SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED TTT PART II: SPECIFIC STANDARD TERMS FOR SWAP FUTURES CONTRACTS: C. DIFFERENTIALS - CRUDE OIL AND REFINED 4. Daily CFD - Brent CFD vs First Month Swap Future 1,000 bbl... 2 5. Daily CFD - Brent CFD vs Second Month Swap Future 1,000 bbl... 3 6. Daily CFD - Brent CFD vs Third Month Swap Future 1,000 bbl... 4 22. Crude Diff Daily Dated Brent vs Brent 1 st Line Swap Future... 5 29. Crude Diff Urals Med vs Dated Brent CFD Balmo Swap Future... 6 31. Crude Diff Urals North vs Dated Brent CFD Balmo Swap Future... 7 47. Condensate Diff TMX C5 1b Swap Future... 8 143. Light Ends Diff - Argus Euro-Bob Oxy FOB Rotterdam Barges vs Platts Naphtha CIF NWE Cargoes Swap Future... 10 ICE Futures Europe 2013 1
TTT SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED 4. DAILY CFD - BRENT CFD VS FIRST MONTH SWAP FUTURE 1,000 BBL A cash settled swap future based on the difference between Platts Dated Brent and the first listed Platts BFOE month. BFM Any multiple of Second Business Day after the nominal contract date In respect of daily settlement, the will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. In respect of final settlement, the will be a price in USD and cents per barrel based on the average of the mean of the high and low quotations appearing in Platts Crude Oil Marketwire under the heading Key benchmarks ($/bbl) for Brent (Dated) published for each contract day during the determination period minus the average of the mean of the high and low quotations for the Spot Crude Assessment for Brent for the first quoted month for each Business Day that both are determined during the contract month. 130 days Two Clearing House Business Days following the 2 ICE Futures Europe 2013
SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED TTT 5. DAILY CFD - BRENT CFD VS SECOND MONTH SWAP FUTURE 1,000 BBL A cash settled swap future based on the difference between Platts Dated Brent and the second listed Platts BFOE month. BSM Any multiple of Second Business Day after the nominal contract date In respect of daily settlement, the will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. In respect of final settlement, the will be a price in USD and cents per barrel based on the average of the mean of the high and low quotations appearing in Platts Crude Oil Marketwire under the heading Key benchmarks ($/bbl) for Brent (Dated) published for each contract day during the determination period minus the average of the mean of the high and low quotations for the Spot Crude Assessment for Brent for the second quoted month for each Business Day that both are determined during the contract month. 130 days Two Clearing House Business Days following the ICE Futures Europe 2013 3
TTT SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED 6. DAILY CFD - BRENT CFD VS THIRD MONTH SWAP FUTURE 1,000 BBL A cash settled swap future based on the difference between Platts Dated Brent and the third listed Platts BFOE month. BTM Any multiple of Second Business Day after the nominal contract date In respect of daily settlement, the will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. In respect of final settlement, the will be a price in USD and cents per barrel based on the average of the mean of the high and low quotations appearing in Platts Crude Oil Marketwire under the heading Key benchmarks ($/bbl) for Brent (Dated) published for each contract day during the determination period minus the average of the mean of the high and low quotations for the Spot Crude Assessment for Brent for the third quoted month for each Business Day that both are determined during the contract month. 130 days Two Clearing House Business Days following the 4 ICE Futures Europe 2013
SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED TTT 22. CRUDE DIFF DAILY DATED BRENT VS BRENT 1 ST LINE SWAP FUTURE A cash settled swap future based on the difference between the Platts daily assessment price for Dated Brent and the ICE daily settlement price for Brent 1st Line Swap Future. DBL Any multiple of Second Business Day after the nominal contract date In respect of daily settlement, the will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. In respect of final settlement, the will be a price in USD and cents per barrel based on the difference between the mean of the high and low quotations appearing in Platts Crude Oil Marketwire under the heading Key benchmarks ($/bbl) for Brent (Dated) and the daily settlement price as made public by ICE for the nearby month quotation of the Brent Future for each business day (as specified below) in the determination period. Common Pricing Applies. Roll Adjust Provision In order to use the correct quotations, the nearby month quotation for Brent Future specified in the Final Settlement Price terms above will be used except for the expiration date of the commodity's underlying delivery month's futures contract. On such date, the applicable pricing quotation will be rolled to the following month's futures contract. 130 days Two Clearing House Business Days following the Last Trading Day ICE Futures Europe 2013 5
