Specifications Guide Russian Domestic Market Latest Update: February 2020

Specifications guide Russian domestic market Latest update: February 2020

Definitions of the trading locations for which Platts publishes daily indexes or assessments 2 Refined Oil Products 3 Urals Netbacks 6 Gasoline Netbacks 9 Jet fuel Netbacks 11 Diesel netbacks 11 Gasoil Netbacks 14 Fuel oil Netbacks 15

Revision History 17

www.spglobal.com/platts Specifications guide Russian domestic market: February 2020

Definitions of the trading locations for which Platts publishes daily indexes or assessments

Spot market assessments

Platts publishes a series of assessments for the spot market value of refined oil products at various trading locations within Russia. These assessments reflect the value of oil trading across the country, and are different from netbacks that Platts also calculates for crude and products markets at points of origin across Russia. All the assessments listed here employ Platts Assessments Methodology, as published at https://www.spglobal.com/platts/plattscontent/_assets/_files/en/our-methodology/methodology-specifications/platts-assessments-methodology-guide.pdf.

These guides are designed to give Platts subscribers as much information as possible about a wide range of methodology and specification questions.

This guide is current at the time of publication. Platts may issue further updates and enhancements to this guide and will announce these to subscribers through its usual publications of record. Such updates will be included in the next version of this guide. Platts editorial staff and managers are available to provide guidance when assessment issues require clarification.

Refined Oil Products

Gasoline CODE Mavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE CURRENCY UOM CONV Premium Unleaded FCA Basis Ufa AAUDL00 AAUDL03 FCA Ufa 5-25 days 1,000 5,000 RB mt 8.33 Premium Unleaded FCA Basis Moscow AAUDQ00 AAUDQ03 FCA Moscow 5-25 days 1,000 5,000 RB mt 8.33 Regular Unleaded FCA Basis Ufa AAUDM00 AAUDM03 FCA Ufa 5-25 days 1,000 5,000 RB mt 8.33 Regular Unleaded FCA Basis Moscow AAUDR00 AAUDR03 FCA Moscow 5-25 days 1,000 5,000 RB mt 8.33

Diesel Diesel FCA Basis Ufa AAUDO00 AAUDO03 FCA Ufa 5-25 days 1,000 5,000 RB mt 7.45 Diesel FCA Basis Moscow AAUDT00 AAUDT03 FCA Moscow 5-25 days 1,000 5,000 RB mt 7.45

Fuel oil LSFO FCA Basis Ufa AAUDP00 AAUDP03 FCA Ufa 5-25 days 1,000 5,000 RB mt 6.35 LSFO FCA Basis Moscow AAUDU00 AAUDU03 FCA Moscow 5-25 days 1,000 5,000 RB mt 6.35 M-100 FCA Basis Ufa AAUNU00 AAUNU03 FCA Ufa 5-25 days 1,000 5,000 RB mt 6.35 M-100 FCA Basis Moscow AAUNV00 AAUNV03 FCA Moscow 5-25 days 1,000 5,000 RB mt 6.35

Refined oil products the Privolzhsky Federal District is normalized to an Ufa basis, on Gasoline an incremental freight differential. Platts assessments reflect Platts domestic Russian refined products assessments focus Platts Russian domestic gasoline assessments reflect gasoline in volumes trading for delivery five to 25 days forward from the on key price formation centers in Ufa and Moscow. Assessments line with GOST 32513-2013 specifications, unless otherwise noted. date of assessment, with the final published value normalized to reflect FCA (free carrier) deliveries for oil products. These Specific density at 15°C is 725-780 kg/m3. Maximum sulfur content the mid-point of this range. assessments reflect oil for delivery five to 25 days forward is 10 ppm, olefins 18%, aromatics 35 %, benzene 1%, oxygen 2.7%. from the date of assessment, with the final published value Platts reflects Euro 5 product specifications with a maximum Premium Unleaded FCA Basis Moscow: This assessment normalized to the mid-point of this range. sulfur content of 0.001% (10 parts per million) in its Russian reflects the value of 1,000-5,000 mt parcels, each normalized domestic gasoline FCA Moscow and FCA Ufa assessments and its to 1,000 mt. RON is 95 and MON is 85. Gasoline reflected in this Payment terms are typically as per standard commercial Russian domestic diesel FCA Moscow and FCA Ufa assessments assessment is sold FCA in the Central Federal District, with an practice within Russia, which is pre-payment, i.e. payment from January 2, 2016. This update to the specifications in Platts assessment basis of FCA Moscow. Material from other origins in before the delivery/shipment takes place. Platts will consider assessments reflects Russian government legislation, which the Central Federal District is normalized to a Moscow basis, on bids, offers and transactions containing different payment lowered sulfur specifications for diesel in the domestic Russian an incremental freight differential. Platts assessments reflect terms, and normalize values as needed. market from January 2016 and the switch to Euro 5 gasoline in volumes trading for delivery five to 25 days forward from the and around Moscow and Ufa. Russia’s government banned Euro 4 date of assessment, with the final published value normalized to Platts may take into account prevailing freight rate levels in gasoline distribution in Russia from July 1, 2016. the mid-point of this range. establishing relative values. Where a market has become illiquid, Platts may routinely determine FIP or FCA values by analyzing Premium Unleaded FCA Basis Ufa: This assessment reflects Regular Unleaded FCA Basis Ufa: This assessment reflects those prevailing in nearby markets, and applying freight the value of 1,000-5,000 mt parcels, each normalized to the value of 1,000-5,000 mt parcels, each normalized to differentials. 1,000 mt. RON is 95 and MON is 85. Gasoline reflected in this 1,000 mt. RON is 92 and MON is 83. Gasoline reflected in this assessment is sold FCA in the Privolzhsky Federal District, with assessment is sold FCA in the Privolzhsky Federal District, with an assessment basis of FCA Ufa. Material from other origins in an assessment basis of FCA Ufa. Material from other origins in

