EPEX SPOTPower for Today. Power for Tomorrow.

Dr. Sandrine Wachon Tokyo I 29 January 2018

資料２－１

EEX Group at a glance

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EEX Group is a group of specialised companies providing marketplatforms for energy and commodity products across the globe. Thegroup offers market access and tailor-made solutions to tradingparticipants as well as integrated process handling with its own clearinghouses.

EEX Group consists of the following companies: European EnergyExchange (EEX), the European Power Exchange (EPEX SPOT),Powernext, Cleartrade Exchange, Power Exchange Central Europe(PXE), Gaspoint Nordic, Nodal Exchange and the clearing companiesEuropean Commodity Clearing (ECC) and Nodal Clear. EEX Group isbased in 16 worldwide locations and is part of Deutsche Börse Group.

EEX Group is based in 16 worldwide locations and is part of DeutscheBörse Group.

Development of EEX Group

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2002EEX established inLeipzig through themerger of twoGerman power exchanges.

2006The clearing business is spun off into ECC.

2008Cooperation launchedbetween EEX andPowernext in powerspot trading. EPEX SPOT is established.

2013EEX and Powernextextend cooperation to the gas market. PEGAS is founded.

2014EEX acquiresmajority stake in CleartradeExchange.

2015EEX holds 50 % share in the Danish gas exchange GasPoint Nordic.

EEX acquires majority stake in Powernext and indirectly in EPEX SPOT. The gas markets are operated byPowernext under the PEGAS brand. APX incl. Belpex becomes a 100 % subsidaryof EPEX SPOT.

2016EEX acquires two thirds of the sharesin the Praguebased PXE. CLTX becomes a wholly-owned subsidiaryof EEX. The gas markets forDenmark and Austria, which areoperated by Gaspoint Nordic andCEGH, were transferred to thePEGAS platform.

2017EEX aqcuires 100 % of the US based Nodal Exchange.

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EEX is the leadingEuropean Energy

Exchange.

Contracts on energy, environmental

products, freight, metals andagriculturals

EEX SPOT operatesthe power spot

markets of the Group.

Power: Day-aheadand intraday trading

PEGAS is the centralgas trading platform of

EEX Group andbundles the liquidity of

a large number ofmarkets.

Operated byPowernext

ECC provides clearingas well as physical

and financialsettlement of the

transactions.

Central clearing houseof EEX Group

CLTX is a platform fortrading in global

commodity derivatives transactions.

More than 40 derivatives contractsfocusing on the Asian

markets

Nodal Exchange is a derivatives exchange in the North American

energy markets..

Contracts on electricityand natural gas

Nodal Clear is a CFTC registered derivatives clearing organization.

Central clearing house of all Nodal Exchange

contracts-.

Powernext offers spotand derivatives trading

for European gas markets and operatesthe register for French guarantees of origin.

Gas products for AT, BE, DE, DK, FR, IT,

NL, UK

The Prague-basedPXE is the centre ofcompetence for theeastern European

markets.

Trading products forpower in CZ, SK, HU,

PL, RO

Gaspoint Nordic is a company

specialising in theDanish gas market.

Part of the PEGAS platform since 2016

EPEX SPOT: expertise for power spot market structure

49%51%

HGRT

100%

Clearing activities

EEX Group

Part ofEEX Group

100%

- Access to an anonymous market- Level playing field between

members- Financial guarantees through the

Clearing House- Calculation and publication of

transparent and fair price references

The organised market: principles

The role of the Exchangein the timeline of the market

Long and middle-term (Years/months/weeks)

Anticipated covering of need of supply, optimisation of

production means

Short-term(One day

before delivery)

Balance of production and consumption

Very short-term(several hours

before delivery)

Balance of production and consumption

Real-time(minutes)

System security

Derivatives DAY-AHEAD MARKET

INTRADAY MARKET Balancing>

DAY-AHEAD AUCTION- Optimisation of liquidity via an auction

- Market areas: Germany/Austria/Luxembourg, France, Great Britain, the Netherlands, Switzerland and Belgium

CONTINUOUS INTRADAY- Flexibility through continuous trading

- Market areas: Germany/Luxemburg, France, Great Britain, the Netherlands, Switzerland, Belgium and Austria

> >

EPEX SPOT : a European and an internationalsuccess story

EPEX SPOT created in 2008, roots going back to 2000 Societas Europaea headquartered in Paris 535 TWh of traded volumes in 2017: 464 TWh on the Day-

ahead market, 71 TWh on the Intraday marketOver 285 Exchange MembersOver 160 employees coming from 16 countriesOffices in Amsterdam, Bern, Brussels, Leipzig, London and

Vienna

Market operation services and 25% shares

Market operation services

Market coupling services

Markets and services of theEuropean Power Exchange EPEX SPOT

The markets of EPEX SPOT

Current EPEX markets

Market Expansion

21 borders Area of 1600 TWh consumption Over 285 Exchange Members 535 TWh of traded volume in 2017

EPEX SPOT Market review 2017: Volumes and delivery zones

DE/AT/LU: 280 TWh Thereof intraday: 47 TWhShare in consumption: 50%Delivery zones: 50Hertz, Amprion, APG, TenneT, TransnetBW

FR: 110 TWhThereof intraday: 4 TWhShare in consumption: 23%Delivery zone: RTE

NL: 35 TWh Thereof intraday: 1.5 TWhShare in consumption: 31%Delivery zone: TenneT

UK: 66 TWh Thereof intraday: 15 TWhShare in consumption: 22%Delivery zone: National Grid

BE: 19 TWh Thereof intraday: 1 TWhShare in consumption: 22%Delivery zone: Elia

CH: 25 TWh Thereof intraday: 2 TWhShare in consumption: 42%Delivery zone: Swissgrid

EEX Group: Facts and Figures

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3,760More than

TWh traded on the EEX Group power markets (2017)

550Participants more than

From over 30 countries

19in 2017 European countries

Day-Ahead market couplingcovering

200CO2 Emission Auctionsmore than

1,900TWh traded on the PEGAS natural gas markets (2017)

550in 16 locations

Employees more than More than

Thank you for your attention!EPEX SPOT Paris5 boulevard Montmartre75002 Paris FranceTel +33 1 73 03 96 00info@epexspot.com

EPEX SPOT London11 Westferry CircusCanary WharfLondon E14 4HE United Kingdom

EPEX SPOT BernMarktgasse 203011 Bern Switzerland

EPEX SPOT AmsterdamAtlas Arena Amsterdam – Australia Building Hoogoorddreef 71101 BA Amsterdam The NetherlandsTel +31 20 305 4000

EPEX SPOT LeipzigAugustusplatz 904109 Leipzig Germany

EPEX SPOT BrusselsBoulevard de l’Impératrice 661000 Bruxelles Belgium

EPEX SPOT WienMayerhofgasse 1/19 1040 Wien Austria