Methodology and Specifications Guide Crude Oil Latest Update: January 2019

Methodology and specifications guide Crude oil Latest update: January 2019

Introduction 2 Part V: Corrections 12 How this methodology statement is organized 2 Part VI: Requests for clarifications of data and Part I: Input data 2 complaints 12 Reporting data to Platts 3 What to report 3 Part VII: Definitions of the trading locations for which How to report 3 Platts publishes daily indexes or assessments 13 MOC data publishing principles 3 North Sea 16 West Africa 23 Part II: Security and confidentiality 7 Urals and Mediterranean 27 Persian Gulf 35 Part III: Determining assessments 8 Asia Pacific 42 MOC price assessment principles 8 United States 52 Normalization price adjustment techniques 8 Canada 57 Prioritizing data 9 Latin America 59 Assessment Calculations 9 Futures Assessments 62

Part IV: Platts editorial standards 12 Revision History 64

www.spglobal.com/platts Methodology and specifications guide Crude oil: January 2019

Introduction market acceptance for any proposed introduction or changes to where one or more reporting entities submit market data methodology. For more information on the review and approval that constitute a significant proportion of the total data upon Platts methodologies are designed to produce price procedures, please visit: https://www.spglobal.com/platts/en/ which the assessment is based. assessments that are representative of market value, and of the our-methodology/methodology-review-change particular markets to which they relate. Methodology documents ■■ Part IV explains the process for verifying that published prices describe the specifications for various products reflected All Platts methodologies reflect Platts commitment to comply with Platts standards. by Platts assessments, the processes and standards Platts maintaining best practices in price reporting. adheres to in collecting data, and the methods by which Platts ■■ Part V lays out the verification and correction process for arrives at final assessment values for publication. revising published prices and the criteria Platts uses to How this methodology statement is organized determine when it publishes a correction. Platts discloses publicly the days of publication for its price This description of methodology for assessments is divided assessments, and the times during each trading day in which into seven major parts (I-VII) that parallel the entire process of ■■ Part VI explains how users of Platts assessments can contact Platts considers transactions in determining its assessments producing the end-of-day price values. Platts for clarification of data that has been published, or levels. This schedule of publication is available on Platts website, to share a complaint. It also describes how to find out more at the following link: http://www.platts.com/HolidayHome. ■■ Part I describes what goes into Platts assessments, including about Platts complaint policies. details on what data market participants are expected to The dates of publication and the assessment periods are subject submit, the process for submitting data and criteria for ■■ Part VII is a list of detailed specifications for the trading to change in the event of outside circumstances that affect timeliness of market data submissions, as well as the editorial locations and products for which Platts publishes Platts ability to adhere to its normal publication schedule. Such collection of input data from market sources. assessments for a particular commodity. This section circumstances include network outages, power failures, acts of describes why specific units of measurement are used, and terrorism and other situations that result in an interruption in ■■ Part II describes any security and confidentiality practices what conversion factors are used to move between units of Platts operations at one or more of its worldwide offices. In the that Platts uses in handling and treating data, including the measurement, where relevant. event that any such circumstance occurs, Platts will endeavor, separation between Platts price reporting and its news reporting. whenever feasible, to communicate publicly any changes to its publication schedule and assessment periods, with as much ■■ Part III is a detailed account of how Platts collects bids, offers, Pa rt I: Input data advance notice as possible. trades and other market data, and what Platts does with the data to formulate its assessments. It includes descriptions Platts objective is to ensure that input data that editors use as Platts methodologies have evolved to reflect changing market of the methods that Platts uses for reviewing data, and the the basis for their price assessments is of the highest quality. conditions through time, and will continue to evolve as markets methods used to convert raw data into assessments. This Ensuring that data used in Platts assessments is of high quality change. A revision history, a cumulative summary of changes also includes the procedures used to identify anomalous is crucial to maintaining the integrity of Platts various price to this and previous updates, is included at the end of the data. This section describes how and when judgment is assessment processes. methodology. Methodology is reviewed regularly to ensure it applied in this process, the basis upon which transaction reflects current market reality. Such reviews are carried out data may be excluded from a price assessment, and the Platts encourages entities that submit any input data for by Platts reporters and their managers, supplemented and relative importance assigned to each criterion used in forming consideration in its assessment processes to submit all market supported by price methodology specialists who operate the price assessment. This section describes the minimum data that they have which may be relevant to the assessment separately from the reporting teams. Platts follows a clearly amount of transaction data required for a particular price being made. Platts aim is to determine the full circumstances defined process for public consultation on material changes to assessment to be published. This is based on reported surrounding all reported transactional data, including details of its methodologies. This process is based on full transparency transactions and other market information. Finally, this quality, specifications, order sizes, dimensions, lead times and and communication with industry stakeholders aimed at gaining section describes how Platts addresses assessment periods any locational and loading/delivery information. Platts uses that

information to determine a typical and repeatable market level for Platts considers several criteria as whether to use source How to report the commodity being assessed. information. These criteria include: Platts accepts any reasonable method of delivery/communication ■■ Company reputation for information provided for publication in real-time, including for Reporting data to Platts bids, offers and transactions. Platts editors typically communicate Platts assesses a variety of different markets and commodities. ■■ Source position within a company with market participants through phone, eWindow (if relevant) In some of these Platts receives information from back office and/or online instant messaging systems . functions. However, in many markets back office functions are ■■ Source understanding and knowledge of the market in not best placed to communicate relevant market data to Platts question Platts tries to accommodate the communication needs editors, and in these instances Platts has processes in place of its customers and will endeavor to open any additional to ensure that data is corroborated either through reviews of ■■ Ability of source to provide relevant, valuable information communication channels required. Other means of entities participating in its process, or through source validation communication, such as emails during the assessment process, and publication of information. ■■ Ability of Platts to verify information with other sources are acceptable but are considered to be atypical. If a market participant chooses to communicate with Platts editorial using As part of its standard editorial practise, Platts routinely reviews ■■ Source credibility such atypical means, this needs to be highlighted well ahead of the companies participating in its price assessment processes. the assessment process. These reviews ensure the suitability of data and information What to report that are used to formulate Platts end-of-day price assessments. The following reporting methods are accepted by Platts editorial staff: These reviews are conducted on a regular basis, and may take Platts encourages all market participants to submit all data that into consideration an array of issues including, but not limited may be relevant to Platts assessments, including but not limited to: ■■ Commonly used Instant Messaging software to, adherence to editorial guidelines, operational and logistical issues, as well as counterparty acceptance. Further details ■■ Firm bids that are open to the marketplace as a whole, with ■■ eWindow concerning Platts MOC Participation Guidelines can be found standard terms online at https://www.platts.com/market-on-close. ■■ Telephone ■■ Firm offers that are open to the marketplace as a whole, with The reviews are not designed to impede a company’s ability to standard terms ■■ Email bilaterally engage in market transactions; the objective at all times is to ensure the integrity of published price assessments. ■■ Expressions of interest to trade with published bids and Reporters covering the markets in Asia and the Middle East are Platts does not disclose the nature or scope of routine reviews of offers, with standard terms contactable from around 09:30 to around 18:30 Singapore time, data providers that participate in its price assessment activities. those covering Europe and Africa from around 09:30 to around ■■ Confirmed trades 18:30 London time, and those covering the Americas from Platts may consider verifiable data reported and published around 08:30 to around 17:30 Houston time. through the day as provided for publication by individual ■■ Indicative values, clearly described as such sources, through established editorial methods. MOC data publishing principles ■■ Reported transactional activity heard across the market, Platts has developed guidelines for Management of Sources that clearly described as such The Platts Market on Close (MOC) assessment process address source identification, source evaluation, source development, establishes core standards for how data is collected and using source information and source dependency. Individual sources ■■ Other data that may be relevant to Platts assessments published, how data is prioritized by value, and ultimately how are verified as per Platts Source Management Guidelines. data is analyzed in the course of completing Platts assessments.

Transparency underpins Platts data publishing processes. Under Platts will consider all firm bids and offers as open to the market at MOC data submission process Platts MOC guidelines for collecting and publishing data, Platts large and executable unless informed otherwise by the counterparty Platts has specific guidelines around data submissions to publishes market information including but not limited to firm bids submitting the market information. If no communication is made ensure high quality of information in the assessment process . and offers, expressions of interest to trade and confirmed trades to Platts to withdraw or change the parameters of the bid or offer This includes detailed guidelines on timings for submissions, that are received from market participants throughout the day. it is assumed that it is available to the marketplace. Platts seeks which can be found in the specific guide for each commodity verification of any transaction originating from a bid or offer process. The purpose of the time cut-offs is primarily to ensure This information is published in real-time, as it is received, on submitted for inclusion in the Platts MOC process. logistical executability and standards of incrementability and Platts information services. Platts publishes all information repeatability to ensure an orderly assessment process. As received so that it can be fully tested by the market at large. Input data may also include fully and partially confirmed bids, such, they may be changed at short notice if evolving market Information collected and published includes the identities of offers and trades, notional trading values and other market conditions require . buyers and sellers, confirmed prices, volumes, location, and information as provided for publication by individual sources, stated trading terms. through established editorial methods. To ensure proper dissemination of market information, new bids and offers for publication by Platts must be received by Platts no Platts assessments are designed to reflect repeatable market Market reporters endeavor to verify all market information they later than stated cut-off periods. value at the close of the assessment process. Platts tracks market receive, including by testing it within the market through the price evolution during the entire day, and publishes a wide range of publishing process. Trades reported as executed are verified In order to ensure that all published data is fully tested in data relating to market value as it does so. All data that has been as being executed and Platts ensures that any firm bids/offers the market, Platts has established guidelines around how published through the day is analyzed during the assessment reported are available to the market as a whole. quickly bids and offers may be improved when they have process. Towards the close of the day, Platts focuses its assessment been published, and by what amount. These incrementability process to publish named firm bids and offers, expressions of Platts uses various techniques to confirm the quality of data it guidelines define the quantum and speed at which bids and interest to trade and confirmed trades, with all relevant details. This receives, including cross checks with counterparties as well as offers may typically be improved in the MOC assessment transparent data is prioritized in the assessment process, because requests for supporting documentation. Platts eliminates data process. Incrementability does not apply to bids and offers that it is available to the entire market for testing. in the price assessment process that cannot be verified in the are moving away from market value, though Platts analyzes market to the extent deemed appropriate . bids and offers that are moved lower, and higher, respectively, to In order to ensure that all firm bids and firm offers that still ensure reasonability. stand at the close of the assessment process have been fully All Platts market reporters are trained to analyze the data they tested in the market at large, Platts has established clearly receive and to question sources to establish the fullest set of Platts may notify the market of any adjustment to the standard defined time cut-offs that apply when publishing firm bids and information possible around price data. Reporters are trained to increments in the event of market volatility or a disruptive event. firm offers in the MOC process. Time cut-offs for the submission seek a wide variety of information to test reported transactional A market participant can withdraw a bid or offer from Platts and subsequent publication of new bids and offers are applied activity, including the specific price agreed, the counterparty MOC process at any time, so long as no other potential trading so that MOC participants cannot bid or offer late in the process, to the trade, the point of origin and destination for delivery of counterparty has indicated that it has interest to buy or sell into and to ensure that every bid and offer published by Platts is the commodity, the size of the transaction, any physical quality the bid/offer. logistically executable. commitments agreed as part of the trade, the terms and conditions of a trade and when a trade was agreed. Platts expects that market participants bidding and offering in Bids and offers published by Platts are considered to be firm the MOC process should perform on their bid/offer with the first until Platts is informed otherwise, or until the close of the Platts publishes the most relevant information collected that company of record to express interest to Platts for publication assessment process for the day, whichever comes first. Platts meets its methodological standards, typically through real-time during the MOC process. In the event of a dispute on the timing, expects all participants in the MOC process to be contactable at information services and with as much transparency as possible Platts will review its records and determine which company all times. in order to test information within the market. communicated to Platts first its intention to execute on a bid/

offer displayed on the Platts systems. Platts prioritizes data on Platts only considers for publication and assessment Platts will consider the first participant to express their interest the basis of timeliness. This sequence is critical for an orderly transactional interest that is expressed by participants for in a bid or offer to be the counterparty for the subsequent assessment process. bids or offers that have already been published by Platts. trade. Platts will monitor time stamps in the event of a dispute Interest in bids or offers at prices that have not been published, to determine who the first buyer or seller was. In the event of a Platts editorial guidelines governing its assessment process and therefore may not be fully available for testing in the bid or offer being repeated, the queue of participants expressing require it must consider only those transactions, bids or offers marketplace as a whole, may be disregarded. Should a buyer interest in that position will be reset. Platts will not consider where market participants perform under typical contractual lower its bid or a seller increase its offer, an expression to trade any interest expressed in a rebid or reoffer before the position is terms. Platts accepts that individual companies may have at a previously published level will not be considered. published to be executable during the MOC assessment process. trading limits with counterparties and that national legislation may prevent companies from dealing in materials of certain Platts editorial processes require full clarity when After a bid or offer is published, only price can be changed, while origins. Such counterparty issues are dealt with on a case-by- communicating bids/offers and intentions to trade. When in certain markets volume may be adjusted to be multiples case basis. expressing an intention to hit a bid or lift an offer in the MOC of a minimum volume. The quality or loading/delivery timing processes, any message should typically include the specific cannot be changed. Buyers or sellers can withdraw bids/ All bids and offers are firm from the moment of submission. price of the trade and the name of the counterparty. Information offers at any time, provided no prior interest to transact has may not be published if it is not sufficiently clear when been expressed by any potential counterparty. If a participant Submissions of bids, offers or transactions should not be communicated to Platts. trades another position during the MOC assessment process, considered as received by Platts unless acknowledged as they must communicate to Platts if they wish to withdraw their received by Platts. For communication initiated by phone Platts Following any trade, an intention to rebid or reoffer must be existing position following the trade. Otherwise, it is assumed the will consider the time when the trader actually communicated received by Platts as soon as is possible and within a reasonable participant’s own position remains active. the bid/offer or transaction. Acknowledgment may take the form time frame, as per incrementability guidelines. of “yes,” “OK,” “y,” “k,” or any other reasonable forms, including by All participants that have reported bids and offers for publishing sending back the published information. Platts recognizes the Unless sellers/buyers expressly inform Platts of their continued in the Platts process are expected to promptly report any time of receiving a message of a company’s intent to buy/sell, as interest to buy/sell after a deal, Platts will presume the original transactions stemming from available bids or offers reported to opposed to the time a message was sent by the trading party. buyers or sellers are not there for additional volume. Platts as part of the MOC assessment process.

Bids and offers submitted on time but in an incomplete form, A rebid or reoffer must match the initial position’s parameters, Platts synchronizes its computer clocks every day precisely, where the terms are only clarified after the cut-off deadline, will with the exception of price. A rebid or reoffer can be made and will compare the time of any submitted bid, offer or not be used in the assessment process. at the same level or inferior to the traded price. For example transactional interest against this synchronized time. Please Company B hits Company A’s bid for $100/mt during the MOC. note that Platts applies the timing deadlines strictly. As a general recommendation Platts advises market Company A can rebid at $100/mt or below this level. If the MOC participants not to wait for the last possible minute before the process for the market includes a “freeze” period at the close For the purposes of clock synchronization, market participants cut-off deadlines for bids and offers, as the communication may of the process, bids and offers may only be repeated at the last may find the following internet link to be helpful: www.time.gov. not be completed on time. published price. This link offers an atomic clock reading for US time zones.

A buyer or seller can communicate with Platts directly to express When there are multiple bids or offers at the same level, the first In markets where Platts eWindow is in operation, the eWindow buying or selling interest. Platts may also take into consideration participant to reach that level should be the first to be traded. clock will be used to determine the correct sequence of events bids and offers made via a broker, provided the buyer or seller Subsequent deals will go to the second, third and fourth participant when a bid or offer is amended, withdrawn, or traded by an have communicated to Platts that they have authorized the at the same level. When a participant is traded, any repeat of their interested counterparty. Bids or offers submitted by phone, or broker to speak on their behalf. bid/offer will move to the back of the bid/offer queue. any other medium, such as instant messaging software, shall be

clocked at the time the bid, offer or trade indication is actually Any unusual condition or request regarding a commodity should These deviations will be seen in the larger context of physical transmitted through the Platts eWindow system. As per Platts be specified at the moment the initial bid or offer is made. Any trading, and should not be seen as an indication of Platts methodology, buyers or sellers can withdraw bids/offers at unusual request that surfaces at the time a counterparty is condoning lateness. any time when communicating through eWindow, provided no ready to trade and that impedes the normal flow of a transaction prior interest to transact has been expressed by any potential could be seen as an impediment to trade. Platts will review patterns of logistical performance, as counterparty. All bids and offers are firm from the moment adjustments due to late performance and/or quality issues submitted into Platts eWindow to the moment they are traded, Information reported by market participants that may have legal should be extraordinary and not recurring events. the window period closes or the bid/offer is withdrawn from the implications, including but not limited to potential libel, will not be published. system by the trader or a Platts editor. Participants who are intending to sell should not offer when Market participants are encouraged to inform Platts when they there is a known and distinct possibility that loading/delivery Platts is an information company and it aims to publish any cannot trade with another typical market participant due to may be delayed. If congestion or delays prevent performance credible bid or offer reported to it. Platts makes no commitment performance, credit or legal issues before the cut off deadlines under the contractual terms, the seller should make to publish every bid or offer submitted to it, however. For for initial bids and offers. Platts may ask market participants to reasonable and timely efforts to supply from an alternative instance, frivolous bids and offers may not be published. provide supporting documentation to ensure the integrity of its source, or the seller should engage in other measures to assessment process. alleviate the buyer’s exposure. Terms of trade such as quality, delivery port, timing of delivery/ loading and price are fully up to the company submitting the bid Law Equally, a buyer should not over-commit and then aggregate or offer. Contracts using English law are considered standard in the nominations in a way that makes it logistically impossible for the assessment process. seller to perform. Platts cannot make any guarantee in advance about how and whether market information received and published but not fully Embargoed products Platts will take appropriate steps to ensure the integrity of its adhering to its defined methodology will be incorporated in its Laws stating that nationals from specific countries may not assessments if issues of non-performance should arise. final assessments. buy products from embargoed countries may prevent market participants from lawfully executing transactions. A seller In summary, performance is paramount and all bids and offers Atypical bids, offers, trades therefore may not assume that a buyer has the obligation to buy must be firm and transactions should be performable within the Platts may publish bids, offers and trades with atypical embargoed materials. Under Platts Market on Close assessment contractual parameters. pricing terms, including benchmark bases and timing. Market guidelines, commodities supplied from countries or entities that information with atypical pricing inherently differs in value from are subject to trading embargoes and sanctions recognized under Platts only recognizes bids, offers and transactions where no party the typical and commonly observable information in the market. international law should not be delivered against transactions claims a right to unilaterally cancel a transaction. If a transaction concluded during the Platts MOC assessment processes. Bids and becomes difficult the party causing the issue must seek resolution Bids and offers which are deemed as atypical relative to offers that contain statements surrounding delivery of embargoed including alternative loadings, qualities, dates or book outs. the market may not be fully taken into consideration for the materials will be considered by Platts for publication, and if assessment process. In the absence of an associated, liquid published after review may be subject to normalization in value. Compensation derivative instrument atypical pricing bases may be difficult or Platts publishes bids, offers and transactions on the basis that impossible to evaluate on an outright price equivalent. Late performance participants will fulfil the full value of the physical contract. Platts is aware that physical conditions regarding logistics Such bids/offers or transactions would be at best indicators of which are beyond the control of the seller or buyer may result in A party deemed to have underperformed or not performed an overall market condition but they would not be seen as exact lateness, quality issues or conditions seen as a deviation from the under the original contract is expected to compensate the indicators of market price. original wording in the contract, for example late delivery/loading. affected party.

In almost all circumstances, the compensation is not, and should transaction. Such adjustments should be fair and in line with Specification not be due to a flat price change, but should include parameters market practice, and should be reciprocal in the event that the Platts assessments reflect typically traded qualities of commodities. such as backwardation, logistics, and the inconvenience for inverse situation occurs in the future. Specifications are available in individual specifications guides, the buyer in the case of a seller not performing, or contango, published on the Platts website www.platts.com. logistics and the inconvenience for the seller in the case of Furthermore, circle outs may occur when the original a buyer not performing. Compensation should not include seller sells a parcel that is later sold into a third party that Testing of products consequential costs. has a sale into the primary seller. Such “circle outs” are Traded commodities are subject to standard testing techniques considered a normal part of trading as sometimes chains and protocols to determine contractual performance. Platts Such adjustments should be fair and in line with market originate and finish at the same point. typically follows the standards already in place in the trading practice, and should be reciprocal in the event that the inverse market, although it may monitor these to ensure that the situation occurs in the future. Book outs and circle outs are subject to editorial review to standards are adequate. ensure market practices and overall fairness in the transaction Compensation is subject to editorial review to ensure market have been followed. Platts review may include proposals/ Implied guarantees in specifications practices and overall fairness in the transaction have been followed. arrangements to protect the integrity of its assessment process. Bids and offers submitted to Platts that include numerical Platts review may include an analysis of reasonable compensation. specifications will be assumed to have a series of zeroes to the Platts views compensation as a part of full performance due under Review of trades right of the decimal point or to the right of the last digit to the the parameters of a trade reported in the assessment process. Platts may track all aspects of performance on trades reported right of the decimal point. during its MOC assessment process. Platts not only focuses on Force majeure the performance of the transaction at the time of trade, but also As an example, a fuel oil cargo with a maximum guarantee of Force majeure is part of trading and may be invoked under very on any significant issues stemming from such trades, including 0.1 Shell Hot Filtration will be considered as 0.1000 etc. If the special circumstances. Platts editors will monitor the application logistics and eventual delivery. Trades executed through the specification guarantees are otherwise, the buyer or seller of it to ensure that force majeure is not invoked frivolously. Platts Market On Close assessment process may be reviewed should specify it clearly to avoid potential disputes. from time to time for performance completion. Platts therefore Booking out trades may request documentary material to determine performance Merchantability Booking out trades done during the Platts Market on Close and validity. Such material may include details of quality, Platts only considers in its assessments commodities that assessment process is acceptable under exceptional location, vessel and laycan nominations. MOC trades may be are merchantable. Hence, buyers may assume that offers or circumstances. A stressed party may request to book out a trade, subject to editorial review to ensure market practices and transactions are for a commodity that is merchantable. Sellers but its counterparty is under no obligation to accept such request. performance in the transaction have been followed. must ensure their offers or transactions are for merchantable commodities. In those exceptional cases where both counterparties agree A failure to meet Platts guidelines for participation and performance to book out a trade, Platts expects the original spirit of the in the MOC may lead to an event driven review. Event driven reviews contract to be fulfilled where the non-performing party are designed to help ensure that transactional information and Pa rt II: Security and confidentiality offers to buy/sell back the position and compensates the other data inputs used as the basis for Platts price assessments are affected party. representative of market value on an ongoing basis. Data is stored in a secure network, in accordance with Platts policies and procedures . Platts assessments are produced In almost all circumstances, the adjustment is not and Post-deal tracking enables Platts to determine the actual in accordance with Platts Market on Close assessment should not be due to a flat price change, but should be to performance of the participants in the trade and the validity methodology. This means that all data for use in Platts include parameters such as market structure, logistics and of their inputs. Platts may publish confirmation of trade assessments may be published by Platts editorial staff while the inconvenience for the buyer or seller expecting a normal performance information. assessing the value of the markets.

Platts does not have confidentiality agreements in place for commodity, in the same way that the quality of the commodity, particular market analyzed on its own will typically demonstrate information that is sent for use in its assessments. where it will be delivered and when it will be delivered are rising and falling levels of transactional activity through time. Platts is important factors. By clearly reflecting value at a defined point in committed to providing an assessment of value for every market that time Platts is able to properly reflect outright and spread value. it covers, equally well in times of heightened or reduced liquidity. Pa rt III: Determining assessments The clarity established by providing a well-defined timestamp is Platts seeks to receive market information from as broad a cross The following section describes how Platts uses concluded also important for understanding the relationships between the section of the market as possible. If a very limited number of and reported transactions, bids, offers and any other market markets that Platts assesses. By ensuring that all assessments market-makers are active in the market, or if a limited number information it has collected in the manner described in section within a region reflect market value at the same moment in time, submit data that constitutes a significant proportion of the total one, to formulate its price assessments. Additionally, this spreads that exist between commodities are also able to be fully data upon which the assessment is based, Platts will continue section describes other information, including the normalization and properly reflected. For example, comparing the value of a raw to seek fully transparent and verifiable data from the market at of market data, assumptions and extrapolations that are material to a processed commodity is possible when both values large and to apply Platts methodology principles of transparency considered when making a final assessment. have been determined at the same moment in time. By contrast, and time sensitivity. Platts considers data for assessment of comparing the price of raw material in the morning, to processed any market where a single company provides more than half material in the afternoon, might deeply impair the relationship of all available information to be one where such a company MOC price assessment principles between the commodities – particularly when the respective provides a significant proportion of data. For consideration in the Through the MOC assessment process, Platts considers market market prices move independently during the intervening period. MOC process such a company’s bids or offers must be clearly information gathered throughout the normal trading day, and publishes available for execution by any other potential MOC trading such information throughout the day. Platts analyzes all published By providing clear timestamps for assessments, the Platts MOC counter party . information in determining its final published price assessments. process is designed to provide assessments that properly reflect outright and spread value during times of high volatility equally Normalization price adjustment techniques Platts seeks to establish and publish the value of markets well as in times of modest volatility. that prevail at the close of the assessment process. Platts has Platts seeks to align the standard specifications for the aligned the timestamps reflected in its assessments with what MOC guidelines are designed to avoid distortion of the final price markets it assesses and the timestamps reflected in its typically is a period of high activity in the markets that Platts assessments by eliminating inputs that are not fully verifiable, assessments with standard industry practice. However, physical observes. Platts believes that aligning its price assessments to and by disregarding one-offs or unrepeatable transactions, commodity markets are generally heterogeneous in nature. Key typical periods of greater market activity and liquidity provides or those that may distort the true market level. Transactions attributes often vary from the base standard reflected in Platts a robust basis upon which to derive an assessment of market between related parties are, for instance, not considered in the assessments as material is supplied to market. value. Timestamps for each assessment are included in the assessment process . specifications guide for that assessment. The quality, delivery location and other specific terms of trade Deals done below the level of prevailing bids or above the level may vary in the physical commodity markets assessed by Platts. Platts has adopted the MOC methodology in order to provide of prevailing offers (i.e., selling through the bid or buying through This means that simple averages of trades may not produce a complete clarity over the precise point in time reflected in its the offer) will not be reflected in Platts assessments. Platts representative assessment value of a physically heterogeneous market assessments. Like the quality of a commodity, its delivery will only publish expressions of interest to trade with the most market. location, delivery dates, contract terms, and the volume to be competitive, tradeable bid or offer available. supplied, the time of commercial activity is an important attribute Because of the complex nature of the physical markets, market considered in Platts price assessments. The time that a bid or Platts does not specify a minimum amount of transaction data, data typically must be aligned with standard definitions to allow offer is shown to the market, or a transaction concluded, is vitally or a transaction data threshold, for the publication of its price for a fully representative final published assessment. Platts aligns important in understanding the market value of the respective assessments. Physical commodity markets vary in liquidity. Any data collected through an analysis of the physical markets with

its standard assessment specifications through a process called 1 above, and which still stands open to the marketplace at the span of similar transactions. If for instance a buyer decides to normalization. close of the assessment process, will establish clear parameters trade an offer but is unwilling to buy more material offered at for Platts final published assessments. Platts will typically the same level if the seller reoffers it would be determined that Normalization is an essential price adjustment technique used assess market value between the best firm bid and best firm the buyer failed the repeatability test. Equally if the seller does to align reported market information to the base standard offer open to the market at the close. This ensures that Platts not reoffer, the seller fails the repeatability test. As such the reflected in Platts price assessments. assessments reflect the transactable value at the close . transaction may not be fully reflected in the price assessment.

Platts establishes the level of normalization by surveying markets and Completed, transparent transactions that are fully published by Similarly, Platts may not publish bids or offers that are provided observing the economic impact of variance from the base standard. Platts are important in helping establish where trading interest through untested price levels. When transactions are concluded This is done by analyzing freight rates (for locational differences), prevails in the market, and may help determine where, in a bid/ at levels that have not been fully tested by the market because quality premiums (for quality differences), the movements of all offer spread, Platts may assess value for publication. price changes have been non incremental, Platts may determine markets through time (for time differences) and other premiums that actual market value is between the last incremental bid and associated with the size of trades and delivery terms. Firm bids and offers that are available to the entire market may the transaction at the gapped level. take precedence over trades that have been concluded earlier Normalization for time may be done by analyzing movement in in the assessment process when establishing the value of the When no bid, offer or transaction data exists, Platts may consider a related market observed through time, and that movement market, particularly if bids are available at the close above other verifiable data reported and published through the day, may provide a basis by which to align market value of an earlier previously traded levels, or offers are available to the market including fully and partially confirmed trades, notional trading reported bid, offer or transaction to market value at the MOC below previously traded levels. Value is a function of time . values and other market information as provided for publication. close. The alignment for time is essential to ensure that Platts Platts may observe direct market activity as well as the effect of price assessments reflect the prevailing value of a market at the Similarly, firm bids and offers that are available to the entire movements in related markets through spread differentials or close of the MOC process. market take precedence over transactional activity reported to blending and shipping economics, for example. Platts after completion. Platts takes into account representative transactions executed Prioritizing data The level of each bid or offer must stand firm in the marketplace at arms-length in the open market occurring during the trading Transparency underpins Platts assessment process, just as long enough for any counterparty to transact; otherwise the bid day, up to the close, and additionally taking into account bid and it does Platts data publishing processes. Platts assessment or offer may be deemed non-executable. Platts may not consider offer information submitted during this period. Platts editors process considers firm bids, firm offers and arms-length bids, offers or transactions that are the result of market gapping. may require direct verification from the principals to a reported transactions that are transparent and open to sufficient, Gapping occurs when a bid and an offer are more than one bid, offer or deal when communicated through a third party, credible counterparties. Bids, offers or transactions that are not increment apart and a trade occurs. Platts will analyse and including a broker. transparent may not be considered in the assessment process; evaluate such trades for their representative value. They may not bids above transparent offers or offers below transparent bids be fully reflected in the final assessment. Assessment Calculations are not considered in the assessment process. Platts considers changes to bids or offers when those changes are made Platts assessment guidelines are designed to avoid any Units of measurement transparently and in normal increments . distortion of the final price assessment and so inputs that are Platts publishes its assessments reflecting the currencies and not verifiable and “one-off” or unrepeatable transactions may be units of measurement in which the products typically trade. When determining a final market assessment, Platts gives disregarded from the price assessment process. the greatest priority to fully verifiable and transparent market Commodities are generally internationally traded in US dollars, information. A firm bid or offer that has been published by Platts Single transactions may be a reflection of market value. However and Platts assessments are typically published in that currency in accord with its data publishing standards, as outlined in part single transactions need to be measured against the broad as a result. Certain markets, such as regional markets, trade

using local currency. Platts assesses the value of such markets that includes managerial and compliance oversight. Platts overall objective is to reflect the transactable value of the as appropriate in local currency. commodity assessed. In cases where the apparent value of the An evaluation process is conducted before publication on every commodity includes extra optionalities, the intrinsic value of Commodities typically trade in volumetric or energy units, and benchmark assessment by a competent peer or manager . The the commodity may be masked. In such cases, Platts reporters Platts assessments for these markets reflect common practice price assessments are reviewed and the exercise of judgment may use judgment to normalize bids, offers or transactions in each market . The units and unit range considered for each is further discussed and verified during this process. Finally, with such extraneous elements to the base market standard, or individual Platts assessment of a physical market is described in assessments that are used as benchmarks are supported by may exclude them altogether. Optionalities that may mask the the specification guide for each commodity. assessment rationales. These rationales explain the application value of the commodity include but are not limited to loading or of judgment and are published together with the relevant price delivery options held by the buyer or seller, size option tolerances In certain cases Platts converts its assessments to other assessment, offering full transparency to the market . exercisable by the buyer or seller, or quality specifications . currencies or units of measurement to allow for ease of comparison or analysis in regional markets. Such conversions To ensure the consistent exercise of discretion, Platts ensures Outright, differential and spread prices are done using exchange rates published regionally. Conversion that reporters are trained and regularly assessed in their own Platts assesses the outright value of a commodity, as well as factors are described in the specifications guide for each and each other’s markets. Platts manages and maintains differentials when it trades with reference to a benchmark. commodity alongside individual assessment codes. internal training guides for each of the different products Platts analyzes all data collected and published by Platts assessed which aim to ensure Platts price assessments are throughout the day. Final assessments are above firm bids, Use of judgment produced consistently . and below firm offers, that stand at the close of the Market on Judgment guidelines promote consistency and transparency Close assessment process. This is true for outright values and and are systematically applied by Platts. Where judgment is Every assessment of a benchmark, including the use of differentials. exercised, all information available is critically analyzed and discretion, is reviewed and approved by a competent peer or synthesized. The various possibilities are critically analyzed and manager prior to publication. Platts physical price assessments use a variety of inputs, including fully evaluated to reach a judgment . outright price bids/offers, floating price bids/offers, spread price Reporters are trained to identify potentially anomalous data . bids/offers (including EFPs, EFSs etc.) and combinations of fixed Platts reporters follow specific methodology when exercising Platts defines anomalous data as any information, including and floating prices. Platts’ objective is to assess the prevailing judgment or discretion during their assessment process. transactions, which is inconsistent with or deviates from our tradable outright price of the commodity at the close of the market Platts editors apply judgment when determining (1) whether methodology or standard market conventions . assessment period. In the event of an observed conflict between information is suitable for publication, (2) when and how to outright values and differentials or spreads, outright values prevail normalize data and (3) where to assess final value. All such As a publisher owned by S&P Global, independence and impartiality in Platts final published assessments. judgment is subject to review by Platts editorial management for are at the heart of what Platts does. Platts has no financial interest adherence to the standards published in Platts methodologies. in the price of the products or commodities on which it reports. Platts establishes the hedgable, outright value of floating and Platts aim is to reflect where the actual market level is. spread price indications by applying them to the observable, Judgment may be applied when analyzing transactional data to prevailing value of underlying relevant derivatives instruments. determine if it meets Platts standards for publication; judgment may Platts focuses primarily on assessing the value of a commodity In the event of conflicts observed between the outright values also be applied when normalizing values to reflect differences in trading in the spot market. A spot price for a physical derived from floating and spread prices with different underlying time, location, and other trading terms when comparing transactional commodity is the value at which a standard, repeatable references, Platts takes into account considerations that include data to the base standard reflected in Platts assessments. transaction for merchantable material takes place, or could the relative liquidity of each relevant derivatives market, and take place, in the open market at arms’ length. Platts spot price the typicality of a given spread or floating price, when exercising To ensure all assessments are as robust as possible, Platts assessments reflect this value at precisely the close of the judgement around whether to prioritize one particular floating editorial systems are backed by a strong corporate structure assessment process. price or spread over another.

