SUBSCRIBER NOTE: Freight netback for (Azeri Light) BTC FOB Ceyhan in 2014

Effective January 2, 2014 the Worldscale flat rate used to calculate the freight netback to the Azeri Light CIF Augusta assessment for Azeri Light FOB Ceyhan and BTC FOB Ceyhan will be $8.21/mt. For the Azeri Light FOB Ceyhan netback, the flat rate will be adjusted using the worldscale rates published in the Platts Dirty Tankerwire for a 135,000 mt Suezmax and an 80,000 mt Aframax Med to Med route. For the BTC FOB Ceyhan netback, the flat rate will be adjusted using the average of the worldscale rates published in the Platts Dirty Tankerwire for a 135kt Suezmax and an 80kt Aframax Med to Med route. The conversion factor applied will be 7.45. For methodology details, please contact europe_crude@platts.com with a cc to pricegroup@platts.com or visit http://www.platts.com/methodology-specifications/oil for a full suite of Platts assessment methodologies.