Shell Chemical - Index language

Sara,

We have a Counterparty with a request to adjust our Floating Price language=
=20
for Propylene so that a couple of things will be specified. =20
1) the published rate is currently one price only. They do not specify a=
=20
high and low (But it is possible that a high and low do get published)
2) the publication calls the price "settlement" price in the description.=
=20
Therefore, this Counterparty wishes to see that language included.=20

Current:
The Floating Price for each Calculation Period shall be the arithmetic=20
average of the high and low price of Propylene - chemical grade in=20
Cents/Pound published under the headings =01&North America Product Prices f=
or=20
the applicable month: CG Propylene Contract=018 in the month-end issue of=
=20
Chemical Market Associates, Inc.=01,s Monomers Market Report for the applic=
able=20
Calculation Period

Suggested
The Floating Price for each Calculation Period shall be the settlement pric=
e=20
for the applicable Calculation Period of Propylene - chemical grade in=20
Cents/Pound published under the headings =01&North America Product Prices f=
or=20
the applicable month: CG Propylene Contract=018 in the month-end issue of=
=20
Chemical Market Associates, Inc.=01,s Monomers Market Report for the applic=
able=20
Calculation Period. In the event that Monomers Market Report publishes bot=
h=20
a high and low price then the Floating Price shall be the arithmetic averag=
e=20
of such high and low prices.

Give me a call in the morning and I'll get you a copy of the CMAI publicati=
on.

Thanks,
Joe