Platts may publish bids, offers and trades with atypical periods are included in the individual specifications guide for into consideration, transactions reflecting distressed prices pricing terms, including benchmark bases and timing. Market each commodity. are excluded. The definition of this period varies according to information with atypical pricing inherently differs in value from specific markets. the typical and commonly observable information in the market. Market structure, such as backwardation and contango, is also factored into the Platts assessment process. If a company offers Determination of backwardation or contango Bids and offers which are deemed as atypical relative to a parcel loading 15 days forward, the offer may provide market In calculating market structure, the prices of tradable the market may not be fully taken into consideration for the information for the Platts assessment for parcels loading 15 days instruments, including derivatives such as futures and swaps, assessment process. In the absence of an associated, liquid forward. Platts would still need to assess days 16 through 30 (in may be used. derivative instrument atypical pricing bases may be difficult or a 15-30 day market) and publish an assessment that reflects impossible to evaluate on an outright price equivalent. market value 15-30 days forward ahead of the day of assessment. Typical calculations include a determination made for the difference in price over a month; a granular value is then Such bids/offers or transactions would be at best indicators of Market structure calculated from this for each day. an overall market condition but they would not be seen as exact Platts is very stringent in following timings for loading or delivery indicators of market price. due to the variability in market value across time. This variability Outright and floating price information increases as the market structure, backwardation or contango, The three main factors used in the commodities markets for Timing in the markets increases. price determination are: Platts produces time-sensitive assessments that reflect the value of the markets it covers precisely at the close of the Platts factors in the backwardation/contango and reflects its ■■ Outright price price assessment process in each region. By providing clear impact on the published assessment. The assessment reflects timestamps for every region the Platts assessment process is the value of the commodity normalized to the center of the ■■ Differentials designed to provide price assessments that properly reflect loading/delivery window. In a contango market, the excess of outright and spread value. prompt material causes the front period to be significantly ■■ Derivatives lower in value than material available at the end of the window. As an example, gasoline has a value, naphtha has a value and In a backwardated market the tightness of supply causes the These three factors — outright price, premiums and derivatives the gasoline versus naphtha spread has a value, and all three prompter material to be at a higher price than material available – converge in a spot price. Platts may use all three in its match when measured at the same time. By contrast, a system at the end of the window. assessments. of averages can lead to distortions in the gasoline versus naphtha spread if the distribution of deals done for gasoline Platts methodology eliminates any arbitrary movement in Outright price: The ultimate question in the mind of an end- and naphtha differs over the averaging period. Thus if gasoline assessments caused simply by the different loading/delivery user, producer, trader or broker is price. Outright prices are the trades actively at the beginning of the assessment period and ranges traded. By normalizing prices to the mid-point of a clearly simple statement of a price at which something can be bought naphtha trades actively at the end of the assessment period in defined date range, the consistency of prices is maintained. The or sold, with the entire value stated – for example, an offer of a a rising market, the assessed spread value resulting from an day-to-day changes in the price assessments therefore reflect cargo of iron ore at $100/mt. Price in turn determines expense, averaging process will not be reflective of actual market value. an actual price move in the value of the commodity, rather than processing margin, profit, loss, etc. The spot market trades This distortion can arise even if the value of spread trades in an artificial change because a cargo happens to be loading/ actively on an outright price basis and a floating price basis. their own right has remained constant. The MOC approach delivering in the front period of the window rather than the back Platts takes both into account in its assessments. Platts will drastically reduces the possibility of such distortions. period, or vice versa. publish activity on both a fixed and floating basis.

Assessments reflect typical loading and delivery schedules The date ranges reflected by Platts reflect the prevailing Differentials: Many transactions are carried out in relation for each market assessed. The standard loading and delivery trading practices in the region. By not taking very prompt days to a benchmark. In this case a differential, also known as a

premium/discount is generated. Differentials can arise if the In addition, Platts requires that all employees attest annually Pa rt VI: Requests for clarifications quality, volumes or loading times for a given transaction differ that they do not have any personal relationships or personal of data and complaints from the benchmark. In addition, floating price transactions financial interests that may influence or be perceived to are done in relation to assessments that will be published in influence or interfere with their ability to perform their jobs in an Platts strives to provide critical information of the highest the future – for example, a bid for a cargo at $10/mt above objective, impartial and effective manner . standards, to facilitate greater transparency and efficiency in the Platts assessment of that same commodity, as published physical commodity markets. immediately before, during and after delivery of the cargo. Market reporters and editors are mandated to ensure adherence to Premiums usually rise when the market’s backwardation published methodologies as well as internal standards that require Platts customers raise questions about our methodologies steepens, and the steeper the curve, the greater the premium. accurate records are kept in order to document their work. and the approach we take in our price assessments, proposed In a contango situation, premiums have a tendency to turn into methodology changes and other editorial decisions in relation to discounts. Platts has a Compliance function that is independent of our price assessments. These interactions are strongly valued the editorial group. The Compliance team is responsible for by Platts and we encourage dialog concerning any questions a Derivatives: Derivatives are a major determinant in price; ensuring the quality and adherence to Platts policies, standards, customer or market stakeholder may have. they trade frequently and throughout the day. These markets processes and procedures. The Compliance team conduct are very reactive and may provide market participants with regular assessments of editorial operations, including checks for However, Platts recognizes that occasionally customers may not timely information on market conditions. They can react to adherence to published methodologies. be satisfied with responses received or the services provided by arbitrage conditions or movements in overseas markets as Platts and wish to escalate matters. Full information about how well as local conditions. Derivatives may allow companies S&P Global Platts appoints an independent, external auditor with to contact Platts to request clarification around an assessment, to adapt their price exposure because they enable market appropriate experience and capability to review and report on its or make a complaint, is available on our website, at: http://www. participants to transform floating prices to fixed or fixed to adherence to this stated methodology. The annual report is published platts.com/ContactUs/Complaints . floating. online at https://www.platts.com/regulatory-engagement.

Pa rt IV: Platts editorial standards Pa rt V: Corrections

All Platts employees must adhere to the S&P Global Code of Platts is committed to promptly correcting any material Business Ethics (COBE), which has to be signed annually. The errors. When corrections are made, they are limited COBE reflects S&P Global’s commitment to integrity, honesty and to corrections to data that was available when the acting in good faith in all its dealings. assessment was calculated .

Pa rt VII: Definitions of the trading locations for which Platts publishes daily indexes or assessments

The following crude specifications guide contains the primary specifications and methodologies for Platts crude oil cargo and pipeline assessments around the world. The various components of this guide are designed to give Platts subscribers as much information as possible about a wide range of methodology and specification questions.

This methodology is current at the time of publication. Platts may issue further updates and enhancements to this methodology 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.

North Sea CONTRACT DELIVERY Assessment CODE Mavg Pavg Wavg LOCATION MIN SIZE MAX SIZE CURRENCY UOMCONV BASIS PERIOD

DATED BRENT FOB Dated Brent (FOB) PCAAS00 PCAAS03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels Dated North Sea Light (FOB) AAOFD00 AAOFD03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels Dated Brent Differential (FOB) AAXEZ00 AAXEZ03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels Dated Brent Euro (FOB) AAPYR00 AAPYR03 FOB North Sea 10-M+1 600,000 600,000 Euro Barrels Dated Brent 5 Day Rolling Average (FOB) AAIVI00 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels Brent/Ninian Blend (FOB) AAVJA00 AAVJA03 FOB Sullom Voe 10-M+1 600,000 600,000 US $ Barrels BNB vs North Sea Dated Brent Strip (FOB) AAVJB00 AAVJB03 AAVJA04 FOB Sullom Voe 10-M+1 600,000 600,000 US $ Barrels Forties Blend (FOB) PCADJ00 PCADJ03 FOB Hound Point 10-M+1 600,000 600,000 US $ Barrels Forties Blend vs North Sea Dated Brent Strip (FOB) AAGWZ00 AAGXA00 FOB Hound Point 10-M+1 600,000 600,000 US $ Barrels Oseberg (FOB) PCAEU00 PCAEU03 FOB Sture 10-M+1 600,000 600,000 US $ Barrels Oseberg vs North Sea Dated Brent Strip (FOB) AAGXF00 AAGXG00 FOB Sture 10-M+1 600,000 600,000 US $ Barrels Ekofisk (FOB) PCADI00 PCADI03 FOB Teesside 10-M+1 600,000 600,000 US $ Barrels Ekofisk vs North Sea Dated Brent Strip (FOB) AAGXB00 AAGXC00 FOB Teesside 10-M+1 600,000 600,000 US $ Barrels Troll (FOB) AAWEX00 AAWEX03 FOB Mongstad 10-M+1 600,000 600,000 US $ Barrels Troll vs North Sea Dated Brent Strip (FOB) AAWEY00 AAWEY03 FOB Mongstad 10-M+1 600,000 600,000 US $ Barrels

CASH BFOE AND RELATED INSTRUMENTS Brent M1 (London close) PCAAQ00 PCAAQ03 FOB North Sea M+2 100,000 600,000 US $ Barrels Brent M1 (Singapore close) PCAJG00 PCAJH03 FOB North Sea M+2 100,000 600,000 US $ Barrels Brent M2 (London close) PCAAR00 PCAAR03 FOB North Sea M+3 100,000 600,000 US $ Barrels Brent M2 (Singapore close) PCAJI00 PCAJJ03 FOB North Sea M+3 100,000 600,000 US $ Barrels Brent M3 (London close) PCARR00 PCARR03 FOB North Sea M+4 100,000 600,000 US $ Barrels Brent M3 (Singapore close) PCAJ000 PCAJ003 FOB North Sea M+4 100,000 600,000 US $ Barrels Brent EFP M1 AAGVX00 AAGVX03 FOB North Sea M+2 100,000 600,000 US $ Barrels Brent EFP M2 AAGVY00 AAGVY03 FOB North Sea M+3 100,000 600,000 US $ Barrels Brent EFP M3 AAMVY00 AAMVY03 FOB North Sea M+4 100,000 600,000 US $ Barrels Brent M1 vs WTI M2 AALAU00 AALAU03 US $ Barrels Brent M2 vs WTI M3 AALAV00 AALAV03 US $ Barrels Brent M3 vs WTI M4 AALAY00 AALAY03 US $ Barrels

North Sea CONTRACT DELIVERY Assessment CODE Mavg Pavg Wavg LOCATION MIN SIZE MAX SIZE CURRENCY UOMCONV BASIS PERIOD

DE-ESCALATOR AND QUALITY PREMIUMS Forties Sulfur De-Escalator AAUXL00 US $ Barrels Quality Premium Oseberg Current Month AAXDW00 US $ Barrels Quality Premium Oseberg Mo01 AAXDX00 US $ Barrels Quality Premium Ekofisk Current Month AAXDY00 US $ Barrels Quality Premium EkofiskMo01 AAXDZ00 US $ Barrels

DATED BRENT CIF ROTTERDAM Dated Brent (CIF) PCAKM00 PCAKM03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels Dated North Sea Light (CIF) AAVJG00 AAVJG03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels Dated Brent vs North Sea CIF Dated Brent Strip AAVJF00 AAVJF03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels Dated Brent Euro (CIF) PCAKN00 PCAKN03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels Brent/Ninian Blend (CIF) PCAKP00 PCAKP03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels BNB vs North Sea CIF Dated Brent Strip AAVJB00 AAVJB03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels Forties Blend (CIF) PCAKR00 PCAKR03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels Forties Blend vs North Sea CIF Dated Brent Strip AAHXC00 AAHXC03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels Oseberg (CIF) PCAKT00 PCAKT03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels Oseberg vs North Sea CIF Dated Brent Strip AAHXD00 AAHXD03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels Ekofisk (CIF) PCAKV00 PCAKV03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels Ekofisk vs North Sea CIF Dated Brent Strip AAHXB00 AAHXB03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels Troll (CIF) AAXJO00 AAXJO03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels Troll vs North Sea CIF Dated Brent Strip AAXJN00 AAXJN03 CIF Rotterdam 12-M+1 600,000 600,000 US $ Barrels

NORTH SEA REGIONAL CRUDES North Sea Basket AAGIZ00 AAGIY00 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels Statfjord (FOB) PCAEE00 PCAEE03 FOB Statfjord FPSO 10-M+1 855,000 855,000 US $ Barrels Statfjord vs North Sea Dated Brent Strip (FOB) AAGXD00 AAGXE00 FOB Statfjord FPSO 10-M+1 855,000 855,000 US $ Barrels Flotta Gold PCACZ00 PCACZ03 FOB Flotta 10-M+1 600,000 600,000 US $ Barrels Flotta Gold vs North Sea Dated Brent Strip AAGXH00 AAGXI00 FOB Flotta 10-M+1 600,000 600,000 US $ Barrels Duc AAWEZ00 AAWEZ03 FOB Fredericia 10-M+1 600,000 600,000 US $ Barrels Duc vs North Sea Dated Brent Strip AAWFL00 AAWFL03 FOB Fredericia 10-M+1 600,000 600,000 US $ Barrels Grane PCALA00 PCALA03 FOB Sture 10-M+1 600,000 600,000 US $ Barrels Grane vs North Sea Dated Brent Strip PCALB00 PCALB03 FOB Sture 10-M+1 600,000 600,000 US $ Barrels Statfjord (CIF) AASAS00 AASAS03 CIF Rotterdam 10-M+1 855,000 855,000 US $ Barrels Statfjord vs North Sea Dated Brent Strip (CIF) AASAT00 AASAT03 CIF Rotterdam 10-M+1 855,000 855,000 US $ Barrels Gullfaks AASAU00 AASAU03 CIF Rotterdam 10-M+1 855,000 855,000 US $ Barrels Gullfaks vs North Sea Dated Brent Strip AASAV00 AASAV03 CIF Rotterdam 10-M+1 855,000 855,000 US $ Barrels

North Sea CONTRACT DELIVERY Assessment CODE Mavg Pavg Wavg LOCATION MIN SIZE MAX SIZE CURRENCY UOMCONV BASIS PERIOD Alvheim ALVHA00 ALVHA03 CIF Rotterdam 10-M+1 780,000 780,000 US $ Barrels Alvheim vs North Sea Dated Brent Strip ALVHB00 ALVHB03 CIF Rotterdam 10-M+1 780,000 780,000 US $ Barrels Asgard ASGCA00 ASGCA03 CIF Rotterdam 10-M+1 855,000 855,000 US $ Barrels Asgard vs North Sea Dated Brent Strip ASGCB00 ASGCB03 CIF Rotterdam 10-M+1 855,000 855,000 US $ Barrels

US DELIVERED CRUDE EUROPE WTI Midland DAP basis Rotterdam AWTIC00 AWTIC03 DAP Rotterdam 20-60 days 600,000 600,000 US $ Barrels WTI Midland DAP basis Rotterdam vs Fwd Dated Brent AWTID00 AWTID03 DAP Rotterdam 20-60 days 600,000 600,000 US $ Barrels WTI Midland DAP basis Augusta AWTIA00 AWTIA03 DAP Augusta 20-60 days 600,000 600,000 US $ Barrels WTI Midland DAP basis Augusta vs Fwd Dated Brent AWTIB00 AWTIB03 DAP Augusta 20-60 days 600,000 600,000 US $ Barrels Eagle Ford 45 DAP basis Rotterdam AEFAC00 AEFA03 DAP Rotterdam 20-60 days 600,000 600,000 US $ Barrels Eagle Ford 45 DAP basis Rotterdam vs Fwd Dated Brent AEFAD00 AEFAD03 DAP Rotterdam 20-60 days 600,000 600,000 US $ Barrels Eagle Ford 45 DAP basis Augusta AEFAA00 AEFAA03 DAP Augusta 20-60 days 600,000 600,000 US $ Barrels Eagle Ford 45 DAP basis Augusta vs Fwd Dated Brent AEFAB00 AEFAB03 DAP Augusta 20-60 days 600,000 600,000 US $ Barrels

BRENT CFDS Brent CFD (Week 1) PCAKA00 100,000 100,000 US $ Barrels Brent CFD (Week 2) PCAKC00 100,000 100,000 US $ Barrels Brent CFD (Week 3) PCAKE00 100,000 100,000 US $ Barrels Brent CFD (Week 4) PCAKG00 100,000 100,000 US $ Barrels Brent CFD (Week 5) AAGLU00 100,000 100,000 US $ Barrels Brent CFD (Week 6) AAGLV00 100,000 100,000 US $ Barrels Brent CFD (Week 7) AALCZ00 100,000 100,000 US $ Barrels Brent CFD (Week 8) AALDA00 100,000 100,000 US $ Barrels

FORWARD DATED BRENT CURVES North Sea Dated Brent Strip AAKWH00 AAKWI00 10-M+1 US $ Barrels North Sea CIF Dated Brent Strip AAHXE00 AAHXE03 12-M+1 US $ Barrels Mediterranean Dated Brent Strip AALDF00 AALDG00 13-28 US $ Barrels BTC Dated Brent Strip AAUFI00 AAUFI03 13-33 US $ Barrels 15-45 Day Dated Strip AALGM00 AALGN00 15-45 US $ Barrels 30-60 Day Dated Brent Strip AAXRK00 AAXRK03 30-60 US $ Barrels 33-63 Day Dated Brent Strip AALEJ00 AALEJ03 33-63 US $ Barrels 20-60 Day Dated Brent Strip ADBRA00 ADBRA03 20-60 US $ Barrels

10 E North Sea Sulfur content Asgard Sour Sweet Gravity 53.7 API | Sulfur 0.09% Gravity >= 0.5% < 0.5% Dated Brent Heavy 0 to 22.3 Platts North Sea crude oil assessments reflect the value of Medium 22.4 to 31.1 physical crude oil loading 10 days forward from the date of Light 31.2 and higher publication to one full month ahead. The assessed date range FAEROE IS. will typically stretch to the equivalent date of the following month. In practice this means, for example, that on May 1, 2019, the assessment range for North Sea crude assessments will be May 11-June 1. As a result, the precise number of days in the Dated Brent assessment will vary depending on the length NORWAY SWEDEN of the pricing month. North Sea crude grades are generally

60 N Gullfaks traded either as a differential to Dated Brent or as a differential BNB Gravity 37.5 API | Sulfur 0.26% Gravity 37.5 API | Sulfur 0.4% Troll to the Cash Brent-Forties-Oseberg-Ekofisk-Troll (Cash BFOE) Gravity 35.9 API | Sulfur 0.14% derivatives contract.

Oseberg Gravity 37.8 API | Sulfur 0.25% Platts publishes both an outright Dated Brent assessment EUROPE and a differential assessment to forward Dated Brent. Platts Flotta Gold Gravity 36.2 API | Sulfur 0.98% Grane Blend Dated Brent assessments reflect the most competitive value Gravity 23.9 API | Sulfur 0.73% Alvheim of physical Brent, Forties, Oseberg, Ekofisk and Troll (physical Gravity 34.9 API | Sulfur 0.17% BFOE) on every single date of the assessment range, with the North Sea absolute values of both Oseberg and Ekofisk adjusted by the Quality Premium. In this way, Dated Brent can reflect any one, or more, of the five grades in the total BFOE basket across the assessment period. Statfjord Gravity 39.3 API | Sulfur 0.25% Example: For an assessment range of April 14 to May4, Forties

Forties is the lowest assessed crude grade of the five BFOE grades from Gravity 38.7 API | Sulfur 0.79% April 14 to April 23, but Brent/Ninian Blend (BNB) is lower than Forties from April 23 to May 4. Dated Brent would thus reflect DENMARK the value of Forties April 14-23, but the value of BNB for the U.K. balance of the assessed period. DUC Gravity 33.5 API | Sulfur 0.25% Ekofisk Gravity 38.5 API | Sulfur 0.19% The Dated Brent assessment reflects volume loaded FOB at each respective loading terminal. Platts considers bids and offers that specify a minimum three-day loading laycan. If a buyer UNITED KINGDOM 0 100 mi bids for a loading date range of more than three days, the seller must specify a three-day laycan at the time of trade. Conversely, Source: Platts

if a seller offers a loading date range of more than three days, ■■ Cargo date nominations are declared at least one month in declares tolerance, Platts would then expect this cargo to be the buyer must also specify the three-day laycan at the time of advance. sold fixed volume. trade. ■■ Cargoes load under normal terms and conditions. Typically, Cash BFOE and derivatives Platts also considers offers for, and any resulting transactions Forties cargoes are loaded under BP’s terms and conditions, of, recently loaded physical BFOE crude oil via ship-to-ship (STS) Brent cargoes are loaded under Shell’s terms and conditions, Platts assesses three forward months of Brent/BFOE EFPs transfers at Scapa Flow in Scotland, provided the seller agrees Oseberg cargoes are loaded under Equinor’s terms and (exchange for physical). The relevant assessment deltas refer to cover all additional costs incurred by the buyer lifting oil on conditions, Ekofisk under ConocoPhillips’ terms and conditions to the corresponding month of Platts Brent/BFOE spot price an STS basis. Platts also considers any STS offers and resulting and Troll under Equinor’s terms and conditions. In the event a assessments. transactions wherein a seller commits to deliver crude oil from a cargo is loaded STS, the terms and conditions from the original vessel that has itself loaded via STS transfer (a daughter vessel loading should apply. Platts assesses three forward months of Brent/WTI cash loaded from a mother vessel). Any daughter vessel named by the spreads. The assessments reflect market value at 16:30 London seller in this scenario must have loaded via STS transfer directly Bids and offers for Cash BFOE published during the Platts time. from a mother vessel that has itself originally loaded from one MOC reflect transactions of 100,000 barrel partials. If a single of the five terminals supplying physical BFOE crude oil. Offers on buyer and a single seller transact six partials of 100,000 In addition to the North Sea assessments produced at 16:30 an STS basis at Scapa Flow must be submitted before 15:30:00 barrels with each other, the transactions may converge into London time, Platts also assesses Cash BFOE for other London time for inclusion in the Platts MOC assessment process one physical Cash BFOE cargo of 600,000 barrels. If, after all timestamps in assessments known as intradays. Platts will and must include a named vessel. In all STS deliveries, the convergences have been completed, any two counterparties publish bids, offers and intentions to trade for cash BFOE quality of the supplied crude oil must be congruent with the have outstanding partial transactions that do not add up to a partials or cargoes for each intraday assessment timestamp. quality recorded at the time of its original FOB loading. full 600,000-barrel cargo, those partials must be financially The assessments reflect the prevailing value for Cash BFOE settled using the Platts assessment published on the final at 10:30, 12:30 and 14:30 London time every publishing day. working day of the calendar month for the relevant contract On settlement day for the ICE Brent futures contract, Platts Cash BFOE month—the M1 assessment. additionally publishes an assessment at 19:30 London time. Platts assessments comprise three forward Cash BFOE contracts, down from four prior to October 2016. Each BFOE Example: If a single buyer and a single seller trade six July Platts publishes these assessments for outright values of Cash assessment reflects the outright price of a cargo with physical partials with each other in the Platts MOC process prior to BFOE Month 1, Month 2, and Month 3. Platts also publishes delivery during the specified contract month. The daily 16:30 London time on May 31, 2019, the partials may converge differential values for Cash BFOE Month 1/Month 2 and Month assessment reflects the tradeable value for both full (600,000 into a full physical cargo of 600,000 barrels for loading any day 2/Month 3 spreads. barrel) and partial (100,000 barrel) cargoes in the month-ahead in the month of July. However, if in the same example, the two Cash BFOE market. The minimum volume Platts considers counterparties trade only five July partials, then the financial Since all partial cargoes will have converged and settled by in its daily Cash BFOE assessments is 100,000 barrels per settlement of the 500,000 barrels is based on the Platts 16:30 London time on expiry day, the 19:30 assessment reflects transaction, reflecting standard market practice. All aspects of assessment for July Cash BFOE published on May 31, 2019. the value of full, 600,000 barrel cash BFOE cargoes trading in the BFOE assessment methodology were developed by Platts the period after the market close in London. and are proprietary to Platts. Operational tolerance: Platts assessments reflect cargoes with operational tolerance of plus or minus 1% in line with market Brent CFDs Offers, bids and transactions for Cash BFOE may be used standards. In the event a cargo trades as a result of a Cash BFOE for assessment purposes provided they meet the following obligation through the chaining process, Platts understands Brent CFDs (Contract For Difference) derivatives are relatively conditions: that the final buyer in this market has the obligation to declare short–term swaps, assessed by Platts for each of eight weeks tolerance. In the event the final holder of a chained Cash cargo ahead of the current date. They represent the market differential

between the Dated Brent assessment and a forward month Cash being assessed. Platts determines forward Dated Brent values Platts updates the de-escalator at 15:00 London time on the BFOE assessment, over the stated period of the swap. by looking at forward swaps contracts such as BFOE CFDs and 25th of the month prior to the month of implementation. In cases BFOE DFLs in order to derive the forward Dated Brent curve. where the 25th of the month is a non-working day in the UK, the Between Monday and Wednesday each week, Platts assesses de-escalator is announced on the closest business day prior to the balance of the same week as the first CFD contract. For example, the Platts Northwest European Urals assessment the 25th. For example, the de-escalator for June 2019 will be On Thursday, the balance-week CFD is no longer deemed reflects cargoes loading 10-25 days forward, with cargoes announced on the 24th of May, at 15:00 London time. sufficiently liquid for the assessment, and the curve rolls typically pricing on an average of Platts Dated Brent forward to the following week. For example, on Monday March assessments over five publication days after loading. In order Platts publishes the value of the de-escalator for the month 4, 2019, the first CFD week assessed by Platts would be the to assess the outright value of a cargo of Urals loading in the ahead whether or not the value of the de-escalator has changed. balance week, or March 4-8. On Thursday, March 7 this rolls and future, Platts uses an average of the forward Dated Brent curve Platts publishes the editorial basis for the determination of the first week assessed would be March 11-15. Assessments are 13-28 days forward. The outright price assessment for Urals in the de-escalator level on its website. (https://www.platts.com/ expressed as a differential to the second Cash BFOE contract Northwest Europe is therefore that day’s assessed differential subscriber-notes) month (ie M2). For example: Brent CFD assessments on July 3 to Dated Brent plus the value of the forward Dated Brent curve would be assessed relative to the M2 contract or October Cash 13-28 days after the date of publication. The sulfur level in any sulfur-related payment should be BFOE. The referenced cash contract rolls forward on the first established to three significant figures, and the test used to pricing day of each month. Prior to July 1, 2017 S&P Global Platts determine this should be the ASTM-D2622. Forties cargoes and F orties and the de-escalator assessments were expressed as a differential to the first Cash all related instruments, including Cash BFOE - bid or offered BFOE contract month (ie M1). The assessment for Forties Blend is FOB Hound Point, UK. Since through the Platts system must adhere to this standard. the start-up of the heavier and more sulfurous Buzzard field Platts reflects CFD bids, offers and trades of 100 lot (100,000 in January 2007, the quality of Forties can vary substantially Platts will consider in its assessments bids, offers and deals barrel) clips, in line with standard market practice. depending on the percentage of Buzzard crude in the blend at where a de-escalator for every 0.1% of sulfur is specified. For any given time. Platts’ Forties assessments reflect a crude blend example: under a de-escalator of 20 cents/barrel the seller The assessment reflects the observed contango or with a minimum API of 37 degrees and a maximum of 0.6% would pay the buyer this compensatory amount for every 0.1% of backwardation in both the differential and the forward CFD sulfur content. Because of the variability of the Forties Blend, sulfur over 0.6% on a pro-rata basis, as follows: markets. Platts also utilizes a quality de-escalator, published monthly, to be applied to any cargo deliveries exceeding the base standard ■■ 0.600% No payment to buyer of 0.6% sulfur. F orward Dated Brent Strips ■■ 0.625% Seller pays 5 cents/barrel to buyer (*0.25) Physical cargoes of crude oil typically trade as a differential The de-escalator value applies to all Forties crude oil delivered to a benchmark, with pricing calculated at or near the time of after its introduction July 2, 2007. Prevailing rates are as ■■ 0.650% Seller pays 10 cents/ barrel to buyer (*0.5) loading. published in the Platts Crude Oil Marketwire. When reviewing the value of the de-escalator, Platts studies evidence of significant ■■ 0.700% Seller pays 20 cents/ barrel to buyer (1) In the physical North Sea, Urals, Mediterranean and West and sustained changes in the oil markets including, but not African crude oil markets, Platts calculates outright values by limited to, shifts in the refined product markets, the relative ■■ 0.800% Seller pays 40 cents/ barrel to buyer (*2.0) applying an assessed differential versus the forward Dated value of sweet/sour and light/heavy crude grades, outright price Brent market. Platts uses a variety of different forward Dated changes, geopolitical and macroeconomic events, and other ■■ 0.900% Seller pays 60 cents/ barrel to buyer (*3.0) Brent strips to determine the outright value of different crudes relevant factors that may influence the refinery economics of pricing relative to the forward Dated Brent market. These strips processing Forties. vary in length and pricing period depending on the crude market

zero was announced if 60% of the observed price difference counterpart narrows the five-day delivery range at the time of Quality Premiums between the grades is less than 25 cents/barrel. Platts trade. Quality Premiums (QPs) are to be paid by a buyer to a seller for has published a Question & Answer document that further the nomination and delivery of Oseberg or Ekofisk into a Cash elaborates on commonly raised questions regarding QPs on its Pricing: Platts publishes bids and offers pricing five days around BFOE transaction concluded during the Platts MOC assessment website: https://www.spglobal.com/platts/en/our-methodology/ Completion of Discharge (COD) as standard, with the middle process. These escalators are also considered in the Platts price-assessments/oil/dated-brent-price-assessment- date of the five-day laycan typically assumed as the date of COD. assessment process for Dated Brent, and related instruments. explained. Platts also understands that a deemed date of bill of lading is frequently used in the pricing of North Sea CIF Rotterdam crude Platts publishes QPs for Oseberg and Ekofisk crude oil. QPs cargoes. As such, Platts will publish bids and offers using this Dated Brent CIF Rotterdam are currently published for two months ahead: the month of and other reasonable pricing terms. The deemed B/L date must publication and the following month. Physical Oseberg and Platts also publishes assessments for Dated Brent and the five be explicitly stated in the CIF Rotterdam bid or offer. Ekofisk cargoes use the relevant QP to the month in which the physical BFOE grades on a CIF Rotterdam basis, reflecting the cargo loads. For example, July QPs apply to cargoes which load value of North Sea crude oil delivered at Rotterdam between 12 Nomination: The seller must nominate the three-day delivery in July. days and one month ahead. Platts currently publishes Dated window and performing vessel name at least seven clear Brent CIF Rotterdam as both an outright price and a differential calendar days ahead of the first day of the originally-traded five- Platts does not reflect any QP for Brent, Forties or Troll crude based on the lowest-priced grade of Brent, Forties, Oseberg, day delivery range. For example, where the original traded range oil in its assessment process. QPs are intended to increase the Ekofisk and Troll delivered to Rotterdam for each day in the is March 11-15, the seller must nominate the three-day delivery relevance of higher valued crudes to Brent, the basis crude, assessment period. The CIF Rotterdam assessments for both laycan and vessel by close of business on March 3. If March 3 is while instruments like de-escalators are intended to heighten Dated Brent and each individual BFOE grade reflect delivery not a working day, then nomination should take place by close of the relevance of lower quality (i.e. sourer) crudes to Brent. dates rather than loading dates, and include any relevant freight business on the previous working day. costs and quality premiums. Platts also publishes individual Platts announces QPs on the first publishing day of each outright and differential assessments for each of the five crude Operational Tolerance: Platts reflects bids, offers and trades month, one full month in advance of the escalators coming grades reflected in Dated Brent CIF Rotterdam. for 600,000-barrel CIF basis Rotterdam BFOE cargoes with an into effect. For example: Platts would announce Oseberg and operational tolerance of 1% in the seller’s option, as well as Ekofisk escalators for June-loading cargoes on the first business Incoterms: Platts reflects North Sea cargo bids and offers using fixed-volume cargoes of between 594,000 and 606,000 barrels. day of May. This calendar is closely aligned with existing trading CIF, or other relevant incoterms such as DAP and CFR where Operational tolerance will be determined by volume at the practices. For example: the QP announced on May 1 will reflect this is a recognized part of a company’s regular trading activity. loading port, rather than at the delivery port. Platts expects that assessments conducted between April 1 and April 30. The Platts does not reflect North Sea cargo bids and offers using any disputes arising from volume loss, such as evaporation or ability to adjust QPs around each trading cycle makes them Notice Of Readiness (NOR). Platts understands that North Sea “clingage,” in the transfer of crude from the loading terminal to more reflective of current price trends in the broader physical oil trading typically uses Dated Brent as a pricing basis, but also discharge port, would be settled according to accepted market markets. reflects outright price bids and offers, as well as bids and offers practice. based on Cash BFOE and ICE Brent Futures. QPs are published at 60% of the net price differences between Freight and Deviation: Platts has determined that the “natural Oseberg and Ekofisk and the most competitive grade of crude Assessment Range: The CIF Rotterdam Dated Brent assessment fixing window” for Aframax vessels in the North Sea market is among Brent, Forties, Oseberg and Ekofisk for the full month reflects delivery dates between 12 days and one month from between 7 and 21 days prior to the first date of delivery. Buyers prior to announcement. the date of publication. Platts will accept bids and offers for should not be harmed by demurrage costs incurred by the publication where the first date of the indication falls on any vessel charterer outside of typical market rates and practices As of January 1, 2018, the 25 cent/barrel threshold previously date within this period. Platts publishes bids and offers for prevailing at the time of this window. Demurrage should be employed in QPs is no longer in effect. Before this time a QP of a five-day delivery range, and for a longer range in which the relevant to the first day of the originally bid delivery date range.

