Date

: September 12, 2011

Announcement No : 2011- 286

TurkDEX Base Load Electricity Futures Contracts Will Be Launched on September 26, 2011
In accordance with the growing market needs and rapid developments in spot electricity trading, TurkDEX expands its product range offering the base load electricity futures contracts in order to serve risk management needs. The new contract is cash-settled against the average of the day-ahead hourly prices of maturity month obtained from the Turkish Electricity Transmission Company (TEIAS). With the new contracts,

Trading future electricity prices, Electricity price risk management, Reflection of expectations in future electricity prices, A benchmark for electricity prices

will be available for all investors.

Base load electricity futures contract covers all hourly prices in the related contract month. With base load electricity futures, trading electricity prices will be possible for the first time in Turkey. Moreover, with the introduction of base load electricity futures the investment in electricity sector is expected to expand since these contracts will serve as a price risk management tool for electricity market. TurkDEX Base Load Electricity Futures Contract will be launched on September 26, 2011. No exchange transaction fee will be charged until the end of 2011. Contract months and expiration dates of the new contracts to be listed on September 26, 2011 are provided below:

Turkish Derivatives Exchange Akdeniz Cad.No: 14 Birsel Is Merkezi Kat: 6-7 Alsancak/IZMIR - TURKEY Tel +90 (232) 481 10 81 Fax +90 (232) 445 61 85 E-mail: turkdex@turkdex.org.tr Web: www.turkdex.org.tr

Contract Name

Contract Code*

Contract Month

Contract Size (MWh) 744 744 696 743

First Trading Day

Last Trading Day

Expiration Date

Base Load Electricity Base Load Electricity Base Load Electricity Base Load Electricity

612F_ENELCBAZ1211 601F_ENELCBAZ0112 613F_ENELCBAZ0212 603F_ENELCBAZ0312

December 2011 January 2012 February 2012 March 2012

26.09.2011 26.09.2011 26.09.2011 26.09.2011

30.12.2011 31.01.2012 29.02.2012 30.03.2012

02.01.2012 31.01.2012 29.02.2012 02.04.2012

*The code numbers for TurkDEX-Base Load Electricity Futures Contract will be 601-613 . According to this
coding system the same code number will be used for the same month of each year. For the month February of a leap year, a different number will be used. The coding system for TurkDEX-Base Load Electricity Futures Contract is summarized in the below table. The contract codes are generated by adding 4 digits expressing the contract month to the codes given in the below table.

Code
601F_ENELCBAZ 602F_ENELCBAZ 603F_ENELCBAZ 604F_ENELCBAZ 605F_ENELCBAZ 606F_ENELCBAZ 607F_ENELCBAZ 608F_ENELCBAZ 609F_ENELCBAZ 610F_ENELCBAZ 611F_ENELCBAZ 612F_ENELCBAZ 613F_ENELCBAZ

Month
January February (non-leap year) March April May June July August September October November December February (leap year)

Contract Size
744 672 743 720 744 720 744 744 720 745 720 744 696

The contract specifications are provided below. Best Regards,

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TurkDEX Base Load Electricity Futures Contract Specifications

Underlying Asset
The basic arithmetic average of the Day Ahead Market Prices announced by the Turkish Electricity Transmission Company for each hour in the contract month. After Day Ahead Market becomes effective instead of Day Ahead Planning, the underlying asset shall be the basic arithmetic average of the Unconstrained Market Clearing Prices announced by Turkey Electricity Transmission Company for each hour of the contract month.

Contract Size

Number of hours in the contract month x 1 MWh Number of hours in the contract month: Number of days in the contract month x 24 The contract size shall vary depending on the number of days in the contract month and summer/winter time. For the day of transition from winter time to summer time, the number of hours shall be applied as 23. For the day of transition from daylight saving time to winter time, the number of hours shall be applied as 25. Example: The contract size for 30 day contract months is 720 MWh (30x24x1MWh), The contract size for 31 day contract months is 744 MWh (31x24x1MWh), The contract size for 28 day contract months is 672 MWh (28x24x1MWh), The contract size for 29 day contract month of February is 696 MWh (29x24x1 MWh) These contract sizes shall not be applied for contract months in transition from winter time to summer time.

Price Quotation Daily Price Limit Tick Size Contract Months

1 MWh of electricity shall be quoted significant to two decimals.(Example: 121.25) 10% of base price. 0.01 All calendar months (The current contract month and the nearest three contract months shall be concurrently traded)

Last Trading Day

The last trading day in each contract month. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.

Expiry Date

The last day of each contract month. In case the last day of the contract month is not a business day, the expiry date is the business day following the last day of the contract month. In case domestic markets are closed for half day, the expiry date shall be the following business day.

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Last Settlement Price

The basic arithmetic average of the Day Ahead Market Prices announced by the Turkish Electricity Transmission Company for each hour in the contract month. After Day Ahead Market becomes effective instead of Day Ahead Planning, the Last Settlement Price shall be the basic arithmetic average of the Unconstrained Market Clearing Prices announced by Turkey Electricity Transmission Company for each hour of the contract month. The contract settlement price determined with the abovementioned methods shall be rounded to nearest price tick.

Settlement Method Position Limits Initial Margin Maintenance Margin Daily Settlement Price

Cash settlement The absolute position limit is 2,000 and pro-rata (percentage) position limit is 10%. TRY 12,000 75% of initial margin Daily Settlement Price is calculated at the close of each trading session as follows:

1.

Weighted average price of all the transactions performed within the last 10 minutes before the close of the trading session based on the quantity thereof shall be established as the daily settlement price.

2.

If the number of transactions executed within the last 10 minutes before the close of the trading session is less than 10, the weighted average of the last 10 transactions before the close of the session shall be calculated.

If the daily settlement price cannot be calculated using the above-mentioned methods, daily settlement price may be determined by using below mentioned methods separately or in combination. a) weighted average price of all the transactions performed throughout the trading session, b) previous days settlement price, c) average of the best bid and best ask quotes at the close of the trading session,

d) theoretical futures prices to be calculated using the interest rate to be determined by the Exchange for the time period until the expiry date of the contract, spot price of the underlying asset, seasonal effects in production and consumption or daily settlement price valid for other contracts with different contract months. Amendment of the Daily Settlement Price by the Settlement Price Committee pursuant to the Clause 1.5. of the Contract is reserved.

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