Attachment 3:

Detailed Rules of Benzene Futures of Dalian Commodity Exchange

Chapter I General Provisions

The Detailed Rules of Benzene Futures of Dalian Commodity Exchange (the "Detailed Rules") are formulated pursuant to the Trading Rules of Dalian Commodity Exchange and the Benzene Futures Contract of Dalian Commodity Exchange for the purpose of standardizing the trading of benzene futures contracts.

Dalian Commodity Exchange (the "Exchange"), its Members, the clients, the designated delivery warehouses, the designated quality inspection agencies, the designated futures margin depositary banks and other participants in the futures market shall comply with the Detailed Rules.

Where it is not provided in the Detailed Rules, the relevant rules of the Exchange shall apply.

Chapter II Principle Terms of the Contract and Relevant Parameters

The quality standards for the standard deliverable products under the benzene futures contracts shall be detailed in the Benzene Delivery Quality Standards of Dalian Commodity Exchange (F/DCE BZ001-2025) as Annex 1 attached hereto.

The benzene futures contract shall take the form of physical delivery.

The delivery warehouses designated for benzene shall be categorized into the benchmark delivery warehouses and the non-benchmark delivery warehouses (detailed in the List of Delivery Warehouses Designated for Benzene of Dalian Commodity Exchange as Annex 2 attached hereto), and may be adjusted by the Exchange as the case may be.

The contract months of the benzene futures contract are January, February, March, April, May, June, July, August, September, October, November and December.

The trading unit of the benzene futures contract is 30 MT/Lot.

The price quote unit of the benzene futures contract is CNY/MT.

The minimum tick size of the benzene futures contract is 1 CNY/MT.

The maximum quantity of orders placed each time for the benzene futures contract shall be one thousand (1,000) lots.

The standard of trading margins, price limit range and position limit under the benzene futures contract shall be subject to the relevant provisions of the Measures for Risk Management of Dalian Commodity Exchange.

The last trading day of the benzene futures contract is the last but three trading day of the contract month.

The last delivery day of the benzene futures contract is the third trading day after the last trading day.

The ticker symbol of the benzene futures contract is BZ.

Chapter III Delivery and Clearing

Section I General Provisions

The benzene futures contract applies the exchange of futures for physicals (the "EFP") delivery, rolling delivery and one-off delivery, the detailed procedures of which are provided in the relevant provisions of the Measures for Trading Management of Dalian Commodity Exchange, the Measures for Delivery Management of Dalian Commodity Exchange and the Measures for Clearing Management of Dalian Commodity Exchange in addition to the applicable provisions of the Detailed Rules.

In case the application for EFPs is submitted, in addition to submitting the information and materials related to EFPs as required in the Measures for Trading Management of Dalian Commodity Exchange, the parties to the transaction shall both provide legal and valid qualification certificate for manufacturing, operating or using of benzene.

When participating in the rolling delivery and one-off delivery, the client shall submit legal and valid qualification certificate for manufacturing, operating or using benzene to the Exchange through the Member prior to 14:30 of the handover day. If the client fails to submit within the time period stipulated, it shall be deemed not qualified for manufacturing, operating and using benzene, and the applicable provisions in the Measures for Delivery Management of Dalian Commodity Exchange shall apply.

When processing transfer of the standard warehouse receipts, the parties to the transaction shall both submit legal and valid qualification certificate for manufacturing, operating and using benzene to the Exchange through the Member during the application procedure of the standard warehouse receipts transfer.

The delivery settlement price of one-off delivery shall be the weighted average price of all trade prices of the futures contract in the last ten (10) trading days of the delivery month; in case the delivery month has less than ten (10) trading days, the delivery settlement price shall be the weighted average price of all trade prices of the futures contract during the period as of the first trading day of the delivery month through the last trading day thereof.

The delivery unit of benzene futures contract shall be thirty (30) tons.

The standard warehouse receipt of the benzene can be categorized into the standard storage warehouse receipt and the standard factory warehouse receipt.

The dedicated VAT invoice shall be issued for delivery of benzene.

The delivery commissions, the sampling and inspection fees, the storage fees and other fees of benzene shall be separately published by the Exchange and no dissipation fees will be charged.

Section II Standard Warehouse Receipt Delivery

The Measures for Standard Warehouse Receipt Management of Dalian Commodity Exchange shall apply to the generation, circulation and deregistration of the standard warehouse receipts, if not provided in the Detailed Rules.

