Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Börse Group — Investor Day (June 2012)
69 slides from Deutsche Boerse's investor day presentation, Jun 1, 2012
Slide 1: Investor Day 2012
Investor Day 2012 Frankfurt/Main 1 June 2012
Slide 2: Agenda
Deutsche Börse Group, Investor Day, 1 June 2012 Agenda 10.00 Group Strategy / Financials 13.15 Xetra – Cash Market Reto Francioni, Chief Executive Officer Frank Gerstenschläger Gregor Pottmeyer, Chief Financial Officer Member of the Executive Board Eurex – Derivatives Market Market Data & Analytics
Slide 3: Agenda
Deutsche Börse Group, Investor Day, 1 June 2012 Agenda Group Strategy / Financials Eurex – Derivatives Market Clearstream – Custody, Settlement and Collateral Services Xetra – Cash Market Market Data & Analytics 2
Slide 4: Investment Highlights Deutsche Börse Group
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Investment Highlights Deutsche Börse Group n Uniquely positioned to benefit from customer focus on risk, collateral and liquidity management; business model is serving as the global industry role model n Based on our competi
Slide 5: Track Record For Strong Earnings Delivery Through The Cycle Paired With Attractive Distribution Policy
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Track Record For Strong Earnings Delivery Through The Cycle Paired With Attractive Distribution Policy Net income Total shareholder distribution €m1 €m Share buyback Special dividend +12% Dividend CAGR 784 1,033 725 up to 91
Slide 6: Strong Position In The Global Exchange Sector
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Strong Position In The Global Exchange Sector Sales revenue Market capitalization 2011, €bn1 €bn3 2.4 14.0 2.32 12.6 1.9 8.0 1.2 7.5 1.0 7.3 0.9 5.1 0.8 4.2 0.7 4.1 0.6 3.3 0.4 3.0 1) Source: Reuters; LSE FY until 31 Mar 201
Slide 7: Competitive Strengths Serve As Foundation For Accelerated Growth Strategy
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Competitive Strengths Serve As Foundation For Accelerated Growth Strategy n Strong rating of domicile countries (Germany, Luxembourg Financial and economic with AAA rating) makes Deutsche Börse Group a provider stability of
Slide 8: Growth Initiatives Continue To Gain Traction
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Growth Initiatives Continue To Gain Traction 1) Xetra – Order book volume ETFs 3) Clearstream/Eurex – GC Pooling €bn1 +24% €bn2 +29% 17 118 12 14 92 9 11 73 42 14 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2) Clearstr
Slide 9: Increasing Focus On Cross-Divisional Themes As Unique Competitive Advantage
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Increasing Focus On Cross-Divisional Themes As Unique Competitive Advantage Of Deutsche Börse Cross-divisional projects n Xetra Gold Trading Horizontal expansion Horizontal expansion Horizontal expansion n EuroStoxx 50 contr
Slide 10: Acceleration Of Growth Strategy
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Acceleration Of Growth Strategy 1 Extend products and services to unregulated/unsecured markets n Expand Eurex clearing/risk management capabilities n Global roll-out of collateral and liquidity management services Accelerat
Slide 11: Growth – Expenditures For Growth And Infrastructure Increased
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Growth – Expenditures For Growth And Infrastructure Increased Expenditures for growth Extend products and services to unregulated and unsecured markets €m 1 n Launch clearing for OTC derivatives in light of changing market a
Slide 12: Growth – Well Positioned Among Peers In Market Data And Technology
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Growth – Deutsche Börse Is Well Positioned Among Its Peers For Further Growth In Market Data And Technology Revenue with market data and technology 2011, €m1 n Deutsche Börse already in a leading position regarding market da
Slide 13: Growth – Excellent Position To Increase Revenue In The Midterm
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Growth – Deutsche Börse In An Excellent Position To Increase Revenue In The Midterm 2012 to 2015 revenue opportunity Net revenue, €m Cyclical growth, e.g.: – illustrative – n Interest rate derivatives: currently cyclically d
Slide 14: Operating Efficiency – Track Record For Effective Cost Management
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Operating Efficiency – Track Record For Effective Cost Management Track record for effective cost management Cost growth of key exchange organizations Operating costs1, €m CAGR 2007-20112, % Ø 11 -13% / -3% CAGR -3 1,025 995
