Ann: Becoming a substantial holder, page-7

It can be a bit complicated, best thing to do is look at margins in their quarterlies. Which have been fairly healthy. Margins are made up from the price they buy crude compared to what they get selling refined products. Best indication of what these may be is Singapore crack spreads, I think CME has webpage with these. However judging from quarterlies their margins are a bit better than these spreads. Other factor is cost of natural gas which is the input energy source. Any problems, price spike will also effect margins. Very broadly speaking as the price of Bent goes up, margins should as well. However Market it quite distorted atm, as US shale patch is the biggest new source of oil, which is not good for cracking diesel (it is light sweet crude), that is why diesel prices have been so strong for the last 18 month+. This may be why our margins are better than expected.