The Member shall pay the notice of intent to deliver earnest money to the Exchange as per the standard of CNY fifty (50) per ton when it handles the notice of intent to deliver.

In the event of application for futures delivery of the commodities that are already stored in the warehouse, there is no need to consign commodities to the warehouse in which they are stored.

The owner which has fully completed the notice of intent to deliver shall notify the designated delivery warehouse of the vehicle or vessel number, products, quantity, arrival time and other information three (3) calendar days prior to loading the commodities in the warehouse, and the designated delivery warehouse shall reasonably arrange for receipt and loading-in of the commodities.

The receiving and consigning weights of the benzene shall be subject to the weighting by the designated delivery warehouse through measurement of wagon balance for automobile transport; or through storage tank ruler-metering for train or vessel transport, which shall be conducted by the Exchange-designated quality inspection agency engaged by the designated delivery warehouse. The inspection costs shall be borne by the owner and forwarded by the designated delivery warehouse.

The designated delivery warehouse shall engage a quality inspection agency designated by the Exchange to carry out the quality inspection of the commodities to be loaded in the warehouse. The designated delivery warehouse shall notify the designated quality inspection agency of the arrival method, the arrival quantity, the arrival time and other relevant information three (3) calendar days prior to the commodities being loaded in the warehouse. The inspection costs shall be borne by the owner and shall be forwarded by the designated delivery warehouse.

For benzene stored in futures and spot mixed tanks, the designated delivery warehouse shall ensure that the whole tank of goods meets the quality standards for futures delivery.

The quality inspection agency designated by the Exchange shall, after its completion of the quality inspection of the loading-in benzene, issue one (1) original and three (3) duplicate inspection reports. The original shall be submitted to the designated delivery warehouse and two (2) of the duplicates shall be respectively submitted to the Exchange and the owner.

In case that the owner or the designated delivery warehouse has any objection over the inspection result of the commodity inspection report, it shall file a written application for re-inspection with the Exchange within ten (10) working days following the date of its receipt of the commodity inspection report. The application for re-inspection shall indicate the name of the warehouse, quantity, quality index, the number of the storage tank (if any) and other information of the commodities to be re-inspected, leave the contact information and be affixed with the official seal of the party raising the dispute. It shall be deemed that there is no objection over the inspection result of the commodity inspection report in case of no re-inspection application in the prescribed manner within the prescribed period. The re-inspection shall be carried out by the designated quality inspection agency entrusted by the Exchange, and such re-inspection result shall be the basis for settlement of the dispute. The re-inspection costs shall be borne by the party raising the dispute.

The designated delivery warehouse shall carry out, subject to the applicable provisions of the Exchange, inspection of the ex-factory inspection report, the certificate of place of origin and other relevant materials and certificates of the commodities loaded in the warehouse, and the owner's qualification for manufacturing, operating and using benzene.

The deregistration of the standard warehouse receipts of the benzene shall be carried out prior to the last trading day (inclusive of the last trading day) of each delivery month.

When the benzene is loaded out of the storage warehouse, the owner which holds the Notice to Load Out or load-out password shall contact the designated delivery warehouse for the loading-out matters three (3) calendar days prior to the actual pickup date, and shall pick up the commodities at the designated delivery warehouse within five (5) working days (inclusive of the fifth working day) after the deregistration of the standard warehouse receipt.

If the owner has any objection on quality of the loaded-out commodities, it shall firstly negotiate with the warehouse. If the negotiation fails, the owner shall file a written application for re-inspection to the Exchange within ten (10) working days from the date of deregistration of the standard warehouse receipts, provided that the commodities have been delivered but have not been loaded out of the warehouse. The application for re-inspection shall indicate the name of the warehouse, quantity, quality index, the number of the storage tank (if any) and other information of the commodities to be re-inspected, leave the contact information and be affixed with the official seal of the owner. The owner shall be deemed to have no objection over quality of the loaded-out commodities if it does not file application in the prescribed manner within the prescribed period. The re-inspection shall be carried out by the designated quality inspection agency entrusted by the Exchange, and the re-inspection result shall be the basis for settlement of the dispute. The owner shall, before 12: 00 of the second calendar day following the day of applying for re-inspection, advance to the designated quality inspection agency entrusted by the Exchange. If the owner fails to advance the re-inspection fees within the prescribed period, it shall be deemed to have no objection over quality of the loaded-out commodities when they are loaded out of warehouse. If the re-inspection result is in conformity with the delivery quality standards, the relevant fees and expenses (including but not limited to inspection fees, traveling expenses, storage fees) incurred thereby shall be borne by the owner; if not, such fees and expenses (including but not limited to inspection fees, traveling expenses, storage fees) shall be borne by the warehouse.

