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Glossary

L-DAX

Late/Early index, indicator for the price development on the trading floor at Frankfurt Stock Exchange between 8am and 9am as well as 5.30pm and 8pm.

As of 3 November 2003, Deutsche Börse is calculating additional late indices in a minute cycle between 8am and 9am as well as 5.30pm and 8.00pm in order to provide investors with indicators for the price development of German benchmark indices. In its composition the L/E-DAX corresponds to the ?original? index DAX . However, it is based only on the prices achieved on the trading floor of the Frankfurt Stock Exchange traded by Xetra Frankfurt Specialists. L/E-DAX and the other Late/Early Indices L/E-MDAX, L/E-SDAX and L/E-TecDAX serve merely as indicators and not as underlyings for any derivative products such as certificates, warrants, funds etc. With the extension of trading to 8 pm they replaced the Late indices as of 1 July.

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