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					                                    facts & figures
November 2003                       Prime Standard & General Standard



News                                                                                                                                     Events


Changes in SDAX and NEMAX 50                                                                                                             24-26 November 2003
                                                                                                                                         Frankfurt, IHK/Börse
Deutsche Börse decided on changes in its equity indices SDAX ® and NEMAX 50 ®. For the                                                   GMCC – German Mid Cap Conference
SDAX, Baader Wertpapierhandelsbank and BayWa will replace the companies MediClin and
Sauer-Danfoss. In the NEMAX 50, which Deutsche Börse will continue to calculate until the                                                26-27 November 2003
end of 2004, Drillisch will take the place of Steag HamaTech. The changes will become                                                    Frankfurt, Congress Center/Trade Fair
operative on December 22. The next review of the equity indices is scheduled for February                                                German Equity Forum Fall 2003
17, 2004.
                                                                                                                                         4 February 2004
                                                                                                                                         Frankfurt, Neue Börse
Deutsche Börse and KfW Present Initiative for the Capital Market                                                                         stocks & standards: Creditor Relations –
                                                                                                                                         New Challenges for Investor Relations due
On 26 and 27 November, Deutsche Börse and KfW Mittelstandsbank will host the German                                                      to Basel II?
Equity Forum Autumn 2003 in Frankfurt. Ernst & Young will co-host the event. The German
Equity Forum is Europe’s most successful platform for establishing contacts between com-
panies looking to raise equity capital as well as institutional investors and private equity
providers. Internet: www.eigenkapitalforum.com


Attractive Evening Trade for Private Investors in Frankfurt

Since 3 November 2003, Deutsche Börse and the lead brokers at FWB ® Frankfurter
Wertpapierbörse (Frankfurt Stock Exchange) have made the evening trade more attractive
for private investors, ensuring liquid trading from 5.30pm onwards. After 5.30pm the inde-
pendent lead brokers on the trading floor guarantee a spread of no more than 0.5 percent
for up to €10,000 per price fixing. Furthermore, they have committed themselves to imme-
diately executing orders within the tax. Private investors thus benefit from anytime-tradable
prices and order sizes in German blue-chips.



Index Overview
Performance over 12 months
                                                                                                                                   DAX       MDAX             SDAX         TecDAX      CDAX

 150 %

 140 %

 130 %

 120 %

 110 %

 100 %

  90 %

  80 %

  70 %

  60 %
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Key Figures

                                                           DAX                MDAX                  SDAX             TecDAX                            CDAX   Prime All Share General Standard

Number of companies                                          30                  50                   50                 30                            689                  378                     498
Market capitalization in € m.*                      383,825                  37,377                 5,220            10,664                 455,573                     457,406                       -
Turnover in € m.                                          69,030              3,968                  263              1,657                   76,484                     76,484           2,010
Index as at: end of October                       3,655.99                  4,360.53       2,555.37                  563.44                   320.93                    1,369.67                      -
Performance October in %                                   12.26              10.10                  4.76             16.07                      11.70                    12.04                       -

* Market capitalization on the basis of shares in the free float
                                  facts & figures
November 2003                     Prime Standard & General Standard


Indices in Comparison
Performance in October
DAX ® (12.26%)
3800
                                                                 Performance ↑                                       in %         Performance ↓                                       in %
3650                                                             Commerzbank AG                                      35.78        Altana AG                                          -1.06
                                                                 MAN AG                                              30.06        Fresenius Medical Care AG                          -0.89
3500                                                             Bayr. Hypo- und Vereinsbank AG                      28.30        E.ON AG                                             3.77
                                                                 Thyssenkrupp AG                                     24.57        RWE AG                                              4.64
3350                                                             Allianz AG                                          21.66        BASF AG                                             4.67

3200
                                                                 Most Active                          Turnover** in € m.         Most Liquid (XLM*)                                   Bp.
Turnover in € m. (Xetra share: 98%)                               Allianz AG.                                    6,538.00         Siemens AG                                          9.05
 5000                                                             Münch. Rückversicherungs-Gesellschaft AG       6,371.68         Allianz AG                                        10.40
 3750
                                                                  Siemens AG                                     6,266.20         Deutsche Telekom AG                               10.43
 2500
                                                                  SAP AG                                         5,922.85         Deutsche Bank AG                                  10.73
 1250
                                                                  Deutsche Telekom AG                            5,575.07         E.ON AG                                           10.91
    0


 MDAX ® (10.10%)
4500
                                                                 Performance ↑                                       in %        Performance ↓                                       in %
                                                                 Hochtief AG                                         38.09       Zapf Creation AG                                   -19.19
4250
                                                                 ProSiebenSat.1 Media AG                             34.93       Beiersdorf AG                                      -11.58
4000                                                             EADS Company                                        31.79       Fraport AG                                          -4.04
                                                                 MLP AG                                              25.95       Stada Arzneimittel AG                               -3.07
3750                                                             Aareal BANK AG                                      25.85       Karstadt Quelle AG                                  -2.46

