Appendix 1 — Final Settlement Price

Past version: Effective up to 02 Nov 2010

Oil Swaps Contracts

Products Dubai Brent / Dubai Crude Oil Spread Swap Gasoil Kerosene Naphtha Fuel Oil 180 Fuel Oil 380
Contract Dubai Crude Oil Swap Brent / Dubai Crude Oil Spread Swap Gasoil Swap FOB Singapore, 0.50% sulfur Kerosene Swap FOB Singapore Naphtha Swap FOB Singapore Singapore Fuel Oil 180cst Swap, 3.5% sulfur Singapore Fuel Oil 380cst Swap, 4% sulfur
Final Settlement Price Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.


Products Mini Fuel Oil 180 CST Mini Fuel Oil 380 CST
Contract Mini Singapore Fuel Oil 180 CST Swap, 3.5% Sulfur Mini Singapore Fuel Oil 380 CST Swap, 4% Sulfur
Final Settlement Price Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.


Products Visco Regrade
Contract Fuel Oil 180cst vs 380cst Swaps Differential Kerosene vs Gasoil Swaps Differential
Final Settlement Price FSP of Fuel Oil 180cst Swap minus FSP of Fuel Oil 380cst Swap FSP of Kerosene Swap FOB Singapore minus FSP of Gasoil Swap FOB Singapore


Products Benzene Swaps
Contract Benzene FOB Korea Swaps
Final Settlement Price Cash settlement using the arithmetic average of Platts daily spot 'marker' physical cargo assessments in the contract month, rounded to 3 decimal places.


Products BOM Dubai BOM Gasoil BOM Kerosene BOM Fuel Oil 180 BOM Fuel Oil 380
Contract Balance-of-month Dubai Crude Oil Swap Balance-of-month Gasoil Swap FOB Singapore, 0.50% sulphur Balance-of-month Kerosene Swap FOB Singapore Balance-of-month Singapore Fuel Oil 180 cst Swap, 3.5% sulfur Balance-of-month Singapore Fuel Oil 380 cst Swap, 4% sulfur
Final Settlement Price Arithmetic average of the remaining assessments of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.

Iron Ore Swap Contracts

Products Iron Ore Swap
Contract Iron Ore CFR China (62% Fe Fines) Swap
Final Settlement Price Cash settlement using the arithmetic average of all The Steel Index (TSI) iron ore reference prices in the expiring month, rounded to 2 decimal places.

Freight Forward Contracts: Tanker Voyage Routes

Product TD3 TC4 TC 5
Contract TD3 Forward Freight Agreement- ME Gulf-Japan (Ras Tanura - Chiba), 260,000 mt TC4 Forward Freight Agreement- Singapore-Japan (Singapore - Chiba), 30,000 mt TC5 Forward Freight Agreement- Middle East-Japan (Ras Tanura - Yokohama), 50,000 mt
Final Settlement Price Arithmetic average of Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places.

Freight Forward Contracts: Dry Trip Timecharter Routes

Product P2A P3A
Contract Panamax Route P2A Forward Freight Agreement Skaw/Gibraltar — Far East, re-delivery Taiwan/Japan range. 60/65 days Panamax Route P3A Forward Freight Agreement Trans Pacific round either via Australia or Pacific, delivery and re-delivery Japan/South Korea range. 35/50 days
Final Settlement Price Arithmetic average of last 7 Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 1 decimal place

Freight Forward Contracts: Dry Voyage Routes

Product C3 C4 C5 C7
Contract Capesize Route C3 Forward Freight Agreement Tubarao/Beilun and Baoshan. 150,000mt Capesize Route C4 Forward Freight Agreement Richards Bay-Rotterdam. 150,000mt Capesize Route C5 Forward Freight Agreement W Australia — Beilun/Baoshan. 150,000mt Capesize Route C7 Forward Freight Agreement Bolivar-Rotterdam. 150,000mt
Final Settlement Price Arithmetic average of last 7 Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places

Freight Forward Contracts: Dry Timecharter Basket Routes

Product CTC Half-Day CTC PTC Half-Day PTC STC Half-Day STC
Contract Capesize Time Charter Basket Half-day Capesize Time Charter Basket Panamax Time Charter Basket Half-day Panamax Time Charter Basket Supramax Time Charter Basket Half-day Supramax Time Charter Basket
Final Settlement Price Arithmetic average of all Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 1 decimal place


Product HTC Half-Day HTC
Contract Handysize Time Charter Basket Average 6 Routes Half-day Handysize Time Charter Basket
Final Settlement Price Arithmetic average of all Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 1 decimal place

Container Swap Contracts

Product Container Swap
Contract Shanghai-Europe Route Container Swap Shanghai-Mediterranean Container Swap Shanghai-US West Coast Container Swap Shanghai-US East Coast Container Swap
Final Settlement Price Cash settlement using the arithmetic average of all Shanghai Shipping Exchange's Shanghai Containerized Freight Index (SCFI) weekly spot assessments for the contract month, rounded to 2 decimal places

Added on 27 March 200627 March 2006 and amended on 1 September 20061 September 2006, 1 March 20071 March 2007,1 August 20071 August 2007, 28 November 200728 November 2007, 5 May 20085 May 2008, 17 April 200917 April 2009 and 31 May 201031 May 2010.