukrainian companies
- Ukraine as a second country focus
How long will the liquidity of Polish pension funds sustain?
Strong focusing on pension funds as the biggest group of investors
Are there any Ukrainian companies at Deutsche Börse? 11 11

12. Germany – Ukraine: Strong Relations
Finance your Future. Made in Germany.
Opportunities for Ukrainian Companies at Deutsche Börse 21 Ukrainian companies traded on Deutsche Börse
All Ukrainian companies on Deutsche Börse are only introduced and traded in First Quotation Board (Open Market) – the segment with the minimal transparency requirements and no ongoing requirements => means easy and quick access for companies but not a really beneficial position for getting relevant investors:
Absence of ongoing transparency requirements doesn’t meet institutional investors’ needs
No index participation and a large pool of nearly securities is not clearly arranged for investors
Often insufficient coverage of companies
DR’s of Ukrainian companies are traded, without using Deutsche Börse as a listing revenue to position themselves in the international capital market! 12 12

13. IPO Why list at Deutsche Börse?

14. Finance your Future. Made in Germany
Why list at Deutsche Börse?
Finance your Future. Made in Germany.
Finance your Future. Made in Germany
Benefit from a higher valuation among strong and world class peers
Gain reputation alongside renowned global brands and market leaders
Get access to the Euro region as well as a stable economic and regulatory environment
Be traded at the largest and most liquid capital market for small and mid cap companies 14 14

15. Tailored Market Segments
Why list at Deutsche Börse?
Finance your Future. Made in Germany.
Tailored Market Segments
Overview market segments and target companies
Established Companies
with focus on international
Investors (esp. US investors)
Additional transparency defined by exchange
Quarterly Reports
English Language
Corporate Calendar
Analyst Conference
Regulated Market
Companies with focus on
German Investors
Minimum transparency defined by EU-Law:
Annual and interim report based on IFRS
Disclosure of Director‘s Dealings and Ad-hoc Disclosure
Shareholder Stake and Takeover Reporting
Increasing Transparency
Entry-level segment for small-
and mid Cap as well as high-
growth companies
Additional transparency defined by exchange
Respective corporate filings
Annual and interim report nat. GAAP or IFRS
Corporate Calendar online
Corporate Profile online
In Europa gibt es zwei Zugänge zum Kapitalmarkt. Für die verschiedenen Entwicklungsphasen eines Unternehmens haben wir zugeschnittene Marktsegmente entwickelt:
Es gibt die EU-Regulierten Märkte, dass ist der Prime Standard und der General Standard. Der Prime Standard ist der Ort für etablierte und mittelständische Unternehmen, die bereits einen Fokus auf int. Investoren haben und int. Geschäfte betreiben. Des Weiteren gibt es den General Standard in dem die lokaleren, regionaleren, insb. auf deutsche Investoren fokussierten Unternehmen den Börsengang vollziehen. Dem General Standard liegen die Mindestanforderungen der EU Regularien zu Grunde. Eine Notierungsaufnahme im Börsensegment des Open Market (Freiverkehr) würde eine Aufnahme in das First Quotation Board oder in den Entry Standard bedeuten.
Der Entry Standard ist für kleine, mittlere und junge Wachstumsunternehmen geeignet, da er an diese niedrigere Anforderungen stellt und somit einen guten Einstieg in den Kapitalmarkt darstellt.
Regulated Unofficial Market
Minimum Requirements defined by EU-Law:
Insider Trading Rules
Market Abuse Rules
Takeover Rules 15 15

16. Continuous financial reporting fits investors’ needs
Why list at Deutsche Börse?
Finance your Future. Made in Germany.
Continuous financial reporting fits investors’ needs
Reporting Obligations for Issuers from Non-EU Countries
General Standard
Prime Standard
Annual financial report
Shares
DRs
4 months after the end of the financial period (§37v WpHG)
6 months exemptions possible for issuers from non-EU countries by BaFin1 (§37z WpHG)
4 months after the end of the financial period (§65(2) BörsO)
6 months exemptions possible for issuers from non-EU countries by BaFin1 (§65 BörsO)
Half yearly financial report
Shares
DRs
2 months after the end of the financial period (§37w WpHG)
No regulation within the WpHG
2 months after the end of the financial period (§66(5) BörsO)
3 months for shares that are represented by certain certificates (§66(5) BörsO)
Quarterly financial report
Shares
DRs
Not required
2 months after the end of the financial period (§66(5) BörsO)
3 months for shares that are represented by certain certificates (§66(5) BörsO)
Management interim statements
Shares
DRs
10 weeks before ending and 6 weeks before the end2 (§37x WpHG)
No regulation within the WpHG
Not required
Enhanced reporting periods for DRs address country specific demands
1 Depending on a by-case basis by the BaFIN
2 Filing interim management statements for a period between ten weeks after the beginning and six weeks before the end of the relevant six- month period. 16

