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Exchange Clearing House of the National Depository for Securities

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

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Exchange Clearing House of the National Depository for Securities

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

  2. Exchange Clearing House Rules 6 September 2010 ThePolish Financial Supervision Authority approvestheRules of the Exchange Clearing House of NDS

  3. Mainassumptions MAIN ASSUMPTIONS: • The Exchange Clearing House will clear and settletransactionsconcluded on the WSE Commodity Market poee • Settlement will be made via NORDEA BANK POLSKA S.A. • Funds will be blockedin bank accounts of Exchange Clearing House Members

  4. Exchange Clearing House Members Thefollowingentitiesareeligible as Exchange Clearing House Members: • Participants of the WSE Commodity Market poeewhichhold an FSA licence to operateexchangecommodityaccountsorregisters • Holders of an accountwiththe clearing bank NORDEA BANK POLSKA S.A. • Entitieswithrequired equity of PLN 3.2 millionincase of brokeragehouses, commoditybrokeragehouses, and energy enterprises.

  5. Requireddocuments (1) Requiredofficialdocuments: • Copy of thefounding deed and a valid copy or excerpts from the relevant company register; • Copy of therelevantlicenceunderstood(in case of an Energy Enterprise) as : • licence to produce, transmit, distribute or trade in electricity; • declaration of the Management Board of theapplicant confirming that a transmission service provision agreement has been signed; • FSA licence to operateexchangecommodityaccountsorregisters.

  6. Requireddocuments (2) Thefollowingdocumentsshall be attached to a membershipapplication: • 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 theaccountagreementwith 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.

  7. CLEARING AND SETTLEMENT

  8. Collateralagainstorders and transactions • Collateralagainstproper performance of obligations on the energy market iscomprised of collateralagainstsubmittedordersand collateralagainstconcludedtransactions • Collateral of a Clearing House MemberisestablishedintheMember’s Clearing Account.

  9. Clearing House Memberspayments Paymentschema Buyer’s Clearing Account Seller’s Clearing Account Gross payment on deliverydate Gross payment on a weeklybasis NDS Clearing Account

  10. Invoicing • All concludedtransactionsshall 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

  11. Clearing fees • The Clearing House shallissueinvoices for clearing fees on a monthlybasis. • 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.

  12. Solutionsfacilitatingtransactionaccounting • Schedulesindicatingtheamount to be invoiced and theamount of theinvoice to be issued by the Exchange Clearing House aredistributed (to indicatedpersons) one daybeforetheinvoicedate. • In addition, remindersindicatingtheinvoicedate, theinvoice period, and theduedate for a givenmontharedistributedatthebeginning of themonth. • Authorisedpersonshave 24/7 access to viewfundsintheaccount, itemised as available and blockedfunds.

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

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