3.5% Fuel Oil Cargoes FOB MED (Platts) Crack Spread BALMO

1,000 barrels

U.S. dollars and cents per barrel

Financially Settled

The Floating Price for each contract month is the balance-of-month arithmetic average of the mid-point between the high and low quotations from Platts European Marketscan for 3.5% Fuel Oil under the heading "Cargoes FOB Med Basis Italy - minus the ICE Brent Crude Oil Futures first nearby contract month, settlement price starting from the selected start date through the end of the contract month, inclusive, except as set forth below.

The settlement price of the first nearby contract month for will be used except on the last day of trading for the expiring ICE Brent Crude Oil Futures contract when the settlement price of the second nearby ICE Brent Crude Oil Futures contract will be used.

For purposes of determining the Floating Price, the Platts Fuel Oil assessment price will be converted each day to U.S. dollars and cents per barrel, rounded to the nearest cent. The conversion factor will be 6.35 barrels per metric ton. The Floating Price is calculated using the non-common pricing convention. In calculating the spread differential, the monthly average for each component leg of the spread shall be calculated by using all trading days in the month for each component leg of the spread, followed by the calculation of the spread differential between the two averages.