SUBSCRIBER NOTE: Platts to launch Ex-Ref eWindow instruments Japan Wtb MOC

Following extensive consultation with industry participants, Platts will launch "ex-refinery" instruments in the Market on Close assessment process for Japan Waterborne through eWindow technology from October 24, 2016. Participants in the Platts Japan Waterborne MOC assessment process will be able to submit bids, offers and expression of interest to trade in these instruments for publication directly through the eWindow software, or through an editor, who would then publish bids and offers using the software.

From October 24, the Ex-Refinery instruments will be available for gasoline, kerosene, gasoil, High Sulfur A-Fuel and Low Sulfur A-Fuel across the three current Japan waterborne assessment locations of Tokyo Bay, Hanshin and Chukyo.

The new ex-refinery instruments are in addition to the existing instruments. The existing instruments that do not have "ex-refinery" in the contract name remain the same. Trades done in these existing instruments give the seller ability to nominate delivery from refinery or tank facilities.

An ex-refinery bid or offer would represent barrels loading exclusively from refineries at the respective delivery locations.

Platts expects credit relationships of participants that currently prevail inside its Waterborne assessment environment to reflect fully relationships in the markets as a whole and apply to these new instruments as well. Please send all feedback and comments to oilgroup@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.

Platts Methodology and Specification guide for Japan Domestic Oil Products can be accessed at: http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpec s/japan-domestic-oil-products-methodology.pdf

Platts will consider all comments received and will make comments not marked as confidential available upon request.