Buyers requesting deviation should not be harmed by higher Vessel Options: Platts will not publish CIF Rotterdam bids US Delivered crude freight rates stemming from vessels chartered earlier than this containing STS options. All available charterparty options, window for a given delivery range. If no mutual agreement is including STS options, should be passed on to the buyer. All Platts assesses cargoes of WTI Midland and Eagle Ford 45 for reached for freight deviation costs, Platts expects counterparties requests beyond these should be passed on by the seller to delivery DAP basis Rotterdam and Augusta 20-60 days after date to use the average of the cross-North Sea 80,000 mt Aframax the shipowner. The performing vessel must meet the vetting of publication. Other reasonable delivery ports within Northwest assessment as published in Platts Dirty Tankerwire 10 to 12 conditions of a reasonable buyer and the physical limitations of Europe and the Mediterranean may be nominated, with the publishing days prior to the first day of the original delivery port, e.g. draft, beam, etc. buyer covering all reasonable incremental delivery costs. Platts window. The lower of either the charterparty or the natural fixing assessments reflect a standard Aframax cargo size of around window should be used to determine any reasonable cost of Effective January 2, 2019, Platts will use the following 600,000 barrels, though cargoes of between 500,000 barrels deviation. Worldscale flat rates per metric ton to calculate differentials for and 700,000 barrels may be bid or offered in the Platts Market CIF Rotterdam Dated Brent in periods of low liquidity. Rates to on Close assessment process, but will be normalized back to a Vessel acceptance: Offers may be made with a named or Rotterdam from Sullom Voe (Brent) will be $8.57, Hound Point 600,000 barrel standard. These assessments are priced 2-1-2 unnamed ship. If a seller offers with a named vessel, then a (Forties) will be $5.86, Sture (Oseberg) will be 5.75, Teesside around date of delivery, and reflect an operational tolerance +/- buyer can buy subject to vetting approval and if rejected, the (Ekofisk) will be $4.71 and Mongstad (Troll) will be $5.78. The 5%. Platts’ assessments will reflect market standard payment deal will not be finalized. For assessment purposes, Platts will Rotterdam port charge used will be $0.14/b. terms, which Platts understands typically reflect payment 30 review the quality of the vessel to determine if it should be days from bill of lading, which is equivalent to about 10 days considered in the assessment process. For an unnamed ship, from completion of discharge. Other North Sea grades the seller has the responsibility to meet the reasonable vetting requirements of a typical market participant in that region. The Statfjord: Platts assesses Statfjord crude oil on an FOB- Platts assesses a standard WTI Midland and Eagle Ford 45 quality seller is entitled to substitute the vessel with another meeting platform and a CIF Rotterdam basis. on both an outright pricing basis and as a differential to Dated or exceeding the same approvals at any reasonable time before Brent. While Platts understands that quality of US crude exports delivery of the cargo. The buyer should not be financially harmed Gullfaks: Platts assesses Gullfaks on a CIF Rotterdam basis. may be variable, Platts also understands that the market has by the seller’s choice to substitute a vessel. evolved to manage this variability. Typically “WTI Midland” reflects Asgard: Platts assesses Asgard on a CIF Rotterdam basis. a consistent unblended grade sourced from the Permian Basin. Stored Oil: Oil sourced from land-based storage, other than the original loading terminal, should not be offered or delivered into Alvheim: Platts assesses Alvheim on a CIF Rotterdam basis. Platts will publish bids for a minimum five-day delivery range the CIF basis Rotterdam Dated Brent MOC. and for an a longer delivery range in which the buyer grants the Flotta Gold: Platts assesses Flotta Gold, formerly known as right to narrow the five day delivery range to the seller. Platts Quality Premiums and De-escalator: Any delivered cargoes of Flotta, loading FOB Flotta terminal. will publish offers for a five-day delivery range, and for a longer Oseberg and Ekofisk should reflect the quality premiums at time deliver range in which the seller grants the right to narrow the of original loading. Similarly, any delivered cargoes of Forties Grane Blend: Platts assesses Grane Blend on a FOB basis at the five-day delivery range to the buyer. A price taker must narrow should reflect the de-escalator at time of original loading, rather Sture Terminal. any wider laycan to five days at the time of trade. than time of delivery. DUC : Platts assesses DUC (Dansk Underground Consortium ) Bids and offers in the Platts Market on Close assessment reflect Delivery into ports other than Rotterdam: Other reasonable loading FOB Fredericia. a “buyer’s acceptable” standard. Offers may be made either on a delivery ports within NWE may be nominated, with the buyer named vessel or on a buyer’s acceptable basis. If a seller offers covering all reasonable incremental delivery costs. Platts may North Sea Basket: This is a straight average of the assessed on a named vessel, than a buyer can lift that cargo subject to normalize bids and offers for ports other than Rotterdam. value of Dated Brent/Ninian Blend, Forties, Oseberg, Ekofisk and vessel approval and, if rejected for a viable reason, the deal will Troll. not be finalized.

We st Africa CONTRACT DELIVERY Assessment CODE Mavg Pavg Wavg LOCATION MIN SIZE MAX SIZE CURRENCY UOMCONV BASIS PERIOD

NIGERA Bonny Light PCAIC00 PCAIF03 FOB Bonny Terminal 25-55 days 950,000 950,000 US $ Barrels Bonny Light vs 30-60 day Dated Brent Strip AAGXL00 AAGXM00 FOB Bonny Terminal 25-55 days 950,000 950,000 US $ Barrels Qua Iboe PCAID00 PCAIG03 FOB Qua Iboe Terminal 25-55 days 950,000 950,000 US $ Barrels Qua Iboe vs 30-60 day Dated Brent Strip AAGXN00 AAGXO00 FOB Qua Iboe Terminal 25-55 days 950,000 950,000 US $ Barrels Brass River AAEJB00 AAEJC00 FOB Brass River Terminal 25-55 days 950,000 950,000 US $ Barrels Brass River vs 30-60 day Dated Brent Strip AAGXV00 AAGXW00 FOB Brass River Terminal 25-55 days 950,000 950,000 US $ Barrels Escravos AAEIZ00 AAEJA00 FOB Escravos Terminal 25-55 days 950,000 950,000 US $ Barrels Escravos vs 30-60 day Dated Brent Strip AAGXR00 AAGXS00 FOB Escravos Terminal 25-55 days 950,000 950,000 US $ Barrels Forcados PCABC00 PCABC03 FOB Forcados Terminal 25-55 days 950,000 950,000 US $ Barrels Forcados vs 30-60 day Dated Brent Strip AAGXP00 AAGXQ00 FOB Forcados Terminal 25-55 days 950,000 950,000 US $ Barrels Agbami AAQZB00 AAQZB03 FOB Agbami FPSO 25-55 days 975,000 975,000 US $ Barrels Agbami vs 30-60 day Dated Brent Strip AAQZC00 AAQZC03 FOB Agbami FPSO 25-55 days 975,000 975,000 US $ Barrels Akpo PCNGA00 PCNGA03 FOB Akpo FPSO 25-55 days 1,000,000 1,000,000 US $ Barrels Akpo vs 30-60 day Dated Brent Strip PCNGB00 PCNGB03 FOB Akpo FPSO 25-55 days 1,000,000 1,000,000 US $ Barrels Bonga PCNGC00 PCNGC03 FOB Bonga FPSO 25-55 days 975,000 975,000 US $ Barrels Bonga vs 30-60 day Dated Brent Strip PCNGD00 PCNGD03 FOB Bonga FPSO 25-55 days 975,000 975,000 US $ Barrels Usan AAXUQ00 AAXUQ03 FOB Usan FPSO 25-55 days 950,000 950,000 US $ Barrels Usan vs 30-60 day Dated Brent Strip AAXUR00 AAXUR03 FOB Usan FPSO 25-55 days 950,000 950,000 US $ Barrels Erha AAXUO00 AAXUO03 FOB Erha FPSO 25-55 days 950,000 950,000 US $ Barrels Erha vs 30-60 day Dated Brent Strip AAXUP00 AAXUP03 FOB Erha FPSO 25-55 days 950,000 950,000 US $ Barrels

ANGOLA Cabinda PCAFD00 PCAFD03 FOB Malongo Terminal 25-55 days 950,000 950,000 US $ Barrels Cabinda vs 30-60 day Dated Brent Strip AAGXT00 AAGXU00 FOB Malongo Terminal 25-55 days 950,000 950,000 US $ Barrels Nemba AAQYZ00 AAQYZ03 FOB Malongo Terminal 25-55 days 950,000 950,000 US $ Barrels Nemba vs 30-60 day Dated Brent Strip AAQZA00 AAQZA03 FOB Malongo Terminal 25-55 days 950,000 950,000 US $ Barrels Girassol AASNL00 AASNL03 FOB Girassol FPSO 25-55 days 1,000,000 1,000,000 US $ Barrels Girassol vs 30-60 day Dated Brent Strip AASJD00 AASJD03 FOB Girassol FPSO 25-55 days 1,000,000 1,000,000 US $ Barrels Hungo AASLJ00 AASLJ03 FOB Kizomba A FPSO 25-55 days 950,000 950,000 US $ Barrels Hungo vs 30-60 day Dated Brent Strip AASJF00 AASJF03 FOB Kizomba A FPSO 25-55 days 950,000 950,000 US $ Barrels Kissanje AASLK00 AASLK03 FOB Kizomba B FPSO 25-55 days 950,000 950,000 US $ Barrels Kissanje vs 30-60 day Dated Brent Strip AASJE00 AASJE03 FOB Kizomba B FPSO 25-55 days 950,000 950,000 US $ Barrels Dalia AAQYX00 AAQYX03 FOB Dalia FPSO 25-55 days 950,000 950,000 US $ Barrels Dalia vs 30-60 day Dated Brent Strip AAQYY00 AAQYY03 FOB Dalia FPSO 25-55 days 950,000 950,000 US $ Barrels Pazflor PCNGG00 PCNGG03 FOB Pazflor FPSO 25-55 days 950,000 950,000 US $ Barrels Pazflor vs 30-60 day Dated Brent Strip PCNGH00 PCNGH03 FOB Pazflor FPSO 25-55 days 950,000 950,000 US $ Barrels Plutonio PCNGI00 PCNGI03 FOB Greater Plutonio FPSO 25-55 days 950,000 950,000 US $ Barrels Plutonio vs 30-60 day Dated Brent Strip PCNGJ00 PCNGJ03 FOB Greater Plutonio FPSO 25-55 days 950,000 950,000 US $ Barrels

We st Africa CONTRACT DELIVERY Assessment CODE Mavg Pavg Wavg LOCATION MIN SIZE MAX SIZE CURRENCY UOMCONV BASIS PERIOD

REGIONAL WEST AFRICA Djeno PCNGE00 PCNGE03 FOB Djeno Terminal 25-55 days 920,000 920,000 US $ Barrels Djeno vs 30-60 day Dated Brent Strip PCNGF00 PCNGF03 FOB Djeno Terminal 25-55 days 920,000 920,000 US $ Barrels Jubilee AAXUS00 AAXUS03 FOB FPSO Kwame Nkrumah 25-55 days 950,000 950,000 US $ Barrels Jubilee vs 30-60 day Dated Brent Strip AAXUT00 AAXUT03 FOB FPSO Kwame Nkrumah 25-55 days 950,000 950,000 US $ Barrels Doba AAXUU00 AAXUU03 FOB Kome Kribi FSO 25-55 days 950,000 950,000 US $ Barrels Doba vs 30-60 day Dated Brent Strip AAXUV00 AAXUV03 FOB Kome Kribi FSO 25-55 days 950,000 950,000 US $ Barrels

West Africa NIGERIA TOGO BENIN Brass River Forcados Gravity 40.1 API | Sulfur 0.18% Platts assesses West African crude grades loading 25-55 days GHANA Gravity 31.5 API | Sulfur 0.22% after date of publication. Platts assessments reflect standard Escravos Bonny Light Gravity 32.4 API | Sulfur 0.17% Gravity 32.9 API | Sulfur 0.16% Suezmax cargoes of each individual grade. Both part cargoes CENTRAL Erha AFRICAN REP. and combined cargoes may also be taken into account in the 0 Gravity 35.4 API | Sulfur 0.17% Qua Iboe Jubilee Gravity 37.6 API | Sulfur 0.11% assessment process, but will be normalized back to a standard Gravity 36.8 API | Sulfur 0.29% Bonga CAMEROON Suezmax size. Gravity 29.4 API | Sulfur 0.25% IVORY COAST Usan Agbami Gravity 29.9 API | Sulfur 0.27% Gravity 47.88 API | Sulfur 0.04% Nigerian Assessments Doba Akpo Gravity 25.8 API | Sulfur 0.09% Qua Iboe: Platts assesses Qua Iboe cargoes loading FOB the Qua Gravity 45.8 API | Sulfur 0.07% Iboe Terminal. The standard cargo size is 950,000 barrels. EQ. GUINEA Bonny Light: Platts assesses Bonny Light cargoes loading FOB the Bonny Terminal. The standard cargo size is 950,000 barrels. SÃO TOMÉ AND PRINCIPE AFRICA EQUATOR Brass River: Platts assesses Brass River loading FOB from the Brass River Terminal. Cargo sizes vary, but Platts assessments GABON reflect a standard Suezmax cargo size of 950,000 barrels.

Escravos: Platts assesses Escravos loading FOB from the Escravos Terminal. The standard cargo size is 950,000 barrels. ATLANTIC OCEAN Forcados: Platts assesses Forcados loading FOB from the CONGO Forcados Terminal. Cargo sizes vary, but Platts assessments reflect a standard Suezmax cargo size of 950,000 barrels. Cabinda Djeno Gravity 32.2 API | Sulfur 0.15% Gravity 27.6 API | Sulfur 0.34% Nemba Agbami: Platts assesses Agbami loading FOB from the Agbami Gravity 37 API | Sulfur 0.28% DEM. REP. CONGO FPSO. The standard cargo size is 975,000 barrels. Hungo Sulfur content Gravity 29.4 API | Sulfur 0.59% Sour Sweet Kissanje Akpo: Platts assesses Akpo loading FOB from the Akpo FPSO. Gravity >= 0.5% < 0.5% Gravity 30.3 API | Sulfur 0.36% Pazflor The standard cargo size is 1 million barrels. Heavy 0 to 22.3 Gravity 25.8 API | Sulfur 0.43% Girassol Medium 22.4 to 31.1 Gravity 30.2 API | Sulfur 0.34% Bonga: Platts assesses Bonga loading FOB from the Bonga Light 31.2 and higher Dalia Plutonio Terminal. The standard cargo size is 950,000 barrels. Gravity 23 API | Sulfur 0.51% Gravity 33.2 API | Sulfur 0.37%

Usan: Platts assesses Usan loading FOB from the Usan FPSO. 0 100 mi ANGOLA 10 10 E

The standard cargo size is 1 million barrels. Source: Platts

Erha: Platts assesses Erha loading FOB from the Erha FPSO. The Hungo: Platts assesses Hungo loading FOB from the Kizomba A W AF Regional Assessments standard cargo size is 950,000 barrels. FPSO. The standard cargo size is 950,000 barrels. Djeno: Platts assesses Djeno loading FOB from the Djeno Kissanje: Platts assesses Kissanje loading FOB from the Terminal in the Republic of the Congo. The standard cargo size is Angolan Assessments Kizomba B FPSO. The standard cargo size is 950,000 barrels. 920,000 barrels. Cabinda: Platts assesses Cabinda loading FOB from the Malongo Terminal. The standard cargo size is 950,000 barrels. Dalia: Platts assesses Dalia loading FOB from the Dalia FPSO. Doba: Platts assesses Doba loading FOB from the Kome-Kribi The standard cargo size is 950,000 barrels. FSO in Cameroon, though the crude is produced in Chad. The Nemba: Platts assesses Nemba loading FOB from the Malongo standard cargo size is 950,000 barrels. Terminal. Cargo sizes vary, but Platts assessments reflect a Pazflor: Platts assesses Pazflor loading FOB from the Pazflor standard Suezmax cargo size of 950,000 barrels. FPSO. The standard cargo size is 950,000 barrels. Jubilee: Platts assesses Jubilee loading FOB from the Kwame Nkrumah FPSO in Ghana. The standard cargo size is 950,000 Girassol: Platts assesses Girassol loading FOB from the Girassol Plutonio: Platts assesses Plutonio loading FOB from the Greater barrels. FPSO. The standard cargo size is 1 million barrels. Plutonio FPSO. The standard cargo size is 1 million barrels.

Urals and Mediterranean DELIVERY Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION MIN SIZE MAX SIZE CURRENCY UOMCONV PERIOD

URALS Urals CIF Rotterdam (ex-Primorsk) PCAFW00 PCAFW03 CIF Rotterdam 10-25 days 100 kt 100 kt US $ Barrels Urals CIF Rotterdam vs Med Dated Brent Strip (ex-Primorsk) AAGXJ00 AAGXK00 CIF Rotterdam 10-25 days 100 kt 100 kt US $ Barrels Urals FOB Primorsk AAWVH00 AAWVH03 FOB Primorsk 10-25 days 100 kt 100 kt US $ Barrels Urals FOB Primorsk vs Med Dated Brent Strip AAWVI00 AAWVI03 FOB Primorsk 10-25 days 100 kt 100 kt US $ Barrels Urals FOB Baltic AAGZT00 AAJHX00 FOB Baltic Ports 10-25 days 100 kt 100 kt US $ Barrels Urals FOB Baltic vs Med Dated Brent Strip AAHPI00 AAJID00 FOB Baltic Ports 10-25 days 100 kt 100 kt US $ Barrels Urals CIF Augusta (ex-Novorossiysk) PCACE00 PCACE03 CIF Augusta 10-25 days 80 kt 80 kt US $ Barrels UralsCIF Augusta vs Med Dated Brent Strip (ex-Novorossiysk) AAGXX00 CIF Augusta 10-25 days 80 kt 80 kt US $ Barrels Urals FOB Novorossiysk Suezmax AAGZS00 AAJHV00 FOB Novorossiysk 10-25 days 140 kt 140 kt US $ Barrels Urals FOB Novorossiysk Suezmax vs Med Dated Brent Strip AAHPH00 AAJIC00 FOB Novorossiysk 10-25 days 140 kt 140 kt US $ Barrels Urals FOB Novorossiysk Aframax AAOTH00 AAOTH03 FOB Novorossiysk 10-25 days 80 kt 80 kt US $ Barrels Urals FOB Novorossiysk Aframax vs Med Dated Brent Strip AAOTI00 AAOTI03 FOB Novorossiysk 10-25 days 80 kt 80 kt US $ Barrels Urals RCMB (Recombined) AALIN00 AALIO00 CIF Augusta 10-25 days 80 kt 80 kt US $ Barrels Urals CIF Augusta Euro AAPYS00 AAPYS03 CIF Augusta 10-25 days 80 kt 80 kt Euro Barrels

CPC BLEND CPC Blend CIF AAGZU00 AAJHY00 CIF Augusta 10-25 days 85 kt 85 kt US $ Barrels CPC Blend CIF vs Med Dated Brent Strip AAHPL00 AAJIF00 CIF Augusta 10-25 days 85 kt 85 kt US $ Barrels CPC Blend FOB Suezmax AALVX00 AALVY00 FOB CPC Terminal 10-25 days 140 kt 140 kt US $ Barrels CPC Blend FOB Suezmax vs Med Dated Brent Strip AALVZ00 AALWC00 FOB CPC Terminal 10-25 days 140 kt 140 kt US $ Barrels CPC FOB Aframax AAOFV00 AAOFV03 FOB CPC Terminal 10-25 days 85 kt 85 kt US $ Barrels CPC FOB Aframax vs Med Dated Brent Strip AAOFW00 AAOFW03 FOB CPC Terminal 10-25 days 85 kt 85 kt US $ Barrels

AZERI LIGHT Azeri Light CIF AAGZX00 AAJIA00 CIF Augusta 10-30 days 650,000 650,000 US $ Barrels Azeri Light CIF vs BTC Dated Brent Strip AAHPM00 AAJIG00 CIF Augusta 10-30 days 650,000 650,000 US $ Barrels Azeri Light FOB Supsa AATHM00 AATHM03 FOB Supsa 10-30 days 650,000 650,000 US $ Barrels Azeri Light FOB Supsa vs BTC Dated Brent Strip AATHN00 AATHN03 FOB Supsa 10-30 days 650,000 650,000 US $ Barrels Azeri Light FOB Ceyhan Suezmax AAUFM00 AAUFM03 FOB Ceyhan 10-30 days 1,000,000 1,000,000 US $ Barrels Azeri Light FOB Ceyhan Suezmax vs BTC Dated Brent Strip AAUFN00 AAUFN03 FOB Ceyhan 10-30 days 1,000,000 1,000,000 US $ Barrels Azeri Light FOB Ceyhan Aframax AAUFK00 AAUFK03 FOB Ceyhan 10-30 days 650,000 650,000 US $ Barrels Azeri Light FOB Ceyhan Aframax vs BTC Dated Brent Strip AAUFL00 AAUFL03 FOB Ceyhan 10-30 days 650,000 650,000 US $ Barrels BTC FOB Ceyhan AAUFH00 AAUFH03 FOB Ceyhan 10-30 days 650,000 1,000,000 US $ Barrels BTC FOB Ceyhan vs BTC Dated Brent Strip AAUFJ00 AAUFJ03 FOB Ceyhan 10-30 days 650,000 1,000,000 US $ Barrels

Urals and Mediterranean DELIVERY Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION MIN SIZE MAX SIZE CURRENCY UOMCONV PERIOD

REGIONAL BLACK SEA AND MEDITERRANEAN CRUDES Siberian Light CIF AAGZW00 AAJHZ00 CIF Augusta 10-25 days 80 kt 80 kt US $ Barrels Siberian Light CIF vs Med Dated Brent Strip AAHPK00 AAJIE00 CIF Augusta 10-25 days 80 kt 80 kt US $ Barrels ESPO FOB Kozmino (London Close) AARWD00 AARWD03 FOB Kozmino 15-45 days 80 kt 140 kt US $ Barrels ESPO FOB Kozmino vs 15-45 day Dated Brent Strip (London AARWE00 AARWE03 FOB Kozmino 15-45 days 80 kt 140 kt US $ Barrels Close) Saharan Blend AAGZY00 AAJIB00 FOB Algeria 10-25 days 600,000 600,000 US $ Barrels Saharan Blend vs Med Dated Brent Strip AAHPN00 AAJIH00 FOB Algeria 10-25 days 600,000 600,000 US $ Barrels Es Sider PCACO00 PCACO03 FOB Es Sider 10-25 days 600,000 600,000 US $ Barrels Es Sider vs Med Dated Brent Strip AAGYH00 AAGYI00 FOB Es Sider 10-25 days 600,000 600,000 US $ Barrels Kirkuk AAEJD00 AAEJG00 FOB Ceyhan 10-25 days 600,000 1,000,000 US $ Barrels Kirkuk vs Med Dated Brent Strip AAGYF00 AAGYG00 FOB Ceyhan 10-25 days 600,000 1,000,000 US $ Barrels Iranian Light FOB Kharg Island (Med) AILKA00 AILKA03 FOB Sidi Kerir 10-25 days 600,000 600,000 US $ Barrels Iranian Light FOB Kharg Island (Med) vs Med Dated Brent Strip AILKB00 AILKB03 FOB Sidi Kerir 10-25 days 600,000 600,000 US $ Barrels Iranian Heavy FOB Kharg Island (Med) AIHKA00 AIHKA03 FOB Sidi Kerir 10-25 days 600,000 600,000 US $ Barrels Iranian Heavy FOB Kharg Island (Med) vs Med Dated Brent Strip AIHKB00 AIHKB03 FOB Sidi Kerir 10-25 days 600,000 600,000 US $ Barrels Suez Blend PCACA00 PCACA03 FOB Ras Sukheir 10-25 days 600,000 1,000,000 US $ Barrels Suez Blend vs Med Dated Brent Strip AAGYD00 AAGYE00 FOB Ras Sukheir 10-25 days 600,000 1,000,000 US $ Barrels Syrian Light FOB AAHMM00 AAJJK00 FOB Banias 10-25 days 600,000 1,000,000 US $ Barrels Syrian Light FOB vs Med Dated Brent Strip AALOU00 AAJJG00 FOB Banias 10-25 days 600,000 1,000,000 US $ Barrels Syrian Heavy FOB AAHMN00 AAJJJ00 FOB Tartous 10-25 days 600,000 1,000,000 US $ Barrels Syrian Heavy FOB vs Med Dated Brent Strip AALOV00 AAJJF00 FOB Tartous 10-25 days 600,000 1,000,000 US $ Barrels Sweet/Sour Diff Med AAGZZ00 FOB Med Basket 10-25 days US $ Barrels Sweet/Sour Diff NWE AAGZV00 CIF Rotterdam 10-25 days US $ Barrels

URALS AND MEDITERANEAN CFDS Urals Med CFD Mo1 AAMDU00 100,000 100,000 US $ Barrels Urals Med CFD Mo2 AAMEA00 100,000 100,000 US $ Barrels Urals Med CFD Mo3 UMCM003 100,000 100,000 US $ Barrels Urals NWE CFD Mo1 UNCM001 100,000 100,000 US $ Barrels Urals NWE CFD Mo2 UNCM002 100,000 100,000 US $ Barrels Urals NWE CFD Mo3 UNCM003 100,000 100,000 US $ Barrels CPC Blend CFD Mo1 AAOFX00 100,000 100,000 US $ Barrels CPC Blend CFD Mo2 AAOFY00 100,000 100,000 US $ Barrels CPC Blend CFD Mo3 AAOFZ00 100,000 100,000 US $ Barrels

E Urals and Mediterranean FINLAND Urals (Primorsk) Gravity 31.5 API | Sulfur 1.44%

Platts assesses Urals cargoes loading 10-25 days forward from Urals (Ust Luga) NORWAY Gravity 31.5 API | Sulfur 1.44% the date of publication and will consider bids, offers and trades EST. 60 N KAZAKHSTAN for cargoes scheduled to load within this range. While Urals and SWEDEN RUSSIA some Mediterranean cargoes trade on a CIF-delivered basis, LAT. market participants generally reference loading dates rather LITH. DEN. ASIA UZB. than delivery dates. Platts considers any bids or offers for a Urals (Gdansk) BELARUS minimum five-day laycan. For longer laycans, the counterpart Gravity 31.5 API | Sulfur 1.44% CPC Gravity 45.3 API | Sulfur 0.56% must narrow the laycan to five days at the time of trade. Seven Urals (FOB Novorossiysk) C a POLAND Gravity 31.3 API | Sulfur 1.36% s p clear calendar days prior to the first day of the five-day range, NETH. i a UKRAINE n U.K. Siberian Light S Gravity 35.1 API | Sulfur 0.57% e the seller must nominate the two-day loading laycan and specify a TURKM. MDA. GEO. both a load port and vessel. BELG. GERMANY CZECH REP. 50 N In the Urals, Siberian Light, CPC Blend, Azeri Light, Saharan, EUROPE HUNGARY a AUST. ROMANIA S e Azeri Light (FOB Supsa/Batumi) c k Kirkuk and Es Sider markets, Platts reflects bids, offers and l a Gravity 34.75 API | Sulfur 0.16% SWITZ. B trades that can be supplied with cargoes where all days of the FRANCE loading laycan, or all but one of these days, fit fully into the five- B.H. SERB. BULGARIA ITALY IRAN day loading window. Should a seller opt to offer or sell any cargo KOS. TURKEY not loading fully within the five-day laycan, they must cover any MKD. Kirkuk Gravity 33.9 API | Sulfur 2.26% additional costs incurred by the buyer resulting from the earlier GR. Azeri Light (FOB Ceyhan) SYRIA IRAQ or later loading. These earlier or later loading days are known as Gravity 36.55 API | Sulfur 0.15% Syrian Light SPAIN Gravity 38 API | Sulfur 0.68% “slippage days”. Syrian Heavy Gravity 23.12 API | Sulfur 4.19% M e d i t e r In the Urals CIF Augusta, Urals CIF Rotterdam, CPC Blend CIF r a n JORD. e a Iranian Heavy n Augusta, and Azeri Light CIF Augusta markets, Platts reflects Gravity 29.5 API | Sulfur 1.99%

