Miguel,

Please note the following prices for Mont Belvieu Non-TET Propane:

5/16	$0.51188
5/17	$0.50563  = Bill of Lading Date
5/18	$0.51625
5/21	$0.51875

Avg. for 3 days around bill of lading  5/16,17,18  =  $0.51125

Avg. for 5/17,18,21  =  $0.51354


Pricing ($/gallon) for the 10,068 MT cargo from PDVSA will be as follows:

2,600 MT @ $0.58396  =  $0.58625  +  ($0.51125 - $0.51354)

1,768 MT @ $0.58125  =  $0.51125  +  $0.07

2,800 MT @ Average June Non-TET Mont Belvieu plus 6.25 cents per gallon *

2,900 MT @ Average July Non-TET Mont Belvieu plus 6.00 cents per gallon *


Basis:  521 gallons per MT

  * A provisional price of $0.58125 per gallon will be used for initial payment for these volumes. Adjustments will be made once final prices for June and July are known.

If you have any questions, please call me.

Best Regards,

Paul
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