SUBSCRIBER NOTE: Platts to update Group 3 timing, volumes

Platts proposes to update its Group 3 gasoline and distillate methodology and specifications to more fully align with market practices. This change reflects close engagement with the market through the past six months, and a review of market trading practices. Platts proposes to implement these changes April 1, 2014.

DELIVERY TIMING: Platts currently reflects deliveries that occur 1-3 days forward from the date of publication. Under this proposal, Platts assessments would instead reflect a delivery timing of the next business day. For example, on a typical Friday Platts would assess Group 3 gasoline and distillates for delivery on the following Monday. This proposal would also reflect Platts publishing holidays, as indicated in the Platts Holiday Calendar: http://www.platts.com/holiday. VOLUME: Platts proposes to amend the minimum volume for its Group 3 sub-octane and ULSD assessments from a 10,000 barrels volume basis to a 25,000 barrels volume basis.

BASIS MONTH: Bids, offers and transactions that are reported for publication as a differential to NYMEX gasoline or ULSD futures contracts would be assessed using the front-month futures contract up to and including the second-to-last business day, prior to contract expiry. Platts would roll the underlying NYMEX month used to assess the value of such trades after this day, meaning that on the day of expiry itself for NYMEX futures contracts, Platts would begin using the next-month futures contract as the basis for assessment. For example, on April 29, Platts Group 3 gasoline and distillate assessments would be calculated using the front-month (May) NYMEX contract. On April 30, Platts would roll the basis for these assessments to the June NYMEX contract.

LOCATION: Group 3 assessments would continue to be assessed on an FOB Tulsa, Oklahoma, basis, for delivery into the Magellan pipeline system.

Please send comments and feedback by March 15 to americas_products@platts.com and pricegroup@platts.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.