1. Mod_02_13 Registration of Charges Legal Spending Update

2. Budgets Utilised: Full Mods Committee legal support budget for years ‘12/’13,13/’14 Nearly full budget utilised for year ‘14/15 Internal SEMO Legal Budget Legal Costs in relation to Mod_02_13 Registration of Charges Invoice1234567 Period Covered: 28th March 2013 to 28th June 2013 19th July 2013 to 30th October 2013 1st Jan 2014 to 29th April 2014 May 2014- Nov 2014 (Updated Deed of Charge ) November - December 2014 Jan 2015- PM have issued a first draft however it is still being finalised internally between SEMO, legal and finance (Nuala) March 2015- Updated Deed Amount€13,653€20, 938€42,962 (£32,000) (£4,000) €5,533 €8,116(£450) €120 0 (approx has invoiced has not been issued yet) (£3-3,500) €4,800 (approx as invoice has not been issued yet) Total Spend€97,202

3. Overview of conference Call 13 April 2015 ●Minor points have been estimated at an hourly rate ●Main point of contention: Indemnity issue- Eirgrid legal/PM to discuss potential of indemnity cap with Danske bank ●Danske response will be circulated; deed will reflect the outcome of the discussion where applicable ●PM have advised that any further amendments to Option 2 (updated deed of charge) will not be possible ●Next steps: Final deed should be included in a version 3 of the mod for Meeting 62 in June, along with the other necessary changes to the relevant sections code and APs

4. Options: ●Extraordinary call in May to agree the deed, prior to submission of V3 of the mod for consideration at June meeting ●If Option 2 (cap on the indemnity) is not deemed satisfactory and the deed is rejected, the Committee can: A.Re-visit previous options (1: Do nothing; 3: Title transfer) B.Vote on the previously submitted version 1 of the proposal C.Any other suggestions?