When the benzene is loaded out of the factory warehouse, the owner shall pick up the commodities at the factory warehouse within four (4) calendar days (inclusive of the fourth calendar day) following the deregistration day of the standard warehouse receipt (exclusive of the deregistration day). The factory warehouse shall commence consignment within four (4) calendar days (inclusive of the fourth calendar day) following the deregistration day of the standard warehouse receipt (exclusive of the deregistration day).

The factory warehouse shall consign the goods subject to the delivery quality standards as required by the contract, and issue to the owner the certificate of place of origin or the ex-factory inspection report and other relevant materials and certificates of the sources and quality of the goods.

When the benzene is loaded out of the factory warehouse, the factory warehouse shall carry out the sampling under the owner's supervision, and the samplings shall be sealed after being confirmed by both parties and shall be preserved for twenty (20) calendar days following the consignment day.

If the owner has any objection over the quality of the commodities to be loaded out of the factory warehouse, it shall firstly negotiate with the factory warehouse for settlement. If the negotiation fails, the owner shall, within five (5) working days (exclusive of the then-current day) after the samples are sealed by it according to the preceding provisions, file an written application for re-inspection with the Exchange. The re-inspection of the reserved samples shall be carried out by the designated quality inspection agency entrusted by the Exchange, and the inspection result of the samples shall be the basis for settlement of the dispute. Where there is no provision herein, the relevant provisions of Article 33 hereof shall be applicable by reference.

Where the factory warehouse consigns commodities to the owner at a speed no higher than the daily consignment speed but the owner fails to pick up the commodities due to its transportation capability or any other reason attributable to the owner, the owner shall pay to the factory warehouse the late fee. The late fee is determined as follows:

from the starting date of goods pick-up (inclusive of the pick-up day), for each day, the amount of late fee on the then-current day shall be figured out by multiplying the quantity of the goods which shall be picked up but fail to be picked up on the then-current day by the corresponding amount of late fee; and

to the completion date of goods pick-up (exclusive of the pick-up day), the total amount of late fee which the owner shall pay to the factory warehouse shall be figured out on the basis of totaling the daily amount of late fee.

Amount of late fee = CNY 5/Ton*Day.

If the pick-up is carried out after expiry of the pick-up period (exclusive of the expiry day) and within nineteen (19) calendar days (inclusive of the nineteenth day) following the deregistration of the standard warehouse receipt (exclusive of the deregistration day), the owner shall pay the late fee to the factory warehouse, and the factory warehouse shall assume the liability related to the commodity quality, consignment time and consignment speed pursuant to the futures standards, until all the futures commodities have been consigned.

The late fee shall be determined according to the following method:

from the date of expiration of pick-up period (inclusive of the expiration day), for each day, the amount of late fee on the then-current day shall be figured out by multiplying the quantity of the goods which shall be picked up but fail to be picked up on the then-current day by the corresponding amount of late fee; and

to the completion date of pick-up (exclusive of the pick-up day), the total amount of late fee which the owner shall pay to the factory warehouse shall be figured out on the basis of totaling the daily amount of late fee.

Amount of late fee = CNY 5/Ton*Day.

If the owner picks up the commodities at the factory warehouse after nineteen (19) calendar days (exclusive of the nineteenth day) following the date of deregistration of the standard warehouse receipt (exclusive of the deregistration day), the owner shall pay the late fee to the factory warehouse as calculated in the following formula, and the factory warehouse shall assume no liability related to the commodity quality, consignment time and consignment speed under the futures standards.

Amount of late fee = CNY 5/Ton*Day × Quantity of all the commodities × 19 Days

Where the factory warehouse fails to consign commodities according to the required daily consignment speed but timely completes the consignment of all the commodities, the factory warehouse shall compensate the owner.