Slide 15: Capital Management – Strong Cash Flow Generation Allows Attractive Distribution Policy
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Capital Management – Strong Cash Flow Generation Allows For Strong Rating Profile And Attractive Distribution Policy Capital Management Policy Total shareholder distributions €m Share buyback n Continuing past practice, Deut
Slide 16: Capital Management – Credit Rating Metrics And Regulatory Capital Requirements
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Capital Management – Deutsche Börse Group Solidly Fulfills Credit Rating Metrics And Regulatory Capital Requirements Credit rating metrics Regulatory capital requirements Minimum Actuals Minimum Actuals requirement 31 Dec 20
Slide 17: Capital Management – Clearstream Holding's Capital Requirements
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Capital Management – Clearstream Holding’s Capital Requirements Are Well Below The Company’s Regulatory Equity Regulatory capital requirements Composition of capital requirements 31 Dec 2011, €m 31 Dec 2011 Solvency ratio Ma
Slide 18: Capital Management – Debt Refinancing In 2013
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Capital Management – Debt Refinancing In 2013 Expected To Reduce Financing Expenses And Improve Interest Coverage & EPS Financing expenses Interest coverage ratio4 Earnings per share €m € -37 ~27x 87 +4% ~4.65 (701) +8x 4.49
Slide 19: Opportunities From Regulatory Framework Outweigh Challenges
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Opportunities From Regulatory Framework Are More Concrete And Outweigh Challenges Description First proposed Status Content has been agreed in EMIR Implementation of G20 rules to trialogue process; decision by European Marke
Slide 20: Risk Management – Low Risk Profile Through Rigorous Approach
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Risk Management – Deutsche Börse Maintains Low Risk Profile Through Rigorous Risk Management Approach Deutsche Börse Group Risks Mitigation Operational risk § Integrated IT function and extensive track record for system reli
Slide 21: Risk Management – Counterparty Risk In The Clearing House
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Risk Management – Counterparty Risk In The Clearing House Effectively Managed By Collateralization And Lines Of Defense Lines of defense of clearing house1 Risk management position 1. Liquidation of open positions 2011, €bn
Slide 22: Risk Management – Summary
Group Strategy / Financials Deutsche Börse Group, Investor Day, 1 June 2012 Risk Management – Summary n The Group’s risk profile is mainly characterized by operational Extensive track record for risks; its transaction based business model is very distinct from system reliability the business model o
Slide 23: Agenda
Deutsche Börse Group, Investor Day, 1 June 2012 Agenda Group Strategy / Financials Eurex – Derivatives Market Clearstream – Custody, Settlement and Collateral Services Xetra – Cash Market Market Data & Analytics 22
Slide 24: Eurex Net Revenue Mainly Driven By Index And Equity Products
Eurex – Derivatives Market Deutsche Börse Group, Investor Day, 1 June 2012 Eurex Net Revenue Mainly Driven By Index And Equity Products Breakdown of net revenue by activity Net revenue Q1/121: €216.7m European index derivatives n Futures and options on a range of global, European and national indice
Slide 25: Secular Trends Drive Long Term Growth In Demand At Eurex And ISE
Eurex – Derivatives Market Deutsche Börse Group, Investor Day, 1 June 2012 Secular Trends Drive Long Term Growth In Demand At Eurex And ISE Development of traded contracts m1 US options Cyclical growth drivers Equity n Level and direction of indices, equity volatility, interest Interest rates rate e
Slide 26: Interest Rate Derivatives Market – Cyclical Volume Decline
Eurex – Derivatives Market Deutsche Börse Group, Investor Day, 1 June 2012 Interest Rate Derivatives Market – Cyclical Volume Decline With Potential To Recover Again Mid-term Interest rate derivatives and gov. bond yields Italy1 Market conditions France1 n Eurex interest rate derivatives volume driv
Slide 27: Scalable Business Model Drives Profitability
Eurex – Derivatives Market Deutsche Börse Group, Investor Day, 1 June 2012 Scalable Business Model Drives Profitability Net revenue and EBIT development €m n Revenues in the Eurex segment driven by level of Net revenue1 trading and clearing activity and business mix EBIT2 n Order book fee per contra
Slide 28: Diversification Along Geographies And Products
