SUBSCRIBER NOTE: Platts confirms Group 3 assessments update

Following feedback to its proposals issued on March 3, 2014, Platts has updated its Group 3 gasoline and middle distillates assessments methodology and specifications to more fully align with typical market practices. This change reflects close engagement with the market through the past six months and a review of market trading practices. Platts has implemented these changes effective on April 1, 2014.

DELIVERY TIMING: Platts assessments 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 change will also reflect Platts publishing holidays, as indicated in the Platts Holiday Calendar: http://www.platts.com/holiday. VOLUME: Based on feedback from the marketplace, Platts maintains the volume reflected in its Group 3 suboctane and ULSD assessments at 10,000 barrels volume basis.

BASIS MONTH: As proposed on March 3, Platts confirms that bids, offers and transactions that are reported for publication as a differential to NYMEX gasoline or ULSD futures contracts will be assessed using the front-month futures contract up to and including the second-to-last business day, prior to contract expiry. Platts will 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 will 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 continue to be assessed on an FOB Tulsa, Oklahoma, basis, for delivery into the Magellan pipeline system.

Please send any further comments and feedback 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.