17. Enhancing Visibility by Indices: DAX Index Family
Why list at Deutsche Börse?
Finance your Future. Made in Germany.
High Visibility and Investor Awareness
Enhancing Visibility by Indices: DAX Index Family
Sector Indices
Selection
Indices
All Share Indices
9 DAXsupersector
18 DAXsector
63 DAXsubsector
18 DAXsector All
63 DAXsubsector All
DAX Int.100
DAX Int. Mid 100
Prime Standard
All Share
General Standard
All Share
Entry Standard
All Share
Prime Standard √ √ √ √ √ √ √ √
General Standard √ √ √ √
Huge family of equity indices is open for all international companies
All companies listed in PS, GS or ES can opt for inclusion in at least two selection indices – DAX International Family and Segment selection indices
Companies are automatically included at least in three indices – Sector-, Subsector- and All share indices
Entry Standard √ √ √ √
Indices help to raise investor awareness and visibility in your peer group. Within these segments your company is at least in three indices. 17

18. Deutsche Börse: Europe's No 1 in Turnover Velocity
Why list at Deutsche Börse?
Finance your Future. Made in Germany.
Unsurpassed Liquidity
Deutsche Börse: Europe's No 1 in Turnover Velocity
No. 1
Deutsche Börse
LSE
Euronext
Honk Kong SE
Warsaw SE
No. 2
No. 3-5
Monthly average
number of trades per company
May – Oct. 11 (thousand)
15.9
7.3
16.6
9.9
1.8
Trades
Turnover
148.5
60.0
116.2
59.7
7.7
Monthly average
turnover per company
May. – Oct. 11 (million €)
Turnover Velocity
114%
62%
70%
59%
48%
Turnover/ Market Cap October 2011
Liquidity should be one of the most important criteria, when choosing a listing platform
Comparison between exchanges of different size requires standartisation of the citeria and a single source of data
Deutsche Börse: Europe's No 1 in Turnover and Turnover Velocity
Recognized by institutional investors as the most efficient trading network
Over 1,400,000 trades per day on XETRA®
Deutsche Börse runs the most active capital market with competitive pricing and the highest degree of liquidity
Source: World Federation of Exchanges, November 2011 18

19. IPO Process 19

20. Fast Listing: IPO Process Structure
Deutsche Börse – IPO-Process
Finance your Future. Made in Germany.
Fast Listing: IPO Process Structure
Phase 1:
Planning and
Preparation
Phase 2:
Structuring
Phase 3:
Realization and
Marketing
Phase 4:
1st Trading day
Secondary Market
Selection of advisors, e.g. Deutsche Börse Listing Partner
Selection of investment bank
Establishing legal preconditions within the company
Establishing controlling and reporting preconditions
Determination of a business plan
Determination of a time table
Planning of the conception of the public offering
Financial, business and legal due diligence
Preparation of the EU-security prospectus
Preparation of investor relations activities
Pre-marketing with investors and analysts
Provide and publish EU-security prospectus
Prepare und publish research coverage
Application for admission of shares to trading
Book building and pricing of IPO
First price auction
IPO event and media coverage on the floor of Frankfurt Stock Exchange
Trading on the electronic system XETRA
Examples of companies: e.g. Zhong de Waste 20 20

21. Prime Standard and Entry Standard for Сorporate Bonds
Finance your Future Made in Germany.
Offering process
4 phases describe the process of an IBO (Initial Bond Offering)
Phase 1:
Planning and Preparation
Phase 2:
Structuring
Phase 3:
Realization and
Marketing
Phase 4:
Placement and
Secondary Market
Initial consultation with Deutsche Börse
Establishing of the IBO project team within the company
Selection of advisors (for example Deutsche Börse Listing Partner)
Determination of time table
Bonds structuring
Development of marketing concept
Preparation of the EU security prospectus
Publishing of the EU security prospectus
Rating
Application for addmission of securities
Investor roadshows
Book building phase
Possibility to order over the platform of Deutsche Börse, distribution by the company itself possible
Initial price auction
Continuous trading on the Xetra platform