the Privolzhsky Federal District is normalized to an Ufa basis, on Winter-spec: Quality is in line with GOST 32511-2013 (EN 590: maximum sulfur content of 3.5%. Gravity is not standardized, an incremental freight differential. Platts assessments reflect 2009) class 2: CFPP is max -32°C, Cloud point is max -22°C. has to be specified.by refinery. Maximum viscosity at 100°C is volumes trading for delivery five to 25 days forward from the Specific density at 15°C is 800-840 kg/m3. Minimum cetane 50 cSt (6.8 Engler). Minimum flash point is 110 °C. Maximum date of assessment, with the final published value normalized to number is 48. water content is 1%. Maximum pour point is 42°C. Maximum ash the mid-point of this range. content is 0.14%. Minimum NCV kJ/kg is 39,900. Diesel 0.001 % FCA Basis Ufa: This assessment reflects the Regular Unleaded FCA Basis Moscow: This assessment reflects value of 1,000-5,000 mt parcels, each normalized to 1,000 LSFO FCA Basis Ufa: This assessment reflects the value of the value of 1,000-5,000 mt parcels, each normalized to 1,000 mt. mt. Diesel reflected in this assessment is sold FCA in the 1,000-5,000 mt parcels, each normalized to 1,000 mt. Fuel RON is 92 and MON is 83. Gasoline reflected in this assessment is Privolzhsky Federal District, with an assessment basis of FCA oil reflected in this assessment is sold FCA in the Privolzhsky sold FCA in the Central Federal District, with an assessment basis Ufa. Material from other origins in the Privolzhsky Federal Federal District, with an assessment basis of FCA Ufa. of FCA Moscow. Material from other origins in the Central Federal District is normalized to an Ufa basis, on an incremental freight Material from other origins in the Privolzhsky Federal District District is normalized to a Moscow basis, on an incremental differential. Platts assessments reflect volumes trading for is normalized to an Ufa basis, on an incremental freight freight differential. Platts assessments reflect volumes trading for delivery five to 25 days forward from the date of assessment, differential. Platts assessments reflect volumes trading for delivery five to 25 days forward from the date of assessment, with with the final published value normalized to the mid-point of delivery five to 25 days forward from the date of assessment, the final published value normalized to the mid-point of this range. this range. with the final published value normalized to the mid-point of this range. Typically, this assessment is established as a netback Diesel 0.001 % FCA Basis Moscow: This assessment reflects from the value of HSFO M-100 in Russia, factoring in the Diesel the value of 1,000-5,000 mt parcels, each normalized to 1,000 prevailing hi-lo spread in NWE. Platts domestic Russian diesel assessments reflect the value mt. Diesel reflected in this assessment is sold FCA in the Central of diesel with a maximum sulfur content of 10 ppm. Platts Federal District, with an assessment basis of FCA Moscow. LSFO FCA Basis Moscow: This assessment reflects the value of takes into account seasonality in its Russian domestic diesel Material from other origins in the Central Federal District 1,000-5,000 mt parcels, each normalized to 1,000 mt. Fuel oil assessment. The specifications reflected in summer and is normalized to a Moscow basis, on an incremental freight reflected in this assessment is sold FCA in the Central Federal winter grade diesel are detailed below. The switch in diesel differential. Platts assessments reflect volumes trading for District, with an assessment basis of FCA Moscow. Material qualities from summer to winter grade and vice versa may delivery five to 25 days forward from the date of assessment, from other origins in the Central Federal District is normalized have a significant impact on diesel prices in Russia. Platts with the final published value normalized to the mid-point of to a Moscow basis, on an incremental freight differential. Platts reflects Euro 5 product specifications with a maximum sulfur this range. assessments reflect volumes trading for delivery five to 25 days content of 0.001% (10 parts per million) in its Russian domestic forward from the date of assessment, with the final published gasoline FCA Moscow and FCA Ufa assessments and its Russian value normalized to the mid-point of this range. Typically, this Fuel oil domestic diesel FCA Moscow and FCA Ufa assessments from assessment is established as a netback from the value of HSFO January 2, 2016. This update to the specifications in Platts Platts LSFO assessments in the domestic Russian market M-100 in Russia, factoring in the prevailing hi-lo spread in NWE. assessments reflected Russian government legislation, which reflect the value of fuel oil in line with GOST 10585-2013 with a lowered sulfur specifications for diesel in the domestic Russian maximum sulfur content of 1.5%. Gravity is not standardized, M-100 FCA Basis Ufa: This assessment reflects the value of market from January 2016 and the switch to Euro 5 gasoline in has to be specified by refinery. Maximum viscosity at 100°C is 1,000-5,000 mt parcels, each normalized to 1,000 mt. Fuel and around Moscow and Ufa. Russia’s government banned Euro 50 cSt (6.8 Engler). Minimum flash point is 110 °C. Maximum oil reflected in this assessment is sold FCA in the Privolzhsky 4 gasoline distribution in Russia from July 1, 2016. water content is 1%. Maximum pour point is 42°C. Maximum ash Federal District, with an assessment basis of FCA Ufa. content is 0.14%. Minimum NCV kJ/kg is 40,530. Material from other origins in the Privolzhsky Federal District Summer-spec: Quality is in line with GOST 32511-2013 (EN 590: is normalized to an Ufa basis, on an incremental freight 2009): minimum flash point is 55°C. Specific density at 15°C is Platts M-100 assessments in the domestic Russian market differential. Platts assessments reflect volumes trading for 820-845 kg/m3. Minimum cetane number is 51. reflect the value of fuel oil in line with GOST 10585-2013 with a delivery five to 25 days forward from the date of assessment,

with the final published value normalized to the mid-point of this range.

M-100 FCA Basis Moscow: This assessment reflects the value of 1,000-5,000 mt parcels, each normalized to 1,000 mt. Fuel oil reflected in this assessment is sold FCA in the Central Federal District, with an assessment basis of FCA Moscow. Material from other origins in the Central Federal District is normalized to a Moscow basis, on an incremental freight differential. Platts assessments reflect volumes trading for delivery five to 25 days forward from the date of assessment, with the final published value normalized to the mid-point of this range.

Urals Netbacks Assessment CODE Mavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE CURRENCY UOM CONV

Mid-month index Urals FIP Surgut (Mid-month index) AAWIE00 AAWIE03 Mid-month index Surgut na na na Rb mt 7.23 Differential (Urals FIP Surgut) AAWHU00 AAWHU03 Spot minus Mid-month index Surgut na na na Rb mt 7.23 Urals FIP Moscow (Mid-month index) AAWHV00 AAWHV03 Mid-month index Moscow na na na Rb mt 7.23 Urals FIP Ufa (Mid-monthindex) AAWIF00 AAWIF03 Mid-month index Ufa na na na Rb mt 7.23 Urals FIP Samara (Mid-month index) AAWIB00 AAWIB03 Mid-month index Samara na na na Rb mt 7.23 Urals FIP Nizhnevartovsk (Mid-month index) AAWHW00 AAWHW03 Mid-month index Nizhnevartovsk na na na Rb mt 7.23 Urals FIP Volgograd (Mid-month index) AAWIG00 AAWIG03 Mid-month index Volgograd na na na Rb mt 7.23 Urals FIP Novorossiysk (Mid-month index) AAWHX00 AAWHX03 Mid-month index Novorossiysk na na na Rb mt 7.23 Urals FIP Nizhniy Novgorod (Mid-month index) AAWHY00 AAWHY03 Mid-month index Nizhniy Novgorod na na na Rb mt 7.23 Urals FIP Ryazan (Mid-month index) AAWIA00 AAWIA03 Mid-month index Ryazan na na na Rb mt 7.23 Urals FIP Yaroslavl (Mid-month index) AAWIH00 AAWIH03 Mid-month index Yaroslavl na na na Rb mt 7.23 Urals FIP Primorsk (Mid-month index) AAWHZ00 AAWHZ03 Mid-month index Primorsk na na na Rb mt 7.23

