RBOB Gasoline Futures Trading

(A) Delivery shall be made F.O.B. Seller's Customer's New York Harbor ex-shore facility with all duties, entitlements, taxes, fees and other charges imposed prior to or as a result of delivery paid by the seller. Delivery shall be made in accordance with applicable Federal, State and local laws. Delivery shall comply with all State laws related to oxygen content. Buyer’s Customer shall reimburse Seller’s Customer for any gasoline tax as had been or will be paid by the Seller's Customer. At Buyer's Customer's option, such delivery shall be made by any of the following methods:

(1) By delivery into Buyer's Customer's barge;

(2) By delivery into Buyer's Customer's tanker or pipeline, if Buyer's Customer’s can take delivery in such manner at the facility used by seller;

(3) By stock transfer of title to the Buyer's Customer, if the facility used by seller allows such transfer;

(4) By book transfer if the Seller's Customer agrees to such transfer;

(5) By intra-facility transfer ("pump-over"), if the facility used by Seller’s Customer allows such transfer;

(6) By inter-facility transfer ("pump-over"), if the facilities used by Seller's Customer and Buyer's Customer both allow such transfer.

(B) RBOB Designation: At the time of the delivery, the Seller's Customer shall provide to the Buyer's Customer, with a copy to the Seller, a Product Transfer Document prepared in accordance with EPA regulations.

(C) For purposes of these rules, any Seller's Customer delivering an aggregate of twenty-five (25) contracts or less in a delivery month, shall deliver all such contracts from the same facility.

(D) For the purpose of these rules, New York Harbor shall extend from the East River west of Hunts Point; Gowanus Bay west of the Hamilton Avenue Bridge; the Hudson River south of George Washington Bridge; the Upper Bay; the Narrows; the Lower Bay west of Morton Point; the Newark Bay; the Hackensack River south of the Witt-Penn Bridge; the Passaic River south of the Pulaski Skyway Bridge; the Kill Van Kull; the Arthur Kill and the Raritan River east of the Garden State Parkway Bridge.

(E) All deliveries made under these rules shall be final and there shall be no appeal.

Trading shall be conducted in contracts providing for delivery in such months as may be determined by the Board of Directors.

The RBOB delivered shall be a hydrocarbon oil free from alkali, mineral acid, grit, fibrous or other foreign matter, meeting the specifications as are in effect for downstream parties at the time of delivery meeting the requirements of Colonial Pipeline Company (Atlanta, Georgia) for:

(A) Fungible F Grade, Reformulated Regular Gasoline Blendstock (RBOB) for Blending with 10% Denatured Fuel Ethanol (92% Purity) as defined in ASTM D4806 as listed by the Colonial Pipeline as being properly designated for sale in New York and New Jersey in accordance with U.S. Environmental Protection Agency (EPA) regulations; provided, however, and notwithstanding anything to the contrary in the Colonial Pipeline Company specifications, the specifications set forth in Subsections (A)(1) through(A)(5) below shall apply for Reid Vapor Pressure, Oxygenation, Corrosion, Distillation, and EPA Reformulated Gasoline requirements:

(1) Reid Vapor Pressure: RBOB delivered pursuant to this contract shall have Reid Vapor Pressure no greater than the following maximum levels after blending with denatured fuel ethanol.

MONTH: P.S.I.

January: 15.0

February: 15.0

March: 13.5

April: 9.0

May: 9.0

June: 9.0

July: 9.0

August: 9.0

September 1-15: 9.0

September 16-30: 13.5

October: 13.5

November: 15.0

December:15.0

Provided that, deliveries on the September contract originally nominated for delivery on or before September 15 shall not exceed 9.0 p.s.i., regardless of the time of actual delivery.

(2) Oxygenation: RBOB shall not contain oxygenates, such as ethers or alcohols. The di minimis limit of MTBE, ETBE, and TAME allowed is 0.3% by volume maximum.

(3) Corrosion: RBOB shall comply with the Colonial specifications for Copper and Silver Corrosion under ASTM D130 and ASTM D4814. The NACE Corrosion test is not required.

(4) Distillation: RBOB shall comply with the Colonial Pipeline Distillation requirements, except for the T50 minimum requirement during the winter season when the Non-VOC controlled RBOB shall meet the T50 minimum requirement (for 50% by volume Evaporation) at 150 Degrees Fahrenheit, as required by Buckeye Pipeline Grade 542. Deliveries against the March contract month shall meet the Buckeye Pipeline Grade 542 requirements for the minimum T50 distillation standard and the minimum temperature for meeting the Vapor/Liquid Ratio (V/L) in effect for non-VOC controlled RBOB.

(5)(A) RBOB deliveries shall comply with EPA requirements at all times, including the minimum and maximum standards set forth in 40 C.F.R. Part 80 as are in effect for downstream parties at the time and place of delivery, and shall be adjusted by the amount of any increase or decrease in such standards as required by EPA for RBOB sold and distributed for consumption in the New York Harbor area. RBOB deliveries shall comply with State and Federal requirements for oxygen content for RBOB sold for consumption as are in effect at the time and place of delivery.

(B) RBOB shall be designated as VOC-Controlled in accordance with EPA regulations during the period April 1 through September 15, including any deliveries on the September contract originally nominated for delivery on or before September 15, regardless of the date of actual delivery.

(C)(1) All tests shall be performed in accordance with EPA regulations.

(2) Enforcement tolerances, as permitted by EPA for downstream parties, shall apply to all specifications governed by EPA regulations. Product delivered in conformance with such specifications, including enforcement tolerances, may not be rejected by the buyer as nonconforming to the specifications.

(3)A.S.T.M. refers to the American Society for Testing Materials.

(4) A.P.I. refers to the American Petroleum Institute.