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To all parties concerned,

In accordance with the Circular of the State Administration of Foreign Exchange on Foreign Exchange Administration for Overseas Traders and Brokers Engaging in Futures Trading under Specific Domestic CategoriesHuifa No. 35 [2015]and other relevant provisionsthe physical delivery settlement of Low Sulfur Fuel Oil futures (LSFO futures) must be conducted via the Shanghai International Energy Exchange. The settlement of Exchange for Physical (EFP) using bonded standard warrants and bonded standard warrants transfer shall not be conducted directly between the buyer and the seller.

Shanghai International Energy Exchange

June 15, 2020

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