Iranian Light Saharan Blend TUN. bids where buyers are willing to receive pre-loaded oil, meaning Gravity 45 API | Sulfur 0.1% S e a Gravity 33.4 API | Sulfur 1.36% a cargo which has loaded before the dates being bid. Platts does SAUDI ARABIA not reflect offers of pre-loaded oil. Sellers may supply a cargo Suez Blend Gravity 31.3 API | Sulfur 1.41% that has loaded prior to the specific dates being bid, provided Es Sider ALGERIA Gravity 36.71 API | Sulfur 0.37% it meets all other Platts guidelines and the seller covers any Sulfur content additional costs incurred by the buyer. However, this specifically EGYPT Sour Sweet excludes oil sourced via STS or from any land-based storage Gravity >= 0.5% < 0.5% LIBYA other than the original loading terminal. All deals done on Heavy 0 to 22.3 this basis price as if the Bill of Lading were the first day of the Medium 22.4 to 31.1 AFRICA originally bid five-day loading range. Slippage days do not apply Light 31.2 and higher to pre-loaded oil sales. SUDAN 0 200 mi ERITREA CHAD If a seller is delivering a pre-loaded cargo, title and risk pass to Source:MALI Platts NIGER

the buyer at 00.01 Moscow time on the first day of the originally Primorsk and Ust-Luga are delivered to ports within the Baltic Offers may be made into a specific location or to meet a broad bid five-day laycan. region including, but not limited to, Brofjorden, Butinge, Gdansk, area. CIF offers may be made with a named or unnamed ship. Gothenberg, Porvoo and Rostock. These options, while common, The implied set conditions for a CIF offer include: Platts guidelines maintain that buyers should not be harmed are not considered as standard in the Urals market in NWE. by higher freight and demurrage rates stemming from vessels Further, Platts also recognizes that cargoes loaded in the Baltic Up front conditions Conditions to be met chartered earlier than the “natural fixing window” for a given Sea are often delivered to ports in the west Mediterranean. This Name of Ship Buyer to determine if ship is acceptable to its vetting department. For assessment laycan. Using feedback gathered from the industry, Platts has option, while common, is also not considered as standard in purposes, editors will review quality of vessel determined that the “natural fixing window” is between 14 and the Urals market in NWE. Platts may normalize any indications to determine if it should be considered in the 16 days prior to the first day of the originally bid five-day loading including non-standard options.As of January 3 2017, Platts assessment process. range. only reflects loadings from Primorsk, Ust-Luga and Gdansk in Unnamed ship Seller has the responsibility to meet the reasonable vetting requirements of a typical the Baltic Sea, and Novorossiisk in the Black Sea in its CIF Urals market participant in that region. The seller is If no mutual agreement is reached between counterparties for assessments. entitled to substitute the vessel with another freight deviation costs, Platts expects them to use the three-day meeting the same vetting requirement at any average of the Black Sea-Mediterranean 80,000 mt Aframax Platts considers offers that include a named vessel, which may reasonable time before delivery of the cargo. assessment published in Platts Dirty Tankerwire 14 to 16 days be lifted by buyers “subject to vessel approval”. In the event a prior to the first day of the original five-day loading range for all named vessel is rejected by ship vetting, then the deal will not Urals Rotterdam (CIF Rotterdam): The Platts CIF Rotterdam CIF Augusta markets and the three-day average of the Baltic Sea be finalized. For assessment purposes, in the event a vessel is Urals assessment reflects cargoes of typical Primorsk quality Northwest Europe 100,000 mt Aframax assessment for Urals CIF rejected by a buyer, Platts may reconsider whether the indication loading from the Baltic Sea ports of Primorsk and Ust-Luga for Rotterdam trades. should be subsequently included in the Platts assessment delivery into Rotterdam/Netherlands. Ust-Luga cargoes may be process. subject to normalization in the event of any substantial deviation As such, the lower of either the charterparty or the “natural fixing in quality from Urals loading out of Primorsk. Cargoes loading window” for each crude should be used to determine the cost of Platts reflects typical loading sizes in its Urals and from the Baltic Sea port of Gdansk are also taken in to account deviation. Similarly, buyers should not be harmed by demurrage Mediterranean crude oil assessments, which may vary from one on a CIF Rotterdam/Netherlands basis, but may also be subject incurred by the vessel charterer due to the earlier shipment date grade and one loading port to another. Typical loading sizes may to normalization to Primorsk quality. Bids and offers specifying in pre-loaded oil transactions. Demurrage should be relevant to also be subject to change over time, and Platts will review and, exclusive Baltic Sea-delivery are not considered. Most Urals the first day of the originally bid five-day loading range. if necessary, revise the cargo sizes reflected in its assessments. cargoes loading out of the Baltic Sea are 100,000 mt, which is In the event of any change of this nature, Platts will consult with the standard Platts reflects. However, variable cargoes may be If a seller is delivering a pre-loaded cargo, then seven days and advise the industry accordingly. considered in the assessment process, but will be normalized prior to the first day of the laycan, the seller must declare this back to the standard 100,000 mt. Cargoes delivered into other and the laycan will be deemed the first two days of the original The implied set conditions for a CIF bid include: ports in Northwest Europe can be considered in the assessment five-day bid. The seller must also specify at least seven days in process, with any additional freight costs taken into account. advance the name of the ship, the loading port and when the Up front conditions Conditions to be met The standard pricing period for Baltic Sea Urals cargoes is either cargo loaded. Slippage days do not apply in the event a seller is Name of the buyer Ship must meet vetting conditions of a three or five days after bill of lading, though cargoes pricing on reasonable buyer. electing to deliver a previously-loaded cargo. a non-standard basis may be included and normalized back to Volume Volume delivered must match volume requested plus/minus normal tolerances. market standard. In the Urals CIF Rotterdam market, Platts considers bids, Port Ship must meet physical limitations of port, offers and trades for any crude cargoes including provisions eg. Draft, beam etc. Ship must also meet Urals Mediterranean (CIF Augusta): The Platts CIF Augusta conditions set by country of destination. for short-options within the Baltic Sea. Platts recognizes that Urals assessment reflects cargoes of typical Novorossiysk a proportion of Urals cargoes loaded at the Baltic Sea ports of quality, though any Urals cargoes loading out of other Black Sea

ports may be considered in the assessment and normalized season is reflected in the daily Worldscale rate. pricing on a different basis may be included but may be adjusted back to Novorossiysk quality. The assessment is basis CIF back to market standard. Augusta/Sicily/Italy, though cargoes delivered into other ports Urals ex-Primorsk (FOB): The Urals ex-Primorsk FOB in the Mediterranean may also be considered with freight assessment reflects Urals cargoes of 100,000 mt loading Azeri Light (BTC CIF Augusta): The assessment reflects 650,000 costs taken in to account. Bids and offers specifying exclusive exclusively out of the Baltic Sea port of Primorsk. This barrel cargoes of Azeri Light loading at the Turkish port of Black Sea delivery are not considered. The Platts Urals CIF Med assessment is a freight calculation derived from the CIF Ceyhan for delivery into the Mediterranean. Azeri Light cargoes assessment reflects cargoes of 80,000 mt, though cargoes of up Rotterdam Urals assessment using Platts spot freight loading from both Ceyhan and the Black Sea port of Supsa may to 140,000 mt can be included in the Platts assessment process, assessments published daily in the Dirty Tankerwire. The Ice be included in this assessment, with Supsa volume adjusted but will be normalized back to 80,000 mt. The standard pricing class premium added to vessel costs throughout the winter back to Ceyhan quality. While the basis is CIF Augusta/Sicily/ period for Urals CIF Augusta cargoes is either three or five days season is reflected in the daily Worldscale rate. Italy, cargoes delivered to other ports in the Mediterranean after bill of lading. Cargoes pricing on a non-standard basis may will also be considered with freight costs taken into account. be included in the assessment, but subject to normalization Urals “Recombined” (RCMB) CIF Augusta: This daily assessment Cargoes for exclusive delivery within the Black Sea are not taken back to market standard. is an outright price for Urals CIF Augusta which does not take into account. The typical pricing period for cargoes is either into account backwardation or contango. This price is produced three or five days after bill of lading, though cargoes pricing on Urals FOB Novorossiysk Suezmax: The Urals FOB Novorossiysk by adding or subtracting the prevailing market differential for a different basis may be included with an adjustment back to Suezmax assessment represents 140,000 mt cargoes trading CIF Augusta Urals relative to the daily Dated Brent assessment. market standard pricing. FOB at the Black Sea port of Novorossiysk. This assessment No further adjustments are made. This assessment is published is a freight calculation derived from the CIF Augusta Urals as an outright price only. The differential is assessed according Azeri Light FOB Supsa: The assessment reflects 650,000 assessment using Platts spot freight assessments as published to the methodology highlighted in the Urals CIF Augusta barrel cargoes loading from the Black Sea port of Supsa. This in the Dirty Tankerwire, in addition to calculated delay and assessment above. assessment is a freight calculation derived from the CIF Augusta demurrage costs through the Turkish Straits. These demurrage Azeri Light assessment using Platts spot freight assessments costs are also available in the Platts Dirty Tankerwire. ESPO (FOB Kozmino): The assessment of Eastern Siberian published daily in the Dirty Tankerwire. It also takes into account Pacific Oil (ESPO) crude oil reflects cargoes loaded from Russia’s any delay and demurrage costs through the Turkish Straits, Urals FOB Novorossiysk Aframax: The Urals FOB Novorossiysk Far East port of Kozmino. Prices are assessed on an FOB basis which are also published daily in the Dirty Tankerwire. Aframax assessment represents 80,000 mt cargoes trading and reflect cargoes from 80,000 mt to 140,000 mt, normalized FOB at the Black Sea port of Novorossiysk. This assessment to a standard 100,000 mt. The Platts assessment reflects Azeri Light FOB Ceyhan Suezmax: The assessment reflects 1 is a freight calculation derived from the CIF Augusta Urals cargoes loading 15 to 45 days ahead from date of publication, million barrel cargoes of Azeri Light loading from the Turkish assessment using Platts spot freight assessments published and is adjusted to the 16:30 London close using the assessment port of Ceyhan. This assessment is a freight calculation derived daily in the Dirty Tankerwire. It also takes into account any delay published at the 16:30 Singapore close, normalized for changes from the CIF Augusta Azeri Light assessment Platts’ spot freight and demurrage costs through the Turkish Straits, which are also in outright prices over time. assessments published daily in the Dirty Tankerwire. published daily in the Dirty Tankerwire. Siberian Light (CIF Augusta): The assessment reflects 80,000 Azeri Light FOB Ceyhan Aframax: The assessment reflects Urals ex-Baltic Sea FOB: The Urals ex-Baltic Sea FOB mt cargoes of Siberian Light loading from the Black Sea port 650,000 barrel cargoes loading from the Turkish port of Ceyhan. assessment reflects 100,000 mt cargoes of Urals loading out of Novorossiysk for delivery into the Mediterranean. The This assessment is a freight calculation derived from the of the Baltic Sea ports of Primorsk, Ust-Luga and Gdansk. assessment basis is CIF Augusta/Sicily/Italy. Cargoes delivered CIF Augusta Azeri Light assessment using Platts spot freight This assessment is a freight calculation derived from the to other ports in the Mediterranean may also be considered, with assessments published daily in the Dirty Tankerwire. CIF Rotterdam Urals assessment using Platts spot freight freight costs taken into account. Cargoes for delivery within the assessments published daily in the Dirty Tankerwire. The Ice Black Sea are not taken into account. The typical pricing period BTC (Azeri) crude FOB Ceyhan: The assessment reflects typical class premium added to vessel costs throughout the winter for cargoes is either three or five days after bill of lading. Cargoes export grade crude from the BTC pipeline at Ceyhan - which is

currently classified as Azeri Light – independent of cargo size. Suez Blend (FOB Ras Sukheir): The assessment reflects 600,000 Iranian crudes in relation to the monthly OSP released by This assessment is a freight calculation derived from the CIF barrel to 1 million barrel cargoes of Egypt’s Suez Blend crude NIOC. Because these OSPs are published relative to ICE’s Augusta Azeri Light assessment. Platts uses the average of sold Brent-related FOB from Ras Sukheir. In periods of spot- BWAVE, Platts uses Dated to Frontline (DFL) swaps to bring the freight rates of a 650,000 barrel cargo (standard Aframax) and a market illiquidity, this grade is assessed relative to the CIF assessment back in line with Dated Brent. 1 million barrel cargo (standard Suezmax) to provide a guide for Augusta Urals assessment with relevant freight and pipeline the FOB level, using Platts spot freight assessments in the Dirty costs taken into account. Saharan Blend (FOB): The assessment reflects 600,000 barrel Tankerwire report. cargoes of Saharan Blend loading FOB from the Algerian ports Es Sider (FOB Es Sider): The assessment reflects 600,000 Skikda and Arzew. Larger cargoes may be considered in the CPC Blend (CIF Augusta): The assessment reflects 85,000 barrel cargoes of Es Sider crude oil loading FOB from the Libyan assessment, but will be normalized back to 600,000 barrels. The mt cargoes loading from the Black Sea CPC Terminal north of port of the same name for delivery into the Mediterranean. In typical pricing period for cargoes is either three of five days after Novorossiysk for delivery into the Mediterranean. The Platts CPC periods of spot market illiquidity, Es Sider is assessed relative bill of lading, though cargoes pricing on a different basis may be Blend CIF Augusta assessment reflects cargoes between 80,000 to CIF Augusta Azeri Light, with relevant freight costs taken into included with the pricing period taken into account. mt and 140,000 mt, normalized back to the 85,000 mt standard. account. The assessment basis is CIF Augusta/ Sicily/Italy, though Syrian Light (FOB): The assessment reflects cargoes of between cargoes delivered to other ports in the Mediterranean may also Kirkuk (FOB Ceyhan): This assessment reflects Iraqi Kirkuk 600,000 barrels and 1 million barrels loading FOB out of the be considered with freight costs taken into account. Cargoes crude loading at Ceyhan in Turkey. Prices are assessed on an Syrian port of Banias. In periods of spot market illiquidity, the for exclusive delivery within the Black Sea are not taken into FOB basis. The typical cargo size is 600,000 barrels but cargoes price of Syrian Light will be valued as a differential to the CIF account. The typical pricing period for cargoes is either three or of up to 1million barrels may be used in the assessment. The Augusta Azeri Light assessment with relevant freight costs taken five days after bill of lading. Cargoes pricing on a different basis typical pricing period for cargoes is either three or five days into account. can be included with the pricing period adjusted back to market after bill of lading. Cargoes pricing on a different basis can standard. be included with the pricing period taken into account. This Syrian Heavy (Souedie): The assessment reflects cargoes of assessment only includes cargoes of Iraqi Kirkuk crude, and between 600,000 barrels and 1 million barrels loading FOB out CPC Blend FOB Suezmax: The assessment reflects 140,000 does not factor in cargoes of KBT also loading from the Botas of the Syrian port of Tartous. In periods of spot-market illiquidity, mt cargoes of CPC Blend crude oil loading from the CPC Blend terminal at Ceyhan. the price of Syrian Heavy will be valued as a differential to the export terminal north of Novorossiysk in the Black Sea. This CIF Augusta Urals assessment with relevant freight costs taken assessment is a freight calculation derived from the CIF Augusta Iran Light FOB Kharg Island (Med): The assessment reflects into account. CPC Blend assessment using Platts spot freight assessments 600,000 barrel cargoes loading FOB from the Iranian port of published daily in the Dirty Tankerwire. It also takes into account Kharg Island for delivery into the Mediterranean. In the absence Urals and Mediterranean Crude Netback Calculations any delay and demurrage costs through the Turkish Straits, also of any spot market information, Platts may assess Iranian available daily in the Dirty Tankerwire. crudes in relation to their monthly Official Selling Prices (OSPs), Effective January 2, 2019, Platts will use the following as released by the National Iranian Oil Company (NIOC). Because Worldscale flat rates per metric ton for its crude oil FOB CPC Blend FOB Aframax: The assessment reflects 85,000 mt these OSPs are published relative the ICE’s Brent weighted Mediterranean and Northwest Europe spot assessments. Rates cargoes of CPC Blend crude oil loading from the CPC Blend average (BWAVE), Platts uses Dated to Frontline (DFL) swaps to to Augusta from: Novorossiisk CPC terminal $8.00, Novorossiisk export terminal north of Novorossiysk in the Black Sea. This bring the assessment back in line with Dated Brent. $8.00, Supsa $7.47, Es Sider $4.20, Skikda $5.66, Ceyhan assessment is a freight calculation derived from the CIF Augusta $6.71, Banias $5.79, Tartous $5.80, Sidi Kerir $4.88, Rotterdam CPC Blend assessment using Platts spot freight assessments Iran Heavy FOB Kharg Island (Med): The assessment reflects from Primorsk $8.72, Rotterdam from Baltics ports (basket of published daily in the Dirty Tankerwire. It also takes into account 600,000 barrel cargoes of Iranian Heavy loading FOB from the Ust-Luga $8.77, Primorsk $8.72 and Gdansk $7.65) $8.38. The any delay and demurrage costs through the Turkish Straits, Iranian port of Kharg Island for delivery into the Mediterranean. Rotterdam port charge used will be $0.12/b. which are also available daily in the Dirty Tankerwire. In the absence of spot market information, Platts may assess

publication for the CPC Blend CFD market. The CFD measures Urals and CPC Blend CFDs the differential in price between the Mediterranean Dated Urals CFDs (Contract for Difference) are a derivatives contract Strip assessment and the CPC Blend CIF Augusta outright that trades both via exchange and the brokered market. These assessment across the contractual duration of the swap. contracts trade primarily on a monthly basis, but also on a bespoke or quarterly basis. Platts assesses three full calendar Assessments are expressed as a differential. months ahead of the current date of publication for both the Urals Northwest Europe and Urals Mediterranean CFD markets. Med Sweet/Sour Index: In Northwest Europe, the CFD measures the differential in price between the Mediterranean Dated Strip assessment and the As an addition to Platts daily crude oil assessments in the Urals CIF Rotterdam outright assessment across the contractual Mediterranean, Platts calculates and publishes a Mediterranean duration of the swap. In the Mediterranean, the CFD represents crude sweet/sour index. In the calculation, Platts uses the the market differential in price between the Dated Brent following formula: the mean of CPC Blend FOB CPC Terminal vs assessment and Urals Recombined (RCMB) assessment over the Med Dtd strip, BTC FOB Ceyhan vs BTC Dtd strip, Saharan Blend contractual duration of the swap. FOB Algeria vs Med Dtd strip and Es Sider FOB Es Sider vs Med Dtd strip minus Urals FOB Novorossiysk vs Med Dtd strip. Platts assesses three full calendar months ahead of the date of

Europe Conversion Factor Sulfur (%) API Production (b/d) Country Location Operator (barrels to mt)

North Sea Crude Brent 0.40 37.5 86,000 7.52 UK Sullom Voe Enquest Forties 0.79 38.7 370,000 7.57 UK Hound Point INEOS Oseberg 0.25 37.8 96,500 7.53 Norway Sture Equinor Ekofisk 0.19 38.5 250,000 7.56 UK/Norway Teesside ConocoPhillips Statfjord 0.25 39.3 130,000 7.60 Norway Statfjord FPSO Equinor Gullfaks 0.26 37.5 150,000 7.52 Norway Gullfaks FPSO Equinor Flotta 0.98 36.2 60,000 7.46 Norway Flotta Talsiman Troll 0.14 35.9 200,000 7.44 Norway Mongstad Equinor DUC 0.25 33.5 50,000 7.34 Denmark Fredericia Maersk Grane Blend 0.64 27.5 260,000 7.07 Norway Sture Equinor Alvheim 0.17 34.9 75,000 7.40 Norway Alvheim FPSO Equinor Asgard 0.14 52 90,000 8.16 Norway Asgard FPSO Equinor

West African Crude Bonny Light 0.16 32.9 176,000 7.31 Nigeria Bonny Terminal Shell Qua Iboe 0.11 37.6 232,000 7.52 Nigeria Qua Iboe Terminal ExxonMobil Forcados 0.22 31.5 250,000 7.25 Nigeria Forcados Terminal Shell Escravos 0.17 32.4 175,000 7.29 Nigeria Escravos Terminal Chevron Brass River 0.18 40.1 105,500 7.63 Nigeria Brass River Terminal ENI Agbami 0.04 47.88 230,000 7.98 Nigeria Agbami FPSO Chevron Akpo 0.07 45.8 111,000 7.89 Nigeria Akpo FPSO Total Bonga 0.25 29.4 170,000 7.16 Nigeria Bonga FPSO Shell Erha 0.17 35.4 120,000 7.42 Nigeria Erha FPSO ExxonMobil Usan 0.27 29.9 85,500 7.18 Nigeria Usan FPSO ExxonMobil Cabinda 0.15 32.2 180,000 7.28 Angola Malongo Terminal Chevron Girassol 0.34 30.2 129,000 7.19 Angola Girassol FPSO Total Kissanje 0.36 30.3 92,500 7.20 Angola Kizomba B FPSO ExxonMobil Hungo 0.59 29.4 75,500 7.16 Angola Kizomba A FPSO ExxonMobil Nemba 0.28 37 163,000 7.49 Angola Malongo Terminal Chevron Dalia 0.51 23 200,000 6.87 Angola Dalia FPSO Total Pazflor 0.43 25.6 97,500 6.99 Angola Pazflor FPSO Total Plutonio 0.37 33.2 86,000 7.32 Angola Greater Plutonio FPSO BP Djeno 0.34 27.6 250,000 7.08 Republic of Congo Djeno Terminal Total Jubilee 0.29 36.8 75,000 7.48 Ghana Kwame Nkrumah FPSO Tullow Doba 0.09 25.8 105000 6.99 Chad Kome-Kribi Terminal COTCO

Europe Conversion Factor Sulfur (%) API Production (b/d) Country Location Operator (barrels to mt)

Urals/Mediterranean Crude Urals (ex-Novo) 1.36 31.3 420,000 7.23 Russia Russia (Novorssiisk terminal) Transneft Urals (ex-Baltics) 1.44 31.5 1,350,000 7.23 Russia Russia (Primorsk, Ust-Luga) Transneft Kirkuk 2.26 33.9 - 7.36 Iraq Turkey Botas CPC 0.56 45.3 830,000 7.80 Kazakhstan Russia (CPC terminal) TCO/KPO/KMG Azeri Light (FOB Supsa/Batumi) 0.16 34.75 85,000 7.40 Azerbaijan Georgia SOCAR (Downstream) Azeri Light (FOB Ceyhan) 0.15 36.55 700,000 7.45 Azerbaijan Turkey SOCAR (Downstream) Saharan Blend 0.1 45 450,000 7.85 Algeria Algeria Sonatrach Siberian Light 0.57 35.1 120,000 7.45 Russia Russia (Novorssiisk terminal) Transneft Es Sider 0.37 36.71 250,000 7.48 Libya Libya NOC Libya Syrian Heavy 4.19 23.12 - 6.88 Syria Syria SNOC Syrian Light 0.68 38 - 7.54 Syria Syria SNOC Suez Blend 1.41 31.3 - 7.24 Egypt Egypt BP/EGPC Iranian Heavy 1.99 29.5 - 7.16 Iran Egypt NIOC Iranian Light 1.36 33.4 - 7.33 Iran Egypt NIOC ESPO 0.5 34.7 500,000 7.39 Russia Russia (Kozmino terminal) Transneft

Persian Gulf CONTRACT DELIVERY Assessment CODE Mavg Pavg Wavg LOCATION MIN SIZE MAX SIZE CURRENCY UOMCONV BASIS PERIOD

DUBAI, OMAN AND UPPER ZAKUM Dubai M1 PCAAT00 PCAAT03 FOB Fateh M+2 25,000 500,000 US $ Barrels Dubai M2 PCAAU00 PCAAU03 FOB Fateh M+3 25,000 500,000 US $ Barrels Dubai M3 PCAAV00 PCAAV03 FOB Fateh M+4 25,000 500,000 US $ Barrels MEC M1 AAWSA00 AAWSA03 FOB Fateh M+2 25,000 500,000 US $ Barrels MEC M2 AAWSB00 AAWSB03 FOB Fateh M+3 25,000 500,000 US $ Barrels MEC M3 AAWSC00 AAWSC03 FOB Fateh M+4 25,000 500,000 US $ Barrels Upper Zakum AAOUQ00 AAOUQ03 FOB M+2 25,000 500,000 US $ Barrels Upper Zakum vs OSP AAOUR00 AAOUR03 FOB M+2 25,000 500,000 US $ Barrels Brent/Dubai AAJMS00 US $ Barrels Oman M1 PCABS00 FOB Mina Al Fahal M+2 25,000 500,000 US $ Barrels Oman M2 AAHZF00 FOB Mina Al Fahal M+3 25,000 500,000 US $ Barrels Oman M3 AAHZH00 FOB Mina Al Fahal M+4 25,000 500,000 US $ Barrels Oman M1 vs OSP PCABT00 FOB Mina Al Fahal M+2 25,000 500,000 US $ Barrels Murban M1 AAKNL00 AAKNM00 FOB Abu Dhabi M+2 25,000 500,000 US $ Barrels Murban M2 MBNSA00 MBNSA03 FOB Abu Dhabi M+3 25,000 500,000 US $ Barrels Murban M3 MBNSB00 MBNSB03 FOB Abu Dhabi M+4 25,000 500,000 US $ Barrels Murban M1 vs OSP AAKUB00 AAKUC00 FOB Abu Dhabi M+2 25,000 500,000 US $ Barrels Murban M1 vs Dubai AARBZ00 AARBZ03 FOB Abu Dhabi M+2 25,000 500,000 US $ Barrels Murban QP AAISV00 M+2 US $ Barrels Al Shaheen AAPEV00 AAPEV03 FOB Qatar M+2 25,000 500,000 US $ Barrels Al Shaheen vs Dubai AAPEW00 AAPEW03 FOB Qatar M+2 25,000 500,000 US $ Barrels

OTHER PERSIAN GULF CRUDES Das Blend AAXOF00 AAXOF03 FOB Abu Dhabi M+2 500,000 500,000 US $ Barrels Das Blend vs OSP AAXPF00 AAXPF03 FOB Abu Dhabi M+2 500,000 500,000 US $ Barrels Qatar Land AAKNP00 AAKNQ00 FOB Qatar M+2 500,000 500,000 US $ Barrels Qatar Land vs OSP AAKUJ00 AAKUK00 FOB Qatar M+2 500,000 500,000 US $ Barrels Qatar Marine AAKNR00 AAKNS00 FOB Qatar M+2 500,000 500,000 US $ Barrels Qatar Marine vs OSP AAKUH00 AAKUI00 FOB Qatar M+2 500,000 500,000 US $ Barrels Banoco AAKNT00 AAKNU00 FOB Bahrain M+2 500,000 500,000 US $ Barrels Banoco vs OSP AAKUD00 AAKUE00 FOB Bahrain M+2 500,000 500,000 US $ Barrels DFC (Asia close) ADFCA00 ADFCA03 FOB Qatar M+2 500,000 500,000 US $ Barrels DFC (London close) ADFCD00 ADFCD03 FOB Qatar M+2 500,000 500,000 US $ Barrels DFC vs. Dated Brent ADFCC00 ADFCC03 FOB Qatar M+2 500,000 500,000 US $ Barrels DFC vs. Dubai ADFCB00 ADFCB03 FOB Qatar M+2 500,000 500,000 US $ Barrels Qatar LSC (Asia close) AARBB00 AARBB03 FOB Ras Laffan M+2 500,000 500,000 US $ Barrels

Persian Gulf CONTRACT DELIVERY Assessment CODE Mavg Pavg Wavg LOCATION MIN SIZE MAX SIZE CURRENCY UOMCONV BASIS PERIOD Qatar LSC (London close) AARBA00 AARBA03 FOB Ras Laffan M+2 500,000 500,000 US $ Barrels Qatar LSC vs Dated Brent AARBC00 AARBC03 FOB Ras Laffan M+2 500,000 500,000 US $ Barrels Qatar LSC vs Dubai AARBD00 AARBD03 FOB Ras Laffan M+2 500,000 500,000 US $ Barrels South Pars (Asia close) AARAV00 AARAV03 FOB Assaluyeh M+2 500,000 500,000 US $ Barrels South Pars (London close) AARAU00 AARAU03 FOB Assaluyeh M+2 500,000 500,000 US $ Barrels South Pars vs Dated Brent AARAW00 AARAW03 FOB Assaluyeh M+2 500,000 500,000 US $ Barrels South Pars vs Dubai AARAX00 AARAX03 FOB Assaluyeh M+2 500,000 500,000 US $ Barrels Basrah Light M1 AALZA00 AALZA03 FOB BOT/KOT M+1 1,000,000 1,000,000 US $ Barrels Basrah Light M1 vs OSP AALZE00 AALZE03 FOB BOT/KOT M+1 1,000,000 1,000,000 US $ Barrels Basrah Light M2 AALZB00 AALZB03 FOB BOT/KOT M+2 1,000,000 1,000,000 US $ Barrels Basrah Light M2 vs OSP AALZF00 AALZF03 FOB BOT/KOT M+2 1,000,000 1,000,000 US $ Barrels Basrah Heavy M1 AALZC00 AALZC03 FOB BOT/KOT M+1 1,000,000 1,000,000 US $ Barrels Basrah Heavy M1 vs OSP AALZJ00 AALZJ03 FOB BOT/KOT M+1 1,000,000 1,000,000 US $ Barrels Basrah Heavy M2 AALZD00 AALZD03 FOB BOT/KOT M+2 1,000,000 1,000,000 US $ Barrels Basrah Heavy M2 vs OSP AALZK00 AALZK03 FOB BOT/KOT M+2 1,000,000 1,000,000 US $ Barrels ADB Strip Middle East (Asia close) AARBW00 AARBW03 US $ Barrels ADB Strip Middle East (London close) AARBY00 AARBY03 US $ Barrels ADB Strip Asia (Asia close) AARBV00 AARBV03 US $ Barrels ADB Strip Asia (London close) AARBX00 AARBX03 US $ Barrels

