SUBSCRIBER NOTE: Freight netback for CPC Blend FOB CPC Terminal in 2014

Effective January 2, 2014 the Worldscale flat rate used to calculate the freight netback to the CPC Blend CIF Augusta assessment for CPC Blend FOB CPC Terminal and CPC Blend 80,000 mt FOB CPC Terminal will be $9.83/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. The estimated difference in port costs applicable to Novorossiisk and CPC terminal will be accounted for in freight calculations; the 2014 CPC terminal costs have been assessed by Platts at $0.03/b for Aframax cargoes and $0.05/b for Suezmax cargoes, which differs from the costs as calculated by Worldscale. Estimated net demurrage at the Turkish Straits will be considered. The conversion factor applied will be 7.8. 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.