Exchange Clearing House of the National Depository for

Exchange Clearing House of the National Depository for Securities Marek Paszkowski – KDPW Supervision Department Jarosław Stańczak – poee Warsaw, 13 September 2010

GIR Rules 6 September 2010 The Polish Financial Supervision Authority (KNF) approves the Rules of the KDPW Exchange Clearing House

Main Assumptions MAIN ASSUMPTIONS: • The functions of GIR include the clearing and settlement of trade on WSE Commodity Market poee. • Settlement via NORDEA BANK POLSKA S. A. • Assets blocked in bank accounts of GIR Members.

GIR Members Entities eligible as GIR Members: • participants of the WSE Commodity Market poee holding KNF approval for operation of accounts or registers of exchange commodities • holding an account with the clearing bank NORDEA BANK POLSKA S. A. • holding necessary equity – PLN 3. 2 million for securities brokers, commodity brokers and energy companies

Required documents (1) Required official documents: • copy of the founding deed and valid copy or extract from the relevant register • copy of the relevant permit understood as (for an energy company): § licence to produce, transmit, distribute or trade in electricity § declaration of the applicant’s Management Board confirming the conclusion of a transmission service provision agreement • KNF approval for operation of accounts or registers of exchange commodities

Required documents (2) The following should be attached to a membership application: • declaration indicating the account number with NORDEA BANK POLSKA S. A. • power of attorney for KDPW to use funds deposited in the clearing account – appendix to the bank account agreement with NORDEA BANK POLSKA S. A. • power of attorney to close positions • declaration accepting the jurisdiction of the KDPW Court of Arbitration • card of sample signatures of: § persons authorised to represent the applicant § persons authorised to give to GIR and to receive for the applicant declarations other than declarations of will • information card including the list of employees engaged in serving trade in exchange commodities

CLEARING AND SETTLEMENT

Order and Trade Collateral • Collateral securing liabilities on the energy market consists in collateral against submitted orders and collateral against concluded trades • All collateral of a GIR Member is established in the Member’s clearing account

GIR Members Payment Flow Seller’s clearing account Buyer’s clearing account Gross payment on delivery day Gross payment once per week National Depository’s clearing account

Invoicing Rules • All concluded trade is invoiced. • VAT invoices for delivery of goods in execution of a trade are issued by and to the National Depository. VAT is added to net prices according to applicable legislation. • VAT invoices for delivery of goods are issued separately for each day of delivery of exchange goods.

Transaction Fees • GIR issues invoices for transaction fees on a monthly basis. • Transaction fees are invoiced for all trade concluded in the settlement period. • VAT is added to net prices according to applicable legislation.

Solutions Facilitating Trade Accounting • One day before invoicing, statements are sent by e-mail (to indicated persons) showing the amount to be invoiced to GIR and the amount to be invoiced by GIR. • Authorised persons have 24/7 access to view own account balance including free and blocked assets.

www. kdpw. pl National Depository for Securities (Krajowy Depozyt Papierów Wartościowych S. A. ) ul. Książęca 4, 00 -498 Warsaw, Poland kdpw@kdpw. pl