22. Fast Listing Process and Time to Market
Deutsche Börse – IPO Process
Finance your Future. Made in Germany.
Fast Listing Process and Time to Market
Time Schedule: IPO in Entry Standard (Open Market)
Publication of preliminary prospectus
Planning & Preparation
Structuring
Realization & Marketing
1st Day of Trading
Month 1
Kick-off
Selection of Advisors
Selection of Investment Bank
Month 2
Due Diligence (2-4 Weeks)
Determination of Prospectus
Month 3
Month 4
English Translation (2 Weeks)
Analyst Presentation
Premarketing
Preparation Research (2-3 Weeks)
Publication Research
Approval of Prospectus by BaFin (max. 20 days)
Print Prospectus
Bookbuilding
Allocation//Pricing
First day of trading 22

23. Fast Listing Process and Time to Market
Deutsche Börse – IPO Process
Finance your Future. Made in Germany.
Fast Listing Process and Time to Market
Time Schedule: IPO in Prime Standard or General Standard
Publication of pre- liminary prospectus
Planning & Preparation
Structuring
Realization & Marketing
1st Day of Trading
Month 1
Kick-off
Selection of Advisors
Selection of Investment Bank
Month 2
Due Diligence (2-4 Weeks)
Determination of Prospectus
Month 3
Month 4
English Translation (3 Weeks)
Preparation and Analyst Presentation
Premarketing
Preparation Research (2-3 Weeks)
Publication Research
Approval of Prospectus by BaFin (max. 20 days)
Print Prospectus
Bookbuilding
Allocation//Pricing
First day of trading
Month 5 23

24. Prime Standard and Entry Standard
for Сorporate Bonds

25. Financing Options at Deutsche Börse
Prime Standard and Entry Standard for Сorporate Bonds
Finance your Future. Made in Germany.
Financing Options at Deutsche Börse
Equity Capital
Debt Capital
Offering of Shares (IPO)
Target Groups:
- small and medium-sized,
- established and growing international companies
3 segments with different transparency levels:
- Prime Standard
- General Standard
- Entry Standard
Offering of Bonds (IBO)
Target Groups:
- listed and non-listed international companies
- institutional and private investors
Market segment: - Prime Standard
- Entry Standard
Nun möchten wir Ihnen die beiden Finanzierungsoptionen vorstellen. Dabei handelt es sich zum einen um den Börsengang. Mit diesem können Sie Ihr Eigenkapital über die Börse erhöhen. Auf der anderen Seite haben Sie aber auch die Möglichkeit Fremdkapital aufzunehmen. Dies geschieht über das in letzter Zeit stärker in die Öffentlichkeit getretene Instrument der Unternehmensanleihe, für die wir ein eigenes Segment geschaffen haben. Beide Finanzierungsoptionen sind auf mittelständische, kleine und mittlere Unternehmen abgestellt und bieten Marktsegmente, die ganz spezifisch auf den Entwicklungsstand und die Bedürfnisse des Unternehmens zugeschnitten sind.

26. Market segments - target groups
Prime Standard and Entry Standard for Corporate Bonds
Finance your Future. Made in Germany.
Market segments - target groups
Prime Standard
Issuers, who orient themselves to the customs of institutional bond emissions (EU-prospectus, covenants etc.)
Listed and non-listed companies
Syndicate emissions as classical placement process (via pool of banks)
Financing requirements > €100 Mio.
Target investors: institutional investors with retail offering
Transparent secondary market
Regulated Market or Open Market
Entry Standard
SME-Issuers with financing requirements < €100 Mio.
Own issue as established placement process
Target investors: retail, private wealth managers, family offices
Admission requirements SME-friendly admission- and subsequent obligations
Open Market

27. Innovative Financing Option for Your Company
Prime Standard and Entry Standard for Сorporate Bonds
Finance your Future Made in Germany.
Innovative Financing Option for Your Company
Advantages at a glance
… source of debt capital, independent from bank requirements
… temporary limited option to raise capital at a stock exchange
… no loss of voting right
… simple, quick and cost-effective access to the capital market
… clear formal requirements and follow-up obligations
… advantage of clearing in foreign currency
… trading on the high performance international trading platform Xetra
(„Designated Sponsor and Specialist model“)
… flexibility for issuers and bond structure: admission in Regulated or Open Market
Das zweite Finanzierungsinstrument ist die Unternehmensanleihe, die im Mittelstand eine zunehmende Bedeutung gewonnen hat. Hier ist hervorzuheben, dass es sich um eine bankenunabhängige Fremdkapitalquelle handelt, bei der es keine Abgabe von Stimmrechten gibt. Das Unternehmen bekommt Geld zur Verfügung gestellt, ohne dafür Mitspracherechte abgeben zu müssen. Sie finden auch dort auf den Mittelstand zugeschnittene und mittelstandsfreundliche Transparenzanforderungen.
Des Weiteren ist es ein sehr schneller, einfacher und kosteneffizienter Weg. Es ist ein Börsengang auf Zeit, d.h. Sie entscheiden nach Ablauf der Frist ob Sie diese Kapitalquelle weiter nutzen, oder ob Sie sich von der Börse wieder verabschieden möchten.

