Specifications Guide Russia Domestic Oil Products Latest Update: November 2020

Specifications Guide Russia Domestic Oil Products Latest update: November 2020

Definitions of the trading locations for which Platts publishes daily indexes or assessments 2 Refined Oil Products 3 Urals Netbacks 5 Gasoline Netbacks 8 Jet fuel Netbacks 10 Diesel netbacks 10 Gasoil Netbacks 13 Fuel oil Netbacks 14

Revision History 16

www.spglobal.com/platts Specifications Guide Russia Domestic Oil Products: November 2020

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

Spot market assessments

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

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

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

Refined Oil Products

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

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

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

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

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

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

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

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

Urals Netbacks Novgorod), Syzran, Komsomolsk, Khabarovsk, Kirishi, Ufa and Crude oil netbacks Omsk. Refined oil product netbacks are calculated by applying Platts publishes a series of netback assessments for crude relevant costs, such as freight, trans-shipment, duties, from Russian mid-month index oil and refined oil products at various origination points within major export destinations, as reflected in Platts European and Urals FIP Surgut (Mid-month index): Platts establishes a Russia. Netback assessments for crude oil are based primarily on Asian refined product assessments. Platts publishes Russian netback value for Surgut, by deducting transshipment fees a key netback to Surgut from two key export locations for Urals. refined oil product netbacks in Rubles per metric ton, and in US from Surgut to two key export destinations, Novorossiysk Platts publishes Russian crude netbacks in Rubles per metric ton. dollars per metric ton. Conversions from dollars to rubles are and Primorsk. The two key Platts Urals assessments used as completed using the Russian central bank rate. the basis for this netback are assessed with a 16:30 London Netback assessments for refined oil products reflect the timestamp. Platts uses the same day’s Urals spot assessments netback value for gasoline, jet fuel, diesel, gasoil and fuel oil for Urals ex-Novo FOB 80 kt and Urals Primorsk. netbacks for refineries in Moscow, Yaroslavl, NORSI (Nizhny

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

Urals FIP Volgograd (Mid-month index): This value is derived by Urals FIP Surgut (Netback) equals the average of: Urals FIP Ryazan (Calendar month index): This value is derived applying Surgut-Volgograd pipeline transportation costs to the by applying Surgut-Ryazan pipeline transportation costs to the Urals FIP Surgut netback (AAWIE00). ((Urals 80,000 mt FOB Novorossiysk minus Russia’s crude oil Urals FIP Surgut netback (AAZIE00). export duty, applied over the course of the calendar month Urals FIP Novorossiysk (Mid-month index): This value is derived minus Novorossiysk transshipment) * Russian central bank rate Urals FIP Yaroslavl (Calendar month index): This value is derived by applying Surgut-Novorossiysk pipeline transportation costs minus Transneft’s Surgut-Novorossiysk pipeline cost)) * VAT by applying Surgut-Yaroslavl pipeline transportation costs to the

Urals FIP Surgut netback (AAZIE00).

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

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

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

netback is Platts spot FOB Mediterranean premium gasoline 10 the spot trading and supply hub in Singapore and adding excise Omsk (Vysotsk basis): This netback represents the value of ppm cargoes assessment (AAWZA00). duty and VAT. The basis for the netback is Platts spot FOB gasoline at the refinery gate in Omsk after deducting the cost Singapore assessment, represents the value of 92 RON gasoline of export duty rail freight to the port of Vysotsk, transshipment Komsomolsk (Nakhodka basis): This netback represents the (AAXNA00). costs and 30 kt Baltic-UKC clean freight (TCAFL00) to the spot value of gasoline at the refinery gate in Komsomolsk after trading and supply hub of ARA, Rotterdam port fee, and adding deducting the cost of export duty, rail freight to the port of Kirishi (Vysotsk basis): This netback represents the value of excise duty and VAT. The basis for the netback is Platts spot Nakhodka, transshipment costs and 30 kt South Korea- gasoline at the refinery gate in Kirishi after deducting the cost Eurobob ARA assessment (AAQZV00). Singapore clean freight (TCADK00) plus assessed premium of export duty, rail freight to the port of Vysotsk, transshipment to the spot trading and supply hub in Singapore and adding costs and 30 kt Baltic-UKC clean freight (TCAFL00) to the spot Russian Gasoline Damping Value: This calculation reflects the excise duty and VAT. The basis for the netback is Platts spot trading and supply hub of ARA, Rotterdam port fee,and adding damping mechanism introduced by the Russian Government, FOB Singapore assessment, representing the value of 92 RON excise duty and VAT. The basis for the netback is Platts spot which compensates refineries for selling gasoline on the gasoline (AAXNA00). Eurobob ARA assessment (AAQZV00).,Ufa (Vysotsk basis): This domestic market below export netback price levels. This netback represents the value of gasoline at the refinery gate calculation is based on the Platts Eurobob ARA barge Khabarovsk (Nakhodka basis): This netback represents the in Ufa after deducting the cost of export duty, rail freight to the assessment (AAQZV00); the clean Baltic-UKC freight rate value of gasoline at the refinery gate in Khabarovsk after port of Vysotsk, transshipment costs and 30 kt Baltic-UKC clean (TCAFL00); the transshipment cost at the Baltic Sea port of deducting the cost of export duty, rail freight to the port of freight (TCAFL00), Rotterdam port fee, to the spot trading and Vysotsk; the export and excise duties, VAT and indicative price Nakhodka, transshipment costs and 30 kt South Korea- supply hub of ARA and adding excise duty and VAT. The basis for and coefficient as set by the Russian authorities. Singapore clean freight (TCADK00) plus assessed premium to the netback is Platt spot Eurobob ARA assessment (AAQZV00).