Calendar month index Urals FIP Surgut (Calendar month index) AAZIE00 AAZIE03 Calendar month index Surgut na na na na mt 7.23 Urals FIP Moscow (Calendar month index) AAZHV00 AAZHV03 Calendar month index Moscow na na na na mt 7.23 Urals FIP Ufa (Calendar month index) AAZIF00 AAZIF03 Calendar month index Ufa na na na na mt 7.23 Urals FIP Samara (Calendar month index) AAZIB00 AAZIB03 Calendar month index Samara na na na na mt 7.23 Urals FIP Nizhnevartovsk (Calendar month index) AAZHW00 AAZHW03 Calendar month index Nizhnevatovsk na na na na mt 7.23 Urals FIP Volgograd (Calendar month index) AAZIG00 AAZIG03 Calendar month index Volgograd na na na na mt 7.23 Urals FIP Novorossiysk (Calendar month index) AAZHA00 AAZHA03 Calendar month index Novorossiysk na na na na mt 7.23 Urals FIP Nizhniy Novgorod (Calendar month index) AAZHZ00 AAZHZ03 Calendar month index Nizhniy Novgorod na na na na mt 7.23 Urals FIP Ryazan (Calendar month index) AAZIA00 AAZIA03 Calendar month index Ryazan na na na na mt 7.23 Urals FIP Yaroslavl (Calendar month index) AAZIH00 AAZIH03 Calendar month index Yaroslavl na na na na mt 7.23 Urals FIP Primorsk (Calendar month index) AAZHB00 AAZHB03 Calendar month index Primorsk na na na na mt 7.23

Urals Netbacks Netback assessments for refined oil products reflect the dollars per metric ton. Conversions from dollars to roubles are netback value for gasoline, jet fuel, diesel, gasoil and fuel oil completed using the Russian central bank rate. Platts publishes a series of netback assessments for crude netbacks for refineries in Moscow, Yaroslavl, NORSI (Nizhny oil and refined oil products at various origination points within Novgorod), Syzran, Komsomolsk, Khabarovsk, Kirishi, Ufa and Crude oil netbacks Russia. Netback assessments for crude oil are based primarily Omsk. Refined oil product netbacks are calculated by applying on a key netback to Surgut from two key export locations for relevant costs, such as freight, trans-shipment, duties, from Russian mid-month index Urals. Platts publishes Russian crude netbacks in Roubles per major export destinations, as reflected in Platts European and Urals FIP Surgut (Mid-month index): Platts establishes a metric ton. Asian refined product assessments. Platts publishes Russian netback value for Surgut, by deducting transshipment fees refined oil product netbacks in Roubles per metric ton, and in US from Surgut to two key export destinations, Novorossiysk

and Primorsk. The two key Platts Urals assessments used as applying Surgut-Volgograd pipeline transportation costs to the ((Urals 80,000 mt FOB Novorossiysk minus Russia’s crude oil the basis for this netback are assessed with a 16:30 London Urals FIP Surgut netback (AAWIE00). export duty, applied over the course of the calendar month timestamp. Platts uses the same day’s Urals spot assessments minus Novorossiysk transshipment) * Russian central bank rate for Urals ex-Novo FOB 80 kt and Urals Primorsk. Urals FIP Novorossiysk (Mid-month index): This value is derived minus Transneft’s Surgut-Novorossiysk pipeline cost)) * VAT by applying Surgut-Novorossiysk pipeline transportation costs The formula then applied to generate Russian crude oil netbacks to the Urals FIP Surgut netback (AAWIE00). ((Urals FOB Primorsk minus Russia’s crude oil export duty, is as follows: applied over the course of the calendar month minus Primorsk Urals FIP Nizhniy Novgorod (Mid-month index): This value transshipment) * Russian central bank rate minus Transneft’s Urals FIP Surgut (Netback) equals the average of: is derived by applying Surgut-Nizhniy Novgorod pipeline Surgut-Primorsk pipeline cost)) * VAT transportation costs to the Urals FIP Surgut netback (AAWIE00). ((Urals 80,000 mt FOB Novorossiysk minus Russia’s crude oil Urals FIP Moscow (Calendar month index): This value is derived export duty, reflected as soon as it is announced by Russia’s Urals FIP Ryazan (Mid-month index): This value is derived by by applying Surgut-Moscow pipeline transportation costs to the finance ministry and applied from mid-month to mid-month applying Surgut-Ryazan pipeline transportation costs to the Urals FIP Surgut netback (AAZIE00). minus Novorossiysk transshipment) * Russian central bank rate Urals FIP Surgut netback (AAWIE00). minus Transneft’s Surgut-Novorossiysk pipeline cost)) * VAT. Urals FIP Ufa (Calendar month index): This value is derived by Urals FIP Yaroslavl (Mid-month index): This value is derived by applying Surgut-Ufa pipeline transportation costs to the Urals ((Urals FOB Primorsk minus Russia’s crude oil export duty, applying Surgut-Yaroslavl pipeline transportation costs to the FIP Surgut netback (AAZIE00). reflected as soon as it is announced by Russia’s finance ministry Urals FIP Surgut netback (AAWIE00). and applied from mid-month to mid-month minus Primorsk Urals FIP Samara (Calendar month index): This value is derived transshipment) * Russian central bank rate minus Transneft’s Urals FIP Primorsk (Mid-month index): This value is derived by by applying Surgut-Samara pipeline transportation costs to the Surgut-Primorsk pipeline cost)) * VAT. applying Surgut-Primorsk pipeline transportation costs to the Urals FIP Surgut netback (AAZIE00). Urals FIP Surgut netback (AAWIE00). Urals FIP Moscow (Mid-month index): This value is derived by Urals FIP Nizhnevartovsk (Calendar month index): This applying Surgut-Moscow pipeline transportation costs to the Platts renamed its existing crude netbacks to mid-month value is derived by applying Surgut-Nizhnevartovsk pipeline Urals FIP Surgut netback (AAWIE00). netbacks and also launched new full calendar month netbacks transportation costs to the Urals FIP Surgut netback (AAZIE00). as of January 4, 2016. Urals FIP Ufa (Mid-month index): This value is derived by Urals FIP Volgograd (Calendar month index): This value is applying Surgut-Ufa pipeline transportation costs to the Urals Russian calendar month index derived by applying Surgut-Volgograd pipeline transportation FIP Surgut netback (AAWIE00). Urals FIP Surgut (Calendar month index): Platts establishes a costs to the Urals FIP Surgut netback (AAZIE00). netback value for Surgut (AAZIE00), by deducting transshipment Urals FIP Samara (Mid-month index): This value is derived by fees from Surgut to two key export destinations, Novorossiysk Urals FIP Novorossiysk (Calendar month index): This value is applying Surgut-Samara pipeline transportation costs to the and Primorsk. The two key Platts Urals spot assessments used derived by applying Surgut-Novorossiysk pipeline transportation Urals FIP Surgut netback (AAWIE00). as the basis for this netback are Urals ex-Novo FOB 80 kt and costs to the Urals FIP Surgut netback (AAZIE00). Urals Primorsk assessed with a 16:30 London timestamp. Urals FIP Nizhnevartovsk (Mid-month index): This value Urals FIP Nizhniy Novgorod (Calendar month index): This is derived by applying Surgut-Nizhnevartovsk pipeline The formula then applied to generate Russian crude oil netbacks value is derived by applying Surgut-Nizhniy Novgorod pipeline transportation costs to the Urals FIP Surgut netback (AAWIE00). is as follows: transportation costs to the Urals FIP Surgut netback (AAZIE00).