28. Prime Standard for Bonds
Prime Standard and Entry Standard for Corporate Bonds
Finance your Future. Made in Germany.
Market structure
Prime Standard for Bonds
Benchmark Bonds
Financial Sponsored Bonds
Public issuers
Privately held issuers
Regulated Market
Open Market
Approved EU prospectus (EU passport)
Enhanced access to all kind investors via Regulated Market and less regulated entry for especially privately held issuers via Open Market

29. Essential admission requirements
Prime Standard and Entry Standard for Сorporate Bonds
Finance your Future. Made in Germany.
Essential admission requirements
Entry Standard
Prime Standard
Applicant = Trading participant of the FWB
Admission in the Open Market
Specific admission requirements
Approval of the issuer
Commitment of the applicant about the compliance of the obligations
Audited annual financial report in accordance with national GAAP or IFRS
6 key business figures for capital structure, debt position and coverage obligations *
Applicant in the Open Market = trading participant of the FWB + issuer
Applicant in Regulated Market = issuer + accompanying bank
Listing via Open Market or admission to Regulated Market
Specific admission requirements
Approval of the issuer (only OM)
Commitment of the applicant (only OM)
Audited annual financial report in accordance with national GAAP or IFRS
Extended key business figures (24), (no exclusion)
Freefloat allocation quote for retail investors (Ordersize <= EUR) min. 10 %
* Not necessary if the company is already listed in the Regulated Market on FWB.

30. Essential admission requirements
Prime Standard and Entry Standard for Сorporate Bonds
Finance your Future. Made in Germany.
Essential admission requirements
Entry Standard
Prime Standard
Brief company profile with relevant information on the corporate bonds (on issuer website)
Contract between the issuer and Deutsche Börse Listing Partner
Approved security prospectus
Issuer Rating*
Up-to-date extract from the Commercial Register
Articles of association of the issuer
Division of securities max €
Brief company profile with relevant information on the corporate bonds and all information about covenants (on issuer website)
Approved security prospectus
Issuer Rating*
Up-to-date extract from the Commercial Register
Articles of association of the issuer
Division of securities €
Min. issuing volume of 100 m €.
(If issuing volume is lower group turnover has to be min. 300 m € in the year before the issue
* Not necessary if the company is already listed in the Regulated Market on FWB.

31. Follow-up obligations for applicants
Prime Standard and Entry Standard for Corporate Bonds
Finance your Future Made in Germany.
Follow-up obligations for applicants
Entry Standard
Prime Standard
Applicant has to monitor, effect and inform about following facts concerning the issuer:
Annual and half-year report
Fast disclosure of relevant info on the issuer website
Publication of a current corporate auction timetable and a factsheet to the corporate bonds (with information about interest loan, interest and back-payment, etc.)
Applicant has to monitor, effect and inform about following facts concerning the issuer:
Annual and half year financial statement and interim report (in accordance with IFRS in Regulated Market, national GAAP – in Open Market)
Fast disclosure of relevant info via Corporate News Feed or Ad hoc disclosure on the issuer website
Publication of a current corporate auction timetable and a factsheet to the corporate bonds (with information about covenants, interest loan, interest and back-payment, etc.)

32. Follow-up obligations for issuers
Prime Standard and Entry Standard for Corporate Bonds
Finance your Future. Made in Germany.
Follow-up obligations for issuers
Entry Standard
Prime Standard
Publication of a current corporate action timetable
Publication of annual follow-up rating*
Publication of 6 key business figures (with information about coverage obligations, debt position and capital structure)*
Publication of a current corporate action timetable
Publication of annual follow-up rating*
Publication of extended key business figures (24) , no exclusion
1 (Kredit-) analyst conference each year
* Not necessary if the company is already listed in the Regulated Market on FWB.