Eurex – Derivatives Market Deutsche Börse Group, Investor Day, 1 June 2012 Diversification Along Geographies And Products Geographic split1 Product split Traded contracts Q1/12: 576m Traded contracts Q1/12: 576m Others Switzerland 7% Netherlands 3% US options 5% 29% Index Germany UK 35% 7% 37% Franc
Slide 29: Eurex Business Model – Combination Of Four Success Factors
Eurex – Derivatives Market Deutsche Börse Group, Investor Day, 1 June 2012 Eurex Business Model – Combination Of Four Success Factors Eurex business model – Success factors Grow network Add products Global distribution reach Product/ Leading benchmark products I Distribution II across geographies an
Slide 30: Derivatives Market Environment – Positioning Eurex
Eurex – Derivatives Market Deutsche Börse Group, Investor Day, 1 June 2012 Derivatives Market Environment – Positioning Eurex For On-going Changes, Addressing Structural Opportunities Market environment Eurex strategic priorities Expand technological leadership n Looking back - unstable Renewal of t
Slide 31: Eurex Roadmap 2012/13
Eurex – Derivatives Market Deutsche Börse Group, Investor Day, 1 June 2012 Eurex Roadmap 2012/13 – Renewal Of Core Infrastructure, Expansion Across Products And Services 2012 2013 OTC clearing interest rate and equity OTC clearing solution enhancements, cross Products Securities lending margining li
Slide 32: OTC Clearing of Interest Rates & Equity – Value Proposition
Eurex – Derivatives Market Deutsche Börse Group, Investor Day, 1 June 2012 OTC Clearing of Interest Rates & Equity – Comprehensive Value Proposition For Effective Risk Management And Capital Efficiency Value Proposition Benefits n One-stop-shop across listed & OTC derivatives, maximum capital & 1 In
Slide 33: Eurex Repo – Leading European Provider In Secured Funding
Eurex – Derivatives Market Deutsche Börse Group, Investor Day, 1 June 2012 Eurex Repo – Leading European Provider In Secured Funding And Securities Financing Development of daily outstanding volumes1 Eurex Repo markets – overview n Euro Repo market & GC Pooling n CHF Repo market & OTC spot market n
Slide 34: Products – Growth In EURO STOXX 50 Dividends And Volatility Derivatives
Eurex – Derivatives Market Deutsche Börse Group, Investor Day, 1 June 2012 Products – Strong Growth In Eurex EURO STOXX 50 Dividends And Volatility Derivatives Index dividends/single stock dividends In thousand contracts 549 n Dividend derivatives allow investors to lock in 498 expected and implied
Slide 35: Distribution – Progress In Developing Eurex' Presence In Asia
Eurex – Derivatives Market Deutsche Börse Group, Investor Day, 1 June 2012 Distribution – Progress In Developing Eurex’ Presence In Asia Achievements n Representative offices set up in Hong Kong, Tokyo and a branch office in Singapore Infrastructure n Technical infrastructure improved by installing
Slide 36: Implementation Of Strategic Priorities Positions Eurex
Eurex – Derivatives Market Deutsche Börse Group, Investor Day, 1 June 2012 Implementation Of Strategic Priorities Positions Eurex To Realize Objective Within Changing Market Environment Strategic Priorities Expand technological leadership Safety, Integrity, Renewal of trading and clearing infrastruc
Slide 37: Agenda
Deutsche Börse Group, Investor Day, 1 June 2012 Agenda Group Strategy / Financials Eurex – Derivatives Market Clearstream – Custody, Settlement and Collateral Services Xetra – Cash Market Market Data & Analytics 36
Slide 38: New Sources Of Revenue And Strict Cost Control Deliver Growth
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 New Sources Of Revenue And Strict Cost Control Deliver Growth In Critical Market Conditions Net revenue and EBIT development Breakdown of net revenue by activity €m Net revenue1 Net revenue Q1/1
Slide 39: Strict Cost Management Provides Clearstream With Resilience
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 Strict Cost Management Provides Clearstream With Resilience And Flexibility Revenue, Cost and EBIT development €m Net interest income Operating costs1 Cost drivers Sales revenue Volume related c
Slide 40: Resilience Compared To Our Main Competitor
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 Resilience Compared To Our Main Competitor Sales revenue EBIT €bn1,2 Euroclear €m2,3 Euroclear Clearstream Clearstream Compared to 1.4 600 Clearstream, Euroclear had ... 1.2 n Greater exposure t
Slide 41: Cash Balances Benefit From Pro-Cyclicality
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 Cash Balances Benefit From Pro-Cyclicality Settlement transactions1 & cash balances Central bank rates & net interest income Avg. cash balances (€bn) Net interest income (€m) 8.5 Settlement tran
