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Powernext® Commodities Market Notice

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Powernext® Commodities

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Market Notices

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December 08. 2017

Powernext® Commodities Market Notices 08/12/2017


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CONTENTS

TABLE OF MARKET NOTICES ....................................................................................................................... 3

POWERNEXT® COMMODITIES MARKET NOTICES ................................................................................ 8

APPLICATION DOCUMENTS .................................................................................................................................. 9 PRICE COMMITTEE ............................................................................................................................................. 10 RULES OF CONDUCT - DEFINITIONS ................................................................................................................... 11 OFF-ORDER BOOK INTEREST REGISTRATION (TRADE REGISTRATION) SYSTEMS .............................................. 12

PEGAS SPOT MARKET NOTICES ................................................................................................................ 15

PRODUCTS’ AND SPREADS’ SPECIFICATIONS ..................................................................................................... 16 FEES, CHARGES, INVOICES, VAT ....................................................................................................................... 32 TRADING HOURS, BUSINESS DAYS AND TRADING CALENDARS ......................................................................... 35 PARAMETERS SETTING NOTICE .......................................................................................................................... 38 METHODOLOGY FOR ESTABLISHING PEGAS SPOT EOD PRICE REFERENCES ..................................................... 41 METHODOLOGY FOR ESTABLISHING PEGAS SPOT REFERENCE PRICES .............................................................. 48 TRADE LIMITS ON PEGAS SPOT ........................................................................................................................ 50 AUCTION TRADING SESSION ON PEGAS CEGH VTP WITHIN-DAY ................................................................. 52

PEGAS NON-MTF MARKET NOTICES ........................................................................................................ 53

CONTRACTS AND SPREADS BETWEEN CONTRACTS’ SPECIFICATIONS ................................................................ 54 FEES, CHARGES, INVOICES, VAT ....................................................................................................................... 62 PARAMETERS AND TECHNICAL PROVISIONS ....................................................................................................... 64 CLOSING PRICE METHODOLOGY ........................................................................................................................ 67 TRADING HOURS, BUSINESS DAYS AND CONTRACTS CALENDARS .................................................................... 73 TRADING LIMITS ................................................................................................................................................ 80



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TABLE OF MARKET NOTICES

Market Notice Date of publication

Entry into force

Contents

COMMODITIES-2008-02 13/11/2008 26/11/2008 Powernext® Gas Spot / Parameters Setting Notice


COMMODITIES-2009-15 15/09/2009 24/09/2009 Powernext® Gas Spot / Methodology for establishing Powernext®Gas Spot EOD Price References

COMMODITIES-2009-20 23/11/2009 1/12/2009 Deactivation of the Powernext® Balancing GRTgaz Market Segment

COMMODITIES-2010-06 26/03/2010 01/04/2010 Closure of the Powernext® Balancing GRTgaz Market Segment



COMMODITIES-2010-24 20/10/2010 21/10/2010 Powernext® Gas Spot / Methodology for establishing Powernext®Gas Spot EOD Price References


COMMODITIES-2011-02 26/04/2011 27/04/2010 Powernext® Gas Spot / Parameters Setting Notice (Update)

COMMODITIES-2011-05 16/05/2011 25/05/2011 Powernext® Gas Spot / Parameters Setting Notice (Update)

COMMODITIES-2011-06 16/05/2011 25/05/2011 Powernext® Gas Spot / Methodology for establishing Powernext® Gas Spot EOD Price References (Update)

COMMODITIES-2011-07 16/05/2011 25/05/2011 Powernext® Gas Spot / Methodology for establishing Powernext®Gas Spot DAP Price References (Update)


COMMODITIES-2011-17 14/12/2011 15/12/2011 Powernext® Gas Spot / Methodology for establishing Powernext®Gas Spot EOD Price References (Update)


COMMODITIES-2012-02 09/01/2012 10/01/2012 Powernext® Energy Savings / Parameters Setting Notice

COMMODITIES-2012-08 22/05/2012 29/05/2012 Powernext® Energy Savings / Modification of Powernext®Energy Savings Annex n°2





COMMODITIES-2012-27 10/12/2012 21/12/2012 Methodology for establishing Powernext® Gas Spot EOD Price References (Update)


COMMODITIES-2013-03 30/01/2013 01/02/2013 Powernext® Gas Spot / Methodology for establishing Powernext® Gas Spot EOD Price References (Update)

COMMODITIES-2013-12 01/08/2013 28/08/2013 Powernext®Commodities / Application Documents

COMMODITIES-2013-13 01/08/2013 28/08/2013 Powernext®Commodities / Price Committee

COMMODITIES-2013-14 01/08/2013 28/08/2013 Powernext®Commodities / Rules of Conduct – Definitions

COMMODITIES-2013-15 01/08/2013 28/08/2013 Powernext®Commodities / Technical provisions

COMMODITIES-2013-16 01/08/2013 28/08/2013 Powernext®Gas Spot / Products and Spreads between Products Specifications

COMMODITIES-2013-17 01/08/2013 28/08/2013 Powernext®Gas Spot / Fees, charges, invoices, VAT

COMMODITIES-2013-18 01/08/2013 28/08/2013 Powernext®Gas Spot / Parameters setting notice

COMMODITIES-2013-19 01/08/2013 28/08/2013 Powernext®Gas Spot / Methodology for establishing Powernext®Gas Spot EOD Price References



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COMMODITIES-2013-20 01/08/2013 28/08/2013 Powernext®Gas Spot / Methodology for establishing Powernext®Gas Spot DAP Price References

COMMODITIES-2013-21 01/08/2013 28/08/2013 Powernext®Energy Savings / CEE Product Specifications

COMMODITIES-2013-22 01/08/2013 28/08/2013 Powernext®Energy Savings / Fees, charges, invoices, VAT for Powernext SAS services

COMMODITIES-2013-23 01/08/2013 28/08/2013 Powernext®Energy Savings / Self-billing mandate for CEE sales

COMMODITIES-2013-24 01/08/2013 28/08/2013 Powernext®Energy Savings / Parameters setting notice





COMMODITIES-2013-31 22/11/2013 28/11/2013 Powernext®Gas Spot / Methodology for establishing Powernext®Gas Spot DAP Price References




COMMODITIES-2014-12 07/07/2014 09/07/2014 Powernext®Gas Spot / Technical Provisions



COMMODITIES-2014-15 07/07/2014 09/07/2014 Powernext®Gas Spot / Business days and calendars


COMMODITIES-2014-17 07/07/2014 09/07/2014

Powernext®Gas Spot / Methodology for establishing Powernext®Gas Spot EOD Price References

COMMODITIES-2014-27 17/12/2014 01/01/2015 Powernext® Commodities / Membership documents

COMMODITIES-2014-28 17/12/2014 01/01/2015 Powernext® Commodities / Price Committee

COMMODITIES-2014-29 17/12/2014 01/01/2015 PEGAS Spot / Products and Spreads between Products Specifications

COMMODITIES-2014-30 17/12/2014 01/01/2015 PEGAS Spot / Fees, charges, invoices, VAT

COMMODITIES-2014-31 17/12/2014 01/01/2015 PEGAS Spot / Trading Hours, Business Days and Calendars

COMMODITIES-2014-32 17/12/2014 01/01/2015 PEGAS Spot / Parameters setting notice

COMMODITIES-2014-33 17/12/2014 01/01/2015 PEGAS Spot / Methodology for establishing PEGAS Spot EOD Price References

COMMODITIES-2014-34 17/12/2014 01/01/2015 PEGAS Spot / Methodology for establishing PEGAS Price References


COMMODITIES-2015-09 25/03/2015 26/03/2015 PEGAS Spot / Fees, charges, invoices, VAT

COMMODITIES-2015-10 25/03/2015 26/03/2015 PEGAS Spot / Trading Hours, Business Days and Calendars

COMMODITIES-2015-11 25/03/2015 26/03/2015 PEGAS Spot / Parameters setting notice

COMMODITIES-2015-12 25/03/2015 26/03/2015 PEGAS Spot / Methodology for establishing PEGAS Spot EOD Price References

COMMODITIES-2015-13 25/03/2015 26/03/2015 PEGAS Spot / Methodology for establishing PEGAS Price References

COMMODITIES-2015-19 04/05/2015 05/05/2015 PEGAS Spot / Trade Limits on PEGAS Spot


COMMODITIES-2015-36 13/11/2015 17/11/2015 PEGAS Spot / Products and Spreads between Products Specifications (Locational Products)

COMMODITIES-2015-37 13/11/2015 17/11/2015 PEGAS Spot / Fees, charges, invoices, VAT (Locational Products)

COMMODITIES-2015-41 23/12/2015 01/01/2016 PEGAS Spot / Fees, charges, invoices, VAT (new price list)

COMMODITIES-2015-42 23/12/2015 01/01/2016 PEGAS Spot / Trading Hours, Business Days and Calendars (2016 calendars)

COMMODITIES-2015-43 23/12/2015 01/01/2016 PEGAS Spot / Parameters setting notice (precisions)

COMMODITIES-2015-44 23/12/2015 01/01/2016 PEGAS Spot / Methodology for establishing PEGAS Spot EOD Price References (precisions)



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COMMODITIES-2016-06 24/03/2016 30/03/2016 PEGAS Spot / Products and Spreads between Products Specifications (Locational and hourly Products)

COMMODITIES-2016-07 24/03/2016 30/03/2016 PEGAS Spot / Fees, charges, invoices, VAT (Locational and hourly Products)

COMMODITIES-2016-08 24/03/2016 30/03/2016 PEGAS Spot / Trading Hours, Business Days and Calendars (Hourly products)

COMMODITIES-2016-09 24/03/2016 30/03/2016 PEGAS Spot / Parameters setting notice (Hourly products)

COMMODITIES-2016-21 28/06/2016 01/07/2016 Powernext® Commodities / Application documents (References)

COMMODITIES-2016-22 28/06/2016 01/07/2016 Powernext® Commodities / Price Committee (References)

COMMODITIES-2016-23 28/06/2016 01/07/2016 Powernext® Commodities / Rules of Conduct – Definitions (References)

COMMODITIES-2016-24 28/06/2016 01/07/2016 Powernext® Commodities / Off-Order Book interest registration (trade registration) systems

COMMODITIES-2016-25 28/06/2016 01/07/2016 PEGAS Spot / Fees, charges, invoices, VAT (Introduction of Regulated market and Non-MTF notions)

COMMODITIES-2016-26 28/06/2016 01/07/2016 PEGAS Spot / Trading hours, Business days and Trading calendars (References)

COMMODITIES-2016-27 28/06/2016 01/07/2016 PEGAS Non-MTF / Contracts and spreads between contracts’ specifications (Non-MTF Products)

COMMODITIES-2016-28 28/06/2016 01/07/2016 PEGAS Non-MTF / Fees, charges, invoices, VAT (Introduction of Regulated market and Non-MTF notions)

COMMODITIES-2016-29 28/06/2016 01/07/2016 PEGAS Non-MTF / Parameters and Technical Provisions (Non-MTF Products)

COMMODITIES-2016-30 28/06/2016 01/07/2016 PEGAS Non-MTF / Closing Price Methodology (Non-MTF Products)

COMMODITIES-2016-31 28/06/2016 01/07/2016 PEGAS Non-MTF / Trading hours, Business days and Contracts Calendars (Non-MTF Products)

COMMODITIES-2016-54 19/09/2016 22/09/2016 PEGAS Spot / Fees, charges, invoices, VAT (Update on VAT rules)

COMMODITIES-2016-55 19/09/2016 22/09/2016 PEGAS Spot / Trading Hours, Business Days and Calendars (Modification of Spreads between Products trading hours)

COMMODITIES-2016-56 19/09/2016 22/09/2016 PEGAS Non-MTF / Fees, charges, invoices, VAT (Update on VAT rules)

COMMODITIES-2016-75 16/11//2016 17/11/2016 PEGAS Spot / Contracts and spreads between contracts’ specifications (Opening of the ETF hub)

COMMODITIES-2016-76 16/11//2016 17/11/2016 PEGAS Spot / Fees, charges, invoices, VAT (Opening of the ETF hub)

COMMODITIES-2016-77 16/11//2016

17/11/2016 PEGAS Spot / Trading hours, business days and trading calendars (modification of opening hours)

COMMODITIES-2016-78 16/11//2016 17/11/2016 PEGAS Spot / Parameters setting notice (Opening of the ETF hub)

COMMODITIES-2016-79 16/11//2016

17/11/2016 PEGAS Spot / Methodology for establishing PEGAS Spot EOD price references (Opening of the ETF hub)

COMMODITIES-2016-80 16/11//2016

17/11/2016 PEGAS Spot / Methodology for establishing PEGAS Spot reference prices (Opening of the ETF hub)

COMMODITIES-2016-81 16/11//2016

17/11/2016 PEGAS Non-MTF / Contracts and spreads between contracts’ specifications (Opening of the ETF hub and of an additional maturity)

COMMODITIES-2016-82 16/11//2016 17/11/2016 PEGAS Non-MTF / Fees, charges, invoices, VAT (Opening of the ETF hub)

COMMODITIES-2016-83 16/11//2016 17/11/2016 PEGAS Non-MTF / Parameters setting notice (Opening of the ETF hub)

COMMODITIES-2016-84 16/11//2016 17/11/2016 PEGAS Non-MTF / Closing Price Methodology (Opening of a new hub ETF, of an additional maturity and modification of the parameters of the closing price methodology on NCG and GASPOOL)

COMMODITIES-2016-85 16/11//2016 17/11/2016 PEGAS Non-MTF / Trading hours, business days and trading calendars (Opening of a new hub ETF, modification of opening hours and addition of 2017 contracts)

COMMODITIES-2016-89 25/11/2016 01/12/2016 PEGAS Spot / Contracts and spreads between contracts’ specifications (Opening of the CEGH VTP hub)

COMMODITIES-2016-90 25/11/2016 01/12/2016 PEGAS Spot / Fees, charges, invoices, VAT (Opening of the CEGH VTP hub)

COMMODITIES-2016-91 25/11/2016 01/12/2016 PEGAS Spot / Parameters setting notice (Opening of the CEGH VTP hub)

COMMODITIES-2016-92 25/11/2016 01/12/2016 PEGAS Spot / Methodology for establishing PEGAS Spot EOD price references (Opening of the CEGH VTP hub)



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COMMODITIES-2016-93 25/11/2016 01/12/2016 PEGAS Spot / Methodology for establishing PEGAS Spot reference prices (Opening of the CEGH VTP hub)

COMMODITIES-2016-94 25/11/2016 01/12/2016 PEGAS Spot / Trade limits on PEGAS Spot (Opening of the CEGH VTP hub)

COMMODITIES-2016-95 25/11/2016 01/12/2016 PEGAS Spot/ Auction Trading Session on PEGAS CEGH VTP Within-Day (Opening of the CEGH VTP hub)

COMMODITIES-2016-96 25/11/2016 01/12/2016 PEGAS Non-MTF / Contracts and spreads between contracts’ specifications (Opening of the CEGH VTP hub)

COMMODITIES-2016-97 25/11/2016 01/12/2016 PEGAS Non-MTF / Fees, charges, invoices, VAT (Opening of the CEGH VTP hub)

COMMODITIES-2016-98 25/11/2016 01/12/2016 PEGAS Non-MTF / Parameters setting notice (Opening of the CEGH VTP hub)

COMMODITIES-2016-99 25/11/2016 01/12/2016 PEGAS Non-MTF / Closing Price Methodology (Opening of a new hub CEGH VTP)

COMMODITIES-2016-100 25/11/2016 01/12/2016 PEGAS Non-MTF / Trading hours, business days and trading calendars (Opening of a new hub CEGH VTP)

COMMODITIES-2016-107 23/12/2016 23/12/2016 PEGAS Spot / Trading hours, business days and trading calendars (modification of some delivery dates )

COMMODITIES-2017-02 19/01/2017 24/01/2017 PEGAS Spot / Methodology for establishing PEGAS Spot EOD price references (Integration of Synthetic Prices)

COMMODITIES-2017-03 19/01/2017 24/01/2017 PEGAS Spot / Methodology for establishing PEGAS Spot reference prices references (Integration of Synthetic Prices)

COMMODITIES-2017-04 19/01/2017 24/01/2017 PEGAS Non-MTF / Contracts and spreads between contracts’ specifications (Integration of Spreads between Products of the same maturity)

COMMODITIES-2017-05 19/01/2017 24/01/2017 PEGAS Non-MTF / Fees, charges, invoices, VAT (Trading fees on Spreads between Products of the same maturity)

COMMODITIES-2017-06 19/01/2017 24/01/2017 PEGAS Non-MTF /Parameters and technical provisions (Removal of EGIX)

COMMODITIES-2017-07 19/01/2017 24/01/2017 PEGAS Non-MTF / Closing Price Methodology (Integration of Synthetic Prices)

COMMODITIES-2017-08 19/01/2017 01/02/2017 PEGAS Non-MTF / Fees, charges, invoices, VAT (Trading fees on Transactions resulting from Off-Order Book Interests)

COMMODITIES-2017-09 14/02/2017 14/02/2017 PEGAS Spot / Trading hours, business days and trading calendars (modification of delivery dates)

COMMODITIES-2017-19 20/03/2017 22/03/2017 PEGAS Non-MTF / Contracts and spreads between contracts’ specifications (Modification of the Price Tick for Orderbook Interest)

COMMODITIES-2017-27 23/05/2017 31/05/2017 Powernext® Commodities / Off-order book interest registration (trade registration) systems (Implementation of Trading Limits on OTC STP)

COMMODITIES-2017-42 05/09/2017 05/09/2017 PEGAS Spot / Methodology for establishing PEGAS price references (Harmonization of indices)

COMMODITIES-2017-43 05/09/2017 05/09/2017 PEGAS Spot / Methodology for establishing PEGAS Spot EOD price references (Harmonization of indices)

COMMODITIES-2017-44 05/09/2017 05/09/2017 PEGAS Spot / Parameters setting notice (Harmonization of indices)

COMMODITIES-2017-45 05/09/2017 05/09/2017 PEGAS Spot / Auction Trading Session on PEGAS CEGH VTP Within-Day (Harmonization of indices)

COMMODITIES-2017-54 03/11/2017 06/11/2017

PEGAS Spot / Products’ and Spreads’ specifications: Modification of the current French locational products and introduction of the French Congestion Management Products (CMP). Modification of ZEE trading hours (turning 24/7)



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COMMODITIES-2017-55 03/11/2017 06/11/2017 PEGAS Spot/ Fees, Charges, Invoices, VAT: Modification of the names of locational products and CMP.

COMMODITIES-2017-56 03/11/2017 06/11/2017 PEGAS Spot:/Trading Hours, Business Days And Trading Calendars: Modification of opening and trading hours.

