1.  Introduction

This circular is intended to inform you about the integration of

• the General Terms and Conditions of Börse Frankfurt Zertifikate AG for the Trading with Structured Products in the Regulated Unofficial Market on Frankfurter Wertpapierbörse (FWB) (“BFZAG Terms and Conditions Open Market”) into the General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market (Freiverkehr) on Frankfurter Wertpapierbörse (“Terms and Conditions Open Market”),

• the Price List for the Agreement on the Utilization of the Exchange-EDP of Frankfurt Stock Exchange and of the EDP Xontro for Trading in Structured Products (“Price List BFZAG”) into the Price List for the Utilization of the Exchange EDP of FWB Frankfurt Stock Exchange and of the EDP XONTRO (“Price List”)

and the amendment of

• the Agreement on the Utilization of the Exchange-EDP of the Frankfurt Stock Exchange and of the EDP Xontro (Connection Agreement)

due to the merger of Börse Frankfurt Zertifikate AG (“BFZAG”) into Deutsche Börse AG (“DBAG”).

2.  Required action

There is no particular action required from the Trading Participants.

3.  Details

The merger of BFZAG into DBAG is scheduled to take place in Spring 2023. In the course of the merger of BFZAG into DBAG, all legal relationships of BFZAG will be transferred to DBAG pursuant to § 20 of the German Transformation Act (Umwandlungsgesetz) by way of universal succession.

Therefore, it is required to integrate the provisions of the BFZAG Terms and Conditions Open Market into the Terms and Conditions Open Market and hence expand the relevant Price List with the provisions of the BFZAG Price List. Please refer to the respective Attachment for the detailed changes.

Pursuant to § 40 (1) of the Terms and Conditions Open Market, the amendments to the Terms and Conditions Open Market are made known to Participants, Applying Issuers, guarantors and supporting Capital Market Partners in writing or electronically no later than three (3) weeks before their coming into effect. The amendments are deemed approved unless the Participant, Applying Issuer, guarantor or supporting Capital Market Partner submits objections in writing or electronically prior to the effective date.

The amendments to the General Terms and Conditions to the Connection Agreement (Connection Agreement) are made known to Trading Participants no later than six (6) weeks before their coming into effect. The amendments are deemed approved unless the Trading Participant submits objections in writing to DBAG.

Aforementioned changes will come into effect on the day of the entry of the merger of BFZAG into DBAG in the commercial register of DBAG, however, not before 7 April 2023.

The entry of the merger of BFZAG into DBAG in the commercial register of DBAG will be announced separately.

Attachments:

Amended sections of the following rules and regulations:

• 1 – General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market (Freiverkehr) on Frankfurter Wertpapierbörse - overview of amendments
• 2 – Price List for the Utilization of the Exchange EDP of FWB Frankfurt Stock Exchange and of the EDP XONTRO - overview of amendments
• 3 – Agreement on the Utilization of the Exchange-EDP of the Frankfurt Stock Exchange and of the EDP Xontro (Connection Agreement) - overview of amendments

Further information