Urals FIP Volgograd (Mid-month index): This value is derived by Urals FIP Surgut (Netback) equals the average of: Urals FIP Ryazan (Calendar month index): This value is derived

by applying Surgut-Ryazan pipeline transportation costs to the Urals FIP Surgut netback (AAZIE00).

Urals FIP Yaroslavl (Calendar month index): This value is derived by applying Surgut-Yaroslavl pipeline transportation costs to the Urals FIP Surgut netback (AAZIE00).

Urals FIP Primorsk (Calendar month index): This value is derived by applying Surgut-Primorsk pipeline transportation costs to the Urals FIP Surgut netback (AAZIE00).

Gasoline Netbacks Assessment CODE Mavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE CURRENCY UOM CONV Moscow (Vysotsk basis) in Roubles/mt AAWRT00 AAWRT03 Netback from Eurobob ARA Brg Moscow na na na Rb mt 8.33 Yaroslavl (Vysotsk basis) in Roubles/mt AAXKT00 AAXKT03 Netback from Eurobob ARA Brg Yaroslavl na na na Rb mt 8.33 NORSI (Novorossiysk basis) in Roubles/mt AAXKE00 AAXKE03 Netback from Prem Unl Med Crg NORSI na na na Rb mt 8.33 NORSI (Vysotsk basis) in Roubles/mt AAWIN00 AAWIN03 Netback from Eurobob ARA Brg NORSI na na na Rb mt 8.33 Syzran (Novorossiysk basis) in Roubles/mt AAXKL00 AAXKL03 Netback from Prem Unl Med Crg Syzran na na na Rb mt 8.33 Komsomolsk (Nakhodka basis) in Roubles/mt AAWRL00 AAWRL03 Netback from Unl 92 Spore Crg Komsomolsk na na na Rb mt 8.33 Khabarovsk (Nakhodka basis) in Roubles/mt AAWRF00 AAWRF03 Netback from Unl 92 Spore Crg Khabarovsk na na na Rb mt 8.33 Kirishi (Vysotsk basis) in Roubles/mt AAWIW00 AAWIW03 Netback from Eurobob ARA Brg Kirishi na na na Rb mt 8.33 Ufa (Vysotsk basis) in Roubles/mt AAWJE00 AAWJE03 Netback from Eurobob ARA Brg Ufa na na na Rb mt 8.33 Omsk (Vysotsk basis) in Roubles/mt AAWJC00 AAWJC03 Netback from Eurobob ARA Brg Omsk na na na Rb mt 8.33 Moscow (Vysotsk basis) in Dollars/mt AAWRS00 AAWRS03 Netback from Eurobob ARA Brg Moscow na na na US dollars mt 8.33 Yaroslavl (Vysotsk basis) in Dollars/mt AAXKS00 AAXKS03 Netback from Eurobob ARA Brg Yaroslavl na na na US dollars mt 8.33 NORSI (Novorossiysk basis) in Dollars/mt AAXKD00 AAXKD03 Netback from Prem Unl Med Crg NORSI na na na US dollars mt 8.33 NORSI (Vysotsk basis) in Dollars/mt AAWIO00 AAWIO03 Netback from Eurobob ARA Brg NORSI na na na US dollars mt 8.33 Syzran (Novorossiysk basis) in Dollars/mt AAXKK00 AAXKK03 Netback from Prem Unl Med Crg Syzran na na na US dollars mt 8.33 Komsomolsk (Nakhodka basis) in Dollars/mt AAWRK00 AAWRK03 Netback from Unl 92 Spore Crg Komsomolsk na na na US dollars mt 8.5 Khabarovsk (Nakhodka basis) in Dollars/mt AAWRE00 AAWRE03 Netback from Unl 92 Spore Crg Khabarovsk na na na US dollars mt 8.5 Kirishi (Vysotsk basis) in Dollars/mt AAWIP00 AAWIP03 Netback from Eurobob ARA Brg Kirishi na na na US dollars mt 8.33 Ufa (Vysotsk basis) in Dollars/mt AAWJD00 AAWJD03 Netback from Eurobob ARA Brg Ufa na na na US dollars mt 8.33 Omsk (Vysotsk basis) in Dollars/mt AAWIX00 AAWIX03 Netback from Eurobob ARA Brg Omsk na na na US dollars mt 8.33 Russian Gasoline Damping Value in Roubles/mt RNGCD00 RNGCD03 Netback from Eurobob ARA Brg Vysotsk na na na Rb mt 8.33

Gasoline netbacks spot trading and supply hub of ARA, Rotterdam port fee, and of gasoline at the refinery gate in Nizhniy Novgorod after adding excise duty and VAT. The basis for the netback is Platts deducting the cost of export duty, rail freight to the port of Moscow (Vysotsk basis): This netback represents the value of spot Eurobob ARA assessment (AAQZV00). . Vysotsk, transshipment costs and 30 kt Baltic-UKC clean freight gasoline at the refinery gate in Moscow after deducting the cost (TCAFL00) to the spot trading and supply hub of ARA, Rotterdam of export duty, rail freight to the port of Vysotsk, transshipment NORSI (Novorossiysk basis): This netback represents the port fee, and adding excise duty and VAT. The basis for the costs and 30 kt Baltic-UKC clean freight (TCAFL00)to the spot value of gasoline at the refinery gate in Nizhniy Novgorod after netback is Platts spot Eurobob ARA assessment (AAQZV00). trading and supply hub of Amsterdam-Rotterdam-Antwerp (ARA), deducting the cost of export duty, rail freight to the port of Rotterdam port fee,and adding excise duty and VAT. The basis for Novorossiysk, transshipment costs and 30 kt Black Sea-Med Syzran (Novorossiysk basis): This netback represents the the netback is Platts spot Eurobob ARA assessment (AAQZV00). clean freight (PFABX00) to the spot trading and supply hub in the value of gasoline at the refinery gate in Syzran, Samara hub, Mediterranean and adding excise duty and VAT. The basis for the after deducting the cost of export duty, rail freight to the port of Yaroslavl (Vysotsk basis): This netback represents the value of netback is Platts spot FOB Mediterranean premium gasoline 10 Novorossiysk, transshipment costs and 30 kt Black Sea-Med gasoline at the refinery gate in Yaroslavl after deducting the cost ppm cargoes assessment (AAWZA00). clean freight (PFABX00) to the spot trading and supply hub in the of export duty, rail freight to the port of Vysotsk, transshipment Mediterranean and adding excise duty and VAT. The basis for the costs and and 30 kt Baltic-UKC clean freight (TCAFL00) to the NORSI (Vysotsk basis): This netback represents the value netback is Platts spot FOB Mediterranean premium gasoline 10

