DESIGNATED SPONSOR RATING

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1 July 2018 Xetra. The market. DESIGNATED SPONSOR RATING Rating of Designated Sponsors for the second quarter of 2018 Sorted by name of the Designated Sponsor. Rating AA Designated Sponsor Registered shares MDAX TecDAX SDAX Other RM* Scale / BB* BAADER BANK AG BANKHAUS LAMPE KG COMMERZBANK AG DEUTSCHE BANK AG DZ BANK AG DT. ZENTRAL-GENOSSENSCHAFTSB EQUINET BANK AG FINTECH GROUP BANK AG GOLDMAN SACHS INTERNATIONAL, LONDON HAUCK & AUFHAEUSER PRIVATBANKIERS AG HSBC TRINKAUS & BURKHARDT AG ICF BANK AG WERTPAPIERHANDELSBANK JOH. BERENBERG, GOSSLER & CO. KG KEPLER CHEUVREUX LANDESBANK BADEN-WUERTTEMBERG LANG & SCHWARZ BROKER GMBH M.M. WARBURG & CO (AG & CO.) KGAA MORGAN STANLEY & CO. INTERNATIONAL PLC

2 Rating of Designated Sponsors 2 ODDO SEYDLER BANK AG WOLFGANG STEUBING AG Total registered shares Rating AD Designated Sponsor Registered shares MDAX TecDAX SDAX Other RM* Scale / BB* J.P.MORGAN SECURITIES PLC Total registered shares

3 Rating of Designated Sponsors 3 The following Designated Sponsors do not get a rating because they did not fulfil the minimum requirements of more than 10 per cent of the shares they are registered for: Designated Sponsor Registered shares MDAX TecDAX SDAX Other RM* Scale / BB* ACON ACTIENBANK AG BHF-BANK AG BNP PARIBAS ARBITRAGE SNC KEMPEN & CO N.V RAIFFEISEN CENTROBANK AG RENELL WERTPAPIERHANDELSBANK AG TREMMEL WERTPAPIERHANDELSBANK Total registered shares RM* / BB* = Regulated Market / Basic Board 3

4 Rating of Designated Sponsors 4 Rating of the Designated Sponsors Experts within a System The Designated Sponsor Over 600 shares are supported by designated sponsors on Xetra. Banks and securities firms act as designated sponsors, raising the shares liquidity by offering to buy and sell in mid and small caps, thereby guaranteeing the price quality of supported shares. Securities with insufficient liquidity need a Designated Sponsor to be traded continuously. Functions as these conducted in Xetra dealings can be augmented by additional services provided by the designated sponsor. Examples of such services would be research and support in investor relations or the fulfilment of compulsory disclosure. Rating as a Quality Mark At present, there are 27 of 36 active designated sponsors in equities of MDAX, TecDAX, SDAX, Other shares of Regulated Market and Other shares of General Standard, Scale segment and Basic Board. In order to present these liquidity providers in an intelligible manner and also to be able to compare them Deutsche Börse has implemented a rating system - a kind of quality mark. For designated sponsors this rating is both a stimulus as well as an advertisement: issuers can more readily receive information about their designated sponsors services and designated sponsors receive effective argumentation when trying to win new customer relations. The Rating Concept The average quoting time, the average spread and a designated sponsor s trading volume are part of the rating. The quoting time is the period in which the designated sponsor offers liquidity. The average spread is weighted and describes the percentage spread between a designated sponsor s offer on the buyer s and the seller s side. A bonus for quoting time and spread is attained by regarding the volume achieved within the framework of a designated sponsor s activities. Following supported instruments are included in a total rating: instruments of regulated market and instruments of Scale segment 4

5 Rating of Designated Sponsors 5 instruments of Basic Board Following supported instruments are not included in a total rating: other instruments of unregulated market Exchange Traded Funds, Exchange Traded Commodities and Exchange Traded Notes. Before granting a rating, the set minimum requirements for a designated sponsor regarding the minimum quotation time and the participation in the auctions of at least 90% of the shares the designated sponsor is registered for must always be met. 5

6 Rating of Designated Sponsors 6 Rating Classes The rating is measured based on the above named rating and is issued in the form of a combination of letters from A to D (Top-Rating AA ). The following table shows the rating measure and the division into rating classes. Average quotation time in relation to the effective trading time* Rating class Average spread in relation to maximum Spread** Rating class Quotation time 90% A Spread 75% A 75% Quotation time < 90% B 75% < Spread 80% B 65% Quotation time < 75% C 80% < Spread 85% C 50 Quotation time < 65% D Spread > 85% D * An average quotation time of 90% means that a Designated Sponsor has quoted on average for 90% of continuous trading. ** A spread of 75% means that the maximum spread of the respective share surpassed an average of 25%. Publication A rating is published every quarter and is available on the Xetra -Homepage Deutsche Börse AG Eschborn 6