SUBSCRIBER NOTE: Platts to include two Galveston Bay terminals for USGC FO MOC

S&P Global Platts will include loadings from NuStar's Texas City terminal and World Point Terminals' Pelican Island in Galveston Bay for consideration in its USGC fuel oil assessments, effective April 3, 2017. Platts will publish bids, offers and trades for fuel oil FOB Galveston Bay separately to existing FOB Houston and FOB New Orleans bids, offers and trades. Bids, offers and trades published on any basis other than FOB Houston, including bids, offers and trades on an FOB Galveston Bay basis, may be normalized for reflection in USGC fuel oil assessments, which are basis FOB Houston. The evolution of the specification reflected in the benchmark USGC assessment toward a bunker grade has made loadings from Galveston Bay more relevant to the benchmark and Platts has observed more data from the location across fuel grades. This follows an initial subscriber note published October 20, 2016, proposing sellers may nominate NuStar's Texas City terminal and World Point Terminals' Pelican Island, for performance on FOB Houston trades reported through the USGC HSFO Market on Close assessment process. The feedback period on this proposal was subsequently extended to January 31, 2017 in a second subscriber note published December 7, 2016. The two subscriber notes can be found here: http://platts.com/subscriber-notes-details/26574982 and http://platts.com/subscriber-notes-details/26615219

Platts US Gulf Coast fuel oil assessments currently reflect fuel oil loading basis FOB Houston from the following terminals: Intercontinental Deer Park Terminal, Magellan Galena Park Terminal, Bayport Container Terminal (LBC), Houston Fuel Oil Terminal (HOFTI) and Battleground Oil Specialty Terminal (BOSTCO). These locations are detailed in the explanation of the USGC HSFO assessment as published on the Platts website at http://platts.com/price-assessments/oil/usgc-fuel-oil.

Below is a list of approved terminals for the USGC fuel oil MOC process:

FOB HOUSTON Intercontinental Deer Park Magellan Galena Park Bayport Container Terminal (LBC) Houston Fuel Oil Terminal (HOFTI) Battleground Oil Specialty Terminal (BOSTCO)

FOB NEW ORLEANS* Gretna Marrero St. Rose

FOB GALVESTON BAY* NuStar Texas City World Point Terminals Pelican Island

*May be normalized to FOB Houston

This update applies to the assessment process for the following USGC fuel oil assessments: USGC HSFO, USGC HSFO Strip, Fuel Oil No.6 1.0% S USGC waterborne, Fuel Oil No.6 Slurry Oil USGC waterborne, Fuel Oil RMG 380 USGC waterborne as well as the associated differentials against the USGC HSFO Strip.

Please send any further comments and queries to americas_products@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.