Trading Unit: One or more lots of 1,000 net barrels (42,000 US gallons) of Brent Crude Oil

Contract Months: Twelve consecutive months following the current month

Trading Hours: 9:31 AM to 8:15 PM Greenwich Mean Time.

Deliverable Grade: Current pipeline export quality Brent Blend as supplied at Sullom Voe.

Delivery Instrument: Delivery by Cash Settlement unless specified by EFP.

Price Quotation: The contract price is in US dollars and cents per barrel

Min.Price Fluctuation: One cent per barrel equivalent to a tic value of $10.00

Max.Price Fluctuation: There are no limits

Margin Requirements: All open contracts are marked-to- market daily.

Cessation of Trading: Trading shall cease at the close of business on the business day next preceding the 15th day prior to the first day of the deliverable month, if such 15the day is a banking day in London. If the 15th day is a non banking day in London (excluding Saturday), trading shall cease on the business day prior to the next preceding business day. The exchange will publish these dates.

Payment: Cash settlement of open positions will take place through the clearing house within two business days of cessation of trading.