Equity Options at Eurex Exchange. July 2014

Equity Options at Eurex Exchange July 2014

Eurex Exchange Offers a Wide Range of Equity Options Eurex market participants are now able to trade equity options on over 500 stocks, from 13 countries.* The range offers access to all the components of the EURO STOXX 50 and STOXX Europe 50 Index, as well as mostly components in the STOXX Europe 600, STOXX Europe Large 200, STOXX Europe Mid 200, STOXX Europe Small 200 indices and DJ Global Titans 50(SM). Equity Options Underlying Index Components No. of Equity Currency Country Covered Options CHF Switzerland SMI, SLI and SMIM 75 Austria ATX, ATX five 24 Belgium BEL 20 18 Germany DAX, MDAX, TecDAX 159 Spain IBEX 35 9 Finland OMX Stockholm 30 14 EUR France CAC 40 92 Ireland ISEQ 20 9 Italy S&P MIB 36 Netherlands AEX Index 35 Sweden OMX Stockholm 30 2 GBP, EUR UK FTSE 100 33 USD Russia RDX USD 7 Total 512 *Equity options are not available for firms trading from the U.S. 2

Thousands Millions Equity Options at Eurex Exchange July 2014 Equity Options Volume Development Over 90 million equity options contracts were traded in the first half of 2014 Execution of EO trades is split evenly between Orderbook and OTC trades 45% of the volume is generated by Principal and Agent accounts 25.000 Equity Options traded contracts and open interest 60,0 Volume per Account* 11% 34% 55% 20.000 15.000 10.000 50,0 40,0 30,0 20,0 A - Agent M - Market Maker P - Principal * Account Share for H1 2014 Trade Execution * 5.000 0 10,0 0,0 45% 55% 2012 2013 2014 OTC Trade Volume Orderbook Volume OI adjusted Equity Options OTC Trade Volume * Account Share for H1 2014 Orderbook Volume 3

Equity Options by Segment Equity Options volume by underlying country H1 2014 Four country segments (Germany, Switzerland, Finland and France) accounted for 89% of the traded volume in the first half of 2014. Dutch and French segment grew in H1 2014 by 57% and 19% respectively when compared to the same period in 2013. Top 10 equity options in H1 2014: Product Product code Traded Contracts in H1 2014 Nokia NOA3 7,587,126 Deutsche Telekom DTE 4,741,759 E.ON EOA 4,081,052 Nestlé NESN 3,883,709 Deutsche Bank DBK 3,609,243 Commerzbank CBK 3,230,912 UBS UBSN 2,929,684 Daimler DAI 2,914,366 Deutsche Post SAP 2,648,359 Novartis NOVN 2,645,972 Total 38,272,782 Switzerland 23% Finland 9% France 12% Netherlands 5% Spain 4% Others* 2% Germany 45% *Others: Italy, Belgium, Great Britain, Austria, UK, Russia, Ireland, Sweden, Luxembourg Country of underlying Traded Contracts in H1 2014 Germany 40,567,067 Switzerland 20,496,499 France 11,129,260 Finland 7,822,095 Netherlands 4,555,068 Spain 3,299,572 Others* 2,243,518 Total 90,113,079 4

