DB1 Deutsche Boerse AG

The Osaka Securities Exchange Co., Ltd. (OSE) and International Securities Exchange Holdings, Inc. (ISE) today announced that they have signed a Memorandum of Agreement (MOA), in which the two exchanges agreed to build a cooperative relationship as the first step towards the formation of a joint venture and the launch of a new, jointly owned trading platform that promises to revitalize the Japanese equity options market. "We are extremely excited about our partnership with ISE, the innovative market leader in the U.S. equity options market,� said Michio Yoneda, President and CEO of OSE. �We believe there is a tremendous opportunity to create a world-class options trading venue in Japan, where the combination of a robust underlying equities market and increasingly sophisticated active investors is solidifying demand for exchange-listed equity options. With ISE�s unparalleled expertise in building a fully-electronic options marketplace from the ground up, this initiative will help to revitalize the Japanese equity options market and to establish it as a useful investment tool for investors.� ISE President and CEO Gary Katz said, �We are very pleased to enter into this partnership with OSE. OSE�s track record of success in the Japanese market and their well-established relationships with both their customers and local regulators will complement ISE�s options market model and market making structure. With our MOA now signed, we look forward to working with our partners at OSE and the Japanese Securities Industry to launch an exciting new options trading platform. It is a privilege for ISE to join OSE in a shared commitment to redefining equity options trading in Japan.� About OSE The Osaka Securities Exchange Co., Ltd. is Japan�s largest derivatives exchange. In 2007 total trading volume of all derivative products hit the record high of 108,916,811 units, up about 79.6 % compared to the previous year. This year, the year 2008, is the 20th anniversary of the introduction of Nikkei 225 futures, the flagship product of OSE. OSE is the first listed exchange in Japan whose shares have been traded on it�s own market, �Hercules,� since April 2004. For more information about OSE, visit www.ose.or.jp/e/ About ISE The International Securities Exchange operates a family of fully electronic trading platforms, creating efficient markets through innovative technology and market structure. ISE�s markets portfolio consists of an options exchange and a stock exchange. As the world�s largest equity options trading venue, ISE offers equity, ETF, index, and FX options. The ISE Stock Exchange trades approximately 6,000 products, and is the only fully electronic equities platform that provides the opportunity for continuous price improvement through the interaction of its non-displayed liquidity pool, MidPoint Match, and its displayed stock market. ISE Alternative Markets is scheduled to launch in 2008 and will offer an events market trading platform for derivatives auctions. To complement its markets and enable investors to trade smarter, ISE creates innovative new products including a portfolio of proprietary indexes and enhanced market data products for sophisticated investors. ISE is a wholly owned subsidiary of Eurex, a leading global derivatives exchange. Eurex itself is jointly owned and operated by Deutsche B�rse AG (Ticker: DB1) and SWX Swiss Exchange. Together, Eurex and ISE are the global market leader in individual equity and equity index derivatives. For more information about ISE, visit www.ise.com