ppm cargoes assessment (AAWZA00). and supply hub in Singapore and adding excise duty and VAT. The Omsk (Vysotsk basis): This netback represents the value of basis for the netback is Platts spot FOB Singapore assessment, gasoline at the refinery gate in Omsk after deducting the cost Komsomolsk (Nakhodka basis): This netback represents the represents the value of 92 RON gasoline (AAXNA00). of export duty rail freight to the port of Vysotsk, transshipment value of gasoline at the refinery gate in Komsomolsk after costs and 30 kt Baltic-UKC clean freight (TCAFL00) to the spot deducting the cost of export duty, rail freight to the port of Kirishi (Vysotsk basis): This netback represents the value of trading and supply hub of ARA, Rotterdam port fee, and adding Nakhodka, transshipment costs and 30 kt South Korea- gasoline at the refinery gate in Kirishi after deducting the cost excise duty and VAT. The basis for the netback is Platts spot Singapore clean freight (TCADK00) plus assessed premium of export duty, rail freight to the port of Vysotsk, transshipment Eurobob ARA assessment (AAQZV00). to the spot trading and supply hub in Singapore and adding costs and 30 kt Baltic-UKC clean freight (TCAFL00) to the spot excise duty and VAT. The basis for the netback is Platts spot trading and supply hub of ARA, Rotterdam port fee,and adding Russian Gasoline Damping Value: This calculation reflects the FOB Singapore assessment, representing the value of 92 RON excise duty and VAT. The basis for the netback is Platts spot damping mechanism introduced by the Russian Government, gasoline (AAXNA00). Eurobob ARA assessment (AAQZV00).,Ufa (Vysotsk basis): This which compensates refineries for selling gasoline on the netback represents the value of gasoline at the refinery gate domestic market below export netback price levels. This Khabarovsk (Nakhodka basis): This netback represents the value in Ufa after deducting the cost of export duty, rail freight to the calculation is based on the Platts Eurobob ARA barge of gasoline at the refinery gate in Khabarovsk after deducting port of Vysotsk, transshipment costs and 30 kt Baltic-UKC clean assessment (AAQZV00); the clean Baltic-UKC freight rate the cost of export duty, rail freight to the port of Nakhodka, freight (TCAFL00), Rotterdam port fee, to the spot trading and (TCAFL00); the transshipment cost at the Baltic Sea port of transshipment costs and 30 kt South Korea-Singapore clean supply hub of ARA and adding excise duty and VAT. The basis for Vysotsk; the export and excise duties, VAT and indicative price freight (TCADK00) plus assessed premium to the spot trading the netback is Platt spot Eurobob ARA assessment (AAQZV00). and coefficient as set by the Russian authorities.

Jet fuel Netbacks Assessment CODE Mavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE CURRENCY UOM CONV Moscow (Vents basis) in Roubles/mt AAWKB00 AAWKB03 Netback from Jet fuel ARA Brg Moscow na na na Rb mt 7.89 Moscow (Vents basis) in Dollars/mt AAWKA00 AAWKA03 Netback from Jet fuel ARA Brg Moscow na na na US dollars mt 7.89

Diesel netbacks Assessment CODE Mavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE CURRENCY UOM CONV Yaroslavl (Primorsk basis) in Roubles/mt AAWJZ00 AAWJZ03 Netback from ULSD ARA Cargo Yaroslavl na na na Rb mt 7.45 NORSI (Primorsk basis) in Roubles/mt AAWJX00 AAWJX03 Netback from ULSD ARA Cargo NORSI na na na Rb mt 7.45 Kirishi (Primorsk basis) in Roubles/mt AAWJV00 AAWJV03 Netback from ULSD ARA Cargo Kirishi na na na Rb mt 7.45 Moscow (St Peter basis) in Roubles/mt AAWRP00 AAWRP03 Netback from ULSD ARA Cargo Moscow na na na Rb mt 7.45 Moscow (Vents basis) in Roubles/mt AAWRR00 AAWRR03 Netback from ULSD ARA Cargo Moscow na na na Rb mt 7.45 Yaroslavl (St Peter basis) in Roubles/mt AAXKP00 AAXKP03 Netback from ULSD ARA Cargo Yaroslavl na na na Rb mt 7.45 Syzran (Ventspils basis) in Roubles/mt AAWJQ00 AAWJQ03 Netback from ULSD ARA Cargo Syzran na na na Rb mt 7.45 Ufa (Vents basis) in Roubles/mt AAWJT00 AAWJT03 Netback from ULSD ARA Cargo Ufa na na na Rb mt 7.45 Ufa (Primorsk basis) in Roubles/mt AAXYF00 AAXYF03 Netback from ULSD ARA Cargo Ufa na na na Rb mt 7.45 Omsk (Vents basis) in Roubles/mt AAWJO00 AAWJO03 Netback from ULSD ARA Cargo Omsk na na na Rb mt 7.45 Yaroslavl (Primorsk basis) in Dollars/mt AAWJY00 AAWJY03 Netback from ULSD ARA Cargo Yaroslavl na na na US dollars mt 7.45 NORSI (Primorsk basis) in Dollars/mt AAWJW00 AAWJW03 Netback from ULSD ARA Cargo NORSI na na na US dollars mt 7.45 Kirishi (Primorsk basis) in Dollars/mt AAWJU00 AAWJU03 Netback from ULSD ARA Cargo Kirishi na na na US dollars mt 7.45 Moscow (St Peter basis) in Dollars/mt AAWRO00 AAWRO03 Netback from ULSD ARA Cargo Moscow na na na US dollars mt 7.45 Moscow (Vents basis) in Dollars/mt AAWRQ00 AAWRQ03 Netback from ULSD ARA Cargo Moscow na na na US dollars mt 7.45 Yaroslavl (St Peter basis) in Dollars/mt AAXKP00 AAXKP03 Netback from ULSD ARA Cargo Yaroslavl na na na US dollars mt 7.45 Yaroslavl (Vents basis) in Dollars/mt AAXKQ00 AAXKQ03 Netback from ULSD ARA Cargo Yaroslavl na na na US dollars mt 7.45 Syzran (Ventspils basis) in Dollars/mt AAWJP00 AAWJP03 Netback from ULSD ARA Cargo Syzran na na na US dollars mt 7.45 Ufa (Vents basis) in Dollars/mt AAWJR00 AAWJR03 Netback from ULSD ARA Cargo Ufa na na na US dollars mt 7.45 Ufa (Primorsk basis) in Dollars/mt AAXYJ00 AAXYJ03 Netback from ULSD ARA Cargo Ufa na na na US dollars mt 7.45 Omsk (Vents basis) in Dollars/mt AAWJN00 AAWJN03 Netback from ULSD ARA Cargo Omsk na na na US dollars mt 7.45 Volgograd (Novorossiysk basis) in Roubles/mt Netback from ULSD FOB Med ABXKR00 ABXKR03 Volgograd na na na Rb mt 7.45 cargo Volgograd (Novorossiysk basis) in Dollar/mt Netback from ULSD FOB Med ABXKQ00 ABXKQ03 Volgograd na na na US dollars mt 7.45 cargo Russian Diesel Damping value in Roubles/mt St Petersburg and RNDCD00 RNDCD03 Netback from ULSD na na na Rb mt 7.45 Primorsk

