1.  Introduction

With this circular, we inform you about amendments to the Price List for the Utilization of the Exchange EDP of FWB Frankfurt Stock Exchange and of the EDP XONTRO, Part A (Price List T7), effective as of 1 December 2025.

The changes to the Price List T7 relate to the regulations for Retail Liquidity Providers (RLP):

• A.  Addition of transaction fees for RLPs in the Extended Xetra Retail Service

• B.  Increase of rebate on fees for sessions at the exchange trading place Xetra for RLPs in the Extended Xetra Retail Service

• C.  Amendment of parameters for the Excessive System Usage fee for RLPs in the Xetra Retail Service

2.  Required action

FWB Trading Participants who want to participate in the Extended Xetra Retail Service as RLP must conclude the contract for participation in the Extended Xetra Retail Service as a Retail Liquidity Provider with Deutsche Börse AG.

3.  Details of the initiative

A. Addition of transaction fees for RLPs in the Extended Xetra Retail Service

In the Extended Xetra Retail Service, which takes place during early trading from 08:00 a.m. to 09:00 a.m. CET and late trading from 05:30 p.m. to 10:00 p.m. CET, higher transaction prices apply to RLPs than during main trading hours (Section 2.2.1.7, Table 8b of the T7 Price List). The respective transaction fees may be reduced by a performance rebate and an additional volume rebate (Section 2.2.3.6 of the T7 Price List). Until the introduction of performance measurement, probably with T7 Release 14.1, the performance rebate applies automatically.

B. Increase of rebate on fees for sessions at the exchange trading place Xetra for RLP in the Extended Xetra Retail Service

For RLPs in the Extended Xetra Retail Service, the rebate on fees for sessions at the exchange trading place Xetra will be increased by up to €1,040 (to up to €2,080) per month (Section 1.2 of the T7 Price List).

C. Amendment of parameters for the Excessive System Usage Fee for RLPs in the Xetra Retail Service

For RLPs in the Xetra Retail Service during trading hours from 09:00 a.m. to 05:30 p.m. CET, the parameters for calculating the fee for Excessive System Usage in the L-Account will be relaxed (Section 2.2.4.2 of the T7 Price List), thereby increasing the number of free transactions in the L-Account.

In the Extended Xetra Retail Service, until further notice, transactions and trades in the L-Account will not be considered when determining the Excessive System Usage fee.

The amendments to the Price List T7 will be deemed to be approved, unless the Trading Participant admitted at the Frankfurt Stock Exchange or Vendor files objections to the amendments with Deutsche Börse AG, Mergenthalerallee 61, 65760 Eschborn, Germany, in writing within six weeks after the amendments’ announcement.

Attachment:

• Amended sections of the Price List for the Utilization of the Exchange EDP of FWB Frankfurt Stock Exchange and of the EDP XONTRO, Part A (Price List T7), valid as of 1 December 2025

Further information