It should be noted that, except if they were made on organized markets or exchanges, intragroup contracts, contracts for physical delivery of electricity and gas involving production capacity of 10 and 20 MW, respectively, and contracts for balancing services should not be affected by the abovedescribed supervisory or surveillance system. Under Article L.134-25, paragraph 3, of the French Energy Code, it is the responsibility of the dispute settlement body of the French Energy Regulatory Commission (“comité de règlement des différends et des sanctions de la CRE”) either on its own initiative or at the request of any affected party, to penalize insider trading violations, market manipulation, and disclosure of inside information. The monetary penalty incurred is to be “proportional to the seriousness of the breach, the situation of the interested party, the significance of the damage done, and to the benefits obtained” without exceeding 3% of revenue (ex-VAT) for the last fiscal year, increased to 5% in the event of a new violation of such obligation. Two dates should be noted. From and after 7 October 2015, transactions conducted on organized markets, including orders, as well as fundamental approved data relating to such are to be transmitted to the ACER. From and after 7 April 2016, all other transactions and fundamental data will, in turn, have to be provided to the ACER. Before entering into any transaction covered by the Regulations dated 25 October 2011 and 17 December 2014, the parties should ensure that each of them has been registered and is up-todate in transmittal of data to be made.  If you have any questions concerning these developing issues, please do not hesitate to contact the following Paul Hastings Paris lawyer: Sylvain Bergès 33.1.42.99.04.11 sylvainberges@paulhastings.com Paul Hastings LLP Stay Current is published solely for the interests of friends and clients of Paul Hastings LLP and should in no way be relied upon or construed as legal advice.

The views expressed in this publication reflect those of the authors and not necessarily the views of Paul Hastings. For specific information on recent developments or particular factual situations, the opinion of legal counsel should be sought. These materials may be considered ATTORNEY ADVERTISING in some jurisdictions.

Paul Hastings is a limited liability partnership. Copyright © 2015 Paul Hastings LLP. 2 .