Amount of compensation = One-off delivery settlement price of the last delivery month of such commodity × Quantity of the commodities which shall be, but fail to be, consigned according to the required daily consignment speed × 5%

Where the factory warehouse fails to timely complete the consignment of all the commodities, the factory warehouse shall, in addition to the compensation provided in Article 38 of the Detailed Rules, compensate the owner, and the amount of compensation = One-off delivery settlement price of the last delivery month of such commodity × Quantity of the commodities which shall be, but fail to be, consigned according to the total quantity of the commodities × 5%; the following procedures shall apply to such failure:

the Exchange shall supply to the owner the physical commodities of the same quality and quantity of other factory warehouses or locations and bear all the costs and expenses arising out of or in connection with the adjustment of the delivery site and the delayed consignment; or

where the Exchange fails to supply the above commodities, the Exchange shall refund to the owner the payment of the commodities and compensate the owner.

Amount of refunded payment of commodities and compensation = One-off delivery settlement price of the last delivery month of such commodity × Quantity of the commodities which shall be, but fail to be, consigned according to the total quantity of the commodities × 120%

In the event of any violation by the factory warehouse described in Article 38 or 39 of the Detailed Rules, the compensation shall firstly be paid to the owner by the factory warehouse. Where the factory warehouse fails to pay such compensation or the amount of compensation is insufficient, such violation shall be handled by the Exchange subject to the applicable provisions of the Measures for Standard Warehouse Receipt Management of Dalian Commodity Exchange.

When the benzene is loaded out of the warehouse, the designated warehouse shall inspect the owner's qualification for manufacturing, operating and using of benzene and the transportation qualification of the corresponding carrier.

Chapter IV Supplementary Provisions

Any violation of the Detailed Rules shall be handled by the Exchange in accordance with the applicable provisions of the Measures against Rule Violations of Dalian Commodity Exchange and other rules.

The Exchange reserves the right to interpret the Detailed Rules.

The Detailed Rules shall come into force from the date of promulgation.

Annex 1: Benzene Delivery Quality Standard of Dalian Commodity Exchange (F/DCE BZ001-2025)

Annex 2: List of Delivery Warehouses Designated for Benzene of Dalian Commodity Exchange

Disclaimer: This English translation may be used for reference only. In case there is any discrepancy between the English version and the original Chinese version, the original Chinese version shall prevail. Dalian Commodity Exchange may change or update this English translation without any prior notice and shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or change with regard to this English translation.

Annex 1

Benzene Delivery Quality Standard of Dalian Commodity Exchange ("DCE") (F/DCE BZ001-2025)

Scope

The standard herein (the "Standard") stipulates the quality specifications, sampling and inspection, as well as storage requirements for benzene delivered at DCE.

The Standard applies to standard products delivered under the benzene futures contract of DCE.

Cited rules and standards

The provisions of the following documents are incorporated as the provisions of the Standard by citation. For those cited documents noted with dates, all of their following amendments (excluding corrections) and revised versions shall not be applied to the Standard; for those without noted dates, their latest versions shall be applied to the Standard.

GB/T 3405-2025 Petroleum Benzene

GB/T 4756 Method for Manual Sampling of Petroleum Liquids

Terms and definitions

The terms and definitions herein shall be subject to the stipulations of the terms and definitions under GB/T 3405-2025 and its cited rules.

Quality requirements

Item	Unit	Requirements
Crystallization Point (Dry Basis)	℃	≥5.45
Purity (Mass Fraction)	%	≥99.90
Toluene (Mass Fraction)	%	≤0.05
Non-Aromatic Hydrocarbon (Mass Fraction)	%	≤0.10
Appearance	─	Transparent liquid, without insoluble water and mechanical impurities
Color (Platinum-Cobalt Chroma)	Number	≤20
Thiophene	mg/kg	≤0.6
Bromine Index (As Bromine)	mg/100g	≤20
Acid Wash Test	─	The color of the acid layer shall not be darker than the standard solution containing 0.10g of potassium dichromate in 1000mL of dilute acid.
Sulfur Content	mg/kg	≤1
Neutral Test	─	Neutral
Density (20ºC)	kg/m3	Report
1,4-Dioxane (Mass Fraction)	%	Report
Nitrogen Content	mg/kg	Report
Water Content	mg/kg	Report
Chlorine Content	mg/kg	Report
Sampling and inspection rules

Sampling requirements shall be subject to the rules of GB/T 4756.

Inspection of the quality specifications shall be subject to the rules of GB/T 3405-2025.

Storage

Benzene shall be stored in storage tanks that comply with the relevant provisions on the management of hazardous liquid chemicals.

Additional note

The Standard shall be subject to the interpretation of DCE.