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

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

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

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

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

Gasoil netbacks

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

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

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

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

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

Revision History in September 2017. Platts updated its Russian diesel, gasoil edits throughout the text on its product netbacks for clarity, netback calculations to reflect current prevailing practice in the including latest spec changes and correcting some of the November 2020: Platts removed several previously-discontinued market. As part of this update, several assessments had their conversion factors where they had been previously erroneously codes from the assessment table. bases changed, while several assessments were discontinued. stated. Platts also noted that the domestic gasoline and diesel Also, the specification of some diesel and gasoil assessments assessments will reflect Euro 5 standards with effect from October 2020: Platts completed an annual review of the were updated to reflect current prevailing standards in the January 2016, Platts also applied the spelling Novorossiysk methodology guide and made formatting and punctuation edits market. throughout the update. throughout. Updated the Netback headers for accuracy and changed all references to “3.5%S Fuel Oil ARA Barges” to “3.5%S November 2016: Platts completed an annual update to the December 2014: Platts completed a full update to the Russian Fuel Oil Rotterdam Barges”. Updated the spelling of “Rouble” to Russian Domestic Market Methodology and Specifications Domestic Market Methodology and Specifications Guide in “Ruble”. Guide in November 2016. Platts amended the timing reflected November 2014. In this update, Platts removed references in its Russian crude and products domestic and export netback to Russian normal unleaded gasoline RON 80 basis Ufa and February 2020: Platts added in the damping values for the diesel assessments to align these with the prevailing values of related Moscow. Assessments in these markets were discontinued in and gasoline netbacks. Also updated Netback header to “Diesel markets. Platts aligned its Russian prices to the prevailing April 2014. Platts also clarified explanation of its netbacks in and Jet Netbacks” for accuracy. timestamp for Europe or Asia, as per the underlying calculations. the relevant introductory section; and clarified that all refined All Russian crude and products assessments, and crude product netbacks are calculated by deducting export tariffs November 2019: Platts completed its Annual Review and netbacks, reflect 16:30 London time, as well as all Russian and applying excise duty and VAT where applicable to resulting updated the description of its Russian product netbacks by products netbacks from European products. All netbacks from values. Platts also made minor typographical edits throughout including references to underlying assessments.. Singapore assessments reflect 16:30 Singapore time. Platts also the text for clarity, including correcting the pricing hub basis for updated its Russian crude export calculations and nomenclature netbacks in placed where it had previously been erroneously October 2018: Platts completed an annual update to the by using the same day Urals FOB 80kt Novo and FOB Primorsk stated. Platts amended “rail freight” to “pipeline costs” in Russian Domestic Market Methodology and Specifications spot assessments as a basis for its Russian crude domestic descriptions of netbacks that reflect rail economics. Platts also Guide. In this update, Platts removed references to Russian prices. Separately, Platts changed the names of its “Calendar notes that gasoline and diesel assessments will reflect Euro IV domestic spot crude oil assessments, also known as FIP outright month netback” and “Mid-month netback” prices to “Russian standards with effect from January 2015. assessments, including a differential, which were discontinued calendar month index” and “Russian mid-month index” prices. in April, 2018. Platts also updated its Russian diesel, gasoil August, 2013: Platts revamped all Oil Methodology And netbacks to reflect current prevailing practice in the market. January 2016: Platts completed a full update to the Russian Specifications Guides, including its Russian Domestic Market As part of this update, several assessments had their bases Domestic Market Methodology and Specifications Guide guide, in August 2013. This revamp was completed to enhance changed, while the Yaroslavl-Ventspils diesel assessment was in December 2015. Platts introduced a section on its newly the clarity and usefulness of all guides, and to introduce discontinued and a Volgograd-Novorossiysk was launched. launched from January 4,2016, full calendar month export greater consistency of layout and structure across all published Platts also reviewed and updated sections 1 to 6 to harmonize duty applied crude netbacks. It also updated the section on its methodology guides. Methodologies for market coverage were these with other methodology guides. current crude netbacks clarifying the section on the ruble/$ not changed through this revamp, unless specifically noted in exchange rate. Platts also updated its specifications for its the methodology guide itself. September 2017: Platts completed an annual update to the domestic gasoline, diesel and fuel oil assessments as per the Russian Domestic Market Methodology and Specifications Guide latest Russian GOST. Platts also made minor typographical