LEAP MASTER AGREEMENT FOR PURCHASING AND SELLING REFINED PRODUCTS AND CRUDE OIL VERSION 2.0

1 November 2007

The Leadership for Energy Automated Processing, LEAP, has finalized and released for voluntary use in physically-settled transactions, the Master Agreement for Purchasing and Selling Refined Products and Crude Oil version 2.0. Master agreements are utilized by counter-parties to provide for transaction simplification and to facilitate the electronic matching of contractual economic terms. This new master agreement is the product of over a year of discussions by the member companies of a LEAP Project Team and is the first available master agreement for U.S. domestic refined products & crude oil pipeline trading. LEAP is currently addressing the addition of Canadian pipeline contracts. LEAP also has a group in discussions to create a second master trade agreement addressing European barge transactions.

The mission of LEAP is to promote efficient and reliable transaction processing within the energy trading industry for anyone who wishes to use automation and standardization.

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