Slide 42: Resilient Sales Revenue A Result Of Product Diversification
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 Resilient Sales Revenue A Result Of Sustained Product Diversification Sales revenue less costs Breakdown of net revenue by activity €m1,2 €m Other (connectivity, funds order routing, IT) Global
Slide 43: Custody Revenues Are Stable Despite Contracting Market
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 Custody Revenues Are Stable Despite Contracting Market Assets under custody €tr1 International 5.5 4.9 5.1 5.2 5.1 n Eurobonds account for ~50% of international assets 5.7 5.0 under custody; net
Slide 44: Settlement Volumes Reflect Transition From Equity To Repo Activity
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 Settlement Volumes Reflect Transition From Equity Trading To Repo Activity Settlement transactions m1 International n In 2011 Clearstream processed 38 million international 7.4 6.6 7.4 6.9 6.2 7
Slide 45: Clearstream Developed Into A Global Liquidity And Risk Management Hub
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 Clearstream Has Developed Into A Global Liquidity And Risk Management Hub Global Securities Financing volumes outstanding €bn1 28 39 n Clearstream’s collateral volumes have increased 20 147 132
Slide 46: Upcoming Regulation Provides Business Opportunities For Clearstream
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 Upcoming Regulation Provides Business Opportunities For Clearstream Description Impact n Mandatory central clearing n Increase in needs for collateral and collateral EMIR/ of certain standardize
Slide 47: Clearstream Positioned To Meet The Needs Of A Market In Crisis
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 Clearstream Positioned To Meet The Needs Of A Market In Crisis Cornerstones of Clearstream’s New market dynamics strategy Collateral Settlement n Expand collateral management Custody services to
Slide 48: Future Collateral Management Setup Of Clearstream's Liquidity Hub
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 Future Collateral Management Setup Of Clearstream’s Liquidity Hub Headquarter: Global Liquidity and Clearstream Luxembourg Automated CCP and OTC Collateral Manager International Trade Repository
Slide 49: Target 2 Securities Is Beneficial For Clearstream
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 Target 2 Securities Is Beneficial For Clearstream With T2S, Clearstream will outsource its CBF and LuxCSD central bank money Clearstream is the settlement operations to the Eurosystem. best posi
Slide 50: Investment Fund Services Offering Provides Foundation For Growth
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 With Its Investment Fund Services Offering Clearstream Has A Strong Foundation For Growth Number of Investment Funds Customers n The open architecture order routing platform, 219 227 192 Vestima
Slide 51: Becoming The Infrastructure Provider Of Choice For Global Investment Funds
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 Becoming The Infrastructure Provider Of Choice For Global Investment Funds n Immobilization in investment funds still very low compared to other asset classes UK US FR CH DE TW customer customer
Slide 52: Collateral Management Leadership As A Basis For Future Growth
Clearstream – Custody, Settlement and Collateral Services Deutsche Börse Group, Investor Day, 1 June 2012 Collateral Management Leadership As A Basis For Future Growth The market’s key concerns are capital and liquidity Clearstream is the established market leader and we will invest in the Liquidity
Slide 53: Agenda
Deutsche Börse Group, Investor Day, 1 June 2012 Agenda Group Strategy / Financials Eurex – Derivatives Market Clearstream – Custody, Settlement and Collateral Services Xetra – Cash Market Market Data & Analytics 52
Slide 54: Xetra Segment Accounted For 11 Percent Of Group EBIT In Q1/2012
Xetra – Cash Market Deutsche Börse Group, Investor Day, 1 June 2012 Xetra Segment Accounted For 11 Percent Of Group EBIT In Q1/2012 Net revenue and EBIT development Breakdown of net revenue by activity €m Net revenue1 Net revenue Q1/12: €59.4 million EBIT1,2 Others 442 16% 386 352 Trading Xetra 37%
Slide 55: Trading Revenue Driven By Development Of Order Book Volume
Xetra – Cash Market Deutsche Börse Group, Investor Day, 1 June 2012 Trading Revenue Driven By Development Of Order Book Volume Development of cash market volumes n Order book volumes in the cash market significantly Number of Xetra trades1 (m) (monthly average) driven by cyclicality 6.8 9.0 14.7 18.
