Exchange Council Appoints Peter Reitz To The Management Board Of The Exchange - French Futures Switched To Financial Settlement – Report On EUA Primary Market Auction – Election Committee Appointed

In the meeting of the Exchange Council of the European Energy Exchange (EEX) chaired by Dr. Günther Rabensteiner, Verbund AG, in Vienna on 1 December 2011, Peter Reitz was appointed a further Managing Director of the Exchange. In August of this year, Peter Reitz was appointed the Chief Executive Officer of EEX AG and European Commodity Clearing AG (ECC). As a result, the exchange is now represented by two managing directors again. In addition to Peter Reitz, Oliver Maibaum represents EEX as Managing Director Exchange. He has held this office since 2004 and was confirmed in office by the Exchange Council in 2009.

In the meeting, the Management Board of the Exchange reported on the further development of the French Power Derivatives Market. On 24 November 2011, the exchange switched the physically settled French Power Futures to contracts with financial settlement. The trading participants now have three months to close open positions in the physical contracts and open positions in the new financial contracts via OTC registration. The members of the Exchange Council welcomed the switch of the contracts. These will bring financial trading participants, such as banks and trading houses, to the exchange and, hence, contribute to higher liquidity. The new French Financial Futures have also been tradable for the Eurex participants admitted to EEX since November.

Furthermore, the Exchange Council was informed of the recent successes of EEX in the field of the primary market auctions of EU Emission Allowances (EUA). In addition to the regular auctions which EEX executes on behalf of the German Federal Ministry for the Environment, EEX auctioned in total 4 million EUA for the Netherlands on two dates and another 4 million EUA will follow in 2012. On 13 December 2011, the first auction will be held for the Lithuanian government. This concerns volumes from the new entrants reserve (NER) of Lithuania for the second phase of EU emissions trading (2008 to 2012). Moreover, EEX was recently chosen as a cooperation exchange for the NER300 programme of the European Investment Bank (EIB). In this programme, EIB sells 300 million EUA from the third trading period on behalf of the European Commission. A share of this which still has to be specified will be sold through EEX. Highlighting the number of contracts awarded by the public authorities of different countries, the Exchange Council recognises that EEX has developed a convincing auction design and provides the required structures for execution and supervision. This justifies the confidence these countries place in EEX. In this context, winning contracts for primary market auctions is essential for EEX to assert its position in the European CO2 competition.

In preparation for the Exchange Council election, which will take place next year, the Exchange Council appointed an election committee. This election committee, which is chaired by Dr. Wolfgang von Rintelen, Director Legal & Compliance, will prepare and carry out the election of the new Exchange Council. Following the election which will take place until the end of May 2012, the new Exchange Council will hold its first constituent meeting in June.

The Exchange Council of EEX is an official body of the exchange under the German Exchange Act. It consists of in total 24 members who adequately represent the various interest groups and business circles: In addition to the trading participants with 19 elected members from various sectors (transmission system operators and power trading companies, municipal utilities and regional suppliers, brokers and financial service providers as well as commercial consumers), four representatives from associations and one investors’ representative are members. The tasks of the Exchange Council include, in particular, the adoption of the rules and regulations of the exchange and their amendments. In addition, its tasks comprise the appointment and supervision of the Management Board of the Exchange and the appointment of the head of the Market Surveillance.