SUBSCRIBER NOTE: Platts to change date range for WAF crude assessments

Effective July 1, 2014 and following an extensive review process, Platts confirms that it will adjust the range of loading dates reflected in its West African crude assessments to reflect the value of cargoes loading 25-55 days forward from the date of publication, further forward than the current 15-45 days forward currently reflected. The decision to reflect 25-55 days forward and the implementation date of July 1 were both amended from the original proposal of 30-60 days forward, originally planned to be effective April 1, in Platts initial proposals published on June 11, 2013. At the same time, Platts will assess all its West African crude assessments on a pricing strip reflecting five days after Bill of Lading pricing, commensurate with Platts view of how the Nigerian, Angolan and Congolese crude markets price. All Platts West African crude differentials will be published as a differential to this Strip, which will be called the "30-60 Day Dated Strip," which will reflect forward Dated Brent 30-60 days ahead of the day of publication. All outright West African crude assessments will be the sum of the individual crude's differential to Dated Brent loading 30-60 days ahead of the day of publication and the 30-60 Day Dated Strip. The West African Strip, on which Nigerian and Congolese crudes are currently assessed, currently reflects 18-48 days ahead, in line with pricing reflecting three days after Bill of Lading. The Angolan Strip, on which Angolan are currently assessed, currently reflects 15-45 days ahead, in line with pricing reflecting 2-1-2 around Bill of Lading. The West African Strip (AALDH00) will be discontinued January 2, 2015, and the Angolan Strip (AALGM00) will continue to be published under the new name of 15-45 Day Dated strip effective July 1. Please send further comments and feedback to europe_crude@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.