Persian Gulf Platts reflects the value of these crudes, as expressed through declare the grade (Dubai or Upper Zakum or Oman or Al Shaheen bids, offers and trading activity in partial cargo sizes of 25,000 or Murban with a Quality Premium) to be lifted by the buyer at barrels each, with a full cargo of 500,000 barrels to be delivered the time a cargo is traded. Such declaration of grade must be Dubai, Oman, Upper Zakum, Al Shaheen and Murban when the same buyer and seller have traded 20 partials. Spot made at the point of executing the transaction upon physical Platts assesses destination-free physical Dubai, Oman, Upper premiums for full 500,000 barrel cargoes are considered and convergence. Zakum, Al Shaheen and Murban in its Middle East Crude factored into the assessment. benchmark basket (MEC). The assessments for Dubai (MEC) Oman: Platts Oman assessments reflect market activity in Oman and Murban reflects loadings for three forward months, Dubai: Platts Dubai assessments reflect market activity in which which the Oman buyer will accept delivery of Oman crude oil starting two months forward from the date of assessment. For the Dubai buyer will accept delivery of Dubai crude oil itself, itself, or alternative delivery of Murban with a Quality Premium. example, in April, Platts assesses June, July and August for or alternative delivery of Upper Zakum, Oman, Al Shaheen or Activity reported from any Oman crude oil market participant liftings of these crudes. The rollover of assessment coverage Murban with a Quality Premium. Activity reported from any Dubai will be taken into account only if the participant is willing to occurs on the first working day of the month. Platts would assess crude oil market participant will be taken into account only if accept a Murban cargo delivery in lieu of Oman. Likewise, activity June as front-month on April 30, and roll the coverage of front- the participant is willing to accept an Upper Zakum, Oman, Al reported by any Oman crude seller will be taken into account month from June to July on May 1. In May, Platts publishes Shaheen or Murban cargo with a Quality Premium delivery in only if the seller is willing to declare the grade Oman or Murban assessments for July, August and September. Platts Dubai lieu of Dubai. Likewise, activity reported by any Dubai crude to be lifted by the buyer at the time a cargo is traded. Such assessments will reflect the most competitive crude in the group. seller will be taken into account only if the seller is willing to declaration of grade must be made at the point of executing

the transaction upon physical convergence. Platts will evaluate activity in which the Al Shaheen buyer will accept delivery of where September cargoes are primarily traded in the month all market relevant data to arrive at its Oman assessments. Al Shaheen crude oil itself, or alternative delivery of Murban of July. Platts will publish a Murban QP at 60% of the net Oman may trade on a flat price basis, at a differential versus with a Quality Premium. Activity reported from any Al Shaheen price differences between Platts front-month cash Murban Dubai, or versus its Official Selling Price. The spot market value crude oil market participant will be taken into account only if assessment and Platts front-month cash Oman assessment for Oman may be assessed using any of these inputs, or by the participant is willing to accept a Murban cargo delivery in during the full month prior to announcement. For example, tracking Brent/Oman spreads. A value shown relative to Oman’s lieu of Al Shaheen. Likewise, activity reported by any Al Shaheen the QP for September-loading cargoes will be calculated on OSP may be measured in reference to Oman swaps or futures. crude seller will be taken into account only if the seller is willing data from the full month of June and announced on the first The assessment for Oman Cash/OSP represents a differential to declare the grade Al Shaheen or Murban to be lifted by the publishing day of July. A QP of zero will be announced if 60% of between the spot value of Oman crude oil and the anticipated buyer at the time a cargo is traded. Such declaration of grade the observed price difference between the grades is less than 25 Oman Official Selling Price. must be made at the point of executing the transaction upon cents/b. physical convergence. Sellers of cargoes of Al Shaheen in the Oman/Dubai derivative spread: The Oman/Dubai spread MOC process should inform buyers of the dates of the specific Persian Gulf Market on Close publishing principles: Offers for is a derivative instrument and is settled by measuring the nominated cargo as soon as possible, and at the latest before Al Shaheen, Murban, Oman and Upper Zakum crudes submitted differential between Oman and Dubai derivatives for the month the end of the last trading day of the month of trade execution. for publication in the MOC assessment process should not be concerned. This spread is traded in the “over-the-counter” lower than an existing bid for Dubai crude. Similarly, bids for market and has no physical delivery. Murban: Platts Murban assessments reflect bids, offers and Dubai, Oman, Upper Zakum and Al Shaheen crude oils should expressions of interest to trade in Murban partials where the not be higher than an existing offer for Murban crude in the MOC Upper Zakum: Platts Upper Zakum assessments reflect market buyer is willing to take delivery of destination-free Murban crude process. When a bid for Dubai is equal to or higher than any bids activity in which the Upper Zakum buyer will accept delivery of oil. Bids, offers and expressions of interest to trade for all other for Murban, Oman, Al Shaheen or Upper Zakum, the Dubai bid Upper Zakum crude oil itself or alternative delivery of Murban partials in the MOC - Dubai, Upper Zakum, Al Shaheen, Oman must be taken out first under current Platts guidelines. When an with a Quality Premium. Activity reported from any Upper Zakum and Murban itself - would all also be considered for publication offer for Dubai is equal to or higher than any offers for Murban, crude oil market participant will be taken into account only if only where the buyer is willing to take delivery of destination- Oman, Al Shaheen or Upper Zakum, the offers for Murban, the participant is willing to accept a Murban cargo delivery in free Murban crude oil upon convergence. Platts began Oman, Al Shaheen or Upper Zakum must be taken out first under lieu of Upper Zakum. Likewise, activity reported by any Upper publishing a spread between Murban crude and front-month current Platts guidelines. When a Murban offer is equal to or Zakum crude seller will be taken into account only if the seller is Dubai effective July 2, 2018. In addition, Platts has launched lower than offers for Dubai, Oman, Al Shaheen or Upper Zakum, willing to declare the grade Upper Zakum or Murban to be lifted daily assessments for Murban crude cargoes loading three and then the Murban offer must be taken out first under current by the buyer at the time a cargo is traded. Such declaration of four months forward from the date of assessment effective Platts guidelines. When a Murban bid is equal to or lower than grade must be made at the point of executing the transaction January 2, 2019. Quality Premium for Murban: Platts introduced any bids for Dubai, Oman, Al Shaheen or Upper Zakum, the bids upon physical convergence. In the event of partials trading a Quality Premium (QP) for Murban crude oil delivered into for Dubai, Oman, Al Shaheen or Upper Zakum must be taken out activity in the market for Upper Zakum, the same terms and its Middle East crude oil assessment processes for cargoes first under current Platts guidelines. conditions will apply as for Dubai and Oman. Dubai cannot be nominated from September 2016 onwards. The Quality Premium nominated against Upper Zakum. In May 2006, a spot market for will be paid by a buyer to a seller for the nomination and delivery Derivatives: Platts assesses three forward months for Dubai Upper Zakum started up with ExxonMobil taking a 28% stake in of a cargo of Murban crude oil into a physical convergence of derivatives. The derivatives price out on the Platts Dubai front- Upper Zakum production and selling non destination-restricted Dubai, Al Shaheen, Upper Zakum or Oman during the Platts month cash assessments. Dubai derivatives typically trade on cargoes on a term basis. Destination-restricted cargoes cannot MOC assessment process. Platts announces the Murban QP on a monthly calendar basis, but unlike physical assessments, be nominated in the event of physical convergence in the the first publishing day of each month, two months prior to the the derivatives are assessed from one month forward. In partials market. QP coming into effect. As an example, Platts would announce January, for example, the first month derivatives assessed are Murban QP on the first business day of July, for cargoes loading February, followed by March and April. The rollover date for the Al Shaheen: Platts Al Shaheen assessments reflect market in September. This calendar aligns with typical trading practices, Dubai derivatives is the 1st day of every calendar month. These

derivatives are used for hedging and speculative purposes. settled, unless both counterparties mutually agree to deliver/ an assurance of delivery for the month originally specified. The Dubai derivatives contract has no physical delivery. take delivery of a smaller top-up cargo. Partial contracts will Buyers of 20 partials retain the flexibility to negotiate with a Effective December 1, 2015, Platts started assessing Dubai be settled based on Platts assessments published on the last seller for differing volumes for loading in part-cargoes, or to and Oman derivatives independently of physical assessments. working day of each calendar month. request a book-out of some or the entire volume, subject to From December 1, 2015, Platts gives clear priority in those mutual agreement. assessments to the value of Dubai derivatives that are fully Pricing of terminal operational tolerance: The deviation of up demonstrated in the derivatives market. to 1,000 barrels in operational tolerance, which is subject to For Al-Shaheen cargoes, sellers should pass loading dates to terminal performance for cargoes delivered FOB Fateh terminal, buyers as soon as possible and at the latest before the end of Platts will take into consideration transparently reported Dubai will be priced on Dubai assessments published on the the last trading day of the month of trade execution. For other bids, offers and trades in flat price Dubai derivatives, time last working day of each calendar month. For example, the grades, buyers typically nominate loading dates in the month spreads from the Dubai derivatives market, and other financial operational tolerance for cargoes loading in July will be priced after trade execution. instruments, including the Brent-Dubai EFS, or Exchange of off the assessment of May 31. The deviation of up to 1,000 Futures for Swaps. Platts will collect this information from all barrels in operational tolerance for cargoes delivered FOB Mina Trading counterparties: Affiliates or closely-related trading participants during the MOC assessment process, and through Al Fahal terminal, Oman will be priced on Oman assessments parties will be deemed part of the same parent company for observation of derivatives trading in electronic exchanges and published on the last working day of each calendar month. partials trading considerations. If subsidiaries/offshore entities over-the-counter markets. of parent company “A” trade with company “B”, those partials will Terms and conditions: Terms and conditions must be declared be added and considered as part of the total partials trading Convergence of partials to a full cargo: Trading volumes at seller’s option upon transaction of the twentieth partial. Only position of parent company “A”. assessed: Platts assessments for Dubai, Oman, Upper Zakum, Oman’s MOG GT&C or Shell’s General Terms and Conditions Al Shaheen and Murban are based on a minimum of 25,000 (GT&C) may be declared for Oman cargoes, as is standard Price assessment: To arrive at its Persian Gulf crude barrel partial cargo bid/offered or traded, with the market price practice in the physical cargo market. ConocoPhillips’ GT&C are assessments, Platts will take into account fixed-price bid/ derived from increments of 25,000 barrels. The value of 25,000 required for Dubai cargoes. For Al Shaheen cargoes, standard offers for partial and full cargoes where applicable; inter-month barrel parcels will take precedence over larger parcel sizes in GT&C are required while ADNOC’s GT&C may be declared for spreads; Dubai or Oman swaps; differentials to the monthly the assessment process. In addition, a trader bidding/offering, Murban crude. Any of these terms and conditions, however, official selling prices set by producers of a grade; spot premia/ for example, 100,000 barrels must be willing to trade in 25,000 should not allow for further optionality over cargo size. A discounts; EFPs or spreads to crude grades such as Brent; and barrel clips with any counterparty. physical cargo created by 20 partial cargoes would be 500,000 spreads to published benchmarks. In the event of a wide bid/ barrels min/max (excluding 1,000 barrels in operational offer spread, Platts will not average the bid and offer. Platts will Once a principal acquires 20, 25,000 barrel parcels of the same tolerance). evaluate market conditions and establish an assessment that grade (Dubai, Oman, Upper Zakum, Al Shaheen or Murban) in its editorial judgment reflects the transactable level of crude. from a single seller within the calendar month, the partials Loading date nominations: Buyers and sellers should not Unusually high or low price deals will be scrutinized by Platts to automatically converge into a physical cargo of 500,000 barrels. nominate cargoes with loading dates commencing in the last discern whether the deal is fit for assessment purposes. Neither the seller nor the buyer has the right to deny delivery three calendar days of a month. This is to avoid slippage risk - or to refuse lifting. However, both parties may mutually agree to the risk that end-month loading dates of a cargo will spill over Bids and offers with unusual terms and conditions will typically book out of the contract on the basis of the Dubai, Oman, Upper into the next month with different pricing implications. For not be taken into account. Platts should be informed prior to the Zakum, Al Shaheen or Murban assessments published on the example a cargo loading in August which has 31 days should assessment process of any counterparty with which a principal last working day of the calendar month. have its nominated laycan no later than ending on August 29, e.g cannot trade for financial or legal reasons. Bids and offers made a 28-29 August loading cargo. by counterparties unable to trade with each other may cross, Cash settlement: Any position amounting to less than 500,000 allowing other traders to arbitrage the difference. Platts should barrels by the calendar month’s end is understood to be cash Partials contracts leading to a full cargo delivery should contain be informed by the principal prior to the assessment window

if a broking house is submitting a bid or offer on the principal’s of the Lower Zakum and Umm Shaif crude streams into Das Basrah Heavy reflect traded values for the grades, without any behalf. The principal remains responsible for performance Blend. Platts discontinued the Lower Zakum and Umm Shaif adjustment due to compensation via a de-escalator that a buyer even when a representative broker has acted on their behalf. assessments on August 1, 2014. may receive subsequent to loading due to quality differences. Representative broking houses will have similar execution responsibilities and bear similar exposures as their principals Qatar Land and Qatar Marine: These crudes typically trade at a Deodorized Field Condensate): Spot assessments for DFC for non-performance of trading instruments, whether cash differential to Qatar Petroleum’s OSP. Qatar’s OSP is announced ( previously known as Ras Gas condensate) reflect barrels settled or physically delivered. on a retroactive basis. For example, the June OSP would be loading two calendar months from the date of publication. For published early July. The equation to derive Qatar Land and example, on January 3, barrels loading in March are assessed. Qatar Marine’s assessment for barrels lifting in May is as These assessments roll over on the first working day of the Other Persian Gulf crudes follows: May Oman swaps + existing OSP/Oman spread + spot month. Spot assessments of DFC consist of a fixed-price Platts publishes spot assessments for other Persian Gulf crudes differentials + expected OSP adjustments. assessment and an assessment of the spot market differential in addition to Dubai, Upper Zakum, Al Shaheen, Oman and against Platts Dubai assessments. Assessments take into Murban: Das Blend, Qatar Land, Qatar Marine and Banoco Arab Banoco (Bahrain National Oil Co) Arab Medium: This crude consideration DFC traded in typical 500,000 barrel cargoes. Medium crudes. comes from Bahrain and is similar in quality to Saudi Arab DFC is assessed at Asian close 16:30 Singapore time as a fixed Medium. Saudi crudes typically do not trade on a spot basis but price, and as a differential to Platts Middle Eastern crude oil Front-month assessments for the Persian/Arab Gulf grades Banoco Arab Medium can trade spot, priced as a differential to benchmark Dubai, and as a differential to Dated Brent, which is reflect cargoes loading two calendar months from date Saudi Aramco’s Arabian Medium official selling price for Asia. assessed at London close 16:30 hours local time. of publication. For example, in March, the front-month Aramco’s OSP is announced one month forward and is based assessments reflect barrels loading in May. On the first working on the average of front-month Dubai/Oman assessments plus South Pars condensate: Iran’s South Pars condensate is day of April, the front-month assessments will rollover to reflect a differential. Therefore, the July OSP is announced early June. produced from gas fields and exported from the Persian Gulf barrels loading in June. The equation used to derive Banoco Arab Medium’s assessment port of Assaluyeh. South Pars has gravity of 54.4 API and a sulfur for barrels loading in May is as follows: Average of May Oman & content of 0.22%. South Pars condensate is assessed at Asian The assessments in the Persian/Arab Gulf reflect 500,000 barrel Dubai derivatives + existing OSP differential + spot differentials close (16:30 SGT) as a fixed price, and as a differential to Platts parcels. Spot premiums for partial cargoes may be considered + expected OSP adjustments. Middle Eastern crude oil benchmark Dubai, and as a differential or factored into the assessment concerned. Platts assessments to Dated Brent which is assessed at London close 16:30 hours for all Persian/Arab Gulf grades are based on a MOC principle at Basrah Light and Basrah Heavy: Platts publishes assessments local time. 16:30 Singapore time or 08:30 GMT. for both grades for two consecutive months from the month of publication. For each grade, Platts publishes a differential to Qatar LSC condensate: Qatar LSC (previously known as Dolphin Das Blend: This is a crude from Abu Dhabi of the United Arab Iraq’s Asia official selling price for the month of loading as well condensate) is exported from Ras Laffan port in cargoes of Emirates. The grade typically trades at a differential to Abu as an outright price. For example, in November Platts would 500,000 barrels, and typically marketed at a differential to Dhabi National Oil Co’s official selling price for the month publish outright prices and differentials to the OSP for Basrah Platts Middle Eastern crude oil benchmark Dubai, or as a concerned. May loading cargoes would trade at a differential Light and Basrah Heavy cargoes loading in December (M+1) and differential to a basket of Platts FOB AG naphtha, kerosene to ADNOC’s May OSP, which is calculated as a differential to January (M+2). The prices are assessed on a FOB basis from Al and gasoil assessments. Qatar LSC has gravity of 56.9 API, Dubai. The equation used to arrive at a Das Blend assessment Basrah Oil Terminal (BOT) or Khor al-Amaya Oil Terminal (KOT) and a sulfur content of 0.19%. This condensate is assessed for May barrels is as follows: May Dubai swaps + Existing Das and reflect cargoes of 1 million barrels traded on a destination- at Asian close (16:30 SGT) as a fixed price, as a differential to Blend OSP/Dubai spread + May spot Das Blend differentials free basis. Spot market trades for crudes with regional Platts Middle Eastern crude oil benchmark Dubai, and as a + expected ADNOC adjustments. Platts began assessing Das restrictions in place would be normalized in value to reflect open differential to Dated Brent which is assessed at London close Blend on May 2, 2014, to reflect ADNOC’s blending together destination. Platts outright assessments for Basrah Light and (1630 hours local time).

Asia Pacific Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE CURRENCY UOMCONV Asian Dated Brent AAXPG00 AAXPG03 FOB North Sea 10-25 days 600,000 600,000 US $ Barrels Ardjuna (Asia close) PCACQ00 AAFZM00 FOB Ardjuna Terminal M+2 (roll on the 9th) US $ Barrels Ardjuna (London close) AAPBF00 AAPBF03 FOB Ardjuna Terminal M+2 (roll on the 9th) US $ Barrels Ardjuna vs Dated Brent AAPBG00 AAPBG03 FOB Ardjuna Terminal M+2 (roll on the 9th) US $ Barrels Ardjuna vs ICP PCACR00 PCACR03 FOB Ardjuna Terminal M+2 (roll on the 9th) US $ Barrels Attaka (Asia close) PCAAJ00 AAFZB00 FOB Santan (Balikpapan) M+2 (roll on the 9th) US $ Barrels Attaka (London close) AAPBB00 AAPBB03 FOB Santan (Balikpapan) M+2 (roll on the 9th) US $ Barrels Attaka vs Dated Brent AAPBC00 AAPBC03 FOB Santan (Balikpapan) M+2 (roll on the 9th) US $ Barrels Attaka vs ICP PCAAK00 PCAAK03 FOB Santan (Balikpapan) M+2 (roll on the 9th) US $ Barrels Bach Ho (Asia close) PCAHY00 PCAHZ03 FOB Bach Ho Terminal M+2 (roll on the 9th) 600,000 650,000 US $ Barrels Bach Ho (London close) AAPAJ00 AAPAJ03 FOB Bach Ho Terminal M+2 (roll on the 9th) 600,000 650,000 US $ Barrels Bach Ho vs Dated Brent AAPAK00 AAPAK03 FOB Bach Ho Terminal M+2 (roll on the 9th) 600,000 650,000 US $ Barrels Bach Ho vs OSP AAPEY00 AAPEY03 FOB Bach Ho Terminal M+2 (roll on the 9th) 600,000 650,000 US $ Barrels Belida (Asia close) PCAFL00 PCAFL03 FOB Belida Terminal M+2 (roll on the 9th) US $ Barrels Belida (London close) AAPBP00 AAPBP03 FOB Belida Terminal M+2 (roll on the 9th) US $ Barrels Belida vs Dated Brent AAPBQ00 AAPBQ03 FOB Belida Terminal M+2 (roll on the 9th) US $ Barrels Belida vs ICP PCAFM00 PCAFM03 FOB Belida Terminal M+2 (roll on the 9th) US $ Barrels Cinta (Asia close) PCAAX00 AAFZC00 FOB Cinta Terminal M+2 (roll on the 9th) US $ Barrels Cinta (London close) AAPBJ00 AAPBJ03 FOB Cinta Terminal M+2 (roll on the 9th) US $ Barrels Cinta vs Dated Brent AAPBK00 AAPBK03 FOB Cinta Terminal M+2 (roll on the 9th) US $ Barrels Cinta vs ICP PCAAY00 PCAAY03 FOB Cinta Terminal M+2 (roll on the 9th) US $ Barrels Cossack (Asia close) PCAGZ00 PCAGZ03 FOB NW Australia M+2 (roll on the 9th) US $ Barrels Cossack (London close) AAPAB00 AAPAB03 FOB NW Australia M+2 (roll on the 9th) US $ Barrels Cossack vs Dated Brent AAPAC00 AAPAC03 FOB NW Australia M+2 (roll on the 9th) US $ Barrels Daqing (Asia close) PCAAZ00 AAFZD00 FOB Luda/Dalian M+2 (roll on the 9th) US $ Barrels Daqing (London close) AAPAV00 AAPAV03 FOB Luda/Dalian M+2 (roll on the 9th) US $ Barrels Daqing vs Dated Brent AAPAW00 AAPAW03 FOB Luda/Dalian M+2 (roll on the 9th) US $ Barrels Dar Blend (Asia close) AARAB00 AARAB03 FOB Sudan M+2 (roll on the 9th) 600,000 1,000,000 US $ Barrels Dar Blend (London close) AARAA00 AARAA03 FOB Sudan M+2 (roll on the 9th) 600,000 1,000,000 US $ Barrels Dar Blend vs Dated Brent AARAC00 AARAC03 FOB Sudan M+2 (roll on the 9th) 600,000 1,000,000 US $ Barrels Duri (Asia close) PCABA00 AAFZE00 FOB Dumai M+2 (roll on the 9th) US $ Barrels Duri (London close) AAPBL00 AAPBL03 FOB Dumai M+2 (roll on the 9th) US $ Barrels Duri vs Dated Brent AAPBM00 AAPBM03 FOB Dumai M+2 (roll on the 9th) US $ Barrels Duri vs ICP PCABB00 PCABB03 FOB Dumai M+2 (roll on the 9th) US $ Barrels ESPO M1 AARWF00 AARWF03 FOB Kozmino M+2 80 kt 140 kt US $ Barrels ESPO M1 vs Dubai AASEU00 AASEU03 FOB Kozmino M+2 80 kt 140 kt US $ Barrels ESPO M2 AAWFE00 AAWFE03 FOB Kozmino M+3 80 kt 140 kt US $ Barrels ESPO M2 vs Dubai AAWFG00 AAWFG03 FOB Kozmino M+3 80 kt 140 kt US $ Barrels

Asia Pacific Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE CURRENCY UOMCONV Gippsland (Asia close) PCACP00 AAFZL00 FOB Westernport M+2 (roll on the 9th) US $ Barrels Gippsland (London close) AAPAT00 AAPAT03 FOB Westernport M+2 (roll on the 9th) US $ Barrels Gippsland vs Dated Brent AAPAU00 AAPAU03 FOB Westernport M+2 (roll on the 9th) US $ Barrels Handil Mix (Asia close) PCABE00 AAFZF00 FOB Senipah (Balikpapan) M+2 (roll on the 9th) US $ Barrels Handil Mix (London close) AAPBH00 AAPBH03 FOB Senipah (Balikpapan) M+2 (roll on the 9th) US $ Barrels Handil Mix vs Dated Brent AAPBI00 AAPBI03 FOB Senipah (Balikpapan) M+2 (roll on the 9th) US $ Barrels Handil Mix vs ICP PCABF00 PCABF03 FOB Senipah (Balikpapan) M+2 (roll on the 9th) US $ Barrels Kikeh (Asia close) AAWUH00 AAWUH03 FOB Sabah M+2 (roll on the 9th) 300,000 600,000 US $ Barrels Kikeh (London close) AAOZX00 AAOZX03 FOB Sabah M+2 (roll on the 9th) 300,000 600,000 US $ Barrels Kikeh vs Dated Brent AAOZY00 AAOZY03 FOB Sabah M+2 (roll on the 9th) 300,000 600,000 US $ Barrels Kimanis (Asia close) AASCL00 AASCL03 FOB Sabah M+2 (roll on the 9th) 300,000 600,000 US $ Barrels Kimanis (London close) AASCN00 AASCN03 FOB Sabah M+2 (roll on the 9th) 300,000 600,000 US $ Barrels Kimanis vs Dated Brent AASCM00 AASCM03 FOB Sabah M+2 (roll on the 9th) 300,000 600,000 US $ Barrels Kutubu (Asia close) PCAFJ00 PCAFJ03 FOB Kumul Terminal M+2 (roll on the 9th) US $ Barrels Kutubu (London close) AAPAD00 AAPAD03 FOB Kumul Terminal M+2 (roll on the 9th) US $ Barrels Kutubu vs Dated Brent AAPAE00 AAPAE03 FOB Kumul Terminal M+2 (roll on the 9th) US $ Barrels Labuan (Asia close) PCABL00 AAFZG00 FOB Sabah M+2 (roll on the 9th) US $ Barrels Labuan (London close) AAPAP00 AAPAP03 FOB Sabah M+2 (roll on the 9th) US $ Barrels Labuan vs Dated Brent AAPAQ00 AAPAQ03 FOB Sabah M+2 (roll on the 9th) US $ Barrels Minas (Asia close) PCABO00 AAFZH00 FOB Dumai M+2 (roll on the 9th) 100,000 US $ Barrels Minas (London close) AAPAZ00 AAPAZ03 FOB Dumai M+2 (roll on the 9th) 100,000 US $ Barrels Minas vs Dated Brent AAPBA00 AAPBA03 FOB Dumai M+2 (roll on the 9th) 100,000 US $ Barrels Minas vs ICP PCABP00 PCABP03 FOB Dumai M+2 (roll on the 9th) 100,000 US $ Barrels Miri Light (Asia close) PCABQ00 AAFZI00 FOB Lutong M+2 (roll on the 9th) US $ Barrels Miri Light (London close) AAPAR00 AAPAR03 FOB Lutong M+2 (roll on the 9th) US $ Barrels Miri Light vs Dated Brent AAPAS00 AAPAS03 FOB Lutong M+2 (roll on the 9th) US $ Barrels Nanhai (Asia close) PCAFR00 PCAFR03 FOB Huizhou M+2 (roll on the 9th) US $ Barrels Nanhai (London close) AAPAF00 AAPAF03 FOB Huizhou M+2 (roll on the 9th) US $ Barrels Nanhai vs Dated Brent AAPAG00 AAPAG03 FOB Huizhou M+2 (roll on the 9th) US $ Barrels Nile Blend (Asia close) AAPLC00 AAPLC03 FOB Sudan M+2 (roll on the 9th) 600,000 650,000 US $ Barrels Nile Blend (London close) AAPAL00 AAPAL03 FOB Sudan M+2 (roll on the 9th) 600,000 650,000 US $ Barrels Nile Blend vs Dated Brent AAPAM00 AAPAM03 FOB Sudan M+2 (roll on the 9th) 600,000 650,000 US $ Barrels Nile Blend vs ICP AAPEX00 AAPEX03 FOB Sudan M+2 (roll on the 9th) 600,000 650,000 US $ Barrels NW Shelf (Asia close) PCAGX00 PCAGX03 FOB Dampier M+2 (roll on the 9th) US $ Barrels NW Shelf (London close) AAPAH00 AAPAH03 FOB Dampier M+2 (roll on the 9th) US $ Barrels NW Shelf vs Dated Brent AAPAI00 AAPAI03 FOB Dampier M+2 (roll on the 9th) US $ Barrels Senipah (Asia close) AAEOE00 AAEOF00 FOB Senipah Terminal M+2 (roll on the 9th) US $ Barrels

Asia Pacific Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE CURRENCY UOMCONV Senipah (London close) AAPBD00 AAPBD03 FOB Senipah Terminal M+2 (roll on the 9th) US $ Barrels Senipah vs Dated Brent AAPBE00 AAPBE03 FOB Senipah Terminal M+2 (roll on the 9th) US $ Barrels Senipah vs ICP AAEOK00 AAEOL00 FOB Senipah Terminal M+2 (roll on the 9th) US $ Barrels Shengli (Asia close) PCABY00 AAFZJ00 FOB Qingdao M+2 (roll on the 9th) US $ Barrels Shengli (London close) AAPAX00 AAPAX03 FOB Qingdao M+2 (roll on the 9th) US $ Barrels Shengli vs Dated Brent AAPAY00 AAPAY03 FOB Qingdao M+2 (roll on the 9th) US $ Barrels Sakhalin Blend (Asia Close) AARBN00 AARBN03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels Sakhalin Blend (London Close) AAREN00 AAREN03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels Sakhalin Blend vs Dated Brent AARDN00 AARDN03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels Sakhalin Blend vs Dubai AARCN00 AARCN03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels Sokol (Asia close) AASCJ00 AASCJ03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels Sokol (London close) AAPAN00 AAPAN03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels Sokol vs Dated Brent AAPAO00 AAPAO03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels Sokol vs Dubai/Oman AASCK00 AASCK03 CFR Japan/Korea M+2 700,000 750,000 US $ Barrels Su Tu Den (Asia close) AARAR00 AARAR03 FOB Vietnam M+2 (roll on the 9th) 450,000 600,000 US $ Barrels Su Tu Den (London close) AARAQ00 AARAQ03 FOB Vietnam M+2 (roll on the 9th) 450,000 600,000 US $ Barrels Su Tu Den vs Dated Brent AARAS00 AARAS03 FOB Vietnam M+2 (roll on the 9th) 450,000 600,000 US $ Barrels Tapis (Asia close) PCACB00 AAFZK00 FOB Kerteh (Trengganu) M+2 (roll on the 9th) 300,000 US $ Barrels Tapis (London close) AAOZV00 AAOZV03 FOB Kerteh (Trengganu) M+2 (roll on the 9th) 300,000 US $ Barrels Tapis vs Dated Brent AAOZW00 AAOZW03 FOB Kerteh (Trengganu) M+2 (roll on the 9th) 300,000 US $ Barrels Vincent (Asia close) AARAK00 AARAK03 FOB Australia M+2 (roll on the 9th) US $ Barrels Vincent (London close) AARAJ00 AARAJ03 FOB Australia M+2 (roll on the 9th) US $ Barrels Vincent vs Dated Brent AARAL00 AARAL03 FOB Australia M+2 (roll on the 9th) US $ Barrels Widuri (Asia close) PCAFE00 PCAFE03 FOB Indonesia M+2 (roll on the 9th) US $ Barrels Widuri (London close) AAPBN00 AAPBN03 FOB Indonesia M+2 (roll on the 9th) US $ Barrels Widuri vs Dated Brent AAPBO00 AAPBO03 FOB Indonesia M+2 (roll on the 9th) US $ Barrels Widuri vs ICP PCAFF00 PCAFF03 FOB Indonesia M+2 (roll on the 9th) US $ Barrels

THE PLATTS ASIAN CRUDE OIL INDEX Asian Crude Index (ACX) AAXIL00 US $ Barrels

WTI M1 (Asia close) AAFFU00 AAFFV00 ex-tank Cushing M+1 25,000 25,000 US $ Barrels WTI M2 (Asia close) AAFFW00 AAFFX00 ex-tank Cushing M+2 25,000 25,000 US $ Barrels WTI M3 (Asia close) AAFFY00 AAFFZ00 ex-tank Cushing M+3 25,000 25,000 US $ Barrels Dubai CFR North Asia PCAQA00 PCAQA03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels Oman CFR North Asia PCAQJ00 PCAQJ03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels Upper Zakum CFR North Asia PCAQB00 PCAQB03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels Qatar Marine CFR North Asia PCAQC00 PCAQC03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels Murban CFR North Asia PCAQE00 PCAQE03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels Basrah Light CFR North Asia PCAQK00 PCAQK03 CFR North Asia Loading M+2 1,000,000 1,000,000 US $ Barrels

Asia Pacific Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE CURRENCY UOMCONV ESPO CFR North Asia PCAQD00 PCAQD03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels Forties CFR North Asia PCAQF00 PCAQF03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels Dalia CFR North Asia PCAQG00 PCAQG03 CFR North Asia Loading M+2 500,000 500,000 US $ Barrels WTI MEH CFR North Asia PCAQH00 PCAQH03 CFR North Asia Loading M+2 2,000,000 2,000,000 US $ Barrels LOOP Sour CFR North Asia PCAQI00 PCAQI03 CFR North Asia Loading M+2 2,000,000 2,000,000 US $ Barrels

Asia Pacific differential was measured against the prevailing Asian Dated The same approach is used for Indonesian crude grades where Brent. they trade in relation to their own ICP, which is only released after the cargo has loaded. Amid dwindling liquidity, these Asian Dated Brent cargoes are now commonly traded against prevailing Brent Asia Pacific crudes Platts launched effective October 2, 2008 an Asian Dated values. Therefore, the fixed price equivalent of the transaction Brent (ADB) assessment published on a daily basis, reflecting Platts assesses all of its regional crude oil assessments on can be determined through values relative to the more liquid the value of Dated Brent at Asian market close (16:30 hours a monthly basis, two months ahead, with a roll-over date of crude grades. Singapore time). The ADB reflects the price prevailing during the 9th day of the month, or the first business day after. For the close of market in Asia taking into account the rise or fall in example, on June 8, Platts would assess cargoes loading in July, In a typical example, a Minas cargo loading in April may trade at the movement in the cash BFOE instrument, from the time of but on June 9, the assessments would roll to crude loading in Brent futures plus $2.00/barrel. If the prevailing Brent futures assessment of Dated Brent at the prior trading day’s European August. value is at $60/barrel, then the fixed price equivalent of Minas market close at 16:30 hours London time, until Asian close. This is $62.00/barrel. Platts will also take all bids, offers and trades movement is determined by valuation of Brent cash and futures Assessments also consider bids/offers, and differentials to that occur during its MOC process for Minas into account when markets by the close in Asia. Dated Brent reflects loading for other actively traded crudes, related paper markets and, in the assessing the value. cargoes 10 days to a month-ahead of the day of publication. case of Indonesian crudes, official crude prices (ICPs). Crude The Asian Dated Brent is therefore a dated instrument. The markets are assessed at 16:30 Singapore time. The following Differentials to ICP: Platts assesses differentials to the ICPs for price is underpinned by instruments such as BFOE and futures are details of the specifications for the crudes reported including the following crudes: Minas, Attaka, Ardjuna, Handil, Cinta, Duri, which are cyclical in nature and therefore roll at the end of the loading ports. Sulfur content and API gravity may vary over time. Widuri, Senipah and Belida. The premium/discounts versus the calendar month. ICP reflect cargoes loading two months forward from the date of Methodology: Platts assesses crude grades on a fixed price publication. Published differentials to Dated Brent for Asia Pacific grades basis, and also where appropriate, the spread to the crude are measured against the underlying Dated Brent price for grades’ respective benchmarks. Most trade in the Asia Pacific Minas and Tapis: Since December 1, 2014 Platts has based the corresponding month, or the Asian Dated Brent Strip. The region is conducted on a floating rather than fixed price basis. its assessments for Malaysia’s Tapis crude oil and Indonesia’s underlying Dated Brent Strip is calculated using the Brent The fixed price assessment reflects the equivalent in fixed price Minas crude oil on full cargoes. Platts had previously reflected Frontline Swap plus the Brent Dated to Frontline Swaps, or DFL. terms of a floating price transaction. Platts will determine the partial cargoes. At the same time, Platts updated the size of full relevant benchmark and determine the underlying value of the cargoes to 100,000 barrels for Minas (down from 200,000 barrels In line with the Asian Dated Brent (ADB) assessment, the value benchmark for the loading dates. In a typical example, a Tapis previously) and 300,000 barrels for Tapis (down from 450,000 of the strip is time adjusted to reflect 16:30 hours Singapore physical cargo may trade at a premium of 25 cents/barrel over barrels previously), in line with existing trade in these grades. time. This methodology for calculating differentials against its own benchmark. Platts will then add the premium transacted Brent is effective from September 2, 2013. Prior to this date, the to the forward value of the benchmark. Minas crude assessment reflects cargoes of the crude, also