COMMODITIES-2017-62 05/12/2017 08/12/2017 PEGAS Spot / Contracts and spreads between contracts’ specifications (Introduction of CZ VTP hub)

COMMODITIES-2017-63 05/12/2017 08/12/2017 PEGAS Spot / Fees, charges, invoices, VAT (Introduction of CZ VTP hub)

COMMODITIES-2017-64 05/12/2017 08/12/2017

PEGAS Spot / Trading hours, business days and trading calendars (Introduction of CZ VTP hub, addition of 2018 contracts)

COMMODITIES-2017-65 05/12/2017 08/12/2017 PEGAS Spot / Parameters setting notice (Introduction of CZ VTP hub)

COMMODITIES-2017-66 05/12/2017 08/12/2017 PEGAS Spot / Methodology for establishing PEGAS Spot EOD price references (Introduction of CZ VTP hub)

COMMODITIES-2017-67 05/12/2017

08/12/2017 PEGAS Spot / Methodology for establishing PEGAS Spot reference prices (Introduction of CZ VTP hub)

COMMODITIES-2017-68 05/12/2017 08/12/2017

PEGAS Non-MTF / Contracts and spreads between contracts’ specifications (Introduction of CZ VTP hub, modification of eligible contracts, minimum lot sizes, volume ticks, maturities on Spread)

COMMODITIES-2017-69 05/12/2017 08/12/2017 PEGAS Non-MTF / Fees, charges, invoices, VAT (Introduction of CZ VTP hub, modification of technical fees)

COMMODITIES-2017-70 05/12/2017

08/12/2017 PEGAS Non-MTF /Parameters and technical provisions (Introduction of CZ VTP hub, configuration of licence and operating support)

COMMODITIES-2017-71 05/12/2017 08/12/2017 PEGAS Non-MTF / Closing Price Methodology (Introduction of CZ VTP hub, definition of Closing Period, Methodology, List of contracts, steps of calculation of the closing prices)

COMMODITIES-2017-72 05/12/2017 08/12/2017 PEGAS Non-MTF / Trading hours, business days and trading calendars (modification of trading hours/days)

COMMODITIES-2017-73 05/12/2017 08/12/2017 PEGAS Non-MTF / Trading limits (System of Trading limits)

COMMODITIES-2017-74 05/12/2017

08/12/2017 Powernext® Commodities / Off-order book interest registration (trade entry service)



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POWERNEXT® COMMODITIES MARKET NOTICES


Powernext® Commodities Market Notice – Application Documents

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APPLICATION DOCUMENTS

POWERNEXT® COMMODITIES Notice n° COMMODITIES-2016-21

28/06/2016

Pursuant to Article 1.2.1.1.5 and 1.2.1.1.6 of the Powernext® Commodities Market Rules, Applicants must provide the following documents in order to be admitted on Powernext® Commodities:

the Know Your Customer (KYC) form, including direct and indirect shareholders and a description of the technical and human resources to be allocated to trading on Powernext® Commodities;

identification form including about the Applicant (registered office address and VAT number);

a list of the senior managers and other representatives with the power to sign all of the documents relating to market operations and contracts (authorised signatures);

a copy of the annual report, company registration, articles of association and the senior managers’ powers, prepared in accordance with the legislation of the Applicant’s home country.


Powernext® Commodities Market Notice – Price Committee

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PRICE COMMITTEE


28/06/2016

Pursuant to Article 1.6.5 of the Powernext® Commodities Market Rules, Powernext SAS hereby publishes the procedures for designating members of the Price Committee and the functioning of the Price Committee:

Any Member may be contacted by Powernext SAS to participate to a Price Committee, in order to provide either price or bid ask spread;

Except under exceptional circumstances, at least three Members are contacted by phone, or by any other mean, and at least two answers from Members are necessary for the Price Committee to be valid;

Powernext SAS carries out the average of the price information provided by the Price Committee and reserves the right to exclude the highest and lowest prices given.

Price Committees can be organized, inter alia, in the following circumstances:

Determination of the Price References as defined in the Market Notice Price References Methodology;

Determination of the Price References in case of Transaction cancellation.


PEGAS Spot – Market Notices

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RULES OF CONDUCT - DEFINITIONS


28/06/2016 Pursuant to Article 1.2.3.2 of the Powernext® Commodities Market Rules, Powernext SAS hereby publishes the definitions of the terms « attempted market manipulation», « market manipulation » and« inside information ». « Attempted market manipulation » means: (i) entering into any Transaction, issuing any Order to trade or taking any other action relating to a Product with the intention of: giving false or misleading signals as to the supply of, demand for, or price of Products; securing the price of one or several Products at an artificial level, unless the person who entered into the Transaction or issued the Order to trade establishes that his reasons for doing so are legitimate and that Transaction or Order to trade conforms to accepted market practices on Powernext® Commodities; or employing a fictitious device or any other form of deception or contrivance which gives, or is likely to give, false or misleading signals regarding the supply of, demand for, or price of Products ; or (ii) disseminating information through the media, including the internet, or by any other means with the intention of giving false or misleading signals as to the supply of, demand for, or price of Products. « market manipulation » means: (i) entering into any Transaction or issuing any Order to trade a Product which: gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of Products; secures or attempts to secure, by a person, or persons acting in collaboration, the price of one or several Products at an artificial level, unless the person who entered into the Transaction or issued the Order to trade establishes that his reasons for doing so are legitimate and that that Transaction or Order to trade conforms to accepted market practices on Powernext® Commodities; or employs or attempts to employ a fictitious device or any other form of deception or contrivance which gives, or is likely to give, false or misleading signals regarding the supply of, demand for, or price of Products ; or (ii) disseminating information through the media, including the internet, or by any other means, which gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of Products, including the dissemination of rumours and false or misleading news, where the disseminating person knew, or ought to have known, that the information was false or misleading. « Inside information » means information of a precise nature which has not been made public, which relates, directly or indirectly, to one or more Products and which, if it were made public, would be likely to significantly affect the prices of those Products.



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OFF-ORDER BOOK INTEREST REGISTRATION (TRADE REGISTRATION) SYSTEMS

POWERNEXT® COMMODITIES

Notice n° COMMODITIES-2017-27 31/05/2017

Pursuant to Article 1.2.2.2.2.and 1.5.2.3 of the Market Rules of the Powernext® Commodities, Powernext SAS hereby describes:

the Off-order Book Interests Registration Systems available on Powernext® Commodities;

the conditions for accessing these Systems;

the conditions of validation of those Off-Order Book Interests.

1. OFF-ORDER BOOK INTERESTS REGISTRATION SYSTEMS AVAILABLE ON POWERNEXT® COMMODITIES Powernext SAS makes available to Members and Authorized Registering Brokers the following Off-order Book Interests Registration Systems:

Systems under the responsibility of Powernext SAS: o PEGAS OTC web

Systems under the responsibility of a third party software provider: o EUREX Clearing (Trade Entry Service) o Trayport « Clearing Link » ; o EFETnet « eXRP ».

These Systems are made available on:

PEGAS Non-MTF.

Authorized Registering Brokers must indicate to Powernext SAS which Off-order Book Interests Registration System(s) they wish to use.

2. CONDITIONS FOR ACCESSING OFF-ORDER BOOK INTERESTS REGISTRATION SYSTEMS

2.1 For PEGAS OTC Web Powernext SAS provides Members and Authorized Registering Brokers with an identifier and a password in order to allow connection and identification on PEGAS OTC Web, input of the Off-Order Book Interests to be registered and counterparties to those Interests, and the display of the status of operations.

2.2 For EUREX Clearing (Trade Entry Service) Powernext SAS provides Members under request with an identifier and a password in order to allow connection and identification on EUREX Clearing, input of Off-Order Book Interests and counterparties to those Interests and display of the status of operations.

2.3 For Trayport « Clearing Link » and EFETnet « eXRP » Powernext SAS also makes available to its Members Registration of Off-Order Book Interests through external automatised and integrated solutions, connected to the order matching internal systems of their Registering Brokers (or « Straight Through Process »): « Clearing Link » and « eXRP ».

In order to be able to use these Systems (« Clearing Link » and « eXRP »), Registering Brokers must have signed a specific agreement with the Clearing House.



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If using Trayport “Clearing Link” and/or EFETnet “eXRP” Registering Systems, Registering Brokers guarantee towards Powernext that :

they have obtained authorisation from their respective clients, which are Members of Powernext Commodities, with regard to the use of the Systems and that all data linked to Off-Order Book Interests routed via these Systems to ECC are based on a valid agreement between the Registering Broker and its respective clients;

they provide ECC on behalf of Powernext with a continuously updated list in a format determined by ECC containing the Powernext Members with whom the Registering Broker concluded a before mentioned agreement (“white list”);

through their internal organisation they ensure that Off-Order Book Interests are only registered in the name of such Powernext Commodities Members with whom they have concluded a before mentioned agreement and that every entry by the Registering Brokers into these Systems is carried out in accordance with this agreement;

by the before mentioned agreement the liability risk for erroneous registrations on Powernext Commodities caused by the Brokers are allotted entirely to them;

the process of order matching within the internal system of the Registering Brokers cannot be manipulated and – to ensure correct submission of Off-Order Book Interests, trade details, and trade processing flags – any component, especially but not limited to the broker’s internal trading system, back-office system, utilised Registration Systems and other software solutions, involved in submission of trade details, the setting of trade processing flags, capturing and submitting trades into the registration of Off-Order Book Interests process, have been sufficiently tested and that due diligence is followed in development, change management, and operations of said components.

If using Trayport “Clearing Link” and/or EFETnet “eXRP” Registering Systems, Registering Brokers and Members agree that the use of those Registration Systems is effected at their own risk and the System Providers of “Clearing Link” and “eXRP” are responsible for the operability and functionalities of these Systems. Consequently, Powernext and ECC do not assume any responsibility and liability for failure of functionalities of these Systems and the correctness, completeness and validity of the transactions and declarations transmitted via these Systems. Powernext and ECC disclaim any warranties with respect to the performance of or in connection to these Systems, the availability of back-office capabilities or any services performed by these System’s Providers.

3. CONDITIONS OF VALIDATION OF OFF-ORDER BOOK INTERESTS

3.1 On PEGAS OTC Web An Off-Order Book Interest registered on PEGAS OTC Web gives rise to a Transaction if it is validated by the two Members involved before the time given in a Market Notice. If the two Members have not validated the Off-Order Book Interest before the time given in this Market Notice, this off-order Book Interest will not be taken into account.

3.2 On EUREX Clearing (Trade Entry Service) Conditions of validation are defined in a technical documentation made available by ECC to the Members.

3.3 On Trayport « Clearing Link » and EFETnet « eXRP » An Off-Order Book Interest registered on Powernext OTC Web gives rise to a Transaction if it is validated by the two Members involved before the time given in a Market Notice. This validation can be automated on « Clearing Link » and EFETnet « eXRP ».If the two Members have not validated the Off-Order Book Interest before the time given in this Market Notice, this off-order Book Interest will not be taken into account.

4. OPTIONAL CONDITIONS OF VALIDATION OF OFF-ORDER BOOK INTERESTS

4.1 Trayport « Clearing Link » : OTC Straigh Through Process Pre-trading Limits The monitoring of pre-trading limits is now proposed by ECC and Powernext on OTC STP. The technical set-up and computation of the monetary limits are described in ECC’s Risk Management Manual. The operation and maintenance of this technical solution is ensured by ECC.

4.2 Pre-conditions for the use of trading limits The use and amount of trading limits must be agreed between the Clearing Member and Non-Clearing Member. As part of the Clearing and Non-Clearing Member agreement, pre-trading limits would be a pre-condition for the Member to register the trade. As a consequence, the Member should respect its trading limits even in case of system’s failure.



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5. CANCELLATION OF OFF-ORDER BOOK INTERESTS

If using “OTC Web”, “Eurex Clearing”, Trayport “Clearing Link” and/or EFETnet “eXRP” Registering Systems, Registering Brokers and Members have to check the correctness of Registrations on PEGAS Non-MTF triggered via those Registration Systems and the subsequent submissions to ECC for clearing forthwith, however, not later than until the end of the trading session and to inform Powernext immediately in case of any discrepancies.

The cancellation of an Off-Order Book Interest is invoiced in conformity with Article 3 of the Market Notice “Fees, Charges, Invoices, VAT” for cancellation of Transactions.



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PEGAS SPOT MARKET NOTICES


PEGAS Spot Market Notice – Products Specifications

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PRODUCTS’ AND SPREADS’ SPECIFICATIONS POWERNEXT® COMMODITIES / PEGAS Spot


1 – Tradable Products on the French delivery areas

Segment PEGAS SPOT

Name of the Products PEGAS Spot PEG Nord PEGAS Spot TRS

Delivery (virtual points) PEG Nord (GRTgaz) TRS (GRTgaz)

Tradable Products

WD (Within Day) DA (Day-Ahead) WE (Week-End) SAT (Saturday) SUN (Sunday)

BH (Bank Holiday) ID (Individual Day)

Underlying High calorific natural gas (H-gas quality) at 25°C

Negative prices Negative Prices not allowed. Contract Volumes units MWh/day

Contract volume 1 MWh/day

Minimum lot size 240 contracts (i.e. Min Volume = 240 MWh/day) Volume tick 10 contracts (i.e. Volume Tick = 10 MWh/day)

Price unit €/MWh, 3 decimal digits

Price tick 0.025 €/MWh

Total Contract Volume = Number of contracts x Contract volume (1 MWh/day) x Number of delivery days Transformation for clearing purposes

Immediately after the conclusion of the trade, each WE and BH contract are replaced by corresponding daily contracts so the covered delivery period remains the same.

Delivery All contracts are physical contracts and lead to physical deliveries on the specified virtual point. Delivery occurs each calendar day of the delivery period. For a given day D of the delivery period, the delivery goes from 06:00 a.m CET of day D to 06:00 a.m. CET of day D+1.

Segment PEGAS SPOT Name of the Products PEGAS Spot PEG Nord

1 MWh/d PEGAS Spot TRS

1 MWh/d

Delivery(virtual points) PEG Nord (GRTgaz) TRS (GRTgaz)

Tradable Products




Negative prices Negative Prices not allowed. Contract Volumes units MWh/day


Minimum lot size 1 contract (i.e. Min Volume = 1 MWh/day) Volume tick 1 contract (i.e. Volume Tick = 1 MWh/day)





Delivery All contracts are physical contracts and lead to physical deliveries on the specified virtual point. Delivery occurs each calendar day of the delivery period. For a given day D of the delivery period, the delivery goes from 06:00 a.m. CET of day D to 06:00 a.m CET of day D+1.



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Segment PEGAS SPOT Name of the Products PEGAS Spot GRTgaz PEG Nord PEGAS GRTgaz - TIGF TRS

Delivery (virtual points) PEG Nord (GRTgaz) TRS (GRTgaz section)

Tradable Products




Negative prices Negative Prices not allowed.

Contract Volumes units MWh/day Contract volume 1 MWh/day

Minimum lot size 1 contracts (i.e. Min Volume = 1 MWh/day)

Volume tick 1 contracts (i.e. Volume Tick = 1 MWh/day) Price unit €/MWh, 3 decimal digits




Delivery For these Products, all trades lead to physical Delivery, but special rules apply regarding the Delivery.

If the trade is done outside of the period of time corresponding to a consultation triggered by GRTgaz or TIGF, Market Participants have no specific obligation, and the trade is simply nominated by ECC on the virtual point, following regular processes.

However, if the trade is done during the period of time corresponding to a consultation triggered by GRTgaz or TIGF, then specific procedures apply:

- A standard nomination will be performed by ECC on the virtual point following regular processes

- However, on top of that, Market Participants have to comply with specific obligations towards GRTgaz and TIGF, including obligation to notify the respective TSO by e-mail and obligation to renominate within certain deadlines on one or several of the physical points listed by the respective TSO in its notification initiating the consultation.

The period of time corresponding to a consultation is of one hour. Its starts when the e-mail is sent by the TSO triggering the consultation.

Delivery occurs each calendar day of the delivery period. For a given day D of the delivery period, the delivery goes from 06:00 a.m CET of day D to 06:00 a.m. CET of day D+1. Taking into account the specificities of these Products, Powernext SAS may occasionally have to disclose information relating to a given Trade to GRTgaz, upon its request. Such disclosure is made in accordance with article 1.2.5.6 of the Powernext® Commodities Market Rules.



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Segment PEGAS SPOT

Name of the Products PEGAS Spot GRTgaz PEG Nord Downstream

PEGAS Spot GRTgaz - TIGF TRS Downstream

Delivery (virtual points) PEG Nord (GRTgaz) TRS (GRTgaz)

Tradable Products WD (Within Day)



Contract Volumes units MWh/day


Minimum lot size 1 contracts (i.e. Min Volume = 1 MWh/day)

Volume tick 1 contracts (i.e. Volume Tick = 1 MWh/day)



Total Contract Volume = Number of contracts x Contract volume (1 MWh/day) x Number of delivery days

Transformation for Immediately after the conclusion of the trade

clearing purposes

Delivery For these Products, all trades lead to physical Delivery, but special rules apply regarding the Delivery.

If the trade is done outside of the period of time corresponding to a consultation triggered by GRTgaz or TIGF, Market Participants have no specific obligation, and the trade is simply nominated by ECC on the virtual point, following regular processes.

However, if the trade is done during the period of time corresponding to a consultation triggered by GRTgaz or TIGF, then specific procedures apply:

- A standard nomination will be performed by ECC on the virtual point following regular processes

- However, on top of that, Market Participants have to comply with specific obligations towards GRTgaz and TIGF, including obligation to notify the respective TSO by e-mail and obligation to renominate within certain deadlines on one or several of the physical points listed by the respective TSO in its notification initiating the consultation.

The period of time corresponding to a consultation is of one hour. Its starts when the e-mail is sent by the TSO triggering the consultation.

Delivery occurs each calendar day of the delivery period.

For a given day D of the delivery period, the delivery goes from 06:00 a.m CET of day D to

06:00 a.m. CET of day D+1.

Taking into account the specificities of these Products, Powernext SAS may occasionally have

to disclose information relating to a given Trade to the TSO, upon its request. Such disclosure

is made in accordance with article 1.2.5.6 of the Powernext® Commodities Market Rules.

2 – Tradable Products on the Belgian delivery area

Segment PEGAS SPOT

Name of the Products PEGAS Spot ZTP PEGAS Spot ZTP L

Delivery (virtual points) ZTP (Fluxys) ZTP L (Fluxys)

Tradable Products

WD (Within Day) DA (Day-Ahead) WE (Week-End)



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SAT (Saturday) SUN (Sunday)


Underlying ZTP: High calorific natural gas (H-gas quality) ZTP L: Low calorific natural gas (L-gas quality)


Contract Volumes units MW

Contract volume 1 MW

Minimum lot size 1 contract (i.e. Min Volume = 1 MW) Volume tick 1 contract (i.e. Volume Tick = 1 MW)


Price tick 0.025 €/MWh Total Contract Volume = Number of contracts x Contract volume (1 MW) x Number of delivery hours of the Contract

(taking into account summer/winter time-shift)

Transformation for clearing purposes


Delivery All contracts are physical contracts and lead to physical deliveries on the specified virtual point. Delivery occurs each calendar day of the delivery period. For a given day D of the delivery period, the delivery goes from 06:00 a.m. CET of day D to 06:00 a.m. CET of day D+1.

Segment PEGAS SPOT Name of the Products PEGAS Spot ZEE

Delivery (virtual points) ZEE (Fluxys)

Tradable Products



Underlying Natural gas at the conditions of the TSO of the concerned delivery area

Negative prices Negative Prices not allowed. Contract Volumes units Kilotherms per day (kth/d) (1 therm = 29.3071 kilowatt hours)

Contract volume 1 kth/d or 1,000 therms/day

Minimum lot size 1 contract (i.e. Min Volume = 1,000 therms/day) for Orders in the Order Book

Volume tick 1 contract (i.e. Min Volume = 1,000 therms/day) for Orders in the Order Book Price unit GBP pence/therm (p/th), 3 decimal digits

Price tick GBP 0.005 p/th for Orders in the Order Book

Total Contract Volume = Number of contracts x Contract volume (1,000 therms/day) x Number of delivery days of the Contract


Immediately after the conclusion of the trade, each WE and BH contract are replaced by the corresponding daily contracts so the covered delivery period remains the same.