Diesel and Jet netbacks deducting the cost of export duty, railcar costs to the port of St port fee, and adding excise duty and VAT. The basis for the Petersburg, transshipment costs and 30 kt Baltic-UKC clean netback is Platts spot diesel 10ppm cargoes CIF NWE (AAVBG00) Moscow (Ventspils basis): This netback represents the value of freight (TCAFL00) to the spot trading and supply hub of ARA, assessment. Ufa (Primorsk basis): This netback represents jet fuel at the refinery gate in Moscow after deducting the cost Rotterdam port fee, and adding excise duty and VAT. The basis the value of 10ppm diesel at the refinery gate in Ufa after of export duty, rail freight to the port of Ventspils, transshipment for the netback is Platts spot diesel 10ppm cargoes CIF NWE deducting the cost of export duty, pipeline costs to the port costs and 30 kt Baltic-UKC clean freight (TCAFL00) to the spot (AAVBG00) assessment. of Primorsk, transshipment costs and 30 kt Baltic-UKC clean trading and supply hub of ARA, Rotterdam port fee, and adding freight (TCAFL00) to the spot trading and supply hub of ARA, VAT. The basis for the netback is Platts spot jet fuel ARA barge Moscow (Ventspils basis): This netback represents the value Rotterdam port fee, and adding excise duty and VAT. The basis assessment PJABA00.Diesel netbacks of 10ppm diesel at the refinery gate in Moscow after deducting for the netback is Platts spot diesel 10ppm cargoes CIF NWE the cost of export duty, pipeline costs to the port of Ventspils, (AAVBG00) assessment. Omsk (Ventspils basis): This netback Yaroslavl (Primorsk basis): This netback represents the value transshipment costs and 30 kt Baltic-UKC clean freight represents the value of 10ppm diesel at the refinery gate in of 10ppm diesel at the refinery gate in Yaroslavl after deducting (TCAFL00) to the spot trading and supply hub of ARA, Rotterdam Omsk after deducting the cost of export duty, pipeline costs to the cost of export duty, pipeline costs to the port of Primorsk, port fee, and adding excise duty and VAT. The basis for the the port of Ventspils, transshipment costs and 30 kt Baltic-UKC transshipment costs and 30 kt Baltic-UKC clean freight netback is Platts spot diesel 10ppm cargoes CIF NWE (AAVBG00) clean freight (TCAFL00) to the spot trading and supply hub of (TCAFL00) to the spot trading and supply hub of ARA, Rotterdam assessment. ARA, Rotterdam port fee, and adding excise duty and VAT. The port fee, and adding excise duty and VAT. The basis for the basis for the netback is Platts spot diesel 10ppm cargoes CIF netback is Platts spot diesel 10ppm cargoes CIF NWE (AAVBG00) Yaroslavl (St Petersburg basis): This netback represents the NWE (AAVBG00) assessment. assessment. . value of 10ppm diesel at the refinery gate in Yaroslavl after deducting the cost of export duty, railcar costs to the port of St NORSI (Novorossiysk basis): This netback represents the value NORSI (Primorsk basis): This netback represents the value of Petersburg, transshipment costs and 30 kt Baltic-UKC clean of 10ppm diesel at the refinery gate in Nizhniy Novgorod after 10ppm diesel at the refinery gate in Nizhniy Novgorod after freight (TCAFL00) to the spot trading and supply hub of ARA, deducting the cost of export duty, rail freight to the port of deducting the cost of export duty, pipeline costs to the port Rotterdam port fee, and adding excise duty and VAT. The basis Novorossiysk, transshipment costs and 30 kt Black Sea-Med of Primorsk, transshipment costs and 30 kt Baltic-UKC clean for the netback is Platts spot diesel 10ppm cargoes CIF NWE clean freight (PFABX00) to the spot trading and supply hub in freight (TCAFL00) to the spot trading and supply hub of ARA, (AAVBG00) assessment. the Mediterranean and adding excise duty and VAT. The basis for Rotterdam port fe,,and adding excise duty and VAT. The basis the netback is Platts 10 ppm ULSD Fob Med cargo assessment for the netback is Platts spot diesel 10ppm cargoes CIF NWE Syzran (Ventspils basis): This netback represents the (AAWYY00). (AAVBG00) assessment. value of 10ppm diesel at the refinery gate in Syzran after deducting the cost of export duty, pipeline costs to the port Syzran (Novorossiysk basis): This netback represents the value Kirishi (Primorsk basis): This netback represents the of Ventspils, transshipment costs and 30 kt Baltic-UKC clean of 10ppm diesel at the refinery gate in Syzran, Samara hub, value of 10ppm diesel at the refinery gate in Kirishi after freight (TCAFL00) to the spot trading and supply hub of ARA, after deducting the cost of export duty, rail freight to the port of deducting the cost of export duty, pipeline freight to the port Rotterdam port fee, and adding excise duty and VAT. The basis Novorossiysk, transshipment costs and 30 kt Black Sea-Med of Primorsk, transshipment costs and 30 kt Baltic-UKC clean for the netback is Platts spot diesel 10ppm cargoes CIF NWE clean freight (PFABX00) to the spot trading and supply hub in freight (TCAFL00) to the spot trading and supply hub of ARA, (AAVBG00) assessment. the Mediterranean and adding excise duty and VAT. The basis for Rotterdam port fee, and adding excise duty and VAT. The basis the netback is Platts 10 ppm ULSD Fob Med cargo assessment for the netback is Platts spot diesel 10ppm cargoes CIF NWE Ufa (Ventspils basis): This netback represents the value of (AAWYY00).. (AAVBG00) assessment. 10ppm diesel at the refinery gate in Ufa after deducting the cost of export duty, pipeline costs to the port of Ventspils, Omsk (Novorossiysk basis): This netback represents the value Moscow (St Petersburg basis): This netback represents the transshipment costs and 30 kt Baltic-UKC clean freight of 10ppm diesel at the refinery gate in Omsk after deducting value of 10ppm diesel at the refinery gate in Moscow after (TCAFL00) to the spot trading and supply hub of ARA, Rotterdam the cost of export duty, rail freight to the port of Novorossiysk,

transshipment costs and 30 kt Black Sea-Med clean freight Russian Diesel Damping Value: This calculation reflects the (PFABX00) to the spot trading and supply hub in the Mediterranean damping mechanism introduced by the Russian Government, and adding excise duty and VAT. The basis for the netback is Platts which compensates refineries for selling diesel on the domestic 10 ppm ULSD Fob Med cargo assessment (AAWYY00)... market below export netback price levels. This calculation is based on the Platts ULSD CIF NWE cargo assessment Volgograd (Novorossiysk basis): This netback represents the (AAVBG00); the clean Baltic-UKC freight rate (TCAFL00); the value of 10ppm diesel at the refinery gate in Volgograd after transshipment cost at the Baltic Sea ports of St. Petersburg and deducting the cost of export duty, pipeline freight to the port of Primorsk; the export and excise duties, VAT and indicative price Novorossiysk, transshipment costs and 30 kt Black Sea-Med and coefficient as set by the Russian authorities. clean freight (PFABX00) to the spot trading and supply hub in the Mediterranean and adding excise duty and VAT. The basis for the netback is Platts 10 ppm ULSD Fob Med cargo assessment (AAWYY00).

