SUBSCRIBER NOTE: Freight netback for Azeri Light FOB Supsa 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 Supsa and Azeri Light 80,000 mt FOB Supsa will be $9.01/mt. The flat rate will be adjusted using the worldscale rate published in the Platts Dirty Tankerwire for a 135,000 mt Suezmax and an 80,000 mt Aframax Black Sea to Med route respectively. Estimated net demurrage at the Turkish Straits will be considered. The conversion factor applied will be 7.40. 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.