Delivery All contracts are physical contracts and lead to physical deliveries on the specified physical point. Delivery occurs each calendar day of the delivery period. For a given day D of the delivery period, the delivery goes from 06:00 a.m. CET of day D to 06:00 a.m. CET of day D+1.



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3 – Tradable Products on the German delivery areas

Segment PEGAS SPOT

Name of the Products PEGAS Spot NCG

PEGAS Spot NCG-L*

PEGAS Spot NCG-H*

Delivery (virtual points) NCG (NetConnect Germany)

Tradable Products



HR (Hourly)



Underlying NCG: natural gas regardless of gas quality (L or H) NCG H: High calorific natural gas (H-gas quality) NCG L: Low calorific natural gas (L-gas quality)

Negative prices Negative Prices not allowed. Contract Volumes units

MW

Contract volume 1 MW Minimum lot size 1 contract (i.e. Min Volume = 1 MW)

Volume tick 1 contract (i.e. Volume Tick = 1 MW)

Price unit €/MWh, 3 decimal digits Price tick 0.025 €/MWh

Total Contract Volume

= Number of contracts x Contract volume (1 MW) x Number of delivery hours of the Contract (taking into account summer/winter time-shift)



Delivery All contracts are physical contracts and lead to physical deliveries on the specified virtual point. Delivery occurs each calendar day of the delivery period. For a given day D of the delivery period, the delivery goes from 06:00 a.m. CET of day D to 06:00 a.m. CET of day D+1. For Hourly products however, delivery occurs on an individual hour. * There are physical delivery restrictions according to the balancing group contract (“Provisions for exchange-traded products that are subject to specific physical delivery restrictions”) in case of trading the products of PEGAS Spot NCG-L and NCG-H. The relevant trading party is obliged to fulfill these physical delivery restrictions.



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Segment PEGAS SPOT

Name of the Products

PEGAS Spot

NCG H North*

PEGAS Spot

NCG H South*

PEGAS Spot

NCG H Mid*

PEGAS Spot

NCG L West*

PEGAS Spot

NCG L East*

PEGAS Spot

NCG L Elten*

PEGAS Spot

NCG L Vreden*

Area NCG H North

NCG H South

NCG H Mid

NCG L West

NCG L East

NCG L Elten

NCG L Vreden

Delivery area (virtual points)

NCG (NetConnect Germany)

Tradable Products



HR (Hourly)

Underlying High calorific natural gas (H-gas quality) Low calorific natural gas (L-gas quality)


Contract Volumes units

MW




Price tick 0.025 €/MWh Total Contract Volume




Delivery

All Products are physical contracts and lead to physical deliveries on the specific area designated in the Product’s name. Delivery occurs each calendar day of the delivery period. For a given day D of the delivery period, the delivery goes from 06:00 a.m CET of day D to 06:00 a.m. CET of day D+1. For Hourly products however, delivery occurs on an individual hour. * There are physical delivery restrictions according to the balancing group contract (“Provisions for exchange-traded products that are subject to specific physical delivery restrictions”) in case of trading these products. The relevant trading party is obliged to fulfill these physical delivery restrictions. Taking into account the specificities of these Products, Powernext SAS may occasionally have to disclose information relating to a given Transaction to NCG, upon its request. Such disclosure is made in accordance with article 1.2.5.6 of the Powernext Commodities Market Rules.



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Segment PEGAS SPOT

Name of the Products PEGAS Spot GASPOOL

PEGAS Spot GASPOOL-L*

PEGAS Spot GASPOOL-H*

Delivery (virtual points) GASPOOL (GASPOOL Balancing Services)

Tradable Products



HR (Hourly)



Underlying GASPOOL natural gas regardless of gas quality GASPOOL H: High calorific natural gas (H-gas quality) GASPOOL L: Low calorific natural gas (L-gas quality)


MW




Total Contract Volume




Delivery All contracts are physical contracts and lead to physical deliveries on the specified virtual point. Delivery occurs each calendar day of the delivery period. For a given day D of the delivery period, the delivery goes from 06:00 a.m. CET of day D to 06:00 a.m. CET of day D+1. For Hourly products however, delivery occurs on an individual hour. * There are physical delivery restrictions according to the balancing group contract (“Provisions for exchange-traded products that are subject to specific physical delivery restrictions”) in case of trading the products of PEGAS Spot GASPOOL-L and GASPOOL-H. The relevant trading party is obliged to fulfill these physical delivery restrictions.



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Segment PEGAS SPOT

Name of the Products

PEGAS Spot GASPOOL Ontras H-

Gas*

PEGAS Spot

GASPOOL GuD H-Gas*

PEGAS Spot

GASPOOL Gascade H-

Gas*

PEGAS Spot

GASPOOL GuD L-Gas*

PEGAS Spot

GASPOOL GTG Nord

L-Gas*

PEGAS Spot

GASPOOL Nowega L-

Gas*

Area Ontras H GuD H Gascade H GuD L GTG Nord L Nowega L

Delivery area (virtual points)

GASPOOL (GASPOOL Balancing Services)

Tradable Products



Underlying High calorific natural gas (H-gas quality) Low calorific natural gas (L-gas quality)


MW




Price tick 0.025 €/MWh Total Contract Volume




Delivery

All Products are physical contracts and lead to physical deliveries on the specific area designated in the Product’s name. Delivery occurs each calendar day of the delivery period. For a given day D of the delivery period, the delivery goes from 06:00 a.m CET of day D to 06:00 a.m. CET of day D+1. * There are physical delivery restrictions according to the balancing group contract (“Provisions for exchange-traded products that are subject to specific physical delivery restrictions”) in case of trading these products. The relevant trading party is obliged to fulfill these physical delivery restrictions. Taking into account the specificities of these Products, Powernext SAS may occasionally have to disclose information relating to a given Transaction to GASPOOL, upon its request. Such disclosure is made in accordance with article 1.2.5.6 of the Powernext Commodities Market Rules.



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4 – Tradable Products on the Dutch delivery area

Segment PEGAS SPOT

Name of the Products PEGAS Spot TTF

Delivery(virtual points) TTF (Gasunie Transport Services B.V.) Tradable Products



HR (Hourly) Underlying Natural gas at the conditions of the TSO of the concerned delivery area


Contract Volumes units

MW


Minimum lot size 1 contract (i.e. Min Volume = 1 MW)

Volume tick 1 contract (i.e. Volume Tick = 1 MW) Price unit €/MWh, 3 decimal digits


Total Contract Volume = Number of contracts x Contract volume (1 MW) x Number of delivery hours of the Contract (taking into account summer/winter time-shift)



Delivery All contracts are physical contracts and lead to physical deliveries on the specified virtual point. Delivery occurs each calendar day of the delivery period. For a given day D of the delivery period, the delivery goes from 06:00 a.m. CET of day D to 06:00 a.m. CET of day D+1. For Hourly products however, delivery occurs on an individual hour.



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5 – Tradable Products on the British delivery area

Segment PEGAS SPOT

Name of the Products PEGAS Spot NBP

Delivery (virtual points) NBP (National Grid)

Tradable Products





Contract Volumes units Kilotherms per day (kth/d) (1 therm = 29.3071 kilowatt hours)

Contract volume 1 kth/d or 1,000 therms/day Minimum lot size 1 contract (i.e. Min Volume = 1,000 therms/day) for Orders in the Order Book

Volume tick 1 contract (i.e. Min Volume = 1,000 therms/day) for Orders in the Order Book

Price unit GBP pence/therm (p/th), 3 decimal digits Price tick GBP 0.005 p/th for Orders in the Order Book

Total Contract Volume = Number of contracts x Contract volume (1,000 therms/day) x Number of delivery days of the

Contract Transformation for clearing purposes





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6 – Tradable Products on the Danish delivery area

Segment PEGAS SPOT

Name of the Products PEGAS Spot ETF

Delivery(virtual points) ETF (Energinet.dk) Tradable Products



Underlying Natural gas at the conditions of the TSO of the concerned delivery area Negative prices Negative Prices not allowed.












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7 – Tradable Products on the Austrian delivery area

Segment PEGAS SPOT

Name of the Products PEGAS Spot CEGH VTP

Delivery(virtual points) CEGH VTP (Central European Gas Hub AG) Tradable Products WD (Within Day)


Negative prices Negative Prices not allowed. Contract Volumes units MW









Trading sessions Continuous and Auction trading sessions (last 15minutes of every hour)

Order types available “Limit”, “Must Be Filled”, “Market To Limit”, “Fill or kill” and “Fill and kill” orders

Conditions of Limit Price for Orders in the Orderbook

Contrary to the stipulation of the Market Rules, the Limit price of “Limit”, “Fill or kill” and “Fill and kill” orders can be posted at the bid even if they are higher than the Price of the best opposite Order in the Orderbook and respectively at the ask even if they are lower than the Price of the best opposite Order. The matching will be at the Best Limit Price available.

Segment PEGAS SPOT

Name of the Products PEGAS Spot CEGH VTP Delivery(virtual points) CEGH VTP (Central European Gas Hub AG)

Tradable Products

HR (Hourly) DA (Day-Ahead) WE (Week-End) SAT (Saturday) SUN (Sunday)












8 – Tradable Products on the Czech delivery area

Segment PEGAS SPOT



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Name of the Products PEGAS CEGH Spot CZ VTP Delivery(virtual points) CZ VTP (OTE)

Tradable Products

DA (Day-Ahead) WE (Week-End) SAT (Saturday) SUN (Sunday)



Negative prices Negative Prices not allowed. Contract Volumes units MW











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9 – Tradable Spreads between Products

Powernext offers Spreads between some of the Products listed on its Market Segments. Trading on these Spreads results by the buying (respectively the selling) of the first listed Product and the selling (respectively the buying) on the second listed Product. These Spreads between Products are as follows and are tradable on the following maturities:

PEGAS Spot TRS / PEGAS Spot PEG Nord

Within-Day Day-Ahead Week-End Saturday Sunday Bank Holiday Individual Day

PEGAS Spot GRTgaz PEG Nord Downstream / PEGAS Spot GRTgaz PEG Nord

Within-Day

PEGAS Spot GRTgaz - TIGF TRS Downstream / PEGAS Spot GRTgaz - TIGF TRS

Within-Day

PEGAS Spot PEG Nord / PEGAS Spot ZTP

Day-Ahead Week-End Saturday Sunday Bank Holiday Individual Day

PEGAS Spot PEG Nord / PEGAS Spot NCG


PEGAS Spot PEG Nord / PEGAS Spot TTF


PEGAS Spot GASPOOL / PEGAS Spot NCG


PEGAS Spot GASPOOL / PEGAS Spot TTF


PEGAS Spot NCG / PEGAS Spot TTF


PEGAS Spot NCG L / PEGAS Spot NCG H Within-Day



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PEGAS Spot GASPOOL L / PEGAS Spot GASPOOL H


PEGAS Spot NCG L / PEGAS Spot TTF


PEGAS Spot GASPOOL L / PEGAS Spot TTF


PEGAS Spot ZTP / PEGAS Spot TTF


PEGAS Spot ZTP / PEGAS Spot NCG


PEGAS Spot ZTP / PEGAS Spot GASPOOL


PEGAS Spot ZEE / PEGAS Spot NBP


PEGAS Spot ETF/PEGAS Spot TTF

Within-Day Day-Ahead Week-End Saturday Sunday Bank Holiday



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Individual Day

PEGAS Spot ETF/PEGAS Spot NCG


PEGAS Spot ETF/PEGAS Spot GASPOOL


PEGAS Spot CEGH VTP/PEGAS Spot TTF


PEGAS Spot CEGH VTP/PEGAS Spot NCG


PEGAS Spot CEGH VTP/PEGAS Spot GASPOOL


PEGAS CEGH Spot CZ VTP/PEGAS Spot TTF


PEGAS CEGH Spot CZ VTP/PEGAS Spot NCG


PEGAS CEGH Spot CZ VTP/PEGAS Spot GASPOOL


PEGAS CEGH Spot CZ VTP/PEGAS Spot CEGH VTP



PEGAS Spot Market Notice – Fees, Charges, Invoices, VAT

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FEES, CHARGES, INVOICES, VAT

POWERNEXT® COMMODITIES / PEGAS Spot Notice n° COMMODITIES-2017-63

08/12/2017

Article 1. Annual Fees

1- Annual membership fees

Annual membership fees on PEGAS Spot on the following countries and delivery zones

Germany: NCG, NCG H&L, GASPOOL, GPL H&L, GPL Locationals1, NCG Locationals2

Belgium: ZTP, ZTPL, ZEE

France : PEG Nord, TRS, GRTgaz Locationals3

Italy : PSV, PSV Financial

Netherlands : TTF

United Kingdom : NBP are determined according to the number of countries

included in the Member’s subscription,

(1) Up to two countries EUR 9,000

(2) More than two countries EUR 15,000

For such countries and in case of multiple accesses to PEGAS Spot, PEGAS Non-MTF and PEGAS Regulated Market:

The total amount of annual membership fees shall be limited to EUR 9,000 for Members who join package (1).


For the subscriptions (1) and (2), the first year of annual membership fees will be free of charge for new members. A member who choses at first a subscription to up to two countries (1) will be able to change for the first time to a subscription to more than two countries (2) without paying the difference in fees between the two subscriptions for 12 months. (3) Annual membership fees on PEGAS Spot for Denmark ETF Delivery Zone are EUR 10,000.

For Denmark and in case of multiple accesses to PEGAS Spot, PEGAS Non-MTF and PEGAS Regulated Market:

1 GASPOOL Ontras H-Gas, GASPOOL GuD H-Gas, GASPOOL

Gascade H-Gas, GASPOOL GuD L-Gas, GASPOOL GTG Nord L-Gas, GASPOOL Nowega L-Gas

2 NCG H North, NCG H South, NCG H Mid, NCG L West, NCG L East, NCG L Elten, NCG L Vreden.

the total amount of annual membership fees shall be limited to EUR 10,000 for Members who join package (3). For the subscriptions (3) in 2017, the first year of annual membership fees will be free of charge for new members. (4) Annual membership fees on PEGAS Spot for the Austrian CEGH VTP Delivery Zone are EUR 15,200.

For Austria and in case of multiple accesses to PEGAS Spot, PEGAS Non-MTF and PEGAS Regulated Market: the total amount of annual membership fees shall be limited to EUR 15,200 for Members who join package (4). Members entering the Austrian CEGH VTP Delivery Zone for balancing purposes, without any trading account, are considered as Passive Member and can benefit from a reduced membership fee of EUR 10,000 on the hub CEGH VTP. (5) Annual membership fees on PEGAS Spot for the Czech CZ VTP Delivery Zone are EUR 4,200.

In case of an existing membership on PEGAS Spot CEGH VTP, PEGAS Non-MTF CEGH VTP or PEGAS Regulated Market CEGH VTP under package (4), the annual membership fees for Czech Republic CZ VTP Delivery Zone are reduced to EUR 3,000 for Members who join package (5).

2- Annual membership fees for Clearing Members

The Annual membership fees shall be limited to EUR 4,000 for Clearing Member who trade for their own account only if one of their clients defaults. These reduced fees entitle the Clearing Member to a single trading license, which shall be activated solely to manage the position of a defaulting client.

3- Other annual fees

An annual trading account Fee of EUR 1,800 per year shall be invoiced for each user license. License for a downstream account for Trayport Trading Gateway® users shall be charged EUR 1,800 per year.

3 GRTgaz PEG Nord, GRTgaz – TIGF TRS, GRTgaz PEG Nord Downstream, GRTgaz – TIGF TRS Downstream



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Passive Members entering the Austrian CEGH VTP Delivery Zone for balancing purposes will be charged an administrative fee of EUR 1,800 per year.

Shift trader licenses are charged EUR 750 per year.4

4- Invoicing Both membership and technical annual fees are payable monthly by the Members and invoiced at the end of each calendar month. Membership annual fees are established the first day of each month from the date of trading commencement. Technical annual fees are established at the last day of each month from the date of trading commencement. Powernext SAS shall issue electronic invoices. These invoices shall be available on an FTP server accessible in SFTP and via an https webpage at the address communicated to the Members. As an exception, invoices for CEGH VTP and CZ VTP Membership fees will be sent by email by Central European Gas Hub AG on behalf of Powernext.

Upon express and written demand to Powernext SAS, Members may receive hard copies of the invoices issued to Powernext SAS.

Article 2. Trading fees for Spot Products

1- Trading fees The Trading Fees shall be charged for each Megawatt-hour (MWh) or Therms of the underlying natural gas in the traded volumes, depending on the Contract’s unit of quotation.

For a Transaction on outright Product, Trading Fees amount to:

TTF EUR 0.005 per MWh

PEG Nord, TRS, ZTP, ZTP L EUR 0.01 per MWh

NCG, GASPOOL Within-Day EUR 0.015 per MWh

NCG, GASPOOL other maturities

EUR 0.005 per MWh

NBP, ZEE GBP 0.0015 Pence per Therm

GRTgaz PEG Nord, GRTgaz - TIGF TRS, GRTgaz PEG Nord Downstream, GRTgaz – TIGF TRS Downstream

EUR 0.03 per MWh

4 A Shift trader is an operator from a company whose internal organization requires a specific team of operators trading on a 24/7 basis to be able to meet the company’s physical needs of natural gas. Logically, such operators from one company are only authorized on Spot products, they work on a shift pattern and only operators on duty connect to the

GASPOOL Ontras H-Gas, GASPOOL GuD H-Gas, GASPOOL Gascade H-Gas, GASPOOL GuD L-Gas, GASPOOL GTG Nord L-Gas, GASPOOL Nowega L-Gas

EUR 0.03 per MWh

NCG H North, NCG H South, NCG H Mid, NCG L West, NCG L East,

EUR 0.03 per MWh

TTF Hourly EUR 0.03 per MWh

NCG, GASPOOL Hourly EUR 0.03 per MWh

NCG L Elten, NCG L Vreden Hourly

EUR 0.03 per MWh

ETF EUR 0.02 per MWh

CEGH VTP Hourly EUR 0.01 per MWh

CEGH VTP Other maturities EUR 0.005 per MWh

CZ VTP EUR 0.005 per MWh

In case of a Transaction on a Spread between Contracts, only the trading fee on the first underlying Contract is applicable.

In case of a Transaction on an Implied Order, only the Trading fee of the underlying Contract of the Implied Order executed on screen is applicable.

2- Fees for cancellation Powernext SAS shall charge an administrative fee of EUR 500 for cancelling, at a Member's request, Transactions on PEGAS Spot products quoted in EUR. These fees are invoiced per request, including when a request concerns several Transactions. Powernext SAS shall charge an administrative fee of GBP 400 for cancelling, at a Member's request, Transactions on PEGAS Spot products quoted in GBP. These fees are invoiced per request, including when a request concerns several Transactions. For cancelling a Transaction related to a Spread between Products or an Implied Order, only one of the resulting transactions is invoiced. These fees shall be charged only to the party requesting the cancellation. A cancellation of multiple simultaneous Transactions on the same maturity will be charged once for the Transaction with the most important volume. The fees mentioned in this article shall be billed monthly and included in the invoices mentioned in Article 2.

