s option, upon 7, 8 or 9 days' notice to the
buyer. The sugar to be of any grade or grades of Raw sugars based on
Cuban Centrifugal of 96 degrees average polarization outturn at the
price of ... cents per pound in bond, net cash with additions or
deductions for other grades according to the rates of the New York
Coffee and Sugar Exchange, Inc., existing upon the afternoon of the day
previous to the date of notice of delivery, and shall embrace all
Centrifugals first running. The foreign sugars deliverable other than
Cuban Centrifugals, are: Centrifugals from British West Indies,
Demerara, Surinam, San Domingo, Brazil, Peru, Java, Mauritius,
Venezuela and Haiti, all basis of 96 degrees average polarization
outturn at .2512 cents per pound (difference in duty) less; but no lot
of 50 tons is to consist of sugar from more than one country of origin.

Allowances on Centrifugal sugars to be .03125 cents per pound per
degree above 96 degrees, up to 98 degrees and .0625 cents per pound per
degree below 96 degrees, down to 94 degrees and .09375 cents per pound
per degree below 94 degrees, down to 92 degrees, with fractional
degrees pro rata.

Exchange Trading Hours

Hours for trading in Raw Sugar Futures are from 10:45 a.m. to 2:45 p.m.
on week days and from 10:15 a.m. to 11:45 a.m. on Saturdays.

Trading Differences

A fluctuation of 1c per 100 pounds is equivalent to $11.20 per lot of
50 tons.

Margins

An original margin in New York funds must accompany all orders, we
reserving the right to call for variation margins when contract shows
depreciation. We also reserve the right to close transactions when
margins are exhausted or nearly so without further notice. The amount
of this original margin will of necessity fluctuate with conditions
existing at the time orders are placed. At the present time in
localities that are in position to make prompt remittance for any
variation margins required, the margin is $400.

Commissions

For either buying or selling each contract of 50 tons

Based upon a price

Below 4 cents $12.50
4 cents to 9.99 15.00
10 cents to 12.99 17.50
13 cents to 17.99 20.00
18 cents and above 25.00

NOTE: All orders for Raw Sugar Futures shall be in accordance with the
By-Laws and Rules of the New York Coffee and Sugar Exchange, Inc. and
the New York Coffee and Sugar Clearing Associa