Singapore Fuel Oil 180cst (Platts) Brent Crack Spread (1000mt)

6350 barrels ~ 1000 metric tons

U.S. dollar and cent per barrel

Financially Settled

The Floating Price for each contract month is equal to the arithmetic average of the mid-point of the high and low quotations from the Platts Asia-Pacific Markets can for HSFO 180cst (High-Sulphur Fuel Oil) under the heading ""Singapore Physical Cargoes"" minus the Brent Crude Oil (ICE) Futures first nearby contract settlement price for each business day during the contract month, except as set forth below. The settlement price of the first nearby Brent Crude Oil (ICE) Futures contract month will be used except on the last day of trading for the expiring Brent Crude Oil (ICE) Futures contract when the settlement price of the second nearby contract month 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.

Financial