3- Invoicing

system or are active at the same time. Powernext reserves the right to check that Shift traders set up in the trading system comply with this definition and can modify concerned accounts to non shift traders‘ ones if this definition is not respected.



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Trading fees payable monthly by the Members and invoiced at the end of each calendar month. Powernext SAS shall issue electronic invoices. These invoices, at the exception of CEGH VTP and CZ VTP Membership fees invoice, shall be available on an FTP server accessible in SFTP and via an https webpage at the address communicated to the Members. CEGH VTP and CZ VTP Membership fees will be sent by email by Central European Gas Hub AG on behalf of Powernext. Upon express and written demand to Powernext SAS, Members may receive hard copies of the invoices issued to Powernext SAS.

Article 3. Value Added Tax on fees The fees referred to in Articles 1 to 2 of this Appendix assimilated to a provision of services (Article 256 IV of the French Tax Code). The place of supply of such services is where the buyer is established for VAT purposes according to article 259-1 of the French tax code/Article 44 of the directive 2006/112/EC. They are subject to French Value Added Tax at the rate of 20% if the buyer is a French resident or a French establishment of a foreign business. They are not subject to French Value-Added-Tax if the buyer is liable to pay Value-Added Tax in another European Union Member State (in such case Value-Added Tax is due by the buyer in the member state in which the tax is due pursuant to article 196 of the directive 2006/112/EC) or is established outside the European Union. Moreover the buyer acknowledges that VAT should be self-assessed by the buyer pursuant to the tax law applicable in the State where the buyer has its residence. The buyer shall fully hold Powernext harmless in case it did not comply with its tax related obligations towards a State

Article 4. Payment The fees referred to in Articles 1 to 3 shall be payable on the date of receipt of the electronic copy of the invoice. They shall be collected by ECC the following days and remitted entirely to Powernext SAS. If the amounts invoiced are not paid in full within the specified deadline, the sums owed are increased, by right, and without the need for a formal notice to pay, of a fixed rate for recovery fees of forty (40) EUR (art. L441-3 French Commercial Code) in addition to interests for late payments at a rate equal to three times the legally chargeable interest rate. These penalties are due on the day following the due date mentioned on the invoice.


PEGAS Spot Market Notice – Trading Hours, Business Days and Trading Calendars

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TRADING HOURS, BUSINESS DAYS AND TRADING CALENDARS


08/12/2017

I. OPENING HOURS 1 Order Book opening hours Powernext SAS publishes hereafter the Order Book opening hours in accordance with article 2.4.3 of the Powernext® Commodities Market Rules:

The Order Book is open 7 days a week, 24 hours a day, with the exception of CZ VTP, CZ VTP/TTF, CZ VTP/NCG, CZ VTP/GPL and CZ VTP/ CEGH VTP Products that are open from 8:00 am to 6:00 pm CET time on PEGAS business days, as defined by Market Notice.

Products are available for trading from 03:00 am CET on the first day of trading of the Product to 03:00 am CET on the day following the last trading day, with the exception of Within-Day Products that are available for trading from 02:00 am CET on the first trading day to 02:00 am CET on the next trading day and of Hourly products that are available for trading 27 hours ahead until 3 hours before delivery.

2 Trading Hours Powernext SAS publishes hereafter the Trading Hours of PEGAS Spot in accordance with articles 1.4.2.4 and 2.4.3 of the Powernext® Commodities Market Rules.

Trading is open 7 days a week, 24 hours a day, with the exception of CZ VTP, CZ VTP/TTF, CZ VTP/NCG, CZ VTP/GPL and CZ VTP/ CEGH VTP Products that are open from 8:00 am to 6:00 pm CET time on PEGAS business days, as defined by Market Notice.

PEGAS Spot business days are every day of the calendar except the following:

Market closure days on Powernext Gas until 2018

Christmas Day Tue, 25 Dec 2017

Boxing Day (First weekday after Christmas) Tue, 26 Dec 2017

New Year’s day Mon, 1 Jan 2018

Good Friday Fri, 30 March2018

Easter Monday Mon, 2April 2018

Early May Bank Holiday (First Monday of May) Mon, 7 May 2018

Spring Bank Holiday (Usually Last Monday of May) Mon, 28 May 2018

Summer Bank Holiday (Last Monday of August) Mon, 27 Aug 2018

Christmas Day Tue, 25 Dec 2018

Boxing Day (First weekday after Christmas) Wed, 26 Dec 2018

II. TRADING CALENDAR Powernext SAS publishes hereafter the Trading Calendar of PEGAS Spot for the calendar year 2018 in accordance with article 2.4.3 of the Powernext® Commodities Market Rules. Trading Sessions occur 7 days a week, 24 hours a day.



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In accordance with article 2.4.3 and with the Market Notice related to the Product Specifications of the Powernext® Commodities Market Rules:

WD (Within-Day) is tradable each trading day for delivery on the remaining hours of the same day taking into consideration a specific lead time

DA (Day-Ahead) Product is tradable each day for delivery on the following trading day, or alternatively on the day communicated below

WE (Week-End) Product is tradable the two trading days preceding a weekend for delivery on Saturday and Sunday, or alternatively on the days communicated below

A SAT (Saturday) Product is tradable on the Thursdays and Fridays preceding a Saturday, or on the days communicated below for delivery on this Saturday

A SUN (Sunday) Product is tradable on the Thursdays, Fridays and Saturdays preceding a Sunday, or on the days communicated below, for delivery on Sunday

BH (Bank Holiday) Product is tradable the second and the first trading day preceding one or several consecutive non-business days in the middle of a week (communicated below) for delivery on those non-business days; the calendar of non-business days is communicated below

ID (Individual Day) Product is tradable on the first trading day preceding one local bank holiday (communicated below), or on the days communicated in a Market Notice, for delivery on the day following this bank holiday

HR (Hourly) Product is tradable during 24 hours for delivery on an individual hour. Except for the following contracts, the delivery periods of which have been adapted to take into account the above mentioned non business days:

First day of trading Last day of tradingNumber of delivery

daysDelivery start Delivery End

New Year's Day 2018-01-01 New Year's Day 28/12/2017 03:00 01/01/2018 03:00 1 01/01/2018 06:00 02/01/2018 06:00

Good Friday 2018-03-30 Good Friday 28/03/2018 03:00 30/03/2018 03:00 1 30/03/2018 06:00 31/03/2018 06:00

Easter Monday 2018-04-02 Easter Monday 28/03/2018 03:00 02/04/2018 03:00 1 02/04/2018 06:00 03/04/2018 06:00

Early May BH 2018-05-07 Early May BH 03/05/2017 03:00 07/05/2018 03:00 1 07/05/2018 06:00 08/05/2018 06:00

Spring BH 2018-05-28 Spring BH 24/05/2018 03:00 28/05/2018 03:00 1 28/05/2018 06:00 29/05/2018 06:00

Summer BH 2018-08-27 Summer BH 23/08/2018 03:00 27/08/2018 03:00 1 27/08/2018 06:00 28/08/2018 06:00

Xmas Day 2018-12-25 Xmas Day 21/12/2018 03:00 25/12/2018 03:00 1 25/12/2018 06:00 26/12/2018 06:00

Boxing Day 2018-12-26 Boxing Day 21/12/2018 03:00 26/12/2018 03:00 1 26/12/2018 06:00 27/12/2018 06:00


daysDelivery day Delivery End

May 2, 2018 Day after Labour Day 30/04/2018 03:00 01/05/2018 03:00 1 02/05/2018 06:00 03/05/2018 06:00

May 9, 2018 Day after Victory Day 07/05/2018 03:00 08/05/2018 03:00 1 09/05/2018 06:00 10/05/2018 06:00

May 11, 2018 Day after Ascension Day 09/05/2018 03:00 10/05/2018 03:00 1 11/05/2018 06:00 12/05/2018 06:00

May 22, 2018 Day after Whit Monday 18/05/2018 03:00 21/05/2018 03:00 1 22/05/2018 06:00 23/05/2018 06:00

June 1, 2017 Day after Fronleichnam 30/05/2018 03:00 31/05/2018 03:00 1 01/06/2018 06:00 02/06/2018 06:00

July 6, 2018 Day after St Cyril and St Methodius Day 04/07/2018 03:00 05/07/2018 03:00 1 06/07/2018 06:00 07/07/2018 06:00

August 16, 2018 Day after Assumption Day 14/08/2018 03:00 15/08/2018 03:00 1 16/08/2018 06:00 17/08/2018 06:00

October 1, 2018 Day after Statehood Day 27/09/2018 03:00 28/09/2018 03:00 1 01/10/2018 00:00 02/10/2018 00:00

October 4, 2018 Day after German National Day 02/10/2018 03:00 03/10/2018 03:00 1 04/10/2018 06:00 05/10/2018 06:00

October 29, 2018 Day after Austrian National Day 25/10/2018 03:00 26/10/2018 03:00 1 29/10/2018 06:00 30/10/2018 06:00

November 1, 2018 Day after Reformation 30/10/2018 03:00 31/10/2018 03:00 1 01/11/2018 06:00 02/11/2018 06:00

November 2, 2018 Day after All Saints' Day 31/10/2018 03:00 01/11/2018 03:00 1 02/11/2018 06:00 03/11/2018 06:00

November 22, 2018 Day after day of repentance and prayer 20/11/2018 03:00 21/11/2018 03:00 1 22/11/2018 06:00 23/11/2018 06:00

December 27, 2018 Day after Christmas and Boxing Day 21/12/2018 03:00 22/12/2018 03:00 1 27/12/2018 06:00 28/12/2018 06:00

BANK HOLIDAYS

INDIVIDUAL DAYS Non BH

Tradable product

Tradable product



28/03/2018 03:00 31/03/2018 03:00 1 31/03/2018 06:00 01/04/2018 06:00

28/03/2018 03:00 01/04/2018 03:00 1 01/04/2018 06:00 02/04/2018 06:00

Tradable product

SAT 2018-03-31

SUN 2018-04-01

SATURDAY & SUNDAY



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28/03/2018 03:00 30/03/2018 03:00 4 30/03/2018 06:00 03/04/2018 06:00

03/05/2017 03:00 05/05/2018 03:00 3 05/05/2018 06:00 08/05/2018 06:00

24/05/2018 03:00 26/05/2018 03:00 3 26/05/2018 06:00 29/05/2018 06:00

23/08/2018 03:00 25/08/2018 03:00 3 25/08/2018 06:00 28/08/2018 06:00

WE 2018-05-05/07

WE

WE 2018-05-26/28

WE 2018-08-25/27

Tradable product

WE 2018-03-30/02


PEGAS Spot Market Notice – Methodology to determine the PEGAS Spot EOD price references

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PARAMETERS SETTING NOTICE


08/12/2017

1 Delivery Organisations on PEGAS Spot Pursuant to Article 2.1.3 of the Powernext® Commodities Market Rules, Powernext SAS hereby publishes the list of Delivery Organisations on PEGAS Spot:

GRTgaz, natural gas Transmission System Operator previously owned by Gaz de France,

TIGF, natural gas Transmission System Operator of the South-West region of France,

Fluxys SA, natural gas Transmission System Operator of the Belgian regions

NetConnect Germany GmbH & Co. KG, Market Area Manager for Germany

GASPOOL Balancing Services GmbH, Market Area Manager for Germany

Gasunie transport Services B.V., natural gas Transmission System Operator of Netherlands

National Grid, natural gas Transmission System Operator of British region

Energinet.dk, natural gas Transmission System Operator of the Danish region

Central European Gas Hub AG

OTE a.s., Czech gas market operator 2 Operating support Members shall have access to hotline support for their trading access as well as for, particularly as regards:

queries about the functions of the Trading System,

queries about any malfunctions that may occur. Operating support is provided 24/7 by the following communication means:

Mail Phone

Mon Fri, during Business hours (08 :00-18 :30CET) [email protected] +33 1 73 03 96 24

Out of Business hours (including week ends and Bank Holidays) [email protected]

This support service shall cover this system only; it does not cover malfunctions related to the configuration of the Members' hardware or Internet connections. During business hours, Powernext Market Operations can upon request enter orders or trade on behalf of a registered trader. This should only be done in exceptional circumstances if the Member cannot access the trading system. There is no fee associated with this service. A confirmation of the request by email is required prior to the trading or order on behalf. During off business hours, a limited service is provided to Members. For instance, account setup or modifications and trade on behalf are not performed.

3 Transaction Cancellation Pursuant to Article 1.4.2.9 1° of the Powernext® Commodities Market Rules, the cancellation requests must be telephoned to Powernext SAS (contact numbers specified above) no later than ten (10) minutes after Matching has occurred. Powernext SAS informs the market when the cancellation is effective.

For WD products on NCG, GASPOOL, ZTP, ZTP L, ZEE, TTF, ETF and CEGH VTP, cancellation of the trade can only be performed if the trade has been concluded more than 20 minutes prior to the next hour. Trade cancellation for trades executed during auction trading sessions on CEGH VTP Within-Day is therefore not allowed.

For DA, WE, Sat, Sun, BH and ID products on all hubs and WD products on NBP, PEG Nord and TRS, cancellation of the trade can only be performed if the trade has been concluded more than 20 minutes prior to the start of the next contract.



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For HR products on all hubs, cancellation of the trade can only be performed if the trade has been concluded more than 20 minutes prior to the end of the trading period of the contract.

4 PEGAS Spot WDRP Price References Powernext SAS indicates hereafter the list of Products for which PEGAS Spot WDRP (“Within Day Reference Price”) reference prices will be published in accordance with article 2.5.2 of the Powernext® Commodities Market Rules:

PEG Nord WD

TRS WD

TTF WD

NCG WD

GASPOOL WD

ETF WD

CEGH VTP WD

ZTP WD

The calculation rule of the PEGAS Spot EGSI is defined in a Market Notice.

5 PEGAS Spot EGSI Price References Powernext SAS indicates hereafter the list of Products for which PEGAS Spot EGSI (“European Gas Spot Index”) reference prices will be published in accordance with article 2.5.2 of the Powernext® Commodities Market Rules:

PEG Nord DA PEG Nord WE PEG Nord BH

TRS DA TRS WE TRS BH

TTF DA TTF WE TTF BH

NCG DA NCG WE NCG BH

GASPOOL DA GASPOOL WE GASPOOL BH

ETF DA ETF WE ETF BH

CEGH VTP DA CEGH VTP WE CEGH VTP BH

ZTP DA ZTP WE ZTP BH

CZ VTP DA CZ VTP WE CZ VTP BH

The calculation rule of the PEGAS Spot EGSI is defined in a Market Notice. 6 PEGAS Spot DRP – Daily Reference Price Powernext SAS indicates hereafter the list of Products for which PEGAS Spot DRP (“Daily Reference Price”) will be published until 31.12.2017 in accordance with article 2.5.2 of the Powernext® Commodities Market Rules:

TTF

NCG

GASPOOL The calculation rule of the PEGAS Spot DRP is defined in a Market Notice.

7 PEGAS Spot EOD Price References Powernext SAS indicates hereafter the list of Products for which PEGAS Spot EOD reference prices will be published in accordance with article 2.5.2 of the Powernext® Commodities Market Rules:

PEG Nord DA PEG Nord WE PEG Nord BH

TRS DA TRS WE TRS BH

TTF DA TTF WE TTF BH

NCG DA NCG WE NCG BH

GASPOOL DA GASPOOL WE GASPOOL BH

ETF DA ETF WE ETF BH

CEGH VTP DA CEGH VTP WE CEGH VTP BH

ZTP DA ZTP WE ZTP BH

CZ VTP DA CZ VTP WE CZ VTP BH

8 Configuration, licenses and support

8.1 Configuration of the Member's equipment Members shall have the following hardware and software:

a PC running Windows, with a pack permitting 128 bit encryption, with a processor of at least 2 GHz Pentium class, memory at least 2 GB RAM with one of the following Operating System:

o Microsoft Windows Vista Business o Microsoft Windows XP with service pack 2 o Microsoft Windows 7.



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a firewall with the following ports open: o TCP 12995 o TCP 12997 o TCP 443

an Internet connection and Microsoft Internet Explorer version 6 or higher. 8.2 License for the Global Vision system Before using the Global Vision system, Members must accept the terms of the license, which is displayed in electronic form when the system is used for the first time. If the aforementioned license or the Trading Agreement is terminated, Members must uninstall and completely remove Global Vision from their systems. 8.3 Operating and technical documentation The technical documentation shall be made available by Powernext SAS by any means at its disposal. The purpose of such documentation is to provide the explanations needed for using the Global Vision software. It is subject to change and has no contractual value. The recommendations must be followed to ensure proper use of the Trading System. 8.4 Communications

Normal procedures

Transmission of Orders Publication of Transactions

Information Sent Price

Volume

Order Types

Time of transmission

Price

Volume

Time of the Transaction

Schedule

In real time during the opening hours of the Order Book

During a trading session, in real time, as soon as the transaction is executed

Sender Members Powernext SAS

Receiver Powernext SAS Members

Primary system used Global Vision Global Vision

Secondary system used Email / Phone FTP Server

Transmission of Back Office documents

Information Sent “Trades” files Fees Invoices Membership invoices, GV licenses, other fees

Schedule

At regular intervals during the trading session.

Monthly Quarterly

Sender Powernext SAS Powernext SAS Powernext SAS

Receiver Trading Members Trading Members Trading Members

Primary system used Powernext FTP Powernext FTP Powernext FTP

Secondary system used Email Email

Post

Email

Post

Fallback procedures

If the trading system is unavailable:

Trading shall be suspended.

Powernext shall inform Members by any means including emails of the trading suspension and when trading will resume.



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METHODOLOGY FOR ESTABLISHING PEGAS SPOT EOD PRICE

REFERENCES


08/12/2017

Powernext has designed a new methodology to determine the PEGAS Spot EOD price references. The aims of the following document are to:

Describe the methodology used for calculating the PEGAS Spot EOD price references and give the values of the parameters utilized in the calculation;

Indicate in which case the PEGAS Spot EOD price references are determined by a Price Committee.

The PEGAS Spot EOD Price references are calculated for the following Products:

PEGAS Spot PEG Nord

PEGAS Spot TRS

PEGAS Spot TTF

PEGAS Spot NCG

PEGAS Spot GASPOOL

PEGAS Spot ETF

PEGAS Spot CEGH VTP

PEGAS Spot ZTP

PEGAS CEGH Spot CZ VTP

Table of Content

STEP 1: DEFINITION OF THE CALCULATION PERIOD DURATION STEP 2: FILTERING OF ORDERS AND TRADES OF SUFFICIENT VOLUME STEP 3: DETERMINATION OF THE CUMULATED SPREAD DURATION STEP 4: CALCULATION OF THE AVERAGE ASK AND THE AVERAGE BID STEP 5: CALCULATION OF THE AVERAGE MID AND AVERAGE SPREAD STEP 6: CALCULATION OF THE WEIGHTED AVERAGE TRADE PRICE STEP 7: PRICE COMMITTEE TRIGGERING CONDITIONS STEP 8: CALCULATION OF THE PEGAS SPOT EOD PRICE REFERENCES STEP 9: ROUNDING OF PEGAS SPOT EOD PRICE REFERENCES



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The following methodology applies to the following Products of PEGAS Spot: PEG Nord DA PEG Nord WE PEG Nord BH TRS DA TRS WE TRS BH TTF DA TTF WE TTF BH NCG DA NCG WE NCG BH GASPOOL DA GASPOOL WE GASPOOL BH ETF DA ETF WE ETF BH CEGH VTP DA CEGH VTP WE CEGH VTP BH ZTP DA ZTP WE ZTP BH CZ VTP DA CZ VTP WE CZ VTP BH

The Calculation Period is the period during which the PEGAS Spot EOD price references are determined. During this period, Powernext SAS collects gross data necessary for the determination of the PEGAS Spot EOD price references. These PEGAS Spot EOD price references are determined according to the following methodology. Step 1: Definition of the Calculation Period Duration The methodology to determine the PEGAS Spot EOD price references is based on a Calculation Period of 15 minutes on the last trading day of each contract (for example on Friday only for a standard 2 days Week-End contract) (Calculation Period Duration). This Calculation Period starts and finishes at the times specified hereunder.