1 8 known as Sumatran Light crude, for lifting on a FOB basis from 0

E RUSSIA 1 5

the Dumai terminal, Indonesia. Minas crude is produced inland E on the island of Sumatra. It has an API gravity rating of 33.94 KAZAKHSTAN with a sulfur content of 0.09%. MONGOLIA

Tapis crude assessment reflects cargoes for lifting on a FOB ASIA Daqing Gravity 32.7 API | Sulfur 0.1% JAPAN basis from the Terengganu crude oil terminal, Malaysia. Tapis Sulfur content crude is produced offshore in the South China Sea, East of Shengli Sour Sweet CHINA Gravity 24 API | Sulfur 0.9% Peninsular Malaysia. It has an API gravity rating of 42.7 with a Gravity >= 0.5% < 0.5% Heavy 30 N sulfur content of 0.04%. 0 to 22.3 NEPAL Medium 22.4 to 31.1 Light 31.2 and higher Loading dates reflected by both the Minas and Tapis crude INDIA Su Tu Den FOB Vietnam Spore Nanhai Light assessments follow the methodology for other Asia Pacific Gravity 36 API | Sulfur 0.04% Gravity 39.5 API | Sulfur 0.05% crudes.Differentials to Asian Dated Brent: Platts presently Bach Ho South Gravity 38.6 API | Sulfur 0.04% China Sea assesses market premiums or discounts for several Asia Pacific PHIL. THAI. VIET. Miri crudes against Asia Dated Brent. Gravity 31.9 API | Sulfur 0.08% CAMB. Kikeh Gravity 37.61 API | Sulfur 0.058% Kimanis Northwest Shelf Condensate: The assessment reflects North Belida Gravity 38.61 API | Sulfur 0.06% Gravity 46.2 API | Sulfur 0.02% West Shelf condensate cargoes for lifting on a FOB basis from Labuan Tapis Gravity 31.5 API | Sulfur 0.08% Gravity 46 API | Sulfur 0.03% Dampier, Australia. Northwest Shelf condensate is assessed MALAY. Attaka Duri Gravity 44.7 API | Sulfur 0.04% 0 on a flat price basis, and as a differential against Asian Dated Gravity 21.5 API | Sulfur 0.14% INDO. Senipah Minas INDO. Gravity 53.9 API | Sulfur 0.02% Brent. Spreads (premium or discount) are assessments based Gravity 36 API | Sulfur 0.08% Handil Mix Java INDO. on spot transactions and market information on cargoes and Cinta Sea Gravity 33.8 API | Sulfur 0.07% P.N.G. Gravity 32.7 API | Sulfur 0.11% Ardjuna Kutubu part cargoes. The loading dates reflected by the North West Widuri Gravity 35.1 API | Sulfur 0.13% Gravity 44 API | Sulfur 0.04% Gravity 33.3 API | Sulfur 0.07% ea Shelf condensate assessment follow the methodology for other or S im Asia Pacific crudes. North West Shelf condensate is produced T Cossack offshore Northwest Australia. It has an API gravity rating of 63 Gravity 49 API | Sulfur 0.04% with a sulfur content of 0.00%. NWS is typically sold in 650,000 INDIAN OCEAN Enfield or 325,000 barrel cargoes. North West Shelf Gravity 22 API | Sulfur 0.12% Gravity 60 API | Sulfur 0.01%

Senipah Condensate: The assessment reflects Senipah AUSTRALIA condensate cargoes for lifting on a FOB basis from the Senipah 30 S terminal, Indonesia. The loading dates reflected by the Senipah condensate assessment follow the methodology for other Vincent FOB Australia Spore Gippsland Asia Pacific crudes. Senipah condensate is produced from the Gravity 18.3 API | Sulfur 0.55% Gravity 48 API | Sulfur 0.1% Jangkrik gas field, offshore East Kalimantan. It has an API gravity rating of 50 with a sulfur content of 0.03%. Senipah condensate is typically sold in 200,000 to 300,000 barrel cargoes. 0 500 mi

Source: Platts

Sokol: Platts’ assessment of Sokol crude oil reflects cargoes January 2, 2019, ESPO M1 assessments reflect cargoes loading Asia-Pacific crudes loading out of the DeKastri terminal on eastern Russia’s two calendar months, while ESPO M2 assessments reflect cargoes Crude API Sulfur Country Location Sakhalin Island. The value published reflects the value of loading three calendar months ahead from the date of publication. (%) cargoes loading in the month that falls two months from the In both cases, prices are assessed on a FOB basis and reflect North West Shelf 63.00 0.00 Australia Dampier date of assessment. So on April 1, Platts would assess cargoes cargoes from 80,000 mt to 140,000 mt normalized to 100,000 mt. Senipah 50.00 0.03 Indonesia Blanglancang Sakhalin Blend 45.50 0.16 Russia Sakhalin Island for loading in the month of June. In accordance with typical The API gravity for ESPO is approximately 34-35 degrees with a Handil 39.50 0.06 Indonesia Senipah, off market practice, the price assessed is a CFR value, for cargoes sulfur content of 0.58-0.65%. The published assessments reflect Balikpapan being delivered to main ports in Japan and South Korea. Cargoes flat price as well as a differential versus Dubai. These assessments Cossack 48.80 0.03 Australia North West Australia being delivered elsewhere, including eastern China, are included are published in addition to Platts’ European ESPO assessments, Kutubu 51.40 0.02 New Guinea Kumul terminal Gippsland 55.40 0.04 Australia Westernport in the assessment process through price normalization. Sokol which is published at the London close. Sokol 39.70 0.17 Russia Off De-Kastri, crude oil is produced at Russia’s Sakhalin I oil field, and currently Khabarovsk Krai has an API gravity of 39.7 degrees; a sulfur content of 0.17% and Kikeh: The assessment reflects cargoes for lifting on a FOB Belida 46.60 0.02 Indonesia Belida Tapis 42.70 0.04 Malaysia Kerteh, off a TAN rating of 0.12. The standard cargo size for Sokol is 700,000 basis from Sabah, Malaysia. The loading dates reflected by Terengganu barrels. Sokol is assessed at 16:30 Singapore time as a fixed the Kikeh assessment follow the typical methodology for Asia Attaka 40.66 0.07 Indonesia Santan, off price, as a differential to the average of Platts Middle Eastern Pacific crudes. Cargoes are therefore typically for loading two Balikpapan crude oil benchmarks Dubai and Oman, and as a differential to months ahead, with a roll-over date on the 9th day of the month, Miri 30.79 0.14 Malaysia Lutong in Sarawak, near Miri Dated Brent. or the first business day after. So on July 9, Platts would assess Kikeh 37.61 0.06 Malaysia off Labuan Island, cargoes for loading in September. From August 9, Platts would Sabah Sakhalin Blend (previously known as Vityaz Blend): The roll the assessment forward to reflect cargoes for loading in Kimanis 38.61 0.06 Malaysia Sabah Sakhalin Blend assessment is identical to the previous October. Kikeh crude oil is produced at the Kikeh oil field off East Labuan 29.92 0.08 Malaysia Labuan Island, Sabah Vityaz assessment and carries the historical data for Vityaz Malaysia’s state of Sabah, and currently has an API gravity rating Enfield 22.00 0.12 Australia off Exmouth, since the Vityaz assessment was discontinued on January of 37.61 degrees; a sulfur content of 0.06% and a Total Acid Western Australia 2, 2016. Sakhalin Blend is a mixture of low-sulfur crude and Number of 0.08. The standard cargo size for Kikeh is 300,000- Vincent 17.40 0.37 Australia off Exmouth, Western Australia gas condensate from the Kirinskoye field. Sakhalin Blend 600,000 barrels. Ardjuna 36.20 0.10 Indonesia Ardjuna is produced from the Molikpaq production platform off the Banyu Urip 32.00 0.31 Indonesia offshore Central northeast of Sakhalin Island in Russia’s Far East and sold Kimanis: The assessment reflects Kimanis cargoes for lifting on Java, Indonesia by Sakhalin Energy in cargoes of up to 750,000 barrels. In a FOB basis from Sabah, Malaysia. The loading dates reflected Nanhai Light 39.50 0.06 China Hui Zhou Bach Ho 38.50 0.05 Vietnam Bach Ho terminal accordance with typical market practice, the price assessed is by the Kimanis assessment follow the current methodology for Su Tu Den 39.50 0.06 Vietnam Su Tu Den terminal a CFR value, for cargoes being delivered to main ports in Japan other Asia Pacific crudes. Cargoes are therefore typically for Minas 33.94 0.09 Indonesia Dumai, Sumatra and South Korea. Cargoes being delivered elsewhere, including loading two months ahead, with a roll-over date on the 9th day Nile Blend 32.76 0.05 Sudan/South Sudan Marsha Bashayer, Sudan eastern China, are included in the assessment process through of the month, or the first business day after. Kimanis crude oil is Daqing 31.93 0.13 China Luda/Dalian in price normalization. Sakhalin Blend is assessed at 16:30 produced at the Gumusut-Kakap oil project off East Malaysia’s Yellow Sea Singapore time as a fixed price, as a differential to Platts Middle state of Sabah. It currently has an API gravity rating of 38.61 with Cinta 31.10 0.09 Indonesia Cinta Eastern crude oil benchmark Dubai and as a differential to a sulfur content of 0.06% and pour point of 12 degrees Celsius. Widuri 32.50 0.09 Indonesia Widuri Shengli 24.20 0.84 China Qingdao on Yellow Dated Brent. Kimanis is typically sold in 300,000- 600,000 barrel cargoes. Sea Duri 20.29 0.21 Indonesia Dumai, Sumatra ESPO (Asia): Platts publishes two assessments for East Siberian Miri: The assessment reflects Miri crude cargoes for lifting Dar Blend 25.00 0.11 South Sudan Marsha Bashayer, Pacific Oil (ESPO) crude oil exported from the Russian Far East port on a FOB basis from the Miri crude oil terminal, Malaysia. The Sudan of Kozmino at the Singapore close: ESPO M1 and ESPO M2. From loading dates reflected by the Miri crude assessment follow

the methodology for other Asia Pacific crudes. Miri crude is API gravity rating of 46.60 with a sulfur content of 0.02%. Belida 600,000 up to 1 million barrels by state oil firms Sudapet, China produced offshore Northern Sarawak, Malaysia. It has an API crude is typically sold in 50,000 to 100,000 barrel cargoes. National Petroleum Corp (CNPC) and Malaysia’s Petronas. Dar gravity rating of 30.79 with a sulfur content of 0.14%. Miri crude Blend has gravity of 25 API, a sulfur content of 0.11%, and TAN is typically sold in 300,000 or 600,000 barrel cargoes. Attaka: The assessment reflects Attaka crude cargoes for lifting of 2.4 mgKOH/g. Dar Blend is assessed at 16:30 Singapore time on a FOB basis from the Santan oil terminal, Indonesia. The as a fixed price and as a differential to Dated Brent.Nile Blend Labuan: The assessment reflects Labuan crude cargoes for loading dates reflected by the Attaka crude assessment follow crude, which is exported in cargoes of 600,000-650,000 barrel, lifting on a FOB basis from the Labuan crude oil terminal, the methodology for other Asia Pacific crudes. Attaka crude is is assessed as a differential to ICP Minas and as a fixed-price Malaysia. The loading dates reflected by the Labuan crude produced offshore East Kalimantan. It has an API gravity rating assessment. Assessments for both grades are for cargoes assessment follow the methodology for other Asia Pacific of 40.66 with a sulfur content of 0.07%. Attaka crude is typically loading two months from date of publication, with a rollover date crudes. Labuan crude is produced offshore Sabah, Malaysia. sold in 50,000 to 100,000 barrel cargoes. on the 9th day of the month, or the first following business day.. It has an API gravity rating of 29.2 with a sulfur content of 0.08%. Labuan crude is typically sold in 300,000 or 600,000 Cinta: The assessment reflects Cinta crude cargoes for lifting Su Tu Den and Bach Ho: Vietnam’s Su Tu Den (Black Lion) barrel cargoes.Banyu Urip: The assessments reflect Banyu on a FOB basis from the Cinta oil terminal, Indonesia. The crude is blended with Su Tu Vang (Golden Lion) and exported Urip cargoes for lifting on a FOB basis from FSO Gagak Rimang loading dates reflected by the Cinta crude assessment follow in cargoes of 200,000 to 500,000 barrels from a floating, offshore Central Java, Indonesia. The loading dates reflected in the methodology for other Asia Pacific crudes. Cinta crude is production and storage terminal in the South China Sea. Su Tu the Banyu Urip assessment follow the methodology for other produced offshore South East Sumatra. It has an API gravity Den has gravity of 39.5 API and a sulfur content of 0.06%. Bach Asia Pacific crude. Cargoes are therefore typically for loading rating of 31.10 with a sulfur content of 0.09%. Cinta crude is Ho crude assessments reflect typical cargo sizes of 300,000 to two months ahead, with a rollover date on the 9th day of the typically sold in 50,000 to 200,000 barrel cargoes. 500,000 barrels. Both crudes are evaluated at 16:30 Singapore month, or the first following business day. Banyu Urip crude oil is time as a fixed price, and as a differential to Dated Brent. produced at the Cepu field in Central Java, Indonesia. It currently Widuri: The assessment reflects Widuri crude cargoes for lifting Platts discontinued publication of Vietnam’s Su Tu Den crude has an API gravity of 32 degrees with a sulfur content of 0.305% on a FOB basis from the Widuri oil terminal, Indonesia. The differential to OSP effective December 1, 2017. The loading dates weight and pour point of 27 degrees Celsius. Banyu Urip is loading dates reflected by the Widuri crude assessment follow reflected by the assessments follow the current methodology typically sold in cargoes of 650,000 barrels and 900,000 barrels the methodology for other Asia Pacific crudes. Widuri crude is for other Asia Pacific crude. Cargoes are therefore typically for with an operational tolerance of plus/minus 5%. produced offshore South East Sumatra. It has an API gravity loading two months ahead, with a rollover date on the 9th day of rating of 32.50 with a sulfur content of 0.09%. Widuri crude is the month, or the first following business day. Handil: The assessment reflects Handil crude cargoes for typically sold in 50,000 to 200,000 barrel cargoes. lifting on a FOB basis from the Senipah terminal, Indonesia. The Daqing: The assessment reflects Daqing crude cargoes loading dates reflected by the Handil crude assessment follow Duri: The assessment reflects Duri crude cargoes for lifting on a produced from the Daqing oil field in Heilongjiang, China. The the methodology for other Asia Pacific crudes. Handil crude is FOB basis from the Dumai terminal, Indonesia. The loading dates loading dates reflected by the Daqing crude assessment follow produced in the Mahakam block, offshore East Kalimantan. It reflected by the Duri crude assessment follow the methodology the methodology for other Asia Pacific crudes. Daqing crude has has an API gravity rating of 39.50 with a sulfur content of 0.06%. for other Asia Pacific crudes. Duri crude is produced inland on an API gravity rating of 31.93 with a sulfur content of 0.13%. Handil crude is typically sold in 100,000 to 200,000 barrel the island of Sumatra. It has an API gravity rating of 20.29 with a cargoes. sulfur content of 0.21%. Duri crude is typically sold in 50,000 to Shengli: The assessment reflects Shengli crude cargoes 700,000 barrel cargoes. produced from the Shengli oil field in Dongying, Shandong Belida: The assessment reflects Belida crude cargoes for province, China. The loading dates reflected by the Shengli lifting on a FOB basis from a Floating Storage Unit. The loading Dar Blend and Nile Blend: These assessments reflect Dar Blend crude assessment follow the methodology for other Asia Pacific dates reflected by the Belida crude assessment follow the and Nile Blend cargoes for lifting on a FOB basis from Marsa crudes. Shengli crude has an API gravity rating of 24.2 with a methodology for other Asia Pacific crudes. Belida crude is Bashayer Export Terminal in Sudan. South Sudan’s sweet, acidic sulfur content of 0.84%. produced offshore Indonesia in the South Natuna Sea. It has an Dar Blend crude from the Melut basin is exported in cargoes of

Australia Basin: Platts assesses the value of heavy sweet crude exposure of a typical Asian refiner. The ACX is an independently Annual review of crude oil benchmarks for inclusion/exclusion: grade Vincent, which is produced from fields in the Australian calculated index, used for settlement purposes of futures and Each crude oil benchmark will be considered for retention or Basin. The grade is assessed at 16:30 Singapore time as a fixed options contracts. The ACX is published on real-time news exclusion from the index, on at least an annual basis. Reasons price and as a differential to Dated Brent. Vincent has gravity service Platts Global Alert (PGA), in Platts Crude Oil Marketwire for exclusion of a particular crude grade include a decline in of 18.317.40 API, a sulfur content of 0.5537% and TAN of 1.53 and other related Platts publications. production below a given threshold, or the absence of verifiable mgKOH/g. spot cargo data. Other crude grades may be considered for Index composition of represented crude oil benchmarks as inclusion, based on new production and/or changes in Asian Cossack: The assessment reflects Cossack crude cargoes for of July 2, 2012: Middle East sour crude represented by Dubai crude slate consumption. Platts will give subscribers due notice lifting on a FOB basis from the Okha FPSO, Australia. The loading (16%), Oman (16%), Upper Zakum (16%) and Murban (6%); Asia- of such changes. dates reflected by the Cossack crude assessment follow the Pacific sweet crude represented by Tapis (10%), Minas (8%) methodology for other Asia Pacific crudes. Cossack crude is and Duri (2%); West African sweet crude represented by Bonny US crude assessments at Singapore close: The assessments produced from the North West Shelf project, off North West Light (5%), Forcados (4%) and Cabinda (3%); Russian crude reflect the outright price in US dollars per barrel of WTI MEH, Australia. It has an API gravity rating of 48.8 with a sulfur content represented by ESPO M2 (3%) as well as Asian Dated Brent Light Louisiana Sweet, Southern Green Canyon and LOOP Sour of 0.03%. Cossack crude is typically sold in 450,000-650,000 (11%). at the close of the Asian Market on Close assessment process barrel cargoes. at 16:30 Singapore time (0830 GMT). Platts is publishing the Time-zone normalization: Regional and ESPO crude market prompt month and next forward month for WTI MEH, LOOP Gippsland: The assessment reflects Gippsland crude cargoes assessment time (08:30 GMT, equivalent to 16:30 local Sour and LLS, and the prompt month for SGC. The assessments for lifting on a FOB basis from the Long Island Point Terminal, Singapore time). West African crude oil grades assessed at reflect the price prevailing at the close of the market in Asia, Westernport, Australia. The loading dates reflected by the European market close at 16:30 hours London time on the taking into account the rise or fall in the cash WTI market from Gippsland crude assessment follow the methodology for other previous trading day are adjusted to Asian close timing using the time of the assessment at US market close at 2:30 pm Asia Pacific crudes. Gippsland crude is produced from the Platts Asian Dated Brent (ADB) assessment. Eastern standard Time until the Asian close. Bass Strait, offshore South East Australia. It has an API gravity rating of 55.4 with a sulfur content of 0.04%. Gippsland crude is Accuracy of publication: Rounded to three decimal places. CFR North Asia assessments at Singapore close: The typically sold in 350,000-650,000 barrel cargoes. assessments reflect the outright price in US dollars per barrel Index availability: The ACX will be available on every Platts Asian of Dubai, Oman, Upper Zakum, Qatar Marine, Murban, ESPO, Kutubu: The assessment reflects Kutubu Blend crude cargoes publishing day. On scheduled European holidays when Platts Basrah Light, Dalia, Forties, LOOP sour and WTI MEH delivered for lifting on a FOB basis from the Kumul Marine Terminal, does not publish West African assessments, the ACX index will into North Asia at 16:30 Singapore time (0830 GMT), including Papua New Guinea. The loading dates reflected by the Kutubu normalize West African assessments from the previous London freight and any other relevant costs into North Asia. These Blend crude assessment follow the methodology for other Asia publishing day using Asian Dated Brent equivalent values on the assessments are published in addition to Platts existing Pacific crudes. Kutubu Blend crude comprises crude oil from day of index publication in Asia. assessments for all these grades. For the freight calculation, the Kutubu, Moran and Gobe fields in the Southern Highlands of the conversion factor for barrel to metric tonnes applied for the Papua New Guinea, and condensate from the PNG LNG project. Annual index composition adjustment: The overall index grades will be in line with prevailing qualities of the respective It has an API gravity rating of 51.4 with a sulfur content of 0.02%. composition is reviewed at least once every calendar year. In grades. The grades’ qualities and respective conversion factors Kutubu Blend crude is typically sold in 650,000 barrel cargoes. the event of any adjustment, Platts will re-weigh the index will be reviewed periodically. components to ensure that an addition or deletion is price- neutral and only reflective of a daily change in the overall price. Crude grade Conversion factor aPI gravity (degrees) The Platts Asian Crude Oil Index Platts will give subscribers due notice of any adjustment on Dubai 7.20 30.40 Oman 7.24 31.30 The Platts Asian Crude Oil Index (ACX) represents the pricing Platts Global Alert (PGA) and in Platts Crude Oil Marketwire. Upper Zakum 7.35 33.90

Qatar Marine 7.30 32.65 Murban 7.64 40.50 ESPO 7.39 34.70 Basrah Light 7.17 29.90 Dalia 6.87 23.00 Forties 7.57 38.70 LOOP sour 7.18 30.14 WTI MEH 7.77 43.40

U nited States Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE TYPICAL SIZE CURRENCY UOM

PIPELINE ASSESSMENTS WTI M1 PCACG00 PCACG03 AAFCV00 ex-tank Cushing M+1 25,000 - - US $ Barrels WTI M2 PCACH00 PCACH03 AAFCX00 ex-tank Cushing M+2 25,000 - - US $ Barrels WTI M3 AAGIT00 AAGIT03 AAGIU00 ex-tank Cushing M+3 25,000 - - US $ Barrels WTI EFP M1 AAGVT00 AAGVT03 AAGVT02 ex-tank Cushing M+1 25,000 - - US $ Barrels WTI EFP M2 AAGVU00 AAGVU03 AAGVU02 ex-tank Cushing M+2 25,000 - - US $ Barrels WTI EFP M3 AAGVV00 AAGVV03 AAGVV02 ex-tank Cushing M+3 25,000 - - US $ Barrels WTI (Midland) PCACJ00 PCACJ03 AAFCY00 Delivered Midland, Texas M+1 25,000 - - US $ Barrels WTI (Midland) vs 1st Line WTI AAGVZ00 AAGWA00 AAGWA02 Delivered Midland, Texas M+1 25,000 - - US $ Barrels WTI (Midland) M2 AAYZA00 AAYZA03 AAYZA02 Delivered Midland, Texas M+2 25,000 - - US $ Barrels WTI (Midland) M2 vs 2nd Line WTI AAXXF00 AAXXF03 AAXXF02 Delivered Midland, Texas M+2 25,000 - - US $ Barrels WTI MEH AAYRG00 AAYRG03 FIP Houston M+1 25,000 - - US $ Barrels WTI MEH vs 1st Line WTI AAYRH00 AAYRH03 FIP Houston M+1 25,000 - - US $ Barrels WTI MEH M2 AAXXE00 AAXXE03 FIP Houston M+2 25,000 - - US $ Barrels WTI MEH M2 vs 2nd Line WTI AAYYA00 AAYYA03 FIP Houston M+2 25,000 - - US $ Barrels WTI-Delta AAEJK00 AAEJL00 AAEJK03 ex-tank Cushing M+1 25,000 - - US $ Barrels P-Plus WTI PCACI00 PCACI03 AAFCT00 ex-tank Cushing M+1 25,000 - - US $ Barrels P-5 WTI AAFEN00 AAFEO00 AAFEO02 ex-tank Cushing M+1 25,000 - - US $ Barrels Bakken Williston AAXPP00 AAXPP03 AAXPP02 Delivered Williston Basin M+1 25,000 - - US $ Barrels Bakken Williston vs WTI CMA AASRX00 AASRX03 Delivered Williston Basin M+1 25,000 - - US $ Barrels Bakken Clearbrook AASRU00 AASRU13 AASRU03 Delivered Clearbrook, Minnesota M+1 25,000 - - US $ Barrels Bakken Clearbrook vs NYMEX WTI CMA AASRW00 AASRW13 AASRW03 Delivered Clearbrook, Minnesota M+1 25,000 - - US $ Barrels Bakken Guernsey AASRR00 AASRR13 AASRR03 Delivered Guernsey, Wyoming M+1 25,000 - - US $ Barrels Bakken Guernsey vs NYMEX WTI CMA AASRV00 AASRV13 AASRV03 Delivered Guernsey, Wyoming M+1 25,000 - - US $ Barrels Bakken USGC Pipe ABAKA00 ABAKA03 Delivered Nederland/Beaumont, TexasM+1 25,000 US $ Barrels Bakken USGC Pipe vs NYMEX WTI CMA ABAKB00 ABAKB03 Delivered Nederland/Beaumont, TexasM+1 25,000 US $ Barrels Bonito PCAIE00 PCAIH03 AAFCI00 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels Bonito vs 1st Line WTI AAGWF00 AAGWG00 AAGWG02 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels Eugene Island PCAFC00 PCAFC03 AAFCJ00 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels Eugene Island vs 1st Line WTI AAGWD00 AAGWE00 AAGWE02 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels HLS (1st month) PCABD00 PCABD03 AAFCK00 Delivered Empire, Louisiana M+1 25,000 - - US $ Barrels HLS (1st month) vs 1st Line WTI AAGWP00 AAGWQ00 AAGWQ02 Delivered Empire, Louisiana M+1 25,000 - - US $ Barrels HLS (2nd month) AAURE00 AAURE13 AAURE03 Delivered Empire, Louisiana M+2 25,000 - - US $ Barrels HLS (2nd month) vs 2nd Line WTI AAURF00 AAURF13 AAURF03 Delivered Empire, Louisiana M+2 25,000 - - US $ Barrels Kern River PCABJ00 PCABJ03 AAFCL00 AAIIR00 Delivered Kern County, California M+1 25,000 - - US $ Barrels Light Houston Sweet (LHS) AAXEW00 AAXEW03 FIP Houston M+1 25,000 - - US $ Barrels Light Houston Sweet (LHS) M2 AAYRY00 AAYRY02 FIP Houston M+2 25,000 - - US $ Barrels Line 63/Hynes PCABM00 PCABM03 AAFCM00 Delivered Hynes Station, California M+1 25,000 - - US $ Barrels P-Plus Line 63 PCAFV00 PCAFV03 AAFCN00 Delivered Hynes Station, California M+1 25,000 - - US $ Barrels LOOP Sour M1 In-cavern title LOOP Clovelly Hub, AALSM01 AALSR03 M+1 25,000 - - US $ Barrels transfer Louisiana

U nited States Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE TYPICAL SIZE CURRENCY UOM LOOP Sour vs WTI M1 In-cavern title LOOP Clovelly Hub, AALOM01 AALOP03 M+1 25,000 - - US $ Barrels transfer Louisiana LOOP Sour vs Mars M1 In-cavern title LOOP Clovelly Hub, AALPM01 AALPR03 M+1 25,000 - - US $ Barrels transfer Louisiana LOOP Sour M2 In-cavern title LOOP Clovelly Hub, AALSM02 AALSS03 M+2 25,000 - - US $ Barrels transfer Louisiana LOOP Sour vs WTI M2 In-cavern title LOOP Clovelly Hub, AALOM02 AALOQ03 M+2 25,000 - - US $ Barrels transfer Louisiana LOOP Sour vs Mars M2 In-cavern title LOOP Clovelly Hub, AALPM02 AALPS03 M+2 25,000 - - US $ Barrels transfer Louisiana LOOP Sour M3 In-cavern title LOOP Clovelly Hub, AALSM03 AALSV03 M+3 25,000 - - US $ Barrels transfer Louisiana LOOP Sour vs WTI M3 In-cavern title LOOP Clovelly Hub, AALOM03 AALOR03 M+3 25,000 - - US $ Barrels transfer Louisiana LOOP Sour vs Mars M3 In-cavern title LOOP Clovelly Hub, AALPM03 AALPT03 M+3 25,000 - - US $ Barrels transfer Louisiana LLS (1st month) PCABN00 PCABN03 AAFCO00 AAIIQ00 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels LLS (1st month) vs 1st Line WTI AAGWN00 AAGWO00 AAGWO02 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels LLS (2nd month) AAURC00 AAURC13 AAURC03 Delivered St. James, Louisiana M+2 25,000 - - US $ Barrels LLS (2nd month) vs 2nd Line WTI AAURD00 AAURD13 AAURD03 Delivered St. James, Louisiana M+2 25,000 - - US $ Barrels Mars M1 LOOP Clovelly Hub, AAMBR00 AAMBS00 AAMBS02 AAIIM00 Delivered M+1 25,000 - - US $ Barrels Louisiana Mars M1 vs WTI LOOP Clovelly Hub, AAGWH00 AAGWK00 AAGWK02 Delivered M+1 25,000 - - US $ Barrels Louisiana Mars M2 LOOP Clovelly Hub, AAMBU00 AAMBV00 AAMBV02 Delivered M+2 25,000 - - US $ Barrels Louisiana Mars M2 vs WTI LOOP Clovelly Hub, AAKTH00 AAKTI00 AAKTI02 Delivered M+2 25,000 - - US $ Barrels Louisiana Mars M3 LOOP Clovelly Hub, AAMBX00 AAMBY00 AAMBY02 Delivered M+3 25,000 - - US $ Barrels Louisiana Mars M3 vs WTI LOOP Clovelly Hub, AAMBO00 AAMBP00 AAMBP02 Delivered M+3 25,000 - - US $ Barrels Louisiana Mars M1 vs Mars M2 Spread LOOP Clovelly Hub, AAWFC00 Delivered M+1 25,000 - - US $ Barrels Louisiana Mars M2 vs Mars M3 Spread LOOP Clovelly Hub, AAWFD00 Delivered M+2 25,000 - - US $ Barrels Louisiana Mars M2 vs Dubai M1 LOOP Clovelly Hub, MVDM021 Delivered M+2 25,000 - - US $ Barrels Louisiana Mars M3 vs Dubai M2 LOOP Clovelly Hub, MVDM032 Delivered M+3 25,000 - - US $ Barrels Louisiana Poseidon AABHK00 AABHL00 AAFCQ00 Delivered Houma, Louisiana M+1 25,000 - - US $ Barrels Poseidon vs 1st Line WTI AAGWL00 AAGWM00 AAGWM02 Delivered Houma, Louisiana M+1 25,000 - - US $ Barrels SGC AASOI00 AASOI03 AASOI02 Delivered Nederland, Texas M+1 25,000 - - US $ Barrels SGC vs 1st Line WTI AASOJ00 AASOJ03 AASOJ02 Delivered Nederland, Texas M+1 25,000 - - US $ Barrels

U nited States Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE TYPICAL SIZE CURRENCY UOM Thums/Long Beach PCACD00 PCACD03 AAFCR00 AAIIU00 Delivered Long Beach, California M+1 25,000 - - US $ Barrels Thunder Horse LOOP Clovelly Hub, AAWZK00 AAWZK03 AAWZK02 Delivered M+1 25,000 - - US $ Barrels Louisiana Thunder Horse vs 1st Line WTI LOOP Clovelly Hub, AAWZL00 AAWZL03 AAWZL02 Delivered M+1 25,000 - - US $ Barrels Louisiana WCS Ex-Cushing AAWTY00 AAWTY03 ex-tank Cushing M+1 25,000 - - US $ Barrels WCS Ex-Cushing (C$/CM) AAWUA00 AAWUA03 ex-tank Cushing M+1 25,000 - - C $ cm WCS Ex-Cushing vs WTI CMA AAWTZ00 AAWTZ03 ex-tank Cushing M+1 25,000 - - US $ Barrels WCS Ex-Nederland AAYAY00 AAYAY03 FIP Nederland, Texas M+1 25,000 - - US $ Barrels WCS Ex-Nederland vs WTI CMA AAYAX00 AAYAX03 FIP Nederland, Texas M+1 25,000 - - US $ Barrels WTS Midland M1 PCACK00 PCACK03 AAFCS00 Delivered Midland, Texas M+1 25,000 - - US $ Barrels WTS Midland M1 vs 1st Line WTI AAGWB00 AAGWC00 AAGWC02 Delivered Midland, Texas M+1 25,000 - - US $ Barrels WTS Midland M2 AAURG00 AAURG13 AAURG03 Delivered Midland, Texas M+2 25,000 - - US $ Barrels WTS Midland M2 vs 2nd Line WTI AAURH00 AAURH13 AAURH03 Delivered Midland, Texas M+2 25,000 - - US $ Barrels Wyoming Sweet PCACM00 PCACM03 PCACL03 Delivered Guernsey, Wyoming M+1 25,000 - - US $ Barrels Wyoming Sweet vs 1st Line WTI AAGWR00 AAGWS00 AAGWS02 Delivered Guernsey, Wyoming M+1 25,000 - - US $ Barrels

