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COMMODITY DERIVATIVES

White Sugar futures and options summary

Our White Sugar futures contract is relied upon as the global benchmark for the pricing of physical white sugar. It is actively traded by the international sugar trade, sugar millers, refiners, and end-users (manufacturers) as well as by managed funds and both institutional and short-term investors

Summary of Contract Specifications


WHITE SUGAR FUTURES CONTRACT
UNIT OF TRADING QUALITY Fifty tonnes White beet, cane crystal sugar or refined sugar of the crop current at the time of delivery, free running of regular grain size and fair average of the quality of deliveries made from the declared origin from such crop, with minimum polarisation 99.8 degrees, moisture maximum 0.06% and colour of a maximum 45 units ICUMSA attenuation index, allat time of delivery to vessel at the port. Please refer to the full contract specification on the NYSE Liffe web site at: http://globalderivatives.nyx.com/en/commodities/nyse-liffe DELIVERY MONTHS PRICE BASIS March, May, August, October, December, such that eight delivery months are available for trading US dollars and cents per tonne FOB and stowed in vessels hold in a designated port in one of the following countries of origin: Algeria, Argentina, Australia, Belgium, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Egypt, France, Germany, Guatemala, India, Italy, Korea, Malaysia, Mauritius, Mexico, Morocco, Mozambique, The Netherlands, Pakistan, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sudan, Thailand, Turkey, U.A.E., Ukraine, U.K. and U.S.A. 10 cents per tonne ($5) Sixteen calendar days preceding the first day of the delivery month at 17:30 (if not a business day then the first business day immediately preceding) Fifteen calendar days preceding the first day of the delivery period (if not a business day then the first business day following) The specified delivery month and the following month 08:45 17:30 London LIFFE CONNECT Central Order Book applies a price-time trading algorithm, with priority given to the first order at the best price Against Actuals, Exchange for Swaps

Vendor Codes
Futures Reuters: 0#LSU Bloomberg: QWA<CMDTY>CT<GO> CQG: QW Options Reuters: 0#LSU+ Bloomberg: QWA<CMDTY>OMON<GO> CQG: QW

MINIMUM PRICE MOVEMENT (TICK SIZE AND VALUE) LAST TRADING DAY

TENDER DAY DELIVERY PERI0D TRADING HOURS NYSE LIFFE MARKET TRADING PLATFORM ALGORITHM WHOLESALE TRADING FACILITIES
All times are London times. Clearing - NYSE Liffe Clearing.

Please see the Statement in relation to the Tender Process on page 2

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Summary of Contract Specifications


OPTIONS ON WHITE SUGAR FUTURES CONTRACT
UNIT OF TRADING EXPIRY MONTHS One White Sugar futures contract March, May, August, October, December, such that eight expiry months are available for trading, subject to the option expiring before the underlying future US dollars and cents per tonne 5 cents per tonne ($2.50)

PRICE BASIS MINIMUM PRICE MOVEMENT (TICK SIZE AND VALUE) EXPIRY DAY TRADING HOURS NYSE LIFFE MARKET TRADING PLATFORM ALGORITHM

17:30 on the first business day of the calendar month preceding the expiry month 08:47 17:30 London LIFFE CONNECT Central order book applies a pro-rata trading algorithm, but with priority given to the first order at the best price subject to a minimum order volume and limited to a maximum volume cap None apply Assignment of one White Sugar futures contract for the expiry month at the exercise price White Sugar options are American style i.e. may be exercised at any time prior to expiry The contract price is not paid at the time of purchase. Option positions, as with futures positions, are marked-to-market daily giving rise to positive or negative variation margin flows. If an option is exercised by the Buyer, the Buyer is required to pay the outstanding original contract price to the Clearing Service Provider (the CSP) and the CSP will pay the outstanding original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CSP.