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Product Calculation Period (Paris time)

PEG Nord WD 15h45-16h00

PEG Nord DA 17h15-17h30

PEG Nord WE 17h15-17h30

PEG Nord BH 17h15-17h30

TRS WD 15h45-16h00

TRS DA 17h15-17h30

TRS WE 17h15-17h30

TRS BH 17h15-17h30

TTF DA 17h15-17h30

TTF WE 17h15-17h30

TTF BH 17h15-17h30

NCG DA 17h15-17h30

NCG WE 17h15-17h30

NCG BH 17h15-17h30

GASPOOL DA 17h15-17h30

GASPOOL WE 17h15-17h30

GASPOOL BH 17h15-17h30

ETF DA 17h15-17h30

ETF WE 17h15-17h30

ETF BH 17h15-17h30

CEGH VTP DA 17h15-17h30

CEGH VTP WE 17h15-17h30

CEGH VTP BH 17h15-17h30

ZTP DA 17h15-17h30

ZTP WE 17h15-17h30

ZTP BH 17h15-17h30

CZ VTP DA 17h15-17h30

CZ VTP WE 17h15-17h30

CZ VTP BH 17h15-17h30

Table 1 – Schedule of the Calculation Period

Step 2: filtering of orders and trades of sufficient volume The Minimal Settlement Volume is the minimum volume of a Trade or an Order to be taken into account in the computation of the PEGAS Spot EOD price references. Both average mid Spreads and Trades (weighted by their volumes) during the Calculation Period are taken into account. Bid/ask Orders and Trades strictly below certain volumes are not taken into account. The minimum volumes for Orders and for Trades are indicated in Table 2.



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Product Minimum Volume

PEG Nord DA 240 MWh/day

PEG Nord WE 240 MWh/day

PEG Nord BH 240 MWh/day

TRS DA 240 MWh/day

TRS WE 240 MWh/day

TRS BH 240 MWh/day

TTF DA 10 MW

TTF WE 10 MW

TTF BH 10 MW

NCG DA 10 MW

NCG WE 10 MW

NCG BH 10 MW

GASPOOL DA 10 MW

GASPOOL WE 10 MW

GASPOOL BH 10 MW

ETF DA 10 MW

ETF WE 10 MW

ETF BH 10 MW

CEGH VTP DA 10 MW

CEGH VTP WE 10 MW

CEGH VTP BH 10 MW

ZTP DA 10 MW

ZTP WE 10 MW

ZTP BH 10 MW

CZ VTP DA 10 MW

CZ VTP WE 10 MW

CZ VTP BH 10 MW

Table 2 Minimum volume for Orders and Trades Step 3: determination of the Cumulated Spread Duration The Cumulated Spread Duration is the cumulated duration of present spreads during the Calculation Period. It is defined as the cumulative time during which both ask and bid Orders with sufficient volume (see Table 1) are displayed on screen.

Example Orders of sufficient volume during the 15 minutes Calculation Period are represented on figure 1. The Calculation Period is decomposed into subperiods that correspond to constant best bid and ask prices. Whenever one of these prices is changing, a new subperiod is created. Intervals during which no bid or no ask Order of sufficient volume are present will be skipped. In figure 1, between periods A and B, there is for example no ask Order (or the ask Orders are all below the minimum volume). CumulatedSpreadDuration = Duration(A) + Duration(B) + Duration(C) + Duration(D) + Duration(E)



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Figure 1 CumulatedSpreadDuration during the Calculation Period

Step 4: calculation of the AverageAsk and the AverageBid The Average Ask is the average value of the best ask Orders during the Cumulated Spread Duration.

Example: If the Cumulated Spread Duration is composed of 5 subperiods A, B, C, D, E: AverageAsk = [Duration(A)*Ask(A) + Duration(B)*Ask(B) + Duration(C)*Ask(C) + Duration(D)*Ask(D) + Duration(E)*Ask(E)] / CumulatedSpreadDuration

The AverageBid is the average value of the best bid Orders during the Cumulated Spread Duration.

Example If the Cumulated Spread Duration is composed of 5 subperiods A, B, C, D, E: AverageBid = [Duration(A)*Bid(A) + Duration(B)*Bid(B) + Duration(C)*Bid(C) + Duration(D)*Bid(D) + Duration(E)*Bid(E)] / CumulatedSpreadDuration

Step 5: calculation of the Average Mid and Average Spread The Average Mid is the average between Average Ask and Average Bid: AverageMid = (AverageAsk+AverageBid)/2 The Average Spread is the difference between Average Ask and Average Bid: AverageSpread = AverageAsk – AverageBid Step 6: calculation of the Weighted Average Trade Price The Weighted Average Trade Price is the average price of the outright Trades (of sufficient volume) weighted by their volumes. The Synthetic Prices of the Spreads resulting from a Trade on a Spread Product are taken into consideration in the calculation.

Settlement Period (15 min)

A B C D E

ASK

BID

Transaction 1 Transaction

2

05:30PM 05:15PM



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Weighted Average Trade Price is the average price of the Trades on a Product weighted by their volumes, including Synthetic Prices of Trades resulting from a Trade on a Spread Product.

Example for PEG Nord: If two trades of sufficient volume are observed on PEG Nord or on a Spread Product on PEG Nord during the Calculation Period: WeightedAverageTradePrice(Nord) = [Price(Trade1)*Volume(Trade1) + Price(Trade2)*Volume(Trade2)] / [Volume(Trade1) + Volume(Trade2)]

Step 7: Price Committee triggering conditions For a given contract, a Price Committee is called if there is no Trade and one of the two following conditions on the Cumulated Spread Duration (condition A) and/or Average Spread (condition B) is not met: Condition A (Minimum Cumulated Spread Duration) CumulatedSpreadDuration ≥ 0.2 * SettlementPeriodDuration For CZ VTP CumulatedSpreadDuration ≥ 0.07 * SettlementPeriodDuration Condition B (Maximum Average Spread Level) AverageSpread ≤ MaxSpread[contract] Max Spread is the maximum average spread value that a Product can have to be taken into account. The Max Spread values for each Product are indicated in Table 3:

Product MaxSpread

PEG Nord DA 0,60 €/MWh

PEG Nord WE 0,60 €/MWh

PEG Nord BH 0,60 €/MWh

TRS DA 1,20 €/MWh

TRS WE 1,20 €/MWh

TRS BH 1,20 €/MWh

TTF DA 0,40 €/MWh

TTF WE 0,40 €/MWh

TTF BH 0,40 €/MWh

NCG DA 0,40 €/MWh

NCG WE 0,40 €/MWh

NCG BH 0,40 €/MWh

GASPOOL DA 0,40 €/MWh

GASPOOL WE 0,40 €/MWh

GASPOOL BH 0,40 €/MWh

ETF DA 1,20 €/MWh

ETF WE 1,20 €/MWh

ETF BH 1,20 €/MWh

CEGH VTP DA 0,40 €/MWh

CEGH VTP WE 0,40 €/MWh

CEGH VTP BH 0,40 €/MWh

ZTP 1,20 €/MWh

ZTP 1,20 €/MWh

ZTP 1,20 €/MWh

CZ VTP DA 0,50 €/MWh

CZ VTP WE 0,50 €/MWh



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CZ VTP BH 0,50 €/MWh

Table 3- MaxSpread values (€/MWh)

Example: For a PEG Nord DA Product, if the cumulated time during which there is both bid and ask Orders of more than 240

MWh/day is only two minutes (less than 20% of 15 minutes) and there was no Trade on such Product nor on a Spread Product on PEG Nord DA during the Calculation Period, a Price Committee is called for that Product.

For a PEG Nord DA Product, if the average spread is 0.60 €/MWh/d and there was no Trade on this Product nor on a

Spread Product on PEG Nord DA during the Calculation Period, a Price Committee is called for that Product.

When a Price Committee is called, Powernext SAS uses the data given by the Price Committee to determine the PEGAS Spot EOD price references of the concerned Products. Step 8: calculation of the PEGAS Spot EOD If the conditions triggering a Price Committee are not met, PEGAS Spot EOD price references are determined according to the following rules: If 3 or more Trades of sufficient volume have occurred during the Calculation Period for that Product (including Trades

coming from Spreads on that Product) then: PEGAS Spot EOD price reference = WeightedAverageTradePrice

If 1 or 2 Trade(s) of sufficient volume has occurred during the Calculation Period for that Product (including Trades coming from Spreads on that Product) and conditions A and B are satisfied then:

PEGAS Spot EOD price reference = (1/4*AverageMid + 3/4 * WeightedAverageTradePrice)

If 1 or 2 Trade(s) of sufficient volume has occurred during the Calculation Period for that Product (including Trades coming from Spreads on that Product) and one of the conditions (or both of them) A and B is (are) not satisfied then:

PEGAS Spot EOD price reference (PEG Nord) = WeightedAverageTradePrice(PEG Nord) If no Trade of sufficient volume has occurred during the Calculation Period for that Product (nor Trades coming from

Spreads on that Product) and conditions A and B are satisfied, then: PEGAS Spot EOD price reference = AverageMid

Step 9: rounding of the PEGAS Spot EOD price references PEGAS Spot EOD price references are rounded to three digits.


PEGAS Spot Market Notice – Methodology to determine the PEGAS Spot DAP price references

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METHODOLOGY FOR ESTABLISHING PEGAS SPOT REFERENCE PRICES


08/12/2017

1) PEGAS Spot WDRP

The PEGAS Spot WDRP Price references are calculated for the following Products :

PEGAS Spot PEG Nord

PEGAS Spot TRS

PEGAS Spot ZTP

PEGAS Spot ETF

PEGAS Spot CEGH VTP

PEGAS Spot TTF

PEGAS Spot NCG

PEGAS Spot GPL

The PEGAS Spot WDRP Price references will calculated every calendar day, taking into consideration trades between 8 am and 6 pm. Methodology: After the Trading Session, the PEGAS Spot WDRP price reference is defined as the average of the price of Transactions weighted by their volume on the considered Product(s). The Synthetic Prices of Transactions resulting from a Transaction on a Spread between Products are taken into account for this calculation. If no Transaction has happened during the day, then the PEGAS Spot WDRP price reference is defined as being equal to the PEGAS Spot EGSI price reference with the same delivery.

2) PEGAS Spot EGSI The PEGAS Spot EGSI Price references are calculated for the following Products:

PEGAS Spot PEG Nord

PEGAS Spot TRS

PEGAS Spot ZTP

PEGAS Spot ETF

PEGAS Spot CEGH VTP

PEGAS Spot TTF

PEGAS Spot NCG

PEGAS Spot GPL

PEGAS CEGH Spot CZ VTP

The PEGAS Spot EGSI Price references will be calculated every business day in accordance with article 1 of the Business and calendars Market Notice, taking into consideration trades between 08h00 am and 06h00 pm. Methodology:


PEGAS Spot Market Notice – Methodology to determine the PEGAS Spot DAP price references

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After the Trading Session, the PEGAS Spot EGSI price reference is defined as the average of the price of Transactions weighted by their volume on the considered Product. The Synthetic Prices of Transactions resulting from a Transaction on a Spread between Products are taken into account for this calculation. If no Transaction has happened during the day, then the PEGAS Spot EGSI price reference is defined as being equal to the PEGAS Spot EOD price reference.

3) PEGAS Spot DRP

The PEGAS Spot DRP Price references are calculated until 31.12.2017 for the following Products:

PEGAS Spot TTF

PEGAS Spot NCG

PEGAS Spot GASPOOL

The PEGAS Spot DRP Price references are calculated every business day in accordance with article 1 of the Business and calendars Market Notice, taking into consideration trades during the whole trading session in accordance with article 6 of the Parameters Setting Notice. Day-Ahead contracts are taken into consideration in the calculation of the PEGAS Spot DRP Price references. When available for trading, Weekend, Saturday and Sunday contracts will also be taken into consideration. The Daily Reference Price for the market area TTF is determined as follows:

For the market area NCG synthetic prices resulting from Spreads between Products with TTF will be considered:

For GASPOOL, synthetic prices resulting from Spreads between Products with TTF and NCG will be considered:

The Daily Reference Price are published around 10.00 am CET on the delivery day, or on the next business day for Bank Holidays If no relevant Transaction to calculate the DRP has happened, then the PEGAS Spot DRP price reference is defined as being equal to the PEGAS Spot EOD price reference.


PEGAS NON MTF MARKET NOTICE

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TRADE LIMITS ON PEGAS SPOT


01/12/2016 Pursuant to article 2.4.2 of the Powernext® Commodities Market Rules, Powernext SAS hereby describes the system of trade limits in place on PEGAS Spot. 1. Transmission of trading limits from ECC to Powernext ECC transmits limits to Powernext SAS and Powernext SAS applies trading limits for the Members that are deemed to have agreed with their Clearing Member to use this functionality. According to ECC Clearing Conditions, the Clearing Member must agree upon trading limits’ value with the Member before it is transferred to ECC. Each Member and Trading Account is identified by Powernext with a Clearing Code given by ECC. For each Member and Trading Accounts, Powernext SAS receives the trading limits data (Initial Limit) identified with Clearing Accounts impacted from ECC, who preliminary received the data from the Clearing Member. A Member for which Powernext SAS has not received any limit from ECC will be considered as unlimited. As a consequence, Members and Trading Accounts are impacted by the trading limits in accordance with the respective Clearing Accounts. With regards to Third Party trading, trading limits will apply to the Clearing Codes of the Clearing Accounts which are used to clear third party trades. Powernext SAS receives a daily update of the trading limits from ECC each PEGAS business day as defined by Market Notice, between 4:00 and 5:00 pm CET. This update is applied on PEGAS Spot. The daily update will not apply on the Orders already in the Orderbook. These Orders will remain active until withdrawn from the trading system (matched or manually removed by the trader of by Powernext SAS). 2. Application rules of the trading limits on PEGAS Spot Powernext SAS applies the trading limit received from ECC for a given Member to each buy Order entered or executed on PEGAS Spot. Orders and Transactions which are not compliant with the trading limit are not accepted into the trading platform. Every business day at 4:00 pm CET (ECC booking cut), the limit is reset to the Initial Limit. The cash trading limits is set in Euro. The value of Orders and Transactions not denominated in Euro as defined in the Market Notice Fees, Charges, Invoices, VAT is converted according to the Central European Bank currency rate. A Member’s Available Limit is defined as the difference between the Initial Limit and the exposure of all working Orders, plus the net payment from all Transactions executed since the last ECC booking cut. The net payment is floored at zero so that the Available Limit cannot exceed the Initial Limit value.

Available Limit = Initial Limit – Max (Net Payment Amount of Transactions;0) – Exposure of Orders

The financial exposure of a working Order is defined as the net payment amount due by the Member that may result from the Order’s execution. For Orders that may result in a payment towards the Member, the financial exposure is defined as zero. Considering all Transactions executed on PEGAS Spot since the last ECC booking cut allows sell Transactions to offset buy Transactions concluded in the same time frame. The below table recaps what effects trading actions will have on the Available Limit:



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Action Impact on the Available Limit

Comment

Buy Order entry ↓ Only allowed if the Available Limit remains ≥ 0

Sell Order entry = Always allowed

Buy Order cancellation ↑ Always allowed

Sell Order cancellation = Always allowed

Buy Order is traded = Exposure already considered when the Order is posted

Sell Order is traded ↑ Only vs. buy trades performed since the last ECC booking cut

Buy Transaction ↓ Only allowed if the Available Limit remains ≥ 0

Sell Transaction ↑ Only vs. buy trades performed since the last ECC booking cut

Orders on Spreads between Products will be considered for their own value. Buy Orders at a negative price are handled like regular sell Orders, and sell Orders at a negative price are handled like regular buy Orders. Iceberg Orders are considered for their visible quantity only. When the iceberg Order is executed, the new visible quantity will be considered as a new Order and checked against the updated trading limit. Cancellations of Transactions always prevail against the value of the Available Limit. Members can contact the Operating Support as defined in the Parameters Setting Notice in case they need to know their Available Limit. 3. Procedure and consequences in case of technical problem As stated in Article 2.4.2 of the Powernext® Commodities Market Rules, in case a technical problem preventing Powernext from checking the compliance of Orders with the trading limits occurs, Powernext will communicate as soon as possible on such technical problem to the Members who will still be required to comply with their trading limit. In those cases, Powernext declines all responsibilities if the Member does not comply with its limits.



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AUCTION TRADING SESSION ON PEGAS CEGH VTP WITHIN-DAY


05/09/2017

Auctions on CEGH VTP Within-Day are performed to allow the 24/7 balancing on CEGH VTP by the Austrian Delivery Organization.

1. Trading session and phases

PEGAS CEGH VTP Within-Day contracts are offered in Continuous Trading the first 45 minutes of every hour. Auction Trading session in PEGAS CEGH VTP Within-Day contracts are held during the last 15 minutes of every hour. The beginning and end of Trading sessions are communicated to the members via the Trading System. The Auction Trading session is organized in the following trading phases:

Order phase: starting 45minutes after the beginning of the hour. Members can post orders in the order book. No

matching takes place.

Auction phase: will be run randomly within the last 30 to 10 seconds before the end of the hour. The trading system

freezes the order book, performs its priority rule, determines the price and executes the orders.

After Auction phase: the market is closed in order to allow Members to modify or cancel their Orders. This phase

stops 10 seconds after the beginning of the next hour.

After the end of the Auction Trading session, the Within-Day market opens in Continuous Trading. Orders posted during the trading session and not, or partially, executed will be kept in the Order Book at the end of the Auction Trading session.

2. Order matching

Orders posted on PEGAS CEGH VTP Within-Day before and during the Auction Trading Session can be fully or partially executed during the Auction phase. Order matching rules ensure that Orders are executed respecting the Price Limit defined in the Orders and according to the price determination rules below. The price determined by the Trading System follows the following rules :

(1) Maximization of the executable volume with minimization of the market surplus.

(2) If several prices are possible, market pressure is evaluated, it is corrected by using the relevant price if the pressure

is on the buy or on the sell side.

(3) If one side market pressure is not relevant, the algorithm will choose the price that is the closest to the Reference

Price provided by Powernext.

All the Orders executed at the Auction are matched automatically at a unique price according to the price determination rules.

3. The Reference Price

The Reference Price used by Powernext will be the last available CEGH VTP EGSI Reference Price (formerly DAP Reference Price), computed every business day for the Day-Ahead and Weekend contracts.



