Deutsche Boerse Ag · XETR:DB1

Deutsche Boerse — Deutsche Börse — FY2018 Earnings Presentation

25 slides from Deutsche Boerse's earnings presentation, Feb 14, 2019

1. Slide 1: Q4 and FY/2018 Preliminary Results

   Q4 and FY/2018 Preliminary Results Analyst and Investor Conference Call 14 February 2019

2. Slide 2: Summary Q4 and FY/2018 preliminary results

   Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 1 Summary Q4 and FY/2018 preliminary results  Net revenue in Q4/2018 increased to €740 million (+16%), adjusted operating costs stood at €319 million (+6%), adjusted EBITDA amounted to €420 million (+24%), and adjusted net pro

3. Slide 3: Q4/2018 – Preliminary group financials

   Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 2 Q4/2018 – Preliminary group financials Net revenue, operating costs and earnings development €m Operating Net revenue EBITDA1 Net profit1,2 costs1 Revenue +16%  Net revenue: €740.4m (+16% y-o-y)  Net interest income: €60.0m

4. Slide 4: Q4/2018 – Eurex (financial derivatives)

   Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 3 Q4/2018 – Eurex (financial derivatives) Net revenue Business activity EBITDA4 €m €m +33% 257 OTC clearing (€tr) Other1 32 Notional 8 OTC clearing2 9.4 +409% +55% outstanding (avg) 194 15 Margin fees3 13 Notional cleared 3.8 +

5. Slide 5: Q4/2018 – EEX (commodities)

   Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 4 Q4/2018 – EEX (commodities) Net revenue Business activity EBITDA2 €m €m +22% 72 59 20 Other1 16 10 Gas Volume (TWh) 543 -2% +14% 9 31 27 Power Volume (TWh) 1.285 +44% 25 17 derivatives 18 17 Power spot Volume (TWh) 150 +8% Q4

6. Slide 6: Q4/2018 – 360T (foreign exchange)

   Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 5 Q4/2018 – 360T (foreign exchange) Net revenue Business activity EBITDA2 €m €m +27% 22 4 Other1 17 3 +5% Average daily 8 8 18 Trading 75 +19% volumes (€bn) 15 Q4/17 Q4/18 Q4/17 Q4/18 1) Including net revenue from connectivity

7. Slide 7: Q4/2018 – Xetra (cash equities)

   Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 6 Q4/2018 – Xetra (cash equities) Net revenue Business activity EBITDA3 €m €m -2% 59 58 12 11 Other1 5 6 Listing -6% 32 30 Order book volume (€bn)2 Trading and 42 42 Equities 388 +10% clearing ETF, ETC, ETN 40 +11% Q4/17 Q4/18

8. Slide 8: Q4/2018 – Clearstream (post-trading)

   Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 7 Q4/2018 – Clearstream (post-trading) Net revenue Business activity EBITDA2 €m €m +2% 181 184 Other1 18 17 6 Third party Cash balances (€bn) 13.7 +4% 9 services thereof US$ 7.1 0% 31 44 NII +3% Settlement 105 21 19 Settlement

9. Slide 9: Q4/2018 – IFS (investment fund services)

   Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 8 Q4/2018 – IFS (investment fund services) Net revenue Business activity EBITDA2 €m €m +15% 40 35 11 Other1 8 Settlement 12 Settlement 6.0 +1% 12 transactions (m) +28% 16 12 Assets under 16 17 Custody custody (€tr) 2.4 +2% Q4/1

10. Slide 10: Q4/2018 – GSF (collateral management)

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 9 Q4/2018 – GSF (collateral management) Net revenue Business activity EBITDA1 €m €m +5% 22 21 Securities Outstandings 10 11 (€bn) 50 -15% lending +3% 10 10 Outstandings 10 11 Repo 380 -2% (€bn) Q4/17 Q4/18 Q4/17 Q4/18 1) Adjust

11. Slide 11: Q4/2018 – STOXX (index business)

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 10 Q4/2018 – STOXX (index business) Net revenue Business activity EBITDA1 €m €m +22% 43 36 +29% 31 Other 24 licences 18 24 Traded contracts 241 +35% Exchange (m) 6 8 licences ETF AuM (€bn) 12 STOXX 72 -15% 11 ETF DAX 25 -15% Q4

12. Slide 12: Q4/2018 – Data

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 11 Q4/2018 – Data Net revenue Business activity EBITDA2 €m €m +11% 43 38 10 Other1 9 Regulatory +37% 6 28 3 services 21 Cash and Subscriptions (k) 352 -18% 27 27 derivatives Q4/17 Q4/18 Q4/17 Q4/18 1) Including net revenue from