TTT SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED 29. CRUDE DIFF URALS MED VS DATED BRENT CFD BALMO SWAP FUTURE A balance of the month cash settled swap future based on the difference between the Platts daily assessment price for Urals Med and Platts daily assessment price for Dated Brent. MED-MFH Any multiple of of the contract month In respect of daily settlement, the will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. In respect of final settlement, the will be a price in USD and cents per barrel based on the difference between the average of the mean of the high and low quotations appearing in Platts Crude Oil Marketwire under the heading Russian Urals/ESPO spot assessments subheading $/bbl for Urals (Mediterranean) and the average of the mean of the high and low quotations appearing in Platts Crude Oil Marketwire under the heading Key benchmarks ($/bbl) for Brent (Dated) for each business day (as specified below) in the determination period. Up to 2 consecutive months Two Clearing House Business Days following the 6 ICE Futures Europe 2013
SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED TTT 31. CRUDE DIFF URALS NORTH VS DATED BRENT CFD BALMO SWAP FUTURE A balance of the month cash settled swap future based on the difference between the Platts daily assessment price for Urals North and Platts daily assessment price for Dated Brent. MAM-MBQ Any multiple of of the contract month In respect of daily settlement, the will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. In respect of final settlement, the will be a price in USD and cents per barrel based on the difference between the average of the mean of the high and low quotations appearing in Platts Crude Oil Marketwire under the heading Russian Urals/ESPO spot assessments subheading $/bbl for Urals (Rotterdam) and the average of the mean of the high and low quotations appearing in Platts Crude Oil Marketwire under the heading Key benchmarks ($/bbl) for Brent (Dated) for each business day (as specified below) in the determination period. Up to 2 consecutive months Two Clearing House Business Days following the Last Trading Day ICE Futures Europe 2013 7
TTT SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED 47. CONDENSATE DIFF TMX C5 1B SWAP FUTURE A monthly cash settled fixed for floating swap future based on the TMX C5 (Canadian Condensate) Daily Weighted Average Index Price (TMX C5 1B). The TMX C5 1b index is expressed as a differential to the NYMEX Light Sweet Calendar Month Average (CMA). TMC Any multiple of One hundredth of one cent ($0.0001) per barrel One hundredth of one cent ($0.0001) per barrel Trading shall cease for each contract one Canadian business day prior to the applicable Notice of Shipments (NOS) date on the Enbridge Pipeline. The NOS date occurs on or about the 20th calendar day of the month, subject to confirmation by Enbridge Pipeline. The official schedule for the NOS dates will be made publicly available by Enbridge Pipeline prior to the start of each year. In respect of daily settlement, the will be the TMX C5 1b index for the applicable month, expressed in USD and cents per barrel. The TMX C5 1b index price is expressed as a differential to NYMEX WTI CMA and is calculated as the simple average of all of daily weighted average settlement prices as published by NGX for Canadian Condensate from the first trading day of the month prior to delivery until the last day before the first Notice of Shipments (NOS) date for the applicable month. The daily weighted average settlement prices will be the weighted average of all completed trades for each day. For forward months, the will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. In respect of final settlement, the will be a price in USD and cents per barrel based on the TMX C5 1b index (TMX C5 1b) for each contract month, as published by NGX. The index pricing period for each contract month begins on the first Canadian Business day of the prior month and ends on the day prior to NOS in the same month (as published by Enbridge). Up to 60 consecutive months 8 ICE Futures Europe 2013
SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED TTT Two Clearing House Business Days following the Publication days for NGX Crude Oil Markets ICE Futures Europe 2013 9
TTT SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED 143. LIGHT ENDS DIFF - ARGUS EURO-BOB OXY FOB ROTTERDAM BARGES VS PLATTS NAPHTHA CIF NWE CARGOES SWAP FUTURE Business Days A monthly cash settled swap future based on the difference between the Argus daily assessment price for Euro-bob Oxy FOB Rotterdam Barges and the Platts daily assessment price for Naphtha CIF NWE Cargoes. EON 1,000 metric tonnes Any multiple of 1,000 metric tonnes One cent ($0.01) per metric tonne One tenth of one cent ($0.001) per metric tonne One tenth of one cent ($0.001) per metric tonne of the contract month. In respect of daily settlement, the will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. In respect of final settlement, the will be a price in USD and cents per metric tonne based on the difference between the average of the mean of the high and low quotations appearing in the Argus European Products Report under the heading Northwest Europe subheading barge for Euro Bob Oxy and the average of the mean of the high and low quotations appearing in the "Platts European Marketscan" under the heading "Northwest European cargoes" subheading "CIF NWE/Basis ARA" for "Naphtha" for each business day (as specified below) in the determination period. Up to 48 consecutive months Two Clearing House Business Days following the Publication days for Argus European Products and Platts European Marketscan 10 ICE Futures Europe 2013