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PEGAS NON-MTF MARKET NOTICES


PEGAS Non-MTF Market Notice –Contracts and Spreads between Contracts Specifications

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CONTRACTS AND SPREADS BETWEEN CONTRACTS’ SPECIFICATIONS

POWERNEXT®COMMODITIES / PEGAS Non-MTF


1. Tradable contracts on the French delivery areas

Segment PEGAS Non-MTF

Name of the Contracts PEGAS Non-MTF Futures PEG Nord Delivery PEG Nord (GRTgaz)

Eligible Contracts

the next 6 Months the next 7 Quarters the next 6 Seasons the next 6 Calendar years

Underlying High calorific natural gas (H-gas quality) at the conditions of the TSO of the concerned delivery area


Contract volume 1 MWh/day Minimum lot size 1 contract (i.e. Min Volume = 1 MWh/day)

Volume tick 1 contract (i.e. Volume Tick = 1 MWh/day)


Price tick 0.005 €/MWh for Orders in the Order Book 0.001 €/MWh for Off-Order Book Interests

Total Contract Volume = Number of contracts x Contract volume (1 MWh/day) x Number of delivery days of the Contract

Delivery All contracts lead to physical deliveries on the specified virtual point of the gas transport network. Delivery occurs each calendar day of the delivery period for the contract under consideration. For a given day D of the delivery period, the delivery goes from 06:00 a.m. CET of day D to 06:00 a.m. CET of day D+1.


Name of the Contracts PEGAS Non-MTF Futures TRS

Delivery TRS (GRTgaz, TIGF)

Eligible Contracts

the next 6 Months

Underlying High calorific natural gas (H-gas quality) at the conditions of the TSO of the concerned delivery area



Minimum lot size 10 contracts (i.e. Min Volume = 1 MWh/day) for Orders in the Order Book*

1 contract (i.e. Min Volume = 1 MWh/day) for Off-Order Book Interests

Volume tick 10 contracts (i.e. Volume Tick = 1 MWh/day) for Orders in the Order Book*

1 contract (i.e. Volume Tick = 1 MWh/day) for Off-Order Book Interests


Price tick 0.005 €/MWh for Orders in the Order Book

0.001 €/MWh for Off-Order Book Interests



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Total Contract Volume = Number of contracts x Contract volume (1 MWh/day) x Number of delivery days of the Contract

Delivery All contracts lead to physical deliveries on the specified virtual point of the gas transport network.

Delivery occurs each calendar day of the delivery period for the contract under consideration.

For a given day D of the delivery period, the delivery goes from 06:00 a.m. CET of day D to 06:00 a.m. CET of day D+1.

* All transactions that would be entered on Contracts that are not listed in the Market Notices will be immediately cancelled by Powernext. Example: A 4 MWh deal on PEG TRS would be cancelled because the minimum volume is 10 MWh/day.

2. Tradable contracts on the Dutch delivery area

Segment PEGAS Non-MTF Futures Name of the Contracts PEGAS Non-MTF Futures TTF

Delivery TTF (Gasunie Transport Services)

Eligible Contracts

the next 6 Months* the next 11 Quarters the next 6 Seasons the next 6 Calendar years









* All transactions that would be entered on Contract that are not listed in the Market Notices will be immediately cancelled by Powernext. Example: A transaction on M+8 would be cancelled.



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3. Tradable contracts on the German delivery areas


Name of the Contracts PEGAS Non-MTF Futures NCG PEGAS Non-MTF Futures GASPOOL

Delivery NCG (NetConnect Germany) GASPOOL (GASPOOL Balancing Services)

Eligible Contracts



Underlying High calorific natural gas (H-Gas quality) at the conditions of the Market Area Manager of the concerned market area






Price tick 0.005 €/MWh for Orders in the Order Book



Delivery All contracts lead to physical deliveries on the specified virtual point of the market area.

Delivery occurs each calendar day of the delivery period for the contract under consideration.

For a given day D of the delivery period, the delivery goes from 06:00 a.m. CET of day D to 06:00 a.m. CET of day D+1.

4. Tradable contracts on the Belgian delivery area

Segment PEGAS Non-MTF Name of the Contracts PEGAS Non-MTF ZTP

Delivery ZTP (Fluxys)

Eligible Contracts the next 6 Months the next 7 Quarters the next 6 Seasons the next 6 Calendar years











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Segment PEGAS Non-MTF Name of the Contracts PEGAS Non-MTF ZEE

Delivery ZEE (Fluxys)

Eligible Contracts the next 6 Months the next 7 Quarters the next 6 Seasons the next 6 Calendar years


Contract Volumes units Kilotherms per day (Kth/d) (1 therm = 29.3071 kilowatt hours)

Contract volume 1 kth/d or 1,000 therms/day Minimum lot size 1 contract (i.e. Min Volume = 1,000 therms/day)

Volume tick 1 contract (i.e. Min Volume = 1,000 therms/day)

Price unit GBP pence per therm (p/th), 3 decimal digits

Price tick GBP 0.005 p/th for Orders in the Order Book GBP 0.001 p/th for Off-Order Book Interests


Delivery All contracts lead to physical deliveries on the specified physical point of the gas transport network. Delivery occurs each calendar day of the delivery period for the contract under consideration. For a given day D of the delivery period, the delivery goes from 06:00 a.m. CET of day D to 06:00 a.m. CET of day D+1.



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5. Tradable contracts on the British delivery area


Name of the Contracts PEGAS Non-MTF NBP

Delivery NBP (National Grid) Eligible Contracts the next 6 Months*

the next 7 Quarters the next 6 Seasons the next 6 Calendar years


Contract Volumes units Kilotherms per day (Kth/d) (1 therm = 29.3071 kilowatt hours) Contract volume 1 kth/d or 1,000 therms/day

Minimum lot size 1 contract (i.e. Min Volume = 1,000 therms/day)

Volume tick 1 contract (i.e. Min Volume = 1,000 therms/day) Price unit GBP pence per therm (p/th), 3 decimal digits

Price tick GBP 0.005 p/th for Orders in the Order Book GBP 0.001 p/th for Off-Order Book Interests



* All transactions that would be entered on Contacts that are not listed in the Market Notices will be immediately cancelled by Powernext. Example: A transaction on M+8 would be cancelled.

6. Tradable contracts on the Italian delivery area

Segment PEGAS Non-MTF Futures Name of the Contracts PEGAS Non-MTF Futures PSV

Delivery PSV (Punto di Scambio Virtuale)

Eligible Contracts








Total Contract Volume = Number of contracts x Contract volume (1 MW) x Number of delivery hours of the Contract x24 (in daily flat, i.e. not taking into account summer/winter time-shift)

Delivery All contracts lead to physical deliveries on the specified virtual point of the gas transport network. Delivery occurs each calendar day of the delivery period for the contract under consideration. For a given day D of the delivery period, the delivery goes from 06:00 a.m. CET of day D to 06:00 a.m. CET of day D+1 (and is supposed to be 24h every day of the year).



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7. Tradable contracts on the Danish delivery area

Segment PEGAS Non-MTF Futures

Name of the Contracts PEGAS Non-MTF Futures ETF

Delivery ETF (Energinet.dk) Eligible Contracts



Contract Volumes units MW Contract volume 1 MW






8. Tradable contracts on the Austrian Delivery Area

Segment PEGAS Non-MTF Futures

Name of the Contracts PEGAS Non-MTF Futures CEGH VTP

Delivery CEGH VTP (Central European Gas Hub AG)

Eligible Contracts






Price unit €/MWh, 3 decimal digits Price tick 0.005 €/MWh for Orders in the Order Book






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9. Spread on Tradable Contracts

Powernext offers the possibility to trade the Spread between some of the contracts listed on its Market Segments. Trading these spreads result in buying (respectively selling) the first Underlying contract and selling (respectively buying) the second Underlying contract.

Spreads between contracts of different delivery areas are as follows and are tradable on the following maturities:

PEGAS Non-MTF Futures TRS / PEGAS Non-MTF Futures PEG Nord

the next 6 Months

PEGAS Non-MTF Futures PEG Nord / PEGAS Non-MTF Futures TTF

Will be introduced shortly

PEGAS Non-MTF Futures PEG Nord / PEGAS Non-MTF Futures ZTP


PEGAS Non-MTF Futures PEG Nord / PEGAS Non-MTF Futures NCG


PEGAS Non-MTF Futures GASPOOL / PEGAS Non-MTF Futures NCG


PEGAS Non-MTF Futures NCG / PEGAS Non-MTF Futures TTF


PEGAS Non-MTF Futures GASPOOL / PEGAS Non-MTF Futures TTF


PEGAS Non-MTF Futures ZTP / PEGAS Non-MTF Futures TTF

the next 6 Months

PEGAS Non-MTF Futures ZTP / PEGAS Non-MTF Futures NCG

the next 6 Months

PEGAS Non-MTF Futures ZTP / PEGAS Non-MTF Futures GASPOOL

the next 6 Months

PEGAS Non-MTF Futures ZEE / PEGAS Non-MTF Futures NBP


PEGAS Non-MTF Futures PSV / PEGAS Non-MTF Futures TTF

the 6 next Months the 7 next Quarters the 6 next Seasons the next 6 Calendar years

PEGAS Non-MTF Futures ETF / PEGAS Non-MTF Futures TTF

the next 6 Months

PEGAS Non-MTF Futures ETF / PEGAS Non-MTF Futures NCG

the next 6 Months

PEGAS Non-MTF Futures ETF / PEGAS Non-MTF Futures GASPOOL

the next 6 Months

PEGAS Non-MTF Futures CEGH VTP / PEGAS Non-MTF Futures TTF

the 6 next Months the 7 next Quarters the 6 next Seasons the 6 Calendar years

PEGAS Non-MTF Futures CEGH VTP / PEGAS Non-MTF Futures NCG

the 6 next Months the 7 next Quarters the 6 next Seasons the 6 Calendar years

PEGAS Non-MTF Futures CEGH VTP / PEGAS Non-MTF Futures GASPOOL

the 6 next Months the 7 next Quarters



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the 6 next Seasons the 6 Calendar years

PEGAS Non-MTF Futures PSV / PEGAS Non-MTF Futures CEGH VTP

the 6 next Months the 7 next Quarters the 6 next Seasons the next 6 Calendar years

Spreads between contracts of same maturity are as follows and are tradable on the following delivery areas:

PEGAS Non-MTF Futures TTF

PEGAS Non-MTF Futures NCG

PEGAS Non-MTF Futures GASPOOL

PEGAS Non-MTF Futures PEG Nord

PEGAS Non-MTF Futures PSV

PEGAS Non-MTF Futures PSV Fin

PEGAS Non-MTF Futures CEGH VTP

PEGAS Non-MTF Futures ETF

PEGAS Non-MTF Futures ZTP

PEGAS Non-MTF Futures NBP

PEGAS Non-MTF Futures ZEE

all the combinations of Spreads between the first 3 Months (M1xM2, M2xM3, M1XM3) all the combinations of Spreads between the first 3 Quarters (Q1xQ2, Q2xQ3, Q1XQ3) all the combinations of Spreads between the first 3 Seasons (S1xS2, S2xS3, S1XS3) all the combinations of Spreads between the first 3 Calendar years (C1xC2, C2xC3, C1XC3)

PEGAS Regulated Market Futures TRS

all the combinations of Spreads between the first 3 Months (M1xM2, M2xM3, M1XM3)


PEGAS Non-MTF Market Notice –Fees, Charges, Invoices, VAT

62

FEES, CHARGES, INVOICES, VAT


Notice n° COMMODITIES- 2017 - 69 08/12/2017

08/12/2017

Article 1. Annual fees

1- Annual Membership fees

Annual membership fees on PEGAS Non-MTF on the following countries and delivery zones:

Germany: NCG, GASPOOL,

Belgium: ZTP, ZEE

France : PEG Nord, TRS

Italy : PSV

Netherlands : TTF

United Kingdom : NBP are determined according to the number of countries

included in the Member’s subscription,

(1) Up to two countries EUR 9,000

(2) More than two countries EUR 15,000

For such countries and in case of multiple accesses to PEGAS Spot, PEGAS Non-MTF and PEGAS Regulated Market:



For the subscriptions (1) and (2), the first year of annual membership fees will be free of charge for new members. A member who choses at first a subscription to up to two countries (1) will be able to change for the first time to a subscription to more than two countries (2) without paying the difference in fees between the two subscriptions for 12 months. (3) Annual membership fees on PEGAS Non-MTF for Denmark ETF Delivery Zone are EUR 10,000.

For Denmark and in case of multiple accesses to PEGAS Spot, PEGAS Non-MTF and PEGAS Regulated Market: the total amount of annual membership fees shall be limited to EUR 10,000 for Members who join package (3). For the subscriptions (3) in 2017, the first year of annual membership fees will be free of charge for new members. (4) Annual membership fees on PEGAS Non-MTF for Austria CEGH VTP Delivery Zone are EUR 15,200.

For Austria and in case of multiple accesses to PEGAS Spot, PEGAS Non-MTF and PEGAS Regulated Market: the total amount of annual membership fees shall be limited to EUR 15,200 for Members who join package (4).

2- Annual membership fees for Clearing Members

The Annual membership fees shall be limited to EUR 4,000 for Clearing Member who trade for their own account only if one of their clients defaults. These reduced fees entitle the Clearing Member to a single trading license, which shall be activated solely to manage the position of a defaulting client.

3- Other annual fees

For traders choosing a Trayport front-end, an annual technical Fee of EUR 1,800 per year shall be invoiced for each user license. License for a downstream account for Trayport Joule Direct users shall be charged EUR 1,800 per year. Both membership and technical annual fees are payable monthly by the Members and invoiced at the end of each calendar month. Membership annual fees are established the first day of each month from the date of trading commencement. Technical annual fees are established at the last day of each month from the date of trading commencement.

Article 2. Trading fees for Non-MTF Market

4- Trading fees

Trading fees for Transactions resulting from the Order Book shall be:

EUR/MWh 0.005 for PEG Nord, TRS and ZTP

EUR/MWh 0.0025 for NCG, GASPOOL and PSV

EUR/MWh 0.002 for TTF

GBP Pence per Therm 0.0007 for ZEE, NBP

EUR/MWh 0.005 for ETF

EUR/MWh 0.003 for CEGH VTP

In case of a Transaction on a Spread between contracts of different delivery areas, only the trading fee on the first underlying Contract is applicable.

In case of a Transaction on a Spread between contracts of the same maturity, only the trading fee on the second underlying contract is applicable.



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In case of a Transaction on an Implied Order, only the Trading fee of the underlying contract of the Implied Order executed on screen is applicable.

Trading fees for Transactions resulting from Off-Order Book Interests (Trade Registration) shall be:

EUR/MWh 0.005 for PEG Nord, TRS and ZTP

EUR/MWh 0.0025 for NCG, GASPOOL and PSV

EUR/MWh 0.002 for TTF

GBP Pence per Therm 0.0007 for ZEE and NBP

EUR/MWh 0.005 for ETF

EUR/MWh 0.003 for CEGH VTP

Trading fees shall be calculated for each calendar month. They are payable by the Member on the last day of each month. Invoices will be stipulated in EUR.

5- Trade Cancellation

The fees for cancelling a Transaction are detailed in the table hereunder. These fees shall be charged only to the party requesting the cancellation. If a cancellation concerns multiple Transactions, only the fee applicable to the longest maturity or the most important volume will be applied.

Cancellation fee applicable for contracts quoted in EUR are:

Contract Cancellation fee (EUR)

Month 1,000

Quarter 1,500

Season 2,000

Calendar 2,500

Cancellation fee applicable for contracts quoted in GBP are:

Contract Cancellation fee (GBP)

Month 800

Quarter 1,200

Season 1,600

Calendar 2,000

6- Invoicing

The fees mentioned in this article shall be billed monthly and included in the invoices mentioned in Article 2.

Powernext SAS shall issue electronic invoices. These invoices shall be available on an FTP server accessible in SFTP and via an https webpage at the address communicated to the Members. As an exception, invoices

for CEGH VTP Membership fees will be sent by email by Central European Gas Hub AG on behalf of Powernext.

Upon express and written demand to Powernext SAS, Members may receive hard copies of the invoices issued to Powernext SAS.

Article 3. Value Added Tax on fees

The fees referred to in Articles 1 to 2 of this Appendix assimilated to a provision of services (Article 256 IV of the French Tax Code). The place of supply of such services is where the buyer is established for VAT purposes according to article 259-1 of the French tax code/Article 44 of the directive 2006/112/EC. They are subject to French Value Added Tax at the rate of 20% if the buyer is a French resident or a French establishment of a foreign business. They are not subject to French Value-Added-Tax if the buyer is liable to pay Value-Added Tax in another European Union Member State (in such case Value-Added Tax is due by the buyer in the member state in which the tax is due pursuant to article 196 of the directive 2006/112/EC) or is established outside the European Union. Moreover the buyer acknowledges that VAT should be self-assessed by the buyer pursuant to the tax law applicable in the State where the buyer has its residence. The buyer shall fully hold Powernext harmless in case it did not comply with its tax related obligations towards a State.

Article 4. Payment

The fees referred to in Articles 1 to 3 shall be payable on the date of receipt of the electronic copy of the invoice. They shall be collected by ECC the following days and remitted entirely to Powernext SAS.

If the amounts invoiced are not paid in full within the specified deadline, the sums owed are increased, by right, and without the need for a formal notice to pay, of a fixed rate for recovery fees of forty (40) euros (art. L441-3 French Commercial Code) in addition to interests for late payments at a rate equal to three times the legally chargeable interest rate. These penalties are due on the day following the due date mentioned on the invoice.

Powernext®Commodities Market Notices 08/12/2017


64

PARAMETERS AND TECHNICAL PROVISIONS



1 Delivery Organisations on PEGAS Non-MTF Pursuant to Article 4.1.4 of the Market Rules of the Powernext® Commodities, Powernext SAS hereby publishes the list of Delivery Organisations on PEGAS Non-MTF Futures:

GRTgaz PEG Nord

NetConnect Germany NCG

Gaspool Balancing Services GASPOOL

Gasunie Transport Services (GTS) TTF

SNAM Rete Gas PSV

Energinet.dk, natural gas Transmission System Operator of the Danish region

Central European Gas Hub AG, Market Area Manager for Austria

2 Operating support Members shall have access to hotline support for Global Vision and for the Off-Order Book Interest Registration System, particularly as regards:

queries about system functions and queries about the Off-Order Book Interest Registration System,

queries about any malfunctions that may occur.

Authorized Registering Brokers shall have access to hotline support for the Off-Order Book Interest Registration System, particularly as regards:

queries about the functions of the Off-Order Book Interest Registration System,

queries about any malfunctions that may occur.

Operating support contact:

Mail Phone

Mon Fri, during Business hours (08 :00-18 :30CET) [email protected] +33 1 73 03 96 24

This support service does not cover malfunctions related to the configuration of the Members' or Registering Brokers’ equipment or Internet connections.

Powernext Market Operations can upon request enter orders or trade on behalf of a registered trader. This should only be done in exceptional circumstances if the Member cannot access the trading system. There is no fee associated with this service. A confirmation of the request by email is required prior to the trading or order on behalf.

