SUBSCRIBER NOTE: Freight netback for Urals FOB Novorossiisk in 2014

Effective January 2, 2014, the Worldscale flat rate used to calculate the freight netback to the Urals CIF Augusta assessment for Urals FOB Novorossiisk and Urals 80 kt FOB Novorossiisk 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. Estimated net demurrage at the Turkish Straits will be considered. The conversion factor applied will be 7.23. 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.