Gasoil Netbacks Assessment CODE Mavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE CURRENCY UOM CONV NORSI (Novorossiysk basis) in Roubles/mt AAXKA00 AAXKA03 Netback from ULSD FOB Med Crg NORSI na na na Rb mt 7.45 Syzran (Novorossiysk basis) in Roubles/mt AAXKI00 AAXKI03 Netback from ULSD FOB Med Crg Syzran na na na Rb mt 7.45 Komsomolsk (Nakhodka basis) in Roubles/mt AAWRJ00 AAWRJ03 Netback from GO 0.05% SporeCrg Komsomolsk na na na Rb mt 7.45 Khabarovsk (Nakhodka basis) in Roubles/mt AAWRD00 AAWRD03 Netback from GO 0.05% SporeCr0 Khabarovsk na na na Rb mt 7.45 Omsk (Novorossiysk basis) in Roubles/mt AAWKQ00 AAWKQ03 Netback from ULSD FOB Med Crg Omsk na na na Rb mt 7.45 NORSI (Novorossiysk basis) in Dollars/mt AAWRU00 AAWRU03 Netback from ULSD FOB Med Crg NORSI na na na US dollars mt 7.45 Syzran (Novorossiysk basis) in Dollars/mt AAXKH00 AAXKH03 Netback from ULSD FOB Med Crg Syzran na na na US dollars mt 7.45 Komsomolsk (Nakhodka basis) in Dollars/mt AAWRI00 AAWRI03 Netback from GO 0.05% SporeCrg Komsomolsk na na na US dollars mt 7.45 Khabarovsk (Nakhodka basis) in Dollars/mt AAWRC00 AAWRC03 Netback from GO 0.05% SporeCrg Khabarovsk na na na US dollars mt 7.45 Omsk (Novorossiysk basis) in Dollars/mt AAWKP00 AAWKP03 Netback from ULSD FOB Med Crg Omsk na na na US dollars mt 7.45

Gasoil netbacks

Komsomolsk (Nakhodka basis): This netback represents the value of gasoil at the refinery gate in Komsomolsk after deducting the cost of export duty, rail freight to the port of Nakhodka, transshipment costs and 30 kt South Korea- Singapore cleanfreight (TCADK00) plus assessed premium to the spot trading and supply hub of Singapore and adding excise duty and VAT. The basis for the netback is Platts 0.05% gasoil FOB Singapore cargo assessment (AAYKY00), reflects value of heating oil grades with specific gravity of 0.82 to 0.86 g/ml with a maximum sulfur content of 0.05%. The assessments reflect parcels of 150,000 to 250,000 barrels each loading FOB Singapore 15-30 days from date of publication.

Khabarovsk (Nakhodka basis): This netback represents the value of gasoil at the refinery gate in Khabarovsk after deducting the cost of export duty, rail freight to the port of Nakhodka, transshipment costs and 30 kt South Korea-Singapore clean freight (TCADK00) plus assessed premium to the spot trading and supply hub of Singapore and adding excise duty and VAT. The basis for the netback si Platts 0.05%S gasoil FOB Singapore cargo assessment (AAYKY00).

Fuel oil Netbacks Assessment CODE Mavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE CURRENCY UOM CONV Moscow (St Peter basis) in Roubles/mt AAWRN00 AAWRN03 Netback from FO 3.5% ARA Brg Moscow na na na Rb mt 6.35 Yaroslavl (St Peter basis) in Roubles/mt AAXKN00 AAXKN03 Netback from FO 3.5% ARA Brg Yaroslavl na na na Rb mt 6.35 NORSI (Novorossiysk basis) in Roubles/mt AAXKC00 AAXKC03 Netback from FO 3.5% Med Crg NORSI na na na Rb mt 6.35 Syzran (Novorossiysk basis) in Roubles/mt AAXKG00 AAXKG03 Netback from FO 3.5% Med Crg Syzran na na na Rb mt 6.35 Komsomolsk (Nakhodka basis) in Roubles/mt AAWRH00 AAWRH03 Netback from 380 CST Spore Crg Komsomolsk na na na Rb mt 6.35 Khabarovsk (Nakhodka basis) in Roubles/mt AAWRB00 AAWRB03 Netback from 380 CST Spore Crg Khabarovsk na na na Rb mt 6.35 Kirishi (Vysotsk basis) in Roubles/mt AAWJG00 AAWJG03 Netback from FO 3.5% ARA Brg Kirishi na na na Rb mt 6.35 Ufa (Vysotsk basis) in Roubles/mt AAWJK00 AAWJK03 Netback from FO 3.5% ARA Brg Ufa na na na Rb mt 6.35 Omsk (Vysotsk basis) in Roubles/mt AAWJI00 AAWJI03 Netback from FO 3.5% ARA Brg Omsk na na na Rb mt 6.35 Moscow (St Peter basis) in Dollars/mt AAWRM00 AAWRM03 Netback from FO 3.5% ARA Brg Moscow na na na US dollars mt 6.35 Yaroslavl (St Peter basis) in Dollars/mt AAXKM00 AAXKM03 Netback from FO 3.5% ARA Brg Yaroslavl na na na US dollars mt 6.35 NORSI (Novorossiysk basis) in Dollars/mt AAXKB00 AAXKB03 Netback from FO 3.5% Med Crg NORSI na na na US dollars mt 6.35 Syzran (Novorossiysk basis) in Dollars/mt AAXKF00 AAXKF03 Netback from FO 3.5% Med Crg Syzran na na na US dollars mt 6.35 Komsomolsk (Nakhodka basis) in Dollars/mt AAWRG00 AAWRG03 Netback from 380 CST Spore Crg Komsomolsk na na na US dollars mt 6.35 Khabarovsk (Nakhodka basis) in Dollars/mt AAWRA00 AAWRA03 Netback from 380 CST Spore Crg Khabarovsk na na na US dollars mt 6.35 Kirishi (Vysotsk basis) in Dollars/mt AAWJF00 AAWJF03 Netback from FO 3.5% ARA Brg Kirishi na na na US dollars mt 6.35 Ufa (Vysotsk basis) in Dollars/mt AAWJJ00 AAWJJ03 Netback from FO 3.5% ARA Brg Ufa na na na US dollars mt 6.35 Omsk (Vysotsk basis) in Dollars/mt AAWJH00 AAWJH03 Netback from FO 3.5% ARA Brg Omsk na na na US dollars mt 6.35

