1.  Introduction

In its meeting on 25 September 2025, the Management Board of Frankfurter Wertpapierbörse (FWB^®, the Frankfurt Stock Exchange) decided the following amendments:

a)  The maximum allowable spread for a Designated Sponsor Quote doubles during a "Stressed Markets" period in the relevant security (pursuant to Article 6 of Delegated Regulation (EU) 2017/578 ("RTS 8")). Meanwhile, the minimum number of shares to be quoted by a Designated Sponsor per order book side corresponds to the usual minimum quote size that applies to the respective security even outside the "Stressed Markets" period.

b)  In the event of "exceptional circumstances" in accordance with Article 3 of Delegated Regulation (EU) 2017/578 ("RTS 8"), the performance measurement for Designated Sponsors in all stocks and ETPs will be suspended.

c)  The rating attribute "e" for Designated Sponsors who have registered as Xetra EnLight Responders in stocks will no longer be assigned.

The above amendments will come into effect on 3 November 2025.

2.  Required action

None.

3.  Details of the amendments

In general, Designated Sponsors are also subject to the (unchanged) quote requirements for Regulated Market Makers. Regulated Market Makers do not have to quote a minimum number of stocks but have the option of doubling the spread of their quote during a "Stressed Market". With the amendment referred to under 1a), the quote requirements for Regulated Market Makers and Designated Sponsors are aligned in such a way that a Designated Sponsor is also allowed to quote with a wider spread during a "Stressed Market" without any disadvantage.

The minimum quote volume, which remains unchanged compared to normal market conditions, takes into account the special obligation of the Designated Sponsor to provide liquidity on an ongoing basis. The fulfilment of the minimum requirements for Designated Sponsors during any "Stressed Market" phases that may occur is not measured separately – unchanged with regard to common business practice.

A "Stressed Market" is automatically triggered if the number of shares traded in an Extended Volatility Interruption pursuant to § 101 of the Exchange Rules for the Frankfurter Wertpapierbörse exceeds the average number of shares traded in the relevant security per transaction (over a period of three months) by a percentage determined by the Management Board of the Frankfurt Stock Exchange. The "Stressed Market" is valid for 60 minutes and is displayed in the T7 Market Data interface by the value "1" in the MarketCondition field (tag 2705) and in the T7 Cash Trader GUI in the "Instrument Statistics" view in the column "MC" by the values "SA" (Stressed Auto) or "SF" (Stressed Auto + Fast).

The suspension of performance measurement for Designated Sponsors during "exceptional circumstances" as mentioned under 1b) also takes into account the status of the Designated Sponsor as a Regulated Market Maker. Performance measurement will be suspended retrospectively and retroactively by Deutsche Börse AG for the corresponding duration. The Management Board of the Frankfurt Stock Exchange determines the presence of generally applicable "exceptional circumstances" in accordance with Article 3 a), b) or c) of Delegated Regulation (EU) 2017/578 ("RTS 8") and communicates this via a Xetra Newsboard message. Notification by the Designated Sponsor is not required for this purpose. For the reporting of individually existing "exceptional circumstances" in accordance with Article 3 d) of Delegated Regulation (EU) 2017/578, reference is made to common business practice: Designated Sponsors are asked to report on the same trading day with a list of the affected securities and information about the (expected) duration to

cmmarketcontrol@deutsche-boerse.com

The simplification of the Designated Sponsor Rating as mentioned under 1c) serves to ensure the consistent separation of the otherwise independent roles of the Designated Sponsor and the Xetra EnLight Responder. For the month of October 2025, the additional rating criterion for EnLight Responders will be awarded for the last time in the monthly rating.

Further information