Slide 56: Customers Outside Of Germany Generate 74 Percent Of Xetra Volume
Xetra – Cash Market Deutsche Börse Group, Investor Day, 1 June 2012 Customers Outside Of Germany Generate 74 Percent Of Xetra Volume; Dependency On DAX Trading And Clearing Stable Xetra trading volume by member country Net revenue per product line12 Q1/12 Net revenue Q1/12: €59.4 million Switzerland
Slide 57: Highly Attractive Exchange Traded Fund Product Offering
Xetra – Cash Market Deutsche Börse Group, Investor Day, 1 June 2012 Highly Attractive Exchange Traded Fund Product Offering Assets under management & number of ETFs1 952 n Europe’s first ETF segment launched in 2000; since ETFs listed on Xetra AuM in €bn 788 then leading platform for ETFs 613 n High
Slide 58: Xetra Maintains Strong Position For German Blue Chips
Xetra – Cash Market Deutsche Börse Group, Investor Day, 1 June 2012 Xetra Maintains Strong Position As Most Attractive Venue For German Blue Chips In A Fragmented Environment Distribution of German blue chip trading volume Description and outlook Xetra and MTFs = BASIS 100%1 Total = BASIS 100%2 n Xe
Slide 59: Strong Position Of Xetra Underpinned By Attractive Market Structure
Xetra – Cash Market Deutsche Börse Group, Investor Day, 1 June 2012 Strong Position Of Xetra Underpinned By Highly Attractive Market Structure Key Success Factors n Continuous investments in technology to ensure stability and performance. Non-persistent DAX ETS orders processed in Technology / Conne
Slide 60: Xetra One-Stop-Shop Strategy
Xetra – Cash Market Deutsche Börse Group, Investor Day, 1 June 2012 Xetra One-Stop-Shop Strategy – Being The Most Attractive And Best Diversified Market In Europe Scope of securities Equities ETFs ETPs Bonds Funds Structured products Offering various price discovery mechanisms Xetra continuous tradi
Slide 61: Summary And Outlook – Xetra Well-Positioned
Xetra – Cash Market Deutsche Börse Group, Investor Day, 1 June 2012 Summary And Outlook – Xetra Well-Positioned To Generate Sustainable Value And Growth Value / Growth Drivers 1 Broadly diversified offering and revenue 3 Further growth potential sources n Asset classes n OTC market n Market models n
Slide 62: Agenda
Deutsche Börse Group, Investor Day, 1 June 2012 Agenda Group Strategy / Financials Eurex – Derivatives Market Clearstream – Custody, Settlement and Collateral Services Xetra – Cash Market Market Data & Analytics 61
Slide 63: Revenue And EBIT Development Underscore Growth Of Market Data & Analytics
Market Data & Analytics Deutsche Börse Group, Investor Day, 1 June 2012 Revenue And EBIT Development Underscore Growth Profile Of Market Data & Analytics Segment Net revenue and EBIT development €m Net revenue1 n MD&A based on less volatile revenue drivers EBIT2 compared to trading businesses of Deu
Slide 64: Breakdown Of Net Revenue Q1/2012 – Market Data & Analytics
Market Data & Analytics Deutsche Börse Group, Investor Day, 1 June 2012 Breakdown Of Net Revenue Q1/2012 – Diversified Revenue Stream In Market Data & Analytics Breakdown net revenue by activity Net revenue1 Q1/12: €57.0 million Issuer data & analytics incl. STOXX n Products: ~11,000 indices ranging
Slide 65: Trading Signals – Leading Source Of Tradable Content Globally
Market Data & Analytics Deutsche Börse Group, Investor Day, 1 June 2012 Trading Signals – Leading Source Of Tradable Content Globally Strategic Aspirations Achievements in 2011 & Q1/12 Outlook 2012 & 2013 n Become an independent n Launch of AlphaFlash Global n Introduction of AlphaFlash leading sour
Slide 66: Indices And Benchmarks – Global Roll-out Of STOXX Index Operations
Market Data & Analytics Deutsche Börse Group, Investor Day, 1 June 2012 Indices And Benchmarks – Global Roll-out Of STOXX Index Operations Strategic Aspirations Achievements in 2011 & Q1/12 Outlook 2012 & 2013 n Become recognized leader n Introduction of the new global n Migration to new index for t
Slide 67: Agenda
Deutsche Börse Group, Investor Day, 1 June 2012 Agenda 10.00 Group Strategy / Financials 13.15 Xetra – Cash Market Reto Francioni, Chief Executive Officer Frank Gerstenschläger Gregor Pottmeyer, Chief Financial Officer Member of the Executive Board Eurex – Derivatives Market Market Data & Analytics
Slide 68: Financial Calendar And Contact Details
Deutsche Börse Group, Investor Day, 1 June 2012 Financial Calendar And Contact Details Financial Calendar Contact Details 26 Jul 2012 Interim report Q2/12 Deutsche Börse AG Investor Relations 27 Jul 2012 Analyst & investor conference Q2/12 Mergenthalerallee 61 29 Oct 2012 Interim report Q3/12 65760
Slide 69: Disclaimer
Deutsche Börse Group, Investor Day, 1 June 2012 Disclaimer Cautionary note with regard to forward-looking statements This document contains forward-looking statements and statements of future expectations that reflect management's current views and assumptions with respect to future events. Such sta