Contract Specifications Contract size Price quotation Tick size Contract months Daily settlement price Final settlement price Settlement Last trading day Option premium Trading hours 1, 10, 100, 500, 1,000, 2,500 or 5,000 shares EUR**/CHF/USD: 0.01 GBP: 0.25 or 0.5 ** Exceptions - Italian equity options: EUR 0.0005 - Bank of Ireland and Permanent TSB holdings : EUR0.001 Up to 12, 24 and 60 months: The three nearest successive calendar months, the three (for Spanish equity options nine) following quarterly months of the March, June, September and December cycle thereafter, and the four (for Spanish equity options the nearest) following semi-annual months of the June and December cycle thereafter, and the two following annual months of the December cycle thereafter. The daily settlement price is established by Eurex. The daily settlement prices for equity options are determined through the binomial model according to Cox/Ross/Rubinstein. If necessary, dividend expectations, current interest rates or other payments are taken into consideration. American-style; an option can be exercised until the end of the Post-Trading Full Period (20:00 CET) on any trading day during the lifetime of the option. European-style for equity options with group ID DE 14, CH14, FI14, FR14 and NL14; an option can only be exercised on the Last Trading Day until the end of the Post-Trading Full Period (20:00 CET).European-style Russian equity options: an option can only be exercised on the last trading day until the end of the Post-Trading Full Period (17:40 CET). Physical delivery of underlying shares two or three exchange trading days after exercise: Standard: t+3; German equity options t+2; Third Friday of the respective month, for Italian equity options the day before the third Friday, of each expiration month, if this is an exchange day; otherwise, the exchange day immediately preceding that day. The premium is payable in full in the currency of the respective contract on the exchange day following the day of the trade. Order book: 09:00-17:30 CET; Swiss EO: 09:00-17:20 CET; Russian EO: 09:15-16:30 CET EurexOTC: 09:00-19:00 CET; Austrian EO: 09:15-19:00 CET; UK and Irish EO: 09:00-18:30 CET; Russian EO: 10:00-19:00 CET ( 16:30-17:00 CET on the last trading day of Russian EO) The opening time of 09:00 is considered a reference point. Eurex opens its equity options staggered between 08:50-09:05 The closing time of 17.30 is considered a reference point. Eurex closes its equity options staggered between 17:30-17:36 5

Product Variations Weekly Options and Europeans Weekly Options Weekly options are available on: Daimler (DAI), Deutsche Bank (DBW), Deutsche Telekom (DTE) and Nokia (NOA). Weekly options expire every Friday. Contract specifications are similar to the monthly options. Advantages: Lower premiums Implement more targeted strategies, i.e.: tailor strategies around specific market events Wider choice of expiry dates Short-term investment in the underlying equity European-Style Options European-style options are available on 29 equity underlyings (full list in the appendix). The exercise style is the only difference between the American and European equity options contract specifications. Advantages: Implement more targeted strategies Option can only be exercised at the end of the month Remove uncertainty of executions during the options lifetime Cheaper than American-style options 6

Eurex Trade Entry Services Offers You Safety Participants can enter off-order book trades into the Eurex system, benefiting from the safety of clearing and settlement as well as the flexibility of OTC trades. Eurex Trade Entry Services Members are able to enter bilaterally agreed OTC transactions into the trading and clearing system. Registered OTC trades are then automatically cleared like regular exchange transactions. The Eurex Trade Entry Services facility is fully electronic and integrated into members processes (Minimum number of contracts apply) Eurex Trade Entry Services Nondisclosure facility Block trades reaching or exceeding a certain number of contracts (defined by the exchange) are not disclosed intraday. Thresholds are: 1,001, 2,501, 5,001, 10,001 and 20,001 contracts, On the following day, reports will contain updated volumes and open interest, including the ones that were not disclosed. 7

and flexibility Participants can enter off-order book trades into the Eurex system, benefiting from the safety of clearing and settlement as well as the flexibility of OTC trades Flexible Options Multilateral Trade Registration Allows customisation of equity options to suit the participant requirement. Users can define exercise price, expiration date, exercise style and settlement type. Flexible contracts are not disclosed intra-day. Members can enter an OTC transaction involving multiple counterparties with automated confirmation. Partial trades can be entered which can be assigned to counterparties. Block trade fee caps are applied to all partial trades. Fees apply only up to the fee cap, providing substantial cost efficiencies Participants are able to enter equity options delta-neutral strategies trades with an Eurex Vola Strategy integrated cash leg. The facility provides straight-through processing for all legs of a volatility strategy including the equity cash leg. 8

