Deutsche Börse Group has reported its results for the first quarter of 2020.

▪ Net revenue for the first quarter of 2020 increased significantly, up 27 percent to EUR 914.8 million, thanks to markedly higher market volatility.

▪ Adjusted operating costs of EUR 291.1 million reflected a 17 percent increase, due to consolidation and investments.

▪ Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) thus rose by 30 percent, to EUR 619.8 million; net profit for the period attributable to Deutsche Börse AG shareholders amounted to EUR 387.4 million.

▪ Basic earnings per share stood at EUR 2.11, equivalent to a 33 percent (based on an average number of 183.4 million shares).

▪ Despite the strong start to the year, the Group's guidance for 2020 remains unchanged (adjusted consolidated net profit for the period of around EUR 1.2 billion), mainly reflecting expected declines in some business areas during the further course of the year, like the net interest income at Clear- stream.

▪ Deutsche Börse AG's Annual General Meeting will take place on 19 May 2020, as planned. Against the background of the persistent global COVID-19 pandemic, having carefully considered all relevant aspects, the company has decided to hold a virtual Annual General Meeting. The Executive Board and the Supervisory Board propose to distribute a dividend of EUR 2.90 per share, an increase of approximately 7 percent compared to the previous year.

Comparability of figures

With effect from the first quarter of 2020, Deutsche Börse Group has adjusted the segment reporting structure, in order to further enhance transparency regarding the Group's growth areas.

▪ The former GSF (collateral management) segment has been fully allocated to the Clearstream (post-trading) segment.

▪ Business in the former Data segment is now being reported within the Xetra (cash equities) and Eurex (financial derivatives) segments.

Results of operations

Developments in the first quarter of 2020 were driven primarily by the pandemic spread of the novel coronavirus (COVID-19 pandemic) and the associated uncertainty amongst market participants with regard to the impact on the global economic environment.

Volatility – as measured by the VSTOXX index – thus exceeded the levels seen during the financial crisis of 2009, leading to clearly increased trading volumes in the Eurex (financial derivatives) and Xetra (cash equities) segments.

On the other hand, major benchmark indices collapsed by more than one-third, which triggered a decline of business activi- ties in individual business lines of the Group, such as custody services for equities, or the volume of investments in exchange-traded funds.

The crisis triggered strong economic policy interventions in response to the massive social restrictions adopted to prevent a further spread of the infection. Specifically, governments and national banks attempt to counter an emerging recession as effectively as possible, through state subsidies at historical levels and an easing of monetary policy, in order to provide liquidity to all sectors of the economy.

In mid-March, the US Federal Reserve (Fed) lowered its target Fed Funds range to between 0.00 percent and 0.25 percent. The European Central Bank (ECB) announced further monetary policy measures designed to support economic stability in the euro area.

In this context, the Fed's interest rate cuts have a negative impact on Deutsche Börse Group's net interest income from banking business at Clearstream, as the majority of client cash balances are denominated in US dollars.

However, the marked increase in US dollar deposits during the first quarter largely offset the lower interest rate levels compared to the previous year.

Deutsche Börse Group was thus able to substantially increase net revenue in the first quarter of 2020 to EUR 914.8 million compared to the previous year (Q1/2019: EUR 720.8 million) – a 27 percent increase.

Despite increased market uncertainty, all segments contributed positively to the Group's secular net revenue growth, which totalled 8 percent. The Group's cyclical net revenue showed a very clear 16 percent increase, attributable to the environment outlined above.

Consolidation effects – mainly resulting from the acquisition of Axioma in 2019 – generated additional net revenue growth of around 3 percent.

The Group's operating costs totalled EUR 318.4 million (Q1/2019: EUR 273.2 million) and included non- recurring effects in the amount of EUR 27.3 million (Q1/2019: EUR 24.6 million), mainly comprising costs for acquisitions, legal advice retained for litigation, and for measures to reduce structural costs launched within the scope of the "Roadmap 2020".

Adjusted operating costs of EUR 291.1 million reflected a 17 percent increase (Q1/2019: EUR 248.6 million), largely due to higher investments and personnel expansion but also to some additional IT expenses in course of the corona crisis (+10 percent). Consolidation effects also led to an increase in operating costs (+7 percent).

Deutsche Börse Group's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose by a significant 30 percent, to EUR 619.8 million (Q1/2019: EUR 475.5 million).

Adjusted depreciation, amortization and impairment losses totalled EUR 61.7 million (Q1/2019: EUR 52.9 million). The Group's financial result amounted to EUR –16.5 million (Q1/2019: EUR –16.9 million). As expected, the adjusted tax rate was unchanged, at 26 percent.

At EUR 387.4 million, net profit for the period attributable to Deutsche Börse AG shareholders was up 33 percent on the figure for the same quarter of the previous year (Q1/2019: EUR 291.9 million).

Gregor Pottmeyer, Chief Financial Officer of Deutsche Börse AG, commented: "The extraordinary market environment during the first quarter also generated extraordinarily positive results at Deutsche Börse.

"Besides the strong cyclical development, we were also able to generate significant secular net revenue growth, as planned. We are thus confident that the group will continue to grow sustainably irrespectively of fundamental trends."

