The Working Committee for Equity Indices meets four times a year to ensure the relevance and transparency of Deutsche Börse's stock indices. The committee provides recommendations on index composition based on quantitative criteria like exchange turnover and market capitalization. Index adjustments, where members can exit or enter an index, occur regularly according to rules or on extraordinary events. Any decisions are exclusively made by Deutsche Börse's Management Board.

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The Working Committee for Equity Indices
Four times a year representatives from 13 companies meet in Frankfurt to
deliberate on measures which are necessary in order to ensure the relevance
of the index range and the correctness and transparency of the index calcula- Deutsche Börse AG
tion process. We are talking about the Working Committee for Equity Indices
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that advises us on all issues related to stock indices.
Mergenthalerallee 61
The Working Committee’s meetings are taking place on the third trading day 65760 Eschborn
of the month of the next chaining date: March, June, September, and De-
Postanschrift
cember. 60485 Frankfurt am Main
Based on the Guide to the Equity Indices the Working Committee for Equity Telefon
Indices pronounces recommendations in respect of the composition of +49-(0) 69-2 11-17854
Deutsche Börse’s indices. For an evaluation of the cases the two quantitative Fax
criteria exchange turnover and market capitalization are being consulted; +49-(0) 69-2 11-11501
based on the criteria the index members are being arranged in a ranking or-
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der. deutsche-boerse.com
By means of this ranking order and defined rules it is determined whether E-Mail
and how an index composition changes. This is known as an adjustment. Let’s social-media@
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take the leading index DAX as example.
Four rules apply:
1. Fast Exit (45/45): A listed company has to leave the index if it not
longer one of the 45 biggest companies regarding either exchange
turnover or market capitalization. The company is replaced by an in-
dex value with the highest market capitalization amongst those with
rank 35 or better in both criteria.
2. Fast Entry (25/25): A company will be included in the index if it be-
longs at least to the 25 biggest companies regarding both criteria. It
will then replace the value with a rank worse than 35 in one of both
criteria and with the worst market capitalization.

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The Fast Exit and the Fast Entry rule are being applied during every index re-
vision. This does not apply to the following rules – Regular Exit and Regular
Entry: They are used only once a year for the DAX (in September) and twice a
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year (in March and September) for MDAX and TecDAX.
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1. Regular Exit (40/40): A listed company has to leave the DAX if it does
not longer belong to one of the 40 biggest companies according to Mergenthalerallee 61
the two criteria, and a value not belonging to the index reaches rank 65760 Eschborn
35 or better in one of the criteria. Postanschrift
60485 Frankfurt am Main
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2. Regular Entry (30/30): A company will be included in the index if it +49-(0) 69-2 11-17854
ranks no. 30 or better in both criteria, provided there is an index val-
ue ranking worse than 35 in at least one criterion. Fax
+49-(0) 69-2 11-11501
About two weeks after the Working Committee’s meeting the new values are
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being included within the respective indices and the weightings are being
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adjusted. This process is also known as chaining. Chaining describes a math-
ematical method to avoid an index jump during a rebalancing or replacement E-Mail
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of values within an equity index. Our chaining date is the third Friday of the
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end-of-quarter’s month.
No rules without exemption – extraordinary adjustments to index composi-
tion have to be performed – regardless of the rules – upon occurrence of
specific events such as insolvency or mergers.
Any decisions on the composition of and possible modifications to the indices
are exclusively taken by our Management Board. Such decisions are pub-
lished in a press release and on www.deutsche-boerse.com in the evening
after the Committee has concluded its meeting.