SUBSCRIBER NOTE: Freight netback for CPC Blend FOB CPC Terminal in 2015

Effective January 2, 2015 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 $9.76 per metric ton.

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 port costs applicable to Novorossiisk will be deducted and CPC terminal costs will be added in freight calculations.

Estimated net demurrage at the Turkish Straits will be considered.

The conversion factor applied will be 7.80.

For methodology details, please contact europe_crude@platts.com with a cc to pricegroup@platts.com