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Deutsche Börse Group has reported its results for the first quarter of 2020.

▪ Net revenue for the first quarter of 2020 increased significantly, up 27 percent to EUR 914.8 million, thanks to markedly higher market volatility.

▪ Adjusted operating costs of EUR 291.1 million reflected a 17 percent increase, due to consolidation and investments.

▪ Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) thus rose by 30 percent, to EUR 619.8 million; net profit for the period attributable to Deutsche Börse AG shareholders amounted to EUR 387.4 million.

▪ Basic earnings per share stood at EUR 2.11, equivalent to a 33 percent (based on an average number of 183.4 million shares).

▪ Despite the strong start to the year, the Group's guidance for 2020 remains unchanged (adjusted consolidated net profit for the period of around EUR 1.2 billion), mainly reflecting expected declines in some business areas during the further course of the year, like the net interest income at Clear- stream.

▪ Deutsche Börse AG's Annual General Meeting will take place on 19 May 2020, as planned. Against the background of the persistent global COVID-19 pandemic, having carefully considered all relevant aspects, the company has decided to hold a virtual Annual General Meeting. The Executive Board and the Supervisory Board propose to distribute a dividend of EUR 2.90 per share, an increase of approximately 7 percent compared to the previous year.

Comparability of figures

With effect from the first quarter of 2020, Deutsche Börse Group has adjusted the segment reporting structure, in order to further enhance transparency regarding the Group's growth areas.

▪ The former GSF (collateral management) segment has been fully allocated to the Clearstream (post-trading) segment.

▪ Business in the former Data segment is now being reported within the Xetra (cash equities) and Eurex (financial derivatives) segments.

Results of operations

Developments in the first quarter of 2020 were driven primarily by the pandemic spread of the novel coronavirus (COVID-19 pandemic) and the associated uncertainty amongst market participants with regard to the impact on the global economic environment.

Volatility – as measured by the VSTOXX index – thus exceeded the levels seen during the financial crisis of 2009, leading to clearly increased trading volumes in the Eurex (financial derivatives) and Xetra (cash equities) segments.

On the other hand, major benchmark indices collapsed by more than one-third, which triggered a decline of business activi- ties in individual business lines of the Group, such as custody services for equities, or the volume of investments in exchange-traded funds.

The crisis triggered strong economic policy interventions in response to the massive social restrictions adopted to prevent a further spread of the infection. Specifically, governments and national banks attempt to counter an emerging recession as effectively as possible, through state subsidies at historical levels and an easing of monetary policy, in order to provide liquidity to all sectors of the economy.

In mid-March, the US Federal Reserve (Fed) lowered its target Fed Funds range to between 0.00 percent and 0.25 percent. The European Central Bank (ECB) announced further monetary policy measures designed to support economic stability in the euro area.

In this context, the Fed's interest rate cuts have a negative impact on Deutsche Börse Group's net interest income from banking business at Clearstream, as the majority of client cash balances are denominated in US dollars.

However, the marked increase in US dollar deposits during the first quarter largely offset the lower interest rate levels compared to the previous year.

Deutsche Börse Group was thus able to substantially increase net revenue in the first quarter of 2020 to EUR 914.8 million compared to the previous year (Q1/2019: EUR 720.8 million) – a 27 percent increase.

Despite increased market uncertainty, all segments contributed positively to the Group's secular net revenue growth, which totalled 8 percent. The Group's cyclical net revenue showed a very clear 16 percent increase, attributable to the environment outlined above.

Consolidation effects – mainly resulting from the acquisition of Axioma in 2019 – generated additional net revenue growth of around 3 percent.

The Group's operating costs totalled EUR 318.4 million (Q1/2019: EUR 273.2 million) and included non- recurring effects in the amount of EUR 27.3 million (Q1/2019: EUR 24.6 million), mainly comprising costs for acquisitions, legal advice retained for litigation, and for measures to reduce structural costs launched within the scope of the "Roadmap 2020".

Adjusted operating costs of EUR 291.1 million reflected a 17 percent increase (Q1/2019: EUR 248.6 million), largely due to higher investments and personnel expansion but also to some additional IT expenses in course of the corona crisis (+10 percent). Consolidation effects also led to an increase in operating costs (+7 percent).

Deutsche Börse Group's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose by a significant 30 percent, to EUR 619.8 million (Q1/2019: EUR 475.5 million).

Adjusted depreciation, amortization and impairment losses totalled EUR 61.7 million (Q1/2019: EUR 52.9 million). The Group's financial result amounted to EUR –16.5 million (Q1/2019: EUR –16.9 million). As expected, the adjusted tax rate was unchanged, at 26 percent.

At EUR 387.4 million, net profit for the period attributable to Deutsche Börse AG shareholders was up 33 percent on the figure for the same quarter of the previous year (Q1/2019: EUR 291.9 million).

Gregor Pottmeyer, Chief Financial Officer of Deutsche Börse AG, commented: "The extraordinary market environment during the first quarter also generated extraordinarily positive results at Deutsche Börse.

"Besides the strong cyclical development, we were also able to generate significant secular net revenue growth, as planned. We are thus confident that the group will continue to grow sustainably irrespectively of fundamental trends."