KELER KSZF A new ECC clearing entity 7 April, Budapest Károly Mátrai Managing Director, KELER KSZF

KELER Zrt. – CSD –Founded in 1993 –Banking license, supervised by HFSA and NBH –CCP role till 2009 –Shareholders’ equity (EoY 2009): HUF 15,7 billion (EUR 58 m) KELER KSZF Kft. – CCP –Founded in 2008 –Supervised by HFSA and NBH –Started operation 1 Jan, 2009 –Shareholders’ equity (EoY 2009): HUF 246,5 m (EUR 0,9 m) KELER Group - Introduction

KELER Group - Clients Custodians Issuer companies Credit institutions Brokerage companies Commodity Service Providers Gas trading companies National Bank of Hungary

Securities and cash account management Issuer services –ISIN allocation –dematerialization –share registry Cross-border settlement Collateral management Central counterparty service KELER Group - Services

KELER KSZF - CCP services Cleared markets: –BSE cash products (equities, bonds, ETFs, certificates) –BSE derivatives (share, indices, FXs, commodities) –Gas balancing market (day-ahead, capacity) –HUPX as of 1 July, 2010

EPEX / HUPX General clearing model TRADING ECC CLEARINGTRADING T1T1 T2T2 T3T3 T4T4 GCM 1 GCM 2 T1T1 T2T2 T3T3 T4T4

Factors to be considered Trading members have to choose a general clearing member! Credit risk (counterparty risk) Legal risk Communication Costs

KELER KSZF as a GCM Limited credit risk, strong financial and ownership background Efficient risk management methodology Long and prosperous history in Hungarian financial market Competitive, transparent fees Wide range of services Hungarian legislative framework Hungarian communicative environment

Services for HUPX Members KELER KSZF –Settlement in HUF –Collateral management (HUF, EUR denominated collaterals) –Reporting in Hungarian KELER –Banking services –HUF/EUR conversion –Internet communication via KID –Help Desk 07-22h (in Hungarian)

Risk management Risk Management tools: –Membership requirements –Margin requirements –Collateral management

(1)Sign a Membership Agreement with KELER KSZF (2)Sign an NCM Agreement and Application form with ECC (3)Comply with Business Rules of KELER KSZF (4)Sign a Service Agreement with KELER (includes settlement management, cash and securities accounts management) (5)KID Agreement for Internet banking (6)Provide collateral to KELER KSZF in cash or securities How to become a member of KELER KSZF

Steps to do (1)Give back-office contact details (2)Visit our website for more information: ( (3) Visit our Client Office at 1075 Budapest Asbóth street 9-11.

phone: (+36)