Transparent fee structure Among the major European markets, Eurex Exchange offers the most competitive fees for trading equity options and Low Exercise Price Options (LEPOs) : Product currency Trading and clearing covered by one fee Up to 80% fee rebates are available, depending on monthly proprietary trading volume One fee for all account types Transaction fees Threshold Exercise fee Fee per lot Reduced fee* A-Account P-Account Fee per lot** Orderbook OTC Orderbook OTC (contracts) (contracts) EUR 0.10 0.10 0.05 0.05 CHF 0.15 0.15 0.08 0.08 0.15 1,000 500 GBP 0.15 0.15 0.08 0.08 0.15 USD 0.15 0.15 0.08 0.08 0.15 OTC fee applies to all transactions executed via the Eurex Block Trade Service and to flexible options 0.10 *Applies to contracts exceeding the threshold **No fees are charged for exercise of LEPOs 9

Further information For full equity option product list, contracts specifications and parameters: http:///exchange-en/products/equ/opt/ Corporate actions adjustment process: http:///exchange-en/products/equ/corporate-actions-procedures/ EurexOTC Trade Entry Services: http:///exchange-en/trading/eurex-otc-trade-entry/ Market Making : http:///exchange-en/trading/market-model/market-making/ Broker & Market Makers: http:///exchange-en/resources/participant-list/ Trading Fees: http:///exchange-en/trading/trading-fees-prices/ 10

Contacts Eurex London Office London Representative Office 11 Westferry Circus, Canary Wharf London, E14 4HE United Kingdom P: +44 (0)207 8 62-70 00 Info.uk@eurexchange.com Eurex Frankfurt AG Frankfurt Office The Cube (visitors address) Mergenthalerallee 61 65760 Eschborn Germany T: +49 69 211-13940 eurex.sales@eurexchange.com Eurex Hong Kong Representative Office Room 1101, 11F 2904-7, 29/F Man Yee Building 68 Des Voeux Road Central Hong Kong T: +852-25 30-78 00 Info.hong-kong@eurexchange.com Eurex Frankfurt AG Singapore Branch 9 Raffles Place #56-01, Republic Plaza Singapore 048619 Republic of Singapore T: +65 6597 3051 Info.singapore@eurexchange.com Deutsche Börse Group Tokyo Representative Office 12th floor Yurakucho ITOCiA, 2-7-1 Yurakucho, Chiyoda-ku Tokyo, 100-0006 Japan T: +81-3-58 47-82 04 Info.japan@eurexchange.com Eurex Zürich AG Löwenstrasse 3 8021 Zurich Switzerland P: +41 43 430-7260 info.switzerland@eurexchange.com Eurex France Representative Office 17, Rue de Surène 75008 Paris France T: +33-1-55 27-6767 info.france@eurexchange.com Eurex New York Office 60 Broad Street, 26th floor New York, NY 10004 USA T: +1 212 918-4828 F: +1 312 544-1579 info.usa@eurexchange.com Eurex Chicago Office 233 South Wacker Drive, Suite 2450 Chicago, IL 60606 USA T: +1 312 544-1000 info.usa@eurexchange.com Trading T: +49 69 211-1 12 10 Eurex Functional Helpdesks Clearing T: +49 69 211-1 12 50 Eurex Technical Helpdesk Technical T: +49 69 211-1 12 00 11

