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Clearstream Frankfurt Link Available for All German Securities

Frankfurt, August 18, 2004 – MTS Deutschland is pleased to announce that a settlement link with Clearstream Frankfurt is now in place for all securities listed on the German market, further improving efficiency in the post-trading process. The link to Clearstream Frankfurt, complementing the other settlement links to both Clearstream Luxembourg and Euroclear, ensures seamless settlement processing of trades executed on MTS Deutschland.

"The launch of a direct link for all securities listed on MTS Deutschland to the settlement system of Clearstream Frankfurt brings an additional level of efficiency to the settlement process," said Thomas Krüger, Head of Bond Trading at Nord LB. "This in turn will serve as further impetus for growth and expansion of the MTS Deutschland network at a European level."

MTS Deutschland has seen its network grow in 2004 with the addition of four new market makers and nine new market takers, securing additional liquidity for securities traded on the market. Specifically, Calyon, Dexia, Lehman Brothers and Nord LB joined as market makers, while Banca Caboto, Bayerische Landesbank, Emporiki Bank of Greece, Morgan Stanley, Nomura, Nordea, Piraeus Bank, Royal Bank of Scotland and SEB joined as market takers.

Market participants will benefit from both the settlement link to Clearstream Frankfurt and from rule changes approved by the Board earlier this year, which have enhanced liquidity. The changes ensure tighter spreads across all maturity ranges.