Trading Conditions

2 Part

Contract Specifications

2.2 Subpart

Contract Specifications for Options Contracts

2.2.1 Sub-Subpart

Specifications for Options Contracts on Stocks of German Stock Corporations (German Stock Options)

2.2.1.6 Exercise Prices

(1) Option series may have the following exercise prices:

Exercise price in EUR	Exercise price intervals in EUR **
	for shares with a nominal value of DM 50 or the respective value in EUR
< = 20	1
22 - 50	2
52,50 - 100*	2,50
55 - 100	5
110 - 200	10
220 - 500	20
525 - 1.000*	25
550 - 2.000	50
> = 2.100	100
	for shares with a nominal value of DM 5 and DM 10 or the respective value in EUR
< = 20	1
22 - 50	2
52,50 - 100*	2,50
55 - 200	5
> = 210	10
Exercise price in EUR	Exercise price intervals in EUR **
0 - 5	0,20
5,50 - 10	0,50
11 - 20	1,00
22 - 50	2,00
52,50 - 100*	2,50
55 - 200	5,00
> 200	20,00

* only for the first and second expiration date in the at the money area

** for XXL options (with a term of 18 and 24 months), the intervals between the exercise prices double

(2) Upon the admission of a contract, 3 exercise prices shall be made available for each term for each call and put, such that one exercise price is "in the money", one is "at the money" and one is "out of the money".

(3) Option series with new exercise prices shall be introduced for an existing expiration month no later than at the beginning of the Pre-Trading Period of a given Exchange day in the event that the price of the respective underlying security effected on the closing auction in the electronic trading system of the Frankfurt Stock Exchange has reached, exceeded or fallen below the average of the two highest or the two lowest then-existing exercise prices, as the case may be (established according to paragraph (1)).

If no price in the underlying security is effected on the closing auction, the volume-weighted average of the last 3 "paid" prices (Bezahlt-Preise) of the respective underlying security effected on the electronic trading system of the Frankfurt Stock Exchange (Xetra) between the close of trading in stock options at the Frankfurt Stock Exchange and at the Eurex Exchanges shall be used.

If 3 prices in the underlying security are not effected on the electronic trading system of the Frankfurt Stock Exchange between the close of trading in stock options at the Frankfurt Stock Exchange and the close of trading at the Eurex Exchanges either, the closing price of the underlying security on the Frankfurt Stock Exchange shall be used.

A new option series shall generally not be introduced if it would expire in fewer than 5 Exchange days, unless market conditions make such introduction necessary.