CLARIFICATION NOTE: Compliance with Japan domestic oil MOC products quality standards

Platts expects all participants in its Japan Waterborne Market on Close assessment process to adhere to performance and product quality standards that are typical in their respective markets.

The trade performance standards are instrumental to the integrity of the MOC process and ensure the Platts assessments reflect the standard quality and norms in each market.

Platts expects all participants to make sure oil barges delivered against trades in the Japan domestic price MOC are merchantable and certify that the products are in compliance with the respective JIS quality standards.

In line with industry practice, counterparties in a trade may mutually appoint independent inspectors to verify product quality according to standard testing against JIS specifications.

The methodology and specification guides for the Japan Domestic Oil Products is available at: http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpec s/jp-japan-domestic-oil-products-methodology.pdf

The product specifications listed by Platts are not comprehensive on all possible quality elements, and barges reflected in the assessment processes must at all times be deemed to fall within industry standards, and be fungible in the respective market.

Trades executed through the Platts MOC process may be reviewed from time to time for performance completion and product quality standards. MOC trades may be subject to editorial review to ensure typical market practices and performance in the transaction have been followed.

Please send all feedback and questions to asia_products@platts.com, with a cc to 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.