1. In case of delay in securities transactions due to “lack of funds” or “lack of securities” the following fines and penalties shall be applied:

1.1. An investment intermediary which transactions are rejected by the settlement due to lack of means of payments or securities after the first cycle of the algorithm from p. 6 to p. 13 of Enclosure 23 (for instance the debit position is higher than the funds available on the settlement accounts upon first iteration) shall be charged for the respective period of delay as follows:

1 day - 1% of the transaction amount for each transaction overdue

2 days - 2% of the transaction amount for each transaction overdue

3 days - 4% of the transaction amount for each transaction overdue

4 days - 6% of the transaction amount for each transaction overdue

5. All the rest investment intermediaries which transactions are rejected during further interactions of the algorithm from p.6 to p.13 of Enclosure 23 shall be charged for the delay as follows:

1 day - 0.1% of the transaction amount for each transaction overdue

2 days - 0.2% of the transaction amount for each transaction overdue

3 days - 0.4% of the transaction amount for each transaction overdue

4 days - 0.6% of the transaction amount for each transaction overdue

5 days - 0.8% of the transaction amount for each transaction overdue

6. In case an investment intermediary allows total delay in transactions of more than 5 days within one month, Membership Suspension shall be applied pursuant to Art.17 of these Rules and Regulations.

7. In case an investment intermediary allows total delay in transactions of more than 20 days within a six month period, Membership Termination shall be applied pursuant to Art.17 of these Rules and Regulations.

8. In case of guilty failure to close securities transaction concluded on a regulated market, “Membership Suspension” shall be applied to the investment intermediary. In case of following failure to close a transaction in the course of one year, the sanction “Membership Termination” shall be applied.

9. The sanctions shall be applied by decision of the Board of Directors of the Central Depository AD.