Please be informed that the following changes will be introduced to the Treasury BondSpot Poland Market Rules, effective as of April 7, 2010.

1. Entities that may be admitted to trading on the market
Article 3 Sec. 1 and 2 has been amended in order to clarify the categories of entities that may be admitted to trading on the market and indicate that only entities supervised by relevant authorities may be admitted to trading. In addition, the term "Eligible Investor" has been replaced by the term "Institutional Investor".

2. Transmission of information by BondSpot
Article 30a has been added in order to unify the concept of the transmission of information by our company. Whenever it is mentioned in the Market Rules to make information public, it shall mean its publication on the market website, and whenever it is mentioned to make available information to the Participants it shall mean the transmission of information using communication channel defined by our company, unless the Market Rules state otherwise.

3. Additional day in which there is no trading on the market
Due to the fact that for many years we have defined "24 December" as an additional day in which there is no trading on the market and our plan is to continue this in the future, we have included this day to the permanent list of days on which there is no trading on the market (set out in Annex F to the Rules).

4. Cancellation of transactions concluded on the market
We have defined an additional case in which our company may cancel the transactions concluded on the market. Provision added in Annex H to the Market Rules (ad. 1 Item 5 and 6) introduces the possibility of canceling a conditional transaction on the request of both counterparts in the event of a Major Price Difference which means major price difference between the price fixed in the conditional transaction and the current price in the transaction concluded on the cash market. Due to the existing formula of determining the price for the conditional transaction on the basis of the reference price referred to in the Annex R to the Market Rules, there may be major price differences between the prices in conditional transactions and transactions concluded on the cash market. Therefore it may be necessary to cancel the transactions concluded at the prices different from the market prices.

5. Fees
We have introduced a new rule of paying fees by Participants who change their trading status from Market Maker to Market Taker or from Market Taker to Market Maker (Chapter II in A.1. Item 5 and A.2. Item 3 of Annex P). For the month in which the change of the status has occurred, the Participant should be charged according to the fees applied to its previous trading status.
In Chapter III of Annex P we have diversified fee rates for conditional transactions. A new category of lower fees for general collateral transactions has been introduced in view of stimulating trading activity on the repo segment.
We have also introduced other changes in order to simplify rules of charging for cancellation of transactions and for cancellation of conditional transaction in case of major price differences (in this case fees for cancellation of conditional transactions shall not be collected).
We have refined in Sec. 3 and 4 in Chapter V of the Annex P the principle that invoices may be issued in the Polish zloty and in euro.

6. Changes to the trading rules on the repo segment
We have amended Annex R in order to update it with the existing functionalities of the MTS TradeImpact system. The most important issue relates to the time for confirmation of conditional transactions. We have extended this time from the existing 120 seconds to 300 seconds (in case the transaction is not confirmed within this time it is automatically concluded).