Fuel oil netbacks NORSI (Novorossiysk basis): This netback represents the the value of fuel oil at the refinery gate in Komsomolsk after value of fuel oil at the refinery gate in Nizhniy Novgorod after deducting the cost of export duty, rail freight to the port of Moscow (St Petersburg basis): This netback represents the deducting the cost of export duty, rail freight to the port of Nakhodka, transshipment costs and 30 kt South Korea- value of fuel oil at the refinery gate in Moscow after deducting Novorossiysk, transshipment costs and 30 kt Black Sea-Med Singapore cleanfreight (TCADK00) plus assessed premium to the cost of export duty, rail freight to the port of St Petersburg, dirty freight (TDAEB00) to the spot trading and supply hub in the spot trading and supply hub in Singapore and adding VAT transshipment costs and 30 kt Baltic-UKC dirty freight the Mediterranean and adding VAT. The basis for the netback is The basis for the netback is Platts 3.5%S fuel oil FOB Singapore (TDADY00) to the spot trading and supply hub of ARA, Rotterdam Platts 3.5%S fuel oil FOB Med cargo assessment (PUAAZ00). cargo assessment (PPXDK00). port fee, and adding VAT. The basis for the netback is Platts 3.5%S fuel oil ARA barge assessment (PUABC00). Syzran (Novorossiysk basis): This netback represents the Khabarovsk (Nakhodka basis): This netback represents value of fuel oil at the refinery gate in Syzran, Samara hub, the value of fuel oil at the refinery gate in Khabarovsk after Yaroslavl (St Petersburg basis): This netback represents the after deducting the cost of export duty, rail freight to the port of deducting the cost of export duty, rail freight to the port of value of fuel oil at the refinery gate in Yaroslavl after deducting Novorossiysk, transshipment costs and 30 kt Black Sea-Med Nakhodka, transshipment costs and 30 kt South Korea- the cost of export duty, rail freight to the port of St Petersburg, dirty freight (TDAEB00) to the spot trading and supply hub in Singapore clean freight (TCADK00) to the spot trading transshipment costs and 30 kt Baltic-UKC dirty freight the Mediterranean and adding VAT. The basis for the netback is and supply hub in Singapore and adding VAT. The basis for (TDADY00) to the spot trading and supply hub of ARA, Rotterdam Platts 3.5%S fuel oil FOB Med cargo assessment (PUAAZ00)., the netback is Platts 3.5%S fuel oil FOB Singapore cargo port fee, and adding VAT. The basis for the netback is Platts assessment (PPXDK00). 3.5%S fuel oil ARA barge assessment (PUABC00). Komsomolsk (Nakhodka basis): This netback represents

Kirishi (Vysotsk basis): This netback represents the value of fuel oil at the refinery gate in Kirishi after deducting the cost of export duty, rail freight to the port of Vysotsk, transshipment costs and 30 kt Baltic-UKC dirty freight (TDADY00) to the spot trading and supply hub of ARA, Rotterdam port fee, and adding VAT. The basis for the netback is Platts 3.5%S fuel oil ARA barge assessment (PUABC00). Ufa (Vysotsk basis): This netback represents the value of fuel oil at the refinery gate in Ufa after deducting the cost of export duty, rail freight to the port of Vysotsk, transshipment costs and 30 kt Baltic-UKC dirty freight (TDADY00) to the spot trading and supply hub of ARA, Rotterdam port fee, and adding VAT. The basis for the netback is Platts 3.5%S fuel oil ARA barge assessment (PUABC00).

Omsk (Vysotsk basis): This netback represents the value of fuel oil at the refinery gate in Omsk after deducting the cost of export duty, rail freight to the port of Vysotsk, transshipment costs and 30 kt Baltic-UKC dirty freight (TDADY00) to the spot trading and supply hub of ARA, Rotterdam port fee, and adding VAT. The basis for the netback is Platts 3.5%S fuel oil ARA barge assessment (PUABC00).

Revision History November 2016: Platts completed an annual update to the assessments will reflect Euro 5 standards with effect from Russian Domestic Market Methodology and Specifications January 2016, Platts also applied the spelling Novorossiysk February 2020: Platts added in the damping values for the diesel Guide in November 2016. Platts amended the timing reflected throughout the update. and gasoline netbacks. Also updated Netback header to “Diesel in its Russian crude and products domestic and export netback and Jet Netbacks” for accuracy. assessments to align these with the prevailing values of related December 2014: Platts completed a full update to the Russian markets. Platts aligned its Russian prices to the prevailing Domestic Market Methodology and Specifications Guide in November 2019: Platts completed its Annual Review and timestamp for Europe or Asia, as per the underlying calculations. November 2014. In this update, Platts removed references updated the description of its Russian product netbacks by All Russian crude and products assessments, and crude to Russian normal unleaded gasoline RON 80 basis Ufa and including references to underlying assessments.. netbacks, reflect 16:30 London time, as well as all Russian Moscow. Assessments in these markets were discontinued in products netbacks from European products. All netbacks from April 2014. Platts also clarified explanation of its netbacks in October 2018: Platts completed an annual update to the Singapore assessments reflect 16:30 Singapore time. Platts also the relevant introductory section; and clarified that all refined Russian Domestic Market Methodology and Specifications updated its Russian crude export calculations and nomenclature product netbacks are calculated by deducting export tariffs Guide. In this update, Platts removed references to Russian by using the same day Urals FOB 80kt Novo and FOB Primorsk and applying excise duty and VAT where applicable to resulting domestic spot crude oil assessments, also known as FIP outright spot assessments as a basis for its Russian crude domestic values. Platts also made minor typographical edits throughout assessments, including a differential, which were discontinued prices. Separately, Platts changed the names of its “Calendar the text for clarity, including correcting the pricing hub basis for in April, 2018. Platts also updated its Russian diesel, gasoil month netback” and “Mid-month netback” prices to “Russian netbacks in placed where it had previously been erroneously netbacks to reflect current prevailing practice in the market. calendar month index” and “Russian mid-month index” prices. stated. Platts amended “rail freight” to “pipeline costs” in As part of this update, several assessments had their bases descriptions of netbacks that reflect rail economics. Platts also changed, while the Yaroslavl-Ventspils diesel assessment was January 2016: Platts completed a full update to the Russian notes that gasoline and diesel assessments will reflect Euro IV discontinued and a Volgograd-Novorossiysk was launched. Domestic Market Methodology and Specifications Guide standards with effect from January 2015. Platts also reviewed and updated sections 1 to 6 to harmonize in December 2015. Platts introduced a section on its newly these with other methodology guides. launched from January 4,2016, full calendar month export August, 2013: Platts revamped all Oil Methodology And duty applied crude netbacks. It also updated the section on its Specifications Guides, including its Russian Domestic Market September 2017: Platts completed an annual update to the current crude netbacks clarifying the section on the ruble/$ guide, in August 2013. This revamp was completed to enhance Russian Domestic Market Methodology and Specifications Guide exchange rate. Platts also updated its specifications for its the clarity and usefulness of all guides, and to introduce in September 2017. Platts updated its Russian diesel, gasoil domestic gasoline, diesel and fuel oil assessments as per the greater consistency of layout and structure across all published netback calculations to reflect current prevailing practice in the latest Russian GOST. Platts also made minor typographical methodology guides. Methodologies for market coverage were market. As part of this update, several assessments had their edits throughout the text on its product netbacks for clarity, not changed through this revamp, unless specifically noted in bases changed, while several assessments were discontinued. including latest spec changes and correcting some of the the methodology guide itself. Also, the specification of some diesel and gasoil assessments were conversion factors where they had been previously erroneously updated to reflect current prevailing standards in the market. stated. Platts also noted that the domestic gasoline and diesel