3500
                                                                 Most Active                          Turnover** in € m.         Most Liquid (XLM*)                                   Bp.
Turnover in € m. (Xetra share: 93%)                               Beiersdorf AG                                    739.96        Puma AG                                            35.86
 400                                                              Puma AG                                          421.55        Beiersdorf AG                                      39.39
 300
                                                                  Stada Arzneimittel AG                            195.57        Stada Arzneimittel AG                              42.90
 200
                                                                  MLP AG                                           191.07        DEPFA Bank plc                                     43.26
 100
                                                                  ProSiebenSat.1 Media AG                          180.25        Celesio AG                                         62.85
   0


SDAX ® (4.76%)
2600
                                                                  Performance ↑                                       in %       Performance ↓                                       in %
2550                                                              Deutsche Beteiligungs AG                           41.77       Holsten-Brauerei AG                                -14.63
                                                                  Escada AG                                          32.15       Loewe AG                                           -10.91
2500                                                              DAB Bank AG                                        28.73       Villeroy und Boch AG                                -8.39
                                                                  Advanced Component Group AG                        25.30       AVA AG                                              -6.38
2450                                                              Deutscher Industrie Service AG                     22.49       Highlight Communications AG                         -5.49

2400
                                                                 Most Active                          Turnover** in € m.         Most Liquid (XLM*)                                   Bp.
Turnover in € m. (Xetra share: 71%)                               Holsten-Brauerei AG                                23.45       W.E.T. Automotive Systems AG                      201.33
  20                                                              Advanced Component Group AG                        18.53       Deutsche Euroshop AG                              216.10
  15
                                                                  Balda AG                                           18.35       Indus Holding AG                                  222.61
  10
                                                                  Escada AG                                          13.51       MVV Energie AG                                    150.75
   5
                                                                  DAB Bank AG                                        12.78       Kolbenschmidt Pierburg AG                         287.61
   0


TecDAX ® (16.07%)
 590
                                                                  Performance ↑                                      in %        Performance ↓                                       in %
 560                                                             IXOS Software AG                                    60.50       FJH AG                                              -7.78
                                                                 Micronas Semiconductor Holding AG                   38.69       REpower Systems AG                                  -5.19
 530                                                             AT&S AG                                             35.18       BB Biotech AG                                       -4.33
                                                                 IDS Scheer AG                                       34.60       freenet.de AG                                        1.01
 500                                                             Draegerwerk AG                                      32.92       Teles AG                                             1.23

 470
                                                                  Most Active                          Turnover** in € m.        Most Liquid (XLM*)                                   Bp.
Turnover in € m. (Xetra share: 88%)                               T-Online International AG                         358.19       T-Online International AG                          45.57
 200                                                              Epcos AG                                          227.42       BB Biotech AG                                      72.30
 150
                                                                  Mobilcom AG                                       145.55       Epcos AG                                           74.05
 100
                                                                  Qiagen NV                                         111.04       Mobilcom AG                                        93.05
  50
                                                                  IXOS Software AG                                   84.94       freenet.de AG                                      97.74
   0

 * The Xetra Liquidity Measure (XLM) quantifies liquidity costs in basis points (bp) for the immediate execution of both a buy order and sell order based on an order volume of €100,000.

 ** Order book turnover: FWB Frankfurter Wertpapierbörse (trading floor) and Xetra
                                    facts & figures
November 2003                       Prime Standard & General Standard




 General Standard                                                   Prime Standard
 Overview October 2003                                              Overview October 2003

  Most Active                           Turnover* in € m.           Performance ↑                                           in %               Most Active                                        Turnover* in € m.
  Nokia Corp.                                       794.29          Advanced Medien AG                                    484.62               Allianz AG.                                                    6,538.00
  Porsche AG                                        604.26          Nemetschek AG                                          82.50               Münch. Rückversicherungs-Gesellschaft AG                       6,371.68
  Royal Dutch                                         96.64         Basler AG                                              71.92               Siemens AG                                                     6,266.20
  Aventis S.A.                                        51.84         Eckert+Ziegler AG                                      64.27               SAP AG                                                         5,922.85
  Philips                                             45.98         On Track Innovations Ltd.                              63.99               Deutsche Telekom AG                                            5,575.07
  Unilever                                            43.62
  ING Groep NV                                        39.10
  Aegon NV                                            24.53         Performance ↓                                            in %
  INTL Business Maschines Corp.                       21.61         Fantastic Corp.                                       -37.89
  Alcatel S.A.                                        18.95         Adcon Telemetry AG                                    -31.03
  ABN AMRO Holding NV                                 16.68         Zapf Creation AG                                      -19.19
  Nestle                                              14.93         Intertainment AG                                      -18.05
  ABB Ltd.                                            14.26         Mosaic Software AG                                    -17.62