3 Transaction Cancellation Pursuant to Article 1.4.2.9 1° of the Powernext® Commodities Market Rules, the cancellation requests must be telephoned to Powernext SAS (contact numbers specified above) no later than ten (10) minutes after Matching has occurred. Powernext SAS informs the market when the cancellation is effective.



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4 Configuration, licences and support

4.1 Configuration of the Member's and of the Authorised Registering Broker’s equipment Members shall have the following hardware and software:

a PC running Windows, with a pack permitting 128 bit encryption, with a processor of at least 2 GHz Pentium class,

memory at least 2 GB RAM with one of the following Operating System:


a firewall with the following ports open: o TCP 12995 o TCP 12997 o TCP 443

an internet connection and Microsoft Internet Explorer version 6 or higher.

Registering Brokers shall have the following hardware and software:

a PC running Windows, with a pack permitting 128 bit encryption, with a processor of at least 2 GHz Pentium class,

memory at least 2 GB RAM with one of the following Operating System:


a firewall with the following ports open: o TCP 443

an internet connection and Microsoft Internet Explorer version 6 or higher.

4.2 For Trayport front-end users, licence for the Joule Direct front-end Before using the Joule Direct front-end, Members must accept the terms of the licence, which is displayed in electronic form when the system is used for the first time.

If the aforementioned licence or the Trading Agreement is terminated, Members must uninstall and completely remove Joule Direct front-end from their systems.

4.3 Possible front end to access the trading system The trading system is composed of the Deutsche Börse T7 backend, linked to the EUREX Clearing system. The trading system can be accessed by the native T7 GUI. In order to be able to access all Powernext markets, it is recommended to use Trayport Joule Direct system.

On top of T7 GUi and Jouel Direct, a series of different ISVs enables to access the trading system (not limited to this list):

CQG

EASYSCREEN

EXXETA AG

FFASTFILL

FIDESSA

FIS GLOBAL

TRADING TECHNOLOGIES INTERNATIONAL, INC

Vela (formely OptionsCity)

.



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4.4 Operating and technical documentation The documentation mentioned in the Trading Agreement ("Technical documentation") and in the Powernext® Brokers Agreement shall be made available by Powernext SAS by any means at its disposal.

The purpose of such documentation is to provide the explanations needed for using Global Vision software and the Off-Order Book Interest Registration System. It is subject to change and has no contractual value. These recommendations must be followed to ensure proper use of the Trading Systems and proper Registration of Off-Order Book Interests.

5 Communications on PEGAS Non-MTF

Normal procedures

Transmission of Orders

Publication Order Book

Publication of Transactions

Transmission of Back-Office documents

Information sent

Prices Volumes Order types Order

Condition

Prices Volumes Order types Order

Condition

Prices Volumes Time of the

Transaction

Member « Trades » files

invoices for annual Membership fees, annual technical fees, trading fees and other fees

Schedule/ Frequency of dispatch

In real time during the opening times of the Order Book.

In real time during the opening times of the Order Book.

During a trading session, in real time, as soon as the transaction is executed.

8.00 am -06:15pm Monthly

Sender Members Powernext SAS

Powernext SAS

Powernext SAS Powernext SAS

Receiver Powernext SAS Members Members Trading Members Trading Members

Primary system used

GlobalVision GlobalVision GlobalVision FTP Powernext FTP Powernext

Secondary system used

Fax / Phone FTP Server Email

Email Mail

Fallback procedures

If the trading system is unavailable:

Trading shall be suspended.

Powernext shall inform Members by any means including emails of the trading suspension and when trading will resume.


PEGAS Non-MTF Market Notice – Closing Price Methodology

67

CLOSING PRICE METHODOLOGY



Powernext has designed a methodology to determine the Closing Prices of the PEGAS Non-MTF Futures contracts.

Closing prices are provided to ECC which use them in the execution of all clearing processes and, specifically, for the calculation of each Member’s Variation Margin.

The Closing Price is calculated for the following Contracts:

Contracts liquidated through physical settlement

PEGAS Non-MTF Futures PEG Nord

PEGAS Non-MTF Futures TRS

PEGAS Non-MTF Futures TTF

PEGAS Non-MTF Futures NCG

PEGAS Non-MTF Futures GASPOOL

PEGAS Non-MTF Futures ZTP

PEGAS Non-MTF Futures ZEE

PEGAS Non-MTF Futures NBP

PEGAS Non-MTF Futures PSV

PEGAS Non-MTF Futures ETF

PEGAS Non-MTF Futures CEGH VTP

The Last Closing price is calculated differently depending on whether the Contract is liquidated through physical settlement or through financial cash-settlement.

In principle the order book situation is used as the basis for settlement pricing. Only trades and orders which fulfil product/contract-specific parameters are used for pricing.

These parameters include:

Beginning and duration of the Closing Period (see section 3.1 below)

Minimum number of contracts for the consideration of trades and best bid/best ask (see section 3.2 below)

Minimum duration of the cumulated valid best bid/best ask during the Closing Period (see section 3.4 below)

Weighting between trades and mean values from average best bid/best ask (see section 2 Step1 below)

Maximum settlement spread per contract for consideration for settlement (see section 3.3 below)

The Closing Period is the period at the end of the trading session when Powernext SAS collects gross data necessary for the calculation of Closing Prices sent to the Clearing House. The Clearing House can choose to use them or not when establishing its Settlement Prices. Settlement Prices are used by the Clearing House to set up the prices at which the end-of-the-day Open Positions will be marked in its clearing process. The Closing Prices are determined according to the following methodology.

The price range between buy and sell prices which is specified as a maximum value per contract is defined as the settlement spread.



68

1. Contracts considered

The market data taken into account in order to establish the Closing Price of the following contracts

PEGAS Non-MTF Futures PEG Nord ; PEGAS Non-MTF Futures TRS ; PEGAS Non-MTF Futures TTF ; PEGAS Non-MTF Futures NCG ; PEGAS Non-MTF Futures GASPOOL ; PEGAS Non-MTF Futures PSV ; PEGAS Non-MTF Futures ZTP ; PEGAS Non-MTF Futures ZEE ; PEGAS Non-MTF Futures NBP ; PEGAS Non-MTF Futures ETF ; PEGAS Non-MTF Futures CEGH VTP

are coming both from the PEGAS Non-MTF Order Books and from the PEGAS Regulated Market Order Books. The considered contracts from PEGAS Regulated Market are respectively the following:

PEGAS Regulated Market Futures PEG Nord ; PEGAS Regulated Market Futures TRS ; PEGAS Regulated Market Futures TTF ; PEGAS Regulated Market Futures NCG ; PEGAS Regulated Market Futures GASPOOL ; PEGAS Regulated Market Futures PSV ; PEGAS Regulated Market Futures ZTP ; PEGAS Regulated Market Futures ZEE ; PEGAS Regulated Market Futures NBP; PEGAS Regulated Market Futures ETF; PEGAS Non-MTF Futures CEGH VTP.

The terms « PEG Nord », « TRS », « TTF », « NCG », « GASPOOL », « PSV », « ZTP », « ZEE », « NBP », « ETF », and « CEGH VTP » shall be understood as referring to both PEGAS Regulated Market Futures and PEGAS Non-MTF Futures contracts.

2. Steps of the calculation of Closing Prices

Step 1: Calculation of Theoretical Closing Prices

The Theoretical Closing Prices are determined on the basis of defined calculation algorithms. In this context, the underlying method depends on the number of valid trades and orders which fulfil the product-specific preconditions (see section 3).

The price sources which can be used to calculate the Theoretical Closing Price, weighed in descending priority, are as follow:

1. Trades and orders which respects criterias defined below 2. External sources and correlations between products 3. Price Committee 4. Last Exchange Trade before Closing Period 5. Last OTC Trade before Closing Period 6. Previous Closing Price

Powernext SAS reserves the right to depart from this prioritization in case the thus determined theoretical Closing Price reflects the actual market conditions more precisely. Mistrades or trades cancelled are not considered. Powernext SAS reserves the right to exclude individual trades or orders from pricing if these are not in line with the actual situation on the market.



69

The following overview provides examples of possible scenarios and the calculation algorithms connected with these:

Order book situation Calculation algorithm

There was at least one trade. There were orders. Theoretical Closing Price = 0.75*AverageTradePrice + 0.25*AverageMid

There was at least one trade. There were no orders. Theoretical Closing Price = AverageTradePrice

There was no trade. There were orders. Theoretical Closing Price = AverageMid

There was no trade. There were no orders. The Theoretical Closing Price can be established based on data of other price sources or the price committee.

The AverageTradePrice is established as the mean value of the exchange prices traded during the Closing Period.

The AverageMid is calculated as the mean value of the average best bid and the average best ask. The average best bid (the average best ask) is established as the average from all highest buy orders (lowest sell orders) which lie within the limits of the current settlement spread during the time window for the individual contract during this period on the market.

Every Member can take part in the Price Committee procedure through representation by a registered trader as defined in Notice n°COMMODITIES-2016-22.

In case of contracts without an Open Interest, Powernext reserves the right to waive the determination of closing prices. In this case, the minimum price is determined pro forma as the closing price (0.001EUR).

Step 2: adjustment of Closing Prices for Overlapping Contracts

Once they are calculated the Theoretical Closing Prices are adjusted by Powernext SAS so as to comply with the relations between the Closing Prices of the Contracts with overlapping periods (for example the 3 Month Contracts of the same quarter and this Quarter Contract). They are said to be arbitrage-free prices.For the calculation of arbitrage free prices, the following scenarios are possible:

o Arbitrage between quarter and year contracts o Arbitrage between quarter and season contracts o Arbitrage between month and quarter contracts

These scenarios can also be fulfilled simultaneously, as the following example chart shows.

In this example, the principle of freedom from arbitrage is fulfilled under the following conditions:



70

Y17 = (Q117*hQ1 17 + Q217*hQ2 17 + Q317*hQ3 17 + Q417*hQ4 17) / (hQ1 17 + hQ2 17 + hQ3 17 + hQ4 17)

And

Q217 = (M417*hM417 + M517*hM517 + M617*hM617) / (hM417 + hM517 + hM617)

In the case of the season contracts in this example, the following conditions have to be fulfilled:

Y17 = (Q117*hQ117 + SSummer17*hSSummer17 + Q417*hQ417) / (hQ117 + hSSummer17 + hQ417)

And

SWinter16/17 = (Q4 16*hQ4 16 + Q117*hQ1 17) / (hQ416 + hQ1 17)

SSummer17 = (Q217*hQ2 17 + Q317*hQ3 17) / (hQ217 + hQ3 17)

SWinter17/18 = (Q417*hQ4 17 + Q118*hQ1 18) / (hQ417 + hQ1 18)

as well as

Q217 = (M4 17*hM4 17 + M5 17*hM5 17 + M6 17*hM6 17) / (hM4 17 + hM5 17 + hM6 17)

Legend: Y = Theoretical Closing Price of a year contract

S = Theoretical Closing Price of a season contract

Q = Theoretical Closing Price of a quarter contract

M = Theoretical Closing Price of a month contract

h = Contract volume



71

Freedom from arbitrage is ensured if there is a difference of EUR/GBP/USD 0.00 between the contracts with overlapping maturities after commercial rounding.

In this context, on principle, prices resulting from trades and/or orders are adjusted to a lower degree than prices established based on data of other price sources or Price Committee.

During that step Closing Prices are rounded to two decimals, even though technically provided to the Clearing house with three decimals, the last one being always 0.

3. Parameters

3.1. Closing Period The methodology to determine the Closing Price of the Contracts is based on a Closing Period of 15 minutes. This Closing Period starts at 5pm CET and finishes at 5:15pm CET.

3.2. Minimum volume for orders and trades The Minimum Closing Volume is the minimum volume of a Trade or an Order to be taken into account in the computation of the Closing Price.

Both average mid spreads and trades (weighted by their volumes) during the Closing Period are taken into account. Bid/ask Orders and Trades strictly below certain volumes are not taken into account. The minimum volumes for Orders and for Trades are indicated in the Table 1 below:

Contract type

TRS PEG Nord

TTF

NCG

GASPOOL ZTP

PSV

PSV Fin

NBP ZEE ETF CEGH VTP

Minimum Volume

M+1 720

MWh/j 720

MWh/j 30 MW

10 MW 10 MW 10 MW 25 Kth 25 Kth

10 MW 10 MW

M+2 720

MWh/j 720

MWh/j 30 MW

10 MW 10 MW 10 MW 25 Kth 25 Kth 10 MW 10 MW

M+3 720

MWh/j 720

MWh/j 30 MW


M+4 and more

720 MWh/j

720 MWh/j

30 MW


Q+1 n/a 720

MWh/j 30 MW


Q+2 n/a 720

MWh/j 30 MW


Q+3 n/a 720

MWh/j 30 MW


Q+4 and more

n/a 720

MWh/j 30 MW


S+1 n/a 720

MWh/j 30 MW


S+2 n/a 720

MWh/j 30 MW


S+3 n/a 720

MWh/j 30 MW


S+4 and more

n/a 720

MWh/j 30 MW




72

C+1 n/a 240

MWh/j 10 MW


C+2 n/a 240

MWh/j 10 MW


C+3 n/a 240

MWh/j 10 MW


C+4 and more

n/a 240

MWh/j 10 MW


Table 1 Minimum volume for Orders and Trades

3.3. Maximum spreads for orders

The maximum average spread value that an Contract can have to be taken into account. The values for each Contract are indicated in Table 2:

Table 2 Maximum Bid/Ask spread Orders

3.4. Minimum duration during the Closing Period

Average Bid/Ask spread must be in the order book for at least 180 seconds for all hubs.

PSV

PSV Fin

M+1 1,50 €/MWh 1,50 €/MWh 0,60 €/MWh 0,60 €/MWh 0,60 €/MWh 0,60 €/MWh 0,80 €/MWh 0,60 p/th 0,60 p/th 0,80 €/MWh 0,60 €/MWh 0,60 €/MWh




Month after 1,00 €/MWh 1,00 €/MWh 1,00 €/MWh 1,00 €/MWh 1,00 €/MWh 1,00 €/MWh 1,20 €/MWh 1,00 p/th 1,00 p/th 1,00 €/MWh 1,00 €/MWh 1,00 €/MWh

Q+1 1,00 €/MWh n/a 0,80 €/MWh 0,80 €/MWh 1,00 €/MWh 1,00 €/MWh 1,00 €/MWh 0,80 p/th 0,80 p/th 1,00 €/MWh 1,00 €/MWh 1,00 €/MWh





Quarter after 1,50 €/MWh n/a 1,40 €/MWh 1,40 €/MWh 1,00 €/MWh 1,00 €/MWh 1,40 €/MWh 1,40 p/th 1,40 p/th 1,50 €/MWh 1,50 €/MWh 1,50 €/MWh

S+1 1,00 €/MWh n/a 0,80 €/MWh 0,80 €/MWh 1,00 €/MWh 1,00 €/MWh 1,00 €/MWh 0,80 p/th 0,80 p/th 1,00 €/MWh 1,00 €/MWh 1,00 €/MWh




Season after 1,50 €/MWh n/a 1,20 €/MWh 1,20 €/MWh 1,00 €/MWh 1,00 €/MWh 1,20 €/MWh 1,20 p/th 1,20 p/th 1,50 €/MWh 1,50 €/MWh 1,50 €/MWh

C+1 1,20 €/MWh n/a 0,80 €/MWh 0,80 €/MWh 1,00 €/MWh 1,00 €/MWh 1,00 €/MWh 0,80 p/th 0,80 p/th 1,20 €/MWh 1,20 €/MWh 1,20 €/MWh




Cal after 1,20 €/MWh n/a 1,00 €/MWh 1,00 €/MWh 1,00 €/MWh 1,00 €/MWh 1,00 €/MWh 1,00 p/th 1,00 p/th 1,20 €/MWh 1,20 €/MWh 1,20 €/MWh

ETF CEGH VTP CZ VTP

MaxSpread

Contract ZTP TRS PEG Nord TTF NCG GASPOOL NBP ZEE


73/80

TRADING HOURS, BUSINESS DAYS AND CONTRACTS CALENDARS



I. TRADING HOURS

1) Order Book opening hours Powernext SAS publishes hereafter the Order Book opening hours in accordance with article 4.4.3. of the Market Rules of the Powernext® Commodities:

From 08:00 AM to 06:00 PM CET.

2) Trading Hours Powernext SAS publishes hereafter the Trading Hours of PEGAS Non-MTF in accordance with articles 1.4.2.4 and 4.4.3 of the Market Rules of the Powernext® Commodities:

Central European Time (CET)

Trading on screen Off-order Book interests registration (Trade Registration)

PEGAS OTC web EUREX Clearing

Opening 08:00 am 08:00 am 08:00 am

Closing 06:00 pm 06:05 pm 06:15 pm

Time limit for Off-order Book interests

registration (Trade Registration)

n/a 06:05 pm n/a

Time limit for the validation of Off-order Book interests (Trade

Registration)

n/a 06:15 pm n/a

Closing hours for the trading sessions of the 24th and 31st of December close earlier (“early closing”), at 1.00 pm CET.

II. TRADING CALENDAR Powernext SAS publishes hereafter the Trading Calendar of PEGAS Non-MTF for the remaining days of the year 2017 and the year 2018 in accordance with article 4.4.3. of the Market Rules of the Powernext® Commodities. Trading Sessions occur only on business days, i.e. all days except Saturdays, Sundays and the following holidays:


74/80

Market closure days on Powernext Gas Non-MTF Futures until 2018

2018-01-01 New Year's Day

2018-03-30 Good Friday

2018-04-02 Easter Monday

2018-05-07 Early May Bank Holiday

2018-05-28 Spring Bank Holiday

2018-08-27 Summer Bank Holiday

2018-12-25 Christmas Day

2018-12-26 Boxing Day

III. CONTRACTS CALENDARS Pursuant to article 1.3.2.2 of the Market Rules of the Powernext® Commodities, Powernext SAS publishes hereafter the listed contract periods for the end of 2017 and for 2018.