CARGO ASSESSMENTS WTI FOB USGC AAYBA00 AAYBA03 FOB USGC 15-45 days - - 600,000 US $ Barrels WTI FOB USGC vs NYMEX WTI Strip AAYAZ00 AAYAZ03 FOB USGC 15-45 days - - 600,000 US $ Barrels ANS PCAAD00 PCAAD03 AAFFL02 Delivered Long Beach, California M+1 300,000 - - US $ Barrels ANS vs NYMEX WTI CMA AAGWX00 AAGWY00 AAGWY02 Delivered Long Beach, California M+1 300,000 - - US $ Barrels Bakken FOB USGC ABAKC00 ABAKC03 FOB USGC 15-45 days 600,000 US $ Barrels Bakken FOB USGC vs NYMEX WTI Strip ABAKD00 ABAKD03 FOB USGC 15-45 days 600,000 US $ Barrels Basrah Light AAEJH00 AAEJI00 AAEJI02 Delivered USGC M+1 500,000 - - US $ Barrels Basrah Light vs 2nd Line WTI AAGWV00 AAGWW00 AAGWW02 Delivered USGC M+1 500,000 - - US $ Barrels Eagle Ford Crude FOB USGC AAYAT00 AAYAT03 FOB USGC 15-45 days - - 600,000 US $ Barrels Eagle Ford Crude FOB USGC vs NYMEX WTI Strip AAYAU00 AAYAU03 FOB USGC 15-45 days - - 600,000 US $ Barrels Eagle Ford Condensate FOB USGC AAYAR00 AAYAR03 FOB USGC 15-45 days - - 600,000 US $ Barrels Eagle Ford Condensate FOB USGC vs NYMEX WTI AAYAS00 AAYAS03 FOB USGC 15-45 days - - 600,000 US $ Barrels Strip

Americas Crude Marker M1 AAQHN00 AAQHN13 AAQHN03 Delivered USGC M+1 25,000 - - US $ Barrels Americas Crude Marker M2 AAQHO00 AAQHO13 AAQHO03 Delivered USGC M+2 25,000 - - US $ Barrels Americas Crude Marker M3 AAQHP00 AAQHP13 AAQHP03 Delivered USGC M+3 25,000 - - US $ Barrels Eagle Ford Marker AAYAJ00 AAYAJ03 AAYAJ02 M+1 - - - US $ Barrels Eagle Ford Postings Average AAYAH00 AAYAH03 AAYAH02 - - - US $ Barrels Eagle Ford Postings Average vs Eagle Ford Marker AAYAI00 AAYAI03 AAYAI02 - - - US $ Barrels Americas Dated Brent AAQBF00 AAQBF03 AAQBF02 600,000 600,000 - US $ Barrels

US CRUDE ASSESSMENTS AT ASIA CLOSE WTI MEH AAZDF00 AAZDF03 FIP Houston M+1 25,000 - - US $ Barrels WTI MEH M2 AAZDG00 AAZDG03 FIP Houston M+2 25,000 - - US $ Barrels

U nited States Assessment CODE Mavg Pavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE TYPICAL SIZE CURRENCY UOM LLS (1st month) AAZDC00 AAZDC03 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels LLS (2nd month) AAZDD00 AAZDD03 AAURC03 Delivered St. James, Louisiana M+2 25,000 - - US $ Barrels LOOP Sour M1 In-cavern title LOOP Clovelly Hub, AAZDA00 AAZDA03 M+1 25,000 - - US $ Barrels transfer Louisiana LOOP Sour M2 In-cavern title LOOP Clovelly Hub, AAZDB00 AAZDB03 M+2 25,000 - - US $ Barrels transfer Louisiana SGC AAZDE00 AAZDE03 Delivered Nederland, Texas M+1 25,000 - - US $ Barrels

US CRUDE ASSESSMENTS AT LONDON CLOSE WTI M1 AAQAR00 AAQAR13 AAQAR03 ex-tank Cushing M+1 25,000 - - US $ Barrels WTI M1 (Euro) AAPYT00 AAPYT03 ex-tank Cushing M+1 25,000 - - Euro Barrels WTI M2 AAQAT00 AAQAT13 AAQAT03 ex-tank Cushing M+2 25,000 - - US $ Barrels WTI M2 (Euro) AAWFJ00 AAWFJ03 ex-tank Cushing M+2 25,000 - - Euro Barrels WTI M3 AAQAV00 AAQAV13 AAQAV03 ex-tank Cushing M+3 25,000 - - US $ Barrels WTI M3 (Euro) AAWFK00 AAWFK03 ex-tank Cushing M+3 25,000 - - Euro Barrels WTI EFP M1 AAQAS00 AAQAS13 AAQAS03 ex-tank Cushing M+1 25,000 - - US $ Barrels WTI EFP M2 AAQAU00 AAQAU13 AAQAU03 ex-tank Cushing M+2 25,000 - - US $ Barrels WTI EFP M3 AAQAW00 AAQAW13 AAQAW03 ex-tank Cushing M+3 25,000 - - US $ Barrels WTI MEH M1 AAYRZ00 AAYRZ03 FIP Houston M+1 25,000 - - US $ Barrels WTI MEH M1 (Euro) AAYSA00 AAYSA03 FIP Houston M+1 25,000 - - Euro Barrels WTI MEH M2 AAXYD00 AAXYD03 FIP Houston M+1 25,000 - - US $ Barrels WTI MEH M2 (Euro) AAYVA00 AAYVA03 FIP Houston M+1 25,000 - - Euro Barrels Mars M1 LOOP Clovelly Hub, AAQAX00 AAQAX13 AAQAX03 Delivered M+1 25,000 - - US $ Barrels Louisiana Mars M1 vs WTI LOOP Clovelly Hub, AAQAY00 AAQAY13 AAQAY03 Delivered M+1 25,000 - - US $ Barrels Louisiana Mars M1 (Euro) LOOP Clovelly Hub, AAPYU00 AAPYU03 Delivered M+1 25,000 - - Euro Barrels Louisiana Mars M2 LOOP Clovelly Hub, AAQAZ00 AAQAZ13 AAQAZ03 Delivered M+2 25,000 - - US $ Barrels Louisiana Mars M2 vs WTI LOOP Clovelly Hub, AAQBA00 AAQBA13 AAQBA03 Delivered M+2 25,000 - - US $ Barrels Louisiana Mars M2 (Euro) LOOP Clovelly Hub, AAWFI00 AAWFI03 Delivered M+2 25,000 - - Euro Barrels Louisiana LLS (1st month) AAQBB00 AAQBB13 AAQBB03 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels LLS (1st month) (Euro) AAWEP00 AAWEP03 Delivered St. James, Louisiana M+1 25,000 - - Euro Barrels LLS (2nd month) AAQBD00 AAQBD13 AAQBD03 Delivered St. James, Louisiana M+2 25,000 - - US $ Barrels LLS (2nd month) (Euro) AAWFH00 AAWFH03 Delivered St. James, Louisiana M+2 25,000 - - Euro Barrels LLS (1st month) vs 1st Line WTI AAQBC00 AAQBC13 AAQBC03 Delivered St. James, Louisiana M+1 25,000 - - US $ Barrels LLS (2nd month) vs 2nd Line WTI AAQBE00 AAQBE13 AAQBE03 Delivered St. James, Louisiana M+2 25,000 - - US $ Barrels

Methodology and specifications guide Crude oil: January 2019

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United States YT

NT US pipeline crude assessments NU

Platts assesses the value of a variety of crudes in the US, as a Mixed Sweet Gravity 41.1 API | Sulfur 0.45% Lloyd Blend flat price and as a differential against common pricing bases. Gravity 22.1 API | Sulfur 3.49% Condensates (Edmonton) The spot month assessments for all US domestic pipeline Gravity 50 API | Sulfur 0.2% Western Canadian Select (Hardisty) White Rose Syncrude Sweet Premium Gravity 21.7 API | Sulfur 3.66% barrels, with the exception of Bakken, changes on the first NL Gravity 31 API | Sulfur 0.31% Gravity 31.7 API | Sulfur 0.19% Cold Lake MB business day after the 25th of the calendar month unless Gravity 22.7 API | Sulfur 4.06% B 50 C CANADA N AB otherwise specified. The spot month does not roll with the SK Light Sour Blend expiration of the front month NYMEX light sweet crude futures Gravity 39.4 API | Sulfur 1.02% Midale QC Hibernia contract. After the expiry of the related front-month crude Gravity 31.7 API | Sulfur 2.12% ON NORTH Gravity 34.4 API | Sulfur 0.406% futures contract, Platts continues to assess the prompt cash NB Terra Nova Gravity 34.2 API | Sulfur 0.52% month in relation to WTI values that factor in intermonth spreads WA AMERICA in the cash WTI market. For instance, from January 26 through Bakken NS Gravity 43.3 API | Sulfur 0.07% ND ME February 25, the front month for US domestic pipeline barrels is OR MT MN VT ID NH March. On February 26, the front month switches to April. If the NY WI MA WY SD MI I 26th falls on a weekend or holiday, the next business day marks UNITED STATES CT R Wyoming Sweet the beginning of the new trading month. Gravity 32 API | Sulfur 0.9% PA Kern River/San Joaquin Valley IL IN OH NJ IA ATLANTIC Gravity 13 API | Sulfur 1.19% NE D DE Western Canadian Select (Cushing/Nederland) M OCEAN NV UT Gravity 21.7 API | Sulfur 3.66% In those markets where commodities trade at differentials to CO KS WV CA West Texas Iintermediate (Cushing) VA futures contracts, the official prevailing futures settlement Line 63 Gravity 41 API | Sulfur 0.4% KY Gravity 28 API | Sulfur 1.02% MO prices are used in the assessment process. Market participants Alaska North Slope (delivered Long Beach) TN NC submitting bids and offers on a differential exchange for Gravity 32 API | Sulfur 0.962% AR OK Thums NM Basrah Light (delivered USGC) SC physical (EFP) basis to futures contracts during the Platts Gravity 29.7 API | Sulfur 2.85% 3 Gravity 17 API | Sulfur 1.5% 0 N AZ MS AL Sulfur content MOC assessment process should be explicit in their positions, Southern Green Canyon GA West Texas Sour Gravity 28.2 API | Sulfur 2.3% Sour Sweet T Gravity including the month of reference for the EFP. The minimum Gravity 30.2 API | Sulfur 1.5% X LA >= 0.5% < 0.5% volume for US domestic pipeline grades reflects 1,000 b/d of EagleFord Condensate Heavy 0 to 22.3 ratable crude, for a minimum of 25,000 barrels in total, delivered Gravity 58.8 API | Sulfur 0.041% FL Medium 22.4 to 31.1 PACIFIC Eagle Ford Crude over the course of the pipeline month. Gulf of Mexico Light 31.2 and higher OCEAN Gravity 45.7 API | Sulfur 0.242% Thunder Horse Eugene Island Gravity 30.1 API | Sulfur 1.46% MEXICO Gravity 32.3 API | Sulfur 1.16% Mars West Texas Intermediate (WTI): Platts assesses WTI at Cushing, Gravity 29.6 API | Sulfur 1.81% Bonito Oklahoma; Midland, Texas; and the Magellan East Houston Gravity 34 API | Sulfur 1.58% Poseidon Gravity 30.2 API | Sulfur 1.72% terminal. Platts assesses WTI Cushing three months forward, Light Louisiana Sweet Gravity 38.4 API | Sulfur 0.388% and WTI Midland and WTI MEH two months forward. Heavy Louisiana Sweet Gravity 33.4 API | Sulfur 0.416% WTI Calendar Delta: The WTI Calendar Delta reflects the spread SERRANILLA BANK BELIZE between front month cash WTI and the front month NYMEX 0 200 mi light sweet crude calendar month average (CMA). The latter Source: Platts

Crude grade API gravity (degrees) Sulfur content (%) reflects the average of the front month NYMEX light sweet Light Houston Sweet (LHS): This assessment reflects the Mars 29.4 1.95 crude settlement values over a calendar month, in line with value of light sweet crude flowing into Houston, Texas, from Poseidon 30.4 1.71 the US domestic pipeline roll schedule. The WTI Calendar Delta the Permian Basin, Eagle Ford and Cushing, Oklahoma. The Arab Medium 30.2 2.53 fluctuates with first/second and first/third month WTI spreads, assessment is for crude delivered on a Free In Pipe (FIP) Basrah Light 30.9 2.72 Kuwait Export Crude 30.6 2.66 and with bids/offers in the market. It rolls to the next month on basis out of three Houston terminals: Magellan East Houston *Recent available assays as of Oct 2018 the first business day after the 25th of the month. Terminal, Enterprise Houston Crude Oil (EHCO) Terminal and the Oil Tanking Houston Terminal. As Houston crude Platts publishes an outright price and differentials for LOOP P-Plus WTI: The assessment reflects the price of WTI sold into transportation infrastructure develops, Platts may consider Sour one, two and three calendar months forward. The front- Cushing on the basis of “postings plus.” P-plus deals are invoiced additional terminals for inclusion in its LHS assessment basis. month LOOP Sour price reflects barrels trading one calendar at a later date on the basis of a differential to an average of one Platts reflects WTI Midland specifications in Houston in its LHS month forward, with trading shifting to the next month on the or more crude oil postings. For example, a deal done at P-plus assessment, and may normalize Domestic Light Sweet and first business day after the 25th day of the calendar month. The 75 cents would be invoiced at 75 cents more than the previously Eagle Ford bids, offers and transactions at Houston to a WTI minimum volume reflected for the LOOP Sour assessments is agreed-upon postings basis. Midland specification basis. 25,000 barrels.

Bakken: Platts assesses the value of Bakken crude at four Light Louisiana Sweet (LLS): This assessment reflects barrels Mars: This assessment reflects barrels for delivery to LOOP locations: for injection into the Dakota Access Pipeline (DAPL) delivered to St. James, Louisiana. Clovelly Hub in Louisiana. in the Williston Basin; for injection at Guernsey, Wyoming; for injection at Clearbrook, Minnesota; and in pipe at the Nederland/ Line 63: This assessment reflects a blend of crudes delivered to Poseidon: This assessment reflects barrels delivered to Houma, Beaumont terminals on the US Gulf Coast. Platts Bakken Hynes Station, California, on Plains All American Pipeline’s Line Louisiana. assessments are published as a flat price and as a differential 63. to the NYMEX light sweet crude CMA. These assessments, Southern Green Canyon (SGC): This assessment reflects barrels including the NYMEX light sweet crude CMA basis, follow the P-Plus Line 63: This assessment reflects the price of Line 63 delivered to Nederland, Texas. pipeline schedule published by Canada’s Crude Oil Logistics crude sold into Hynes Station on Plains All American Pipeline’s Committee. The volumes assessed reflect 1,000 b/d of ratable Line 63 on the basis of “Posting Plus.” P-Plus deals are invoiced Thums: This assessment reflects barrels delivered to Long crude, for a minimum of 25,000 barrels in total, delivered over at a later date on the basis of a differential to an average of one Beach, California. the course of the pipeline month. or more crude postings for Buena Vista crude. Thunder Horse: This assessment reflects barrels delivered to Bonito: This assessment reflects barrels delivered to St James, LOOP Sour: This assessment reflects the value of LOOP Sour LOOP Clovelly Hub in Louisiana. Louisiana. crude traded in cavern via title transfer at the Louisiana Offshore Oil Port terminal near Galliano, Louisiana on the US Gulf Coast. WCS ex-Cushing: This assessment reflects Western Canadian Eugene Island: This assessment reflects barrels delivered to St. LOOP Sour is a medium sour crude blend comprised of two Select crude trading at Cushing, Oklahoma. Platts publishes James, Louisiana. domestic US crudes -- Mars and Poseidon -- and three Middle WCS ex-Cushing as an outright price, and as a differential to the Eastern crude grades -- Arab Medium, Kuwait Export Crude and NYMEX light sweet crude CMA. Heavy Louisiana Sweet (HLS): This assessment reflects barrels Basrah Light. The quality of LOOP Sour crude changes depending delivered to Empire, Louisiana. on the amount of the five crudes delivered into the blend, but will This assessment, including the NYMEX light sweet crude CMA be within the range of the five component crude grades. basis, follows the pipeline schedule published by Canada’s Kern River: This assessment reflects barrels delivered to Station Crude Oil Logistics Committee. The quality reflects typical 31 in Kern County, California. This crude is synonymous with San The latest assays* for the LOOP Sour component grades reflect specifications for WCS. Joaquin Valley (SJV) heavy. the following:

WCS ex-Nederland: This assessment reflects Western Canadian Bakken FOB USGC: This assessment reflects an Aframax cargo, The ACM reflects the most competitive grade (i.e. price at the Select crude on a Free In Pipe (FIP) Port Arthur/Nederland, Texas with a typical volume of 600,000 barrels, loading 15-45 days margin). This methodology enables each of the four grades basis. Platts publishes WCS ex-Nederland as an outright price, forward from terminals along the US Gulf Coast. The quality to operate as relief valves, with those crude oils forming the and as a differential to the NYMEX light sweet crude CMA. This reflects the typical specifications of Bakken crude. assessment at times when any particular grade is tight or assessment, including the NYMEX light sweet crude CMA basis, subject to supply constraints. Thunder Horse crude oil is of lower follows the pipeline schedule published by Canada’s Crude Oil Basrah Light: The assessment reflects waterborne barrels of sulfur content than the other grades, and is therefore most likely Logistics Committee. The quality reflects typical specifications Iraqi Basrah Light crude delivered to the US Gulf Coast. The to play a significant role in times of supply distress. This grade for WCS. minimum volume is 500,000 barrels. Basrah Light barrels acts in a similar manner to the potential check that Ekofisk plays are priced off the second month cash WTI assessment. In the as a component of the Brent-Forties-Oseberg-Ekofisk (BFOE) West Texas Sour (WTS): This assessment reflects barrels absence of bids, offers or trades, Platts uses the Basrah Light mechanism. delivered to Midland, Texas. FOB Iraq assessment plus the Persian Gulf-USGC VLCC freight rate as one indication of the delivered price into the USGC. This relief valve concept is a critical component of pricing as it Wyoming Sweet: This assessment reflects barrels delivered to prevents unusual conditions from creating a distorting impact Guernsey, Wyoming. Eagle Ford Crude and Condensate FOB USGC: Platts assesses on broader economics on the US Gulf Coast. For example, the value of crude oil and condensate produced in the Eagle Ford SGC traded at a premium to Mars in September 2006 on formation in southern Texas on an FOB US Gulf Coast basis. The declining production volumes, which were attributed to field US cargo assessments assessments reflect an Aframax cargo, with a typical volume maintenance and supply from SGC-producing fields delivering WTI FOB USGC: This assessment reflects an Aframax cargo, with of 600,000 barrels, loading 15-45 days forward from terminals into the Poseidon blend pool via the Caesar Pipeline’s link to a typical volume of 600,000 barrels, loading 15-45 days forward along the US Gulf Coast. The most competitive location sets the Poseidon pipeline. As heavier crude was diverted into the from locations along the US Gulf Coast, including Corpus Christi, the values for the Eagle Ford crude and condensate FOB USGC Poseidon pool at this time, the quality for SGC improved, also Texas City, Houston, Beaumont, Nederland and Port Arthur. The assessments. The Eagle Ford crude assessment reflects barrels supporting the grade’s value relative to other US pipeline sour most competitive location sets the value for the WTI FOB USGC with a typical API gravity of 45 degrees and a maximum sulfur crudes. Had the ACM assessment mechanism been in place at assessment. The assessment reflects Midland-quality WTI content of 0.2%. The Eagle Ford condensate assessment reflects that time, the ACM assessment would have been set by Mars produced in the Permian basins of West Texas and transported barrels with a typical API gravity of 52 degrees and maximum rather than SGC. directly to the USGC. sulfur content of 0.1%. Three grades in the ACM basket – Mars, Poseidon and Thunder Alaska North Slope (ANS): This assessment reflects a minimum Horse, are produced offshore Louisiana and arrive onshore Americas Crude Marker volume of 300,000 barrels basis delivered to Long Beach, via pipeline. Mars and Thunder Horse are delivered into LOOP California. The pricing basis for ANS is the NYMEX light sweet The Americas Crude Marker (ACM) reflects tradable sour Clovelly Hub, Louisiana. Poseidon is delivered into Houma, crude CMA. Platts rolls its assessment to reflect deliveries in the crude values on the US Gulf Coast. The ACM assessment is Louisiana. SGC is produced offshore Texas, and arrives onshore second calendar month forward from the first publishing day on composed of Mars, Southern Green Canyon (SGC), Poseidon via pipeline at Nederland, Texas. The diversity of the producing or after the 10th of each month. For example, from April 10 to and Thunder Horse. These four sour grades are produced off locations in the ACM prevents local supply disruptions from May 9, the Platts ANS assessment will reflect crude delivered in the US Gulf Coast and are transported via pipeline to US Gulf distorting the price of the ACM. At the same time, the majority June; from May 10, the assessment will reflect crude delivered Coast refineries, where the streams can be delivered to Texas/ of US Gulf Coast refiners have access to all four of the grades in July. Louisiana refineries. either via pipeline or via barge. The likelihood of weather conditions such as a hurricane impacting or simultaneously

shutting down all the platforms and all the pipelines for an Ford Marker value, to ensure that the published value is not Dated Brent reflects cargoes loading 10 days forward from the extended period of time appears remote. overstated in times of strong refining margins, nor understated date of publication to one full month ahead. in times of weak refining margins. E agle Ford Marker US crude assessments at Asia close Platts selected LLS, the local US Gulf Coast sweet crude Due to variability inherent to Eagle Ford, the Platts Eagle Ford benchmark, as the comparative variable tor the Eagle Ford These assessments reflect the outright price of WTI MEH, Light Marker (EFM) represents the value of a 47 degree API barrel of Marker. The spot price of LLS provides a better reflection of Louisiana Sweet, Southern Green Canyon and LOOP Sour at Eagle Ford crude oil, based on its product yield. To determine US Gulf Coast supply and demand fundamentals for light, the Asian market close at 4:30 pm Singapore time, and are an these yields, Platts has gathered a variety of Eagle Ford crude sweet crude. LLS’ gross product worth is calculated using the addition to the existing set of assessments published at the assays ranging from 40 degrees API to 62 degrees API from same product prices as the Eagle Ford Yield. This LLS yield Americas market close. Platts publishes the prompt month and many sources. Platts analyzed the relative yields to extrapolate calculation is subtracted from the Eagle Ford Yield value to next forward month for WTI MEH, LOOP Sour and LLS, and the median yield percentages by volume for LPGs, light naphtha, establish a price relationship. This relationship is applied prompt month for SGC. heavy naphtha, kerosene, middle distillates, gasoil, and residual to the spot price of LLS to arrive at the Eagle Ford Marker fuel oil. assessment. The assessments reflect the price prevailing at the close of the market in Asia, taking into account the rise or fall in the cash The base of the Eagle Ford Marker, called Eagle Ford Yield, is For example, the Eagle Ford Yield is $100/b and the LLS Yield WTI market from the time of the assessment at US market close calculated by applying these median yields for a 47 degree is $105/b. The relationship between Eagle Ford and LLS based at 2:30 pm ET until the Asian close. The assessments follow the API crude to Platts US Gulf Coast LPG and refined product on these yield calculations is -$5/b. The LLS front-month price US roll schedule, with the prompt month rolling over to the next assessments. This yield is calculated using Platts assessments is assessed at $100/b. Based on this spot price for LLS and the month on the first business day after the 25th of each month. for propane, isobutane, normal butane, non-Targa natural -$5/b relationship between the yield calculations of Eagle Ford In the absence of market indications, Platts uses prevailing gasoline, standard naphtha barge, jet fuel, ULSD, VGO 0.5% S and LLS, the Eagle Ford Marker would be $95/b. spreads in relevant cash markets to determine a value for the and high sulfur fuel oil. new prompt month assessment on the first business day after the 25th of each month. E agle Ford Postings Average Platts uses its prompt refined oil product price assessments as the basis for the Eagle Ford Yield, with exceptions being In addition to the Eagle Ford Marker, Platts also publishes a daily US crude assessments at London close the diesel (ULSD Colonial Pipeline) and jet fuel (Jet 54 Colonial average of the available Eagle Ford postings from the following Pipeline). Due to the prompt nature of the front pipeline cycle four companies: Energy Transfer Partners, Plains All American These assessments are aligned with the 4:30 pm London market product assessments into the Colonial Pipeline as they approach Pipeline, Flint Hills Resources and Enterprise Products Partners. close and are an addition to the existing set of assessments scheduling day, Platts uses the second cycle assessments for Platts also publishes the differential between the Eagle Ford published at the Americas market close. the Eagle Ford Yield and the LLS Yield. Postings Average and the Eagle Ford Marker. Platts publishes the prompt month and next forward month for A simple yield approach may result in relatively high calculated LLS, Mars and WTI MEH, and the three most prompt months Americas Dated Brent values in times of healthy refining margins, and the opposite in for WTI Cushing. Platts publishes an outright price as well as a times of relative weakness in the value of refined products. To This assessment reflects the value of Dated Brent at the differential for each of the three crudes — an EFP in the case account for this, Platts compares the relative value of the Eagle Americas market close of 2:30 pm Eastern Time, taking into of cash WTI relative to NYMEX light sweet crude futures, and a Ford gross product worth to the gross product worth of Light account the rise or fall in the movement of Brent futures from differential to same-month cash WTI in the case of Mars and Louisiana Sweet, and applies this relationship to the actual spot the time of assessment of Dated Brent at the European market LLS. These assessments are published in US dollars per barrel price of LLS. This approach creates a “safety net” for the Eagle close of 4:30 pm London time until the Americas market close. as well as euros per barrel.

Canada Assessment CODE Mavg Pavg CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE TYPICAL SIZE CURRENCY UOM

PIPELINE ASSESSMENTS Cold Lake Hardisty AASZX00 AASZX03 Delivered Hardisty, Alberta M+1 25,000 - - US $ Barrels Cold Lake Hardisty vs WTI CMA AASZZ00 AASZZ03 Delivered Hardisty, Alberta M+1 25,000 - - US $ Barrels Cold Lake Hardisty (C$/CM) AASZY00 AASZY03 Delivered Hardisty, Alberta M+1 25,000 - - C $ cu m Condensates AALSF00 AALSG00 Delivered Edmonton, Alberta M+1 25,000 - - US $ Barrels Condensates vs WTI CMA AALSJ00 AALSK00 Delivered Edmonton, Alberta M+1 25,000 - - US $ Barrels Condensates (C$/CM) AALSH00 AALSI00 Delivered Edmonton, Alberta M+1 25,000 - - C $ cu m Light Sour Blend AALRX00 AALRY00 Delivered Cromer, Manitoba M+1 25,000 - - US $ Barrels Light Sour Blend vs WTI CMA AALSD00 AALSE00 Delivered Cromer, Manitoba M+1 25,000 - - US $ Barrels Light Sour Blend (C$/CM) AALRZ00 AALSA00 Delivered Cromer, Manitoba M+1 25,000 - - C $ cu m Lloyd Blend AALRK00 AALRL00 Delivered Hardisty, Alberta M+1 25,000 - - US $ Barrels Lloyd Blend vs WTI CMA AALRP00 AALRQ00 Delivered Hardisty, Alberta M+1 25,000 - - US $ Barrels Lloyd Blend (C$/CM) AALRM00 AALRO00 Delivered Hardisty, Alberta M+1 25,000 - - C $ cu m Midale AAUCC00 AAUCC03 Delivered Cromer, Manitoba M+1 25,000 - - US $ Barrels Midale vs WTI CMA AAUCE00 AAUCE03 Delivered Cromer, Manitoba M+1 25,000 - - US $ Barrels Midale (C$/CM) AAUCD00 AAUCD03 Delivered Cromer, Manitoba M+1 25,000 - - C $ cu m Mixed Sweet AALRR00 AALRS00 Delivered Edmonton, Alberta M+1 25,000 - - US $ Barrels Mixed Sweet vs WTI CMA AALRV00 AALRW00 Delivered Edmonton, Alberta M+1 25,000 - - US $ Barrels Mixed Sweet (C$/CM) AALRT00 AALRU00 Delivered Edmonton, Alberta M+1 25,000 - - C $ cu m Syncrude Sweet Premium AASOK00 AASOK03 Delivered Edmonton, Alberta M+1 25,000 - - US $ Barrels Syncrude Sweet Premium vs WTI CMA AASOM00 AASOM03 Delivered Edmonton, Alberta M+1 25,000 - - US $ Barrels Syncrude Sweet Premium (C$/CM) AASOL00 AASOL03 Delivered Edmonton, Alberta M+1 25,000 - - C $ cu m WCS Hardisty AAPPN00 AAPPN03 Delivered Hardisty, Alberta M+1 25,000 - - US $ Barrels WCS Hardisty vs WTI CMA AAPPP00 AAPPP03 Delivered Hardisty, Alberta M+1 25,000 - - US $ Barrels WCS Hardisty (C$/CM) AAPPO00 AAPPO03 Delivered Hardisty, Alberta M+1 25,000 - - C $ cu m WTI CMA AAVSN00 AAVSN03 AAVSN02 ------US $ Barrels

CARGO ASSESSMENTS Hibernia AAJKK00 AAJKL00 FOB Whiffenhead 30-60 days - - 675,000 US $ Barrels Hibernia vs Canada Dated Brent Strip AAJKM00 AAJKN00 FOB Whiffenhead 30-60 days - - 675,000 US $ Barrels Hibernia (C$/CM) AALSN00 AALSO00 FOB Whiffenhead 30-60 days - - 675,000 C $ cu m Terra Nova AAJUH00 AAJUI00 FOB Whiffenhead 30-60 days - - 675,000 US $ Barrels Terra Nova vs Canada Dated Brent Strip AAJUJ00 AAJUK00 FOB Whiffenhead 30-60 days - - 675,000 US $ Barrels Terra Nova (C$/CM) AALSP00 AALSQ00 FOB Whiffenhead 30-60 days - - 675,000 C $ cu m White Rose AAVJX00 AAVJX03 FOB Sea Rose Terminal 30-60 days - - 900,000 US $ Barrels White Rose vs Canada Dated Brent Strip AAVJY00 AAVJY03 FOB Sea Rose Terminal 30-60 days - - 900,000 US $ Barrels White Rose (C$/CM) AAVPI00 AAVPI03 FOB Sea Rose Terminal 30-60 days - - 900,000 C $ cu m 33-63 Day Dated Strip (Canada Dated Brent Strip) AALEJ00 AALEJ03 ------US $ Barrels

Canada Lloyd Blend (LLB): This assessment reflects barrels injected at from the forward value of Dated Brent with pricing typically Hardisty, Alberta. 1-5 days after loading. The Canadian cargo markets are assessed at 4:30 pm London time. These assessments Canadian pipeline assessments Midale (MSM): This assessment reflects barrels injected at are published in US dollars per barrel as well as Canadian The following spot assessments are published as outright Cromer, Manitoba. dollars per cubic meter. prices and as differentials to the NYMEX light sweet crude CMA. Crudes are assessed for injection in the first forward Mixed Sweet (MSW): This assessment reflects barrels injected Hibernia: This assessment reflects barrels loading FOB terminal month. These assessments, including the NYMEX light sweet at Edmonton, Alberta. basis Whiffenhead, Newfoundland, Canada. The typical cargo crude CMA basis, follow the pipeline schedule published size is 675,000 barrels. by Canada’s Crude Oil Logistics Committee. The volume for Syncrude Sweet Premium (SSP): This assessment reflects Canadian pipeline grades reflects 1,000 b/d of ratable crude, barrels injected at Edmonton, Alberta. Terra Nova: This assessment reflects barrels loading FOB for a minimum of 25,000 barrels in total, delivered over terminal basis Whiffenhead, Newfoundland, Canada. The typical the course of the pipeline month. These assessments are Western Canadian Select (WCS): This assessment reflects cargo size is 675,000 barrels. published in US dollars per barrel as well as Canadian dollars barrels injected at Hardisty, Alberta. per cubic meter. White Rose: This assessment reflects barrels loading FOB basis WTI Calendar Month Average: This assessment reflects the Sea Rose, Newfoundland, Canada. The typical cargo size is Cold Lake (CL): This assessment reflects barrels injected at average of the front month NYMEX light sweet crude settlement 900,000 barrels. Hardisty, Alberta. values over a calendar month, in line with the pipeline schedule published by Canada’s Crude Oil Logistics Committee. 33-63 Day Dated Strip (Canada Dated Brent Strip): This Condensates: This assessment reflects condensates injected at assessment reflects the value of Dated Brent at the London Edmonton, Alberta. market close for the loading period reflected in Platts Canadian Canadian cargo assessments cargo assessments, with pricing typically occurring 1-5 days Light Sour Blend (LSB): This assessment reflects barrels The following Canadian cargo assessments are based on after loading. Dated Brent-related differentials for all Canadian injected at Cromer, Manitoba. spot transactions for cargoes loading 30 to 60 days forward crude cargoes reflect values relative to the value of Dated Brent from the date of publication. The outright price is derived that prevails at the time of loading.