 * Order book turnover: FWB Frankfurter Wertpapierbörse (trading floor) and Xetra




 Prime Standard Sector Indices                                     International Blue-Chip Indices
 Performance in October 2003                                       Performance over 12 months
                                                                                                                 DAX       DJ Industrial Average               FTSE 100         CAC 40            EuroSTOXX 50
                                                                   120 %
 Automobile                              8.16 %                    150 %

                                                                   110 %
 Banks                                          17.49 %
                                                                   105 %
 Basic Resources                        5.72 %                     100 %

 Chemicals                               7.44 %                     95 %

                                                                     90 %
 Construction                                   19.12 %
                                                                     85 %

 Consumer                              4.43 %                        80 %

                                                                     75 %
 Financial Serv.                            13.07 %
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 Food & Bev.              -0.62 %

 Industrial                                      20.28 %
                                                                   Internationale Technology Indices
 Insurance                                         22.39 %         Performance over 12 months
                                                                                                                                     TecDAX                 Nasdaq 100        TechMARK             NextEconomy
                                                                   160 %
 Media                                             22.13 %
                                                                   150 %

 Pharma & Health                       3.57 %                      140 %

                                                                   130 %
 Retail                                  7.81 %
                                                                   120 %
 Software                                        19.53 %           110 %

                                                                   100 %
 Technology                                  13.93 %
                                                                     90 %
 Telecomms.                               8.93 %
                                                                     80 %

 Transport. & Log.                          13.03 %                  70 %
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 Utilities                             4.03 %
                                                               facts & figures
November 2003                                                  Prime Standard & General Standard




Sentiment Indicators 12 November 2003*                                                                                                                                                                            Market Development October 2003 **

DAX Sentiment Index                                                                                                TecDAX Sentiment Index                                                                         Consolidation on Price Earnings Since March

100 %                                                                                                       4000   100 %                                                                                    600   Events on the international stock markets in
 90 %                                                                                                               90 %                                                                                          September were shaped considerably by develop-
                                                                                                                                                                                                            550
 80 %                                                                                                               80 %                                                                                          ments on the forex markets, following price gains
                                                                                                            3500
 70 %                                                                                                               70 %                                                                                    500   in the previous months. The US dollar's decline
 60 %                                                                                                               60 %                                                                                    450   compared to the euro, from 1.075 to around
 50 %                                                                                                       3000    50 %                                                                                          1.185, led to significant share-price declines, par-
 40 %                                                                                                               40 %                                                                                    400
                                                                                                                                                                                                                  ticularly among currency-senisitve branchess such
 30 %                                                                                                               30 %                                                                                    350
                                                                                                            2500                                                                                                  as the European automobile sector, making the
 20 %                                                                                                               20 %
 10 %                                                                                                               10 %
                                                                                                                                                                                                            300   Dow Jones STOXX Automobiles index the second-
  0%                                                                                                        2000     0%                                                                                     250   weakest among the 18 Dow Jones Stoxx sectors.
                                                                                                                                                                                                                  Accompanied by disappointing economic data, the
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                                                                                                                                                                                                                  most important international share indices lost in
                                                                                                                                                                                                                  September only a small portion of the gains they
                                                                                                                                                                                                                  have posted since March. Looking at the DAX, this
                                                                                                                                                                                                                  loss was 13 precent from Septmeber's high to
The pace at which the DAX® crested to a new                                                                        The technology index soared with relative ease                                                 September's low, while the index had gained
high for the year came as a surprise. Short-term                                                                   to a new high for the year. However, this high                                                 almost 68 percent by September from the time of
oriented traders apparently provided pent-up                                                                       could not be exceeded in the following days.                                                   its low for the year in March.
demand as they sold short positions. While neg-                                                                    The level of optimism cooled somewhat here
ative news was still taboo a week ago, the signs                                                                   as well and the Bull/Bear-Index® shows that                                                    ** Source: Commerzbank, Sandra Schiller
of a correction are now increasing.                                                                                the more than a quarter of all TecDAX® bulls
                                                                                                                   have picked up camp and moved.

* Source: Cognitrend. The blue bars in the graphic represent the amount of optimism in the market. They are calculated by taking
the ratio of optimists to pessimists and then weighing it against the number of neutral voices. However, the absolute size of the
value is not relevant for our analysis; more important is how the value changes during the respective period. The complete report
on the DAX and TecDAX sentiment indices can be accessed on our web site under: deutsche-boerse.com > Trading & Clearing >
Private Investors > What’s New > Sentiment Indicators.




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