75/80

1. Contracts on TTF

Nombre de jours /

Number of Days

Premier jour de

négociation /

Trading Start

Dernier jour de

négocation /

Trading End

Premier jour de

livraison /

Delivery Start

Dernier jour de

livraison / Delivery

End

Month January 2018 31 31/08/2017 28/12/2017 01/01/2018 01/02/2018

Month February 2018 28 29/09/2017 30/01/2018 01/02/2018 01/03/2018

Month March 2018 31 31/10/2017 27/02/2018 01/03/2018 01/04/2018

Month April 2018 30 30/11/2017 28/03/2018 01/04/2018 01/05/2018

Month May 2018 31 08/12/2017 27/04/2018 01/05/2018 01/06/2018

Month June 2018 30 08/12/2017 30/05/2018 01/06/2018 01/07/2018

Month July 2018 31 08/12/2017 28/06/2018 01/07/2018 01/08/2018

Month August 2018 31 08/12/2017 30/07/2018 01/08/2018 01/09/2018

Month September 2018 30 08/12/2017 30/08/2018 01/09/2018 01/10/2018

Month October 2018 31 08/12/2017 27/09/2018 01/10/2018 01/11/2018

Month November 2018 30 08/12/2017 30/10/2018 01/11/2018 01/12/2018

Month December 2018 31 08/12/2017 29/11/2018 01/12/2018 01/01/2019

Month January 2019 31 08/12/2017 28/12/2018 01/01/2019 01/02/2019

Month February 2019 28 08/12/2017 30/01/2019 01/02/2019 01/03/2019

Month March 2019 31 08/12/2017 27/02/2019 01/03/2019 01/04/2019

Month April 2019 30 08/12/2017 28/03/2019 01/04/2019 01/05/2019

Month May 2019 31 08/12/2017 29/04/2019 01/05/2019 01/06/2019

Month June 2019 30 08/12/2017 30/05/2019 01/06/2019 01/07/2019

Month July 2019 31 08/12/2017 27/06/2019 01/07/2019 01/08/2019

Month August 2019 31 08/12/2017 30/07/2019 01/08/2019 01/09/2019

Month September 2019 30 08/12/2017 29/08/2019 01/09/2019 01/10/2019

Month October 2019 31 08/12/2017 27/09/2019 01/10/2019 01/11/2019

Month November 2019 30 08/12/2017 30/10/2019 01/11/2019 01/12/2019

Month December 2019 31 08/12/2017 28/11/2019 01/12/2019 01/01/2020

Month January 2020 31 08/12/2017 30/12/2019 01/01/2020 01/02/2020

Month February 2020 29 08/12/2017 30/01/2020 01/02/2020 01/03/2020

Month March 2020 31 08/12/2017 27/02/2020 01/03/2020 01/04/2020

Month April 2020 30 08/12/2017 30/03/2020 01/04/2020 01/05/2020

Month May 2020 31 08/12/2017 29/04/2020 01/05/2020 01/06/2020

Month June 2020 30 08/12/2017 28/05/2020 01/06/2020 01/07/2020

Month July 2020 31 08/12/2017 29/06/2020 01/07/2020 01/08/2020

Month August 2020 31 08/12/2017 30/07/2020 01/08/2020 01/09/2020

Month September 2020 30 08/12/2017 27/08/2020 01/09/2020 01/10/2020

Month October 2020 31 08/12/2017 29/09/2020 01/10/2020 01/11/2020

Month November 2020 30 08/12/2017 29/10/2020 01/11/2020 01/12/2020

Month December 2020 31 29/12/2017 27/11/2020 01/12/2020 01/01/2021

Month January 2021 31 31/01/2018 30/12/2020 01/01/2021 01/02/2021

Month February 2021 28 28/02/2018 28/01/2021 01/02/2021 01/03/2021

Month March 2021 31 29/03/2018 25/02/2021 01/03/2021 01/04/2021

Month April 2021 30 30/04/2018 30/03/2021 01/04/2021 01/05/2021

Month May 2021 31 31/05/2018 29/04/2021 01/05/2021 01/06/2021

Month June 2021 30 29/06/2018 27/05/2021 01/06/2021 01/07/2021

Month July 2021 31 31/07/2018 29/06/2021 01/07/2021 01/08/2021

Month August 2021 31 31/08/2018 29/07/2021 01/08/2021 01/09/2021

Month September 2021 30 28/09/2018 27/08/2021 01/09/2021 01/10/2021

Month October 2021 31 31/10/2018 29/09/2021 01/10/2021 01/11/2021

Month November 2021 30 30/11/2018 28/10/2021 01/11/2021 01/12/2021

Month December 2021 31 31/12/2018 29/11/2021 01/12/2021 01/01/2022

Maturités /

Maturities


76/80

Nombre de jours /

Number of Days

Premier jour de

négociation /

Trading Start

Dernier jour de

négocation /

Trading End

Premier jour de

livraison /

Delivery Start

Dernier jour de


End

Quarter Q1 2018 90 29/09/2016 27/12/2017 01/01/2018 01/04/2018

Quarter Q2 2018 91 29/12/2016 27/03/2018 01/04/2018 01/07/2018

Quarter Q3 2018 92 30/03/2017 27/06/2018 01/07/2018 01/10/2018

Quarter Q4 2018 92 29/06/2017 26/09/2018 01/10/2018 01/01/2019

Quarter Q1 2019 90 28/09/2017 27/12/2018 01/01/2019 01/04/2019

Quarter Q2 2019 91 08/12/2017 27/03/2019 01/04/2019 01/07/2019

Quarter Q3 2019 92 08/12/2017 26/06/2019 01/07/2019 01/10/2019

Quarter Q4 2019 92 08/12/2017 26/09/2019 01/10/2019 01/01/2020

Quarter Q1 2020 91 08/12/2017 27/12/2019 01/01/2020 01/04/2020

Quarter Q2 2020 91 08/12/2017 27/03/2020 01/04/2020 01/07/2020

Quarter Q3 2020 92 08/12/2017 26/06/2020 01/07/2020 01/10/2020

Quarter Q4 2020 92 28/12/2017 28/09/2020 01/10/2020 01/01/2021

Quarter Q1 2021 90 28/03/2018 29/12/2020 01/01/2021 01/04/2021

Quarter Q2 2021 91 28/06/2018 29/03/2021 01/04/2021 01/07/2021

Quarter Q3 2021 92 27/09/2018 28/06/2021 01/07/2021 01/10/2021

Quarter Q4 2021 92 28/12/2018 28/09/2021 01/10/2021 01/01/2022

Season Summer 2018 183 30/03/2016 27/03/2018 01/04/2018 01/10/2018

Season Winter 2018 182 29/09/2016 26/09/2018 01/10/2018 01/04/2019

Season Summer 2019 183 30/03/2017 27/03/2019 01/04/2019 01/10/2019

Season Winter 2019 183 28/09/2017 26/09/2019 01/10/2019 01/04/2020

Season Summer 2020 183 08/12/2017 27/03/2020 01/04/2020 01/10/2020

Season Winter 2020 182 08/12/2017 28/09/2020 01/10/2020 01/04/2021

Season Summer 2021 183 28/03/2018 29/03/2021 01/04/2021 01/10/2021

Season Winter 2021 182 27/09/2018 28/09/2021 01/10/2021 01/04/2022

Calendar Calendar 2018 365 30/12/2014 27/12/2017 01/01/2018 01/01/2019








Maturités /

Maturities


77/80

2. Contracts on NBP

Nombre de jours /

Number of Days

Premier jour de

négociation /

Trading Start

Dernier jour de

négocation /

Trading End

Premier jour de

livraison /

Delivery Start

Dernier jour de


End

Month January 2018 31 31/08/2017 28/12/2017 01/01/2018 01/02/2018

Month February 2018 28 29/09/2017 30/01/2018 01/02/2018 01/03/2018

Month March 2018 31 31/10/2017 27/02/2018 01/03/2018 01/04/2018

Month April 2018 30 30/11/2017 28/03/2018 01/04/2018 01/05/2018

Month May 2018 31 08/12/2017 27/04/2018 01/05/2018 01/06/2018

Month June 2018 30 08/12/2017 30/05/2018 01/06/2018 01/07/2018

Month July 2018 31 08/12/2017 28/06/2018 01/07/2018 01/08/2018

Month August 2018 31 08/12/2017 30/07/2018 01/08/2018 01/09/2018

Month September 2018 30 08/12/2017 30/08/2018 01/09/2018 01/10/2018

Month October 2018 31 08/12/2017 27/09/2018 01/10/2018 01/11/2018

Month November 2018 30 08/12/2017 30/10/2018 01/11/2018 01/12/2018

Month December 2018 31 08/12/2017 29/11/2018 01/12/2018 01/01/2019

Month January 2019 31 08/12/2017 28/12/2018 01/01/2019 01/02/2019

Month February 2019 28 08/12/2017 30/01/2019 01/02/2019 01/03/2019

Month March 2019 31 08/12/2017 27/02/2019 01/03/2019 01/04/2019

Month April 2019 30 08/12/2017 28/03/2019 01/04/2019 01/05/2019

Month May 2019 31 08/12/2017 29/04/2019 01/05/2019 01/06/2019

Month June 2019 30 08/12/2017 30/05/2019 01/06/2019 01/07/2019

Month July 2019 31 08/12/2017 27/06/2019 01/07/2019 01/08/2019

Month August 2019 31 08/12/2017 30/07/2019 01/08/2019 01/09/2019

Month September 2019 30 08/12/2017 29/08/2019 01/09/2019 01/10/2019

Month October 2019 31 08/12/2017 27/09/2019 01/10/2019 01/11/2019

Month November 2019 30 08/12/2017 30/10/2019 01/11/2019 01/12/2019

Month December 2019 31 08/12/2017 28/11/2019 01/12/2019 01/01/2020

Month January 2020 31 08/12/2017 30/12/2019 01/01/2020 01/02/2020

Month February 2020 29 08/12/2017 30/01/2020 01/02/2020 01/03/2020

Month March 2020 31 08/12/2017 27/02/2020 01/03/2020 01/04/2020

Month April 2020 30 08/12/2017 30/03/2020 01/04/2020 01/05/2020

Month May 2020 31 08/12/2017 29/04/2020 01/05/2020 01/06/2020

Month June 2020 30 08/12/2017 28/05/2020 01/06/2020 01/07/2020

Month July 2020 31 08/12/2017 29/06/2020 01/07/2020 01/08/2020

Month August 2020 31 08/12/2017 30/07/2020 01/08/2020 01/09/2020

Month September 2020 30 08/12/2017 27/08/2020 01/09/2020 01/10/2020

Month October 2020 31 08/12/2017 29/09/2020 01/10/2020 01/11/2020

Month November 2020 30 08/12/2017 29/10/2020 01/11/2020 01/12/2020

Month December 2020 31 29/12/2017 27/11/2020 01/12/2020 01/01/2021

Month January 2021 31 31/01/2018 30/12/2020 01/01/2021 01/02/2021

Month February 2021 28 28/02/2018 28/01/2021 01/02/2021 01/03/2021

Month March 2021 31 29/03/2018 25/02/2021 01/03/2021 01/04/2021

Month April 2021 30 30/04/2018 30/03/2021 01/04/2021 01/05/2021

Month May 2021 31 31/05/2018 29/04/2021 01/05/2021 01/06/2021

Month June 2021 30 29/06/2018 27/05/2021 01/06/2021 01/07/2021

Month July 2021 31 31/07/2018 29/06/2021 01/07/2021 01/08/2021

Month August 2021 31 31/08/2018 29/07/2021 01/08/2021 01/09/2021

Month September 2021 30 28/09/2018 27/08/2021 01/09/2021 01/10/2021

Month October 2021 31 31/10/2018 29/09/2021 01/10/2021 01/11/2021

Month November 2021 30 30/11/2018 28/10/2021 01/11/2021 01/12/2021

Month December 2021 31 31/12/2018 29/11/2021 01/12/2021 01/01/2022

Maturités /

Maturities


78/80

3. Contracts on TRS

Nombre de jours /

Number of Days

Premier jour de

négociation /

Trading Start

Dernier jour de

négocation /

Trading End

Premier jour de

livraison /

Delivery Start

Dernier jour de


End

Quarter Q1 2018 90 29/12/2016 27/12/2017 01/01/2018 01/04/2018

Quarter Q2 2018 91 30/03/2017 27/03/2018 01/04/2018 01/07/2018

Quarter Q3 2018 92 29/06/2017 27/06/2018 01/07/2018 01/10/2018

Quarter Q4 2018 92 28/09/2017 26/09/2018 01/10/2018 01/01/2019

Quarter Q1 2019 90 08/12/2017 27/12/2018 01/01/2019 01/04/2019

Quarter Q2 2019 91 08/12/2017 27/03/2019 01/04/2019 01/07/2019

Quarter Q3 2019 92 08/12/2017 26/06/2019 01/07/2019 01/10/2019

Quarter Q4 2019 92 28/12/2017 26/09/2019 01/10/2019 01/01/2020

Quarter Q1 2020 91 28/03/2018 27/12/2019 01/01/2020 01/04/2020

Quarter Q2 2020 91 28/06/2018 27/03/2020 01/04/2020 01/07/2020

Quarter Q3 2020 92 27/09/2018 26/06/2020 01/07/2020 01/10/2020

Quarter Q4 2020 92 28/12/2018 28/09/2020 01/10/2020 01/01/2021

Season Summer 2018 183 30/03/2016 27/03/2018 01/04/2018 01/10/2018

Season Winter 2018 182 29/09/2016 26/09/2018 01/10/2018 01/04/2019

Season Summer 2019 183 30/03/2017 27/03/2019 01/04/2019 01/10/2019

Season Winter 2019 183 28/09/2017 26/09/2019 01/10/2019 01/04/2020

Season Summer 2020 183 08/12/2017 27/03/2020 01/04/2020 01/10/2020

Season Winter 2020 182 08/12/2017 28/09/2020 01/10/2020 01/04/2021

Season Summer 2021 183 28/03/2018 29/03/2021 01/04/2021 01/10/2021

Season Winter 2021 182 27/09/2018 28/09/2021 01/10/2021 01/04/2022









Maturités /

Maturities

Nombre de jours /

Number of Days

Premier jour de

négociation /

Trading Start

Dernier jour de

négocation /

Trading End

Premier jour de

livraison /

Delivery Start

Dernier jour de


End

Month January 2018 31 30/11/2017 28/12/2017 01/01/2018 01/02/2018

Month February 2018 28 08/12/2017 30/01/2018 01/02/2018 01/03/2018

Month March 2018 31 08/12/2017 27/02/2018 01/03/2018 01/04/2018

Month April 2018 30 08/12/2017 28/03/2018 01/04/2018 01/05/2018

Month May 2018 31 08/12/2017 27/04/2018 01/05/2018 01/06/2018

Month June 2018 30 08/12/2017 30/05/2018 01/06/2018 01/07/2018

Month July 2018 31 29/12/2017 28/06/2018 01/07/2018 01/08/2018

Month August 2018 31 31/01/2018 30/07/2018 01/08/2018 01/09/2018

Month September 2018 30 28/02/2018 30/08/2018 01/09/2018 01/10/2018

Month October 2018 31 29/03/2018 27/09/2018 01/10/2018 01/11/2018

Month November 2018 30 30/04/2018 30/10/2018 01/11/2018 01/12/2018

Month December 2018 31 31/05/2018 29/11/2018 01/12/2018 01/01/2019

Month January 2019 31 29/06/2018 28/12/2018 01/01/2019 01/02/2019

Month February 2019 28 31/07/2018 30/01/2019 01/02/2019 01/03/2019

Month March 2019 31 31/08/2018 27/02/2019 01/03/2019 01/04/2019

Month April 2019 30 28/09/2018 28/03/2019 01/04/2019 01/05/2019

Month May 2019 31 31/10/2018 29/04/2019 01/05/2019 01/06/2019

Month June 2019 30 30/11/2018 30/05/2019 01/06/2019 01/07/2019

Month July 2019 31 31/12/2018 27/06/2019 01/07/2019 01/08/2019

Maturités /

Maturities


79/80

4. Contracts on other HUBS

Nombre de jours /

Number of Days

Premier jour de

négociation /

Trading Start

Dernier jour de

négocation /

Trading End

Premier jour de

livraison /

Delivery Start

Dernier jour de


End

Month January 2018 31 29/09/2017 28/12/2017 01/01/2018 01/02/2018

Month February 2018 28 31/10/2017 30/01/2018 01/02/2018 01/03/2018

Month March 2018 31 30/11/2017 27/02/2018 01/03/2018 01/04/2018

Month April 2018 30 08/12/2017 28/03/2018 01/04/2018 01/05/2018

Month May 2018 31 08/12/2017 27/04/2018 01/05/2018 01/06/2018

Month June 2018 30 08/12/2017 30/05/2018 01/06/2018 01/07/2018

Month July 2018 31 29/12/2017 28/06/2018 01/07/2018 01/08/2018

Month August 2018 31 31/01/2018 30/07/2018 01/08/2018 01/09/2018

Month September 2018 30 28/02/2018 30/08/2018 01/09/2018 01/10/2018

Month October 2018 31 29/03/2018 27/09/2018 01/10/2018 01/11/2018

Month November 2018 30 30/04/2018 30/10/2018 01/11/2018 01/12/2018

Month December 2018 31 31/05/2018 29/11/2018 01/12/2018 01/01/2019

Month January 2019 31 29/06/2018 28/12/2018 01/01/2019 01/02/2019

Month February 2019 28 31/07/2018 30/01/2019 01/02/2019 01/03/2019

Month March 2019 31 31/08/2018 27/02/2019 01/03/2019 01/04/2019

Month April 2019 30 28/09/2018 28/03/2019 01/04/2019 01/05/2019

Month May 2019 31 31/10/2018 29/04/2019 01/05/2019 01/06/2019

Month June 2019 30 30/11/2018 30/05/2019 01/06/2019 01/07/2019

Month July 2019 31 31/12/2018 27/06/2019 01/07/2019 01/08/2019

Quarter Q1 2018 90 29/12/2016 27/12/2017 01/01/2018 01/04/2018

Quarter Q2 2018 91 30/03/2017 27/03/2018 01/04/2018 01/07/2018

Quarter Q3 2018 92 29/06/2017 27/06/2018 01/07/2018 01/10/2018

Quarter Q4 2018 92 28/09/2017 26/09/2018 01/10/2018 01/01/2019

Quarter Q1 2019 90 08/12/2017 27/12/2018 01/01/2019 01/04/2019

Quarter Q2 2019 91 08/12/2017 27/03/2019 01/04/2019 01/07/2019

Quarter Q3 2019 92 08/12/2017 26/06/2019 01/07/2019 01/10/2019

Quarter Q4 2019 92 28/12/2017 26/09/2019 01/10/2019 01/01/2020

Quarter Q1 2020 91 28/03/2018 27/12/2019 01/01/2020 01/04/2020

Quarter Q2 2020 91 28/06/2018 27/03/2020 01/04/2020 01/07/2020

Quarter Q3 2020 92 27/09/2018 26/06/2020 01/07/2020 01/10/2020

Quarter Q4 2020 92 28/12/2018 28/09/2020 01/10/2020 01/01/2021

Season Summer 2018 183 30/03/2016 27/03/2018 01/04/2018 01/10/2018

Season Winter 2018 182 29/09/2016 26/09/2018 01/10/2018 01/04/2019

Season Summer 2019 183 30/03/2017 27/03/2019 01/04/2019 01/10/2019

Season Winter 2019 183 28/09/2017 26/09/2019 01/10/2019 01/04/2020

Season Summer 2020 183 08/12/2017 27/03/2020 01/04/2020 01/10/2020

Season Winter 2020 182 08/12/2017 28/09/2020 01/10/2020 01/04/2021

Season Summer 2021 183 28/03/2018 29/03/2021 01/04/2021 01/10/2021

Season Winter 2021 182 27/09/2018 28/09/2021 01/10/2021 01/04/2022









Maturités /

Maturities


80/80

TRADING LIMITS



A pre-trade limit is the possibility of limiting orders which can be entered into the trading systems (T7) by a Member.

Provided a corresponding agreement has been concluded by the clearing member with its non-clearing member, the clearing member of ECC, which provides settlement for said Member, is entitled to enter pre-trade limits.

Pre-trade limits can contain the individual restrictions specified below or a combination of these:

Maximum number of contracts with reference to a product.

Maximum amount of available total margins or special margins specified in more detail for further trading activities.

If one of the limits described above is reached, the system can take measures to stop the transmission of orders by the Member concerned into the trading systems and, hence, discontinue the matching of such with other orders. Orders which have already been entered into the order books are deleted.

If certain limits are exceeded, the details shall be determined in an agreement between the Member and his Clearing Member, further entering or execution of orders can be limited for the duration of the exceedance and existing orders can be deleted.