33. Financial Figures Entry Standard
Prime Standard and Entry Standard for Corporate Bonds
Finance your Future. Made in Germany.
Financial Figures Entry Standard
Key business figures about coverage obligations
EBIT Interest Coverage
EBITDA Interest Coverage
Key business figures about debt position
Total Debt / EBITDA
Total Net Debt / EBITDA
Key business figures about сapital structure
Risk Bearing Capital
Total Debt / Capital

34. Financial Figures Prime Level
Prime Standard and Entry Standard for Corporate Bonds
Finance your Future. Made in Germany.
Financial Figures Prime Level
In addition to the financial figures of Entry Standard there are those specified for Prime Standard:
EBITDA (Earnings before interest, tax, depreciation and amortisation)
EBIT (Earnings before interest, tax)
Total revenues
Total interest payments (Gross amount, not net interest!)
Funds from operations (Net profit plus depreciation and amortisation plus deferred income tax)
Operating cash flow (Funds from operation plus change in working capital)
Operating cash flow last 5 years
Capitalization (Short and long term borrowings plus shareholders equity)
Net debt (Short and long term interest bearing liabilities minus cash & cash equivalents)
Free cash flow to Bondholder (Operating cash flow – Capex – Investments – Acquisitions – Dividends = Free cash flow)
Free cash flow (Operating cash flow minus capex minus dividends)
Total debt (Short and long term interest bearing liabilities)
Total debt sorted by maturity, by subordination level, by instrument type
Off balance sheet exposures
Retained earnings
Total debt to EBITDA in times
Funds from operations to total debt in percentage
Funds from operations to net debt in percentage

35. Rolls and Tasks in Book Building Process
Prime Standard and Entry Standard for Сorporate Bonds
Finance your Future. Made in Germany.
Rolls and Tasks in Book Building Process
The role of the applicant, the specialist and the paying agent can be accomplished by the same company
is a trading participant and applies for the admission of the securities in the Regulated Unofficial Market
applies at the same time for:
- the use of the book building tool and
- the admission in Entry Standard for Corporate Bonds
agrees with Deutsche Börse upon the use of the book building tool and the network of Deutsche Börse
denominates the specialist and the paying agent
Applicant
Specialist
is responsible for the functional accomplishment of book building
has the essential technology and know-how available in order to accomplish the book building
is denominated by an applicant in the application for admission
Paying agent
is responsible for the physical asset of security on initial value date
divests security from the issue under his own name on the account of the issuer
Get an easy access to sign the bond with the book building tool and the standardised communication channels of Deutsche Börse 35 35

36. Participant information
Prime Standard and Entry Standard for Сorporate Bonds
Finance your Future. Made in Germany.
Book building by using the network of trading participants and
communication channels of Deutsche Börse
Secondary Market
Positioning
Subscription ↓
Participant information
Bond draft
Trading
Allocation 1
Allocation 2
Allocation …
Allocation n
Positioning
Possibility to use already existing range of book building functions (at first on XETRA platform)
Basic conditions for book building:
Book building phase lasts between min. 5 to max. 20 days
Book building happens by means of the input of sale order by particular bank
At least one allocation daily by means of price fixing by a broker according to the particular issue price (Fix price procedure)
Allocation occurs therefore according to the principle „First Come – First Served“; scale sellings can only be done for the last price fixing in allocation
A premature closing of book building in case of overstated book building of securities can be carried out earliest in a day
At first there are no parallel book buildings possible, the possibility is to be checked by an issuer according to particular demand
No fee for transactions or broker‘s commission for trading participants supports liquidity
Clearing of transactions according to the initial value date
Secondary
Market
Variable trade of bonds on Xetra Frankfurt
The broker donates additional liquidity in order to increase the speed of accomplishment and to prevent partial execution 36 36

37. Overview of Recent German IBO Activities
Prime Standard and Entry Standard for Corporate Bonds
Finance your Future. Made in Germany.
Overview of Recent German IBO Activities
Company
Issue Date
Issue Volume
(€ MM)
Maturity
(in years)
Coupon
(in %)
Amictus/Eyemaxx
26-Jul-11 25 5
7.50
S.A.G. Solarstrom
11-Jul-11 6
MS Spaichingen
15-Jul-11 30
7.25
SIAG SCHAAF INDUSTRIE AG
12-Jul-11 50 9
KTG AGRAR AG
06-Jun-11
100
7.13
SeniVita Sozial
17-May-11 15
6.50
DIC ASSET AG
16-May-11 70
5.88
Golden Gate
11-Apr-11 3
A.G. Solarstrom
15-Dec-10
6.25
Already 9 companies use Entry Standard for Corporate Bonds of Deutsche Börse for raising debt capital
Source: Deutsche Börse AG, August 2011 37

38. Finance your Future. Made in Germany.
Disclaimer
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