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

Exchange Clearing House Rules 6 September 2010 The Polish Financial Supervision Authority approves the Rules of the Exchange Clearing House of NDS 2

Main assumptions MAIN ASSUMPTIONS: The Exchange Clearing House will clear and settle transactions concluded on the WSE Commodity Market poee Settlement will be made via NORDEA BANK POLSKA S.A. Funds will be blocked in bank accounts of Exchange Clearing House Members 3

Exchange Clearing House Members The following entities are eligible as Exchange Clearing House Members: Participants of the WSE Commodity Market poee which hold an FSA licence to operate exchange commodity accounts or registers Holders of an account with the clearing bank NORDEA BANK POLSKA S.A. Entities with required equity of PLN 3.2 million in case of brokerage houses, commodity brokerage houses, and energy enterprises. 4

Required documents (1) Required official documents: Copy of the founding deed and a valid copy or excerpts from the relevant company register; Copy of the relevant licence understood (in case of an Energy Enterprise) as :  licence to produce, transmit, distribute or trade in electricity;  declaration of the Management Board of the applicant confirming that a transmission service provision agreement has been signed; FSA licence to operate exchange commodity accounts or registers. 5

Required documents (2) The following documents shall be attached to a membership application: declaration indicting the number of an account in NORDEA BANK POLSKA S.A.; powers of attorney given to the National Depository to dispose of funds deposited in the Clearing Account – annex to the account agreement with NORDEA BANK POLSKA S.A.; powers of attorney to close Positions; declaration giving consent to arbitration by the arbitration court at the National Depository; cards with specimen signatures of:  the applicant’s authorised representatives;  persons authorised to make and receive declarations from the Clearing House on behalf of the applicant, these declarations not being declarations of intent; information card containing a list of staff employed in posts involving exchange commodity trading-related activities. 6

CLEARING AND SETTLEMENT 7

Collateral against orders and transactions Collateral against proper performance of obligations on the energy market is comprised of collateral against submitted orders and collateral against concluded transactions Collateral of a Clearing House Member is established in the Member’s Clearing Account. 8

Clearing House Members payments Payment schema 9 Buyer’s Clearing Account Seller’s Clearing Account NDS Clearing Account Gross payment on delivery date Gross payment on a weekly basis

Invoicing All concluded transactions shall be invoiced VAT invoices for provision of goods following the conclusion of a transaction are issued by and to KDPW. VAT is added to the net price in accordance with the relevant regulations in force VAT invoices for provision of goods are issued separately for each delivery date of exchange products 10

Clearing fees The Clearing House shall issue invoices for clearing fees on a monthly basis. Clearing fees of all transactions concluded within a given clearing period shall be invoiced. VAT shall be added to net Prices at rates according to applicable regulations. 11

Solutions facilitating transaction accounting Schedules indicating the amount to be invoiced and the amount of the invoice to be issued by the Exchange Clearing House are distributed (to indicated persons) one day before the invoice date. In addition, reminders indicating the invoice date, the invoice period, and the due date for a given month are distributed at the beginning of the month. Authorised persons have 24/7 access to view funds in the account, itemised as available and blocked funds. 12

Krajowy Depozyt Papierów Wartościowych S.A. (National Depository for Securities) ul. Książęca 4, Warsaw, Poland