WHOLESALE TRADING FACILITIES CONTRACT STANDARD OPTION EXERCISE OPTION PREMIUM

Statement in relation to the Tender Process The Exchange draws the following statement to the attention of potential users of the White Sugar Futures Contract. Members should ensure that their clients are made aware of the statement. Statement in relation to the Tender Process: Potential users of the White Sugar Futures Contract should familiarise themselves with the Contract Terms and Administrative Procedures. Amongst other things, potential users should be aware that the objective of the tender process for the White Sugar Futures Contract is to seek to ensure that, to the extent possible, no less than a total of 80 lots of sugar will be tendered for delivery at a port included on the list of ports from time to time published by the Board by Notice. In order to seek to achieve that objective, the Exchange has requested the Clearing Service Provider to reject, in accordance with the Contract Terms, a Sellers Notice of Tender which relates to a port for which tenders of less than 80 lots in aggregate have been received. In such case, such Seller will be provided with an opportunity to re-tender at a port included on the list of ports from time to time published by the Board by Notice, where, in aggregate, a minimum of 80 lots will be tendered. If the Sellers revised tender is not in respect of such a port, such Seller will be required to deliver the sugar in a port or ports prescribed by the Exchange. Accordingly, Sellers should note that they may be required to make delivery from a port other than their preferred port. Potential users should also be aware that, notwithstanding the objective of the tender process, where the aggregate of all tenders is less than 80 lots, the Buyers will be required to take delivery of such lots of sugar from a single port. All times are London times. Clearing - NYSE Liffe Clearing.

Summary of Contract Specifications


Delivery may be made from any one of the designated ports listed below:
COUNTRY Algeria Argentina Australia Belgium Brazil Bulgaria Canada Chile China Colombia Croatia Egypt France El Salvador Germany Guatemala India Italy Korea Malaysia DELIVERY PORT(S) Bejaia Buenos Aires, Rosario, Campana Mackay, Bundaberg, Brisbane Antwerp, Zeebrugge Recife, Maceio, Suape, Natal, Vitoria, Santos, Imbituba, Itajai, Paranagua Varna Vancouver San Vicente Guangzhou, Huangpu, Rizhao, Shekou, Xiamen Buenaventura Rijeka Ain Sukhna, Alexandria, Damietta, Port Said Calais, Dunkirk, Le Havre, Marseilles, Rouen Acajutla Bremen, Hamburg, Rostock Puerto Quetzal Chennai, Kakinada, Kandla, Mumbai, Mundra, New Tuticorin Manfredonia Inchon, Ulsan Penang, Port Kelang COUNTRY Mauritius Mexico Morocco Mozambique The Netherlands Pakistan Philippines Poland Portugal Romania Russia Saudi Arabia Singapore South Africa Spain Sudan Thailand Turkey U.A.E. Ukraine United Kingdom U.S.A. DELIVERY PORT(S) Port Louis Veracruz, Manzanillo Casablanca Beira, Maputo Amsterdam, Delfzijl, Eemshaven, Flushing, Rotterdam Karachi, Port Muhamma Bin Qasim Manila, Pulupandan Gdansk, Gdynia, Szczecin Leixoes, Lisbon Constantza Novorossiysk, Tuapse Jeddah Singapore Durban Bilbao, Cadiz, Gijon, Santander Port Sudan Bangkok/Kohsichang, Laemchabang/Sri Racha Mersin, Trabzon Jebel Ali Odessa Immingham New Orleans, Savannah

Bagging
The sugar shall be packed in new sound polypropylene bags, each with a single new polythene liner, of a weight of minimum 50kg net each of sugar and each bag and liner having a combined minimum tare of 160g. The bags of each lot shall be uniform and suitable for export. All bags shall be of a colour as customarily used for export by the relevant producer, and for each lot each bag shall bear the same minimum marks written in the English language stating the following: product description (e.g. refined sugar), net weight, origin, crop or production year, an expiry being at least two years later than production or a validity period of at least two years, and the name of the producer.

Delivery
Delivery shall be at one of the designated ports, included in the list of ports published by the exchange. The sugar, whatever its origin or destination, shall be loaded in accordance with the Contract Terms and at a rate of no less than 1,500 tonnes per weather working day. The seller shall be responsible for all expenses pertaining to delivery and loading of sugar into the vessel, including freight taxes and other taxes of any nature of the country of origin or loading. The buyer shall be responsible for all expenses relating to pilotage, wharfage, customs fees and similar charges pertaining to the entry and exit of the vessel at the port.

Further information
Commodity derivatives can be found at the commodities section of the NYSE Liffe website: http://globalderivatives.nyx.com/en/ commodities/nyse-liffe Free 15-minute delayed futures prices: http://globalderivatives.nyx.com/en/ commodities/nyse-liffe/contract-list

Contacts
Commodities@nyx.com London: +44 (0)20 7379 2588 Paris: +33 (0)1 49 27 19 29 Chicago: +1 312 442 7031

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