Latin America Assessment CODE Mavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD TYPICAL SIZE CURRENCY UOM Castilla Blend AAVEQ00 AAVEQ03 FOB Covenas 30-60 days 1 million US $ Barrels Castilla Blend vs Latin America Brent Futures Strip AAXBZ00 AAXBZ03 FOB Covenas 30-60 days 1 million US $ Barrels Castilla Blend vs Latin America Dated Brent Strip AAXBK00 AAXBK03 FOB Covenas 30-60 days 1 million US $ Barrels Castilla Blend vs Latin America WTI Strip AAVEQ01 AAVEQ05 FOB Covenas 30-60 days 1 million US $ Barrels Escalante PCAGC00 PCAGC03 AAIIN00 FOB Caleta Cordoba 30-60 days 1 million US $ Barrels Escalante vs Latin America Brent Futures Strip AAXBS00 AAXBS03 FOB Caleta Cordoba 30-60 days 1 million US $ Barrels Escalante vs Latin America Dated Brent Strip AAXAX00 AAXAX03 FOB Caleta Cordoba 30-60 days 1 million US $ Barrels Escalante vs Latin America WTI Strip PCAGO00 AAJJN00 FOB Caleta Cordoba 30-60 days 1 million US $ Barrels Loreto PCAGH00 PCAGH03 FOB Puerto Bayovar 30-60 days 400,000 US $ Barrels Loreto vs Latin America Brent Futures Strip AAXBV00 AAXBV03 FOB Puerto Bayovar 30-60 days 400,000 US $ Barrels Loreto vs Latin America Dated Brent Strip AAXBG00 AAXBG03 FOB Puerto Bayovar 30-60 days 400,000 US $ Barrels Loreto vs Latin America WTI Strip PCAGQ00 AAJJR00 FOB Puerto Bayovar 30-60 days 400,000 US $ Barrels Magdalena AAWFR00 AAWFR03 FOB Covenas 30-60 days 300,000 US $ Barrels Magdalena vs Latin America Brent Futures Strip AAXCA00 AAXCA03 FOB Covenas 30-60 days 300,000 US $ Barrels Magdalena vs Latin America Dated Brent Strip AAXBL00 AAXBL03 FOB Covenas 30-60 days 300,000 US $ Barrels Magdalena vs Latin America WTI Strip AAWFS00 AAWFS03 FOB Covenas 30-60 days 300,000 US $ Barrels Marlim AAITF00 AAITG00 FOB Sao Sabastiao 30-60 days 750,000 US $ Barrels Marlim vs Latin America Brent Futures Strip AAXBY00 AAXBY03 FOB Sao Sabastiao 30-60 days 750,000 US $ Barrels Marlim vs Latin America Dated Brent Strip AAXBJ00 AAXBJ03 FOB Sao Sabastiao 30-60 days 750,000 US $ Barrels Marlim vs Latin America WTI Strip AAITL00 AAITM00 FOB Sao Sabastiao 30-60 days 750,000 US $ Barrels Mesa 30 AAITB00 AAITC00 AAIZY00 FOB Venezuela 30-60 days 350,000 US $ Barrels Mesa 30 vs Latin America Brent Futures Strip AAXCC00 AAXCC03 FOB Venezuela 30-60 days 350,000 US $ Barrels Mesa 30 vs Latin America Dated Brent Strip AAXBO00 AAXBO03 FOB Venezuela 30-60 days 350,000 US $ Barrels Mesa 30 vs Latin America WTI Strip AAITH00 AAITI00 FOB Venezuela 30-60 days 350,000 US $ Barrels Napo AAMCA00 AAMCC00 FOB Esmeraldas 30-60 days 720,000 US $ Barrels Napo vs Latin America Brent Futures Strip AAXBX00 AAXBX03 FOB Esmeraldas 30-60 days 720,000 US $ Barrels Napo vs Latin America Dated Brent Strip AAXBI00 AAXBI03 FOB Esmeraldas 30-60 days 720,000 US $ Barrels Napo vs Latin America WTI Strip AAMCD00 AAMCE00 FOB Esmeraldas 30-60 days 720,000 US $ Barrels Oriente PCADE00 PCADE03 FOB Esmeraldas 30-60 days 360,000 US $ Barrels Oriente vs Latin America Brent Futures Strip AAXBW00 AAXBW03 FOB Esmeraldas 30-60 days 360,000 US $ Barrels Oriente vs Latin America Dated Brent Strip AAXBH00 AAXBH03 FOB Esmeraldas 30-60 days 360,000 US $ Barrels Oriente vs Latin America WTI Strip PCAGU00 AAJJP00 FOB Esmeraldas 30-60 days 360,000 US $ Barrels Roncador AAQTL00 AAQTL03 FOB Angra dos Reis 30-60 days 750,000 US $ Barrels Roncador vs Latin America Brent Futures Strip AAXBT00 AAXBT03 FOB Angra dos Reis 30-60 days 750,000 US $ Barrels Roncador vs Latin America Dated Brent Strip AAXAY00 AAXAY03 FOB Angra dos Reis 30-60 days 750,000 US $ Barrels Roncador vs Latin America WTI Strip AAQTK00 AAQTK03 FOB Angra dos Reis 30-60 days 750,000 US $ Barrels Santa Barbara AAITD00 AAITE00 FOB Venezuela 30-60 days 350,000 US $ Barrels Santa Barbara vs Latin America Brent Futures Strip AAXBU00 AAXBU03 FOB Venezuela 30-60 days 350,000 US $ Barrels

Latin America Assessment CODE Mavg Wavg CONTRACT BASIS LOCATION DELIVERY PERIOD TYPICAL SIZE CURRENCY UOM Santa Barbara vs Latin America Dated Brent Strip AAXAZ00 AAXAZ03 FOB Venezuela 30-60 days 350,000 US $ Barrels Santa Barbara vs Latin America WTI Strip AAITJ00 AAITK00 FOB Venezuela 30-60 days 350,000 US $ Barrels Vasconia PCAGI00 PCAGI03 FOB Covenas 30-60 days 500,000 US $ Barrels Vasconia vs Latin America Brent Futures Strip AAXCB00 AAXCB03 FOB Covenas 30-60 days 500,000 US $ Barrels Vasconia vs Latin America Dated Brent Strip AAXBN00 AAXBN03 FOB Covenas 30-60 days 500,000 US $ Barrels Vasconia vs Latin America WTI Strip PCAGR00 AAJJO00 FOB Covenas 30-60 days 500,000 US $ Barrels Latin America Dated Brent Strip AAXBR00 AAXBR03 - - - - - US $ Barrels Latin America Brent Futures Strip AAXBQ00 AAXBQ03 - - - - - US $ Barrels Latin America WTI Futures Strip AAXBP00 AAXBP03 - - - - - US $ Barrels

Latin America Mesa 30: This assessment reflects barrels commonly sold FOB Platts publishes this Latin America WTI strip on a daily basis. Venezuela, with a typical volume of 350,000 barrels. Latin America Brent Futures strip: Brent futures-related Assessments Napo: This assessment reflects barrels commonly sold FOB assessments reflect values relative to the prevailing contract Platts Latin American crude assessments are published as Esmeraldas, Ecuador, with a typical volume of 720,000 barrels. month at the time of loading. As with the example above, on outright prices, and as differentials to WTI, Brent futures and June 1, Platts would typically be assessing the value of Latin Dated Brent strips. These assessments reflect bids, offers and Oriente: This assessment reflects barrels commonly sold FOB American crudes loading in the month of July. Therefore, the trades 30-60 days forward from the date of publication. Esmeraldas, Ecuador, with a typical volume of 360,000 barrels. Brent futures-related basis for Platts Latin American crude assessments on June 1 reflects the average of prevailing front Castilla Blend: This assessment reflects barrels commonly Roncador: This assessment reflects barrels sold basis FOB month Brent futures for July 1-31, which would be September sold FOB Covenas, Colombia, with a typical volume of 1 million Angra dos Reis, Brazil, with a typical volume of 750,000 barrels. Brent futures during the month of July, excluding the last barrels. business day of July which would be October Brent futures. Santa Barbara: This assessment reflects barrels commonly sold Platts publishes this Latin America Futures Brent strip on a daily Escalante: This assessment reflects barrels sold FOB Caleta FOB Venezuela, with a typical volume of 350,000 barrels. basis. Cordova, Argentina, with a typical volume of 1 million barrels. Vasconia: This assessment reflects barrels commonly sold FOB Latin America Dated Brent strip: This assessment reflects Loreto: This assessment reflects barrels commonly sold FOB Covenas, Colombia, with a typical volume of 500,000 barrels. the value of Dated Brent at the US close for the loading period Puerto Bayovar, Peru, with a typical volume of 400,000 barrels. reflected in the Latin American crude market. Dated Brent- Latin America WTI strip: WTI-related assessments reflect values related differentials for all Latin American crudes reflect values Magdalena: This assessment reflects barrels commonly sold relative to the prevailing contract month at the time of loading. relative to the value of Dated Brent that prevails at the time FOB Covenas, Colombia, with a typical volume of 300,000 For example, on June 1, Platts would typically be assessing the of loading. As an example, on June 1, Platts would typically be barrels. value of Latin American crudes loading in the month of July. assessing the value of Latin American crudes loading in the Therefore, the WTI-related basis for Platts Latin American crude month of July. Therefore, the Dated Brent-related basis for Marlim: This assessment reflects barrels commonly sold FOB assessments on June 1 reflects the average of prevailing front Platts Latin American crude assessments on June 1 reflects the Sao Sabastiao, Brazil, with a typical volume of 750,000 barrels. month cash WTI values for July 1-31, which would be August average of prevailing Dated Brent swaps for July 1-31. cash WTI for July 1-25 and September cash WTI for July 26-31.

Maya: 0.4(WTS + USGC HSFO) + 0.1(LLS+Dated Brent) +/- Maya: (Oman+Dubai)/2 +/- constant k-factor Mexican Crude OSP Calculations constant k-factor Platts publishes calculated Mexican crude OSP values daily, Isthmus: (Oman+Dubai)/2 +/- constant k-factor based on the following FOB-based OSP formulas from Mexico’s Isthmus: 0.4(WTS+LLS) + 0.2(Dated Brent) +/- constant k-factor PMI: Maya: This crude is sold FOB Cayo Arcas, FOB Dos Bocas and To Europe: FOB Salina Cruz, with a typical API gravity of 21-22 degrees and To US Gulf Coast: sulfur content of 3.4%, according to PMI’s website. Maya: 0.527(Dated Brent+0.467(No.6 3.5%)-0.25(No.6.1%-No.6 Maya: 0.4(WTS + USGC HSFO) + 0.1(LLS+Dated Brent) +/- 3.5%) +/- constant k-factor Isthmus: This crude is sold FOB Dos Bocas, FOB Salina Cruz and constant k-factor FOB Pajaritos, with a typical API gravity of 32-33 degrees and Isthmus: 0.887(Dated Brent+0.113(No.6 3.5%)-0.16(No.6.1%- sulfur content of 1.8%, according to PMI’s website. Isthmus: 0.4(WTS+LLS) + 0.2(Dated Brent) +/- constant k-factor No.6 3.5%) +/- constant k-factor Olmeca: This crude is sold FOB Pajaritos, with a typical API Olmeca: 0.333(WTS+LLS + Dated Brent) +/- constant k-factor Olmeca: Dated Brent +/- constant k-factor gravity of 38-39 degrees and sulfur content of 0.73%-0.95%, according to PMI’s website. To US West Coast: To Asia:

AMERICAS CRUDE QUALITY AMERICAS CRUDE QUALITY API gravity Sulfur content API gravity Sulfur content (degrees) (%) (degrees) (%) Canada crude cargo assessments US pipeline crude assessments Hibernia 34.1 0.47 Bakken 42.3 0.12 Terra Nova 34.3 0.5 Bonito 34.1 1.13 White Rose 31 0.31 Eugene Island 35.4 0.59 Latin America crude assessments Heavy Lousiana Sweet 32.6 0.38 Castilla Blend 17.5 1.41 Kern River/San Joaquin Valley 13.2 1.13 Escalante 23.9 0.18 Light Lousiana Sweet 36.6 0.37 Isthmus 30.9 1.51 Line 63 28 1.02 Loreto 33.7 0.27 Mars 29.4 1.95 Magdalena 19.4 1.65 Poseidon 30.4 1.71 Marlim 20.4 0.75 Southern Green Canyon 29.9 2.16 Maya 21.7 3.33 Thums 17.6 1.65 Mesa 30 29.5 1.01 Thunder Horse 32.8 0.89 Napo 18.9 2.03 West Texas Intermediate (Cushing) 41.4 0.4 Olmeca 38.9 0.83 West Texas Intermediate (Midland) 39.6 0.2 Oriente 27.4 1.19 West Texas Intermediate (MEH) 43.4 0.35 Roncador 25.1 0.59 West Texas Sour 33.4 1.37 Santa Barbara 36.1 0.47 Western Canadian Select (Cushing/ 20.7 3.7 Vasconia 25.4 0.83 Nederland) Wyoming Sweet 37.2 0.33 Note: Crude specifications can vary over time. These are based on latest US crude cargo assessments available assays as of October 2018. Alaska North Slope (Long Beach) 29.5 1.04 Basrah Light (delivered USGC) 30.9 2.72 Eagle Ford Crude 44.9 0.12 Eagle Ford Condensate 54.9 0.05 Canada pipeline crude assessments Cold Lake 21.3 3.77 Condensates (Edmonton) 75.1 0.07 Light Sour Blend 38.4 1.12 Lloyd Blend 21 3.54 Midale 32.5 2.22 Mixed Sweet 41.5 0.42 Syncrude Sweet Premium 32.8 0.19 Western Canadian Select (Hardisty) 20.7 3.7

Futures assessments Assessment CODE CURRENCY UOM ICE Brent M1 (US close) AAQBG00 US $ Barrels ICE Brent M2 (US close) AAQBH00 US $ Barrels ICE Brent M3 (US close) AAXZZ00 US $ Barrels ICE Brent M4 (US close) AAYAL00 US $ Barrels NYMEX WTI M1 (US close) NYCRM01 US $ Barrels NYMEX WTI M2 (US close) NYCRM02 US $ Barrels NYMEX WTI M3 (US close) NYCRM03 US $ Barrels NYMEX WTI M4 (US close) NYCRM04 US $ Barrels ICE Brent M1 (London close) AAYES00 US $ Barrels ICE Brent M2 (London close) AAYET00 US $ Barrels ICE Brent M3 (London close) AAXZY00 US $ Barrels ICE Brent M4 (London close) AAYAM00 US $ Barrels NYMEX WTI M1 (London close) AASCR00 US $ Barrels NYMEX WTI M2 (London close) AASCS00 US $ Barrels ICE Brent M1 (Asia close) XILLA01 US $ Barrels ICE Brent M2 (Asia close) XILLA02 US $ Barrels NYMEX WTI M1 (Asia close) XNCLA01 US $ Barrels NYMEX WTI M2 (Asia close) XNCLA02 US $ Barrels

F utures Assessments assessments. The objective is to determine the level at which a representative outright traded values. The values published are typical market participant would be able execute transactions at editorial assessments of what the market value is at the close. Platts assesses the prevailing market value for several futures the close. The close futures value is not a snapshot at the close, The assessment may not be a specific transaction as it may have contracts on CME/NYMEX, ICE and DME. These assessments but reflects demonstrable, repeatable and representative value been an unusual and not representative event. reflect the value of these contracts at the close of Platts at that moment in time. assessment processes around the world. Here is an example of the assessment process for front-month Furthermore, Platts analyzes the price trends leading up NYMEX crude futures at the US close. Platts examines traded levels, bid and offer levels prior to the to the close, and considers only normal market activity in close of regional MOCs, and employs the same methodological the assessment process. This is to ensure that the Platts Time (ET) Trades Bid ask principles used in its physical assessments - repeatability and assessment reflects a prevailing and representative value at 2:29 80.00 80.00 80.05 80.00 80.01 80.04 incrementability - when assessing the prevailing value of futures the close, rather than an unusual trade occurring at that time, 80.01 80.01 80.03 at the close in each region. Platts tracks the movements in the earlier or later. 80.01 80.01 80.03 bids and the offers, the spread between the bids and the offers, 80.01 80.01 80.03 and the execution of those trades. For example, there may be a situation where liquidity in the 80.01 80.02 80.03 80.02 80.01 80.03 third forward month is poor. In that situation, due to lack of 80.01 80.00 80.03 Critically, high values where there are no relevant bids or low trade in the time leading to the close, the value then may need 2:30 80.03 values when there are no relevant offers are excluded from the to be inferred from a spread relationship in the absence of

In this example, repeatable value for NYMEX crude was $80.01, and that was the most recent and representative deal immediately prior to the close. The $80.03 deal at 2:30 pm ET came in right after the 2:30:00 pm ET MOC timestamp, and would not be considered in the assessment process.

The Platts assessment for front-month NYMEX crude futures value would be $80.01.

Here is another example of the assessment process for front- month NYMEX crude futures at the US close.

Time (ET) Trades Bid ask 2:29 80.00 80.00 80.05 80.00 80.01 80.04 80.04 80.01 80.05 80.05 80.01 80.05 80.01 80.01 80.04 80.01 80.02 80.03 80.02 80.01 80.03 80.01 80.00 80.03 2:30 80.03

In this example, the repeatable value for NYMEX crude again was $80.01, and that was the most recent deal immediately prior to 2:30 pm ET. The two deals at $80.04 and $80.05 created gaps and did not meet the repeatability standard.

The Platts assessment for front-month NYMEX crude futures value would be $80.01.

Revision History new US crude assessments at the Asia close; the change in the methodology on its Dated Brent CIF Rotterdam assessment. Canadian cargo laycans assessed and the underlying Canada Platts also completed an annual review of the Crude Oil January 2019: Platts updated the North Sea and Urals & Dated Brent strip; the clarification of its USGC Basrah Light methodology and specifications guide. Platts reviewed all Mediterranean sections to include annual freight rates effective assessment methodology; the change in the ANS differential content and made minor edits to language. Guidance on January 2, 2019. Platts also updated assessment names in the basis; the addition of two new USGC Bakken assessments, outright, differential and spread price was clarified in reference Urals & Mediterranean section to reflect changes to assessment and the renaming and redefinition of its existing North Dakota to increments. In the Americas, Platts clarified calculation names effective January 2, 2019. Platts removed assessments assessment; the renaming and broader scope of its WTI crude and loading details of Mexican crude prices and added in the for Iran Light and Iran Heavy FOB Sidi Kerir, which were and Eagle Ford crude and condensate cargo assessments OSP formula for Maya crude heading to the US West Coast. discontinued effective January 2, 2019 and added assessments on the US Gulf Coast; the discontinuation of its FOB Houston In addition, Platts has removed most Americas crude quality for Iran Light and Iran Heavy FOB Kharg Island (Med) which were Eagle Ford crude and condensate assessments; and the specifications from the text and compiled them into an introduced also effective January 2, 2019. The ESPO assessment change in specification reflected in its Eagle Ford condensate Americas crude quality table, updated with details from latest in the Urals & Mediterranean section was updated to reflect that assessments. In addition the text on WTI CMA methodology was assays. In the assessment tables, Platts added in a column effective January 2, 2019, ESPO will now be reflecting cargoes edited for further clarity and the assessment was added to the for typical volume sizes, and deleted extraneous columns. loading two months ahead in line with methodology changes to table. The Canada Dated Brent strip and Latin America strips Platts also clarified the rollover dates for ANS cargoes and the the Asia assessment and announced in Singapore. All changes were also added to the assessment tables. In the Americas Latin America Brent Futures Strip calculations, and removed conducted during this review were designed to get the guide in section, the text and tables were also reorganized In Europe, redundant language for the Eagle Ford Marker. In the EMEA shape for publication early 2019 in order to reflect methodology Platts updated the symbol tables, re-ordering the groupings region, Platts updated the guide to include the Asgard and changes due to take effect at the start of the upcoming year. and changing headings. Doba crude had its conversion factor Alvheim condensate grades in the North Sea. Also, text on Additionally, the accompanying EMEA Crude assessment table changed; netback calculations were adjusted; and a US CIF the delivery and loading dates on Dated Brent was clarified, was updated to reflect all changes. In the Asia-Pacific and delivered crude section was added. alongside text on the Forward Dated Brent strips. Platts edited Persian Gulf sections: Platts removed references to Enfield and updated the text for Persian Gulf and Asia Pacific sections, crude after the assessment was discontinued in November, July 2018: Platts updated its guide to reflect 2018 Worldscale and in table corrected the loading period for ESPO and Sakhalin 2018. Updated loading period reflected in Platts ESPO M1 rates, the addition of several maps, the revision and clarification Blend and loading point for Senipah crude. Maps relevant to key and ESPO M2 assessments effective January 2019. Added of text and the revision of cargo sizes in West Africa. Platts crude oil assessments were also added. references to Murban M2 and M3 assessments, launched on updated the Asia and Persian Gulf sections to reflect the January 2, 2019. Removed reference to Vietnam’s Su Tu Den addition of crude assessments at Singapore close for the April 2017: Platts updated the Crude Oil Methodology Guide to crude differential to OSP which was discontinued in 2017. following: Indonesia’s Banyu Urip crude, Iraq’s Basrah Light reflect the addition of the LOOP Sour crude assessments traded and Basrah Heavy crudes, US crude assessments and CFR in cavern at the Louisiana Offshore Oil Port terminal on the US October 2018: Platts completed an annual review of the global North Asia crude assessments. The guide was also updated to Gulf Coast. Crude Oil methodology and specifications guide. Platts reviewed reflect the discontinuation of Su Tu Den crude differential to all content, corrected typos and made minor edits to language. OSP effective December 1, 2017. Platts edited and updated the January 2017: Platts completed an annual update to the Platts also added new sections I to VI. In the Persian Gulf section text for Asia Pacific sections as well as quality chart for Asia- Crude Oil Methodology Guide, published in January 2017. This Platts added reference to an assessment of Murban’s spread Pacific crudes as per latest available assays. Platts updated the update moved the location of certain passages in Sections I versus front-month Dubai that was launched in July, 2018. In the guide to reflect the addition of Troll to BFOE and the inclusion of to VI for enhanced clarity, and removed redundant references Asia Pacific section Platts corrected the explanation of how the previously-loaded oil in the delivered Urals and Mediterranean to STS and barge practices. Platts also updated Worldscale Dated Brent Strip is calculated. Platts also added description MOC markets. Additionally, Platts edited and updated the text rates to reflect changes from 2016 to 2017. Platts updated of several Asia-Pacific crude oil grades that Platts currently and tables for the EMEA crude sections. the Crude Oil Methodology Guide to clarify around nomination assesses in the region. In the Americas, Platts updated the guide procedure for Middle Eastern sour crude cargo deliveries, to reflect the addition of LOOP Sour differential assessments; September 2017: Platts updated its guide to reflect additional and remove reference to the use of the Aframax Abu Dhabi-

III as an alternative delivery point in the assessment process specifications reflect a typical API gravity 29.5 and a maximum accounts for market structure in its crude oil assessments. for loading of Upper Zakum cargoes. Platts updated the sulfur content of 3%. Prior to March 2016, Platts Basrah Light In the specifications section of the guide, Platts reflected the Crude Oil Methodology Guide to include the Kimanis crude reflected an API gravity of 31-35.5 and sulfur content of 2%. renaming of Flotta Gold assessment, in line with the change assessment and Murban Quality Premium. Removed references Platts also corrected minor typographical errors. in name by the terminal operator, Talisman Sinopec Energy UK to discontinued Canadian crude postings, updated the new Ltd (TSEUK). Platts added the planned discontinuation dates MOC timestamps and general review and update of Americas February 2016: Platts updated the Crude Oil Methodology Guide of its existing Kumkol and Zarzaitine assessments. Platts methodology. Platts also updated the European section to reflect the addition of US crude export cargo assessments incorporated netback calculations for Urals and Mediterranean throughout, including procedures around pre-loaded oil for Urals for Eagle Ford crude and condensate from Houston and assessments. Platts added its Baltic Urals crude short option Mediterranean, changes to Cash BFOE contract months and Corpus Christi, Texas terminals as well as WTI Houston. methodology. Language has been clarified in the US pipeline the discontinuation of Azeri FOB Supsa. Platts made a variety Platts also added a new crude oil pipeline assessment for crude assessments, US shale crude oils and Americas dated of edits to its North Sea methodology section for further clarity Western Canadian Select (WCS) ex-Nederland. Platts also Brent and US crude assessments at London close. Latin America around descriptions for BFOE, convergence practices, a note removed references to Canadian crude oil postings that were crude has added clarification around the monthly cash WTI that Platts now published assessments for the value of three discontinued effective July 31, 2015. assessments along with language to the Mexican crude contract forward months of BFOE (instead of as four, previously). Platts pricing formulas. Language around Latin America assessments also added information relating to its updated intraday BFOE January 2016: Platts updated the Crude Oil Methodology Guide FOB has also been clarified. Platts updated this guide to include assessments. to reflect the inclusion of Al Shaheen and Murban in its Dubai guidance regarding the inclusion of STS as a delivery option for and Oman crude oil benchmarks. Platts removed references to Upper Zakum. May 2016: Platts updated the Crude Oil Methodology Guide to Stybarrow crude, which is no longer assessed. Platts started to include new assessments for WTI 2nd month and at the London assess Dubai and Oman derivatives independently of physical May 2015: Platts removed a number of European, Russian close including: WTI MEH M2, WTI Midland M2, Light Houston assessments with effect from December 1, 2015. and West African crude oil specifications from the guide and Sweet M2, WTI MEH M1 (London), and WTI MEH M2 (London). replaced them with a table format. Previously, the crude oil November 2015: Platts updated the Crude Oil Methodology specifications had appeared next to the crude oil’s description. April 2016: Platts updated the Crude Oil Methodology Guide to Guide to reflect Brazilian Roncador crude oil with a typical Now, the specifications appear separately in one table and are reflect typical volumes for Latin American crude oil cargoes to: gravity of 19.8 API, sulfur content of 0.935%. Platts assessments designed as a reference. Platts updated the description of its Escalante (1 million barrels), Roncador (750,000 barrels), Loreto for Roncador have reflected crude of this general quality since Dated Brent and North Sea crude assessment methodology (400,000 barrels), Oriente (360,000 barrels), Napo (720,000 2013, when Roncador exports began to reflect a heavier, more to reflect North Sea cargoes loading a full month-ahead. This barrels), Marlim (750,000 barrels), Castilla Blend (1 million sulfurous specification than had previously been typical for the change to Platts Dated Brent and North Sea crude methodology barrels), and Vasconia (500,000 barrels). Prior to April 2016, crude. Prior to 2013, Roncador exports and Platts Roncador also incorporated changes to Platts Cash BFOE; under Platts Platts reflected typical volume sizes of 350,000 barrels with the assessments had reflected crude with a lighter gravity of new methodology, full cargo date nominations are declared exception of Santa Barbara (350,000 barrels), Mesa 30 (350,000 approximately 28.3 API, and a lower sulfur of generally 0.58%. one month in advance. This change also impacted Platts Asian barrels), Castilla Blend (500,000 barrels) and Magdalena Platts removed references to Kumkol crude, which is no longer and American Dated Brent assessments, which also reflect (300,000 barrels). Additionally, Platts has updated the assessed. loadings 10 days to a month-ahead. Platts further clarified the assessment period for Alaska North Slope (ANS) crude delivered convergence and settlement expectations for BFOE partials into the US West Coast. Under the updated ANS methodology, August 2015: Platts completed an annual update to the Crude published for assessment under its methodology. Platts updated Platts will roll its assessments forward to reflect deliveries in Oil Methodology Guide in July 2015. In this update, Platts the description of its West African assessment range to reflect the second calendar month forward from the first publishing reviewed all content. Platts updated guidance around how to the value of all West African crude assessments loading 25-55 day on or after the 10th of each month. Platts also updated the report information and expectations for contactability. Platts days forward. Platts noted the addition of the Deodorized Field Crude Oil Methodology Guide to reflect updated specifications also consolidated guidance regarding review of reported Condensate assessment and the Sakhalin Blend assessment. of Basrah Light delivered into the US Gulf Coast. The updated trades and incorporated information regarding how Platts DFC will run alongside the existing Ras Gas assessment and

will carry the historical data for Ras Gas when the Ras Gas the “15-45 Day Dated Strip”. In North Sea crude, Platts added remove certain background commentary around US shale assessment is discontinued on January 2, 2016. The Sakhalin assessment codes for M4 cash BFOE at the London and Asia markets that was not strictly relevant to methodology itself; Blend assessment will run alongside the existing Vityaz Blend closes, M4 BFOE EFPs, and spreads with WTI. remove references to Canadian crude postings that are no longer assessment and will carry the historical data for Vityaz when the published; add explanations of Latin strips; add definitions Vityaz assessment is discontinued on January 2, 2016. Platts July 2014: Platts completed an annual update to the Crude Oil for Isthmus to USWC and Olmeca to Europe; and incorporate removed references to discontinued assessments for Lower Methodology Guide in July 2014. In this update, Platts reviewed descriptions of Platts’ 3:15 futures assessments. Platts also Zakum and Umm Shaif following the launch of the Das Blend all content. Platts consolidated guidelines around publishing made minor typographical edits throughout the text for clarity. assessment and the removal of the codes associated with those information during the MOC assessment process into the assessments. Platts added information about its new WTI MEH MOC Data Publishing Principles section, and incorporated November 2013: Platts updated this guide, making minor edits assessment reflecting Midland grade WTI crude oil trading at clarification guidance about how to express interest in bids and through the text. Platts also updated its methodology for Middle the Magellean East Houston terminal. Platts also amended the offers that were published in January 2014 and May 2014. Platts Eastern crude oil, noting a change where full cargos converge guide to reflect the renaming of its Canadian Syncrude Sweet also incorporated clarifications around book-outs, circle-outs, on the 20th partial between a buyer and seller, forming cargos assessment to Syncrude Sweet Premium. This methodology and editorial review of reported trades. The guide was updated of 500,000 barrels each. Platts added information regarding guide was also updated to include further description of Platts’ to add details regarding new assessments for Das Blend crude; its new Light Houston Sweet (LHS) assessment, which had processes and practices in survey assessment environments. correct the implementation date for valuing Asian crudes previously been published in a separate document. Platts also Platts made other minor edits throughout. versus the ADB Strip to September 2013; remove a reference to added details regarding assessments for Akpo, Bonga, Pazflor, Oman quality specifications; add details regarding Minas and Plutonio and Djeno crude oils. December 2014: Platts updated this guide making some minor Tapis partials; update Platts QP calculations formula; remove edits. Platts also updated the methodology to reflect the use of references to Palanca/Soyo, Kole, and Rabi Light, which are no August 2013: Platts revamped all Oil Methodology and full cargoes to assess Tapis and Minas crude oil markets from longer assessed; update descriptions of Urals CIF Rotterdam Specifications Guides, including its Crude Oil guide, in August December 2014. As part of the change, Platts discontinued the and CIF Augusta; incorporate additional Azeri Light descriptions; 2013. This revamp was completed to enhance the clarity and use of the partials mechanism to assess Minas and Tapis. Platts revise Urals CFD descriptions; clarify language describing the usefulness of all guides, and to introduce greater consistency of updated the tables for Asia-Pacific crude to amend the cargo US and Canadian pipeline rolls; update latest available API and layout and structure across all published methodology guides. size of Minas to 100,000 barrels and Tapis to 300,000 barrels. sulfur specifications for SGC and Poseidon; create separate Methodologies for market coverage were not changed through Platts also updated the description of Angolan Dated Brent sections for US and Canada cargo assessments for more clarity; this revamp, unless specifically noted in the methodology guide Strip codes AALGM00 and AALGN00 to their new description, include descriptions of its new Bakken basin assessment; itself.