Appendix List of European Equity options Product Product name Underlying ISIN of the Underlying Product Product name Underlying ISIN of the Underlying ABBE OPT E ON ABB LTD ABB LTD CH0012221716 INNE OPT E ON ING GROEP NV CVA ING GROEP NV CVA NL0000303600 ADSE OPT E ON ADIDAS AG ADIDAS AG DE000A1EWWW0 MEOE OPT E ON METRO AG METRO DE0007257503 ALVE OPT E ON ALLIANZ ALLIANZ SE DE0008404005 MRKE OPT E ON MERCK AG MERCK KGAA DE0006599905 AXAE OPT E ON AXA AXA FR0000120628 MUVE OPT E MUENCHENER RUECKVERSICHE MUENCHENER RUECKVERSICHE DE0008430026 BASE OPT E ON BASF BASF SE DE000BASF111 NESE OPT E ON NESTLE AG,NOM NESTLE AG, NOM. CH0038863350 BAYE OPT E ON BAYER BAYER AG DE000BAY0017 NOAE OPT E ON NOKIA CORP. A FM 5 NOKIA CORP. A FM 5 FI0009000681 BMWE OPT E ON BMW AG BMW AG DE0005190003 NOVE OPT E ON NOVARTIS AG NOVARTIS AG CH0012005267 CBKE OPT E ON COMMERZBANK COMMERZBANK AG DE000CBK1001 ROGE OPT E ON ROCHE HOLDING ROCHE NES CH0012032048 CSGE OPT E ON CS GROUP NAMEN CS GROUP NAMEN CH0012138530 RWEE OPT E ON RWE RWE AG -ST- DE0007037129 DAIE OPT E ON DAIMLER DAIMLER AG DE0007100000 SAPE OPT E ON SAP SAP AG DE0007164600 DBKE OPT E ON DEUTSCHE BANK DEUTSCHE BANK AG DE0005140008 SIEE OPT E ON SIEMENS SIEMENS AG DE0007236101 DTEE OPT E ON DEUTSCHE TELEKOM DEUTSCHE TELEKOM AG DE0005557508 SREE OPT E ON SWISS RE AG SWISS RE AG CH0126881561 EOAE OPT E ON E.ON SE E.ON SE DE000ENAG999 UBSE OPT E ON UBS AG UBS AG CH0024899483 FTEE OPT E ON ORANGE ORANGE FR0000133308 ZURE OPT E ON ZURICH INSURANCE GROUP ZURICH INSURANCE GROUP CH0011075394 IFXE OPT E ON INFINEON AG INFINEON AG DE0006231004 12