13. Slide 13: FY/2018 – Preliminary group financials

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 12 FY/2018 – Preliminary group financials Net revenue1 Operating costs1 EBITDA1 Net profit1,2 €m €m €m €m +13% +17% 2,770 1,679 2,462 1,431 +5% +17% 1,096 1,040 1,003 857 2017 2018 2017 2018 2017 2018 2017 2018 1) Adjusted for

14. Slide 14: FY/2018 – Methodology for secular net revenue drivers

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 13 FY/2018 – Methodology for secular net revenue drivers Business segments Net revenue Growth t/o secular Major secular drivers 2018 (€m) (%) (%) Eurex (financial derivatives) 936 +18 +7 OTC to on-exchange / new products EEX (c

15. Slide 15: FY/2018 – Secular growth and improvement in cyclical environment

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 14 FY/2018 – Secular growth and improvement in cyclical environment drove double-digit net revenue growth Net revenue growth drivers in 20181 €m ~+1%  Secular net revenue growth in ~+6% 2,770 2018 of ~6%, which is slightly 14

16. Slide 16: FY/2018 – Efficient cost management ensured scalability of the business model

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 15 FY/2018 – Efficient cost management ensured scalability of the business model Adjusted operating cost growth drivers in 2018 €m 1,096 9 5  In total, adjusted operating costs in 2018 17 increased as planned by ~5%. +5%  Var

17. Slide 17: FY/2018 – Executive Board proposes increase of 2018 dividend per share by 10% to 2.70 Euro

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 16 FY/2018 – Executive Board of Deutsche Börse AG proposes increase of 2018 dividend per share by 10% to 2.70 Euro Capital management policy Dividend per share and pay-out Pay-out ratio (%)1  Deutsche Börse aims to distribute

18. Slide 18: Outlook – Around 10% net profit growth expected in 2019

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 17 Outlook – Around 10% net profit growth expected in 2019  After strong growth in 2018 the expectations of Deutsche Börse for 2019 are slightly more subdued as a result of risks to Slightly more subdued expectations for 2019

19. Slide 19: Outlook – Confirmation of “Roadmap 2020” mid-term net profit growth targets

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 18 Outlook – Confirmation of “Roadmap 2020” mid-term net profit growth targets Mid-term net profit growth targets1 €m Mid-term target: +10-15% CAGR  Under the “Roadmap 2020” mid-term targets issued in April 2018, Deutsche Börs

20. Slide 20: Income statement – Group level adjusted

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 19 Income statement – Group level adjusted Quarter ended Quarter ended (in €m) 31 December 2018 31 December 2017 Sales revenue 763.2 682.0 Net interest income from banking business 60.0 37.1 Other operating income 7.2 8.3 Total

21. Slide 21: Income statement – Group level reported

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 20 Income statement – Group level reported Quarter ended Quarter ended (in €m) 31 December 2018 31 December 2017 Sales revenue 763.2 680.6 Net interest income from banking business 60.0 37.1 Other operating income 7.2 9.7 Total

22. Slide 22: Income statement – Segmental level I/II

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 21 Income statement – Segmental level I/II Eurex EEX 360T Xetra (financial derivatives) (commodities) (foreign exchange) (cash equities) (in €m) Q4/2018 Q4/2017 Q4/2018 Q4/2017 Q4/2018 Q4/2017 Q4/2018 Q4/2017 Net revenue 256.9

23. Slide 23: Income statement – Segmental level II/II

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 22 Income statement – Segmental level II/II Clearstream IFS (investment fund GSF (collateral STOXX (index) Data (post-trading) services) management) (in €m) Q4/2018 Q4/2017 Q4/2018 Q4/2017 Q4/2018 Q4/2017 Q4/2018 Q4/2017 Q4/201

24. Slide 24: Financial calendar and contact details

    Q4 and FY/2018 Preliminary Results 14 February 2019 Deutsche Börse Group 23 Financial calendar and contact details Financial calendar Contact details 20 Mar 2019 Morgan Stanley (London) Deutsche Börse AG 01 Apr 2019 HSBC (San Francisco) Investor Relations Mergenthalerallee 61 29 Apr 2019 Results Q1/

25. Slide 25: Disclaimer

    Q4 and FY/2018 Preliminary Results 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 statements are

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