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May 13, 2011

Eurex

Volkswagen AG: Mandatory Offer to the Shareholders of MAN SE

By means of a press release on May 9, 2011, Volkswagen AG announced a mandatory takeover offer to the shareholders of MAN SE. According to the announcement, the offer will be made by way of a cash offer and refers to both MAN SE ordinary shares and MAN SE preference shares. It is expected to be published at the end of May 2011, at the latest.

The offer price for each ordinary share of MAN SE is expected to be EUR 95.00 and the offer price for each preference share of MAN SE will equal the domestic weighted average stock exchange price of the preference share in the last three months. According to the press release, this price is expected to be in the area of EUR 60.00.

The circular describes the potential effects this transaction will have on the Eurex option (MAN) and the Eurex stock futures contracts on both ordinary shares of MAN SE (MANG) and preference shares of MAN SE (MA3F).

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