Eurex 2014 Deutsche Börse AG (DBAG), Clearstream Banking AG (Clearstream), Eurex Frankfurt AG, Eurex Clearing AG (Eurex Clearing) as well as Eurex Bonds GmbH (Eurex Bonds) and Eurex Repo GmbH (Eurex Repo) are corporate entities and are registered under German law. Eurex Zürich AG is a corporate entity and is registered under Swiss law. Clearstream Banking S.A. is a corporate entity and is registered under Luxembourg law. U.S. Exchange Holdings, Inc. and International Securities Exchange Holdings, Inc. (ISE) are corporate entities and are registered under U.S. American law. Eurex Frankfurt AG (Eurex) is the administrating and operating institution of Eurex Deutschland. Eurex Deutschland and Eurex Zürich AG are in the following referred to as the Eurex Exchanges. All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof (other than certain trademarks and service marks listed below) are owned by DBAG and its affiliates and subsidiaries including, without limitation, all patent, registered design, copyright, trademark and service mark rights. While reasonable care has been taken in the preparation of this publication to provide details that are accurate and not misleading at the time of publication DBAG, Clearstream, Eurex, Eurex Clearing, Eurex Bonds, Eurex Repo as well as the Eurex Exchanges and their respective servants and agents (a) do not make any representations or warranties regarding the information contained herein, whether express or implied, including without limitation any implied warranty of merchantability or fitness for a particular purpose or any warranty with respect to the accuracy, correctness, quality, completeness or timeliness of such information, and (b) shall not be responsible or liable for any third party s use of any information contained herein under any circumstances, including, without limitation, in connection with actual trading or otherwise or for any errors or omissions contained in this publication. This publication is published for information purposes only and shall not constitute investment advice respectively does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. This publication is not intended for solicitation purposes but only for use as general information. All descriptions, examples and calculations contained in this publication are for illustrative purposes only. Eurex and Eurex Clearing offer services directly to members of the Eurex exchanges respectively to clearing members of Eurex Clearing. Those who desire to trade any products available on the Eurex market or who desire to offer and sell any such products to others or who desire to possess a clearing license of Eurex Clearing in order to participate in the clearing process provided by Eurex Clearing, should consider legal and regulatory requirements of those jurisdictions relevant to them, as well as the risks associated with such products, before doing so. Eurex derivatives (other than EURO STOXX 50 Index Futures contracts, EURO STOXX Select Dividend 30 Index Futures contracts, STOXX Europe 50 Index Futures contracts, STOXX Europe 600 Banks/Industrial Goods & Services/Insurance/Media/Travel & Leisure/Utilities Futures contracts, Dow Jones Global Titans 50 IndexSM Futures contracts, DAX Futures contracts, MDAX Futures contracts, TecDAX Futures contracts, SMIM Futures contracts, SLI Swiss Leader Index Futures contracts, Eurex inflation/commodity/weather/property and interest rate derivatives) are currently not available for offer, sale or trading in the United States or by United States persons.. Trademarks and Service Marks Buxl, DAX, DivDAX, eb.rexx, Eurex, Eurex Bonds, Eurex Repo, Eurex Strategy WizardSM, Euro GC Pooling, FDAX, FWB, GC Pooling,,GCPI, MDAX, ODAX, SDAX, TecDAX, USD GC Pooling, VDAX, VDAX-NEW and Xetra are registered trademarks of DBAG. Phelix Base and Phelix Peak are registered trademarks of European Energy Exchange AG (EEX). The service marks MSCI Russia and MSCI Japan are the exclusive property of MSCI Barra. itraxx is a registered trademark of International Index Company Limited (IIC) and has been licensed for the use by Eurex. IIC does not approve, endorse or recommend Eurex or itraxx Europe 5-year Index Futures, itraxx Europe HiVol 5-year Index Futures and itraxx Europe Crossover 5-year Index Futures. Eurex is solely responsible for the creation of the Eurex itraxx Credit Futures contracts, their trading and market surveillance. ISDA neither sponsors nor endorses the product s use. ISDA is a registered trademark of the International Swaps and Derivatives Association, Inc. IPD UK Annual All Property Index is a registered trademark of Investment Property Databank Ltd. IPD and has been licensed for the use by Eurex for derivatives. SLI, SMI and SMIM are registered trademarks of SIX Swiss Exchange AG. The STOXX indexes, the data included therein and the trademarks used in the index names are the intellectual property of STOXX Limited and/or its licensors Eurex derivatives based on the STOXX indexes are in no way sponsored, endorsed, sold or promoted by STOXX and its licensors and neither STOXX nor its licensors shall have any liability with respect thereto.. Dow Jones, Dow Jones Global Titans 50 IndexSM and Dow Jones Sector Titans IndexesSM are service marks of Dow Jones & Company, Inc. Dow Jones-UBS Commodity IndexSM and any related sub-indexes are service marks of Dow Jones & Company, Inc. and UBS AG. All derivatives based on these indexes are not sponsored, endorsed, sold or promoted by Dow Jones & Company, Inc. or UBS AG, and neither party makes any representation regarding the advisability of trading or of investing in such products. All references to London Gold and Silver Fixing prices are used with the permission of The London Gold Market Fixing Limited as well as The London Silver Market Fixing Limited, which for the avoidance of doubt has no involvement with and accepts no responsibility whatsoever for the underlying product to which the Fixing prices may be referenced. PCS and Property Claim Services are registered trademarks of ISO Services, Inc. Korea Exchange, KRX, KOSPI and KOSPI 200 are registered trademarks of Korea Exchange Inc. BSE and SENSEX are trademarks/service marks of Bombay Stock Exchange (BSE) and all rights accruing from the same, statutory or otherwise, wholly vest with BSE. Any violation of the above would constitute an offence under the laws of India and international treaties governing the same. The names of other companies and third party products may be trademarks or service marks of their respective owners. 13