+N) x (R + C) x (1/- F)], where: 0= Po = R= C= F= N= the Contract Quantity; the Opening Price; the Applicable Interest Rate on such day; the Spread, which may be positive or negative, and may depend on whether Counterparty is Buyer or Seller, as set out in the Schedule; the Day Count Fraction;

Swap Transaction or the party. For purposes of determining a Floating Amount, a Compounding Period Amount or a Basic Compounding Period Amount, the Spread will be added to the Floating Rate. (f) "Floating Rate Day Count Fraction" means, in respect of any calculation of a Floating Amount: (i) if a

arrett, Paul S Sent: Tue 2/7/2012 5:26:20 PM Subject: Oil Jeffrey Recent developments in WTI fundamentals and Brent Fundamentals have caused the Spread between Brent & WTI to widen out close to extremes of last year. Front month spreads reached $20 this morning, this arb narrows by —$1/month throug