Towarowa Giełda Energii S.A. (Polish Power Exchange)

The following is selected information on the profile of Towarowa Giełda Energii S.A. (TGE), senior management and other aspects of operations:

 (Futures and Options Profile) Commodity Forward Instruments Market with Physical Delivery for electricity and natural gas

Management

PIOTR ZAWISTOWSKI President of the Management Board

Has been operating in the energy industry since 2000. Since 2008, he has worked as the Portfolio Management Department Director in TAURON Polska Energia S.A., participating in numerous key projects including: management of operations related to developing the TAURON Group's business model and integrations with GZE (Vatenfall) Group's company in the trading area. From May 2014 to December 2015, he worked as the President of the Management Board of TAURON Obsługa Klienta sp. z o.o. From December 2015 to March 2017, he held the position of the Deputy President for Customer Service and Trade in TAURON Polska Energia S.A., being responsible for development of the TAURON Group's offer for electric energy and gas. In 2016-2017, he held the position of the President of the Managing Board of the Association of Energy Trading, was a member of the Managing Board of the Polish Electricity Association, and a member of the Supervisory Board of the Polish Power Exchange. In October 2017, he became the President of the Management Board of TGE.

In 2002, Piotr Zawistowski graduated from the Wrocław University of Economics with an M.A. degree in company management. In 2007, he graduated from a sales management post-graduate course at WSB University in Wrocław.

PIOTR LISTWOŃ Vice President of the Management Board

Piotr Listwoń has professional experience in such areas as: trading, settlements on commodity derivatives markets, financial instrument markets as well as the settlement of transactions with market coupling, PCR. He started working for the TGE Capital Group in 2008. In 2010-2014, he held the position of the Deputy Director of the Settlement and Accounting Department in Izba Rozliczeniowa Giełd Towarowych S.A. (Commodity Clearing House). Since 2014, he has worked as the Department Director, managing activities connected with implementing a new financial settlement model based on Clearing House's cooperation with Krajowa Izba Rozliczeniowa S.A. and the largest Polish banks while dealing with payments resulting from transactions settled. In 2013-2018, he held the position of the International Cooperation Development Director for IRGiT. In 2018, he took the position of the Vice President of the Management Board, being responsible for TGE operational activity.

Piotr Listwoń graduated from the Strategic Management Department of the POU/Oxford Brookes University with an MBA degree.

DR PAWEŁ OSTROWSKI Vice President of the Management Board

Paweł Ostrowski has over 15 years of experience in operation on the capital market. He has worked for such institutions as PKO Bank Polski S.A., Societe Generale, Deutsche Bank Polska S.A. and BNP Paribas Polska S.A. Since 2007, he has held the position of the Sales Director in the Treasury Department of PKO BP Bank Polski S.A. He specialises in sales of treasury products and instruments securing commodity and interest rate risks. He has participated in projects related to implementing the MiFID I package and the merger with Nordea Bank Polska S.A. He has been a member of the of the Management Board of TGE since November 2016.

Paweł Ostrowski graduated from the SGH Warsaw School of Economics where he obtained a Ph.D. degree. He also graduated from the MBA Programme of the University of Illinois at Urbana — Champaign and Management Department of the University of Warsaw. He also has a post-graduate degree in capital markets, obtained at the Law and Administration Department of the University of Warsaw.